EV RESOURCES LTD - Capital/Financing Update 2024

ASX ANNOUNCEMENT

9[th] July 2024

Further high grade copper – molybdenum – silver drill results from surface at Parag

Highlights:

High grade copper-molybdenum-silver mineralization was intersected in both the breccia and surrounding porphyry intrusive and hornfels in Holes APG-DDH004, APG-DDH-005 and APG-DDH-007. This significantly adds to the scale of mineralization at Trinchera Este.
Hole APG-DDH-005 at Parag assayed
148m at 0.54%Cu, 0.35% Mo, and 8.87g/t Ag from 0.2m including:
- 120m grading 0.62 %Cu, 0.43 %Mo and 10.45g/t Ag from 0.2 to 120.2m.
- ▪ 100m grading 0.70 %Cu, 0.39 %Mo and 11.65g/t Ag from 0.2 to 100.2m. ▪ 40m grading 1.15 %Cu, 0.35 %Mo and 19.62g/t Ag from 8.2 to 48.2m.
- 22m grading 1.42 %Cu, 0.35 %Mo and 20.52g/t Ag from 8.2 to 30.2m
Hole APG-DDH-007 at Parag assayed
180m at 0.31% Cu, 0.09%Mo and 4.20g/t Ag from surface including:
- 58m grading 0.78 %Cu, 0.27 %Mo and 11.12g/t Ag from 0 to 58m.
- ▪ 36m grading 1.08 %Cu, 0.36 %Mo and 15.61g/t Ag from 0 to 36m. ▪ 30m grading 1.18 %Cu, 0.39 %Mo and 17.05g/t Ag from 0 to 30m.
Hole APG-DDH-004 at Parag assayed
62m at 0.36%Cu, 0.03% Mo and 5.98g/t Ag from 1.7 m. including:
- 50m grading 0.43 %Cu, 0.03 %Mo and 7.12g/t Ag from 1.7 to 51.7m
- 26m grading 0.74 %Cu, 0.06 %Mo and 12.75g/t Ag from 1.7 to 27.7 m
- 20m grading 0.92 %Cu, 0.08 %Mo and 16.10g/t Ag from 1.7 to 21.7m.
Copper is trading at US$9,944/mt and Molybdenum at US$22.89/lb (US$50,634.50/mt), or more than 5x the value of copper.[1]
EVR is reviewing the silver content of previously reported drill holes as silver prices rise to US$31.06/oz[1] and provide a valuable by product credit.

1 LME Closing Prices as at 5th July 2024 (www.lme.com) and www.kitco.com

evresources.com.au

311-313 Hay St Subiaco, Western Australia 6008 +61 (0) 8 6489 0600 [email protected]

Trinchera Este shows significant grades of Cu & Mo outside of the breccia

EV Resources Limited (ASX: EVR or “EVR”) is pleased to announce the assays from the final three diamond drill holes of the 1H 2024 drill campaign at the Company’s high grade Parag copper-molybdenum-silver project in Peru.

The seven diamond drill holes drilled in the Trinchera Este area have shown that mineralization is not restricted to the polymictic (sulphide) breccia system but also occurs in the surrounding intrusive porphyry and hornfels and adds to our conviction that Parag is a system of potential scale beyond the immediate high grade mineralisation already intersected in drilling within the breccias.

Figure 1: Cross Section along A-A´ looking West. Copper assay values on a 2m interval. For Sections showing Molybdenum and Silver Values see Figures 7 and 8 below.

==> picture [418 x 470] intentionally omitted <==

The initial program of defining the volume and economic potential of the mineralized breccia system will be extended in the next phase of drilling to understand and evaluate economic mineralization outside the breccia and explore at depth for the presence of a larger porphyry-type system.

Table 1. Drill intercepts and results from holes APG-DDH-004, APG-DDH-005, and APG-DDH-007.

Hole ID	Azimuth(m)	Dip (o)	From (m)	To(m)	Interval (m)	Cu(%)	Mo(%)	Ag (g/t)
APG-DDH-004	180	-70	1.7	63.7	62	0.36	0.03	5.98
			1.7	51.7	50	0.43	0.03	7.12
			1.7	27.7	26	0.74	0.06	12.75
			1.7	21.7	20	0.92	0.08	16.10
APG-DDH-005	0	-90	0.2	148.2	148	0.54	0.35	8.87
			0.2	120.2	120	0.62	0.43	10.45
			0.2	100.2	100	0.7	0.39	11.65
			8.2	48.2	40	1.15	0.35	19.62
			8.2	30.2	22	1.42	0.35	20.52
APG-DDH-007	360	-70	0	180	180	0.31	0.09	4.20
			0	58	58	0.78	0.27	11.12
			0	36	36	1.08	0.36	15.61
			0	30	30	1.18	0.39	17.05

Notes

1. Drill Hole Coordinates

APG-DDH-004: 278760E / 8812838N at an elevation of 4676 meters above sea level. Azimuth: 180, Inclination: -70, Meters Drilled: 149.80, Diameter: HQ.
APG-DDH-005: 278758E / 8812866N at an elevation of 4676 meters above sea level. Azimuth: 0, Inclination: -90, Meters Drilled: 237.30, Diameter: HQ :
APG-DDH-007: 278755E / 8812860N at an elevation of 4676 meters above sea level. Azimuth: 360, Inclination: -70, Meters Drilled: 348.80, Diameter: HQ

Silver Assays Confirm Significant By Product Value

Assays for silver have shown that at current prices of US$31.06/oz[2] , silver will potentially offer a significant by product credit to the Parag project. Some significant Ag intervals in holes APG-DDH-004, APG-DDH-005 and APG-DDH007 are
APG-DDH-004; 20m @ 16.10g/t Ag from 1.70 to 21.50 m.
APG-DDH-005; 84m @ 12.87g/t Ag from 0.20 to 84.20 m.
APG-DDH-007; 48m @ 12.95g/t Ag from 0 to 48 m.

