1500

- 625 HOWE STREET

VANCOUVER, BC CANADA V6C 2T6
TEL 604.684.1175 • FAX 604.684.0147
www.panamericansilver.com

TECHNICAL REPORT FOR THE HUARON

PROPERTY, PASCO, PERU
In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for Mineral
Projects” of the Canadian Securities Administrators

Effective date: October 30, 2022

Prepared By:
M. Wafforn, P.Eng.
C. Emerson, FAusIMM.
A. Delgado, P.Eng.
TECHNICAL REPORT FOR THE HUARON PROPERTY, PASCO, PERU

1 SUMMARY
1.1 Introduction
This Technical Report has been prepared by Pan American Silver Corp. (Pan American or PAS), in accordance
with the disclosure requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects
(NI 43-101), to disclose relevant information about the Huaron property (the Property or Huaron). The
report is an update to, and replaces, the “Technical Report for the Huaron Property, Pasco, Peru”, with an
effective date of June 30, 2014, prepared by Pan American (2014 PAS Technical Report). The main purpose
of this report is to give an update on the Property, the Huaron mine operation and report the current
Mineral Resources and Mineral Reserves.
The effective date of this Technical Report is October 30, 2022 and the effective date of the Mineral
Resources and Mineral Reserves which were depleted for mining at that time is June 30, 2022.

1.2 Property description and ownership

This Technical Report refers to the Property, an underground silver-copper-lead-zinc mine located in the
Huayllay district of the province of Pasco in the Central Highlands of Peru. Pan American is the 100% owner
of Huaron and the mining concessions, through its wholly-owned subsidiary, Pan American Silver Huaron
S.A.

1.3 Geology and mineralization

The Property is located within the Western Cordillera of the Andes Mountains and the regional geology is
dominated by Cretaceous aged Machay Group limestones and Tertiary aged Pocobamba continental
sedimentary rocks, which are referred to as the Casapalca Red Beds.
These groups have been deformed by the Huaron anticline, the dominant structural feature of the local
area. The limestones and sedimentary rocks are strongly folded and intruded by quartz monzonite and
quartz monzonite dikes with associated fracturing. Following the intrusion of the dikes, the sedimentary
rocks were further compressed and fractured, and subsequently altered and mineralized by hydrothermal
fluids forming the Huaron deposit on the Property.
Huaron is a hydrothermal polymetallic deposit of silver, lead, zinc, and copper mineralization hosted within
structures likely related to the intrusion of monzonite dikes, principally located within the Huaron anticline.
Mineralization is encountered in veins parallel to the main fault systems, in replacement bodies known as
“mantos” associated with the calcareous sections of the conglomerates and other favourable stratigraphic
horizons, and as dissemination in the monzonitic intrusions at vein intersections.

1.4 Status of exploration, development, and operations

The central part of the mineralization at Huaron is well defined by over 2,275 drillholes and has been the
subject of prior Mineral Resource and Mineral Reserve estimates. Typical near mine exploration takes place
on an annual basis, including testing of the open regions of the deposit at depth and along strike as well as
infill drilling to upgrade the confidence categories of Mineral Resource and Mineral Reserve estimates.
The underground mine, mill, and supporting villages at Huaron were originally built in 1912 and operated
until 1998, when a portion of the bed of a nearby lake collapsed and flooded the neighbouring underground
mine. Through interconnected tunnels, the lake water entered and flooded the Huaron mine as well, causing
its closure.

After the 1998 flooding, the Huaron mine operations were shut down and work was undertaken to clean up
the flood damage, drain the workings, and prepare for an eventual mine re-opening. The water level in the

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lake, which provided the source of floodwater, is currently maintained well below the level where it flooded
into the old workings and no further flooding is expected.
Pan American acquired a majority interest in Huaron from Mauricio Hochschild & Cía Ltda. (Hochschild) in
2000 and began full scale operations in 2001. Production rates vary, but over the past several years the
Huaron processing plant has processed between 900,000 to 1,000,000 tonnes of ore annually, producing
copper, lead, and zinc concentrates containing approximately 3.7 million ounces (Moz) of silver, 6,000
tonnes of copper, 8,500 tonnes of lead, and 18,000 tonnes of zinc. Pan American expects to process
approximately one million tonnes per annum (Mtpa) over the course of the remaining life-of-mine (LOM).
Studies for expansion of the existing tailings storage facility are currently underway including engineering
design for a filtered-stacked tailings which is expected to be constructed in 2023 pending permitting
approval. The filtered-stacked tailings facility will provide additional tailings storage capacity to the existing
conventional pulp tailings storage facility.
No economic analyses or other engineering studies are currently underway.

1.5 Mineral Resources

Pan American updates Mineral Resource estimates on an annual basis following reviews of metal price
trends, operational performance and costs experienced in the previous year, and forecasts of production
and costs over the LOM. Infill and near-mine drilling is conducted as required through the year. The drillhole
data cut-off date for the commencement of the current geological interpretation was April 30, 2022 and the
effective date of the Mineral Resource estimate is June 30, 2022.
The Mineral Resource estimates for the Property were prepared by Pan American staff under the
supervision of, and reviewed by Christopher Emerson, FAusIMM, Vice President, Business Development and
Geology of Pan American, who is a “Qualified Person” as that term is defined by NI 43-101 (QP). They have
been estimated in accordance with the CIM Estimation of Mineral Resources and Mineral Reserves, Best
Practice Guidelines (2019), and reported according to the CIM Definition Standards (2014).
Mineralization domains representing vein structures were defined in Leapfrog Geo software, while sub-block
model estimates were completed within Datamine software, using capped composites and a multi-pass
Ordinary Kriging (OK) or inverse distance squared (ID2) interpolation approach. Blocks weren´t classified, the
mined panels were classified considering local drillhole spacing and proximity to existing development.
Wireframe and block model validation procedures including wireframe to block volume confirmation,
statistical comparisons with composite and swath plots, visual reviews in three-dimensional (3D),
longitudinal, cross section, and plan views, as well as cross software reporting confirmation were completed
for all structures.
A summary of the Mineral Resource estimates as of June 30, 2022, for the Property are presented in Table
1.1, and is prepared in accordance with NI 43-101 definitions.

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Table 1.1 Summary of Mineral Resources as at June 30, 2022

Ag contained
Classification Tonnes Mt Ag g/t Cu % Pb % Zn %
metal Moz
Measured 2.08 163 10.88 0.42 1.58 3.05
Indicated 2.37 166 12.69 0.40 1.71 2.92
Measured + Indicated 4.46 165 23.57 0.41 1.65 2.98
Inferred 7.25 155 36.13 0.26 1.47 2.73
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• Mineral Resources exclude those Mineral Resources converted to Mineral Reserves.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resource estimates were prepared under the supervision of or were reviewed by Christopher Emerson,
FAusIMM, Vice President, Business Development and Geology of Pan American.
• The Mineral Resource estimates are based on an incremental cut-off value of $80.59/t.
• Metal prices used are $19 per ounce of silver, $7,000/t for copper, $2,000/t for lead, and $2,600/t for zinc.
• The value per tonne (VPT) used to determine cut-off is based on a combination of metal price and individual
metal recoveries which are variable throughout the deposit, and smelter considerations.
• Mineral Resources were constrained to conform with “reasonable prospects for eventual economic
extraction” (RPEEE).
• The drillhole database was closed at April 30, 2022.
• Totals may not add up due to rounding.

1.6 Mineral Reserves

Mineral Reserve estimates were prepared by Pan American technical staff under the supervision of and
reviewed by Martin Wafforn, P.Eng., Vice President, Technical Services of Pan American, who is a QP.
Mineral Reserve estimates are based on assumptions that included mining, metallurgical, infrastructure,
permitting, taxation, and economic parameters. Increasing costs and taxation and lower metal prices will
have a negative impact on the quantity of Mineral Reserve estimates. There are no other known factors that
may have a material impact on the Mineral Reserve estimates at Huaron.
Mineral Reserves for Huaron as of June 30, 2022, comprising material classified as Proven and Probable
Reserves using metal prices of $19 per ounce of silver, $2,000 per tonne of lead, $2,600 per tonne of zinc,
and $7,000 per tonne of copper, are given in Table 1.2.
Table 1.2 Summary of Huaron Mineral Reserves as of June 30, 2022
Ag contained
Classification Tonnes Mt Ag g/t Cu % Pb % Zn %
metal Moz
Proven 7.02 169 38.1 0.54 1.51 2.97
Probable 3.93 167 21.1 0.30 1.63 2.97
Proven +
10.95 168 59.2 0.45 1.55 2.97
Probable
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Reserves.
• Mineral Reserves are classified as Proven or Probable depending on the resource classification.
• Totals may not compute exactly due to rounding.
• Cut-off values are based on a silver metal price of $19/oz, lead metal price of $2,000/t, zinc metal price of
$2,600/t, and $7,000 /t of copper.
• Metallurgical recoveries are based on feed grades, routine metallurgical testing results and historical recoveries.
• Mining recoveries for sub-level long hole stoping (SLOS) and cut and fill (C&F) are 93% and 95%, respectively.
• Unplanned mining dilution for SLOS is 7%, and the planned internal mining dilution is from 9% to 36% for SLOS.
C&F has unplanned mining dilution of 5%, and the planned internal dilution varies from 18% to 31%. The
average planned internal dilution for the LOM is 25%.

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• Mineral Reserve estimates were prepared under the supervision of or were reviewed by Martin Wafforn, P.Eng.,
Vice President, Technical Services of Pan American.
• Mr. Wafforn, P.Eng. is the Qualified Person for the Mineral Reserve estimates.
• Mineral Reserves are in addition to Mineral Resources.

1.7 Mining
Mechanized longitudinal C&F is used in areas where the development of an access ramp can be
economically justified. This is typically the case where the orebody is moderately dipping (<55°), sufficiently
wide (up to 10 metres (m)) and economic veins are present, or where the north-south striking and east-west
striking vein sets cross and provide additional mining faces. Drilling is undertaken with electric hydraulic
jumbo drills and the broken ore is removed using scoop trams.
C&F mining at Huaron commences once the decline (spiral ramps) reaches the footwall (FW) drive or level
access elevation of the orebody, usually midway along its strike length (see representative C&F sequence
sketch in Figure 16.3). C&F is an overhand mining method, and the stope sequence begins with the lowest
3.5 m high lift. Then each subsequent lift requires the back of the level access to be slashed down (‘take
down-back’ or TDB) to reach the next lift. There are typically four or five lifts between levels for a total rise
of 15.0 m to 17.5 m from each access.

1.8 Mineral processing and recovery methods

The Huaron mine operation is a 3,200 tonnes per day (tpd) mill with froth induced flotation to produce silver
in copper, lead, and zinc concentrates. The mill flowsheet consists of three-stage crushing, ball mill grinding,
and selective flotation of the ore to concentrates, followed by thickening and filtering of the concentrates. A
portion of the tailings from the process are cycloned to produce sands for backfill material for the
underground mining operation, and the fines and rest of tailings are deposited into a tailing impoundment
facility.

1.9 Infrastructure
The mine infrastructure comprises the underground mine workings, processing facilities, existing tailing
impoundments, effluent management and treatment systems, waste rock storage facilities, maintenance
shops and warehouses laboratories, storage facilities, offices, drill core and logging sheds, water and power
lines, access roads, and the worker’s camp and recreational facilities. The primary source of power for the
mine is the Peruvian national power grid which is sufficient for the mine’s current requirements. The power
consumption is approximately 66 million kilowatt hours per year.
The operating mine is mature and site infrastructure including site roads are fully developed to support the
existing mine production of one Mtpa.

1.10 Environmental
The most significant environmental issue currently associated with the mine is treatment of the waters
discharged from the mine and localized areas of acid rock drainage from historic tailings below the mine’s
tailings deposit. All waters are captured and treated in a treatment plant near the exit of the Paul Nevejans
drainage tunnel to achieve compliance with discharge limits. There are no known environmental or social
issues that could materially impact the mine’s ability to extract the Mineral Resources and Mineral Reserves.
A full suite of environmental baseline and impact assessment studies were completed by Pan American for
an update and tailings facility expansion Environmental Impact Assessment (EIA). The studies performed
include surface water, groundwater, biodiversity, seismic hazards, soils, geomorphology, air quality, and
climate. No material issues were identified in any environmental studies and the EIA was approved by the
Peruvian Ministry of Energy and Mines in 2010. Pan American is planning to commence new baseline
studies, which will supplement the regular environmental monitoring, for a modification to the Huaron EIA
in mid-2022.

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Huaron participates in the Mining Association of Canada’s “Towards Sustainable Mining” program and has
achieved Level A on environmental protocols.

1.11 Capital and operating costs

Since the mine is in operation, any sustaining capital expenditures are justified on an on-going basis based
on actual experience at the mine. Sustaining capital expenditures during 2022 primarily for mine
development, diamond drilling, tailings facility expansions and mine infrastructure are estimated to total
$17.5 million. The main mobile mining equipment is leased, and new leases will be undertaken throughout
the mine life to ensure that the mining fleet maintains a high availability. Operating lease expenditures in
2022 are expected to total $2.7 million. The amount of diamond drilling conducted to extend the mine life
beyond the existing Mineral Reserves forming the basis of the current LOM plan will be at the discretion of
Pan American and may depend on the success of exploration and diamond drilling programs, if any, and
prevailing market conditions.

1.12 Conclusions and recommendations

Pan American has been operating Huaron since 2001 and expects to process approximately one Mtpa over
the course of the remaining LOM.
Pan American conducts infill and near-mine drilling through much of the year and updates Mineral Resource
and Mineral Reserve estimates on an annual basis following reviews of metal price trends, operational
performance and costs experienced in the previous year, and forecasts of production and costs over the
LOM.
There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or
other factors or risks that could materially affect the development of the Mineral Resources. Mineral
Reserve estimates are based on assumptions that include mining, metallurgical, infrastructure, permitting,
taxation, and economic parameters. Increasing costs and taxation and lower metal prices will have a
negative impact on the quantity of Mineral Reserve estimates. There are no other known factors that may
have a material impact on the Mineral Reserve estimates at Huaron.
Huaron is a producing mine. Studies for expansion of the existing tailings storage facility are currently
underway including engineering design for filtered-stacked tailings. The authors of this report have no
further recommendations to make at this time.

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TABLE OF CONTENTS

1 SUMMARY ................................................................................................................................... 2
1.1 Introduction ................................................................................................................................ 2
1.2 Property description and ownership .......................................................................................... 2
1.3 Geology and mineralization ........................................................................................................ 2
1.4 Status of exploration, development, and operations................................................................. 2
1.5 Mineral Resources ...................................................................................................................... 3
1.6 Mineral Reserves ........................................................................................................................ 4
1.7 Mining ......................................................................................................................................... 5
1.8 Mineral processing and recovery methods ................................................................................ 5
1.9 Infrastructure .............................................................................................................................. 5
1.10 Environmental ............................................................................................................................. 5
1.11 Capital and operating costs ........................................................................................................ 6
1.12 Conclusions and recommendations............................................................................................ 6
2 INTRODUCTION ........................................................................................................................... 17
2.1 General and terms of reference ................................................................................................. 17
2.2 The Issuer .................................................................................................................................... 17
2.3 Report authors ............................................................................................................................ 17
2.4 Sources of information ............................................................................................................... 18
2.5 Other ........................................................................................................................................... 18
3 RELIANCE ON OTHER EXPERTS.................................................................................................... 19
4 PROPERTY DESCRIPTION AND LOCATION ................................................................................... 20
4.1 Location, issuer’s interest, mineral tenure, and surface rights .................................................. 20
4.2 Mineral tenure and title.............................................................................................................. 20
4.3 Royalties, back-in rights, payments, agreements, and encumbrances ...................................... 23
4.4 Environmental liabilities ............................................................................................................. 23
4.5 Permits ........................................................................................................................................ 24
4.6 Significant factors and risks ........................................................................................................ 24
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY .......... 25
5.1 Access, transport, and population centre................................................................................... 25

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5.2 Climate, length of operating season, and physiography ............................................................ 26

5.3 Surface rights, land availability, infrastructure, and local resources.......................................... 26
6 HISTORY ...................................................................................................................................... 27
6.1 Ownership ................................................................................................................................... 27
6.2 Work carried out ......................................................................................................................... 27
6.3 Mineral Resource and Mineral Reserve estimates ..................................................................... 27
6.4 Production................................................................................................................................... 27
7 GEOLOGICAL SETTING AND MINERALIZATION ........................................................................... 28
7.1 Regional and district geology ...................................................................................................... 28
7.1.1 MESOZOIC: Upper Cretaceous .................................................................................................... 28
7.1.2 CENOZOIC: Paleogene - Neogene - Quaternary ......................................................................... 30
7.1.3 Quaternary deposits ................................................................................................................... 30
7.2 Property geology ......................................................................................................................... 31
7.3 Structure ..................................................................................................................................... 32
7.3.1 Folding ......................................................................................................................................... 32
7.3.2 Faulting........................................................................................................................................ 33
7.3.3 Unconformity .............................................................................................................................. 33
7.4 Alteration .................................................................................................................................... 33
7.5 Mineralization ............................................................................................................................. 33
8 DEPOSIT TYPES ............................................................................................................................ 36
9 EXPLORATION ............................................................................................................................. 37
10 DRILLING ..................................................................................................................................... 39
10.1 Drilling summary and database .................................................................................................. 39
10.2 Drilling procedures ...................................................................................................................... 40
10.3 Exploration drilling ...................................................................................................................... 40
10.3.1 Summary ..................................................................................................................................... 40
10.3.2 Exploration drilling programs ..................................................................................................... 41
10.4 Concluding statement ................................................................................................................. 42
11 SAMPLE PREPARATION, ANALYSES, AND SECURITY ................................................................... 43
11.1 Sampling method ........................................................................................................................ 43

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11.2 Sample storage and security ....................................................................................................... 43

11.3 Sample preparation and analysis ................................................................................................ 43
11.4 Bulk density determinations ....................................................................................................... 44
11.5 Quality Assurance and Quality Control (QA/QC) ........................................................................ 44
11.5.1 Overview ..................................................................................................................................... 44
11.5.2 Standard Reference Material...................................................................................................... 45
11.5.3 Blanks .......................................................................................................................................... 50
11.5.4 Duplicate samples ....................................................................................................................... 51
11.5.5 Umpire samples .......................................................................................................................... 56
11.6 Summary statement ................................................................................................................... 57
12 DATA VERIFICATION .................................................................................................................... 58
12.1 Geology data reviews.................................................................................................................. 58
12.2 Mine engineering data reviews .................................................................................................. 58
12.3 Metallurgy data reviews ............................................................................................................. 58
13 MINERAL PROCESSING AND METALLURGICAL TESTING ............................................................ 59
13.1 Production metallurgical recoveries ........................................................................................... 59
13.2 Pocock 2022 SLS test work.......................................................................................................... 59
14 MINERAL RESOURCE ESTIMATES ................................................................................................ 60
14.1 Introduction ................................................................................................................................ 60
14.2 Resource database ...................................................................................................................... 61
14.3 Discussion of the 2D method ...................................................................................................... 61
14.4 Geological interpretation and modelling.................................................................................... 62
14.5 Statistics and compositing .......................................................................................................... 64
14.5.1 Compositing ................................................................................................................................ 64
14.5.2 Treatment of high-grade composites ......................................................................................... 70
14.6 Trend analysis ............................................................................................................................. 73
14.6.1 Variography ................................................................................................................................. 73
14.7 Search strategy and grade interpolation parameters ................................................................ 78
14.8 Bulk density ................................................................................................................................. 81
14.9 Block models ............................................................................................................................... 83

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14.10 Estimation ................................................................................................................................... 89

14.11 Block model validation ................................................................................................................ 89
14.12 Mineral Resource classification .................................................................................................. 91
14.13 Reasonable prospects for eventual economic extraction .......................................................... 91
14.14 Mineral Resource tabulation ...................................................................................................... 91
15 MINERAL RESERVE ESTIMATES ................................................................................................... 93
15.1 Introduction ................................................................................................................................ 93
15.2 Method ....................................................................................................................................... 93
15.3 Cut-off value................................................................................................................................ 93
15.4 Dilution and recovery factors ..................................................................................................... 94
15.5 Mineral Reserve tabulation ........................................................................................................ 94
16 MINING METHODS ...................................................................................................................... 96
16.1 Mining methods .......................................................................................................................... 96
16.1.1 Sub level open stoping ................................................................................................................ 96
16.1.2 Mechanized longitudinal cut and fill........................................................................................... 97
16.2 Materials handling ...................................................................................................................... 99
16.3 Underground access ................................................................................................................... 99
16.4 Personnel .................................................................................................................................... 99
16.5 Geotechnical ............................................................................................................................... 99
16.6 Mining fleet and machinery ........................................................................................................ 100
16.7 Backfill ......................................................................................................................................... 100
16.8 Ventilation................................................................................................................................... 100
16.8.1 Ventilation strategy .................................................................................................................... 100
16.8.2 Emergency preparedness ........................................................................................................... 101
16.9 Underground infrastructure ....................................................................................................... 101
16.9.1 Service water .............................................................................................................................. 101
16.9.2 Underground workshop .............................................................................................................. 101
16.9.3 Explosives magazine ................................................................................................................... 101
16.9.4 Fuel storage................................................................................................................................. 101
16.9.5 Compressed air ........................................................................................................................... 101

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16.9.6 Electrical power .......................................................................................................................... 102

16.9.7 Mine dewatering ......................................................................................................................... 102
16.10 Mine schedule ............................................................................................................................. 102
16.10.1 Production rate and expected mine life ..................................................................................... 102
16.10.2 Development schedule ............................................................................................................... 102
17 RECOVERY METHODS.................................................................................................................. 103
17.1 Introduction ................................................................................................................................ 103
17.2 Crushing ...................................................................................................................................... 103
17.3 Grinding and classification .......................................................................................................... 103
17.4 Flotation ...................................................................................................................................... 103
17.5 Thickening and filtering .............................................................................................................. 104
17.6 Tailings storage ........................................................................................................................... 104
17.7 Power, water, and process consumable requirements .............................................................. 104
17.8 Summary of metal production .................................................................................................... 105
18 PROJECT INFRASTRUCTURE ........................................................................................................ 106
18.1 Transportation and logistics ....................................................................................................... 107
18.2 Processing facilities ..................................................................................................................... 107
18.3 Water supply ............................................................................................................................... 107
18.3.1 Mine workshop ........................................................................................................................... 107
18.3.2 Explosives magazine ................................................................................................................... 107
18.3.3 Fuel storage................................................................................................................................. 107
18.3.4 Compressed air ........................................................................................................................... 108
18.3.5 Electrical power .......................................................................................................................... 108
18.4 Mine communication system ..................................................................................................... 108
18.5 Tailings management facilities (TMF) ......................................................................................... 108
19 MARKET STUDIES AND CONTRACTS ........................................................................................... 109
20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT................... 110
20.1 Environmental factors................................................................................................................. 110
20.2 Environmental studies ................................................................................................................ 110
20.3 Permitting factors ....................................................................................................................... 110

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20.4 Waste disposal ............................................................................................................................ 110

20.5 Site monitoring ........................................................................................................................... 110
20.6 Water management .................................................................................................................... 111
20.7 Social and community factors..................................................................................................... 111
20.8 Project reclamation and closure ................................................................................................. 111
20.9 Expected material environmental issues .................................................................................... 111
21 CAPITAL AND OPERATING COSTS ............................................................................................... 112
22 ECONOMIC ANALYSIS.................................................................................................................. 113
23 ADJACENT PROPERTIES ............................................................................................................... 114
24 OTHER RELEVANT DATA AND INFORMATION ............................................................................ 115
25 INTERPRETATION AND CONCLUSIONS ....................................................................................... 116
26 RECOMMENDATIONS ................................................................................................................. 117
27 REFERENCES ................................................................................................................................ 118
28 QP CERTIFICATES......................................................................................................................... 119

Tables
Table 1.1 Summary of Mineral Resources as at June 30, 2022 ...................................................... 4
Table 1.2 Summary of Huaron Mineral Reserves as of June 30, 2022 ........................................... 4
Table 2.1 Responsibilities of each qualified person ....................................................................... 17
Table 2.2 Responsibilities of those assisting each qualified person............................................... 18
Table 4.1 Mining concession details ............................................................................................... 21
Table 9.1 Summary of channel samples ......................................................................................... 37
Table 10.1 Drillhole summary ........................................................................................................... 39
Table 10.2 Greenfield drilling 2014 to 2017 ..................................................................................... 41
Table 11.1 Summary of all QA/QC samples 2015 – May 2022 ......................................................... 45
Table 11.2 Summary of QA/QC sample submission rates 2015 – May 2022 ................................... 45
Table 11.3 Summary of SRM performance – 2006 - 2013................................................................ 46
Table 11.4 SRMs submitted 2015 – May 2022 ................................................................................. 46
Table 11.5 Summary of SRMs submitted for analysis – 2015 – May 2022 ...................................... 47
Table 11.6 Summary of SRM failures – 2015 – May 2022 ................................................................ 47
Table 11.7 Summary of coarse blank performance 2015 - May 2022 ............................................. 51
Table 11.8 Summary of field duplicate performance – 2006 - 2013 ................................................ 52
Table 11.9 Summary of pulp duplicate performance – 2006 - 2013 ................................................ 52

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Table 11.10 Summary of field duplicate performance Ag, Cu, Pb, and Zn – 2017 - May 2022.......... 53
Table 11.11 Summary of coarse duplicate performance Ag, Cu, Pb, and Zn – 2017 –May 2022 ...... 54
Table 11.12 Summary of pulp duplicate performance Ag, Cu, Pb, and Zn – 2015 - 2017.................. 55
Table 11.13 Summary of umpire duplicate performance Ag, Cu, Pb, and Zn – 2015 - May 2022 ..... 56
Table 13.1 Metallurgical recovery by year ....................................................................................... 59
Table 14.1 Summary of Mineral Resources – June 30, 2022............................................................ 60
Table 14.2 Modelled structures........................................................................................................ 63
Table 14.3 Composites statistics ...................................................................................................... 65
Table 14.4 Composites statistics and capping levels ........................................................................ 71
Table 14.5 Variogram parameters .................................................................................................... 73
Table 14.6 Search strategy and grade interpolation parameters .................................................... 78
Table 14.7 Composite selection plan................................................................................................ 80
Table 14.8 Density statistics by domain ........................................................................................... 82
Table 14.9 Block model details ......................................................................................................... 83
Table 14.10 Economic input parameters for Mineral Resource COGs ............................................... 91
Table 14.11 Huaron Mineral Resources as of June 30, 2022 ............................................................. 92
Table 15.1 Huaron unit costs considered for reserves cut-off value estimation ............................. 94
Table 15.2 Summary of Huaron Mineral Reserves as of June 30, 2022 ........................................... 95
Table 16.1 Current underground mobile mining equipment ........................................................... 100
Table 17.1 Summary of major process consumables ....................................................................... 105
Table 17.2 Metal production for the past 9 years ............................................................................ 105
Table 21.1 Annual operating costs ................................................................................................... 112

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Figures

Figure 4.1 Property location map ..................................................................................................... 20

Figure 5.1 Huaron location map ....................................................................................................... 25
Figure 5.2 Huaron site overview ...................................................................................................... 26
Figure 7.1 Regional stratigraphic column ......................................................................................... 29
Figure 7.2 Schematic view of local geology...................................................................................... 32
Figure 7.3 Cross section showing anticlinal structure ...................................................................... 33
Figure 7.4 Plan of mineralized trends............................................................................................... 35
Figure 10.1 Huaron drillhole location map......................................................................................... 40
Figure 10.2 Location map of exploration drilling ............................................................................... 41
Figure 11.1 STD-MEDIO SRM Control Chart (Au, Ag, Pb, Zn) – 2015 - May 2022 .............................. 48
Figure 11.2 ESTANDER ALTO SRM Control Chart (Au, Ag, Pb, Zn) – 2020 - May 2022 ...................... 49
Figure 11.3 Ag blank control chart – 2015 - May 2022 ...................................................................... 50
Figure 11.4 RPD and scatter plot of field duplicates for Ag – 2017 – May 2022................................ 53
Figure 11.5 RPD and scatter plot of coarse duplicates for Ag – 2017 - May 2022............................. 55
Figure 11.6 RPD and scatter plot of pulp duplicates for Ag – 2015 - 2017 ........................................ 56
Figure 11.7 RPD and scatter plot of umpire duplicates for Ag – 2015 - May 2022............................ 57
Figure 14.1 Example longitudinal section showing a 2D estimate..................................................... 62
Figure 14.2 Wireframes of the structures .......................................................................................... 64
Figure 14.3 Histogram of sample interval lengths within Juanita Ramal structure ........................... 69
Figure 14.4 Probability plot Ag ppm at Juanita Ramal vein ............................................................... 70
Figure 14.5 Variogram of Ag at Juanita Ramal ................................................................................... 77
Figure 14.6 Longitudinal section Juanita Ramal ................................................................................. 89
Figure 14.7 Strike swath plot at Juanita Ramal .................................................................................. 90
Figure 14.8 Cross strike swath plot at Juanita Ramal ......................................................................... 90
Figure 16.1 Plan view of Huaron underground .................................................................................. 96
Figure 16.2 Sub level stoping long section ......................................................................................... 97
Figure 16.3 Cross section of C&F mining ............................................................................................ 98
Figure 18.1 Mine infrastructure plan ................................................................................................. 106

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ABBREVIATIONS AND ACRONYMS

Abbreviations & acronyms Description
$ United States dollar
$/oz Dollar per ounce
$/t Dollar per tonne
% Percentage
° Degree
°C Degree Celsius
µm Micron
3D Three-dimensional
AMC AMC Mining Consultants (Canada) Ltd.
ANFO Ammonium nitrate fuel oil
C&F Cut and fill
cm Centimetre
COG Cut-off grade
EAU Economic Administrative Unit
EIA Environmental Impact Assessment
FW Footwall
g Gram
g/cm3 Gram per cubic centimetre
g/t Grams per tonne
G&A General and Administration
ha Hectare
Hochschild Mauricio Hochschild & Cía Ltda.
HW Hangingwall
ID2 Inverse distance squared
INGEMMET Institute of Geology, Mining, and Metallurgy
kg Kilogram
km Kilometre
km2 Squared kilometre
kV Kilovolt
LDL Lower limit of analytical detection
LOM Life-of-mine
m Metre
m2 Squared metre
m3 Cubic metre
m3/hr Cubic metre per hour
m3/s Cubic metre per second
MEM Ministry of Energy and Mines
mm Millimetre
Moz Million ounces
Mt Million tonnes
MTPD Metric tonnes per day
Mtpa Million tonnes per annum
MW Megawatt

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Abbreviations & acronyms Description

NI 43-101 National Instrument 43-101
NSR Net Smelter Return
OK Ordinary kriging
oz ounce
P80 80% Passing
PAS, Pan American Pan American Silver Corp.
Penarroya French Penarroya Company
ppm Parts per million
Property Huaron Property
QA/QC Quality assurance and quality control
QP Qualified Person
RPD Relative paired difference
RPEEE Reasonable prospects for eventual economic extraction
SD Standard deviation
SEIN National Interconnected Electrical System
SLOS Sub-level open stoping
SMT Special Mining Tax
SRM Standard reference material
t Tonne
TDB Take-down-back
TMF Tailings Management Facility
tpd Tonnes per day
VPT Value per tonne

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2 INTRODUCTION
2.1 General and terms of reference
This Technical Report has been prepared by Pan American, in accordance with the disclosure requirements
of NI 43-101, to disclose relevant information about the Property. The report is an update to, and replaces,
the 2014 PAS Technical Report, with an effective date of June 30, 2014, prepared by Pan American. The main
purpose of this report is to give an update on the Property, the Huaron mine operation, and report the
current Mineral Resources and Mineral Reserves.
The effective date of this Technical Report is October 30, 2022. The effective date of the Mineral Resource
and Mineral Reserve estimates are June 30, 2022. No new material information has become available
between these dates and the signature date given on the certificate of the QPs.

