GoGold Resources : Fiscal 2024 Q2 MD&A2024

MANAGEMENT'S DISCUSSION AND ANALYSIS

For the three and six months ended March 31, 2024

2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

TABLE OF CONTENTS

TABLE OF CONTENTS	2
OVERVIEW	3
RECENTHIGHLIGHTS	3
ENVIRONMENTAL, SOCIAL ANDGOVERNANCE("ESG")	4
SUMMARY OFQUARTERLYRESULTS	5
OPERATIONALUPDATE- PARRAL	7
LOSRICOS	9
LIQUIDITY AND CAPITAL RESOURCES	14
CONTRACTUAL OBLIGATIONS	15
OUTSTANDING SHARE DATA	16
OFF-BALANCESHEET ARRANGEMENTS	16
CRITICAL ACCOUNTING ESTIMATES AND CHANGE IN ACCOUNTING POLICIES	16
FINANCIAL INSTRUMENTS AND OTHER RISKS	17
NON-IFRSMEASURES	18
INTERNAL CONTROLS OVER FINANCIAL REPORTING	21
FUTURE OUTLOOK	21
FORWARD-LOOKINGSTATEMENTS	21
TECHNICAL INFORMATION	22
OTHER INFORMATION	22

2

2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

This Management's Discussion and Analysis ("MD&A") of the financial position and results of operations is prepared as at May 7, 2024 for the quarter ended March 31, 2024 and should be read in conjunction with the unaudited condensed consolidated interim financial statements for the quarter ended March 31, 2024 and the notes thereto for GoGold Resources Inc. (the "Corporation"), as well as in conjunction with the Corporation's annual MD&A and audited annual consolidated financial statements for the year ended September 30, 2023.

The Corporation's unaudited condensed consolidated interim financial statements for the three and six months ended March 31, 2024 have been prepared in accordance with IAS 34, Interim Financial Reporting ("IAS 34"). Except as otherwise disclosed, all dollar figures included therein and in the following MD&A are quoted in thousands of United States dollars ("USD"), with the exception of per ounce costs which are quoted in United States dollars. Additional information relevant to the Corporation's activities can be found on SEDAR+ at www.sedarplus.ca.

This MD&A contains certain Forward-Looking Statements as disclosed on page 21 of this document, and Non-IFRS measures including cash cost per silver ounce, adjusted cash cost per silver ounce, cash cost per silver equivalent ounce, adjusted cash cost per silver equivalent ounce, adjusted all in sustaining cost ("Adjusted AISC"), all in sustaining cost ("AISC"), and Parral free cash flow which are reconciled to IFRS on page 19 of this document.

OVERVIEW

GoGold Resources Inc. is a Canadian corporation principally engaged in the exploration, development, and production of silver and gold in Mexico. The Corporation's common shares are listed on the Toronto Stock Exchange trading under the symbol GGD, and the OTCQX market in the United States under the symbol

GLGDF.

The Corporation operates the Parral Tailings mine ("Parral") located in the state of Chihuahua, Mexico, and the Los Ricos district exploration property ("Los Ricos"), which includes two projects approximately 25 kilometres apart - Los Ricos South ("LRS") and Los Ricos North ("LRN"), which are located in the state of Jalisco, Mexico.

RECENT HIGHLIGHTS

During the quarter, the Corporation continued to focus on its Los Ricos district, with the technical team working with key consultants continuing to progress towards a definitive feasibility study on the LRS project which is anticipated to be completed within the summer of 2024. At Parral, the SART Zinc circuit commissioning was completed, with this quarter (ending March 31, 2024 - "Q2-24") marking the first quarter where Parral produced a saleable zinc product. Additional details regarding this are included in the Parral section below.

The Corporation's remaining key milestones for calendar year 2024 are as follows:

• Advancing directly from the PEA completed at LRS in 2023 to a definitive feasibility study to be completed within summer of 2024;
• Anticipating receipt of LRS mine permit by mid year pending governmental review;
• Make construction decision at LRS after completion of feasibility study and receipt of mine permit;
• Initiate construction of electrical and water infrastructure at LRS by end of 2024;
• Enter into definitive agreement on debt financing for balance of funds required for construction of LRS, initial discussions with prospective lenders have generated significant interest;
• Assess potential debt financing options that will allow flexibility to advance LRN towards a construction decision during the potential construction of LRS.

