Exhibit 96.1

	QP Name or Company		Responsible for the Following Sections	Signature	Date
	Ausenco Engineering Canada ULC		1.9,1.13,1.16,2,9.3,10,14,17,22.5,22.8,22.11,22.14.1.2, 22.14.2.5, 23.6, 24	“Signed”
	Christopher Pascoe, RM SME		1.1,1.14,1.15,1.17,1.18,1.19,2,15,16,18,19,20,21,22.1, 22.9, 22.10, 22.12, 22.13, 22.14.1.5, 22.14.2.6, 22.14.2.7, 23.1, 24, 25	“Signed”
	Joseph Wallick, P.Eng		1.11,1.12,2,12,13,22.6,22.7,22.14.1.4, 22.14.2.4, 22.14.2.5,23.5, 24	“Signed”
	P&E Mining Consultants, Inc.		1.2,1.3,1.4,1.5,1.6,1.7,1.8 1.10, 3, 4, 5, 6, 7, 8, 9.1, 9.2, 9.4, 11, 22.2,22.3,22.4,22.14.1.1, 22.14.1.3, 22.14.1.4, 22.14.2.1, 22.14.2.2, 22.14.2.3, 23.2, 23.3, 23.4, 24	“Signed”

1	EXECUTIVE SUMMARY			1
	1.2	Introduction		1
	1.3	Project Setting		1
	1.4	Property Description and Location		2
	1.5	History		3
	1.6	Geology and Mineralization		3
	1.7	Exploration and Sampling		4
	1.8	Drilling and Sampling		5
	1.9	Data Verification		7
	1.10	Metallurgical Testwork		8
	1.11	Mineral Resource Estimate		8
	1.12	Mineral Reserve Estimate		11
		1.11.1	Estimation Methodology	11
		1.11.2	Mineral Reserve Statement	12
		1.11.3	Factors that May Affect the Mineral Reserve Estimate	13
	1.13	Mining Methods		13
	1.14	Recovery Methods		14
	1.15	Project Infrastructure		16
		1.14.1	Introduction	16
		1.14.2	Waste Rock Storage Facility	19
		1.14.3	Ore Stockpiles	19
		1.14.4	Filtered Tailings Storage Facility	19
		1.14.5	Power and Fuel	19
		1.14.6	Camp	19
		1.14.7	Water Management	20
	1.16	Market Studies and Contracts		20
	1.17	Environmental Studies, Permitting and Social or Community Impact		21
		1.16.1	Environmental Considerations	21
		1.16.2	Permitting Considerations	21
		1.16.3	Environmental Management Plans	22
		1.16.4	Waste Considerations	22
		1.16.5	Social and Community Considerations	22
		1.16.6	Closure Considerations	23
	1.18	Sustaining Capital and Operating Costs		23

24	REFERENCES			350
25	RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT			354
	25.1	Introduction		354
	25.2	Legal Matters		354
	25.3	Environmental Matters and Community Accommodations		354
		25.3.1	Market Information	355
		25.3.2	Taxation	355

Table 1‑1:	Summary of Gold and Silver Measured, Indicated and Inferred Mineral Resource Statement as at December 31, 2024 (Based on US$2,100/oz gold price and US$27/oz silver price)(1-10)	11
Table 1‑2:	Summary of Gold and Silver Proven and Probable Mineral Reserve Statement as at December 31, 2024 (based on US$1,800/oz gold price and US$20/oz silver price) (1-4)	13
Table 1‑3:	Gold and Silver Price Assumptions for Mineral Reserves and Mineral Resources	20
Table 1‑4:	LOM Sustaining Capital Cost Summary ($M)	23
Table 1‑5:	Operating Cost Summary	24
Table 1‑6:	Economic Analysis Summary	25
Table 1‑7:	Summary of Budget for Recommended Phase 1 and Phase 2	26
Table 2‑1:	Unit Abbreviations	29
Table 2‑2:	Name Abbreviations	30
Table 2‑3:	Definitions	33
Table 3‑1:	Mineral Concessions of the Las Chispas Operations Property1	38
Table 5‑1:	Las Chispas Mine Production, 1908 to 1911 (Dufourcq 1910)	49
Table 5‑2:	Espíritu Santo Mine Production, 1934 (Mulchay, 1935)	49
Table 5‑3:	Summary of Minefinders 2011 RC Drill Program	51
Table 6‑1:	Correlation Coefficient Table, Anomalous Values Highlighted, >0.25 and <0.25 (January 2018)	60
Table 6‑2:	Basic Statistics for Trace Elements (January 2018)	61
Table 7‑1:	Las Chispas Vein – Significant Channel Sampling Results Before February 2019	100
Table 7‑2:	Las Chispas Area, Other Vein Targets – Significant Channel Sampling Results Before February 2019	100
Table 7‑3:	Historical Babicanora Main Vein, Other Vein Targets – Significant Channel Sampling Results Before February 2019	101
Table 7‑4:	List of Surface Historical Stockpiles (Dumps, Muck and Tailing) Mapped in the Las Chispas Operation Area	104
Table 7‑5:	Summary of Channel Samples by Vein and Level as of June 30, 2022	110
Table 7‑6:	Summary of Drilling Meters and Drill Core Sampling Completed to October 31, 2024*	119
Table 8‑1:	Summary of Bulk Density Measurements at Las Chispas Operation	136
Table 8‑2:	Standards Expected Au and Ag Values and the Failure Rates for January 2020 to June 2022 Drilling	144
Table 8‑3:	Standards Expected Au and Ag Values and the Failure Rates for Jan 2020 to Jun 2022 Drilling	145
Table 8‑4:	Standards Expected Au and Ag Values and the Failure Rates for SGS-Arizpe, April to June, 2022	145