2.2 The Issuer

Pan American is a silver mining and exploration company listed on the Toronto (TSX:PAAS) and NASDAQ
(NASDAQ:PAAS) stock exchanges. It has a diversified portfolio of mining and exploration assets located
throughout the Americas, which includes 10 operating mines.

2.3 Report authors

The names and details of persons who prepared this Technical Report, are QPs and are not independent of
Pan American. The responsibilities of each QP are provided in Table 2.1.
Table 2.1 Responsibilities of each qualified person
Qualified Persons responsible for the preparation and signing of this Technical Report
Independent
Qualified Date of last Professional Sections of
Position Employer of Pan
Person site visit designation report
American
Senior Vice
2 - 5, 15, 16,
President,
19 - 22, 24 -
Martin Technical Pan American October 27
No P.Eng. 26 and 1.1,
Wafforn Services and Silver Corp. 2021
1.7, 1.8, 1.11,
Process
1.12, 12.2
Optimization
Vice
6 - 11, 14, 23,
President,
Christopher Pan American October 27 27 and 1.2,
Business No FAusIMM
Emerson Silver Corp. 2021 1.3, 1.4, 1.6,
Development
12.1
and Geology
Vice
President,
13, 17, 18,
Americo Mineral Pan American September 21
No P.Eng. and 1.5, 1.9,
Delgado Processing, Silver Corp. - 23, 2021
1.10, 12.3
Tailings and
Dams

Those who have assisted the QPs in its preparation, are also listed in Table 2.2.

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Table 2.2 Responsibilities of those assisting each qualified person

Other experts who have assisted the QPs
Independent
Visited Sections of
Expert Position Employer of Pan
site report
American
Director / Principal Mining
Mo Molavi AMC Yes No All
Engineer
General Manager /
Mort Shannon AMC Yes No 2 - 12, 14.
Principal Geologist
Paul Salmenmaki Principal Mining Engineer AMC Yes No 15, 16,
Senior Manager Mineral
Carlos Manchego Pan American Silver Corp. No Yes 14
Resources
Sam Coronado Mine Geology Director Pan American Silver Corp No Yes 7 - 12
Brian Brodsky Director of Geology Pan American Silver Corp. No Yes 6 - 12
Vice President,
Mathew Andrews Pan American Silver Corp. No Yes 4, 5, 20
Environment
Carl Defilippi Engineering Manager KCA Yes Yes 13, 17
Project Engineer/ Project
Caleb Cook KCA Yes No 13, 17
Manager
Note: AMC refers to AMC Mining Consultants (Canada) Ltd. KCA refers to Kappes, Cassiday & Associates.

2.4 Sources of information

Unless otherwise stated, information, data, and illustrations contained in this report or used in its
preparation have been provided by Pan American for the purpose of this report. The most recent prior
Technical Report is the 2014 PAS Technical Report, with an effective date of June 30, 2014, prepared by Pan
American.
2.5 Other
Inspections of the Property are carried out regularly by the QPs. The most recent visits are discussed below.
Mr. Wafforn visits the Property two or three times annually as part of his duties with Pan American. His most
recent site visits were on January 21, 2021 and October 27, 2021. During these visits, Mr. Wafforn reviewed
the operational mine plan, actual mine operation data, the development advance and plans for the
underground mine, consultant’s geotechnical reports, mine budget plans, reserve to grade control to actual
reconciliations, the site layout and logistics for mining and processing, safety protocols and indicators, the
environmental layout, and general business performance.
Mr. Emerson most recently visited the Property on October 27, 2021. During the visit Mr. Emerson reviewed
the exploration drilling, sampling, and sample security protocols, drill core and the core cutting and storage
facilities, bench and surface mapping, cross sections, the operational mine plan, actual mine operation data,
grade control protocols, mining leases, site access, surface rights information, and general business
performance.
Mr. Delgado makes regular visits and most recently visited the Property on September 21-23, 2021. During
the visit Mr. Delgado reviewed the processing and tailings storage facilities, tailings management system,
mineral processing parameters, metallurgical balances, consultant’s geotechnical designs and reports,
operational practices and data, and general business performance.
Unless otherwise stated, all units are in metric and currencies are expressed in United States dollars.

This report has an effective date of October 30, 2022.

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3 RELIANCE ON OTHER EXPERTS

The QPs responsible for this report have relied on the following internal expert within the organization for
input to certain sections of this report for which they do not have specific expertise and have taken
appropriate steps, in their professional judgement, to ensure that the work, information, or advice that they
have relied upon is sound:

Mathew Andrews, Vice President Environmental, Pan American has contributed to Sections 4.4, 4.5, and 20
by providing information and opinions relating to environmental details that are described in those sections.
The information and opinions are believed to be current, accurate and complete as of the effective date of
this report.

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4 PROPERTY DESCRIPTION AND LOCATION

4.1 Location, issuer’s interest, mineral tenure, and surface rights
The Property within which the Huaron underground polymetallic silver mine is located, is in the Huayllay
district of the province of Pasco in the Central Highlands of Peru. It is located at a latitude of 11°00’S and a
longitude of 76°25’W. The nearest city of Cerro de Pasco is a major mining centre and the capital of the
region, with a population of approximately 70,000. A map of the Property location is shown in Figure 4.1.
Figure 4.1 Property location map

Source: Google Earth Pro (2021).

4.2 Mineral tenure and title

Pan American is the 100% owner of Huaron and the mining concessions, through its wholly-owned
subsidiary, Pan American Silver Huaron S.A. The mineral rights are held on 171 mining concessions with a
combined area of 15,576.31 hectares (ha), covering all of the Mineral Resources and Mineral Reserves, and
surface infrastructure, as well as one processing concession. The concessions are permanently granted
provided that the holder complies with an annual payment to the Institute of Geology, Mining, and
Metallurgy (INGEMMET), which is a branch of the Peruvian Ministry of Energy and Mines. Pan American
makes the required annual payments to maintain the mining concessions and has agreements in place
granting surface rights and legal access to the mining operations. To Pan American’s knowledge, all
obligations required for the conduct of mining operations at Huaron are currently in good standing.
There are three types of concessions present on the Property, including mining concessions, which grant
holders of the concessions the right to explore and exploit the Mineral Resources within the concession;

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processing concessions, which grant the right to process minerals, and concessions which grant the right to
provide auxiliary services to the mining concessions and lie outside the Economic Administrative Units
(EAUs). Details of the 171 mining concessions and the processing concession are given in Table 4.1. Other
than the Processing concession, which is not assigned an area, 121 of the mining concessions are
concessions required by the mine operations and cover 4668.82 ha, and the remaining 48 mining
concessions are outside of the EAUs and cover 10,807.50 ha. This gives a total area of 15,476.31 ha for the
total concession area.
Table 4.1 Mining concession details
Number Name Area (ha) Number Name Area (ha)
Processing concession
P0100085 Concentradora Francois N/A
Mining concessions
04003370Y01 ABUNDANCIA 0.1603 04002451Y01 CONSTANCIA 1.0825
0403370AY01 ABUNDANCIA-A 0.0486 0402451AY01 CONSTANCIA-A 0.0739
04013287X01 ACUMULACION HUARON - 4 96.6606 04008037X01 CORDOBA 0.9554
04013289X01 ACUMULACION HUARON 6 251.6261 04012511X01 DARDANELOS 0.1982
04013284X01 ACUMULACION HUARON-1 795.6725 04003615X01 DIECINUEVE DE SETIEMBRE 0.5719
04013285X01 ACUMULACION HUARON-2 540.4909 04013463X01 DON JUAN Nº 2-88 687.5424
04013286X01 ACUMULACION HUARON-3 534.3813 04004653X01 DON PABLO 0.0464
04013290X01 ACUMULACION HUARON-7 787.1053 04003023X01 EL RAYO 0.2082
04002265Y01 ALIANZA Y FIRMEZA 0.0639 04003024X01 EL TRUENO 0.0741
0402265AY01 ALIANZA Y FIRMEZA-A 0.0169 04008033X01 ESPAÑA 0.1120
04004655X01 ALICIA 0.7654 04006692X01 FARALLON 7.9860
04002572X01 ALPAMINA 0.0506 04008586X01 FLORENCIA 0.1164
0402572AX01 ALPAMINA-A 0.8525 0403093AY01 FLORENCIA-A 0.2448
04000997X01 ANIMAS 0.1872 04004527X01 GAVIOTA 0.9225
04003431X01 APURO 0.3709 0404527AX01 GAVIOTA-A 1.8589
04000466X01 BALCON DE JUDAS 17.9689 04008276X01 GRANADA 5.5781
04001000X01 BALSAMO 1.9965 04004591X01 GUILLERMO BILLINGHURST 0.2760
04013394X01 C.M.H. Nº 101 0.5690 04002568X01 HUALGAYOC 0.0451
04013495X01 C.M.H. Nº 102 1.1554 04002567X01 HUANCAVELICA 0.0314
04013496X01 C.M.H. Nº 103 0.1834 04006355X01 HUAROCHIRI 0.5925
04010514X01 C.M.H. Nº 15 125.7841 010250094 HUARON 1 211.6553
04008913X01 C.M.H. Nº 16 0.7284 010250194 HUARON 2 1.6569
04008319X01 C.M.H. Nº 2 0.9388 010250294 HUARON 3 180.9170
04009299X01 C.M.H. Nº 25 21.6565 010250394 HUARON 4 127.5334
04009300X01 C.M.H. Nº 27 2.7139 010250494 HUARON 5 29.6580
04009301X01 C.M.H. Nº 28 29.6141 04008295X01 JUANA 0.0437
04008320X01 C.M.H. Nº 3 0.5161 04002211Y01 LA ALIANZA 11.9792
04009303X01 C.M.H. Nº 30 0.3297 04001001X01 LA CENTRAL 1.9966
04009433X02 C.M.H. Nº 33 1.7925 04006749X01 LA HUACA 0.7078
04009435X01 C.M.H. Nº 35 0.2543 0403589AY01 LA HUACA-A 0.0883
0403885AY01 C.M.H. Nº 3-A 0.7375 0403589BY01 LA HUACA-B 0.0486
04009481X01 C.M.H. Nº 44 0.8016 04004599X01 LA PEDRERA 0.5145
04008593X01 C.M.H. Nº 5 0.2413 04000099X01 LA PROVIDENCIA 0.0114
04009488X01 C.M.H. Nº 51 0.1332 04000998X01 LA TAPADA 3.9931

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Number Name Area (ha) Number Name Area (ha)

04009495X01 C.M.H. Nº 52 0.8838 04770771X01 LABOR Y CONSTANCIA 23.9590
04009581X01 C.M.H. Nº 57 0.0967 04001486X01 MANLINCHER 5.9959
04009589X01 C.M.H. Nº 65 0.0837 04006337X01 MARIA 0.0836
04009591X01 C.M.H. Nº 67 0.0288 04000632X01 MARTE 0.0798
04008823X01 C.M.H. Nº 7 0.1435 04008014X01 MAX 0.0627
04009595X01 C.M.H. Nº 71 7.6848 04008013X01 MICHEL 0.5375
04009596X01 C.M.H. Nº 72 9.3854 04002570X01 MOROCOCHA 0.0677
NUESTRA SEÑORA DEL
04009843X01 C.M.H. Nº 74 26.1679 04007963X01 11.9793
MILAGRO
NUESTRA SEÑORA DEL
04009844X01 C.M.H. Nº 75 0.2346 04002435Y01 0.1614
ROSARIO
04009846X01 C.M.H. Nº 76 0.1020 04002617X01 OLVIDO 2.4026
04010746X01 C.M.H. Nº 79 0.5570 04000999X01 ORACULO 3.9930
04010978X01 C.M.H. Nº 84-DOS 0.9983 04006436X01 PACHITEA 0.7729
04007533X01 C.P.H. Nº 1 0.0601 04007960X01 PANDORA 1.9966
04007547X01 C.P.H. Nº 15 0.0100 04000811X01 PLANETA 1.9965
0407533AX01 C.P.H. Nº 1-A 0.1651 04001253Y01 ROSARIO 2.1132
04007534X01 C.P.H. Nº 2 0.0226 04007524X01 ROSARIO NUMERO CINCO 0.0100
04007555X01 C.P.H. Nº 23 0.5511 04008019X01 ROSARIO NUMERO CUATRO 0.0246
04007556X01 C.P.H. Nº 24 0.8570 04001130X01 SACERDOTIZA 0.1416
0407534AX01 C.P.H. Nº 2-A 0.3778 04004654X01 SANTIAGO 0.0341
04007536X01 C.P.H. Nº 4 0.0459 04008039X01 SEVILLA 0.0608
04007594X01 C.P.H. Nº 55 0.0642 04012512X01 TEUTONIA 79 0.0425
0403659AY01 C.P.H. Nº 55-A 0.3420 04012513X01 TEUTONIA DOS-79 3.5061
04007538X01 C.P.H. Nº 6 0.4477 04012514X01 TEUTONIA TRES-79 0.0100
04000874X01 CAGLIOSTRO 1.2773 010346806 UNION 7 44.2112
04003371Y01 CATORCE DE ABRIL 0.0853 04004857X01 VEINTE DE FEBRERO 0.1448
04000832X01 COMETA 15.9727 04002221Y01 VENUS 1.2216
04002573X01 CONCHUCOS 0.6759 Total Mining Concessions 4,668.8189
Mining concessions outside the EAUs
0413290AX01 ACUMULACION HUARON-7-A1 7.9708 010235798 HORIZONTE 4 1000.0000
010480708 BUEN PASO 97.3932 010242598 HORIZONTE 68 386.0870
04009964X01 C.M.H. CHASQUI-HUASI 32.0003 010250194A HUARON 2A 85.3000
C.M.H. CHASQUIHUASI
04009995X01 15.9997 010250294A HUARON 3-A1 31.2087
NUMERO DOS
LA ESPERANZA DE
07000365X01 C.M.H. LIMONITA NORTE 56.0001 0410353AX01 15.0000
CARHUAMAYO
07000367X01 C.M.H. LIMONITA SUR 39.9995 0410129AX01 LA VERDAD 15.0000
0403998AY01 C.M.H. N° 28-A1 1.0184 010610407 LIMONITA 1 148.7534
04008978X01 C.M.H. Nº 18 7.9999 010610307 LIMONITA 2 88.6498
04009045X01 C.M.H. Nº 19 16.0000 010127509 LIMONITA TRES 100.0000
04009911X01 C.M.H. TIPISH 60.0003 04012743X01 RELAVE FRANCOIS-1 60.0000
07000366X01 CMH CUESTAS 17.9997 04009440X01 SAN ANDRES NUMERO UNO 8.0000
04013464X01 DON JUAN Nº 4-88 239.9996 04012993X01 SAN CARLOS 79 181.9998
04008809X01 EL TRIUNFO 8.0000 07000131X01 SAN JORGE II 40.0000

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Number Name Area (ha) Number Name Area (ha)

010188012 GATITA 02-A 200.0000 07000132X01 SAN JORGE III 32.0001
010644507 HERBERT 1 19.7756 07000130X01 SAN JORGE IV 49.9998
010644207 HERBERT 2 23.7851 07000146X01 SAN JORGE IX 47.9999
010644407 HERBERT 3 464.4003 07000017X01 SAN JORGE Nº 1 120.0007
010644307 HERBERT 4 446.2397 07000133X01 SAN JORGE V 32.0003
010236398 HORIZONTE 10 500.0000 07000134X01 SAN JORGE VI 72.0003
010236498 HORIZONTE 11 992.0001 07000135X01 SAN JORGE VII 35.9997
010236698 HORIZONTE 13 699.2807 07000145X01 SAN JORGE VIII 29.9999
010236798 HORIZONTE 14 947.6313 07001624X01 SAN JORGE X 324.0018
010237398 HORIZONTE 20 1000.0000 04010668X01 SANTA LUISA N° 1 10.0000
010237498 HORIZONTE 21 1000.0000 010409797 VITACANCHA-R 1000.0000
010113722 AMELIA 2022 100.0000
Non mining (EAU)
Total 10,907.4955 Grand total All concessions 15,576.3144
concessions

4.3 Royalties, back-in rights, payments, agreements, and encumbrances

The principal taxes of Peru affecting Huaron include income tax, an employee profit sharing tax, annual fees
for holding mineral properties, various payroll and social security taxes, a refundable value added tax, a
mining royalty tax, and a Special Mining Tax (SMT). The royalty is applied on a company’s operating income
and is based on a sliding scale with marginal rates ranging from 1% to 12% with a minimum royalty rate of
1% of sales regardless of its profitability.
There are no known back-in rights, payments, agreements, or encumbrances on the Huaron concessions.

4.4 Environmental liabilities

The environmental liabilities at Huaron are typical of an operating mine. Huaron received approval of the
mine’s environmental liabilities plan in 2009, which was successfully executed and concluded in 2012. From
that date Pan American has continually monitored the physical stability of reclaimed mine waste and tailings
facilities, hydrological, and biological factors, as well as social commitments. These factors are reported
semi-annually to the Peruvian Evaluation and Environmental Control Agency, which demonstrate the
reintegration of the surrounding area to its natural landscape. The post closure phase is expected to last for
five years, after which environmental certification of closure will be processed.
The most significant environmental issue currently associated with the mine is relatively high metal
concentrations in the waters discharged from the mine and localized areas of acid rock drainage from the
mine’s tailings deposit areas. All waters are captured and treated in a treatment plant near the exit of the
Paul Nevejans drainage tunnel to achieve compliance with discharge limits. Peruvian legislation sets out the
progressive implementation of new, stricter water quality limits both for discharges and receiving waters by
the end of 2015. An “Adaption Plan” which sets out a program of baseline monitoring and data collection to
evaluate future compliance of Huaron with the new limits was presented to the Ministry of Energy and
Mines (MEM) in September 2012. The plan is still under evaluation and the schedule for implementation of
new guideline limits is not yet confirmed.
There are no known environmental or social issues that could materially impact the mine’s ability to extract
the Mineral Resources and Mineral Reserves.

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4.5 Permits
Pan American holds all the necessary environmental and operating permits for the development and
operation of the existing mine and is in compliance with Peruvian law. The MEM has provided approval for
Environmental Compliance and Management, the Special Program for Environmental Management, and
Environmental Impact Studies.
Pan American has obtained other permits necessary for normal operations of the mine, including permits for
water use, re-use of treated domestic wastewater, treated industrial and domestic wastewater disposal,
mine closure plans, tailings facility growth schedules, the use and storage of explosives, and facilities for
liquid fuel.

4.6 Significant factors and risks

There are no known significant factors or risks that may affect access, title, or the right or ability to conduct
mining, processing, and exploration activities at Huaron.

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TECHNICAL REPORT FOR THE HUARON PROPERTY, PASCO, PERU

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND

PHYSIOGRAPHY
5.1 Access, transport, and population centre
Access to Huaron is by a continuously maintained 285 kilometres (km) paved highway between Lima and
Unish and a 35 km mostly paved road between Unish and Huaron. Access is also possible by two other
longer and more difficult gravel roads. There is a light aircraft strip at the town of Vicco, which is located
approximately 30 minutes flying time from Lima, at which point an additional 30 minutes of driving is
required to reach Huaron.
The nearest city is Cerro de Pasco, a major historical mining center with a population of approximately
70,000 people, which is connected to Lima 320 km to the southwest by road and rail. The nearby town of
Huayllay also provides workers, lodging, and supplies. Experienced mining personnel from the region
commute to the Property via company sponsored buses, company vehicles, or privately owned vehicles.
Materials, fuel, and produced metal concentrates are transported to their destinations by road.
Concentrates may also be transported by rail which is in close proximity to the site, as seen Figure 5.1.
Figure 5.1 Huaron location map

Source: Ministerio de Transportes y Comunicaciones Perú (2022).

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5.2 Climate, length of operating season, and physiography

The climate at the mine site is classified as “cold climate” or “boreal” with average annual temperatures
ranging from 3°Celsius (C) to 10°C. Huaron operates throughout the entire year. The topography at the mine
site is hilly with locally steep slopes, at elevations ranging from 4,250 m to 4,800 m above sea level. Natural
vegetation consists mainly of grasses forming meadows which have permitted development of varied
livestock operations.

5.3 Surface rights, land availability, infrastructure, and local resources

Surface rights for mining operations are sufficient and secure. The known mineralized zones, Mineral
Resources and Mineral Reserves, mine workings, the processing plant, existing tailing impoundments,
effluent management and treatment systems, and waste rock storage facilities are located within 119 of the
171 concessions. The mine is authorized to use up to 10.11 million cubic metres (M3) per annum of water
obtained from a system of nearby lakes for mining activities through payment of a water use permit. This
volume of water is more than sufficient for the mine’s requirements. The primary source of power for the
mine is the Peruvian national power grid and is sufficient for the mine’s current requirements. The power
consumption is approximately 66 million kilowatt hours per year. An overview of the site infrastructure and
footprint is shown in Figure 5.2.
Figure 5.2 Huaron site overview

Source: PAS (2022) after Google Earth Pro.

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6 HISTORY
6.1 Ownership
The underground mine, mill, and supporting villages at Huaron were originally built in 1912 by a subsidiary
of the French Penarroya Company (Penarroya). In 1987 the mine was sold to Hochschild. In April 1998, a
portion of the bed of the nearby Lake Naticocha collapsed and flooded the neighbouring underground mine.
Through interconnected tunnels, the lake water entered and flooded the Huaron mine as well, causing its
closure.
After the April 1998 flooding, the Huaron mine operations were shut down, the labour force was
terminated, the camp closed, and work was undertaken to clean up the flood damage, drain the workings,
and prepare for an eventual mine re-opening. The water level in the lake, which provided the source of
floodwater, is currently maintained well below the level where it flooded into the old workings and no
further flooding is expected. In September 2000, the Animon mine, in accordance with a settlement
agreement reached with Cía Ltda. Minera Huaron S.A., constructed a channel to route water around the lake
to provide water for the Huaron mine operation and to reduce the water in upstream lakes in order to
prevent agricultural flooding, which had created local social pressures.
Pan American acquired a majority interest in Huaron from Hochschild in 2000 and fast-tracked the re-
opening project through feasibility, financing, and construction to begin full scale operations in 2001. Pan
American subsequently acquired the remaining interest and now holds 100% of the Property.

6.2 Work carried out

There is no available exploration data collected by previous operators other than diamond drilling. Channel
samples were taken by Penarroya and by Hochschild, but no details on the nature and extent of the samples
are available, and none of the channel samples collected by previous owners are used in the Mineral
Resource and Mineral Reserve estimates.

6.3 Mineral Resource and Mineral Reserve estimates

The historical exploration work was carried out in the form of underground drifting and mining, and no
historical Mineral Resource and Mineral Reserve estimates were completed or published.

6.4 Production
Prior to Pan American’s acquisition of the Property, approximately 22 million tonnes (Mt) of silver-rich base
metal sulphide ore was produced from the mine. Silver made up about 49% of historic sales value, with zinc,
lead, and copper contributing 33%, 15%, and 3% respectively of the remaining portion. Ore from the mine
was processed on site by crushing, grinding, and flotation to produce silver-rich copper, lead, and zinc
concentrates, as it is today.

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7 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional and district geology
The Property is located within the Western Cordillera of the Andes Mountains and the regional geology is
dominated by Cretaceous aged Machay Group limestones and Tertiary aged Pocobamba continental
sedimentary rocks, which are referred to as the Casapalca Red Beds.
These groups have been deformed by the Huaron anticline, the dominant structural feature of the local
area. The limestones and sedimentary rocks are strongly folded and intruded by quartz monzonite and
quartz monzonite dikes with associated fracturing. Following the intrusion of the dikes, the sedimentary
rocks were further compressed and fractured, and subsequently altered and mineralized by hydrothermal
fluids forming the Huaron deposit on the Property.
Minor intrusives have been recognized between the Western and Eastern Cordillera, which have an average
size of up to four square kilometres. These are irregularly distributed as high-level stocks that generally
intrude Paleogene rocks. Intrusives are porphyritic with (1 to 2 cm) plagioclase phenocrysts and quartz.
Biotite and hornblende are common in some areas. Compositionally, the intrusives are recognized as
Monzogranite.
The lithostratigraphic column of the district is comprised of sandstones, marls, conglomerates, calcareous
chert, andesites, ignimbrites, breccias, and tuffs, which are described below from bottom to top. The
stratigraphic column for the region is shown in Figure 7.1.

