GROSSO GROUP MEMBER COMPANY

TSX-V:GRG

FSE:GAC

OTC:GARWF

July

2017

PLAN UNDERWAY AND DETAILS OF CURRENT VALUES ACHIEVED

Chinchillas Panoramic View

This presentation may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and

uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public

disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or

revise any forward-looking statements.

This presentation includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves

and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that

establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly

from the requirements of the U.S. Securities and Exchange Commission (“SEC”) set out in Industry Guide 7. Consequently, Mineral Reserves and Mineral Resources

information included in this presentation is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to

the reporting and disclosure requirements of the SEC. Under SEC standards, mineralization may not be classified as a “reserve” unless the determination has been

made that the mineralization could be economically produced or extracted at the time the reserve determination is made. In addition, the SEC's disclosure standards

normally do not permit the inclusion of information concerning “Measured Mineral Resources,” “Indicated Mineral Resources” or “Inferred Mineral Resources” or other

descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors

should understand that “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal

feasibility. Moreover, the requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves reported by us in

compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be

comparable with information made public by companies that report in accordance with U.S. standards.

This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting

Standards (“IFRS”), including cash costs and all-in sustaining costs per payable ounce of silver sold. Non-GAAP financial measures do not have any standardized

meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures reported by other companies. The data presented is intended to

provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may

not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable

exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

See Appendix 1 for Notes to Mineral Resources and Reserves

Disclaimers

2

Producer + Explorer = Value Growth

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CORPORATE UPDATE AND DIVERSIFICATION

➢ New Assets Management

• Priorities

➢ Joint Venture – Producer

• Assets - Gained

• Chinchillas' decades of production potential shared

by the J-V Partners

• Outline of J-V responsibilities

➢ Exploring for New Discoveries

• Created a new exploration and development

subsidiary company as an added shareholder value stream

Diversified Corporate Plan

Two Vehicles to Contribute Values

4

Chinchillas

Potential Development

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Chinchillas Short and Long Term ProductionBased on the 3 Stage Potential Illustrated on the Previous Page 4

5

Opportunities – Regional Exploration

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• Joint Venture agreement

includes exploration within a

50-km radius of the joint

operation

• 785,000 hectares

• Potential for additional

discovery and delineation of

“low-cost” resources similar

to Chinchillas or Pirquitas

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Creation of a joint venture comprised of the Pirquitas operation and the Chinchillas Project with

Silver Standard and Golden Arrow holding 75% / 25% respectively and Silver Standard as Operator

SUBSTANTIAL

UP-FRONT

VALUE

RECEIVED

• $2.5M strategic equity investment from Silver Standard prior to option period

• $2.0M in option payments made by Silver Standard to Golden Arrow during option period

• $16.3M in capital expenditures at Chinchillas by Silver Standard made during option period

• $19.8M option exercise payment made to Golden Arrow on election to create joint venture

IMMEDIATE

EXPOSURE TO

PRODUCTION

AND CASH FLOW

• Immediate exposure to production and cash flow at the existing Pirquitas operation, which

continues to exceed planned operating performance

OPERATING

ASSET WITH AN

ENHANCED

PRODUCTION

PROFILE

• Exposure to an enhanced operating asset with an extended mine life and attractive long term

growth potential provided through the combination with Chinchillas

• Average annual silver equivalent production of 8.4 million ounces over an eight-year mine life

at a 4,000 tonne per day plant throughput

STRENGTHENED

FINANCIAL

POSITION

• Golden Arrow has accumulated a cash position in excess of $25M

• Access to funding to support the development of Chinchillas, through positive net cash flow

generated at the exiting Pirquitas operation and well funded joint venture partners

Listing of GRG Already Earned 25% of All

Combined Assets in Puna Operations Inc.