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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

Currently, the Los Ricos District has a combined after-tax net present value ("NPV") of $871 million based on the most recently announced preliminary economic assessments ("PEA"). The LRS PEA was announced on September 12, 2023, which showed a NPV of $458 million with an after-tax IRR of 37%, based on an 11- year mine life producing a total of 88 million payable silver equivalent ounces, consisting of 47 million silver ounces, 493 thousand gold ounces, and 14 million pounds of copper. The LRN PEA was announced on May 17, 2023 which showed a NPV of $413 million with an after-tax IRR of 29%, based on a 13-year mine life producing a total of 110.3 million payable silver equivalent ounces, consisting of 68.0 million silver ounces, 221,700 gold ounces, 22.8 million pounds of copper, 144.1 million pounds of lead and 242.2 million pounds of zinc. Additional details for both PEAs, including the full NI 43-101 compliant technical reports, are available on SEDAR+ and the Corporation's website.

Additional details around Los Ricos are provided in the Los Ricos section beginning on page 9.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")

The Corporation, with oversight by the ESG Committee continues to work towards improving the policies and procedures in the Company focussing on four key pillars - employees, communities, environment, and values and ethics. The Corporation is undertaking research on best practices of industry peers, as well as more senior mining companies and companies external to the industry in an effort to continuously improve in these areas.

The Corporation released on December 18, 2023 the results of its third annual sustainability report which set out the Corporation's performance and achievements with respect to its ESG practices. The Corporation's vision, as outlined in the report, is to achieve a balance between economic prosperity, environmental conservation, and social responsibility in all of its operations, and to create a lasting positive impact on the communities in which the Corporation operates.

Highlights of the report are as follows:

• 0.005 equivalent tons of carbon dioxide per oz of silver equivalent produced, a decrease from 0.006 in the prior year
• Increase in safety and professional development training from 9,463 hours in 2021 to 11,246 hours in 2022
• Awarded the ESR distinction (Empresa Socialmente Responsables - Corporate Social Responsibility) for the third consecutive year
• $16,663 spent in local purchases, including $458 in community investment
• Donation of 750 machine hours to nearby towns in order to repair roads and trails
• Construction of a pedestrian bridge in nearby town
• Social impacts in nearby communities including providing food packages to elderly, school supplies to local children and medical attention to residents

The Corporation also abides by and has the following ESG policies available on its website:

• Water Resources Policy, reflecting the Corporation's commitment to water stewardship by protecting and sustainably managing water in the Corporation's operations and the water shared with local communities.
• Climate Change Policy, which was created to minimize the Corporation's climate change impact by reducing greenhouse gas emissions from the Corporation's operations and across the Corporation's supply chain.
• Environmental Policy, through which the Corporation will reduce and mitigate its environmental impact on soil and water, air, biodiversity and waste.
• Human Rights Policy, codifying the Corporation's commitment to uphold the best practices on human rights as informed by the United Nations Guiding Principles on Human Rights.
• Diversity, Equity and Inclusion Policy, which recognizes that a working environment that is free of discrimination and offers everyone equal opportunities to reach their potential is critical to the

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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

success of the Corporation's business, and that diversity, equity and inclusion is a key pathway to create organizational value.

SUMMARY OF QUARTERLY RESULTS

							Cost of			General			Other			Net			Shareholders'			Net (Loss)
	Quarter ending			Revenue						Income			Income					Income
				Sales			and Admin.							Equity
											(Expense)			(Loss)					per Share
	Mar 31, 2024 (Q2-24)	$ 8,940	$ 6,517	$ 2,546	$ 1,408		$ 1,268	$ 283,876	$ 0.004
	Dec 31, 2023 (Q1-24)	6,799	6,067		2,341	2,134		192	282,274	0.001
	Sep 30, 2023 (Q4-23)	5,690	5,412		1,792	(2,236)	(4,295)	281,557	(0.014)
	Jun 30, 2023 (Q3-23)	8,485	6,272		1,968	2,586		2,604	285,627	0.008
	Mar 31, 2023	(Q2-23)	7,607	13,760		1,999	1,571		(3,308)	282,107	(0.011)
	Dec 31, 2022	(Q1-23)	8,478	8,765		1,955	(85)	(2,891)	238,985	(0.010)
	Sep 30, 2022	(Q4-22)	6,476	9,332		1,984	8,901		1,076	240,331	0.004
	Jun 30, 2022	(Q3-22)	10,389	7,962		2,206	2,155		1,110	242,197	0.004

The Corporation recorded net income of $1,268 in Q2-24, compared to a net loss of $3,308 in Q2-23. Included in net income was an operating loss of $123 in Q2-24 ($8,152 in Q2-23), which was offset by other income of $1,408 including $1,246 of interest income. The biggest contributor to the loss in Q2-23 was a negative inventory net realizable value adjustment ("NRV") of $7,962 related to Parral, compared to a positive NRV of $683 recorded in Q2-24. The prior year NRV related principally to a management decision to rehandle material in 2023 which was previously stacked on the heap leach pad. No rehandling has been completed in 2024, nor is expected for the remainder of the year. The current quarter's NRV relates principally to an increase in projected future silver and gold prices.