7.1.1 MESOZOIC: Upper Cretaceous

Casapalca Formation
This formation outcrops discordantly on the Marañón geoanticline, with an average thickness of more than
1,000 metres. The lithology consists of brownish red shales, siltstones, and sandstones. Towards the base it
consists of conglomerates with limestone clasts, red sandstones, intrusives, and subangular schists; whitish
limestone with intercalations of reddish conglomeratic sandstone dominate towards the top. It is subdivided
into three members:
• Lower Member: Several layers of red shales, grayish-green to reddish semi-consolidated sandstones,
conglomerates, and limestone lenses. Estimated thickness is 300 m to 330 m.
• Shuco Conglomerate Member: Consists of resistant conglomerates, with clasts of limestone,
quartzite, chert, red sandstone and phyllite; embedded in a calcareous, brecciated matrix. The
fragments are subangular in variable sizes. Estimated thickness is 150 m to 200 m.
• Calera Member: Thinly bedded marl and shale, grading to limestone and dolomite with chert nodules,
with an approximate thickness of 60 m to 65 m forms a basal unit. The middle unit is composed of
limestone and marl with intercalations of thinly bedded shale, with a thickness of 53 m. Limestone
and dolomite with chert nodules comprise the top unit.
Based on stratigraphic relationships, this formation is considered to have been deposited from the
Cretaceous to the early Paleogene followed by folding and development of the unconformity surface during
the Paleocene (lower Paleogene).

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Figure 7.1 Regional stratigraphic column

Source: Geology Department Huaron (2022).

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7.1.2 CENOZOIC: Paleogene - Neogene - Quaternary

Calipuy Group
The Calipuy group unconformably overlies the Casapalca Formation. The Calipuy group comprises pyroclastic
rocks, lavas, ignimbrites, tuffs, basalts, rhyolites, and dacites that were deposited after the period of folding,
erosion and uplift of the Casapalca Formation.
At the regional level, four units are recognized:
• Yantac Formation Unit: A volcanic-sedimentary sequence, also known as the variegated series, made
up of clastic and pyroclastic rocks, conglomerates, brownish gray sandstones, sandy limestone,
siltstones, and shales of variegated colors (green to brown, purple, pink, gray, white and brown).
Intercalations of tuffs, tuffaceous breccias, some levels of agglomerates with andesitic lava spills form
at the top of the unit. Estimated thickness is 60 m to 150 m. Age dating places the sequence between
the Paleocene to Eocene.
• Carlos Francisco Volcanic Unit: Consists of porphyritic andesitic sills occasionally intercalated with
massive porphyry and volcanic breccia flows. Its thickness varies from 400 m to 1,000 m. Correlation
dating places it between the Eocene and Oligocene age.
• Colqui Volcanic Unit: Consists of andesitic sills with some interbedded fine tuffs, lapillis, and
agglomerates. Also contains thin layers of tufaceous sandstone and limestone for a total thickness of
200 m. Age dating places it between Eocene and the Oligocene age.
• Millotingo Volcanic Unit: Made up of andesitic to rhyodacitic (occasionally trachyandesitic) lava flows.
Its average thickness is 180 m and dating places it between the Upper Oligocene and the Lower
Miocene.
Rumillana Volcanics
Sequence of volcanoclastic rocks known as Rumillana agglomerate and Unish tuff. The Rumillana
agglomerate is composed of angular and sub-angular fragments of limestone, phyllite, chert and strongly
altered porphyritic igneous rock. The Unish tuffs are made up of pyroclasts and lavas. Total thickness of the
volcanic unit is 150 m with dating placing it as Upper Miocene in age.
Pacococha Volcanics
Comprised of andesitic and basalt volcanic flows with intercalations of volcanic breccia flows and thin layers
of whitish tuffs. Its thickness is 150 m and dating places it between Miocene and Pliocene age.
Huayllay Formation
Andesitic lava flows interspersed with pyroclastic rocks that formed after the last Andean Tectonic phase
filling the erosion surfaces. Its radiometric dating places it as Pliocene in age.

7.1.3 Quaternary deposits

Unconsolidated cover is irregularly distributed. Pleistocene alluvial deposits, moraine deposits, fluvioglacial
deposits, peat deposits, colluvial deposits and alluvial deposits have been mapped in the area.
All formations have been deformed by the Huaron anticline, the dominant structural feature in the local
area. The limestones and sedimentary rocks are strongly folded and intruded by quartz monzonite and
quartz monzonite dikes with associated fracturing. Following the intrusion of the dikes, the sedimentary
rocks were further compressed and fractured, and subsequently altered and mineralized by hydrothermal
fluids.

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7.2 Property geology

The main lithology in the area of Huaron is a sequence of continental redbeds of the Casapalca Formation
which unconformably overlie massive marine limestones. A series of andesites and dacites outcrop to the
west of the mine. North-south trending sub-vertical porphyritic quartz monzonite dykes crosscut the mine
stratigraphy.
Thinly bedded marls and sandstones known as the lower redbeds are present in the central part of the mine
and at lower elevations. The upper redbeds are present on the eastern side of the mine, and are comprised
of calcareous chert overlying sandstone and marls, in turn overlying the Barnabe quartzite conglomerate at
the base of the sequence. On the western side of the mine, the stratigraphy consists of a series of
interbedded conglomerates and sandstones.
The Huaron deposit is located within an anticline formed by east-west compressional forces. The axis of the
anticline strikes approximately north-south and plunges gently to the north. There are two main fault
systems. One system comprises north-south striking thrust faults, parallel to the axis of the anticline, and the
other comprises east-west striking tensional faults.
In the Huaron area, an elongated monzonite dike outcrops and is emplaced in the Casapalca Formation and
Calipuy Volcanics. It has a tabular form in outcrop and trends north-south with a thickness that varies from
tens of metres to 100 m. Dating assumes that these intrusives are of Paleogene age.
A schematic local surface geologic map is shown in Figure 7.2.

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Figure 7.2 Schematic view of local geology

Source: Geology Department Huaron (2022).

7.3 Structure

7.3.1 Folding
Folding occurred during the Paleogene, possibly during the Inca orogeny. During the deposition of the
Calipuy, an additional deformation occurred during the Quechua orogeny. These two phases are present in
the Huarón area, with the sequence of folded Casapalca formation forming an anticline, and the sequence of
the Calipuy Group forming a slightly asymmetric open anticline.
Figure 7.3 is a schematic section which is not to scale showing the Huaron anticline and the rocks at Huaron.

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Figure 7.3 Cross section showing anticlinal structure

Source: Geology Department Huaron (2018).

7.3.2 Faulting
There are large dislocations accompanied by secondary faults in the region. These faults are represented in
the Huarón area by the Huaychao - Cometa north-south fault and the Llacsacocha Fault. Both faults divide
the deposit into four sectors. Local faults recognized only in the Huaron mine are the Shiusha Fault (related
to the Pozo D Fault) and the Tapada Fault (related to the Anteabigarrada Fault). Horst-type movement
occurred between the Shiusha Fault and the Tapada Fault zones.

7.3.3 Unconformity
An unconformity has recently been defined on each flank of the anticline throughout the property. The
unconformity occurs at the contact between the Casapalca Formation and the Calipuy Group and provides
control to mineralization.

7.4 Alteration
Dominant hydrothermal alteration of the enclosing rocks are argilization - silicification (associated with the
copper trend), potassic alteration (associated with the Lead - Zinc zone), epidote-pyrite (associated with the
silicified zone) and chlorite - magnetite (throughout the entire deposit).

7.5 Mineralization
The Huaron mine is a producer of silver, zinc, lead, and copper. Ore mineralogy is made up of tetrahedrite -
tenantite (gray copper), sphalerite, galena, and chalcopyrite - enargite as the most abundant ore minerals;
gangue minerals mainly represented include quartz, rhodochrosite, rhodonite, manganocalcite, and
alabandite.

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Research has shown the presence of three different stages of mineralization and related to high
temperatures (milky quartz, pyrite, tetrahedrite), intermediate temperatures (milky quartz, pyrite, brown
sphalerite, and galena) and low temperatures (barite, siderite, dolomite, blonde sphalerite, galena,
argentiferous tetrahedrite, polybasite, chalcopyrite, rhodochrosite, quartz, and calcite). Huarón
mineralization is assumed to be of Pliocene age.
The first pulse of mineralization was associated with the emplacement of intrusive bodies and the
subsequent opening of structures, as zinc, iron, tin, and tungsten minerals were deposited. This was
followed by a copper, lead, and silver rich stage, and finally by an antimony / silver phase associated with
quartz.
The most important economic minerals are tennantite-tetrahedrite (containing most of the silver),
sphalerite, and galena, though more than 90 other minerals have been identified. The principal gangue
minerals are pyrite, quartz, calcite, and rhodochrosite. Enargite and pyrrhotite are common in the central
copper core of the mine and zinc oxides and silicates are encountered in structures with deep weathering.
Silver is also found as pyrargyrite, proustite, polybasite, and pearceite.
There is a definite mineral zoning at Huaron. A central copper core contains enargite as the principal
economic mineral with copper, pyrite and quartz in structures. This area was extensively mined by previous
operators but metal grades and prices were overshadowed by the negative impact of high arsenic and
antimony content and poor metal recoveries. To the east and west of the central core silver, lead, and zinc
minerals are associated with calcite and rhodochrosite. Areas to the north of the central core contain silver,
lead, and zinc minerals associated with pyrite. Sphalerite and sulfosalts with rhodochrosite follow a narrow
band running north-south along the general axis of the anticline.
Huaron is a hydrothermal polymetallic deposit of silver, lead, zinc, and copper mineralization hosted within
structures likely related to the intrusion of monzonite dikes, principally located within the Huaron anticline.
Mineralization occurs in veins parallel to the main fault systems, in replacement bodies known as “mantos”
associated with the calcareous sections of the conglomerates and other favorable stratigraphic horizons,
and as dissemination in the monzonitic intrusions at vein intersections. The mineralization controls
recognized in the deposit are structural, lithological, and stratigraphic.
The types of mineralized bodies present in Huarón are veins, mantos, and stockworks.
• Veins: The mineralized veins vary from a few cm to up to 10 m wide, and may extend along strike for
up to 1,800 m. Most of the structures show open mineralization at depth and along strike and have
excellent exploration potential. Vein orientations vary but generally trend east-west or north-south.
The deposit consists of 96 different structures which have been grouped into 13 families of
mineralized trends according to location and orientation (Figure 7.4).
• Mantos: Mantos are gently dipping structures located on the western flank of the anticline.
• Stockworks: Stockwork zones have been mined with mechanized methods and high productivity.
Stockwork zones occur at the intersection of veins, where veins intersect conglomerate beds (causing
replacements), and also at the intersection of veins with calcareous sandstone strata (causing
disseminations). Stockwork-like bodies related to the intrusive-sandstone contact are rarely
recognized.

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Figure 7.4 Plan of mineralized trends

Source: PAS (2022).

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8 DEPOSIT TYPES
Huaron is a hydrothermal polymetallic silver-copper-lead-zinc deposit likely related to Miocene aged
intrusive monzonite dikes within the Huaron anticline. Exploration for economic veins, mantos and
disseminated mineralization styles similar to those present on the Property is conducted using a
combination of underground diamond drilling and channel sampling from drifts excavated along the
mineralized zones.

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9 EXPLORATION
Huaron is an active mining operation with ongoing exploration conducted using a combination of
underground diamond drilling and channel sampling from drifts excavated along the mineralized zones.
Generally, underground drillholes that intersect promising economic grade mineralization are followed up
by drifting towards and then along the vein zone.
As underground drifting advances for mining, channel samples are routinely collected in drifts that are used
for Mineral Resource and Mineral Reserve estimates. Channel samples are collected every 4 m across the
vein in stoping areas, every 2 m across the vein in sublevels and drifts, and every 1 m in vertical
development raises. Each channel sample weighs between 4 kilograms (kg) and 6 kg and is taken
perpendicular to the structure after the face has been cleaned with a water hose or hard brush to reduce
the risk of sample contamination. Samples are selected according to geological intervals and according to
the width of the intersection with the vein which vary between 0.1 m and 1.5 m in length. Since the
beginning of 2014 to May 31 2022, Pan American has collected 86,811 samples, including a total of 260,125
samples since 2001. The results of these samples are loaded in to the Datamine FusionTM (Fusion) database.
The number of samples taken by year is shown in Table 9.1.
Table 9.1 Summary of channel samples

Year Number of channels Number of samples Comments

2001 3,795 Not known Information from monthly reports Oct to Dec 2001 only

2002 19,398 Not known Information from monthly reports

2003 22,445 Not known Information from monthly reports
2004 33,242 Not known Information from monthly reports
2005 37,349 Not known Information from monthly reports
2006 13,417 23,382 Information recorded in Fusion database
2007 16,221 30,094 Information recorded in Fusion database
2008 10,015 18,924 Information recorded in Fusion database
2009 13,629 28,359 Information recorded in Fusion database
2010 8,512 16,856 Information recorded in Fusion database
2011 7,691 16,950 Information recorded in Fusion database
2012 9,465 19,723 Information recorded in Fusion database
2013 9,118 19,026 Information recorded in Fusion database
2014 4,959 9,393 Information recorded in Fusion database
2015 6,605 11,806 Information recorded in Fusion database
2016 7,002 10,047 Information recorded in Fusion database
2017 7,863 11,970 Information recorded in Fusion database
2018 6,816 11,268 Information recorded in Fusion database
2019 6,381 11,992 Information recorded in Fusion database
2020 3,292 6,144 Information recorded in Fusion database
2021 5,622 9,918 Information recorded in Fusion database
To May
2,462 4,273 Information recorded in Fusion database
2022
Total 255,299 260,125

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Channel sampling generally provides reliable data for the Mineral Resource and Mineral Reserve estimates,
provided that appropriate measures are taken to prevent sample contamination to ensure an unbiased,
representative sample. The channel samples are taken at regular spacing in drifts above and below the
Mineral Reserve volumes, assuring they are as spatially representative as possible. There are no known
issues that could materially impact the reliability of the sampling results.

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10 DRILLING
10.1 Drilling summary and database
Huaron’s long mine life has provided for extensive diamond drillhole coverage from the underground
workings. There are no available details on the nature of drilling undertaken by previous operators;
therefore, the following descriptions represent only Pan American’s practices.
Most of the drilling centres over the strike length of the currently defined Mineral Resources and Mineral
Reserves. A summary of the drillholes completed on the Property by all operators up to the end of May,
2022 is shown in Table 10.1. This includes the drillholes described in Section 10.3 and listed in Table 10.2.
Table 10.1 Drillhole summary
Year Company # of drillholes Metres
2003 Pan American 92 10,000
2004 Pan American 68 15,002
2005 Pan American 88 8,147
2006 Pan American 87 11,647
2007 Pan American 117 15,046
2008 Pan American 118 18,507
2009 Pan American 46 5,431
2010 Pan American 87 16,107
2011 Pan American 113 25,104
2012 Pan American 177 33,437
2013 Pan American 155 26,003
2014 Pan American 231 45,068
2015 Pan American 118 22,276
2016 Pan American 209 36,276
2017 Pan American 310 57,086
2018 Pan American 139 20,645
2019 Pan American 128 19,238
2020 Pan American 37 6,103
2021 Pan American 90 19,239
To May 2022 Pan American 21 4,893
Total 2,432 415,294

Diamond drillholes are orientated to intersect the targeted vein as close to perpendicular as possible and are
spaced as regularly as possible to ensure representative sample coverage. Nominal spacing is planned for
pierce points on vein at 50 m - 60 m apart. A plan showing the location of the drillholes is given in Figure
10.1.

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Figure 10.1 Huaron drillhole location map

Source: PAS (2022).

10.2 Drilling procedures

All underground holes are drilled by an external drilling contractor under Pan American supervision. Drilling
is carried out using industry standard underground diamond drill rigs capable of drilling BQ, NQ, and HQ
diameter core. The collar coordinates and bearing and dip are surveyed with a total station instrument and
the drillhole deviation is measured regularly using a down hole survey instrument.
Drilling programs have been carried out by REDRILSA using a Boart Longyear LM-75 drill. The core size is HQ
and NQ diameter core and core recovery is generally above 95%. The holes collars are surveyed, and
downhole surveys measured drillhole deviation with a Core Tech CHAMP PILOT survey tool.

10.3 Exploration drilling

10.3.1 Summary
Drilling regarded as exploration drilling or greenfield drilling was carried out by Pan American from 2014 to
2017. During the period of activity, a total of 39,824 m was completed in 145 drillholes. The following targets
were investigated: Shiusha Warren, Chert Sevilla-Sevilla Este, Chosica-Chosica Sur, Salpo, Patrick, and Rey.
The locations of the drillholes are shown in Figure 10.2.

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Table 10.2 Greenfield drilling 2014 to 2017

Summary of greenfield exploration drilling
Year 2014 2015 2016 2017 Total
Number of drillholes 59 21 23 42 145
Meters drilled 12,352 5,477 7,989 14,006 39,824

The location of drillholes or drillhole fans is shown in Figure 10.2.

Figure 10.2 Location map of exploration drilling

Source: PAS (2022).

10.3.2 Exploration drilling programs

The "Seville - Seville East" target was evaluated in 2014. The target is located within the local unit known as
"Chert Sevilla". The unit contains a high silica (particles of shells and siliceous grains) horizon that is deemed
a mineralization target due to strong fracturing associated with the brittle silicate horizon.
In 2015 the continuation the extension of mineralization to the south was evaluated, taking into account the
influence of the west-northwest to east-southeast striking "Chosica" intrusive sill and the "vein 16" which is
spatially associated with the intrusive.
During 2016, the vein system associated with the Shiusha Warren structure was evaluated. This structure is
considered to have been reactivated during multiple stages of district mineralization.
In 2017, exploration focused on the Shiusha Warren and Chosica-Chosica Sur targets as well as the smaller
Salpo, Patrick, and Rey vein systems.

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10.4 Concluding statement

Diamond drilling at Huaron generally provides reliable data for the Mineral Resource and Mineral Reserve
estimates, provided appropriate measures are taken to minimize sample material loss, to prevent sample
contamination, and to ensure an unbiased, representative sample is taken. Ground conditions for diamond
drilling at Huaron are generally good, resulting in high drill core recovery, and measures are taken to
minimize potential contamination. There are no known drilling, sampling, or recovery factors that could
materially impact the accuracy and reliability of the results.

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11 SAMPLE PREPARATION, ANALYSES, AND SECURITY

11.1 Sampling method
Drill cores are placed in corrugated plastic core boxes and transported to the core logging facility on site. The
boxes are marked and numbered by the drill crews and tags are inserted between drill core runs to indicate
the drill depths. Diamond drillhole samples are split in half with a diamond bladed saw after the core has
been logged and the sample intervals have been marked by the geologist. Downhole intervals are logged for
fracture density and core recovery to determine the rock quality, and for lithology, structure, and alteration
types.
Channel samples are collected with a hammer and chisel every 4 m across the vein in stoping areas, every
2 m across the vein in sublevels and drifts, and every 1 m in vertical developments. Each channel sample
weighs between 4 kg and 6 kg and is taken perpendicular to the structure after the face has been cleaned
with a water hose or hard brush to reduce the risk of sample contamination.
Samples from both channel samples and diamond drillholes are selected according to geological intervals
and the width of the intersection with the vein and vary between 0.1 m and 1.5 m in length.
Drillholes: Unmineralized hangingwall (HW) and footwall (FW) host rocks are sampled generally over 3 m
beyond visible mineralization. Internal unmineralized material located between mineralized intersections is
sampled over the entire length.
UG Channel samples: Unmineralized HW and FW host rocks are not sampled.
The rock mass is generally of good quality and there have been few issues regarding sample loss or
contamination during sample collection and splitting. There are no known drilling, sampling, or recovery
issues that could materially impact the reliability of the results.
Both channel and drill core samples are placed in new, clean plastic bags with two sample number tags on
the inside and one number and barcode tag on the outside. The bags are sealed with a metal strip prior to
transmission to the on-site laboratory.

11.2 Sample storage and security

No specific security measures are taken with the samples, but as the samples are prepared and analyzed
within the confines of the general mine security enclosures, there is no reason to believe that the validity
and integrity of the samples have been compromised.

11.3 Sample preparation and analysis

Channel and the underground diamond drillhole samples are sent to the Huaron on-site laboratory. The
laboratory is not certified by any standards association but is managed and operated by SGS, the
international commercial laboratory firm (Certifications: ISO 14001, OHSAS 18001, NTP-ISO/IEC 17020, NTP-
ISO/IEC 17025 AND NTP-ISO/IEC 17065) until June 2021 and Inspectorate Bureau Veritas (Certifications: ISO
9001, ISO 17025, ISO 45001 and ISO 14001) after June 2021.
Samples received at the prep laboratory facility are verified and coded prior to drying in a drying oven with a
calibrated digital thermometer at a temperature of 120°C +/- 10°C.
Samples are pulverized through a primary jaw crusher reducing plus 3-inch material to +/- ¼ inch. Secondary
crushing further reduces material size to +/- 2 millimetres (mm) (≥ 80% passing at 10 mesh). Verification and
recording of sample granulometry and sample weight loss is carried out on 2% of the total number of
samples in each sample batch. Strict protocols are implemented to clean sample preparation equipment
with compressed air and barren silica sand.

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The crushed sample is homogenized and separated through a riffle splitter to an approximate 150-gram
sample that is subsequently pulverized to a pulp sample >95% at – 140 mesh. 2% of the total pulp samples
per batch are weighed to calculate sample weight loss.
Assays are performed using acid digestion and atomic absorption spectroscopy, and analyzed for silver, zinc,
lead, and copper content by the SGS managed onsite laboratory.

11.4 Bulk density determinations

Since 2018 density samples are taken from both underground channels and diamond drillhole core. Density
measurements are generated from 10 cm diameter sample plugs using the Paraffin method for compacted
samples and Pycnometer for fractured samples. This is further discussed in Section 14.8.

11.5 Quality Assurance and Quality Control (QA/QC)

11.5.1 Overview
The on-site laboratory conducts its own routine internal quality assurance and quality control (QA/QC)
program. For each batch of 20 samples at least one duplicate sample and one certified standard is submitted
by the laboratory. The laboratory information management system, LIMS software, which connects with
Datamines’ Fusion ensures that the results are saved directly in the geological database without data
transcription errors.
A QA/QC program independent of the on-site laboratory and supervised by the geology department is also
employed. This involves the submission of one Standard Reference Material (SRM) and one blank on a daily
basis to the onsite laboratory. Duplicate samples comprising one quarter of the second half of the diamond
drill core and duplicate samples obtained by collecting a sample of equal weight from the same channel
sample location as the original are also submitted, both to the onsite laboratory (Inspectorate Bureau
Veritas) and to an external laboratory (ACTLABS, Inspectorate Bureau Veritas Lima, Peru. Certifications: ISO
9001, ISO 14025, ISO 45001 and ISO 14001) to act as a check on the onsite laboratory. A system is in place to
ensure that any failed QA/QC samples are identified and that the required corrective action is taken in a
timely manner, which usually involves a review of procedures to ensure that the established sample
preparation and analysis protocols are being followed.
Table 11.1 and Table 11.2 list the number and rates of the submission of QA/QC samples of all types for
2015 to the end of May 2022.

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Table 11.1 Summary of all QA/QC samples 2015 – May 2022

Coarse Field Umpire
Year SRMs Blanks Comments
duplicates duplicates samples
2015 323 394 247 153 472 Certified standard used
2016 577 303 310 274 514 Certified standard used
2017 882 705 331 389 290 Certified standard used
2018 790 654 314 199 Certified standard used
2019 468 559 340 115 1 Certified standard used
2020 465 224 158 20 1 Certified standard used
2021 1,397 610 452 92 2 Certified standard used
To May 2022 468 192 177 25 2 Certified standard used
Total 5,370 3,641 2,329 1,267 1,282

Table 11.2 Summary of QA/QC sample submission rates 2015 – May 2022
Year SRMs Blanks Coarse duplicates Field duplicates Umpire samples
2015 2.26% 2.76% 1.73% 1.07% 3.30%
2016 3.83% 2.01% 2.06% 1.82% 3.41%
2017 4.61% 3.69% 1.73% 2.03% 1.52%
2018 4.52% 3.74% 1.79% 1.14%
2019 2.79% 3.33% 2.03% 0.69% 0.01%
2020 6.26% 3.01% 2.13% 0.27% 0.01%
2021 10.33% 4.51% 3.34% 0.68% 0.01%
To May 2022 7.59% 3.11% 2.87% 0.41% 0.03%

As can be seen from Table 11.1 and Table 11.2, the total number of control samples submitted has increased
over time, particularly for the SRMs and blanks. A submission rate of 4 - 5% (relative to total samples
analyzed) for each QA/QC sample type is considered ideal. For future QA/QC programs, the QP will address
the low submission rate of duplicate samples.

11.5.2 Standard Reference Material

SRMs contain standard, predetermined concentrations of material (silver, and gold, etc.) which are inserted
into the sample stream to check the analytical accuracy of the laboratory. SRMs should be monitored on a
batch-by-batch basis and remedial action taken immediately if required. For each economic mineral it is
recommended the use of at least three SRMs with values:
• At the approximate cut-off grade (COG) of the deposit.
• At the approximate expected grade of the deposit.
• At a higher grade.
Control charts are commonly used to monitor the analytical performance of an individual SRM over time.
SRM assay results are plotted in order of analysis along the X-axis. Assay values of the SRM are plotted on
the Y-axis. Control lines are also plotted on the chart for the expected value of the SRM, two standard
deviations above and below the expected value (defining a warning threshold), and three standard
deviations above and below the expected value (defining a fail threshold). Control charts show analytical
drift, bias, trends, and irregularities occurring at the laboratory over time.

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All SRMs are made from the mine's own material, analyzed in six laboratories, and finally certified by those
laboratories. These insertions allow the behavior of each dispatched batch to be evaluated, identify failures,
and take corrective action. When a failure is noted, the entire batch is sent for repeat analysis.

