Kombat Mineral Resource

MINERAL RESOURCE

The Mineral Resource estimate for Kombat was updated in 2020 and again on August 3, 2021, based on the confirmatory resampling program undertaken in early 2021.

Combined Mineral Resource Estimation (Open Pit and Underground) as at 3 August 2021

	TONNES	CU	PB	AG
MINERAL RESOURCE ESTIMATE CLASSIFICATION	MT	%	%	G/T
INDICATED	12.22	1.94	0.70	13.67
INFERRED	1.91	2.19	1.79	6.13

Notes:

1. The open pit Mineral Resource is limited at depth of 160 m for Kombat and 150 m for Gross Otavi with a CuEq cut-off of 0.65% for Kombat and 0.77% for Gross Otavi.
2. The underground Mineral Resource is based on a cut-off grade of 1.5 % CuEq.
3. The CuEq (copper equivalent) is based on copper and silver only (excludes lead).
4. Commodity prices used for the cut-off grades: Cu = USD 9,100/t, Pb = USD 2,500/t, and Ag = USD 27/oz.
5. Historical mine voids have been depleted from the Mineral Resource.
6. Mineral Resources are reported as total Mineral Resources and are not attributed.

The Indicated Mineral Resource estimate comprises 5.28Mt from the open pit, at a grade of 1.00% copper, and 6.93Mt from the underground at a grade of 2.66% copper.

Kombat Project Open Pit Mineral Reserve Estimation as at 3 August 2021

MINERAL RESERVE CATEGORY	DILUTED TONNES	GRADE			Content
		CU	PB	AG	CU	PB	AG
	MT	%	%	PPM	T	T	KG
PROBABLE	1.54	1.14	0.28	7.49	17,559	4,301	11,508
TOTAL	1.54	1.14	0.28	7.49	17,559	4,301	11,508

Notes:

1. The Mineral Reserve estimation includes only diluted Indicated Mineral Resources which have been converted to Probable Mineral Reserves.
2. No Inferred Mineral Resources have been included in the Mineral Reserve estimation.
3. Mineral Reserve estimation stated at a cut-off of 0.65% Cu.
4. The Ore Reserve estimation was completed using an average Cu price of USD7,054/t and average Ag price of USD20.15/oz over the life of mine.
5. The Pb in the Mineral Reserve estimation under current offtake agreement will not contribute to revenue but will carry a penalty.
6. The Mineral Reserves are reported as total Mineral Reserves and are not attributed.

Although the Kombat underground Mineral Resource estimate does contain resources in the Indicated category, only the open pit Mineral Resources have been considered in the Mineral Reserve conversion process at this stage, as the underground study work is still based on a Preliminary Economic Assessment level of confidence and requires additional work which will be undertaken as a second phase of the restart of the Kombat mine.

Underground Mineral Resource Estimate [CuEq Cut-off 1.50% (Pb not incl.)] as at August 3, 2021

Area	Mineral Resource Estimate Classification	Tonnes	Cu	Pb	Ag
		Mt	%	%	g/t
Kombat East In	Indicated	0.10	1.69	1.55	11.50
Kombat Central		0.23	1.90	1.55	19.80
Kombat West		0.76	2.27	1.45	13.04
Asis West		5.53	2.79	0.87	20.78
Gap		0.32	2.25	0.18	11.58
Total Indicated		6.93	2.66	0.94	19.34
Kombat Central	Inferred	0.01	2.02	2.74	0.01
Kombat West		0.13	5.01	10.53	0.06
Asis West		0.09	2.90	0.84	16.12
Gap		0.00	2.51	0.27	55.40
Asis Far West		1.04	2.55	0.36	9.11
Total Inferred		1.27	2.82	1.43	8.80

Notes:

1. The underground Mineral Resource is based on a cut-off grade of 1.5 % CuEq.
2. The CuEq (copper equivalent) is based on copper and silver only (excludes lead).
3. Commodity prices used for the cut-off grades: Cu = USD 9,100/t, and Ag = USD 27/oz.
4. Historical mine voids have been depleted from the Mineral Resource.
5. Mineral Resources are reported as total Mineral Resources and are not attributed.