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2021 Updated NI 43-101 Mineral Resource Estimates For the Mangazeisky Project

On March 30, 2021, the Company announced that it had received the final report from Wardell Armstrong International (“WAI”) that provides a review of the Company’s current mineral resources, as well as revised mine and processing plans, for its Vertikalny and Mangazeisky North deposits. Today, the Company also filed on SEDAR the final technical report that was prepared in accordance with National Instrument 43-101 (“WAI Technical Report”).

Vertikalny Deposit Mineral Resource Estimate

The Mineral Resource Estimate was carried out with a 3D block modelling approach using Datamine Studio RM software. The effective date of the Mineral Resource Estimate is the 31 May 2019, the date of the limiting mine survey. In the opinion of WAI, the Mineral Resource Estimate reported herein is a reasonable representation of the mineral resources found in the Vertikalny Silver Project based on the current level of sampling. The two tables below detail the Vertikalny Open Pit Mineral Resource Estimate representing a cut-off grade of 200 g/t Ag and the Vertikalny Underground Mineral Resource Estimate representing a cut-off grade of 300 g/t Ag respectively.

Mineral Resource Estimate. Vertikalny Project, Russia. 31st May 2019
(In Accordance with the Guidelines of the JORC Code (2012)) Potential Open Pit Resources

Ag Cut-off, g/t

Category

Tonnes, Kt

Ag, g/t

Pb, %

Zn, %

Ag, kg

Pb, t

Zn, t

200

Oxide

Measured

94.90

949.88

2.01

1.58

90,141

1,909

1,500

Indicated

89.24

1,181.88

1.33

1.92

105,469

1,190

1,710

Sub-Total M+I

184.14

1,062.32

1.68

1.74

195,610

3,099

3,211

Primary

Measured

13.19

1,328.95

1.85

1.96

17,524

244

258

Indicated

36.14

1,830.08

2.28

1.42

66,148

825

514

Sub-Total M+I

49.33

1,696.13

2.17

1.56

83,672

1,069

772

Oxide + Primary

Total M+I

233.47

1,196.24

1.79

1.71

279,281.95

4,168.20

3,982.53

Notes:

  1. Mineral Resources are reported in accordance with the guidelines of the JORC Code (2012).
  2. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a feasibility study or pre-feasibility study.
  3. Mineral resources include all potential mineable tonnage.
  4. Mineral Resources are estimated as of 31 May 2019 based on an open pit mine survey of the same date.
  5. Mineral Resources were constrained by an optimised pit shell using a NSR cut-off value of $172.78/t for oxide and $139.06/t for primary mineralisation.
  6. Mineral Resources were constrained by an optimised pit shell based on economic and mining parameters provided by the Client and/or accepted by WAI.
  7. This mineral resource estimate is not limited to any factors in terms of environmental, permitting, legal, title, taxation, socio-economic, market and other relevant factors.
  8. The metal resources include all the in-situ metal disregard the metallurgical recovery factor.
  9. All values in the tables have been rounded with relative accuracy of estimate. Numbers may not compute due to rounding.

Mineral Resource Estimate. Vertikalny Project, Russia. 31st May 2019
(In Accordance with the Guidelines of the JORC Code (2012)) Potential Underground Resources

Ag Cut-off, g/t

Category

Tonnes, Kt

Ag, g/t

Pb, %

Zn, %

Ag, kg

Pb, t

Zn, t

300

Measured

0.29

581.70

2.66

0.58

166

8

2

Indicated

235.82

680.72

1.26

2.57

160,524

2,964

6,059

M+I

236.10

680.60

1.26

2.57

160,690

2,972

6,061

Inferred

109.42

538.93

1.26

1.75

58,790

1,378

1,919

Notes:

  1. Mineral Resources are reported in accordance with the guidelines of the JORC Code (2012).
  2. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a feasibility study or pre-feasibility study.
  3. Mineral resources include all potential mineable tonnage.
  4. Mineral Resources are estimated as of 31 May 2019 based on an open pit mine survey of the same date.
  5. Mineral Resources are located below an optimised pit and were evaluated based on an NSR cut-off value of $162.00/t for primary mineralisation.
  6. Economic and mining parameters provided by the Client and/or accepted by WAI were incorporated in the calculation of NSR.
  7. This mineral resource estimate is not limited to any factors in terms of environmental, permitting, legal, title, taxation, socio-economic, market and other relevant factors.
  8. The metal resources include all the in-situ metal disregard the metallurgical recovery factor.
  9. All values in the tables have been rounded with relative accuracy of estimate. Numbers may not compute due to rounding.

Mangazeisky North Deposit Mineral Resource Estimate

The Mineral Resource Estimate was carried out with a 3D block modelling approach using Datamine Studio RM software. The effective date of the Mineral Resource Estimate is the 31 May 2019. In the opinion of WAI, the Mineral Resource Estimate reported herein is a reasonable representation of the mineral resources found in the Mangazeisky North Silver Project based on the current level of sampling.

The following table able details the mineral resource estimate for the Mangazeisky North Project for the Open Pit resources.

Mineral Resource Estimate. North Mangazeisky Project, Russia. 31st of May 2019
(In Accordance with the Guidelines of the JORC Code (2012)) Potential Open Pit Resources

Ag Cut-off, g/t

Category

Tonnes, Kt

Ag, g/t

Pb, %

Zn, %

Ag, kg

Pb, t

Zn, t

200

Inferred

331.41

750.15

9.71

0.98

248,612

32,185

3,261

Notes:

  1. Mineral Resources are reported in accordance with the guidelines of the JORC Code (2012).
  2. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a feasibility study or pre-feasibility study.
  3. Mineral resources include all potential mineable tonnage.
  4. Mineral Resources are estimated as of 31 May 2019.
  5. Mineral Resources were constrained by conceptual optimum pit contours using NSR of $139.06/t for primary mineralisation.
  6. All values in the tables have been rounded with relative accuracy of estimate. Numbers may not compute due to rounding.
  7. Mineral Resources were constrained by an optimum pit shell based on the corresponding economic and mining parameters provided by the Client and/or accepted by WAI
  8. The Northern Mangazeisky mineral resources were estimated in accordance with the guidelines of the JORC Code (2012) by Steven McRobbie, Independent Competent Person as defined by the JORC Code.
  9. This mineral resource estimate is not limited to any factors in terms of environmental, permitting, legal, title, taxation, socio-economic, market and other relevant factors.
  10. The metal resources include all the in-situ metal disregard the metallurgical recovery factor.