EX-95.1 7 sodi_ex961.htm CERTIFICATION

EXHIBIT 96.1

S-K 1300 Technical Report Summary

Florida Canyon Zinc Project

Amazonas Department, Peru

Prepared for:

Solitario Zinc Corp

4251 Kipling Street Suite 390

Wheat Ridge, CO 80033

Effective Date: February 1, 2021

Report Date: March 15, 2022

Prepared by:

200 Union Boulevard, Suite 440

Lakewood, CO 80228

Qualified Persons:

Donald E. Hulse, P.E., SME-RM

Sarah Milne, P.E., SME-RM

Additional Authors:

Christopher Emanuel, SME-RM

Company Name | i
Project Name | S-K 1300 Technical Report Summary

Table of Contents

1 |  |  |  | Executive Summary |  |  | 1 |
| 1.1 |  |  | Property Summary and Ownership |  |  | 1 |
| 1.2 |  |  | Mineral Resource Statement |  |  | 1 |
1.2.1 |  |  | Mineral Resource Classification |  |  | 2 |
1.2.2 |  |  | Audit of Final Mineral Resource Estimate |  |  | 3 |
1.2.3 |  |  | Mineral Resource Tabulation |  |  | 3 |
| 1.3 |  |  | Geology and Mineralization |  |  | 4 |
| 1.4 |  |  | Exploration Status |  |  | 4 |
| 1.5 |  |  | Metallurgy and Mineral Processing |  |  | 5 |
1.5.1 |  |  | Recovery Methods |  |  | 5 |
| 1.6 |  |  | Mine Design, Optimization and Scheduling |  |  | 5 |
| 1.7 |  |  | Project Infrastructure |  |  | 5 |
| 1.8 |  |  | Material Development & Operations |  |  | 6 |
| 1.9 |  |  | Environment & Permitting |  |  | 6 |
| 1.10 |  |  | Capital Costs, Operating Costs and Financial Analysis |  |  | 6 |
| 1.11 |  |  | Conclusions |  |  | 7 |
| 1.12 |  |  | Recommendations |  |  | 7 |
1.12.1 |  |  | Metallurgy |  |  | 7 |
1.12.2 |  |  | Resource Conversion Drilling |  |  | 8 |
1.12.3 |  |  | Resource Expansion Drilling |  |  | 8 |
2 |  |  |  | Introduction |  |  | 10 |
| 2.1 |  |  | Terms of Reference and Purpose of the Report |  |  | 10 |
| 2.2 |  |  | Source of Data and Information |  |  | 10 |
| 2.3 |  |  | Details of Inspection |  |  | 10 |
| 2.4 |  |  | Previous Reports on Project |  |  | 11 |
3 |  |  |  | Property Description and Location |  |  | 12 |
| 3.1 |  |  | Location |  |  | 12 |
| 3.2 |  |  | Mineral Titles, Claims, Rights, Leases and Options |  |  | 14 |
3.2.1 |  |  | Mineral Rights in Peru |  |  | 14 |
3.2.2 |  |  | Mineral Titles |  |  | 15 |
3.2.3 |  |  | Nature and Extent of Issuer’s Interest |  |  | 18 |
| 3.3 |  |  | Sufficiency of Surface Rights |  |  | 18 |
| 3.4 |  |  | Environmental Impacts and Permitting |  |  | 18 |
| 3.5 |  |  | Other Significant Factors and Risks |  |  | 19 |
| 3.6 |  |  | Royalties, Taxes, and Agreements |  |  | 19 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

3.6.1 |  |  | Property Agreements |  |  | 20 |
4 |  |  |  | Accessibility, Climate, Local Resources, Infrastructure and Physiography |  |  | 22 |
| 4.1 |  |  | Topography, Elevation, and Vegetation |  |  | 22 |
| 4.2 |  |  | Accessibility and Transportation to the Property |  |  | 22 |
| 4.3 |  |  | Climate and Length of Operating Season |  |  | 23 |
| 4.4 |  |  | Infrastructure Availability and Sources |  |  | 23 |
4.4.1 |  |  | Existing Infrastructure |  |  | 23 |
4.4.2 |  |  | Proximity to Population Center |  |  | 25 |
4.4.3 |  |  | Power |  |  | 25 |
4.4.4 |  |  | Water |  |  | 25 |
4.4.5 |  |  | Personnel |  |  | 26 |
5 |  |  |  | History |  |  | 27 |
| 5.1 |  |  | Previous Operations |  |  | 27 |
| 5.2 |  |  | Historical Exploration & Development Results |  |  | 27 |
| 5.3 |  |  | Recent Work |  |  | 28 |
| 5.4 |  |  | Historical Mineral Resource Estimates |  |  | 29 |
| 5.5 |  |  | Historical Production |  |  | 29 |
6 |  |  |  | Geological Setting, Mineralization and Deposit |  |  | 30 |
| 6.1 |  |  | Regional Geology |  |  | 30 |
| 6.2 |  |  | Local Geology |  |  | 35 |
6.2.1 |  |  | Lithography & Stratigraphy |  |  | 35 |
6.2.2 |  |  | Structure |  |  | 36 |
6.2.3 |  |  | Alteration |  |  | 37 |
6.2.4 |  |  | Mineralization |  |  | 38 |
| 6.3 |  |  | Property Geology |  |  | 38 |
| 6.4 |  |  | Significant Mineralized Zone |  |  | 40 |
| 6.5 |  |  | Deposit Types |  |  | 41 |
6.5.1 |  |  | Mineral Deposit |  |  | 41 |
7 |  |  |  | Exploration |  |  | 43 |
| 7.1 |  |  | Surveys and Investigations |  |  | 43 |
7.1.1 |  |  | Relevant Exploration Work |  |  | 43 |
7.1.2 |  |  | Significant Results & Interpretation |  |  | 43 |
| 7.2 |  |  | Drilling Exploration |  |  | 50 |
7.2.1 |  |  | Procedures |  |  | 52 |
7.2.2 |  |  | Interpretation & Relevant Results |  |  | 53 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

8 |  |  |  | Sample Preparation, Analysis and Security |  |  | 54 |
| 8.1 |  |  | Sampling Methods |  |  | 54 |
8.1.1 |  |  | Sampling for Geochemical Analysis |  |  | 56 |
8.1.2 |  |  | Sampling for Density Measurement |  |  | 56 |
| 8.2 |  |  | Security Measures |  |  | 59 |
| 8.3 |  |  | Sample Preparation for Analysis |  |  | 59 |
| 8.4 |  |  | QA/QC Procedures |  |  | 61 |
8.4.1 |  |  | Standards |  |  | 63 |
8.4.2 |  |  | Blanks |  |  | 64 |
8.4.3 |  |  | Duplicates |  |  | 65 |
| 8.5 |  |  | Opinion on Adequacy |  |  | 66 |
9 |  |  |  | Data Verification |  |  | 67 |
| 9.1 |  |  | Procedures |  |  | 67 |
| 9.2 |  |  | Opinion on Data Adequacy |  |  | 68 |
10 |  |  |  | Mineral Processing and Metallurgical Testing |  |  | 69 |
| 10.1 |  |  | Metallurgical Test Work, 2010-2014 |  |  | 69 |
11 |  |  |  | Mineral Resource Estimate |  |  | 71 |
| 11.1 |  |  | Geologic Model |  |  | 71 |
| 11.2 |  |  | Exploratory Data Analysis |  |  | 73 |
| 11.3 |  |  | Domains for Resource Estimation |  |  | 77 |
| 11.4 |  |  | Capping and Compositing |  |  | 77 |
| 11.5 |  |  | Geostatistics |  |  | 79 |
| 11.6 |  |  | Block Model Parameters |  |  | 80 |
| 11.7 |  |  | Block Grade Estimation Methodology |  |  | 81 |
| 11.8 |  |  | Resource Classification |  |  | 81 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

| 11.9 |  |  | Cutoff Grade |  |  | 82 |
| 11.10 |  |  | Development of Economic Shells for Reporting |  |  | 83 |
| 11.11 |  |  | Specific Gravity/Density |  |  | 85 |
| 11.12 |  |  | Validation of Resource Estimate |  |  | 85 |
| 11.13 |  |  | Audit of Final Mineral Resource Estimate. |  |  | 86 |
| 11.14 |  |  | Mineral Resource Tabulation |  |  | 87 |
12 |  |  |  | Mineral Reserve Estimate |  |  | 89 |
13 |  |  |  | Mining Methods |  |  | 90 |
14 |  |  |  | Processing and Recovery Methods |  |  | 91 |
15 |  |  |  | Project Infrastructure |  |  | 92 |
16 |  |  |  | Market Studies |  |  | 93 |
| 16.1 |  |  | Contracts and Status |  |  | 93 |
17 |  |  |  | Environmental Studies, Permitting and Social or Community Impact |  |  | 94 |
| 17.1 |  |  | Required Permits and Status |  |  | 94 |
17.1.1 |  |  | Required Exploration Permits and Status |  |  | 94 |
17.1.2 |  |  | Required Mining Permits |  |  | 97 |
| 17.2 |  |  | Environmental Monitoring Results |  |  | 97 |
| 17.3 |  |  | Groundwater |  |  | 99 |
| 17.4 |  |  | Environmental Issues |  |  | 99 |
| 17.5 |  |  | Mine Closure |  |  | 100 |
17.5.1 |  |  | Post Mining Land Use |  |  | 100 |
17.5.2 |  |  | Portals and Vents |  |  | 100 |
17.5.3 |  |  | Buildings and Infrastructure |  |  | 100 |
17.5.4 |  |  | Roads and Miscellaneous Disturbance |  |  | 101 |
17.5.5 |  |  | Tailings Facility |  |  | 101 |
| 17.6 |  |  | Post Closure Plans |  |  | 102 |
| 17.7 |  |  | Reclamation and Closure Cost Estimate |  |  | 102 |
| 17.8 |  |  | Post-Performance or Reclamations Bonds |  |  | 102 |
| 17.9 |  |  | Social and Community |  |  | 103 |
18 |  |  |  | Capital and Operating Costs |  |  | 105 |
19 |  |  |  | Economic Analysis |  |  | 106 |
20 |  |  |  | Adjacent Properties |  |  | 107 |
21 |  |  |  | Other Relevant Data and Information |  |  | 108 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

| 21.1 |  |  | Mining Methods |  |  | 108 |
21.1.1 |  |  | Proposed Mining Methods |  |  | 108 |
21.1.2 |  |  | Optimization Parameters |  |  | 109 |
21.1.3 |  |  | Development Layout |  |  | 111 |
21.1.4 |  |  | Waste |  |  | 112 |
21.1.5 |  |  | Mine Production |  |  | 113 |
| 21.2 |  |  | Processing and Recovery Methods |  |  | 113 |
21.2.1 |  |  | Processing Projections and Methods |  |  | 113 |
21.2.2 |  |  | Consumables Requirement |  |  | 113 |
| 21.3 |  |  | Project Infrastructure |  |  | 115 |
21.3.1 |  |  | Infrastructure and Logistics Requirements |  |  | 115 |
21.3.2 |  |  | Project Logistics |  |  | 120 |
21.3.3 |  |  | Tailings Management |  |  | 121 |
| 21.4 |  |  | Capital and Operating Costs |  |  | 121 |
21.4.1 |  |  | Capital Cost Estimates |  |  | 121 |
21.4.2 |  |  | Operating Cost Estimates |  |  | 125 |
| 21.5 |  |  | Economic Analysis |  |  | 126 |
21.5.1 |  |  | External Factors |  |  | 126 |
21.5.2 |  |  | Main Assumptions |  |  | 127 |
21.5.3 |  |  | Taxes, Royalties and Other Interests |  |  | 129 |
21.5.4 |  |  | Results |  |  | 129 |
22 |  |  |  | Interpretation and Conclusions |  |  | 134 |
| 22.1 |  |  | Results & Comments |  |  | 134 |
| 22.2 |  |  | Significant Risks & Uncertainties |  |  | 134 |
23 |  |  |  | Recommendations |  |  | 135 |
| 23.1 |  |  | General Recommendations |  |  | 135 |
23.1.1 |  |  | Metallurgy |  |  | 135 |
23.1.2 |  |  | Drilling |  |  | 136 |
23.1.3 |  |  | Resource Conversion Drilling |  |  | 136 |
23.1.4 |  |  | Resource Expansion Drilling |  |  | 137 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

24 |  |  |  | References |  |  | 139 |
25 |  |  |  | Reliance on Information Provided by Registrant |  |  | 140 |
26 |  |  |  | Glossary |  |  | 141 |
| 26.1 |  |  | Mineral Resources |  |  | 141 |
| 26.2 |  |  | Mineral Reserves |  |  | 141 |
| 26.3 |  |  | Glossary |  |  | 143 |
| 26.4 |  |  | Definition of Terms |  |  | 144 |
27 |  |  |  | Appendix A: Drill Hole Collars |  |  | 147 |
28 |  |  |  | Appendix B: QA/QC 2019 Laboratory Results |  |  | 161 |
| 28.1 |  |  | Coarse Blank Results – ALS Laboratory |  |  | 161 |
| 28.2 |  |  | Duplicate Results – ALS Laboratory |  |  | 165 |
| 28.3 |  |  | Standards Results – ALS Laboratory |  |  | 177 |
| 28.4 |  |  | External Check Results – Cert vs ALS Laboratory |  |  | 189 |
29 |  |  |  | Appexdix C: Sample Cumulative Frequency Plots |  |  | 192 |
30 |  |  |  | Appendix D: Cap-Composite Cum. Frequency Plots |  |  | 194 |
31 |  |  |  | Appendix E: Mineral Resource |  |  | 198 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

List of Tables

Table 1‑1 Mineral Resource Summary |  |  | 3 |
Table 1‑2 Total Mineral Resource |  |  | 3 |
Table 1‑3: Florida Canyon Mine Production Assumptions |  |  | 6 |
Table 1‑4 Planned work program for 2021-2022 |  |  | 9 |
Table 3‑1 List of Minera Bongará Mineral Concessions |  |  | 16 |
Table 3‑2 Marginal royalty rates for various operating margins |  |  | 20 |
Table 5‑1 Campaign Summary - Florida Canyon |  |  | 29 |
Table 7‑1 Summary of Total Surface Samples |  |  | 46 |
Table 7‑2 Drilling Summary in Florida Canyon |  |  | 50 |
Table 7‑3 Downhole Survey Data Point Spacing |  |  | 52 |
Table 8‑1 Total number of Density Samples taken per year |  |  | 57 |
Table 8‑2 Analytical Codes and Methods |  |  | 59 |
Table 8‑3 Analyzed Elements and Method Detection Limits |  |  | 61 |
Table 8‑4 QA/QC Insertion of Samples 2018-2019 Campaign |  |  | 63 |
Table 8‑5 QA/QC Standard Bias % Results 2018-2019 Campaign |  |  | 63 |
Table 8‑6 QA/QC Blanks Results 2018-2019 Campaign |  |  | 64 |
Table 8‑7 QA/QC Duplicates Results 2018-2019 Campaign |  |  | 65 |
Table 10‑1 Metallurgical Tests – Selected Results |  |  | 70 |
Table 10‑2 Florida Canyon Metal Recoveries by Material Type |  |  | 70 |
Table 11‑1 Deposit Stratigraphy |  |  | 72 |
Table 11‑2 Description of Zone Codes for Statistics |  |  | 74 |
Table 11‑3 Summary Statistics for Zinc by Zone (after Nexa) |  |  | 75 |
Table 11‑4 Average Metal Grades by Area |  |  | 76 |
Table 11‑5 Outlier Capping Values by Area (after Nexa) |  |  | 78 |
Table 11‑6 Selected Variogram Parameters (after Nexa) |  |  | 80 |
Table 11‑7 Block Model Parameters |  |  | 80 |
Table 11‑8 Deswik Stope Parameters |  |  | 84 |
Table 11‑9 Long term metal prices |  |  | 84 |
Table 11‑10 Mineral Resource Summary |  |  | 87 |
Table 11‑11 Florida Canyon Total Mineral Resources |  |  | 87 |
Table 17‑1: Environmental Monitoring During Mining Exploration |  |  | 98 |
Table 21‑1: Proposed Stope Dimensions |  |  | 109 |
Table 21‑2: Expected Processing Recoveries |  |  | 109 |
Table 21‑3: NSR Calculation Parameters for Stope Optimization |  |  | 109 |
Table 21‑4: Operating Costs Used for Determining Potential Mining Shapes |  |  | 110 |
Table 21‑5: Stope Optimization Parameters for Base Case Analysis |  |  | 110 |
Table 21‑6: Mine Plan Resource Average Process Recovery |  |  | 111 |
Table 21‑7: Development Design Assumptions |  |  | 111 |
Table 21‑15: Florida Canyon Capital Estimate Summary |  |  | 122 |
Table 21‑18: Florida Canyon Operating Costs Summary |  |  | 125 |
Table 21‑19: Florida Canyon Price Assumptions |  |  | 127 |
Table 21‑20: Florida Canyon Net Smelter Return Terms |  |  | 127 |
Table 21‑21: Florida Canyon Product Logistics Cost |  |  | 127 |
Table 21‑22: Florida Canyon Mine Production Assumptions |  |  | 128 |
Table 21‑23: Florida Canyon Mill Production Assumptions |  |  | 128 |
Table 21‑24: Florida Canyon Royalty Rates |  |  | 129 |
Table 21‑25: Florida Canyon Indicative Operating Costs (Dry Basis) |  |  | 130 |
Table 21‑26: Florida Canyon LoM Annual Production and Revenues |  |  | 132 |
Table 21‑27: Florida Canyon Cash Costs |  |  | 133 |
Table 23‑1 Planned work program for 2021-2022 |  |  | 138 |
Table 26‑1 Glossary |  |  | 143 |
Table 26‑2 Abbreviations |  |  | 144 |

Gustavson Associates, LLC | 15 March 2022

Company Name |
Project Name | S-K 1300 Technical Report Summary

List of Figures

Figure 3‑1 Project Location Map |  |  | 13 |
Figure 3‑2 Map of Mineral Claims and Mineral Occurrences |  |  | 17 |
Figure 3‑3 Access road to the Florida Canyon Project (in construction) |  |  | 21 |
Figure 4‑1 Photograph of the Florida Canyon Project Area |  |  | 22 |
Figure 4‑2 Drill Support Camp |  |  | 24 |
Figure 4‑3 Shipsabamba Project Camp |  |  | 24 |
Figure 6‑1 Regional Geologic Map |  |  | 32 |
Figure 6‑2 Legend of Regional Geology Map |  |  | 34 |
Figure 6‑3 Project Area Stratigraphic Column |  |  | 35 |
Figure 6‑4 Florida Canyon Project Geologic Map |  |  | 39 |
Figure 6‑5 Cross Section of the Project Geologic Model |  |  | 40 |
Figure 6‑6 Mississippi Valley-Type Deposit Schematic Model |  |  | 42 |
Figure 7‑1 Florida Canyon Area Prospect and Geochemistry Map |  |  | 46 |
Figure 7‑2 Regional Geochemical Results |  |  | 48 |
Figure 7‑3 Florida Canyon Area Simplified Geology, Resource and Drillhole Map |  |  | 49 |
Figure 7‑4 Drillhole Location Map |  |  | 51 |
Figure 8‑1 Diamond Core Sampling Process |  |  | 55 |
Figure 8‑2 Density Sample Distribution |  |  | 58 |
Figure 8‑3 ALS Lab - Zn Standards Results |  |  | 64 |
Figure 8‑4 ALS Lab - Zn Blanks Results |  |  | 65 |
Figure 8‑5 ALS Lab - Zn Duplicate Results |  |  | 66 |
Figure 9‑1: Photograph of Project Core Lithology Reference Sample Library |  |  | 67 |
Figure 11‑1 Schematic of Local Stratigraphy |  |  | 72 |
Figure 11‑2 Distribution of Mineralized Bodies |  |  | 73 |
Figure 11‑3 Cumulative Frequency Curve for Zinc (Nexa) |  |  | 74 |
Figure 11‑4 Histogram of Zinc in Mineral Zones |  |  | 76 |
Figure 11‑5 Histogram of Silver in Mineral Zones |  |  | 77 |
Figure 11‑6 Histogram of Lead in Mineral Zones |  |  | 77 |
Figure 11‑7 Example Zinc Variogram for Manto Zones (after Nexa) |  |  | 79 |
Figure 11‑8 Example Zinc Variogram for Feeder Zones (after Nexa) |  |  | 79 |
Figure 11‑9 Distribution of Resource Classes (Source Nexa) |  |  | 82 |
Figure 11‑10 Oxidation state of the mineral zones (Source Nexa) |  |  | 83 |
Figure 11‑11 - Example Deswik Stope Shapes |  |  | 84 |
Figure 11‑12 - Review of Estimates vs. Composites for Zinc in KM6-1 |  |  | 85 |
Figure 11‑13 - Review of Estimates vs. Composites for Silver in KM6-1 |  |  | 86 |
Figure 17‑1 Florida Canyon Expanded Exploration Footprint |  |  | 95 |
Figure 17‑2 Florida Canyon Proposed Exploration |  |  | 96 |
Figure 17‑3 Florida Canyon Long Section |  |  | 96 |
Figure 21‑1: Plan View of Mining Blocks and Development Layout |  |  | 112 |
Figure 21‑2: Florida Canyon Proposed Process Flow Sheet |  |  | 114 |
Figure 21‑3: Florida Canyon Existing and New Road Construction |  |  | 116 |
Figure 21‑4: Florida Canyon Site General Arrangement |  |  | 118 |
Figure 21‑5: Port and Smelter Locations |  |  | 120 |
Figure 23‑1 Future drilling and current and future underground exploration locations |  |  | 137 |
Figure 23‑2 Northwest-Southeast long section of area shown in Figure 23‑1 |  |  | 138 |

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

1 Executive Summary

Gustavson Associates, LLC (Gustavson) was commissioned by Solitario Zinc Corporation (Solitario) to prepare an updated Mineral Resource Estimate for the Florida Canyon project in the Amazonas Department of Peru. The report was filed on May 10, 2021. This Amended Technical Report on Resources has been modified to include additional information from the Preliminary Economic Assessment of the Florida Canyon Project dated in August of 2017. The effective date of this report remains February 1, 2021, and the new publication date will be 27 May 2021. Material from the 2017 report has been summarized and added to sections 15 through 22.

The technical report presents the estimate in accordance with U.S. 17 CFR Part 229.1300 (SK-1300). This report was initially prepared by Gustavson and presented to Solitario on 27 May 2021. Additional mineral resources identified since 2017 have changed the proportions of the ore types from the Mineral Resources identified in the PEA, though the Mineral Resource Estimate increased from the 2017 PEA, the mining and mineral processing parameters are not materially affected or adversely impacted by the updated mineral resource estimate. Gustavson has audited the mining and mineral processing information and we judge that it remains current and applicable to the project. Due to the increase in the mineral resource estimate, additional metallurgical testing is recommended prior to advancing the project.

1.1 Property Summary and Ownership

The Florida Canyon Zinc Project is in the Eastern Cordillera of Peru in the upper Amazon River Basin. It is 680 km north-northeast of Lima and 245 km northeast of Chiclayo, Peru, in the District of Shipasbamba, Bongará Province, Amazonas Department (Figure 4 1). The central coordinates of the Project are approximately 825,248 East and, 9,352,626 North (UTM Zone 17S, Datum WGS 84). Elevation ranges from 1,800 meters to approximately 3,200 meters. The climate is classified as high-altitude tropical jungle and the annual rainfall average exceeds 1 m with up to 2 m in the cloud forest at higher elevations.

The mineral resources at Florida Canyon are located on sixteen contiguous mining concessions covering approximately 12,600 ha (Table 4 1, Figure 4 2). The concession titles are in the name of the Peruvian company Minera Bongará S.A. and are subject of the Minera Bongará joint venture agreement between Solitario and Nexa Resources. All concession titles are current.

Nexa, who acts as Operator of the joint venture companies Minera Bongará and Minera Chambará, entered into a surface rights agreement with the local community of Shipasbamba which controls the surface rights of the portion of the Project affected by planned development. This agreement provides for annual payments and funding for mutually agreed upon social development programs in return for the right to perform exploration work including road building and drilling as described in 4.5.1.

1.2 Mineral Resource Statement

An updated Mineral Resources Estimate for Florida Canyon was completed by Nexa Resources based on a data base available in July of 2020. The database included 545 drill holes with a total drilled length of nearly 137 km. The estimate was audited by Donald E. Hulse of Gustavson Associates LLC with the audit completed on February 1, 2021. Work was completed in Datamine Studio RM, Leapfrog Geo, and Snowden Supervisor.

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Florida Canyon is a Mississippi Valley type deposit, dominated by lead and zinc sulfides. The minerals are disseminated within stratigraphically controlled dolomitization within the Chambara Formation of the late Triassic/early Jurassic. The Florida Canyon deposit has the form of a dome at regional scale. This may be due to a regional anticline. This trend was incorporated into the geological model with the interpretation of 84 mineralized structures. (70 mantos and 14 feeders). The bodies are grouped into four areas, labeled as 1021, Karen Milagros, San Jorge, and Sam.

There are subtle local differences between the bodies, although most behave statistically well with coefficients of variation less than two. Capping was performed area by area based on the shape of the cumulative frequency curve. Composites were nominal 2 meters long with some variability due to the thickness of the zone, with 88% of the composites approximately 2 meters. Variography was completed on each zone with sufficient samples to calculate experimental variograms. If there were insufficient samples the models used were from nearby zones with similar grades and shapes and were classified as inferred resource. In general, the mantos are slightly lower grade that the feeders with longer variogram ranges.

The block model was estimated in Datamine software. The block size was 6x6x3m with a minimum sub-cell of 0.5m in each direction. Grades were estimated by Ordinary Kriging. The search distances were roughly ½ of the variogram range for Pass 1, the full variogram range for Pass 2, and a longer search was used for inferred to fill in between drill holes for the zone. A metallurgical recovery was assigned based on the oxidation state.

Density was calculated as a function of grade using an equation developed by SRK during the 2017 study. This relationship was not changed by Nexa during this study, and Gustavson judges that there was not sufficient additional data to change the equation.

1.2.1 Mineral Resource Classification

Mineral resource classification utilized criteria based on drill spacing and variogram ranges. Measured mineral resource required a spacing of 25x25m with at least 3 composites, indicated mineral resource, 50x50m with 3 composites, and inferred resource estimates required a spacing of 100x100m with at least 2 composites.

Using the estimated grade and recovery, economic stope shapes were developed using a “stope optimizer” tool in Deswik software. The limits for the stopes are summarized in Deswik Stope Parameters Table 14 8. The cutoff grade was established in net smelter return (NSR) for each mining method, Sublevel Stoping, Cut and Fill, and Room and Pillar. Only mineral resources within an economic stope shape were reported.

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

1.2.2 Audit of Final Mineral Resource Estimate

Gustavson audited the Nexa model by examining it in 3-dimensions in the Leapfrog software and by comparing the statistics of the samples in each zone with the modeled grades. Gustavson feels that this is a good representation of the volume of the mineralized material.

The grades reported have an implicit cutoff as part of the stope optimizer analysis in addition to the explicit cutoff applied to the composite data. The stope optimizer tends to select only the best grade where it is sufficiently continuous to allow development of a stope. For the Florida Canyon study, the prices used were very near to the market prices in December of 2020 when the study was finalized. Gustavson compared the statistics of samples within the stope shells with the reported mineral resources with a good correlation.

The mineral resource estimate is tabulated in Table 1‑1. Gustavson judges that the reported Mineral Resource Estimate meets the standard for reporting under SK-1300 (2018).

1.2.3 Mineral Resource Tabulation

The Mineral Resource by zone is shown in Table 1‑1 and the total Mineral Resource is shown in Table 1‑2.

Table 1‑1 Mineral Resource Summary

Zone | Classification | Sum of Tonnes | Zn % | Ag g/t | Pb % | Fe %
Karen Milagros | Measured | 328,254 | 9.07 | 9.77 | 1.34 | 1.53
Indicated | 913,273 | 7.65 | 10.41 | 1.36 | 1.35
Measured + Indicated | 1,241,527 | 8.03 | 10.24 | 1.35 | 1.39
Inferred | 7,072,315 | 8.82 | 10.55 | 1.20 | 1.57
San Jorge | Measured | 478,691 | 12.85 | 19.29 | 1.42 | 3.07
Indicated | 721,429 | 13.61 | 20.52 | 1.25 | 3.35
Measured + Indicated | 1,200,120 | 13.31 | 20.03 | 1.32 | 3.24
Inferred | 3,895,089 | 13.09 | 11.34 | 0.68 | 2.41
1021 | Inferred | 3,291,937 | 6.71 | 13.58 | 1.77 | 2.65
Sam | Inferred | 599,392 | 12.78 | 6.99 | 2.96 | 0.93

Table 1‑2 Total Mineral Resource

Classification | Sum of Tonnes | Zn % | Ag g/t | Pb % | Fe %
Measured | 806,945 | 11.32 | 15.42 | 1.39 | 2.44
Indicated | 1,634,702 | 10.28 | 14.87 | 1.31 | 2.23
Measured + Indicated | 2,441,647 | 10.62 | 15.05 | 1.33 | 2.30
Inferred | 14,858,733 | 9.63 | 11.28 | 1.26 | 2.00

Mineral Resources are not Mineral Reserves and have not been demonstrated to have economic viability. There is no certainty that the Mineral Resource will be converted to Mineral Reserves. The quantity and grade or quality is an estimate and is rounded to reflect the fact that it is an approximation. Quantities may not sum due to rounding.

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1.3 Geology and Mineralization

The Project is located within an extensive belt of Mesozoic carbonate rocks belonging to the Upper Triassic to Lower Jurassic Pucará Group and equivalents. This belt extends through the central and eastern extent of the Peruvian Andes for nearly 1000 km and is the host for many polymetallic and base metal vein and replacement deposits in the Peruvian Mineral Belt.

The Pucará Group is divided into 3 formations: Chambará (base), Aramachay (middle), and Condorsinga (top). The rocks of the Late Triassic-Early Jurassic Pucará Group that host the mineralized bodies were deposited along the coastal basin. The Chambará formation has an approximate thickness between 650 m and 750 m in the project area, and consists of crinoidal packstone, wackestones and rudstones. The bulk of known zinc mineralization is hosted in Chambará 2. The stratigraphy between the distinctive Coquina (CM) and Intact Bivalve (IBM) paleontological marker horizons in Chambará 2 define a sequence of permeable higher energy facies within the Chambará 2 that control much of the especially strong dolomitization within the sequence.

The structure at Florida Canyon is dominated by a N50º-60ºW trending domal anticline (or doubly plunging anticline). This domal anticline is cut on the west by the Sam Fault and to the east by the Tesoro-Florida Fault.

Because most of the work has concentrated further west on the San Jorge, Karen Milagros and Sam Fault areas there is little information on the Tesoro-Florida Fault. At both the Karen-Milagros and San Jorge areas, feeder structures have an important control on the mineralized mantos but also represent a significant portion of the resource as steeply dipping structural fillings and replacement. Pre-mineral karsting also played a role in controlling mineralization along with simple structural filling and passive replacement adjacent to conduits.

The zinc-lead-silver mineralization of the Florida Canyon deposit occurs as sulfides hosted in dolomitized zones of the Chambará 2 Formation. Dolomite paragenesis and later sulfide mineralization are controlled by a combination of porosity, permeability, and structural preparation. Metals occur in sphalerite and lesser galena, which contains silver. Minor mineralization is hosted in limestones, but the bulk of sphalerite and galena is hosted in dolomite.

1.4 Exploration Status

The Florida Canyon Project has identified and delineated mineral resources in the San Jorge, Sam, 1021, and Karen-Milagros areas. An extensive regional reconnaissance exploration program was also conducted over a large area throughout the Mesozoic carbonate belt to the north and south of the Property. Geochemical samples were collected of stream sediments, soils and rocks. During development of the San Jorge adit, Nexa completed geologic mapping and chip sampling of the underground workings.

The drill database includes 545 drillholes, with a total of 136,758.1 m drilled at the Florida Canyon Project (Table 10 1). All holes were diamond drilled, with 447 holes drilled from surface and 98 holes drilled from the San Jorge adit (underground). Drilling procedures meet industry best practice.

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Exploration strategy for MVT deposits at the Florida Canyon project has been strongly influenced by the interpreted favorability of specific units of the stratigraphy of the region. Numerous occurrences of alteration and mineralization occur throughout the Pucara Group, but economic deposits have only been thus far located within the Triassic Chambará formation

1.5 Metallurgy and Mineral Processing

Limited test work undertaken on the sulfide samples from 2010 to 2014 indicated that a conventional polymetallic process flowsheet using standard chemical reagents will produce a marketable-grade zinc concentration (>50% Zn) with a projected recovery of 93% for sulfide only ore.

Historical test work completed was on oxide and mixed samples. The authors believe that the previous test work will need to be increased for the current mineral resource, however, based on the existing work, zinc recoveries are expected to be about 80% for partially oxidized material up to 93% for pure sulfide.

Therefore, a new metallurgical program has been proposed and is recommended for the sulfide samples acquired during the most recent drilling program to advance the project to the PFS level. No economic assessment of the project should be undertaken until this test work is completed.

1.5.1 Recovery Methods

The following material is summarized from the 2017 PEA prepared by SRK.

The Florida Canyon polymetallic zinc-lead-silver deposit can be processed using a conventional flotation plant consisting of three-stage crushing, grinding using ball mill, and differential flotation to produce two final products: a zinc concentrate, and a lead concentrate. Further metallurgical testing is proposed in this study to refine the parameters.

1.6 Mine Design, Optimization and Scheduling

The following material is summarized from the 2017 PEA prepared by SRK.

Depending upon the geometry of the mineralized zones, longhole stoping was selected for steeply dipping zones and mechanized drift-and-fill extraction methods in shallowly dipping mantos. Conventional room and pillar mining on a checkerboard pattern may be applicable to specific zones of the Florida Canyon project and should be considered in future trade-off studies at the prefeasibility level. Cemented paste backfill is planned for mined areas to increase mining recovery and to stabilize mined-out areas.

1.7 Project Infrastructure

The following material is summarized from the 2017 PEA prepared by SRK.

