Pulacayo Project Feasibility Study - Apogee Silver

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Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 Oxide NSR Value Calculation Parameters Ag Price 25 USD/oz Ag Process Recovery 80% Ag Smelter Payable 90% Royalty 13% Sulphide NSR Value Calculation Parameters Ag Price 25 USD/oz Pb 0.89 USD/lb Zn 1.00 USD/lb Ag Process Recovery 92% Pb Process Recovery 79% Zn Process Recovery 79% Ag Smelter Payable 100% Pb Smelter Payable 100% Zn Smelter Payable 100% Royalty Nil Oxide NSR Open Pit Cut-Off Calculation USD Process Cost (10,000 tpd) 19.00 USD/ton General and Administration 2.50 USD/ton Extra Out of Pit Haulage 1.60 USD/ton Operating costs per ore ton = (19.00 USD +2.50 USD +1.60 USD) = 23.10 USD/ton Sulphide SR Open Pit Cut-Off Calculation USD Process Cost (10,000 tpd) 9.10 USD/ton processed General & Administration 2.50 USD/ton processed Extra Out of Pit Haulage 1.60 USD/ton processed Operating costs per ore ton = (9.10 USD +2.50 USD +1.60 USD) = 13.20 USD/ton processed Sulphide NSR Underground Cut-Off Calculation USD Process Cost (1500 tpd) 12.00 USD/ton processed General and Administration 2.50 USD/ton processed Extra out of Mine Haulage 1.00 USD/ton processed Underground Mining 42.50 USD/ton mined Operating costs per ore ton = (12.00 USD +2.50 USD +1.00 USD+ 42.50 USD) = 58.00 USD/ton processed Pit Optimization Parameters The Pulacayo resource model was further investigated with a Whittle pit optimizations to ensure a reasonable stripping ratio was applied and a reasonable assumption of potential economic extraction could be made (See Figure 14.19 below). The following parameters were utilized in the pit optimizations: TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 135
Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 Oxide and Sulphide NSR Values Ore and Waste Mining Cost Oxide Process Cost Sulphide Process Cost General/Administration Extra Out of Pit Haulage Pit Slopes From above Calculations 1.80 USD/ton mined 19.00 USD/ton processed 9.10 USD/ton processed 2.50 USD/ton processed 1.60 USD/ton processed 42 degree average In addition to the open pit resource estimate, mineralization below the EL 4,159 m level (top of crown pillar) was quantified at the 58 USD/ton NSR cut-off value described above to define underground sulphide resources. Statement of Mineral Resource Estimate Block grade, block density and block volume parameters for the Pulacayo deposit were estimated using methods described in preceding sections of this report. Subsequent application of resource category parameters and pit optimization parameters set out above resulted in the mineral resource estimate statement presented below in Table 14.6. Results are in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves: Definitions and Guidelines (the CIM Standards) as well as disclosure requirements of National Instrument 43-101. Table 14.7 presents a re-statement of the underground resource calculated on the basis of uncapped drill core assay composites and shows an increase of approximately 22% in contained Inferred category Ag ounces and 10% in contained Indicated category Ag ounces at the USD 58 NSR cut-off value. Open pit resources remained essentially unchanged between capped and uncapped drill core assay composite methodologies. The relationship between deposit silver grade and tonnage at various cutoff values is presented in sensitivity charts for blocks within the sulphide zone (Figure 14.19) and within the oxide zone (Figure 14.20). Figure 14.18: Isometric View of Whittle Pit Shell Developed by P&E – View to Nw TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 136
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Pulacayo Project Feasibility Study - Apogee Silver

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