INDEPENDENT NI43-101 TECHNICAL REPORT GOLDEN HILL GOLD PROJECT, SANTA CRUZ DISTRICT, EASTERN BOLIVIA

La Escarcha Open Pit: Golden Hill Property

Prepared for

Mantaro Precious Metals Corp.

Juan-Manuel Morales-Ramirez, BSc, MSc, P. Geo. and (Mineral Resource Estimate) Eugene Puritch, P. Eng., FEC, CET, Antoine Yassa, P. Geo. and Charles Spath, P. Geo.

Effective Date 28 August 2023

Mr Juan-Manuel Morales-Ramirez P. Geo. ("Morales-Ramirez" or the Author) and with respect to Mineral Resource Estimation Mr Eugene Puritch, P. Eng. ("Puritch"), Mr Antoine Yassa, P. Geo. ("Yassa") and Mr Charles Spath, P. Geo. ("Spath") of P&E Mining Consultants Inc. (collectively "P&E") — were requested by Mantaro Precious Metals Corp. ("Mantaro" or the "Company") to produce a National Instrument 43-101 ("NI43-101") compliant Technical Report and Current Resource Estimate (the "Report") for the Golden Hill Project (the "Property"), Santacruz State, Nuì o De Chavez Province, Bolivia.
Morales-Ramirez is responsible for Sections 1 to 12, 14 to 15 and 17 of this Report P&E is responsible for Section 13 (Mineral Resource Estimates) of the Report. e Eff ective Date of the Mineral Resource Estimate is the 14th of June 2023.
e Authors each contributed to their respective sections of the Summary, Interpretation and Conclusions (Section 16).
Morales-Ramirez visited the Property between the 17th and 19th of May 2023. Field and site observations were complimented by a comprehensive review of available data and literature — comprising an extensive project data-room supplied by the Company, NI43-101 compliant technical reports ë led on SEDAR, and publicly available peer-reviewed scientië c papers.
e Property comprises one mining concession known as Paola Cecilia which covers an area of 59.76 km2 or 5976 hectares. e Property is located in the Santa Cruz district in eastern Bolivia (Figure 1) approximately 7 km to the southeast of the town of San Ramon.
e Company entered into an Option Agreement (the "Option") with Minera Golden Hill S.R.L. ("MGH") and Mr Luis Fernando Kinn Cortez (the "Optionor" or "Kinn Cortez") on the 31st of August 2021. MGH is a Bolivian limited liability partnership (Commerce License No. 00132470), domiciled at Urubo Open Mall Floor 1, Santa Cruz, Bolivia. As of the date of the Option, Kinn Cortez held 99% of the share capital of MGH.
e Option sets forth the terms of a Purchase Option Agreement (the "Purchase Option") whereby Mantaro can ultimately acquire an 80% option in the Property.
On the 28th of August 2023 Mantaro announced that Kinn Cortez provided notice of termination of the Option Agreement. Accordingly, Mantaro no longer has the right to acquire an interest in the Property. Notwithstanding the foregoing, the Option Agreements provides that Mantaro will be granted a 2% Net Return on Smelter Royalty, which MGH will have the right to buy back at any time by paying a one-time payment of USD \$1,000,000.
e Property is located approximately 7 km to the east of the town of San Ramon in the Santa Cruz District of eastern Bolivia. Santa Cruz — the largest and most populous city in Bolivia — is located 184 km to the southwest of San Ramon and is linked by a paved highway with a travel time of approximately 3 hours.
Climate allows for year-round operation. e physiography of the area is characterised a series of north-south oriented

ridges that rise up to 100 meters from the underlying river valleys and basinal plains to the west of the shield boundary. Elevations vary from 275 to 450 m above mean sea level.

• Bolivia has a strong mining industry with a highly skilled and mobile workforce — any development at the Property could be serviced with relevant skilled personnel and equipment. e Author is of the opinion that there is suffi cient space within the exploration licences for mining operations, tailings storage and waste disposal, and processing facilities.

Gold mineralization was ë rst discovered on the Property in 1996 by JORDEX Resources Inc. a junior exploration company listed on TSX Venture Exchange. JORDEX completed geological mapping and soil and stream sediment geochemical sampling. is work outlined a signië cant gold anomaly over the area that is now La Escarcha open pit. JORDEX completed four diamond drill holes at La Escarcha for a total of 744.62 m.
A private Korean company named Don Wong Company ("Don Wong") acquired the project in 2002 and commenced shallow open pit and underground mining at La Escarcha — which was supplemented by a four hole diamond drill program for a total of 882.8 m.
Minera Golden Hill S.R.L. a private Bolivian company acquired the Property in 2008. MGH continued mining within the existing shallow open pit and from several underground production drives accessed by a simple shaft. Underground mining was limited in scope and restricted to a vertical depth of approximately 70 m.
e Project is located on the western margin of the Bolivian Precambrian Shield a geotectonic extension of the Central Brazilian Shield that deë nes the southwestern part of the Amazon craton. Compared to mature exploration provinces such as the Abitibi, West Africa and the Yilgarn craton — the BPS remains very signië cantly under-explored.
e Property is hosted within a deformed lens of the San Ignacio Supergroup located on the western boundary of the Bolivian Precambrian Shield. e San Ignacio Supergroup comprises discrete belts of layered and folded sequences of metapsammites, meta-quartzites and micaceous schists, and meta-volcanics and metamorphosed maë c igneous rocks.
e part of the San Ignacio Supergroup on which the Property is located is a structurally complex greenstone sequence named the San Ramon Greenstone Belt — a lenticular, north west oriented greenstone sequence that is approximately 120 km long and up to 60 km wide. It is characterised by a metamorphosed sedimentary and volcanic sequences.
e geology of the Golden Hill Property is dominated by a suite of deformed meta-sedimentary (meta-sandstone, metashales and meta-carbonates) and meta-volcanic rock units that form the southern tip of a N-S orientated limb of the San Ramon Greenstone Belt.
ree main structural trends have been identië ed on the Property. Primary structures are closely associated with gold mineralised shear zones and comprise north-south trending, subvertical, southwesterly dipping basement thrust faults, which have juxtaposed meta-sedimentary and meta-volcanic rock units of Paleozoic age. Post-mineral east-west striking dextral faults that have limited signië cance to mineralization or post-mineralization displacement. Post-mineral strike slip faults with trend 300° to 340° off -set gold mineralised shear zones — they exert an important control on the distribution of mineralization.
Gold mineralization at the Property is of a greenstone-hosted type a subclassië cation of the orogenic gold deposit type. Orogenic gold deposits are the most widespread type of gold deposit in the world and include many world class mines in provinces such as the Abitibi of Canada, West Africa and the Yilgarn craton of West Australia.
Greenstone-hosted orogenic gold deposits occur within Precambrian greenstone belts composed of maë c to ultramaë c volcanic rocks, sedimentary rocks and granitoid intrusions — typically deformed and metamorphosed. Late-stage felsic plutons may be present.
Gold deposits are distributed along major compressional to transtensional crustal-scale fault zones marking boundaries between lithologically contrasting domains or along their margins. Mineralization can be disseminated, vein-hosted or brecciated, and is commonly associated with sulphides including pyrite, arsenopyrite and pyrrhotite. e grade and width of the mineralization can vary greatly, with some deposits having high-grade shoots within lower-grade envelopes.
is style of mineralization has been observed over 4 kilometres on the Property, presenting as discrete quartz-carbonate shear zones, that form within a broad mineralised corridor that is up to 500 meters wide — individual structures measure between 1 - 15 meters wide and average between 2 - 15 g/t Au.
Mantaro conducted systematic ë eld-based exploration across the Property including historical database verië cation and compilation into a layer-based GIS system, remote sensing, geological and structural mapping, and geochemical sampling. Exploration was conducted using a combination of GPS mapping, satellite and DTM interpretation and ë eld mapping.
e Company acquired 136 km² of high resolution Digital Globe Worldview-3 Satellite Imagery processed to 15 cm using Maxar's proprietary HD technology. An AW3D Enhanced 50 cm Digital Terrain Model and 1 m contour data was generated using multiview Maxar imagery.
Historical trenches, areas of historical alluvial and saprolite mining, and mine infrastructure was clearly evident on satellite imagery — allowing for rapid construction of base maps used for geological and structural mapping.
A total of 504 rock chip grab samples were collected from outcrop and ì oat conë rming high grade gold mineralization in and around La Escarcha and Gabby.
A Worldview-3 satellite image was the base map for geological mapping. Vein outcrop was visible at La Escarcha, Gabby, Garapatillia, Brownë eld and Westë eld due to positive relief associated with quartz vein development and silicië cation. Outcrops were mapped in the ë eld using a hand-held GPS with nominal accuracy of ±3 meters and adjusted for accuracy when plotted onto the satellite image.
Gold mineralised structures are often found at the boundaries between meta-sedimentary and meta-volcanic units where competency contrasts create favourable conditions for shear zone formation and ì uid ì ow. Mineralised structures pinch and swell along strike but are generally between two to 12 m wide — being widest at fault ì exures and fault intersections. Silicië ed structures and veins are typically oriented N-S and have a vertical to sub-vertical westerly dip.

• e Company commenced a maiden diamond drill program in May 2022. A total of 21 angled diamond holes were drilled in PQ and NQ for a total of 3010.8 m — of which 14 holes for 2405.1 m were drilled at La Escarcha. First pass reconnaissance drilling was also conducted at Gabby (ë ve holes for 473.3 m), Westë eld (one hole for 60.2 m) and Brownë eld (one hole for 72.2 m). e program was completed in August 2022.

Drilling was conducted by Leduc Drilling an international drilling services company based in La Paz (Bolivia). Leduc performed to a very high standard with excellent core recovery.
Morales-Ramirez is of the opinion drill hole location and set-up, drilling and core handling protocol, downhole survey, chain of custody, core photography, measurement of core recovery and RQD, followed industry-recognized standards of best practice and was completed by the Company to a very high standard.
Geological logging, core mark-up, and core cutting and sampling was also conducted to a very high standard following industry-recognized standards of best practice. Morales-Ramirez is of the opinion that drill-core sampling was appropriate for the type of deposit, style of mineralization and use of assay results in a mineral resource estimate — and that sampling was conducted in a representative manner without bias.
Two types of samples were submitted for assay: 1) rock chip outcrop and ì oat samples taken from the central parts of the Property, and 2) half-cut diamond drill core.
In both cases, sample preparation, sub-sampling protocol and analytical procedure followed industry-recognized standards of best practice — applicable for the style of mineralization, type of sample and stage of exploration.
Samples were submitted to ALS Oruro (Bolivia) for preparation sample pulps were then couriered by ALS Oruro to ALS Loughreah (Ireland) for analysis.
- A total of 504 rock chip grab samples were collected from vein outcrops and quartz ì oat boulders, placed in numbered plastic bags by a Company geologist and sealed with a single use clip-lock seal. Samples were sent by DHL to ALS Oruro ensuring chain of custody.
Samples were prepared by ALS Oruro. Samples were dried to 110°C, weighed and crushed to a nominal 70% passing 2 mm in a single pass jaw-crusher. A one kilogram sub-sampled was taken using a Jones-style riffl e splitter and pulverised in a single-pass bowl-and-puck system to a nominal 85% passing 75 microns.
Sample pulps were couriered from ALS Oruro to ALS Loughrea for analysis. Samples were analysed for gold by ë re assay with ICP-AES ë nish using a 50 g sample charge — with a reportable range of 0.001-10 ppm Au. Over-range samples were assayed using 50 g ë re assay charge and gravimetric ë nish with a reportable range of 0.01-100 ppm Au.
Samples were submitted in batches of 20 comprising one ë eld blank, one Geostats-certië ed reference material (CRM) and 18 samples. Field duplicates were not deemed necessary for reconnaissance rock chip sampling.
Blank assay results were of low tenor and all batches passed QAQC indicating no cross contamination between samples. Gold CRM's assayed within tolerance limits and all batches passed QAQC.
Morales-Ramirez is of the opinion that rock chip assay results are representative of the style of mineralization drilled and that assay results are accurate and without bias.
A total of 856 samples of half-cut core were submitted for gold analysis by screen ë re assay equating to 845 m (or 29.4%) of the total metres drilled.
PQ and HQ drill core is placed in core boxes by the drillers at the rig Company geologists were responsible for

moving the core to the Company's core logging and storage warehouse at site. e core was then photographed, geotechnically and geologically logged, marked for cutting and sampling, and then cut lengthways into two equal halves.

Sample selection for assay is dictated by geology with a minimum sample length of 40 cm. Half core samples were placed in strong plastic bags, given a unique sequential number, and then sealed with a single use clip-lock seal. Chain of custody iwa maintained by the Company until the samples are passed to DHL for courier to ALS Oruro
Samples were submitted in batches of 40 comprising 35 drill core samples, two ë eld blanks, two CRM and a crush duplicate. Crush duplicates were taken at the crushing station, inserted into the same batch as the original sample, and processed and assayed as part of that batch.
e entire half core sample was dried at 110°C, weighed and crushed in a single pass to a nominal 90% passing 2 mm in a jaw-crusher. A one kilogram sub-sample was taken using a Jones-style riffl e splitter and pulverised in a singlepass to a nominal 85% passing 75 microns. Due to the presence of coarse gold a 1 kg pulp was submitted to screen ë re assay. e sample was screened to 100 microns at ALS Oruro — the entire coarse fraction and two 50 g charges of the ë ne fraction were then submitted for assay.
Blank assay results were of low tenor and all batches passed QAQC indicating no cross contamination between samples. Assay result of crush duplicates indicate acceptable precision between original and duplicate samples conë rming that subsampling and sample preparation protocol is appropriate for the type of sample and style of mineralization. Gold CRM results assayed within tolerance limits and all batches passed QAQC.
Morales-Ramirez is of the opinion that drill core assay results from the current drill program are representative of the style of mineralization drilled and that assay results are accurate and without bias.
Morales-Ramirez visited the property on the 17th to 19th of May 2023. Morales-Ramirez used a Google Earth satellite base image over-printed with Property boundaries to verify the location of the Property with respect to geographic features observed in the ë eld — and is satisë ed that the Property boundaries coincide with the geographic ë eld area covered in this report.
Verië cation by Morales-Ramirez conë rms that geological mapping and especially mapping of veins provides an accurate representation of the geology and mineralization at the Property.
Morales-Ramirez reviewed the rock chip sampling by the Company and associated Best Practice and QAQC. is included visits to outcrop that had been sampled. e sampling program was appropriate for deë ning geochemical anomalism and drill targeting. Sample chain of custody, preparation and assay met industry standards of best practice.
Morales-Ramirez conë rmed the location of drill hole collars using a hand-held Garmin GPS. Morales-Ramirez is of the opinion that the locational accuracy of drill hole collars taken by hand-held GPS (with nominal accuracy of ±2 m) is appropriate for use in an inferred mineral resource estimate.
Drilling was conducted in PQ or HQ diameter double tube. Morales-Ramirez reviewed select half-cut core stored at the Property — and to the extent possible — conë rmed that overall core quality and core recovery was excellent.
Morales-Ramirez considers that the drilling, core recovery, drill core handling, drill core logging and sampling, and assay protocol implemented by the company, has resulted in data that accurately represents the mineralization drilled at the Property. e Author considers that collar survey data, down-hole survey data and assay results are accurate, precise and without bias.

Analysis of gold by one kilogram screen ë re assay was an appropriate choice of assay technique given the presence of coarse gold — and provided a statistically more representative assay result that a "standard 50 g ë re assay".

e Company collected 10 tonnes of mineralized quartz vein material from two production blasts on the -60 m level of the C2 vein at La Escarcha mine. e sample was crushed at site using the mine jaw crusher to a nominal 3 to 5 cm fragment size. Seventeen randomized 10 kilogram sub-samples were take. In total 170 kilogram of material was shipped by DHL in Santa Cruz to SGS Lakeë eld.
SGS took a one kilogram sub-sample from each of the 10 kilogram samples the remaining nine kilogram samples were then composited into a 153 kilogram master sample. Head grade was determined at 5.53 g/t Au from 34 randomized 30 g ë re assay samples and at 5.96 g/t Au by cyanide bottle analysis of four by six kilogram subsamples (a total of 24 kg).
A 10 kg subsample of the masters sample was pulverized and submitted to a Knelson MD-3 gravity concentrator the concentrate was upgraded using a Mozley Mineral Seperator. Results indicate that 73.6% of gold is recovered by gravity separation.
Gold recoveryby cyanide was 94% at a P80 feed of 75 microns, a pulp density of 40% (w/w), pH of 10.5 to 11, NaCN concentration of 1 g/L, with a retention time of 48 hours at >8ppm dissolved oxygen.
Sixteen representative samples each of approximately ë ve kilograms were collected from the historical mine tailings on the Property. SGS took a one kilogram sub-sample was taken from each of the 16 samples. ese were submitted for gold analysis by cyanide bottle roll with reported head grades from 0.31 g/t Au to 7.83 g/t Au (average 1.33 g/t Au). An average cyanide recovery of 96% was noted (92.3 to 97.0%). Sodium cyanide consumptions ranged from 0.4 kg NaCN/t of ore to 2.16 kg/t. Lime consumptions were high ranging from 1.24 kilogram CaO/t of host rock to 4.7 kg/t.
A petrographic study using a combination of thin section, polished block microscopy and scanning electron microscope back scattered electron mapping was conducted on 32 drill core samples from the Company's maiden drill program at La Escarcha and Gabby. Samples were collected at vertical depths of 20 to 120 meters below surface and are representative of the style and grade of mineralization intercepted.
Petrology indicated that 1) mineralization was of a primary or hypogene nature; 2) that gold presents as ì ecks and grains of generally between 25 to 100 microns diameter (to a maximum 2 millimetres diameter), and is free-milling and not refractory; and 3) dominant gangue (or waste) minerals include quartz-carbonate-feldspar-mica and between 2 to 12% sulphides — comprising primarily pyrite and arsenopyrite, lesser pyrrhotite and traces of chalcopyrite.

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• On behalf of the Company, P&E Consultants Inc. prepared an initial inferred mineral resource estimate for La Escarcha of 857,000 tonnes at 4.4 g/t Au for 121 Koz Au at a 1.5 g/t gold cut-off . Estimate is based on 14 diamond drill holes totaling 2405 metres.

Notes:

¹⁾ Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability; 2) e estimate of Mineral Resources may be materially aff ected by environmental permitting, legal title, taxation, socio-political, marketing or other relevant issues; 3) Resources are classií ed according to Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Deí nition Standards (2014) and CIM Best Practices (2019); 4) e Inferred Mineral Resource in this estimate has a lower level of coní dence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded

to an Indicated Mineral Resource with continued exploration; 5) the Inferred Mineral Resource Estimate uses a cut-off of 1.5 g/t gold based on US\$1,800/oz Au, 95% process recovery along with US\$/tonne costs of \$50 mining, \$25 processing and \$7 G and A.

e Golden Hill Property shares its concession boundary with ten private Bolivian companies and Cooperative owned mineral concessions. Private Bolivian companies and Cooperatives are not required to publicly report information relating to their mining and exploration activities — information with respect to adjacent properties is limited.
Limited information is available in the public domain for the Puquio Norte mining operation which is currently owned by Cooperativa Minera Bolivia Progresa LTDA. Historical production of approximately 335,000 oz Au from four million tonnes at 2.6 g/t Au) is cited for the period 1998 to 2001. Mineralization was processed through a 1500 t/d plant which was operated by COMSUR (the Bolivian state mining company at the time) (Arce-Burgoa 2009).
e Property is a permitted mining concession. Key infrastructure remains at the Property from historical mining that was stopped in 2021 — including a large tailings storage facility; waste dump; explosive storage facility; operational 5 x 5 meter shaft that services the -45 and -60 underground levels; well-maintained haulage roads throughout the property; a crushing plant capable of handling 50 tonnes per day.; and two 25 tonne excavators and two 10 tonne dump trucks.
On the 28th of August 2023 Mantaro announced that Kinn Cortez provided notice of termination of the Option Agreement. Accordingly, Mantaro no longer has the right to acquire an interest in the Property. e Option Agreements provides that Mantaro will be granted a 2% Net Return on Smelter Royalty, which Minera Golden Hill S.R.L. will have the right to buy back at any time by paying a one-time payment of USD \$1,000,000
e Property is located on the western margin of the Bolivian Precambrian Shield (BPS) in eastern Bolivia it is a permitted mining concession covering 5976 ha.
Mineralization on the Property is of greenstone hosted orogenic gold deposit type. Five main prospects have been identië ed over four strike kilometres; La Escarcha, Gabby, Wesë eld, Garrapatillia and Brownë eld. Each comprising N-S striking, sub-vertically dipping swarms of gold bearing quartz-carbonate shear zones. Individual shear-zones measure between 1 and 15 meters in width and grade between 2- 16 g/t Au.
Mineralization on the Property shares similarities to large greenstone hosted gold deposits worldwide. Deposits of this type have the potential for several kilometres of gold mineralized strike and up to a kilometre of vertical mineralized continuity — in this respect the Property warrants further exploration across all prospects.
e Company completed a maiden diamond drill program in August 2022. A total of 21 angled diamond holes were drilled in PQ and NQ for a total of 3010.8 m — of which 14 holes for 2405.1 m were drilled at La Escarcha.
Drilling conë rmed high grade gold mineralization to depths down to vertical depths of 90 meters over 350 strike meters at La Escarcha — supporting a maiden inferred mineral resource estimate of 857,300 tonnes at an average grade of 4.40 g/t Au for a total of 121,400 oz Au. e resource remains open to depth and strike to the north and south. Further drilling is required to test the known mineralized footprint along strike and to depth.
Morales-Ramirez considers the Property to be highly prospective for greenstone hosted orogenic gold mineralization further diamond drilling across all prospects is warranted. Morales-Ramirez also recommends that a Preliminary Economic

Assessment be completed to better understand the potential viability and economics of re-commencing production at la Escarcha.

e Golden Hill Project comprises several known occurrences of gold bearing quartz-carbonate vein swarms over four strike kilometres which deë ne ë ve distinct prospects that range from early stage exploration targets to resource deë nition stage — La Escarcha, Gabby, Garrapatillia, Westë eld and Brownë eld. e Company completed a maiden drill program and released a maiden inferred mineral resource estimate at La Escarcha.
e maiden mineral resource estimate at La Escarcha is open in all directions and further inë ll and step-out / step-back drilling is warranted. A total of 4000 metres is recommended at an all in cost of CAD 1.05 M.
e Property is a permitted mining concession. It is recommended that a Preliminary Economic Assessment be completed to better understand the potential viability and economics of re-commencing production at la Escarcha. An all in cost of approximately CAD 1M is considered a reasonable estimate.

