# Kootenay Silver (TSXV:KTN) > Corporate Directory Corporate Offices Canada Kootenay Silver Inc. ## About Corporate Directory Corporate Offices Canada Kootenay Silver Inc. Suite 1125 - 595 Howe Street. Vancouver, British Columbia Canada V6C 2T5 604-601-5650 1-888-601-5650 FAX: 604-683-2249 investor@kootenaysilver.com Mexico (Subsidiary) Minera JM De C.V. Francisco Gonzalez Bocanegra No. 91 Alvarado y Yocupicio C.P.83150 Col. Periodista, Hermosillo, Sonora Mexico Corporate Registered Office Maxis Law Corporation 800 W Pender St #910, Vancouver, British Columbia Canada V6C 2V6 Auditor Meyers Norris Penny LLP Chartered Accountants and Business Advisors 2300 - 1055 Dunsmuir Street Vancouver, British Columbia Canada V7X 1J1 Corporate Counsel Canada Maxis Law Corporation 800 W Pender St #910, Vancouver, British Columbia Canada V6C 2V6 Mexico Larios, Rodríguez del Bosque, de Buen y Cornu Insurgentes Sur 800-15 Col. del Valle Mexico, D.F. C.P., 03100 Mexico Transfer Agent Transfer Agent: Computershare Investor Services Inc. 510 Burrard Street 3rd Floor Vancouver BC Canada V6C 3B9 ## Key facts - **Cash position:** $ 20.8M - **Shares outstanding:** 62194443 - **Fully diluted shares:** Not Available - **Warrants:** 21172279 - **Options:** 4115000 - **Mineral resource:** The Promontorio Silver Resource currently hosts a resource estimate of 42.115 million tonnes containing 140.79 million ounces of silver equivalent in the Measured & Indicated categories grading 104 g/t silver equivalent and 14.57 million tonnes containing 39.78 million ounces of silver equivalent in the Inferred category grading 84.9 g/t silver equivalent. The mineral resource estimates have been prepared by Sue Bird, M Sc., P.Eng., Geological and Mining Engineer of Moose Mountain Technical Services in accordance with NI 43-101 standards. The estimated Measured and Indicated gold resources contained within the mineralized diatreme system total 508,000 ounces with an additional 155,000 ounces Inferred. - **Projects:** ["Columbia Silver Project:\n​PROJECT HIGHLIGHTS:\n2025 Maiden Resource Estimate\n54.1 Moz of silver, 25.2 Mlbs of lead, and 65.6 Mlbs of zinc\n5.92 Mt grading 284 gpt silver, 0.19% lead, and 0.50% zinc\nPreviously unexplored high-grade vein system with no evidence of any exploration in modern times;\nPast producing silver mine (~1900-1910); hosts numerous classic epithermal high-grade veins measuring 10+ kilometers of strike over widths of 6+ meters\nUnderground workings include 4 shafts and 6 levels of drifts measuring over 1,000 meters in length (70k to 100k tonne estimated production)\nKootenay surface samples highlights completed in 2018 and 2019:\n330 gpt Ag over 2 meters chip; 692 gpt Ag over 0.8 meters chip; 360 gpt Ag over 1.8 meters chip\n426 gpt Ag over 0.7 meters chip; 275 gpt Ag over 3.5 meters chip; 182 gpt Ag over 6.6 meters chip\nHighlights from the Company's drill programs since 2019 to date:\n\nHole CDH-23-147: 532 gpt silver over 8.19 meters within 338 gpt silver over 17 meters and 219 gpt silver over 28 meters, 77 gpt silver over 1.0 meters and 914 gpt silver over 1.0 meters (D Vein)\nHole CDH-23-138: 599 gpt silver over 13.56 meters including 858 gpt silver over 8.0 meters and 2,060 gpt silver over 1.0 meters (D Vein)\nHole CDH-23-137: 340 gpt silver over 4.0 meters including 864 gpt silver over 1.0 meters (D Vein)\nHole CDH-22-125: 540 gpt silver over 34.45 meters including 1,746 gpt silver over 9.7 meters and 5,840 gpt silver, 3.0 gpt gold, 3.08% leab and 17.25% zinc over 2.45 meters (D Vein)\nHole CDH-21-110: 650 gpt silver over 17 meters within a wider interval of 269 gpt over 29.9 meters (D Vein)\nHole CDH-21-103: 2,035 gpt silver over 6.0 meters within a wider interval of 333 gpt silver over 44 meters (D Vein);\nHole CDH-21-094: 809 gpt silver over 2.63 meters within a wider interval of 354 gpt silver over 9 meters (F Vein);\nHole CDH-20-082: 1,186 gpt silver over 4.6 meters within a wider interval of 112 gpt silver over 70.5 meters (B Vein);\nHole CDH 19-41 (Twin of CDH-19-008): 650 gpt silver over 7.45 meters within a wider interval of 159 gpt silver over 39.9 meters intercepting banded quartz vein (F Vein);\nHole CDH-19-038: 628 gpt silver over 1.5 meters within a wider interval of 301 gpt silver over 4.63 meters and 175 gpt silver over 10.0 meters in the B Vein. Quartz, quartz-barite veins and veinlet stock work and silicified rhyolite\nHole CDH-19-030: 982 gpt silver over 1.9 meters within an intercept of 721 gpt silver over 4 meters and 415 gpt silver over 11.5 meters.This intercept is within a new type of mineralization hosted within silicified breccias in close proximity to a distinct lithologic contact. The overall interval averaged 200 gpt silver over 25.85 meters intercepting quartz veinlets and hydrothermal breccias across the J Vein structure\nHole CDH-19-005: 775 gpt silver over 1.15 meters within 2 meters of 518 gpt silver and 230 gpt silver over 4.83 meters. (F Vein)\nHole CDH 19-009: 519 gpt silver over 2.90 meters including 1,070 gpt over 0.90 meters in a hanging wall vein and a separate intercept of 50 gpt silver over 10.40 meters followed by a 3.0-meter mined stope or tunnel interpreted as the F Vein.\nHole CDH 19-011: 648 gpt silver and 0.64 gpt gold over 1.0 meter within 245 gpt silver over 5.0 meters and 133 gpt silver over 11 meters in the F Vein with two separate footwall veins intercepted: 228 gpt over 1.2 meters and 102 gpt over 1.87 meters.\nHole CDH 19-012: 699 gpt over 2.1 meters, 113 gpt silver over 1.35 meters, and 113 gpt silver over 0.6 meters in three separate hanging wall veins and 755 gpt silver and 1.16 gpt gold over 1.75 meters within 476 gpt silver and 0.66 gpt gold over 3.15 meters and 184 gpt silver and 0.21 gpt gold over 11.0 meters in the F Vein.\nDetailed results of the reported drill holes to date can be seen in the table listed on the following link: COLUMBA DRILL RESULTS\nThe first 43-101 Technical Report on Columba's exploration work to date by the Company was filed in August 2023\n\nOVERVIEW\nColumba is a past producing high-grade silver mine, which operated from 1900 until 1910, when work ceased in the region due to the Mexican Revolution. The Property covers a large, high-grade silver epithermal system comprised of numerous veins, which the Company has mapped over strike lengths from 200 meters to up to 4 kilometers. Channel sampling on these veins in 2019 returned widths of up to 6 meters and carried grades of up to 692 gpt silver. The Property was not systematically explored in modern times until Kootenay acquried an option on the property in 2018. As of 2023, Kootenay holds 100% ownership of the concessions after making staged payments over a 4-year period totaling US$3,290,000. The vendors retain a 2% NSR of which 1% can be purchased by the Company for US$750,000.\n\nBACKGROUND & HISTORICAL DATA\nColumba hosts a series of high-grade silver veins on surface as well as extensive underground workings. On surface four (4) old shafts are reported to extend to depths of up to 200 meters and connect to at least six (6) levels of widespread underground drifts covering lengths of up to 1,000 meters. The majority of the work appears to have been done in the early 1900’s and again in the mid 1900’s with an estimated 70,000 to 100,000 tonnes being mined. Historical reports obtained by Kootenay indicate the potential for the discovery of high-grade deposits.\n\nThe historic data is from plan maps of sampling across the veins in underground workings and from smelter reports reporting on tonnes and grade of material delivered which are consistent with the historic plan maps. Assays taken by the Company of surface tailings are also consistent with historic numbers.\n\nThe Company cautions that a qualified person has not done sufficient work to verify the historical sampling data and has not substantiated any data as it pertains to the Property; therefore, the reader should not rely upon such historical grades. The information is not necessarily indicative of mineralization on the Property and is provided as background and context material for the reader. The Company is treating the historical sampling data as a guideline to determining potential future exploration programs.\n\nEXPLORATION WORK COMPLETED AT COLUMBA\nTo prepare for initial drilling, in 2018 the Company completed mapping and sampling which resulted in the confirmation of anomalous silver in numerous veins at surface mapped over strike lengths from 200 meters to 2 kilometers. Exploration channel sampling by Kootenay returned grades ranging from 1 gpt to a high of 692 gpt silver over widths of 0.5 to 6 meters.\n\nInitial drill holes at Columba were completed by Kootenay in 2019 targeting the F vein, which was briefly mined during the 1910 era and again in the late 1950’s to early 1960’s. Drilling along both the F and I veins was carried out by the Company to verify vein width, grades and location of the vein. Results thus far have confirmed good widths of quartz, quartz-calcite vein, vein breccia and stockwork with many holes hitting unexpected hanging wall veining. Phase I drilling by Kootenay included 6,853 meters of drilling over 41 holes.\n\nIn 2020,a follow up phase 2 drill program comprised of 43 holes, totaling over 9,114 meters, was carried out; targeting infill and step out drilling within the high-grade F vein and the J-Z Vein area. Results from this campaign were again impressive as drilling intercepted additional high-grade silver mineralization within the F vein, including an impressive hanging wall structure parallel to the F vein not apparent from surface including. In addition, drilling also confirmed the discovery of a broad zone of high grade hydrothermal breccias that encompasses a low to medium grade quartz stockwork system at the J-Z Zone. Detailed results for all drill holes drilled to date can be viewed by clicking the following link: COLUMBA DRILL RESULTS\n\nIn 2021, the Company completed a Phase 3 drill program totalling 5,782 meters over 30 holes. Drilling targeted numberous areas including the F Vein, the JZ Zone and the East Block (located 200 meters east form the JZ Zone). Kootenay also completed follow up drilling on the B and D Veins, located approximately 600 meters south of the F Vein. Results from drilling at these veins confrimed two more promising high-grade areas producing some of the best high grade silver intercepts on the Property to date (News Release November 3, 2021).