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AGLD.V ·

Austral Gold Announces Updated Mineral Reserve and Resource Estimate for Casposo Mine

Resource Estimates Technical Reports (NI 43-101)

Austral Gold Limited ASX: AGD | TSXV: AGLD ABN 30 075 860 472 OTCQB: AGLDF Level 5, 137-139 Bathurst Street [email protected] Sydney NSW 2000 https://australgold.com

MEDIA RELEASE

14 October 2025

Austral Gold Announces Updated Mineral Reserve and Resource Estimate for Casposo Mine

HIGHLIGHTS

•

Updated Mineral Resource and Reserve Estimate reinforces the Company’s strategy to advance the Casposo Mine towards renewed production, complemented by the previously announced Toll Milling Agreement with ASX-listed Challenger Gold Limited

  • Proven and Probable Mineral Reserves for the Casposo Mine is estimated to be 2.149 Mt

grading 1.31 g/t Au and 58.52 g/t Ag and containing ounces recoverable of 80 thousand ounces (Koz) Au and 3.276 M oz Ag

  • Measured and Indicated Mineral Resources for the Casposo Mine are estimated to be 2.258 million tonnes (Mt) grading 1.48 g/t Au and 59.91 g/t Ag
  • Inferred Mineral Resources are estimated to be approximately 0.173 Mt grading 7.52 g/t Au and 68.54 g/t Ag
  • After-Tax Net Present Value (NPV) at 11.8% discount rate is US$72.7 million (US$2,855/oz

gold price)

  • Undiscounted pre-tax free cash flows of US$137.9 million (post tax US$92.7 million).
  • All-in Sustaining Cost (AISC): US$1,695/oz Au.
  • The mine life is 74 months, based on Mineral Reserves.
  • Estimated annual average production of 11,495 ounces recovered for gold and 468,434 ounces recovered for silver.
  • Life of mine capital totals US$10.8 million, relate to sustaining capital for reprocessing mineralized material from the development and construction of the stockpile (DCS), reclamation, and closure costs (offset by salvage value). No capital costs for open pit operations as the Company has elected to utilize contract mining services.
  • Average operating cost over the life of mine is US$85 per tonne milled or US$1,517 per gold equivalent ounce.
  • Metallurgical recovery averages 88.0% for gold and 81.0% for silver over the LOM.
  • Metal prices: Life of mine average of US$2,855/oz gold and US$35/oz silver, based on consensus of independent forecasts for annual prices.
  • *See tables below for assumptions used in the estimates
  • **Only Measured and Indicated mineral resources are used in calculating the NPV

Austral Gold Limited (“Austral” or the “Company”) (ASX: AGD; TSX-V: AGLD; OTCQB: AGLDF), an established gold producer, is pleased to announce the positive results of a Mineral Reserve and Mineral Resource Estimate prepared internally in accordance with CIM Definitions 2014, National Instrument 43-101 (“NI 43-101”) and Joint Ore Reserves Committee Code, 2012 (JORC 2012) with respect to the Company’s 100% owned Casposo Operation in Argentina (the “Casposo Operation”).

To support the Mineral Reserve and Mineral Resource Estimate, the Company is filing a technical report prepared in accordance with NI 43-101 on the ASX (www.asx.com) and SEDAR+ (www.sedarplus.ca) today (the “Technical Report”).

Executive Officer of Austral, Stabro Kasaneva commented, “This mineral reserve estimate for the Casposo Operation marks a significant step forward in our strategy to advance the project towards production that has previously demonstrated its production capabilities. Since being placed on care and maintenance in 2019, our team has worked diligently to reassess and strengthen the technical and economic foundation of the project. The results of this reserve update reinforce our confidence in the long-term potential of the asset.

We are especially encouraged by the timing of this announcement, as gold and silver prices remain robust amid strong market fundamentals. This favorable pricing environment enhances the economics of the project and positions us to deliver meaningful value to our shareholders."

The updated Mineral Reserve estimates are based on Company infill drilling and exploration activities since the June 30, 2016 Technical Report filed on SEDAR+ and the Mineral Resource estimates are based on the July 19, 2024 Technical Report filed on SEDAR+.