		Summary ………………………………………………………………………………………………	$\mathbf{i}$
		Table of Contents ______	I

1		Introduction and Terms of Reference Construction and Terms of Reference Construction	$\mathbf{1}$
	1.1	Scope of Work	$\mathbf{1}$
	1.2	Qualified Persons	$\mathbf{1}$
	1.3	Sources of Information	$\overline{\mathbf{3}}$
2		Reliance on Other Experts	$\overline{4}$
3		Property Description and location	5
	3.1	Property Location Verification of Licence Title Status	5 6
	3.2
	3.3	Bolivian Mining Law	6
	3.4 3.5	Purchase Agreements	$\overline{9}$
	3.6	Property Royalties, Back In Rights and Encumbrances
	3.7	Holding Costs and State Royalties Environmental Liabilities Container and Container and Container and Container and Container and Container and Container and Container and Container and Container and Container and Container and Container and Container and
	3.8	Social Licence and Surface Rights
	3.9	Indigenous Rights and Consultation
	3.10	Other Factors and Risks 2000 and 2000 and 2000 and 2000 and 2000 and 2000 and 2000 and 2000 and 2000 and 2000 $\pm$
4		Accessibility, Climate, Local Resources, Infrastructure and Physiography
	4.1	Accessibility 2000 14
	4.2	Climate
	4.3	Physiography
	4.4	Vegetation and Land Use Construction 14
	4.5	Infrastructure and Local Resources Exercise 2020 14
5		History ………………………………………………………………………………………………
	5.1	JORDEX (1996 to 2002) 2000 2000 2000 2000 2000 2000 20
	5.2	Don Wong (2002 to 2008) CONSY (2003) 17
	5.3	Minera Golden Hill SRL (2013 to 2021)	-17
6		Geological Setting and Mineralization	- 18
	6.1	Bolivian Precambrian Shield Geology	- 18
	6.2	Regional Geology	20
	6.3	Local and Property Geology	20
	6.4	Local and Property Structure	20
	6.5	Local and Property Mineralization	23
$\gamma$		Deposit Type	-26
	7.1	Orogenic Gold Deposits - An Overview	26
	7.2	Greenstone Hosted Gold Deposits	26
8		Exploration ………………………………………………………………………………………………	29
	8.1	Historical / Open Source Data Compilation	29

	8.2	Remote Sensing	29
	8.3	Historical Workings Mapping Election 29
	8.4	Geochemical Sampling
	8.5	Geological Mapping
9		Drilling ______
	9.1	Drilling Procedure
	9.2	La Escarcha ₁₁₁₁₁ 139 39
	9.3	Gabby
	9.4	Westfield Target ………………………………………………………………………………………………
	9.4	Brownfield Target
10		Sample Preparation, Analysis and Security
	10.1	Rock-Chip Geochemical Sampling
	10.2	2022 Drilling by the Company
11		Data Verification Exercise Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contr
	11.1	General Verification
	11.2	Verification of Company Drill Program
	11.3	Verification Resampling of Drill Core
12		Mineral Processing and Metallurgical Testing
	12.1	SGS Metallurgical Testwork
		Bulk Sample Head Grade Determination 12.1.1
		Bulk Sample Gravity Separation Testing 12.1.2
		Bulk Sample Cyanide Leach Testwork 12.1.3
		12.1.4 Historical Tailings Testwork
	12.2	Petrology Study
		Supergene Enrichment Study 12.2.1
		Refractory Gold and Gangue Mineralogy 12.2.2
		Gold Grain Size and Morphology 12.2.3
		12.2.4 Tailings Mineralogy
13		Mineral Resource Estimates	66
	13.1	Database	66
	13.2	Data Verification ………………………………………………………………………………………………	66
	13.3	Domain Interpretation	67
	13.4	Rock Code Determination Exercise Construction	67
	13.5	Wireframe Constrained Assays Executive Constrained Assays	67
	13.6	Composting	68
	13.7	Grade Capping	68
	13.8	Variography	68
	13.9	Bulk Density ………………………………………………………………………………………………	69
		13.10 Block Models ………………………………………………………………………………………………	69
		13.11 Mineral Resource Classification	69
		13.12 Au Cut-Off Calculation	70
		13.13 Mineral Resource Estimate	-70

	13.14 Mineral Resource Sensitivities
	13.15 Model Validation
14	Adjacent Properties	-76
15	Other Relevant Data and Information
16	Interpretation and Conclusions
17	Recommendations
	17.1 Phase 2 Diamond Drilling
	17.2 Preliminary Economic Assessment
18	References Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive Executive	83
19	Date and Signature
20	Certificate of Qualifications	85

LIST OF FIGURES

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Satellite image of Bolivia showing location of Golden Hill Property Project licence boundary map Photograph showing typical topography and vegetation Photograph showing typical topography and vegetation Map showing major provinces of the Amazon Craton and gold deposits Map showing generalized metallogenic map of Bolivia Simplified geological map of the San Ramon Greenstone Belt Geological map of the Central part of the Property Photograph of gold mineralized quartz-carbonate C structure Photograph of gold mineralized C2 vein at -65 m underground level Schematic model of orogenic (greenstone-hosted) gold deposits Worldview 3 satellite image showing prospect locations and concession boundaries AW3D enhanced 50 cm DTM showing prospect locations and concession boundaries AW3D enhanced 50 cm DTM showing alluvial workings and open pits Worldview 3 satellite image showing historical trenches Map showing partial DTM, and historical alluvial workings and shallow open pits Worldview 3 base image showing vein outcrop and open pits Browfield to La Escarcha DTM base map showing location and gold grade of rock-chip samples Photograph of Leduc Boart Longyear LF-90 drill rig Photograph of drill core and geologists inserting core blocks Photograph of PQ drill core from La Escarcha Photograph of NQ drill core from La Escarcha Map showing drill hole location and traces Drill cross section for La Escarcha Drill cross section for La Escarcha Map showing scout drill hole locations and traces Plot of field blank assay results: rock chip sampling Plot of CRM assay results: rock chip sampling

Figure 29	Plot of ë eld blank assay results: diamond drilling	52
Figure 30	Plot of CRM assay results: diamond drilling	53
Figure 31	Scatter plot of ë eld duplicate assay results: diamond drilling	54
Figure 32	Scatter plot of original versus CN assay verië cation samples	58
Figure 33	Scatter plot of original versus PhotoAssay verië cation samples	58
Figure 34	Scatter plot of verië cation CA assay versus PhotoAssay verië cation samples	59
Figure 35	Photograph of drill core showing auriferous quartz-carbonate shear	63
Figure 36	Photograph of core showing quartz-carbonate gangue and ductily-deformed meta-sediment	63
Figure 37	Photograph of core showing quartz-carbonate gangue and ductily-deformed meta-sediment	63
Figure 38	SEM-EDS map of mineralogy	64
Figure 39	Polished block photograph showing coarse gold	65
Figure 40	Polished block microscope photograph showing gold ì ecks	65
Figure 41	Plot of mineral resource grade tonnage curves	73
Figure 42	Graph showing mineral resource spatial Au swarth plot (Easting)	74
Figure 43	Graph showing mineral resource spatial Au swarth plot (Northing)	74
Figure 44	Graph showing mineral resource spatial Au swarth plot (Elevation)	75
Figure 45	Map showing adjacent Properties	77

Table 1	Boundary coordinates of the Property	5
Table 2	JORDEX (1996 to 2002) drill hole coordinates	16
Table 3	Summary of JORDEX drill hole intercepts	16
Table 4	Don Wong (2002 to 2008) drill hole coordinates	17
Table 5	Drill hole coordinates and parameters (2022 drill program)	38
Table 6	Signië cant drill intercepts (2022 drill program)	43
Table 7	Head grade values from underground bulk sample	60
Table 8	Gravity recovery values from underground bulk sample	61
Table 9	Cyanide bottle roll recovery values from underground bulk sample	61
Table 10	Resource resource estimate database statistics	66
Table 11	Mineralized wireframes volumes and codes	67
Table 12	Tabulated statistics mineralization wire-frame constrained assays	67
Table 13	Mineral resource composites and capped composites statistics	68
Table 14	Mineral resource capped composite statistics and grade capping values	68
Table 15	Mineral resource block model deë nitions	69
Table 16	Mineral resource block model grade interpolation parameters	69
Table 17	Mineral resource cut-off grade economic assumptions	70
Table 18	Mineral resource block model grade interpolation parameters	70
Table 19	Mineral resource estimate cut-off grade sensitivities	71
Table 20	Mineral resource average grade comparison of composites with block model	72
Table 21	Mineral resource volume comparison of block model with geometric solids	72

Table 22 Phase 2 exploration exploration drilling budget
Table 23 Preliminary economic assessment budget

APPENDICES

Appendix A Drill hole plan	90
Appendix B 3D Domains	92
Appendix C Log Normal Histograms	94
Appendix D AgEq Block Model Cross Section and Plans	94

Mr Juan-Manuel Morales-Ramirez BSc, MSc, P. Geo. ("Morales-Ramirez" or " e Author") — and with respect to Mineral Resource Estimation Mr Eugene Puritch, P. Eng., FEC, CET ("Puritch"), Mr Antoine Yassa, P. Geo. ("Yassa") and Mr Charles Spath, P. Geo. ("Spath") of P&E Mining Consultants Inc. (collectively "P&E") — were requested by Mantaro Precious Metals Corp. (the "Company") to produce a National Instrument 43-101 ("NI43-101") compliant Technical Report and Current Initial Resource Estimate (the "Report") for the Golden Hill Gold Project (the "Property") in Bolivia. e Property is in Santa Cruz State in eastern Bolivia (Figure 1).

e Authors were requested by the Company to produce a National Instrument 43-101 compliant Technical Report and Current Initial Resource Estimate for the Property. e Eff ective Date of the Initial Mineral Resource Estimate is the 14th of July 2023.

Morales-Ramirez wrote Sections 1 to 12, 14 to 17 of the Report. Morales-Ramirez visited the Property between the 17th to 19th of May 2022. Field and site observations were complimented by a comprehensive review of historic data and literature. P&E is responsible for Section 13 (Mineral Resource Estimates). e Authors each contributed to their respective sections of the Executive Summary, and the Interpretation and Conclusions (Section 16).

Morales-Ramirez is an independent exploration consultant with over 40 years of experience focused in Mexico. is includes specialist experience in intermediate and low sulphidation epithermal gold-silver-base metal systems as typical of the deposits in the Zacatecas region. Mr Morales holds a bachelor's degree in Geology from the National Polytechnic Institute, Mexico, and a master's degree in Geology from the University of Sonora, Mexico. He is a Certië ed Professional Geologist (CPG-11234) and member of the American Institute of Professional Geologists (AIPG). e Author is a Qualië ed Person for the purposes of National Instrument 43-101, the scope of this report, style of mineralization and stage of project.

Puritch is an independent professional mining engineer licenced in ë ve Canadian Provinces with 40 years experience in engineering and operations of open-pit and underground mines in Canada, Central and South America, Australia, Africa, Russia, Eastern Europe, China, South Korea and Mongolia. Gold, silver, base metal, PGM, and iron deposits have been the focus with projects ranging from small underground narrow vein to large open-pit multi-element properties. Puritch is a graduate of the Haileybury School of Mines with a Technologist Diploma in Mining. He obtained an additional year of undergraduate education in Mine Engineering at Queen's University and met the Professional Engineers of Ontario Academic Requirement Committee's Examination requirement for Bachelor's Degree in Engineering Equivalency. He is a mining consultant currently licensed by the: Professional Engineers and Geoscientists New Brunswick (License No. 4778); Professional Engineers, Geoscientists Newfoundland and Labrador (License No. 5998); Association of Professional Engineers and Geoscientists Saskatchewan (License No. 16216); Ontario Association of Certië ed Engineering Technicians and Technologists (License No. 45252); Professional Engineers of Ontario (License No. 100014010); Association of Professional Engineers and Geoscientists of British Columbia (License No. 42912); and Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (No. L3877). Mr. Puritch is also a member of the National Canadian Institute of Mining and Metallurgy. e author is a "Qualië ed Person" by reason of his education, affi liation with professional associations and past relevant work experience.

Yassa (P. Geo.) is a professional geologist with more than 35 years experience in exploration for precious and base metals, uranium and industrial minerals. He has worked in many grass-roots exploration to mining projects in Canada, Russia, Central Asia and in West African countries. Yassa is a graduate of Ottawa University at Ottawa, Ontario with a BSc. (Hons) in Geological Sciences (1977). He is a geological consultant currently licensed by the Order of Geologists of Québec (License No 224) and by the Association of Professional Geoscientist of Ontario (License No. 1890). Yassa is a Qualië ed Person by reason of his education, affi liation with a professional association, and past relevant work experience.

Spath (P. Geo) is a professional geologist with 10 years of experience in the mining, mineral exploration and mineral resource estimation in South Africa, Mexico, Canada and the USA. He has been involved with mining and exploration projects in silver, gold, zinc, copper, lead, nickel, and platinum. Mr. Spath specializes in geological modelling, resource estimation, and drill planning using Leapfrog Edge and Datamine software, as well as project management, production geology, sampling, logging and drilling. rough previous employment as a mining and exploration geologist for Hecla, Newmont and Vale, Mr. Spath has a strong technical and operational background, and have managed multimillion dollar underground and surface exploration/resource delineation drilling campaigns.

e information in this Report is based on several sources including: ë eld observations by Morales-Ramirez; historical data and information provide by the Company in an extensive data room; and publicly available reports listed in Section 18 (References).

Site Visits: Morales-Ramirez visited the Property between the 17th and 19th of May 2023. During the site visits Morales-Ramirez visited a number of concession boundaries in the ë eld to ensure that the mineral resource estimate, and current mine infrastructure are located within current concessions. Morales-Ramirez checked select drill core logs, reviewed the verië cation core handling, sampling and assay protocol employed by the Company, and took 19 half core verië cation samples.
Historical Information and Data: e Company made available historical data including, but not limited to, geological maps, channel sample data from surface trenches; drill program data including collar ë les, down-hole survey ë les, assay intervals and assay results.

e Author relied wholly on information provided by the Company with respect to Sections 3.2 to 3.19 of the Report.

is information was provided in a "Legal Title Report" provided by PPO Abogados, Bolivia. e opinion letter was addressed to Mantaro dated 21st of April 2023.

$\overline{\mathbf{3}}$ PROPERTY DESCRIPTION AND LOCATION

$3.1$ Property Location

The Property comprises one mining concession known as Paola Cecilia. The Property is located in the Santa Cruz district in eastern Bolivia (Figure 1) approximately 7 km to the southeast of the town of San Ramon — a mining and agricultural centre with a population of approximately 7500. Paola Cecilia covers an area of 59.76 km2 (5976 hectares).

Figure 2: Boundary map showing corner locations of the Paola Cecilia mining concession and main prospects mentioned in the Report. Coordinates are in WGS84 UTM Zone 20 S. Map by the Morales-Ramirez dated 28 August 2023.

			Paolo Cecilia Mining Concession Coordinate Boundaries


1	562,000	8,165,500	29	557,000	8,159,500
2	562,000	8,164,000	30	557,000	8,158,500
3	561,000	8,164,000	31	554,500	8,158,500
4	561,000	8,162,000	32	554,500	8,159,500
5	561,500	8,162,000	33	554,000	8,159,500
6	561,500	8,162,500	34	554,000	8,160,500
7	563,500	8,162,500	35	554,500	8,160,500
8	563,500	8,162,000	36	554,500	8,160,221
9	564,000	8,162,000	37	554,818	8,160,259
10	564,000	8,158,000	38	554,849	8,160,000
11	564,500	8,158,000	39	555,000	8,160,000
12	564,500	8,155,000	40	555,000	8,159,777
13	563,500	8,155,000	41	555,076	8,159,786
14	563,500	8,154,500	42	555,100	8,159,587
15	563,000	8,154,500	43	555,500	8,159,635
16	563,000	8,151,500	44	555,500	8,160,455
17	561,500	8,151,500	45	555,383	8,161,434
18	561,500	8,155,500	46	556,500	8,161,567
19	561,000	8,155,500	47	556,500	8,162,000
20	561,000	8,155,000	48	557,000	8,162,000
21	559,500	8,155,000	49	557,000	8,161,500
22	559,500	8,157,000	50	557,500	8,161,500
23	560,000	8,157,000	51	557,500	8,162,000
24	560,000	8,159,000	52	558,000	8,162,000
25	559,000	8,159,000	53	558,000	8,163,500
26	559,000	8,160,000	54	559,500	8,163,500
27	558,000	8,160,000	55	559,500	8,165,500
28	558,000	8,159,500

e Author has relied upon the Title Opinion for verië cation of title status of the Paola Cecilia mining concession in a "Legal Title Report" provided by PPO Abogados, Bolivia. e opinion letter was addressed to Mantaro dated 21st of April 2023.

e Author is of the opinion that the Title Opinion conforms with the title coordinate boundary information as shown in Table 1.

e Bolivian mining regime is based on a civil law system and is regulated in the following statutes (see https:// www.dentons.com/en/insights/newsletters/2022/january/17/dentons-global-mining-guide/dentons-global-miningguide-2022/bolivia).

e Bolivian Constitution recognizes that the Bolivian State has control of mineral rights throughout the exploration and mining production chain. Exploration and mining is regulated primarily by the Mining and Metallurgy Law (Law No. 535 of May 28, 2014) which states

" e Mining and Metallurgy Law regulates mining activities, establishing principles, guidelines and procedures to grant, maintain and extinguish mining rights. Additionally, it establishes the institutional structure and the attributions of public authorities within the mining production chain".

e Mining and Metallurgy Law (Law No. 535 of May 28, 2014) was modië ed by Law No. 845 dated 24th October 2016 which states,

" is law modií ed the Mining and Metallurgy Law, creating a new type of mining contract, the "Mining Production Contract". In addition, it returned to the Bolivian State the areas in which mining cooperatives had mining contracts with national or foreign companies".

Mining is also legislated by a modië cation of the Bolivian Criminal Code through Law No. 367 dated the 1st of May 2013.

" is law modií es the Bolivian Criminal Code, including new criminal deí nitions related to mining activities. is law punishes illegal entry and trespassing in mining areas, illegal mining activities and illegal sale and purchase of mineral resources".

Article 349.I. of the Bolivian Constitution states that, "[in]ground and underground resources are fully owned by the Bolivian people" — as such the Bolivian State is prohibited from transferring ownership of these resources. e Bolivian State can authorize their exploration and exploitation.

e Mining and Metallurgy Law provides that any mining activity must be executed under the new legal framework of administrative mining contracts ("AMC"). e existing Special Temporary Authorizations (Autorizaciones Transitorias Especiales or ATE), formerly known as "mining concessions", must be converted into administrative mining contracts by the Autoridad Jurisdiccional Administrativa Minera Jurisdictional ("AJAM" or Administrative Mining Authority). AMC type of contracts do not require the participation of the Bolivian State through the Bolivian State Mining Corporation known as COMIBOL.

Foreign ownership is allowed. However, pursuant to article 28 of the Mining and Metallurgy Law, foreign companies or individuals are not authorized to execute administrative mining contracts, hold any mineral rights or own real estate within 50 kilometres of the Bolivian international borders.

One of the most important features of the Mining and Metallurgy Law is the creation of a supervisory entity known as AJAM. e role of the AJAM is to manage, oversee and control every mining activity carried out in Bolivia — as well as administer the Mining Registry.

In addition, one of the main responsibilities of AJAM is to draft and propose legislation to the executive power, in order to regulate the transition of the ATEs into AMCs.

According to article 185 of the Mining and Metallurgy Law, the transition of the ATEs into AMCs must be processed by the AJAM within six months of the issuance of the corresponding supreme decree and administrative resolution

providing the framework for the transition. e term for transition to AMCs has been extended and as a result, ATEs continue to exist, and remain valid.

e Ministry of Mining and Metallurgy is responsible for the mining policy. e Bolivian Geological Mining Service (SERGEOMIN), a branch of the Ministry of Mining and Metallurgy, is responsible for the management of the mineral titles system. SERGEOMIN also provides geological and technical information and maintains a geological library and a publications distribution centre donated by the United States Geological Survey. Tenement maps are also available from SERGEOMIN.