2 LME Closing Prices as at 5th July 2024 (www.lme.com) and www.kitco.com

A review of silver in previous drill holes is underway and will be released to the market in due course.

Hugh Callaghan, Managing Director of EVR said “The successful drill campaign at Trinchera Este highlighted high grade copper-molybdenum-silver mineraliszation in both the polymictic breccia and in the surrounding intrusive porphyry and hornfels – similar to the analysis of old drill core at the Paylacocha 1 breccia system nearly 1200 metres to the West. This supports our view that the Parag porphyry system is potentially large. The geophysics programme commencing this week will help us understand the system better and guide further drilling programmes.”

Next Step

A programme of magnetometry and Induced Polarisation studies commences this week at Parag and should provide EVR with a better understanding of the structure, geometry and scale of the system.

Further Geological Information

Figure 2: Plan view of the location of the complete system of breccia bodies at Parag

==> picture [495 x 349] intentionally omitted <==

----- Start of picture text -----

Trinchera Este is
the smallest of the
6 previously
drilled breccias.
Analysis of old drill core
from Paylacocha 1 is
similar to recent drilling at
Trinchera Este with high
grade mineralization in
both the breccia and the
surrounding porphyry
intrusive, Hornfels and
Monzonite
----- End of picture text -----

Figure 3: Plan view of Trinchera Este zone and EV Resources first phase Drill location

==> picture [467 x 344] intentionally omitted <==

Figure 4. 3D view with Cu intervals.

==> picture [452 x 239] intentionally omitted <==

Figure 5. 3D view with Mo intervals.

==> picture [452 x 238] intentionally omitted <==

Figure 6. 3D view with Ag intervals

==> picture [452 x 239] intentionally omitted <==

Geology Description

APG-DDH-004

From 0.00 to 1.70 meters Overburden

From 1.70 to 7.20 meters

Hydrothermal breccia quartz cemented into hornfels, Qz-Py-Cpy-Mo filling open spaces, moderate silicification, moderate chlorite alteration.

From 7.20 to 20.50 meters

Matrix-supported polymictic hydrothermal breccia, Qz-Py-Cpy-Mo filling open spaces.

From 20.50 to 38.50 meters

Biotite hornfels, with some fingerings of porphyritic andesite, little sulfide.

From 38.50 to 78.00 meters .

Silica hornfels, craquel breccia and shingle breccia, with quartz calcite cementing the breccia fragments, little sulfide.

From 78.00 to 101.20 meters

Biotite hornfels are partially brecciated, with quartz-calcite filling open spaces, some fingerings of porphyritic andesites with albite alteration, and little sulfide.

From 101.20 to 119.00 meters

Intrusive breccia with fragments of biotite hornfels and strongly silicified clasts of porphyritic andesites, little sulfide.

From 119.00 to 148.80 meters

Biotite hornfels, partially brecciated, moderate to strong silicification, some patches of whitish silica, little sulfide.

APG-DDH-005

From 00.00 to 0.20 meters Overburden

From 0.20 to 18.10 meters

Hydrothermal Bx Qz cemented in Qz-Py-Cpy-Mo hornfels filling open spaces.

From 18.10 to 36.10 meters

Hydrothermal breccia quartz is cemented in intrusive (felsic porphyritic intrusive), QzPy-Cpy-Mo filling open spaces.

From 36.10 to 43.20 meters

Partially brecciated porphyritic felsic intrusive, moderate silicification, little sulfide, moderate sericitization.

From 43.20 to 108.50 meters

Hydrothermal breccia quartz cemented in intrusive (porphyritic andesites), Qz-PyCpy-Mo filling open spaces, moderate sericitization.

From 108.50 to 118.50 meters

Partially brecciated biotite hornfels, moderate chlorite alteration, and silicification, quartz-calcite-sulfide veinlets.

From 118.50 to 134.00 meters

Brown to slightly greenish felsic porphyritic intrusive, medium grain, abundant quartz veins, sporadic quartz-tourmaline veins, partial brecciation due to quartz injection, some longitudinal epithermal quartz veinlets, little sulfide.

From 134 to 171.10 meters

Brecciated felsic porphyritic intrusive, fragments of biotitized andesites, quartz veinlets with sericite albite halo, locally quartz-tourmaline veinlets and tourmaline veinlets occurrence.

From 171.10 to 180.50 meters

Brown to slightly greenish felsic porphyritic intrusive, medium grain, abundant quartz veins, sporadic quartz-tourmaline veinlets, partial brecciation due to quartz injection, some longitudinal epithermal quartz veinlets, little sulfide.

From 180.50 to 237.30 meters

Brecciated felsic porphyritic intrusive, fragments of porphyritic andesites and biotitized andesites, abundant quartz veinlets.

APG-DDH-007

From 00.00 to 21.40 meters

hydrothermal breccia quartz cemented in hornfels, Qz-Pay-Cpy-Mo filling open spaces, quartz veinlets.

From 21.40 to 44.60 meters

Hydrothermal breccia quartz cemented in felsic intrusive, Qz-Py_Cpy-Mo filling open spaces, moderate to strong silica alteration.