11.5.2.1 Standard Reference Material Performance 2006 - 2013

Between April 2006 and December 2013, nearly 2,900 samples from three different standard samples were
submitted to the laboratory with the drill core and channel samples.
The majority of the failures were associated with a SRM that was in use from April 2006 until the stocks of
that standard were depleted in November 2011. The standard performed relatively normally between April
2006 and May 2009, at which point unusual low-grade values are observed in the results. The lower grade
standard showed no systematic bias while the higher-grade standard showed a slight high bias of a
magnitude within the first standard deviation. There is evidence of standard and blank identification
labelling errors, but overall, the results were acceptable and indicate reasonable accuracy at the laboratory.
Table 11.3 Summary of SRM performance – 2006 - 2013
Bajo (low) Medio (medium) Alto (high)
Count 1,450 443 1,006
Fail +1 SD 136 11 1
Fail -1 SD 739 12 2
% Fail 1 SD 60 5 0
Fail + 2 SD 22 1 1
Fail - 2 SD 313 3 2
% fail 2 SD 23 1 0
Fail +3 SD 5 1 1
Fail -3 SD 89 3 2
% Fail 3 SD 6 1 0

11.5.2.2 Standard Reference Material Performance 2015 – May 2022

From 2015 through to May 2022, approximately 5,370 SRM samples from eight different SRMs were
submitted to the laboratory with the drill core and channel samples. Table 11.4 lists the SRMs used from
2015 to May 2022 with their statistics and Table 11.5 shows the numbers submitted for each by year.
Table 11.4 SRMs submitted 2015 – May 2022
SRM Expected value Standard deviation
(internal name) Ag (g/t) Cu (%) Pb (%) Zn (%) Ag (g/t) Cu (%) Pb (%) Zn (%)
STD-MEDIO 173 0.49 1.22 3.11 4 0.051 0.04 0.07
ESTANDAR ALTO 242 1.16 1.47 4.20 2 0.009 0.01 0.03
STD-1 179 0.15 2.4 3.18 4 0.002 0.05 0.03
STD-BAJO 132 0.84 1.92 3.97 4 0.016 0.027 0.077
ESTANDAR MEDIO 143 0.48 1.38 3.14 2 0.004 0.018 0.034
STD-ALTO 240 2.14 2.36 3.51 3 0.026 0.076 0.07
STD-2 174 0.73 1.12 2.54 4 0.02 0.02 0.06
STD-5 232 1.33 4.01 3.85 3 0.01 0.04 0.04

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Table 11.5 Summary of SRMs submitted for analysis – 2015 – May 2022
SRM name 2015 2016 2017 2018 2019 2020 2021 2022 Total
STD-MEDIO 468 229 218 915
ESTANDAR ALTO 110 446 392 948
STD-1 7 7
STD-BAJO 387 139 526
ESTANDAR MEDIO 63 436 398 897
STD-ALTO 236 611 66 913
STD-2 316 404 720
STD-5 181 263 444
Total 323 577 882 790 468 465 1,397 468 5,370

Table 11.6 summarizes the SRM performance for all SRMs submitted between 2015 and May 2022. As
discussed, previously a failure was defined where the analyzed value was ±3 standard deviations (SD) from
the expected SRM value.
Table 11.6 Summary of SRM failures – 2015 – May 2022
SRM Ag % Fail Cu % Fail Pb % Fail Zn % Fail
STD-MEDIO 0.4 0.1 0.3 1.2
ESTANDAR ALTO 0.6 19.0 7.8 6.4
STD-1 0.0 0.0 0.0 0.0
STD-BAJO 0.0 0.6 0.3 0.1
ESTANDAR MEDIO 0.6 9.8 0.7 0.6
STD-ALTO 0.4 0.1 0.0 0.1
STD-2 0.1 1.3 1.9 2.5
STD-5 0.0 2.0 1.1 1.7

The failures for SRM ESTANDER ALTO were seen in the control chart and the majority of these relate to 2016
samples when the SRM was first introduced. The failures for ESTANDER MEDIO occurred in 2016 and 2017,
no failures were recorded in 2018.
Figure 11.1 and Figure 11.2 show the SRM control charts for STD-MEDIO and ESTANDAR ALTO for Ag, Cu, Pb,
and Zn, respectively. The STD-MEDIO SRM performed well over the entire period it was submitted. The
ESTANDAR ALTO SRM performed poorly for Cu, Pb, and Zn for the 2016 samples. A correction was made for
samples from 2017 onwards. For Cu and Zn, in 2017, there appears to be a low bias, which was corrected in
2018.

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Figure 11.1 STD-MEDIO SRM Control Chart (Au, Ag, Pb, Zn) – 2015 - May 2022

Source: PAS (2022).

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Figure 11.2 ESTANDER ALTO SRM Control Chart (Au, Ag, Pb, Zn) – 2020 - May 2022

Note: Some extreme high or low failures are excluded from the control charts for a better representation of the SRM
performance.
Source: PAS (2022).

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Overall, the SRMs performed well, with improvement in performance over time, with a significant
improvement since mid-way through 2017. Since 2018, very few failures have occurred.

11.5.3 Blanks
Coarse blanks test for contamination during both the sample preparation and assay process. Pulp blanks test
for contamination occurring during the analytical process. At Huaron, pulp blanks were submitted from 2015
to 2017 and coarse blanks have been submitted since 2018.

11.5.3.1 Blank performance 2006 - 2013

Between April 2006 and December 2013, approximately 1,500 samples of unmineralized “blank” material
were submitted with the drill core and channel samples to the onsite laboratory to assess for sample grade
contamination during sample preparation and analysis. No significant failures were noted for samples that
were assayed.

11.5.3.2 Blank performance 2015 – May 2022

Figure 11.3 shows the blank control chart for Ag. The red line represents 10x the detection limit, blanks
occurring above this value are considered failures.
Figure 11.3 Ag blank control chart – 2015 - May 2022

Source: PAS (2022).

Table 11.7 summarizes the pass rate of blanks by year over the period from 2015 to the end of May, 2022.
The blank performance indicates that there are no laboratory hygiene issues.

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Table 11.7 Summary of coarse blank performance 2015 - May 2022

Year Ag pass rate (%) Cu pass rate (%) Pb pass rate (%) Zn pass rate (%)
2015 100.0 99.5 100.0 100.0
2016 100.0 100.0 100.0 100.0
2017 99.7 100.0 100.0 100.0
2018 100.0 100.0 100.0 100.0
2019 100.0 100.0 100.0 100.0
2020 100.0 100.0 100.0 100.0
2021 100.0 100.0 100.0 100.0
To May 2022 100.0 100.0 100.0 100.0

11.5.4 Duplicate samples

Duplicate samples should be selected over the entire range of grades seen at the project to ensure that the
geological heterogeneity is understood, however, the majority of duplicate samples should be selected from
zones of mineralization. Unmineralized or very low-grade samples should not form a significant portion of
duplicate sample programs as analytical results approaching the stated limit of lower detection are
commonly inaccurate, and do not provide a meaningful assessment of variance.
Field duplicates monitor sampling variance, sample preparation variance, analytical variance, and geological
variance. Coarse reject samples monitor sub-sampling variance, analytical variance, and geological variance.
Pulp duplicates monitor analytical and geological variance. Umpire laboratory duplicates are pulp samples
sent to a separate laboratory to assess the accuracy of the primary laboratory (assuming the accuracy of the
umpire laboratory). Umpire duplicates measure analytical variance and pulp sub-sampling variance.
Duplicate data can be assessed using a variety of approaches. The QP typically assesses duplicate data using
scatter plots and relative paired difference (RPD) plots. These plots measure the absolute difference
between a sample and its duplicate. For field duplicates it is desirable to achieve 80 to 85% of the pairs
having less than 30% RPD between the original assay and check assay, for coarse and pulp duplicates this is
reduced to 20 and 10%, respectively. In these analyses, pairs with a mean of less than 15 times the lower
limit of analytical detection or lower detection limit (LDL), are excluded. Removing these low values ensures
that there is no undue influence on the RPD plots due to the higher variance of grades expected near the
LDL, where precision becomes poorer (Long et al. 1997).

11.5.4.1 2006 - 2013 duplicate performance

Between April 2006 and December 2013, approximately 2,500 duplicate samples were submitted with the
drill core and channel samples to the onsite laboratory, as well as to independent external laboratories
including Acme(ISO 9001, ISO 17025), ALS Chemex (ISO 17020, ISO 17025), Certimin (ISO 9001, ISO/IEC
17025) and Actlabs Skyline(ISO 9001, ISO/IEC 17025) all located in Lima
Field duplicates
Between April 2006 and December 2013, 875 field duplicates were submitted. The results of precision pairs
may be assessed using a ranked absolute relative difference plot, with acceptable results corresponding to
±30% agreement on 90% of field duplicate pairs.

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Table 11.8 Summary of field duplicate performance – 2006 - 2013

Sample Duplicate sample
Laboratory ± Agreement % Bias
numbers type
SGS – Huaron 875 Field 26 Duplicates have slightly lower grades

Coarse duplicates
No coarse duplicates were submitted between April 2006 and December 2013.
Pulp duplicates
The results of precision pairs may be assessed using a ranked absolute relative difference plot, with
acceptable results corresponding to ±10% agreement on 90% of pulp duplicate pairs when using the ranked
half absolute relative difference plot.
Table 11.9 Summary of pulp duplicate performance – 2006 - 2013
Sample Duplicate sample
Laboratory ± Agreement % Bias
Numbers type
Certimin 609 Pulp 94 Duplicates have slightly lower grades
Duplicates have lower grade above the
ALS Chemex 1,115 Pulp 92
97.5th percentile
Acme 1,337 Pulp 94 None

Umpire (check-lab) duplicates

No umpire duplicates were submitted between April 2006 and December 2013.

11.5.4.2 2015 – May 2022 duplicate performance

A total 4,878 duplicate samples were sent for analysis during 2015 - May 2022. This consisted of field, coarse
and umpire duplicates. A summary of their performance is outlined below.
Field duplicates
A total of 1,267 field duplicates were submitted from diamond drill core samples between 2015 - May 2022.
Table 11.10 summarizes the field duplicate performance by year for Ag, Cu, Pb, and Zn for field duplicate
samples submitted between 2017 - May 2022. An LDL of 0.5 Ag parts per million (ppm) and 0.005% Cu, Pb,
and Zn was used. The bias is measured based on the mean grade of the original sample dataset versus the
duplicate sample dataset. A positive bias result indicates the overall the original samples are returning
higher values than the duplicate samples. Figure 11.4 shows the RPD and scatter plot for Ag including field
duplicates from 2017 - May 2022.

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Table 11.10 Summary of field duplicate performance Ag, Cu, Pb, and Zn – 2017 - May 2022
Element Year 2017 2018 2019 2020 2021 May 2022 2017 - 2022
Field sample pairs
388 (307) 199 (172) 115 (113) 20 (19) 92 (91) 25 (23) 839 (725)
(Pairs > 15 x LDL)
Ag Field sample pairs <
126 50 22 7 24 6 235
30% RPD
Bias (%) 3 -9 10 -2 -2 12 1
Field sample pairs
388 (100) 199 (92) 115 (83) 20 (18) 92 (43) 25 (14) 839 (350)
(Pairs > 15 x LDL)
Cu Field sample pairs <
136 65 20 8 24 11 264
30% RPD
Bias (%) -1 -1 7 -1 -4 18 0
Field sample pairs
388 (270) 199 (155) 115 (104) 20 (18) 92 (84) 25 (23) 839 (654)
(Pairs > 15 x LDL)
Pb Field sample pairs <
147 69 29 61 28 7 288
30% RPD
Bias (%) -1 8 11 7 1 -7 3
Field sample pairs
388 (338) 199 (179) 115 (110) 20 (20) 92 (87) 25 (24) 839 (758)
(Pairs > 15 x LDL)
Zn Field sample pairs <
133 61 21 68 25 8 254
30% RPD
Bias (%) 2 -2 -1 -2 -2 8 0

Figure 11.4 RPD and scatter plot of field duplicates for Ag – 2017 – May 2022

Note: Scatterplot is limited to 1,000 Ag ppm.

Source: PAS (2022).

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The field duplicate performance is reasonable. The performance has improved over time. Ag and Cu
performed the best and overall meet the assessment criteria for field duplicate performance. Pb and Zn just
fall sort of the assessment criteria, however, the results are deemed acceptable.
Coarse duplicates
A total of 1,772 coarse duplicates were submitted between 2015 - May 2022. Table 11.11 summarizes the
coarse duplicate performance by year for Ag, Cu, Pb, and Zn for coarse duplicate samples submitted
between 2017 - May 2022. An LDL of 0.5 Ag ppm and 0.005% Cu, Pb, and Zn was used. The bias is measured
based on the mean grade of the original sample dataset versus the duplicate sample dataset. A positive bias
result indicates the overall the original samples are returning higher values than the duplicate samples.
Figure 11.5 shows the scatter plot for Ag and Zn including coarse duplicates from 2017 - May 2022.
Table 11.11 Summary of coarse duplicate performance Ag, Cu, Pb, and Zn – 2017 –May 2022
Element Year 2017 2018 2019 2020 2021 2022 2017 - 2022
Coarse sample pairs
331 (329) 314 (313) 340 (340) 158 (158) 453 (450) 176 (176) 1,772 (1,766)
(Pairs > 15 x LDL)
Ag Coarse sample pairs <
92 11 7 2 10 5 127
20% RPD
Bias (%) 5 0 0 0 -1 1 1
Coarse sample pairs
331 (256) 314 (249) 340 (268) 158 (136) 453 (334) 176 (143) 1,772 (1,386)
(Pairs > 15 x LDL)
Cu Coarse sample pairs < 28
104 22 7 26 5 192
20% RPD 95
Bias (%) -11 -1 2 -1 1 1 -2
Coarse sample pairs
331 (307) 314 (300) 340 (328) 158 (149) 453 (430) 176 (169) 1,772 (1,683)
(Pairs > 15 x LDL)
Pb Coarse sample pairs <
102 15 7 2 19 13 158
20% RPD
Bias (%) -3 -1 1 1 -1 0 0
Coarse sample pairs
331 (328) 314 (314) 340 (336) 158 (158) 453 (449) 176 (172) 1,772 (1,757)
(Pairs > 15 x LDL)
Zn Coarse sample pairs <
103 11 9 1 17 3 144
20% RPD
Bias (%) 1 0 1 0 0 0 0

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Figure 11.5 RPD and scatter plot of coarse duplicates for Ag – 2017 - May 2022

Note: Scatterplot is limited to 1,000 Ag ppm and 15% Zn.

Source: PAS (2022).

The coarse duplicates performed very well for all elements. There is a noticeable improvement in precision
after the 2017 program. The coarse duplicates have performed consistently well over the period 2017 - May
2022.
Pulp duplicates
A total of 1,353 pulp duplicates were submitted between 2015 - 2017. Table 11.12 summarizes the
performance by year for Ag, Cu, Pb, and Zn for pulp duplicate samples submitted between 2015 - 2017. An
LDL of 0.5 Ag ppm and 0.005% Cu, Pb, and Zn was used. The bias is measured based on the mean grade of
the original sample dataset versus the duplicate sample dataset. A positive bias result indicates the overall
the original samples are returning higher values than the duplicate samples. Figure 11.6 shows the RPD and
scatter plot for Ag including coarse duplicates from 2015 - 2017.
Table 11.12 Summary of pulp duplicate performance Ag, Cu, Pb, and Zn – 2015 - 2017
Element Year 2015 2016 2017 2015 - 2017
Pulp sample pairs (Pairs > 15 x LDL) 373 (346) 576 (518) 377 (345) 1,326 (1,209)
Ag Pulp sample pairs < 20% RPD 58 58 61 59
Bias (%) 2 0 -3 0
Pulp sample pairs (Pairs > 15 x LDL) 373 (183) 576 (302) 377 (167) 1,326 (652)
Cu Pulp sample pairs < 20% RPD 69 58 69 64
Bias (%) -11 -5 3 -6
Pulp sample pairs (Pairs > 15 x LDL) 373 (335) 576 (475) 377 (307) 1,326 (1,117)
Pb Pulp sample pairs < 20% RPD 58 54 59 57
Bias (%) 4 3 2 3
Pulp sample pairs (Pairs > 15 x LDL) 373 (358) 576 (533) 377 (353) 1,326 (1,244)
Zn Pulp sample pairs < 20% RPD 56 58 61 58
Bias (%) 6 0 -2 1

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Figure 11.6 RPD and scatter plot of pulp duplicates for Ag – 2015 - 2017

Source: PAS (2022).

The pulp duplicates from 2015 - 2017 performed below expectation.

11.5.5 Umpire samples

A total of 1,282 umpire duplicates were submitted between 2015 - May 2022. Three external laboratories
were used; in 2015 it was a combination of MINLAB (ISO 9001, ISO/IE 17025), CERTMIN (ISO 9001, ISO/IEC
17025), and ACTLAB (ISO 9001, ISO/IEC 17025). In 2016 to 2022 only ACTLABS (ISO 9001 and ISO/IEC 17025)
was used as the external laboratory. For the purposes of assessing the performance, all umpire duplicates
were considered together. Table 11.13 summarizes the performance by year for Ag, Cu, Pb, and Zn for
umpire duplicate samples submitted between 2015 - May 2022. An LDL of 0.5 Ag ppm and 0.005% Cu, Pb,
and Zn was used. The bias is measured based on the mean grade of the original sample dataset versus the
duplicate sample dataset. A positive bias result indicates that overall, the SGS Huaron samples are returning
higher values than the duplicate samples. Figure 11.76 shows the RPD and scatter plot for Ag including
umpire duplicates from 2015 - May 2022.
Table 11.13 Summary of umpire duplicate performance Ag, Cu, Pb, and Zn – 2015 - May 2022
2015 – May 2022 Ag Cu Pb Zn
Umpire sample pairs (Pairs > 15 x LDL) 1282 (1253) 1282 (709) 1282 (1132) 1282 (1243)
Umpire sample pairs < 10% RPD 383 225 338 166
Bias (%) -3 3 -2 -2

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Figure 11.7 RPD and scatter plot of umpire duplicates for Ag – 2015 - May 2022

Source: PAS (2022).

The umpire samples for Cu and Zn performed well. The umpire samples for Ag and Pb performed below the
assessment criteria for umpire duplicates, however the QP considers them to be reasonable. The QP notes
that the QA/QC performance has improved since 2017 and that umpire duplicates should be inserted in
future QA/QC programs.

11.6 Summary statement

The QP considers the sampling methods, security, and analytical procedures to be adequate. The QA/QC
performance indicates reasonable levels of accuracy and precision, with performance improving over time.
This is shown in the low failure rate of the SRMs and the good performance of the field and coarse
duplicates, especially after 2017. There is some variation in performance between elements, with Ag and Cu
generally performing best. Laboratory hygiene is confirmed by the good results of the coarse blank samples.
The QP notes the absence of pulp duplicates and lack of submission of umpire duplicates since 2017.
Submission of pulp duplicates and umpire duplicates will be addressed by the QP in future QA/QC programs.
Based on the QA/QC sample performance, the QP considers the assay results are suitable for inclusion in the
Mineral Resource estimates.

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12 DATA VERIFICATION
12.1 Geology data reviews
On an annual basis, the QP reviews the diamond drilling plans and the Mineral Resource estimate
procedures including the vein interpretations, treatment of extreme sample grade values, and the estimate
of tonnes and grade. The reconciliation between the mine plan and the processing plant are reviewed
quarterly, and the drillhole vein intersection width and grade results and QA/QC results are reviewed
monthly. During mine visits, the exploration drilling, sample, and security protocols are reviewed, along with
the operational mine plan, actual mine operation data, and grade control protocols.
Interpreted veins / structures using wireframes constructed on site with Leapfrog software are validated by
senior personnel under the QP’s supervision. Wireframe construction using vein / structures codes, channel
samples, diamond drill samples and marginal cut-off values are all verified. The objective of the review is to
verify the coded data in the wireframes that are used to run the resource estimation.
In the opinion of the QP, the data used for the Mineral Resource and Mineral Reserve estimates are
sufficiently reliable for those purposes.

12.2 Mine engineering data reviews

The QP undertakes regular reviews of the mine engineering data, including the mining fleet and mine
operational and production data, grade control data including dilution and ore loss, geotechnical and
hydrological studies, waste disposal requirements, environmental and community factors, the processing
data, the development of the LOM plan including production and recovery rates, capital and operating costs
estimates for the mine and processing facilities, transportation, logistics, and power and water consumption
and future requirements, taxation and royalties, and the parameters and assumptions used in the economic
model.
In the opinion of the QP, the data and assumptions and parameters used for the Mineral Resource and
Mineral Reserve estimates are sufficiently reliable for those purposes.

12.3 Metallurgy data reviews

The QP undertakes regular reviews of the processing plant operational data such as metallurgical results,
production, reagent consumption, treatment rates, plant availabilities and utilization, metallurgical lab
procedures, and general business performance.
In the opinion of the QP, the data and assumptions used to estimate the metallurgical recovery model for
the Mineral Resource and Mineral Reserve estimates are sufficiently reliable for those purposes.

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13 MINERAL PROCESSING AND METALLURGICAL TESTING

No new metallurgical test work has been carried out since reporting in the 2014 PAS Technical Report. Metal
recovery forecasts for Huaron are based on the historical performance of the plant operations. As part of
normal plant operating procedures, routine metallurgical test work is undertaken on an annual basis to
evaluate veins metallurgical performance and to manage the ore blend necessary to produce an optimal
concentrate product. The majority of this test work comprises flotation tests and mineralogical analysis to
assess metallurgical recovery, the presence and concentration of deleterious metals, and the proportion of
each economic metal present in the silver-rich copper, lead, and zinc concentrates. Representative samples
are selected for this work from the principal veins comprising the majority of the plant feed. The results of
the test work form part of the parameters used for the annual Mineral Resource and Mineral Reserve
estimates.

13.1 Production metallurgical recoveries

A summary of the metallurgical recoveries by metal achieved in the plant over the past 9 years is given in
Table 13.1. The distribution of silver present in the concentrates is typically between 41% and 51% to the
copper concentrates, between 21% and 32% to the lead concentrates, and between 9% and 11% to the zinc
concentrates. The copper concentrates average 24% copper, the lead concentrates average 51% lead, and
the zinc concentrates average 45% zinc. Silver grades in the concentrates are approximately 2,700 ppm Ag in
the copper concentrate, 2,000 ppm Ag in the lead concentrate, and 350 ppm in the zinc concentrate.
Table 13.1 Metallurgical recovery by year
Year % Recovery Ag % Recovery Cu % Recovery Pb % Recovery Zn
2022 84 75 80 78
2021 83 77 72 77
2020 84 75 76 78
2019 84 76 76 77
2018 83 77 73 76
2017 85 78 78 78
2016 84 75 79 74
2015 83 78 73 64
2014 83 77 72 68

13.2 Pocock 2022 SLS test work

Solids Liquid Separation (SLS) test work was conducted by Pocock Industrial in 2022 from Huaron as part of
evaluations for implementing dry-stacked tailings at the mine site. Samples include flotation tails as
produced by the mineral processing plant and overflow of hydro-cyclone after underground backfill sands
classification. The test work included flocculant screening tests, static and dynamic thickening tests, viscosity
tests as well as vacuum and pressure filtration tests. Test results from the pressure filtration test work
carried out range from 13% to 16% moisture content yielding a good discharge and stacking properties at
reasonable dry times. Production rates achieved suggest that pressure filtration would likely be reasonable
for dry stack tailings.

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14 MINERAL RESOURCE ESTIMATES

14.1 Introduction
Pan American updates Mineral Resource estimates on an annual basis following reviews of metal price
trends, operational performance and costs experienced in the previous year, and forecasts of production
and costs over the LOM. Infill and near-mine drilling is conducted as required through the year. The drillhole
data cut-off date for the commencement of the current geological interpretation was April 30, 2022 and the
effective date of the Mineral Resource estimate is June 30, 2022
Mineral Resource estimates for the Property were prepared by Pan American staff under the supervision of,
and reviewed by Christopher Emerson, FAusIMM, Vice President, Business Development and Geology of Pan
American, who is a QP. They have been estimated in accordance with the CIM Estimation of Mineral
Resources and Mineral Reserves, Best Practice Guidelines (2019), and reported according to the CIM
Definition Standards (2014).
Mineralization domains representing vein structures were defined in Leapfrog Geo software, while sub-block
model estimates were completed within Datamine software, using capped composites and a multi-pass OK
or ID2 interpolation approach. Blocks weren´t classified, the mined panels were classified considering local
drillhole spacing and proximity to existing development.
Wireframe and block model validation procedures including wireframe to block volume confirmation,
statistical comparisons with composite and swath plots, visual reviews in 3D, longitudinal, cross section, and
plan views, as well as cross software reporting confirmation were completed for all structures.
A summary of the Mineral Resource estimates as of June 30, 2022 for the Huaron mine are presented in
Table 14.1 and is prepared in accordance with NI 43-101 definitions. A detailed breakdown is shown in Table
14.11.
Table 14.1 Summary of Mineral Resources – June 30, 2022
Contained Ag
Classification Tonnes Mt Ag g/t Cu % Pb % Zn %
Moz
Measured 2.08 163 10.88 0.42 1.58 3.05
Indicated 2.37 166 12.69 0.40 1.71 2.92
Measured + Indicated 4.46 165 23.57 0.41 1.65 2.98
Inferred 7.25 155 36.13 0.26 1.47 2.73
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• Mineral Resources exclude those Mineral Resources converted to Mineral Reserves.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resource estimates were prepared under the supervision of or were reviewed by Christopher Emerson,
FAusIMM, Vice President, Business Development and Geology of Pan American.
• The Mineral Resource estimates are based on an incremental VPT of $80.59/t.
• Metal prices used are $19 per ounce of silver, $7,000/t for copper, $2,000/t for lead and $2,600/t for zinc.
• The VPT used to determine cut-off is based on a combination of metal price and individual metal recoveries
which are variable throughout the deposit, and smelter considerations.
• Mineral Resources were constrained to conform with RPEEE.
• The drillhole database was closed at May 31, 2022.
• Totals may not add up due to rounding.

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14.2 Resource database

The drilling database is maintained in Fusion Server, with drillhole location information in WGS84 projection,
UTM Zone 18. All drillhole database and channel samples are maintained in metric units, all Mineral
Resource estimates at Huaron have been completed in metric units.
The database for the Huaron mine Mineral Resources consists of diamond drilling of at 25 m to 30 m
average spacing and channel sample data. This amounts to 112,377 assays made up of 66,215 assays from
34,693 channels (71,468 m) and 46,162 assays from 1,173 drillholes (37,726 m). Drilling was conducted from
surface and from underground infrastructure. The data was imported into Leapfrog Geo for wireframe
building and then block modelling and resource estimation in Datamine.

14.3 Discussion of the 2D method

The 2D estimates are prepared on an annual basis and updated with the additional diamond drilling and
channel samples collected during the year, using a variation of the polygonal method in AutoCAD and Excel
software. Each vein structure is projected onto a longitudinal section and divided into a series of geometrical
blocks created to best fit an area of mineralization into a minable block, if the mineralization present is
considered economic. The dimensions of the mining blocks are based on mining levels, stope layouts, and
previously mined out areas, and range in length from between 20 m and 70 m. They are generally on the
order of 50 m long and 15 m high. An example longitudinal section from the 69 structure is given in Figure
14.1.
The average true width of the vein intersection is projected for that block. The planned mining dilution
(minimum mining width) based on, expected ground conditions is then added to the vein width of that block
and the volume determined. Sample grades are reviewed and treated for extreme values if necessary, and
then the average grade of the intersections (including the internal dilution) is assigned to the block. Bulk
density values are applied to the volume of the block to estimate the tonnes of each block, based on the
average bulk density measured from samples selected from each respective veins.
A value per tonne is applied to each block based on metal content, metal prices, concentrate sales terms,
concentrate quality, processing recovery, transportation, refining, and other selling costs such as storage
fees, port fees, etc. Metallurgical recoveries are determined separately for each group of veins or structures
to account for variability in the recovery. Metal prices used to estimate mineral resources were $19 per
ounce of silver, $2,000 per tonne of lead, $2,600 per tonne of zinc, and $7,000 per tonne of copper. Any
blocks that do not meet the criteria of resources are removed. Each block is classified as Measured,
Indicated, and Inferred Mineral Resources categories depending on confidence based on the location of the
block relative to mine workings, the type of sample available in each block, and the number of samples
available to estimate each block.

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Figure 14.1 Example longitudinal section showing a 2D estimate

14.4 Geological interpretation and modelling

The Huaron Mineral Resource estimates are based on interpretation of vein structures in 34 domains (see
Table 14.2).