Plus Long Term Projected Sales and Income

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Creation of a joint venture comprised of the Pirquitas operation and the Chinchillas Project with

Silver Standard and Golden Arrow holding 75% / 25% respectively and Silver Standard as Operator

PROVEN

OPERATING

CAPABILITIES

• Chinchillas will be developed by a proven operational management team with in-country

mine construction and operational expertise

ROBUST

PROJECT

ECONOMICS

• Robust operating margins based on cash costs of $7.40 per payable ounce of silver sold

over a ten year mine life

• Post-tax NPV of US$178 million using a 5% discount rate and US$19.50/oz silver,

US$0.95/lb lead and US$1.00/lb zinc. Attractive post-tax IRR of 29%

ACCELERATED

TIMETABLE

• Plan to rapidly move Chinchillas ore into production in the second half of 2018, through the

use of established infrastructure at Pirquitas and proven construction and operating

capabilities

MANAGEABLE

CAPITAL

REQUIREMENT

• Established infrastructure at Pirquitas enables a low initial capital requirement of US$81M

• Golden Arrow has avoided excessive dilution associated with sole-funding the Chinchillas

development and infrastructure

Listing of GRG Already Earned 25% of All

Combined Assets in Puna Operations Inc.

Plus Long Term Projected Sales and Income

Silver Price Forecast

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Chinchillas Pre-Feasibility Metrics

• Assumed Metal Prices

• Silver

• $19.50/oz

• Lead

• $0.95/lb

• Zinc

• $1.00/lbAssumed Metal Prices

• Silver

• $19.50/oz

• Lead

• $0.95/lb

• Zinc

• $1.00/lb

Mine Life 8 years

Total material mined: 66.6 M tonnes

Strip ratio: 4.7

Processing rate: 4,000 tpd

Average annual

production (8 years

active mining)

6.1 Moz Silver

35.0 Mlb Lead

12.3 Mlb Zinc

8.4 Moz Silver Equivalent

Total Production51.0 Moz Silver

71.0 Moz Silver Equivalent

Operating Costs:

$2.88/t mined Mining cost

$15.34/t milled Mining cost

$14.72/t milled Processing cost

$7.00/t milled G&A cost

$8.29/t milled Ore transport & other

Cash Cost: $7.40/oz Silver (net of by-products)

All-in sustaining

capital cost:$9.75/oz Silver (net of by-products

Development Capital $81 M

Sustaining Capital $44 M

Net Revenue $1,062M

Pre-tax Cash Flow $351M

Post-tax Cash Flow $267M

Post-tax NPV (5%) $178M

Post-tax IRR 29.1%

Payback period (years) 3.5

For full details please refer to the pre-feasibility

study details in the news release dated March 31,

2017. Cash costs are net of estimated capitalized

stripping over the life of mine, which is estimated

at $62M total.

Please refer to Disclaimers.

Assumed Metal Prices

Silver $19.50/oz

Lead $0.95/lb

Zinc $1.00/lb

10

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Diversified Corporate Plan in Progress

Golden Arrow will accumulate earnings, after complying with joint venture requirements, to acquire

income participation in other cash flow generating projects or royalties

The new exploration and development subsidiary will be a spin-off company 100% owned by Golden

Arrow focussed on exploration. The spun-off 215,000 hectare property portfolio has generated three

world-class discoveries to date and capable of more discoveries. The discoveries are:

Two Value Contributing Companies

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1. PUNA OPERATIONS INC. - All Combined Assets Owned by:

GRG Owns 25% and Silver Standard 75% and Operator

2. NEW GOLDEN EXPLORATIONS INC. - Formed by Spinning-Off

GRG Property Portfolio

Navidad Project, Chubut

Gualcamayo, San Juan

Discoveries

Chinchillas Silver Deposit, Jujuy

PUNA OPERATIONS INC.

Silver Mining Joint Venture, Jujuy, Argentina

12Photo credit: C. Brodie

Chinchillas Project Overview

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PUNA OPERATIONS INC.

Joint Venture Company – Start Up on June 1, 2017

Silver Standard Resources, Operator with 75% Ownership andGolden Arrow Resources with 25% Ownership with One Director

STAGE 1

Production

• Projected 8 years potentially up to 9/10

• Yearly production 8.4Moz silver equivalent =

6.3Moz silver equivalent - Silver Standard

2.1Moz silver equivalent - Golden Arrow

• Yearly sales at average $19.50 silver = 1.31B

$982M – Silver Standard

$327M – Golden Arrow

STAGE 2

Needing a Higher

Silver Price

Drilled: 140Moz Silver Equivalent (Measured and Indicated)

63Moz Silver Equivalent (Inferred)

• High grade deposit at depth could be advanced to production with higher silver prices

• Moz of production quantity potential same as in Stage 1

Note: Stages 1 and 2 have used up 120 hectares of property out of a total 2,043

hectares

STAGE 3

Long-Term Potential

1,923 hectares remain for future long-term development which could extend production for

decades into the future to become one of the top 5 largest productions in the world

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Chinchillas Deposit to be Integrated

into Puna Operations Inc.