From 35.20 to 37.60 meters

Polymictic breccia matrix supported (rock flour)

From 44.60 to 57.80 meters

Hydrothermal breccia quartz cemented in Qz-Py-Cpy-Mo intrusive filling open spaces, some fingerings of albitized and silicified porphyritic andesites.

From 57.80 to 69.90 meters

“Shingle breccias”, fragments of albitized intrusive, hornfels cemented by Qz-biotite.

From 69.90 to 99.10 meters

Biotite hornfels, with some porphyritic andesite fingerings, quartz veinlets, and little sulfide.

From 99.10 to 147.00 meters

Felsic porphyritic intrusive is strongly brecciated, and there are fragments of biotitized andesites and some biotite hornfels.

From 147.00 to 262.80 meters

Porphyritic felsic intrusive, locally quartz-tourmaline veinlets, color variations by type of alteration, acquiring a whitish color in areas with moderate to intense pervasive albite and dark sections of strong biotitized andesites; fine quartz veinlets with sericite albite halo, scarce local and partially brecciated sulfides (intrusive Bx).

From 262.80 to 270.40 meters

Hornfels of biotite disseminated magnetite and, in concentrations, quartz veinlets with albite halo and little sulfide.

From 270.40 to 345.00 meters

Porphyritic felsic intrusive, with color variations by type of alteration, some lenses of biotite hornfels, fine quartz veinlets, and little sulfide.

From 345 to 348.80 meters

Biotite hornfels.

Figure 7 Cross Section along A-A´ molybdenum assays values, 2m interval.

==> picture [426 x 628] intentionally omitted <==

Figure 8 Cross Section along A-A´ looking West, silver assays values, 2m interval.

==> picture [426 x 623] intentionally omitted <==

Geochemistry

The initial drilling program executed at the Parag Cu-Mo-Ag project between February and March 2024 initially focused on evaluating the Trinchera Este area.

Values of Cu and Mo only were reported in previous press reports. This announcement includes an analysis of the presence of Silver (Ag) content that was not documented in previous press releases.

Silver (Ag) contents accompany the intercepts mineralized with Cu and Mo and appear consistent in their spatial distribution in the seven holes and 1980 meters drilled so far. The Ag mineralization accompanying the Cu and Mo contents is concentrated in areas of strong silicification and better distributed in mineralized breccia. However, it also occurs in the host rock, including felsic intrusives and hornfels.

In this first phase of exploration, diamond drilling has established that mineralization in Trinchera Este is located in the intensely altered polymictic breccia. The dominant alteration is silica, quartz-sericite, chlorite-sericite, together with the presence of carbonates and local chlorite superimposed on biotite.

Furthermore, these drill assay results demonstrate that Cu-Mo-Ag mineralization occurs from the surface or close to the surface and confirms that mineralization extends laterally outside the mineralized breccia. High values of Cu correlate with increased Ag and Mo values.

The diamond drill holes reported in this, and previous press announcements are considered encouraging and of great value for understanding mineralization behaviour inside and outside the mineralized breccia system. Future work, including geophysical surveys, will assist in optimizing future (imminent) drilling programs.

Progress at other EV Resources Properties

The company plans to drill a 2,000 metre programme at Don Enrique in the second half of the year.
A review of copper assays at the polymetallic Khartoum project in Queensland will be undertaken to supplement recent identification of high grade gallium samples and add to data obtained from drilling and sampling of the tin and tungsten mineralization at the project.

ENDS

For further information, please contact:

Luke Martino Non-Executive Chairman Tel: +61 8 6489 0600 E: [email protected]

Hugh Callaghan Managing Director Tel: +61 8 6489 0600 E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited (EVR).

Competent Person Statement

The information in this release that relates to exploration results is based on, and fairly represents, technical information and supporting documentation prepared by geologists employed by EV Resources Limited that has been reviewed and approved for publication by Dr Richard Jemielita, a certified professional geologist and Member of the. Institute of Materials, Minerals and Mining.

Dr Jemielita has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Jemielita consents to the inclusion in the release of the matters based on their information in the form and context in which it appears. Dr Jemielita is a consultant to the Company and holds no shares in EV Resources Limited.

Compliance Statement

This announcement contains information on the Parag Project extracted from ASX market announcements dated 25 March 2024, “ 332 Metres Drilled from Near Surface at 1.36% Copper Equivalent at Parag in Peru ”, 22[nd] April 2024 “ Latest High Grade Parag Project Assays Continue to Impress ”, 9th April 2024 “ EVR Drills Through the Trinchera Easte Breccia at Parag, Peru ” and 20[th] May 2024 “ EVR to unlock potential at Parag following Drill success ”, reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Forward Looking Statement

Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.

These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forwardlooking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random chips, or	•	Industry standard diamond core drilling
techniques	specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity	• •	Drill core cut in half lengthwise using a diamond saw On site and core shack logging completed by company geologists to identify and classify mineralization and other relevant geological characteristics
	and the appropriate calibration of any measurement tools or systems	•	Half core sampled, bagged and tagged and forwarded to assay
	used.		laboratory for analysis
	• Aspects of the determination of mineralisation that are Material to the	•	Assay data received, collated and analysed
	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
	m samples from which 3 kg was pulverised to produce a 30 g charge
	for fire assay’). In other cases more explanation may be required,
	such as where there is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air	•	Diamond core drill hole using standard tube
techniques	blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple	•	HQ diameter for the entire hole
	or standard tube, depth of diamond tails, face-sampling bit or other
	_type, whether core is oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip sample recoveries	•	Core runs every 1.5 meters removed from the tube
recovery	and results assessed.	•	Core extracted on a metal rail, expelled with water pressure
	• Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential	• •	Runs, recovery and footage marked on plastic markers. Core placed in 4 compartment hard plastic boxes with plastic lids Quick core log carried out on site by company geologists
	loss/gain of fine/coarse material.	•	boxes with plastic straps tensioned with special equipment.
Logging	• Whether core and chip samples have been geologically and	•	Core was logged by company geologists to record alteration,
	geotechnically logged to a level of detail to support appropriate		mineralization lithology, RQD, and structures in sufficient detail
	Mineral Resource estimation, mining studies and metallurgical		for the purposes of future Mineral Resource estimation, mining
	_studies. _		studies andmetallurgicalstudies

