Pre-Feasibility Study - Highlights

- Post-tax net present value of US$ 1,040 million (8% discount rate)

• Internal Rate of Return of 113%
• Low upfront capital of US$ 173 million
• 1.2 years payback

- Average annual EBITDA of US$ 251 million in years 1-5

- 11.1 Mt of Probable Ore Reserves mined over a 14-year mine life, annual throughput of 800 kt

• 88.5% conversion of Indicated Resources to Ore Reserves at Rupice

- 45.3% of revenues from silver and gold

- The study relies on significantly more robust inputs over 2019 Scoping Study:

• 2020 Mineral Resource estimate with improved geological interpretation
• Metallurgical domaining of the orebody

- Low environmental impact with underground mining and partial tailings backfill at Rupice, and use of brownfield Veovaca mine site for majority of plant infrastructure

- Based on the positive outcome of the Pre-Feasibility Study, work is immediately commencing on the Definitive Feasibility Study