Total Mineral Resources Estimation Statement – as of June 30, 2025 Austral Gold Limited - Casposo Mine

Category Grade Ounces Contained Ounces Recovered Mass (000' t)

(g/t (g/t (g/t (000’s (000’s (000’s oz (000’s (000’s (000’s oz Au) Ag) AuEq) oz Au) oz Ag) AuEq) oz Au) oz Ag) AuEq) Measured - - - - - - - - - -

Indicated

2,258 1.48 59.91 2.13 107 4,349 155 98 3,688 138

2,258 M&I 1.48 59.91 2.13 107 4,349 155 98 3,688 138 Inferred 7.52 68.54 8.28 42 381 46 38 323 42

Notes:

1) The Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves.

2) Stationary domains were modelled according to the lithological and structural continuity.

3) Mineral Resources were classified and reported in accordance with CIM Definition Standards and NI 43-101 requirements.

4) Indicated Resources were defined using a 25 m x 25 m drill grid in both strike and dip directions for ore mineralization. Stockpile and DCS resources were defined based on operational history and sampling data.

5) Variable cut-off grades were applied by sector, based on spatial location and physical characteristics of the mineralized material: Manantiales & Julieta: 1.24 g/t AuEq.

Mercado & B-Vein: 1.15 g/t AuEq.

Stockpile: 1.01 g/t AuEq.

DCS: 0.85 g/t AuEq.

6) The following bulk densities were applied for tonnage calculations:

2.5 t/m3 for open pit and underground domains 1.8 t/m3 for stockpiles 1.4 t/m3 for DCS material.

7) Mineral Resources were constrained by open -pit optimization, using metal prices of US$2,500 /oz for gold and US$27.5 /oz for silver.

8) AuEq = (g/t) Au + (g/t) Ag / 90.91 [factor 90.91 = US$2,500 /oz for gold / US$27.5 /oz for silver.

9) Ounces Contained were not applied to metallurgical recoveries.

10) Ounces Recovered were applied to metallurgical recoveries by deposits.

11) Metallurgical recovery rates were applied by deposit, based on historical and test data.

Ore Mineral: 91.1% gold and 84.8% silver Stockpiles: 89.0% gold and 85.8% silver DCS: 86.9% gold and 78.5% silver

12) Totals may not sum exactly due to rounding.

Mineral Reserve Statement by deposit – as of June 30, 2025

Category Mass Grade Metallurgical Recovery Ounces Recovered

(000 t) (g/t Au) (g/t Ag) (% Au) (%Ag) (000 oz Au) (000 oz Ag)

Julieta

Proven-------
Probable1615.0124.1091.184.824106
Prov + Prob1615.0124.1091.184.824106
Mercado----
Proven-------
Probable921.73150.6091.184.85378
Prov + Prob921.73150.6091.184.85378
Total Open Pit----
Proven-------
Probable2533.8170.1591.184.828484
Prov + Prob2533.8170.1591.184.828484
Stockpile----
Proven-------
Probable1,5070.8852.9586.978.5372,013
Prov + Prob1,5070.8852.9586.978.5372,013
All----
Proven-------
Probable2,1491.3158.5288.781.0803,276
Prov + Prob2,1491.3158.5288.781.0803,276

Notes:

1) Mineral Reserves were estimated using a gold price of US$2,200/oz and a silver price of US$25/oz.

2) Dilution was considered as 10% and Mining Recovery as 95%.

3) Variable cut-off grades were applied by sector, based on spatial location and physical characteristics of the mineralized material:

Julieta: 1.303 g/t AuEq, Mercado: 1.217 g/t AuEq, Stockpile: 1.152 g/t AuEq, DCS: 1.047 g/t AuEq

4) The following bulk densities were applied for tonnage calculations:

In-situ mine material: 2.5 t/m3 Stockpile material: 1.8 t/m3 DCS material:1.5 t/m3

5) Totals may not sum exactly due to rounding.