\n\nWORKED PLANNED\nKootenay is currently planning a drill program at Columba. Details of this program will be available shortly.\n\nMAIDEN RESOURCE ESTIMATE\nThe first Maiden Resource Estimate on the Columba Silver Project was completed on May 29, 2025. Highlights of the Columba Property MRE are as follows:\n\nThe underground MRE includes, at a base-case cut-off grade of 150 g/t Ag, Inferred Mineral Resources estimated at 5.92 Mt grading 284 g/t silver, 0.19% lead, and 0.50% zinc. The Mineral Resource Estimate includes Inferred mineral resources of 54.1 Moz of silver, 25.2 Mlbs of lead, and 65.6 Mlbs of zinc. The MRE is exclusive of mined out material (F Vein).\nA total of 17 epithermal veins that comprise the Columba vein system were included in the Mineral Resource Estimate.\nTable 1-2 Columba Project Underground Mineral Resource Estimate, May 29, 2025\n\nInferred Mineral Resource Estimate\n──────────────────────────────────────────────────────────────────────────────────────\nCut-Off Grade Mass Average Grade Material Content\n (Mt) Ag (gpt) Pb (%) Zn (%) Ag (koz) Pb (Mlb) Zn (Mlb)\n──────────────────────────────────────────────────────────────────────────────────────\n150 gpt Ag 5.92 284 0.19 0.50 54,072 25.2 65.6\n──────────────────────────────────────────────────────────────────────────────────────\n\nThe underground base case cut-off grade of 150 gpt Ag considers metal price of US$26.00/oz Ag, metal recovery of 90% for Ag, a mining cost of US$60.00/t rock and a processing, treatment and refining, transportation and G&A cost of US$45.00/t mineralized material.\n\nTable 1-3 Columba Project Underground Mineral Resource Estimate by Vein, May 29, 2025\n\nInferred Mineral Resource Estimate — By Vein\n──────────────────────────────────────────────────────────────────────────────────\nVein Mass(Mt) Ag(gpt) Pb(%) Zn(%) Ag(koz) Pb(Mlb) Zn(Mlb)\n──────────────────────────────────────────────────────────────────────────────────\nD 3.29 293 0.22 0.60 30,964 15.8 43.7\nDHW 0.08 310 0.65 0.89 789 1.1 1.6\nDFW 0.03 250 0.23 0.61 235 0.2 0.4\nF 0.79 273 0.16 0.46 6,936 2.8 8.0\nFHW 0.11 215 0.07 0.16 790 0.2 0.4\nFHW2 0.05 310 0.17 0.32 517 0.2 0.4\nFHW3 0.03 265 0.12 0.29 280 0.1 0.2\nFFW 0.02 206 0.04 0.14 146 0.0 0.1\nFFW2 0.00 160 0.20 1.23 23 0.0 0.1\nS 0.05 260 0.16 0.43 407 0.2 0.5\nLupe 0.35 307 0.09 0.27 3,488 0.7 2.1\nB2 0.31 262 0.14 0.31 2,593 1.0 2.1\nHG 0.34 337 0.19 0.23 3,640 1.4 1.7\nJ 0.11 214 0.09 0.46 723 0.2 1.1\nZ 0.01 165 0.06 0.53 46 0.0 0.1\nI 0.31 225 0.20 0.39 2,264 1.4 2.7\nE 0.04 189 0.17 0.62 229 0.1 0.5\n──────────────────────────────────────────────────────────────────────────────────\nTotal 5.92 284 0.19 0.50 54,072 25.2 65.6\n──────────────────────────────────────────────────────────────────────────────────\n\nColumba Property Mineral Resource Estimate Notes:\n\nThe mineral resource was estimated by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Columba Property on May 28, 2025. The mineral resource was peer reviewed by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Armitage conducted a site visit to the Columba Property on May 24-25, 2024.\nThe classification of the Mineral Resource Estimate into Inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date of the Columba Property Mineral Resource Estimate (MRE) is May 29, 2025. This is the close out date for the final mineral resource drilling database.\nAll figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.\nAll mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.\nMineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated or Measured Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured Mineral Resources with continued exploration.\nThe Columba mineral resource estimate is based on a validated drillhole database which includes data from 217 surface diamond drill holes completed between 2019 and March 2025. The drilling totals 53,476 m. The resource database totals 28,448 assay intervals representing 45,805 m of data.\nThe mineral resource estimate is based on 17 three-dimensional (“3D”) resource models representing epithermal veins which comprise the Columba vein system. 3D models of mined out areas were used to exclude mined out material from the current MRE.\nGrades for Ag, Pb, and Zn are estimated for each mineralization domain using 1.5 m capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains.\nAverage density values were assigned to each domain based on a database of 4,049 samples.\nIt is envisioned that the Columba Project deposits may be mined using underground mining methods. Mineral resources are reported at a base case cut-off grade of 150 gpt AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes.\nThe underground base case cut-off grade of 150 gpt Ag considers a metal price of US$26.00/oz Ag and metal recovery of 90% for Ag.\nThe underground base case cut-off grade of 150 gpt Ag considers a mining cost of US$60.00/t rock and a processing, treatment and refining, transportation and G&A cost of US$45.00/t mineralized material.\nThe estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.\n\nTable 1-4Columba Project Inferred Mineral Resource Sensitivity Table, May 29, 2025\n\nCut-Off Grade Sensitivity — Inferred Mineral Resource\n──────────────────────────────────────────────────────────────────────────────────\nCut-Off Grade Mass(Mt) Ag(gpt) Pb(%) Zn(%) Ag(koz) Pb(Mlb) Zn(Mlb)\n──────────────────────────────────────────────────────────────────────────────────\n100 gpt Ag 8.09 242 0.17 0.45 62,985 30.0 79.6\n120 gpt Ag 7.43 254 0.18 0.46 60,638 28.7 75.9\n150 gpt Ag * 5.92 284 0.19 0.50 54,072 25.2 65.6\n200 gpt Ag 3.90 343 0.23 0.60 43,042 19.7 51.9\n250 gpt Ag 2.79 391 0.26 0.68 34,991 16.0 41.7\n300 gpt Ag 1.98 439 0.30 0.78 27,903 13.1 33.9\n──────────────────────────────────────────────────────────────────────────────────\n* Base case cut-off grade\n\nNotes:\n- Values above/below base case are for sensitivity purposes only and do not\n constitute a Mineral Resource Statement.\n- All values rounded to reflect relative accuracy; numbers may not add due to rounding.","La Cigarra Silver Project:\nPROJECT HIGHLIGHTS\nSignificant land package located within a highly prospective mineral belt in the state of Chihuahua; 26 km from the historic silver mining city of Parral;\nProperty has good road access, gentle topography, power and water sources nearby;\nThe mineralized system at La Cigarra has been traced over approximately 9.0 kilometres and outcrops at surface as a silver soil anomaly with numerous historic surface workings along strike;\nResults from 171 drill holes totaling over 30,935 metres clearly outline a continuously mineralized portion with a strike length of 4.4 kilometers encompassing the La Borracha, San Gregorio and Las Carolinas Zones; click the following link to view the comprehensive results of all the drill holes completed to date: La Cigarra Drill Results;\nThe resource estimate incorporates data from 156 of 173 drill holes competed within a potentially surface minable mineralized area comprised of the San Gregorio and Las Carolinas mineralized zones, which combined form a total strike length of 2.4 kilometres;\nThe Property's current NI 43-101 mineral estimate hosts 51.57 million ounces of silver in the Measured & Indicated categories grading 102 g/t silver and 11.0 million ounces of silver in the Inferred category grading 102 g/t silver constrained within resource pit shell utilizing a $23.50 /oz silver price and reported at a 50 g/t silver cut-off grade, including metallurgical recoveries of 85% silver;\nCurrent measured and indicated mineral resources represent a 20% increase in grade from the 2015 Resource Estimate with inferred mineral resource representing a 27.5% increase in grade from the 2015 Resource Estimate:click the following link to view the Technical Report: NI 43-101 La Cigarra Technical Report; Resource Statement for the La Cigarra silver project located in Chihuahua State, Mexico: SGS Geological Services, Effective Date November 29, 2023, Authored by Allan Armitage, and can be found on Kootenay Silver Inc. SEDAR profile within 45 days of the announcement (January 8 2024).\nHigher than average grade is found in outcrop, which could improve project economics in the early years with significant by-products including gold, lead and zinc;\nThe deposit remains open along the 9.0 kilomertre strike and at depth with potential to also expand near surface mineralization along the outer perimeter of the deposit;\nThe purchase of surface rights and a twenty (20) year lease agreement signed with the Ejido Estanzuela allows Kootenay to conduct exploration activities on the Property as well as future construction, mining and processing\nLa Cigarra was acquired by Kootenay Silver from the acquisition of Northair Silver Corp (\"Northair\"). To date, all technical reports have been prepared for Northair.