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Table 14.2 Modelled structures

Domain code Structure Domain code Structure
4 Bernabe Ramal 219 Sheyla Ramal
11 Cometa Ramal 221 Roxana Ramal 1
13 Danitza Ramal 222 Mariana Ramal 1
14 Dos Ramal 225 Shiusha Ramal
19 Fastidiosa Ramal 4 228 Consuelo Ramal
24 Juanita Ramal 229 Teresa Ramal
30 Labor Oeste 230 Cometa Ramal 1
34 Llacsacocha Sur 231 Cuerpo Labor
38 Margarita Ramal 233 Cuerpo Rey
40 Mariana Ramal 234 Cuerpo Santa Rita
44 Mily Ramal 235 La China Ramal
57 Productora Ramal 238 Rosita Ramal
58 Providencia Ramal 241 San Pedro Ramal
63 Roxana Ramal 250 Sevilla Ramal Este
88 Travieso Ramal 254 Shiusha Ramal Sur Piso
90 Uno Ramal 256 Lesly Ramal
91 Alianza 257 Pozo D Ramal Sur
94 Constancia 258 Pozo D Ramal Norte
98 Gavia 260 Pozo D - Chert
102 Pozo D 261 Constancia Ramal Techo
103 Rey Ramal 263 Cuerpo Shiusha Warren
104 San Narciso 265 Cuerpo Andres
106 Shiusha Warren 266 Tapada Ramal Piso
107 Tapada 267 Maritza Ramal Techo
108 Travieso 269 Halley Ramal
109 Yanacreston 271 Andres Ramal Piso
116 Yanacreston Ramal 1 401 Mariana Ramal
155 Farallon Ramal 941 Constancia
156 Llacsacocha 1551 Farallon Ramal
157 Llacsacocha Ramal Sur 1 1561 Llacsacocha
213 Cuatro Ramal 2151 Santo Tomas Ramal
215 Santa Tomas Ramal 2291 Teresa Ramal
217 Maritza Ramal
Note: Domain 24 Juanita Ramal is used as an example throughout the report.

The domain wireframe was constructed by a geologist using a marginal VPT, and domain extensions were
defined at a limit of closer to 50% of the local drillhole spacing, or 50% of the distance to an excluded
drillhole. Also, domains were constructed for the HW and FW of each structure (adding 01 to the vein code
for the HW and 02 to the vein code for the FW). Vein orientations at the structures have been confirmed
through underground mapping and sampling, as well as vein orientations observed in drill core.
A total of 34 wireframes for the mineralized zone, 34 for the HW, and 34 for the FW were modeled
altogether at Huaron mine. Final domains are presented in Figure 14.2. No minimum mining width was used
to model shapes.

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Figure 14.2 Wireframes of the structures

Source: PAS (2022).

14.5 Statistics and compositing

14.5.1 Compositing
Assay samples were composited to represent the full-length intercept of each domain. A histogram of assay
lengths within mineralization domains is presented in Figure 14.3 as a histogram of the composite interval
lengths within the mineralization domain at Juanita Ramal, as an example. The chosen composite length is
1.5 m or 2.0 m for different domains.
Figure 14.3 and silver composite statistics are summarized in Table 14.3.

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Table 14.3 Composites statistics

Domain Number of Composited Mean (g/t Ag) Mean (% Cu) Mean (% Pb) Mean (% Zn)
4 1145 236.14 0.15 5.56 10.09
401 160 20.94 0.02 0.49 1.28
402 138 23.67 0.04 0.41 1.15
11 125 342.45 0.12 6.75 7.26
1101 25 23.34 0.02 0.46 1.03
1102 25 94.88 0.11 0.58 0.25
13 347 517.23 0.27 5.97 5.99
1301 95 25.90 0.01 0.46 0.52
1302 94 50.59 0.03 0.30 0.27
14 10 250.41 0.07 1.56 5.58
1401 20 1.16 0.00 0.01 0.05
1402 19 2.49 0.01 0.01 0.16
19 384 215.02 0.17 2.54 3.70
1901 93 21.06 0.02 0.22 0.39
1902 98 28.86 0.02 0.61 0.68
24 2437 382.59 1.94 1.69 2.75
2401 332 37.89 0.12 0.34 0.46
2402 419 52.99 0.27 0.29 0.51
30 1191 369.51 0.47 4.55 8.26
3001 73 20.31 0.02 0.24 0.46
3002 71 30.93 0.05 0.32 0.57
34 2882 204.80 0.45 0.91 3.92
3401 296 47.23 0.08 0.62 1.47
3402 318 74.30 0.11 0.62 1.61
38 287 582.98 0.16 2.26 4.36
3801 86 63.83 0.03 0.37 0.99
3802 80 23.52 0.02 0.22 0.34
40 477 230.01 0.93 1.93 4.31
4001 100 9.72 0.03 0.14 0.33
4002 95 12.46 0.03 0.21 0.34
44 287 180.21 0.09 1.54 5.58
4401 273 21.24 0.02 0.26 0.75
4402 274 22.96 0.02 0.34 0.80
57 2126 206.53 0.95 1.08 3.18
5701 217 24.87 0.11 0.19 0.59
5702 202 29.28 0.12 0.16 0.70
58 2213 350.20 0.56 1.96 3.94
5801 328 25.87 0.04 0.16 0.35
5802 248 15.78 0.03 0.16 0.28
63 396 380.24 0.95 1.03 2.49
6301 153 17.03 0.08 0.12 0.21
6302 163 13.25 0.02 0.08 0.16
88 157 971.06 1.16 2.34 3.75

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Domain Number of Composited Mean (g/t Ag) Mean (% Cu) Mean (% Pb) Mean (% Zn)
8801 70 139.63 0.42 0.10 0.18
8802 101 28.96 0.09 0.18 0.26
90 15 289.69 0.09 2.06 4.61
9001 30 3.91 0.00 0.05 0.26
9002 16 1.26 0.00 0.01 0.08
91 2669 193.94 0.95 1.46 4.63
9101 258 33.50 0.12 0.24 1.14
9102 291 29.85 0.14 0.31 1.34
94 859 200.30 1.15 2.30 4.29
9401 176 30.18 0.08 0.43 0.81
9402 142 28.79 0.06 0.56 1.16
98 1253 257.86 1.11 5.07 10.02
9801 36 23.10 0.09 0.43 0.69
9802 43 38.98 0.14 0.68 1.23
102 1127 226.71 0.24 1.21 3.82
10201 107 92.04 0.07 0.74 1.46
10202 133 29.39 0.04 0.42 1.01
103 445 214.64 0.15 2.83 5.28
10301 76 33.88 0.04 0.37 0.83
10302 78 35.59 0.03 0.41 0.64
104 1436 240.70 1.03 1.21 3.27
10401 211 30.00 0.13 0.26 0.76
10402 187 61.84 0.21 0.34 0.83
106 1298 313.56 0.40 1.10 4.08
10601 323 55.51 0.05 0.60 1.53
10602 252 55.57 0.06 0.37 1.21
107 5082 336.32 1.95 1.22 2.93
10701 393 34.63 0.15 0.25 0.61
10702 404 37.46 0.14 0.22 0.54
108 3289 188.47 5.97 0.35 0.85
10801 333 42.04 2.28 0.15 0.35
10802 304 45.98 1.61 0.19 0.73
109 336 183.98 1.47 0.83 4.28
10901 100 46.18 0.11 0.07 0.94
10902 89 25.05 0.19 0.16 0.74
116 23 178.46 0.11 2.43 5.57
11601 21 20.33 0.02 0.29 1.38
11602 20 24.34 0.02 0.44 2.15
155 1044 288.66 0.14 4.24 5.07
15501 187 34.53 0.03 0.42 0.65
15502 205 29.87 0.02 0.36 0.58
156 6544 210.11 0.46 0.56 3.65
15601 525 37.31 0.10 0.16 1.00
15602 434 33.71 0.12 0.14 1.04
157 15 158.12 0.48 1.88 4.51

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Domain Number of Composited Mean (g/t Ag) Mean (% Cu) Mean (% Pb) Mean (% Zn)
15701 12 9.64 0.03 0.13 0.85
15702 12 25.42 0.03 0.42 2.28
213 3194 261.97 1.96 1.23 2.82
21301 341 31.13 0.18 0.20 0.65
21302 394 23.62 0.10 0.23 0.65
215 91 197.03 2.58 1.10 1.51
21501 65 7.35 0.07 0.05 0.15
21502 67 16.04 0.18 0.13 0.29
217 655 456.92 0.25 2.92 3.45
21701 29 25.25 0.02 0.25 0.25
21702 35 86.29 0.07 0.44 0.73
219 208 269.62 0.63 1.48 4.13
21901 17 11.31 0.02 0.17 0.39
21902 14 38.74 0.06 0.30 0.80
221 223 347.05 0.26 1.90 2.46
22101 106 17.21 0.02 0.13 0.29
22102 101 14.25 0.02 0.15 0.19
222 326 422.57 0.58 4.98 5.28
22201 16 38.40 0.30 0.31 0.90
22202 15 71.85 0.29 0.16 0.38
225 22 126.97 0.14 2.04 3.19
22501 41 12.17 0.01 0.24 0.43
22502 32 45.97 0.02 1.06 1.04
228 14 192.83 0.73 0.99 3.41
22801 39 4.29 0.01 0.02 0.03
22802 32 17.21 0.02 0.19 0.07
229 161 400.46 0.34 1.87 3.01
22901 82 43.03 0.03 0.54 0.73
22902 79 38.35 0.02 0.36 0.59
230 6 130.59 0.03 1.95 3.75
23001 14 16.96 0.00 0.44 0.54
23002 13 22.21 0.01 0.47 0.77
231 42 87.63 0.03 2.33 3.05
23101 8 15.56 0.01 0.40 0.68
23102 14 0.01 0.00 0.00 0.00
233 217 139.29 0.16 2.64 4.62
23301 25 83.50 0.09 1.64 2.92
23302 27 47.10 0.05 1.06 2.06
234 8 161.65 0.07 0.73 1.66
23401 7 5.71 0.00 0.02 0.09
23402 4 11.80 0.05 0.22 0.44
235 328 322.29 1.70 1.75 2.93
23501 49 39.60 0.23 0.20 0.54
23502 44 37.47 0.33 0.18 0.59
238 3 317.96 0.13 1.41 3.28

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Domain Number of Composited Mean (g/t Ag) Mean (% Cu) Mean (% Pb) Mean (% Zn)
23801 4 3.77 0.00 0.01 0.03
23802 3 1.63 0.00 0.01 0.01
241 304 246.33 0.06 4.55 3.75
24101 95 27.63 0.01 0.45 0.39
24102 87 42.69 0.02 0.66 0.53
250 394 159.31 0.03 0.42 3.24
25001 119 40.51 0.02 0.16 1.13
25002 130 32.46 0.01 0.14 1.08
254 12 115.79 0.08 1.70 2.57
25401 37 32.42 0.05 0.52 1.32
25402 25 41.80 0.05 0.68 1.68
256 191 178.09 0.89 1.92 5.87
25601 45 14.59 0.10 0.08 0.44
25602 28 29.24 0.06 0.22 1.09
257 197 186.99 0.04 0.98 3.23
25701 123 30.51 0.01 0.13 0.52
25702 102 46.19 0.01 0.18 0.79
258 841 435.58 0.10 0.59 3.38
25801 98 30.04 0.01 0.14 0.34
25802 108 28.16 0.01 0.38 0.76
260 141 209.93 0.04 0.64 2.06
26001 110 43.34 0.01 0.24 0.78
26002 131 36.56 0.01 0.40 0.87
261 431 249.33 0.60 4.64 6.62
26101 136 14.88 0.03 0.28 0.62
26102 148 19.22 0.03 0.39 0.69
263 107 148.26 0.12 1.78 3.74
26301 23 20.01 0.04 0.12 0.45
26302 33 32.45 0.04 0.19 1.06
265 421 206.64 0.06 5.47 4.15
26501 109 25.82 0.01 0.71 0.72
26502 95 23.27 0.01 0.61 0.49
266 856 542.04 1.52 2.64 4.51
26601 84 35.93 0.05 0.27 0.45
26602 71 59.77 0.07 0.27 0.45
267 277 552.98 0.21 4.89 3.12
26701 27 158.66 0.05 2.08 0.44
26702 20 23.34 0.01 0.44 0.55
269 383 660.38 0.35 3.70 2.91
26901 21 9.59 0.01 0.06 0.09
26902 22 5.77 0.03 0.02 0.03
271 228 266.84 0.04 6.84 3.52
27101 31 20.15 0.01 0.47 0.47
27102 38 27.18 0.01 0.59 0.56
401 46 256.26 1.06 1.88 4.53

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Domain Number of Composited Mean (g/t Ag) Mean (% Cu) Mean (% Pb) Mean (% Zn)
40101 22 26.97 0.06 0.28 0.55
40102 12 104.50 0.23 0.47 1.22
941 39 156.60 0.31 2.39 4.41
94101 2 61.70 0.07 1.08 2.53
94102 7 52.36 0.09 0.82 1.65
1551 568 179.08 0.67 1.19 5.93
15501 27 43.28 0.08 0.32 1.55
15502 11 107.17 0.59 0.33 1.67
1561 1813 271.61 0.58 0.82 3.89
15601 164 32.74 0.05 0.29 0.97
15602 183 32.93 0.07 0.38 1.03
2151 222 273.12 1.17 0.68 2.54
21501 33 38.77 0.33 0.43 1.11
21502 53 27.73 0.09 0.17 0.54
2291 147 483.23 1.31 1.75 3.68
22901 21 19.15 0.03 0.11 0.48
22902 21 31.61 0.03 0.28 0.76

Figure 14.3 is a histogram of the composite interval lengths within the mineralization domain at Juanita
Ramal structure as an example. The chosen composite length varies between 1.5 m and 2.0 m.
Figure 14.3 Histogram of sample interval lengths within Juanita Ramal structure

Source: PAS (2022).

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14.5.2 Treatment of high-grade composites

Table 14.4 summarizes the uncapped and capped assays statistics at Huaron mine. Composites were
reviewed using basic statistics, histograms, and log probability plots to determine variable global capped
values for each domain independently.
Local capping was used too to reduce the impact of high grades in panels. The local capping algorithm
identifies and manages, sample grades that will have an unacceptable large impact on the block grade
estimates. The impact of a sample on the local estimates is evaluated by comparing two local averages: with
and without the potential outlier sample. The impact of the potential outlier is measured by the ratio of the
two average grades.
Figure 14.4 Probability plot Ag ppm at Juanita Ramal vein

Source: PAS (2022).

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Table 14.4 Composites statistics and capping levels

ORE HW FW
Capped Capped Capped Capped Capped
Cap Cap Cap Cap Cap Cap (% Cap Cap Cap Cap (% Cap (% Cap (%
Domain Mean (g/t Mean Mean Mean CV
(g/t Ag) (% Cu) (% Pb) (% Zn) (g/t Ag) Cu) (% Pb) (% Zn) (g/t Ag) Cu Pb) Zn)
Ag) (% Cu) (% Pb) (% Zn) (g/t Ag)
4 1142.00 0.47 32.47 33.61 212.04 0.14 4.92 9.69 0.91 65.52 0.07 1.45 4.57 78.00 0.15 1.48 4.08
11 890.56 0.44 23.09 17.75 314.30 0.08 6.45 6.98 0.61 42.49 0.05 1.25 3.87 75.51 0.09 0.60 0.58
13 1447.00 0.57 16.51 17.21 463.72 0.19 5.33 5.26 0.68 101.94 0.04 2.53 2.84 283.00 0.13 1.42 1.49
14 515.93 0.13 5.19 13.94 200.98 0.06 0.94 4.47 0.55 3.10 0.00 0.03 0.22 15.32 0.02 0.07 0.79
19 636.80 0.84 8.80 8.56 196.89 0.14 2.32 3.42 0.64 76.30 0.10 1.23 1.67 142.46 0.09 3.92 2.92
24 1245.06 9.71 7.56 10.39 351.50 1.76 1.56 2.54 0.68 170.70 0.46 1.41 1.83 208.25 1.22 1.33 1.89
30 1082.52 2.10 13.15 20.54 336.94 0.42 4.18 7.65 0.55 61.81 0.07 1.22 2.65 117.45 0.27 1.32 1.64
34 720.56 2.23 4.22 11.10 183.45 0.39 0.79 3.57 0.70 119.37 0.33 2.26 4.26 108.28 0.27 1.35 3.46
38 2807.89 0.48 6.90 10.86 502.30 0.15 2.12 4.18 0.81 256.75 0.13 1.38 4.16 70.09 0.11 0.74 1.42
40 788.75 4.04 7.78 13.80 208.81 0.85 1.77 3.99 0.61 43.78 0.11 0.84 1.74 55.23 0.11 0.76 1.52
44 566.93 0.21 5.40 14.76 163.06 0.07 1.27 5.01 0.62 74.17 0.08 1.17 3.06 94.15 0.06 1.38 3.81
57 608.51 5.16 5.83 11.26 187.34 0.83 0.96 2.91 0.60 85.50 0.56 0.86 2.48 85.76 0.56 0.54 2.47
58 1321.00 2.71 7.25 11.94 319.32 0.50 1.81 3.66 0.77 77.29 0.12 0.65 1.45 72.07 0.10 0.81 1.68
63 1703.56 3.91 4.19 8.26 345.97 0.82 0.92 2.31 0.79 66.85 0.44 0.63 1.36 37.22 0.06 0.31 0.72
88 3292.00 4.12 7.02 8.83 924.03 1.09 2.16 3.63 0.79 61.31 0.13 0.42 0.74 108.30 0.27 0.30 0.80
90 969.20 0.29 11.20 14.01 213.81 0.06 1.04 3.38 0.51 22.87 0.01 0.41 1.53 13.08 0.00 0.09 0.83
91 641.07 5.94 5.74 11.27 175.29 0.78 1.32 4.29 0.60 94.00 0.55 0.70 3.55 87.21 0.79 1.01 4.88
94 664.92 7.32 10.72 15.44 180.32 0.82 2.07 4.10 0.65 149.49 0.34 1.79 2.98 83.70 0.32 1.90 4.62
98 809.40 2.55 13.47 25.74 239.98 1.06 4.69 9.41 0.63 72.84 0.28 2.29 4.25 66.59 0.26 1.98 3.44
102 819.10 1.29 5.87 9.88 198.94 0.19 1.10 3.71 0.70 195.99 0.13 1.98 3.37 134.56 0.14 1.80 3.34
103 828.50 0.65 9.82 18.06 200.12 0.14 2.62 4.99 0.61 96.32 0.12 1.11 2.95 134.17 0.11 1.84 2.97
104 614.78 2.91 4.03 7.63 210.44 0.90 1.06 2.97 0.61 88.45 0.68 0.86 2.90 230.69 1.25 1.05 3.33
106 1239.22 2.54 4.49 12.11 263.43 0.32 0.99 3.86 0.70 111.42 0.10 1.23 3.19 86.27 0.13 0.86 2.77
107 1588.14 8.61 6.52 9.84 298.85 1.73 1.07 2.65 0.92 111.24 0.75 0.93 2.54 122.39 0.63 0.88 2.25
108 1295.92 15.23 2.98 6.74 133.79 3.78 0.23 0.56 1.16 127.77 9.65 0.72 1.58 146.35 7.59 1.06 3.96
109 561.71 12.79 4.88 11.66 174.33 1.31 0.75 4.16 0.62 78.00 0.13 0.25 2.75 85.48 0.31 0.92 3.79
116 423.01 0.31 8.64 15.92 165.04 0.11 2.05 5.09 0.38 63.97 0.09 1.07 4.31 59.29 0.06 2.28 5.94
155 515.21 4.46 4.64 12.71 256.12 0.10 3.86 4.67 0.69 71.73 0.20 0.69 3.05 295.68 1.93 0.94 3.00
156 762.73 3.09 2.28 10.56 188.27 0.39 0.50 3.34 0.63 101.48 0.34 0.54 3.27 94.67 0.51 0.48 3.25
157 239.16 2.45 7.37 10.16 156.22 0.30 0.98 3.41 0.36 38.42 0.12 0.51 3.43 60.28 0.08 1.01 4.42
213 1814.00 13.88 14.57 12.38 239.42 1.80 1.10 2.61 0.80 80.63 0.90 0.76 2.67 73.95 0.45 0.99 2.52
215 872.37 9.47 12.12 5.45 168.53 2.35 0.65 1.26 0.74 48.92 0.18 0.38 0.95 101.00 1.17 0.65 1.42

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ORE HW FW
Capped Capped Capped Capped Capped
Cap Cap Cap Cap Cap Cap (% Cap Cap Cap Cap (% Cap (% Cap (%
Domain Mean (g/t Mean Mean Mean CV
(g/t Ag) (% Cu) (% Pb) (% Zn) (g/t Ag) Cu) (% Pb) (% Zn) (g/t Ag) Cu Pb) Zn)
Ag) (% Cu) (% Pb) (% Zn) (g/t Ag)
217 1674.78 0.91 10.38 11.79 399.51 0.25 2.71 2.99 0.72 75.66 0.04 0.57 0.59 96.72 0.10 0.51 1.30
219 737.42 2.17 7.05 9.93 258.36 0.58 1.32 3.89 0.62 74.19 0.11 0.68 1.71 129.69 0.20 1.53 2.38
221 1936.32 1.28 9.70 11.40 276.71 0.21 1.62 2.15 1.01 136.40 0.11 0.52 1.63 90.00 0.07 0.55 0.89
222 1190.00 1.70 12.61 13.68 403.64 0.53 4.74 4.88 0.57 122.82 1.45 1.00 2.75 197.73 0.76 0.61 1.18
225 337.09 0.47 6.53 8.06 113.78 0.12 1.47 2.45 0.57 62.61 0.02 1.43 2.04 149.69 0.07 3.86 3.18
228 411.59 2.56 3.91 10.84 174.35 0.56 0.64 2.50 0.49 15.11 0.03 0.06 0.11 119.47 0.10 1.03 0.32
229 1229.00 1.16 4.35 7.17 348.05 0.29 1.31 2.77 0.76 150.72 0.18 1.97 3.17 140.40 0.10 1.73 2.27
230 190.52 0.06 3.75 10.81 115.71 0.02 1.40 1.90 0.26 42.21 0.01 1.22 1.86 37.98 0.03 0.89 1.47
231 226.22 0.07 7.00 6.78 72.79 0.03 2.00 2.72 0.49 66.73 0.03 1.77 3.11 10.00 0.00 0.00 0.00
233 411.65 0.51 8.13 16.31 128.40 0.13 2.45 4.25 0.61 227.54 0.27 7.23 12.48 176.40 0.24 6.28 8.10
234 338.55 0.18 2.39 3.86 135.66 0.05 0.30 1.33 0.38 23.65 0.01 0.08 0.32 16.10 0.11 0.36 0.65
235 1167.49 7.75 9.05 12.24 281.75 1.56 1.49 2.42 0.68 92.57 0.88 0.91 1.80 90.58 1.20 0.71 1.88
238 433.69 0.15 1.79 3.74 254.61 0.12 1.05 3.07 0.21 10.76 0.00 0.02 0.08 6.12 0.00 0.03 0.06
241 968.69 0.28 17.40 11.97 222.93 0.06 4.13 3.68 0.89 161.23 0.04 2.20 2.33 205.63 0.08 3.47 2.48
250 640.55 0.19 1.74 10.47 144.60 0.03 0.35 2.87 0.95 214.65 0.04 0.57 4.61 128.50 0.04 0.48 3.59
254 194.29 0.15 3.11 4.65 101.28 0.08 1.54 2.29 0.27 56.86 0.11 1.22 2.98 74.53 0.06 1.26 3.10
256 534.45 6.09 6.66 13.94 162.35 0.75 1.82 5.68 0.61 71.68 0.38 0.30 2.09 139.27 0.21 1.00 5.71
257 641.16 0.17 6.64 13.41 163.25 0.04 0.64 2.54 0.67 105.43 0.02 0.48 1.77 170.41 0.03 0.50 2.44
258 2314.11 0.51 3.69 16.32 376.38 0.09 0.49 2.97 1.24 87.53 0.01 0.51 1.86 129.98 0.04 1.46 5.06
260 918.14 0.23 2.36 8.39 159.86 0.03 0.36 1.61 0.73 136.07 0.03 0.90 3.17 156.77 0.04 0.95 2.22
261 866.30 5.44 17.28 20.75 224.95 0.47 4.17 6.06 0.69 55.22 0.07 1.14 2.82 80.57 0.20 2.34 3.16
263 2649.00 6.66 12.71 12.85 138.01 0.12 1.59 3.33 0.51 223.70 0.21 0.66 1.86 209.80 0.19 0.92 0.83
265 650.68 0.17 17.01 11.40 190.92 0.05 5.19 3.71 0.58 99.69 0.04 2.46 2.15 89.77 0.02 2.12 1.56
266 1789.35 5.53 8.54 12.40 501.80 1.39 2.37 4.06 0.65 146.43 0.22 1.20 1.84 171.96 0.25 1.00 2.31
267 2278.89 1.40 17.15 15.49 465.77 0.19 4.33 2.40 0.91 292.72 0.06 3.09 1.43 10.68 0.01 0.33 0.53
269 2914.10 1.79 14.57 15.90 514.99 0.34 3.21 2.11 0.85 38.89 0.02 0.19 0.71 29.37 0.30 0.04 0.11
271 712.81 0.12 18.59 11.45 250.02 0.03 6.53 3.05 0.61 52.64 0.02 1.53 1.72 73.90 0.01 1.68 1.65
401 782.23 3.61 8.17 22.75 233.56 0.90 1.54 3.72 0.49 50.84 0.14 1.14 2.41 44.87 0.05 0.39 0.79
941 519.67 2.09 9.59 12.62 143.33 0.26 2.33 4.30 0.58 66.09 0.10 1.09 2.70 77.18 0.15 1.24 2.37
1551 515.21 4.46 4.64 12.71 166.08 0.54 1.07 5.55 0.51 71.73 0.20 0.69 3.05 295.68 1.93 0.94 3.00
1561 1282.68 4.50 3.02 12.08 245.70 0.48 0.76 3.61 0.84 89.45 0.16 1.11 2.93 78.62 0.16 0.98 3.12
2151 1310.77 5.60 3.24 7.18 246.33 1.13 0.58 2.23 0.71 136.56 1.47 1.60 3.99 87.13 0.49 0.57 2.05
2291 1564.51 9.65 8.84 9.65 445.33 1.15 1.63 3.52 0.68 79.10 0.13 0.43 1.89 127.32 0.11 1.63 3.12

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14.6 Trend analysis

14.6.1 Variography
Experimental variograms were calculated and modelled in Snowden Supervisor software using capped full-
length composites for each domain (ore, HW, and FW). Variograms directions were validated against vein
outlines. While the mineralization domain lacked sufficient samples to obtain robust variograms, the results
were useful in supporting the range of expected grade continuity. The variograms were exported to
Datamine format to use in the estimation process.
Table 14.5 summarize the variogram parameters for each metal for all domains.
Table 14.5 Variogram parameters
ROTATION RANGES
Domain Metals NUGGET Co SILL C1/C2
Z X Z X Y Z
AGPPM 0.00 1.00 80 45 180 50 23 6
CUPERC 0.01 0.99 80 45 150 36 32 6
4
PBPERC 0.31 0.69 80 45 180 44 25 6
ZNPERC 0.36 0.64 80 45 180 26 46 6
AGPPM 0.44 0.56 170 70 180 28 26 30
CUPERC 0.29 0.71 170 70 180 34 29 30
13
PBPERC 0.22 0.78 170 70 180 26 28 30
ZNPERC 0.00 1.00 170 70 180 30 89 29
AGPPM 0.44 0.56 80 90 180 44 33 18
CUPERC 0.32 0.68 80 90 180 50 35 18
19
PBPERC 0.00 1.00 80 90 180 42 20 18
ZNPERC 0.26 0.74 80 90 180 28 14 18
AGPPM 0.25 0.76 90 110 -170 30 25 12
CUPERC 0.16 0.84 80 110 -170 40 69 12
24
PBPERC 0.16 0.84 90 110 160 26 47 18
ZNPERC 0.47 0.53 90 110 180 59 73 24
AGPPM 0.04 0.97 180 90 180 23 45 6
CUPERC 0.07 0.93 180 90 180 26 45 3
30
PBPERC 0.23 0.77 180 90 180 30 43 3
ZNPERC 0.28 0.72 180 90 180 22 60 6
AGPPM 0.17 0.83 140 100 100 56 50 10
CUPERC 0.02 0.99 140 100 100 47 50 10
34
PBPERC 0.00 1.00 140 100 100 41 35 10
ZNPERC 0.11 0.89 140 100 100 56 57 10
AGPPM 0.06 0.94 170 105 180 13 26 9
CUPERC 0.12 0.89 170 105 180 40 55 9
38
PBPERC 0.24 0.76 170 105 180 16 34 9
ZNPERC 0.00 1.00 170 105 180 27 40 9
AGPPM 0.00 1.00 70 65 40 52 33 3
CUPERC 0.00 1.00 70 70 40 35 22 3
40
PBPERC 0.00 1.00 70 70 20 51 20 3
ZNPERC 0.00 1.00 70 70 40 44 20 3