For the six months ended March 31, 2024, the Corporation recorded net income of $1,463, compared to a net loss of $6,197 in 2023. The largest contributor to the change is a negative NRV of $10,500 recorded in 2023, compared to an NRV recovery of $319 recorded in 2024 due to the increase in projected future silver and gold prices.

Revenue details are provided in the table below with discussion following.

Cost of sales in Q2-24 were $6,517 compared to $13,760 in Q2-23. The biggest portion of the decrease relates to the negative NRV of $7,962 in Q2-23, compared to the recovery of $683 in Q2-24. Production costs, except amortization and depletion, made up $6,468 of the cost of sales in Q2-24, compared to $4,979 in Q2-23. Costs increased mainly due to an increase in the cash costs per ounce, rather than an increase in the number of silver equivalent ounces ("SEO") sold, which increased by 4%. Cash costs per ounce, which is a non-IFRS measure (page 19 for reconciliation) increased from $14.00 in Q2-23 to $17.29 in Q2-24 and are further discussed in the operational update - Parral section on page 7.

Other income in Q2-24 was $1,408, compared to other expense of $1,571 in Q2-23, with differences attributed mainly to interest income and foreign exchange gains. Interest income in Q2-24 was $1,246, compared to $883 in Q2-23 which is attributed primarily to an increase in market interest rates, as the cash and cash equivalent amounts held in both quarters were comparable. Foreign exchange decreased from a gain of $797 in Q2-23 to a gain of $253 in Q2-24. The gains both primarily relate to changes in the USD:MXN exchange rate where the MXN strengthened by 2% in Q2-24, and 6% in Q2-23 against the USD, resulting in an unrealized foreign exchange gain primarily on the input tax recoverable. For the six months ended, other income increased from $1,488 in 2023 to $3,545 in 2024, with the majority of the increase attributed to an increase in interest income from $1,481 to $2,668. This is due to an increase in interest rates as well as an increase in cash balances due to the financing completed in 2023.

General and administrative costs were higher in Q2-24 than Q2-23 at $2,546 compared to $1,999, with the increase primarily attributable to an allowance for doubtful accounts, as well as promotional and

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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

compensation costs. For the year to date, 2024 general and administrative costs are $4,887 which is an increase from $3,955 in 2023, with similar factors contributing to the increase.

Shareholders' equity was $281,557 at September 30, 2023 and increased to $283,876 at March 31, 2024. The increase is primarily attributed to net income of $1,463 and an increase to contributed surplus of $855 associated with stock based compensation.

Revenue

	Revenue:			Q2-23			Q3-23			Q4-23			Q1-24			Q2-24				YTD 23			YTD 24
Silver ounces sold	153,960	207,462	168,251	103,293		133,432		306,969	236,725
Gold ounces sold	1,927	1,527	1,007	1,682		2,194		4,226	3,876
Copper tons sold	98	80		(20)	165		126					291
			285
Silver equivalent oz ("SEO") sold	355,741	360,011	243,518	305,087		374,140		767,497	679,227
Realized price per ounce	$21.39	$23.57	$23.37	$22.28		$23.90					$23.17
		$20.96

Revenue	$7,607	$8,485	$5,690	$6,799	$8,940	16,085	$15,739
Average market silver price	$22.56	$24.20	$23.57	$23.21	$23.36	$21.87	$23.28

In Q2-24, the Corporation recorded revenue of $8,940 on the sale of 374,140 SEO sold at an average realized price of $23.90, compared to revenue of $7,607 on 355,741 SEO sold at an average realized price of $21.39 in Q2-23. Revenue increased by 18%, which is attributed to an increase in the number of ounces sold of 5%, as well as an increase in the realized price per ounce of 12%. For comparison, the average market silver price increased by 4%. The increase in realized price per ounce compared to market price is due to an 18% increase in silver price in April compared to the average market silver price in the quarter. Certain shipments sold within Q2-24 are paid based on the subsequent month's silver price, resulting in the realized price per ounce being higher than average, rather than lower as typically seen and explained below.

Increases in SEO sold are in line with production increases as explained in the Operational update - Parral section below.

The Corporation's revenues are affected by the market price for silver, gold and copper, which fluctuate on a daily basis and are affected by numerous factors beyond the Corporation's control. The average market price for silver, as published by the LBMA, is provided as a comparison point for the Corporation's realized price per ounce. Realized price per ounce typically varies from market price due principally for two reasons. First, the Corporation sells its copper precipitate at a discount to market price as it is unrefined. Second, the timing of shipments affects recognized revenue, as the sales price is recorded based on the following month's average market metal price.