COMIBOL is a state-owned corporation that has been granted certain areas for mining as described further below under "Granting of Mineral Rights".

Article 92 of the Mining and Metallurgy Law provides that mining rights grant their holders the exclusive authority to prospect, explore, exploit, concentrate, melt, reë ne, industrialize and commercialize mineral resources. However, article 93 provides that such rights do not grant ownership or possession rights over mining areas and holders of mining rights are not able to grant leases over the mining areas — mining rights cannot be transferred, sold or mortgaged.

Article 94 of the Mining and Metallurgy Law provides that the Plurinational State of Bolivia acknowledges and respects previously acquired rights of individual or joint title holders, private and mixed companies, as well as other forms of private property rights in relation to their corresponding ATEs, subject to the transition or compliance with the regime of AMCs. As a result, ATEs continue to be valid and recognized by Bolivian authorities for the exploration and exploitation of mineral areas.

e Mining and Metallurgy Law regulates mining contracts in Title IV, Chapter I, and it provides that the AMC is the legal instrument whereby the State grants mining rights to execute mining activities.

Pursuant to articles 134 to 136 of the Mining and Metallurgy Law, administrative mining contracts must be formalized in a public deed legalized before a public notary from the jurisdiction where the mining area is located — and must be signed by the AJAM as representative of the executive branch.

According to article 144 of the Mining and Metallurgy Law, to hold the rights granted by an AMC, the titleholder must comply with two requirements:

i) Pay the annual mining tax (patente), according to the scale detailed in article 230 of the Mining and Metallurgy Law, and
ii) Explore or exploit the area granted (mining areas granted by the Bolivian State cannot remain without carrying any activity for more than six months).

If an area with potential is registered under the name of COMIBOL or under the name of any other state-owned mining company, then a mining association contract ("MAC") must be entered into. is contract is similar to a joint venture agreement — the contract must be executed under Bolivian laws, have arbitration in Bolivia as a dispute resolution method, and provide that the participation of the Bolivian party cannot be lower than 55 percent of the proë ts. A MAC requires a board that must have the same number of representatives for each party — but the chairman of the board will always be elected from the members representing the state-owned company. e Bolivian party is a free carry party that only contributes the mining areas to the contract.

In addition to MACs, local or foreign companies may execute mining production contracts if they wish to perform mining activities in mining areas under the administration of COMIBOL. In these contracts, COMIBOL's participation is a percentage of the gross sale value of the mineral/concentrate which is negotiated with COMIBOL (the concept is similar to a royalty). Ownership is not mandated as a 45 percent/55 percent participation scheme of the mining association contracts. Mining production contracts require investment schedules and a work plan. e maximum term of a mining production contract is 15 years with the opportunity to renew for another 15 years. For enforceability, mining production contracts are required to be ë led at the Mining Registry, and once executed, signatory parties are not able to transfer or assign their rights therein.

Pursuant to the Bolivian Mining Law, mining rights (current ATEs or future AMCs) may be revoked by the AJAM to the extent one of the following is evidenced:

i) Failure to pay the yearly mining tax right (patente minera).
ii) Suspension of mining activities (or failure to initiate mining activities) for one year.
iii) Failure to deliver the activity reports for two consecutive times.
iv) Developing exploitation activities on exploration licenses.

A resolution from AJAM in relation to the revocation of the mining rights may be subject to administrative recourse and appeal before the Ministry of Mining and may be subject to review by the Bolivian Supreme Court.

Articles 95 and 102 of the Mining and Metallurgy Law provide that title holders have ownership over their investment, the mining production, movable and immovable property built on the land, as well as the equipment and machinery installed inside and outside of the perimeter of the mining area.

Articles 97 and 99 of the Mining and Metallurgy Law provide that title holders have the right to receive proë t or surpluses generated by their mining activity, subject to compliance with applicable tax laws. e State guarantees the rule of law over mining investments of title holders who are legally incorporated.

Mantaro entered into an Option Agreement (the "Option") Minera Golden Hill S.R.L. ("MGH") and Mr Luis Fernando Kinn Cortez (the "Optionor" or "Kinn Cortez") on the 23rd of August 2021. MGH is a Bolivian limited liability partnership (Commerce License No. 00132470), domiciled at Urubo Open Mall Floor 1, Santa Cruz, Bolivia. MGH is legally represented by Kinn Cortez in accordance with power of attorney No. 2119/2017 dated the 8th of June 2017 and granted by the Notary Public of Faith No. 96 of the judicial district of Santa Cruz, Bolivia. On August 28, 2023, Mantaro announced that it received a notice of termination of the Option Agreement from Kinn Cortez. Accordingly, Mantaro no longer has any right, title or interest in and to the Property.

Notwithstanding the termination of the Option Agreement, the Author has set out the terms of the Purchase Option Agreement (the "Purchase Option") whereby Mantaro had the right to acquire an 80% option in the Property through acquisition of 80% of the right, title and capital quotas on MGH as outlined below:

During the Option Period, the Optionor grants Mantaro the sole and exclusive right and option (the "First Option") to acquire 51% of the Optionor's right, title and capital quotas in the MGH.

To exercise the First Option the Company must pay the Optionor USD \$ 500,000.00 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate as follows:

i) USD 25,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate on the Eff ective Date;
ii) USD 75,000 or its equivalent in Bolivianos at the Bolivian offi cial exchange rate, on or before the date that is six weeks after date of Eff ective Date;
iii) USD 200,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate on or before the date that is six months after the Eff ective Date; and
iv) USD 200,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate on the ë rst anniversary of the Eff ective Date (being the 23rd of August 2022); and

To exercise the First Option the Company must also issue to Kinn Cortez a total of 2,000,000 Optional Units of Mantaro which will be issued: 500,000 Optional Units on or before three months after the Eff ective Date; 500,000 Optional Units on or before six months after the Eff ective Date; and 1,000,000 Optional Units on or before the ë rst anniversary of the Eff ective Date (being the 23rd of August 2022);

Mantaro must also invest USD \$ 250,000.00 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate, in Concession Expenses in the Concessions before the ë rst anniversary of the Eff ective Date (being the 23rd of August 2022.

During the Option Period, Optionor grants Optionee the sole and exclusive right and option (the "Second Option") to acquire 19% more of Optionor's capital quotas in the Company (which is equivalent to one total of 70% of the right, title and capital quotas in the Company. To exercise the second Option the Company must:

a) Pay the Optionor USD 500,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate on or before the second anniversary of the Eff ective Date (being the 23rd of August 2023);
b) Issue 1,500,000 Units of Mantaro on or before the second anniversary of the Eff ective Date (being the 23rd of August 2023);
c) Invest USD 250,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate in Concession Expenses on Concessions before the second anniversary of the Eff ective Date (being the 23rd of August 2023).

During the Option Period, the Optionor grants Optionee the sole and exclusive right and option (the " ird Option") to acquire 10% more of Optionor's right, title and capital quotas in the Company (which is equivalent to a total of 80% of the right, title and capital quotas of the Optionor in the Company).To exercise the second Option the Company must:

a) Pay the Optionor USD 500,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate on or before the second anniversary of the Eff ective Date (being the 23rd of August 2024);
b) Issue 500,000 Units of Mantaro on or before the second anniversary of the Eff ective Date (being the 23rd of August 2024);
c) Invest USD 1,000,000 or its equivalent in Bolivianos at the offi cial Bolivian exchange rate in Concession Expenses on Concessions before the second anniversary of the Eff ective Date (being the 23rd of August 2024).

On 28th of August 2023, Mantaro announced that Kinn Cortez provided notice of termination of the Option Agreement. Accordingly, Mantaro no longer has the right to acquire an interest in the Property. Notwithstanding the foregoing, the Option Agreements provides that Mantaro will be granted a 2% Net Return on Smelter Royalty, which MGH will have the right to buy back at any time by paying a one-time payment of USD \$1,000,000

e terms of the Purchase Option provided certain resource discovery bonus's and net smelter royalties as outlined below:

• 2% NSR

ere is 2% Net Return on Smelter Royalty — Mantaro had the right to buy the Royalty, at any time, by paying a one-time payment of USD 1,000,000.

• Discovery Bonus

e following discovery bonus applies: USD 2 per each ounce of gold in an indicated or measured mineral resource estimate capped at 250,000 ounces of gold (maximum USD 0.5M); USD 4 for each ounce of gold in an indicated or measured mineral resource estimate of between 250,000 to 500,00 ounces of gold (maximum of USD 1.0 M); and USD 5/ounce for >500,000 indicated and measured ounces of gold (capped at USD 2.5M).

ere are three sources of income for the Bolivian State derived from mining activities: taxes, royalties and annual per hectare rental (patente minera). e following is noted:

Value added tax (IVA) is equivalent to 13 percent of the sale or purchase value — it is recoverable through ë scal credit gained with the purchase of goods or services related to the operations of the company. A transaction tax (IT) is applied to every transaction at a rate of three percent of every transaction.

A company income tax (IUE) of 25 percent is payable on the net proë ts generated by mining companies. A company income tax is levied at a rate on monies sent to foreign beneë ciaries (IUE-BE) — equivalent to 12.5 percent of the amount of money sent to other countries.

A mining royalty is levied based on the gross sale value of the mining product. It varies between three percent to seven percent depending on the mineral and on international market prices.

To boost in country smelting and reë nery capacity, Article 224 of the Mining and Metallurgy Law provides for a 40 percent discount off the mining royalty, if the product is traded locally or sold internationally as a metal bar (dore).

In order to maintain mining concession rights, title holders must pay an annual fees, of an approximate value of USD 6 per hectare. is equates to an annual fee of approximately USD 35,856 for the Property which covers an area of 5976 hectares.

Mining activities are regulated by the Environmental Law (Law No. 1333 of 1992), the Mining Code (Law No. 535 of 2014) and more specië cally by the Environmental Regulations for Mining Activities (Supreme Decree No. 24782 of 1997).

e Environmental Law requires mining companies to have an environmental license to perform their operations. At the same time, this environmental license is connected with several environmental studies that must be followed. e requirements diff er depending on the kind of mining activity.

Prospecting and exploration activities are exempt from ë ling an Environmental Baseline Audit (an audit used to determine the situation of a territory prior to the execution of mining activities) and an Environmental Impact Assessment Study (a study used to analyse the environmental impact of a certain activity). An environmental license may be granted by the departmental government (Bolivia has nine departments) after the applicant ë les a description of the extent and impact of the prospecting and exploration activities.

For exploitation and/or processing of ore (milling) an environmental license is required. It is granted by the Ministry of Environment and Water subject to a report from the Ministry of Mining and Metallurgy — an Environmental Baseline Study and the Environmental Impact Assessment Study are required. e Environmental Impact Assessment Study must include archaeological, socio-economic, water, air and soil studies, in addition to a chapter dedicated to the recovery of the site.

A License for Hazardous Substances is also required in parallel to the environmental license. If the operation requires the use of explosives, the Ministry of Defence issues a license to purchase and use explosive materials. Purchasing, transporting and using controlled substances (such as gasoline, diesel, sulfuric acid and other chemical elements linked to narcotics production) are subject to control from the Ministry of Government through the Direction of Controlled Substances, which must grant a permit for their use. Municipal permits are also required for the construction of a minerals/metals processing plant.

Article 207 of the Bolivian Mining Law requires that all communities must be consulted before performing any mining exploitation activity. As a result, the mining company typically must reach an agreement with the local community prior to proceeding with the mining operations. ere is no requirement for consultation or agreement with a community for exploration work — although it is recommended in order to assure unimpeded access to the area of interest.

In Bolivia the majority of rural communities are considered indigenous communities — access agreements and authorizations from local communities should consider the regulations outlined in Section 3:11 (Indigenous Rights and Consultation).

Morales-Ramirez understands that the Project is a browní eld site that had been mined through shallow open pits along a strike length of almost 4 km. e Company has unrestricted access to those areas of the central La Escarcha to Browní elds trend that is the focus of further drilling and/or development. is includes the area around the maiden inferred mineral resource estimate at La Escarcha

e formal requirement for indigenous consultation is based on the Bolivian Constitution, the Indigenous and Tribal Peoples Convention of 1989 ("ILO Convention 169": 27th of June 1989) and the United Nations Declaration on the Rights of Indigenous Peoples (13th of September 2007).

e above stipulated that prior consultation is a guaranteed right, must be respected and must be performed in good

faith with respect to the exploitation of non-renewable natural resources in the territory of indigenous communities.

Following the same principles, article 352 of the Bolivian Constitution is even more specië c and establishes that the exploitation of natural resources will be subject to a procedure of public consultation before the aff ected community. Public Consultation is understood as: A free, informed and previous consultation process, conducted by the State regarding the exploitation of natural resources on the territory of an indigenous community. is process must follow the regulations and procedures of the indigenous community.

e Project is a permitted browní elds mining concession and Morales-Ramirez is not aware of any requirement for consultation with Indigenous Groups.

Beyond the information provided in Sections 3.1 to 3.11 of this report, the Morales-Ramirez is unaware of any other signië cant factors and risks that may aff ect access, title, or the right or ability to perform work on Property.

e Property is located approximately 7 km to the east of the town of San Ramon in the Santa Cruz District of eastern Bolivia. Travel time from San Ramon on a two lane all weather gravel road is approximately 20 minutes. ere are numerous timber haulage roads and exploration tracks within the Property that are suitable for four-wheel drive vehicles — collectively they provide access to most areas of the Property.

Santa Cruz — the largest and most populous city in Bolivia — is located 184 km to the southwest of San Ramon and is linked by a paved highway with a travel time of approximately 3 hours. e closest international airport is the Viru Viru International Airport which is located on the outskirts of Santa Cruz.

Climate is classië ed as tropical savanna (''Aw'') by the Köppen climate classië cation index — marked hot wet summers (September to March) and mild dry winters (May to August).

Average monthly temperatures ranges from 20°C in the coldest month of June to 31 °C in the warmest months of October to December. Average monthly precipitation ranges from 159 mm in the wettest moth of January to 36 mm in the driest month of August. e climate allows for year-round exploration and mining.

e temperature and rainfall data presented is from the San Julian weather centre — located in the town of San Julian approximately 35 km to the southwest of the Property (https://weatherspark.com/y/28518/Average-Weather-in-San-Julian-Bolivia-Year-Round).

e Property is located on the western margin of the Bolivian Precambrian shield terrain. Relief is marked by a series of north-south oriented ridges that rise up to 100 meters from the underlying river valleys and basinal plains to the west of the shield boundary (Figures 3 and 4). Elevations within the mining licence range from 275 masl (meters above average sea level)on the plains to the west of the shield and up to 450 masl at the peaks of the fault bound ridge-lines.

e majority of the Property encompasses rainforest, sub-divided by rectangular arable land plots used to graze cattle and cleared forest areas where alluvial gold mining has been active. ere are no National Parks, State Conservation Areas, Flora Reserves or State Forests within Property boundaries.

e town of San Ramon — with a population of approximately 7500 — is the nearest urban centre. San Ramon is an active mining town, with several mining machinery suppliers and service providers, and a work force experienced with mineral exploration and development projects. Reliable power, accommodation, construction services and general amenities are available in San Ramon. Specië c equipment, skilled labour and specialist exploration items can also be sourced from the City of Santa Cruz. Numerous rivers, streams and small ponds are present on the Property and are capable of providing suffi cient water for year-round exploration and mining.

e author is of the opinion that any development at the Property could be serviced with relevant skilled personnel and equipment. e author is also of the opinion that there is suffi cient space within the Property for mining operations, tailings storage and waste disposal, and processing facilities.

Figure 3: View looking towards the north showing typical topography and access at Golden Hill. Note La Escarcha open pit, the waste dump and the flooded pits which define a drainage that was mined historically for alluvial gold. Ridges are often associated with areas of quartz veining and silica alteration and represent exploration targets.

Figure 4: View looking towards the south of the concession showing the Garrapatillia and Brownfield ridgelines. Note dense vegetation to the east draping the ridges and open grazing pastures on low relief planes to the west.

Gold mineralization was ë rst discovered on the Property in 1996 by JORDEX Resources Inc. ("JORDEX") — a junior exploration company listed on TSX Venture Exchange ("TSXV").

A Korean company named Don Wong Company ("Don Wong") acquired the project in 2002 and commenced shallow open pit and underground mining at La Escarcha.

Minera Golden Hill S.R.L. ("MGH") — a private Bolivian company — acquired the Property in 2008. MGH continued mining within the existing shallow open pit and from several underground production drives accessed by a simple shaft. Underground mining was limited in scope and restricted to a vertical depth of approximately 70 m.

MGH estimate that approximately 50,000 ounces of gold were produced at la Escarcha by Don Wong and MGH — at head grades of 4 to 10 g/t Au.

Morales-Ramirez has not done suffi cient work to verify the accuracy of historical gold production and head grade cited above. is data is included for historical context only and should not be relied upon.

JORDEX began exploration in 1996 — comprising geological mapping and soil and stream sediment geochemical sampling. is work outlined a signië cant gold anomaly over the area that is now La Escarcha open pit. JORDEX completed four diamond drill holes at La Escarcha for a total of 744.62 m (Table 2).

PCD1	561,909	8,159,704	351.5	260	-55	179.22
PCD2	561,920	8,159,835	361.5	265	-60	234.70
PCD3	561,933	8,160,043	325.8	260	-60	169.16
PCD4	561,843	8,160,051	320.0	260	-50	161.54

Drilling intercepted gold mineralization over downhole intervals of between 1.6 to 13.5 m at grades of between 1.03 g/t Au to 11.33 g/t Au (Table 3). Drilling intercepted mineralization over a 300 m strike length.

PCD1	117.40	121.08	3.68	1.03
PCD1	121.08	122.72	1.64	4.07
PCD1	122.72	131.95	9.23	1.03
PCD1	173.04	176.78	3.74	1.40
PCD2	47.30	60.84	13.54	7.09
PCD2	87.34	96.44	9.10	1.01
PCD2	197.65	203.2	5.55	1.08
PCD3	27.05	29.72	2.67	11.33
PCD3	146.39	150.25	3.86	0.91
PCD3	155.75	161.12	5.37	0.62

e Author has not been able to verify the sampling protocol, the assay protocol and the assays results from the JORDEX drilling program. e Author considers the results to be historical in nature and cautions that they should not be relied upon.

Don Wong acquired the Property from JORDEX in 2002. Don Wong focused on shallow open pit mining at La Escarcha — which was supplemented by a four hole diamond drill program for a total of 882.8 m (Table 4). Drill core logs, assay certië cates and original survey data were not available and drilling by Don Wong is not discussed further. Drill hole details are provided in Table 4 for historical context only.

DW-01-03	561,911	8,159,629	327	274	-45	210.40
DW-02-03	561,939	8,159,764	361	267	-50	210.40
DW-03-03	561,975	8,159,900	355	272	-50	220.50
DW-04-03	561,990	8,159,964	341	270	-50	241.50

MGH acquired the Property in 2008. MGH continued mining via the open pit at La Escarcha and initiated shallow open pit mining at Gabby and Garapatillia. MGH sunk a 5 by 5 m wide shaft at La Escarcha to a depth of 45 m. A 100 m access drive was driven from the shaft east beneath the main extent of the pit — from which ë ve adits were driven along gold-bearing shear zones for a total development of approximately 125 meters. A secondary shaft was sunk from the -45 level onto the C2 vein — from which a 20-meter adit was driven north along the C2 shear zone. MGH also conducted limited alluvial mining to the north and west of La Escarcha.

MGH conducted Property wide exploration — detailed geological mapping, stream and soil sediment geochemical sampling, and trench sampling — which resulted in the deë nition of the Garapatillia, Brownë elds, Gabby and Westë eld exploration targets.

ee Author has not been able to verify the sampling protocol, the assay protocol and the assays results from the MGH exploration. e Author considers the results to be historical in nature and cautions that they should not be relied upon.

e Project is located on the western margin of the Bolivian Precambrian Shield ("BPS"). e BPS is a geotectonic extension of the Central Brazilian Shield and deë nes the southwestern part of the Amazon craton (Figure 5). e shield terrain covers an area of approximately 200,000 km² , or 18% of Bolivia — approximately 18% of Bolivia (Figure 6) (Arce-Burgoa 2009).

e BPS consists of granulite, gneiss and schists which are variably intruded by intruded by syn- and post-deformational granitoids. Schists are low to medium grade and form elongate greenstone belts. e majority of gold deposits in the BPS are spatially related to regional structures within greenstone belts — especially where structure juxtapose metavolcanic and meta-sedimentary units. In this respect gold mineralization within the BPS is analogous to the prolië cally gold-mineralized Abitibi shield in Canada, the West African Shield and the Yilgarn Craton of Western Australia.

Exploration in the BPS has focused on small areas of surë cial artisanal workings and resulted in the discovery of deposits such as San Simón (ca. 700 Koz Au) near the Brazilian border in the Paragua craton; the Puquio Norte deposit (ca >350 Koz Au produced) within the San Ramon district; and the Don Mario deposit (>2 Moz Au) in the southwest of the BPS. ese deposits are likely related to those of the Guapore gold belt in adjacent Brazil, which includes the recently developed São Francisco (1.3 Moz Au) and São Vincente (600 Koz Au) deposits (Arce-Burgoa 2009).