There are no known legal, political, environmental, or other risks that could materially affect the potential development of mineral resources or mineral reserves.

TECHNICAL CONTENT AND QUALIFIED PERSONS

The Technical Report referenced in this news release was prepared under the supervision of the following persons, each a non-Independent “Qualified Person” as defined by NI 43-101:

  • Marcos Valencia, FAusIMM and Registered Member of the ChMC, Principal Geoscientist of the Company;
  • Guillermo Valdés, Registered Member of the Ch.M.C, Mining Engineer and Technical Services Manager of the Company; and
  • Francisco Pavez, Registered Member of the Ch.M.C, Metallurgical Civil Engineer and Manager of Metallurgical Processes of the Company,
  • (collectively, the “Qualified Persons”).

The scientific and technical information contained in this announcement has been extracted from the Technical Report and has been reviewed and approved by the above Qualified Persons.

The Technical Report to support the updated Mineral Reserve and Mineral Resource estimates for the Casposo Operation, prepared in accordance with NI 43-101, will be filed with the ASX and on SEDAR+ (www.sedarplus.ca) within 45 days of this news release.

COMPETENT PERSON’S STATEMENT

For the purposes of Listing Rule 5.22, the Company confirms that the updated Mineral Reserve and Mineral Resource estimates for the Casposo Operation were based on work reviewed or compiled by the Marcos Valencia, Guillermo Valdés and Francisco Pavez, each a non-independent “Qualified Person” as defined by NI 43-101 and a “Competent Person” as defined in the JORC (2012) Code, either as a Member of the Australian Institute of Geoscientists, or members in good standing of Recognised Professional Organisations in Canada and the United States.

Each Competent Person is an employee of the Company.

Each Competent Person consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Each Competent Person has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken to qualify as a Competent Person as defined in the JORC (2012) Code.

DATA VERIFICATION

All information contained in this news release was generated by Austral and was previously verified in the technical report prepared by Marcos Valencia in 2024 and RPA in 2016. The scientific and technical information included in the Technical Report, which forms the basis of this news release disclosure, was reviewed by the Qualified Persons who determined that the disclosure is in accordance with the guidelines established by the CIM and falls under the requirements of NI 43- 101 for publication to the market.

The data verification was carried out by taking the original information, comparing it with what was reported in the 2016 technical report, and also reviewing the procedures that Austral applied during its drilling and quality assurance activities.

All information captured and processing procedures and protocols have been developed to detect deviations in the early stages of the process and to apply corrective measures for mitigation and to minimize the source of risk of failures in the information generated and declared as public.

A site visit was undertaken by each of the Qualified Persons. However, it was not possible to oversee the drilling procedures and processes for data collection. Each of the Qualified Persons reviewed the protocols and procedures and determined that are in line with industry standards.

Analytical laboratories for the project have not been inspected at this stage. A thorough Quality Assurance and Quality Control (“QA/QC”) program adhering to internationally accepted standards were completed for Austral drilling over the past phases. Each of the Qualified Persons is satisfied with the methods employed for internal data validation and for the purpose of the mineral resource estimate.

The Qualified Person, Marcos Valencia considers that the sample preparation, security, and analytical procedures adopted for the resource drilling provide an adequate basis for the current mineral resource estimate and that the QAQC program and procedures developed by the Austral geology team and reviewed by each of the Qualified Persons are adequate. The data contained in the drill hole database were generated and collected according to the industrial standards and Austral applied proper programs to keep the security of the data developed by the Austral geology team and reviewed by each of the Qualified Persons.

FURTHER INFORMATION

For the purposes of listing Rule 5.9.1, the Company wishes to provide a summary of the material assumptions and outcomes of the Technical Report that was used to upgrade the mineral resources to ore reserves. This information is to be read together with the JORC (2012) Code Table 1 Report.

1. The mineralised domains evaluated for the mineral resource estimation were interpreted by the Casposo geology team using a lithological model in Leapfrog and a set of cross-vertical sections were used to guide the 3D modelling for veins, breccias, stockwork or veinlets mineralization domains developed in Vulcan software.

