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Assets

Overview

Our 100% owned Morelos Property in Mexico is a world-class asset measuring 29,000 hectares within the highly prospective Guerrero Gold Belt, 180 kilometres southwest of Mexico City. The Property hosts our Morelos Complex, which consists of the El Limón Guajes (ELG) Mine Complex, the Media Luna Project, a processing facility, and related infrastructure. Commercial production was declared at ELG in 2016. In 2023, ELG delivered annual production of 453,778 ounces of gold, making Morelos the largest gold producer in Mexico in 2023.

The results of the Feasibility Study for the Media Luna Project were included in an updated Technical Report for our Morelos Complex, which was released in March 2022, and includes an integrated life of mine plan and economics for both the ELG Mine Complex and Media Luna.

The Morelos Property is approximately a four-hour drive from Mexico City and easily accessible via paved roads. It is located near established centres of supply for materials. Power for mining operations is available from a 115 kV line that crosses over the Property and will soon be tied in to a 230 kV line required for power upgrades as part of the Media Luna Project. Future power at site will also be sourced from an 8.7 MW solar plant which is expected to be commissioned in 2024. Water for processing and exploration is sourced from nearby wells.

Watch Watch
Media Luna - The Plena Sol Solar Plant (Animation)

The Morelos Property has the potential to provide significant future opportunities beyond ELG and Media Luna, with 75% of the property currently unexplored and with multiple, drill-ready exploration targets identified.

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