Criteria	JORC Code explanation	Commentary	Commentary
	• Whether logging is qualitative or quantitative in nature. Core (or	•	Boxes containing drill core were photographed in pairs with their
	costean, channel, etc) photography.		proper information including drill hole name, interval, # of boxes.
	• The total length and percentage of the relevant intersections logged.	•	Logging was qualitative and semi-quantitative (visual estimate of
			mineral percentages)
		•	100% of drill holes APG-DDH-004 (149.80 metres), APG-DDH-
			005 (237.30 metres), and APG-DDH-007 (348.80 metres) were
			logged
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	•	Sampling was always supervised by a company geologist.
techniques and sample preparation	taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to	• •	Sampling interval was every two meters unless a mineralized structure was encountered, e.g. quartz vein or sulfides, where this exceeds 50 cm this is sub-sampled and sampling resumed every two meters. Sample weight approximately 7 kg.
	maximise representivity of samples.	•	Sample bags previously marked with an indelible marker on near
	• Measures taken to ensure that the sampling is representative of the in		the mouth and at the base
	situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• •	The sample inserted and a label included and sealed in the upper part without coming into contact with the sample material. The bag was then sealed with a plastic clamp 4 samples inserted into polypropylene bags and sealed with
			plastic clamps. The bag labeled with the samples included in
			addition to listing the bags to be transported.
		•	The samples periodically moved from the town of Huacho to the
			city of Lima to assay laboratory facilities
		•	Company staff supervise delivery of samples to the laboratory
			staff and provide an inventory together with analysis instructions.
		•	Each time the person in charge changes, a document is signed
			and both of their details are recorded.
Quality of	• The nature, quality and appropriateness of the assaying and	•	16% of samples comprise standards (OREAS) of high, low and
assay data and laboratory tests	laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	• •	intermediate grades together with blank samples (Minex Products) and sample duplicates of coarse and fine rejects. CERTIFIED REFERENCE MATERIALS OREAS:- 501d PORPHYRY COPPER-GOLD ORE (Ridgeway/Northparkes Mines, New South Wales, Australia)
	• Nature of quality control procedures adopted (eg standards, blanks,

Criteria	JORC Code explanation	Commentary	Commentary
	duplicates, external laboratory checks) and whether acceptable levels	•	503e PORPHYRY COPPER-GOLD-MOLYBDENUM (Cadia
	of accuracy (ie lack of bias) and precision have been established.		Valley Operations, New South Wales, Australia)
		•	504d PORPHYRY COPPER-GOLD-MOLYBDENUM (Cadia
			Valley Operations, New South Wales, Australia)
		•	Blank:Pure SiO2 quartz with 46.7% Si and 53.3% O, size 1/2
			inch, from quarries in northern Peru. Milky white in color
Verification of	• The verification of significant intersections by either independent or	•	No independent verification undertaken
sampling and	alternative company personnel.	•	No twinned holes
assaying	• The use of twinned holes.	•	Data supplied by assay laboratory as Excel spreadsheets with
	• Documentation of primary data, data entry procedures, data		accompanying analytical certificates
	verification, data storage (physical and electronic) protocols.	•	No adjustments of assay data
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	Drill hole collars located using a hand held GPS Garmin 64 s
data points	down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• •	Grid system WGS84 Zone 18 S Drill hole deviation was measured for APG-DDH-001 with Gyromaster equipment. Subsequent holes were measured using Reflex Ez Trac. Measurements were taken every 50 meters and
			the data supplied given to us in	digital format.
		•	Adequate topographical control	was supplied		from a digital
			elevation model (DEM) constructed from		ASF
			DAAC 2011, ALPSRP272496970- RTC_HI_RES; Includes
			Material © JAXA/METI 2007. Accessed through ASF DAAC 23
			March 2024. DOI: 10.5067/Z97HFCNKR6VA
	• Data spacing for reporting of Exploration Results.	•	Assay data interval two metres in drill core
	• Whether the data spacing and distribution is sufficient to establish the	•	Mineral Resource/ore reserve estimation		not applicable
	degree of geological and grade continuity appropriate for the Mineral	•	No sample compositing
	Resource and Ore Reserve estimation procedure(s) and
	classifications applied.
	• _Whether sample compositing has been applied. _
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	Structures not known at this stage to be a significant influence
data in	possible structures and the extent to which this is known, considering		on variability of metals grades so no sampling bias is suspected
relation to	the deposit type.		from mineralized structures
geological	• If the relationship between the drilling orientation and the orientation
structure	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.