\nOVERVIEW\nThe La Cigarra silver project is located in the state of Chihuahua in the renowned Parral Mining district in north central Mexico. The project lies in close proximity and on trend to several of the district’s top silver producers, including; the close by San Francisco Del Oro and the Santa Barbara mines, that together have produced over 800 million ounces of silver to date. The project is close to power and has good road access, topography and infrastructure. To date, reconnaissance, sampling and drilling confirm numerous silver occurrences traced over a 9.0 kilometer trend of mineralization. This includes the recent discovery of a substantial new mineralized zone that management believes displays distinct geological characteristics of other major deposits in the region. La Cigarra is a rapidly maturing silver project that already contains a large potential whittle pit constrained mineral resource. La Cigarra’s current NI 43-101 Mineral Resource Estimate comprises 51.57 million ounces of silver in the Measured & Indicated categories grading 102 g/t silver and 11.0 million ounces of silver in the Inferred category grading 102 g/t silver. The La Cigarra silver deposit also contains appreciable gold, lead and zinc values.\n\nLA CIGARRA RESOURCE ESTIMATE\n\"La Cigarra technical report dated November 29, 2023 authored by Allan Armitage can be located under the SEDAR profile of Kootenay Silver Inc. once filed.\n\n\nResource Statement for the La Cigarra silver project located in Chihuahua State, Mexico: SGS Geological Services, Effective Date November 29, 2023, Authored by Allan Armitage, PhD, P. Geo.\n\nThe 2024 Mineral Resource Estimate incorporates a significantly revised geological model compared to the previous resource and features a database of 201 surface diamond and RC drillholes totaling 36,988 meters and 26,419 assay intervals drilled along the open ended La Cigarra mineralized system which has a defined strike length of at least three (3) kilometres. The 156 holes included in the Property's resource estimate were positioned within a potentially surface minable area comprised of the San Gregorio and Las Carolinas mineralized zones, which combined form a total strike length of 2.4 kilometres. The base-case AgEq Cut-off grade of 50 g/t AgEq considers metal prices of $23.50/oz Ag, $1,800/oz Au, $1.00/lb Pb and $1.30/lb Zn, and considers variable metal recoveries for Ag, Au, Pb and Zn: for oxide mineralization - 85% for Ag, 40% for Au, 75% for Pb and 65% for Zn; for sulphide mineralization - 92% for Ag, 40% for Au, 91% for Pb and 85% for Zn.\n\nTable 1-1 La Cigarra Deposit Mineral Resource Estimate at a Base Case Cut-off Grade of 50 g/t AgEq\n\nMineral Resource Estimate\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n Average Grade Total Metal\nResource Class Tonnes ───────────────────────────────── ──────────────────────────────────────────────────────\n (Mt) Ag(g/t) Au(g/t) Pb(%) Zn(%) AgEq Ag(Moz) Au(koz) Pb(Mlbs) Zn(Mlbs) AgEq(Moz)\n (g/t)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 2.08 103 0.06 0.16 0.22 121 6.90 4.30 7.6 9.9 8.10\nIndicated 13.65 102 0.07 0.16 0.21 120 44.66 29.60 47.3 63.6 52.46\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 15.73 102 0.07 0.16 0.21 120 51.57 33.90 54.8 73.5 60.56\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 3.37 102 0.06 0.20 0.19 119 11.00 6.00 14.8 13.8 12.85\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n\n1AgEq = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $23.50/oz silver, $1,800/oz gold, $1.00/lb lead and $1.30/lb zinc.\n\nLa Cigarra Mineral Resource Estimate Notes:\n\nThe Mineral Resource Estimate was estimated by Allan Armitage, Ph.D., P. Geo. of SGS Geological Services and is an independent Qualified Person as defined by NI 43-101. Dr Armitage conducted a recent site visit to the La Cigarra Property on November 28 and 29, 2023.\nThe classification of the current Mineral Resource Estimate into Measured, Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves. The effective date for the Updated Mineral Resource Estimate is November 29, 2023.\nAll figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.\nThe mineral resource is presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.\nMineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.\nThe La Cigarra mineral resource estimate is based on a validated database which includes data 201 surface diamond and RC drill holes totalling 36,988 m. The resource database totals 26,419 assay intervals representing 34,447 m of drilling. The average assay sample length is 1.30 m.\nThe mineral resource estimate is based on 9 three-dimensional (\"3D\") resource models, constructed in Leapfrog. Grades for Ag, Au, Pb and Zn were estimated for each mineralization domain using 1.5 metre capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains. Each domain was then subdivided into oxide and sulphide domains.\nAverage density values were assigned to oxide and sulphide domains and a waste domain based on based on a database of 1,412 samples.\nIt is envisioned that the La Cigarra deposit may be mined using open-pit mining methods. Mineral resources are reported at a base case cut-off grade of 50 g/t AgEq. The in-pit Mineral Resource grade blocks are quantified above the base case cut-off grade, above the constraining pit shell, below topography and within the constraining mineralized domains (the constraining volumes).\nThe results from the pit optimization are used solely for the purpose of testing the \"reasonable prospects for economic extraction\" by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.\nThe base-case AgEq Cut-off grade considers metal prices of $23.50/oz Ag, $1,800/oz Au, $1.00/lb Pb and $1.30/lb Zn, and considers variable metal recoveries for Ag, Au, Pb and Zn: for oxide mineralization - 85% for Ag, 40% for Au, 75% for Pb and 65% for Zn; for sulphide mineralization - 92% for Ag, 40% for Au, 91% for Pb and 85% for Zn.\nThe pit optimization and base case cut-off grade of 50 g/t AgEq considers a mining cost of US$2.50/t mined, and processing, treatment, refining, G&A and transportation cost of USD$22.40/t of mineralized material.\nThe estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.\nThe La Cigarra mineral resource is sensitive to cut-off grade. To illustrate this, the block model quantities and grade estimates within the conceptual pit are presented in the following table at different cut-off grades utilizing a $23.50/oz silver price.\n\nTable 1-2 La Cigarra Oxide and Sulphide MRE at a Base Case Cut-off Grade of 50 g/t AgEq\nOxide Mineral Resource Estimate\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n Average Grade Total Metal\nResource Class Tonnes ───────────────────────────────── ──────────────────────────────────────────────────────\n (Mt) Ag(g/t) Au(g/t) Pb(%) Zn(%) AgEq Ag(Moz) Au(koz) Pb(Mlbs) Zn(Mlbs) AgEq(Moz)\n (g/t)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 0.50 141 0.06 0.12 0.06 152 2.28 1.00 1.3 0.7 2.46\nIndicated 2.66 104 0.08 0.11 0.09 117 8.92 6.50 6.4 5.0 9.96\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 3.16 110 0.07 0.11 0.08 122 11.20 7.50 7.7 5.7 12.42\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 0.89 84 0.05 0.17 0.05 94 2.40 1.30 3.4 1.0 2.70\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n\nSulphide Mineral Resource Estimate\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n Average Grade Total Metal\nResource Class Tonnes ───────────────────────────────── ──────────────────────────────────────────────────────\n (Mt) Ag(g/t) Au(g/t) Pb(%) Zn(%) AgEq Ag(Moz) Au(koz) Pb(Mlbs) Zn(Mlbs) AgEq(Moz)\n (g/t)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 1.58 91 0.07 0.18 0.26 111 4.62 3.30 6.2 9.2 5.64\nIndicated 10.99 101 0.07 0.17 0.24 120 35.75 23.10 40.9 58.5 42.50\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 12.57 100 0.07 0.17 0.24 119 40.37 26.40 47.1 67.7 48.14\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 2.48 108 0.06 0.21 0.24 128 8.60 4.70 11.4 12.9 10.15\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n\n\nTable 1-3: In-Pit Mineral Resource Estimate at Various AgEq Cut-Off Grades\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nCut-Off Tonnes Ag(g/t) Au(g/t) Pb(%) Zn(%) AgEq Ag(Moz) Au(koz) Pb(Mlbs) Zn(Mlbs) AgEq(Moz)\n(AgEq g/t) (Mt) (g/t)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMEASURED\n30 2.73 86 0.06 0.14 0.19 102 7.54 5.30 8.5 11.4 8.94\n40 2.43 93 0.06 0.15 0.20 110 7.28 4.90 8.1 10.8 8.60\n50 * 2.08 103 0.06 0.16 0.22 121 6.90 4.30 7.6 9.9 8.10\n60 1.75 114 0.07 0.18 0.23 134 6.44 3.70 7.0 9.0 7.51\n70 1.48 126 0.07 0.19 0.25 146 5.99 3.10 6.3 8.1 6.94\n80 1.27 137 0.06 0.21 0.26 158 5.59 2.60 5.8 7.2 6.44\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nINDICATED\n30 17.16 87 0.06 0.14 0.19 103 48.18 35.30 52.4 71.1 57.04\n40 15.52 94 0.07 0.15 0.20 111 46.77 32.80 50.2 67.9 55.17\n50 * 13.65 102 0.07 0.16 0.21 120 44.66 29.60 47.3 63.6 52.46\n60 11.86 111 0.07 0.17 0.22 129 42.18 26.30 44.0 58.7 49.31\n70 10.00 122 0.07 0.18 0.24 141 39.08 22.50 39.6 52.9 45.41\n80 8.56 132 0.07 0.19 0.25 152 36.28 19.50 35.8 47.7 41.94\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nINFERRED\n30 4.03 90 0.06 0.18 0.17 106 11.64 7.50 15.8 15.2 13.73\n40 3.77 94 0.06 0.19 0.18 111 11.44 6.80 15.4 14.7 13.44\n50 * 3.37 102 0.06 0.20 0.19 119 11.00 6.00 14.8 13.8 12.85\n60 2.87 111 0.06 0.22 0.20 130 10.28 5.20 14.0 12.8 11.98\n70 2.39 123 0.06 0.24 0.22 143 9.45 4.30 12.7 11.7 10.97\n80 1.99 135 0.06 0.25 0.24 156 8.67 3.60 11.1 10.7 10.01\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n* Base case cut-off grade\n\nNote:\n\nValues in these tables reported above and below the base-case cut-off 50 g/t AgEq for in-pit Mineral Resources should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of the base case cut-off grade. All values are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.\n\nThe comparison table below shows the 2024 Resource estimate compared to the previous resource. Of note Measured and Indicated (M+I) categories include a total of 51.57 Moz of silver, a modest increase from 51.47 Moz. The combined M+I grade, however increased from 86.3 g/t Ag to 102 g/t Ag, (an 18% increase). Similarly, in the Indicated category total contained silver decreased from 11.46 Moz to 11 Moz, though overall grade increased from 80 g/t Ag to 102 g/t Ag, (a 27% increase).