The Florida Canyon deposit is in steep terrain in a remote part of northern Peru with moderate to high rainfall. These geographic and climatic conditions pose challenges to both access and infrastructure development. A small hydroelectric plant is under construction near the site, offering a lower cost alternative to on-site power generation. Water supply for operations appears to be straight forward, with abundant surface water available for mineral processing and camp support. At this time tailings storage has been evaluated as a dry stack facility to maintain geotechnical stability and reduce the area requiring reclamation. Trade-off studies are warranted to optimize moisture content, binding characteristics, and placement and compaction methods during tailings placement.

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1.8 Material Development & Operations

Exploration will continue at Florida Canyon to further expand and upgrade the mineral resources. Relationships with the Shipsabamba community will continue. Small upgrades to infrastructure will proceed pending a decision to move the exploration status to preproduction.

1.9 Environment & Permitting

The Ministry of Environment (MINAM) is the environmental authority in Peru. Its administrative department oversees compliance of environmental regulations for mineral exploration activities. Depending on the level of environmental impacts of a proposed exploration program the proponent will be required to prepare an environmental study to support an operating plan according to the following criteria.

A fully detailed Environmental Impact Study (Estudio de Impacto Ambiental Detallado or EIAD) must be presented for mine construction. The Florida Canyon Project currently works under an approved EIAsd which has been modified four times. A fifth modification of the EIAsd is in preparation which will permit more than 100 additional drill sites and provide for expanded underground exploration previously permitted in earlier modifications. The fifth modification is planned for submission in 2021.

Thirteen authorizations, permits, and licenses will be required for future mining include. Based on the relationship with both the government and the community, there is no reason to expect that these cannot be acquired.

1.10 Capital Costs, Operating Costs and Financial Analysis

The following material is summarized from the 2017 PEA prepared by SRK. The financial results presented here are based on annual inputs from the production schedule prepared by SRK in 2017. All financial data is second quarter 2017 and currency is in U.S. dollars (US$), unless otherwise stated. Florida Canyon does not hold contracts for the provision of its products. Terms and conditions, payables and penalties are based on generic agreements and common practice.

It is currently planned that the project will produce two products, a lead concentrate and a zinc concentrate. It is expected that the concentrates will be sold to Nexa’s Cajamarquilla smelter near Lima.

The pre-production period was estimated to be two years. Mine production is based on an average assumed LoM mine material movement of 2,358 t-ore/d (365 days/yr basis). Table 1‑3 presents the LoM mine assumptions.

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Table 1‑3: Florida Canyon Mine Production Assumptions

Description | Value | Units
Mine Production |  |
Underground Ore | 11,187 | kt
Total Material | 11,187 | kt
Avg. Daily Capacity | 2,358 | t per day
Stripping Ratio | N/A | w:o
RoM Grade |  |
Silver | 11.3 | g/t
Lead | 0.90% | %
Zinc | 8.34% | %
Contained Metal |  |
Silver | 4,068 | koz
Lead | 222,347 | klb
Zinc | 2,057,796 | klb

Source: SRK, 2017

The evaluation of the Florida Canyon Project as of 2017 economics, indicates that the Project has a potential present value of approximately US$198 million, with an Internal Rate of Return (IRR) of 25%, based on an 8% discount rate. The operation will have two years of negative free cash flow, as it has to be constructed in this period. Even with some of the capital spent in the first year of operation, it is projected that this year will have a positive free cash flow. This economic analysis indicates that the investment payback should occur 2.6 years from the start of the commercial production.

1.11 Conclusions

Florida canyon has long been recognized as a significant Mississippi Valley Type mineral resource for zinc. The work performed to complete this study demonstrates that Florida Canyon has sufficient zinc resources, with about 2.4 million tonnes of measured and indicated mineral resource and nearly 15 million tonnes of inferred, to warrant further work. These tonnages are representative of material that is both of sufficient grade, and sufficient continuity to form potential stope shapes, even though mineral resources are not mineral reserves.

A thorough understanding of the resource and the mineralogy will be needed. At least some of the mineralized material is in the form of carbonates or silicates which will require distinct treatment to recover the metal and produce a viable concentrate.

The project is in a remote area with challenging topography which will require upgrading of the local infrastructure for a commercial operation. Successful development and operation will require a strong commitment to the community to maintain the social license.

1.12 Recommendations

Gustavson has reviewed the technical studies completed by Nexa and its predecessor, Votorantim. Some of these studies have been sufficiently detailed to form the basis for feasibility investigations to support a production decision. To attain this level of project design detail, new studies will need to be completed based on current market conditions and mineral resource estimates to provide the foundation for future development. The following recommendations focus on the near-term recommendations for project development.

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1.12.1 Metallurgy

The focus of this report is to update, restate and refine the resource estimation. The newly restated resources define a larger inventory of ore with a different mineralogy than the mineral resource previously used in the PEA. The increased proportion of sulfide ore with less impurities of oxidized zinc and lead minerals provides a significant opportunity, in comparison to the PEA, for lower processing costs, higher recoveries and increased concentrate grades. These more favorable operating parameters should have a significant favorable impact on project economics, particularly combined with the larger global resources base. However, the currently available metallurgical studies are inadequate to support an optimization study of processing options.

Therefore, a redesigned program of metallurgy is recommended, starting with more representative sampling of the ore deposit with variability testing in mind. Future studies by a reputable metallurgical firm should prioritize work on the most abundant and most profitable ore type, sulfide ore. Upon completion of a new metallurgical study and combined with the newly increased resource base, a new economic assessment may be warranted.

1.12.2 Resource Conversion Drilling

Recent drilling was very successful in defining new resources within the previously defined footprint of the deposit. Further additions by discovery of new bodies within the existing resource are probable but the primary emphasis of drilling in the core of the deposit should shift to resource conversion core drilling since the ratio of Measured/Indicated to Inferred resource is low. Mine planning suitable for mineral reserves definition should be supported by a higher proportion of measured and indicated mineral resources.

Underground drilling is recommended because the surface topography is challenging for the development of drill stations and the surface drilling season is short. The relative closeness of individual ore shoots also supports underground drilling, the access for which can be developed even with the steep terrain. It is likely that subsurface drilling will identify new zones that are not feasible to be tested from surface drill sites.

Permits will provide for underground drilling in both the northern and southern parts of the deposit.

1.12.3 Resource Expansion Drilling

Permitting is in progress to test several exploration targets that have been identified on the Minera Bongará Property. There are also surface drill sites that are currently permitted that can be used to test known targets.

A proposed work program is detailed in Table 1‑4.

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Table 1‑4 Planned work program for 2021-2022

Florida Canyon Prefeasibility Technical Work
Task | Description | Quantity | Unit Cost US$ | Est. Budget
Metallurgy |  |  |  |
Sampling | 20 |  | $10,000
Test Work | 20 |  | $250,000
Underground |  |  |  |
North Adit Development | 1000 m | $2,000 | $2,000,000
South Adit Development | 250 m | $2,000 | $500,000
Drilling |  |  |  |
Underground Resource | 15,000 m | $250 | $3,750,000
Surface Resource | 10,000 m | $300 | $3,000,000
Support Cost | Camp, Oversight | - |  | $1,500,000
Total |  |  |  | $11,010,000

** | Assumes Road Access Complete. (Does not include project fixed costs)

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2 Introduction

2.1 Terms of Reference and Purpose of the Report

Gustavson Associates, LLC (Gustavson) was commissioned by Solitario Zinc Corporation, (Solitario) to prepare an updated Technical Report on Mineral Resources for the Florida Canyon Zinc project.

This report was prepared to comply with public reporting obligations for the US Securities Exchange Commission, in 17CFR Part 229.1300 (SK-1300). The mineral resource estimate and interpretations and conclusions reported here are based on technical data available prior to the effective date of this report, February 1, 2021.

2.2 Source of Data and Information

The information, opinions, conclusions, and estimates presented in this report are based on the following:

· | Information and technical data provided by Solitario.
· | Review and assessment of previous investigations.
· | Assumptions, conditions, and qualifications as set forth in the report; and
· | Review and assessment of data, reports, and conclusions from other consulting organizations and previous property owners.

These sources of information are presented throughout this report and in Item 27 – References. The qualified persons are unaware of any material technical data other than that presented by Solitario.

Previous reports were reviewed by Gustavson to determine if the information were suitable to be used in this report and edited where necessary. Except for section 14 there were no material changes.

2.3 Details of Inspection

Due to COVID-19 travel protocols, no site visit to Florida Canyon was possible. It is currently not possible to safely review the underground workings, and no drilling or other surface activities were taking place during the preparation of the report.

The geological logging and data capture procedures were reviewed. Information was recorded on a laptop or tablet using the software DH Logger which was configured to capture data in a controlled manner on rock type, texture, structure, fossil occurrence and mineral content. The sampling methodology was consistent with industry best practice. The laboratory analyses were introduced directly into the Nexa company database by the designated database manager and a data export designed to extract all the drill hole data files relevant to the Florida Canyon project in a secure, and consistent manner.

A review of the sample handling protocols applied by Nexa at Florida Canyon in the collection and transport of samples to the laboratory and the QAQC methodology shows that the standard procedures are thorough and within industry standard practices.

2.4 Previous Reports on Project

This report amends the NI 43-101 Technical Report on Resources Florida Canyon Zinc Project, prepared by Gustavson Associates, LLC Inc. Dated April 5, 2021, Effective Date February 1, 2021. For some chapters, text and figures have been summarized from the 2017 Preliminary Economic Assessment Florida Canyon Zinc Project, Amazonas Department, Peru with Effective Date: July 13, 2017 and Report Date: August 3, 2017. This 2021 Technical Report update does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. Some results and conclusions of the 2017 PEA are still considered current and therefore have been carried over for this Report.

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3 Property Description and Location

3.1 Location

The Florida Canyon Zinc Project is in the Eastern Cordillera of Peru in the upper Amazon River Basin. It is 680 km north-northeast of Lima and 245 km northeast of Chiclayo, Peru, in the District of Shipasbamba, Bongará Province, Amazonas Department (Figure 3‑1). The Project area can be reached from the coastal city of Chiclayo by the paved Carretera Marginal highway. The central point coordinates of the Project are approximately 825,248 East and, 9,352,626 North (UTM Zone 17S, Datum WGS 84). Elevation ranges from 1,800 meters to approximately 3,200 meters. The climate is classified as high-altitude tropical jungle and the annual rainfall average exceeds 1 m with up to 2 m in the cloud forest at higher elevations.

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Figure 3‑1Project Location Map

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3.2 Mineral Titles, Claims, Rights, Leases and Options

3.2.1 Mineral Rights in Peru

Mining in Peru is governed by the General Mining Law, which specifies that all mineral assets belong to the Peruvian State. Mining concessions are granted to individuals or other entities of national or foreign origin and authorize the title holder to perform all minerals-related activities from exploration to exploitation. Once titled, concessions are irrevocable for so long as the fees are paid to the federal government and legal obligations are performed on time. A claim can be granted only in multiples of a cuadrícula, which is a 100-ha plot, up to a maximum size of 1,000 ha. Boundaries of newly granted claims are oriented north-south or east-west. No monumentation of the claim boundary in the field is necessary.

Concessions are real assets and are subject to laws of private property. Foreign entities have the same rights as Peruvians to hold claims except for a zone within 50 km of international borders. Title holders have a right of access and development of minerals, but an access agreement is required with private property surface rights owners and formalized “Communities”. To ratify an agreement with a Community, a majority of all community members must vote in favor of the agreement as written. A recently issued law (as modified) also requires formal consultation with federally recognized indigenous communities in certain areas.

To maintain mining concessions in good standing the owner must:

| · | Pay annual license fees (“derechos de vigencia”), currently USD$3/ha. Fees are reduced for qualified “small miners” who pay USD$1/ha. The small miner is an individual or company owning no more than 2000 ha of mineral rights in Peru. Failure to pay the applicable license fees for any two consecutive years results in the cancellation of mining concessions.
| · | Starting in year 11 after originally acquiring the concession, the owner must either meet minimum production levels or minimum expenditure commitments. If the concession owner does not meet expenditure or production commitments, then the owner must also pay an annual penalty as follows.

| · | Minimum annual production (MAP) must have a value of one UIT (Unidad Impositiva Tributaria), equal to 4,400 Peruvian soles (approximately US$1200 in 2021) per hectare of the property. If the MAP is not achieved, then a penalty must be paid on a sliding scale escalating from 2% to 10% annually of the MAP. If the property is not in production by year 30 then the mineral rights are forfeited.
| · | Minimum annual expenditure is defined as a value of ten times the value of the penalty as defined above.
| · | Failure to pay applicable penalties for two consecutive years results in the cancellation of mining concessions.

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3.2.2 Mineral Titles

The mineral resources at Florida Canyon are located on sixteen contiguous mining concessions covering approximately 12,600 ha (Table 3‑1, Figure 3‑2). The concession titles are in the name of the Peruvian company Minera Bongará S.A. and are subject of the Minera Bongará joint venture agreement between Solitario and Nexa Resources. All concession titles are current.

The Minera Bongará concessions are surrounded by a second group of forty-eight contiguous mining concessions, covering approximately 36,080 ha (Table 3‑1, Figure 3‑2). These concession titles are held in the name of Minera Chambará, a Peruvian company that is party to a separate joint venture agreement between Nexa and Solitario. Of the forty-eight concessions, nine titles are pending.

According to Peruvian law, concessions may be held indefinitely, subject to timely payment of annual fees to the government. At the time of issuance of this study, annual concession payments to the Peru Ministry of Mines were current for the Minera Bongará and Minera Chambará claims. Fees payable in 2021 for the Minera Bongará property will total approximately US $613,000 (Table 3‑1).

Nexa, who acts as Operator of the joint venture companies Minera Bongará and Minera Chambará, entered into a surface rights agreement with the local community of Shipasbamba which controls the surface rights of the portion of the Project affected by planned development. This agreement provides for annual payments and funding for mutually agreed upon social development programs in return for the right to perform exploration work including road building and drilling as described in 3.6.1.

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Table 3‑1 List of Minera Bongará Mineral Concessions

Concession Name | Number | Status | Hectares | Claim Date | 2021 Holding Fees (US$) | District
BONGARA CINCUENTICINCO | 10233396 | Titled | 1,000 | 8/7/1996 | 26,561.64 | FLORIDA/SHIPASBAMBA
BONGARA CINCUENTICUATRO | 10233296 | Titled | 600 | 8/7/1996 | 15,936.99 | FLORIDA/SHIPASBAMBA
BONGARA VEINTISIETE | 10783595 | Titled | 300 | 6/26/1995 | 7,968.49 | SHIPASBAMBA
DEL PIERO UNO | 10338505 | Titled | 1,000 | 11/2/2005 | 26,561.64 | FLORIDA/SHIPASBAMBA
DEL PIERO DOS | 10338405 | Titled | 600 | 11/2/2005 | 13,280.82 | FLORIDA/SHIPASBAMBA
DEL PIERO TRES | 10338605 | Titled | 700 | 11/2/2005 | 15,936.99 | FLORIDA/SHIPASBAMBA
DEL PIERO CUATRO | 10000206 | Titled | 500 | 1/3/2006 | 26,561.64 | FLORIDA/SHIPASBAMBA
DEL PIERO CINCO | 10000306 | Titled | 1,000 | 1/3/2006 | 18,593.15 | SHIPASBAMBA
DEL PIERO SEIS | 10204507 | Titled | 1,000 | 3/23/2007 | 26,561.64 | CAJARURO/FLORIDA
VM 42 | 10190507 | Titled | 1,000 | 3/21/2007 | 26,561.64 | CAJARURO/FLORIDA/ SHIPASBAMBA
VM 74 | 10193707 | Titled | 1,000 | 3/21/2007 | 26,561.64 | SHIPASBAMBA
VM 75 | 10193807 | Titled | 1,000 | 3/21/2007 | 26,561.64 | SHIPASBAMBA
VM 94 | 10045708 | Titled | 900 | 1/28/2008 | 2,700.00 | FLORIDA/SHIPASBAMBA
VM 95 | 10045808 | Titled | 500 | 1/28/2008 | 13,280.82 | FLORIDA
VM 97 | 10046008 | Titled | 1,000 | 1/28/2008 | 26,561.64 | FLORIDA/SHIPASBAMBA
VM 98 | 10046108 | Titled | 500 | 1/28/2008 | 13,280.82 | FLORIDA/SHIPASBAMBA
Total |  |  |  |  | $613,408.00 |

Source: Solitario, 2021

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Figure 3‑2 Map of Mineral Claims and Mineral Occurrences

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3.2.3 Nature and Extent of Issuer’s Interest

Minera Bongará

Minera Bongará S.A. is a Peruvian company formed in 2006 in accordance with the terms of a joint venture agreement between Votorantim Metais-Cajamarquilla S.A. (now Nexa Resources) and Solitario. Nexa is the operating partner of Minera Bongará and is responsible for keeping the property in good standing. Current shareholding ownership of Minera Bongará is 39% Solitario, 61% Nexa. Nexa will earn a 70% interest in Minera Bongará by continuing to solely fund all project expenditures through the completion of a positive feasibility study. Nexa is required to offer a loan facility at market rates for Solitario’s portion of construction capital to build a mine. Solitario will repay the loan through 50% of its project cash flow.

3.3 Sufficiency of Surface Rights

The Project concession package provides legal basis for entry, exploration and mining. However, agreements are required with local surface rights owners prior to surface disturbing activities. Through the exploration period conducted to date, Nexa has signed periodic surface rights agreements with the community of Shipasbamba which controls virtually all land for which Minera Bongará controls mineral rights. Small inliers of private surface rights exist for which agreements with individual landowners are required from time to time. Minera Bongará has sufficient right for surface for the foreseen footprint of the operation.

3.4 Environmental Impacts and Permitting

The Ministry of Environment (MINAM) is the environmental authority in Peru. Its administrative department oversees compliance of environmental regulations for mineral exploration activities. Depending on the level of environmental impacts of a proposed exploration program the proponent will be required to prepare an environmental study to support an operating plan according to the following criteria.

An Environmental Technical Report (Ficha Técnica Ambiental or FTA) is a study prepared for approval of exploration activities with non-significant environmental impacts and the applicant is seeking permission to construct less than 20 drill platforms. The environmental authority has 10 working days to approve or make observations to the FTA.

An Environmental Impact Declaration (Declaración de Impacto Ambiental or DIA) must be presented for Category I level exploration activities which have a maximum of 40 drill platforms or disturbance of surface areas of up to 10 ha. The environmental authority has 45 working days to make observations.

A semi-detailed Environmental Impact Study (Estudio de Impacto Ambiental Semi-Detallado or EIAsd) is required for Category II exploration programs which have between 40–700 drill platforms or a surface disturbance of more than 10 ha. The environmental authority has 96 working days to make observations. The total process including preparation of the study by a registered environmental consulting company can take 6–12 months not including potential baseline studies.

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A fully detailed Environmental Impact Study (Estudio de Impacto Ambiental Detallado or EIAD) must be presented for mine construction. The preparation and authorization of such a study can take as long as two years after preparation of the mine plan has been finalized.

Specific authorizations, permits and licenses required for future mining include, at a minimum:

| · | EIA (as modified during the mine life);
| · | Mine Closure Plan and Final Mine Closure Plan within two years of end of operation;
| · | Certificate of Nonexistence of Archaeological Remains;
| · | Water Use License (groundwater and/or surface water);
| · | Water construction authorization;
| · | Sewage authorization;
| · | Drinking water treatment facility license;
| · | Explosives use license and explosives storage licenses;
| · | Controlled chemicals certificate;
| · | Beneficiation concession;
| · | Mining authorization;
| · | Closure bonding; and
| · | Environmental Management Plan approval.

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The Florida Canyon Project currently works under an approved EIAd which has been modified four times. A fifth modification of the EIAd is in preparation which will permit over 100 additional drill sites and provide for expanded underground exploration previously permitted in earlier modifications. The fifth modification is planned for submission in 2021.

3.5 Other Significant Factors and Risks

There are no known significant factors or risks affecting access, title or right or ability to perform work on the property that are not discussed herein. Common risks of service rights, negotiations and permitting are not expected to be significant.

The project is in a remote area with challenging topography which will require upgrading of the local infrastructure for a commercial operation. Successful development and operation will require a strong commitment to the community to maintain the social license.

3.6 Royalties, Taxes, and Agreements

Peru imposes a net smelter return royalty (NSR) on all precious and base metal production at a rate determined by the Operating Margin of a mining property. Table 3‑2 shows the marginal royalty rate for various operating margins reported by the operator. The minimum rate is 1%.

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Table 3‑2 Marginal royalty rates for various operating margins

Royalty
N° | Operating Margin | Marginal Rate
1 | 0% | 10% | 1.00%
2 | 10% | 15% | 1.75%
3 | 15% | 20% | 2.50%
4 | 20% | 25% | 3.25%
5 | 25% | 30% | 4.00%
6 | 30% | 35% | 4.75%
7 | 35% | 40% | 5.50%
8 | 40% | 45% | 6.25%
9 | 45% | 50% | 7.00%
10 | 50% | 55% | 7.75%
11 | 55% | 60% | 8.50%
12 | 60% | 65% | 9.25%
13 | 65% | 70% | 10.00%
14 | 70% | 75% | 10.75%
15 | 75% | 80% | 11.50%
16 | >80% | 12.00%

Corporate income tax in Peru is charged at a flat rate of 29.5%. However, mining companies must also pay an additional “Special Mining Tax” (SMT) varying from 2 to 8.4% of net operating profit. The tax rate for the SMT is determined by the reported operating profit corresponding to one of 17 published tax brackets.

A Value added Tax of 18% is applied to the purchase prices of goods and services. However, certain geographical economic zones are excluded from the levy of this tax.

Since 2014, mining title holders are required to pay a contribution to the agencies in charge of regulatory oversight of mining activities: OEFA (environment); and OSINERGMIN (health and safety). The amount of the contribution is payable monthly and is calculated based on monthly sales at rates of 0.10% to OEFA and OSINERGMIN.

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3.6.1 Property Agreements

The local community of Shipasbamba is the owner of the surface rights of the Minera Bongará Property. Nexa, the operator of the joint venture company Minera Bongará, entered into a three-year surface rights agreement in 2018 with the community of Shipasbamba. The agreement is in effect until the end of 2021. This agreement provides for annual payments to the community and funding for mutually agreed upon social development programs in return for Minera Bongará’s right to perform exploration work including road building, underground exploration, and drilling. Under this agreement Nexa has obligations in 2021 as follows.

| · | Pay to the community US $80,000
| · | Improve and maintain the existing forty-two-kilometer road from the town of Shipasbamba to the project area and local communities (See Figure 3‑3)
| · | Assist the community by surveying community boundaries
| · | Provide the services of a veterinarian and a professional agronomist to assist community members with community projects.

Figure 3‑3 Access road to the Florida Canyon Project (in construction)

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4 Accessibility, Climate, Local Resources, Infrastructure and Physiography

4.1 Topography, Elevation, and Vegetation

The Project area elevation ranges between 1,800 and 3,200 m, with areas of steep topography consisting of prominent escarpments and deep valleys. Dense jungle or forest vegetation covers most of the area, as shown in Figure 4‑1.

Figure 4‑1 Photograph of the Florida Canyon Project Area

Source: Solitario, 2021

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4.2 Accessibility and Transportation to the Property

Road access to the Bongará province of Amazonas is provided primarily by the Carretera Marginal paved highway connecting the port city of Chiclayo to Pedro Ruiz Gallo, the largest town immediately adjacent to the project property. The road distance from Chiclayo to Pedro Ruiz is approximately 300 km and takes, on average, 6 hours by car. Pedro Ruiz is a regional commerce center with hotels, restaurants, communication, and a population estimated to be 10,000. The immediate Project area is not populated but there are several small villages nearby including the district capital of the Shipasbamba. Important smaller towns near the project are Florida and Nueva Cumba. A graded gravel road is maintained from Pedro Ruiz to Shipasbamba. Nexa is constructing a road that extends from Shipasbamba to local villages and the Project as discussed in 3.6.1 and shown on Figure 3‑3.

4.3 Climate and Length of Operating Season

The climate at the Project is high-altitude tropical jungle. The annual temperature at elevations between 1,000 m and 2,000 m averages around 25°C. Most precipitation occurs during the rainy season, generally from November to April. The annual rainfall average exceeds 1 m with up to 2 m in cloud forest at higher elevations. Although exploration can continue year-round, surface exploration is more difficult during the rainy season when visibility hampers helicopter supported programs and muddy conditions hinder ground travel and field work.

4.4 Infrastructure Availability and Sources

4.4.1 Existing Infrastructure

The Project area has little existing infrastructure with only the access road (under construction), several primitive drill camps (Figure 4‑2) and a number of drill pads. Drill camps provide support for drilling and technical crews, providing temporary housing, food preparation, mess halls, field offices and staging facilities during active drilling.

Surface drilling has been accomplished using helicopter support from Shipasbamba which lies 10 km to the southeast of the resource area. The Project core shed, heliport, sample preparation and sample storage facility are Shipasbamba (Figure 4‑3). Office space and storage is also maintained in Pedro Ruiz.

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Figure 4‑2 Drill Support Camp

Source: Solitario, 2020

Figure 4‑3 Shipsabamba Project Camp

Source: Solitario, 2020

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4.4.2 Proximity to Population Center

No commercial services are currently available at the project site. The small communities of Florida and Nueva Cumba are 1 to 2 km south of the Roso drill camp on the foot trail from Tingo on the Utcubamba River to the Project. The Project Road under construction will connect Shipasbamba with the Roso camp and the villages of Florida and Nueva Cumba.

Shipasbamba is the nearest town to the Project with current road access. A graded gravel Provincial road provides access from Pedro Ruiz on the Carretera Marginal. Scheduled minibuses travel this route and public transportation is also provided by taxis and mototaxis.

Pedro Ruiz is the nearest town with commercial services including retail, hotels, restaurants and maintenance services. The nearest largest cities to Pedro Ruiz with regular air service are Chiclayo, a coastal port city, Jaen, a small city approximately three hours by road and Bagua Grande, two hours from Pedro Ruiz on the Carretera Marginal road.

The small population near the Project is supported by subsistence farming. Saleable crops include coffee, rocoto pepper, yucca, fruit and vegetables. Cedar trees are also harvested and used in local construction.

4.4.3 Power

There is currently no line power near the site. The 2017 Florida Canyon PEA assumed completion of a proposed hydropower generation and transmission development project located in close proximity to the mine (Figure 3‑3). This planned project has now progressed to the detailed engineering phase by Energoret, a Private company with access to a mixture of government and private funding for hydroelectric projects. This Tingo hydroelectric complex near Florida Canyon is planned to be comprised of three separate hydroelectric plants along the Utcubamba River which will generate 400 MW. Power will be distributed to the national power grid by high voltage distribution lines. The closest point to the grid is seven kilometers south of El Roso camp on the Utcubamba River where a substation is planned for power distribution to the Project (Figure 3‑3). Nexa has entered into a Letter of Intent agreement with Energoret committing to use between 5 and 10 MW of available power. Current projections of power needs for a 2500 to 3000 tpd project at Florida Canyon is 7 to 8 MW.

The business arrangement between Energoret and Minera Bongará will be structured so that power rates would include repayment of capital to construct the powerline and substation.

4.4.4 Water

The operation will require water for use for processing, mining, dust suppression and potable consumption. The processing facility will utilize a combination of recycled water generated by dewatering of tailings and stormwater captured on site for the majority of the processing needs. It is anticipated that ground water will be encountered in the mine and captured in sumps for mine water needs. Excess water will be released after residence in settling ponds. The very low pyrite content of the ore and waste and its high buffering capacity strongly suggests that water treatment of mine and other contact water will not be required.

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Any additional water that will be required could be supplied by water well(s) developed on site.

Tesoro Creek, a small local drainage, has been used for domestic water supply by nearby residents. Treated water from this creek may be used for domestic requirements. It will be piped by gravity from the creek to a small treatment plant and a water storage tank.

Permits will be required from the Autoridad Nacional del Agua for industrial use, domestic use and treatment.

4.4.5 Personnel

Many local workers have been employed at the project since its inception and have been trained in specialized tasks relating to minerals exploration. The majority reside in the local villages and in Pedro Ruiz. In addition, untrained labor is readily available from local communities where few formal employment opportunities currently exist. However, Peru is a mature mining country with a mobile workforce and abundant trained labor in specialized mining and industrial fields.

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5 History

5.1 Previous Operations

Prior to the discovery of mineral occurrences by Solitario in 1994, no mineral prospecting had been done on the Property and no concessions had been historically recorded. In 1995 and later, Solitario staked many of the current mineral concessions in the Project area.

In 1996, Cominco Ltd. (Cominco) formed a joint venture partnership (JV) with Solitario. This agreement was subsequently terminated in 2000 and Solitario retained ownership of the property.

In 2006, Solitario formed two JV’s with Nexa as described in Section 3.2.3, for the exploration and possible development of the properties.

5.2 Historical Exploration & Development Results

In 1993 through 1995, Solitario executed a program of pitting and drilling at the previously known Mina Grande and Mina Chica oxide zinc prospects located 18 km northeast of the Project area. Solitario subsequently identified the Crystal prospect nearby and other oxidized zinc occurrences in the general area of the Yambrasbamba community. The geological studies and exploration work at these zinc deposits provided insights into the local stratigraphy and style of mineralization in the area. Comparisons with zinc occurrences elsewhere in Peru lead to the decision to undertake a regional exploration program to identify new occurrences of zinc in potentially more favorable stratigraphy.

The Florida Canyon zinc deposit was located through follow-up of an anomaly generated during a regional geochemical program in 1994.

Following formation of a JV with Solitario, Cominco Ltd., in conjunction with Solitario’s workers, completed various programs of field work at Florida Canyon in 1997 to 2000 including geologic mapping, geophysical surveys, surface soil and rock sampling, and diamond drilling. The scope of these programs is summarized below.

| · | Geologic mapping at 1:1,000 scale covered 352 ha in the Project area. Mapping was conducted within Florida Canyon and its tributaries aided by hand-cut trails and clearing of vegetation-covered outcrops. This early mapping has been more recently validated in subsequent programs.
| · | Mineralized outcrops identified in the Project area were cleaned of soil cover and sampled by chip channels for a total of total of 347 channel samples collected. This sampling consisted of individual samples of lengths of up to 2.0 m at non-regular spacing.
| · | Stream sediment sampling of drainages was completed with consistent 500 m spacing along the gulches.
| · | Soil samples were collected along topographic contour lines spaced vertically 50 m apart but with irregular lateral spacing. Part of this soil sampling followed the crests of hills, especially in the western part of Florida Canyon, mainly to identify mineralized linear structures. A total of 600 samples were collected.
| · | An Induced Polarization (IP) geophysical survey in 3 lines covered 5.2 linear km. Two lines were located along the drainages A and B of the northern part of Florida Canyon with dipole-dipole spacing at 150 m, and a third line with dipole-dipole spacing a = 100 m along the southern sector of the Sam Fault target. Cominco also surveyed 6.5 km of radial lines from holes FC-41 and FC-47, drilled in 1999.
| · | Diamond drilling between 1997 and 2000 totaled 82 holes and 24,781 m.

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Solitario continued field work at a reduced scale until forming the Minera Bongará and Minera Chambará JV’s in 2006 with a subsidiary of the private Brazilian mining company Votorantim Metais (now Nexa). Since that time Nexa increased the total number of exploration drill holes on the property to 545 comprising about 136,000 meters of core and completed about 700 meters of tunneling at the San Jorge deposit including 212 underground drill holes. Additionally, Nexa performed preliminary metallurgical work and various other engineering studies through 2017.

5.3 Recent Work

Since the issuance of the 2017 Florida Canyon PEA, drilling was conducted in 2018 and 2019 at the Florida Canyon Deposit, almost entirely within the known footprint of mineralization. This program consisted of 34 surface core holes totaling about 17,000 meters (Table 5‑1). The primary objective of this drilling was to increase sulfide-dominant zinc resources. Additionally, the global resource model was reexamined and refined as data was gathered from new drilling. These programs were designed to accomplish the following objectives.

| a) | Verify the hypothesized steeply dipping replacement deposit, the 1021 (ten twenty-one) Zone in the northern part of Florida Canyon. This objective was successful and delineated the mineralized structure for a strike length of approximately 800 meters based on a 1st pass spacing of drill intercepts. This new zone added Inferred Resources to the project resource model.
| b) | Extend the San Jorge Zone in the southern part of Florida Canyon along strike to the south. This zone was successfully enlarged, and additions increased Inferred Resources to the project resource.
| c) | Test continuity of the known steeply dipping Sam replacement zone. New drilling at the Sam Zone limited the extent of mineralization where tested and resulted in a modest decrease in Inferred Resources.
| d) | Test the inferred presence of a new Manto (zone SJ-1412) extending to the east of the San Jorge Zone which successfully added Inferred Resources.
| e) | Expand several other minor Manto zones which with modest increases in resources.
| f) | The program successfully increased sulfide resources as all the 2018-2019 drill intercepts were sulfide dominant. Drill targets for sulfides are, by nature, deeper due to the depth of oxidation induced by surface weathering. However, the desirability of sulfide ores is much higher due to more favorable metallurgical characteristics of the ore.
| g) | The change in Inferred resources as a result of all drilling and net of adjustments to the resource model was an addition of 6,015,733 tons of Inferred Resources in comparison to the previously reported 43-101 Compliant Report.

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Table 5‑1 Campaign Summary - Florida Canyon

Year | Drill Holes | Company | Meters | Type | Contractor
1997 | 34 | Cominco | 8,409.70 | DDH | Boart Longyear
1998 | 8 | Cominco | 2,108.35 | DDH | MDH Bradley
1999 | 9 | Cominco | 3,977.90 | DDH | MDH Bradley
2000 | 31 | Cominco | 10,297.00 | DDH | MDH Bradley
2006 | 26 | Votorantim Metais | 4,353.50 | DDH | MDH Bradley
2007 | 33 | Votorantim Metais | 11,189.30 | DDH | MDH Bradley
2008 | 54 | Votorantim Metais | 16,468.85 | DDH | MDH Bradley
2009 | 13 | Votorantim Metais | 3,611.30 | DDH | MDH Bradley
2010 | 42 | Votorantim Metais | 12,242.40 | DDH | MDH Bradley
2011 | 44 | Votorantim Metais | 11,116.15 | DDH | MDH Bradley
2012 | 110 | Votorantim Metais | 23,558.55 | DDH | MDH Bradley
2013 | 102 | Votorantim Metais | 12,389.05 | DDH | MDH Bradley
2018 | 5 | Nexa Resources | 2,202.90 | DDH | Bretsa
2019 | 34 | Nexa Resources | 14,833.20 | DDH | Bretsa
Total | 545 |  | 136,758.15 |  |

5.4 Historical Mineral Resource Estimates

Two previous mineral resource estimates were completed for the property in 2014 and 2017 jointly by Votorantim and Solitario.