Criteria	JORC Code explanation	Commentary	Commentary
Sample	• The measures taken to ensure sample security.	•	A company geologist or trained assistant accepted the core
security			boxes duly marked. After completing quick core logging the
			boxes were secured and deposited in the bed of a 4x4 truck, and
			transported to the core shack (house) and stored in the town of
			Huacho 176 km approx. from the project
		•	Detailed core logging was undertaken at the core shack.
Audits or	• The results of any audits or reviews of sampling techniques and data.	•None
reviews

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation	Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Parag consists of	4 licences
	Name	Code INGEMMET	Area – Has.
	VIENTO	010196004	998.85
	PARAG192	650003719	200.00
	VIENTO193	650003819	100.00
	PARAG 191	650003619	100.00

	• The licences are held in a Company Anta Parag S.A.C which holds 100% of all 4 licences • The shareholding of Anta Parag S.A.C is 70% held by EV Resources Limited from Australia, and 30% by GeoAndina Minerales S.A.C under a Joint Venture Agreement. • There are no overriding royalties or other interests which detract from the ownership and control of the licences.

Criteria	JORC Code explanation	Commentary	Commentary
Exploration	• Acknowledgment and appraisal of exploration by other parties.	•	Between 2010 and 2013, Pembrook (formerly Orion) carried out
done by other parties			an exploration program including rock geochemistry, geophysics, geological mapping and diamond drilling
		•	Pembrook applied for Environmental Impact Declaration (EIS)
			but suffered numerous bureaucratic difficultie and ultimately
			abandoned the project due to financial difficulties. The EIA was
			finally approved in 2014 permitting drilling from up to 100 pads.
Geology	• Deposit type, geological setting and style of mineralisation.	•	Porphyry-related polymetallic (Cu-Mo-Ag) intrusive breccias
Drill hole	• A summary of all information material to the understanding of the	•	Drill hole number APG-DDH-004
Information	exploration results including a tabulation of the following information		`o` Coordinates 278760E/8812838N
	for all Material drill holes:		`o` Elevation 4676 meters above sea level
	`o` easting and northing of the drill hole collar `o` elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar `o` dip and azimuth of the hole `o` down hole length and interception depth `o` hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the	•	`o` Diamond core drill hole: `o` HQ diameter for the entire hole `o` Azimuth 180 `o` Inclination -70 `o` Drilled Meters 149.80 Drill hole number APG-DDH-005 `o` Coordinates 278758E/8812866N
	understanding of the report, the Competent Person should clearly		`o` Elevation 4676 meters above sea level
	explain why this is the case.		`o` Diamond core drill hole:
			`o` HQ diameter for the entire hole
			`o` Azimuth 0
			`o` Inclination -90
			`o` Drilled Meters 237.30
		•	Drill hole number APG-DDH-007
			`o` Coordinates 278755E/8812860N
			`o` Elevation 4676 meters above sea level
			`o` Diamond core drill hole:
			`o` HQ diameter for the entire hole
			`o` Azimuth 360
			`o` Inclination -70
			`o` Drilled Meters 348.80
		•	Drilling Company: AK Drilling, Sandvik DE710 Drilling Rig

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary	Commentary
Data	•	In reporting Exploration Results, weighting averaging techniques,	•	No weighted averages or top or bottom cut-off values were employed
aggregation		maximum and/or minimum grade truncations (eg cutting of high
methods		grades) and cut-off grades are usually Material and should be stated.
	•	Where aggregate intercepts incorporate short lengths of high grade
		results and longer lengths of low grade results, the procedure used for
		such aggregation should be stated and some typical examples of such
		aggregations should be shown in detail.
	•	The assumptions used for any reporting of metal equivalent values
		should be clearly stated.
Relationship	•	These relationships are particularly important in the reporting of	•	The	drill hole intersected relatively homogeneous 3D mineralized
between		Exploration Results.		intrusive breccia bodies interspersed with mineralized hornfels and
mineralisation	•	If the geometry of the mineralisation with respect to the drill hole angle		volcanic country rocks.
widths and		is known, its nature should be reported.	•	True widths of mineralization cannot be established at this stage
intercept	•	If it is not known and only the down hole lengths are reported, there
lengths		should be a clear statement to this effect (eg ‘down hole length, true
		width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of	•	See	accompanying Press Release for relevant diagrams
		intercepts should be included for any significant discovery being
		reported These should include, but not be limited to a plan view of drill
		hole collar locations and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all Exploration Results is not	•	Reported metals grades for drill hole APG-DDH-001 range from
reporting		practicable, representative reporting of both low and high grades		0.102% to 1.86% copper and 0.0017% to 1.26% molybdenum to
		and/or widths should be practiced to avoid misleading reporting of		335.2 metres downhole
		Exploration Results.
Other	•	Other exploration data, if meaningful and material, should be reported		•	See accompanying Press Release for relevant details
substantive		including (but not limited to): geological observations; geophysical
exploration		survey results; geochemical survey results; bulk samples – size and
data		method of treatment; metallurgical test results; bulk density,
		groundwater, geotechnical and rock characteristics; potential
		deleterious or contaminating substances.
Further work	•	The nature and scale of planned further work (eg tests for lateral	•	A further drilling campaign is currently being planned by EV
		extensions or depth extensions or large-scale step-out drilling).		Resources
	•	Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling areas,
		provided this information is not commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	• Measures taken to ensure that data has not been corrupted by, for	•Not applicable
integrity	example, transcription or keying errors, between its initial collection
	and its use for Mineral Resource estimation purposes.
	• _Data validation procedures used. _
Site visits	• Comment on any site visits undertaken by the Competent Person and	•Not applicable
	the outcome of those visits.
	• _If no site visits have been undertaken indicate why this is the case. _
Geological	• Confidence in (or conversely, the uncertainty of ) the geological	•Not applicable
interpretation	interpretation of the mineral deposit.
	• Nature of the data used and of any assumptions made.
	• The effect, if any, of alternative interpretations on Mineral Resource
	estimation.
	• The use of geology in guiding and controlling Mineral Resource
	estimation.
	• _The factors affecting continuity both of grade and geology. _
Dimensions	• The extent and variability of the Mineral Resource expressed as	•Not applicable
	length (along strike or otherwise), plan width, and depth below
	_surface to the upper and lower limits of the Mineral Resource. _
Estimation	• The nature and appropriateness of the estimation technique(s)	•Not applicable
and modelling	applied and key assumptions, including treatment of extreme grade
techniques	values, domaining, interpolation parameters and maximum distance
	of extrapolation from data points. If a computer assisted estimation
	method was chosen include a description of computer software and
	parameters used.
	• The availability of check estimates, previous estimates and/or mine
	production records and whether the Mineral Resource estimate takes
	appropriate account of such data.
	• The assumptions made regarding recovery of by-products.
	• Estimation of deleterious elements or other non-grade variables of
	economic significance (eg sulphur for acid mine drainage
	characterisation).
	• In the case of block model interpolation, the block size in relation to
	the average sample spacing and the search employed.
	• _Any assumptions behind modelling of selective mining units. _