Compared to mature exploration provinces such as the Abitibi, West Africa and the Yilgarn craton — the BPS remains very signië cantly under-explored.

Litherland et al. (1986) suggest that two main orogenic events have shaped the BPS — the San Ignacio Orogeny (1400 – 1280 Ma) and the Sunsás Orogeny (1280 – 950 Ma).

e metamorphic basement — deë ned by Litherland (op. cit.) as "rocks which existed prior to the San Ignacio Orogeny" — is composed of schists, gneisses and granulites. ese units are believed to be of mostly meta-sedimentary origin and present themselves as steeply-dipping stratië ed sequences. Litherland (op. cit.) classië ed these rocks into three superunits according to their metamorphic grade: the San Ignacio Supergroup, the Chiquitanía Gneiss Complex and the Lomas Maneches Granulite Complex.

During the San Ignacio Orogeny (1400 and 1280 Ma) rocks of the metamorphic basement were subjected to penetrative deformation and metamorphism from a low grade in the schist belts to a high grade accompanied by migmatisation in the Granulite Complex. ree regional deformation events can be diff erentiated as part of the San Ignacio Orogeny. In a more global context, the San Ignacio Orogen has been grouped with the Rondonia mobile belt in northern Rondônia (Brasil), as the Rondonian-San Ignacio Province and interpreted by Cordani and Teixeira (2007) as an amalgamation of several accretionary intra- oceanic magmatic arcs formed at ca. 1320 Ma.

e Sunsás Orogenic Cycle represents the last major tectono-metamorphic event to shape the Bolivian Precambrian shield (Litherland et al., 1986). e Sunsás Orogen is considered to be the result of a collisional event deforming the sedimentary sequences of the Sunsás and Vibosi groups which were deposited in a passive margin setting during a prior extensional phase and in the south east the deformation of the San Ignacio supergroup (Litherland op. cit.). e Sunsás orogenic belt is genetically linked to the Grenville Orogenic belt located today in eastern Canada.

Figure 5: The Sunsás Province in relation to other provinces of the Amazon Craton. Modified from Santos et al., 2008. Gold deposit locations sourced for USGS global commodity database. Map by the Author dated 28 August 2023. Coordinates are degrees latitude and longitude.

e Project is hosted within a deformed lens of the San Ignacio Supergroup ("SIS") located on the western boundary of the BPS. e SIS comprises discrete belts of layered and folded sequences of meta-psammites, meta-quartzites and micaceous schists, and meta-volcanics and metamorphosed maë c igneous rocks. Ferruginous, calc-silicate and graphiterich units occur subordinately (Litherland et al., 1986).

e orogenic history of the SIS is complex — the last deformation was the Sunsas Orogeny at approximately 1 Ga. e SIS has a well developed primary N-S trending structural fabric consisting of high angle regional and second order normal faults.

e part of the SIS on which the Property is located is a structurally complex greenstone sequence named the San Ramon Greenstone Belt (SRGB). e SRGB is a lenticular, north west oriented greenstone sequence that is approximately 120 km long and up to 60 km wide. It is characterised by a metamorphosed sedimentary and volcanic sequences including quartzites, pasammites, mica schists, phyllites and meta-volcanics, populated with isolated graphitic and iron rich layers. ese units are locally juxtaposed by N-S oriented regional to local normal faulting and bound by younger intrusive granitoid bodies (Litherland, op. cit.) (Figure 7).

e geology of the Golden Hill Property is dominated by a suite of deformed meta-sedimentary and meta-volcanic rock units that form the southern tip of a N-S orientated limb of the SRGB — locally subclassië ed into the Naranjal group.

e Naranjal group is composed of chloritic-sericitic schists, muscovite schists, amphibolites and graphitic phyllites Strong surface oxidation has resulted in laterite formation (Litherland, op. cit.). is makes detailed mapping diffi cult — for this reason subunits are grouped into three distinguishable lithologies summarised below:

Meta-sediments of greenschist facies dominate the western portion of the Property — with protolith compositions ranging from ë ne-grained sandstone to organic rich shale. ey present in the ë eld as highly foliated dark brown coloured phyllites to grey schists.

Meta-carbonates are intercalated with metasediments especially around La Escarcha and Gabby deposits. Metacarbonates present as highly foliated, dark grey-brown phyllites, and are distinguished by the presence of calcite stringers and a high matrix carbonate content.

Meta-volcanic units — comprising basaltic volcanic ì ows, tuff s, and intrusives of gabbro and dolerite composition — dominate the eastern portion of the mapped area on the Property. Meta-volcanics are often intensely fractures and present as dark grey, ë ne-grained, foliated low to medium grade greenschists. Chlorite and calcite is common in fractures and stringer veins. Meta-volcanics are favourable hosts for mineralization.

ree main structural trends have been identië ed on the Property. Primary structures are closely associated with gold mineralised shear zones and comprise north-south trending, subvertical, southwesterly dipping basement thrust faults, which have juxtaposed meta-sedimentary and meta-volcanic rock units of Paleozoic age. Post-mineral east-west striking dextral faults that have limited signië cance to mineralization or post-mineralization displacement. Post-mineral strikeslip faults with trend 300° to 340° off -set gold mineralised shear zones — they exert an important control on mineral-

Figure 6: Generalized metallogenic map of Bolivia, showing the various metallogenic belts and major discovered mineral deposits. Modified from Arce-Burgoa 2009. Map by the Author dated 28 August 2023. Coordinates are degrees latitude and longitude.

Figure 7: Simplified geological map of the SRGB. The major primary gold deposits are concentrated in NNW striking regional fault zones along the contacts between meta-volcanic and metasedimentary rock units. Modified after (Litherland et al., 1986). Map by the Author dated 28 August 2023. Coordinates are UTM WGS 84 zone 20S.

ized boundaries to the north and south of gold mineralized quartz vein swarms at La Escarcha and Gabby (Figure 8).

Meta-volcanics and meta-sediments are folded into an asymmetrical anticline which strikes north-south through the centre of the Property. A broadly north-south trending foliation with steep westward dip (75° to 85°) is well developed. Silica alteration is pervasive in wallrocks immediately bounding faults. Oxidation commonly deë nes fault trends.

Gold mineralization on the Property is of greenstone hosted orogenic type. is style of mineralization has been observed over four strike kilometres — presenting as quartz-carbonate shear swarms that form over a broad mineralised corridor up to 500 meters wide (Figure 8). Five main shear swarm zones have been identië ed to date: La Escarcha, Gabby, Westë eld, Garrapatillia and Brownë eld.

Greenstone-hosted orogenic gold deposits are associated with regional scale structures hosting quartz veins and sulphide-rich zones within shear zones, faults and folds. Gold mineralization may be vein-hosted, breccia-hosted and/or disseminated. Sulphides including pyrite, arsenopyrite and pyrrhotite are variably present. e grade and width of gold mineralization varies — but typically forms as high grade shoots of between 5 to 20 m wide within wider, lower-grade, pyritic envelopes.

La Escarcha comprises four quartz-carbonate-sulphide shear zones. Mapping of small-scale underground workings and drilling by the Company to vertical depths of generally less than 100 m, indicates that mineralized structures are between 1 to 15 m wide, with average grades of between 2 - 15 g/t Au. Mineralized structures are orientated north-south and dip sub-vertically — occasionally rolling 5° to 10° to the east and west.

Petrology indicates that mineralization is of a primary or hypogene nature and has not been aff ected by supergene oxidation. Gold is free milling and occurs within fractures within sulphides and at quartz-carbonate-sulphide grain boundaries. e main sulphide are arsenopyrite, pyrite and pyrrhotite.

Mineralization at Gabby is similar in style and dimension to La Escarcha. At least ë ve, broadly north-south trending, sub-vertical quartz-carbonate shear zones were intercepted in drilling. Low grade gold mineralization was intercepted over downhole widths of 7.5 m at 1.1 g/t Au — with the highest grade intercept being 0.6 m at 6.2 g/t Au.

Figure 8: Geological map of the mapped central part of the Property on a DEM grescale basemap. Map by the Author dated 28 August 2023. Coordinates UTM WSG 84 20S.

Figure 9: Photograph of the gold mineralized quartz-carbonate "C" structure in the southern wall of La Escarcha open pit.

Figure 10: Photograph of the gold bearing quartz-carbonate "C2" structure from the -65 metre level underground workings beneath La Escarcha open pit.

Greenstone hosted orogenic gold type mineralization is the principle deposit type of interest on the Property. Greenstone-hosted orogenic gold deposits are a subclassië cation of the orogenic gold deposit type. ese deposits typically occur in structurally controlled zones of quartz veins and sulphide-rich zones within shear zones, faults and folds. Gold mineralization can be disseminated, vein-hosted or brecciated, and is commonly associated with sulphides including pyrite, arsenopyrite and pyrrhotite. e grade and width of the mineralization can vary greatly, with some deposits having high-grade shoots within lower-grade envelopes.

is style of mineralization has been observed over four kilometres on the Property, presenting as discrete quartz-carbonate shear zones, that form within a broad mineralised corridor that is up to 500 meters wide — individual structures measure between 1 - 15 meters wide and average between 2 - 15 g/t Au.

Orogenic gold deposits are the most widespread type of gold deposit in the world and include many world class mines in provinces such as the Abitibi of Canada, West Africa and the Yilgarn craton of Western Australia. ey remain important exploration targets — expecially under-explored province such as the shield areas of Bolivia. e project is hosted in the San Ramon Greenstone Belt — a lenticular, north-westerly oriented, ~200 km long and up to 100 km wide, greenstone complex of Precambrian age which hosts several primary gold and placer gold deposits.

ree main types of orogenic deposits are distinguished based on their host-rock environment: Greenstone-hosted, turbidite-hosted and BIF-hosted types. All three types share a number of characteristics including:

Variably complex arrays of quartz-carbonate veins that display vertical continuity often in excess of 1 km with variable vertical zoning.
e ores are enriched in Ag-As+/-W and have Au:Ag ratios >5. Other commonly enriched elements include B, Te, Bi, Mo.
e dominant sulphide mineral is pyrite at greenschist grade and pyrrhotite at amphibolite grade. Arsenopyrite is the dominant sulphide in many clastic-sediment-hosted ores at greenschist grade and loellingite is also present at amphibolite grade.
High grade gold mineralized "shoots" are surrounded by zoned carbonate-sericite-pyrite alteration haloes that are variably developed depending on host rock composition.
At the regional scale a majority of deposits are spatially associated with crustal-scale and regional shear zones which have been eroded to expose greenschist-grade rocks — consistent with the overall brittle-ductile nature of their host structures (Robert, F., et al. 2007).

Greenstone-hosted orogenic gold deposits occur within Precambrian greenstone belts composed of maë c to ultramaë c volcanic rocks, sedimentary rocks and granitoid intrusions — typically deformed and metamorphosed. Late-stage felsic plutons may be present. Gold deposits are distributed along major compressional to transtensional crustal-scale fault zones marking boundaries between lithologically contrasting domains or along their margins (Dube and Gosselin, 2007).

Deposits are formed by deposition from circulating gold-bearing hydrothermal ì uids in structurally-enhanced permeable zones during regional metamorphism. Deposits are hosted by greenschist to locally amphibolite-facies metamorphic grade rocks of dominantly maë c composition at intermediate depth (5-10 km) (Figure 11).

Orogenic gold deposits are typically associated with quartz veins that contain free gold and sulphides — including pyrite and arsenopyrite. Veins are typically hosted within brittle-ductile shear zones and faults that have undergone multiple deformation events. Gold mineralization is often accompanied by silica-(iron) carbonate-sulphide alteration of the host rocks.

Gold is generally conë ned to the vein networks, but may also be present within pryitic wall-rock selvages and/or silicië ed and arsenopyrite-rich replacements zones (Dube and Gosselin, 2007). Greenstone-hosted quartz-carbonate vein gold deposits typically grade from 5 to 15 g/t gold — tonnage is highly variable and ranges from a few thousand tonnes to over 100 million tonnes (a few million tonnes of ore being typical).

e geochemical signature of orogenic greenstone-hosted gold deposits is marked by elevated levels of gold and pathë nder elements such as arsenic, antimony, bismuth, tellurium and silver. Geochemical sampling is an eff ective exploration technique.

Orebodies are typically surrounded by zoned silica-carbonate-sericite-pyrite alteration haloes that are variably developed depending on host rock composition.

Golden Hill Project NI43-101

Figure 11: Schematic deposit model for the formation of orogenic gold deposits modified from Groves and Santosh, 2015.

Mantaro conducted systematic ë eld-based exploration across the Property — including historical database verië cation and compilation into a layer-based GIS system, remote sensing, geological and structural mapping, and geochemical sampling. is exploration was conducted using a combination of GPS mapping, satellite and DTM interpretation, and ë eld verië cation of historical mapping. Field mapping and historical data verië cation were conducted in parallel, allowing the Company to evaluate the extent of mineralization and identify high priority drill targets on the Property.

In order to develop a streamlined historical exploration database, the Company reviewed and compiled all available historical data — this allowed the Company to prioritise areas for geological mapping and sampling. Historical drill data and data from underground production provided vectors to high reward diamond drill targets.

Open-source geological data and academic research was used to place the Project in its broader geological setting and location relative to other gold deposits and occurrences.

e Company acquired Digital Globe Worldview-3 and Maxar imagery using the TerraSARX satellite sourced from Pacië c Geomatics Limited.

A total of 136 km² high resolution Worldview-3 Satellite Imagery was collected on the 23rd of September 2021 (Figure 12). Worldview-3 imagery provides for 31 cm in panchromatic and 1.36 m 8-band multi-spectral VNIR resolution — processed to 15 cm using Maxar's proprietary HD technology (this improves visual clarity but does not increase actual resolution).
An AW3D Enhanced 50 cm Digital Terrain Model ("DTM") and 1 m contour data was generated using multiview Maxar imagery (Figure 13). Data was collected on the 23rd September 2021.

e Worldview 3 satellite image and the grey scale DEM images (Figures 14 and 15) provided signië cant information with respect to historical alluvial gold mining, surë cial mining of saprolite and location of historical trenches.

Historical alluvial gold workings are visible on satellite images — especially the grey scale DTM image. Alluvial workings were mapped directly onto the DTM and provide important vectors to gold mineralization. Historical work by Don Wong and MGH focussed on the central part of the concession between La Escarcha to Brownë eld — whilst the northern and north-western parts of the concession were not explored.

e presence of extensive alluvial workings draining ridges in the north of the concession demonstrates the prospectivity of these areas and provides vectors for a planned exploration program to the north of La Escarcha.

Mining of saprolite via shallow open pits deë ned the tops of gold mineralised structures at Gabby, Garapatillia and La Escarcha. Workings are visible on Worldview-3 and DTM imagery and were mapped onto satellite base maps (Figure 17). is was followed by ë eld verië cation and geochemical sampling.

A number of trenches were excavated by Orovana, Don Wong and MGH. Historical records are vague and the loca-

Figure 12: WorldView 3 satellite base image, concession boundaries and main prospects. Coordinates are WGS 84 UTM Zone 20S.

Figure 13: AW3D Enhanced 50 cm Digital Terrain base image, concession boundaries and main prospects. Coordinates are WGS 84 UTM Zone 20S.

tion of many trenches are unknown. Historical trenches were visible on Worldview-3 satellite imagery (Figure 15) thereby allowing for rapid follow-up and select sampling by Mantaro.

A total of 504 rock chip grab samples were collected from outcrop and ì oat (Figure 18). Sampling conë rmed highgrade gold mineralization in and around La Escarcha and deë ned highly anomalous gold values from Gabby. Gold assays for samples from other exploration targets were of low tenor. A total of 45 samples assayed above 0.25 g/t Au, 27 samples assayed over 1 g/t Au and 15 samples returned assayed above 5 g/t Au. Geochemical rock chip sampling deë ned La Escarcha as the primary drill target and conë rmed gold mineralization is present at Gabby, Westë eld, Garrapatillia and Brownë elds.

Morales-Ramirez is of the opinion that reconnaissance rock chip sampling conducted by the Company has coní rmed the presence of gold mineralization within quartz-carbonate orogenic style shear zones across over 4 kilometres strike on the Property. More detailed rock-chip sampling and mapping is recommended at the Gabby, Westí eld, Browní eld and Garrapatillia exploration targets to further deí ne gold mineralization.

Company geologists used a Worldview-3 satellite image as the base map for geological mapping. Vein outcrop was visible at La Escarcha, Gabby, Garapatillia, Brownë eld and Westë eld due to positive relief associated with quartz vein development and silicië cation (Figures 8 and 17). Outcrops were mapped in the ë eld using a hand-held GPS with nominal accuracy of ±3 meters and adjusted for accuracy when plotted onto the satellite image. e northern, southern and eastern vein extensions were mapped in the same manner. e following is noted:

e eff ectiveness of bedrock mapping is limited by extensive areas of thin laterite cover is is not considered material as gold mineralization is associated with quartz veins and silica alteration which forms resistant ridges lacking laterite. ere are several types of silicië ed structures associated with gold materialization, including massive quartz veins, mylonitic quartz calcite vein swarms, and broad silicië ed sulphide-rich shear zones.
Gold mineralised structures are often found at the boundaries between meta-sedimentary and meta-volcanic units where competency contrasts create favourable conditions for shear zone formation and ì uid ì ow. e Company validated the mapping of such gold mineralized structures by MGH.
e Company mapped mineralised structures at La Escarcha and Gabby in preparation for drilling. Mineralised structures pinch and swell along strike but are generally between two to 12 metres wide — being widest at fault ì exures and fault intersections. Silicië ed structures and veins are typically oriented N-S and have a vertical to subvertical westerly dip.

Figure 14: AW3D Enhanced 50 cm Digital Terrain base map showing La Escarcha pit, alluvial workings west of Gabby, alluvial workings in the NW and pits in the NE. Coordinates are WGS 84 UTM Zone 20S.

Figure 15: WorldView 3 satellite image showing historical trenches that were re-mapped and sampled by the Company in 2021. Coordinates are WGS 84 UTM Zone 20S.

Figure 16: AW3D Enhanced 50 cm Digital Terrain base map showing alluvial gold workings (blue) and shallow saprolite workings (red). Coordinates are WGS 84 UTM Zone 20S.

Figure 17: Worldview 3 satellite image showing extent of mapped surficial open pits and quartz veins. Coordinates are WGS 84 UTM Zone 20S.

Figure 18: AW3D Enhanced 50 cm Digital Terrain base map showing the locations and grades of rock chip samples taken by the Company in 2021. Coordinates are WGS 84 UTM Zone 20S.

e Company commenced a maiden diamond drill program in May 2022. A total of 21 angled diamond holes were drilled for a total of 3010.8 m — of which 14 holes for 2405.1 m were drilled at La Escarcha. First pass reconnaissance drilling was also conducted at Gabby (ë ve holes for 473.0 m), Westë eld (one hole for 60.2 m) and Brownë eld (one hole for 72.2 m). e program was completed in August 2022. Hole collar coordinates, azimuth, inclination and depth are presented in Table 5.

Drilling was conducted by Leduc Drilling ("Leduc") — an international drilling services company based in La Paz (Bolivia). Leduc performed to a very high standard with excellent core recovery.

Planned drill holes were located in the ë eld using a hand-held GPS with a nominal accuracy of ±2 m. Marker posts were then used to mark the collar and the line of section. Completed holes were capped with PVC pipe set into a cement block. ree additional GPS measurements were taken and averaged to give a ë nal collar coordinate.

Leduc supplied a track-mounted Boart Longyear LF-90 drill rig (Figure 19) with a nominal depth capacity of 400 m for HQ diameter core at inclinations of -45° to -90°. e rig was equipped to drill PQ, HQ and NQ at any inclination from horizontal to vertical — allowing for greater optionality in drill pad location.

Holes were collared in PQ and reduced to HQ as dictated by drilling conditions in deeper holes. Core recovery was excellent (Figures 20 to 22) and often achieved 100%.

Down-hole surveys were conducted using a REFLEX EZ-TRAC™ system capable of transferring down-hole data in real-time via an android based REFLEX EZ-TRAC™ App. Results were automatically calculated and displayed on the handheld device — thus eliminating the risk of human error. Holes were initially surveyed at a downhole depth of 10 m to ensure there has been no deviation from the planned azimuth and dip — thereafter surveys were conducted every 20 m to a downhole depth of 100 m. Below 100 meter downhole surveys were conducted every 50 m.

Drill core was placed into plastic drill core boxes labelled with Hole ID, sequential box number, and "from and to" meter depths. A ë tted plastic core block of the same dimensions as the core box partitions was used to mark the end of each drill-run — the downhole depth written onto the core block (Figure 19).

Drill core was transported from the drill site by Company geologists to the Company's on-site core logging facility. Whole core was washed and then photographed in a purpose built core photography booth. e core facility was housed in a lockable compound and only project geologists and core technicians / core cutters were allowed access.

Core recovery and rock quality data ("RQD") was determined for each "drill-run" and uploaded to the Company's database. Overall core recovery was excellent (>98%) (Figures 20 and 21) — including vein intercepts and intervals of cataclastic fault gouge in structures. is reì ects the drillers experience, large diameter core and generally good ground conditions.