2. Drill hole spacing at the mine generally ranges from 12.5 m x 12.5 m to 60 m x 60 m. Given the density of drilling at the Casposo Mine, a 25 m by 25 m grid pattern has been established to classify resources as Indicated. This pattern, aligned with the vein main vein plane, allows for the definition of geological continuity with an acceptable level of risk for resource estimation.

3. Benchmarking was conducted using comparable deposits in Argentina, Peru and Chile, where a broader grid pattern, typically 30 m x 30 m is commonly used to classify Indicated resources. Formal studies to determine the optimal grid spacing are recommended, and the Qualified Person suggests initiating such studies. Resources can only be classified as Measured when the vein is exposed; however no Measured resources were defined in this estimation process.

4. All the resources located outside the established grid pattern have been classified as Inferred.

5. Based on the available data, benchmarking results, and the expert judgment of the Qualified Person (QP), a 25-meter x 25-meter drill grid pattern was adopted to define Indicated Resources for the Manantiales, Julieta, Mercado, and B-Vein deposits.

6. Metal prices used for the estimation are US$2,500 per ounce of gold and US$27.50 per ounce of silver.

Mineral Resource Statement by deposit – Inclusive Reserves – as of June 30, 2025

CategoryMassGradeOunces ContainedOunces Recovered
(000' t)(g/t Au)(g/t Ag)(g/t(000's(000's oz(000's oz(000's(000's(000's oz
AuEq)oz Au)Ag)Aueq)oz Au)oz Ag)Aueq)
Manantiales
Measured----------
Indicated224.3124.284.583.0173.23152.9
M + I224.3124.284.583.0173.23152.9
Inferred99.0434.519.422.5102.7282.4
Julieta
Measured----------
Indicated1665.4625,995.7529,213930.72711827.9
M + I1665.4625,995.7529,213930.72711827.9
Inferred9810.4818.5910.6832.95833.6305030.6
Mercado
Measured----------
Indicated1032.50134.913.988.344713.2837911.7
M + I1032.50134.913.988.344713.2837911.7
Inferred362.8930.533.233.3353.73303.4
B-Vein
Measured----------
Indicated563.63137.055.146.62499.362118.3
M + I563.63137.055.146.62499.362118.3
Inferred303.05283.336.173.02776.032355.3
Total Open Pit
Measured----------
Indicated3484.2176.215.0547852564372351
M + I3484.2176.215.0547852564372351
Inferred1737.5268.548.2842381463832342
Stockpile
Measured----------
Indicated3891.3672.542.1617.090727.01676924.0
M + I3891.3672.542.1617.090727.01676924.0
Inferred----------
DCS
Measured----------
Indicated1,5210.8852.951.5043.02,58971.4392,19663.3
M + I1,5210.8852.951.5043.02,58971.4392,19663.3
Inferred----------
ALL
Measured----------
Indicated2,2581.4859.912.131074,349155983,688138
M + I2,2581.4859.912.131074,349155983,688138
Inferred1737.5268.548.2842381463832342

Notes:

1) The Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Mineral Reserves.

2) Stationary domains were modelled according to the lithological and structural continuity.

3) Mineral Resources were classified and reported in accordance with CIM Definition Standards and JORC (2012) requirements.

4) Indicated Resources were defined using a 25 m x 25 m drill grid in both strike and dip directions for ore mineralization. Stockpile and DCS resources were defined based on operational history and sampling data.

5) Variable cut-off grades were applied by sector, based on spatial location and physical characteristics of the mineralized material:

Manantiales & Julieta: 1.24 g/t AuEq.

Mercado & B-Vein: 1.15 g/t AuEq.

Stockpile: 1.01 g/t AuEq.

DCS: 0.85 g/t AuEq.

6) The following bulk densities were applied for tonnage calculations:

2.5 t/m3 for open pit and underground domains 1.8 t/m3 for stockpiles 1.4 t/m3 for DCS material.

7) Mineral Resources were constrained by open -pit optimization, using metal prices of US$2,500 /oz for gold and US$27.5 /oz for silver.

