TAHUEHUETO PROJECT

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The Tahuehueto Project consists of 28 mining concessions grouped into five non-contiguous blocks that total approximately 7,492 hectares. Tahuehueto lies within the prolific Sierra Madre Mineral Belt, which hosts a series of historic and producing mines and most of Mexico's active exploration and development projects. The project is situated about 25 km north of the Topia polymetallic-silver mine, 65 km northwest of the La Cienega gold, silver, base metal mine, 85 km southwest of the Guanacevi silver district, 280 km southeast of the Palmarejo silver and gold mine and 150 km northwest of the San Dimas mining district, most notable for the Tayoltita silver and gold mine

TAHUEHUETO PROJECT - NI 43-101 RESOURCE

(Source: Metal Mining Consultants Inc. - Pre-Feasibility Study - January 2017)

Tahuehueto Project Mineral Reserve Estimate

Classification

Tonnes (x 1000)

g Au/t

Oz Au (x 1000)

g Ag/t

Oz. Ag (x 1000)

Cu%

Lbs. Cu (x 1000)

Pb%

Lbs. Pb (x 1000)

Zn%

Lbs. Zn (x 1000)

Probable Reserves

3,264

3.40

356

41.80

4,387

0.35

25,028

1.19

85,762

2.24

161,314

Note: Mineral Reserves were defined as mineralized material that occurred within the stope shapes that were based on and NSR value of $62/t. Measured and Indicated resources within the defined mining shapes (stopes) were used to estimate Probable Reserves. No Proven Reserves were defined due to the limited definition resource drilling, limited definition by exploratory mining and the lack of geotechnical data that addresses underground mining. Probable Mineral Reserves include the effects of mining dilution assumptions which average 15% and extraction ratio assumptions which averaged 94%. Mining dilution was assumed to have zero (0) grade.

Canadian Institute of Mining, Metallurgy and Petroleum standards were followed in the estimation of the Mineral Reserves. Mineral Reserves were estimated using metal price forecasts of $0.60/lb for lead, $0.75/lb for zinc, $2.10/lb for copper, $1,000/oz for gold and $19.12/oz for silver. The low metal prices were selected to drive the mine plan towards mineralization with the highest confidence in the prospects of economic extraction. These metal prices were not used for the economic analysis of the mineral deposit. Totals may not add due to rounding. The foregoing mineral reserves are included within the current Mineral Resource Estimate for the Project.

Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources	Tahuehueto Measured and Indicated Resources
Classification	Tonnes (x 1000)	g Au/t	Oz Au (x 1000)	g Ag/t	Oz. Ag (x 1000)	Cu%	Lbs. Cu (x 1000)	Pb%	Lbs. Pb (x 1000)	Zn%	Lbs. Zn (x 1000)
Measured	2,771	2.77	247	44.70	3,982	0.31	18,914	1.27	77,827	2.29	139,821
Indicated	3,343	2.23	240	41.26	4,435	0.30	22,466	1.15	84,455	2.04	155,687
Total M&I	6,114	2.48	487	42.82	8,417	0.31	41,380	1.20	162,282	2.15	295,508
Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources	Tahuehueto Inferred Resources
Classification	Tonnes (x 1000)	g Au/t	Oz Au (x 1000)	g Ag/t	Oz. Ag (x 1000)	Cu%	Lbs. Cu (x 1000)	Pb%	Lbs. Pb (x 1000)	Zn%	Lbs. Zn (x 1000)
Inferred	3,501	1.31	147	37.59	4,230	0.27	20,469	1.34	103,080	2.44	188,409
*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min	*Note:*The above mineral resources have been calculated using a cut-off of 2.5 g/t Au Equivalent. These resource numbers are preliminary in nature. They include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as min