In 2014, SRK reported Measured and Indicated at 2.78 Mt of 12.77% Zn, 1.78% Pb, and 18.2g/t Ag and, Inferred at 9.07Mt of 10.87% Zn, 1.21% Pb and 12.2g/t Ag.

In 2017, SRK reported Measured and Indicated at 3.256 Mt of 12.2% Zn, 1.53% Pb, and 18.51g/t Ag, and Inferred at 8.843Mt of 10.15% Zn, 1.05% Pb and 13.21g/t Ag in an NI 43-101 compliant PEA. This study included stope optimization, development designs, ventilation layouts, life of mine scheduling, and economic analysis. The study concluded that underground operations would last for approximately 15 years with a positive net present value. Details of this work is shown in Section 21.

5.5 Historical Production

There has not been any commercial mining in the Project area. The only underground excavation has been 700 m of underground drifting by Nexa to provide drill platforms at the San Jorge area.

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6 Geological Setting, Mineralization and Deposit

Information presented herein is derived from material provided by Nexa and Solitario, including Cominco reports, supported by independent reports including a thesis by Isaac Robles Vega of the National University of Huancavelica, M&R Consultores, and by the Regional Government of Amazonas, prepared by Walter Castro Medina. The character of the mineralization in core was confirmed by Simon Mortimer, Principle QP Geologist at Atticus Consulting in Lima/Santiago, during a site visit in 2020.

The Project is located within an extensive belt of Mesozoic carbonate rocks belonging to the Upper Triassic to Lower Jurassic Pucará Group and equivalents. This belt extends through the central and eastern extent of the Peruvian Andes for nearly 1000 km and is the host for many polymetallic and base metal vein and replacement deposits in the Peruvian Mineral Belt. Among these is the San Vicente Mississippi Valley Type (MVT) zinc-lead deposit that has many similarities to the Florida Canyon deposit and other MVT occurrences in the Project area. A regional geologic map is shown in Table 5‑1.

6.1 Regional Geology

The Peruvian Andes are Northwest-Southeast trending. Reports by Megard (1979); Dalmayrac et al. (1988) and Benavides- Cáceres (1999) establish the regional geological studies related to the geological evolution of the Peruvian Andes. These include the basic tools that complement field data and geological context related to the occurrence of MVT mineralization.

The Marañón Complex of the Neoproterozoic Era forms the regional geological basement with a NW-SE orientation and consists of metasedimentary rocks (slate, quartzite, phyllite), schist, mica schist and gneiss. It outcrops in the Southwest sector of the quadrangle of Bagua and underlies the Mitu Group of the Permo-Triassic Period in an angular unconformity.

The Mitu Group is a typical molasse deposit (sandstones, shales, and conglomerates) of continental origin. It occurs in medium to thick layers and are differentiated by their reddish to pink colors. In the project area, it intercepts deep with drill holes V-46, V-36 and V37A. The most accessible outcrops are observed downstream of the Corontachaca bridge on the Utcubamba River (close to Pedro Ruiz). Along 10 km, there are red sandstone layers ranging from 0.30 m to 1 m in thickness. These layers are resistant to erosion and solidified the canyon morphology of the Utcubamba Valley. Overlying the Mitu Group outcrops the Upper Triassic to Lower Jurassic Pucará Group, which hosts the MVT mineralization of the Florida Canyon Project area.

The Pucará Group is divided into 3 formations: Chambará (base), Aramachay (middle), and Condorsinga (top). The rocks of the Late Triassic-Early Jurassic Pucará Group that host the mineralized bodies were deposited along the coast basin. Sedimentation was dominated by carbonate rocks along a coastal sabkha plain. Evaporites, primarily anhydrite, associated with the coastal sabkha plain, along with coarse marine anoxic silt-carbonated mudstone, provided most of the components needed to host the Florida Canyon zinc-lead ore bodies.

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| 1. | The Chambará Formation corresponds to a marine sedimentation developed in subtropical to tropical seas where terrigenous contribution was restricted. Due to its lithological and textural characteristics, the Chambará Formation represents lithofacies from the middle of the carbonated platform. In parts with shallow water features, such as coquina bioclastic limestone, the dolomitized levels are what host most of the MVT mineralization of Florida Canyon. In the Florida Canyon Project area, the Chambará Formation is composed of high energy carbonates of barrier environments with local reef development that are represented by floatstone, wackestone, packstone and rudstone textures. Dimond drilling confirms the presence of district continuity of biostratigraphic markers.
| 2. | The Aramachay formation is made up of a sequence of bituminous limestone with alternating silt and clay in thin layers, corresponding to basin levels, where rhythmic sedimentation predominates which resulted in flat, tabular and regular bedding in layers of 10-20 cm. These layers are dark gray to black in color and present an abundance of organic material with the presence of fossils.
| 3. | The Corontachaca Formation is made up of calcareous conglomerates and calcareous sedimentary breccias. The presence of the rock in this formation is limited in the project area. However, it outcrops on the high peaks of the Santa Catalina area near Shipasbamba and on the Corontachaca Bridge on the Utcubamba River. It is related to the uplift and intense erosion of the limestones of the Pucara Group that give rise to the accumulation of slope deposits which were cemented by their own calcium carbonate solutions.

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Figure 6‑1 Regional Geologic Map

Source: Solitario, 2020 (translated)

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Figure 6‑2 Legend of Regional Geology Map

Source: Solitario, 2020 (translated)

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6.2 Local Geology

6.2.1 Lithography & Stratigraphy

A schematic stratigraphic column developed by Cominco and refined by Nexa shows the major geologic rock units in the Project area (Figure 6‑3). The basement rocks are the Pre-Cambrian Marañón Complex consisting of gneisses, mica-schists, phyllites and quartzites. These are overlain by an angular unconformity with the overlying Permo -Triassic Mitu Group composed of a sequence of redbeds consisting of polymictic conglomerates interspersed with beds of fine-grained sandstones.

Figure 6‑3 Project Area Stratigraphic Column

Source: Nexa, 2013b, translated by Solitario

Overlying the Mitu Group is the Pucará Group of Triassic - lower Jurassic age, which hosts the zinc-lead-silver mineralization of the Florida Canyon Project. The Pucará Group is divided into the Chambará Formation at the base, the Aramachay Formation in the middle and the Condorsinga Formation on top.

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The Chambará formation has an approximate thickness between 650 m and 750 m in the project area, and consists of crinoidal packstone, wackstones and rudstones. It is divided into three members in the Florida Canyon vicinity; from bottom to top, they are Chambará 1, Chambará 2 and Chambará 3. The bulk of known zinc mineralization is hosted in Chambará 2. The stratigraphy between the distinctive Coquina (CM) and Intact Bivalve (IBM) paleontological marker horizons in Chambará 2 define a sequence of permeable higher energy facies within the Chambará 2 that control much of the especially strong dolomitization within the sequence.

The Aramachay formation lies conformably on the Chambará with a variable thickness between 150 m and 250 m, consisting of a monotonous sequence of black and limonitic shales and bitumen with thin interbedded nodular limestones. The Condorsinga Formation concordantly lies above, with restricted outcrop distribution due to erosion. It consists of calcareous gray mudstones with thicknesses varying between 150 m and 300 m.

The Corontochaca Formation of Upper Jurassic age lies unconformably on the Pucará Group. It outcrops in erosional remnants and is locally more than 300 m thick consisting of a package of monotonous oligomictic and polymictic fluvial calcareous sediments and colluvial limestone breccias with local fragments of Paleozoic or Precambrian fragments.

The Goyllarisquizga Formation occurs in angular unconformity over the Corontochaca and Pucará Group and is present mainly in the eastern and western sections of the Project area. It consists of poorly sorted yellowish to white sandstone deposited in coastal marine to fluvial-deltaic environments. It also contains some thin, lenticular intercalations of siltstones and mudstones whitish to reddish. The thickness ranges from 300 to 400 m.

6.2.2 Structure

The following discussion of structural geology in the Project area is adapted in part from an internal report by Cominco (2000).

The structure at Florida Canyon is dominated by a N50º-60ºW trending domal anticline (or doubly plunging anticline) as defined from the base of Chambará 2 formation. This domal anticline is cut on the west by the Sam Fault and to the east by the Tesoro-Florida Fault. The Sam Fault, which has been defined by drilling, has a north-south to northeast trend and a steep 80 to 85º westerly dip. The Sam Fault has an apparent scissor dip-slip displacement of >120 m in the north and <50 m in the south. To the south its trace is uncertain and complicated by northwest and possibly east-west structures. This appears to have been a long-lived structure, with its last strike-slip displacement being dextral. A facies change in the Chambará 2 from high energy to the east of the fault to low energy to the west many be due to original depositional features during growth fault formation that has important exploration implications.

At Florida Canyon there are also well-defined northwest and northeast fracture systems, which appear to have important controls on the location of mineralization. Mineralized structures occur in conjugate fractures, with N10º-50ºE trends present at a number of mineralized surface outcrops while trends of N50º-80ºW are identified at other showings. Mineralization of mantos within the Karen-Milagros area appears to be preferentially controlled by northeast feeder structures.

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The Tesoro-Florida Fault defining the eastern limits of most drilling to date is a N15º-30ºW trending structure, part of a regional lineament, and defined by an escarpment. It is interpreted to have a steep dip, with its sense of motion not having been defined, but with the east block being structurally lower than the west block, which results in significantly deeper drilling on the east fault block to reach the Chambará 2 stratigraphy. Because most of the work has concentrated further west on the San Jorge, Karen Milagros and Sam Fault areas there is little information on the Tesoro-Florida Fault, but it likely has similarly complex splays as the Sam Fault and may be, like the Sam fault, a controlling feeder for untested mineral potential in the eastern area.

At both the Karen-Milagros and San Jorge areas, feeder structures have an important control on the mineralized mantos but also represent a significant portion of the resource as steeply dipping structural fillings and replacement. The displacement along these structures is not large although the exact throw is often difficult to ascertain due to the strong alteration and later mineralization. The interpretation of displacement is further obscured by likely subtle variation in thickness and lithology of local stratigraphic units on either side of structures due to growth faulting.

Pre-mineral karsting also played a role in controlling mineralization along with simple structural filling and passive replacement adjacent to conduits. Replacement of karst fragments and cave sediments are commonly observed in larger structurally controlled mineralized bodies. The configuration of mineralized structures as they control and merge with manto replacements often take the form of Christmas–tree breakthrough structures and will likely be shown to represent a larger proportion of the resource as more horizontally oriented drilling from underground workings supplants the dominantly high angle surface drilling performed to date.

Post mineral structure and karsting overprints earlier structural trends and controls in part oxidized remobilized mineralization.

6.2.3 Alteration

The alteration and solution overprints in the Florida Canyon deposit include dolomitization, pseudo brecciation and karstification, mainly affecting the limestones of Chambará 2 and locally Chambará 1 and 3. Dolomitization and karstification occurred in multiple events spatially overlapping the structural corridors Sam, San Jorge and Karen-Milagros. Dolomitization was an important control on the movement of mineralizing fluids and has been studied and logged in detail throughout all of the drilling campaigns. It is also modeled in this study as a limiting constraint on mineralization.

The alteration halo is open along structure in all directions and is especially pervasive in the stratigraphic interval lying between the paleontological marker horizons CM (Coquina Marker) and IBM (Intact Bivalve Marker) of the Chambará 2 formation. The alteration halo is composed mostly of medium and coarse-grained crystalline dolomite replacing calcareous packstone, rudstones, floatstones and wackestones. Mostly the dolomitic rudstones, and locally the packstones, transform laterally when in proximity of faults and major fractures (Sam, San Jorge and Karen-Milagros) to mineralized pseudobreccias and karst structures.

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6.2.4 Mineralization

The zinc-lead-silver mineralization of the Florida Canyon deposit occurs as sulfides hosted in dolomitized zones of the Chambará 2 Formation. Dolomite paragenesis and later sulfide mineralization are controlled by a combination of porosity, permeability, and structural preparation. Metals occur in sphalerite and lesser galena, which contains silver. Minor mineralization is hosted in limestones, but the bulk of sphalerite and galena is hosted in dolomite.

In a number of core samples, the mineralization has very sharp contacts along the dolomitization boundary. Characteristic mineralization textures include massive and disseminated mantos, mineralization in dissolution breccias, collapse breccias and pseudobreccias. The different breccias and vein types are structurally controlled by faults of north-south and northeast-southwest direction.

The mineralization is characterized by the presence of sphalerite, galena and locally pyrite. Sulfide replacements occur in dolomitized limestone of variable grain sized and in solution breccias with white dolospar and lesser amounts of late generation calcite. Pyrite content is generally low, with percentages averaging less than 2% by volume. Sphalerite in mineralized sections has variable grain size from 0.1 to greater than 5 mm, with colors ranging from dark brown through reddish brown to light brown. It occurs as individual crystals or in massive form, sometimes displaying colloform textures with bands of slightly differing color zoning, indicators of polyphase hydrothermal deposition.

Early fine-grained sphalerite has evidence of later deformation and reactions to secondary mineralizing fluids. A second phase of more massive sphalerite mineralization is observed within the core of the deposit. These crystals are coarse-grained, regular, euhedral and show very little evidence of any post-depositional deformation. The sphalerite is contemporaneous with fine to coarse grained galena and is often overprinted with a later stage coarse-grained, euhedral galena.

The presence of zinc oxides, locally to considerable depths, is due to syngenetic oxidation, with later contributions of basin-derived connate water and movement of rainwater through fractures that leached the limestones and formed significant karst cavities.

6.3 Property Geology

The areas of current exploration interest are the Karen/Milagros, San Jorge and Sam Fault deposits. These mineralized zones are hosted in the dolomitized Chambará 2 sub-unit of the Pucará Group carbonates, bracketed by the Coquina and Intact Bivalve Marker beds. Geologic mapping and modeling include refining the extents of Chambará 2, and further defining the steeply dipping feeder structures to predict additional zinc-lead-silver mineralization. The outcrop geology of the deposit area is shown in Figure 6‑4, with emphasis on the Chambará Formation.

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Figure 6‑4 Florida Canyon Project Geologic Map

Source: Nexa, 2020 (translated)

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6.4 Significant Mineralized Zone

Local and regional geologic mapping, geologic drillhole logs, and the dome-shaped geometry of the deposit suggest the mineralization is hosted in a broad anticline structure. Florida Canyon is the collective name of the deposits in the Project area in Florida Canyon, and includes the Karen-Milagros, San Jorge, Sam Fault zones and similar mineralized strata between these areas.

Modeled manto zones are between 1 m and 9 m thick and occur over an area of about 1 km x 3 km and are open in all directions. Unmineralized gaps exist within the mineralized manto zones, as is typical for hydrothermal replacement deposits. Irregular steeply dipping replacement bodies also occur, frequently at the intersection of vein-like feeder structures and in karst-controlled mineralization.

Mineralization outcrops locally in a number of areas and has been drilled at depths of up to about 450 m below ground surface. Figure 6‑5 is a west-facing cross section of the geologic model in the mineralized zone. Zinc mineralization occurs as massive sphalerite (ZnS) and is locally oxidized to smithsonite (ZnCO3) and hemimorphite (Zn4Si2O7 (OH)2). Lead occurs in galena (PbS), cerussite (PbCO3) and anglesite (PbSO4).

Figure 6‑5 Cross Section of the Project Geologic Model

Source: Nexa, 2013b

6.5 Deposit Types

MVT deposits are hosted in carbonate rocks and show cavity-filling or replacement-style mineralization. The characteristic minerals are sphalerite, galena, fluorite, and barite which provide clean concentrates of Zn and Pb. The host rock may be silicified, and common alteration minerals include dolomite, calcite, jasperoid and silica. MVT deposits are typically spatially extensive but limited by the permeability of the host rock units. This control makes them appear stratabound. Chemical and structural preparation are the main controls on permeability, and therefore, the extent of fluid migration and metal precipitation (Guilbert and Park, 1986).

Pb-Zn deposits in South America are hosted in the Mesozoic Carbonate sequence of the Pucará Group in the central Andes. In Peru, this type of deposit is represented mainly by the San Vicente and Shalipayco deposits (located in central Peru), and Florida Canyon, located in the Bongará Region of northern Peru.

The Florida Canyon Deposit is in the Eastern Cordillera of Peru within the limit of the Shipasbamba community of the Amazonas Department.

6.5.1 Mineral Deposit

An area of 20 km x 100 km extending from Mina Grande to north to 80 km south of the Florida Canyon deposit has become the focus of what is an emerging Mississippi-Valley Type (MVT) zinc and lead province, with many surface occurrences and stream sediment anomalies distributed throughout the Pucará Group. The main host rock of zinc and lead occurrences in the mineral district and Project area is dolomitized limestone, which may show karst or collapse breccia textures.

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Figure 6‑6 Mississippi Valley-Type Deposit Schematic Model

Source: Nexa, 2014a

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7 Exploration

7.1 Surveys and Investigations

7.1.1 Relevant Exploration Work

The Florida Canyon Project has identified and delineated mineral resources in the San Jorge, Sam, 1021, and Karen-Milagros areas.

In previous years, Cominco and Nexa executed detailed surface mapping and rock sampling programs of the areas near the reported resource. Stream sediment and soil samples were collected and analyzed as described in Section 5.2.

An extensive regional reconnaissance exploration program was also conducted over a large area throughout the Mesozoic carbonate belt to the north and south of the Property. Geochemical samples were collected of stream sediments, soils and rocks.

During development of the San Jorge adit, Nexa completed geologic mapping and chip sampling of the underground workings. Results were applied to the Project geologic model in support of resource estimation and continued exploration drillhole planning.

Sampling of drill core is described in detail in Section 8Error! Reference source not found.. The regional stream sediment program collected sediments that were screened to -80 mesh, crushed and analyzed for a multielement suite by ICP. Soil samples collected were composites of B horizon soils and C horizon when accessible.

Rock sample methodology varied according to location. Grab samples were taken where outcrops were found that showed evidence of dolomitization of carbonate beds. Mineralized outcrops were cleared manually with machetes and shovels and systematically chip channeled. Channels were oriented perpendicular to bedding to most accurately represent stratigraphic thickness. Channel samples were limited to 2 m in length by Cominco and 1 m by Nexa. Most of the chip channel sampling of higher-grade mineralization has been conducted in the Karen Milagros zone and other areas in the central part of the Property where outcrops of mineralization are most common, as illustrated in Figure 7‑1.

7.1.2 Significant Results & Interpretation

Exploration strategy for MVT deposits at the Florida Canyon project has been strongly influenced by the interpreted favorability of specific units of the stratigraphy of the region. Numerous occurrences of alteration and mineralization occur throughout the Pucara Group, but economic deposits have only been thus far located within the Triassic Chambará formation (Figure 6‑2). More specifically the middle member of the Chambará Formation (Chambará 2) has been found to host the most persistent and highest grade manto deposits due to its higher permeability and susceptibility to altering and mineralizing fluids. Synsedimentary structures, formed during or slightly after sedimentation, controlled the flow of basinal brines that dolomitized and subsequently mineralized the carbonates. The mineral rich fluids migrated from these “feeders” laterally into the stratigraphic column to form mantos.

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Economic resources have been delineated in both the stratigraphically controlled mantos as well as the feeders, such as the San Jorge and Sam mineralized bodies. The higher angle structures have also been subject to karst formation that further enhanced fluid flow and are themselves often well mineralized with higher grade wider mineralization e.g. San Jorge.

Particularly prospective locations to explore for these high grade, high tonnage deposits exist along the northeast trending lineaments (drainages) immediately north and south of Karen Milagros where outcropping massive mineralization may be expressions of breakthrough structures. These locations have not been adequately tested to date due to the difficult access for helicopter supported drilling. The completion of road access will facilitate testing of these targets.

Figure 7‑1 Florida Canyon Area Prospect and Geochemistry Map

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These steeply dipping bodies occur over stratigraphic intervals that extend upwards into the Chambará 3, Aramachay and Condorsinga formations. The depth extent of mineralization in the feeders is currently unknown. These conduits enabled metal rich fluids to enrich the overlying stratigraphy and provide potentially important evidence for exploration.

Geochemical samples were collected at different stages during the life of the project. Information on sampling methods and results are scarce. Table 7‑1 is a summary table on the surface sampling in the Project area.

Table 7‑1 Summary of Total Surface Samples

Year | Company | Rocks | Soils | Stream Sediment
1996 | Solitario |  | 507 |
1997 | Cominco | 1,240 | 2,361 | 3,426
1998 | Cominco | 1,404 | 3,821 | 1,773
1999 | Cominco | 380 | 1,752 | 491
2000 | Cominco | 155 |  | 26
2008 | Votorantim | 5 | 123 | 12
2009 | Votorantim | 77 |  | 20
2011 | Votorantim | 2 |  |
2012 | Votorantim | 83 | 16 | 72
2019 | Nexa | 3 |  |
TOTAL |  | 3,349 | 8,580 | 5,820

Geochemical prospecting is very effective in locating the leakage halos in overlying stratigraphy around these structures. Initially stream sediments were used to identify geochemically enriched drainages and were followed up with prospecting and soil surveys to pinpoint mineralized centers. Although no detailed mapping has been done over much of the property, geologists made observations of the stratigraphic location within areas of high geochemical response.

Figure 7‑2 shows the results of the regional geochemistry program. The area in the immediate vicinity of the Florida Canyon resource exhibits very high base metal content in stream sediment, soils and rocks. Only a small area of Chambará 2 crops out in this area as shown in orange color on the geologic map of the Florida/Tesoro vicinity (Figure 7‑3). Outcropping high grade mineralization in this window of Chambará led to the initial discovery of the known Florida Canyon deposits.

Nearby, there are significant soil anomalies in higher stratigraphy that warrant future exploration drilling. These anomalies occur in undrilled areas within the horst that hosts the current resources as well as to the west of the Sam Fault and East of the Tesoro Fault.

Further to the north two very large and strong soil anomalies have been defined by the regional geochemical sampling program (Figure 7‑2). The San Jose soil anomaly is of similar size and grade to that at Florida Canyon, however; it is untested with drilling. Based on the clear relationship between surface geochemistry and subsurface mineralization at Florida Canyon, drilling is warranted in the San Jose and Naranjitos areas.

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Figure 7‑2 Regional Geochemical Results

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Figure 7‑3 Florida Canyon Area Simplified Geology, Resource and Drillhole Map

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7.2 Drilling Exploration

The database used for modeling and estimation of mineral resources includes 545 drillholes, with a total of 136,758.1 m drilled at the Florida Canyon Project (Table 7‑2). The full collar database is listed in Appendix A. All of the holes were diamond drilling, with 447 holes drilled from surface and 98 holes drilled from the San Jorge adit (underground). Drilling began in 1997 by Cominco, followed by Votorantim between 2006 and 2013, and the last campaign was carried out by Nexa in 2018 and 2019. The drilling was completed by contracting companies Boart Longyear in 1997, MDH Bradley from 1998-2013, and Bresta from 2018-2019. Figure 7‑4 is a map of the drillhole locations at the project.

Table 7‑2 Drilling Summary in Florida Canyon

Surface | San Jorge Adit | Total
Year | Number | Meters | Type | Number | Meters | Type | Number | Meters | Type
1997 | 34 | 8,409.70 | DTH |  |  |  | 34 | 8,409.70 | DDH
1998 | 8 | 2,108.35 | DDH |  |  |  | 8 | 2,108.35 | DDH
1999 | 9 | 3,977.90 | DDH |  |  |  | 9 | 3,977.90 | DDH
2000 | 31 | 10,297.00 | DDH |  |  |  | 31 | 10,297.00 | DDH
2006 | 26 | 4,353.50 | DDH |  |  |  | 26 | 4,353.50 | DDH
2007 | 33 | 11189.3 | DDH |  |  |  | 33 | 11,189.30 | DDH
2008 | 54 | 16,468.85 | DDH |  |  |  | 54 | 16,468.85 | DDH
2009 | 13 | 3,611.30 | DDH |  |  |  | 13 | 3,611.30 | DDH
2010 | 42 | 12,242.40 | DDH |  |  |  | 42 | 12,242.40 | DDH
2011 | 25 | 8,168.60 | DDH | 19 | 2,947.55 | DDH | 44 | 11,116.15 | DDH
2012 | 59 | 14,163.00 | DDH | 51 | 9,395.55 | DDH | 110 | 23,558.55 | DDH
2013 | 74 | 9,120.70 | DDH | 28 | 3,268.35 | DDH | 102 | 12,389.05 | DDH
2018 | 5 | 2,202.90 | DDH |  |  |  | 5 | 2,202.90 | DDH
2019 | 34 | 14,833.20 | DDH |  |  |  | 34 | 14,833.20 | DDH
Total | 447 | 121,146.70 |  | 98 | 15,611.45 |  | 545 | 136,758.15 |

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Figure 7‑4 Drillhole Location Map

Source: Nexa, 2020 (translated)

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7.2.1 Procedures

Drilling procedures were coordinated and supervised by Cominco and Nexa geologists and were approved by the Exploration Manager. Diamond drillhole targeting is prepared by the geologists. Coordinates and orientation of the drillhole collars are communicated to a surveying supervisor who positions the drill precisely which is then validated by the geologist.

Cominco surface drilling was executed with a helicopter-supported LD-250 diamond core rig operated by Bradley Bros. Limited. Sermin completed the underground development and also completed drilling from the San Jorge adit with a LM-70 electric diamond core rig.

Drilling was performed on two 12-hour shifts with full 24-hour geological supervision by a geologist. The rig geologist role included:

| · | Coordination and communication between the drilling contractor and Nexa;
| · | Monitoring drilling procedures and inspecting the core extraction for sample quality;
| · | Boxing the core;
| · | Measuring and recording core recovery and Rock Quality Designation (RQD); and
| · | Completing a preliminary geological log.

Downhole surveys were completed with a Reflex EZ-Shot survey tool by the drillers at varying spacing, as summarized in Table 7‑3. The survey records are stored digitally at the core facility. Drillhole collar locations were surveyed by Nexa with a GPS-based instrument.

Table 7‑3 Downhole Survey Data Point Spacing

Drilling Program (Year) | Survey Spacing (m)
2010 | 100
2011 | 50
2012 to 2013 | 20
2018 | 25
2019 | 5

The identification of each drillhole was generated in a systematic and specific format which includes the camp, mining unit, year and sequential drillhole number. Basic drill information is entered into the database and archived within four days after the completion of the drillhole.

Drilling information was stored in a structured directory and was backed up to the central server in Brazil in the case of Nexa and in Vancouver for drilling conducted by Cominco. The information available in the drillhole database includes Collar, Survey, Assay and Lithology.

Surface drilling normally began with a HQ-diameter core (65mm) and is reduced to a NQ-diameter (45mm) hole if poor ground conditions necessitated.

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After a drillhole is completed, the boxes were taken to a logging room where a logging and sampling was performed by a company or a contracted geologist. A photo was taken of each box for all holes and is stored on the server. Geologic logging was performed according to Cominco or Nexa Resources standards using geological, lithological, mineralogical and alteration terms. Logging was recorded digitally using the software DH Logger, which is imported directly into Fusion Data Management Software. Fusion Software manages the database and automatically incorporates core and sample logging. The database administrator is responsible for verifying and validating the data and combining it into a series CSV files to later import into geological modeling software programs.

7.2.2 Interpretation & Relevant Results

The geologic logging and analytical data were added to the Project database after validation and applied to modeling and resource estimation. The modeling and resource estimation are discussed in detail in Section 14 (Mineral Resources). The true thickness of the mineralized intercepts varies from 80 to 100% of the drilled length and varies with the orientation of the drillhole.

Nexa’s documentation of drilling procedures indicate that there is little or negligible sampling bias introduced during drilling. Nexa specifically analyzed the data for bias and the results are very appropriate with very low bias.

Gustavson considers the drilling and sample handling procedures to be appropriate for the geology, conducted according to industry best practice and standards, and the relevant results are sufficient for use in resource estimation.

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8 Sample Preparation, Analysis and Security

8.1 Sampling Methods

Sampling procedures at the Florida Canyon Project are preformed according to the Nexa Procedure (PS-EXP-GTO-009-PT9).

Geologic core sampling was carried out from 0.3 m to 2.0 m, except when encountering mineralogical, structural, or lithological contacts. For these cases, one sample was taken per domain, either lithological, structural, or mineralogical. All massive sulfides were sampled, and additional “support” samples were taken on both sides of the core box that are within the surrounding carbonate rocks to ensure that the entire mineralized zone is sampled.

Sampling was done under the supervision of the lead geologist who defined the length of the sample and cut line. Core was sampled by sawing. If a sample was severely fractured, 50% of the fragmented material was taken as a sample, stored in a prelabeled bag, and sent to ALS laboratory, while the remaining sample is kept as back up. Figure 8‑1 shows the process for core sampling.

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Figure 8‑1 Diamond Core Sampling Process

Source: Nexa, 2020 (translated)

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8.1.1 Sampling for Geochemical Analysis

After photographing the core and completing geotechnical and geologic logging, a geologist marked the core for sample intervals that averaged 100 cm long. Samples had a minimum length of 30 cm and a maximum of 150 cm but were defined so that 100 cm samples were maintained as much as possible. Cut lines parallel to the core axis were drawn by the logging geologist, to ensure nearly symmetrical halves and minimal sampling bias relative to any visible mineralization. The core was cut on a rock saw with a 40 cm blade, under supervision of a Project geologist. After the core was cut, both halves were replaced in the core box.

Samples were always taken from the left side of the saw-cut core, double bagged and marked with sample numbers in two places. These were transported in larger bags containing seven samples each by Mobiltours freight company to the ALS Minerals laboratory in Trujillo or Lima, operated by ALS Minerals. Prior to 2012, analysis was completed in Trujillo. Since then, it was done in Lima.

Cominco also split the core samples and sampled half for geochemical analysis. Sample breaks were determined by geologic criteria. Cominco core samples were analyzed by Acme Labs, in Lima, Peru.

8.1.2 Sampling for Density Measurement

Specific gravity (SG) measurements were completed on site by Nexa on every sample obtained from the 2018-2019 core. SG measurements were completed on all mineralized intervals. Three SG measurement methods were used:

· | Volume displacement;
· | Hydrostatic; and
· | A mesh method for broken material.

These techniques were designed and implemented by Inspectorate Services Peru SAC. A group of samples was also sent to an external lab to validate the results in the field. Table 8‑1 shows the number of density samples taken per year by different campaigns. Figure 8‑2 is a map displaying the distribution of the density samples.

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Table 8‑1 Total number of Density Samples taken per year

Campaign | Type of Sample | No. Samples
CO1997 | Drill Holes | 194
CO1998 | Drill Holes | 8
CO1999 | Drill Holes | 10
CO2000 | Drill Holes | 44
VM2006 | Drill Holes | 124
VM2007 | Drill Holes | 233
VM2008 | Drill Holes | 258
VM2009 | Drill Holes | 177
VM2010 | Drill Holes | 264
VM2011 | Drill Holes | 792
VM2012 | Drill Holes | 2,024
VM2013 | Drill Holes | 4,077
NEXA2018 | Drill Holes | 111
NEXA2019 | Drill Holes | 879
Total |  | 9,195

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Figure 8‑2 Density Sample Distribution

Source: Nexa, 2020 (translated)

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8.2 Security Measures

During the site visit, the observed sample storage was secure, and provided adequate protection from rainfall. Sample security and chain of custody were maintained while the samples were transported from the core shed in Shipasbamba to Lima. Assay certificates are retained in the Nexa office in Lima. Analytical data is loaded directly from the laboratory results files to the drillhole database, to minimize the risk of accidental or intentional edits.

8.3 Sample Preparation for Analysis

ALS Minerals (ALS) in Trujillo or Lima, Peru, completed sample preparation and analysis for all Nexa core samples. ALS is an independent, global analytical company with ISO certifications in Peru, Brazil, Chile and Argentina (ALS Minerals, 2014a).

Upon delivery at the lab, bar coded sample identification labels were scanned, and the samples were registered to the Laboratory Information Management System (LIMS). Samples were weighed, and then air-dried in ambient conditions. Excessively wet samples were dried in an oven at a maximum 120°C. The sample preparation and analysis procedures used are summarized in Table 8‑2. Specific analytical procedures and method detection limits for elements in the suite are reported in Table 8‑3.

After analysis was complete, the remaining coarse reject and pulp samples were returned to the Florida Canyon core shed for storage.

Cominco analyzed samples with visible zinc or lead mineralization by atomic absorption spectrophotometry. All samples containing greater than 10,000 ppm zinc and lead were then analyzed by wet chemistry and the latter results were recorded in the data base.

Table 8‑2 Analytical Codes and Methods

Procedure Code | Description
Sample Prep
CRU-31 | Crush to 70% less than 2 mm.
SPL-21 | Riffle split off 1kg and retain the coarse reject.
PUL-32 | Pulverize split to better than 85% passing 75 microns.
Multi-Element Methods
ME-ICP61, -a | Multi-element Inductively Coupled Plasma method with Atomic Emission Spectroscopy analysis. Includes 4-acid, “near-total” digestion of 0.5 g sample.
(+)-AA62 | HF, HNO3, HClO4 digestion, HCl leach and Atomic Absorption Spectroscopy analysis.
(+)-VOL70 | Volumetric titration for very high-grade samples.
XRF10 | X-Ray fluorescence on fused pellet, 5 g sample.
Element-Specific Methods
Au-AA23 | Gold by fire assay and Atomic Absorption Spectrometry, 30 g sample.
Au-AA25 | Ore-grade gold by fire assay and Atomic Absorption Spectrometry, 30 g sample.
Au-GRA21 | Gold by fire assay and gravimetric finish, 30 g sample.
Hg-CV41 | Trace level mercury by aqua regia and cold vapor/AAS.
Hg-ICP42 | High grade mercury by aqua regia and ICP-AES.
In-MS61 | Multi-element Inductively Coupled Plasma method with Mass Spectrometry detection. Includes 4-acid, “near-total” digestion of 0.5 g sample.
S-IR08 | Total sulfur by Leco furnace.

