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© SRK Consulting (UK) Limited 2020 version: Jun21_v1

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SUMMARY

Introduction

Terms of Reference

Property Description and Ownership

Status of Exploration, Development, and Operations

Geology and Mineralisation

Metallurgical Testwork and Mineral Processing

Mineral Resource Estimate

Mineral Reserve Estimate

Mining Methods

1.9.1  Mine Design

1.9.2  Mine Schedule

Recovery Methods

Project Infrastructure

1.11.1 Introduction

1.11.2 Power

1.11.3 Dry Filtered Tailings and Waste Management

1.11.4 Water Management

Permitting, Social and Community Impact, and Environment

1.12.1 Permitting

1.12.2 Social Setting

1.12.3 Management Approach and Corporate Social Responsibility

1.12.4 Land Acquisition and Resettlement

1.12.5 Artisanal Mining and Historical Liabilities

1.12.6 Environmental Setting

1.12.7 Water Management

Cost Estimates

1.13.1 Capital Costs

1.13.2 Operating Costs

Economic Analysis

Conclusions

Recommendations

INTRODUCTION

Terms of Reference and Purpose of the Report

Qualified Persons and Details of Site Inspection

Sources of Information

Effective Date

Units of Measure

RELIANCEON OTHER EXPERTS

Introduction

Mineral Tenure, Surface Rights and Royalties

Market Studies, Contracts, and Logistics

PROPERTYDESCRIPTION AND LOCATION

Project Location

Property Ownership

Concessions (Titles)

