In March 2018, Minsud filed a 43-101 Technical Report and Mineral Resource Estimate prepared by P&E Mining Consultants Inc. (P&E).
In P&E’s opinion, the drilling, assaying and exploration work of the Chita Porphyry supporting this Mineral Resource Estimate are sufficient to indicate a reasonable potential for economic extraction.

All Mineral Resources at a 0.25% Cu cut-off were classified as Indicated or Inferred category based on the geological interpretation, semi-variogram performance and drill hole spacing. An important milestone is that the Company has a large proportion of Indicated Resources, approximately 80% of the total Mineral Resources. The Mineral Resource Estimate is shown in Table 1 below.

Mineral Resources are sensitive to the selection of a reporting Cu cut-off grade. The Chita pit constrained Mineral Resource Estimate sensitivity of the Cu cut-off grade is demonstrated in Table 2 and illustrated in Figure 1 below.

The mineralized sections include disseminated sulphides as well as A, B and D-type veins hosted by multiple stages of epizonal intrusions and hydrothermal breccias. The complex mineralization styles are not conducive to the classical concepts of true thickness measurement, therefore vertical thickness determinations that would conform to conceptual pit design parameters are used instead.

It is noted that the Mineral Resource outline drilling to date is mainly confined to the outcropping southern part of the Chita Porphyry system. Prospective areas in the central and northern sectors of the Chita Porphyry are largely untested, as are similar porphyry areas located to the west (Chinchillones and Placetas Porphyries).

Minsud is encouraged by the generally consistent elevated concentrations of Cu, Ag and Mo as well as the more localized anomalous Au values. With maximum elevation in the sector below 3,100 m ASL, field conditions are benign on a year round basis and no active alpine glaciers are possible below approximately 4,100 m ASL.

Minsud plans to continue investigating the commercial possibilities for processing and recovering the key metals while at the same time conducting additional drilling to further delimit the deposit and evaluate the grade distribution of the mineralization.

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Corporate Presentation March 2021

Argentina

Canada

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