Resources and Reserves

Mineral Resource Estimate – Inclusive of Mineral Reserves – September 2022

  Contained Metal
Category Tonnes
Mt		 Zn
%		 Pb
%		 Cu
%		 Ag
g/t		 Zn
kt		 Pb
kt		 Cu
kt		 Ag
Moz
ZPV Indicated 41.1 1.93 0.36 0.17 13.2 793 147 69 17
Inferred 7.3 1.54 0.22 0.13 10.8 113 16 9 3
Sub-Total 48.4 1.87 0.34 0.16 12.8 906 163 78 20
Brskovo Measured 0.4 2.02 1.42 0.17 13.6 7 5 1 0.2
Indicated 10.7 1.71 1.30 0.13 21.9 182 138 14 8
Inferred 6.0 1.24 0.99 0.17 16.5 75 60 10 3
Sub-Total 17.1 1.55 1.19 0.15 19.8 264 203 25 11
Brskovo Project Total (ZPV+Brskovo) Measured 0.4 2.02 1.42 0.17 13.6 7 5 1 0.2
Indicated 51.8 1.88 0.55 0.16 15.0 975 285 83 25
Inferred 13.4 1.41 0.57 0.14 13.4 188 76 19 6
Sub-Total 65.5 1.79 0.56 0.16 14.7 1171 366 103 31

Mineral Reserve Estimate – September 2022

Contained Metal
Pit Category Tonnes
Mt		 Zn
%		 Pb
%		 Cu
%		 Ag
g/t		 Zn
kt		 Pb
kt		 Cu
kt		 Ag
Moz
ZPV Probable 38.2 1.86 0.36 0.16 13.1 713 138 61 16
Brskovo Proven 0.3 2.02 1.42 0.17 12.2 7 5 1 0.1
Probable 8.6 1.70 1.28 0.14 21.9 147 111 12 6
Sub-Total 8.9 1.72 1.29 0.14 21.5 154 115 12 6
Combined Proven 0.3 2.0 1.4 0.2 12.2 7 5 1 0.1
Probable 46.8 1.84 0.53 0.16 14.7 859 249 73 22
Total Reserves 47.2 1.84 0.54 0.16 14.7 866 254 73 22

Notes to Resources:

  • The Mineral Resources reported above are within an optimized pit shell.
  • 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 USD7/t, SQ/Dol USD12/t
    • Brskovo: USD10/t
  • NSR calculations based on metal prices of USD2,200/t Zn, USD1,900/t Pb, USD6,500/t Cu and USD18/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:

  • NSR Cut-Off = USD12/t ore, based on assumed metal prices:
    Zn USD/t 2‘200
    Pb USD/t 1‘900
    Cu USD/t 6‘500
    Ag USD/oz 18
  • Reserves shown are inside optimized pit envelopes.
  • The reserve calculation is based on a regularized block model.
  • The ultimate pits design also contain 7.2Mt 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.