GH0001	561772	8159854	296.5	100	-34	187.3
GH0002	561921	8159827	322.8	280	-62	171.3
GH0003	561714	8159789	290.0	100	-41	250.0
GH0004	561754	8159769	288.6	100	-37	180.0
GH0005	561741	8159700	288.7	100	-38	160.0
GH0006	561740	8159702	288.8	100	-58	231.3
GH0007	561713	8159789	291.0	100	-50	280.2
GH0008	561770	8159953	286.7	100	-45	144.5
GH0009	561723	8159861	289.8	100	-37	244.3
GH0010	561709	8159635	288.3	100	-40	153.4
GH0011	561848	8159891	308.5	100	-40	81.4
GH0012	561763	8159904	289.6	100	-40	135.4
GH0013	561921	8159825	323.0	100	-30	114.0
GH0014	561839	8159758	270.0	100	-35	72.0


GH0015	561720	8159108	314.5	100	-25	102.0
GH0016	561813	8159092	336.5	102	-45	113.3
GH0017	561860	8159226	311.0	270	-35	60.0
GH0018	561780	8159243	298.0	102	-35	111.0
GH0019	561733	8158836	317.4	095	-30	87.0


GH0020	561720	8159108	314.5	100	-25	60.2


GH0021	561813	8159092	336.5	102	-45	72.2

Lithology, structure, sulphide mineralogy and abundance, and gangue mineralogy and abundance was logged onto graphic logs — which were then scanned and entered into the Company database. Degree of silica, carbonate and sulphide alteration was also noted.

Core from each drill-run was ë tted together (to the extent possible) and marked length-parallel along a centre-line as a guide for core cutting. e position of the centre-line was chosen to ensure "equal deportment of mineralization in each half ". Lines were also marked normal to the long core axis to denote cut-points marking breaks between adjacent sample intervals.

Veins, shear zones, and silicië ed and/or sulphidic intervals, were sampled for assay. Sampling intervals were dic-

tated by lithological, alteration and/or mineralized boundaries — sample intervals were limited to a minimum of 40 cm and a maximum of 160 cm.

Core was sampled by a Company geologist, placed into plastic sample bags, labelled with a sequential number, and sealed with a single use clip-lock tie. Chain of custody was maintained by the Company until samples were delivered to ALS in Oruro.

Morales-Ramirez is of the opinion that the drilling protocol, hand-held GPS location of drill collars, down-hole survey methodology, and core logging protocol followed industry-recognized standards of best practices, appropriate for the style of deposit, type of materialization and exploratory nature of the drilling. Morales-Ramirez considers that core mark-up and sampling was conducted in an appropriate manner — ensuring that samples are representative of the style of materialization and deposit.

Fourteen angled diamond holes for a total of 2405.1 m were drilled beneath the historical open pit at La Escarcha in order to test the down-dip continuity of gold mineralization historically mined in the open pit and underground workings below La Escarcha pit. Holes were drilled in PQ diameter to downhole depths of between 224 to 371 m (to a maximum vertical depth of approximately 280 m).

All holes intercepted multiple, sub-vertical to vertical, silica-pyrite-arsenopyrite altered shear zones hosting auriferous quartz-carbonate veinlets. Drilling conë rmed that mineralization is of an orogenic or greenstone-hosted style. Signië -

cant gold intercepts were encountered in the majority of holes over a strike length of 350 m beneath to vertical depths of 125 m. Holes were drilled as series of "fencelines" with spacing of 50 to 70 m (Figure 23). Several scissor or step-back holes were on some sections and single angled holes on others (Figures 24 and 25).

e northern most hole drilled at la Escarcha (GH0008: Figures 23 and 24) returned one of the more signië cant gold intercepts — extending high grade gold mineralization to the north of the historical open pit workings. Mineralization is open along strike to the north and south and at depth. Hole GH0010 — the most southerly hole at La Escarcha failed to intercept the target due to a easterly fault off set of the shear zones. Table 6 presents signië cant drill intercepts at La Escarcha.

Gold mineralization is strongly correlated with quartz vein density, silicië cation and sulphide content. Some densely veined, silicië ed samples returned lower than expected gold grades and further mineralogical work is required to better understand gold deportment prior to further drill targeting. Patchy distribution of gold mineralization and quartz lodes is normal for orogenic gold systems worldwide and high grade shoots develop discontinuously along the controlling structure at dilution points such as ì exures and jogs. Signië cantly — all holes drilled at La Escarcha intersected the controlling regional structures.

e Company drilled ë ve scout angled diamond holes for a total of 473.3 m Gabby — approximately 500 meters south of La Escarcha (Figure 26). Holes were drilled to test the down-dip extension of gold mineralised structures that were mined historically in a series shallow open pits. Holes were drilled in PQ diameter core to downhole depths of between 60 to 113.3 m (to a maximum vertical depth of approximately 80 m).

e majority of holes drilled at Gabby intercepted broad sub-vertical to vertical shear zones hosting oxidized quartz-

carbonate veinlets. e gold grades encountered are typical of the lower grade, mineralized pyritic halo that deë nes regional shear zones in orogenic gold systems, and is more extensive than more restricted high grade shoots. e fact that shear zones are oxidized may also have resulted in leaching of gold.

Drilling to date at Gabby targeted near surface depth extensions of surface veins in a small number of widely spaced drill holes. Signië cant further drilling is required to intercept the potentially higher grade primary sulphide mineralization.

e Company drilled one angled diamond hole with a length of 60.2 m at the Westë eld exploration target which lies approximately 300 meters west from La Escarcha (Figure 26). is hole was drilled to test the down-dip extension of a swarm of quartz veins similar to that observed at La Escarcha on surface. Drilling failed to intercept the target vein

swarm due to technical issues and the hole was abandoned before the target had been reached. e surface expression of mineralization and quartz veining indicates that further drilling is warranted at Westë eld. Westë eld has an untested strike length of at least 1.2 km.

e Company drilled one angled diamond holes with a length of 70.2 m at the Brownë eld exploration target which is located approximately 3.5 kilometres south from La Escarcha (Figure 26). A single scout hole was drilled beneath abundant gold-bearing quartz ì oat which mapped along the ridge of the Brownë elds target. Mineralization was not encountered. Further more mapping and trench sampling is required to identify in-situ source of the quartz ì oat material ahead of further drilling. Brownë eld has an untested strike length of at least 700 m.

Golden Hill Project NI43-101

Hole ID	From (m)	To $(m)$	Intercept (m)	Grade (g/t Au)
La Escarcha

GH0001	66.00 108.00	68.00	2.00	1.65 16.70
and		109.00	1.00 1.00	0.65
and	129.00	130.00
GH0002	18.23	19.57	1.34	3.89
and	41.84	45.00	3.16	2.26
including	41.84	43.23	1.39	4.85
and	119.58	21.98	2.40	6.13
including	119.58	120.72	1.14	12.65
GH0003	104.00	106.15	2.15	1.03
and	118.00	125.00	8.00	0.30
and	136.00	137.00	1.00	0.56
and	141.00	142.00	1.00	0.93
and	171.51	176.20	4.69	5.15
GH0004	88.10	89.54	1.44	1.01
and	99.63	100.46	1.37	5.82
and	125.15	125.90	0.75	3.51

GH0005	67.60	71.00	3.40	8.27
including	67.60	69.62	2.02	11.82
and	72.00	73.00	1.00	1.20
and	87.00	92.00	5.00	7.57
including	88.34	92.00	3.66	10.16
and	05.00	119.00	14.00	3.57
including	108.10	116.90	8.80	4.91
GH0006	67.00	70.00	3.00	4.00
including	67.58	69.47	1.89	6.23
and	76.00	80.00	4.00	6.46
including	76.00	78.00	2.00	12.73
and	89.00	91.00	2.00	1.26
GH0007	111.91	116.19	4.28	2.14
including	111.91	113.00	1.09	3.84

GH0008	64.53	79.55	15.02	2.70
including	70.62	73.72	3.10	8.47
and	82.84	92.00	9.16	1.25
including	86.81	88.00	1.19	5.85
and	94.80	98.32	3.52	1.00
GH0009	125.90	134.00	8.10	0.52
and	141.00	142.12	1.12	0.87
GH0014	24.00	25.00	1.00	1.21
Gabby
GH0018	88.50	96.00	7.50	1.08
including	91.56	92.16	0.60	6.20
and	97.98	99.72	1.74	1.42
including	97.98	98.72	0.74	3.02
GH0019	13.91	18.00	4.09	0.81

Table 6: Significant drill intercepts from the maiden 2022 drill program. There were no significant intercepts in holes GH0010 to GH0013, GH0015 and GH0020 to GH0021.

Figure 23: Map showing drill hole traces from the maiden drill program at La Escarcha (northern holes GH0001 to GH00014) and Gabby (southern holes GH0015 to GH0019). Significant intercepts are highlighted. The base image is a grey scale 50 cm DEM Coordinates are WGS 84 UTM Zone 20S.

Golden Hill Project NI43-101

Figure 24: Typical drill section at La Escarcha showing mineralized intercepts in hole GH0008 within broader quartz-carbonate-pyrite altered shear zones.

Figure 25: Typical drill section at La Escarcha showing mineralized intercepts in holes GH0005 and GH0006 and within broader quartz-carbonate-pyrite altered shear zones.

Figure 26: Location map showing drill hole locations and prospects. Coordinates are WGS 84 UTM Zone 20S.

is Section is divided into two sections: Section 10.1 relates to surface rock-chip geochemical sampling by the Company; and Section 10.2 related to the maiden diamond drill program completed by the Company.

A total of 504 rock chip grab samples (Figure 18) were collected from vein outcrops and quartz ì oat boulders measuring at least 50 cm in diameter.

Sample Collection

Each sample weighed a minimum of 3 kg and comprised several rock chips taken from a small area of outcrop or ì oat using a hammer and chisel. Samples were placed in numbered plastic bags by a Company geologist and sealed with a single use clip-lock seal.

Chain of Custody

Five rock-chip samples were placed into a sequentially numbered polyweave rice bag and tied with a single-use zip-lock fastener. Samples were then delivered by a Company geologist to DHL in Santacruz and shipped directly to ALS Oruro (Bolivia).

Morales-Ramirez is satisí ed that the Company maintained appropriate chain of custody during sampling and transport thereby ensuring sample validity and integrity.

Sample Preparation

Samples were prepared by ALS Oruro. Samples were dried to 110°C, weighed and crushed to a nominal 70% passing 2 mm in a single pass jaw-crusher (ALS code CRU-31). A one kilogram sub-sampled was taken using a Jones-style rifì e splitter (ALS code SPL-21) and pulverised in a single-pass bowl-and-puck system to a nominal 85% passing 75 µm (ALS code PUL-32).

Morales-Ramirez is satisí ed that the sample preparation and sub-sampling protocol used by the Company is appropriate for the style of mineralization and the stage of exploration — and resulted in samples lacking bias.

Sample Analysis

Sample pulps were couriered from ALS Oruro to ALS Loughrea (Ireland) for analysis. ALS is independent of Mantaro and is certië ed to international quality standards through ISO/IEC 17025:2017 including ISO 9001:2015 and ISO 9002 specië cations.

Samples were analysed for gold by ë re assay with ICP-AES ë nish using a 50 g sample charge (ALS code Au-ICP22) — with a reportable range of 0.001-10 ppm Au. Over-range samples were assayed using 50 g ë re assay charge and gravimetric ë nish (ALS code Au-AA26) with a reportable range of 0.01-100 ppm Au.

Morales-Ramirez is of the opinion that the analytical protocol used by the Company is appropriate for the style and grade of mineralization and the type of samples submitted for analysis.

QAQC and laboratory Performance

e Company implemented an industry standard Best Practice and QA/QC program whereby samples were submitted in batches of 20 comprising one ë eld blank, one Geostats-certië ed reference material (CRM) and 18 samples. Field duplicates were not deemed necessary for reconnaissance rock chip sampling — assay results were used as a guide to drill targeting and were not input into the mineral resource estimate.

A 3 to 5 kg ë eld blank was inserted into every batch. A tolerance limit of 0.05 g/t Au was used. Twenty-eight batches of samples were submitted to ALS — gold assay results for all blanks were either below detection or of extremely low tenor (Figure 27) and all batches passed QAQC. ere was no evidence of cross-contamination between samples.

# Certií ed Reference Materials

One Geostats gold CRM was inserted into every batch of 18 samples. A batch was deemed failed if one CRM assayed outside of ±3 SD or if CRM's in two consecutive batches assayed outside of ±2SD. Gold CRM assays results were within tolerance limits (Figure 28) and all batches were deemed passed.

Morales-Ramirez notes that the Best Practice and QAQC protocol used by the Company was appropriate for the style and grade of mineralization and the type of samples submitted for analysis. Morales-Ramirez further notes that gold assay results for í eld blanks coní rm that samples were not cross-contaminated during preparation — gold assay results for CRM's demonstrate appropriate analytic precision by ALS Loughrea. Morales-Ramirez agrees that í eld duplicates were not required for the above mentioned rock chip sampling program.

e 2022 maiden dill program comprised 21 holes for a total of 3010.8 m. A total of 856 samples of half-cut core were submitted for gold analysis by screen ë re assay — equating to 844.93 m (or 29.4%) of the total metres drilled. Gold mineralization at the Property presents in shear zones — that almost 30% of core was assayed reì ects the success of the program in intercepting quartz-carbonate-sulphide mineralized and altered structures.

During a 17th to 19th May 2023 site visit Morales-Ramirez reviewed the drill core sampling and sample security, sample preparation and sample assay protocol implemented by the Company during the maiden 2022 drill program. Morales-Ramirez notes that samples were submitted in batches of 40 comprising 35 drill core samples, two ë eld blanks, two CRM and a crush duplicate — and that industry standard Best Practice and QAQC was followed.

Figure 28: CRM assay results for gold. A batch is deemed failed if one CRM assays outside of ±3 SD - or CRM's in two consecutive batches assay outside ± 2 SD. All batches passed.

Half cut PQ and NQ drill core was sampled by Company geologists. e complete second half of the core was placed in individually numbered plastic sample bags and sealed with a single use clip-lock seal. Five samples were then placed in batch-numbered polyweave rice bags which were also sealed with a single use clip-lock seal. Samples were then taken by a Company geologist to the DHL in Santa Cruz for courier to ALS Oruro (Bolivia). Chain of custody was maintained by the Company at all times.

Morales-Ramirez is satisí ed that the Company maintained appropriate chain of custody during sampling and transport thereby ensuring sample validity and integrity.

Drill core samples were prepared by ALS Oruro (ALS code PREP-31D). Samples were dried to 110°C, weighed and crushed in a single pass to a nominal 90% passing 2 mm in a jaw-crusher. A one kilogram sub-sample was taken using a Jones-style riffl e splitter and pulverised in a single-pass to a nominal 85% passing 75 microns.

Due to the presence of coarse gold a 1 kg pulp was submitted to screen ë re assay. e sample was screened to 100 microns at ALS Oruro — the entire coarse fraction and two 50 g charges of the ë ne fraction were then submitted for assay.

Morales-Ramirez is satisí ed that the sample preparation and sub-sampling protocol used by the Company is appropriate for the style of mineralization and the stage of exploration.

Drill core samples were analysed for gold by ALS Loughrea (Ireland) by screen ë re assay (ALS code Au_SCR24) with a reportable range of 0.05-10,000 ppm Au. For each sample the entire oversize fraction was submitted to ë re assay — together with two 50 g charges of the screen undersize. In this manner the gold grade of the one kilogram sub-sample was reported.

Morales-Ramirez is of the opinion that the analytical protocol is appropriate for the style and grade of mineralization. e Author concurs that screen í re assay is an appropriate analytical technique for orogenic-type mineralization with coarse gold. e large sample size, and assay of the entire coarse fraction and two 50 g charges of the undersize, provides for a very representative gold assay.

QAQC and laboratory Performance

e Company implemented an Industry-Standard Best Practice and QA/QC program whereby samples were submitted in batches of 40 comprising two ë eld blanks, two Geostats-certië ed reference material (CRM), one crush duplicate and 35 samples. Pulp duplicates were not used given that samples were assayed by screen ë re and thus required a 1 kg pulp.

A ë eld blank — comprising a 2 to 3 kg rock chip sample — was inserted into a batch every 18 samples. Tolerance limits were set at 0.1 g/t Au (Figure 29). Assay results for all blanks were extremely low and all batches passed QAQC. ere was no indication of cross contamination between samples.

One crush duplicate taken from the coarse reject was inserted into each batch of 35 samples and processed in the same batch and sample stream as the original sample. An X-Y plot (Figure 31) shows gold assay results for original samples and the respective crush duplicates. e majority of original-duplicate assay result pairs were either below detection or of very low tenor. Only four pairs assayed above the 1.5 g/t Au cut-off used in the inferred mineral resource estimate and it is not possible to determine ë eld precision based on such a small sample size.

Morales-Ramirez does not consider this material for an inferred mineral resource estimate. In support of this assumption — Morales-Ramirez notes that original-duplicate gold assay pairs taken as part of the verië cation resampling (Section 11.3: Verië cation Resampling of Drill Core) show acceptable ë eld precision.

Morales-Ramirez notes that the Best Practice and QAQC protocol used by the Company was appropriate for the style and grade of mineralization and analysis of diamond drill core. e Author further notes that assay results for í eld blanks coní rm that samples were not cross-contaminated during preparation — gold assay results for CRM's demonstrate appropriate analytic precision by ALS Loughrea. Analysis of gold by one kilogram screen í re assay provides a statistically robust analysis of samples containing coarse gold.

$11.0$ Geostats CRM G915-4 (9.16g/t Au) $\circ$ 10.0 $\triangleright$ $\circ$ $\circ$ $\circ$ $\overline{O}$ Au (ppm) $\circ$ $\bigcirc$ $\circ$ $9.0$ $8.0$ Batches 4.40 Geostats CRM G913-5 (3.87 g/t Au) $4.20$ $\circ$ 4.00 $\bigcirc$ Au (ppm) $\circ$ $\overline{\circ}$ $3.80$ $\circ$ $\circ$ $\circ$ $\circ$ $3.60$ $3.40$ $3.20$ Batches 1.75 Geostats CRM G910-9 (1.51 g/t Au) 1.65 1.55 $\circ$ $\circ$ Au (ppm) $\bigcirc$ $\bigcirc$ $\overline{C}$ $\overline{\circ}$ $\overline{\circ}$ $\overline{\circ}$ 1.45 1.35 $1.25$ Batches

Figure 30: CRM assay results for gold. A batch is deemed failed if one CRM assays outside of ±3 SD - or CRM's in two consecutive batches assay outside ± 2 SD. All batches passed.

Figure 31: Scatter plot of original gold grade versus crush duplicate gold grade. One crush duplicate was submitted with every batch of 17 samples. However, most original/ duplicate pairs were either below detection or of very low tenor and only 4 duplicate pairs assayed above the 1.5 g/t Au cut-off used in the inferred mineral resource estimate.

Morales-Ramirez visited the Property on the 17th to 19th of May 2023. e site visit included an overview of the Property from the vantage points at La Escarcha, a review of mapping and geological sampling conducted by the Company, a visit to diamond drill collars, a review of the core storage facility, and discussion of drill core handling and sampling protocol.

Morales-Ramirez used the WorldView 3 satellite base image over-printed with Property boundaries to verify the location of the concession in the ë eld. Morales-Ramirez is satisë ed that Property boundaries outlined in Table 1, and referenced in Independent Legal Opinion, coincide with the geographic ë eld area covered in this report.
Field verië cation of the WorldView 3 satellite image conë rms that areas set-aside for mine development such as mine offi ces, workshops, crushing/ processing facilities, and waste dumps — can be accommodated within the mining concession in the areas proposed.
Verië cation by Morales-Ramirez conë rms that geological mapping and especially mapping of veins is a reasonable and are accurate representation of the geology and mineralization at the Property geology.
Morales-Ramirez reviewed the rock chip sampling by the Company and associated Best Practice and QAQC. is included visits to outcrop that had been sampled. e sampling program was appropriate for deë ning geochemical anomalism and drill targeting. Sample chain of custody, preparation and assay met industry standards of best practice.
Mining and environmental permits outlined in Section 3 (Property Description and Location) were reviewed — and found to be consistent with the representations of made by the Company. As far as Morales-Ramirez can ascertain — the Property is a fully permitted mining concession.

Morales-Ramirez completed detailed verië cation of the Company's 2022 drill program during a site visit on the 17th to 19th of May 2023.

Morales-Ramirez conë rmed the location of drill hole collars using a hand-held Garmin GPS. e Author noted that holes are marked by a PVC tube, cemented into place and engraved with hole name. Morales-Ramirez is of the opinion that the locational accuracy of drill hole collars taken by hand-held GPS (with nominal accuracy of ±2 m) is appropriate for use in an inferred mineral resource estimate.
Drilling was conducted in PQ or HQ diameter double tube. Morales-Ramirez reviewed select half-cut core stored at the Property — and to the extent possible — conë rmed that overall core quality and core recovery was excellent.
Morales-Ramirez reviewed a number of the graphic drill core logs prepared by Company geologists and crosschecked these against actual core and database entries. Morales-Ramirez also reviewed approximately 10% of the original ALS assay certië cates and cross checked these against the assay database. Morales-Ramirez conë rms the integrity and validity of the Company's geological and drill database — and is not aware of any database issues that may materially aff ect the current inferred mineral resource estimate.
Morales-Ramirez considers that the drilling, core recovery, drill core handling, drill core logging and sampling, and

assay protocol implemented by the Company, has resulted in data that accurately represents the mineralization drilled at the Property. e Author considers that collar survey data, down-hole survey data and assay results are accurate, precise and without bias.