Source: ALS Minerals, 2014b,

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Table 8‑3 Analyzed Elements and Method Detection Limits

Element | Symbol | Method | Unit | Lower MDL | Upper MDL | Overlimit Method | Unit | Lower MDL | Upper MDL | Overlimit Method | Unit | Lower MDL | Upper MDL
Silver | Ag | ME-ICP61 | ppm | 0.5 | 100 | Ag-AA62 | ppm | 1 | 1,500 |  |  |  |
Aluminum | Al | ME-ICP61 | % | 0.01 | 50 |  |  |  |  |  |  |  |
Arsenic | As | ME-ICP61 | ppm | 5 | 10,000 |  |  |  |  |  |  |  |
Barium | Ba | ME-ICP61 | ppm | 10 | 10,000 | ME-ICP61a | ppm | 50 | 50,000 | XRF10 | % | 0.01 | 50
Beryllium | Be | ME-ICP61 | ppm | 0.5 | 1,000 |  |  |  |  |  |  |  |
Bismuth | Bi | ME-ICP61 | ppm | 2 | 10,000 |  |  |  |  |  |  |  |
Calcium | Ca | ME-ICP61 | % | 0.01 | 50 |  |  |  |  |  |  |  |
Cadmium | Cd | ME-ICP61 | ppm | 0.5 | 1,000 | Cd-AA62 | % | 0.0005 | 10 |  |  |  |
Cobalt | Co | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Chromium | Cr | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Copper | Cu | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Iron | Fe | ME-ICP61 | % | 0.01 | 50 |  |  |  |  |  |  |  |
Gallium | Ga | ME-ICP61 | ppm | 10 | 10,000 |  |  |  |  |  |  |  |
Potassium | K | ME-ICP61 | % | 0.01 | 10 |  |  |  |  |  |  |  |
Lanthanum | La | ME-ICP61 | ppm | 10 | 10,000 |  |  |  |  |  |  |  |
Magnesium | Mg | ME-ICP61 | % | 0.01 | 50 |  |  |  |  |  |  |  |
Manganese | Mn | ME-ICP61 | ppm | 5 | 100,000 |  |  |  |  |  |  |  |
Molybdenum | Mo | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Sodium | Na | ME-ICP61 | % | 0.01 | 10 |  |  |  |  |  |  |  |
Nickel | Ni | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Phosphate | P | ME-ICP61 | ppm | 10 | 10,000 |  |  |  |  |  |  |  |
Lead | Pb | ME-ICP61 | ppm | 2 | 10,000 | Pb-AA62 | % | 0.001 | 20 | Pb-VOL70 | % | 0.01 | 100
Sulfur | S | ME-ICP61 | % | 0.01 | 10 | S-IR08 | % | 0.01 | 50 |  |  |  |
Antimony | Sb | ME-ICP61 | ppm | 5 | 10,000 |  |  |  |  |  |  |  |
Scandium | Sc | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Strontium | Sr | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Thorium | Th | ME-ICP61 | ppm | 20 | 10,000 |  |  |  |  |  |  |  |
Titanium | Ti | ME-ICP61 | % | 0.01 | 10 |  |  |  |  |  |  |  |
Thallium | Tl | ME-ICP61 | ppm | 10 | 10,000 |  |  |  |  |  |  |  |
Uranium | U | ME-ICP61 | ppm | 10 | 10,000 |  |  |  |  |  |  |  |
Vanadium | V | ME-ICP61 | ppm | 1 | 10,000 |  |  |  |  |  |  |  |
Tungsten | W | ME-ICP61 | ppm | 10 | 10,000 |  |  |  |  |  |  |  |
Zinc | Zn | ME-ICP61 | ppm | 2 | 10,000 | Pb-AA62 | % | 0.001 | 30 | Zn-VOL70 | % | 0.01 | 100
Gold | Au | Au-AA23 | ppm | 0.005 | 10 | Au-AA25 | ppm | 0.01 | 100 | Au-GRA21 | ppm | 0.05 | 1,000
Indium | In | In-MS61 | ppm | 0.005 | 500 |  |  |  |  |  |  |  |
Mercury | Hg | Hg-CV41 | ppm | 0.01 | 100 | Hg-ICP42 | % | 0.1 | 10 |  |  |  |

Source: Nexa (2014b),

8.4 QA/QC Procedures

Nexa has a well-established QA\QC protocol established in 2007 for core samples from operating mines and brownfield/greenfield projects. Nexa uses a corporate database (GDMS Fusion) from Datamine, linked with several laboratory packages, specific for different Business Units (ore deposit types/countries) with pre-defined preparation and assay methods, reporting units and over-limit methods. All assay dispatches follow the same protocols for each medium type (core, rock, soil, stream sediment samples). All written protocols are in a corporate internal system that requires revision and update every three years.

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Nexa’s Quality Control includes three types of duplicates (pulp, coarse rejects and ½ core duplicates), blank controls and certified standards. Inter-laboratory checks are also carried out in annual basis at certified laboratories. Each mine and advanced project provides a detailed QA\QC report at least once a year and they are appended into Mineral Resource update Technical Reports.

For assay report import procedures into the GDMS Fusion database there is a well-defined policy established by Nexa using the available lab import profile tools from Fusion. There are customized lab import profiles for each laboratory used by Nexa. These templates account for standardized unit definition for each metal (g/t, ppm, %) and automatic built in overlimit assay methods. Assay imports into Fusion are carried out by a designated Qualified Person.

The 2018-2019 quality assurance/quality control (QA/QC) program at the Florida Canyon Project and its processes complies with current industry best practices. A total of 1,177 greenfield exploration samples were analyzed at an ALS laboratory (Appendix B). 187 control samples were inserted, making up 15.9% of the total samples analyzed. The results of the processing and evaluation of QC data are as follows:

| · | Coarse blanks show no evidence of contamination during the laboratory sample preparation and analysis process. ALS performed ICP MS analysis for all samples.
| · | Twinned samples indicate an acceptable error rate (<10%).
| · | Coarse and fine duplicates indicate an acceptable error rate (<10%). Apart from coarse duplicate (RG) in Zn, 2 out of 11 samples failed in low grades.
| · | The standards show acceptable accuracy in all of the elements evaluated (Ag, Cu, Pb, Zn).
| · | The external check validated the accuracy between the secondary laboratory (Certimin) and the primary laboratory (ALS) (<5.0% variation).

Overall, coarse blanks, duplicates, and standards results are considered acceptable and valid. A summary of the results is in Table 8‑4.

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Table 8‑4 QA/QC Insertion of Samples 2018-2019 Campaign

Control Type | No. Samples | Insertion Ratio
Blanks | Coarse | 23 | 1.95%
Standards | Low Grade (SPY-01) | 19 | 1.61%
Medium Grade (SPY-02) | 19 | 1.61%
High Grade (SPY-03) | 20 | 1.70%
Duplicates | Coarse Duplicate (RG) | 11 | 0.93%
Twin Duplicate (RP) | 11 | 0.93%
Fine Duplicate (DP) | 58 | 4.93%
External Check (DC) | 26 | 2.21%
TOTAL | 1,177 | 15.89%

8.4.1 Standards

Summaries of the Standard Reference Material (SRM) certified values and analytical results for silver, copper, lead and zinc are shown in Table 8‑5. The certified Standard Reference Material, ST800044B. Other, lower-grade reference materials made from Florida Canyon core were also included. Example lab results for Zn Standards are shown in Figure 8‑3.

Table 8‑5 QA/QC Standard Bias % Results 2018-2019 Campaign

Lab | Element | SPY-01 | SPY-02 | SPY-03 | Comments
n | Bias % | n | Bias % | n | Bias % |
ALS | Ag ppm | 19 | -1.69 | 19 | 2.53 | 20 | 6.25 |
Cu % | 19 | -9.5 | 19 | -3.6 | 20 | -2.19 | Very low Cu grade in standard SPY-01
Pb % | 19 | 2.2 | 19 | -0.96 | 20 | 0.36 |
Zn % | 19 | -1.41 | 19 | 0.83 | 20 | -0.82 |
0 - 5% bias | Excellent | >10% bias | Reject |  |  |  |  |
5 - 10% bias | Attention |  |  |  | STD Bias % = (average/certified value) - 1

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Figure 8‑3 ALS Lab - Zn Standards Results

8.4.2 Blanks

There were no contamination issues with blanks (Table 8‑6). Example lab results for Zn Blanks are shown in Figure 8‑4.

Table 8‑6 QA/QC Blanks Results 2018-2019 Campaign

Lab | Element | HILBG | Comments
n | Failure %
ALS | Ag ppm | 23 | 0 |
Cu % | 23 | 0 |
Pb % | 23 | 0 |
Zn % | 23 | 0 |
Limit 5% failure | Blank Failure = (failed/total samples)

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Figure 8‑4 ALS Lab - Zn Blanks Results

8.4.3 Duplicates

Duplicate samples were evaluated with the hyperbolic method and the results were good. A summary of all duplicate sample pairs is shown in Table 8‑7Error! Reference source not found.. Example lab results for Zn Duplicates are shown in Figure 8‑5.

Table 8‑7 QA/QC Duplicates Results 2018-2019 Campaign

Lab | Element | DP - Pulp duplicates | RG - Coarse Rejects | RP - Core duplicate | Comments
n | Failure % | n | Failure % | n | Failure % |
ALS | Ag ppm | 58 | 0 | 11 | 0 | 10 | 0 |
Cu % | 58 | 0 | 11 | 0 | 10 | 0 |
Pb % | 58 | 0 | 11 | 0 | 10 | 0 |
Zn % | 58 | 0 | 11 | 18.18 | 10 | 0 | 2 failed in RG, low grade in Zn
Limit 10% failure | Duplicates Failure % - (failed/total samples)

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Figure 8‑5 ALS Lab - Zn Duplicate Results

8.5 Opinion on Adequacy

The assay QC database is organized well and has an extremely low error rate. Nexa maintains the assay QC data well and analyzes it in real time to address any issues promptly. There were no systematic issues apparent in the results available to review.

Gustavson considers the sample preparation and analysis procedures to comply with industry best practice. The QA/QC methods and results adequately verify the analytical database as sufficient for use in resource estimation.

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9 Data Verification

9.1 Procedures

All analytical data is checked by the on-site and Lima-based geologists before it is added to the database. This includes review of standard, blank and duplicate sample results for outliers, and requesting re-analysis if necessary. Final analytical data is appended to the database by the Sao Paulo office staff after additional verification. The checking procedures are well documented and conform to best industry practice.

During the site visit, the geologic database was checked for its consistency to a) logged core, b) logging sheets and sample records and c) database provided. All aspects of the data capture and storage were seen to be in good order. The core sample library in the core shed (Figure 9‑1) helps to make the logged geology consistent and for the purposes of developing a consistent geological model.

Figure 9‑1: Photograph of Project Core Lithology Reference Sample Library

Source: SRK, 2014

Drillhole collar locations are verified against topography and compared with the survey reports. Downhole survey data are reviewed by an on-site geologist to verify the results.

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9.2 Opinion on Data Adequacy

Nexa geologists have an extensive quality control program, including not only standard check samples, but numerical checks of sample bias for each metal. The data controls are complete and compliant with industry best practice.

The Project geologists and support staff were diligent about data verification and the quality of the drillhole database. Database validation in preparation for resource estimation has been done by Nexa. Gustavson has reviewed their internal audit trail. We believe the degree of organization of the data base and the measures in place to minimize errors in data that the database is adequate for mineral resource estimation.

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10 Mineral Processing and Metallurgical Testing

A 43-101 PEA report was written in 2017 for the Florida Canyon Zinc Project. The report summarized the metallurgical studies performed on the samples from the prospect undertaken in 2010, 2011 and 2014. Since then, additional drilling has resulted in expansion of the sulfide resource which is the primary objective of this technical report.

10.1 Metallurgical Test Work, 2010-2014

Smallvill S.A.C. of Lima, Peru (Smallvill) performed metallurgical studies on Florida Canyon mineralization types in 2010, 2011 and 2014. The drilling completed in 2018 and 2019 has increased the proportion of mineral resources to be dominated by sulfide lead-zinc material. This changes the character of the proposed mineral processing.

Since no metallurgical studies have been performed on the recent drilling samples a summary of historical work is presented here for reference:

| · | Most earlier metallurgical studies were performed on oxide and mixed ores. Limited test work has been completed on sulfide samples.
| · | Some of the composite samples classified as sulfides should have been designated as mixed ore because of presence of significant amounts of oxide zinc (Table 10‑1).
| · | The Bond’s crusher work index (Wi of 8.54 kwh/t) indicates that the sulfide ore is soft.
| · | The conventional flotation scheme for polymetallic ores and reagents employed in the test work did produce marketable-grade zinc concentrate (±50% Zn).
| · | The selected test results, reported by SRK in the 2017 PEA, indicates zinc recovery of 80% to 90.1% for samples with a variable proportion of oxide minerals. For pure sulfides, the results project a maximum recovery of 93%. The concentrates produced are at a concentrate grade of 50% to 55% Zn.
| · | Some of the results reported in Table 10‑1 are not correct. For example, San Jorge sample assayed 0.41% ZnOx and 7.63 ZnTotal. Hence, it contained 5.4% of zinc as oxide. The recoveries reported in zinc concentrate are 90.1% for ZnTotal and 83.5% for ZnS. Even if all the oxide was recovered, the ZnS recovery should be 84.7%.
| · | The early logging of core from the project estimated visually the content of oxidized zinc minerals. Later, Nexa reanalyzed the mineralized core for zinc contained in sulfides vs. oxidized species. The visually estimated ratio of sulfide/oxide zinc was adjusted upward based on this study and current data reflects this adjustment.
| · | SRK projected recovery of metals by material type in the 2017 PEA (Table 10‑2). Zinc recovery was projected to be 93% for the sulfide ores. The authors agree with the projection based on their extensive experience in polymetallic processing and the test work completed to date.

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Drilling completed in 2019-20 has verified that the sulfide ore component of the deposit is greater than previously assumed.

Table 10‑1 Metallurgical Tests – Selected Results

Report | Sample | Sample Type | Head Grade
Date | Zn Total | ZnOx | ZnS | ZnOx/ ZnT | Pb Total | Pb S | Pb Ox | Ag g/t
2010 Apr | Core composite | Sulfide | 7.52% | 1.40% | 6.10% | 0.19 | 1.72% | 1.26% | 0.46% | 11.6
2011 Jul | Core composite | Oxide | 18.36% | 18.40% | 0.00% | 1
2011 Aug | Core composite | Mixed | 31.25% | 13.20% | 18.10% | 0.42 | 2.38% |  |  | 26.5
2011 Aug | Core composite | Sulfide | 31.68% | 0.98% | 30.70% | 0.03 | 3.88% |  |  | 56.19
2011 Aug | Core composite | Mixed | 31.25% | 13.20% | 18.10% | 0.42 | 2.38% |  |  | 26.5
2014 Feb | San Jorge | Sulfide | 7.63% | 0.41% | 7.22% | 0.05 | 0.65% |  |  |
2014 Feb | Karen Milagros | Sulfide | 5.70% | 0.00% | 5.70% | 0 | 1.12% |  |  |

Source: SRK, 2017

Table 10‑2 Florida Canyon Metal Recoveries by Material Type

Parameter | Material Type
Sulfide | Mixed | Oxide
ZnOx/ZnT Ratio | <=0.2 | 0.2 to 0.8 | >=0.8
Zn Recovery | 93% | (-0.8833 (ZnOx/ZnT) + 1.1067) * 100 | 40%
Pb Recovery | 84% | (-0.7333 (ZnOx/ZnT) + 0.9867) * 100 | 40%
Ag Recovery | 56% | (-0.4 (ZnOx/ZnT) + 0.64) * 100 | 32%

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11 Mineral Resource Estimate

An updated Mineral Resources Estimate for Florida Canyon was completed by Nexa Resources based on a data base available in July of 2020. The database included 545 drill holes with a total drilled length of nearly 137 km.

The estimate was audited by Donald E. Hulse of Gustavson Associates LLC with the audit completed on February 1, 2021. Work was completed in Datamine Studio RM, Leapfrog Geo, and Snowden Supervisor. The models were reviewed by Gustavson using Leapfrog Geo for 3-dimensional geological models, Micro Model software for statistics and geostatistics, and Datamine RM for validation of the estimate. The Nexa database was reviewed, and statistical analysis was completed to validate the Nexa QA/QC results. Gustavson supports the use of the database for mineral resource estimation.

Geological modeling in Leapfrog utilized geological sections developed based on lithology, alteration, and mineralization to interpret a 3-dimensional geological model with 73 unique mineralized structures. Each of these structures was analyzed with classical statistics and geostatistics to estimate grades for zinc, lead, silver, and iron. Mineral resource classification utilized criteria based on drill spacing and variogram ranges. Measured mineral resource required a spacing of 25x25m with at least 3 composites, indicated mineral resource, 50x50m with 3 composites, and inferred resource estimates required a spacing of 100x100m with at least 2 composites. In addition, estimation required the demonstration of geological continuity within the Florida horizon as well as dolomitic alteration.

11.1 Geologic Model

Florida Canyon is considered to be a Mississippi Valley type deposit, dominated by lead and zinc sulfides. The minerals are disseminated within stratigraphically controlled dolomites within the Chambara Formation of the late Triassic/early Jurassic. The deposit is in karstic terrane and due to the local percolation of meteoric water, shallow mineralization has locally oxidized into silicates and carbonates (smithsonite, hemimorphite, and cerussite) collectively referred to as “oxides”.

The mineralization occurs in both sub horizontal “mantos”, and steeply dipping feeders. The mantos are stratigraphically controlled within the Florida horizon of the Chambara formation. The stratigraphy in the area is composed of the layers shown in Table 11‑1. Within the Florida, the Coquina and IBM fossil beds were used as markers in the logging.

A schematic of the local stratigraphy is shown in Figure 11‑1. The high grade Pb-Zn mineralization occurs in dolomitized material within the calcites of the Florida horizon.

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Table 11‑1 Deposit Stratigraphy

Soils
Aramachay Formation
CMWCH Horizon
Florida Horizon
CDMWS Horizon
Mitu Group

Figure 11‑1 Schematic of Local Stratigraphy

The Florida Canyon deposit has the form of a dome at regional scale. This may be due to a regional anticline. This trend was incorporated into the geological model with the interpretation of 84 mineralized structures. (70 mantos and 14 feeders). The distribution of the mineral bodies is shown in Figure 11‑2. The bodies are grouped into four areas, labeled as 1021, Karen Milagros, San Jorge, and Sam. The Sam bodies are associated with the Sam fault to the south west of the area. The extent of these bodies is currently limited by drill data.

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Figure 11‑2 Distribution of Mineralized Bodies

11.2 Exploratory Data Analysis

The database consists of 545 drill holes, measuring a total of 136,758.15m. The Exploratory Data Analysis (EDA) was performed on raw data (drill samples), composites, and capped values. Histograms and cumulative frequency diagrams were created for Zn, Pb, Ag and Fe. Summary examples of raw data, composite and capped cumulative frequency diagrams are in Appendix C and D.

For grade estimation, only samples within the solids defining the mantos and feeders were utilized. All drill and composite intervals were coded with the appropriate geological code. An example cumulative frequency curve is shown in Figure 11‑3.

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Figure 11‑3 Cumulative Frequency Curve for Zinc (Nexa)

The statistics were analyzed for each of the 74 bodies. The domains are referenced in the included Table 11‑2 by a three-part code. The first part is the area, the second part defines if it is a manto or a feeder zone, and the third part is a unique sequence number to identify separate zones in each area.

Table 11‑2 Description of Zone Codes for Statistics

Areas | Code | Description
| D21 | 1021
| KM | Karen Milagros
| SJ | San Jorge
| Sam | Sam
Type | F | Feeder
| M | Manto

There are subtle local differences between the bodies, although most behave statistically well with coefficients of variation less than two. This indicates that the distributions are not highly skewed. Since there is insufficient drilling to connect all bodies, the spatial separation led to estimating each body as a separate zone. Summary zinc statistics for the principal zones are shown in Table 11‑3.

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Table 11‑3 Summary Statistics for Zinc by Zone (after Nexa)

Zone Code | Zone | N-Samp | Min | Max | Mean | CV
1107 | d21m1 | 12 | 0.06 | 29.2 | 5.34 | 1.35
1108 | d21m2 | 34 | 0.04 | 49.58 | 8.23 | 1.55
1109 | d21m3 | 17 | 0.04 | 9.53 | 2.39 | 1.26
1110 | d21m4 | 12 | 0.01 | 13.6 | 1.5 | 2.08
1111 | d21m7 | 17 | 0 | 36.58 | 9.77 | 1.15
1204 | km3_10 | 33 | 0 | 39.24 | 7.97 | 1.36
1206 | km1 | 48 | 0.01 | 37.66 | 6.66 | 1.32
1207 | km2_1 | 56 | 0.01 | 42.6 | 8.83 | 1.29
1208 | km2_3 | 13 | 0.96 | 40.49 | 14.01 | 1.04
1209 | km3_1 | 27 | 0.09 | 40.31 | 8.8 | 1.28
1211 | km3_4 | 22 | 0 | 30 | 8.2 | 1.24
1212 | km3_5 | 72 | 0.01 | 44.41 | 7.9 | 1.37
1213 | km3_7 | 32 | 0.02 | 39.37 | 5.03 | 1.93
1214 | km3_8 | 16 | 0.26 | 34.64 | 10.21 | 1.21
1215 | km3_9 | 4 | 1.27 | 39.76 | 13.62 | 1.27
1216 | km3_2 | 144 | 0 | 46.63 | 6.54 | 1.56
1217 | km4_1 | 27 | 0.08 | 28.91 | 3.22 | 1.8
1218 | km4_2 | 16 | 0.08 | 41.39 | 7.43 | 1.45
1219 | km4_3 | 134 | 0 | 45.48 | 5.88 | 1.63
1220 | km4_5 | 15 | 0.02 | 11.4 | 2.42 | 1.13
1221 | km4_7 | 41 | 0.47 | 32.7 | 6.87 | 1.33
1223 | km6_2 | 30 | 0.15 | 32.99 | 6.77 | 1.31
1224 | km6_3 | 14 | 0.34 | 39.64 | 4.77 | 1.52
1225 | km6_5 | 36 | 0.02 | 40.24 | 11.51 | 1.13
1226 | km6_6 | 9 | 1.23 | 39.27 | 13.46 | 1.04
1227 | km6_9 | 76 | 0 | 41.58 | 8.17 | 1.29
1228 | km7_1 | 89 | 0.18 | 49.06 | 9.31 | 0.97
1229 | km7_2 | 16 | 0.01 | 15.45 | 3.54 | 1.19
1230 | km7_3 | 4 | 0.25 | 1.59 | 0.83 | 0.7
1231 | km10 | 42 | 0 | 39.31 | 6.26 | 1.57
1232 | km13 | 29 | 0.1 | 35.15 | 5.65 | 1.51
1233 | km15 | 22 | 0 | 35.01 | 9.54 | 1.24
1234 | km6_4 | 56 | 0.22 | 36.05 | 12.19 | 0.84
1405 | sjm1 | 21 | 0.07 | 25.7 | 7.25 | 1.3
1406 | sjm2 | 42 | 0.01 | 40.68 | 6.27 | 1.72
1407 | sjm3 | 40 | 0.01 | 44.09 | 9.07 | 1.33

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Although there are differences in the grade from zone to zone, the overall behavior of the different areas is shown in Table 11‑4

Table 11‑4 Average Metal Grades by Area

|  | Samples | Avg Zn | Avg Ag | Avg Pb
Karen Milagros | Mantos | 711 | 8.190 | 11.952 | 1.320
Karen Milagros | Feeders | 98 | 11.351 | 18.866 | 2.590
San Jorge | Mantos | 249 | 7.459 | 8.007 | 0.410
San Jorge | Feeders | 306 | 10.607 | 16.154 | 0.724
1021 | Mantos | 25 | 5.066 | 9.542 | 0.709
1021 | Feeders | 117 | 6.378 | 13.646 | 1.373
Sam | Mantos | 95 | 5.584 | 6.198 | 1.257

The overall distribution of the metal grades in the deposit is shown in the histograms in Figure 11‑4, Figure 11‑5 and Figure 11‑6. Although the distributions for zinc and silver are slightly skewed, reflecting a log normal population, the overall behavior is good. This presents evidence that if the infill drilling connects these bodies, that the mineralization may develop as local zoning within a large continuous mineralized body. This is common in other MVT deposits, including the namesake deposits in the central USA.

Figure 11‑4 Histogram of Zinc in Mineral Zones

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Figure 11‑5 Histogram of Silver in Mineral Zones

Figure 11‑6 Histogram of Lead in Mineral Zones

11.3 Domains for Resource Estimation

The domains or zones were defined in the EDA step of the study. Further drilling will support if these are unique pods of mineralization, or parts of a larger body. Due to the changing orientation identified in the Leapfrog model and the overall anticlinal shape, each zone was estimated with unique search parameters.

11.4 Capping and Compositing

Capping was performed area by area based on the shape of the cumulative frequency curve. Composites were nominal 2 meters long with some variability due to the thickness of the zone, with 88% of the composites approximately 2 meters. Capping values for key areas are shown in Table 11‑5.

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Table 11‑5 Outlier Capping Values by Area (after Nexa)

Area | COD_OB | Zn Cap | Pb Cap | Fe Cap | Ag Cap
d21f1 | 2101 | 32 | 6 | 22 | 50
d21f2 | 2102 | 42 | 30 | 22 | 160
d21f3 | 2103 | 42 | 30 | 22 | 160
d21f4 | 2104 | 32 | 6 | 22 | 50
d21f5 | 2105 | 32 | 6 | 22 | 50
d21f6 | 2106 | 21 | 21 | 12 | 58
kmf1 | 2201 | 40 | 15 | 11 | 120
kmf2 | 2202 | 45 | 17 | 22 | 100
kmf3 | 2203 | 45 | 17 | 22 | 100
sam | 2301 | 28 | 8 | 2.5 | 20
km3_10 | 1204 | 20 | 10 | 7 | 52
d21m1 | 1107 | - | - | - | -
d21m2 | 1108 | 27 | 7 | - | 60
d21m3 | 1109 | 27 | 7 | - | 60
d21m4 | 1110 | - | - | - | -
d21m7 | 1111 | 27 | 7 | - | 60
km1 | 1206 | 25 | 12 | 6 | 60
km2_1 | 1207 | 37.3 | 15 | 11 | 100
km2_3 | 1208 | 40 | 13 | 17 | 81
km3_1 | 1209 | 35 | 4 | 8 | 51
km3_3 | 12102 | 40 | 13 | 17 | 81
km3_4 | 1211 | 38 | 19 | 15 | 120
km3_5 | 1212 | 38 | 19 | 15 | 120
km3_7 | 1213 | 37.3 | 15 | 11 | 100
km3_8 | 1214 | 37.3 | 15 | 11 | 100
km3_9 | 1215 | 37.3 | 15 | 11 | 100
km3_2 | 1216 | 34 | 9 | - | 40
km4_1 | 1217 | 18 | 3.5 | - | 20
km4_2 | 1218 | 37.3 | 15 | 11 | 100
km4_3 | 1219 | 28 | 10 | 5 | 100
km4_5 | 1220 | 10 | 7 | - | -
km4_7 | 1221 | 38 | 19 | 15 | 120
km6_1 | 12221 | 38 | 19 | 15 | 120
km6_2 | 1223 | 38 | 19 | 15 | 120
km6_3 | 1224 | 18 | 3.5 | - | 20
km6_4 | 1234 | - | 10 | 7 | 52
km6_5 | 1225 | - | 6 | - | -
km6_6 | 1226 | - | 6 | - | -
km6_9 | 1227 | 35 | 4 | 8 | 51

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11.5 Geostatistics

Variograms were calculated in each of the zones. Variograms for the manto and feeder zones are shown in Figure 11‑7 and Figure 11‑8. Overall, the variograms are characterized by a relatively low nugget with about 20% of the total variance, a short spherical structure with about one half of the total variance, and a longer spherical structure with about 30% of the total variance.

Figure 11‑7 Example Zinc Variogram for Manto Zones (after Nexa)

Figure 11‑8 Example Zinc Variogram for Feeder Zones (after Nexa)

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Generally, the variograms are similar in size and anisotropy, with variable orientations. Key variogram parameters are shown in Table 11‑6.

Table 11‑6 Selected Variogram Parameters (after Nexa)

| Structure 1 | Structure 2
Zone | Variable | Rotation | Dip | Plunge | Nugget(C0) | Max | Int | Minor | Sill(C1) | Max | Int | Minor | Sill(C2)
d21f6 | AG_CAP | 33.78 | -83.58 | 0 | 0.1 | 28 | 10 | 2 | 0.56 | 121 | 53 | 13 | 0.34
d21f6 | ZN_CAP | 33.78 | -83.58 | 0 | 0.13 | 16 | 17 | 4 | 0.4 | 83 | 104 | 11 | 0.47
d21f6 | PB_CAP | 33.78 | -83.58 | 0 | 0.15 | 9 | 18 | 3 | 0.56 | 83 | 92 | 11 | 0.3
d21f6 | FE_CAP | 33.78 | -83.58 | 0 | 0.16 | 9 | 23 | 2 | 0.32 | 114 | 136 | 13 | 0.52
d21m1 | AG_CAP | -49.91 | -4.33 | -177.5 | 0.3 | 24 | 18 | 6 | 0.54 | 82 | 74 | 25 | 0.16
d21m1 | ZN_CAP | -49.91 | -4.33 | -177.5 | 0.26 | 24 | 18 | 4 | 0.55 | 82 | 76 | 11 | 0.19
d21m1 | PB_CAP | -49.91 | -4.33 | -177.5 | 0.18 | 25 | 22 | 3 | 0.49 | 107 | 70 | 36 | 0.32
d21m1 | FE_CAP | -49.91 | -4.33 | -177.5 | 0.35 | 20 | 18 | 4 | 0.39 | 147 | 76 | 11 | 0.27
d21m2 | AG_CAP | 120.07 | -4.7 | -178.29 | 0.3 | 24 | 18 | 6 | 0.54 | 82 | 74 | 25 | 0.16
d21m2 | ZN_CAP | 120.07 | -4.7 | -178.29 | 0.26 | 24 | 18 | 4 | 0.55 | 82 | 76 | 11 | 0.19
d21m2 | PB_CAP | 120.07 | -4.7 | -178.29 | 0.18 | 25 | 22 | 3 | 0.49 | 107 | 70 | 36 | 0.32
d21m2 | FE_CAP | 120.07 | -4.7 | -178.29 | 0.35 | 20 | 18 | 4 | 0.39 | 147 | 76 | 11 | 0.27
d21m3 | AG_CAP | 120.07 | -4.7 | -178.29 | 0.3 | 24 | 18 | 6 | 0.54 | 82 | 74 | 25 | 0.16
d21m3 | ZN_CAP | 120.07 | -4.7 | -178.29 | 0.26 | 24 | 18 | 4 | 0.55 | 82 | 76 | 11 | 0.19
d21m3 | PB_CAP | 120.07 | -4.7 | -178.29 | 0.18 | 25 | 22 | 3 | 0.49 | 107 | 70 | 36 | 0.32
d21m3 | FE_CAP | 120.07 | -4.7 | -178.29 | 0.35 | 20 | 18 | 4 | 0.39 | 147 | 76 | 11 | 0.27
d21m4 | AG_CAP | -145.44 | -7.05 | 174.89 | 0.3 | 24 | 18 | 6 | 0.54 | 82 | 74 | 25 | 0.16
d21m4 | ZN_CAP | -145.44 | -7.05 | 174.89 | 0.26 | 24 | 18 | 4 | 0.55 | 82 | 76 | 11 | 0.19
d21m4 | PB_CAP | -145.44 | -7.05 | 174.89 | 0.18 | 25 | 22 | 3 | 0.49 | 107 | 70 | 36 | 0.32
d21m4 | FE_CAP | -145.44 | -7.05 | 174.89 | 0.35 | 20 | 18 | 4 | 0.39 | 147 | 76 | 11 | 0.27
d21m7 | AG_CAP | 120.07 | 0.7 | -178.29 | 0.3 | 24 | 18 | 6 | 0.54 | 82 | 74 | 25 | 0.16
d21m7 | ZN_CAP | 120.07 | 0.7 | -178.29 | 0.26 | 24 | 18 | 4 | 0.55 | 82 | 76 | 11 | 0.19
d21m7 | PB_CAP | 120.07 | 0.7 | -178.29 | 0.18 | 25 | 22 | 3 | 0.49 | 107 | 70 | 36 | 0.32
d21m7 | FE_CAP | 120.07 | 0.7 | -178.29 | 0.35 | 20 | 18 | 4 | 0.39 | 147 | 76 | 11 | 0.27

11.6 Block Model Parameters

The block model was estimated in Datamine software. The block size was 6x6x3m with a minimum sub-cell of 0.5m in each direction. General parameters are shown in Table 11‑7.

Table 11‑7 Block Model Parameters

Parameters | East (m) | North (m) | Elev (m)
Minimum | 823,700 | 9,351,680 | 1,550
Maximum | 825,650 | 9,354,422 | 3,161
Block dimension | 6 | 6 | 3
Minimum sub-cell | 0.5 | 0.5 | 0.5

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11.7 Block Grade Estimation Methodology

Grades were estimated by three methods, Ordinary Kriging, Inverse Distance to a Power, and Nearest Neighbor. For economic stope design, the OK values were used.

The search distances were roughly ½ of the variogram range for Pass 1, the full variogram range for Pass 2, and a longer search was used for inferred to fill in between drilling for the zone. For Pass 1 and 2, a minimum of 6 composites were required and a maximum of 16 were used, for Pass 3, a minimum of 2 and a maximum of 8 were used.

Nearest neighbor estimates were used to check the unbiased average of each zone before applying a cutoff grade.

11.8 Resource Classification

Mineral resource classification utilized criteria based on drill spacing and variogram ranges. Measured mineral resource required a spacing of 25x25m with at least 3 composites, indicated mineral resource, 50x50m with 3 composites, and inferred resource estimates required a spacing of 100x100m with at least 2 composites. In addition, estimation required the demonstration of geological continuity within the Florida horizon as well as dolomitic alteration. In Figure 11‑9 mineral resource classes are shown with Measured Resources shown in blue, Indicated in green and Inferred in red.

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Figure 11‑9 Distribution of Resource Classes (Source Nexa)

11.9 Cutoff Grade

Based on metallurgical test work, mineral types were assigned for sulfides, oxides, and mixed mineral based on the relation of oxide zinc with total zinc, and based on these criteria, a metallurgical recovery was assigned to each block. The blocks were coded with the most prominent oxidation state. Oxides are shown in orange, mixed material in yellow and sulfides in blue.