Chinchillas Silver Deposit Needing Production, Expert

Management & Costly Infrastructure Taking Many Years to

Achieve without the Joint Venture with Silver Standard

Co-Owned Production Infrastructure

Silver Standard 75% - Golden Arrow 25%

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Pirquitas / Chinchillas Combined Values with an

Established Large Scale Silver Producer &

Production Team Worth Approximately US$350M

PUNA OPERATIONS INC.

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Puna Operations Inc.

Established Infrastructure

Pirquitas / Chinchillas – Flotation Cells

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Puna Operations Inc.

Established Infrastructure

Pirquitas / Chinchillas - 4000 TPD Ball Mill

Chinchillas

Potential Development

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NEW GOLDEN EXPLORATIONS INC.

Formed to continue exploration and development of a

highly prospective and well located property portfolio

which has generated 3 discoveries and 7 priority

exploration projects which will continue to be

advanced to achieve new discoveries

18

Development of Key Projects by

New Golden Explorations Inc.

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Argentine discovery

Grosso Group property

Grosso Group discovery

Property Portfolio - 215,000 Hectares (531,277 acres)

Plus Additional Projects Currently Under Negotiation

• The 215,000 hectare property portfolio is fully owned and there are no

underlying payments, with the exception of Antofalla which was recently

optioned to be 100% acquired on advantageous terms

• The new exploration and development subsidiary, New Golden Explorations

Inc., will continue exploration on selected advanced projects, namely Antofalla,

Pescado, Mogote, Potrerillos and Rio de las Taguas

• $20-25M already invested in advancing key projects

• From the map at left, it can be noted that our properties are in proximity and/or

contiguous to some of the biggest discoveries and mines in production

Antonia

Brava

Frontera

Huachi

Taguas

Antofalla

Pescado

Rio de las

Taguas

Caballos

Don Bosco

Mogote

PotrerillosChinchillas

Navidad Project, Chubut

Gualcamayo, San Juan

Discoveries

Chinchillas Silver Deposit, Jujuy

The many discoveries on the Chilean border (as depicted in black stars) was the motivator for staking and

building the property portfolio in Argentina where the prolific geology continues

B. A. Exploration Corp.

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Advancing on the Next Discovery

20

Diversified Development Plan

Contributing to Values

2121

2121

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Second Value Contributor Adding

Substantial Potential Value from Exploration

• GRG has incorporated an exploration and development subsidiary which contains

the prolific property portfolio with projects in proximity to major producers which

has already generated 3 world-class gold and silver discoveries

• New Golden Explorations Inc. will seek among other considerations an initial

public offering to raise the needed funds from venture capital markets for future

planned exploration (see pages 24-34). As well as develop new potential very

advanced acquisitions of NI 43-101 resources needing to continue their

advancement to feasibility and production

• This bilateral move will upon favourable results create an increased market cap

value for the shares of Golden Arrow Resources as well as facilitate the listing of

New Golden Explorations Inc.

NEW GOLDEN EXPLORATIONS INC.Exploration and Development Subsidiary

100% Owned by Golden Arrow

New Exploration and

Development Subsidiary

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Catamarca Province, Argentina

ANTOFALLA PROJECT (AU-AG)

24

Antofalla Project

• 8,760 hectares in Catamarca Province

• 100% earn-in opportunity, low initial commitments

• Epithermal Silver-Gold-Base metal targets

• Strong similarities to Chinchillas

• 18 m @ 128 g/t Ag, 0.23 g/t Au, 0.88% Pb in historic drilling

• 14.9 m @ 271 g/t Ag, 1% Pb in GRG due diligence channel sampling

• 2 m @ 9.2 Au g/t, 52 Ag g/t, 5 % Pb in historic trenches TSX-V: GRG

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200 km

Antofalla Exploration

US$2 Million exploration program in 2017

✓ Remote sensing

✓ IP/Resistivity geophysics

✓ Geochemical sampling delineated drill targets

– Several new mineralized breccia vent targets identified, results include:

• 281 g/t Ag, & 0.5% Pb over 3.35 m, and 168 g/t Ag over 8 m in channel samples

• 3.87 g/t Au, 146 g/t Ag & 1% Pb, and 0.14 g/t Au, 4,404 g/t Ag& >30% Pb in rock chip

samples

• 3000 metre drill program planned for Q4

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San Juan Province, Argentina

100% Owned Properties

Key Projects:

• Pescado

• Potrerillos

• Mogote

• Proximal to operating

mines, or known

mineralized trends

• Gold, copper & silver;

porphyry and epithermal

styles

27

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San Juan Province, ArgentinaPESCADO PROJECT - (AU-AG)

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Pescado - Highlights

• 22,000 hectares in San Juan Province

• 10km south of Yamana’s Gualcamayo Mine

(2.8Moz gold in resources (www.yamana.com 06/14/17))

• Potential for multi-million ounce gold deposit.

• Two Principal Gold Targets (Pescado & Yanso)

– Large intrusive bodies intersect with major

regional faults

– Co-incident gold anomalies

• Outcropping high grade gold mineralization

(Rock chips up to 17g/t gold)

1 www.yamana.com

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Pescado Exploration

New Exploration Program Underway:

• US$1M budget

• Target delineation

– 10,000m Geophysics (IP/CSAMT)

– Trenching & sampling

• Up to 1,800 m diamond drilling

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San Juan Province, ArgentinaPOTRERILLOS PROJECT – (AU-AG)

31

<<< Barrick’s Veladero Mine

544,000 oz of gold produced

in 2016

6,749,000 oz of proven and

probable gold reserves

Potrerillos Overview

• 5,748 ha in the Valle de Cura district, San Juan

province ~4300masl.

• Within the prolific El Indio Gold-Silver Belt.

• Low sulphidation epithermal system with potential to

host a multi-million ounce gold–silver resource.

• Located ~8km east of Veladero mine and Pascua

Lama development

• Mapping, surface work, some drilling completed.

Additional drill targets.

• Seeking JV partners

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/ Taguas

San Juan Province, Argentina

MOGOTE PROJECT – (CU-AU-AG)

33

Mogote Overview

34

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• ~8,800 hectares in San Juan

• Road Accessible

• Southern extension of the Maricunga gold-copper

belt & geological “bridge” to the El Indio belt

• Major Mines/Projects in the region include:

– Marte-Lobo (6 Moz gold)

– Filo del Sol Project (381mt @ 0.69%CuEq)

• Copper – gold porphyry potential, confirmed by drilling

• Previous work includes:

• Extensive geochemical and geophysical program

results

• ~12,000 metres of diamond drilling data

• Seeking JV Partners

2017 Milestones & Catalysts

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Puna Operations

Q1 Q2 Q3 Q4

Chinchillas Prefeasibility

Puna Operations JV

Chinchillas Permitting

Chinchillas Construction

Pirquitas Stockpile Processing

Golden-Ex Corp.

Antofalla Target Development

Antofalla Drilling

Pescado Target Development

Pescado Drilling

JV Pursuits

Why Golden Arrow

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Byron King, Gold Speculator

“Golden Arrow Resources Corp. is now firmly allied in a joint venture with Silver Standard; the new entity is owned on a 75%/25% basis by Silver Standard and Golden Arrow, respectively. At current silver prices, the operation is profitable for Golden Arrow. At higher silver prices, which we expect to see, this deal is a “gold mine” (so to speak).”

Salma Tarikh, The Northern Miner

“Golden Arrow Resources Corp. has jumped from an explorer to a silver producer in Argentina in a fairy tale-esque way. It will receive a 25% stake in Silver Standard Resources’ producing Pirquitas mine, take home a $15M USD check and fast track production of its flagship Chinchillas project in a joint venture deal.”

Performance

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Golden

Arrow Junior Silver

Fund

Global Silver

Miners Fund

Physical

Silver ETF

TSX/S&P

Comp Index

Golden Arrow was recognized as a

TSX Venture 50 company in 2017.

TSX Venture 50 is a trademark of TSX Inc and is used under

license.

Golden Arrow led the

market in returns in 2016

and is positioned to

continue.