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ROTATION RANGES
Domain Metals NUGGET Co SILL C1/C2
Z X Z X Y Z
AGPPM 0.42 0.58 180 110 180 69 30 40
CUPERC 0.43 0.57 175 110 180 111 20 10
44
PBPERC 0.36 0.64 175 110 -175 65 38 15
ZNPERC 0.33 0.67 175 110 180 60 20 15
AGPPM 0.25 0.75 170 105 -170 30 62 8
CUPERC 0.00 1.00 180 105 145 75 65 8
57
PBPERC 0.17 0.59 -180 105 -140 19 50 5
ZNPERC 0.15 0.85 170 105 -140 25 42 8
AGPPM 0.14 0.86 180 70 -100 43 50 6
CUPERC 0.15 0.85 -180 70 170 42 32 6
58
PBPERC 0.12 0.88 -180 70 170 22 24 6
ZNPERC 0.25 0.75 -180 70 170 17 28 6
AGPPM 0.15 0.85 70 70 170 30 41 5
CUPERC 0.09 0.91 70 70 -170 51 31 6
63
PBPERC 0.07 0.93 70 70 170 30 25 6
ZNPERC 0.00 1.00 80 70 170 25 40 5
AGPPM 0.25 0.75 165 105 90 73 50 9
CUPERC 0.30 0.70 165 105 90 61 50 9
91
PBPERC 0.00 1.00 165 105 90 87 33 9
ZNPERC 0.00 1.00 165 105 90 70 31 9
AGPPM 0.46 0.54 55 60 180 51 40 8
CUPERC 0.27 0.73 55 60 180 21 40 8
94
PBPERC 0.32 0.69 55 60 180 25 40 8
ZNPERC 0.54 0.46 55 60 180 22 35 8
AGPPM 0.00 1.00 170 90 170 34 32 8
CUPERC 0.00 1.00 170 90 170 30 32 5
98
PBPERC 0.06 1.00 170 90 170 13 65 8
ZNPERC 0.06 0.94 170 90 170 20 50 6
AGPPM 0.34 0.67 180 85 170 46 40 7
CUPERC 0.27 0.74 180 85 170 81 40 7
102
PBPERC 0.22 0.78 180 85 170 39 42 6
ZNPERC 0.30 0.70 180 85 170 84 40 4
AGPPM 0.00 0.99 -155 85 -150 42 26 5
CUPERC 0.00 1.00 -155 85 -170 38 50 7
103
PBPERC 0.00 1.00 -155 85 -170 50 19 7
ZNPERC 0.00 0.99 -155 85 -170 70 21 6
AGPPM 0.40 0.60 110 85 170 40 45 16
CUPERC 0.16 0.84 110 85 170 42 15 9
104
PBPERC 0.45 0.56 110 95 140 48 27 5
ZNPERC 0.00 1.00 110 90 140 42 27 5
AGPPM 0.21 0.79 175 95 175 32 40 5
CUPERC 0.22 0.78 175 95 175 30 27 5
106
PBPERC 0.19 0.81 175 95 175 45 39 6
ZNPERC 0.17 0.83 175 95 175 46 34 5

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ROTATION RANGES
Domain Metals NUGGET Co SILL C1/C2
Z X Z X Y Z
AGPPM 0.14 0.86 170 100 140 40 62 12
CUPERC 0.13 0.87 170 100 140 48 62 5
107
PBPERC 0.48 0.52 170 100 170 48 80 7
ZNPERC 0.34 0.66 170 100 170 62 96 7
AGPPM 0.00 1.00 165 110 180 40 65 13
CUPERC 0.00 1.00 165 110 165 62 22 13
108
PBPERC 0.00 1.00 165 110 155 50 18 8
ZNPERC 0.00 1.00 165 100 180 30 36 13
AGPPM 0.13 0.88 160 120 180 23 55 8
CUPERC 0.19 0.81 150 120 180 54 50 8
109
PBPERC 0.19 0.81 150 120 180 60 40 8
ZNPERC 0.00 1.00 150 120 180 45 128 8
AGPPM 0.00 1.00 170 100 180 24 24 10
CUPERC 0.00 1.00 170 100 180 15 24 7
1551
PBPERC 0.00 1.00 170 100 180 35 24 6
ZNPERC 0.00 1.00 170 100 180 24 24 8
AGPPM 0.00 1.00 0 70 -30 44 31 12
CUPERC 0.19 0.82 0 70 10 60 28 6
155
PBPERC 0.00 1.00 180 110 135 30 33 6
ZNPERC 0.00 1.00 0 70 -45 31 36 10
AGPPM 0.29 0.71 -50 70 -40 100 109 20
CUPERC 0.32 0.68 -50 70 -40 85 81 20
156
PBPERC 0.27 0.73 -50 70 -40 111 93 20
ZNPERC 0.22 0.78 -50 70 -40 100 105 20
AGPPM 0.00 0.99 130 100 80 42 38 2
CUPERC 0.00 0.99 130 100 80 35 20 2
1561
PBPERC 0.00 0.99 145 105 80 35 33 2
ZNPERC 0.00 0.99 145 105 80 35 33 2
AGPPM 0.49 0.51 160 105 -90 82 39 4
CUPERC 0.48 0.52 160 105 -90 40 63 4
213
PBPERC 0.31 0.69 160 105 -90 20 28 4
ZNPERC 0.00 1.00 160 105 -90 22 18 4
AGPPM 0.18 0.82 75 70 -120 43 82 10
CUPERC 0.00 1.00 75 70 -120 40 65 20
215
PBPERC 0.27 0.73 75 70 -120 40 46 10
ZNPERC 0.00 1.00 75 70 -120 43 36 10
AGPPM 0.05 0.95 170 80 -170 38 45 4
CUPERC 0.05 0.95 170 80 -170 38 45 4
217
PBPERC 0.05 0.95 170 80 170 34 12 4
ZNPERC 0.05 0.95 170 80 -170 55 47 4
AGPPM 0.29 0.71 135 100 90 74 20 0
CUPERC 0.01 0.99 135 100 90 42 10 0
219
PBPERC 0.15 0.85 135 100 90 77 10 0
ZNPERC 0.00 1.00 135 100 90 74 10 0

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ROTATION RANGES
Domain Metals NUGGET Co SILL C1/C2
Z X Z X Y Z
AGPPM 0.23 0.77 -140 70 180 30 22 4
CUPERC 0.00 1.00 -150 70 -170 13 28 4
222
PBPERC 0.00 1.00 -150 70 -170 30 24 4
ZNPERC 0.22 0.78 -145 70 -170 10 15 4
AGPPM 0.04 0.96 10 80 70 22 23 20
CUPERC 0.05 0.95 10 80 70 22 23 20
229
PBPERC 0.03 0.97 10 80 70 22 23 20
ZNPERC 0.03 0.97 10 80 70 22 25 20
AGPPM 0.06 0.94 180 110 130 26 26 10
CUPERC 0.02 0.98 0 60 -60 44 41 10
2291
PBPERC 0.06 0.94 180 120 180 12 30 10
ZNPERC 0.05 0.95 0 60 0 23 31 10
AGPPM 0.00 1.00 0 0 -170 16 11 15
CUPERC 0.00 1.00 0 0 180 19 11 15
233
PBPERC 0.00 1.00 0 0 180 19 14 15
ZNPERC 0.00 1.00 0 0 180 35 22 15
AGPPM 0.27 0.73 130 90 50 40 40 10
CUPERC 0.06 0.94 130 90 50 40 38 10
235
PBPERC 0.18 0.82 130 90 50 48 45 10
ZNPERC 0.04 0.96 130 90 50 25 40 10
AGPPM 0.00 1.00 -80 20 -30 55 40 6
CUPERC 0.00 1.00 -80 20 -30 55 40 6
241
PBPERC 0.23 0.77 -80 20 -10 37 40 6
ZNPERC 0.00 1.00 -80 20 -10 23 40 6
AGPPM 0.12 0.88 60 20 180 23 45 6
CUPERC 0.00 1.00 60 20 180 30 45 6
250
PBPERC 0.02 0.73 60 20 180 4 60 3
ZNPERC 0.01 0.99 60 20 180 38 28 6
AGPPM 0.18 0.83 -170 90 180 16 42 15
CUPERC 0.24 0.76 -170 90 180 48 50 15
256
PBPERC 0.29 0.71 -170 90 180 34 60 15
ZNPERC 0.06 0.94 -170 90 180 50 120 15
AGPPM 0.08 0.92 170 110 130 65 40 10
CUPERC 0.09 0.91 170 110 130 65 40 10
257
PBPERC 0.11 0.90 170 110 130 34 31 10
ZNPERC 0.08 0.92 170 110 130 41 52 10
AGPPM 0.28 0.72 160 110 180 31 35 8
CUPERC 0.00 1.00 160 110 160 20 25 8
258
PBPERC 0.64 0.36 160 110 180 16 55 6
ZNPERC 0.27 0.73 160 110 180 41 45 8
AGPPM 0.00 1.00 65 65 95 30 26 5
CUPERC 0.00 1.00 65 65 95 40 32 5
261
PBPERC 0.00 1.00 60 65 95 42 28 5
ZNPERC 0.00 1.00 65 65 95 32 30 5

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ROTATION RANGES
Domain Metals NUGGET Co SILL C1/C2
Z X Z X Y Z
AGPPM 0.48 0.52 -10 80 -90 36 32 6
CUPERC 0.43 0.57 -10 80 -90 42 28 6
263
PBPERC 0.53 0.47 -10 80 -90 30 32 6
ZNPERC 0.42 0.58 -10 80 -90 30 17 6
AGPPM 0.01 0.99 5 70 90 67 32 6
CUPERC 0.02 0.98 5 70 90 75 44 6
265
PBPERC 0.11 0.89 5 70 90 89 30 6
ZNPERC 0.21 0.79 5 70 90 92 42 6
AGPPM 0.00 1.00 180 110 180 37 28 10
CUPERC 0.09 0.91 0 70 0 38 42 10
267
PBPERC 0.00 1.00 0 60 0 19 31 10
ZNPERC 0.17 0.83 0 60 0 23 31 10
AGPPM 0.23 0.77 -175 80 180 24 40 40
CUPERC 0.23 0.77 -175 80 180 23 35 40
269
PBPERC 0.23 0.77 -175 80 180 35 40 40
ZNPERC 0.25 0.75 -175 80 180 90 40 40
AGPPM 0.09 0.91 180 85 180 37 20 10
CUPERC 0.24 0.77 180 85 180 52 20 10
271
PBPERC 0.09 0.91 180 85 180 39 20 10
ZNPERC 0.09 0.91 180 85 180 40 50 10

Figure 14.5 is an example of the silver variogram for the Juanita Ramal vein.
Figure 14.5 Variogram of Ag at Juanita Ramal

Source: PAS (2022).

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14.7 Search strategy and grade interpolation parameters

Grade interpolation was performed on sub cell block using Ordinary Kriging or Inverse Distance and three
progressively larger interpolation passes. Search ellipse dimensions and orientations are detailed in Table
14.6. The number of composites are shown for passes 1, 2, or 3 in Table 14.7.
Table 14.6 Search strategy and grade interpolation parameters
1° Pass 2° Pass 3° Pass Orientation
Domain Method X-axis Y-axis Z-axis X-axis Y-axis Z-axis Z-axis
X-axis (m) Y-axis (m) VANGLE1 VANGLE2 VANGLE3
(m) (m) (m) (m) (m) (m) (m)
4 KO 15 25 6 30 50 12 90 150 36 80 45 180
11 KO 28 26 30 56 52 60 168 156 180 90 -80 0
13 KO 28 26 30 56 52 60 168 156 180 170 70 180
14 KO 25 15 8 50 30 16 150 90 48 90 -80 -
19 KO 44 33 18 88 66 36 264 198 108 80 90 180
30 KO 23 35 8 46 70 16 138 210 48 180 90 180
40 KO 42 33 6 84 66 12 252 198 36 70 65 40
44 KO 15 10 4 30 20 8 90 60 24 90 60 0
57 KO 30 42 8 60 84 16 180 252 48 170 105 -170
63 KO 30 41 10 60 82 20 180 246 60 70 70 170
88 KO 15 10 4 30 20 8 90 60 24 80 80 0
90 KO 36 25 9 72 50 18 360 250 90 165 105 90
94 KO 51 40 8 102 80 16 357 280 56 55 60 180
98 KO 34 32 8 68 64 16 204 192 48 170 90 170
102 KO 30 25 20 60 50 40 180 150 120 180 85 170
103 KO 42 26 5 84 52 9 126 78 14 -155 85 -150
104 KO 40 45 16 80 90 32 280 315 112 110 85 170
106 KO 15 10 4 30 20 8 90 60 24 90 90 0
107 KO 40 32 12 80 64 24 280 224 84 170 100 140
108 KO 35 45 13 70 90 26 280 360 104 165 110 180
109 KO 15 10 4 30 20 8 90 60 24 80 80 0
116 KO 42 26 5 84 52 9 126 78 14 -90 -110 -
155 KO 44 31 12 88 62 24 264 186 72 0 70 -30
156 KO 40 48 20 80 96 40 240 288 120 -50 70 -40
215 KO 15 10 4 30 20 8 90 60 24 -15 -60 0
217 KO 38 45 6 76 90 12 228 270 36 170 80 -170
219 KO 21 12 10 42 24 20 126 72 60 135 100 90
221 KO 15 10 4 30 20 8 90 60 24 -15 -85 0
222 KO 30 25 10 60 50 20 180 150 60 -140 70 180
225 KO 15 10 4 30 20 8 90 60 24 -95 -100 0
228 KO 15 10 4 30 20 8 90 60 24 95 -100 0
230 KO 15 10 4 30 20 8 90 60 24 40 -130 0
234 KO 15 10 4 30 20 8 90 60 24 35 -87 0
235 KO 15 10 4 30 20 8 90 60 24 35 -80 0
238 KO 15 10 4 30 20 8 90 60 24 70 -85 0
241 KO 55 40 6 110 80 12 330 240 36 -80 20 -30

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1° Pass 2° Pass 3° Pass Orientation

Domain Method X-axis Y-axis Z-axis X-axis Y-axis Z-axis Z-axis
X-axis (m) Y-axis (m) VANGLE1 VANGLE2 VANGLE3
(m) (m) (m) (m) (m) (m) (m)
250 KO 23 35 10 46 70 20 92 140 40 60 20 180
254 KO 15 10 4 30 20 8 90 60 24 85 -80 0
256 KO 15 10 4 30 20 8 90 60 24 -85 -70 0
257 KO 10 15 4 20 30 8 60 90 24 75 65 0
260 KO 10 15 4 20 30 8 60 90 24 -85 -60 0
261 KO 30 26 5 60 52 10 180 156 30 65 65 95
263 KO 36 32 6 72 64 12 252 224 42 -10 80 -90
265 KO 47 32 6 94 64 12 470 320 60 5 70 90
266 KO 30 33 10 60 66 20 210 231 70 170 100 180
267 KO 20 15 10 40 30 20 120 90 60 180 110 180
269 KO 24 40 40 48 80 80 144 240 240 -175 80 180
271 KO 10 15 4 20 30 8 60 90 24 90 0 0
401 KO 42 33 6 84 66 12 252 198 36 70 65 40
941 KO 51 40 8 102 80 16 357 280 56 55 60 180
1551 KO 24 24 10 48 48 20 144 144 60 170 100 180
1561 KO 42 38 2 84 76 4 210 190 10 130 100 80
2151 KO 15 10 4 30 20 8 90 60 24 -15 -60 0
233 ID 16 11 15 32 22 30 112 77 105 STRIKE TRDIP 0
229 ID 20 30 4 40 60 8 140 210 28 STRIKE TRDIP 0
91 ID 36 25 9 72 50 18 360 250 90 STRIKE TRDIP 0
58 ID 25 20 10 50 40 20 300 240 120 STRIKE TRDIP 0
258 ID 31 35 8 62 70 16 186 210 48 STRIKE TRDIP 0
2291 ID 20 30 4 40 60 8 140 210 28 STRIKE TRDIP 0
24 ID 10 35 25 20 70 50 50 175 125 STRIKE TRDIP 0
10
34 ID 35 50 10 70 20 350 500 100 STRIKE TRDIP 0
0
38 ID 18 26 9 36 52 18 90 130 45 STRIKE TRDIP 0
Notes:
• KO: Kriging Ordinary (40 Domains)
• ID: Inverse Distance (15 Domains)
• KO-ANI: Kriging Ordinary + Dynamic Anisotropy (10 Domains)

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Table 14.7 Composite selection plan

1° Pass 2° Pass 3° Pass
Domain
Min N° Max N° Min N° Max N° Min N° Max N°
4 5 15 5 15 1 5
11 6 15 5 12 1 3
13 6 15 5 12 1 3
14 4 16 3 9 1 5
19 8 18 6 14 1 5
30 5 18 2 14 1 3
40 6 18 4 12 1 4
44 4 16 3 9 1 5
57 3 9 3 9 2 5
63 6 18 1 16 1 5
88 4 16 1 9 1 5
90 4 12 3 15 1 4
94 6 15 5 12 1 3
98 6 15 5 12 1 3
102 5 20 4 16 1 5
103 6 12 6 10 1 4
104 8 18 6 14 1 4
106 4 16 3 9 1 5
107 8 22 8 18 1 5
108 6 25 5 20 1 3
109 4 16 3 9 1 5
116 6 12 6 10 1 4
155 8 18 6 14 1 4
156 8 16 6 12 2 5
215 4 16 3 9 1 5
217 6 18 4 16 1 5
219 8 20 6 16 1 5
221 4 16 3 9 1 5
222 4 12 4 12 1 5
225 4 16 3 9 1 5
228 4 16 3 9 1 5
230 4 16 3 9 1 5
234 4 16 3 9 1 5
235 4 16 3 9 1 5
238 4 16 3 9 1 5
241 8 18 6 14 1 5
250 3 12 3 10 1 3
254 4 16 3 9 1 5
256 4 16 3 9 1 5
257 4 16 3 9 1 5
260 4 16 3 9 1 5
261 8 18 6 12 1 3

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1° Pass 2° Pass 3° Pass

Domain
Min N° Max N° Min N° Max N° Min N° Max N°
263 8 18 6 14 1 4
265 6 20 5 15 1 4
266 8 16 6 14 1 4
267 8 18 6 14 1 4
269 6 15 5 12 1 3
271 4 16 3 9 1 5
401 6 18 4 12 1 4
941 6 15 5 12 1 3
1551 8 16 4 12 2 5
1561 8 20 6 16 2 4
2151 4 16 3 9 1 5
258 8 20 6 16 1 5
260 8 18 6 14 1 5
261 8 18 6 12 1 3
263 8 18 6 14 1 5
265 6 20 5 15 1 4
266 8 18 6 14 1 4
267 8 18 6 14 1 4
269 6 15 5 12 1 3
271 8 20 6 16 1 5
233 6 14 5 10 1 3
229 6 18 5 16 1 5
91 4 12 3 15 1 4
58 8 18 6 14 1 5
258 8 20 6 16 1 5
2291 6 18 5 16 1 5
24 5 20 4 12 1 3
34 8 20 6 12 2 5
38 4 16 4 12 1 4

14.8 Bulk density

Through May 2022 a total of 1,954 density measurements were collected at the Huaron mine by structure
(ore, HW, and FW) and analyzed by Actlabs using the wax coating method for whole samples and
Pycnometer for crushed samples. Densities ranged from 2.49 grams per cubic centimetre (g/cm3) to 4.19 g/
cm3 within mineralization domains and from 2.58 g/cm3 to 3.61 g/cm3 in adjacent material.
Basic density statistics for Huaron mine are presented in Table 14.8.

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Table 14.8 Density statistics by domain

Average density (g/cm3) N° samples Total
Domain
ORE HW FW ORE HW FW samples
213 3.42 2.81 2.88 120 32 30 182
24 3.07 2.75 2.73 113 22 20 155
156 3.00 2.70 2.68 94 25 26 145
107 3.23 2.77 2.70 93 24 26 143
94 3.20 2.69 2.78 80 36 33 149
57 3.11 2.69 2.72 64 18 19 101
108 3.82 3.05 2.93 56 17 21 94
34 2.87 2.69 2.69 42 20 18 80
58 3.27 2.75 2.68 42 12 14 68
91 3.13 2.76 2.79 42 13 12 67
155 3.39 2.82 2.93 35 10 9 54
261 3.30 2.77 2.76 33 22 17 72
98 3.32 2.75 2.76 32 10 10 52
4 3.71 2.89 2.98 27 8 6 41
233 3.34 2.84 2.84 27 3 2 32
258 2.85 2.62 2.62 23 13 13 49
63 3.18 2.73 2.81 21 9 8 38
241 3.12 2.70 2.68 21 5 6 32
13 3.96 2.88 2.71 19 17 19 55
103 3.48 2.93 2.99 19 6 8 33
30 3.31 3.10 18 1 19
267 3.54 2.66 2.69 16 14 12 42
215 3.16 2.72 2.75 46 12 10 68
257 2.95 2.74 2.76 27 4 6 37
38 3.10 2.78 2.76 14 10 7 31
265 4.15 2.81 2.92 12 12 12 36
229 3.30 2.75 2.70 11 3 4 18
19 3.10 2.66 2.59 9 5 6 20
269 3.09 2.69 2.73 9 9 8 26
104 2.96 2.84 2.75 11 2 2 15
222 4.19 2.87 2.67 Data Histórica
40 3.04 Data Histórica
250 2.60 Data Histórica
217 3.56 2.67 2.65 Data Histórica
271 4.10 2.94 2.79 Data Histórica
106 3.71 2.75 3.61 Data Histórica
256 3.55 2.58 2.90 Data Histórica
228 2.49 2.65 2.63 Data Histórica
235 3.28 2.78 2.70 Data Histórica
Total 1176 393 385 1954

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14.9 Block models

Block models were constructed for individual domains with block model dimensions presented in Table 14.9.
The block model was constructed, and estimation was completed in Datamine software. The QP considers
the block model size for the individual domains to be appropriate for the deposit geometry and proposed
mining methods.
Table 14.9 Block model details
Domain Type X Y Z
Base Point (m) 344977.00 8783043.00 4026
Parent Block Size (m) 5.00 5.00 5
4
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 90.00 70.00 82
Base Point (m) 344058.00 8781367.00 4125
Parent Block Size (m) 5.00 5.00 5
11
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 87.00 28.00 48
Base Point (m) 343347.00 8782858.00 4016
Parent Block Size (m) 5.00 5.00 5
13
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 141.00 39.00 50
Base Point (m) 344338.00 8782428.00 4631
Parent Block Size (m) 5.00 5.00 5
14
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 39.00 9.00 22
Base Point (m) 343730.00 8782506.00 3996
Parent Block Size (m) 5.00 5.00 5
19
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 25.00 96.00 55
Base Point (m) 343434.00 8781495.00 3972
Parent Block Size (m) 5.00 5.00 5
24
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 49.00 186.00 90
Base Point (m) 343763.00 8781443.00 3932
Parent Block Size (m) 5.00 5.00 5
30
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 95.00 15.00 70
Base Point (m) 344953.00 8782860.00 4042
Parent Block Size (m) 5.00 5.00 5
34
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 98.00 58.00 101
Base Point (m) 343252.00 8782709.00 4027
Parent Block Size (m) 5.00 5.00 5
38
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 154.00 21.00 53

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Domain Type X Y Z
Base Point (m) 343813.00 8781467.00 4060
Parent Block Size (m) 5.00 5.00 5
40
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 31.00 58.00 50
Base Point (m) 343774.00 8781606.00 4064
Parent Block Size (m) 5.00 5.00 5
401
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 44.00 40.00 5
Base Point (m) 343307.00 8782715.00 3
Parent Block Size (m) 5.00 5.00 5
44
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 242.00 47.00 72
Base Point (m) 344086.00 8782298.00 4113
Parent Block Size (m) 5.00 5.00 5
57
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 96.00 34.00 119
Base Point (m) 343486.00 8781577.00 3969
Parent Block Size (m) 5.00 5.00 5
58
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 235.00 84.00 135
Base Point (m) 343568.00 8781977.00 4070
Parent Block Size (m) 5.00 5.00 5
63
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 43.00 111.00 56
Base Point (m) 343430.00 8782197.00 4071
Parent Block Size (m) 5.00 5.00 5
88
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 81.00 16.00 43
Base Point (m) 344335.00 8782400.00 4568
Parent Block Size (m) 5.00 5.00 5
90
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 42.00 9.00 31
Base Point (m) 343844.00 8782386.00 3997
Parent Block Size (m) 5.00 5.00 5
91
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 202.00 55.00 152
Base Point (m) 344072.00 8782269.00 4005
Parent Block Size (m) 5.00 5.00 5
94
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 69.00 72.00 108
Base Point (m) 344312.00 8782313.00 4079
Parent Block Size (m) 5.00 5.00 5
941
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 24.00 18.00 36

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Domain Type X Y Z
Base Point (m) 343259.00 8781402.00 3988
Parent Block Size (m) 5.00 5.00 5
98
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 118.00 20.00 68
Base Point (m) 345135.00 8783088.00 4014
Parent Block Size (m) 5.00 5.00 5
102
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 143.00 15.00 68
Base Point (m) 344885.00 8783119.00 4153
Parent Block Size (m) 5.00 5.00 5
103
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 55.00 29.00 61
Base Point (m) 343714.00 8781348.00 4068
Parent Block Size (m) 5.00 5.00 5
104
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 56.00 225.00 88
Base Point (m) 345239.00 8783102.00 4209
Parent Block Size (m) 5.00 5.00 5
106
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 74.00 10.00 65
Base Point (m) 343382.00 8781758.00 3983
Parent Block Size (m) 5.00 5.00 5
107
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 211.00 65.00 138
Base Point (m) 343341.00 8782155.00 3938
Parent Block Size (m) 5.00 5.00 5
108
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 212.00 58.00 77
Base Point (m) 344612.00 8782673.00 4198
Parent Block Size (m) 5.00 5.00 5
109
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 102.00 93.00 87
Base Point (m) 344236.00 8782663.00 4552
Parent Block Size (m) 5.00 5.00 5
116
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 53.00 14.00 41
Base Point (m) 343304.00 8782841.00 3991
Parent Block Size (m) 5.00 5.00 5
1551
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 153.00 28.00 68
Base Point (m) 344760.61 8782806.00 4064
Parent Block Size (m) 5.00 5.00 5
155
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 44.00 20.00 82

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Domain Type X Y Z
Base Point (m) 344266.00 8782237.00 3983
Parent Block Size (m) 5.00 5.00 5
156
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 203.00 192.00 153
Base Point (m) 344775.00 8782706.00 3983
Parent Block Size (m) 5.00 5.00 5
1561
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 105.00 100.00 136
Base Point (m) 344545.00 8782319.00 4516
Parent Block Size (m) 5.00 5.00 5
157
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 28.00 26.00 25
Base Point (m) 344100.00 8781500.00 4100
Parent Block Size (m) 5.00 5.00 5
158
Min. Sub-block Size (m) 0.25 0.25 0
Number of cells 140.00 65.00 80
Base Point (m) 343100.00 8782140.00 3900
Parent Block Size (m) 5.00 5.00 5
213
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 300.00 132.00 120
Base Point (m) 343400.00 878200.00 4000
Parent Block Size (m) 5.00 5.00 5
215
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 120.00 160.00 92
Base Point (m) 343200.00 8782900.00 3900
Parent Block Size (m) 5.00 5.00 5
217
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 200.00 60.00 92
Base Point (m) 343260.00 8781120.00 3900
Parent Block Size (m) 5.00 5.00 5
219
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 148.00 104.00 92
Base Point (m) 343460.00 8781860.00 4000
Parent Block Size (m) 5.00 5.00 5
221
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 88.00 140.00 60
Base Point (m) 343728.00 8781416.00 4052
Parent Block Size (m) 5.00 5.00 5
222
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 37.00 32.00 56
Base Point (m) 345260.00 8783100.00 4100
Parent Block Size (m) 5.00 5.00 5
225
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 60.00 20.00 60