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Figure 11‑10 Oxidation state of the mineral zones (Source Nexa)

11.10 Development of Economic Shells for Reporting

A recovery was assigned based on the oxidation state. Using the estimated grade and recovery, economic stope shapes were developed using a “stope optimizer” tool in Deswik software. The limits for the stope are summarized in Table 11‑8. The cutoff grade was established in net smelter return (NSR) for each mining method, Sublevel Stoping, Cut and Fill, and Room and Pillar. Only mineral resources within an economic stope shape were reported.

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Table 11‑8 Deswik Stope Parameters

| Sublevel Stoping | Cut and Fill | Room and Pillar
Stope Length (m) | 4 | 3 | Room 5.5x5.5 and Pillar 6x6
Stope Height (m) | 16 | 3 | 4 to 20
Minimum Stope Width (m) | 3 | 3 | 4
Minimum Waste Pillar Width (m) | 3 | 3 | 6
Dip | 50°/90° | 20°/50° | 20°/20°
Cut-Off (NSR) | 41.4 | 42.93 | 40.61

Long term metals prices used for calculation of NSR are in Table 11‑9.

Table 11‑9 Long term metal prices

Metal | $US/tonne | $US/lb
Zn | 2.816 | 1.27
Pb | 2.249 | 1.02
Ag |  | 19.40 / OzT

An example of the stope shapes used to declare a mineral resource is shown in Figure 11‑11. Gustavson feels that the stope shells are a good estimate of the economic potential of the material, and that the parameters used are sufficiently developed to meet the definition of mineral resource estimate of the CIM.

Figure 11‑11 - Example Deswik Stope Shapes

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11.11 Specific Gravity/Density

Density was calculated as a function of grade using the following equation.

The equation was developed by SRK during the 2017 study. SRK determined that the expected error of using this equation for density was about 0.01%, and that there is no material effect or bias on the mineral resource estimate from this method.

11.12 Validation of Resource Estimate

The estimate was validated by statistical comparison of the three estimates, and by visual inspection of cross sections of estimates against composites. At this time the classification was reviewed based on the average drill density. Inspection plots for zinc and silver are shown in Figure 11‑12 and Figure 11‑13.

Figure 11‑12 - Review of Estimates vs. Composites for Zinc in KM6-1

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Figure 11‑13 - Review of Estimates vs. Composites for Silver in KM6-1

11.13 Audit of Final Mineral Resource Estimate.

Gustavson audited the Nexa model by examining it in 3-dimensions in the Leapfrog software and by comparing the statistics of the samples in each zone with the modeled grades. The Leapfrog work appears to have been done carefully, based on the limits of the dolomite zone within the Chambara formation where lead, zinc, and silver grades are concentrated. Gustavson feels that this is a good representation of the volume of the mineralized material.

The grades reported have an implicit cutoff as part of the stope optimizer analysis in addition to the explicit cutoff applied to the composite data. The stope optimizer tends to select only the best grade where it is sufficiently continuous to allow development of a stope of a defined size. This is a direct comparison to an economic pit limit analysis used in open pit mining to define an “in pit resource”. In both cases, the use of the economic mining limit implies the potential for future economic extraction.

For the Florida Canyon study, the prices used were very near to the market prices in December of 2020 when the study was finalized. Gustavson was able to compare the statistics of samples within the stope shells with the reported mineral resources and found a generally good correlation. Some of the stope shapes were formed largely on inferred material with limited drilling, and correlations were most precise between stope grades and composite grades when sampling was most regular.

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The mineral resource estimate is tabulated in Table 11‑10 Mineral Resource Summary. Gustavson feels that the reported Mineral Resource Estimate meets the standard for reporting under CIM (2019). The Mineral Resource Estimate separated by zone and mantos vs feeder is in Appendix E.

11.14 Mineral Resource Tabulation

The Mineral Resource by zone is shown in Table 11‑10.

Table 11‑10 Mineral Resource Summary

Zone | Classification | Sum of Tonnes | Zn % | Ag g/t | Pb % | Fe %
Karen Milagros | Measured | 328,254 | 9.07 | 9.77 | 1.34 | 1.53
Indicated | 913,273 | 7.65 | 10.41 | 1.36 | 1.35
Measured + Indicated | 1,241,527 | 8.03 | 10.24 | 1.35 | 1.39
Inferred | 7,072,315 | 8.82 | 10.55 | 1.20 | 1.57
San Jorge | Measured | 478,691 | 12.85 | 19.29 | 1.42 | 3.07
Indicated | 721,429 | 13.61 | 20.52 | 1.25 | 3.35
Measured + Indicated | 1,200,120 | 13.31 | 20.03 | 1.32 | 3.24
Inferred | 3,895,089 | 13.09 | 11.34 | 0.68 | 2.41
1021 | Inferred | 3,291,937 | 6.71 | 13.58 | 1.77 | 2.65
Sam | Inferred | 599,392 | 12.78 | 6.99 | 2.96 | 0.93

The total Mineral Resource at Florida Canyon is shown in Table 11‑11.

Table 11‑11 Florida Canyon Total Mineral Resources

Classification | Sum of Tonnes | Zn % | Ag g/t | Pb % | Fe %
Measured | 806,945 | 11.32 | 15.42 | 1.39 | 2.44
Indicated | 1,634,702 | 10.28 | 14.87 | 1.31 | 2.23
Measured + Indicated | 2,441,647 | 10.62 | 15.05 | 1.33 | 2.30
Inferred | 14,858,733 | 9.63 | 11.28 | 1.26 | 2.00

Mineral Resources are not Mineral Reserves and have not been demonstrated to have economic viability. There is no certainty that the Mineral Resource will be converted to Mineral Reserves. The quantity and grade or quality is an estimate and is rounded to reflect the fact that it is an approximation. Quantities may not sum due to rounding.

| · | CIM (2014) standards for mineral resources were followed.
| · | The effective date of the Mineral Resource Estimate is February 1st, 2021.
| · | The mineral resources are reported using a cutoff of US $41.40/t NSR for the sub-level, US $42.93/t for the cut and fill, and US $40.61/t for the room and pillar areas of the mine.
| · | The minimum thickness was 3 m for sub-levels in cut and fill, and 4 m for stopes and pillars.
| · | Mineral resources are reported exclusive of mineral reserves.
| · | Mineral resources are not mineral reserves and have not demonstrated economic feasibility.
| · | Numbers may not sum correctly due to rounding.

Estimates for mineral resources are based on drill results received up to 30 October 2020, with 545 holes and a total length of 136,758.15 m stope shapes for support of economic potential were developed using the stope optimizer tool of Deswik (DSO).

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12 Mineral Reserve Estimate

This section does not apply because the Report does not include Mineral Reserves.

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13 Mining Methods

SRK completed a 2017 Preliminary Economic Assessment Florida Canyon Zinc Project, Amazonas Department, Peru with Effective Date: July 13, 2017 and Report Date: August 3, 2017. This report was contracted by and supplied to Gustavson by Solitario Zinc. The 2021 TRS as described in this report does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. The Inferred Mineral Resource estimate was increased by extending the known mineralized bodies. The results and conclusions of the 2017 PEA are discussed in Section 21.

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14 Processing and Recovery Methods

SRK completed a 2017 Preliminary Economic Assessment Florida Canyon Zinc Project, Amazonas Department, Peru with Effective Date: July 13, 2017 and Report Date: August 3, 2017. The 2021 Mineral Resource update as described in this report does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. In general, the mineralogy of the newly delineated resource is predominantly more sulfides than the resource considered in the 2017 report, which may simplify flotation processing. The results and conclusions of the 2017 PEA are discussed in Section 21.

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15 Project Infrastructure

SRK completed a 2017 Preliminary Economic Assessment Florida Canyon Zinc Project, Amazonas Department, Peru with Effective Date: July 13, 2017 and Report Date: August 3, 2017. The 2021 TRER update as described in this report does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. As the additional resources estimated are extensions of previously known bodies, and the estimated production rate has not changed, the infrastructure is expected to be similar to that in the 2017 report. The results and conclusions of the 2017 PEA are discussed in Section 21.

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16 Market Studies

No specific market study has been conducted for this study. Lead and zinc are publicly traded and for this mineral resource estimate the market prices when the estimate was completed in December 2020, have been used. Gustavson believes that since the two metals have limited volatility, that this adequately supports an analysis of potential for eventual economic extraction.

16.1 Contracts and Status

The Florida Canyon Project is a green field lead-zinc deposit that currently has no contracts that cover the sales of the projected lead and zinc concentrate production.

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17 Environmental Studies, Permitting and Social or Community Impact

17.1 Required Permits and Status

The 2021 Mineral Resource update as described in this report does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. In general, the planned operation and infrastructure is similar to that considered in the 2017 report and environmental impacts should be similar. The results and conclusions of the 2017 PEA are still considered current and therefore have been carried over for this Report.

17.1.1 Required Exploration Permits and Status

Environmental permits for mineral exploration programs are divided into two classes. Class I permits allow construction and drilling for up to 20 platforms with a maximum disturbance of 10 ha. A Class II permit provides for more than 20 drill locations or for a disturbance area of greater than 10 ha.

Class I permits require little more than a notification process for approval. Class II drilling permits require an environmental impact declaration (DIA), a permit for harvesting trees (if applicable), an archeological survey report (CIRA), a water use permit (ALA) and a Closure Plan.

Nexa has previously filed applications for and received Class II permits for various phases of the Project and has filed and received the required associated permits. The 2017 review of existing exploration permit status indicates that only the archeological permits and the latest tree harvesting permit are still valid.

During exploration, Nexa has developed a Social Management Plan with several programs ongoing in the community including:

| · | Communication, Information and Coordination Program with Residents;
| · | Attention to Concern, Claims and Conflict Resolution Program;
| · | Support Program for Participatory Environmental Monitoring and Information Workshops;
| · | Recruitment and Training Program for Local Labor;
| · | Support Program for Sustainable Socioeconomic Development; and
| · | Community Support Program in Education and Training.

Past exploration programs have been permitted by approval of Class II permits and an Environmental Impact Assessment (EIA) administered under and approved by the Peru Ministry of Energy and Mines. The current exploration program is permitted by the Fourth Modification of the EIA which has enabled surface drilling and underground development at the Florida Canyon deposit within an area of approximately ten square kilometers. In addition to permitted drilling at Florida Canyon itself, the area known as Florida Sur (South Florida) is planned for surface drilling in 2024 under the Fourth Modification as shown in Figure 17‑1.

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Figure 17‑1 Florida Canyon Expanded Exploration Footprint

A Fifth Modification of the EIA will be submitted in mid-2022 to greatly enlarge the permitted area for surface drilling and permit the construction of a second underground exploration drift in the northern part of the property to allow more closely spaced underground drilling. The proposed modified area of exploration will encompass approximately 25 square kilometers and proposes the area for approximately ninety new surface drill sites. This will enable testing of newly identified outcropping mineralization to the south, southeast and east of Florida Canyon in the same host rock as current resources as shown on Figure 17‑2. Figure 17‑3 illustrates the geology in cross section showing subsurface mineralization at Florida Canyon and the interpreted location of the favorable horizon that hosts mineralization at Florida.

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Figure 17‑2 Florida Canyon Proposed Exploration

Figure 17‑3 Florida Canyon Long Section

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17.1.2 Required Mining Permits

Permitting requirements for mining include an Estudio de Impacto Ambiental (EIA) that describes in detail the mining plan and evaluates the impacts of the plan on environmental and social attributes of the property. Baseline studies include air quality, surface and groundwater quality, flora and fauna surveys, archeological surveys, and a study of the social conditions of the immediate property and an area of interest that includes local communities. Many of the baseline studies required for mining have been completed by Nexa. Public meetings are required in order that local community members can learn about and comment on the proposed operation. Social outreach has been clearly demonstrated during Nexa’s exploration efforts as described above.

Specific authorizations, permits and licenses required for future mining include:

| · | EIA (as modified during the mine life);
| · | Mine Closure Plan and Final Mine Closure Plan within two years of end of operation;
| · | Certificate of Nonexistence of Archaeological Remains;
| · | Water Use License (groundwater and/or surface water);
| · | Water construction authorization;
| · | Sewage authorization;
| · | Drinking water treatment facility license;
| · | Explosives use license and explosives storage licenses;
| · | Controlled chemicals certificate;
| · | Beneficiation concession;
| · | Mining authorization;
| · | Closure bonding; and
| · | Environmental Management Plan approval.

Information on environmental monitoring was limited in the SRK document review. Nevertheless, the need for additional monitoring in at least one dry and one wet period will be required for the EIA including terrestrial and aquatic fauna and flora and groundwater level and quality.

17.2 Environmental Monitoring Results

Environmental monitoring has been performed per the requirements to obtain the exploration permits, including the variables listed in the Table 17‑1.

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Table 17‑1: Environmental Monitoring During Mining Exploration

Factor | Legal Norm | Variables | Frequency
Surface water quality (14 to 18 monitoring stations) | Environmental standards for surface water quality as to D.S. Nº 002-2008-MINAM | Temperature, Conductivity, pH, Total Suspended Solids (TSS), Oils and Grease, Cyanide – Total, Arsenic, Cadmium, Chromium VI, Copper, Iron, Lead, Mercury, Zinc, Sulphur, Nitrates, Phenols Dissolved oxygen thermotolerant coliforms total coliforms | Quarterly
Air quality (4 to 5 monitoring stations) | Environmental standards for air quality: PM10, NO2, CO and O3 as to D.S. Nº 074-2001-PCM PM2,5 and SO2 as to D.S. N° 003-2008-MINAM lead in PM10, D.S. Nº 085-2003-PCM | PM10-PM2.5-lead in PM 10- arsenic in PM10- gases. | Quarterly
Noice (2 monitoring stations) | D.S. Nº 085-2003-PCM | Sound pressure | Quarterly
Terrestrial fauna and flora | D.S. Nº 004-2014 IUCN 2014 CITES | various | variable
Soil quality | Environmental standards for soil quality, D.S. N°002-2013 MINAM | As, Ba, Cd, Hg, Free CN | variable

SRK, 2017

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Information that SRK was able to review in the database was limited. Nevertheless, the need for additional monitoring in at least one dry and one wet period will be required for the EIA-d including terrestrial and aquatic fauna and flora and groundwater level and quality.

17.3 Groundwater

Groundwater has been studied by Hydro-Geo Consultores (2010) and Klohn Crippen Berger (2013). The mine is in a high rainfall environment. Infiltration of surface water persists to approximately 50 m depth and recharges groundwater via structural pathways and interconnected karst features in dolomitized and de-dolomitized carbonate stratigraphy. The potentiometric surface has been determined by a series of piezometers. This groundwater surface follows the south-southwest flow direction of Florida Canyon and daylights at the river level in the canyon. Most of the planned mining of the flat mantos will occur above the water table. Steeper zones of mineralization, such as San Jorge and Sam will occur below the water table as will parts of the Karen Milagros mantos to the north. Local inflows may be encountered when crossing faults or intercepting karst features.

Impact to groundwater is expected to be minimal as underground surface exposures are minor and exposed sulfides are not acid generating. There are no groundwater wells required for processing or potable water supply. These needs will be met by surface water available from nearby Tesoro Creek.

17.4 Environmental Issues

The proposed underground mining operation is expected to have a small disturbance footprint compared to other mining methods. Waste rock from underground mining will be crushed and conveyed to the tailing storage facility (TSF) for use in construction of the tailings embankment. A small percentage of the waste rock will be used as underground backfill. As a result, there will be little, or no surface area disturbance related to waste rock placement.

Waste rock generated from the mine and used in the tailings facility construction is composed of limestone and dolomite with a high neutralizing capacity. Most waste rock has very low sulfide content so the potential for acid generation and metals leach is judged to be low. Nevertheless, waste rock characterization study is recommended for future work.

The primary area of surface disturbance is related to tailings placement. As shown in Figure 18-3, the final tailings placement will have an area of 23.5 ha. Tailings also require geotechnical and geochemical stabilization during placement and closure.

Water for processing is expected to be collected from surface streams and reclaimed from filtered tailings. There will be no need for groundwater consumption in the current processing plan. Groundwater will be intersected in deeper reaches of the underground mine. Most of this water will be used for dust suppression or piped to the mill to support comminution and flotation.

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17.5 Mine Closure

A conceptual closure plan was developed to facilitate the calculation of the reclamation and closure costs to include in the PEA economic analysis. Closure designs and costs are based primarily on closure actions typically performed at similar sites.

17.5.1 Post Mining Land Use

Closure Design Objectives for Mine Tailings

| · | Promote positive and controlled drainage off the tailings surface and away from the dam face;
| · | Maintain an erosional and geotechnically stable landform;
| · | Promote native vegetation growth on the tailings surface, and
| · | Create a closed facility that minimizes long-term monitoring and maintenance.

17.5.2 Portals and Vents

Closure Design Objectives

| · | Prevent public access to underground workings.
| · | Maintain an erosional and geotechnically stable landform.
| · | Create a landform that visually approximates the surrounding landscape.
| · | Promote native vegetation growth on the disturbed surface.
| · | Create a closed facility that minimizes long-term monitoring and maintenance.

Closure Tasks

| · | Portals and vents will be decommissioned by filling with waste rock or capping with a concrete bulkhead. Disturbed areas will be revegetated with native species.

17.5.3 Buildings and Infrastructure

Closure Design Objectives

| · | Remove any facilities not needed for future use.
| · | Maintain an erosional and geotechnically stable landform.
| · | Create a landform that visually approximates the surrounding landscape.
| · | Promote native vegetation growth on disturbed surfaces.
| · | Create a closed facility that minimizes long-term monitoring and maintenance.

Closure Tasks

| · | Buildings with no identified post-mining land use will be demolished and the debris will be hauled to the permitted landfill onsite.
| · | Mill and conveyor parts with useful remaining life will be removed from the site and sold. The rest of the structure will be demolished, and recyclable materials hauled offsite and the rest hauled to the permitted landfill onsite.

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17.5.4 Roads and Miscellaneous Disturbance

Closure Design Objectives

| · | Maintain an erosional and geotechnically stable landform.
| · | Create a landform that visually approximates the surrounding landscape.
| · | Promote native vegetation growth on the disturbed surface.
| · | Create a closed facility that minimizes long-term monitoring and maintenance.

Closure Tasks

| · | Roads not needed for an identified post-mining land use will be regraded to approximately original contours and revegetated with native plant species.
| · | The main access roads and some internal mine roads may remain. Roads might be reconstructed to be smaller in width and include water control features to prevent erosion of the roadbed.
| · | Miscellaneous disturbance around other facilities will be regraded to approximately original contours and revegetated with native plant species.

17.5.5 Tailings Facility

Closure Design Objectives

| · | Promote positive and controlled drainage off the tailings surface and away from the dam face.
| · | Maintain an erosional and geotechnically stable landform.
| · | Promote native vegetation growth on the tailings surface.
| · | Create a closed facility that minimizes long-term monitoring and maintenance.

Closure Tasks

The tailings dam face will be constructed of waste rock at either 2:1H:V or 3:1 H:V. As long as stormwater is directed away from the dam face and the slopes are not changed from design the facility will be erosionally and geotechnically stable. No further reclamation will be performed. Tailings operations and closure involve:

| · | During operations, at the end of mine-life, deposit tails such that the surface slopes up to 1% toward the center of the tailings;
| · | Place 0.5 m of growth media on the tailings surface;
| · | Construct a stormwater channel in the center of the tailings to convey water to the southwest corner upstream from the dam into native ground;
| · | Construct a stormwater channel in native ground from the southwest corner of the tailings surface to spill into the natural drainage to the south;
| · | Decommission the stormwater drain on the north side of the tailings facility and direct flow onto the tailings surface to be captured by the center stormwater ditch; and
| · | Revegetate the tailings surface.

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17.6 Post Closure Plans

Post mining land use will approximate a natural park setting which could be used for livestock grazing and visually appears like the surrounding landscape. Generally, disturbed areas will be physically reclaimed and revegetated to approximate surrounding landforms. Disturbed areas will also be revegetated with native species. Some facilities may remain in place to support future access for exploration and/or further mineral development.

SRK recommends in future studies to design the tailings surface and spillway stormwater structure and evaluate options to reduce or eliminate the long-term obligation for monitoring and maintenance.

17.7 Reclamation and Closure Cost Estimate

Closure costs were calculated using the Standardized Reclamation Cost Estimator (SRCE) 2.0. The SRCE is a spreadsheet model that uses a first principles approach to calculate lengths, areas and volumes of common mine facilities and apply productivities for common mine equipment to estimate the time required. Unit costs for labor, materials and equipment are then applied to estimate a total cost.

Unit costs were as follows:

| · | Labor costs were factored from Nevada labor used by the Nevada Division of Environmental Protection (NDEP) for financial surety by multiplying by 40%.
| · | Equipment and material costs were used without factoring from the NDEP costs used for financial surety; and
| · | A fuel cost of US$1.24 per liter was used from the PEA documentation.

Closure cost includes provision for General and Administrative, closure planning and engineering and staff oversite during the active closure. Provision is also included for monitoring and maintenance.

The estimated cost to close the mine is US$4,920,000 which will be spent over the two years following the end of mining. An additional long-term monitoring and maintenance expense of US$830,000 will be required spread over 50 years starting in 2034. The total estimated closure cost is US$5,750,000.

17.8 Post-Performance or Reclamations Bonds

Reclamation bonds have not yet been defined or posted for the project.

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17.9 Social and Community

From the social point of view, the Florida Canyon Project is developed on lands of the Community of Shipasbamba, located in the district of the same name, in the province of Bongará in the department of Amazonas. This community was registered in the Directory of Peasant Communities by R.S. 49 on December 17, 1959 (220 families).

To develop its exploration work, Nexa – Cajamarquilla S.A., has signed with the CC of Shipasbamba, biannual agreements from 2009 to 2017 for the use of 12,500 ha. In summary, Nexa - Cajamarquilla has performed the following actions with the:

Government

| · | Comply with the requirements demanded by the sector to obtain the necessary environmental permits to carry out its exploration activities.
| · | In this context, it has developed several Citizen Participation Mechanisms in which the population has been informed about the objectives and scope of the Project and the type of relationship with the community that will be developed through its Community relations office.

Community

| · | Agreements for the use of Surface Lands

| · | From the point of view of social responsibility Nexa - Cajamarquilla, in order to be able to operate in the area in harmony with the local inhabitants, has signed bi-annual agreements for the Use of Land;
| · | These establish the commitments and counter-commitments to which both parties are bound (company and community);
| · | The last agreement signed by both parties expired in July 2017, and
| · | The revised documents state that the necessary steps were being taken to sign the Convention for the period 2016-2018.

| · | Community Relations:

| · | Nexa - Cajamarquilla has developed a Social Management Plan with several Programs, on which detailed information is not available. It is assumed, from the photos included in a review of the company’s activities that the programs are developing normally and are accepted by the community. These Programs are:
| · | Social Management Plan and Community Relations;
| · | Communication, Information and Coordination Program with Residents;
| · | Attention to Concern, Claims and Conflict Resolution Program;
| · | Support Program for Participatory Environmental Monitoring and Information Workshops;
| · | Recruitment and Training Program for Local Labor;
| · | Support Program for Sustainable Socioeconomic Development; and
| · | Community Support Program in Education and Training.

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18 Capital and Operating Costs

SRK completed a 2017 Preliminary Economic Assessment Florida Canyon Zinc Project, Amazonas Department, Peru with Effective Date: July 13, 2017 and Report Date: August 3, 2017. The 2021 Mineral Resource update as described in this report does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. In general, the planned operation and infrastructure have not changed as compared to the 2017 report. There was insufficient work performed in the 2021 Mineral Resource Estimate to re-estimate the costs, since the balance of the mineralogy has shifted to a dominant sulfide mineral resource. These inputs will need to be updated in the future however current commodities pricing is generally above the estimates used in the 2017 PEA. Operating and capital cost estimates from 2017 are still appropriate at a PEA level of study and are summarized in Section 21.

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19 Economic Analysis

SRK completed a 2017 Preliminary Economic Assessment Florida Canyon Zinc Project, Amazonas Department, Peru with Effective Date: July 13, 2017 and Report Date: August 3, 2017. The 2021 Mineral Resource update as described in this report does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2017 PEA. The planned operation is similar to that considered in the 2017 report, although the balance of the mineralogy has shifted to a dominant sulfide mineral resource. There was insufficient work performed in the 2021 Mineral Resource Estimate to re-estimate the costs, though a review of operating and capital cost estimates by Gustavson shows that they are still appropriate at a PEA level of study. These inputs will need to be updated in the future however current commodities pricing is generally above the estimates used in the 2017 PEA. The results and conclusions of the 2017 PEA are summarized in Section 21.

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20 Adjacent Properties

The Minera Bongará concessions are surrounded by concessions held by Minera Chambará. Minera Chambará, as discussed in Section 4, is also a joint venture between Solitario and Nexa. The mineralized area as currently drilled is well within the limits of the Bongará concessions.

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21 Other Relevant Data and Information

The 2017 PEA report, prepared for Votrantim by SRK for the project, included detailed optimization, design, scheduling, and economic analysis. The results of this study are summarized below.

21.1 Mining Methods

21.1.1 Proposed Mining Methods

Regions within the deposit are to be mined using three underground techniques:

| · | Sublevel Stoping (Longhole Stoping) for the steeply dipping bodies identified as F1 and SAM.
| · | Mechanized Cut and Fill for the moderate dipping bodies.
| · | Drift and Fill for the flat to moderate dipping bodies where more than one cut is required due to the width of the zone. Primary cuts are back filled with cemented paste or rock fill and secondaries are mined and backfilled with unconsolidated waste rock or paste.

The geotechnical characterization work for the project was performed by Klohn Crippen Berger (KCB) and documented in a geotechnical report dated October 2013 (KCB, 2013a).

21.1.1.1 Cut and Fill

KCB recommended 35m length and 2.5 to 3.0m wide and high cut dimensions with 16m sill pillars every 35m vertically. SRK has recommended 100m vertical distance between sill pillars based on paste fill and hanging wall competency.

21.1.1.2 Sublevel Stoping

Table 21‑1 lists the recommended stope dimensions for varying drift sizes. These are appropriate at a PEA level. Detailed stope sequencing and stress analysis is recommended for a feasibility level study and final mine design. A 30m crown pillar has been used in designs to ensure that stope openings approach the surface. Further study should be done to determine if economic materials in the crown pillar could be recovered.

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Table 21‑1: Proposed Stope Dimensions

Sizes w x h (m) | Mz Zone | HR | Width (m) | Height (m) | Length (m) | Area (m2) | Perimeter (m) | Maximum Height Allowed (m)
2.5 x 2.5 | Wall | 16 |  | 6.5 | 300 | 1,950 | 613 | 36
Back | 13 | 2.5 | 6.5 |  | 16.25 | 18 | NA
2.5 x 3.0 | Wall | 16 |  | 7 | 300 | 2,100 | 614 | 36
Back | 13 | 3 | 7 |  | 21 | 20 | NA
3.0 x 2.5 | Wall | 16 |  | 6.5 | 300 | 1,950 | 613 | 36
Back | 13 | 2.5 | 6.5 |  | 16.25 | 18 | NA
3.0 x 3.0 | Wall | 16 |  | 7 | 300 | 2,100 | 614 | 36
Back | 13 | 3 | 7 |  | 21 | 20 | NA

Source: KCB (2014a)

Sill pillars are planned at 35m interval in shallow dipping areas (less than 45°) and every 96m in steeply dipping areas. Current assumption is that 50% of sill pillars can be recovered on retreat. Further optimization should be done to determine optimal backfill material, stope sequencing and placement of pillars.

Based on experience in the exploration drift and rock mass classification, SRK has determined that 75-90% of the ground will not need ground support. The remaining areas are likely to need mesh, bolts, and 50mm of shotcrete. Friction bolts may be used in short term drifts while long term drifts would have grouted bolts.

21.1.2 Optimization Parameters

SRK used the Alford Stope Optimizer in Vulcan Mining Software to create its mining shapes. Block sizes are 6m x 6m x 3m and evaluated on their Net Smelter Return (NSR).

Table 21‑2: Expected Processing Recoveries

Parameter | Alteration State
Sulfide | Mixed | Oxide
ZnOx/ZnT Ratio | <= 0.2 | 0.2 to 0.8 | >= 0.8
Zn Recovery | 93% | (-0.8833 (ZnOx/ZnT) + 1.1067) *100 | 40%
Pb Recovery | 84% | (-0.7333 (ZnOx/ZnT) + 0.9867) *100 | 40%
Ag Recovery | 56% | (-0.4 (ZnOx/ZnT) + 0.64) *100 | 32%

Source: SRK, 2017

Table 21‑3: NSR Calculation Parameters for Stope Optimization

Parameter | Unit | Value
Metal Prices
Zn price | US$ / lb Zn | $1.20
Pb price | US$ / oz Ag | $1.00
Ag price | US$ / oz Ag | $17.50
Recovery to Concentrate
Zn | % | 40% to 93%
Pb | % | 40% to 84%
Ag | % | 32% to 56%
Concentrate Grade
Zn | % | 50%
Pb | % | 50%
Moisture Content | % | 9%
Transportation and Treatment/Refining Charges
Transportation Charge | US$/t concentrate | $70.00
Zn treatment charge | US$/t concentrate | $115.00
Pb treatment charge | US$/t concentrate | $100.00
Zn refining charge | US$/lb Zn | $0.115
Pb refining charge | US$/lb Pb | $0.100

Source: SRK, 2017

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Based on a 2,500 tpd operation, SRK used the following for its operating costs

Table 21‑4: Operating Costs Used for Determining Potential Mining Shapes

Item | Cost (US$/t) Longhole | Cost (US$/t) Drift and Fill/ Cut and Fill
Mining | 24.40 | 25.93
Processing | 12.00 | 12.00
G&A | 5.00 | 5.00
Total | $41.40 | $42.93

Source: SRK, 2017

NSR values were calculated using the parameters described herein for material classified as Measured, Indicated or Inferred. All other blocks are assumed to be waste with NSR and grade values of zero. Isolated blocks were removed as well as a small number of blocks were also removed in manto areas near the F1 longhole blocks to mitigate the impacts of mining induced stresses between the zones.

Table 21‑5: Stope Optimization Parameters for Base Case Analysis

Mining Method | Longhole | Drift and Fill/ Cut and Fill
Minimum Stope Width (m) | 3 | 3
Minimum Waste Pillar Width (m) | 3 | 3
Stope Height (m) | 16 | 3
Cut-off (NSR) | US$41.40 | US$42.93

Source: SRK, 2017

A mining recovery of 90% is assumed for longhole areas and 95% for drift and fill and cut and fill areas. Additional dilution beyond that internal to the mining shapes is not assumed.

NSR is calculated using variable recoveries based on sulfide/oxide ratios (recovery ranging from 32%-93%), a Zn price of US$1.20/lb, a Pb price of US$1.00/lb, an Ag price of US$17.50/oz. The transportation charge is US$70.00/t conc, Zn treatment charge of US$115/t conc, Pb treatment charge of US$100/t conc, Zn refining charge of US$0.115/lb Zn, and Pb refining charge of US$0.1/lb Pb. These factors were used for mine planning in the PEA and are not representative of the current mineral resource model.

ZnEq estimate is based on a NSR value of US$19.62 per 1% Zn. The US$19.62 is calculated using a Zn price of US$1.20/lb, a Pb price of US$1.00/lb, an Ag price of US$17.50/oz. The ZnEq also includes TC/RC and transportation costs and assumes an average Zn recovery of 78.15% which differs somewhat from that presented in the economic model. An example of the NSR to ZnEq calculation is (148.16/19.62)/0.7815

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Large karst caverns have been encountered during the excavation of the San Jorge adit, and karstic features have been observed in drilling. Additional geotechnical and hydrogeological information and study is required to better understand the potential impact on mining and risk mitigation measures that may be required to ensure a safe working environment.

The tonnes and grade of the resource material contained within the mining blocks from the PEA, adjusted by recovery and dilution was presented in the 2017 PEA, and consists of a total of 11.2 Mt with an average grade of 8.34% Zn, 0.90% Pb, and 11.3 g/t Ag, and is made up of Measured, Indicated, and Inferred material. Estimated average dilution, processing recoveries and the ZnOx/ZnT ratio is also provided. Average process recovery and dilution for the mine plan resource are shown in Table 21‑6

Table 21‑6: Mine Plan Resource Average Process Recovery

| Process Recovery | ZnOx/ZnT Ratio | Dilution
Ag (%) | Pb (%) | Zn (%)
Mine Plan Resource | 51.7 | 74.3 | 79.8 | 0.26 | 34%

The PEA is preliminary in nature, that it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

21.1.3 Development Layout

Access is through 3 main portals with an additional portal for ventilation. The mine design assumptions are listed in Table 21‑7

Table 21‑7: Development Design Assumptions

Parameter | Value
Maximum Ramp Gradient (Primary Ramps) | 12%
Maximum Gradient (Stope Access, Attack Ramps) | 15%
Primary Development Dimensions (w x h) | 4 m x 5 m
Secondary Development Dimensions (w x h) | 4 m x 4 m
Primary Ventilation Raise (diameter) | 4 m
Ventilation Raise Between Levels (diameter) | 3 m
Ore Pass (diameter) | 2 m

Source: SRK, 2017

Source: SRK, 2017

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Source: SRK, 2017

Figure 21‑1: Plan View of Mining Blocks and Development Layout

21.1.4 Waste

Development waste excavated during the two-year pre-production period will be hauled to surface and used as construction materials. Following this waste will be placed as backfill underground. Future studies should be done to determine acid generating potential of these materials.

A mix of material will be used to backfill stopes including cemented paste tailings, cemented rockfill, and RoM development waste. The cement content will vary based on the type of waste and where it will be placed.

| · | Primary paste fill cement content: 6% by weight;
| · | Primary rock fill cement content: 4% by weight; and
| · | Secondary paste fill cement content (to prevent liquefaction): 2% by weight.

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21.1.5 Mine Production

A production rate of 2,500 t/d has been selected to mine 912,500 mineralized tonnes per year. This has not been updated for the new mineral resource estimate.

21.2 Processing and Recovery Methods

21.2.1 Processing Projections and Methods

The mill will process 2,500 t/d of fresh mineralized material, and produce approximately 287 t of zinc concentrate grading 50% Zn, 1% Pb, and 0.6 g/t Ag and approximately 46 t of lead concentrate grading 50% Pb, 8.4 g/t Ag, and 6% Zn.