The Grosso Group

• Pioneering Chile’s mining success

in Argentina since 1993

• Appropriate policies to deal with

the fears of impacted local

communities while respecting

culture

• Three major discoveries:

– Gualcamayo (Yamana Gold)

– Navidad (Pan American Silver)

– Chinchillas (now being developed by

GRG with Silver Standard Resources

Inc.)

• Grosso Group is held in high

regard and respect in Argentina

and has a vast network of contacts

to access new projects benefitting

the member companies of the

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Leadership

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Mr. Joseph Grosso is a respected entrepreneur with extensive international business experience having operated for decades in North/South

America as well as in various European and Asian countries. Of Italian descent and fluent in Italian, English and Spanish, Mr. Grosso lived in

Argentina and Peru where he acquired a very deep appreciation for Latin culture and successfully developed a network of contacts which have

been beneficial to the associated companies of the Grosso Group.

Mr. Grosso has developed a strong network of long-term national and international financial relationships. He has experience in financing,

marketing strategies and has successfully formed strategic alliances and negotiated with mining industry majors such as Barrick, Teck,

Newmont, Yamana Gold and Vale S.A.

During a family visit to Argentina in 1993, Argentina’s undeveloped geology east of Chile was the great motivator for Mr. Grosso’s career

change into the mining industry. He became a mining pioneer in Argentina and thereafter led his team to the discovery of the world-class

Gualcamayo deposit, now held by Yamana Gold and the giant Navidad silver deposit now held by Pan American Silver. The Chinchillas silver

project is the third discovery for the Grosso Group.

JOSEPH GROSSO Executive Chairman

CEO and President

Key Management

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Mr. Brian McEwen, P.Geol.

VP Exploration and Development

Mr. McEwen is a Professional Geologist with more than 30 years

of exploration and production experience in open-pit and

underground mining projects and operations globally. Mr.

McEwen's previous roles include more than a decade with MRDI

(AMEC Peru) where he was responsible for project

management, economic resource and reserve calculations for

various precious and base metal companies worldwide, including

BHP Billiton, CM Antamina, Teck, Hochschild and Phelps Dodge

among others.

Dr. David Terry, Ph.D., P.Geo.

Director

Dr. Terry is a Professional Geologist with more than 20 years of

experience focused on exploration for a wide spectrum of

precious and base metal deposits throughout North and South

America. He has held numerous senior positions with both major

and junior mining companies, including Boliden Limited,

Westmin Resources Limited, Hemlo Gold Mines Inc., Cominco

Limited and Gold Fields Mining Corporation. He holds a BSc and

PhD from the University of Western Ontario.

Mr. Darren Urquhart, CA

CFO & Corporate Secretary

Mr. Urquhart is a Chartered Accountant with more than 10 years

of experience working in both public practice and industry. Mr.

Urquhart is presently engaged in public practice accounting to

TSX Venture Exchange listed exploration companies. Mr.

Urquhart began his career working as an audit accountant with

Grant Thornton LLP, then later worked as a senior tax

accountant with Lohn Caulder Chartered Accountants and more

recently served as a consultant to an international private equity

company.

Mr. Nikolaos Cacos, M.I.M.

VP Corporate Development & Director

Mr. Cacos brings over 24 years of management expertise in the

mineral exploration industry. He has extensive experience in

providing strategic planning to and administration of public

companies. Mr. Cacos serves as a director and officer of several

publicly traded companies. He holds a Master of International

Management degree from Heidelberg, Germany and a Bachelor

of Science degree from the University of British Columbia.

Capital Structure

41

Shares Issued (at July 12, 2017) 98,210,634

Warrants (avg price $0.68) 9,027,558

Options (avg price $0.38) 3,950,000

Fully Diluted 111,118,192

Market Capitalization ~$68M

Ownership (insiders/friends/family) ~50%

Ownership (Silver Standard Resources) ~5%

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Contact

42

Corporate Head-Office:Suite 312, 837 W Hastings St

Vancouver, BC, Canada V6C 3N6

Telephone: 604-687-1828

Toll free: 1-800-901-0058

info@goldenarrowresources.com

www.goldenarrowresources.com

Technical Presentation Available

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Appendix 1

Notes to Mineral Resources & ReservesChinchillas Mineral Resource Estimate (100% Project Basis) as at October 2, 2016

CategoryTonnes AgEq Ag Pb Zn AgEq Ag Pb Zn

(Mt) (g/t) (g/t) % % (Moz) (Moz) (Mlb) (Mlb)