Table 8‑5:	Standards Expected Au and Ag Values and the Failure Rates for Jul 2022 to Oct 2024 Definition Drilling	147
Table 8‑6:	Standards Expected Au and Ag Values and the Failure Rates for Jul 2022 to Oct 2024 Exploration Drilling	156
Table 8‑7:	Standards Expected Au and Ag Values and the Failure Rates for SGS-Arizpe, July 2022 to October 2024 Underground Channel Sampling	167
Table 10‑1:	Forecast Life of Mine Average Au and Ag Recovery	187
Table 11‑1:	Drillhole Database Summary	188
Table 11‑2:	Las Chispas Assay Database Summary	191
Table 11‑3:	Rock Codes Used for the Mineral Resource Estimate	195
Table 11‑4:	Basic Statistics of All Assays Constrained Within Clipped Vein Wireframes	197
Table 11‑5:	Basic Statistics of Composites Constrained Within Clipped Vein Wireframes	203
Table 11‑6:	Gold Grade Capping	209
Table 11‑7:	Silver Grade Capping	214
Table 11‑8:	Block Models Definitions	220
Table 11‑9:	Block Model Grade Interpolation Parameters for the Babicanora Area (11 pages)	221
Table 11‑10:	Mineral Resource Estimate (1-10)	237
Table 11‑11:	Average Grade Comparison of the Block Models of the Main Veins by Software Type	238
Table 11‑12:	Risks by Category	244
Table 12‑1:	Input Parameters to Cut-off Grade Determination, Mineral Reserves	253
Table 12‑2:	Dilution Factors	254
Table 12‑3:	Mineral Reserve Estimate	255
Table 13‑1:	Production Schedule	263
Table 13‑2:	Underground Equipment	264
Table 14‑1:	Process Design Criteria	268
Table 14‑2:	Summary of Reagent Used in the Process Plant	279
Table 17‑1:	Baseline and Supporting Studies	300
Table 17‑2:	Key Permit List	303
Table 17‑3:	Current Permits and Validity	304
Table 17‑4:	Source of Employment	309
Table 18‑1:	Sustaining Capital Costs for the LOM ($M)	315
Table 18‑2:	Underground Capital Development Schedule – Lateral and Vertical	315
Table 18‑3:	Operating Cost Summary	316
Table 18‑4:	Mining Costs by Activity	318
Table 18‑5:	LOM Process Operating Cost Breakdown	319
Table 18‑6:	General and Administrative (G&A) Costs for the LOM	319
Table 19‑1:	LOM Processing Recoveries	323
Table 19‑2:	Metal Price Assumptions	323
Table 19‑3:	LOM Operating Costs	324
Table 19‑4:	Sustaining Capital Cost	325
Table 19‑5:	Economic Analysis Summary	326
Table 19‑6:	Cost Summary	328
Table 19‑7:	Post-Tax NPV($M) Sensitivities (base-case is bolded)	329

Table 19‑8:	Economic Results for Different Metal Price Scenarios	329
Table 22‑1:	LOM Sustaining Capital Cost Estimates ($M)	338
Table 22‑2:	Operating Cost Summary	338
Table 23‑1:	Summary of Budget for Recommended Exploration and Development Activities	344

Figure 1‑1:	Overall Process Design	16
Figure 1‑2:	Site Layout	18
Figure 3‑1:	View Across the Las Chispas Property (View Looking Eastwards)	35
Figure 3‑2:	Regional Location Map of the Las Chispas Property	36
Figure 3‑3:	General Map Showing Mineral Concessions and Surface Rights for Las Chispas Property	37
Figure 4‑1	Tetuachi Bridge	41
Figure 4‑2:	Water Distribution Tank Located Near the Main Office	43
Figure 4‑3:	Sonora River Pumping Station	44
Figure 4‑4:	North Pond	45
Figure 4‑5:	West Pond	45
Figure 4‑6:	Emergency Pond	46
Figure 6‑1:	Regional Geology Showing Major Graben of the Rio Sonora and Continuous Normal Fault between Santa Elena and Las Chispas	54
Figure 6‑2:	Stratigraphic Column for Las Chispas Property	56
Figure 6‑3:	Las Chispas District Geology Map	57
Figure 6‑4:	Las Chispas District Cross Section	58
Figure 6‑5:	Thin Section of Gold and Silver Emplacement at Las Chispas	63
Figure 6‑6:	Breccias at Las Chispas	64
Figure 6‑7:	Laminated (Banded) Vein Style Mineralization Along Las Chispas Vein, Tip of Rock Hammer Shown on Upper Left (Near SilverCrest Sample 2277908,1.04 g/t Au and 197 g/t Ag over 1.33 m)	65
Figure 6‑8:	Breccia Style Mineralization Along Las Chispas Vein (Base of Las Chispas Gallery near SilverCrest Sample 617179 2.34 g/t Au and 344 g/t Ag)	66
Figure 6‑9:	Overview of the Las Chispas and Babicanora Area Veins	67
Figure 6‑10:	3D View of Babicanora Area with Veins	68
Figure 6‑11:	High Grade (>500 g/t AgEq) Drill Hole Pierce Points for the Babicanora Veins	68
Figure 6‑12:	Plan View of Geographical Mapping at the Babicanora Area	70
Figure 6‑13:	Babicanora Main Vein Longitudinal Section	71
Figure 6‑14:	Vertical Cross Section through Las Chispas Operation Veins, (looking northwest)	71
Figure 6‑15:	A. Sinter Lamina, B. Quartz Replacement of Bladed Calcite with Minor Amethyst, C. Massive Chalcedonic Quartz	73
Figure 6‑16:	Babicanora Thin Section with Gold and Argentite	74
Figure 6‑17:	Babicanora Vein Textures	74

