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Mineral Resources

New Oroperu has updated the mineral Resource Estimate to include leachable mineralization for the Tres Cruces Project in the NI 43-101 Technical Report dated February 1, 2021 which updates the prior Resource Estimate in an NI 43-101 Technical Report dated September 2012. The updated Tres Cruces resource dated as of February 1, 2021 is summarized below and can be found on the following link and is filed on SEDAR.

Indicated Mineral Resources are estimated to contain 46.5 million tonnes grading 1.65 g/t Au for a total of 2.5 million ounces of contained Au in the indicated category. Inferred mineral Resources Estimate is 19.6 million tonnes grading 0.97 g/t Au or 0.6 million contained oz Au. These estimates are reported at 0.3 g/t Au cut-off for leachable resources and 0.9% g/t Au for non-leachable sulfides which cut off grades are considered appropriate for the deposit at current long-term average metal prices.

Potential exists to increase the size of, and the confidence in, the resource through further drilling. Near-surface oxide mineralization expansion opportunities are present in areas covered by shallow post-mineral rocks. Drilling areas presently classified as Inferred Mineral Resource and in areas where holes ended in mineralization, could add or upgrade significant resource tonnage. There is deep exploration potential for additional resources including for “bonanza vein” opportunities found in feeder zones of low sulfidation systems.

No estimate has been made by the NI 43-101 authors for Ag although significant potential for value exists at current Ag prices. Indications are that silver grades are generally low and concentrated mainly in the deeper, sulfide portion of the gold deposit. Based on this updated gold resource scenario, overall silver grades would be expected to range between 1.5 and 2.5 g/t, potentially containing 2.5 to 3.5 million ounces of silver. Any silver recovered with the gold would enhance overall project economics.

Tres Cruces Resource Summary:

Resource Classification Oxide
(0.3 g/t Au Cut-off)
Leachable Sulfide
(0.3 g/t Au Cut-off)
Sulfide
(0.9 g/t Au Cut-off)
Total
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Indicated 9,636 1.37 425 5,707 1.12 205 31,132 1.84 1,844 46,475 1.65 2,474
Inferred 487 0.75 12 361 0.60 7 1,713 1.55 85 2,561 1.26 104
Note: CIM definitions were followed for Mineral Resources. Totals may not agree due to rounding.

Table 2: Mineral Resource at Range of Gold Cut-off Grades

Cut-off
(g/t Au)
Resource
Classification
Oxide Leachable Sulfide Sulfide Total
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
Tonnes
(1,000s)
Au
(g/t)
Oz Au
(1,000s)
0.2 Indicated 9,908 1.34 427 5,830 1.10 206       15,738 1.25 633
Inferred 563 0.68 12 376 0.59 7       939 0.64 19
0.3 Indicated 9,636 1.37 425 5,707 1.12 205       15,343 1.28 630
Inferred 487 0.75 12 361 0.60 7       848 0.69 19
0.4 Indicated 9,297 1.41 421 5,432 1.15 201       14,279 1.31 622
Inferred 397 0.84 11 262 0.69 6       659 0.78 17
0.5 Indicated 8,720 1.47 413 4,842 1.24 193       13,562 1.39 606
Inferred 332 0.92 10 170 0.83 5       502 0.89 15
0.6 Indicated 7,856 1.57 397 4,273 1.33 183       12,129 1.49 580
Inferred 247 1.04 8 139 0.89 4       386 0.99 12
0.7 Indicated 6,963 1.69 379 3,652 1.45 170 42,692 1.56 2,139 53,307 1.57 2,688
Inferred 163 1.23 7 88 1.03 3 2,185 1.38 97 2,442 1.36 107
0.8 Indicated 6,178 1.81 360 3,098 1.57 157 36,292 1.70 1,985 45,568 1.71 2,502
Inferred 140 1.33 6 65 1.14 2 1,962 1.46 92 2,167 1.44 100
0.9 Indicated 5,563 1.92 343 2,662 1.69 145 31,132 1.84 1,844 39,357 1.84 2.332
Inferred 118 1.41 5 56 1.18 2 1,713 1.55 85 1,888 1.53 92
1.0 Indicated 5,088 2.01 329 2,295 1.81 133 26,844 1.99 1,714 34,228 1.98 2,176
Inferred 104 1.48 5 36 1.30 2 1,476 1.64 78 1,616 1.62 85

Table 3: Cut-off Grade by Mineralization Type

Min. Type Cost ($/t)
(incl. mining)
Recovery Factored
Cost ($/t)
Cut-off
Au (g/t)
Revenue
($/t)
Oxide 4.27 $5.23 0.3 $14.83
Leachable Sulfide 5.20 $8.00 0.3 $14.83
Sulfide 30.39 $34.53 0.9 $44.50