Cash Flows

Cash flows (to) from:	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24		YTD 23		YTD 24
Operating activities before
change in non-cash working capital	$	2,004	$	2,657	$	789	$	1,297	$	1,573		$ 2,344	$ 2,870
Non-cash working capital		(4,738)		(2,956)		(929)		(4,324)		(6,210)		(9,258)	(10,535)
Operating activities		(2,734)		(299)		(140)		(3,027)		(4,637)		(6,914)	(7,665)
Investing activities		(3,821)		(1,818)		(2,844)		(3,422)		(2,950)		(10,250)	(6,412)
Financing activities		44,860		(156)		(158)		(114)		(121)		44,709	(195)
Effect of foreign exchange on cash		(7)		50		(343)		117		(255)		52	(137)
Net increase (decrease)	$	38,298	$	(2,223)	$	(3,485)	$	(6,446)	$	(7,963)		$ 27,597	$ (14,409)
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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

The Corporation used $4,637 in cash for operations during Q2-24, compared to $2,734 in Q2-23. The majority of the difference is attributed to changes in non-cash working capital, which increased from $4,738 in Q2-23 to $6,210 in Q2-24. The largest contributors to the working capital changes were inventories and payables. Inventory increased from a cash investment of $1,914 in Q2-23 to $3,058 in Q2-24. The use of cash in inventory was expected as the Corporation returned to stacking fresh material for the past two quarters, while rehandling material was completed in 2023. As a result, more ounces are being stacked than produced while the fresh material comes fully under leach. As production continues to increase, production is expected to exceed stacking in the future which will reduce the cash investment into inventory. Trade and other payables changed in the quarter which resulted in a cash usage of $1,425 in Q2-24, compared to a usage of cash of $203 in Q2-23. For the year to date, the usage of cash from operations increased from $6,914 in 2023 to $7,665. While cash from operations before working capital increased from $2,344 to $2,870 largely due to an increase in interest income, the usage of cash in working capital increased from $9,258 in 2023 to $10,855 in 2024, mainly due to the increase in cash used in inventory as discussed previously.

Investing activities in Q2-24 used cash of $2,950, a decrease from $3,821 in Q2-23. Of the $2,950, $2,445 was spent at Los Ricos, compared to $3,812 in Q2-23. The decrease is due to the transition at Los Ricos from exploration towards development. While a final development decision has yet to be made, in the prior year there was significantly more drilling while this year the focus is more on the required studies to bring the projects into development. Spending in Q2-24 includes some investment at Parral - a total of $505 was spent on the SART zinc addition which is further discussed in the Parral section, while there was virtually no capital spending at Parral in Q2-23. Spending for the year to date follows a similar trend, with a total of $6,412 spent in 2024 compared to $10,250 in 2023. Of this, $5,255 was spent at Los Ricos in 2024 compared to $10,232 in 2023, while spending increased at Parral with the zinc addition underway, spending $1,157 in 2024 compared to $18 in 2023.

Financing activities in Q2-24 were minimal, with payments of long-term obligations of $147, while in Q2- 23 a bought deal financing was completed which resulted in net proceeds on the equity issuance of $45,362 in addition to similar payments of long term obligations. For the six months ended March 31, in 2024 there were minimal financing activities, while in 2023 the bought deal financing resulted in cash inflows from financing of $45,362.

OPERATIONAL UPDATE - PARRAL

SART Zinc Circuit Addition

At Parral, the Corporation completed the commissioning of the zinc circuit which was added to the existing SART plant. The circuit began producing zinc in January 2024, with a total of 92 tonnes of zinc precipitate produced in the quarter ended March 31, 2024. This marks the first quarter where Parral produced a saleable zinc product in addition to being a producer of silver, gold and copper. The construction of the zinc circuit was completed over a 6 month period which was in line with the original expectations, as well as on budget of $2 million.

Initially announced in July 2023, bench scale and in-field heap leach testing demonstrated that an addition of a zinc circuit to the SART plant should produce a saleable zinc product and more importantly regenerate cyanide that is expected to increase cash flow at Parral over the remaining mine life. The zinc circuit is functioning as per specifications, with significant cyanide regeneration occurring in addition to production of the saleable zinc precipitate, as well as aiding in improving solution kinetics which is helping improve precious metal recoveries.

