Year: 2022

Taj Singh, President and CEO, states: “We look forward to completing our Pre-Feasibility Study in 2022 as we continue to systematically advance Cordero towards a construction decision. The Pre-Feasibility Study framework will incorporate supplementary metallurgical testwork, reserve definition drilling and dedicated Pre-Feasibility Study engineering drilling and will continue to incorporate staged expansions of the processing facility to ensure capital efficiency.”

The Company will use the proceeds of the financing carry out work on the inaugural +8000m diamond drill program at the Sonora property and provide general working capital.

The Technical Report titled “Independent NI 43-101 Technical Report, Zacatecas Properties, Zacatecas State, Mexico” dated January 28, 2022 supports the initial silver Mineral Resource Estimate at the Panuco Deposit within the Zacatecas Property.

During the quarter 3,140 tonnes of ore were mined with 5,099 tonnes hauled to the surface at Plomosas. Mining at this rate is not sustainable due to high fixed costs at Plomosas however cost reductions did occur, some of which will be permanent.

A high-grade maiden JORC indicated and inferred mineral resource estimate (MRE) was delivered on schedule for the first drill target area of El Refugio–La Soledad in the Copalquin District, Mexico