The flotation process will include two multi-stage flotation circuits, the first will produce a lead concentrate. The second multi-stage flotation circuit, the zinc circuit, receives tails from the lead circuit to produce a zinc concentrate. Both final concentrates will be transferred to its respective thickeners and then filtered (10 m2 filtration area for lead concentrate, and 60 m2 filtration area for zinc concentrate) to approximately 9% moisture before being trucked offsite to smelters.

Tailings from the flotation plant will be thickened to approximately 50% solids by weight. A fraction of the tails representing approximately 60% of the solids will be piped to a filtration plant (600 m2 tails filtration area) located by the tailings storage area and then dry stacked at a moisture of approximately 17% by weight. Water recovered in the tails filter will be recycled to the process plant. The remaining 40% of the solid’s stream will be transferred to a backfill plant to be used in the underground operation.

The proposed process flow sheet for the 2017 Florida Canyon PEA is shown in Figure 21‑2

21.2.2 Consumables Requirement

The power requirements for the projected milling operation are estimated at maximum 3.5 MW. Power for milling operations will be supplied by a third-party as line power at an estimated cost of US$0.084/kWh.

The water requirement for the mill at a capacity of 2,500 t/d is estimated at maximum 20 liters per second. Water for processing will be acquired from surface water sources and as recycled water from tailings dewatering operations.

All the consumables will be supplied by road from Lima (Callao) and stored in the mill complex. It is estimated that a supply of 5 days of consumption will maintain a continuous supply to the operation. Typical flotation reagents include: Lime, NaCN, Zn Sulfate, Sodium Isopropyl Xanthate, Aerophine 3418, MIBC, Cu Sulfate, Sodium Isopropyl Xanthate (Z11), MIBC, and flocculants. Grinding media (steel balls) could arrive by sea via Callao, or on trucks from northern Chile.

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Figure 21‑2: Florida Canyon Proposed Process Flow Sheet

Source: SRK, 2017

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21.3 Project Infrastructure

21.3.1 Infrastructure and Logistics Requirements

Florida Canyon is a greenfield site with minimal infrastructure currently available. The operation is in north central Peru approximately 700 km north of the (capital, Lima. The Project is in a sparsely populated area approximately 39 km northwest of Pedro Luis Gallo (population approximately 3,000), the largest town with any infrastructure near the Project. There are several smaller communities located nearer to the proposed operation, but they have no developed infrastructure to support the project. A camp for employees and contractors will be required.

Access to the site is by paved road from Chiclayo (population approximately 740,000) located on the Pacific coast approximately 380 km to the west of Pedro Ruiz Gallo. A dirt road connects Pedro Ruiz with the district capitol of Shipasbamba where the project office and core storage facility is located. A 26 km newly constructed road connects Shipasbamba to the project area. This existing section of road will require upgrade to support construction and Project logistics including concentrate transport. Approximately 24 km of new road at the site will be required to allow access to the facilities and infrastructure. Figure 21‑3 shows the planned roads in the highlighted area near the Project. New road construction is in fairly rugged topography and in an area of high rainfall that will require construction during the drier months to be efficient.

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Source: SRK, 2017

Figure 21‑3: Florida Canyon Existing and New Road Construction

21.3.1.1 Site Water Management

The operation will require water for use for processing, mining, dust suppression and potable consumption. The processing facility will utilize recycled water from the tailings facility and rainfall shed from the tailings for the processing needs. It is anticipated that there will be some ground water that will be encountered in the mine and captured in sumps and decantation basins for mine water needs.

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Tesoro Creek, a small local drainage, has been used for domestic water supply by nearby residents. Clean water from this creek may be used for make-up process water, for fire suppression and for domestic requirements. It will be piped by gravity from the creek to a water storage tank. A small treatment plant will be utilized for potable water needs for the Project camp and other support areas.

Surface water control is discussed in the tailings Section 21.3.3.

21.3.1.2 Project Facilities

The project support infrastructure is shown in Figure 21‑4. The facilities include the processing plant and associated infrastructure, mining infrastructure with portals, vent holes, road access to portals, tailings storage area, and support infrastructure including fuel storage, security, camp, power supply and distribution, and water supply and storage. Waste rock will be consumed in the construction of the tailings embankment so no separate waste rock storage is required.

The production-related project elements include a mine office, mine dry, and mine maintenance shops near the plant location to support the underground operations. A backfill plant to supply needs for paste and cemented rock fill is anticipated. A small, cemented rock fill plant for two production periods when cemented rock fill is required for secondary stopes is included.

The infrastructure at the process facilities includes the plant, mill feed stockpile, secondary crusher, supply conveyors, primary crushers at the portals and an office/maintenance building. The plant facilities are discussed in Section 21.2.

The Project requires a camp to support the operation as it is remote. A 400-person camp with a cafeteria and recreation center will be required. Additional support facilities include a rescue and first aid building, warehouse, health/safety/environmental office, security gate house, truck scale, truck wash, laboratory, septic, and incinerator system. Two 50,000-liter fuel tanks and associated pump facilities will store fuel for use by the Project.

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Source: SRK, 2017

Figure 21‑4: Florida Canyon Site General Arrangement

FLORIDA CANYON PROJECT

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21.3.1.3 Power Supply and Distribution

There is currently no substantive line power near the site. SRK considered a diesel-powered generator option for power supply. However, a third-party supplier, Energoret S.A.C, has a hydropower generation and transmission development project that will be located in close proximity to the mine. The Energoret system will generate 20 MW of power from a plant on a tributary to the Utcubamba River. Energoret indicates that half of the project, approximately 10 MW, has already been committed. The plant is designed to provide power to the city of Bagua Grande, west of their project, and to Pedro Ruiz to the east of the Project. Energoret indicates that it will invest in a transmission line to the Florida Canyon mine site and a substation on site. Their capital estimate is US$25 million.

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21.3.2 Project Logistics

The Project will generate both lead and zinc concentrates which will be shipped by 30 t over-the-road trucks to market.

SRK has considered shipping to the ports at Paita, Chiclayo (Pimental), and Lima (Callao) as well as direct shipping to Nexa’s Cajamarquilla Smelter near Lima. A high-level trade-off study of concentrate transportation was prepared by SRK considering truck haulage, capital cost for additional port and/or handling facilities, and ocean freight/handling charges. This study indicated that the direct shipping option to Cajamarquilla was most cost effective. Figure 21‑5 shows the locations of ports and the Cajamarquilla smelter.

Source: SRK, 2017

Figure 21‑5: Port and Smelter Locations

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21.3.3 Tailings Management

The tailings storage facility (TSF) is planned in the valley to the south of the process plant as shown in Figure 21‑4: Florida Canyon Site General Arrangement. The tailings will be filtered at the plant site to a “dry stack” condition (i.e. typical moisture content less than 20%). From the plant site, tailings will be transported to the TSF via overland conveyors.

An upstream diversion will be constructed to manage stormwater during operations and convey it downstream to be released beyond the toe of the dam. This diversion will consist of a 2 m deep and 5 m wide channel cut into native ground and lined with 300 mm rip rap.

21.4 Capital and Operating Costs

In the 2017 PEA SRK prepared an estimate of both capital and operating costs associated with the designed mineable resources production schedule. Gustavson has reviewed these and believes that they are sufficient for a determination of potential eventual economic extraction. Details these estimates of Capital Expenditure and Operating Expenditure are presented herein. All estimates are based on yearly inputs of physicals and all financial data is second quarter 2017 and currency is in U.S. dollars (US$), unless otherwise stated.

The use of “ore” in the summary of tables of this PEA is a relative mineable material estimated. Ore, by definition, can only be ascribed to economic mineralization supported by Mineral Reserves.

21.4.1 Capital Cost Estimates

The Florida Canyon Project is a green field lead-zinc deposit and the estimate of capital includes both an estimate of initial capital investment to install and commission the mine and a sustaining capital to maintain the equipment and expanding any supporting infrastructure necessary to continue running the project until the end of the projected production schedule. The estimate of capital was broken down into the following main areas:

| · | Mining areas access development and vent raises;
| · | Underground Mining Equipment;
| · | Surface crushing and conveying systems;
| · | Offsite Infrastructure;
| · | Site Facilities;
| · | Process Plant;
| · | Power Supply;
| · | Water Supply;
| · | Backfill Infrastructure;
| · | Cement Rockfill Infrastructure;
| · | Tailings Storage Facility;
| · | Owner’s Cost; and
| · | Closure and Post-Closure Monitoring.

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The capital cost estimates developed for this study comprise the costs associated with the engineering, procurement, construction, and commissioning required for all items. The cost estimate was based SRK’s experience with similar projects installed in the region or estimates of cost specifically prepared for the project under a first principles basis. The work indicates that the project will require an initial capital of US$213.7 million and a sustaining capital of US$81.9 million Table 21‑8 summarizes the estimate of capital.

Table 21‑8: Florida Canyon Capital Estimate Summary

Description | Initial (US$000’s) | Sustaining (US$000’s) | LoM (US$000’s)
Development | 12,293 | 35,741 | 48,033
Vent Raises | 686 | 672 | 1,358
Underground Mining Equipment | 24,625 | 2,474 | 27,099
Surface Crushing & Conveying | 1,430 | 0 | 1,430
Offsite Infrastructure | 16,227 | 0 | 16,227
Site Facilities | 14,697 | 0 | 14,697
Process Plant | 60,000 | 0 | 60,000
Power Supply | 2,472 | 0 | 2,472
Water Supply | 250 | 0 | 250
Backfill Infrastructure | 13,200 | 0 | 13,200
Cement Rockfill Infrastructure | 200 | 0 | 200
Tailings Storage Facility | 12,854 | 11,814 | 24,668
Owner’s | 14,595 | 0 | 14,595
Contingencies | 40,138 | 0 | 40,138
Sustaining Capital | 0 | 26,272 | 26,272
Closure | 0 | 4,920 | 4,920
Post-Closure Monitoring | 0 | 830 | 830
Total Capital | $213,667 | $82,722 | $296,389

Source: SRK, 2017

21.4.1.1 Basis for Capital Cost Estimates

The cost associated with mining area access development and the construction of vent raises was based on the preparation of a mineable resources production schedule that included a design of meters of development and meters of vent raises, these were combined with the following unit costs to result in the cost estimate:

| · | Development: US$1,500/m; and
| · | Vent Raises: US$2,200/m.

These unit costs are based on data from comparable underground mines also located in Peru or other South American areas with similar mining conditions.

The process plant cost estimate is based on data from similar flotation plants with the same capacity and same region. This investigation resulted in an estimate of about US$60 million.

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The cost associated with the required surface crushing and conveying was based on required distances and elevation gain to cover. These include the movement of mineralized material from three mine portals to the plant feed area and some waste material that will be used to build the embankment for the tailings storage facility. This investigation resulted in an estimate of around US$1.4 million.

Offsite-infrastructure, site infrastructure, power supply, water supply and backfill infrastructure cost estimates were prepared based the required structures costs from comparable operations. It should be noted that this study assumes that a third-party is planning to build a hydro power plant that will provide power to the project. A company has approached Solitario to offer this option, including the construction of the transmission line and project substation. Error! Reference source not found. summarizes the basis of these cost estimates.

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Cement will be added to underground waste rock and used to fill designated primary fill areas; this will be done by underground installed facilities that are estimated to cost roughly US$200,000.

In 2017, SRK prepared a preliminary design for a dry stack tailings storage facility to contain all the filtered tailings generated by the lead and zinc concentrates production. The cost estimate included the preparation of a stage construction using borrow material from the underground mine and construction area. This resulted in a total cost of US$24.7 million, which is split US$12.9 million initial capital and US$11.8 million sustaining capital. The relevant section of this report contains more details about this tailings storage facility design.

Closure costs were estimated by SRK as US$4.9 million for the actual closure and about US$830,000 for post closure site monitoring. Details of this estimate can be found in the relevant section of this report.

Other capital cost estimates include the following:

| · | Owner’s cost: Estimate of about 10% of initial capital, excluding development and vent raises;
| · | Sustaining Capital: 2% of initial capital, excluding development, vent raises and owner’s costs; and
| · | Contingencies: 25% contingencies were applied to initial capital, excluding development and vent raises and owner’s costs.

21.4.2 Operating Cost Estimates

SRK prepared the estimate of operating costs for the associated mineable resources production schedule. These costs were subdivided into the following categories:

| · | Mining Operating Expenditure;
| · | Processing Operating Expenditure; and
| · | G&A Operating Expenditure.

The resulting LoM cost estimate is presented in Table 21‑9.

Table 21‑9: Florida Canyon Operating Costs Summary

Description | LoM (US$000’s) | LoM (US$/t-Ore) | LoM (US$/lb-Zn)
Underground Mining | 228,547 | 20.43 | 0.16
Process | 144,063 | 12.88 | 0.10
G&A | 39,153 | 3.50 | 0.03
Total Operating | 411,764 | 36.81 | 0.29

Source: SRK, 2017

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21.4.2.1 Basis for Operating Cost Estimates

The prepared estimates that compose the operating costs consist of domestic and international services, equipment, labor, etc. Where required value added tax, freight, and duty were included

No specific work schedule has been defined for the mine, plant and site operations.

All of the operating cost estimates are based on the quantities associated with the production schedule, including run of mine, primary and secondary backfill, and plant feed.

Unit costs from similar projects in the same region or in the Americas, adjusted for labor and consumables differences, were used to estimate the LoM operating costs. All operating costs include supervision staff, operations labor, maintenance labor, consumables, electricity, fuels, lubricants, maintenance parts and any other operating expenditure identified by contributing engineers. The following unit costs were used to calculate the operating costs:

| · | Underground Mining: US$ 15.30/t-RoM;
| · | Primary Cement Rockfill: US$22.18/m3;
| · | Primary Cement Pastefill: US$26.23/m3;
| · | Secondary Cement Pastefill: US$18.13/m3; and
| · | Processing: US$12.00/t-Feed.

General and Administration costs were considered as 10% of the other operating costs, which resulted in a unit rate of US$3.50/t-RoM.

21.5 Economic Analysis

The financial results presented here are based on annual inputs from the production schedule prepared by SRK. All financial data is second quarter 2017 and currency is in U.S. dollars (US$), unless otherwise stated.

21.5.1 External Factors

Florida Canyon does not hold contracts for the provision of its products. The costs and discounts associated with the sales of the products are based on recent information from similar operations. This study was prepared under the assumption that the project will sell lead concentrate and zinc concentrate. It was also considered that the lead concentrate also contains payable amounts of silver.

Assumed prices are based on current market spot prices. Table 21‑10 presents the prices used in the cashflow model, which were also used for mineable resource calculations.

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Table 21‑10: Florida Canyon Price Assumptions

Description | Value | Unit
Silver | 16.50 | US$/oz
Lead | 1.00 | US$/lb
Zinc | 1.20 | US$/lb

Source: Solitario, 2017

Treatment charges and net smelter returns (NSR) terms for each type of product are summarized in Table 21‑11.

Table 21‑11: Florida Canyon Net Smelter Return Terms

Description | Value | Units
Lead Concentrate |  |
Treatment Charges | 210.10 | US$/t-conc.
Payable Lead | 95.0% | No deducts
Silver Smelting & Refining Charges | 1.50 | US$/oz-Ag
Payable Silver | 95.0% | No deducts
Zinc Concentrate |  |
Treatment Charges | 203.00 | US$/t-conc.
Payable Zinc | 85.0% | No deducts

Source: SRK, 2017

It was assumed that zinc concentrates will be trucked to the Cajamarquilla smelter owned by Nexa near Lima, Peru. Lead concentrates will be trucked to the Port of Callao near Lima and shipped overseas to a lead smelter. It was assumed that the concentrates will have an average moisture content of 8%. Table 21‑12 presents the calculated transportation costs considered for each product.

Table 21‑12: Florida Canyon Product Logistics Cost

Items | Value | Unit
Lead Concentrate | 87.05 | US$/t
Zinc Concentrate | 51.08 | US$/t

Source: SRK, 2017

21.5.2 Main Assumptions

Common prices for consumables, labor, fuel, lubricants and explosives were used by all engineering disciplines to derive capital and operating costs. Included in the labor costs are shift differentials, vacation rotations, all taxes and the payroll burdens. All currency is in U.S. dollars (US$) unless otherwise stated.

The pre-production period was estimated to be two years. This should be enough to develop access to mining areas, install and commission the plant and site infrastructure. Mine production is based on an average assumed LoM mine material movement of 2,358 t-ore/d (365 days/yr basis). The mine schedule does not include stockpiling as all blending of run of mine (RoM) is done in the mine. Table 21‑13 presents the LoM mine assumptions.

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Table 21‑13: Florida Canyon Mine Production Assumptions

Description | Value | Units
Mine Production |  |
Underground Ore | 11,187 | kt
Total Material | 11,187 | kt
Avg. Daily Capacity | 2,358 | t per day
Stripping Ratio | N/A | w:o
RoM Grade |  |
Silver | 11.3 | g/t
Lead | 0.90% | %
Zinc | 8.34% | %
Contained Metal |  |
Silver | 4,068 | koz
Lead | 222,347 | klb
Zinc | 2,057,796 | klb

Source: SRK, 2017

The average mill feed is also 2,358 t/d (365 days/yr basis) over the LoM. The mill feed has an average head grade of 11.3 g/t Ag, 0.90% Pb and 8.34% Zn. The processing circuit is designed to recover a lead concentrate and a zinc concentrate, the lead concentrate also contains payable amounts of silver. Table 21‑14 presents the projected LoM plant production.

Table 21‑14: Florida Canyon Mill Production Assumptions

Description | Value | Units
RoM Ore Milled | 11,187 | kt
Daily Capacity | 2,358 | tperday
Lead Concentrate |  |
Moisture Content | 8% |
Concentrate Silver Grade | 436 | g/t
Concentrate Lead Grade | 50% | %
Concentrate Zinc Grade | 0% | %
Recovery |  |
Silver | 52% |
Lead | 74% |
Zinc | 0% |
Concentrate Yield | 150 | kt(dry)
Zinc Concentrate |  |
Moisture Content | 8% |
Concentrate Silver Grade | 0 | g/t
Concentrate Lead Grade | 0.0% | %
Concentrate Zinc Grade | 50% | %
Recovery |  |
Silver | 0% |
Lead | 0% |
Zinc | 80% |
Concentrate Yield | 1,491 | kt(dry)

Source: SRK, 2017

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21.5.3 Taxes, Royalties and Other Interests

The analysis of the Florida Canyon Project includes a total of 30% of income taxes over taxable income. Losses carried forward are used when possible, limited to 50% of profits. A depreciation schedule was calculated by SRK assuming a ten-year straight-line depreciation.

The Project includes payment of two types of governmental royalties, the first called a mining royalty and the second called a special mining tax. Both royalties are calculated as a rate depending on the ratio between the Earnings Before Interest and Taxes (EBIT) and the Net Revenue. This rate is applied on top of the EBIT, with the difference that the mining royalty can be replaced by a minimum rate of 1% over the net revenue, in case this 1% is higher than the mining royalty rate over the EBIT. The rates for each royalty are presented in Table 21‑15.

Table 21‑15: Florida Canyon Royalty Rates

EBIT (%) | Special Mining Tax | Mining Royalty
Marg. (%) | Cum. (%) | Marg. (%) | Cum. (%)
0.00 | 0.00 | 0.00 | 0.00 | 0.00
10.00 | 2.00 | 0.20 | 1.00 | 0.10
15.00 | 2.40 | 0.32 | 1.75 | 0.19
20.00 | 2.80 | 0.46 | 2.50 | 0.31
25.00 | 3.20 | 0.62 | 3.25 | 0.48
30.00 | 3.60 | 0.80 | 4.00 | 0.68
35.00 | 4.00 | 1.00 | 4.75 | 0.91
40.00 | 4.40 | 1.22 | 5.50 | 1.19
45.00 | 4.80 | 1.46 | 6.25 | 1.50
50.00 | 5.20 | 1.72 | 7.00 | 1.85
55.00 | 5.60 | 2.00 | 7.75 | 2.24
60.00 | 6.00 | 2.30 | 8.50 | 2.66
65.00 | 6.40 | 2.62 | 9.25 | 3.13
70.00 | 6.80 | 2.96 | 10.00 | 3.63
80.00 | 7.60 | 3.70 | 11.50 | 4.74
85.00 | 8.00 | 4.10 | 12.00 | 5.34
90.00 | 8.40 | 4.52 | 12.00 | 5.34

Source: SRK, 2017

21.5.4 Results

The valuation results of the Florida Canyon Project indicate that the Project has a potential for a positive and attractive present value. Indicative economic results are presented in Table 21‑16, the table demonstrates that zinc is responsible for the majority of the revenue generation and the underground mining cost is the heaviest burden on the operation, followed by the mineral processing cost as a far second.

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Table 21‑16: Florida Canyon Indicative Operating Costs (Dry Basis)

Description | Value | Units
Market Prices |  |
Silver | 16.50 | US$/oz
Lead | 1.00 | US$/lb
Zinc | $1.20 | US$/lb
Estimate of Cash Flow (all values in US$000s) |  |
Concentrate Net Return |  | $/oz-Ag
Silver Sales |  | $0.02
Lead Sales |  | $0.11
Zinc Sales |  | $1.20
Total Revenue |  | $1.34
Treatment, Smelting and Refining Charges |  |
Freight, Impurities & Third Parties |  | ($0.07)
Gross Revenue |  |
Royalties |  | ($0.04)
Net Revenue |  |
Operating Costs |  |
Open Pit Mining |  | $0.00
Underground Mining |  | ($0.16)
Process |  | ($0.10)
G&A |  | ($0.03)
Ordinary Rights |  | $0.00
Total Operating |  | ($0.29)

Source: SRK, 2017

Table 21‑17 shows annual production and revenue forecasts for the life of the project. All production forecasts, material grades, plant recoveries and other productivity measures were developed by SRK and Solitario.

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Table 21‑17: Florida Canyon LoM Annual Production and Revenues

Period | RoM (Mt) | Plant Feed (Mt) | Lead Conc. (kt) | Zinc Conc. (kt) | Free Cash Flow (US$ millions) | Discounted Cash Flow (US$ millions)
-2 | 0.00 | 0.00 | 0.00 | 0.00 | (72) | (72)
-1 | 0.00 | 0.00 | 0.00 | 0.00 | (103) | (96)
1 | 0.73 | 0.73 | 9.06 | 95.86 | 2 | 2
2 | 0.91 | 0.91 | 11.07 | 119.02 | 50 | 40
3 | 0.91 | 0.91 | 14.87 | 180.57 | 78 | 57
4 | 0.91 | 0.91 | 17.73 | 161.95 | 80 | 54
5 | 0.92 | 0.92 | 14.78 | 191.19 | 92 | 58
6 | 0.91 | 0.91 | 15.26 | 181.90 | 84 | 49
7 | 0.91 | 0.91 | 15.80 | 138.77 | 68 | 37
8 | 0.91 | 0.91 | 12.22 | 80.34 | 36 | 18
9 | 0.92 | 0.92 | 11.73 | 79.35 | 31 | 14
10 | 0.91 | 0.91 | 11.24 | 83.01 | 35 | 15
11 | 0.92 | 0.92 | 4.82 | 69.77 | 18 | 7
12 | 0.91 | 0.91 | 7.76 | 81.33 | 28 | 10
13 | 0.40 | 0.40 | 3.53 | 27.54 | 14 | 5
14 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0
15 | 0.00 | 0.00 | 0.00 | 0.00 | (3) | (1)
16 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0
17 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0
Total | 11.19 | 11.19 | 150 | 1,491 | 437 | 198

Source: SRK, 2017

The Florida Canyon project is mainly a zinc project, as this metal represents roughly 90% of the total projected revenue. The remainder of the revenue is related to lead and silver, where both these metals are by-products, as none represent a minimum of 20% of the revenue projection.

Project cash costs are reported under an equivalent zinc production. All-in costs for zinc, including initial and sustaining capital costs, are estimated at US$0.73/Zn-lb. Considering byproduct credits for lead and silver, all-in zinc cost is US$0.47/Zn-lb. Table 21‑18 presents the composition of the Florida Canyon cash costs.

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Table 21‑18: Florida Canyon Cash Costs

Cash Costs | US$000’s
Direct Cash Cost |
Underground Mining Cost | $228,547
Process Cost | $144,063
Site G&A Cost | $39,153
Ordinary Rights | $0
Treatment Charges | $334,080
Smelting & Refining Charges | $2,996
Freight | $96,935
By-Product Credits | ($189,894)
Direct Cash Costs | $655,881
US$/t-ore | $58.63
US$/lb-Zn | $0.47
Indirect Cash Cost |
Royalties | $61,734
Exploration Expense | $0
Social Responsibility/Community Relations Expense | $0
Indirect Cash Costs | $61,734
US$/t-ore | $5.52
US$/lb-Zn | $0.04
Direct + Indirect Cash Costs | $717,615
US$/t-ore | $64.15
US$/lb-Zn | $0.51
Sustaining Capital Cash Cost |
Sustaining Capital | $82,722
Sustaining Cash Costs | $82,722
US$/t-ore | $7.39
US$/lb-Zn | $0.06
All-In Sustaining Cash Costs | $800,337
US$/t-ore | $71.54
US$/lb-Zn | $0.57
Initial Capital Cash Cost |
Initial Capital | $213,667
Initial Capital Cash Costs | $213,667
US$/t-ore | $19.10
US$/lb-Zn | $0.15
All-In Cash Costs | $1,014,004
US$/t-ore | $90.64
US$/lb-Zn | $0.73

Source: SRK, 2017

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22 Interpretation and Conclusions

22.1 Results & Comments

Florida Canyon has long been recognized as a significant Mississippi Valley Type mineral resource for zinc. The work performed to complete this study demonstrates that Florida Canyon has sufficient zinc resources to warrant further work, with about 2.4 million tonnes of Measured and Indicated mineral resource and nearly 15 million tonnes of Inferred. These tonnages are representative of material that is both of sufficient grade and sufficient continuity to form potential stope shapes, even though mineral resources are not mineral reserves.

In the area of historical drilling the steep topography has made drill site construction difficult without road access. All drilling to date has been completed with helicopter support. This has resulted in gaps in drill coverage and, in some cases, gaps in modelled ore shapes that are likely to be continuous. An access road to the site, to be completed in 2021, will provide better sites for surface drilling, support for underground development and logistical support. Permitting, currently in progress, will provide future road-accessible work areas south of the current resources.

22.2 Significant Risks & Uncertainties

A thorough understanding of the resource and the mineralogy will be needed. The majority of the ore is judged to be of favorable metallurgy as well as being amenable to producing a high quality and marketable concentrate. A subordinate quantity of the ore consists of variable amounts of the zinc minerals in the form of carbonates or silicates which may require distinct treatment to result in good recovery and produce a viable concentrate. The highest priorities for future work are to better quantify the metallurgy and to convert at least a portion of the resource from the Inferred to Indicated category so that reserves may be quantified for the completion of a Feasibility Study.

The project is in a remote area with challenging topography which will require upgrading of the local infrastructure for a commercial operation. Although the mine will be underground, with a relatively small surface footprint, the challenges of working in the area will require a strong attention to environmental sensitivities and a commitment to the community to maintain the social license.

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23 Recommendations

23.1 General Recommendations

Gustavson has reviewed the technical studies completed by Nexa and its predecessor, Votorantim. Some of these studies have been sufficiently detailed to form the basis for feasibility investigations to support a production decision. To attain this level of project design detail, new studies will need to be completed based on current market conditions and mineral resource estimates to provide the foundation for future development. The following recommendations focus on the near-term recommendations for project development.

23.1.1 Metallurgy

The focus of this report is to review a new resource estimation by Nexa which updates, restates, and refines the 2017 resource estimation. The newly restated resources define a significantly larger inventory of ore with a very different mineralogical composition and metallurgical character than that previously described in the PEA. The increased proportion of sulfide ore with less oxidized zinc and lead minerals provides a significant opportunity, in comparison to the PEA, for:

| 1. | Lower processing costs,
| 2. | Higher metal recoveries,
| 3. | Increased concentrate grades,
| 4. | Lower transportation costs,
| 5. | Decreased average smelter charges, and
| 6. | Lower cutoff grade.

These more favorable operating parameters should have a significant impact on project economics, particularly combined with the larger global resource base. The currently available metallurgical studies conducted by Smallvill S.A. are inadequate to support an optimization study of processing options for the updated mineral resource estimate. It is important to note that none of the historical studies have tested pure sulfide ore. Therefore, a new program of metallurgy is strongly recommended, starting with more representative sampling of the ore deposit with variability testing in mind. Planned studies should prioritize work on sulfide ore so that it may be scheduled for production early in the mine life.

The metallurgy of oxidized ore should also be recharacterized so that this lower quality ore can be to be incorporated into the mine plan.

It is recommended that the suggested program be undertaken by a reputable metallurgical consulting firm.

Samples for metallurgical test work can be procured from core in storage in Shipasbamba. New core for metallurgical sampling can be obtained by drilling from currently permitted sites from either underground or surface locations as described below if additional samples are needed.

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Since additional drilling has indicated that sulfides constitute a majority of the total resources, a program of metallurgical testing is recommended with the following objectives:

| · | The emphasis of the metallurgical program for the project should be on the recovery of zinc, lead and silver from the sulfide ores.
| · | A secondary objective would be to refine the recoveries in oxidized ore.
| · | The composites should be prepared from the core currently in storage based on ore types/feed grade (high, average, and low grade). This would provide immediately available ore for testing. Follow up testing could use new drill core.
| · | Metallurgical testing should be directed at optimizing process parameters (grind size, flotation time, reagent type, dosage, etc.) for the rougher flotation and regrind and a determination of the number of cleaner stages required to produce marketable-grade concentrates.
| · | Locked-cycle tests should be performed to determine the recovery and quality of the concentrates.
| · | Miscellaneous tests should also be undertaken to generate data for prefeasibility and feasibility work. This would include comminution (CWi, Ai, BWi), thickening, filtration and tailing characterization testing.

23.1.2 Drilling

Additional exploration drilling is currently planned to increase the resource base of the project. Expansion of the resource is likely in several areas. However, drilling is also required to upgrade the category of the resource so that future mine planning and feasibility studies can be completed.

23.1.3 Resource Conversion Drilling

Recent drilling was very successful in defining new resources within the previously defined footprint of the deposit. Further additions by discovery of new bodies within the existing resource are probable but the primary emphasis of drilling in the core of the deposit should shift to resource conversion core drilling since the ratio of Measured/Indicated to Inferred resource is low. Mine planning suitable for mineral reserves definition should be supported by a higher proportion of measured and indicated mineral resources.

Underground drilling is preferable for resource conversion drilling because the surface topography is challenging and expensive for the development of surface drill stations. The relatively short distances between individual ore shoots also argues for underground drilling, the access for which can be readily developed due to the steep terrain. It is also likely that subsurface drilling will identify new zones and expand existing ones that are not feasible to be drilled from the surface sites. 15,000m of underground drilling is planned in the next campaign.

Development of underground access will be supported by completion of the new access road.

Previously obtained permits provided for new underground development and drilling in both the northern and southern parts of the deposit (Figure 23‑1). However, it is uncertain if the previously permitted underground location in the northern part of the deposit (near zone 1021) is still current. Some additional underground development is currently permitted in the San Jorge workings.

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Resource conversion drilling can also be efficiently completed from surface drill locations in certain locations. An example would be the expansion of drilling of the manto east of San Jorge, an area which is currently permitted.

Some additional drifting and infill drilling from underground at San Jorge could expand resources in permitted areas. Locations such as these could also offer opportunities for obtaining metallurgical samples.

23.1.4 Resource Expansion Drilling

An expansion of the existing surface drilling permit is currently in preparation. Figure 23‑1 shows holes in prospective areas near the known resources to the south and east within the permit boundary (blue area).

Preparation of a longer-term permit (5th modification of the EIAsd) is also in progress for drill sites to test several new exploration targets that have been identified on the Minera Bongará Property. Figure 18-1 shows the location of some of these prospects. Ore grade outcropping mineralization is found at the Shillac, Juan, Tesoro and Pizarro. These surface showings, along with those in the expanded drilling area under the existing permit are quite accessible by new road construction compared to targets previously tested in the immediate vicinity of Florida Canyon.

Figure 23‑1 Future drilling and current and future underground exploration locations

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Figure 23‑2 shows the hypothesized extension in long section of the “Favorable Horizon” of Florida mineralization to the south to be tested with the drill holes in this area. The mineralized outcrops mentioned above are within the Favorable Horizon within the Chambara Formation. 10,000m of resource expansion drilling is proposed for 2021-2022.

Drilling of these areas may be delayed until 2022 due to the timing of approvals for the permit modification.

Figure 23‑2 Northwest-Southeast long section of area shown in Figure 23‑1

Table 23‑1 is a projected work program budget.

Table 23‑1 Planned work program for 2021-2022

Florida Canyon Prefeasibility Technical Work
Task | Description | Quantity | Unit Cost US$ | Est. Budget
Metallurgy |  |  |  |
Sampling | 20 |  | $10,000
Test Work | 20 |  | $250,000
Underground |  |  |  |
North Adit Development | 1000 m | $2,000 | $2,000,000
South Adit Development | 250 m | $2,000 | $500,000
Drilling |  |  |  |
Underground Resource | 15,000 m | $250 | $3,750,000
Surface Resource | 10,000 m | $300 | $3,000,000
Support Cost | Camp, Oversight | - |  | $1,500,000
Total |  |  |  | $11,010,000

** | Assumes Road Access Complete. (Does not include project fixed costs)

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24 References

ALS Minerals (2014a). Global Capability Statement 2014. Accessed 16 May 2014, from

http://www.alsglobal.com/Our-Services/Minerals

ALS Minerals (2014b). ALS Geochemistry Schedule of Services and Fees 2014 (USD). Accessed

20 May, 2014, from http://www.alsglobal.com/en/Our-

Services/Minerals/Geochemistry/Service-Schedule.

AMEC (2013). Declaracion de Objectivo de Negocio para Proyecto Bongará (Scoping Study for

the Bongará Project). 14 January 2013. 28 pages.

Cominco (Perú) S.R.L. (2000). Bongará Project, Peru, 2000 Year-End Report, J.L.R. Muñoz and

M.A. Tapia. 15 December, 2000. 55 pages.

Guilbert, J.M. and Park, C.F., Jr. (1986). The Geology of Ore Deposits. Waveland Press, Inc.,

Long Grove, Illinois. 985 pages.

M&R (2020). Geologia y Geotecnia Carretera Paclas Cuchulia. Construcción Carretera Paclas

Cuchulia.

