La Pepa Project, Chile

Quick Facts

Ownership: 20%. In the process of buying the remaining 80%

Location: Chile

Status: Advanced Exploration

Commodity: Gold

Mining Method: Potentially Heap Leach

M&I Resources: 124,221 kt @ 0.55 g/t

La Pepa Project

The La Pepa Project is an advanced gold exploration project located in the Maricunga Gold Belt of the Atacama Region, Chile, approximately 800 km north of Santiago and 110 km east of Copiapó, at 4,200 metres above sea level in the Andes Mountains.

It is 100% owned by Minera Cavancha SpA, a joint venture entity that is owned 20% by Mineros and 80% by Pan American Silver Corp. August 11, 2025 Mineros announced that it was buying the 80% of the La Pepa Project owned by Pan American for $40 million in cash. The transaction is expected to close on or before September 30, 2025.

The La Pepa Project represents a significant exploration-stage opportunity for Mineros in Chile, with promising mineralization and plans for further development.

Highlights

Reserves and Resources

Estimated Mineral Resources at the La Pepa Project, effective October 31, 2021:

Measured Mineral Resources: 58,816 thousand tonnes (kt) averaging 0.61 g/t Au, containing 1,150 thousand ounces (koz) Au.
Indicated Mineral Resources: 65,405 kt averaging 0.49 g/t, containing 1,039 koz Au.
Inferred Mineral Resources: 25,024 kt averaging 0.46 g/t, containing 366 koz Au.

Mineral Resources reported in this press release were estimated by Geoestima Spa. (GeoEstima), inside an optimized pit envelope with cut-off grades of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cut-off grade, assuming a long-term gold price of $1,650 per ounce. All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not add up due to rounding. The qualified person is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the potential development of the Mineral Resources.

Exploration and Development:

The project targets a porphyry-style gold system with two types of auriferous mineralization: gold disseminated in stockwork and high-sulphidation epithermal replacement veins.
Envisioned as an open-pit mining and heap-leaching operation.

Drilling and Results:

A 6,342-metre drilling program (2019-2020) confirmed lateral continuity and potential expansion at depth. For further information, see Mineros’ annual information form for the year ended December 31, 2021, dated March 31, 2022.

Future Plans:

Mineros plans to use the Mineral Resource estimate effective October 31, 2021 as the basis for a preliminary economic assessment (PEA) to evaluate feasibility as a heap-leaching operation.

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