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Domain Type X Y Z
Base Point (m) 343360.00 8782040.00 4000
Parent Block Size (m) 5.00 5.00 5
228
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 124.00 28.00 80
Base Point (m) 343400.00 8782200.00 4000
Parent Block Size (m) 5.00 5.00 5
229
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 100.00 60.00 60
Base Point (m) 343400.00 8782200.00 4000
Parent Block Size (m) 5.00 5.00 5
2291
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 100.00 60.00 60
Base Point (m) 344500.00 8781200.00 4500
Parent Block Size (m) 5.00 5.00 5
230
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 60.00 56.00 60
Base Point (m) 344560.00 8781320.00 4400
Parent Block Size (m) 5.00 5.00 5
231
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 36.00 44.00 60
Base Point (m) 344860.00 8783100.00 4000
Parent Block Size (m) 5.00 5.00 5
233
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 108.00 36.00 100
Base Point (m) 343660.00 8781680.00 4500
Parent Block Size (m) 5.00 5.00 5
234
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 32.00 40.00 40
Base Point (m) 343620.00 8781660.00 3900
Parent Block Size (m) 5.00 5.00 5
235
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 76.00 100.00 80
Base Point (m) 344140.00 8780960.00 4200
Parent Block Size (m) 5.00 5.00 5
238
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 72.00 40.00 32
Base Point (m) 343180.00 8782100.00 4300
Parent Block Size (m) 5.00 5.00 5
241
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 144.00 140.00 60
Base Point (m) 345680.00 8782600.00 4100
Parent Block Size (m) 5.00 5.00 5
250
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 156.00 160.00 84

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Domain Type X Y Z
Base Point (m) 345340.00 8783000.00 4200
Parent Block Size (m) 5.00 5.00 5
254
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 24.00 20.00 40
Base Point (m) 344600.00 8782640.00 4100
Parent Block Size (m) 5.00 5.00 5
256
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 100.00 32.00 80
Base Point (m) 345800.00 8783100.00 4100
Parent Block Size (m) 5.00 5.00 5
257
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 68.00 28.00 60
Base Point (m) 345700.00 8783100.00 4100
Parent Block Size (m) 5.00 5.00 5
258
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 80.00 40.00 60
Base Point (m) 345820.00 8783080.00 4100
Parent Block Size (m) 5.00 5.00 5
260
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 32.00 32.00 60
Base Point (m) 344000.00 8782280.00 4000
Parent Block Size (m) 5.00 5.00 5
261
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 80.00 84.00 120
Base Point (m) 344920.00 8783140.00 4200
Parent Block Size (m) 5.00 5.00 5
263
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 40.00 20.00 60
Base Point (m) 344300.00 8781400.00 4200
Parent Block Size (m) 5.00 5.00 5
265
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 110.00 70.00 100
Base Point (m) 344300.00 8781400.00 4200
Parent Block Size (m) 5.00 5.00 5
266
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 110.00 70.00 100
Base Point (m) 343300.00 8782820.00 4000
Parent Block Size (m) 5.00 5.00 5
267
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 128.00 60.00 100

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Domain Type X Y Z
Base Point (m) 343320.00 8782975.00 4000
Parent Block Size (m) 5.00 5.00 5
269
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 72.00 25.00 60
Base Point (m) 344380.00 8781520.00 4300
Parent Block Size (m) 5.00 5.00 5
271
Min. Sub-block Size (m) 0.50 0.50 1
Number of cells 48.00 16.00 60

14.10 Estimation
Estimation was carried out within the individual mineralization domains representing vein structures within
Datamine software using capped composites and a multi-pass OK or ID2 interpolation approach. While
individual blocks were not classified, mining panels were classified considering local drillhole spacing and
proximity to existing development.

14.11 Block model validation

Wireframe and block model validation procedures including wireframe to block volume confirmation,
statistical comparisons with composite and swath plots, visual reviews in 3D, longitudinal, cross section, and
plan views, as well as cross software reporting confirmation were completed for all structures.
Examples are shown below as follows:
• Visual inspection of composites versus block grades (Figure 14.6).
• Swath plots (Figure 14.7 and Figure 14.8).
Swath plots generally demonstrated good correlation, with block grades somewhat smoothed relative to
composite grades, as expected.
Figure 14.6 Longitudinal section Juanita Ramal

Source: PAS (2022).

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Figure 14.7 Strike swath plot at Juanita Ramal

Source: PAS (2022).

Figure 14.8 Cross strike swath plot at Juanita Ramal

Source: PAS (2022).

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14.12 Mineral Resource classification

Measured Mineral Resources have been defined where they are proximal to mine development. Indicated
and Inferred Mineral Resources have been defined where drillhole spacing of up to approximately 25 m to
30 m and 50 m to 60 m were achieved, respectively, and modified to consider geological understanding,
grade continuity, and the creation of cohesive class boundaries.

14.13 Reasonable prospects for eventual economic extraction

RPEEE was addressed by reporting the Mineral Resources within the domains only at a VPT cut-off.
Individual COGs were calculated for each of the principal vein structures. A summary of the average of the
input parameters is shown in Table 14.10.
Table 14.10 Economic input parameters for Mineral Resource COGs
Item Units Cost
Silver price $/oz 19
Gold price $/oz 1,300
Copper Price $/tonne 7,000
Lead price $/tonne 2,000
Zinc price $/tonne 2,600
Mining cost $/tonne 49.50
Processing Costs $/tonne 11.77
G&A Costs $/tonne 22.79
Silver recovery % 84.62
Copper recovery % 78.63
Lead recovery % 76.11
Zinc recovery % 79.26
Cut-off value (Average) $/tonne 73.59

Detail breakdown on the costs is shown in Table 15.1.

14.14 Mineral Resource tabulation

Mineral Resources for Huaron as of June 30, 2022, are shown in Table 14.11. This tabulation is for
underground Mineral Resources and have been assessed for mineability and constrained within the
mineralized domains.

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Table 14.11 Huaron Mineral Resources as of June 30, 2022

Ag
Tonnage
Classification Ag g/t contained Cu% Pb% Zn%
Mt
metal Moz
3D Modeling
Measured 1.19 168 6.40 0.61 1.68 3.27
Indicated 1.50 164 7.90 0.56 1.5 3.00
Measured+ Indicated 2.69 165 14.29 0.58 1.58 3.12
Inferred 4.43 151 21.53 0.34 1.32 2.68
2D Modeling
Measured 0.90 156 4.48 0.17 1.44 2.75
Indicated 0.87 171 4.79 0.12 2.07 2.78
Measured+ Indicated 1.77 163 9.28 0.15 1.75 2.77
Inferred 2.82 161 14.60 0.14 1.71 2.80
Combined 3D and 2D Modeling
Measured 2.08 163 10.88 0.42 1.58 3.05
Indicated 2.37 166 12.69 0.4 1.71 2.92
Measured+ Indicated 4.46 165 23.57 0.41 1.65 2.98
Inferred 7.25 155 36.13 0.26 1.47 2.73
Notes: Footnotes beneath Table 14.1 apply.

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15 MINERAL RESERVE ESTIMATES

15.1 Introduction
Pan American updates Mineral Reserve estimates on an annual basis following reviews of metal price trends,
operational performance and costs experienced in the previous year, and forecasts of production and costs
over the LOM. Other than normal course changes in metal prices, which fluctuate from time to time, no new
material information has become available between June 30, 2022 and the signature date given on the
certificates of the QPs.
Mineral Reserve estimates were prepared by Pan American technical staff under the supervision of and
reviewed by Martin Wafforn, P.Eng., Vice President, Technical Services of Pan American, who is a QP.

Mineral Reserve estimates are based on assumptions that included mining, metallurgical, infrastructure,
permitting, taxation, and economic parameters. Increasing costs and taxation and lower metal prices will
have a negative impact on the quantity of Mineral Reserve estimates. There are no other known factors that
may have a material impact on the Mineral Reserve estimates at Huaron.

15.2 Method
Mineral Resource blocks classified as Measured and Indicated Mineral Resources that can be mined
economically are converted to Mineral Reserves. Some small isolated blocks may be removed if the cost and
the logistics make them uneconomic to mine. A VPT is applied to each block based on metal content, metal
prices, concentrate sales terms, concentrate quality, metallurgical recovery, transportation, refining, and
other selling costs such as storage fees, port fees, etc. A minimum required VPT cut-off is calculated for the
blocks depending on the block location and the mining method used to mine the block. Processing costs are
assumed to be the same for all ore types, and metallurgical recoveries are determined separately for each
group of veins or structures to account for variability in the metal recovery. Metal prices used in the Mineral
Reserve estimates were $19 per ounce of silver, $2,000 per tonne of lead, $2,600 per tonne of zinc, and
$7,000 per tonne of copper.
Any blocks which are considered uneconomic after these parameters are applied either remain as Mineral
Resources or may be removed from the inventory completely if they do not meet the criteria of Resources.
The Mineral Reserves are classified as Proven or Probable depending on the Mineral Resource classification.

15.3 Cut-off value

The cut-off value supporting the underground Mineral Reserve is based on the operating costs for the LOM
plan. The cut-off value varies by location within the mine and by the planned mining method for that block.
Table 15.1 shows the build-up of costs for a typical block.

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Table 15.1 Huaron unit costs considered for reserves cut-off value estimation
Description Total ($/t)
Mine 32.46
Processing 5.78
Water treatment 0.59
Planning & engineering 1.55
Geology 1.65
Safety and environmental 3.25
General maintenance 12.20
Electrical system 7.93
Camp administration 11.48
Lima administration 7.16
Breakeven cut-off value Huaron 84.05
Subtract management fee Canada -0.33
Add tailings dam LOM capital 5.82
Full cost value Huaron 89.54
Incremental cut-off value 80.59

An incremental cut-off value is utilized as on balance there is excess mill capacity available, which in this
typical example is $80.59/t or 90% of the full cost value for Huaron (Table 15.1). The tailings dam LOM
capital of $5.82/t includes the cost of tailings pressure filtration and stacking from 2025 to the end of the
mine life.
The VPT calculation that is applied to each of the mineral resource blocks accounts for metallurgical
recovery and the costs associated with royalties and concentrate transportation and treatment for each of
the major structures.

15.4 Dilution and recovery factors

In the evaluation of underground Mineral Reserves, modifying factors were applied to the tonnages and
grades of all in situ mining shapes to account for dilution and ore losses that are common to all mining
operations.
The unplanned dilution for SLOS will consist mainly of floor mucking dilution and has been estimated as 7%,
which was applied to the SLOS in the Mineral Reserve estimates. In addition, planned internal dilution has
been applied to the SLOS that ranges from 9% to 36%. Each vein (or domain) in the orebody has varying
amounts of planned internal dilution based on empirical reconciliation of the actual vein width versus the
surveyed width of mining. These empirical reconciliations, provide the approximation methodology for each
vein’s (or domain’s) planned internal dilution, which has been added to the SLOS stopes in the Mineral
Reserve estimates.
Similarly, the unplanned dilution for mechanical C&F is 5% that consists primarily of floor mucking dilution.
In addition, the planned internal mining dilution is from 18% to 31% for C&F. Both the planned and
unplanned dilution for C&F have been applied to the Mineral Reserve estimates.
A mining recovery for SLOS is 93% and C&F is 95%, which has been applied to the Mineral Reserve estimates.

15.5 Mineral Reserve tabulation

Mineral Reserve estimates for Huaron as of June 30, 2022, are provided in Table 15.2.

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Table 15.2 Summary of Huaron Mineral Reserves as of June 30, 2022

Ag contained
Classification Tonnes Mt Ag ppm Cu % Pb % Zn %
metal Moz
Proven 7.0 169 38.1 0.54 1.51 2.97
Probable 3.9 167 21.1 0.30 1.63 2.97
Proven + Probable 11.0 168 59.2 0.45 1.55 2.97
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Reserves.
• Mineral Reserves are classified as Proven or Probable depending on the resource classification.
• Figures in the table may not compute exactly due to rounding.
• The Mineral Reserves are based on cut-off value that vary by location in the mine and by planned mining
method.
• Cut-off values are based on a silver metal price of $19/oz, lead metal price of $2,000/t, zinc metal price of
$2,600/t, and $7,000/t of copper.
• Metallurgical recoveries are based on feed grades, routine metallurgical testing results and historical recoveries.
• Mining recoveries for SLOS and C&F are 93% and 95%, respectively.
• Unplanned mining dilution for SLOS is 7%, and the planned internal mining dilution is from 9% to 36% for SLOS.
C&F has unplanned mining dilution of 5%, and the planned internal dilution varies from 18% to 31%.
• Mineral Reserve estimates were prepared under the supervision of or were reviewed by Martin Wafforn, P.Eng.,
Vice President, Technical Services of Pan American.
• Mr. Wafforn, P.Eng. is the QP for the Mineral Reserve.
• Mineral Reserves are in addition to Mineral Resources.

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16 MINING METHODS
16.1 Mining methods
Mining is undertaken using a combination of mechanized cut and fill (C&F) and mechanized sub-level open
stoping (SLOS) methods. The overall geometry of the Huaron orebody is shown in Figure 16.1 as a plan view
of the 33 domains in the underground.
Figure 16.1 Plan view of Huaron underground

Source: PAS (2022).

The selection of the mining method depends on the location, width, and orientation of the vein to be mined,
as well as the ground conditions of the FW and HW. The following sections will further describe the mining
methods and their application.

16.1.1 Sub level open stoping

Longitudinal SLOS uses electric hydraulic long hole drills, scoop trams and development waste for backfill
(see Figure 16.2). Cement is occasionally added to the waste rock backfill to create a pillar which is stable
upon exposure. The dimensions of the mining blocks are based on mining levels, stope layouts, previously
experience and geotechnical constraints. Stopes are typically 40 m long but can range between 20 m to 100
m in length. Sub levels spacing varies between 10 m to 12 m apart vertically.
Sub levels, cross cuts, drifts, and ramps are excavated at 3.5 m wide by 3.8 m high in sub level stoping areas.
More than 80% of the mine’s production is extracted using the long hole stoping method. SLOS is done at
Huaron using this methodology as shown in Figure 16.2 (also known as Avoca mining method) and at times
by leaving rib pillars and stopping to fill a mined block when access from the mined side of the stope is not
available for backfilling.

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Figure 16.2 Sub level stoping long section

Source: AMC (2022).

The minimum mining width for SLOS is 1.0 m and planned dilution is included in the mine design. Dilution
estimates vary according to the ground conditions, mining method, vein width and the dip of the vein. The
dilution factors range from 9% to 36% for planned dilution (LOM average is approximately 24%) and
unplanned floor dilution is 7%. In the SLOS areas, dilution is reconciled using a cavity monitoring survey and
comparing actual to design. This methodology is used to determine the planned dilution of SLOS for each
vein in the orebody.

16.1.2 Mechanized longitudinal cut and fill

Mechanized longitudinal C&F is used in areas where the development of an access ramp can be
economically justified. This is typically the case where the orebody is moderately dipping (<55°), sufficiently
wide (up to 10 m) and economic veins are present, or where the north-south striking and east-west striking
vein sets cross and provide additional mining faces. Drilling is undertaken with electric hydraulic jumbo drills
and the broken ore is removed using scoop trams.
C&F mining at Huaron commences once the decline (Spiral Ramp) reaches the FW drive or level access
elevation of the orebody, usually midway along its strike length (see representative C&F sequence sketch in
Figure 16.3). C&F is an overhand mining method, and the stope sequence begins with the lowest 3.5 m high
lift. Then each subsequent lift requires the back of the level access to be slashed down to reach the next lift.
There are typically four or five lifts between levels for a total rise of 15.0 m to 17.5 m from each access.

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Figure 16.3 Cross section of C&F mining

Source: PAS (2022).

Generally, for across orebody width (FW to HW thickness) of 10 m or less, the stope will be developed as
longitudinal C&F. The mining begins by driving the level access to the FW contact of Lift 1 and then the drive
is extended flat (zero gradient) to the HW contact of the ore. Next, the ore is mined longitudinally in a single
pass along strike in both directions to the limits of the orebody. Any remaining ore on the HW side will be
slashed out on retreat and then the drift will be backfilled.
The initial backfill material placed in the stope is waste rock from development in the mine, which is evenly
distributed with a scoop along the length of the stope to fill approximately 80% of the void. The remainder
of the stope is backfilled with cyclones mill tailings on top of the rockfill, which is piped into the SLOS. It is
further noted that uneconomic materials in the stope is typically blasted down and left as backfill.
Once the stope has been backfilled the level access will be TDB to provide access for the next lift, and the
process will be repeated for subsequent lifts.
The minimum mining width for C&F is 1.5 m and planned dilution is included in the mine design. Dilution
estimates vary according to the ground conditions, mining method, vein width, and the dip of the vein. The
dilution factors range from 18% to 31% for planned dilution (LOM average is approximately 26%), and
unplanned floor dilution is 5%. In C&F mining the width of the stope is surveyed on a regular basis as mining
advances and compared to the actual vein width. This reconciliation is the methodology for determining the
planned dilution of C&F stopes for each vein in the orebody.

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16.2 Materials handling

A combination of haul trucks and electric locomotives are used for haulage from the upper parts of the
mine. A rehabilitated shaft with a tower mounted friction hoist is used for hoisting ore and occasionally
waste from the 250 Level to the surface. The capacity of the shaft is limited to approximately 50,000 tonnes
per month, material in excess of this amount is trucked out of the mine. There is a rail haulage system on the
500 Level that feeds directly into the surface crusher however this system is not currently being used. Ore
sourced from below the 250 Level is hauled to the surface crusher using a combination of diesel haul trucks,
rail haulage system on the 250 Level and hoisting in the mine shaft. The rail haulage system completed on
the 250 Level is used in conjunction with mine shaft and reduces mine haul trucks requirement, as well as
contractors, who provide the truck haul services.

16.3 Underground access

Employee and material movement in and out of the mine is via three mine portals driven into the side of the
mountain. Access and secondary egress are also possible via ladders in escape ways and ventilation raises to
the surface as well as via a drainage tunnel.

16.4 Personnel
The mine currently operates 24 hours per day, seven days per week on two shifts per day for a total of 14
worked shifts per week. Support staff at the mine works only a single shift.
The operation currently has a full complement of 1,554 workers with a production rate of one Mtpa.
The mine has been reducing the use of third-party contractors but still relies on contractors for several
important aspects of the underground mine. These include drilling; mine development; stope preparation
and mining in the south zone of the mine; raise boring; the preparation, transport, and application of wet
mix shotcrete; and truck haulage of plant feed for processing up the mine ramp to surface stockpiles.

16.5 Geotechnical
Pan American’s minimum ground support policy is to support each round after blasting with rock bolts.
Inflatable Swellex style rock bolts are installed around the excavation profile with sacrificial Splits Sets and
mesh used to support the face.
The sites team of geotechnical engineers routinely inspect the mines workings identifying any areas that do
not satisfy the site geotechnical standards. Remediation plans are issued using a ground support design
matrix that considers ground conditions, the degree of rock fracturing, joint conditions and the excavation
size. The matrix also specifies a bolting pattern and any surface support requirements that may be required
(which typically include weld mesh and / or fibre-reinforced shotcrete). To control any atypical conditions,
ground support elements such as heavy gauge straps, rapid set and / or high strength fibre-reinforced
shotcrete, steel arches and wooden lagging are also available for use. QA/QC programs are in place to
ensure rock bolts and shotcrete are installed and perform to design specifications.
Excavation dimensions typically range between 2.5 m to 4.5 m wide and 3.0 m to 4.5 m high. Historically
rock bolt installation was completed manually using jacklegs, however, mechanized techniques are now
used with Resemin Muki and Raptor jumbos. Fibre-reinforced shotcrete is batched on surface, then
transported underground and sprayed robotically.
SLOS stope stability designs are evaluated using industry standard empirical technics such as the Mathews
Stability Method and Equivalent Linear Overbreak Slough (ELOS) methods.
The ground support standards were last updated in the third quarter of 2022 and when required the
engineers will seek technical assistance from third-party geotechnical consultants.

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16.6 Mining fleet and machinery

The current underground mobile mining equipment fleet owned by Pan American and the mine contractors
is shown in Table 16.1.
Table 16.1 Current underground mobile mining equipment
Item Specification Quantity
Scooptram 6.0 cubic yard 2
Scooptram 4.2 cubic yard 9
Scooptram 2.2 cubic yard 4
Drill jumbo 1 boom 10
Long hole drill 1 boom 4
Bolting jumbo 1 boom 4
Mine haul truck 15 tonne 1
Scissor lift 2.7 tonne 170
Volvo trucks 25 tonne 14

16.7 Backfill
The backfill for C&F is rockfill from waste development. If additional rockfill is required, the Huaron mine has
a waste rock stockpile on surface that can be trucked underground.
The backfill for SLOS is a mixture of rockfill (approximately 80% by volume) and cycloned tailing (20% by
volume) from the mill. The initial backfill material placed in the SLOS is development waste rock, which is
distributed with a scoop along the length of the stope to fill approximately 70% of the void. The remainder
of the stope is backfilled with a cap on top of the waste rock using cycloned mill tailings that is transported
hydraulically by pipe into the stope. Cement is added occasionally to the waste rock to make a cemented
rockfill product that results in a pillar which is stable upon exposure.

16.8 Ventilation

16.8.1 Ventilation strategy

The function of the ventilation system is to dilute/remove airborne dust, diesel emissions, explosive gases
and to maintain temperatures at levels necessary to ensure safe production throughout the LOM. The
ventilation system has been designed to meet the requirement of the Peruvian Occupational Health and
Safety Laws.
The primary ventilation circuit is designed with exhaust fan stations located at Raisebore 39 (RB-39) and
Raisebore 52 (RB-52) pulling the air through the mine. Each fan station consists of two Airtec S.A. fans
installed in parallel. Fresh air ingress is via the Union, Cosmos and Yanamina Ramps, D Shaft, old workings
and the Paul Nevejans tunnel. Between levels the air is distributed using internal raises and collectively this
arrangement enables a maximum of 439 cubic metres per second (m³/s) of air to be available for total mine
ventilation.
Contaminated return air is exhausted from the mine using internal raises adjacent to each ore block before
feeding the 500 Level for exhausting into the primary exhaust raise.
Ventilation for each production level is designed such that fresh air will be sourced from level accesses and
FW drives and delivered to work areas will be via auxiliary fan and duct.

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Two means of egress are provided for each production area of the mine. The primary means of egress is via
the haulage ramps and secondary egress is via a series of internal ladderways located within raises with
ladderways and crossover drifts.

16.8.2 Emergency preparedness

In development of the ventilation strategy for Huaron, consideration has been given to the potential for
mine emergencies. As such, the following criteria have been established:

• Ramps are located in fresh air and once developed may be used for either up- or down ramp egress.

• Egress from almost all levels is either using the haulage ramp or by the escape ladderway in the
internal raises.

• Portable refuge chambers are installed in close proximity to active working areas of the mine.

• Huaron’s primary means of communication is radio, however, a secondary stench gas system is
installed to release ethyl mercaptan into the ventilation and compressed air systems in the event of
fire.

16.9 Underground infrastructure

16.9.1 Service water

The service water for the entire Huaron mine, process plant, and camps is supplied from Lake Llacsacocha.
The average monthly consumption is around 100 cubic metres per hour (m3/hr).

16.9.2 Underground workshop

There are no underground workshops, only satellite repair bays. The equipment is taken to surface for major
repairs.

16.9.3 Explosives magazine

The underground explosives magazine for caps and explosives are located on mining level 500. There are
three separate bays to accommodate ammonium nitrate fuel oil (ANFO), emulsion, and caps.

16.9.4 Fuel storage

There is no underground fuel storage. Fuel is transported underground by a tanker to the mobile equipment
fleet eliminating the need for the equipment to come to surface for refueling.

16.9.5 Compressed air

The compressed air is reticulated underground in a 30.5 cm diameter pipe fed from four compressors
located on surface.

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16.9.6 Electrical power

See Section 18.3.5 for more detail.

16.9.7 Mine dewatering

There are approximately two km2 of abandoned mine workings in the areas of Huaron and the adjacent
Animon mines. The Paul Nevejans tunnel receives approximately 150 litres per second of water from water
draining from Lake Llacsacocha and lagoons overlying the Animon mine. Drainage at Huaron is by gravity via
the 8 km long Paul Nevejans tunnel located at the 250 Level. This tunnel was constructed between 1948 and
1954 to drain the faults and Sevilla chert in the areas north of Lake Llacsacocha. Only minimal discharge (less
than 20 litres per second) occurs from the mine workings above the 250 Level. Most of the flow (at a rate of
approximately 290 litres per second) enters the Paul Nevejans tunnel at a 1 km stretch located to the north
of Lake Llacsacocha.

The deepest mining level at Huaron is the 100 Level which is located 150 m vertically below the Paul
Nevejans drainage tunnel. The 100 Level was developed with a pumping station that included a backup
diesel generated power supply to pump any water inflows to the Paul Nevejans drainage tunnel.

16.10 Mine schedule

16.10.1 Production rate and expected mine life

The LOM plan is based on the Mineral Reserves presented in Section 15.5 of 10.95 Mt with an annual
processing rate of one Mtpa (2,800 tpd) and with the current reserves the projected mine life is 10.5 years.
The projected mine life may increase if the current Mineral Resources can be converted to Mineral Reserves
or if additional Mineral Resources are defined and can be converted to Mineral Reserves.

The bottom level of the current Mineral Reserve and LOM is assumed to be the 100 Level. Mineralization
characteristics that have already been extracted from the 100 Level do not appear to differ significantly (in
terms of grade and geometry) to the same structures encountered higher up on the 180 Level. This supports
the theory that these veins and structures potentially continue at depth below the 100 Level.

An economic evaluation of the resource and mineral extraction below the 100 Level has not yet been
completed. The processing plant is approaching its maximum designed capacity and any increases in plant
throughput further without increasing the crushing, grinding, and flotation capacity of the plant would result
in reduced metal recovery. Some studies have been conducted into incrementally increasing the capacity of
the processing plant; however, the economics of a mine expansion have not been quantified at this time.

16.10.2 Development schedule

The total annual waste produced from mine development is approximately 300,000 tonnes, The majority of
the waste is retained within the mine and placed as backfill (in the SLOS and C&F stopes). Any waste rock
that is required to be mined while mining C&F stopes is blasted and where possible and left in the stope as
backfill. Waste that is hauled to surface is either used as construction material (for the tailings facility
construction or other projects), or deposited on an engineered waste rock dump located on top of historical
tailings facility.

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17 RECOVERY METHODS
17.1 Introduction
Huaron mine operates a 3,200 tpd mill with froth induced flotation to produce silver in copper, lead, and
zinc concentrates. The mill flowsheet consists of a three-stage crushing circuit, ball mill grinding and
selective flotation of the ore to concentrates, followed by thickening and filtering of the concentrates. A
portion of the tailings from the process are cycloned to produce sands for backfill material for the
underground mining operation, and the fines and rest of tailings are deposited into a tailing impoundment
facility.

The processing plant at Huaron has been modified multiple times since 2015 to improve operations. These
modifications include:
• Additional cyclones to improve size classification.
• Addition of rougher flotation cells, a conditioner cell, and cleaner cells to the zinc circuit to increase
residence time, depress iron minerals, and improve zinc concentrate quality.
• Addition of lead flotation cells to improve quality of the lead and copper concentrates.
• Addition of a high frequency screen ahead of the bulk flotation to remove trash from the pulp.