\n\nMineralization at La Cigarra is open along both strike directions and down-dip. The La Cigarra is a key project in Kootenay's portfolio and is currently on care and maintenance as the company focusses on advancing the flagship Columba Silver Project, also in Chihuahua State, Mexico.\n\nTable 1-4 Comparison of 2015 and 2024 Resources\n\n2024 Resource ($23.50 silver, 50 g/t silver equivalent cut-off grade)\n\nMineral Resource Estimate — Current (50 AgEq g/t cut-off)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n Average Grade Total Metal\nResource Class Tonnes ───────────────────────────────── ──────────────────────────────────────────────────────\n (Mt) Ag(g/t) Au(g/t) Pb(%) Zn(%) AgEq Ag(Moz) Au(koz) Pb(Mlbs) Zn(Mlbs) AgEq(Moz)\n (g/t)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 2.08 103 0.06 0.16 0.22 121 6.90 4.30 7.6 9.9 8.10\nIndicated 13.65 102 0.07 0.16 0.21 120 44.66 29.60 47.3 63.6 52.46\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 15.73 102 0.07 0.16 0.21 120 51.57 33.90 54.8 73.5 60.56\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 3.37 102 0.06 0.20 0.19 119 11.00 6.00 14.8 13.8 12.85\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n\n\nMineral Resource Estimate — 2015 ($22 Silver, 35 g/t Ag cut-off)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n Average Grade Total Metal\nResource Class Tonnes ───────────────────────────────── ──────────────────────────────────────────────────────\n (Mt) Ag(g/t) Au(g/t) Pb(%) Zn(%) AgEq Ag(Moz) Au(koz) Pb(Mlbs) Zn(Mlbs) AgEq(Moz)\n (g/t)\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 3.62 88.9 0.07 0.14 0.19 — 10.34 9.00 10.92 15.51 —\nIndicated 14.93 85.7 0.07 0.13 0.18 — 41.13 33.00 42.95 59.26 —\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 18.54 86.3 0.07 0.13 0.18 — 51.47 41.00 53.87 74.77 —\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 4.45 80.0 0.06 0.13 0.16 — 11.46 8.00 12.68 15.61 —\n──────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n\n1 AgEq Calculation for the comparison above = Ag ppm + (((Au ppm x Au price/gram) + (Pb% x Pb price/t) + (Zn% x Zn price/t))/Ag price/gram). Metal price assumptions are $23.50/oz silver, $1,800/oz gold, $1.00/lb lead and $1.30/t zinc\n\n2 Original 2015 MRE did not include a calculation for AqEq,\n\n\nThe development of the comparative tables above has relied on the work of experts. The following factors should also be noted:\n\nThe complete La Cigarra drill hole database includes 173 drill holes (15 RC and 158 core) for a total of 30,443 metres and 22,064 assays. This includes 17 drill holes (4,817 m) completed in 2014 in the Las Chinas, Las Venadas, San Gregorio, Las Carolinas and La Borracha zones. Of the 173 drill holes, 156 drill holes (11 RC and 145 core) were used in the preparation of the resource models and resource estimate.\n\nThe database used to construct the San Gregorio/Las Carolinas resource models utilized 27,617 metres and 20,022 sample assays. Subsequent to the previous resource estimate, an additional 13 drill holes totalling 3,975 metres were completed. Of this drilling, 7 holes were positioned in the San Gregorio zone and 6 holes in the Las Carolinas zone. The resource estimate was constrained by a Whittle(tm) pit shell and is reported at an economic cut-off grade of 35 g/t of silver.\n\nGrade control models (a high grade and a low grade silver model) of the San Gregorio/Las Carolinas deposit were constructed which involved outlining the limits of mineralization on 50 metre spaced cross sections based on histograms of silver, gold, lead and zinc values. Polygons of mineral intersections were made on each cross section and were wire framed together to create a contiguous resource model in Gemcom GEMS 6.6.0.1 software.\n\nThe grade control models were constructed to define silver mineralization, as controlled by interpreted geology and structure. A high grade core silver model was created to capture mineralization generally above a grade of 15 to 20 g/t silver. In addition a low grade envelope, which encompasses the high grade core model was defined to capture mineralization above a grade of 5 to 10 g/t silver. The modeling exercise incorporated predicted controls of the deposits dominant geology and geologic limits. The resource model extends for approximately 2.4 kilometres on a 320° trend with an average dip of 45° to the northeast. Mineralization extends from surface to depths of up to 380 metres.\n\nFor the resource estimate a block model with dimensions of 10 x 10 x 10 metres was utilized as were composite samples of 1.5 metres in length. Grades for silver, gold, lead and zinc were interpolated into resource blocks by the Ordinary Kriging (\"OK\") interpolation method.\n\nMineral resources were estimated in conformance with the CIM Mineral Resources definitions. The confidence classification of the resource is based on an understanding of geological controls of the mineralization, and the drill hole pierce point spacing in the resource area. Three passes were used to interpolate grade into all of the blocks in the wireframe. Mineral resources were classified as Measured if at least two drill holes were found within a 35 x 35 x 20 metre search radius. Blocks were classified as Indicated if two drill holes were found within a 60x60x30 metre radius and blocks were classified as Inferred if at least one drill hole was found within a 120x120x60 metre search radius. The Principal azimuth of the search ellipse is oriented at 059º, the Principal dip is oriented at -44° and the Intermediate azimuth is oriented at 325°.\n\nDue to the lack of specific gravity data, average specific gravity (\"SG\") values were used for the resource estimation. Values used include: 2.45 for oxide mineralization, 2.55 for sulphide mineralization and 2.57 for waste. The average SG values are based on limited SG testing (406 samples from within the mineralized zones) of representative mineralized core that intersect the resource model.\n\nThe updated Measured, Indicated and Inferred mineral resource estimate was prepared by GeoVector and is disclosed in compliance with NI 43-101 and was estimated in conformity with generally accepted CIM \"Estimation of Mineral Resource and Mineral Reserves Best practices\" guidelines, including the critical requirement that all mineral resources \"have reasonable prospects for economic extraction\".\n\nThe \"reasonable prospects for economic extraction\" requirement generally implies that the quantity and grade estimates meet certain economic thresholds and that the mineral resources are reported at an appropriate cut-off grade taking into account extraction scenarios and processing recoveries. In order to meet this requirement, GeoVector considers that major portions of La Cigarra mineralization are amenable for open pit extraction.\n\nIn order to determine the quantities of material offering \"reasonable prospects for economic extraction\" by an open pit, GeoVector used Whittle(tm) pit optimization software and reasonable mining assumptions to evaluate the proportions of the block model (Measured, Indicated and Inferred blocks) that could be \"reasonably expected\" to be mined from an open pit.\n\nThe optimization parameters, found in the table below, were selected based on benchmarking against similar projects. Two phases of scoping level metallurgical testing were conducted in 2011 and 2012. These results are summarized in the table below and are discussed in detail in the 2013 Resource Estimate report.\n\nThe reader is cautioned that the results from the pit optimization are used solely for the purpose of testing the \"reasonable prospects for economic extraction\" by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the La Cigarra Project. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate resource reporting cut-off grade.\n\nModelling Parameters — La Cigarra MRE\n──────────────────────────────────────────────────────\nParameter Value Unit\n──────────────────────────────────────────────────────\nSilver Price $22.50 US$/oz\nGold Price $1,800.00 US$/oz\nLead Price $1.00 US$/lb\nZinc Price $1.30 US$/lb\nMining Cost $2.00 US$/t mined\nProcessing — Sulphide Material $15.00 US$/t feed\nProcessing — Oxide Material $12.00 US$/t feed\nGeneral & Administrative $1.00 US$/t feed\nOverall Pit Slope 45 Degrees\nSilver Recovery 84 %\nGold Recovery 17 %\nLead Recovery 62 %\nZinc Recovery 55 %\nDilution 10 %\n──────────────────────────────────────────────────────\n\nSensitivity Analysis for the La Cigarra Mineral Resource Estimate\nA +/- 30% price sensitivity analysis was prepared using a downside scenario silver price of $17/oz reflective of today's spot price as well as an upside scenario at $29/oz silver price, with the latter also serving as a comparison to the 2013 Resource Estimate.\n\nThe following table summarises a Whittle(tm) pit constrained resource calculated at a $17/oz silver price and reported at a 35 g/t silver cut-off grade:\n\nSensitivity Analysis — Whittle Pit Constrained Resource ($17/oz Ag, 35 g/t cut-off) — Downside Case\n──────────────────────────────────────────────────────────────────────────────────────────────────\nResource Class Tonnes Ag(g/t) Au(g/t) Pb(%) Zn(%) Ag(oz) Au(oz) Pb(lbs) Zn(lbs)\n──────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 3,050,000 93.7 0.075 0.14 0.19 9,180,000 7,000 9,250,000 12,540,000\nIndicated 11,990,000 92.2 0.072 0.13 0.18 35,540,000 28,000 35,160,000 46,750,000\n──────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 15,030,000 92.5 0.072 0.13 0.18 44,720,000 35,000 44,410,000 59,290,000\n──────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 3,680,000 80.2 0.062 0.12 0.14 9,480,000 7,000 9,900,000 11,320,000\n──────────────────────────────────────────────────────────────────────────────────────────────────\nNote: Reported in relation to a conceptual pit shell. Not a Mineral Resource Statement. Downside case only.