Morales-Ramirez reviewed the geological cross-sections generated by the Company representation of mineralized shear zones is appropriate and that continuity of mineralization between sections has been demonstrated.
e QAQC and Best Practice implemented by the Company for assay of drill core follows industry recognized standards of best practice. e Author notes that ë eld blank assay results conë rm there was no cross-contamination between samples during preparations, that gold assay results of Geostats CRM's demonstrate appropriate laboratory accuracy, and that crush duplicates demonstrate appropriate ë eld precision — when taken together with originalduplicate assay pairs from verië cation resampling (Section 11:3 below).
Analysis of gold by one kilogram screen ë re assay was an appropriate choice of assay technique given the presence of coarse gold — and provided a statistically more representative assay result that a "standard 50 g ë re assay".

Morales-Ramirez is of the opinion that the maiden drill program was conducted to a very high standard and that core logging, sampling, chain of custody, and sample preparation and assay protocol, followed industry-recognized standards of best practice that are appropriate for the type of deposit, style of mineralization and stage of the project. Morales-Ramirez further considers that core mark-up and sampling was conducted in an appropriate manner — ensuring that samples are representative of the style of mineralization and deposit.

Morales-Ramirez resampled drill core from the Company's maiden drill program during a site visit on the 17th to 19th of May 2023.

Morales-Ramirez collected 19 samples being the complete second half of the diamond drill core for verië cation assay. Samples were placed in individually numbered plastic sample bags and sealed with a single use clip-lock seal. Five samples were then placed in polyweave rice bags which were also sealed with a single use clip-lock seal. Morales-Ramirez delivered the samples to DHL in Santa Cruz for courier to ALS Oruru (Bolivia) — ensuring chain of custody was maintained at all times.
Drill core samples were prepared by ALS Oruro. Samples were dried to 110°C, weighed and crushed in a single pass to a nominal 90% passing 2 mm in a jaw-crusher (ALS code CRU-32). A 2 kg sub-sample was taken using a Jones-style riffl e splitter (ALS code SPL-21).
Crush sub-samples were couriered to ALS Perth (Australia). Samples were analysed for gold by PhotonAssay and also by cyanide leach bottle roll.
Approximately 500 g of crushed material was submitted for PhotonAssay (ALS code Au-PA01) with a reportable range of 0.03 to 350 ppm Au. PhotonAssay is a relatively new and non-destructive technique which is capable of analyzing large samples (up to 500 g) of crushed material. Samples are exposed to high-energy X-Rays which excite atomic nuclei that produce gamma rays at signature energies — allowing for gold detection. PhotonAssay is a very eff ective analytical method for samples containing course gold.
Upon completion of PhotonAssay analysis, the 500 g sample was returned to the crush sub-sample, and the entire 2 kg sub-sample was pulverized (ALS code PUL-23). e 2 kg pulp was submitted for gold analysis by cyanide leach bottle roll (ALS code ME-CN15) with a reportable range of 0.01- 200 ppm Au.
e residue of the cyanide bottle roll was recovered by ë lter press and washed until free of cyanide (ALS code FIL-01). e residue was then dried and homogenized (ALS code HOM-01) — before a 50 g charge of the CN residue was submitted for ë re assay (Au-AA-26R) with a reportable 0.01 – 100 ppm Au.
Analysis by cyanide leach bottle roll and 50 g ë re assay on the homogenized CN residue allowed calculation of gold head grade — and also provided information on the cyanide leachability of the gold.
Verië cation sample cyanide leach bottle roll grades range from 0.04 to 14.83 g/t Au reì ecting the range of grades for sample intervals selected by Morales-Ramirez. A scatter plot of original gold grade versus cyanide leach bottle roll grade shows generally good correlation (Figure 32) with many assay pairs plotting within ±10%. High grade samples show good correlation.

Scatter exceeding ±20% is noted in ë ve samples — as to be expected in a system with coarse gold. Scatter was noted in original samples with grades of between 1.3 to 4.9 g/t Au (Figure 32) — with no obvious positive or negative bias.

Verië cation sample PhotonAssay grades range from 0.03 to 14.15 g/t Au. As with the cyanide leach bottle roll results — a scatter plot of original gold grade versus CN gold grade shows generally good correlation (Figure 33). Most assay pairs plot within ±10% and higher grade samples show good correlation.

Scatter exceeding ±20% is noted in ë ve samples — the same ë ve samples that showed high scatter by cyanide leach bottle roll.

A scatter plot of verië cation sample CN gold grade versus verië cation sample PhotonAssay grade (Figure 34) shows excellent correlation with all but two sample pairs plotting within ±10%. Two CN gold grades plotted higher than the PhotonAssay duplicate at just above ±20%.

Morales-Ramirez is satisí ed that the verií cation samples have returned gold grades — from both PhotonAssay and CN leach — that are comparable with the assay results of samples submitted by the Company. Verií cation sampling by the Author has demonstrated the validity of the drill assay results by the Company.

e verië cation samples taken by Morales-Ramirez were the complete second half of the core — the ë rst half was submitted for preparation and one kilogram screen ë re assay by the Company. Verië cation samples are thus true core (ë eld) duplicates. e Author is satisë ed that core mark-up protocol by the Company ensured that core was cut into equal halves without bias.

Morales-Ramirez notes that variation in scatter plots of CN leach and PhotonAssay gold grades versus original gold grades reî ect inherent variation in quartz vein density and gold deportment in each half of the core. e Author further notes that there is no obvious bias of assay outlines to either the positive or negative. is suggests that variation in grade between each half of the core is random — consistent with the observation by the author that core cutting was conducted in a representative manner without bias.

e overall strong correlation between original and verië cation assay results, and the excellent correlation seen on the scatter plot of CN leach versus PhotonAssay gold results, demonstrates that sampling, sample preparation, sub-sampling, and assay protocol, was appropriate for the style of mineralization. Assay results are considered representative of the mineralization at Golden Hill and are without bias.

Morales-Ramirez notes that the choice of one kilogram screen í re assay by the Company provided a large and statistically representative sample. Similarly, PhotonAssay and CN leach used 500 g and two kilogram samples respectively, providing large and statistically representative verií cation samples.

Figure 32: Scatter plot of original gold grade versus verification sample CN bottle roll gold grade.

Figure 33: Scatter plot of original gold grade versus verification sample PhotonAssay gold grade.

Figure 34: Scatter plot of verification sample CN bottle roll gold grade versus verification sample PhotonAssay grade.

is section summarizes the bench scale metallurgical test-work that was completed by SGS Lakeë eld Canada on a sub-sampled 10 tonne sample from underground mine workings at the La Escarcha deposit and on 16 samples from the historical mine tailings on the Property. In addition to this, a comprehensive petrology study completed by Specialist Exploration Services on core samples from the companies maiden drill program, is also summarized in this chapter.

Company geologist collected 10 tonnes of mineralized quartz vein material from two production blasts on the -60 m level of the C2 vein at La Escarcha mine. Each blast was approximately 5 tonnes. e entire sample was crushed at site using the mine jaw crusher which is part of the existing on-site processing plant. is produced a bulk sample with a nominal 3 to 5 cm fragment size. Seventeen randomized 10 kilogram sub-samples were taken. In total 170 kilogram of material was shipped by DHL in Santa Cruz to SGS Lakeë eld.

e bulk samples consisted of gold bearing quartz-carbonate shear zone which was submitted to SGS as 17 by 10 kg sub-samples. SGS also conducted cyanide bottle roll analysis on 16 samples taken from historical mine tailings — each sample weighed ë ve kilograms.

SGS took a one kilogram sub-sample from each of the 10 kilogram samples — the remaining nine kilogram samples were then composited into a 153 kilogram master sample. e one kilogram samples were crushed and pulverized two 30 g pulp samples were submitted for gold analysis by ë re assay. Assay results ranged from 0.72 g/t Au to 26.6 g/t Au for an average headgrade of 5.53 g/t Au. Four six kilogram sub-samples were taken from the 153 kilogram master sample. Each six kilogram sample was split into one kilogram, two kilogram and three kilogram sub-samples and presented to cyanide bottle roll. e weighted average head grade of the 12 sub-samples submitted to cyanide bottle roll was 5.96 g/t Au.

e purpose of the head grade determination using two diff erent methods was to better understand gold heterogeneity and sub-sampling protocol prior to diamond drilling. e two diff erent sub-sampling protocols and analytical methods returned very similar weighted average head grades — 5.53 g/t Au by ë re assay and 5.96 g/t Au by cyanide bottle roll. is suggests that the use of a large sub-sample protocol will provide representative grades when sampling diamond drill core — conë rmed by the authors verië cation core duplicate sampling.

Method	Head grade (Au g/t)
Fire Assay	5.53
CN bottle Roll	5.96

A 10 kilogram sample was taken from the master underground sample and submitted for gravity separation. Results indicate that 73.6% of gold is recovered by gravity separation. e underground sample material was ground to the size P80 75 µm in a labratory rod mill and passed through a Knelson MD-3 gravity concentrator. As gold has a higher specië c gravity than the host rock, the gold is separated into a Knelson concentrate, which was subsequently upgraded on a Mozley Mineral Separator (Table 8). e Mozley concentrate was submitted for gold analysis by ë re assay to extinction. e combined Knelson and Mozley tailings were submitted for triplicate gold assay.

Product	Wt (%)	Au (g/t)	Distribution Au (%)
Mozley Concentrate	0.104	5,175.00	73.6
Gravity Tailings	99.896	1.93	26.4
Calculated Head	100.000	7.32	100.0

Four six kilogram sub-samples were taken from the 153 kilogram master underground sample. Each six kilogram sample was split into a one kilogram, two kilogram and three kilogram sub-samples and presented to cyanide bottle roll. e weighted average head grade of the 12 sub-samples submitted to cyanide bottle roll was 5.96 g/t Au. Gold recovery by cyanide was 94% at a P80 feed of 75 µm, a pulp density of 40% (w/w), pH of 10.5 to 11, NaCN concentration of 1 g/L, with a retention time of 48 hours at >8ppm dissolved oxygen. e 94% recovery of gold in run-of-mine bottle roll tests indicates optionality of recovery ì ow-path — both gravity and cyanidation being potentially viable methods.

Method	Head Grade Au (g/t)	Recovery (%)
Cyanide Bottle Roll	5.96	94

Sixteen representative samples each of approximately ë ve kilograms were collected from the historical mine tailings on the Property.

SGS took a one kilogram sub-sample from each of the 16 samples. ese were submitted for gold analysis by cyanide bottle roll to determine head grade — head grades ranged from 0.31 g/t Au to 7.83 g/t Au with an average 1.33 g/t Au.

e overall cyanidation gold recovery was high — with an average of 96% (92.3 to 97.0%). Sodium cyanide consumptions ranged from 0.4 kg NaCN/t of ore to 2.16 kg/t. Lime consumptions were high ranging from 1.24 kilogram CaO/t of host rock to 4.7 kg/t.

e SGS analysis included a quality assurance / quality control (QA/QC) program. Moralez-Ramirez detected no signií cant QA/QC issues during review of the data. Morales-Ramirez is not aware of any other factors that could materially aff ect the accuracy or reliability of the data referred to herein. SGS Minerals Lakeí eld is ISO/IEC 17025 accredited. SGS is independent of the Company.

A petrographic study was conducted on 32 drill core samples from the Company's maiden drill program at La Escarcha and Gabby. Samples were collected at vertical depths of 20 to 120 meters below surface and are representative of the style and grade of mineralization intercepted. Petrographic work was complemented by detailed core-logging —thereby placing the study's ë ndings within the broader 3D framework of the deposit and the structural and hydrothermal evolution of the mineralized system. e work was completed by Specialist Exploration Services LLC.

A combination of thin section, polished block microscopy and scanning electron microscope ("SEM") back scattered

electron mapping was used. e primary objective of the petrographic study was to:

Assess the extent if any of supergene processes and how these may have impacted gold assay results from the 2022 maiden drill program.
Quantify gold grain size, distribution and morphology for input into metallurgical study and plant process design.
Characterize gold-gangue (waste) mineral relationships including investigation into any refractory gold for input into metallurgical studies.

Petrographic examination of drill core from La Escarcha conë rmed the presence of free gold with pyrite and arsenopyrite. Mineralization is of primary (or hypogene) character and there is no evidence of oxidation or supergene processes. is indicates that gold grades reported from the Company's near-surface maiden drill program are not enhanced by surë cial processes — but are primary hypogene grades formed during deposition of gold and sulphides from mineralizing ì uid.

Supergene (or surface weathering) processes are characterized by the breakdown of sulphide minerals through contact with acidic rain and near-surface groundwater. Chemical reactions liberate gold from sulphides as they are converted to iron oxides such as limonite, haematite and goethite. Supergene process may result in an enriched near-surface zone with elevated gold grades. Understanding if supergene enrichment has aff ected near-surface gold grades is critical to drill targeting the deeper potential of the mineralized system.

Primary sulphide mineralization in orogenic or greenstone-hosted gold systems worldwide extends over vertical intervals of greater than 1 kilometres — as evidenced by drilling and/or mining of many peer group deposits. Drilling by the Company at La Escarcha has focused on a "small panel" of generally less than 90 vertical meters over a limited strike length of only 400 meters. e absence of supergene enrichment conë rms the depth potential of the system and has allowed the Company to conë dently plan further high-reward step-back and step-holes at La Escarcha.

Petrographic study conë rms that gold presents as ì ecks and grains of generally between 25 to 100 microns diameter with coarse outliers of up to 2 millimetres diameter. Gold occurs at quartz-carbonate-feldspar crystal boundaries and along fractures in quartz and sulphides (mainly pyrite). As such, gold should freely liberate during commination by simple crushing and milling. is is consistent with (1) the metallurgical recoveries reported by SGS (73.6% gravity and 94 % cyanide recovery), and (2) historical mine production records which demonstrated robust gravity recovery.

Dominant gangue (or waste) minerals include quartz-carbonate-feldspar-mica and between 2 to 12% sulphides comprising primarily pyrite and arsenopyrite, lesser pyrrhotite and traces of chalcopyrite. Total sulphide content is typical of hypogene mineralization in greenstone-hosted orogenic gold deposits worldwide. Sulphide content is variable with pyrite and arsenopyrite predominantly forming in more micaceous fabrics — this should not impact the liberation of gold during milling.

Gold grain size and morphology, and the extent to which gold liberates freely from gangue minerals, are fundamental parameters aff ecting gold recovery by gravity. Specië cally:

• Grain Size: Gold grain size exerts a fundamental control on the effi ciency of gravity recovery. Gold particles greater

Figure 35: Typical example of auriferous quartz-carbonate shear zone and dark grey metasedimentary wall rocks. Sulphides and gold are preferentially deposited at quartz-carbonate and metasediment contacts. Note the absence of oxidation and/or supergene effects. The core box is a meter long and core blocks show down-hole depths of 114.20 and 115.70 m. Assays included 4.66 g/t Au (113.0-114.0 m), 0.74 g/t Au (114.0- 114.5 m), 2.99 g/t Au (114.5-116.0 m) and 9.6 g/t Au (116.0-116.9 m). Hole number GH0005.

Figure 36: Photograph of core sample from diamond drill hole GH0005 showing quartz-calcite gangue (white and cream) and ductily-deformed metasediment composed primarily albite-muscovite assemblage (brown and black). Note common silver-grey lathes of arsenopyrite within metasediment. From an interval (108.1 - 108.6 m down-hole) that assayed 5.09 g/t Au.

Figure 37: Detailed photograph of core from diamond drill hole GH0006 showing quartz-calcite gangue (white and cream) and metasediments (dark grey). Note that common pyrite presents as euhedral crystals, blebs and lamellae primarily within metasediment. From an interval (68.00-69.47 m down-hole) that assayed 7.31 g/t Au.

than 20 to 30 microns diameter are generally well recovered by gravity.

Grain Morphology: Equant gold grains are more amenable to gravity recovery than ì akey and foil shaped gold grains.
Liberation: Native gold can be recovered using gravity techniques given it has an SG of 19.3 as compared to gangue (waste) minerals which generally have an SG of 2.5 to 4.0. For this reason it is important that gold grains liberate freely from the waste minerals. Gold grains which remain encapsulated within, or attached to gangue minerals, form composite particles with an average specië c gravity signië cantly less than that of pure gold. Such composite particles may not present to gravity.

Petrographic examination has demonstrated that most gold particles within maiden intercepts at Golden Hill are coarser than 30 microns, are generally equant to oval in shape, and the dominant position on crystal boundaries and fractures suggest robust and complete liberation. A number of very ë ne gold grains are noted within pyrite and arsenopyrite — but collectively this component is a minor fraction of the total gold endowment.

Petrographic study, in conjunction with detailed core logging, conë rms that gold mineralization at Golden Hill is hosted in quartz-carbonate shear zones with generally low to locally moderate sulphide component. e dominant sulphides are pyrite and arsenopyrite — both preferentially developed in metasediment wall rocks.

Major gangue minerals consist of quartz-carbonate-feldspar and micaceous metasediments. Carbonate minerals are acid neutralizing — which in conjunction with the generally low sulphide content — suggests that tailings will not generate signië cant acid. is is consistent with observations of the historical tailings.

Figure 39: Coarse native gold in fractures and at pyrite-quartz grain boundaries. From an interval (108 - 109 m) that assayed 16.7 g/t Au. Hole GH0001.

Figure 40: Flecks of native gold encapsulated within pyrite. The largest is approximately 50 microns in length and should liberate during comminution. The scale bar is 100 microns long.

e purpose of this Technical Report section is to disclose the Mineral Resource Estimate for the Golden Hill Project in Mantaro Precious Metals ("Mantaro"). No past National Instrument 43-101-compliant Mineral Resource Estimate exists on the Project. e Mineral Resource Estimate presented herein is reported in accordance with the Canadian Securities Administrators' National Instrument 43-101 and were estimated in conformity with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resource and Mineral Reserves Best Practice Guidelines" (November 2019) and reported using the deë nitions set out in the 2014 CIM Deë nition Standards on Mineral Resources and Mineral Reserves. Mineral Resources that are not converted to Mineral Reserves do not have demonstrated economic viability. Conë dence in the estimate of Inferred Mineral Resource is insuffi cient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Mineral Resources may be aff ected by further inë ll and exploration drilling that may result in increases or decreases in subsequent Mineral Resource Estimates.

is current Mineral Resource Estimate was based on information and data supplied by Mantaro and was undertaken by Antoine Yassa, P.Geo., Eugene Puritch, P.Eng. FEC, CET, and Charles Spath, P.Geo. of P&E Mining Consultants Inc. of Brampton, Ontario, all independent Qualië ed Persons in terms of NI 43-101. e eff ective date of this Mineral Resource Estimate is July 14, 2023.

All drilling and assay data were provided by Mantaro in the form of Excel data ë les. e GEOVIA GEMS™ V6.8.4 database compiled by P&E for this Mineral Resource Estimate consisted of 14 surface drill holes, totalling 2405 metres, of which 883 metres were assayed and utilized for this Mineral Resource Estimate. A total of 11 drill holes intersected the mineralization wireframes used for the Mineral Resource Estimate (see Table 18). A surface drill hole plan is shown in Appendix A. All drill hole survey and assay values are expressed in metric units, with grid coordinates reported using the WGS 84, Zone 20S UTM system. e database contains 853 Au assays. e basic gold raw assay statistics are presented in Table 10.

Variable	Au (g/t)	Length (m)
Number of Samples	853	883
Minimum Value	0.05	0.40
Maximum Value	16.70	5.00
Mean*	0.40	1.03
Median*	0.05	1.00
Variance	2.53	0.08
Standard Deviation	1.59	0.29
Coeffi cient of Variation	3.96	0.28
Skewness	6.34	4.70
Kurtosis	44.76	55.11

Data verië cation was conducted by Morales-Ramirez and is addressed in Section 11.3 (Verië cation Resampling of Drill Core) of this Technical Report.

e geological interpretation of gold mineralization for the Golden Hill Property was conducted by Antoine Yassa, P.Geo., including 3-D wireframe construction. Domain boundaries were explicitly modelled with e GEOVIA GEMS™ V6.8.4 software and were determined from grade boundary interpretation constrained by lithological and structural controls determined from visual inspection of drill hole vertical cross-sections and level plans. e domain outlines were determined by the selection of above 1.2 g/t Au for mineralized material that demonstrated lithological and structural zonal continuity along strike and down dip. Minimum constrained drill core length for interpretation was approximately 2.0 metres. In some cases, mineralization below 1.2 g/t Au was included for the purpose of maintaining zonal continuity and minimum width.

A total of three mineralized domains were generated and utilized for statistical analysis, grade interpolation, rock coding and Mineral Resource reporting purposes. Mineralized domain wireframes are displayed in Appendix B.

e topographic and overburden surfaces were constructed by the Authors. Overburden was calculated using overburden thickness in drillhole data. e mineralization domains were interpreted and clipped to the overburden surface. Table 11 presents mineralized wireframes.