Figure 6‑18:	Drill Hole BA17-51 (Discovery Hole for Area 51 Zone); from 265.9 to 269.2 m, 3.3 m (3.1 m True Thickness) Grading 40.45 g/t Au and 5,375 g/t Ag, with Hematite Breccias, Coarse Banded Argentite, Native Silver, Electrum, and Native Gold.	75
Figure 6‑19:	Babicanora Vein Intercepted by Santa Rosa Decline in June 2019	76
Figure 6‑20:	Underground Plan Map of Babicanora Main Vein, Area 51 Zone, Level 1111 (masl)	77
Figure 6‑21:	Babicanora Main Vein, Area 51 Zone, Face Map of Vein with Fault Zone (looking northwest)	78
Figure 6‑22:	Drill Hole BAN18-10, From 93.0 to 95.5 m Grading 61.36 g/t Au and 2,834 g/t Ag with Visible Argentite, Pyrargyrite, Electrum, Native Silver, and Native Gold	79
Figure 6‑23:	Location of Babicanora Norte Vein, Area 200 Zone	80
Figure 6‑24:	Long Section of the Babicanora Norte Vein	80
Figure 6‑25:	Longitudinal Section of the Babicanora Norte Vein Area 200	81
Figure 6‑26:	Drill Hole BAS22-209, from 159.00 to 160.45 m at 1.0 m (True Thickness) Grading 38.12 g/t Au and 165.0 g/t Ag	82
Figure 6‑27:	Long Section of the Babicanora Sur Vein	82
Figure 6‑28:	Long Section of the Babi Vista Vein	84
Figure 6‑29:	Drill Hole LC17-45; from 159.6 to 161.9 m at 2.3 m (1.9 m True Thickness) Grading 50.56 g/t Au and 5,019 g/t Ag with Coarse Argentite and Electrum	85
Figure 6‑30:	Plan View of Geological Mapping at the Las Chispas Area	87
Figure 6‑31:	Geological Cross Section through the Las Chispas Property (looking northwest)	88
Figure 6‑32:	Long Section of Las Chispas Vein with Area 118 Zone	88
Figure 6‑33:	William Tell Underground Channel Sample No. 144840 Grading 13.4 g/t Au and 1,560 g/t Ag	90
Figure 6‑34:	William Tell Vein, Drill Hole LC16-03, from 172 to 176 m, 4 m (1.5 m True Thickness) Grading 2.03 g/t Au and 683 g/t Ag	90
Figure 6‑35:	Detailed Low Sulfidation Deposit with Ore, Gangue and Vein Textures with Estimated Location of Las Chispas Epithermal Mineralization	95
Figure 6‑36:	Illustration of Intermediate Sulfidation Hydrothermal Systems	96
Figure 7‑1:	Photos of Las Chispas Underground Rehabilitation Activities	99
Figure 7‑2:	Las Chispas Historical Longitudinal Section Showing the Mine Workings (looking northeast)	102
Figure 7‑3:	Location of Surface Stockpiles and Historical Mine Stockpiles Mapped and Sampled by SilverCrest Phase III Surface Geological Mapping and Lithological Program	105
Figure 7‑4:	Geological Mapping and Lithological Modelling at Las Chispas Operations	108
Figure 7‑5:	Long Section of the Babicanora Main vein showing the channel samples descripted in Table 7-5	113
Figure 7‑6:	Long Section of the Babicanora Norte vein showing the channel samples listed in Table 5-5	114
Figure 7‑7:	Long Section of the Babi Vista vein showing the channel samples descripted in Table 7-5	115
Figure 7‑8:	Location of Las Chispas District Veins, Santa Rosa Decline and Intersection with Babicanora Main Vein	116
Figure 7‑9	Location of Las Chispas District Veins, Santa Rosa Decline and Intersection with Babicanora Main Vein	117
Figure 7‑10:	Las Chispas Drill Program Phase Map & District Veins	123
Figure 8‑1:	Definition Drilling CRM CDN-ME 1805 Analysis for Gold	148
Figure 8‑2:	Definition Drilling CRM CDN-ME-1805 Analysis for Silver	148
Figure 8‑3:	Definition Drilling CRM CDN-ME 2104 Analysis for Gold	149
Figure 8‑4:	Definition Drilling CRM CDN-ME-2104 Analysis for Silver	149

Figure 8‑5:	Definition Drilling CRM CDN-ME 1902 Analysis for Gold	150
Figure 8‑6:	Definition Drilling CRM CDN-ME 1902 Analysis for Silver	150
Figure 8‑7:	Definition Drilling CRM LC-2022-LOW Analysis for Gold	151
Figure 8‑8:	Definition Drilling CRM LC-2022-LOW Analysis for Silver	151
Figure 8‑9:	Definition Drilling CRM LC-2022-MID Analysis for Gold	152
Figure 8‑10:	Definition Drilling CRM LC-2022-MID Analysis for Silver	152
Figure 8‑11:	Definition Drilling CRM LC-2022-HIGH Analysis for Gold	153
Figure 8‑12:	Definition Drilling CRM LC-2022-HIGH Analysis for Silver	153
Figure 8‑13:	Analytical Results for Gold Grades from Definition Drilling QA/QC Blank Sample Insertions	154
Figure 8‑14:	Analytical Results for Silver Grades from Definition Drilling QA/QC Blank Sample Insertions	155
Figure 8‑15:	Exploration Drilling CRM CDN-ME 1805 Analysis, Gold	156
Figure 8‑16:	Exploration Drilling CRM CDN-ME-1805 Analysis for Silver	157
Figure 8‑17:	Exploration Drilling CRM CDN-ME 1902 Analysis for Gold	157
Figure 8‑18:	Exploration Drilling CRM CDN-ME 1902 Analysis for Silver	158
Figure 8‑19:	Exploration Drilling CRM LC-2022-LOW Analysis for Gold	158
Figure 8‑20:	Exploration Drilling CRM LC-2022-LOW Analysis for Silver	159
Figure 8‑21:	Exploration Drilling CRM LC-2022-MID Analysis for Gold	159
Figure 8‑22:	Exploration Drilling CRM LC-2022-MID Analysis for Silver	160
Figure 8‑23:	Exploration Drilling CRM LC-2022-HIGH Analysis for Gold	160
Figure 8‑24:	Exploration Drilling CRM LC-2022-HIGH Analysis for Silver	161
Figure 8‑25:	Analytical Results for Gold Grades from Definition Drilling QA/QC Blank Sample Insertions	162
Figure 8‑26:	Analytical Results for Silver Grades from Definition Drilling QA/QC Blank Sample Insertions	162
Figure 8‑27:	Exploration Drilling Field Duplicate Analytical Results for Gold	163
Figure 8‑28:	Exploration Drilling Field Duplicate Analytical Results for Silver	164
Figure 8‑29:	Exploration Drilling Laboratory Duplicate Analytical Results for Gold	165
Figure 8‑30:	Exploration Drilling Laboratory Duplicate Analytical Results for Silver	166
Figure 8‑31:	Underground Channel Sampling CRM CDN-ME-1805 Analysis for Gold	167
Figure 8‑32:	Underground Channel Sampling CRM CDN-ME-1805 Analysis for Silver	168
Figure 8‑33:	Underground Channel Sampling CRM CDN-ME-1902 Analysis for Gold	168
Figure 8‑34:	Underground Channel Sampling CRM CDN-ME-1902 Analysis for Silver	169
Figure 8‑35:	Underground Channel Sampling CRM LC-2022-LOW Analysis for Gold	169
Figure 8‑36:	Underground Channel Sampling CRM LC-2022-LOW Analysis for Silver	170
Figure 8‑37:	Underground Channel Sampling CRM LC-2022-MID Analysis for Gold	170
Figure 8‑38:	Underground Channel Sampling CRM LC-2022-MID Analysis for Silver	171
Figure 8‑39:	Underground Channel Sampling CRM LC-2022-HIGH Analysis for Gold	171
Figure 8‑40:	Underground Channel Sampling CRM LC-2022-HIGH Analysis for Silver	172
Figure 8‑41:	Analytical Results for Gold Grades from Underground Channel Sampling QA/QC Blank Sample Insertions	173
Figure 8‑42:	Analytical Results for Ag Grades from Underground Channel Sampling QA/QC Blank Sample Insertions	173
Figure 8‑43:	Underground Channel Sampling Field Duplicate Analytical Results for Gold	174
Figure 8‑44:	Underground Channel Sampling Field Duplicate Analytical Results for Silver	175
Figure 8‑45:	Underground Channel Sampling Coarse Reject Duplicate Analytical Results for Gold	176