Criteria	JORC Code explanation	Commentary
	• Any assumptions about correlation between variables.
	• Description of how the geological interpretation was used to control
	the resource estimates.
	• Discussion of basis for using or not using grade cutting or capping.
	• The process of validation, the checking process used, the comparison
	of model data to drill hole data, and use of reconciliation data if
	_available. _
Moisture	• Whether the tonnages are estimated on a dry basis or with natural	•Not applicable
	_moisture, and the method of determination of the moisture content. _
Cut-off	• The basis of the adopted cut-off grade(s) or quality parameters	•Not applicable
parameters	applied.
Mining factors	• Assumptions made regarding possible mining methods, minimum	•Not applicable
or	mining dimensions and internal (or, if applicable, external) mining
assumptions	dilution. It is always necessary as part of the process of determining
	reasonable prospects for eventual economic extraction to consider
	potential mining methods, but the assumptions made regarding
	mining methods and parameters when estimating Mineral Resources
	may not always be rigorous. Where this is the case, this should be
	reported with an explanation of the basis of the mining assumptions
	_made. _
Metallurgical	• The basis for assumptions or predictions regarding metallurgical	•Not applicable
factors or	amenability. It is always necessary as part of the process of
assumptions	determining reasonable prospects for eventual economic extraction to
	consider potential metallurgical methods, but the assumptions
	regarding metallurgical treatment processes and parameters made
	when reporting Mineral Resources may not always be rigorous.
	Where this is the case, this should be reported with an explanation of
	_the basis of the metallurgical assumptions made. _
Environmen-	• Assumptions made regarding possible waste and process residue	•Not applicable
tal factors or	disposal options. It is always necessary as part of the process of
assumptions	determining reasonable prospects for eventual economic extraction to
	consider the potential environmental impacts of the mining and
	processing operation. While at this stage the determination of
	potential environmental impacts, particularly for a greenfields project,
	may not always be well advanced, the status of early consideration of
	these potential environmental impacts should be reported. Where
	these aspects have not been considered this should be reported with
	_an explanation of the environmental assumptions made. _

Criteria	JORC Code explanation	Commentary
Bulk density	• Whether assumed or determined. If assumed, the basis for the	•Not applicable
	assumptions. If determined, the method used, whether wet or dry, the
	frequency of the measurements, the nature, size and
	representativeness of the samples.
	• The bulk density for bulk material must have been measured by
	methods that adequately account for void spaces (vugs, porosity,
	etc), moisture and differences between rock and alteration zones
	within the deposit.
	• Discuss assumptions for bulk density estimates used in the
	_evaluation process of the different materials. _
Classification	• The basis for the classification of the Mineral Resources into varying	•Not applicable
	confidence categories.
	• Whether appropriate account has been taken of all relevant factors (ie
	relative confidence in tonnage/grade estimations, reliability of input
	data, confidence in continuity of geology and metal values, quality,
	quantity and distribution of the data).
	• Whether the result appropriately reflects the Competent Person’s
	_view of the deposit. _
Audits or	• The results of any audits or reviews of Mineral Resource estimates.	•Not applicable
reviews
Discussion of	• Where appropriate a statement of the relative accuracy and	•Not applicable
relative	confidence level in the Mineral Resource estimate using an approach
accuracy/	or procedure deemed appropriate by the Competent Person. For
confidence	example, the application of statistical or geostatistical procedures to
	quantify the relative accuracy of the resource within stated confidence
	limits, or, if such an approach is not deemed appropriate, a qualitative
	discussion of the factors that could affect the relative accuracy and
	confidence of the estimate.
	• The statement should specify whether it relates to global or local
	estimates, and, if local, state the relevant tonnages, which should be
	relevant to technical and economic evaluation. Documentation should
	include assumptions made and the procedures used.
	• These statements of relative accuracy and confidence of the estimate
	_should be compared with production data, where available. _