Surface Rights and Access

Royalties and Encumbrances

4.5.1    Insurance Bond

Environmental Liabilities and Permitting

4.6.1    Potentially Material Environmental and Social Matters

4.6.2    Required Permits and Status

Other Significant Factors and Risks

ACCESSIBILITY,CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

Project Setting

Accessibility

Climate

Local Resources and Infrastructure

Physiography

Seismicity

HISTORY

Ownership

Exploration History

6.2.1    Ventana

6.2.2    AUX

6.2.3    Galway Resources

6.2.4    Calvista Gold Corporation

6.2.5    Minesa

Historical Mineral Resource Estimates

6.3.1    Samuel Engineering, November 2010

6.3.2    Coffey Mining, July 2012

6.3.3  Coffey Mining, January 2013

6.3.4  SRK, February 2016

6.3.5  SRK, January 2017

6.3.6  SRK, July 2017

Historical Mineral Reserve Estimates

6.4.1  SRK, August 2017

Recent studies Completed on the Soto Norte Project

Historic Production

GEOLOGICAL SETTING AND MINERALISATION

Regional Geological Setting

Local Geological Setting

Property Geological Setting

7.3.1  Summary of the Property Geology

7.3.2  Bucaramanga Complex

7.3.3  Santander Plutonic Group

7.3.4  Sedimentary Rocks

7.3.5  Porphyries

7.3.6  Structural Geology

7.3.7  Alteration

7.3.8  Mineralisation

7.3.9  Mineralisation Age and Paragenesis

7.3.10 Mineralogy

DEPOSIT TYPES

EXPLORATION

Historical Exploration

9.1.1  2006 – 2011 Ventana

9.1.2  2011 – 2013 AUX Colombia

9.1.3  2015 – 2017 Minesa

9.1.4  LIDAR and Orthophoto Surveys

9.1.5  Topographic Field Surveys

Geochemical Sampling

Mapping, Surveying and Sampling of Old Mine Workings

ArialGeophysical Surveys

DRILLING

Drilling Grids

Drilling Procedures

Drillhole Surveying

Drillhole Orientation

Conclusions and Recommendations

SAMPLE PREPARATION, ANALYSIS AND SECURITY

Introduction

Ventana

AUX Colombia

Minesa

QA/QC Review

Procedures

11.6.1 QA/QC Program 2006 – 2013

11.6.2 Minesa Protocols

11.6.3 Certified Reference Material

11.6.4 Blanks

11.6.5 Duplicates

11.6.6 Database Management

11.6.7 Core Logs

Conclusions and Recommendations

DATA VERIFICATION

Introduction

Verification by the Company

Verification by SRK

12.3.1 Site Visit

12.3.2 Sample Database

Qualified Person’s Opinion

MINERAL PROCESSING AND METALLURGICAL TESTING

Introduction

Ventana Scoping Study, 2010

13.2.1 Samples

13.2.2 Head Assay and Mineralogy

13.2.3 Comminution

13.2.4 Gravity Separation and Flotation

13.2.5 Environmental Characterisation

AUX Scoping Study, 2012

13.3.1 Samples

13.3.2 Head Assay and Mineralogy

13.3.3 Comminution

13.3.4 Gravity Separation and Flotation

13.3.5 Thickening and Filtration

13.3.6 Environmental Characterisation

Minesa PFS, 2017

13.4.1 Samples

13.4.2 Head Assay and Mineralogy

13.4.3 Comminution

13.4.4 Gravity Separation and Flotation

13.4.5 Thickening and Filtration

13.4.6 Environmental Characterisation

Minesa, 2018

13.5.1 Samples

13.5.2 Head Assay and Mineralogy

13.5.3 Flotation

13.5.4 Thickening and Filtration

Minesa, 2019

13.6.1 Samples

13.6.2 Comminution

13.6.3 Flotation

Recovery Assumptions

Conclusions and Recommendations

MINERAL RESOURCE ESTIMATES

Introduction

Resource Database

Geological Interpretation and Modelling

Structural Model

Mineralisation Model

Waste Model

Bulk Density

Mineral Resource Estimation Methodology

14.8.1 Introduction

14.8.2 Composite Strategy

14.8.3 Estimation Domain Analysis

14.8.4 Capping Strategy

14.8.5 Grade Correlations

14.8.6 Variography

14.8.7 Block Model Parameters

14.8.8 Estimation

 Estimation Validation

14.9.1 Visual Validation

14.9.2 Comparative Statistics

14.9.3 Swath Plots

        Classification

        Mineral Resource Estimate Summary

14.11.1    Factors That May Affect the Mineral Resource Estimate

        Grade Sensitivity Analysis

        Relevant Factors

MINERAL RESERVE ESTIMATES

Introduction

Modifying Factors

 NSR Value and Cut-Off Approach

Mineral Reserve Estimate Summary

15.4.1 Factors That May Affect the Mineral Reserve Estimate

Relevant Factors

MINING METHODS

Introduction

Mining Access and Layout

16.2.1 Tunnel Access

16.2.2 Tunnel Profiles and Development

Mine Geotechnical

16.3.1 Introduction

16.3.2 Work Summary

16.3.3 Conclusions and Recommendations

Mine Water Management

16.4.1 Introduction

16.4.2 Surface Water Management

16.4.3 Ground Water Management

Mining Method

16.5.1 Introduction

16.5.2 Modified Avoca

16.5.3 Mine Backfill

16.5.4 Mining Method Justification

16.5.5 Backfill Material Source Justification

Mine Production

Stope Design Approach

16.7.1 Introduction

16.7.2 Stope Optimisation

16.7.3 Stope Shape Screening

16.7.4 Longhole Production

16.7.5 Quarry Waste Stopes

Materials Handling and Mine Equipment

16.8.1 Introduction

16.8.2 Mine Equipment

16.8.3 Heavy Haulage (TKM) Assessment

Life of Mine Planning

16.9.1 Scheduling Methodology

16.9.2 Development and Mining Sequence

16.9.3 Stope Schedule

        Schedule Results

16.10.1 Equipment Estimates

16.10.2 Mine Personnel

        Underground Mine Infrastructure

16.11.1 Introduction

16.11.2 Mine Electrical

16.11.3 Mine Maintenance Workshop and Store

