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Bolañitos //

Bolañitos is located 10 kilometres northwest of the city of Guanajuato, in Guanajuato state, Mexico’s second- largest historic silver mining district, and covers approximately 2,500 hectares. Bolañitos is accessible by municipal roads, and has good local infrastructure, including power from the state power grid, and readily available supplies, services, and local labour in the nearby city of Guanajuato. The Bolañitos sub- district is characterized by multiple subparallel low sulfidation epithermal veins typically thousands of metres long, up to 250 metres deep, and ranging from one to 10 metres thick.

Since acquisition, we have discovered seven high-grade silver-gold ore bodies, opened two new mines and completed three plant expansions. There are now two underground mines feeding a central, 1,600 tonne-per-day plant to produce bulk silver-gold concentrates. Bolañitos provides steady employment for 350 people and engages 205 contractors.

In 2018, Bolañitos produced 975,555 oz of silver and 21,127 oz of gold for total silver equivalent production of 2.7 million oz (using a 80:1 silver: gold ratio). Although Bolañitos throughput exceeded plan, grades were below the mine plan, which was modified to include new but lower grade resources along the margins of the LL-Asuncion and Plateros veins to extend the mine life, resulting in lower production grades and metal production compared to guidance.

Bolanitos 2018 Results

2. 2019 silver equivalents are converted using an 80:1 gold: silver ratio. 2018 silver equivalents have been reinstated from a 75:1 gold: silver ratio to an 80:1 gold: silver ratio.
3. Cash costs per ounce and AISC per ounce are examples of Non-IFRS measures. See disclosure in quarterly MD&A for information on “Non-GAAP” measures found on the company website. Costs are presented in US $, net of by-product credits.
4. All-in sustaining costs (AISC) include mining, processing, direct overhead, corporate G&A, on-site exploration, share-based compensation, reclamation, and sustaining capital net of gold credits.
5. For full details, refer to the complete Reserves and Resources table provided on our website.