8) AuEq = (g/t) Au + (g/t) Ag / 90.91 [factor 90.91 = US$2,500 /oz for gold / US$27.5 /oz for silver]

9) Ounces Contained were not applied to metallurgical recoveries.

10) Ounces Recovered were applied to metallurgical recoveries by deposits.

11) Metallurgical recovery rates were applied by deposit, based on historical and test dat.

Ore Mineral: 91.1% gold and 84.8% silver Stockpiles: 89.0% gold and 85.8% silver DCS: 86.9% gold and 78.5% silver

12) Totals may not sum exactly due to rounding.

Metallurgical Operating Recoveries used in the Resource and Reserve Mineral Estimate - June 30, 2025 Austral Gold Limited - Casposo Mine

Deposit Metallurgical Recovery Au (%) Ag (%)

Manantiales91.184.8
Julieta91.184.8
Mercado91.184.8
B-Vien91.184.8
Stockpile89.085.8
DCS86.978.5

About Austral Gold

Austral Gold is a gold and silver mining producer building a portfolio of quality assets in the Americas based on three strategic pillars: production, exploration and equity investments. Austral continues to lay the foundation for its growth strategy by advancing its attractive portfolio of producing and exploration assets.

For more information, please visit the Company’s website at www.australgold.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Release approved by the Company’s Chief Executive Officer of Austral Gold, Stabro Kasaneva.

For additional information please contact:

David Hwang Jose Bordogna

Joint Company Secretary Chief Financial Officer and Joint Company Secretary Austral Gold Limited Austral Gold Limited [email protected] [email protected] +61 433 292 290 +61 466 892 307

Forward Looking Statements

Statements in this news release that are not historical facts are forward-looking statements. Forwardlooking statements are statements that are not historical, and consist primarily of projections and statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", “potential”, "should", "anticipates", "likely", "believes" and words of similar expressions are intended to identify forward-looking statements. The forward-looking statement in this news release include, but are not limited to, all projections with respect to the Casposo Operation including Mineral Reserve and Mineral Resource estimates, all projected and future economic statements with respect to the Casposo Operation, all projections related to future project advancement, including to production, and expected production levels, operational performance, financial outcomes and strategic growth.

All of these forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, uncertainty of exploration programs, development plans and cost estimates, commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets, uncertainty in the measurement of mineral resources and reserves; and other risks and hazards related to the exploitation and development of mineral properties, as well as the availability of capital. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Austral cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management’s assumptions may prove to be incorrect. Austral’s forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and Austral does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.

JORC Code, 2012 Edition – Table 1 report Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections)