Figure 8‑46:	Underground Channel Sampling Coarse Reject Duplicate Analytical Results for Silver	177
Figure 9‑1:	March 2022 Site Visit Sample Comparison for Gold	180
Figure 9‑2:	March 2022 Site Visit Sample Comparison for Silver	180
Figure 9‑3	December 2024 Site Visit Sample Comparison for Gold	182
Figure 9‑4:	December 2024 Site Visit Sample Comparison for Silver	182
Figure 10‑1:	2024 Daily Operating Gold Recoveries at Las Chispas	184
Figure 10‑2:	Gold Recovery as a Function of Head Grade	185
Figure 10‑3:	2024 Daily Operating Silver Recoveries as a Function of Time	186
Figure 10‑4:	Silver Recovery as a Function of Head Grade	186
Figure 11‑1:	Babicanora Drill Hole Plan	189
Figure 11‑2:	Las Chispas Drill Hole Plan	190
Figure 11‑3:	Babicanora 3D Domains	193
Figure 11‑4:	Las Chispas 3D Domains	194
Figure 11‑5:	AgEq Longitudinal Projection for BAM	231
Figure 11‑6:	AgEq Longitudinal Projection for BAN_SE	232
Figure 11‑7:	AgEq Longitudinal Projection for BAS_Main	233
Figure 11‑8:	AgEq Longitudinal Projection for BAV	234
Figure 11‑9:	AgEq Longitudinal Projection for LC	235
Figure 11‑10:	Babicanora Main Vein (including BAM_Main, RDCLF and Central) Au and Ag Grade Swath Plot	239
Figure 11‑11:	Babicanora Norte SE Vein Au and Ag Grade Swath Plot	240
Figure 11‑12:	Babicanora Sur Main Vein Au and Ag Grade Swath Plot	241
Figure 11‑13:	Babicanora Vista Main Vein Au and Ag Grade Swath Plot	242
Figure 11‑14:	Las Chispas Main Vein Au and Ag Grade Swath Plot	243
Figure 12‑1:	Deposit Layout Plan	246
Figure 12‑2:	Babicanora Complex Plan View	247
Figure 12‑3:	Babicanora Vein Overview Plan View	248
Figure 12‑4:	Babicanora Looking Northeast	249
Figure 12‑5:	Las Chispas Complex Plan View	250
Figure 12‑6:	Las Chispas Looking Northeast	251
Figure 13‑1:	Las Chispas Final Mine Design Plan View by Vein	257
Figure 14‑1:	Daily Tonnes Processed since January 1, 2024	266
Figure 14‑2:	Overall Process Flow Diagram	267
Figure 15‑1:	Current Site Layout	284
Figure 16‑1:	Gold and Silver Price Assumptions for Mineral Reserves and Mineral Resources	298
Figure 19‑1:	LOM Production Forecast (Moz)	322
Figure 19‑2:	Ore Mining Schedule	323
Figure 19‑3:	After-Tax Cash Flow	328
Figure 19‑4:	Post-Tax NPV Sensitivities	329

1	EXECUTIVE SUMMARY

1.2	Introduction

1.3	Project Setting

1.4	Property Description and Location

1.5

History

1.6	Geology and Mineralization

1.7	Exploration and Sampling

1.8	Drilling and Sampling

1.9	Data Verification

1.10	Metallurgical Testwork

1.11	Mineral Resource Estimate

•	Ag price: $27/oz (approximate 18-month trailing average as of December 31, 2024)

•	Ag process recovery: 98%

•	Marginal mining cost: $55/t

•	Processing cost: $45/t

•	G&A: $27/t.

•	($45+$45+$27)/($27/31.1035 x 98%) = ~150 g/t AgEq

Mineral Resources Exclusive of Mineral Reserves	Classification	Tonnes (k)	Au (g/t)	Ag (g/t)	Contained Au (k oz)	Contained Ag (k oz)	Silver Equivalent Average Cut-off Grade (g/t AgEq)	Metallurgical Recovery
								Ag (%)	Au (%)
Babicanora Area Veins	Measured	106	10.45	1,067.9	35	3,623	150	98	98
	Indicated	811	3.88	312.9	101	8,153	150	98	98
	Meas + Ind	916	4.63	399.8	136	11,776	150	98	98
Las Chispas Area Veins	Indicated	182	3.28	451.7	19	2,646	150	98	98
Total	Meas + Ind	1,098	4.41	408.4	156	14,422	150	98	98
Babicanora Area Veins	Inferred	747	3.76	242.8	90	5,829	150	98	98
Las Chispas Area Veins	Inferred	411	4.03	322.2	53	4,260	150	98	98
Total	Inferred	1,158	3.86	271.0	143	10,088	150	98	98

1.12	Mineral Reserve Estimate

Mineral Reserve Classification	Tonnes (kt)	Grade		Contained Ounces		Silver Equivalent Average Cut-off Grade (g/t AgEq)	Metallurgical Recovery
		Ag (g/t)	Au (g/t)	Ag (koz)	Au (koz)		Ag (%)	Au (%)
Proven	714	548.6	5.13	12,586	118	250	97.5	98.0
Probable	2,449	265.8	3.03	20,931	239	250	97.5	98.0
Total Proven and Probable	3,163	329.6	3.51	33,516	357	250	97.5	98.0

1.13	Mining Methods

1.14	Recovery Methods

•	Major equipment is designed for nominal throughput of 1,250 t/d with the ability to accommodate increased throughput up to 1,750 t/d via an expansion to the comminution circuit.

•	Crushing circuit availability of 70% is being achieved or exceeded at the Process Plant.

•

The Process Plant includes semi-autogenous grinding (SAG), flotation, independent cyanide leaching circuits for flotation concentrate and tailings streams, Merrill Crowe circuit, Cyanide destruction and tailings handling facilities, and is achieving an overall availability of greater than the design value of 91.3%.