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	• Description of the Mineral Resource estimate used as a basis for the	•Not applicable
Resource	conversion to an Ore Reserve.
estimate for	• Clear statement as to whether the Mineral Resources are reported
conversion to	additional to, or inclusive of, the Ore Reserves.
Ore Reserves
Site visits	• Comment on any site visits undertaken by the Competent Person and	•Not applicable
	the outcome of those visits.
	• _If no site visits have been undertaken indicate why this is the case. _
Study status	• The type and level of study undertaken to enable Mineral Resources	•Not applicable
	to be converted to Ore Reserves.
	• The Code requires that a study to at least Pre-Feasibility Study level
	has been undertaken to convert Mineral Resources to Ore Reserves.
	Such studies will have been carried out and will have determined a
	mine plan that is technically achievable and economically viable, and
	_that material Modifying Factors have been considered. _
Cut-off	• The basis of the cut-off grade(s) or quality parameters applied.	•Not applicable
parameters
Mining factors	• The method and assumptions used as reported in the Pre-Feasibility	•Not applicable
or	or Feasibility Study to convert the Mineral Resource to an Ore
assumptions	Reserve (i.e. either by application of appropriate factors by
	optimisation or by preliminary or detailed design).
	• The choice, nature and appropriateness of the selected mining
	method(s) and other mining parameters including associated design
	issues such as pre-strip, access, etc.
	• The assumptions made regarding geotechnical parameters (eg pit
	slopes, stope sizes, etc), grade control and pre-production drilling.
	• The major assumptions made and Mineral Resource model used for
	pit and stope optimisation (if appropriate).
	• The mining dilution factors used.
	• The mining recovery factors used.
	• Any minimum mining widths used.
	• The manner in which Inferred Mineral Resources are utilised in
	mining studies and the sensitivity of the outcome to their inclusion.
	• _The infrastructure requirements of the selected mining methods. _

Criteria	JORC Code explanation	Commentary
Metallurgical	• The metallurgical process proposed and the appropriateness of that	•Not applicable
factors or	process to the style of mineralisation.
assumptions	• Whether the metallurgical process is well-tested technology or novel
	in nature.
	• The nature, amount and representativeness of metallurgical test work
	undertaken, the nature of the metallurgical domaining applied and the
	corresponding metallurgical recovery factors applied.
	• Any assumptions or allowances made for deleterious elements.
	• The existence of any bulk sample or pilot scale test work and the
	degree to which such samples are considered representative of the
	orebody as a whole.
	• For minerals that are defined by a specification, has the ore reserve
	estimation been based on the appropriate mineralogy to meet the
	_specifications? _
Environmen-	• The status of studies of potential environmental impacts of the mining	•Not applicable
tal	and processing operation. Details of waste rock characterisation and
	the consideration of potential sites, status of design options
	considered and, where applicable, the status of approvals for process
	_residue storage and waste dumps should be reported. _
Infrastructure	• The existence of appropriate infrastructure: availability of land for	•Not applicable
	plant development, power, water, transportation (particularly for bulk
	commodities), labour, accommodation; or the ease with which the
	_infrastructure can be provided, or accessed. _
Costs	• The derivation of, or assumptions made, regarding projected capital	•Not applicable
	costs in the study.
	• The methodology used to estimate operating costs.
	• Allowances made for the content of deleterious elements.
	• The source of exchange rates used in the study.
	• Derivation of transportation charges.
	• The basis for forecasting or source of treatment and refining charges,
	penalties for failure to meet specification, etc.
	• The allowances made for royalties payable, both Government and
	_private. _
Revenue	• The derivation of, or assumptions made regarding revenue factors	•Not applicable
factors	including head grade, metal or commodity price(s) exchange rates,
	transportation and treatment charges, penalties, net smelter returns,
	etc.
	• The derivation of assumptions made of metal or commodity price(s),

Criteria	JORC Code explanation	Commentary
	_for the principal metals, minerals and co-products. _
Market	• The demand, supply and stock situation for the particular commodity,	•Not applicable
assessment	consumption trends and factors likely to affect supply and demand
	into the future.
	• A customer and competitor analysis along with the identification of
	likely market windows for the product.
	• Price and volume forecasts and the basis for these forecasts.
	• For industrial minerals the customer specification, testing and
	_acceptance requirements prior to a supply contract. _
Economic	• The inputs to the economic analysis to produce the net present value	•Not applicable
	(NPV) in the study, the source and confidence of these economic
	inputs including estimated inflation, discount rate, etc.
	• NPV ranges and sensitivity to variations in the significant
	_assumptions and inputs. _
Social	• The status of agreements with key stakeholders and matters leading	•Not applicable
	_to social licence to operate. _
Other	• To the extent relevant, the impact of the following on the project	•Not applicable
	and/or on the estimation and classification of the Ore Reserves:
	• Any identified material naturally occurring risks.
	• The status of material legal agreements and marketing arrangements.
	• The status of governmental agreements and approvals critical to the
	viability of the project, such as mineral tenement status, and
	government and statutory approvals. There must be reasonable
	grounds to expect that all necessary Government approvals will be
	received within the timeframes anticipated in the Pre-Feasibility or
	Feasibility study. Highlight and discuss the materiality of any
	unresolved matter that is dependent on a third party on which
	_extraction of the reserve is contingent. _
Classification	• The basis for the classification of the Ore Reserves into varying	•Not applicable
	confidence categories.
	• Whether the result appropriately reflects the Competent Person’s
	view of the deposit.
	• The proportion of Probable Ore Reserves that have been derived
	_from Measured Mineral Resources (ifany). _
Audits or	• The results of any audits or reviews of Ore Reserve estimates.	•Not applicable
reviews
Discussion of	• Where appropriate a statement of the relative accuracy and	•Not applicable
relative	_confidence level inthe Ore Reserve estimate using an approach or _