CriteriaJORC Code explanationCommentary
Sampling • Nature and quality of sampling (eg cut channels, random chips, or Casposo sampling was completed in four main phases: techniques specific specialized industry standard measurement tools appropriate • Battle Mountain Gold (BMG) surface sampling, trenching, rock to the minerals under investigation, such as downhole gamma chip channel sampling and diamond drilling (DDH) – 1998 to sondes, or handheld XRF instruments, etc.). These examples should 2002. not be taken as limiting the broad meaning of sampling. • Intrepid Mines Limited (Intrepid) trenching, reverse circulation • Include reference to measures taken to ensure sample (RC) and DDH drilling – 2003 to 2008. representativeness and the appropriate calibration of any • Troy Resources Argentina (Troy) RC and DDH drilling – 2009 to measurement tools or systems used. 2015. • Aspects of the determination of mineralisation that are Material to the • AGA: DDH, and channel sampling – 2016 to 2025. Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 Year Company Type (n) Hole (m) Hole m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, 1998 to 2002 BMG DDH 46 8,626.14 such as where there is coarse gold that has inherent sampling 2003 to 2008 Intrepid DDH 242 38,459.13 problems. Unusual commodities or mineralisation types (eg RC 12 2,185.00 submarine nodules) may warrant disclosure of detailed information. 2009 to 2015 Troy DDH 588 148,188.20 RC 57 7,364.50 2016 to 2025 AGA DDH 96 18,051.60 Total 1,041 222,874.57 Core logging and sampling were carried out according to BMG, Intrepid, Troy, or AGA protocols. Core was split in half (mechanical splitter or diamond saw). One half of the core was sent for analysis and the remaining half returned to the core box in its original orientation as a permanent record. Normally, the entire hole was sampled. The sample interval was between 0.5 to 1 m in ore zone and 2 m on average in waste rocks. Highly fragmented core was bound with adhesive tape before splitting. Sample intervals were determined by both lithology and a visual estimate of quartz veining and quartz stockworks/breccia. Sampling mineralized zones was generally on one metre intervals however mineralized contacts were also considered. RC samples were collected from the cyclone every one metre, then homogenized and split twice, to obtain a three kilogram to five-kilogram
CriteriaJORC Code explanationCommentary
sample. Another split of the sample was stored as backup. The remaining reject was discarded. Continuous channel sampling was conducted in the trenches with chisel and hammer, usually at the bottom of the excavations. Sample weight was between three to five kilograms. Sample collection is described in Section 10 of the Technical Report.
Drilling • Drill type (eg core, reverse circulation, open-hole hammer, rotary air BMG used two contractors, Major and Connors Drilling (Connors), which techniques blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple completed 11 holes (1,732 m) and 35 holes (6,894 m), respectively. The or standard tube, depth of diamond tails, face-sampling bit or other drill hole diameter was primarily NQ (47.6 mm nominal core diameter), type, whether core is oriented and if so, by what method, etc). although some holes were collared with HQ (63.5 mm nominal core diameter), and reduced to NQ for the deeper sections. Intrepid completed 38,549 m of core drilling in 242 drill holes. Drill contractors included Connors, Bolland, and Major Drilling. The diamond drill hole diameter was primarily HQ drilled with a HQ-3 triple tube method to ensure minimum-core rotation and maximum sample recovery. Troy completed both RC 57 holes totalling 7,364.5 m and 588 holes completing 148,188.2 m of diamond drilling. Drill Contractors included Boart Longyear Argentina, Energold Argentina SA, and Eco-Minera Mining Services Argentina. The core was not oriented. Casposo Mine (AGA) completed 18,052 m and 96 holes of core drilling. Drill contractor was Conosur Drilling S.A., and to develop the infill drill program an own equipment was used. The core was not oriented. Drilling techniques are described in Section 10 of the Technical Report.
Drill sample • Method of recording and assessing core and chip sample recoveries Core recovery is generally very good and would not impact sample recovery and results assessed. integrity. Core recoveries were calculated prior to logging. • Measures taken to maximise sample recovery and ensure RPA in 2016 and the current correspond author examined mineralized representative nature of the samples. core from nine Casposo drill holes. In correspondent QP opinion, the • Whether a relationship exists between sample recovery and grade sawing of the core and its replacement in the core boxes have been and whether sample bias may have occurred due to preferential done to industry standards. loss/gain of fine/coarse material. No significant correlation of grade bias attributed to lower sample recovery.
CriteriaJORC Code explanationCommentary
Logging • Whether core and chip samples have been geologically and Diamond drill core was geologically logged using predefined logging geotechnically logged to a level of detail to support appropriate codes for lithological, mineralogical and physical characteristics. Mineral Resource estimation, mining studies and metallurgical Logging was generally quantitative in nature except for structural, studies. geotechnical, and recoveries measurements. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. Drill core was photographed and digitally stored for visual reference. • The total length and percentage of the relevant intersections logged. Drilling has been supervised by experienced geologists. In the QP opinion the core handling, logging, splitting, and sampling procedures are of sufficient quality to support Mineral Resource and Mineral Reserve estimates.