1.15	Project Infrastructure

•	Underground mine, including portals (3), ramps and vents,

•	Roads: main access road, site access road, bridge crossing, borrow pit haul road, filtered tailings storage facility (FTSF) haul road, waster rock storage facility (WRSF) haul road, and explosives access road,

•	Diversion and collection channels, culverts, and containment structures,

•	Site main gate and guard house (2),

•	Accommodation camp,

•	Power and water distribution,

•	Warehouse and truck shop, offices, medical clinic, and nursery,

•	Explosives magazines,

•	Process Plant,

•	Control room,

•	Doré room,

•	Assay laboratory (off-site facility),

•	Reagent storage facilities,

•	Water treatment plant,

•	Mineralized stockpiles and WRSFs,

•	Filtered tailings storage facility (FTSF),

•	Nuclear devices storage facility,

•	Hazardous waste interim storage facility, and

•	Exploration core shacks.

1.16	Market Studies and Contracts

	Element	Mineral Reserve Prices	Mineral Resource Prices
	Silver ($/oz)	23.50	27.00
	Gold ($/oz)	1,800	2,100

1.17	Environmental Studies, Permitting and Social or Community Impact

1.18	Sustaining Capital and Operating Costs

Calendar Year		LOM	2025	2026	2027	2028	2029	2030	2031
Production Year			1	2	3	4	5	6	7
	U/G Mine Development	139.3	30.6	31.4	29.8	20.6	15.1	11.8	-
	U/G Mine Infrastructure	14.9	3.8	6.1	1.7	2.1	1.2	-	-
	Process Plant	4.0	1.9	0.5	0.5	0.5	0.5	-	-
	Other Sust. & Dev.	0.6	-	-	-	0.3	-	0.3	-
	G&A (including mobile)	4.3	1.1	0.8	0.8	0.8	0.8	-	-
	Total	163.1	37.5	38.8	32.8	24.3	17.6	12.1	-

Area		LOM Average Operating Cost
	Mining* ($/t processed)	110.29
	Process ($/t processed)	42.05
	G&A ($/t processed)	24.61
	Total LOM Operating Cost ($/t processed)	176.95

1.19	Economic Analysis

1.20	Recommendations

	Exploration and Development Activity	Cost Estimate ($M) 2025
	Exploration and Mineral Resource Conversion Drilling (74,800 m)	14.50
	QA/QC	0.10
	Bulk Density Investigation	0.03
	Resource Estimation	0.10
	Mine Design	0.10
	Sub-Total	14.80
	Contingency (10%)	1.50
	Total	16.30

2	INTRODUCTION

2.1	Introduction

2.2	Report Purpose

2.3	Terms of Reference

2.4	Site Visits and Scope of Personal Information

2.5	Information Sources and References

2.6	Previous Technical Reports

•

Murray, K., Weston, S., Marthinus Marx, W., Langlais, P., Verreault, M., Peacock, B., Barry, J., Burga, D., Puritch, E., Stone, W., Wu, Y., Lee, C. and Preciado, H.F., 2023, Las Chispas Operation Technical Report, for SilverCrest Metals Inc., Effective date: July 19, 2023, Report Date: September 5, 2023.

•

Kalanchey, R, Weston, S., Stone, W., Puritch, E., Burga, D., Barry, J., Wu, Y., Turner, A.J., Michaud, C., Verreault, M., Aref, K., and Preciado, H., 2021, NI 43-101 Technical Report & Feasibility Study on the Las Chispas Project, Sonora, Mexico, for SilverCrest Metals Inc., Effective date: January 4, 2021.

•	Barr, J., Ghaffari, H., and Horan, M., 2019: Technical Report and Preliminary Economic Assessment for the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date May 15, 2019, amended July 19, 2019.

•	Barr, J., and Huang, J., 2019: Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date February 8, 2019.

•	Fier, N.E., 2018: Technical Report and Updated Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico: report prepared for SilverCrest Metals Inc., effective date September 13, 2018.

•	Barr, J., 2018: Technical Report and Mineral Resource Estimate for the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date February 12, 2018, amended May 9, 2018.

•	Barr, J., 2016: Technical Report on the Las Chispas Property, Sonora, Mexico: report prepared by Tetra Tech Canada Inc. for SilverCrest Metals Inc., effective date September 15, 2016.

2.7	Units and Abbreviations

	Abbreviation		Description
	$		United States dollar
	MXN		Mexican peso
	°C		degree Celsius
	°F		degree Fahrenheit
	%		percent
	μ		micro
	μm		micrometer
	C$		Canadian dollar
	cm		centimeter
	CN		Free Cyanide in solution
	ft		feet
	ft2		square feet
	g		gram
	g/t		grams per metric tonne
	ha		hectare
	hr		hour
	HP		horsepower
	km		kilometer
	koz		thousand ounces
	kV		kilovolt
	kg/t		kilo grams per tonne
	kW		kilowatt
	kWh		kilowatt-hour
	kWh/t		kilowatt-hours per metric tonne
	kN/m3		kilonewton per cubic meter
	MW		megawatt
	kPa		kilopascal
	kcmil		thousand circular mills
	kN		kilonewton
	masl		meters above sea level

	Abbreviation		Description
	mamsl		meters above mean sea level
	L/s		litre per second
	M		million
	m		meter
	m/a		meters per annum
	m/d		meters per day
	m2		square meter
	m3		cubic meter
	mm		millimeters
	t		metric tonne
	Mt		million tonnes
	oz		ounce
	Moz		million ounces
	Mt		mega tonne
	ppb		parts per billion
	ppm		parts per million
	ton		short ton
	t/h		metric tonnes per hour
	t/d		metric tonnes per day
	t/a		metric tonnes per annum
	w/w/ w/s		gravimetric moisture content (weight of water/weight of soil)
	wt		weight

	Abbreviation		Description
	3D		three-dimensional
	AAS		atomic absorption spectroscopy
	ABA		acid base accounting
	AES		atomic emission spectrometry
	AgEq		silver equivalent
	ALS		ALS Chemex
	ARD		acid rock drainage
	BAC		Babi Central
	BAM		Babi
	BAN		Babicanora Agrícola Del Noroeste S.A de C.V
	BAV		Babi Vista
	CCD		counter-current decantation
	CCTV		closed circuit television