A unique rock code was assigned to each mineralization domain for the Mineral Resource Estimate as presented in Table 11.

Domain	Rock Code	Volume (m3 )
West	100	228,800
Central	200	85,241
East	300	127,910

Mineral Resource wireframe constrained assays were back coded in the assay database with model rock codes that were derived from intersections of the mineralization solids and drill holes. e basic statistics of mineralization wireframe constrained assays are presented in Table 12.

Variable	Au (g/t)	Length (m)
Number of Samples	60	65
Minimum Value	0.05	0.42
Maximum Value	16.70	1.58
Mean*	4.02	1.07
Median*	2.37	1.00
Variance	19.01	0.06
Standard Deviation	4.32	0.25
Coeffi cient of Variation	1.07	0.23
Skewness	1.19	-0.01
Kurtosis	0.52	0.62

In order to regularize the assay sampling intervals for grade interpolation, a 1.0 m compositing length was selected for the drill hole intervals that fell within the constraints of the above-mentioned Mineral Resource wireframes. e composites were calculated for gold over 1.0 m lengths starting at the ë rst point of intersection between assay data hole and hanging wall of the 3-D zonal constraint. e compositing process was halted upon exit from the footwall of the 3-D wireframe constraint. Un-assayed intervals were omitted from the composite calculation. If the last composite interval in a drill hole was less than 0.5 m, the composite length for that drill hole was discarded. is process would not introduce any short sample bias in the grade interpolation process. e composite statistics are summarized in Table 13.

Variable	Au (g/t) Comp	Au (g/t) Comp Capped	Length (m)
Number of Samples	64	64	64
Minimum Value	0.05	0.05	0.6734
Maximum Value	16.70	10.00	1.58
Mean*	4.09	3.79	1.12
Median*	2.84	2.84	1.00
Variance	16.98	11.97	0.04
Standard Deviation	4.09	3.43	0.21
Coeffi cient of Variation	1.00	0.91	0.19
Skewness	1.13	0.65	0.72
Kurtosis	0.57	-0.95	-0.47

Grade capping was performed on the 1.0 m composite values in the database within each constraining domain to control the possible bias resulting from erratic high-grade composite values in the database. Log-normal histograms and log-probability plots for gold composites were generated for each mineralization domain. Selected histograms and logprobability plots are presented in Appendix C. e grade capping values for gold are detailed in Table 20. e capped composite statistics are summarized in Table 14. e capped composites were utilized to develop variograms and for block model grade interpolation.

Domains	Total No.	Capping	No. of	Mean of	Mean of	CoV of	Cov of	Capping
	of	Value	Capped	Composites	Capped	Composites	Capped	Percentile
	Composites	(g/t)	Composites	(g/t)	Composites		Composites	(%)
West	31	10	4	3.59	3.32	1.14	1.06	89
Central	10	10	1	5.08	4.72	0.88	0.81	90
East	23	10	2	4.34	4.01	0.94	0.81	93

A variography analysis was attempted for the East, West and Central domains using the gold capped composites within the domain as a guide to determining a grade interpolation search distance and ellipse orientation strategy. However due to low drilling density, no reasonable variograms could be produced.

Continuity ellipses based on the observed ranges were subsequently generated and utilized as the basis for global estimation search ranges, distance weighting calculations and Mineral Resource classië cation criteria. At a local scale, the variable anisotropy tool in Leapfrog Edge™ was utilized to match irregularity of vein domains during block model interpolation.

A uniform bulk density of 2.65 t/m3 was assigned based on the Author's knowledge of other deposits with a similar rock type.

e Golden Hill block model was constructed using Leapfrog EDGE™ 2023.1.1 modelling software. e block model origin and block size are presented in Table 15. e block model consists of separate model attributes for estimated gold grade, rock type (mineralization domains), and bulk density.

Direction	Origin	No of Blocks	Block Size (m)
Number of Samples	561,734	116	1
Minimum Value	8,159,630	419	1
Maximum Value	315	183	1
Mean*	10 º (clockwise)	10 º (clockwise)	10 º (clockwise)

Mineralised domains were used to code the rock type block model where the individual block was coded if the centroid falls within the volume. ese blocks were assigned rock codes as presented in Table 17. e block model was evaluated for gold. All block grades were estimated from composite samples captured within the respective domains. Following contact analysis, all domain contacts were treated as hard boundaries.

e gold grades were interpolated into the blocks using Inverse Distance weighting to the third power ("ID3"). Nearest Neighbour ("NN") was run for validation purposes. Multiple passes were executed for the grade interpolation to progressively capture the sample points, to avoid over-smoothing and preserve local grade variability. Search ellipsoid orientations (dip/dip azimuth/plunge) for the West, Central and East used were 72°/277°/90°, 68°/290°/90° and 83.5°/282°/90°, respectively. Grade blocks were interpolated using the parameters in Table 16. Selected vertical crosssections and plans of gold grade blocks are presented in Appendix D.

Pass		No of Composites			Search Range (m)
	Min	Max	Max Per Hole	Major	Semi-Major	Minor
I	4	20	3	25	25	12.5
II	3	20	2	50	50	25
III	1	20	2	300	300	150

In the opinion of the Authors, all the drilling, assaying and exploration work on the Golden Hill Project supports this

Mineral Resource Estimate and is based on spatial continuity of the mineralization within a potentially mineable shape are suffi cient to indicate a reasonable potential for economic extraction, thus qualifying it as a Mineral Resource under the 2014 CIM Deë nition Standards. e Mineral Resource was classië ed as Inferred based on the geological interpretation and drill hole spacing. Inferred Mineral Resources were classië ed for the blocks interpolated with the Pass I, II and III in Table 16, which used at least one hole within 300 m.

e Golden Hill Mineral Resource Estimate was derived from applying Au cut-off values to the block models and reporting the resulting tonnes and grades for potentially mineable areas. Table 17 deë nes the parameters used to calculate the Au cut-off values that determine underground mining potentially economic portions of the constrained mineralization:

Item	Unit	Value
Gold Price	US\$/oz	1800
Gold Recovery	%	95
UG Gold Cut off	g/t Au	1.5
UG Mining Cost	U\$/t mined	50
Processing Cost	U\$/t processed	25
G & A	U\$/t processed	7

economic

e Mineral Resource Estimate is reported with an eff ective date of July 14, 2023 and is tabulated in Table 18. e Authors consider the mineralization of the Golden Hill Property to be potentially amenable to underground mining methods.

Domain	Tons (k)	Cut off Grade (Au g/t)	Grade (Au g/t)	Contained Au (Koz)
West	325	1.50	4.67	48.6
Central	222	1.50	4.60	32.8
East	310	1.50	3.98	39.6
Total	857	1.50	4.40	121.0

1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
1. e estimate of Mineral Resources may be materially aff ected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
1. e Inferred Mineral Resource in this estimate has a lower level of coní dence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.
1. e Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Deí nitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Deí nitions and adopted by the CIM Council.
1. A US\$1,800/oz Au price was used with a process recovery of 95%. US\$/t costs of \$50 mining, \$25 processing and \$7/t G&A cost were used. A cut-off grade of 1.5 g/t Au was derived.
1. e underground Mineral Resource grade blocks were quantií ed above the 1.5 g/t Au cut-off within the constraining mineralized wireframes. Underground Mineral Resources selected exhibited continuity and reasonable potential for extraction by the long hole underground mining method.
1. Grade estimation was undertaken with the Inverse Distance Cubed method on 1.0 m capped composites.

Mineral Resource Estimates are sensitive to the selection of a reporting Au cut-off s as demonstrated in Table 19.

Cut off Grade (Au g/t)	Tons (k)	Grade (Au g/t)	Contained Au (Ounce)
2.00	769.1	4.70	127,000
1.95	775.3	4.68	130,100
1.90	781.3	4.66	121,400
1.85	787.3	4.64	123,000
1.80	792.9	4.62	127,000
1.75	798.7	4.60	130,100
1.70	805.6	4.57	121,400
1.65	813.3	4.55	123,000
1.60	825.3	4.50	127,000
1.55	838.1	4.46	130,100
1.50	857.3	4.40	121,400
1.45	871.5	4.35	123,000
1.40	889.8	4.29	121,400
1.35	926.7	4.17	123,000
1.30	983.3	4.01	127,000
1.25	1031.3	3.88	121,400
1.20	1060.5	3.81	123,000
1.15	1070.3	3.78	127,000
1.10	1087.9	3.74	130,100
1.05	1099.6	3.71	121,400
1.00	1105.6	3.70	123,000

e block model was validated using a number of industry standard methods including visual and statistical methods. Visual examination of composites and block grades on successive plans and sections were performed on-screen to conë rm that the block models correctly reì ect the distribution of composite grades. e review of estimation parameters included:

Number of composites used for estimation;
Number of drill holes used for estimation;
Mean distance to sample used;
Number of passes used to estimate grade;
Actual distance to closest point;
Grade of true closest point; and,
Mean value of the composites used.

e Inverse Distance Cubed (ID3) estimate was compared to a Nearest-Neighbour (NN) estimate along with composites. A comparison of mean composite grades with the block model a-t zero cutoff grade are presented in Table 20.

Data Type	Au (g/t)
Composites	4.09
Capped composites	3.79
Block model interpolated with ID3	3.52
Block model interpolated with NN	4.13

e comparison shows the average grade of NN block model was higher than that of the uncapped composites used for the grade estimation. is is most likely due to the NN block modeling process interpolating relatively few composites (compared to West Zone) within the East and West Zones. is resulted in overestimating block grade from the closest and limited samples. Inverse distance cubed block model grade is as expected as it considers several samples at varying distances.

A volumetric comparison was performed with the block model volume versus the geometric calculated volume of the domain solids and the diff erences are shown in Table 21.

Volume Comparison of Block Model With Geometric Solids
Geometric Volume of Wireframes	441,950 m3
Block Model Volume	441,657 m3
Diff erence %	0.001%

A comparison of the Au grade-tonnage curves (Figure 41) interpolated with ID3 and NN on a global mineralization basis. Local trends of gold were evaluated by comparing the ID3 and NN estimate against the composites. e spatial swath plots of all domains are shown in Figure42, 43 and 44.

Figure 42: Graph showing the spatial Au swath plot (Easting).

Figure 43: Graph showing the spatial Au swath plot (Northing).

Golden Hill Project NI43-101

e Golden Hill Property shares its concession boundary with ten private Bolivian companies and Cooperative owned mineral concessions (Figure 45). Private Bolivian companies and Cooperatives are not required to publicly release information relating to their mining and exploration activities — publicly available information relevant to this section on these properties is not available.

Limited information is available in the public domain for the Puquio Norte mining operation which is currently owned by Cooperativa Minera Bolivia Progresa LTDA. Historical production of approximately 335,000 oz Au from four million tonnes at 2.6 g/t Au) is cited for the period 1998 to 2001. Mineralization was processed through a 1500 t/d plant which was operated by COMSUR (the Bolivian state mining company at the time) (Arce-Burgoa 2009).

Morales-Ramirez has been unable to verify the information with respect to the Puquio Norte property. e Author cautions that the historic production records cited for Puquio Norte should not be relied upon.

Golden Hill Project NJ43-101

Figure 45: Licence map showing the Company's Golden Hill mining concession and adjacent exploration and mining concessions. Map by the Author dated 11 May 2023. Coordinates are UTM WGS 84 20S.

e Property is a permitted mining concession. Key infrastructure remains at the Property from historical mining that was stopped in 2021.

e mining camp at Golden Hill is well-established and can accommodate over 20 full-time staff members. It is located less than 1 kilometre from La Escarcha open pit and processing plant. e camp features various amenities including a fully equipped canteen and kitchen and exploration and mining offi ce. In addition to the main camp a machinery workshop, core shed, geology offi ce and engineering offi ce are located less than 500 meters south from La Escarcha open pit.

Key aspects necessary for mining operation restart have been preserved and remain in working order. ese include a large tailings storage facility, waste dump, explosive storage facility, operational 5 x 5 meter shaft that services the -45 and -60 underground levels, well-maintained haulage roads throughout the property, and a crushing plant capable of handling 50 tonnes per day.

Minera Golden Hill owns several mining vehicles and operational vehicles including: two 25 tonne excavators capable of removing overburden and loading haulage trucks and two 10 tonne haulage trucks.

ere are numerous open pits on the Property that were developed during historical mining from 2008 to 2021. e largest is La Escarcha which measures approximately 550 meters long from north to south and 300 meters wide from east to west. La Escarcha has been mined down to approximately 45 meters from the paleo-surface using two main bench levels at 20 meter vertical intervals for stability. Other pits have been driven into saprolite capping shear swarms at Gabby and Garrapatillia. Existing pits provide easy access to high priority exploration and mining targets and minimize the impact of surface disruption during a potential re-start of open pit mining.

Morales-Ramirez notes that on the 28th of August 2023 Mantaro announced that Kinn Cortez provided notice of termination of the Option Agreement. Accordingly, Mantaro no longer has the right to acquire an interest in the Property. e Option Agreements provides that Mantaro will be granted a 2% Net Return on Smelter Royalty, which Minera Golden Hill S.R.L. will have the right to buy back at any time by paying a one-time payment of USD \$1,000,000.

Morales-Ramirez is not aware of any other information or data that may be relevant to the Report — other than that already disclosed in previous sections of the Report.

e Property is located on the western margin of the Bolivian Precambrian Shield (BPS) in eastern Bolivia — it comprises a permitted mining concession covering 5976 ha. e Property can be accessed using motor vehicle via well maintained roads within 3.5 hours from the largest city in Bolivia — Santa Cruz.

Numerous rivers, streams and small ponds are present on the Property and are capable of providing suffi cient water for year-round exploration and mining. Topography is generally subdued (275 to 450 masl) and climate allows year-round operation. Morales-Ramirez is of the opinion that any development at the Property could be serviced with relevant skilled personnel and equipment and that there is suffi cient space within the Property for mining operations, tailings storage and waste disposal, and processing facilities.

e BPS is a geotectonic extension of the Central Brazilian Shield that deë nes the southwestern part of the Amazon Craton. e BPS hosts several gold fertile greenstone belts of Precambrian age. Compared to mature geologically analogous exploration provinces such as the Abitibi, West Africa and the Yilgarn craton — the BPS remains signië cantly under-explored.

Locally the Property is situated on the San Ramon Greenstone Belt — a lenticular, north west oriented greenstone sequence that is approximately 120 km long and up to 60 km wide. It is characterised by a metamorphosed sedimentary and volcanic sequences — a highly gold prospective geological environment.

Gold mineralization was discovered on the Property in 1996 by JORDEX Resources Inc. A private Korean company named Don Wong Company ("Don Wong") acquired the project in 2002 and commenced shallow open pit and underground mining at La Escarcha. Minera Golden Hill S.R.L. — a private Bolivian company — acquired the Property in 2008 and continued mining within the existing shallow open pit and from several underground production drives accessed by a simple shaft. Historical mining demonstrates the amenability to both open pit and underground mining.

Mineralization on the Property is of greenstone hosted orogenic gold deposit type. Five main prospects have been identië ed over four strike kilometres; La Escarcha, Gabby, Westë eld, Garrapatillia and Brownë eld. Each comprising N-S striking, sub-vertically dipping swarms of gold bearing quartz-carbonate shear zones. Individual shear-zones measure between 1 and 15 meters in width and grade between 2- 16 g/t Au.

Mineralization on the Property shares similarities to large greenstone hosted gold deposits worldwide. Deposits of this type have the potential for several kilometres of gold mineralized strike and up to a kilometre of vertical mineralized continuity — in this respect the Property warrants further exploration across all prospects.

e Company completed a maiden diamond drill program in August 2022. A total of 21 angled diamond holes were drilled in PQ and NQ for a total of 3010.8 m — of which 14 holes for 2405.1 m were drilled at La Escarcha. First pass reconnaissance drilling was also conducted at Gabby (ë ve holes for 473.3 m), Westë eld (one hole for 60.2 m) and Brownë eld (one hole for 72.2 m).

Morales-Ramirez is of the opinion that the drilling protocol and the QAQC program implemented by the Company followed industry-recognized standards of best practices, appropriate for the style of deposit, type of materialization and exploratory nature of the drilling. Verië cation checks completed by Morales-Ramirez conë rm that the drill hole database is accurate and samples are representative of the style of materialization and deposit and appropriate to be used for a inferred mineral resource estimate.

Drilling conë rmed high grade gold mineralization to vertical depths of 90 meters over 350 strike meters at La Escarcha — supporting a maiden inferred mineral resource estimate of 857,300 tonnes at an average grade of 4.40 g/t Au for a total of 121,400 oz Au. e resource remains open to depth and strike to the north and south. Further drilling is required to test the known mineralized footprint along strike and to depth.

Drilling at Gabby targeted near surface depth extensions of surface veins in a small number of widely spaced drill holes. ese holes intercepted broad sub-vertical to vertical shear zones hosting oxidized quartz-carbonate veinlets — including 7.5 meters at 1.1 g/t Au. e gold grades encountered are typical of the lower grade intercepted pyritic halo that deë nes regional shear zones in orogenic gold systems. Signië cant further drilling is required to intercept the potentially higher grade primary sulphide mineralization.

Morales-Ramirez considers the Property to be highly prospective for greenstone hosted orogenic gold mineralization — and that further diamond drilling across all prospects is warranted.

A representative 170 kg subsample was taken from 10 tonnes of mineralized material from an underground blast on the -55 level beneath La Escarcha pit. is sample was submitted to SGS Lakeë eld for bench-scale metallurgical tests. e sub-sampled material had an average head grade of 5.53 g/t Au by ë re assay and 5.96 g/t by cyanide bottle roll. Test work by SGS demonstrates recoveries of 73.6% gold achievable by gravity separation and 94% gold by cyanidation. A detailed petrological study was completed in parallel with SGS's work — conë rming the hypogene, non-refractory nature of gold mineralization on the property.

e robust gold recoveries established by SGS, combined with the hypogene characteristics of the gold mineralization, provide substantial validation of drill targets at depths beneath the current inferred resource. Morales-Ramirez concurs that further work is justië ed at the Property as outlined in Section 17 (Recommendations).

Notwithstanding the foregoing — Morales-Ramirez notes that on the 28th of August 2023, Mantaro announced that Kinn Cortez provided notice of termination of the Option Agreement. Accordingly, Mantaro no longer has the right to acquire an interest in the Property. e Option Agreements provides that Mantaro will be granted a 2% Net Return on Smelter Royalty, which Minera Golden Hill S.R.L. will have the right to buy back at any time by paying a one-time payment of USD \$1,000,000.

e Golden Hill Project comprises several known occurrences of gold bearing quartz-carbonate vein swarms over four strike kilometres which deë ne ë ve distinct prospects that range from early stage exploration targets to resource deë nition stage — La Escarcha, Gabby, Garrapatillia, Westë eld and Brownë eld. Mineralization is of an orogenic style.

e Company completed its maiden angled 3010.8 meter diamond drill program in 2022 — focusing on resource deë nition at La Escarcha, target deë nition at Gabby and drilling of single scout holes at Westë eld and Brownë eld. e Company released a maiden inferred mineral resource estimate of 121 Koz Au for the La Escarcha deposit on the 14th of July 2023. e following is noted:

e La Escarcha inferred resource estimate is open at depth, to the north and to the south. Step-back, step-out and inë ll drilling is recommended to expand the resource and upgrade from inferred to indicated.
Signië cant gold intercepts were encountered during diamond drilling at Gabby including 7.5 m at 1.1 g/t Au the highest grade intercept was 0.6 m at 6.2 g/t Au. Mineralization at Gabby is of similar type and scale to La Escarcha. ese results warrant further deë nition drilling to better understand the deposits geometry ahead of potential resource drilling.
Garrapatillia was mined historically at surface targeting gold bearing quartz-carbonate shear zones measuring up to 5 meters wide. Additional mapping and rock chip sampling is recommended to further deë ne gold grades throughout the system to be followed by scout drilling to test down dip extensions of high grade zones.
e Projects fully permitted mining license and some historical mining infrastructure remains onsite on site. Following deë nition of a maiden resource at La Escarcha, Morales-Ramirez recommends that the Company completes a Preliminary Economic Assessment.

A second phase of drilling is recommended at La Escarcha. A total of 1500 metres of inë ll drilling should be completed to better understand the continuity of mineralization within the maiden inferred mineral resource estimate. Since the maiden resource estimate is open along strike and at depth — 2500 m of step-back and step-out drilling is recommended. An all in drilling costs (site preparation and rehabilitation, drilling, geological logging and sampling, and sample assay), is estimated at CAD 250/metre for a total cost of CAD 1,050,000.

2,500 m resource expansion diamond drilling at La Escarcha (All in cost @ CAD 250/metre)	625,000
1,500 m resource upgrade infi ll diamond drilling at La Escarcha (All in cost @ CAD 250/metre)	375,000
Field Logistics (4WD/Fuel/Accommodation)	50,000
	1,050,000

It is recommended that a Preliminary Economic Assessment be completed to better understand the potential viability and economics of re-commencing production at la Escarcha. e commencement of a PEA can be done prior to, concurrently or after the proposed drill program noted above. An all in cost of approximately CAD 1M is considered a reasonable estimate.