Sub-sampling • If core, whether cut or sawn and whether quarter, half or all core Sub-Sampling Technic: techniques taken. Drilling included assaying of half core for surface holes and whole core and sample • If non-core, whether riffled, tube sampled, rotary split, etc and for underground holes: preparation whether sampled wet or dry. Sample intervals were marked considering geological boundaries first • For all sample types, the nature, quality and appropriateness of the and then a minimum length of 0.3 m and a maximum length of 1 m was sample preparation technique. allowed in the ore zone, then the core was either split with a mechanical • Quality control procedures adopted for all sub-sampling stages to splitter or diamond saw. One half of the core was placed in plastic bags maximise representivity of samples. and tagged with a unique sample number. The other half of the core was returned to the core box and securely stored. During this process, • Measures taken to ensure that the sampling is representative of the in as per the QAQC protocols, blanks, standards, and field duplicates were situ material collected, including for instance results for field submitted into the sample stream at regular intervals. duplicate/second-half sampling. Sample Preparation Technic: • Whether sample sizes are appropriate to the grain size of the material The technique was appropriate for the sample type which includes and being sampled. usually comprises oven drying, crushing, and pulverizing samples to established parameters: Drying, crushing to 85% passing 10 mesh, Splitting and pulverization of 1 Kg to 85% passing #200 Mesh, and splitting in two pulps with approximately 200 g each BMG: Primary lab was ALS Geolab in Mendoza. Intrepid: Primary lab was ALS Chemex (ISO 9001 accreditation) in La Serena, Chile and Mendoza, Argentina, and Alex Stewart (in Mendoza, Argentina) (ISO 9001) as the secondary, however, since February 2005, Intrepid switched to Alex Stewart (Mendoza) as the primary laboratory. Both labs have equivalent preparation protocols. Troy and AGA used as primary laboratory Alex Steward kept all protocols. Casposo Mine laboratory was ISO 9001-2008 certified in 2015. The mine laboratory protocol also consisted of drying, crushing and
CriteriaJORC Code explanationCommentary
pulverization according to standardized written procedures and were equivalent with the commercial labs. Troy and AGA send to the internal lab all samples generated in the infill drilling and production sampling programs. The assay sample sizes are considered appropriate for the style of mineralization. Sampling techniques are described in Section 10 of the Technical Report. Sample preparation techniques are described in Section 11 of the Technical Report
Quality of • The nature, quality and appropriateness of the assaying and The BMG samples submitted to ALS Geolab in Mendoza were assayed assay data laboratory procedures used and whether the technique is considered by fire assay (FA) for Gold using method PM209. Silver, lead, zinc, and partial or total. molybdenum, copper, arsenic, antimony by atomic absorption laboratory • For geophysical tools, spectrometers, handheld XRF instruments, etc, spectrometry (AAS) using method G105 and occasionally for mercury tests the parameters used in determining the analysis including instrument using method G008. make and model, reading times, calibrations factors applied and their The Intrepid samples submitted to ALS Chemex were assayed as derivation, etc. follows: Gold by FA with either a gravimetric or AAS finish, using method • Nature of quality control procedures adopted (eg standards, blanks, AA AuAA24 or method Au-GRA22 for samples with Au > 10 g/t. Silver in duplicates, external laboratory checks) and whether acceptable levels samples expected to have high values by either four acid digestion and of accuracy (ie lack of bias) and precision have been established. AAS, or FA and gravimetric finish, using method Ag-AA63 or method AgGRA22 for samples with Ag > 100 g/t. Silver, aluminum, arsenic, barium, beryllium, bismuth, calcium, cadmium, cobalt, chromium, copper, iron, potassium, magnesium, manganese, molybdenum, sodium, nickel, phosphorus, lead, sulphur, antimony, strontium, titanium, vanadium, tungsten, zinc by four acid digestion and inductively coupled plasma with atomic emission spectroscopy (ICP-AES), using method ME-ICP61 QCQC Programs There have been several QAQC programs to verify analytical results. These include sets of CRMs and pulp duplicates submitted as part of the original sampling and a series of pulps submitted for re-assaying. QAQC results indicate: BMG had a very limited QA/QC program in place during their drill program, consisting of the insertion of 16 standards over the duration of the sampling campaign. Intrepid the QAQC program implemented for the Casposo Mine from 2003 to 2008 included the insertion of control samples to monitor assay accuracy with standards and contamination width coarse blanks.

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