	Abbreviation		Description
	CDN Labs		CDN Resource Laboratories Ltd.
	CEDES		Comisión de Ecología y Desarrollo Sustentable del Estado de Sonora (Commission of Ecology and Sustainable Development of the State of Sonora, Mexico)
	CFE		Comisión Federal de Electricidad (Federal Electricity Commission of Mexico)
	CMT		construction management team
	CNCF		cumulative cash flow
	COG		cut-off grade
	CONAGUA		Comisión Nacional del Agua (National Water Comission of Mexico)
	CPI		consumer price index
	CRF		cemented rock fill
	CRM		certified reference materials
	CSR		corporate social responsibility
	CSS		closed side setting
	CSV		comma-separated value
	DCS		distributed control system
	DSO		Deswik Stope Optimizer software
	EBITDA		earnings before interest, taxes, depreciation and amortization
	ELOS		equivalent linear overbreak/slough
	EPCM		Engineering, Procurement and Construction Management
	ESG		Environmental, Social and Governance
	ESMS		environmental and social management system
	FA		fire assay
	FTSF		filtered tailings storage facility
	FW		footwall
	G&A		General and Administration
	GIS		geographic information system
	GPS		global positioning system
	HDPE		high density polyethylene
	HR		hydraulic radius
	HRI		Hydro-Ressources Inc.
	HW		hangingwall
	ICP		inductively coupled plasma
	ID		inverse distance
	ID3		inverse distance weighting to the third power
	IP		Preventive Report (Informe Preventivo)
	IRR		internal rate of return
	LAN		local area network

	Abbreviation		Description
	LiDar		light detection and ranging data
	LLA		Compañía Minera La Llamarada S.A. de C.V (subsidiary of Coeur Mining in Mexico)
	LOM		life of mine
	LRS		longhole retreat stoping
	MC-HS		master composite historic stockpile
	MED Comp		medium grade composite
	MGM		mine general manager
	MIA		Spanish acronym for Environmental Impact Assessment
	ML		metals leaching
	MS		mass spectrometry
	MSO		Mineable Shape Optimizer software
	N’		stability number
	NAF		non-acid forming
	NAG		net acid generation
	NCF		net cash flow
	NN		nearest neighbor
	NPV		net present value
	NW		northwest
	OEM		original equipment manufacturer
	OIS		operator interface station
	ORP		operation readiness plan
	P&E		P&E Mining Consultants Inc.
	PCR		polymerase chain reaction
	PEA		preliminary economic analysis
	PEP		project execution plan
	PLS		pregnant leach solution
	PMZ		precious metal zone
	Q (1, 2, 3, 4)		calendar quarter (1, 2, 3, 4)
	Q’		mass quality
	QA/QC		quality assurance/quality control
	QEMSCAN		quantitative evaluation of materials by scanning electron microscopy
	QP		Qualified Person
	RDCLF		rhyodacitic crystal tuff
	ROM		run of mine
	RPD		relative percent difference
	RQD		rock quality designation
	SAG		semi-autonomous grinding

	Abbreviation		Description
	SD		standard deviation
	SEDENA		Secretaría de la Defensa Nacional (Ministry of Defense)
	SEMARNAT		Secretaría del Medio Ambiente y Recursos Naturales (Ministry of Environment and Natural Resources of Mexico)
	SG		specific gravity
	SGS Lakefield		SGS Lakefield Research
	SilverCrest or SIL		SilverCrest Metals Inc.
	SLS		solid to liquid system
	SUCS		Unified Soil Classification System
	SWIR		shortwave infrared
	SWMS		Safe Work Method Statement
	URF		Uncemented Rock Fill
	USMCA		United States-Mexico-Canada Agreement
	UTM		Universal Transverse Mercator
	VHF		very high frequency
	VOIP		voice over internet protocol
	VSA		vacuum swing adsorption
	WGS		World Geodetic System

	Term		Definition
	Las Chispas Property		this encompasses all mineral occurrences and land underlying the mineral concessions 100% owned or optioned to Coeur Mining.
	Las Chispas District		this is a general term used in historic context for the various mines which operated in the area prior to the 1930s. The district has an approximate footprint of 4 km north to south and 3 km east to west. It consists of the Las Chispas Area and Babicanora Area, which are 1.5 km apart
	Las Chispas Area		this consists of the Las Chispas Vein containing Area 118 Zone and Historic Mine, Giovanni Vein, Gio Mini Vein, La Blanquita Vein, William Tell Vein, Luigi Vein, Luigi FW Vein, Varela veins, Chiltepin veins, El Cumaro Vein, and various other lesser or unnamed veins
	Babicanora Area		this consists of the Babicanora Main Vein containing Area 51 Zone and Babicanora Central Zone, Babicanora FW Vein, Babicanora HW Vein, Babi Vista Vein, Babi Vista FW Vein, Babi Vista Vein Splay, Babicanora Norte Vein containing Area 200 Zone, Babicanora Norte HW Vein, Babicanora Sur Vein, Babicanora Sur HW Vein, Amethyst Vein, La Victoria Vein, Granaditas Vein, Granaditas Dos Vein, Ranch Veins and various other lesser or unnamed veins
	Area 118 Zone (Area 118)		the southeast extension of the Las Chispas Vein discovered in 2020 by drill hole LC20-118. The hole intersected 8.6 m (true width) grading 44.30 g/t gold and 4,551.5 g/t silver
	Area 51 Zone (Area 51)		the southeast extension of the Babicanora Main Vein discovered in late 2017 by drill hole BA17-51. The hole intersected 3.1 m (true width) grading 40.45 g/t gold and 5,375.2 g/t silver

	Term		Definition
	Babicanora Central Zone (Babicanora Central)		the northwest, near surface, extension of the Babicanora Main Vein
	Area 200 Zone (Area 200)		the southeast extension of the Babicanora Norte Vein discovered in 2020 by drill hole BA219-200. The hole intersected 2.0 m (true width) grading 39.77 g/t gold and 3,472.5 g/t silver
	The Las Chispas (Historic) Mine		this refers to a historic shaft and series of underground developments believed to be sunk under the original discovery outcrop that was located in the 1640s; and
	Vein		this is a current term used by Coeur for geological features consisting of semi-continuous structures, quartz veins, quartz stockwork, and breccia

2.8	Reporting of Grades by Silver Equivalent

3	PROPERTY DESCRIPTION AND LOCATION

3.1	Introduction

3.2	Project Ownership

3.3	Mineral Tenure

3.4	Mineral Reserves on Mining Concessions

3.5	Surface Rights

3.6

Royalties

3.7	Permitting Considerations

3.8	Environmental Considerations

3.9	Social License Considerations

3.10	Comment on Property Description and Location

4	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

4.1	Accessibility

4.2

Climate

4.3	Local Resources and Infrastructure

4.4	Physiography

4.5	Sufficiency of Surface Rights

5

HISTORY

5.1	Regional History

5.2	Property Exploration and Production History

	1908	1909	1910	1911(1)	Total
Tonnes	3,286	3,064	3,540	12,000	21,890
Gold ounces per tonne	1.5	1.4	1.0	1.0	1.1
Silver ounces per tonne	199.9	187.2	136.9	125.0	146.8
Gold ounces	4,876	4,189	3,615	12,000	24,680
Silver ounces	656,882	573,448	484,746	1,500,000	3,215,076