Nexa (2019). Proyecto Florida Canyon Informe de QA\QC 2019. Informe de Aseguramiento y

control de calidad QAQC Noviembre 2018 a Diciembre 2019.

Nexa (2020). Reporte de Recursos Minerales Proyecto Florida Canyon, Amazonas, Peru. Reporte

Inerno. Preparado: Gerencia de Recursos Minerales. Diciembre 11, 2020.

SRK Consulting (2014b). NI 43-101 Technical Report Mineral Resources Bongará Zinc Project.

Prepared for Solitario Exploration and Royalty Corp. by SRK Consulting (U.S.) Inc.

Effective Date June 05, 2014, Report Date, June 16, 2014, 145p.

SRK Consulting (2017). NI 43-101 Technical Report Preliminary Economic Assessment Florida

Canyon Zinc Project Amazonas Department, Peru. Prepared for Votorantim Metais and

Solitario Exploration by SRK Consulting (U.S.) Inc. Effective Date July 13, 2017, Report

Date, August 2, 2017.

Universidad Nacional De Huancavelica (2018). Escuela de Posgrado Tesis. Geología y

Mineralización del Deposito Mississippi Valley Type de Zn-Pb: Proyecto Canon Florida,

Norte De Peru. Presentado por : Bach. Isaac Marcelino Robles Vega.

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25 Reliance on Information Provided by Registrant

Solitario has provided the internal reports generated by Nexa, the joint venture partner on the Florida Canyon project. This work has been audited by the QP’s and it is judged to meet the requirements for reporting mineral resources with a technical report summary meeting the SK-1300 standard. The Qualified Persons responsible for this TRS has relied on the following information.

| · | Markets – information related to market studies/markets for product, market entry strategies, marketing and sales contracts, product valuation, product specifications, refining, and treatment charges, transportation costs, agency relationships and material contracts. This information is used in supporting the resource estimate in Section 11 and in Section 16.
| · | Legal Matters – information relating to the corporate ownership interest, mineral tenure, surface rights, water rights, royalties, encumbrances, easements, violations and fines, permitting requirements, monitoring requirements. This information is used in Section 3, and supports the mineral resource in Section 11.
| · | Environmental Matters – information relating to baseline studies, environmental permitting and monitoring, ability to retain current permits, emissions control, closure planning and bonding and regulations pertaining to protected species and habitats. This information is used in Section 17 and supports the mineral resource in Section 11
| · | Stakeholder Accommodation – information relating to social and stakeholder baseline studies, other organizations, non-governmental organizations, and community relations plans. This information was used to support the mineral resources in Section 11.
| · | Governmental Factors – information related to government royalty clams supports the mineral resource estimate in Section 11.

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26 Glossary

26.1 Mineral Resources

The mineral resources and mineral reserves have been classified according to the “CIM Definition Standards for Mineral Resources and Mineral Reserves” (May 10, 2014). Accordingly, the Resources have been classified as Measured, Indicated or Inferred, any Reserves have been classified as Proven, and Probable based on the Measured and Indicated Resources as defined below.

A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. 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 the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

26.2 Mineral Reserves

Modifying Factors are considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

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A Mineral Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances for losses, which may occur when the material is mined or extracted and is defined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justified.

The reference point at which Mineral Reserves are defined, usually the point where the ore is delivered to the processing plant, must be stated. It is important that, in all situations where the reference point is different, such as for a saleable product, a clarifying statement is included to ensure that the reader is fully informed as to what is being reported.

The public disclosure of a Mineral Reserve must be demonstrated by a Pre-Feasibility Study or Feasibility Study.

A Probable Mineral Reserve is the economically mineable part of an Indicated, and in some circumstances, a Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Mineral Reserve is lower than that applying to a Proven Mineral Reserve. The Qualified Person(s) may elect, to convert Measured Mineral Resources to Probable Mineral Reserves if the confidence in the Modifying Factors is lower than that applied to a Proven Mineral Reserve.

Probable Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a Pre-Feasibility Study.

A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors. Application of the Proven Mineral Reserve category implies that the Qualified Person has the highest degree of confidence in the estimate with the consequent expectation in the minds of the readers of the report. The term should be restricted to that part of the deposit where production planning is taking place and for which any variation in the estimate would not significantly affect the potential economic viability of the deposit.

Proven Mineral Reserve estimates must be demonstrated to be economic, at the time of reporting, by at least a Pre-Feasibility Study. Within the CIM Definition standards the term Proved Mineral Reserve is an equivalent term to a Proven Mineral Reserve.

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26.3 Glossary

The following general mining terms may be used in this report.

Table 26‑1 Glossary

Term | Definition
Assay: | The chemical analysis of mineral samples to determine the metal content.
Capital Expenditure: | All other expenditures not classified as operating costs.
Crushing: | Initial process of reducing ore particle size to render it more amenable for further processing.
Cut-off Grade (CoG): | The grade of mineralized rock, which determines whether it is economic to recover its mineral content by further concentration.
Dilution: | Waste, which is unavoidably mined with ore.
Dip: | Angle of inclination of a geological feature/rock from the horizontal.
Fault: | The surface of a fracture along which movement has occurred.
Footwall: | The underlying side of an orebody or stope.
Gangue: | Non-valuable components of the ore.
Grade: | The measure of concentration of gold within mineralized rock.
Hangingwall: | The overlying side of an orebody or slope.
Haulage: | A horizontal underground excavation which is used to transport mined ore.
Igneous: | Primary crystalline rock formed by the solidification of magma.
Level: | Horizontal tunnel the primary purpose is the transportation of personnel and materials.
Lithological: | Geological description pertaining to different rock types.
LoM Plans: | Life-of-Mine plans.
LRP: | Long Range Plan.
Material Properties: | Mine properties.
Milling: | A general term used to describe the process in which the ore is crushed and ground and subjected to physical or chemical treatment to extract the valuable metals to a concentrate or finished product.
Mineral/Mining Lease: | A lease area for which mineral rights are held.
Mining Assets: | The Material Properties and Significant Exploration Properties.
Ongoing Capital: | Capital estimates of a routine nature, which is necessary for sustaining operations.
Ore Reserve: | See Mineral Reserve.
Pillar: | Rock left behind to help support the excavations in an underground mine.
RoM: | Run-of-Mine.
Sedimentary: | Pertaining to rocks formed by the accumulation of sediments, formed by the erosion of other rocks.
Shaft: | An opening cut downwards from the surface for transporting personnel, equipment, supplies, ore and waste.
Sill: | A thin, tabular, horizontal to sub-horizontal body of igneous rock formed by the injection of magma into planar zones of weakness.
Stope: | Underground void created by mining.
Stratigraphy: | The study of stratified rocks in terms of time and space.
Strike: | Direction of line formed by the intersection of strata surfaces with the horizontal plane, always perpendicular to the dip direction.
Sulfide: | A sulfur bearing mineral.
Tailings: | Finely ground waste rock from which valuable minerals or metals have been extracted.
Total Expenditure: | All expenditures including those of an operating and capital nature.

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26.4 Definition of Terms

The following abbreviations may be used in this report.

Table 26‑2 Abbreviations

Abbreviation | Unit or Term
A | ampere
AA | atomic absorption
A/m2 | amperes per square meter
Ag | silver
Au | gold
°C | degrees Centigrade
CCD | counter-current decantation
CIL | carbon-in-leach
CoG | cut-off grade
cm | centimeter
cm2 | square centimeter
cm3 | cubic centimeter
cfm | cubic feet per minute
ConfC | confidence code
CRec | core recovery
CSS | closed-side setting
CTW Cu | calculated true width copper
° | degree (degrees)
dia. EDX | Diameter energy dispersive x-ray
EIS | Environmental Impact Statement
EMP | Environmental Management Plan
FA | fire assay
ft | foot (feet)
ft2 | square foot (feet)
ft3 | cubic foot (feet)
g | gram
gal | gallon
g/L | gram per liter
g-mol | gram-mole
gpm | gallons per minute
g/t | grams per tonne
ha | hectares
Hp HQ | Horsepower drill core diameter of ~63.5 mm
HTW | horizontal true width
ICP-MS | inductively coupled plasma mass spectrometry
ID2 | inverse-distance squared
ID3 | inverse-distance cubed
kA | kiloamperes
kg | kilograms

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Abbreviation | Unit or Term
Km | kilometer
km2 | square kilometer
koz | thousand troy ounce
kt | thousand tonnes
kt/d | thousand tonnes per day
kt/y | thousand tonnes per year
kV | kilovolt
kW | kilowatt
kWh | kilowatt-hour
kWh/t | kilowatt-hour per metric tonne
L | liter
L/sec | liters per second
L/sec/m | liters per second per meter
lb | pound
LHD | Long-Haul Dump truck
LOI | Loss On Ignition
LoM | Life-of-Mine
m | meter
m2 | square meter
m3 | cubic meter
masl Ma | meters above sea level millions of years before present
mg/L MLA | milligrams/liter mineral liberation analysis
mm | millimeter
mm2 | square millimeter
mm3 | cubic millimeter
MME | Mine & Mill Engineering
Moz | million troy ounces
Mt | million tonnes
MTW | measured true width
MW | million watts
m.y. | million years
NGO | non-governmental organization
NI 43-101 NQ opt | Canadian National Instrument 43-101 drill core diameter of ~47.5 mm troy ounce per ton
OSC | Ontario Securities Commission
oz | troy ounce
% Pb PGM | Percent lead Pilot Gold Mill
PLC | Programmable Logic Controller
PLS | Pregnant Leach Solution
PMF | probable maximum flood
ppb | parts per billion
ppm | parts per million
QA/QC | Quality Assurance/Quality Control

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Abbreviation | Unit or Term
RC | rotary circulation drilling
RoM | Run-of-Mine
RQD Sb | Rock Quality Description antimony
sec | second
SEM SG | Scanning Electron Microscope specific gravity
SPT | standard penetration testing
st | short ton (2,000 pounds)
t | tonne (metric ton) (2,204.6 pounds)
t/h | tonnes per hour
t/d | tonnes per day
t/y | tonnes per year
TSF | tailings storage facility
TSP | total suspended particulates
µm | micron or microns
V | volts
VFD | variable frequency drive
W | Tungsten or watts
XRD XRF | x-ray diffraction x-ray fluorescence
Y Zn | Year zinc

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

27 Appendix A: Drill Hole Collars

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
BGFC-01 | 824110.3 | 9353472 | 2433.11 | 250.1
BGFC-02 | 824110.3 | 9353472 | 2433.11 | 189.7
BGFC-03 | 824109 | 9353471 | 2432.93 | 190.9
BGFC-04 | 824109 | 9353471 | 2432.93 | 213.1
BGFC-05 | 824306.8 | 9353337 | 2502.27 | 253.2
BGFC-06 | 824306.8 | 9353337 | 2502.27 | 220
BGFC-07 | 824436.6 | 9352986 | 2459.128 | 201.3
BGFC-08 | 823898.8 | 9352544 | 2299.51 | 207.3
BGFC-09 | 823959.4 | 9353301 | 2588.44 | 487.45
BGFC-10 | 823948 | 9353585 | 2521.34 | 457.4
BGFC-11 | 823947.5 | 9352916 | 2413.21 | 234.8
BGFC-12 | 824421.1 | 9353138 | 2472.183 | 158.6
BGFC-13 | 824482.3 | 9352793 | 2422.971 | 146.5
BGFC-14 | 824130.4 | 9353679 | 2461.91 | 244
BGFC-15 | 824422.4 | 9353138 | 2472.204 | 194.25
BGFC-16 | 824130.4 | 9353679 | 2461.91 | 187
BGFC-17 | 823898.8 | 9352544 | 2299.51 | 296.8
BGFC-18 | 824438.6 | 9352988 | 2458.92 | 204.2
BGFC-19 | 823898.8 | 9352544 | 2299.51 | 155.35
BGFC-20 | 824123.6 | 9352841 | 2368.83 | 147.1
BGFC-20A | 824123.6 | 9352841 | 2368.83 | 93.9
BGFC-20B | 824123.6 | 9352841 | 2368.83 | 174.3
BGFC-21 | 824721.4 | 9352972 | 2553.36 | 229.2
BGFC-22 | 824062.2 | 9353128 | 2467.13 | 237.4
BGFC-23A | 823915 | 9352434 | 2209.45 | 343.55
BGFC-24 | 823931.9 | 9352647 | 2272.99 | 264.3
BGFC-25 | 823748.1 | 9352313 | 2238.38 | 274.9
BGFC-26 | 823949.8 | 9352806 | 2359.52 | 205.2
BGFC-27 | 823762.6 | 9352099 | 2114.94 | 230.8
BGFC-28 | 823949.8 | 9352806 | 2359.52 | 332.6
BGFC-29 | 823946.8 | 9352215 | 2218.196 | 368.5
BGFC-30 | 823705.8 | 9352452 | 2311.75 | 304.9
BGFC-31 | 823947.5 | 9352916 | 2413.21 | 361.9
BGFC-32 | 823705.8 | 9352452 | 2311.75 | 349.2
BGFC-33 | 824475.9 | 9353346 | 2401.37 | 87
BGFC-34 | 824318.6 | 9353818 | 2565.39 | 259.25
BGFC-35 | 824473.6 | 9353347 | 2401.293 | 109
BGFC-36 | 824915.9 | 9353523 | 2533.225 | 228.75
BGFC-37 | 824516.8 | 9354141 | 2639.61 | 439.2
BGFC-38 | 823946.8 | 9352215 | 2218.196 | 225.7

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
BGFC-39 | 825178.1 | 9352219 | 2509.473 | 430.05
BGFC-40 | 825195.8 | 9352895 | 2609.16 | 329.4
BGFC-41 | 825287 | 9353844 | 2724.605 | 512.4
BGFC-42 | 827233.4 | 9352599 | 2711 | 316
BGFC-43 | 824785 | 9354291 | 2669.38 | 277.5
BGFC-44 | 825368.3 | 9353415 | 2733.05 | 439.2
BGFC-45 | 824785 | 9354291 | 2669.38 | 610
BGFC-46 | 826977.9 | 9352253 | 2599 | 488
BGFC-47 | 824516.8 | 9354141 | 2639.61 | 515.45
BGFC-48 | 824318.6 | 9353818 | 2565.39 | 326.35
BGFC-49 | 824709.1 | 9353805 | 2775.08 | 493
BGFC-50 | 825231 | 9353822 | 2713.835 | 504.75
BGFC-51 | 823937.5 | 9352731 | 2301.5 | 181.5
BGFC-52 | 824019.9 | 9352895 | 2389.29 | 233.9
BGFC-53 | 825228.1 | 9353822 | 2713.61 | 508.35
BGFC-54 | 824022.6 | 9352894 | 2389.16 | 208.95
BGFC-55 | 824062.2 | 9353128 | 2467.13 | 325.35
BGFC-56 | 825107.6 | 9353598 | 2608.545 | 369.05
BGFC-57 | 824062.4 | 9353327 | 2506.33 | 194.2
BGFC-58 | 825108.8 | 9353597 | 2608.553 | 335.5
BGFC-59 | 824145.6 | 9353374 | 2419.83 | 157.6
BGFC-60 | 825109.6 | 9353595 | 2608.607 | 341.6
BGFC-61 | 824576.6 | 9353236 | 2517.33 | 197.25
BGFC-62 | 825109.7 | 9353595 | 2608.593 | 350.75
BGFC-63 | 824401.4 | 9353498 | 2570.93 | 256.3
BGFC-64 | 824917 | 9353523 | 2533.282 | 278.25
BGFC-65 | 824619.7 | 9353967 | 2725.87 | 463.9
BGFC-66 | 825044.5 | 9353252 | 2729.091 | 375.15
BGFC-67 | 825521.9 | 9353021 | 2752.11 | 114.9
BGFC-68 | 825015.5 | 9352933 | 2628.01 | 341.6
BGFC-69 | 825521.9 | 9353021 | 2752.11 | 537
BGFC-70 | 824318.6 | 9354069 | 2659.23 | 451.4
BGFC-71 | 824806.8 | 9354239 | 2687.07 | 493.75
BGFC-72 | 824947.8 | 9353161 | 2738.632 | 387.3
BGFC-73 | 826101 | 9352414 | 2792 | 603.9
BGFC-74 | 825642.5 | 9352657 | 2772.61 | 500.3
BGFC-75 | 823886.7 | 9352329 | 2124.64 | 106.25
BGFC-76 | 824427.3 | 9352180 | 2366.55 | 378.2
BGFC-77 | 824658.1 | 9353507 | 2465.706 | 208.3

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
BGFC-78 | 824285.5 | 9351867 | 2237.222 | 402.2
BGFC-79 | 824660.3 | 9353503 | 2465.616 | 150.55
BGFC-80 | 824318.6 | 9353818 | 2565.39 | 339
VMA1 | 824547.6 | 9353444 | 2429.054 | 160.15
VMA2 | 824550.5 | 9353439 | 2429.058 | 141.75
VMA3 | 824547.9 | 9353443 | 2429.057 | 106.25
VMA4 | 824549.8 | 9353446 | 2429.188 | 151.25
VMA5 | 824547.9 | 9353442 | 2428.999 | 137.25
VMA6 | 824552 | 9353443 | 2429.109 | 131.55
VMC1 | 824658.5 | 9353507 | 2465.66 | 179.2
VMC2 | 824658.4 | 9353503 | 2465.526 | 157.35
VMC3 | 824661.1 | 9353504 | 2465.467 | 154.55
VMC4 | 824656.7 | 9353506 | 2465.658 | 154.45
VMC5 | 824662.1 | 9353506 | 2465.646 | 150.1
VMC6 | 824658 | 9353503 | 2465.445 | 151.9
VMD1 | 824725.8 | 9353519 | 2480.759 | 87.5
VMD2 | 824726.7 | 9353517 | 2480.606 | 195.2
VMD3 | 824729.5 | 9353513 | 2480.645 | 194.1
VMD4 | 824730.3 | 9353518 | 2480.681 | 30
VMD4A | 824730 | 9353518 | 2480.751 | 86.35
VMD5 | 824730.6 | 9353516 | 2480.778 | 179.2
VMD6 | 824726 | 9353516 | 2480.703 | 173.4
VMD7 | 824729.1 | 9353518 | 2480.675 | 101.8
VME1 | 824914.6 | 9353527 | 2533.173 | 282.35
VME2 | 824914.9 | 9353526 | 2533.104 | 238.4
VME3 | 824916.9 | 9353527 | 2533.286 | 272.15
VME4 | 824918.3 | 9353525 | 2533.166 | 240
VME5 | 824914.5 | 9353526 | 2533.097 | 255.2
VME6 | 824915.2 | 9353523 | 2533.242 | 242.1
V08 | 824620 | 9353967 | 2726 | 476.1
V08A | 824620 | 9353967 | 2726 | 32.5
V08B | 824620 | 9353967 | 2726 | 322.8
V09 | 824709 | 9353805 | 2775 | 512.95
V10 | 824709 | 9353805 | 2775 | 494.7
V10A | 824709 | 9353805 | 2775 | 536.4
V13 | 824581.6 | 9353835 | 2688.352 | 413.3
V15 | 824582.2 | 9353834 | 2688.405 | 454.5
V18 | 824367.6 | 9353929 | 2588.43 | 324.4
V19 | 824367.6 | 9353929 | 2588.43 | 296.55
V20 | 824367.6 | 9353929 | 2588.43 | 323.3

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V21 | 824367.6 | 9353929 | 2588.43 | 377
V21A | 824367.6 | 9353929 | 2588.43 | 341.35
V22 | 824528.6 | 9353706 | 2756.439 | 460.3
V23 | 824528.8 | 9353705 | 2756.451 | 491.2
V23A | 824527.5 | 9353706 | 2756.4 | 494
V26 | 824315.8 | 9353816 | 2565.28 | 304
V28 | 824315.5 | 9353819 | 2565.28 | 298
V32 | 824321.8 | 9353594 | 2684.912 | 600
V33 | 824322 | 9353594 | 2684.914 | 380
V34 | 824321.6 | 9353591 | 2684.864 | 283.9
V35 | 824321.8 | 9353590 | 2684.883 | 442.95
V35A | 824323.7 | 9353592 | 2684.864 | 416
V36 | 824486.6 | 9353221 | 2469.709 | 320.55
V37 | 824486.6 | 9353218 | 2469.744 | 191.2
V37A | 824484.5 | 9353220 | 2469.553 | 452.1
V38 | 824597.4 | 9353048 | 2462.498 | 165.05
V39 | 824597.2 | 9353044 | 2462.226 | 162.55
V39A | 824599.4 | 9353046 | 2462.498 | 167.4
V40 | 824225.5 | 9353379 | 2414.51 | 137.4
V41 | 824225.5 | 9353375 | 2414.444 | 149
V42 | 824437.3 | 9353073 | 2467.583 | 200.15
V43 | 824437 | 9353070 | 2467.337 | 167.7
V_44 | 824104.1 | 9352043 | 2218.567 | 308.4
V_45 | 824103.5 | 9352043 | 2218.577 | 293
V_46 | 824100.2 | 9352043 | 2218.641 | 750.5
V_47 | 824416.5 | 9351927 | 2328.957 | 430.1
V_48 | 824414.2 | 9351926 | 2328.954 | 453
V_49 | 824307.3 | 9352356 | 2469.198 | 339
V_50 | 824302.8 | 9352358 | 2469.207 | 168.1
V_51 | 824305.2 | 9352355 | 2469.171 | 377.6
V_52 | 824635.9 | 9352115 | 2405.196 | 434
V_53 | 824636.3 | 9352115 | 2405.242 | 583.4
V_54 | 824629.6 | 9352476 | 2580.375 | 398.6
V_55 | 824832.2 | 9352614 | 2625.939 | 46.2
V_56 | 824883.9 | 9352229 | 2492.771 | 497.5
V_57 | 824105.1 | 9352165 | 2269.818 | 293.6
V_58 | 824241 | 9352566 | 2392.067 | 257.4
V_59 | 824102.2 | 9352045 | 2218.616 | 83.45
V_63 | 824302.7 | 9352358 | 2469.212 | 162.4
V_87 | 824597 | 9353047 | 2462.533 | 140.5

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_88 | 824597.9 | 9353045 | 2462.335 | 170
V_89 | 824597.7 | 9353048 | 2462.476 | 173
V_90 | 824595.8 | 9353048 | 2462.486 | 199.6
V_91 | 824595 | 9353046 | 2462.464 | 164.4
V_92 | 824594.3 | 9353044 | 2462.241 | 210
V_109 | 824823.1 | 9352987 | 2590.437 | 246.4
V_110 | 824824.9 | 9352987 | 2590.623 | 248
V_111 | 824825.7 | 9352985 | 2590.529 | 269.1
V_112 | 824823 | 9352986 | 2590.395 | 287.3
V_113 | 824825.1 | 9352984 | 2590.399 | 290.2
V_114 | 824823.7 | 9352985 | 2590.304 | 269.9
V_115 | 824832.1 | 9352616 | 2625.554 | 389.3
V_121 | 824844.4 | 9353241 | 2692.052 | 359.6
V_122 | 824846.5 | 9353240 | 2692.051 | 398.3
V_123 | 824844.2 | 9353242 | 2691.901 | 398.3
V_124 | 824845.4 | 9353241 | 2692.042 | 398.3
V_125 | 824844.2 | 9353241 | 2691.998 | 356.5
V_126 | 824846.2 | 9353240 | 2692.055 | 125.4
V_127 | 824845 | 9353239 | 2692.043 | 349.5
V_128 | 824843.2 | 9353240 | 2691.838 | 352
V_129 | 824846.7 | 9353240 | 2692.046 | 365.4
V_130 | 824850.7 | 9353102 | 2633.127 | 284.5
V_131 | 824848.6 | 9353103 | 2633.139 | 117.9
V_132 | 824848.2 | 9353101 | 2632.94 | 305.4
V_133 | 824849.6 | 9353102 | 2632.949 | 299.5
V_134 | 824849.1 | 9353103 | 2633.239 | 282.6
V_135 | 824848.2 | 9353103 | 2633.096 | 303.7
V_136 | 824851 | 9353101 | 2632.906 | 302.2
V_137 | 824848.7 | 9353104 | 2633.322 | 299.5
V_138 | 824850.3 | 9353104 | 2633.477 | 278
V_139 | 824882.2 | 9352229 | 2492.711 | 437.3
V_145 | 824950.1 | 9353159 | 2738.679 | 431.5
V_164 | 824106.2 | 9352163 | 2269.462 | 347.5
V_165 | 824108.2 | 9352165 | 2270.029 | 284.4
V_166 | 824241 | 9352563 | 2392.013 | 305.3
V_167 | 824826.1 | 9352985 | 2590.509 | 152.3
V_168 | 824241.9 | 9352563 | 2392.054 | 227.2
V_169 | 824304 | 9352355 | 2469.172 | 455.4
V_170 | 824243.1 | 9352564 | 2392.077 | 203.6
V_171 | 824303.9 | 9352356 | 2469.138 | 465

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_172 | 824241.4 | 9352566 | 2392.099 | 209.6
V_173 | 824239.4 | 9352564 | 2392.004 | 265.1
V_174 | 824304 | 9352357 | 2469.222 | 415.2
V_175 | 824447.1 | 9352671 | 2379.978 | 130.8
V_176 | 824443.3 | 9352670 | 2379.91 | 122.8
V_177 | 824446.2 | 9352670 | 2379.949 | 169.1
V_178 | 824102.5 | 9352041 | 2218.596 | 380.2
V_179 | 824634.6 | 9353274 | 2568.23 | 271.3
V_180 | 824634.9 | 9353277 | 2568.257 | 296
V_181 | 824282.8 | 9351870 | 2237.225 | 425.4
V_182 | 824634.5 | 9353276 | 2568.171 | 230.6
V_183 | 824423.4 | 9352180 | 2365.946 | 107.9
V_184 | 824634.8 | 9353275 | 2568.239 | 260
V_185 | 824422.3 | 9352180 | 2365.977 | 436
V_186 | 824284.1 | 9351870 | 2237.193 | 395
V_187 | 824632.3 | 9353279 | 2568.249 | 291
V_188 | 824633.3 | 9353280 | 2568.269 | 285
V_189 | 824422.9 | 9352182 | 2365.979 | 365
V_190 | 824282.6 | 9351868 | 2237.166 | 561
V_191 | 824437 | 9352985 | 2458.758 | 205
V_192 | 824426.4 | 9352182 | 2366.05 | 379
V_193 | 824436.3 | 9352986 | 2458.815 | 210
V_194 | 824438.2 | 9352986 | 2458.886 | 190
V_195 | 824286.5 | 9351867 | 2237.1 | 116
V_196 | 824422.9 | 9352181 | 2365.96 | 65.5
V_197 | 824281.8 | 9351871 | 2237.341 | 183
V_198 | 824723.6 | 9352973 | 2553.712 | 246
V_199 | 824423 | 9352182 | 2365.977 | 374
V_200 | 824305.7 | 9352358 | 2469.171 | 340
V_201 | 824722.6 | 9352973 | 2553.68 | 239.2
V_202 | 825089.3 | 9353776 | 2669.645 | 445
V_203 | 824306.1 | 9352358 | 2469.169 | 358.8
V_204 | 824601.3 | 9352735 | 2447.233 | 156
V_205 | 824601.6 | 9352735 | 2447.221 | 193
V_206 | 824304.5 | 9352358 | 2469.198 | 325
V_207 | 824600.2 | 9352738 | 2447.158 | 185
V_208 | 824601.1 | 9352739 | 2447.196 | 180
V_209 | 825088.7 | 9353779 | 2669.645 | 469
V_210 | 824242.1 | 9352567 | 2391.97 | 219
V_211 | 824626.7 | 9352475 | 2579.774 | 438

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_212 | 824444.5 | 9352668 | 2380.086 | 228
V_213 | 825090.8 | 9353776 | 2669.634 | 428
V_214 | 824444.1 | 9352673 | 2379.901 | 245
V_215 | 824626.6 | 9352477 | 2579.7 | 417
V_216 | 824443.1 | 9352671 | 2379.881 | 197
V_217 | 824446 | 9352669 | 2379.983 | 179
V_218 | 825088.6 | 9353776 | 2669.607 | 438
V_219 | 824599.7 | 9352739 | 2447.083 | 345
V_220 | 824049.4 | 9351876 | 2267.857 | 482
V_221 | 824604.1 | 9352739 | 2447.221 | 185
V_222 | 824599.6 | 9352737 | 2447.152 | 225
V_223 | 825107.1 | 9353596 | 2608.266 | 310.6
V_224 | 825106.8 | 9353596 | 2608.299 | 317.6
V_225 | 825107.6 | 9353598 | 2608.499 | 325
V_226 | 825107.4 | 9353598 | 2608.503 | 335.5
V_227 | 825108.9 | 9353599 | 2608.316 | 338.8
V_228 | 825109.8 | 9353598 | 2608.463 | 341.6
V_229 | 825108.1 | 9353595 | 2608.406 | 310
V_230 | 825109.8 | 9353597 | 2608.34 | 41.9
V_231 | 825110.2 | 9353597 | 2608.439 | 36
V_232 | 825089.5 | 9353776 | 2669.476 | 421.3
V_233 | 825088.4 | 9353776 | 2669.426 | 420.4
V_234 | 825088.7 | 9353777 | 2669.408 | 428.5
V_235 | 825090.7 | 9353775 | 2669.443 | 419.5
V_236 | 825091.7 | 9353777 | 2669.859 | 434.5
V_237 | 825091.1 | 9353778 | 2669.457 | 434.5
V_238 | 825089.2 | 9353779 | 2669.508 | 425.5
V_239 | 825088 | 9353776 | 2669.47 | 430
V_240 | 824207.3 | 9352165 | 2113.333 | 197.6
V_241 | 824207.4 | 9352165 | 2112.941 | 202.2
V_242 | 824207.6 | 9352165 | 2112.601 | 148.2
V_243 | 824207.9 | 9352166 | 2112.504 | 134.1
V_244 | 824212.4 | 9352168 | 2112.328 | 122.2
V_245 | 824212.8 | 9352168 | 2112.444 | 109.6
V_246 | 824213.2 | 9352168 | 2112.64 | 113.4
V_247 | 825088.4 | 9353777 | 2669.444 | 431
V_248 | 823844.3 | 9351986 | 2106.446 | 362.5
V_249 | 823846.9 | 9351987 | 2106.527 | 298
V_250 | 825106.9 | 9353597 | 2608.345 | 308.6
V_251 | 824215 | 9352194 | 2112.572 | 205.8

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_252 | 824215.9 | 9352195 | 2111.973 | 133.4
V_253 | 824215.1 | 9352194 | 2112.235 | 200.5
V_254 | 824215.5 | 9352194 | 2111.975 | 167.5
V_255 | 824219.9 | 9352197 | 2111.892 | 81.6
V_256 | 824220.4 | 9352197 | 2112.229 | 95.45
V_257 | 824220.4 | 9352198 | 2112.773 | 105
V_258 | 824220.4 | 9352197 | 2113.324 | 157.8
V_259 | 823857.9 | 9352139 | 2117.582 | 227.3
V_260 | 823857.1 | 9352139 | 2117.765 | 212.5
V_261 | 824205.6 | 9352127 | 2113.235 | 195.3
V_262 | 824205.6 | 9352127 | 2113.055 | 218.2
V_263 | 824205.9 | 9352127 | 2112.89 | 190.4
V_264 | 824206.3 | 9352128 | 2112.907 | 169.3
V_268 | 824915.3 | 9353526 | 2533.106 | 242.5
V_269 | 825107.1 | 9353597 | 2608.343 | 315
V_265 | 824210 | 9352129 | 2112.889 | 140
V_266 | 824210.4 | 9352129 | 2112.892 | 134.8
V_267 | 824210.9 | 9352129 | 2113.1 | 145.1
V_270 | 824168.7 | 9352197 | 2111.506 | 163.1
V_271 | 824168.7 | 9352197 | 2111.865 | 104.8
V_272 | 824168.7 | 9352197 | 2111.13 | 187
V_273 | 824168.9 | 9352197 | 2110.835 | 176
V_274 | 824169.3 | 9352197 | 2110.853 | 105.95
V_275 | 824173.3 | 9352201 | 2110.823 | 95
V_276 | 824173.5 | 9352201 | 2111.059 | 93.75
V_277 | 824173.5 | 9352201 | 2111.74 | 118.7
V_278 | 824173.5 | 9352201 | 2112.236 | 186.4
V_279 | 825106.8 | 9353598 | 2608.335 | 334
V_280 | 824915.9 | 9353526 | 2533.13 | 239.5
V_281 | 825107.2 | 9353597 | 2608.369 | 323
V_282 | 824206.4 | 9352086 | 2113.093 | 207.2
V_283 | 824206.7 | 9352086 | 2113.109 | 200.8
V_284 | 824210.5 | 9352089 | 2112.958 | 166.4
V_285 | 824211.1 | 9352089 | 2113.3 | 196
V_286 | 825109.7 | 9353597 | 2608.516 | 45.8
V_287 | 825109.5 | 9353598 | 2608.454 | 313
V_288 | 825109.7 | 9353599 | 2608.439 | 320.6
V_289 | 824915.6 | 9353526 | 2533.12 | 226.6
V_290 | 824911.7 | 9353525 | 2533.11 | 223
V_291 | 825107.1 | 9353596 | 2608.38 | 314.5

