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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