\n\nNote:* Values is this table are reported in relation to a conceptual pit shell at a 35 g/t silver cut-off grade and $17/oz silver. Figures presented in this table should not be misconstrued with the Company's Mineral Resource Statement set out on the first page hereof and is presented as a conservative/down side case only. Mineral resources that are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.\nFor the purpose of comparison, a Whittle(tm) pit optimization was also prepared for the current resource utilizing a silver price of $29/oz and a cut-off grade of 35 g/t. The results are as follows:\n\n\nSensitivity Analysis — Whittle Pit Constrained Resource ($29/oz Ag, 35 g/t cut-off) — Upside Case\n──────────────────────────────────────────────────────────────────────────────────────────────────\nResource Class Tonnes Ag(g/t) Au(g/t) Pb(%) Zn(%) Ag(oz) Au(oz) Pb(lbs) Zn(lbs)\n──────────────────────────────────────────────────────────────────────────────────────────────────\nMeasured 3,940,000 85.8 0.072 0.14 0.19 10,870,000 9,000 11,740,000 16,730,000\nIndicated 16,270,000 83.6 0.067 0.13 0.18 43,720,000 35,000 46,200,000 65,060,000\n──────────────────────────────────────────────────────────────────────────────────────────────────\nMeas. + Ind. 20,200,000 84.0 0.068 0.13 0.18 54,590,000 44,000 57,950,000 81,790,000\n──────────────────────────────────────────────────────────────────────────────────────────────────\nInferred 5,950,000 75.7 0.052 0.12 0.16 14,480,000 10,000 16,050,000 21,440,000\n──────────────────────────────────────────────────────────────────────────────────────────────────\nNote: Reported in relation to a conceptual pit shell. Not a Mineral Resource Statement. Upside/comparison case only.\n\nNote:* Values in this table are reported in relation to a conceptual pit shell at a 35 g/t silver cut-off and $29/oz silver and are provided as an upside scenario and for comparison purposes to the 2013 Resource Estimate.. Figures presented in this table should not be misconstrued as a current Mineral Resource Statement set out on the first page hereof and is presented as an upside case only as these parameters may not be considered reasonable mining assumptions in the context of the current market. Mineral resources that are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.\nThe above sensitivity analysis illustrates the robust nature of the deposit particularly at today's spot price of $17/oz demonstrating a 20% increase in the average M&I grade to that reported in the 2013 Resource Estimate with no loss in total ounces. Additionally there is an overall increase of approximately 30% in total contained silver ounces at the upside scenario of $29/oz. The 2015 figures presented in the context of this sensitivity analysis should not and are not intended to be interpreted as a current resource.\n\nRESOURCE EXPANSION POTENTIAL\nKootenay’s Management sees three parts to further drill testing of the project leading to a Resource Estimate and Preliminary Economic Assessment:\n\ntesting of the strike extension of the La Cigarra Resource starting outside the northern end of the current Resource boundary (La Borracha Zone) as well as outside the southern end (known as the Las Carolinas extension);\ntesting of separate mineralized trends starting at the RAM Zone extending south towards Nogalera; and\ndrilling to test the strike extension of the current Resource with particular focus on grade.\nMETALLURGICAL INFORMATION\nThree phases of metallurgical testing between 2011 and 2015 to investigate the recovery of silver from the La Cigarra silver project.\n\nThe Phase 3 test program completed in June 2015 was designed to a Preliminary Economic Assessment level and initiated to study the metallurgy of the entire resource comprising both the San Gregorio and Las Carolinas Zones. The test program culminated in significant improvements to the flow sheet and metallurgical performance developed in Phase 2. Positive findings from the Phase 3 test program include the following:\n\nA significant increase to 88% overall silver recovery (concentrates and leaching) compared with 82% in the 2012 Phase 2 program; producing a high grade lead-silver concentrate of 34% lead and 23,000g/t silver;\nAn increase in the primary grind size to 80% passing106 microns (up from a grind size of 80% passing 75 microns in 2012);\nA more streamlined flow sheet with the elimination of the previous pre-flotation circuit for organic carbon removal;\nThe reduction in the number of lead cleaner flotation stages from 3 to 2;\nThe option of adding a zinc recovery circuit to produce a zinc-silver concentrate of up to 58% zinc and 2,500 g/t silver (referred to as Flow Sheet Option 2 - see Northair Silver news release dated June 29, 2015).\nTests on the oxide material were completed on a composite covering 9 drill holes in San Gregorio and 11 drill holes in Las Carolinas. The silver in oxide is more amenable to whole ore leaching than flotation. Approximately 88% of the silver was extracted from material containing 78 g/t silver in 96 hours of whole ore cyanidation at a grind size of 55 microns.\n\nIn comparison, the 2012 whole ore leach on the oxide extracted approximately 90% of the silver in 48 hours at 60 micron grind size from a head grade of 59 g/t silver.\n\nGEOLOGY\nThe La Cigarra mineralized system is hosted within sedimentary rocks and can be traced in outcrop for upwards of 6.5 kilometres on strike. The mineral system strikes northwest and dips moderately northeast and mirrors the strike and dip of the host sediments. Mineralization is spatially associated with narrow diorite to granodiorite sills. Silver and base metals occur in sulfides hosted within quartz-vein stockwork zones and silicified breccias containing disseminated sulphides. The recognition of disseminated style of mineralization strongly enhances the economic potential of the Project.","Promontorio Silver Resource: PROJECT HIGHLIGHTS\nOver 65,000 metres of drilling has delineated a resource estimate of 42.115 million tonnes containing 140.79 million ounces of silver equivalent in the Measured & Indicated categories grading 104 g/t silver equivalent and 14.57 million tonnes containing 39.78 million ounces of silver equivalent in the Inferred category grading 84.9 g/t silver equivalent (see table 2)\nA new 43-101 Resource Estimate for Promontorio including the La Negra deposit was filed November 2023, see above (Visit La Negra project page for its resource details). See table 2 for the combined resource.\nThe Promontorio Silver Resource is part of the Promontorio Mineral Belt which includes the La Negra high grade silver project, located 7 kilometres north (of the Promontorio Silver Resource)\nAdvanced metallurgical test work has allowed for the inclusion of gold in the mineral resources, which has a significant impact on the silver equivalent grades and relative ounces\nDrilling returned a series of high-grade silver results from the NE zone, adjacent to the discovery area\nThe Promontorio Silver Resource remains open for expansion in three directions and to depth\nPan American Silver optioned the Promontorio Mineral Belt from 2016 to June 2019, and invested US$3.6 million in expenditures on advancing the project\nOVERVIEW\nThe Promontorio Silver Resource is situated on Promontorio Mineral Belt Property that includes the La Negra silver discovery; located in the state of Sonora, Mexico. The Promontorio Silver Resource currently hosts a resource estimate of 42.115 million tonnes containing 140.79 million ounces of silver equivalent in the Measured & Indicated categories grading 104 g/t silver equivalent and 14.57 million tonnes containing 39.78 million ounces of silver equivalent in the Inferred category grading 84.9 g/t silver equivalent (see Table 1). Pan American Silver optioned the Promontorio Mineral Belt from 2016 to June 2019, and invested US$3.6 million in expenditures on advancing the project.\n\nPromontorio-La Negra Combined Resource Estimate\nTable 1: 2023 Total Promontorio-La Negra Project Mineral Resource Estimate\n\nIn Situ Tonnage, Grades and Metal Content\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nPit Class Tonnage AgEq Ag Au Pb Zn AgEq Ag Au Pb Zn\n (kt) (g/t) (g/t) (g/t) (%) (%) (koz) (koz) (koz) (klb) (klb)\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nPromontorio Measured 12,451 111.7 37.0 0.456 0.53 0.61 44,718 14,823 183 146,033 166,620\n Indicated 29,664 100.7 33.5 0.412 0.47 0.55 96,072 31,950 393 306,716 360,996\n Meas+Ind 42,115 104.0 34.5 0.425 0.49 0.57 140,790 46,773 575 452,748 527,616\n Inferred 14,575 84.9 27.9 0.348 0.42 0.45 39,782 13,069 163 136,241 143,632\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nLa Negra Indicated 5,285 129.3 126.3 0.067 — — 21,966 21,454 11 0 0\n Inferred 1,257 114.8 112.2 0.060 — — 4,639 4,536 2 0 0\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nTotal Measured 12,451 111.7 37.0 0.456 0.53 0.61 44,718 14,823 183 146,033 166,620\n Indicated 34,949 105.0 47.5 0.360 0.40 0.47 118,038 53,404 404 306,716 360,996\n Meas+Ind 47,400 106.8 44.8 0.385 0.43 0.50 162,755 68,227 587 452,748 527,616\n Inferred 15,832 87.3 34.6 0.325 0.81 0.89 44,421 17,606 165 282,274 310,251\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n\nPROMONTORIO MINERAL RESOURCE ESTIMATE\nThe mineral resource estimates (“MRE”) have been prepared by Sue Bird, M Sc., P.Eng., Geological and Mining Engineer of by Moose Mountain Technical Services (\"MMTS\") in accordance with NI 43-101 standards (May 9, 2016), CIM Definition Standards (May 19, 2014) with guidance from CIM Best Practice Guidelines (November 29, 2019).