Criteria	JORC Code explanation	Commentary
accuracy/	procedure deemed appropriate by the Competent Person. For
confidence	example, the application of statistical or geostatistical procedures to
	quantify the relative accuracy of the reserve within stated confidence
	limits, or, if such an approach is not deemed appropriate, a qualitative
	discussion of the factors which could affect the relative accuracy and
	confidence of the estimate.
	• The statement should specify whether it relates to global or local
	estimates, and, if local, state the relevant tonnages, which should be
	relevant to technical and economic evaluation. Documentation should
	include assumptions made and the procedures used.
	• Accuracy and confidence discussions should extend to specific
	discussions of any applied Modifying Factors that may have a
	material impact on Ore Reserve viability, or for which there are
	remaining areas of uncertainty at the current study stage.
	• It is recognised that this may not be possible or appropriate in all
	circumstances. These statements of relative accuracy and confidence
	of the estimate should be compared with production data, where
	_available. _

Section 5 Estimation and Reporting of Diamonds and Other Gemstones

(Criteria listed in other relevant sections also apply to this section. Additional guidelines are available in the ‘Guidelines for the Reporting of Diamond Exploration Results’ issued by the Diamond Exploration Best Practices Committee established by the Canadian Institute of Mining, Metallurgy and Petroleum.)

Criteria	JORC Code explanation	Commentary
Indicator	• Reports of indicator minerals, such as chemically/physically	•Not applicable
minerals	distinctive garnet, ilmenite, chrome spinel and chrome diopside,
	_should be prepared by a suitably qualified laboratory. _
Source of	• Details of the form, shape, size and colour of the diamonds and the	•Not applicable
diamonds	nature of the source of diamonds (primary or secondary) including the
	_rock type and geological environment. _
Sample	• Type of sample, whether outcrop, boulders, drill core, reverse	•Not applicable
collection	circulation drill cuttings, gravel, stream sediment or soil, and purpose
	(eg large diameter drilling to establish stones per unit of volume or
	bulk samples to establish stone size distribution).
	• _Sample size, distribution and representivity. _
Sample	• Type of facility, treatment rate, and accreditation.	•Not applicable
treatment	• Sample size reduction. Bottom screen size, top screen size and re-
	crush.

Criteria	JORC Code explanation	Commentary
	• Processes (dense media separation, grease, X-ray, hand-sorting,
	etc).
	• Process efficiency, tailings auditing and granulometry.
	• Laboratory used, type of process for micro diamonds and
	accreditation.
Carat	• One fifth (0.2) of a gram (often defined as a metric carat or MC).	•Not applicable
Sample grade	• Sample grade in this section of Table 1 is used in the context of	•Not applicable
	carats per units of mass, area or volume.
	• The sample grade above the specified lower cut-off sieve size should
	be reported as carats per dry metric tonne and/or carats per 100 dry
	metric tonnes. For alluvial deposits, sample grades quoted in carats
	per square metre or carats per cubic metre are acceptable if
	accompanied by a volume to weight basis for calculation.
	• In addition to general requirements to assess volume and density
	there is a need to relate stone frequency (stones per cubic metre or
	tonne) to stone size (carats per stone) to derive sample grade (carats
	_per tonne). _
Reporting of	• Complete set of sieve data using a standard progression of sieve	•Not applicable
Exploration	sizes per facies. Bulk sampling results, global sample grade per
Results	facies. Spatial structure analysis and grade distribution. Stone size
	and number distribution. Sample head feed and tailings particle
	granulometry.
	• Sample density determination.
	• Per cent concentrate and undersize per sample.
	• Sample grade with change in bottom cut-off screen size.
	• Adjustments made to size distribution for sample plant performance
	and performance on a commercial scale.
	• If appropriate or employed, geostatistical techniques applied to model
	stone size, distribution or frequency from size distribution of
	exploration diamond samples.
	• The weight of diamonds may only be omitted from the report when
	the diamonds are considered too small to be of commercial
	_significance. This lower cut-offsize should be stated. _
Grade	• Description of the sample type and the spatial arrangement of drilling	•Not applicable
estimation for	or sampling designed for grade estimation.
reporting	• The sample crush size and its relationship to that achievable in a
Mineral	commercial treatment plant.
Resources	• Total number of diamonds greater than the specified and reported

Criteria	JORC Code explanation	Commentary
and Ore	lower cut-off sieve size.
Reserves	• Total weight of diamonds greater than the specified and reported
	lower cut-off sieve size.
	• _The sample grade above the specified lower cut-offsieve size. _
Value	• Valuations should not be reported for samples of diamonds	•Not applicable
estimation	processed using total liberation method, which is commonly used for
	processing exploration samples.
	• To the extent that such information is not deemed commercially
	sensitive, Public Reports should include:
	`o` diamonds quantities by appropriate screen size per facies or
	depth.
	`o` details of parcel valued.
	`o` number of stones, carats, lower size cut-off per facies or depth.
	• The average $/carat and $/tonne value at the selected bottom cut-off
	should be reported in US Dollars. The value per carat is of critical
	importance in demonstrating project value.
	• The basis for the price (eg dealer buying price, dealer selling price,
	etc).
	• _Anassessment of diamond breakage. _
Security and	• Accredited process audit.	•Not applicable
integrity	• Whether samples were sealed after excavation.
	• Valuer location, escort, delivery, cleaning losses, reconciliation with
	recorded sample carats and number of stones.
	• Core samples washed prior to treatment for micro diamonds.
	• Audit samples treated at alternative facility.
	• Results of tailings checks.
	• Recovery of tracer monitors used in sampling and treatment.
	• Geophysical (logged) density and particle density.
	• Cross validation of sample weights, wet and dry, with hole volume
	and density, moisture factor.
Classification	• In addition to general requirements to assess volume and density	•Not applicable
	there is a need to relate stone frequency (stones per cubic metre or
	tonne) to stone size (carats per stone) to derive grade (carats per
	tonne). The elements of uncertainty in these estimates should be
	_considered, and classification developed accordingly. _