Date	Tons	Ag (oz.)	Au (oz.)
Oct. 9, 1934	3.3.6	75.2	0.17
Nov. 21, 1934	1.2	149.7	2.63
Jan. 23, 1935	1.8	159.3	0.66
Jan. 25, 1935	2.1	490.0	1.36
Feb. 22, 1935	2.3	160.3	0.56
Apr. 3, 1935	1.2	132.3	0.44
Total	1.0	131.8	0.82

5.2.3

Minefinders Corporation Ltd. (2008 to 2011)

Hole ID	Easting	Northing	Elevation (m)	Dip (°)	Azimuth (°)	Depth (m)	Depth (ft)
BAB11-01	579,527	3,344,033	1,135	-60	30	304.80	1,000
BAB11-02	579,526	3,344,060	1,130	-90	0	324.60	1,065
BAB11-03	579,372	3,343,914	1,091	-60	50	242.30	795
BAB11-04	579,382	3,343,638	1,132	-55	60	350.50	1,150
BAB11-05	579,386	3,344,130	1,053	-45	115	198.12	650
BAB11-06	579,507	3,344,503	1,009	-70	90	182.90	600
BAB11-07	579,693	3,345,216	977	-70	90	239.30	785
Total						1,842.52	6,045

6	GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT

6.1	Regional Geology

•	Plutonic/volcanic rocks: Late Cretaceous–Paleocene;

•	Andesite and lesser dacite–rhyolite: Eocene (Lower Volcanic Complex);

•	Felsic dominant and silicic ignimbrites: Early Oligocene and Miocene (Upper Volcanic Complex);

•	Basaltic-andesitic flows: late stage of and after ignimbrite pulses; and

•	Alkaline basalts and ignimbrites: Late Miocene–Pleistocene (post-subduction volcanism).

6.2	Local Geology

	Au	Ag	Cu	Pb	Zn	As	Ba	Cd	Co	Fe	Hg	Mn	Mo	S	Sb
Au	1.00	0.87	0.33	0.20	0.17	0.04	0.00	0.23	-0.01	0.00	0.11	0.00	0.01	0.01	0.52
Ag	0.87	1.00	0.31	0.18	0.16	0.03	0.00	0.20	-0.01	0.00	0.09	0.00	0.02	0.01	0.41
Cu	0.33	0.31	1.00	0.14	0.14	0.06	0.01	0.19	0.09	0.05	0.08	0.01	0.14	0.04	0.33
Pb	0.20	0.18	0.14	1.00	0.39	0.21	0.00	0.43	0.00	-0.03	0.08	0.01	0.09	0.07	0.17
Zn	0.17	0.16	0.14	0.39	1.00	0.20	0.00	0.93	0.10	0.07	0.12	0.06	0.03	0.17	0.16
As	0.04	0.03	0.06	0.21	0.20	1.00	0.00	0.20	0.07	0.07	0.11	0.08	0.06	0.18	0.12
Ba	0.00	0.00	0.01	0.00	0.00	0.00	1.00	0.00	-0.01	-0.01	0.04	0.39	0.02	-0.07	0.21
Cd(1)	0.23	0.20	0.19	0.43	0.93	0.20	0.00	1.00	0.03	-0.04	0.13	0.04	0.05	0.12	0.21
Co	-0.01	-0.01	0.09	0.00	0.10	0.07	-0.01	0.03	1.00	0.74	0.03	0.21	0.02	0.10	0.05
Fe	0.00	0.00	0.05	-0.03	0.07	0.07	-0.01	-0.04	0.74	1.00	-0.03	0.15	-0.02	-0.25	0.04
Hg(1)	0.11	0.09	0.08	0.08	0.12	0.11	0.04	0.13	0.03	-0.03	1.00	0.02	0.03	0.05	0.14
Mn	0.00	0.00	0.01	0.01	0.06	0.08	0.39	0.04	0.21	0.15	0.02	1.00	-0.02	-0.03	0.31
Mo(1)	0.01	0.02	0.14	0.09	0.03	0.06	0.02	0.05	0.02	-0.02	0.03	-0.02	1.00	0.02	0.17
S	0.01	0.01	0.04	0.07	0.17	0.18	-0.07	0.12	0.10	-0.25	0.05	-0.03	0.02	1.00	0.00
Sb(1)	0.52	0.41	0.33	0.17	0.16	0.12	0.21	0.21	0.05	0.04	0.14	0.31	0.17	0.00	1.00

Parameter	Count	Minimum	Maximum	Mean	Variance	Standard Deviation	Coefficient of Variation	Skewness	Kurtosis
Weight (kg)	45,944	0.22	12.94	3.899	3.77	1.942	0.5	0.81	-0.23
Length (m)	46,925	0.1	7.5	1.113	0.28	0.527	0.47	0.83	0.94
Au (ppm)	45,934	0.001	305	0.122	5.7	2.387	19.54	77.06	7,654
Ag (ppm)	45,934	0.2	21,858	11.068	34,356	185.353	16.75	68.64	6,237
Cu (ppm)	29,184	1	10,250	10	5,810	76	7.67	91.07	11,398
Pb (ppm)	29,184	2	8,150	37	36,473	191	5.11	19.58	526.5
Zn (ppm)	29,060	2	17,700	58	45,639	214	3.65	38.92	2477
Ba (ppm)	29,091	1	10,000	151	78,966	281	1.86	9.57	207.5
Ca (pct)	28,933	0.01	25	1.086	1.87	1.366	1.26	5.69	64.74
Cd (ppm)	3,740	0.5	130	2.023	25.96	5.095	2.52	13.74	248
Co (ppm)	24,678	1	176	4	31.29	6	1.37	3.45	41.09
Hg (ppm)	4,311	0	41	1	1.03	1	0.93	22.57	705.3
Mn (ppm)	29,064	1	50,000	564	991,598	996	1.76	26.17	1,063
Mo (ppm)	11,304	0	1,670	4	623.7	25	6.5	44.69	2,531
S (pct)	24,815	0.01	34	0.388	0.9	0.947	2.44	16.65	381.9
B (ppm)	13,910	1	1,045	5	316.2	18	3.28	36	1,717

•	Steeply-dipping (80° to 90°) oblique strike-slip sinistral faults trending northeast and south–southwest; and

•	Oblique strike-slip dextral faults trending southeast and dipping (60° to 80°) to the northeast.