$\overline{a}$ $\overline{a}$

PEA and Mine Operation Restart — Item Cost	Cost / CAD
PEA report including mine plan, project economics and processing flowpath.	1,000,000
	1.000.000

Table 23: Preliminary Economic Assessment Budget

Morales-Ramirez is of the opinion that the exploration potential of the Golden Hill Property justifies the Phase 2 diamond drill program and Preliminary Economic Study proposed by the Company. Morales-Ramirez emphasises that - following the termination of the option agreement by Kinn Cortez on the 28^th of August 2023 — Mantaro will have no further involvement with the Project. The recommended work programs and budgets are indicative only and associated costs will not be borne by Mantaro.

Biste, M., 1991. Geology and Exploration of Gold Placer Deposits of the Precambrian Shield of Eastern Bolivia: Actas del Simposio Internacional sobre Yacimientos Aluviales de Oro, ORSTOM, La Paz, p. 145-158
Cordani, U. and Teixiera, W., 2007. Proterozoic accretionary belts in the Amazonian Craton. In: Memoir of the Geological Society of America 200: 297–320.
Dubé, B., and Gosselin, P., (2007). Greenstone-hosted quartz-carbonate vein deposits. Mineral Deposits of Canada. 5.
Groves, D., Goldfarb, R., Gebre-Mariam, M., Hagemann, S. and Robert, F. (1998). Orogenic gold deposits : A proposed classië cation in the context of their crustal distribution and relationship to other gold deposit types. Ore Geology Reviews, 13, 7-27.
Groves, D. and Santosh, M. (2015). e giant Jiaodong gold province: e key to a unië ed model for orogenic gold deposits?. Geoscience Frontiers.
Litherland, M., Annells, R. N., Appleton, J. D., Berrange, J. P., Power, G., Webb, B. C., Bloomë eld, K., Burton, C. C. J., Darbyshire, D. P. F., Fletchet, C. J. N., Hawkins, M. P., Klinck, B. A., Llanos, A., Mitchell, W. I., O'connor, E. A., Pitë eld., 1986. e geology and mineral resources of the Bolivian Precambrian shield. Overseas Memoir British Geological Survey, No. 9, Her Majesty's Stationery Offi ce, London.
Robert, F., Brommecker, R., Dobak, P., Mcewan, C., Rowe, R., Zhou, X., (2007). Models and exploration methods for major gold deposit types. Proceedings of Exploration 07: Fifth Decennial International Conference on Mineral Exploration. 691-711.
Santos, J., Gilmar, R.,Potter, P.E., McNaughton, N.J., Ramiro, M,. Hartmann, L,. Chemale, J,. 2008. Age and autochthonous evolution of the Sunsás Orogen in West Amazon Craton based on mapping and U–Pb geochronology. Precambrian Research. 165. 120-152.
Tassinari, C., Macambira, M., 1999. Geochronological provinces of the Amazonian Craton. Episodes. 22. 174-182.
urston, P., (2015). Greenstone Belts and Granite−Greenstone Terranes: Constraints on the Nature of the Archean World. Geoscience Canada.

For and on behalf of the Author to accompany the report dated 28th of August 2023 titled 'Independent NI43-101 Technical Report, Golden Hill Property, Santa Cruz District, Eastern Bolivia.'

"Juan-Manuel Morales-Ramirez"

Juan-Manuel Morales-Ramirez, BSc, MSc, P. Geo, AIPG Independent Consultant 28th of August 2023

"Eugene J. Puritch"

Eugene J. Puritch, P. Eng., FEC, CET Independent Consultant 28th of August 2023

"Antoine R. Yassa"

Antoine R. Yassa, P. Geo. Independent Consultant 28th of August 2023

"Charles Spath"

Charles Spath, M.Sc., P. Geo. Independent Consultant 28th of August 2023

To accompany the report dated 28th of August 2023 titled,

'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia.'

I, Juan-Manuel Morales-Ramirez, BSc, MSc, P. Geo, AIPG, from Hermosillo, Sonora, Mexico, hereby certify that:

1 I am an independent consultant geologist; my address is Calle Paseo del Norte #47, Colonia Paseo del Sol, Hermosillo, Sonora, Mexico, 83246.
2 is certië cate applies to the Technical Report titled "'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia."
3 I graduated with a Bachelor's degree in Geology (Geological Engineering) from Instituto Politécnico Nacional, Mexico City, Mexico in 1976, and MSc (Geology) form Universidad de Sonora in Hermosillo, Sonora, Mexico (thesis pending).
4 I am a Certië ed Professional Geologist (CPG #11234) in good standing with the American Institute of Professional Geologists in Arizona, USA since 2008.
5 I have practiced my profession continuously for over 40 years since my graduation in 1976. My exploration experience has been acquired with a variety of companies including: Consejo de Recursos Minerales (SGM); the US Geological Survey; VITRO; US Borax, USMX, Cambior (1992-1997), Noranda and X-Ore (2005- 2013) and Silver Pursuit Resources Ltd.
6 I have read the deë nition of 'qualië ed person' set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affi liation with a professional association (as deë ned in NI 43-101) and past relevant work experience, I fulë l the requirements to be a 'qualië ed person' for the purposes of NI 43-101.
7 I am a co-author of this report titled 'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia'. I had input into all Sections except for Mineral Resource Estimate (Section 13).
8 As of the date of this Certië cate, to the best of my knowledge, information and belief, this Report contains all scientië c and technical information that is required to be disclosed, to make the Technical Report not misleading.
9 I am independent of Mantaro Precious Metals Corp. applying all the tests in section 1.5 of NI 43-101 Standards of Disclosure for Mineral Projects. I have had no prior involvement with the Property that is the subject of the Technical Report. I am independent of the former property vendor and the Project.
10 I have read National Instrument 43-101 and Form 43-101F1, and all the items of the Technical Report that I am responsible for have been prepared in compliance with that instrument and form.
11 I consent to the ë ling of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company ë les on their websites accessible by the public, of the Technical Report.

{SIGNED AND SEALED] [Juan-Manuel Morales-Ramirez] Mr Morales-Ramirez, BSc, MSc, P. Geo, AIPG 28th of August 2023

To accompany the report dated 28th of August 2023 titled, 'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia.'

I, Eugene J. Puritch, P. Eng., FEC, CET, residing at 44 Turtlecreek Blvd., Brampton, Ontario, L6W 3X7, do hereby certify that:

1 I am an independent mining consultant and President of P&E Mining Consultants Inc.
2 is certië cate applies to the Technical Report titled "'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia."
3 I am a graduate of e Haileybury School of Mines, with a Technologist Diploma in Mining, as well as obtaining an additional year of undergraduate education in Mine Engineering at Queen's University. In addition, I have also met the Professional Engineers of Ontario Academic Requirement Committee's Examination requirement for a Bachelor's degree in engineering Equivalency. I am a mining consultant currently licensed by the: Professional Engineers and Geoscientists New Brunswick (License No. 4778); Professional Engineers, Geoscientists Newfoundland and Labrador (License No. 5998); Association of Professional Engineers and Geoscientists Saskatchewan (License No. 16216); Ontario Association of Certië ed Engineering Technicians and Technologists (License No. 45252); Professional Engineers of Ontario (License No. 100014010); Association of Professional Engineers and Geoscientists of British Columbia (License No. 42912); and Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (No. L3877). I am also a member of the National Canadian Institute of Mining and Metallurgy.

I have read the deë nition of "Qualië ed Person" set out in National Instrument 43-101 ("NI 43-101") and certify that, by reason of my education, affi liation with a professional association (as deë ned in NI 43-101) and past relevant work experience, I fulë ll the requirements to be a "Qualië ed Person" for the purposes of NI 43-101. I have practiced my profession continuously since 1978. My summarized career experience is as follows:

#	Mining Technologist - H.B.M.& S. and Inco Ltd.,	1978 - 1980
#	Open Pit Mine Engineer – Cassiar Asbestos/Brinco Ltd.,	1981 - 1983
#	Pit Engineer/Drill & Blast Supervisor – Detour Lake Mine,	1984 - 1986
#	Self-Employed Mining Consultant – Timmins Area,	1987 - 1988
#	Mine Designer/Resource Estimator – Dynatec/CMD/Bharti,	1989 - 1995
#	Self-Employed Mining Consultant/Resource-Reserve Estimator,	1995 - 2004
#	President – P&E Mining Consultants Inc,	2004 - Present

4 I have not visited the Property that is the subject of this Technical Report.
5 I am responsible for co-authoring Section 13 (Mineral Resource Estimates: with an Eff ective Date for the Golden Hill Inferred Mineral Resource Estimate of 14th July 2023), and the relevent sections of the Executive Summary and Chapter 16 (Interpretations and Conclusions) of this report.
6 I am independent of the Issuer applying the test in Section 1.5 of NI 43-101. I am independent of the former property vendor and the Project
7 I have had no prior involvement with the Project that is the subject of this Technical Report.
8 I have read NI 43-101 and Form 43-101F1. is Technical Report has been prepared in compliance therewith.

9 As of the eff ective date of this Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientië c and technical information that is required to be disclosed to make the Technical Report not misleading.

{SIGNED AND SEALED] [Eugene Puritch]

Eugene Puritch, P.Eng., FEC, CE 28th of August 2023 (Eff ective Date: 14th July 2023)

To accompany the report dated 28th of August 2023 titled,

'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia.'

I, Antoine R. Yassa, P. Geo., residing at 3602 Rang des Cavaliers, Rouyn-Noranda, Quebec, J0Z 1Y2, do hereby certify that:

1 I am an independent geological consultant contracted by P&E Mining Consultants Inc.
2 is certië cate applies to the Technical Report titled "'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia."
3 I am a graduate of Ottawa University at Ottawa, Ontario with a B. Sc (HONS) in Geological Sciences (1977) with continuous experience as a geologist since 1979. I am a geological consultant currently licensed by the Order of Geologists of Québec (License No 224) and by the Association of Professional Geoscientist of Ontario (License No 1890): I have read the deë nition of "Qualië ed Person" set out in National Instrument 43- 101 ("NI 43-101") and certify that, by reason of my education, affi liation with a professional association (as deë ned in NI 43-101) and past relevant work experience, I fulë ll the requirements to be a "Qualië ed Person" for the purposes of NI 43-101. My relevant experience for the purpose of the Technical Report is:

#	Minex Geologist (Val d'Or), 3-D Modeling (Timmins), Placer Dome	1993-1995
#	Database Manager, Senior Geologist, West Africa, PDX,	1996-1998
#	Senior Geologist, Database Manager, McWatters Mine	1998-2000
#	Database Manager, Gemcom modeling and Resources Evaluation (Kiena Mine)	2001-2003
#	Database Manager and Resources Evaluation at Julietta Mine, Bema Gold Corp.	2003-2006
#	Consulting Geologist	2006-present

4 I have not visited the Property that is the subject of this Technical Report.
5 I am responsible for co-authoring Section 13 (Mineral Resource Estimates: with an Eff ective Date for the Golden Hill Inferred Mineral Resource Estimate of 14th July 2023), and the relevent sections of the Executive Summary and Chapter 16 (Interpretations and Conclusions) of this report.
6 I am independent of the Issuer applying the test in Section 1.5 of NI 43-101. I am independent of the former property vendor and the Project.
7 I have had no prior involvement with the Project that is the subject of this Technical Report.
8 I have read NI 43-101 and Form 43-101F1. is Technical Report has been prepared in compliance therewith.
9 As of the eff ective date of this Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientië c and technical information that is required to be disclosed to make the Technical Report not misleading.

{SIGNED AND SEALED] [Antoine R. Yassa]

Antoine R. Yassa, P. Geo. 28th of August 2023 (Eff ective Date: 14th July 2023)

To accompany the report dated 28th of August 2023 titled,

'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia.'

I, Charles Spath, M.Sc., P.Geo., residing at 120 Longbranch Ave, Etobicoke, Ontario do hereby certify that:

1 I am an independent geological consultant contracted by P&E Mining Consultants Inc.
2 is certië cate applies to the Technical Report titled "'Independent NI43-101 Technical Report, Golden Hill Project, Santa Cruz District, Eastern Bolivia."
3 I am a graduate of State University of New York at Oswego with a Bachelor of Science (Honours) degree in Geology (2013). In addition, I have a Masters of Science in Geology (2016). I have worked as a geologist for a total of 10 years since obtaining my BS.c degree. I am a geological consultant currently licensed by the Professional Geoscientists of Ontario (License No 3421): I have read the deë nition of "Qualië ed Person" set out in National Instrument 43-101 ("NI 43-101") and certify that, by reason of my education, affi liation with a professional association (as deë ned in NI 43-101) and past relevant work experience, I fulë ll the requirements to be a "Qualië ed Person" for the purposes of NI 43-101. My relevant experience for the purpose of the Technical Report is:

#	Exploration Geologist, Cleveland-Cliff s	2013-2014
#	Mine Geologist, Vale Canada	2015-2016
#	Exploration Geologist, Ivanhoe Mines	2016-2017
#	Mine Geologist, Newmont Mining	2017-2018
#	Project Exploration Geologist, Hecla Mining Company	2018-2022
#	Consulting Geologist	2022-present

4 I have not visited the Property that is the subject of this Technical Report.
5 I am responsible for co-authoring Section 13 (Mineral Resource Estimates: with an Eff ective Date for the Golden Hill Inferred Mineral Resource Estimate of 14th July 2023), and the relevent sections of the Executive Summary and Chapter 16 (Interpretations and Conclusions) of this report.
6 I am independent of the Issuer applying the test in Section 1.5 of NI 43-101. I am independent of the former propert vendor and the Property.
7 I have had no prior involvement with the Project that is the subject of this Technical Report.
8 I have read NI 43-101 and Form 43-101F1. is Technical Report has been prepared in compliance therewith.
9 As of the eff ective date of this Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientië c and technical information that is required to be disclosed to make the Technical Report not misleading.

{SIGNED AND SEALED] [Charles Spath]

Charles Spath, M.Sc., P. Geo. 28th of August 2023 (Eff ective Date: 14th July 2023) Golden Hill Project NI43-101

APPENDIX A

DRILL HOLE PLAN

APPENDIX B

3-D DOMAINS

APPENDIX C

LOG NORMAL HISTOGRAMS AND PROBABILITY PLOTS

APPENDIX D

AU BLOCK MODEL CROSS SECTIONS AND PLANS

AI assistant

First Andes Silver Ltd. — Audit Report / Information 2023

46418_rns_2023-09-01_2556e027-049d-4ba7-9fd5-4ab3f36a14c7.pdf

INDEPENDENT NI43-101 TECHNICAL REPORT GOLDEN HILL GOLD PROJECT, SANTA CRUZ DISTRICT, EASTERN BOLIVIA

Prepared for

Mantaro Precious Metals Corp.

A total of 504 rock chip grab samples were collected from vein outcrops and quartz ì oat boulders, placed in numbered plastic bags by a Company geologist and sealed with a single use clip-lock seal. Samples were sent by DHL to ALS Oruro ensuring chain of custody.

Samples were submitted in batches of 20 comprising one ë eld blank, one Geostats-certië ed reference material (CRM) and 18 samples. Field duplicates were not deemed necessary for reconnaissance rock chip sampling.

Blank assay results were of low tenor and all batches passed QAQC indicating no cross contamination between samples. Gold CRM's assayed within tolerance limits and all batches passed QAQC.

Morales-Ramirez is of the opinion that rock chip assay results are representative of the style of mineralization drilled and that assay results are accurate and without bias.

A total of 856 samples of half-cut core were submitted for gold analysis by screen ë re assay equating to 845 m (or 29.4%) of the total metres drilled.

PQ and HQ drill core is placed in core boxes by the drillers at the rig Company geologists were responsible for

Samples were submitted in batches of 40 comprising 35 drill core samples, two ë eld blanks, two CRM and a crush duplicate. Crush duplicates were taken at the crushing station, inserted into the same batch as the original sample, and processed and assayed as part of that batch.

Morales-Ramirez is of the opinion that drill core assay results from the current drill program are representative of the style of mineralization drilled and that assay results are accurate and without bias.

Morales-Ramirez conë rmed the location of drill hole collars using a hand-held Garmin GPS. Morales-Ramirez is of the opinion that the locational accuracy of drill hole collars taken by hand-held GPS (with nominal accuracy of ±2 m) is appropriate for use in an inferred mineral resource estimate.

Drilling was conducted in PQ or HQ diameter double tube. Morales-Ramirez reviewed select half-cut core stored at the Property — and to the extent possible — conë rmed that overall core quality and core recovery was excellent.

Analysis of gold by one kilogram screen ë re assay was an appropriate choice of assay technique given the presence of coarse gold — and provided a statistically more representative assay result that a "standard 50 g ë re assay".

Notes:

TABLE OF CONTENTS

LIST OF FIGURES

APPENDICES

Historical Information and Data: e Company made available historical data including, but not limited to, geological maps, channel sample data from surface trenches; drill program data including collar ë les, down-hole survey ë les, assay intervals and assay results.

$\overline{\mathbf{3}}$ PROPERTY DESCRIPTION AND LOCATION

$3.1$ Property Location

Variably complex arrays of quartz-carbonate veins that display vertical continuity often in excess of 1 km with variable vertical zoning.

e ores are enriched in Ag-As+/-W and have Au:Ag ratios >5. Other commonly enriched elements include B, Te, Bi, Mo.

e dominant sulphide mineral is pyrite at greenschist grade and pyrrhotite at amphibolite grade. Arsenopyrite is the dominant sulphide in many clastic-sediment-hosted ores at greenschist grade and loellingite is also present at amphibolite grade.

High grade gold mineralized "shoots" are surrounded by zoned carbonate-sericite-pyrite alteration haloes that are variably developed depending on host rock composition.

At the regional scale a majority of deposits are spatially associated with crustal-scale and regional shear zones which have been eroded to expose greenschist-grade rocks — consistent with the overall brittle-ductile nature of their host structures (Robert, F., et al. 2007).

An AW3D Enhanced 50 cm Digital Terrain Model ("DTM") and 1 m contour data was generated using multiview Maxar imagery (Figure 13). Data was collected on the 23rd September 2021.

Gold mineralised structures are often found at the boundaries between meta-sedimentary and meta-volcanic units where competency contrasts create favourable conditions for shear zone formation and ì uid ì ow. e Company validated the mapping of such gold mineralized structures by MGH.

Sample Collection

Chain of Custody

Sample Preparation

Sample Analysis

QAQC and laboratory Performance

# Certií ed Reference Materials

QAQC and laboratory Performance

Field verië cation of the WorldView 3 satellite image conë rms that areas set-aside for mine development such as mine offi ces, workshops, crushing/ processing facilities, and waste dumps — can be accommodated within the mining concession in the areas proposed.

Verië cation by Morales-Ramirez conë rms that geological mapping and especially mapping of veins is a reasonable and are accurate representation of the geology and mineralization at the Property geology.

Mining and environmental permits outlined in Section 3 (Property Description and Location) were reviewed — and found to be consistent with the representations of made by the Company. As far as Morales-Ramirez can ascertain — the Property is a fully permitted mining concession.

Drilling was conducted in PQ or HQ diameter double tube. Morales-Ramirez reviewed select half-cut core stored at the Property — and to the extent possible — conë rmed that overall core quality and core recovery was excellent.

Morales-Ramirez considers that the drilling, core recovery, drill core handling, drill core logging and sampling, and

Morales-Ramirez reviewed the geological cross-sections generated by the Company representation of mineralized shear zones is appropriate and that continuity of mineralization between sections has been demonstrated.

Analysis of gold by one kilogram screen ë re assay was an appropriate choice of assay technique given the presence of coarse gold — and provided a statistically more representative assay result that a "standard 50 g ë re assay".

Drill core samples were prepared by ALS Oruro. Samples were dried to 110°C, weighed and crushed in a single pass to a nominal 90% passing 2 mm in a jaw-crusher (ALS code CRU-32). A 2 kg sub-sample was taken using a Jones-style riffl e splitter (ALS code SPL-21).

Crush sub-samples were couriered to ALS Perth (Australia). Samples were analysed for gold by PhotonAssay and also by cyanide leach bottle roll.

A scatter plot of verië cation sample CN gold grade versus verië cation sample PhotonAssay grade (Figure 34) shows excellent correlation with all but two sample pairs plotting within ±10%. Two CN gold grades plotted higher than the PhotonAssay duplicate at just above ±20%.

Assess the extent if any of supergene processes and how these may have impacted gold assay results from the 2022 maiden drill program.

Quantify gold grain size, distribution and morphology for input into metallurgical study and plant process design.

Characterize gold-gangue (waste) mineral relationships including investigation into any refractory gold for input into metallurgical studies.

e La Escarcha inferred resource estimate is open at depth, to the north and to the south. Step-back, step-out and inë ll drilling is recommended to expand the resource and upgrade from inferred to indicated.

e Projects fully permitted mining license and some historical mining infrastructure remains onsite on site. Following deë nition of a maiden resource at La Escarcha, Morales-Ramirez recommends that the Company completes a Preliminary Economic Assessment.

"Juan-Manuel Morales-Ramirez"

"Eugene J. Puritch"

"Antoine R. Yassa"

"Charles Spath"

{SIGNED AND SEALED] [Eugene Puritch]

{SIGNED AND SEALED] [Charles Spath]

APPENDIX C

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First Andes Silver Ltd. Audit Report / Information 2023