\n\nTable 2: 2023 Mineral Resource Estimate for the Promontorio Deposit\n\nCut-Off Grade Sensitivity — Promontorio Pit (AgEq g/t)\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nClass Cut-Off Tonnage AgEq Ag Au Pb Zn AgEq Ag Au Pb Zn\n (AgEq) (kt) (g/t) (g/t) (g/t) (%) (%) (koz) (koz) (koz) (klb) (klb)\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMEASURED\n 15 13,538 104.3 34.5 0.428 0.49 0.57 45,419 15,012 186 147,440 168,631\n 20 13,011 107.9 35.7 0.441 0.51 0.59 45,122 14,934 184 146,864 167,803\n 25 * 12,451 111.7 37.0 0.456 0.53 0.61 44,718 14,823 183 146,033 166,620\n 30 11,903 115.6 38.4 0.470 0.55 0.63 44,233 14,691 180 144,854 164,797\n 40 10,793 123.9 41.3 0.500 0.59 0.68 42,984 14,324 174 141,339 160,851\n 50 9,710 132.7 44.4 0.532 0.64 0.73 41,423 13,848 166 136,790 155,200\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nINDICATED\n 15 32,225 94.3 31.3 0.387 0.44 0.52 97,728 32,439 401 311,172 366,586\n 20 30,993 97.4 32.4 0.399 0.45 0.53 97,033 32,235 398 309,525 364,187\n 25 * 29,664 100.7 33.5 0.412 0.47 0.55 96,072 31,950 393 306,716 360,996\n 30 28,179 104.6 34.8 0.426 0.49 0.57 94,756 31,564 386 302,544 355,970\n 40 24,961 113.6 37.9 0.461 0.53 0.62 91,133 30,447 370 291,656 342,834\n 50 21,907 123.1 41.3 0.497 0.58 0.68 86,721 29,089 350 278,188 326,002\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nMEASURED + INDICATED\n 15 45,763 97.3 32.3 0.399 0.45 0.53 143,147 47,451 587 458,612 535,217\n 20 44,004 100.5 33.3 0.411 0.47 0.55 142,155 47,169 582 456,389 531,990\n 25 * 42,115 104.0 34.5 0.425 0.49 0.57 140,790 46,773 575 452,748 527,616\n 30 40,082 107.9 35.9 0.439 0.51 0.59 138,989 46,256 566 447,397 520,768\n 40 35,754 116.7 38.9 0.473 0.55 0.64 134,117 44,772 543 432,996 503,684\n 50 31,617 126.1 42.2 0.508 0.60 0.69 128,144 42,937 516 414,978 481,202\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\nINFERRED\n 15 16,637 76.8 25.1 0.319 0.38 0.40 41,072 13,415 171 139,011 147,447\n 20 15,433 81.4 26.7 0.335 0.41 0.43 40,401 13,238 166 137,797 145,622\n 25 * 14,575 84.9 27.9 0.348 0.42 0.45 39,782 13,069 163 136,241 143,632\n 30 13,671 88.7 29.2 0.362 0.44 0.47 38,980 12,830 159 133,819 141,052\n 40 11,778 97.3 32.1 0.395 0.49 0.51 36,847 12,152 150 127,493 133,206\n 50 9,980 106.8 35.3 0.432 0.54 0.56 34,256 11,327 139 119,031 123,652\n────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────\n* Base case cut-off grade\n\nNotes to the 2023 Promontorio Resource Table:\n\n1.Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required by NI43-101\n\n2.The base case Mineral Resource has been confined by \"reasonable prospects of eventual economic extraction\" shape using the following assumptions:\n\nMetal prices of US$22/oz Silver, US$1800/oz Gold, US$0.95/lb Lead and US$1.25/lb Zinc. Metallurgical recovery of 74% Silver, 70% Gold, 81% Lead and 88% Zinc\nPayable metal of 95% Silver, 99% Gold in dore 95% Au in Pb concentrate, 95% Lead and 85% Zinc. Lead payable assumes a concentrate grade of 65% Pb and a 3% unit deduction. Zinc payable assumes a concentrate grade of 52% Pb and an 8% unit deduction. Offsite costs (transport, smelter treatment and refining) of US$1.5/oz Silver and gold in the Pb concentrate, US$10 oz Gold, US$ 0.15/lb Lead and US$0.31/ lb Zinc. Lead offsite costs assume 100 $US/dmt transport, 100 $US/ dmt treatment. Zinc offsite costs assume 100 $US/dmt transport, 200 $US/ dmt treatment.\nProcessing, General, and Administrative (“G&A”) costs of US$ 12/ tonne milled. Mining cost of US$2.00 / tonne\n50 degree pit slopes with the 150% price case pit shell is used for the confining shape\n3.The resulting NSR = Ag*US$0.63/g*74% + Au*US$56.71/g*70% + 22.0462*(Pb*US$0.77/lb*81% + Zn*US$ 0.80/lb*88%)\n\n4.The specific gravity of the resource averages 2.79 and is calculated from the Lead and Zinc content. Non-mineralized material is assigned an SG of 2.73\n\n5. Numbers may not add due to rounding.\n\n\n\nAdditional metallurgical test work has allowed for the inclusion of gold in the mineral resources, which has a significant impact on the AgEq grades and relative ounces.The following material changes incorporated into the updated resource estimation contributed to the significant increase in the mineral resource:\n\nThe estimated Measured and Indicated gold resources contained within the mineralized diatreme system total 508,000 ounces with an additional 155,000 ounces Inferred.\nDrilling data includes a total of 45,118 samples from 65,092 meters of drilling. Of the 45,118 samples in the database, 22,658 lie within the wireframes and were used in the resource estimation. Wireframes are three-dimensional closed solids constructed in Vulcan(tm) and based on a combination of logged geology and assay information. These wireframes limit the estimation.\n\nThree-dimensional wireframes were constructed for the modeled domains using Leapfrog 3D(tm) modeling software as well as Vulcan(tm). SRK modeled both the Pit and NE zones independently, and corrected inconsistencies with the Leapfrog solids using Vulcan.\n\nThe average sample length for all samples is 1.44 metres. Samples were composited to 3 m lengths within the breccia, stockwork, and PC zones. For the estimation, SRK used Ordinary Kriging in the densely-drilled areas and Inverse Distance Weighting for the areas with more widely-spaced drilling. SRK applied appropriate block model validation techniques for a resource estimation at this stage of project development.\n\nPit optimization was conducted using Whittle(tm) software and evaluating the block model which was constructed in Vulcan(tm). The purpose of the pit-optimization exercise is to satisfy the conditions of \"reasonable prospects for economic extraction\" as defined in the CIM Guidelines using pit shells based on a very simple \"break-even\" cash flow model. These pits are not representative of detailed mine plans or even the \"best\" pit design for the Project. A cut-off for the mineral resource of 20 g/t and 45 g/t AgEq for open pit and underground potential was used respectively.\n\nMeasured, Indicated and Inferred Mineral Resources are categorized as Measured being where at least 3 drill holes occur within a 25 metres ellipsoid, Indicated being where at least 3 drill holes occur within a 50 metres ellipsoid and Inferred being where at least 2 drill holes occur within a 75 metres ellipsoid. Blocks estimated using Inverse Distance Weighting in the widely-spaced drilling intermediate to the two primary zones are categorized as Inferred.\n\n\n\nPROMONTORIO RESOURCE CALCULATION DETAILS\nThe following tables outline the calculation used by Sue Bird to determine the Promontorio resource estimate.\n\nPromontorio — AgEq Equivalency Factors (2013 vs 2023)\n──────────────────────────────────────────────────────────────────────────────────────────────────\n 2013 2023\nMetal Price Recov Equiv Equiv w/ AgEq Price Recov Equiv Equiv w/ AgEq Change\n (USD) (%) Recovery Factor (USD) (%) Recovery Factor\n──────────────────────────────────────────────────────────────────────────────────────────────────\nAg $31 74 0.738 0.997 0.997 $22 74 0.523 — — —\nAu $1,650 70 37.134 53.049 53.049 $1,800 70 40.510 77.40 1.54 +54%\nPb $0.96 81 17.143 21.164 21.164 $0.95 81 16.965 32.41 1.39 +39%\nZn $0.89 88 17.267 19.621 19.621 $1.25 88 24.251 46.33 1.98 +98%\n──────────────────────────────────────────────────────────────────────────────────────────────────\n\n\nAgEq Formulas\n──────────────────────────────────────────────────────────────────────────────────────────────────\nWith Recovery:\n AgEq = Ag + (Pb × (21.164 / 0.997)) + (Zn × (19.621 / 0.997)) + (Au × (53.049 / 0.997))\n\n2013:\n AgEq = Ag + (Pb × 21.164) + (Zn × 19.621) + (Au × 53.209)\n\n2023:\n AgEq = Ag + (Pb × 21.164) + (Zn × 19.621) + (Au × 53.209)\n──────────────────────────────────────────────────────────────────────────────────────────────────\n\nPromontorio — AgEq Equivalency Factors\n──────────────────────────────────────────────────────────────────────\nMetal NSP Units Recovery Value ($/g) Factor\n──────────────────────────────────────────────────────────────────────\nAg $0.63 US$/g 74% 0.4662 1.00\nAu $56.71 US$/g 70% 39.6970 85.15\nPb $0.77 US$/lb 81% 13.7502 29.49\nZn $0.80 US$/lb 88% 15.5205 33.29\n──────────────────────────────────────────────────────────────────────\n\nAgEq Formula:\n AgEq = Ag + (Au × 85.15) + (Pb × 29.49) + (Zn × 33.29)\n──────────────────────────────────────────────────────────────────────\n\n1. US$22/oz silver\n\n2. US$1800/oz gold\n\n3. US$0.96/lb lead\n\n4. US$0.89/lb zinc\nMETALLURICAL TEST WORK\nG&T Metallurgical Services Ltd, Kamloops, BC, Canada completed preliminary metallurgical programs on drill core composites from the Promontorio property for Kootenay in 2009, 2012 and 2013.\n\nSeveral significant factors were noticed in SRK's review of the metallurgical process work conducted to date. The metallurgical program investigated a standard polymetallic sequential flotation flowsheet that includes:\n\nCrushing;\nGrinding;\nLead Flotation;\nZinc Flotation; and\nPyrite/Arsenopyrite Flotation\nThree rounds of metallurgical testing have been conducted on the Promontorio deposit and two rounds of metallurgical testing have been conducted on the La Negra deposit.\n\nAt Promontorio, overall gold recovery is estimated at 70% and is based on 65% gold recovery into the pyrite flotation concentrate followed by 94% cyanidation gold extraction from the pyrite concentrate after pressure oxidation, plus an average 9% gold recovery into the lead flotation concentrate. Economic Analysis in later sections assumes Lead and Zinc concentrate grades of 65% and 52% respectively. These are industry standard values in the range of the locked cycle test results.\n\nGEOLOGY & MINERALIZATION\nThe claims lie on the western margin of the Sierra Madre Occidental rhyolite volcanic province, and occur in a wide NNW-trending zone of late-Tertiary (Neogene) extension. The listric normal faults have dissected and tilted the Tertiary rhyolite sequence and exposed a wide range of older rock types as inliers.