16.11.4 Fuel Bays

16.11.5 Explosive Magazines

16.11.6 Lunchrooms, Store and Offices

16.11.7 Underground Water Supply

16.11.8 Mine Dewatering

        Mine Ventilation

16.12.1 Introduction

16.12.2 Airflow Requirements

16.12.3 TBM Ventilation System Design

16.12.4 Modelling Summary

16.12.5 Level Ventilation and Duct Design

16.12.6 Staged Ventilation Models

16.12.7 Summary of Ventilation Approach

        Conclusions and Recommendations

RECOVERY METHODS

Process Plant Overview

Design Criteria

Detailed Description

17.3.1 Primary Crushing and Ore Transfer to Surface

17.3.2 Coarse Ore Stockpile and Reclaim

17.3.3 Grinding and Pebble Recycle

17.3.4 Copper and Pyrite Flotation

17.3.5 Concentrate Dewatering, Storage and Load Out

17.3.6 Thickened Tailings Dewatering and Disposal

17.3.7 Reagents and Consumables

17.3.8 Process Plant Support Facilities and Utilities

17.3.9 Air Services

Conclusions and Recommendations

PROJECT INFRASTRUCTURE

Introduction

18.1.1 Base Surveys and Design Criteria

On-site Infrastructure

18.2.1 Box-Cut

18.2.2 Terraces

18.2.3 Roads and Bridges

18.2.4 Camp

18.2.5 Infrastructure and Utilities

18.2.6 Technology and Information Infrastructure

18.2.7 Conclusions and Recommendations

Bulk Power Supply

18.3.1 Conclusions and Recommendations

Off-Site Roads and Upgrades

18.4.1 Conclusions and Recommendations

Off-site Logistics

18.5.1 Introduction

18.5.2 Impala Terminal River Port and Fluvial Transport

18.5.3 Road Haulage Operations

18.5.4 Container Loading

Dry Filtered Tailings and Waste Management

18.6.1 Introduction

18.6.2 DSF Design Development

18.6.3 Design Criteria

18.6.4 Deposition Plan

18.6.5 Water Management

18.6.6 DSF Design

18.6.7 DSF Stability Analyses

18.6.8 Instrumentation and Monitoring

18.6.9 Closure Concept

18.6.10  Construction and Operation Considerations

18.6.11  Conclusions and Recommendations

Water Management

18.7.1 Water Balance

18.7.2 Water Treatment

18.7.3 Water Management During Closure

MARKET STUDIES AND CONTRACTS

Introduction

Commercial Terms for Copper Concentrate

19.2.1 Copper Payables

19.2.2 Gold Payables

19.2.3 Silver Payables

19.2.4 Deductions and Penalties

Indicative Terms for Pyrite Concentrate

Logistics

Confirmation by the Qualified Person

ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT

Introduction

Environmental and Social Setting

Legal, Permitting, and Project Approvals

20.3.1 Mining Legal Framework and Approvals

20.3.2 Environmental Legal Framework

20.3.3 ESIA Process History and Status

20.3.4 Permits and Penalties

Management Approach

Stakeholder Engagement and Social Licence to Operate

20.5.1 Stakeholder Engagement

20.5.2 Corporate Social Responsibility

20.5.3 Social Licence to Operate

Management of Potentially Material Environmental and Social Matters

20.6.1 Water Resource Management

20.6.2 Cultural Heritage and Archaeology

20.6.3 Land Acquisition and Resettlement

20.6.4 Local Community Participation

20.6.5 Artisanal Mining and Historical Liabilities

Closure Requirements and Costs

Conclusion, Risks and Opportunities

CAPITAL AND OPERATING COSTS

Capital Cost Estimates

21.1.1 Introduction

21.1.2 Estimate Classification

21.1.3 General Estimation Methodology

21.1.4 Indirect Costs

21.1.5 Engineering, Procurement and Construction Management (EPCM)

21.1.6 Owners Costs

21.1.7 Estimate Provisions

21.1.8 Capital Cost Summary

21.1.9 Depreciation

Operating Cost Estimates

21.2.1 Introduction

21.2.2 Basis of Estimate

21.2.3 Mine Operating Costs

21.2.4 Process Operating Costs

21.2.5 General and Administrative and Owner Operating Costs

21.2.6 Other Operating Costs

21.2.7 Operating Cost Summary

ECONOMIC ANALYSIS

Introduction

Project Schedule

Taxes and Royalties

Marketing Assumptions

Commodity Prices and Gross Revenue

Economic Evaluation Results

Sensitivity

Conclusion

ADJACENT PROPERTIES

OTHER RELEVANT DATA AND INFORMATION

Project Execution Plan

24.1.1 Introduction

24.1.2 Policies and Guidelines

24.1.3 Organisational Planning and Project Team

24.1.4 Staffing Plan

24.1.5 Project Execution Locations

24.1.6 Health and Safety and Environment Plan

24.1.7 Quality Management Plan

24.1.8 Project Controls Execution Plan

24.1.9 Engineering Project Execution Plan

24.1.10  Procurement and Contracting Plan

24.1.11  Construction Execution Plan

24.1.12  Material Management Plan

24.1.13  Commissioning Execution Plan

24.1.14  Risk Management Plan

24.1.15  Licencing and Permitting

24.1.16  Financial and Administration Plan

24.1.17  Human Resources Plan

24.1.18  Project Close Out Plan

INTERPRETATIONS AND CONCLUSIONS

Introduction

Exploration, Drilling, Sampling and Data Collection

Mineral Processing, Metallurgical Testwork and Recovery Methods

Mine Planning

Environmental Studies, Permitting and Social or Community Impact

Markets and Contracts

Capital Cost Estimates

Operating Cost Estimates

Economic Analysis

        Project Risks and Management

        Project Opportunities

        Conclusions

RECOMMENDATIONS

Forward Work Plan

REFERENCES

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