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_292 | 824208.2 | 9352050 | 2113.784 | 247.35
V_293 | 824208.5 | 9352050 | 2113.672 | 273.6
V_294 | 824209 | 9352050 | 2113.606 | 227.15
V_295 | 824208.9 | 9352049 | 2113.509 | 230
V_296 | 824209.1 | 9352049 | 2113.467 | 394
V_297 | 824209.9 | 9352049 | 2113.472 | 279.2
V_298 | 824212 | 9352051 | 2113.604 | 242.4
V_299 | 824212.4 | 9352051 | 2113.577 | 240
V_300 | 824213 | 9352053 | 2113.795 | 265.9
V_301 | 824212.4 | 9352052 | 2113.488 | 205.3
V_302 | 824212.6 | 9352052 | 2113.508 | 209.5
V_303 | 824213 | 9352053 | 2113.739 | 234.3
V_304 | 824911.4 | 9353525 | 2533.125 | 230.2
V_305 | 824087.3 | 9352187 | 2110.091 | 135
V_306 | 824087.2 | 9352187 | 2109.619 | 174.3
V_307 | 824087.5 | 9352187 | 2109.154 | 191.8
V_308 | 824087.8 | 9352187 | 2109.064 | 116.8
V_309 | 824087.7 | 9352189 | 2109.837 | 115.4
V_310 | 824091.4 | 9352190 | 2109.156 | 107
V_311 | 824091.9 | 9352191 | 2109.411 | 111.7
V_312 | 824091.9 | 9352191 | 2110.274 | 161
V_313 | 824091.7 | 9352190 | 2110.64 | 225.1
V_314 | 824087.3 | 9352187 | 2109.243 | 257
V_315 | 824091.5 | 9352190 | 2111.576 | 146.6
V_316 | 824091.9 | 9352190 | 2111.131 | 100.3
V_317 | 824913.5 | 9353524 | 2533.132 | 221.5
V_318 | 825108.2 | 9353596 | 2608.328 | 290.5
V_319 | 824914.7 | 9353527 | 2533.131 | 239.6
V_320 | 824914.8 | 9353527 | 2533.139 | 257.5
V_321 | 825108.4 | 9353599 | 2608.424 | 317.5
V_322 | 824911.7 | 9353526 | 2533.143 | 217
V_323 | 825108.3 | 9353599 | 2608.446 | 320.5
V_324 | 824911.8 | 9353525 | 2533.133 | 217
V_325 | 824913.8 | 9353524 | 2533.142 | 230.6
V_326 | 824728.6 | 9353518 | 2480.53 | 146
V_327 | 824913.7 | 9353524 | 2533.125 | 220
V_328 | 824728.9 | 9353518 | 2480.523 | 117.7
V_329 | 824913.7 | 9353524 | 2533.142 | 226.1
V_330 | 824728 | 9353518 | 2480.597 | 128.5
V_331 | 824727.4 | 9353517 | 2480.54 | 122.6

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_332 | 824913.8 | 9353527 | 2533.184 | 221.5
V_333 | 824728 | 9353517 | 2480.595 | 146.1
V_334 | 824728.2 | 9353517 | 2480.598 | 158
V_335 | 824913.8 | 9353528 | 2533.189 | 223.3
V_336 | 824727.5 | 9353516 | 2480.573 | 125.5
V_337 | 824913.8 | 9353527 | 2533.188 | 239.5
V_338 | 824727.6 | 9353516 | 2480.565 | 131.5
V_339 | 824915.3 | 9353524 | 2533.155 | 211.5
V_340 | 824915.5 | 9353524 | 2533.15 | 212.5
V_341 | 824021 | 9352176 | 2108.104 | 128.1
V_342 | 824021.8 | 9352176 | 2107.852 | 123.3
V_343 | 824022.1 | 9352176 | 2108.059 | 130
V_344 | 824022.2 | 9352176 | 2108.6 | 152
V_345 | 824022.2 | 9352176 | 2108.988 | 49.8
V_346 | 824022.2 | 9352176 | 2109.231 | 215.5
V_347 | 824018.1 | 9352174 | 2108.134 | 271.05
V_348 | 824915.7 | 9353524 | 2533.157 | 97.3
V_349 | 824912.7 | 9353527 | 2533.218 | 215.5
V_350 | 824912.4 | 9353528 | 2533.229 | 227.5
V_351 | 824912.6 | 9353527 | 2533.22 | 248.1
V_352 | 824911.8 | 9353526 | 2533.126 | 209.5
V_353 | 824020.8 | 9352175 | 2108.07 | 148
V_354 | 824209.9 | 9352049 | 2113.49 | 314.3
V_355 | 824211.1 | 9352049 | 2113.584 | 289
V_356 | 824209.4 | 9352049 | 2113.458 | 262.8
V_357 | 824912 | 9353526 | 2533.129 | 153.2
V_358 | 824911.5 | 9353526 | 2533.144 | 171
V_359 | 824916 | 9353525 | 2533.17 | 218.5
V_360 | 824915.5 | 9353525 | 2533.142 | 230.5
V_361 | 824915.4 | 9353527 | 2533.123 | 230
V_362 | 824050.8 | 9351878 | 2267.92 | 508.1
V_363 | 824915.6 | 9353527 | 2533.144 | 242.5
V_364 | 824915.8 | 9353527 | 2533.165 | 268
V_365 | 824050.6 | 9351879 | 2268.429 | 576.4
V_366 | 824902.8 | 9353388 | 2652.128 | 368.5
V_367 | 824899.8 | 9353389 | 2652.076 | 367.5
V_368 | 825112.7 | 9353484 | 2680.215 | 367.9
V_369 | 824048 | 9351878 | 2267 | 569.5
V_370 | 825110.5 | 9353483 | 2680.188 | 421.2
V_371 | 824284.8 | 9351868 | 2237.013 | 110

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_372 | 824284.8 | 9351868 | 2237.013 | 115
V_373 | 824714.3 | 9353419 | 2568.488 | 245
V_374 | 824284.8 | 9351868 | 2237.013 | 110.1
V_375 | 824417 | 9351927 | 2329 | 190
V_376 | 824417 | 9351927 | 2329 | 190
V_377 | 824726 | 9353520 | 2480.745 | 116
V_378 | 824726 | 9353520 | 2480.776 | 146.5
V_379 | 824726.5 | 9353520 | 2480.739 | 194
V_380 | 824726.5 | 9353520 | 2481.061 | 152
V_381 | 824726.9 | 9353519 | 2480.721 | 131.2
V_382 | 824727.4 | 9353519 | 2480.636 | 150
V_383 | 824726.5 | 9353519 | 2480.685 | 141.7
V_384 | 824726.8 | 9353519 | 2480.788 | 118.1
V_385 | 824727.4 | 9353519 | 2480.599 | 127.8
V_386 | 824727.1 | 9353518 | 2480.627 | 116
V_387 | 824728.1 | 9353517 | 2480.583 | 166.7
V_388 | 824727.5 | 9353517 | 2480.608 | 143.1
V_389 | 824727.3 | 9353516 | 2480.628 | 136.9
V_390 | 824726.1 | 9353515 | 2480.612 | 106.8
V_391 | 824726 | 9353515 | 2480.62 | 112.4
V_392 | 824725.6 | 9353515 | 2480.612 | 132
V_393 | 824725.4 | 9353514 | 2480.586 | 148
V_394 | 824725 | 9353516 | 2480.637 | 145
V_395 | 824724.8 | 9353515 | 2480.863 | 136
V_396 | 824723.6 | 9353517 | 2480.625 | 119
V_397 | 824723.9 | 9353517 | 2480.621 | 116
V_398 | 824724.2 | 9353519 | 2480.556 | 134.6
V_399 | 824724.5 | 9353519 | 2480.603 | 122.5
V_400 | 824725.3 | 9353519 | 2480.625 | 135
V_401 | 824725.3 | 9353520 | 2480.763 | 188.2
V_402 | 824725.4 | 9353520 | 2480.732 | 152.2
V_403 | 824128.5 | 9352195 | 2110.66 | 100.6
V_404 | 824128.5 | 9352195 | 2110.417 | 77.5
V_405 | 824129.2 | 9352195 | 2110.073 | 62.7
V_406 | 824134.3 | 9352198 | 2110.091 | 70.1
V_407 | 824134.6 | 9352198 | 2110.634 | 111.65
V_408 | 824134.7 | 9352198 | 2111.239 | 120.5
V_409 | 824134.7 | 9352198 | 2111.542 | 7.7
V_410 | 824134.6 | 9352198 | 2111.936 | 167.35
V_411 | 824134.2 | 9352198 | 2110.02 | 72

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_412 | 824659.1 | 9353507 | 2465.702 | 157
V_413 | 824660.4 | 9353507 | 2465.633 | 151
V_414 | 824660 | 9353506 | 2465.648 | 101.3
V_415 | 824661 | 9353505 | 2465.441 | 107.3
V_416 | 824662.2 | 9353504 | 2465.561 | 116
V_417 | 824661.1 | 9353503 | 2465.502 | 116
V_418 | 824659.5 | 9353502 | 2465.472 | 135
V_419 | 824658.4 | 9353502 | 2465.483 | 136.5
V_420 | 824659 | 9353504 | 2465.58 | 119.5
V_421 | 824657.3 | 9353503 | 2465.538 | 150.6
V_422 | 824658.1 | 9353504 | 2465.59 | 116.4
V_423 | 824657.4 | 9353504 | 2465.619 | 125.1
V_424 | 824656.9 | 9353504 | 2465.549 | 156.3
V_425 | 824657.5 | 9353505 | 2465.575 | 108.9
V_426 | 824657.4 | 9353505 | 2465.612 | 140.2
V_427 | 824656.7 | 9353505 | 2465.672 | 163.8
V_428 | 824657.8 | 9353507 | 2465.694 | 116.4
V_429 | 824657.5 | 9353507 | 2465.693 | 98.4
V_430 | 824658.5 | 9353507 | 2465.748 | 110.3
V_431 | 824219.8 | 9352197 | 2111.621 | 93
V_432 | 824220.4 | 9352197 | 2113.788 | 109.1
V_433 | 824210.6 | 9352089 | 2112.95 | 168
V_434 | 824211.4 | 9352089 | 2114.204 | 145.5
V_435 | 824213.4 | 9352169 | 2113.393 | 107.1
V_436 | 824211 | 9352130 | 2113.873 | 136.5
V_437 | 824210.5 | 9352130 | 2112.817 | 132.7
V_438 | 824210 | 9352128 | 2112.822 | 151.3
V_439 | 824208.6 | 9352166 | 2112.332 | 120.1
V_440 | 824548.9 | 9353446 | 2429.17 | 83.4
V_441 | 824549.7 | 9353445 | 2429.127 | 95.4
V_442 | 824550 | 9353446 | 2429.162 | 86.1
V_443 | 824551.1 | 9353445 | 2429.107 | 88.7
V_444 | 824550.8 | 9353442 | 2429.106 | 101
V_445 | 824550.3 | 9353443 | 2429.13 | 95.2
V_446 | 824549.5 | 9353440 | 2428.945 | 106.5
V_447 | 824548.8 | 9353441 | 2429.029 | 92.3
V_448 | 824548.3 | 9353442 | 2429.042 | 86.3
V_449 | 824546.4 | 9353442 | 2428.982 | 101
V_450 | 824546 | 9353441 | 2429.026 | 115.5
V_451 | 824545.6 | 9353443 | 2429.073 | 124.5

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
V_452 | 824546.8 | 9353444 | 2429.064 | 86.3
V_453 | 824546.4 | 9353444 | 2429.072 | 107
V_454 | 824545.9 | 9353444 | 2429.094 | 118.5
V_455 | 824547.6 | 9353445 | 2429.157 | 101.5
V_456 | 824213.4 | 9352169 | 2113.862 | 94.2
V_457 | 824211 | 9352129 | 2114.622 | 159.5
V_458 | 824173.5 | 9352201 | 2112.541 | 180.2
V_459 | 824210.5 | 9352071 | 2113.267 | 177
V_460 | 824547.6 | 9353444 | 2429.127 | 101.6
V_461 | 824725.4 | 9353519 | 2481.258 | 149.1
V_462 | 824658.5 | 9353506 | 2465.71 | 135
V_463 | 824913.8 | 9353525 | 2533.102 | 158.5
V_464 | 824546.6 | 9353148 | 2499.087 | 161.6
V_465 | 824210.8 | 9352071 | 2113.224 | 168.1
V_466 | 824211.1 | 9352071 | 2113.483 | 133
V_467 | 824597.5 | 9353044 | 2463.286 | 150
V_468 | 825317 | 9352640 | 2766.444 | 40
V_469 | 825009 | 9352684 | 2661 | 40
V_470 | 825269 | 9352108 | 2564 | 42.1
V_471 | 824963 | 9352030 | 2480.821 | 122.6
V_472 | 824649 | 9351768 | 2390 | 160
V_473 | 824885 | 9352230 | 2493 | 110.5
V_474 | 824209.8 | 9352071 | 2113.362 | 100.3
V_475 | 824218.1 | 9352195 | 2111.99 | 100.05
V_476 | 824130.5 | 9352197 | 2110.121 | 100.2
V_477 | 823852.1 | 9352019 | 2106.604 | 146.8
V_478 | 824211.4 | 9352071 | 2113.886 | 102.4
PEBGD000002 | 824617.4 | 9353969 | 2725.68 | 471.4
PEBGD000003 | 824523.6 | 9353708 | 2756.337 | 475.4
PEBGD000004 | 825307.7 | 9353737 | 2736.647 | 560
PEBGD000005 | 824621 | 9353967 | 2725.732 | 178.8
PEBGD000006 | 824524.5 | 9353709 | 2756.444 | 475.4
PEBGD000008 | 824337.6 | 9353635 | 2685.748 | 570.2
PEBGD000012 | 823896.6 | 9352542 | 2299.677 | 384.3
PEBGD000015 | 823922.3 | 9351648 | 2175.996 | 493.2
PEBGD000018 | 823898.8 | 9352544 | 2299.763 | 204.2
PEBGD000019 | 824337.5 | 9353638 | 2685.795 | 454.3
PEBGD000021 | 824617.5 | 9353967 | 2725.668 | 506
PEBGD000023 | 823922.8 | 9351648 | 2176.027 | 580.4
PEBGD000027 | 824423.1 | 9352181 | 2366.159 | 341.4

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

BHID | XCOLLAR | YCOLLAR | ZCOLLAR | DEPTH
PEBGD000031 | 824580.1 | 9353841 | 2688.52 | 420
PEBGD000032 | 824423.9 | 9352180 | 2366.17 | 377.7
PEBGD000035 | 824427.5 | 9352182 | 2366.298 | 339
PEBGD000036 | 824580.8 | 9353843 | 2688.627 | 440.9
PEBGD000038 | 823921.5 | 9351649 | 2176.029 | 471.2
PEBGD000039 | 824425 | 9352180 | 2366.17 | 488.5
PEBGD000001 | 825307 | 9353734 | 2736.695 | 517.3
PEBGD000007 | 824581.7 | 9353840 | 2688.603 | 402.1
PEBGD000009 | 824582.6 | 9353842 | 2688.575 | 393.7
PEBGD000010 | 824523.2 | 9353710 | 2756.439 | 497.5
PEBGD000011 | 824337.4 | 9353637 | 2685.757 | 461.4
PEBGD000013 | 824523.4 | 9353711 | 2756.456 | 470.2
PEBGD000014 | 824339.1 | 9353635 | 2685.738 | 423
PEBGD000016 | 824524.4 | 9353707 | 2756.42 | 464.4
PEBGD000017 | 823898.8 | 9352542 | 2299.698 | 230
PEBGD000020 | 823922.3 | 9351648 | 2175.992 | 555.2
PEBGD000022 | 824423.2 | 9352180 | 2366.143 | 463.8
PEBGD000024 | 824339.8 | 9353636 | 2685.775 | 383
PEBGD000025 | 824340.1 | 9353636 | 2685.8 | 383.9
PEBGD000026 | 823921.2 | 9351649 | 2176.002 | 465.4
PEBGD000028 | 824580.2 | 9353841 | 2688.529 | 426.3
PEBGD000029 | 824423.5 | 9352181 | 2366.206 | 316.5
PEBGD000030 | 823921.3 | 9351649 | 2176.099 | 488.2
PEBGD000033 | 824580.4 | 9353842 | 2688.618 | 440.7
PEBGD000034 | 823920.9 | 9351649 | 2176 | 550.3
PEBGD000037 | 824581.2 | 9353843 | 2688.586 | 470.9

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

28 Appendix B: QA/QC 2019 Laboratory Results

28.1 Coarse Blank Results – ALS Laboratory

Summary

Standard Code | C-17282-GT
Element | Ag
Unit of Measure | ppm
Analytical Technique | ICPAAS
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Count of Samples | 23
Number Of Failures | 0
Failure % | 0.00%

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | C-17282-GT
Element | Cu
Unit of Measure | per
Analytical Technique | ICPAAS
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Count of Samples | 23
Number Of Failures | 0
Failure % | 0.00%

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | C-17282-GT
Element | Pb
Unit of Measure | per
Analytical Technique | ICPAAS
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Count of Samples | 23
Number Of Failures | 0
Failure % | 0.00%

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | C-17282-GT
Element | Zn
Unit of Measure | per
Analytical Technique | ICPAAS
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Count of Samples | 23
Number Of Failures | 0
Failure % | 0.00%

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

28.2 Duplicate Results – ALS Laboratory

Summary

Original Sample Type | OR
Duplicate Sample Type | RG
Element | Ag
Unit of Measure | ppm
Analytical Technique | Lab
Original Mean Value | 3.18
Duplicate Mean Value | 3.16
Count of Samples | 11
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RG
Element | Cu
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.0009
Duplicate Mean Value | 0.0009
Count of Samples | 11
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RG
Element | Pb
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.21
Duplicate Mean Value | 0.20
Count of Samples | 11
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RG
Element | Zn
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 2.22
Duplicate Mean Value | 2.38
Count of Samples | 11
Number Of Failures | 2
Failure % | 18.18

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | DP
Element | Ag
Unit of Measure | ppm
Analytical Technique | Lab
Original Mean Value | 5.04
Duplicate Mean Value | 4.99
Count of Samples | 58
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | DP
Element | Cu
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.002
Duplicate Mean Value | 0.002
Count of Samples | 58
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | DP
Element | Pb
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.65
Duplicate Mean Value | 0.63
Count of Samples | 58
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | DP
Element | Zn
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 2.90
Duplicate Mean Value | 2.89
Count of Samples | 58
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RP
Element | Ag
Unit of Measure | ppm
Analytical Technique | Lab
Original Mean Value | 0.71
Duplicate Mean Value | 0.72
Count of Samples | 10
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RP
Element | Cu
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.0003
Duplicate Mean Value | 0.0003
Count of Samples | 10
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RP
Element | Pb
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.05
Duplicate Mean Value | 0.05
Count of Samples | 10
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | RP
Element | Zn
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.19
Duplicate Mean Value | 0.23
Count of Samples | 10
Number Of Failures | 0
Failure % | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

28.3 Standards Results – ALS Laboratory

Summary

Standard Code | SPY-01
Element | Ag
Unit of Measure | ppm
Analytical Technique | ICPAAS
Expected (Actual value) | 7.20
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 13/11/2019
Standard Deviation | 0.55
Count of Samples | 19
Mean | 7.08
Bias % | -1.69
Standard Deviation Chart | 0.26

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-01
Element | Cu
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.0010
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 13/11/2019
Standard Deviation | 0.00005
Count of Samples | 19
Mean | 0.0009
Bias % | -9.50
Standard Deviation Chart | 0.00009

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-01
Element | Pb
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.08
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 13/11/2019
Standard Deviation | 0.00
Count of Samples | 19
Mean | 0.08
Bias % | 2.20
Standard Deviation Chart | 0.00

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-01
Element | Zn
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.97
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 13/11/2019
Standard Deviation | 0.01
Count of Samples | 17
Mean | 0.95
Bias % | -1.41
Standard Deviation Chart | 0.03

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-02
Element | Ag
Unit of Measure | ppm
Analytical Technique | ICPAAS
Expected (Actual value) | 18.50
Project | BG
Lab | ALS
Analysis Date From | 24/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.30
Count of Samples | 19
Mean | 18.97
Bias % | 2.53
Standard Deviation Chart | 0.71

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-02
Element | Cu
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.0019
Project | BG
Lab | ALS
Analysis Date From | 24/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.0002
Count of Samples | 19
Mean | 0.0018
Bias % | -3.60
Standard Deviation Chart | 0.0001

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-02
Element | Pb
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.66
Project | BG
Lab | ALS
Analysis Date From | 24/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.02
Count of Samples | 19
Average Actual | 0.65
Bias % | -0.96
Standard Deviation Chart | 0.02

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-02
Element | Zn
Unit of Measure | per
Analytical Technique | ICPOVL
Expected (Actual value) | 2.79
Project | BG
Lab | ALS
Analysis Date From | 24/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.05
Count of Samples | 19
Mean | 2.81
Bias % | 0.83
Standard Deviation Chart | 0.05

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-03
Element | Ag
Unit of Measure | ppm
Analytical Technique | ICPAAS
Expected (Actual value) | 25.50
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.45
Count of Samples | 20
Mean | 27.10
Bias % | 6.25
Standard Deviation Chart | 0.86

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-03
Element | Cu
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.0032
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.0002
Count of Samples | 20
Mean | 0.0031
Bias % | -2.19
Standard Deviation Chart | 0.0002

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-03
Element | Pb
Unit of Measure | per
Analytical Technique | ICPAAS
Expected (Actual value) | 0.86
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.03
Count of Samples | 20
Mean | 0.86
Bias % | 0.36
Standard Deviation Chart | 0.03

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Standard Code | SPY-03
Element | Zn
Unit of Measure | per
Analytical Technique | ICPOVL
Expected (Actual value) | 5.17
Project | BG
Lab | ALS
Analysis Date From | 25/06/2019
Analysis Date To | 12/11/2019
Standard Deviation | 0.08
Count of Samples | 20
Mean | 5.13
Bias % | -0.82
Standard Deviation Chart | 0.15

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

28.4 External Check Results – Cert vs ALS Laboratory

Summary

Original Sample Type | OR
Duplicate Sample Type | DC
Element | Ag
Unit of Measure | ppm
Analytical Technique | Lab
Original Mean Value | 6.41
Duplicate Mean Value | 5.98
Count of Samples | 24
Bias % | -0.63

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | DC
Element | Pb
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 0.31
Duplicate Mean Value | 0.31
Count of Samples | 24
Bias % | -0.74

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Summary

Original Sample Type | OR
Duplicate Sample Type | DC
Element | Zn
Unit of Measure | per
Analytical Technique | Lab
Original Mean Value | 3.70
Duplicate Mean Value | 3.73
Count of Samples | 24
Bias % | -0.12

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

29 Appexdix C: Sample Cumulative Frequency Plots

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

30 Appendix D: Cap-Composite Cum. Frequency Plots

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

31 Appendix E: Mineral Resource

Zone | Classification | Tonnes | Zn (%) | Ag (g/t) | Pb (%) | Fe (%)
1021_m1 | Inferred | 96,236 | 3.07 | 10.45 | 0.15 | 0.44
1021_m2 | Inferred | 344,927 | 5.99 | 9.31 | 1.21 | 1.18
1021_m3 | Inferred | 33,616 | 2.7 | 7.65 | 0.99 | 0.75
1021_m4 | Inferred | 857 | 0.3 | 2.54 | 0.14 | 0.51
1021_m7 | Inferred | 332,228 | 7.06 | 17.56 | 0.94 | 2.06
m_m3_10 | Measured | 17,325 | 6.17 | 9.39 | 1.46 | 1.41
Indicated | 14,821 | 4.88 | 6.84 | 0.99 | 1.04
Inferred | 241 | 6.19 | 15.29 | 2.63 | 2.27
Km_m1 | Indicated | 48,683 | 5.78 | 10.7 | 1.68 | 1.19
Inferred | 212,585 | 6.23 | 16.13 | 2.45 | 1.36
Km_m2_1 | Measured | 8,920 | 3.79 | 4.58 | 0.67 | 1.13
Indicated | 48,066 | 5.82 | 8.32 | 1.14 | 1.1
Inferred | 487,535 | 7.01 | 9.42 | 1.4 | 1.48
Km_m2_3 | Inferred | 259,685 | 6.81 | 3.93 | 0.29 | 0.57
Km_m3_1 | Inferred | 128,365 | 11.41 | 11.92 | 0.74 | 3.29
Km_m3_4 | Indicated | 8,323 | 8.43 | 13.4 | 1.92 | 1.76
Inferred | 136,337 | 8.16 | 4.45 | 0.53 | 1.38
Km_m3_5 | Indicated | 30,480 | 7.72 | 2.35 | 0.16 | 1.1
Inferred | 567,175 | 8.43 | 5.77 | 0.38 | 1.29
Km_m3_7 | Measured | 11,396 | 6.89 | 16.41 | 2.6 | 1.62
Indicated | 2,380 | 3.65 | 6.38 | 0.94 | 1.31
Km_m3_8 | Measured | 4,068 | 5.92 | 4.81 | 0.67 | 0.72
Indicated | 13,566 | 8.49 | 12.42 | 1.72 | 0.92
Inferred | 39,879 | 9.63 | 15.19 | 2.01 | 0.95
Km_m3_9 | Indicated | 3,069 | 11.61 | 29.1 | 3.27 | 0.94
Inferred | 14,125 | 5.59 | 8.73 | 0.93 | 0.74
Km_m3_2 | Indicated | 75,331 | 5.78 | 5.56 | 0.84 | 1.09
Inferred | 607,754 | 8.07 | 9.01 | 1.16 | 1.7
Km_m4_1 | Indicated | 5,349 | 2.5 | 3.76 | 0.53 | 0.65
Inferred | 74,770 | 3.97 | 1.26 | 0.13 | 0.77
Km_m4_2 | Measured | 3,097 | 10.15 | 10.56 | 1.06 | 1.27
Inferred | 21,733 | 4.64 | 2.22 | 0.3 | 0.74
Km_m4_3 | Measured | 9,710 | 3.59 | 9.97 | 1.36 | 1.03
Indicated | 66,245 | 8.48 | 6.64 | 0.92 | 1.29
Inferred | 293,743 | 9.27 | 15.63 | 1.55 | 1.56
Km_m4_5 | Inferred | 1,790 | 1.72 | 3.69 | 0.46 | 0.57
Km_m4_7 | Indicated | 41,454 | 4.82 | 4.47 | 0.43 | 1.01
Inferred | 251,894 | 8.66 | 12.02 | 1.83 | 1.37

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Zone | Classification | Tonnes | Zn (%) | Ag (g/t) | Pb (%) | Fe (%)
Km_m6_2 | Inferred | 289,291 | 10.25 | 7.05 | 0.79 | 1.18
Km_m6_3 | Inferred | 38,627 | 4.97 | 5.08 | 0.94 | 1.04
Km_m6_5 | Inferred | 294,551 | 14.03 | 9.17 | 1.43 | 1.96
Km_m6_6 | Indicated | 319 | 8.93 | 21.41 | 1.69 | 1.13
Inferred | 50,975 | 15.18 | 33.56 | 2.61 | 1.62
Km_m6_9 | Indicated | 31,453 | 9.74 | 9.8 | 0.81 | 1.3
Inferred | 770,446 | 11.93 | 6.02 | 0.4 | 1.38
Km_m7_1 | Measured | 44,785 | 10.28 | 7.21 | 1.2 | 1.17
Indicated | 39,383 | 8.74 | 5.98 | 1.2 | 1.06
Inferred | 5,910 | 5.66 | 3.22 | 0.49 | 0.78
Km_m7_2 | Indicated | 311 | 2.25 | 14.72 | 1.02 | 0.21
Inferred | 56,648 | 3.09 | 16.77 | 1.83 | 0.34
Km_m10 | Inferred | 755,292 | 7.42 | 11.82 | 0.27 | 1
Km_m13 | Inferred | 72,413 | 6.41 | 5.4 | 1.02 | 0.51
Km_m6_4 | Measured | 28,288 | 14.01 | 7.07 | 0.84 | 1.23
Indicated | 10,570 | 14.6 | 4.88 | 0.44 | 1.06
Inferred | 1,054 | 12.56 | 4.79 | 0.53 | 1.2
sj_m1 | Measured | 373 | 11.06 | 9.12 | 0.21 | 1.39
Indicated | 17,477 | 8.63 | 6.35 | 0.11 | 1.06
Inferred | 24,631 | 8.67 | 5.02 | 0.03 | 1.12
sj_m2 | Measured | 37 | 1.38 | 15.06 | 0.1 | 1.53
Indicated | 5,830 | 6.75 | 11.23 | 0.02 | 1.82
Inferred | 32,176 | 5.46 | 4.54 | 0.3 | 0.66
sj_m3 | Measured | 60 | 6.75 | 7.74 | 0.31 | 2.59
Indicated | 8,524 | 9.4 | 9.45 | 0.5 | 2.98
Inferred | 17,632 | 5.81 | 7.95 | 0.14 | 2.25
sj_m4 | Measured | 20 | 4.69 | 4.8 | 0.15 | 0.56
Indicated | 26 | 7.43 | 5.19 | 0.62 | 0.69
Inferred | 5,633 | 8.47 | 3.95 | 0.69 | 0.66
sj_m5 | Measured | 3,696 | 6.07 | 25.03 | 0.55 | 1.11
Indicated | 7,546 | 5.04 | 28.1 | 0.63 | 1
Inferred | 1,140 | 4.15 | 21.34 | 0.47 | 0.78
sj_m6 | Measured | 31,784 | 7.13 | 6.59 | 0.23 | 1.77
Indicated | 21,048 | 13.11 | 16.57 | 0.69 | 1.57
Inferred | 3,836 | 14.27 | 20.97 | 0.97 | 1.65
sj_m7 | Measured | 18,612 | 9.99 | 16.06 | 1.34 | 6.52
Indicated | 72,773 | 6.54 | 10.18 | 0.76 | 8.61
Inferred | 8,692 | 7.07 | 5.84 | 0.23 | 2.2

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Zone | Classification | Tonnes | Zn (%) | Ag (g/t) | Pb (%) | Fe (%)
sj_m8 | Measured | 740 | 14.26 | 20.13 | 2.56 | 4.66
Indicated | 45,469 | 10.19 | 16.89 | 2.25 | 4.78
Inferred | 223,046 | 14.94 | 18.45 | 3.31 | 5.99
sj_m9 | Indicated | 41,624 | 6.29 | 7.74 | 0.63 | 1.72
Inferred | 65,342 | 8.78 | 9.14 | 0.99 | 1.96
sj_m10 | Measured | 4,112 | 10.52 | 29.18 | 0.42 | 2.08
Indicated | 16,031 | 5.92 | 16.79 | 0.27 | 1.3
Inferred | 3,211 | 3.45 | 8.25 | 0.1 | 0.9
sj_m11 | Inferred | 424,532 | 10.42 | 5.24 | 0.7 | 0.95
sj_m12 | Inferred | 270,429 | 8.78 | 6.58 | 0.54 | 4.17
sj_m13 | Inferred | 114,568 | 5.59 | 2.13 | 0 | 1.18
sj_m14 | Inferred | 71,914 | 11.98 | 13.48 | 0.68 | 1.52
sj_m15 | Inferred | 77,012 | 8.87 | 2.72 | 0.07 | 2.61
sj_m16 | Inferred | 29,828 | 4.54 | 1.95 | 0.01 | 1.42
sj_m17 | Inferred | 10,371 | 4.19 | 5.07 | 1.09 | 1.04
sj_m18 | Measured | 44 | 7.04 | 2.38 | 0.02 | 1.38
Indicated | 6,442 | 4.7 | 1.75 | 0.02 | 1.27
sj_m19 | Indicated | 3 | 3.32 | 6.31 | 0.32 | 4
sj_m20 | Indicated | 3,253 | 8.3 | 0.5 | 0.02 | 1.37
sj_m21 | Measured | 9,894 | 9.76 | 8.38 | 0.26 | 1.05
Indicated | 2,079 | 4.76 | 3.66 | 0.09 | 1.06
sj_m22 | Inferred | 21,803 | 11.3 | 0.92 | 0 | 1.45
sj_m23 | Measured | 34 | 0.85 | 1.83 | 0.01 | 0.66
Indicated | 1,593 | 6.35 | 10.35 | 0.04 | 0.85
sj_m24 | Measured | 452 | 12.54 | 13.51 | 0.43 | 1.74
Indicated | 264 | 8.35 | 6.98 | 0.27 | 1.43
1021_f1 | Inferred | 316,616 | 6.91 | 15.21 | 1.03 | 1.59
Zone | Classification | Tonnes | Zn (%) | Ag (g/t) | Pb (%) | Fe (%)
1021_f2 | Inferred | 1,002,131 | 7.95 | 13.44 | 1.41 | 3.35
1021_f3 | Inferred | 4,618 | 3.47 | 8.26 | 0.4 | 0.84
1021_f4 | Inferred | 22,371 | 2.49 | 4.51 | 0.5 | 1.1
1021_f5 | Inferred | 103,936 | 3.22 | 4.84 | 0.12 | 2.57
1021_f6 | Inferred | 1,034,401 | 6.52 | 14.96 | 3.19 | 3.28
km_f1 | Inferred | 519,921 | 4.11 | 13.64 | 1.98 | 0.92
km_f2 | Inferred | 288,920 | 8.36 | 18.49 | 2.56 | 6.42
km_f3 | Inferred | 437,530 | 14.38 | 12.86 | 1.36 | 2.18
Sam_f1 | Inferred | 599,392 | 12.78 | 6.99 | 2.96 | 0.93
sj_f1 | Measured | 21,430 | 8.66 | 14.8 | 0.58 | 1.39
Indicated | 19,797 | 9.5 | 14.48 | 0.33 | 1.65
Inferred | 148,436 | 5.6 | 7.56 | 0.28 | 1.2
sj_f2 | Measured | 15,720 | 7.5 | 14.44 | 0.09 | 1.5
Indicated | 20,833 | 7.16 | 9.79 | 0.14 | 1.34
Inferred | 9,852 | 3.48 | 10.33 | 0.25 | 1.21

Gustavson Associates, LLC | 15 March 2022

Solitaro Zinc |
Florida Canyon | S-K 1300 Technical Report Summary

Zone | Classification | Tonnes | Zn (%) | Ag (g/t) | Pb (%) | Fe (%)
sj_f4 | Measured | 13,427 | 8.39 | 2.99 | 0.19 | 1.21
Indicated | 9,443 | 6.72 | 2.29 | 0.06 | 0.99
Km_m3_3 | Measured | 60,395 | 7.64 | 12.36 | 1.44 | 2.23
Indicated | 252,459 | 8.62 | 16.14 | 1.95 | 1.98
Inferred | 127,411 | 6.99 | 9.99 | 1.34 | 1.78
Km_m6_1 | Measured | 140,270 | 9.63 | 9.97 | 1.4 | 1.5
Indicated | 221,011 | 7.67 | 10.34 | 1.43 | 1.04
Inferred | 265,715 | 9.53 | 19.84 | 4.01 | 0.81
sj_f3 | Measured | 358,256 | 14.35 | 21.83 | 1.74 | 3.33
Indicated | 421,374 | 17.7 | 26.9 | 1.6 | 3.09
Inferred | 2,331,005 | 15.51 | 13.75 | 0.54 | 2.38
Total |  | 17,300,383 | 9.77 | 11.82 | 1.27 | 2.05

*Note: m = mantos, f = feeder

Gustavson Associates, LLC | 15 March 2022