\n\nGeologic units in the immediate vicinity of the Promontorio prospect include basement rocks of Late Triassic, Late Cretaceous and Lower Tertiary age overlain unconformably by Late Tertiary volcanics and conglomerates. The basement rocks underlie the northern part of the Promontorio area and the Late Tertiary cover units, the southern part. The Project lies very proximal to the transition between the basement and the cover units. It is entirely hosted in the basement rocks. The regional distribution of the basement and cover is suggestive of a general southerly tilting to the area where the older rocks are exposed to the north.\n\nThe mineralization at Promontorio is recognized as being hosted in a diatreme breccia complex measuring roughly 3.5 by 1.8 km in size. This is an important geologic concept, as diatreme complexes have exploration potential and are known to host deposits of precious and base metals. Mineralization is centered on multi-stage breccias and peripheral stockwork zones within the diatreme complex. Drilling has concentrated on two areas of the diatreme complex that make up the current mineral resources, referred to as the Pit and NE zones.\n\nThe Pit and NE resource zones are locally open along strike and at depth and represent potential areas for resource expansion. The Pit and NE zones are the only two areas of known mineralized breccia or stockwork to be extensively drilled. Distal from these areas, there are several other areas of mineralized breccia or stockwork with limited or no drilling or are being currently drill tested that have similar geochemical or geophysical characteristics as the known mineralization of the Pit and NE zones.\n\nMineralized breccias and surrounding stockworks are further delineated by broader alteration and geochemical zones showing geochemical signatures such as strong sodium depletion and sulfur enrichment which are volumetrically larger than the mineralization and coincident with it. These geochemical signatures are currently being applied to assist in the delineation of additional mineralization in some of the satellite exploration targets.","La Negra Silver Project:\n\nPROJECT HIGHLIGHTS\nAccording to the madien resource estimate (November 2023) La Negra contains 5.26 million tonnes of 21.97 million AgEq ounces at 129.3 g/t Ag Eq in the indicated category and 1.25 million tonnes of 4.6 million AgEq ounces at 114.6 g/t AgEq in the inferred category.\nThe La Negra silver discovery was made in the fall of 2014 and is one of several new prospects recently identified within a 25 x 15 km mineralized corridor, referred to as the 'Promontorio Mineral Belt, which includes the Promontorio Silver Resource, located 7 kilometres south of La Negra,\nLa Negra was optioned to Pan American Silver Corp., between 2016 to June 2019, during which time Pan American Silver invested US$3.6 million in expenditures on advancing the project.\nTo date, 95 drill holes have been completed by Kootenay and Pan American Silver with most returning high grade, wide spread silver mineralization from surface to a vertical depth of over 300 metres; click the following link to view the comprehensive results of all the drill holes completed to date: La Negra Drill Results\nThe initial 25 drill holes in the discovery program averaged 107 g/t silver in the breccia, with continuous mineralization with widths of up to 200 metres and averaged 150g/t silver in the breccia using a 75 g/t cutoff.\nDrill hole LN 21 has been the best hole to date with 156 g/t silver over 200 metres including the bottom 50 metres with 420 g/t and 6 metres of 1337 g/t silver.\nPotential for an attractive open pit scenario is supported by a prominent hill top formed by mineralization and good silver grades. Mineralization is hosted in a diatreme breccia, which also indicates a depth potential of several hundreds of metres.\nOngoing ground exploration within a 2-3 kilometre radius of the La Negra Breccia has identified two high priority mineralized trends with clear underlying geologic controls. These have been named the 'La Negra silver trend' and 'Vania'. Additional areas of silver and gold mineralization identified apart from these trends are currently being evaluated.\n\nOVERVIEW\nThe La Negra silver discovery is situated only 7 kilometres north of the Promontorio Silver Resource within the Promontorio Mineral Belt, in the state of Sonora, Mexico. The Promontorio Mineral Belt was previously under option to Pan American Silver Corp., between 2016 to June 2019, during which time Pan American Silver invested US$3.6 million in expenditures on advancing the project. To date, Kootenay and Pan American Silver have completed two successful drill programs totaling 95 drill holes over approximately 17,000 meters on the La Negra silver discovery with most drill holes returning significant and consistent intervals of high grade, widespread silver mineralization extending from surface to depth of 300 metres. Drilling has also confirmed the presence of a second breccia zone further to the south, which currently remains open at depth.\n\nLa Negra Resource Estimate\nThe mineral resource estimates (“MRE”) have been prepared by Sue Bird, M Sc., P.Eng., Geological and Mining Engineer of by Moose Mountain Technical Services (\"MMTS\") in accordance with NI 43-101 standards (May 9, 2016), CIM Definition Standards (May 19, 2014) with guidance from CIM Best Practice Guidelines (November 29, 2019).\n\n2023 Resource Statement — La Negra Deposit\nCut-Off Grade Sensitivity (AgEq g/t)\n────────────────────────────────────────────────────────────────────────────────────────\nClass Cut-Off Tonnage AgEq Ag Au AgEq Ag Au\n (AgEq) (kt) (g/t) (g/t) (g/t) (koz) (koz) (koz)\n────────────────────────────────────────────────────────────────────────────────────────\nINDICATED\n 25 7,282 102.5 99.8 0.061 24,000 23,370 14.2\n 30 6,463 112.0 109.2 0.063 23,280 22,690 13.2\n 35 5,821 120.8 117.9 0.065 22,610 22,060 12.2\n 40 * 5,285 129.3 126.3 0.067 21,970 21,450 11.4\n 45 4,821 137.6 134.5 0.069 21,330 20,850 10.7\n 50 4,425 145.7 142.5 0.071 20,730 20,280 10.0\n────────────────────────────────────────────────────────────────────────────────────────\nINFERRED\n 25 1,831 88.8 86.5 0.055 5,230 5,090 3.2\n 30 1,607 97.3 94.9 0.057 5,030 4,900 3.0\n 35 1,415 106.1 103.7 0.059 4,830 4,720 2.7\n 40 * 1,257 114.8 112.2 0.060 4,640 4,540 2.4\n 45 1,111 124.2 121.6 0.061 4,440 4,340 2.2\n 50 993 133.5 130.8 0.061 4,260 4,180 2.0\n────────────────────────────────────────────────────────────────────────────────────────\n* Base case cut-off grade\n\nNotes to the 2023 La Negra Resource Tables:\n\n1 Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines, as required by NI43-101\n\n2.The base case Mineral Resource has been confined by \"reasonable prospects of eventual economic extraction\" shape using the following assumptions:\n\nMetal prices of US$22/oz Silver, US$1800/oz Gold\nRecovery is assumed to be as for dore. Metallurgical recovery of 82% Silver and 77% Gold in the Oxide zone, 85% Silver and 73% Gold in the Mixed zone, and 90% Silver and 31% Gold in the Sulfide zone.\nPayable metal of 99% for Silver and Gold. Offsite costs (transport, smelter treatment and refining) of US$0.25/oz Silver and US$10/oz gold.\nProcessing, General, and Administrative (G&A) costs of US$ 12/ tonne milled.Mining cost of US$2.00/tonne\n50 degree pit slopes with the 150% price case pit shell is used for the confining shape\n\n3.The resulting NSR = Ag*US$0.69/g*Zone Ag Recovery% 0.82 + Au*US$56.97/g*Zone Au Recovery 0.77%\n4.Silver Equivalent (AgEq) = NSR / (US$0.69/g* Ag Recovery% 0.82)\n\n5.The specific gravity is assigned by rock type as 2.52 in Oxides, 2.59 in Mixes and 2.61 in Sulfides\n\n6.Numbers may not add due to rounding.\n\nWORK PREFORMED\nOngoing exploration by Kootenay’s technical team in 2014, resulted in the discovery of La Negra Breccia. Initial exploration on the La Negra prospect included airborne geophysics, petrographic analysis, trenching and surface sampling. These programs validated extensive silver mineralization over a large surface area measuring approximately 100 to 200 metres in width by 500 metres in length. To follow up the initial exploration programs, Kootenay completed a Phase I drill program on La Negra, which returned significant and consistent intervals of high grade, widespread silver mineralization extending from surface to depth, confirming a substantial new silver discovery. In 2015, Kootenay carried out a Phase II drill program that further confirmed the continuity of silver grades and the consistency of silver mineralization to depth within the core of the diatreme breccia. These results further reinforced La Negra's future as a potential low-cost, open pittable silver resource, which ultimately led to Pan America Silver's interest in the project.\n\nPan American Silver began managing the exploration program in April 2016 and commenced re-logging drill core, geological mapping and re-interpretation, and completed 62 km of magnetic ground surveys. A 3,500-meter drilling program was initiated by Pan American Silver in July 2016, (with the objective of infilling the Kootenay drilling) with coverage to 50 meter centres and testing the along-strike and down dip extents, as well as following up on geophysical and geological anomalies located elsewhere within the Promontorio concessions. Following the drilling by Pan American Silver, it was reported that a series of deeper infill drill holes from the first 12 holes of the 2016 program confirmed high-grade results from previous drilling conducted by Kootenay on La Negra (See Kootenay News release October 25, 2016). Drill results also confirmed the presence of a second breccia zone further to the south, which currently remains open at depth. Based on these successes, Pan American Silver extended the 2016 drill program by approximately 2,000 meters, which was also successful in intercepting consistent high-grade silver mineralization at depth (See Kootenay News release February 15, 2017).