Resources and Reserves

Mineral Resource Estimate – Inclusive of Mineral Reserves – December 2022

Contained Metal
Category Tonnes
Mt		 Zn
%		 Pb
%		 Cu
%		 Ag
g/t		 Zn
kt		 Pb
kt		 Cu
kt		 Ag
Moz
ZPV Indicated 43.7 1.95 0.34 0.17 13.0 852 149 74 18.3
Inferred 13.6 1.51 0.15 0.18 9.3 205 20 24 4.1
Sub-Total 57.3 1.84 0.30 0.17 12.1 1’054 172 97 22.3
Brskovo Measured 0.4 2.02 1.42 0.17 13.7 8 6 1 0.2
Indicated 12.4 1.74 1.33 0.14 23.2 216 165 17 9.2
Inferred 6.9 1.24 0.98 0.16 16.1 86 68 11 3.6
Sub-Total 19.6 1.57 1.21 0.14 20.5 308 237 27 12.9
Brskovo Project Total (ZPV+Brskovo) Measured 0.4 2.02 1.42 0.17 13.7 8 6 1 0.2
Indicated 56.1 1.90 0.56 0.16 15.2 1’066 314 90 27.4
Inferred 20.5 1.42 0.43 0.17 11.4 291 88 35 7.6
Sub-Total 77.0 1.78 0.53 0.17 14.3 1’371 408 131 35.4

Mineral Reserve Estimate – December 2022

Contained Metal
Pit Category Tonnes
Mt		 Zn
%		 Pb
%		 Cu
%		 Ag
g/t		 Zn
kt		 Pb
kt		 Cu
kt		 Ag
Moz
ZPV Probable 35.8 1.91 0.37 0.16 13.3 684 132 57 15.3
Brskovo Proven 0.4 2.00 1.41 0.17 12.8 8 6 1 0.2
Probable 9.1 1.70 1.29 0.13 21.6 155 117 12 6.3
Sub-Total 9.5 1.71 1.30 0.13 21.2 162 124 12 6.5
Combined Proven 0.4 2.00 1.41 0.17 12.8 8 6 1 0.2
Probable 44.8 1.87 0.56 0.16 15.0 838 251 72 21.6
Total Reserves 45.2 1.87 0.56 0.16 14.9 845 253 72 21.7

Notes to Resources:

  • The mineral resources reported above are for all in-situ resources, inclusive of reserves.
  • These mineral resources have an effective date of 31st December 2022.
  • The competent person for the declaration of mineral resources is Adam Wheeler.
  • Resources reported above are undiluted, with no mining factors.
  • It is considered that these resources have reasonable prospects for economic extraction.
  • NSR cut-offs applied as follows:
    • Zuta Prla: Raz/Cent/Vis USD8/t, SQ/Dol USD14/t
    • Brskovo: USD11.5/t
  • NSR calculations based on metal prices of USD2’400/t Zn, USD2’100/t Pb, USD7’200/t Cu and USD20/oz Ag.
  • Tonnages and grades are rounded appropriately.
  • Rounding as required may result in apparent summation differences between tonnages and grades. Where these occur, they are not considered material.

Notes to Reserves:

  • The competent person for the declaration of ore reserves is Adam Wheeler.
  • These ore reserves have an effective date of 31st December 2022.
  • NSR Cut-Off = USD14/t ore for all zones except SQ/DolL, which is USD14.5/t.
    • Zn USD/t 2‘400
    Pb USD/t 2‘100
    Cu USD/t 7‘200
    Ag USD/oz 20
  • Reserves are reported within mine designs, that were based on open pit optimisations using estimated technical and economic parameters.
  • The reserve calculation is based on a regularized block model, thereby incorporating dilution and mining losses.
  • The ultimate pits designs also contain 6.6Mt of Inferred resource material at ore grades.
  • Tonnages and grades are rounded appropriately.
  • Rounding as required may result in apparent summation differences between tonnages and grades. Where these occur, they are not considered material.