Measured 3.1 160 128 0.60 0.41 16 13 41 28

Indicated 26.2 148 98 0.94 0.62 124 83 540 358

Total (M+I) 29.3 149 101 0.90 0.60 140 96 581 386

Total Inferred 20.9 94 50 0.54 0.81 63 34 250 374

Chinchillas Mineral Reserve (100% Project Basis) as at December 31, 2016

CategoryTonnes AgEq Ag Pb Zn AgEq Ag Pb Zn

(Mt) (g/t) (g/t) % % (Moz) (Moz) (Mlb) (Mlb)

Proven 1.6 221 180 0.75 0.42 11 9 27 15

Probable 10.1 217 150 1.27 0.50 70 48 282 111

Total 11.7 217 154 1.20 0.49 81 58 310 127See News Release dated March 31, 2017.

NOTES TO MINERAL RESOURCES: Mineral Resources estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Counsel – Definitions adopted by

the CIM Counsel on May 10, 2014 (the “CIM Standards”) and reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the direction

of Robert Sim, P.Geo, SIM Geological Inc., a qualified person. Mineral Resources estimate has been generated from drill hole sample assay results and the interpretation of a geologic model relating

to the spatial distribution of silver, lead and zinc. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data. Grade estimates using

ordinary kriging are made into model blocks measuring 8 x 8 x 5 metres (LxWxH). Mineral Resources were classified according to their proximity to sample data locations. Mineral Resources are

contained within a pit shell generated using a silver equivalent grade derived from the following formula: AgEq = Ag g/t + (Pb% ∗ 30.49) + (Zn% * 33.54). Mineral Resources estimate is based on

metal price assumptions of $22.50/oz silver, $1.00/lb lead and $1.10/lb zinc. The base case cut-off grade, which reflects the transport and processing of ore at Pirquitas, is estimated to be 60 g/t

AgEq based on projected operating costs and metal prices listed above. Metallurgical recoveries, used in the generation of the pit shell, are assumed to be 85% silver, 93% lead and 80% for zinc.

Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The quantity and grade of reported

Inferred Mineral Resources are uncertain in nature and there has been insufficient exploration to classify these Inferred Mineral Resources as Indicated or Measured Mineral Resources. We intend to

conduct further exploration to upgrade the Inferred Mineral Resources; however, due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part

of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Figures may not total exactly due to rounding. All ounces

reported represent troy ounces, and “g/t” represents grams per tonne.

NOTES TO MINERAL RESERVES: Mineral Reserves estimate was prepared in accordance with the CIM Standards and reported in accordance with NI 43-101 under the direction of Anoush

Ebrahimi, P.Eng, Ph.D., SRK Consulting (Canada) Inc., a qualified person. Mineral Reserves estimate is based on metal price assumptions of $18.00/oz silver, $0.90/lb lead and $1.00/lb zinc.

Mineral Reserves estimate is reported at a cut-off grade of $32.56 per tonne net smelter return. All figures include dilution. The average mining dilution is calculated to be 11%. Ore loss is estimated

at 2%. There is an estimated 54.89 Mt of waste in the ultimate pit. The strip ratio is 4.69 (waste:ore). Processing recoveries vary based on the feed grade. The average recovery is estimated to be

85% for silver, 95% for lead and approximately 80% for zinc. Metals shown in this table are the contained metals in ore mined and processed. Silver equivalent grade has been calculated in block

level using prices and recoveries for each metal. Actual grades were used for mine design and not equivalent grades. The recovery varies by grade in each block so the silver equivalent formula

changes for each block. The following formulas have been used for the average grades in the estimate for each of the Mineral Reserves categories and total Mineral Reserves: Proven AgEq = Ag g/t

+ (Pb% ∗ 27.24) + (Zn% * 14.04); Probable AgEq = Ag g/t + (Pb% ∗ 49.73) + (Zn% * 17.23); and Total AgEq = Ag g/t + (Pb% ∗ 46.61) + (Zn% * 16.81).This Mineral Reserves estimate assumes that

all required permits, as discussed under the heading “Environment, Communities and Permitting” will be obtained. Figures may not total exactly due to rounding. All ounces reported represent troy

ounces, and “g/t” represents grams per tonne. 43