•	150° to 170° and are inclined at 65° to 75° to the southwest;

•	340° to 360° and are inclined 75° west to 75° east; and

•	210° to 230° and are inclined 70° to 85° to the northwest.

•

Lapilli Andesite Tuff (LAT1 unit). The LAT1 unit consists of an andesite lapilli tuff with minor ash and sparse matrix at the top, an intermediate fine sandstone in the middle, and andesite ash and polymictic tuff with abundant fine matrix at the base. The main alteration minerals in this unit are chlorite, hematite in fractures, and weak to pervasive silicification. Argillization is apparent in unit rocks adjacent to faults. The LAT1 unit is 200 m thick, overlies the RDCLF2 unit, and is also cut by trachyandesite and rhyolite dykes at the Babicanora vein area. Due to its stratigraphic position, LAT1 is likely Upper Cretaceous in age and one of the most widely distributed units on the Las Chispas District;

•

LAT1 is the best mineralization host unit in the District, due to its lithological composition. Intrusion of the trachyandesite and rhyolite dykes at shallow dips within LAT1 presents suitable structural traps for accumulation of large amounts of gold and silver mineralization. Examples are the Babicanora Main, Babi Vista, Babicanora Norte and Babicanora Sur veins;

•

Dacite-Rhyodacite Crystal Tuff (RDCLF1 unit). This unit is mainly a dacite tuff and minor rhyodacite, with abundant biotite, moderate to abundant plagioclase grains, and weak quartz grains in a minor aphanitic, fine-grained matrix. Locally, this unit has moderate to weak fiamme structures and flattened pumice fragments and is widely distributed throughout the Las Chispas District. Generally, this rock is unaltered, but in the areas where cut by rhyolite (RD1) or andesite (AD11) dykes, the rock shows evidence of pervasive alteration and replacement halos of chlorite and carbonates, silicification and oxidation. Being siliceous and moderately competent, outcrops form relatively low topographic relief. This unit concordantly overlies LAT1 and is 60 to 70 m thick. Veins hosted in this geological unit tend to be narrower, due to the competency of the rock. Examples are the upper Babicanora Main, Babicanora Norte NW, and Babicanora Sur veins;

•

Rhyolite – Rhyodacite Tuff (RDCLF2 unit). The RDCLF2 unit is a crystalline tuff with abundant quartz, alkali feldspar and plagioclase phenocrysts in an aphanitic matrix, locally with sporadic flattened fiamme structures and pumice fragments. The rock is generally unaltered, except in the areas where it is cut by RD1 and AD11 dykes. There, the rocks show pervasive alteration and replacement halos up to several meters in size. The alteration generally consists of chlorite + pervasive carbonates, silicification and oxidation. RDCLF2 is the oldest outcropping lithological unit in the Las Chispas Operation. However, it overlies the LAVS volcano-sedimentary sequence. This unit is estimated to be 200 m thick and stratigraphic correlation suggests an Upper Cretaceous age. Veins hosted in this geological unit tend to be narrower, due to the tightness of their lithological composition. Examples are the Babicanora Norte Main and Babi Vista Main veins at depth; and

•

Trachyandesite-Rhyolite Dykes (SACTS unit). The SACTS unit occurs as strong silicification altered rock with medium-grained phenocrysts of argillized feldspar in an aphanitic matrix. The rock type is mainly trachyandesite, but rhyolite is present locally, likely due to extreme differentiation. In addition to silicification, this rock contains moderately to strongly pervasive hematite, commonly in halos, liesegang rings, and on fracture planes, produced by the leaching of pyrite, consistent with the presence of boxwork textures. The leaching of this pyrite is considered to have contributed to the formation of sulfuric acid in the epithermal fluid system that concentrated the high-grade gold and silver mineralization in the Babicanora area veins. This unit is emplaced oblique to the pseudo-stratification of the enclosing rock, giving the appearance of sills. The dykes vary from 5 to 30 m in thickness, strike NW60° SE, and dip up to 65° to the southeast in the southern portion of the Las Chispas Operation area. On surface, these dykes form relatively high relief features, such as in the Babicanora area.

6.3	Deposit Types

•	Hosted in volcanic rocks ranging from andesite to rhyolite in composition;

•	Hydrothermal fluids are characterized to be lower temperatures, have near-neutral pH and are reduced;

•	Alteration consists of quartz, sericite, illite, kaolin, adularia and silica. Barite and fluorite may also be present;

•	Mineralization hosted in quartz and quartz-carbonate veins, veinlets and silicified zones;

•	Silica types range from opal through chalcedony to massive quartz. Textures include crustiform and colloform banding, drusy, massive and saccharoidal varieties. Calcite may form coarse blades and is frequently replaced by quartz;

•	Deposits of this type may be overlain by barren zones of opaline silica;

•	Overall, sulfides typically comprise <5% by volume;

•	Sulfides may selectively average up to several per cent in abundance and consist of very fine-grained pyrite, with smaller amounts of sphalerite, galena, tetrahedrite and chalcopyrite;

•	Gold may be present as discreet, very fine grains or may be silica or sulfide refractory;

•	Gold and silver grades are typically low, but may form high-grade mineralized shoots; and

•	Common associated elements are mercury, arsenic, antimony, tellurium, selenium, and molybdenum.

7	EXPLORATION

7.1	Introduction

•	Additional core drilling of 1,213 holes totaling 327,124 m; 70% infill and 30% expansion. The cut-off date for drill hole assays was October 16, 2020. Infill drilling provides support for conversion of Inferred to Indicated Mineral Resources;

•

Babicanora Vein underground in-vein development for 800 m and 2,671 m of continuous sampling, and 646 chip-channel samples collected for geochemical analysis. Results of this work were used in the Mineral Resource modelling described in Section 11 of this Technical Report Summary, reconciliation for model verses mining, and tracking tonnes and grade for stockpiling;

•	Las Chispas Vein underground historical in-vein pillars and historical development for 10 km, with 6,739 chip-channel samples collected for geochemical analysis. Results of this work were used in the Mineral Resource modelling; and

•	Survey and mapping of historical workings, Santa Rosa underground decline, and Babicanora (Area 51 Zone) in-vein and waste development.

7.2	Underground Exploration at Las Chispas Historical Mine