17.2 Crushing
Ore is delivered from the mine to a 15,000-tonne capacity stockpile where the ore is classified by
metallurgical characteristics to obtain an optimal ore blend for processing through the plant. The blended
material is fed into a 100-tonne capacity coarse ore bin where it is reclaimed by an apron feeder to a
vibrating grizzly. The oversize from the grizzly is reduced in size by a jaw crusher to 3.5 inches and rejoined
with the grizzly undersize onto a conveyor which feeds a vibrating screen. The oversize material reports to
the secondary cone crushers where it is reduced to a 2.5-inch product size then joins the undersize via
conveyor to another vibrating screen. The oversize material reports to a tertiary short head cone crusher
where it is reduced in size to 100% passing one quarter inch. The undersize product travels by conveyor belt
equipped with an electromagnetic separator and metal detector for storage in three 300 tonne capacity fine
ore bins prior to entering the grinding circuit.

17.3 Grinding and classification

The grinding circuit consists of a primary ball mill 12-foot diameter by 16 foot long, operating in an open
circuit with two parallel secondary ball mills (one 8 foot diameter by 8 foot long and one 6.5 foot diameter
by 14 foot long) operating in a closed circuit. The milled product from the primary and secondary ball mills
reports to the classification hydrocyclone nest. Underflow from the hydrocyclones is fed to the secondary
ball mills and the overflow is treated in a third stage 8-foot diameter by 3-foot-long conical mill. The third
stage grinding operates in a closed circuit with a hydrocyclone nest. The final milled product is
approximately 60% passing 200 mesh.

17.4 Flotation
The pulp from the grinding circuit is fed to the flotation circuit. The flotation circuit includes an initial stage
of depression of zinc and flotation of a bulk concentrate. The bulk concentrate consists of lead and copper
and is treated with sodium dichromate to separate and produce a silver rich lead and copper concentrate.
The tailings from the bulk flotation are activated and conditioned with copper sulphate and lime to modify
the pH and to produce a zinc concentrate. The bulk flotation occurs in three stages of roughing, three stages
of cleaning, and three stages of scavenging. The cleaning concentrate is sent to the copper-lead separation
circuit while the scavenger tails are pumped to a zinc flotation circuit. The copper-lead separation circuit
consists of the flotation of copper through one conditioning tank, one stage of roughing, three stages of

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cleaning, and one scavenging stage, while the lead concentrates are produced from the scavenger tails. The
zinc flotation circuit includes three conditioning tanks, three stages of roughing, three stages of cleaning,
and two stages of scavenging to produce the zinc concentrate. The final flotation plant residues are
produced in the zinc flotation circuit from the second scavenger tails.

17.5 Thickening and filtering

The copper, lead, and zinc concentrates are thickened in separate thickeners with dimensions of 18 foot by
8 foot, 26 foot by 6 foot (for high copper), 20 foot by 8 foot, and 28 foot by 10 foot, respectively, to obtain a
pulp of approximately 50% to 60% solids, and are stored in separate holding tanks. From the holding tanks,
the concentrates are dewatered in a filter press to obtain a moisture content of approximately 7% to 8%.
The concentrates are then transported to their respective destinations in 30 tonne trucks.

17.6 Tailings storage

Tailings from the processing plant are sent directly to the tailings facility or classified in a hydrocyclone to
obtain two products. The coarser fraction is returned underground hydraulically to act as backfill material in
the mining areas and the fine material is delivered to a tailing impoundment area via a pipeline. The tailings
storage facility is constructed primarily of waste rock from the mine. The tailings facilities are continually
reviewed and expanded as required, and engineered and constructed to ensure geotechnical stability by Pan
American’s independent designer and Engineer of Record, Anddes Associates, based in Lima, Peru.
Inspections and monitoring instrumentation are in place to confirm that the performance of the facilities is
stable and within design limits. The tailings protocol of the Towards Sustainable Mining program from the
Mining Association of Canada has been implemented in the tailings management and Huaron has achieved
level A of the program in tailings protocol.

Recent test work performed by Pocock Industrial indicates that the tailings are amenable to pressure
filtration to produce a stackable product and engineering design for a filtered-stacked tailings facility is
currently in progress. The filtered-stacked facility considers thickening the mill tailings before pressure
filtration to produce a filter cake with a moisture content of approximately 15% by weight. The tailings filter
cake will discharge to a concrete collection bunker where it will be reclaimed into trucks to be delivered to
the filtered-tailings storage facility. Filtrate for the filter presses will be returned to the process or delivered
to the existing tailings facility. The filtered-stacked tailings storage facility will provide additional tailings
storage capacity to the conventional tailings facility. Pending permit approval, the filtered tailings facility is
planned to be constructed in 2023.

17.7 Power, water, and process consumable requirements

The primary source of power for the mine is the Peruvian national power grid and is sufficient for the mine’s
current requirements. The annual power consumption at the processing plant is approximately 29 million
kilowatt hours per year. For water consumption, the mine is authorized to use up to 320 litres per second of
water obtained from a system of nearby lakes for mining and processing activities through payment of a
water use permit. This volume of water is more than sufficient for the mine’s requirements. A summary of
the major process consumable requirements is given in Table 17.1.

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Table 17.1 Summary of major process consumables

Item Annual usage (tonnes)
Grinding media 550
Collectors 44
Frother 41
Copper sulphate 169
Lime 2,200

17.8 Summary of metal production

In the first two quarters of 2022, the mill processed approximately 468,800 tonnes of ore with metallurgical
recoveries averaging 84% for silver, 75% for zinc, 80% for lead, and 78% for copper. Metal production during
2021 was approximately 1.8 Moz of silver, 7,800 tonnes of zinc, 5,500 tonnes of lead, and 2,300 tonnes of
copper. Metal recoveries have been very consistent since 2015 with overall good production results. Metal
production during 2020 was significantly reduced compared to previous years and is largely due to mine
shutdowns associated with the COVID-19 global pandemic; metal recoveries for 2020 were consistent with
previous years and expectations. Metal production for the past 9 years is given in Table 17.2.
Table 17.2 Metal production for the past 9 years
Processed Produced silver Produced zinc Produced lead Produced
Year
tonnes ounces (Moz) tonnes tonnes copper tonnes
2022* 468,800 1.8 7,800 5,500 2,300
2021 940,300 3.5 15,400 7,500 5,900
2020 555,600 2.1 11,200 5,600 3,600
2019 994,000 3.8 18,000 9,200 6,000
2018 935,000 3.6 17,400 8,000 5,400
2017 928,100 3.7 19,400 8,800 6,100
2016 904,400 3.8 20,200 10,800 6,200
2015 894,500 3.7 13,800 7,100 6,800
2014 892,800 3.7 14,600 6,200 6,000
Note: *First half of year.

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18 PROJECT INFRASTRUCTURE
The Huaron mine is an underground silver-copper-lead-zinc mine located in the province of Pasco in the
Central Highlands of Peru. Pan American is the 100% owner of Huaron and the mining concessions, through
its wholly-owned subsidiary, Pan American Silver Huaron S.A.

The mine infrastructure comprises the underground mine workings, processing facilities, existing tailing
impoundments, effluent management and treatment systems, waste rock storage facilities and maintenance
shops and warehouses laboratories, storage facilities, offices, drill core and logging sheds, water and power
lines, access roads, and the worker’s camp and recreational facilities. The primary source of power for the
mine is the Peruvian national power grid and is sufficient for the mine’s current requirements. The power
consumption is approximately 66 million kilowatt hours per year.

The operating mine is mature and site infrastructure including site roads are fully developed to support the
existing mine production of one Mtpa.

A plan of the mine infrastructure is given in Figure 18.1.

Figure 18.1 Mine infrastructure plan

Source: PAS.

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18.1 Transportation and logistics

Access to Huaron is by a continuously maintained 285 km paved highway between Lima and Unish and a
mostly paved 35 km road between Unish and Huaron. Access is also possible by two other longer and more
difficult gravel roads. There is also a light aircraft strip at the town of Vicco, which is located approximately
30 minutes flying time from Lima, at which point an additional 30 minutes of driving is required to reach
Huaron.

The nearest city is Cerro de Pasco, a major historical mining center with a population of approximately
70,000 people, which is connected to Lima 320 km to the southwest by road and rail. The nearby town of
Huayllay also provides workers, lodging, and supplies. Experienced mining personnel from the region
commute to the Property via company sponsored buses, company vehicles, or privately owned vehicles.
Materials, fuel, and produced metal concentrates are transported to their destinations by road.
Concentrates may also be transported by rail.

18.2 Processing facilities

The process plant, known as François, has a capacity of 3,200 tpd of ore and produces three different silver
bearing copper, lead, and zinc concentrates. The process plant consists of crushing, grinding, flotation,
thickening, filtration, and concentrate storage areas. The building also includes some process plant offices
and a reagent preparation area.

Other major processing facilities include a stockpile area near the processing plant and a tailings facility for
the storage of flotation tails. Minor processing facilities include a small building with an analytical lab and
metallurgical lab, another building for general administrative offices, a milk of lime preparation plant, a
water reservoir for domestic use, a water reservoir for industrial use, and two sewage water treatment
plants.

18.3 Water supply

The service water for the entire Huaron mine including the process plant, underground mine and camps is
obtained from Lake Llacsacocha through payment of a water use permit. The average monthly consumption
is around 100 m3/hr. The mine is authorized to use up to 320 litres per second of water. This volume of
water is more than sufficient for the mine’s requirements.

8.3.1 Mine workshop

The central maintenance workshop is located on surface. There are two wash bays, two equipment
maintenance bays, tire shop, centralized lubrication area, bridge crane, spare parts area, warehouse, and
electrical workshop. There are four smaller satellite maintenance bays in the underground mine.

8.3.2 Explosives magazine

The explosives magazine and blasting accessories are located on mining level 500 in an area specially
designed to comply with the Peruvian national regulations. This magazine storage is separated into three
areas for storage of ANFO, emulsion, dynamite and blasting accessories. The storage capacity is sufficient for
30 days.

8.3.3 Fuel storage

The site fuel storage facility with a capacity of 14 days demand is located on surface. A fuel truck / tanker is
used for distribution to the underground mobile fleet.

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8.3.4 Compressed air

The compressed air for underground activities is supplied by four compressors GA 315 (Atlas Copco) with
nominal capacity of 1200 CFM. Air supply is distributed with a 30.5 cm (12 inches) pipeline and supported by
compressed air tanks to maintain the pressure at 7.2 bar (105 PSI).

8.3.5 Electrical power

The primary source of power for the mine is the Peruvian national power grid, National Interconnected
Electrical System (SEIN) and is sufficient for the mine’s current requirements. The power consumption is
approximately 66 million kilowatt hours per year. The electrical power has an installed capacity of 20
megawatts (MW). The powerline comes from the Chungar mine, a mine next to Huaron. The incoming line is
at 50 kilovolts (kV) and transforms to 22.9 kV in Huaron’s main Substation. From here power is distributed to
two substations, Francois substation and RB 29 substation. The voltage is further dropped to 5.5 kV for
reticulation into the mine.

18.4 Mine communication system

The primary means of communication in the mine is by radio.

18.5 Tailings management facilities (TMF)

This is covered in Section 17.6.

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19 MARKET STUDIES AND CONTRACTS

Pan American has been producing silver rich zinc, lead, and copper concentrates at Huaron since 2001,
which are sold under contracts with arm’s length smelters and concentrate traders located in Peru, Asia, and
Europe. Huaron receives payment for an agreed upon percentage of the silver, zinc, lead, or copper
contained in the concentrates it sells after deduction of smelting and refining costs, based on quotational
periods negotiated on each contract that may differ from the month in which the concentrate was
produced. Under these circumstances, Pan American may, from time to time, fix the price for a portion of
the payable metal content during the month that the concentrates are produced. To date, Pan American has
been able to secure contracts for the sale of all concentrates produced, however, there can be no certainty
that Pan American will always be able to do so or what terms will be available at the time.

Huaron has a contract in place with Robocon Shotcrete Services of Lima, Peru, for the preparation,
transport, and application of wet mix shotcrete. The haulage of plant feed for processing up the mine ramp
to surface stockpiles is under a contract with Dinet Logistica Inteligente of Lima, Peru. A contract is also in
place with TUMI Contratistas Mineros S.A.C. of Lima, Peru, for raise boring.

In the opinion of the QP, the contracts in place conform to industry norms.

Martin Wafforn, P.Eng., Senior Vice President, Technical Service and Process Optimization of Pan American
and the QP responsible for this section of the technical report, has reviewed the contract terms, rates, and
charges for the production and sale of the silver, zinc, lead, and copper produced at Huaron, and considers
them sufficient to support the assumptions made in this Technical Report.

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20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY

IMPACT
20.1 Environmental factors
The most significant environmental issue currently associated with the mine is treatment of the waters
discharged from the mine and localized areas of acid rock drainage from historic tailings below the mine’s
tailings deposit. All waters are captured and treated in a treatment plant near the exit of the Paul Nevejans
drainage tunnel to achieve compliance with discharge limits. There are no known environmental or social
issues that could materially impact the mine’s ability to extract the Mineral Resources and Mineral Reserves.

20.2 Environmental studies

A full suite of environmental baseline and impact assessment studies were completed by Pan American for
an update and tailings facility expansion EIA. The studies performed include surface water, groundwater,
biodiversity, seismic hazards, soils, geomorphology, air quality, and climate. No material issues were
identified in any environmental studies and the EIA was approved by the Peruvian Ministry for Energy of
Mines in 2010. Pan American is planning to commence new baseline studies, which will supplement the
regular environmental monitoring, for a modification to the Huaron EIA in mid-2022.

Huaron participates in the Mining Association of Canada’s “Towards Sustainable Mining” program and has
achieved Level A on environmental protocols.

20.3 Permitting factors

Huaron holds all necessary environmental permits for the continued operation of the mine, including
environmental licenses, water use and discharge permits, an approved closure plan, approved management
plans, and approved operating permits for the tailings facility. Huaron has commenced the process of an EIA
modification which will include a number of mine operations and tailings management projects to ensure
continued operations over the LOM.

20.4 Waste disposal

Waste rock is used principally as backfill in the underground mine. Any excess material is deposited in an
engineered waste rock dump at surface or used for tailings dam buttress construction.

The fine fraction of the process tailings is delivered to a tailing impoundment area via a pipeline. The tailing
impoundment area is constructed of quarried rock fill and waste rock from the mine. The facility is
continually reviewed and expanded as required and engineered and constructed to ensure geotechnical
stability by Pan American’s Engineer of Record, Anddes Associates. Monitoring instrumentation is in place to
confirm that the performance of the facility is within design limits. In 2020 and 2021 the tailings facility was
expanded to accommodate production until 2025. Further tailings facility raises will be required throughout
the LOM.

20.5 Site monitoring

Pan American conducts environmental monitoring in and around the mine as part of its approved
environmental management plans which continues to confirm legal compliance and add to the extensive
environmental database. This monitoring includes water flow and quality monitoring, air quality, noise, soil,
and flora and fauna. The mine also records waste generation, recycling, energy consumption, greenhouse
gas emissions, water use, and effluent quality and flow. There are no material issues arising from the results
of this monitoring.

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20.6 Water management

Contact waters, including mine dewatering, tailings facility discharge, and acid drainage from waste rock and
tailings are captured and treated in a treatment plant near the exit of the Paul Nevejans drainage tunnel to
achieve compliance with discharge limits.

20.7 Social and community factors

There are no social or community pressures that materially affect our ability to extract the Mineral Reserves
and Mineral Resources. Pan American’s Peruvian community relations team implements an extensive
program of community engagement activities including information sessions, health services, infrastructure
works, and educational and training programs for the local people, which have resulted in the establishment
of several small businesses.

20.8 Project reclamation and closure

In October 2003, the Peruvian government passed legislation requiring active mining operations to file
closure plans within six months of the date of passage of the legislation. Administrative rules associated with
this legislation which laid out detailed closure requirements, including bonding and tax deductibility of
reclamation and rehabilitation expenses, were promulgated in October 2005. These rules require that
detailed closure plans and cost estimates be compiled by a certified third-party consultant by October 2006.
The original closure plan for Huaron was filed by mid-year 2004.

In August of 2006, Pan American submitted a comprehensive closure plan for Huaron to the MEM in
accordance with that ministry’s regulations. The closure plan was prepared by third-party consultants
registered with the Peruvian authorities as qualified to present closure plans to the MEM. The closure plan
includes a summary of the proposed closure scheme for each of the major areas of impact such as mine
water, tailings areas, waste rock dumps, plant site infrastructure, and the underground mine. A detailed cost
estimate was prepared based on Pan American’s and the consultant’s shared experience with closure works
and experience with other projects in Peru. As required by the MEM, the costs were summarized in three
phases: concurrent closure, final closure, and post closure. Updated closure plans are filed as required, with
the most recent closure plan modification approved in 2019.

A closure cost estimate for Huaron was prepared according to State of Nevada approved Standard
Reclamation Cost Estimator methodology in 2011 and is updated every year. The current undiscounted
value of closure expenditures at Huaron is estimated at $17.6 million.

20.9 Expected material environmental issues

The most significant environmental issue currently associated with the mine is treatment of the waters
discharged from the mine and localized areas of acid rock drainage from historic tailings below the mine’s
tailings deposit. All waters are captured and treated in a treatment plant near the exit of the Paul Nevejans
drainage tunnel to achieve compliance with discharge limits. There are no known environmental or social
issues that could materially impact the mine’s ability to extract the Mineral Resources and Mineral Reserves.

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21 CAPITAL AND OPERATING COSTS

Since the mine is in operation, any sustaining capital expenditures are justified on an on-going basis based
on actual experience at the mine. Sustaining capital expenditures during 2022 primarily for mine
development, diamond drilling, tailings facility expansions and mine infrastructure are estimated to total
$17.5 million. The main mobile mining equipment is leased, and new leases will be undertaken throughout
the LOM to ensure that the mining fleet maintains a high availability. Operating lease expenditures in 2022
are expected to total $2.7 million. The amount of diamond drilling conducted to extend the mine life beyond
the existing Mineral Reserves forming the basis of the current LOM plan will be at the discretion of Pan
American and may depend on the success of exploration and diamond drilling programs, if any, and
prevailing market conditions.

The long-term assumptions for operating costs are shown in Table 21.1. The assumptions are justified on the
basis of the current actual operating costs at the mine, and on the basis of an annual throughput of one
Mtpa. As there are a number of fixed costs associated with operating a large underground mine such as
Huaron, an increase in the annual throughput could reasonably be expected to increase the total costs but
to reduce unit operating costs, and similarly a reduction in throughput could reasonably be expected to
decrease the total costs and to increase the unit operating costs.
Table 21.1 Annual operating costs
Estimated unit costs
Area
(US$ per tonne)
Mining 32.46
Processing 5.78
Maintenance 12.20
Electrical power and distribution 7.93
Safety, environment, and water treatment 3.84
Engineering and geology 3.20
Camp administration 11.48
Sub total production costs 76.89
Administration, insurance, legal, concessions 3.25
Management costs allocated 7.16
Shipping, selling, ocean freight 3.89
Total operating costs 91.19

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22 ECONOMIC ANALYSIS
An economic analysis has been excluded from this Technical Report as Huaron mine is currently in
production and this Technical Report does not include a material expansion of current production.

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23 ADJACENT PROPERTIES
There is no relevant information on adjacent properties to report.

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24 OTHER RELEVANT DATA AND INFORMATION

There is no additional information to report.

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25 INTERPRETATION AND CONCLUSIONS

Pan American has been operating Huaron since 2001 and expects to process approximately one Mtpa over
the course of the remaining LOM.

Pan American conducts infill and near-mine drilling through much of the year and updates Mineral Resource
and Mineral Reserve estimates on an annual basis following reviews of metal price trends, operational
performance and costs experienced in the previous year, and forecasts of production and costs over the
LOM.

There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or
other factors or risks that could materially affect the development of the Mineral Resources other than
noting that delays in the permitting process for the tailings dam filtration plant expansion could impact the
availability of tailings storage. Mineral Reserve estimates are based on assumptions that included mining,
metallurgical, infrastructure, permitting, taxation, and economic parameters. Increasing costs and taxation
and lower metal prices will have a negative impact on the quantity of Mineral Reserve estimates. Other than
normal course changes in metal prices, which fluctuate from time to time, there are no other known factors
that may have a material impact on the Mineral Reserve estimates at Huaron.

Since 2014, the Huaron mine has been processing between 900,000 to 1,000,000 tonnes of ore annually,
producing copper, lead, and zinc concentrates containing approximately 3.7 Moz of silver, 6,000 tonnes of
copper, 8,500 tonnes of lead, and 18,000 tonnes of zinc. Pan American expects to process approximately
one Mtpa in 2022. Engineering design for filtered-stacked tailings is currently underway to complement the
existing conventional tailings facility.

Huaron is a producing mine. No expansions or specific economic analyses are currently underway.

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26 RECOMMENDATIONS
The authors of this report have no further recommendations to make at this time.

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27 REFERENCES

Author Title
Long, S.D., Parker, H.M., and Assay quality assurance-quality control programme for drilling projects at the
Françis-Bongarçon, D. 1997. pre-feasibility to feasibility report level, prepared by Mineral Resources
Development Inc. (MRDI), August 1997.

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28 QP CERTIFICATES
CERTIFICATE of QUALIFIED PERSON
I, Martin Wafforn, Senior Vice President, Technical Services and Process Optimization of Pan American Silver
Corp., 1500-625 Howe St, Vancouver, BC, V6C 2T6, Canada do hereby certify that:

1. I am the co-author of the technical report titled “Technical Report for the Huaron Property, Pasco,
Peru”, with an effective date of October 30, 2022 (the “Technical Report”).
2. I graduated with a Bachelor of Science in Mining degree from the Camborne School of Mines in
Cornwall, England in 1980. I am a Professional Engineer in good standing with The Association of
Professional Engineers and Geoscientists of the Province of British Columbia. I am also a Chartered
Engineer in good standing in the United Kingdom. My experience is primarily in the areas of mining
engineering and I have worked as an engineer in the mining industry for a total of 40 years since my
graduation from the Camborne School of Mines.
3. I have read the definition of ‘qualified person’ set out in National Instrument 43-101 (the
“Instrument”) and certify that by reason of my education, affiliation with a professional association
and past relevant work experience, I fulfil the requirements of a ‘qualified person’ for the purposes of
the Instrument.
4. I have visited the Property on October 27, 2021.
5. I am responsible for Sections 2 - 5, 15, 16, 19 - 22, 24 - 26 and 1.1, 1.7, 1.8, 1.11, 1.12, 12.2 of the
Technical Report.
6. I am currently employed as the Senior Vice President, Technical Services and Process Optimization for
Pan American Silver Corp., the owner of the Property, and by reason of my employment, I am not
considered independent of the issuer as described in Section 1.5 of the Instrument.
7. I have had prior involvement with the Property that is the subject of the Technical Report; I am an
employee of Pan American Silver Corp. and have conducted site visits to the Property, including as
described in Section 2 – Introduction of the Technical Report, and most recently from October 27,
2021.
8. I have read the Instrument and Form 43-101F1, and the Technical Report has been prepared in
compliance with the Instrument and that form.
9. As of the effective date of the Technical Report, to the best of my knowledge, information and belief,
the Technical Report contains all the scientific and technical information that is required to be
disclosed to make the Technical Report not misleading.

Dated at Vancouver, British Columbia, this 25th day of November 2022.

“signed and sealed”

Martin Wafforn, P.Eng.

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CERTIFICATE of QUALIFIED PERSON

I, Christopher Emerson, Vice President, Business Development and Geology of Pan American Silver Corp.,
1500-625 Howe St, Vancouver, BC, V6C 2T6, Canada do hereby certify that:

1. I am the co-author of the technical report titled “Technical Report for the Huaron Property, Pasco,
Peru”, with an effective date of October 30, 2022 (the “Technical Report”).
2. I graduated with a Bachelor of Engineering in Industrial Geology from Camborne School of Mines,
Exeter University, England, in 1998 and earned my Master of Science in Mineral Exploration from
Leicester University in 2000. I am a Fellow of the Australasian Institute of Mining and Metallurgy
(FAusIMM) and a Fellow of the Geological Society of London (FGS). I have worked as a geologist in
both mining and exploration for the past 17 years since my graduation from Leicester University.
3. I have read the definition of ‘Qualified Person’ set out in National Instrument 43-101 (the
“Instrument”) and certify that by reason of my education, affiliation with a professional association,
and past relevant work experience, I fulfil the requirements of a ‘Qualified Person’ for the purposes of
the Instrument.
4. I have visited the Property on October 27, 2021.
5. I am responsible for Sections 6 - 11, 14, 23, 27 and 1.2, 1.3, 1.4, 1.6, 12.1 of the Technical Report.
6. I am currently employed as the Vice President, Business Development and Geology for Pan American
Silver Corp., the owner of the Property, and by reason of my employment, I am not considered
independent of the issuer as described in Section 1.5 of the Instrument.
7. I have had prior involvement with the Property that is the subject of the Technical Report; I am an
employee of Pan American Silver Corp. and have conducted site visits to the Property, including as
described in Section 2 – Introduction of the Technical Report, and most recently on October 27, 2021.
8. I have read the Instrument and Form 43-101F1, and the Technical Report has been prepared in
compliance with the Instrument and that form.
9. As of the effective date of the Technical Report, to the best of my knowledge, information and belief,
the Technical Report contains all the scientific and technical information that is required to be
disclosed to make the Technical Report not misleading.

Dated at Vancouver, British Columbia, this 25th day of November 2022.

“signed and sealed”

Christopher Emerson, FAusIMM

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CERTIFICATE of QUALIFIED PERSON

I, Americo Delgado, Vice President, Mineral Processing, Tailings and Dams of Pan American Silver Corp.,
1500-625 Howe St, Vancouver, BC, V6C 2T6, Canada, do hereby certify that:

1. I am the co-author of the technical report titled “Technical Report for the Huaron Property, Pasco,
Peru”, with an effective date of October 30, 2022 (the “Technical Report”).
2. I graduated with a Master of Science in Metallurgical and Material Engineering from the Colorado
School of Mines in Golden, Colorado, in 2007, and with a Bachelor of Science in Metallurgical
Engineering degree from the Universidad Nacional de Ingenieria, Lima, Peru, in 2000. I am a
Professional Engineer in good standing with the Association of Professional Engineers and
Geoscientists of the Province of British Columbia. My experience is primarily in the areas of metallurgy
and mineral processing engineering and I have worked as a metallurgist in the mining industry for a
total of 21 years since my graduation from the Universidad Nacional de Ingenieria.
3. I have read the definition of ‘qualified person’ set out in National Instrument 43-101 (the
“Instrument”) and certify that by reason of my education, affiliation with a professional association
and past relevant work experience, I fulfil the requirements of a ‘qualified person’ for the purposes of
the Instrument.
4. I have visited the Property on September 21 - 23, 2021.
5. I am responsible for Sections 13, 17, 18, and 1.5, 1.9, 1.10, 12.3 of the Technical Report.
6. I am currently employed as the Vice President, Mineral Processing, Tailings and Dams for Pan
American Silver Corp., the owner of the Property, and by reason of my employment, I am not
considered independent of the issuer as describe in Section 1.5 of the Instrument.
7. I have had prior involvement with the Property that is the subject of the Technical Report; I am an
employee of Pan American Silver Corp. and have conducted site visits to the Property, including as
described in Section 2 – Introduction of the Technical Report, and most recently from September 21 -
23, 2021.
8. I have read the Instrument and Form 43-101F1, and the Technical Report has been prepared in
compliance with the Instrument and that form.
9. As of the effective date of the Technical Report, to the best of my knowledge, information and belief,
the Technical Report contains all the scientific and technical information that is required to be
disclosed to make the Technical Report not misleading.

Dated at Vancouver, British Columbia, this 25th day of November 2022.

“signed and sealed”

Americo Delgado, P.Eng.

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