\n\nIn June 2019, after investing US$3.6 million in expenditures on advancing the project, Pan American Silver relinquished its right to earn a 75% interest in the Promontorio Mineral Belt. Subsequent to the return of the project, Kootenay has received and collated data of work performed by Pan American to update La Negra's digital data room in response to requests from other interested parties to review its technical information.\n\n.\n\nMETALLURGICAL INFORMATION\n43-101 Metallurgical Indications: At La Negra, the recoveries shown in the following table have been used for the resource estimate. These are based on the average results for each oxidation type tested in the 2018 test program.\n\nTable 1-4: Metallurgical Recovery Assumptions — La Negra\n──────────────────────────────────────────────────────\nMaterial Type Au Recovery Ag Recovery\n──────────────────────────────────────────────────────\nOxide 77% 82%\nMix 73% 85%\nSulfide 31% 90%\n──────────────────────────────────────────────────────\n\nResults from preliminary metallurgical testing of La Negra show potential for high silver recoveries by both leach extraction and flotation methods. Silver extraction in seven bottle roll tests (leach tests) ranged from 71 to 90%. Silver extraction in three rougher flotation tests ranged from 85 to 98%. Importantly, silver extraction by leaching was not influenced by sulphide sulphur content, and a sample of material from 100 to 200 metres below surface had 89% extraction in a bottle roll test. High silver recoveries by leaching, including in sulphide material, indicate potential for silver to be recovered on site in a dore, substantially reducing costs and discounts associated with a sulphide concentrate produced by flotation.\n\nMetallurgical test work was completed by Kappes Cassiday and Associates of Reno, Nevada, under the direction of Hans Smit, P.Geo, a Qualified Person as defined by NI 43-101. Seven samples were created for testing comprised of material from 9 or 10 sub-samples of drill core rejects from across the area drilled and grouped by specific vertical depth and grade ranges. Bottle roll leach tests were conducted on a 1,000 gram portion of each sample that was ring and puck pulverized to a target size of 80% passing 0.075 millimetres. Tests were run for a total of 96 hours, but in most tests the majority of the silver was recovered in the first 2 to 4 hours. Cyanide and lime inputs were not optimized."] - **Leadership:** Officers & Directors James M. McDonald, PGeo President, CEO & Director Mr. McDonald has more than 30 years of combined technical and financial experience in mining sector. He co-founded and successfully developed National Gold (which merged with Alamos Minerals) to form Alamos Gold for which he was a Director and served on numerous committees until June 2012. Mr. McDonald also served as President of Genco Resources which operated the La Guitarra Silver Mine located in Mexico. Mr. McDonald is a founder of Kootenay Silver Inc. and a co-founder and former director of Northern Vertex Mining Corp. Ken Berry, B.Comm Chairman Mr. Berry has over 30 years of experience in finance and venture capital markets. He began his career in the Canadian brokerage industry as an investment advisor before moving on to found various publicly traded companies. His roles have included senior management positions and directorships responsible in areas of finance, business development, strategic planning and corporate restructuring. Mr. Berry is a founder of Kootenay Silver and was the co-founder, CEO and Director/Chairman of Northern Vertex Mining Corp. Prior to his career in the capital markets, Mr. Berry enjoyed a professional hockey career and was a participant in the 1980 and 1988 Winter Olympics. Rajwant Kang, CPA. CMA Chief Financial Officer & Corporate Secretary Mr. Kang has over 25 years of financial experience and has held various senior financial positions within public and private companies including, Salares Lithium, Gryphon Gold, Star Shipping and Steppe Gold. He brings a extensive knowledge of finance, regulatory, accounting and public markets. Mr. Kang holds a CPA, CMA designation obtained in Canada and an HND in Business and Finance, obtained in the UK. Dale Brittliffe, BSc, PGeo Vice President of Exploration Mr Brittliffe is a professional geologist with 25 years of mineral exploration experience, working on projects in Australia, Canada, Mexico, USA and Brazil. Mr. Brittliffe has particular expertise in identifying and upgrading early stage projects and boasts a solid track record of successful stakeholder negotiations resulting in amicable and productive land access agreements. Based in Vancouver,B.C., Mr. Brittliffe has 10 years of experience managing exploration projects in northern Mexico for junior exploration companies Kootenay Silver, Astral Mining and Orex Minerals Inc. and Silver Viper Minerals Corp. He holds a Bachelor of Applied Geology degree from Curtin University of Western Australia and a Bachelor of Science (Environmental) degree from the University of Western Australia and is a member in good standing of Engineers & Geoscientists British Columbia (EGBC). Dr. Tom Richards, BSc, PhD Vice President of Exploration Emeritus An accomplished author and co-author of numerous publications involved in the science of Geology through central British Columbia. Dr Richards was a Research Scientist with the Geological Survey of Canada during the 1970's doing regional mapping in British Columbia. He conducted regional exploration in Canada, United States and Mexico to the early 1990's as an independent geologist/prospector with Junior and Major mining companies (including Teck, Inco, Esso, Newmont, Falconbridge and Union Carbide) and throughout NW Argentina until 2007. He has been involved with Kootenay Gold in Mexico from 2007 to present. Tony Reda Director Mr. Reda was fomerly Vice President of Corporate Development of Kaminak Gold Corporation which was acquired by Gold Corp in 2016. Mr. Reda was instrumental in Kaminak's growth from a startup prospect generator to a resource development company with a +5 million ounce gold resource which was acquired by Gold Corp. for approximately $520 million. During his tenure, he was pivotal in orchestrating capital raises totaling over $145 million, forming strategic alliances and joint venture agreements, and creating Kivalliq Energy Corp., a publicly traded uranium company spun out of Kaminak. Joseph Giuffre Director Mr. Giuffre has been a director of various public and private companies over the course of his 30-year career. He was previously the Chief Legal Officer of Nevsun Resources Ltd., which was acquired in 2019 for ~C$1.8 billion by Zijin Mining. He is also director, trustee, and a founder of some of the Avenue Living Group of Companies that manages over $3 billion in assets in multifamily, agriculture, commercial and self-storage real estate assets in Western Canada and the United States. He holds Bachelor of Laws (LLB) from the University of Alberta, Bachelor of Arts (Econ) from the University of Calgary and holds an ICD.D designation from the Institute of Corporate Directors. Ron Miller, CPA, CA Mr. Miller has over 30 years of experience in public practice and industry and has provided assurance, accounting and advisory services to a long list of private and public-sector organizations. Formerly, Partner & National Leader - Mining Services, Regional Managing Partner with MNP LLP, for over 11 years, he retired in 2022. Mr. Miller is a CPA, CA of British Columbia, Canada. Jeff Sundar Advisor Jeff Sundar has over 24 years of experience in the capital markets and mineral exploration sector. Mr. Sundar has been active in the corporate development, marketing, and financing of TSX.V listed companies. He has held roles in management such as President/CEO, VP, and Director. Jeff was a Director of Northern Empire Resources which was acquired by Coeur Mining for $117 million for the Sterling Gold project in October 2018. He was also a Director and VP of Underworld Resources which discovered the 1.6 million oz White Gold deposit and was acquired by Kinross Gold for $138 million in June 2010. _Verified data last updated: 2026-06-05_ ## Recent filings - 2026-05-25 — financials — [KTN:CA_2026-05-25_16-16-58.pdf](https://chat.orbiton.app/ktn/preview/52434?documentId=52434) - 2026-05-25 — financials — [KTN:CA_2026-05-25_16-16-27.pdf](https://chat.orbiton.app/ktn/preview/52435?documentId=52435) - 2026-05-21 — press_release — [KTN:CA_2026-05-21_17-54-52.pdf](https://chat.orbiton.app/ktn/preview/51753?documentId=51753) - 2026-04-30 — financials — [KTN:CA_2026-04-29_21-31-56.pdf](https://chat.orbiton.app/ktn/preview/35563?documentId=35563) - 2026-04-30 — annual_report — [KTN:CA_2026-04-29_21-31-25.pdf](https://chat.orbiton.app/ktn/preview/35564?documentId=35564) - 2026-04-30 — mda — [KTN:CA_2026-04-29_21-29-54.pdf](https://chat.orbiton.app/ktn/preview/35560?documentId=35560) - 2026-04-30 — financials — [KTN:CA_2026-04-29_21-29-53.pdf](https://chat.orbiton.app/ktn/preview/35561?documentId=35561) - 2026-04-30 — financials — [KTN:CA_2026-04-29_21-27-53.pdf](https://chat.orbiton.app/ktn/preview/35562?documentId=35562) ## Investor FAQ ### [Latest News?](https://chat.orbiton.app/ktn/faq/latest-news) Not disclosed in available filings. ### [Projects Overview](https://chat.orbiton.app/ktn/faq/projects-overview) Kootenay Silver has several key projects including the Promontorio Silver Resource, which hosts 42.115 million tonnes containing 140.79 million ounces of silver equivalent, and the La Cigarra Silver Project, which has a current mineral estimate of 51.57 million ounces of silver in the Measured & Indicated categories. The Columba Silver Project is also notable, with a maiden resource estimate expected in 2025, highlighting its potential for high-grade silver mineralization. ## Live AI chat - https://chat.orbiton.app/ktn/chat - Investor website: https://kootenaysilver.com/