Results

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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

During Q2-24, Parral produced 375,745 SEO consisting of 138,657 silver ounces, 2,184 gold ounces, 93 tonnes of copper, and 92 tonnes of zinc. This generated revenue of $8,940 on the sale of 374,140 SEOs at an average price of $23.90 per ounce. This is a decrease in production from Q2-23, where Parral produced 400,145 SEO, consisting of 173,717 silver ounces, 2,016 gold ounces, and 143 tonnes of copper generating revenue of $7,607 on the sale of 355,741 SEO at an average price of $21.39 per ounce. The decrease in production is primarily attributed to the completed 2023 rehandling program, which resulted in a decrease in fresh tailing placed on the heap leach pad while older material was rehandled to recover ounces and maximize available pad space, thereby deferring capital on the project. While this rehandling project was completed in Q4-23, production continues to be impacted until more fresh tailings, which have a higher recoverable ounce per tonne, are put under leach. Within 2024, production is trending in a positive direction, with Q2-24 production increasing by 25% compared to Q1-24.

Adjusted cash costs per silver equivalent ounce (a non-IFRS measure, see the explanation and reconciliation of non-IFRS measures on page 19, including an adjustment for the NRV) were $17.29 in Q2-24, an increase from $14.00 in Q2-23 due primarily to the lower grade material stacked as part of the rehandling program from Q2-23 to Q4-23, as well as the decreased production. As the full benefits of the SART Zinc circuit are realized once the circuit is fully ramped up, management is optimistic that costs will decrease in the future.

Adjusted all in sustaining costs per SEO ("AISC", non-IFRS measure, see page 19) increased from $19.76 in Q2-23 to $24.20 in Q2-24, which is attributed to the higher cash cost per ounce and lower ounces sold in the quarter, as well as an increase in general and administrative costs.

Following are key performance indicators of Parral's operations:

Key performance indicator:

Q2-23

Q3-23

Q4-23

Q1-24

Q2-24

YTD 23

YTD 24

Silver equivalent production ("SEO") (oz)1	400,145	375,112	300,789	300,260	375,745		841,362	676,005
Silver production (oz)	173,717	203,894	169,443	109,016	138,657			247,673
	333,555
Gold production (oz)	2,016	1,512	1,106	1,848	2,184			4,032
	4,415
Copper production (tonnes)	143	135	115	95	93		365	188
Zin production (tonnes)	-	-	-	-	92			92
	-
Adjusted Cash cost (per SEO)2	$14.00	$15.24	$19.72	$16.83	$17.29			$17.08
	$13.41
Adjusted Cash cost (by-product credit, per silver oz)2	$5.27	$9.71	$17.97	$7.53	$6.42		$3.68	$6.90
Adjusted AISC per SEO2	$19.76	$20.85	$27.28	$24.64	$24.20			$24.40
	$18.69
Fresh tailings placed on leach pad3 (tonnes)	80,680	-	126,874	373,884	423,977			797,861
	433,043
Tailings rehandled (tonnes)	236,524	407,738	203,070	-	-			-
	236,524
Total tailings placed and rehandled (tonnes)	317,204	407,738	329,944	373,884	423,977		669,567	797,861
Recoverable silver equivalent ounces stacked1,3,4	112,000	-	170,000	488,000	553,000			1,041,000
	584,000

1. SEO include gold ounces produced and sold, copper tonnes produced and sold, and zinc tonnes produced and sold converted to a silver equivalent based on a ratio of the average market metal price for each period. The ratio of gold:silver for each of the periods presented was: Q2-23 - 84, Q3-23 - 82, Q4-23 - 82, Q1-24 - 85, Q2-24 - 93. The ratio for copper was: Q2-23 - 399, Q3-23 - 352, Q4-23 - 356, Q1-24 - 356, Q2-24 - 365. The ratio for zinc was: Q2-24 - 104.
2. Non-IFRSmeasure, reconciliation on page 19.
3. Only includes tonnes stacked from fresh stacked tailings, does not include rehandled material.
4. The calculation of recoverable ounces includes estimates of future recovery rates and other assumptions.

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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

LOS RICOS

The Los Ricos property is made up of 45 concessions and covers over 25,000 hectares and is home to several historical mining operations. The property is located roughly 100 km northwest of the city of Guadalajara and is easily accessible by paved road. The property is split into two projects, the Los Ricos South ("LRS") project and the Los Ricos North ("LRN") project, which are approximately 25km apart. An updated NI 43- 101 compliant mineral resource estimate and PEA on the LRS project were announced on September 12, 2023, the PEA is an update from the original PEA released in January 2021. An initial NI 43-101 compliant mineral resource estimate on the LRN project was released on December 7, 2021, with an initial PEA released on May 17, 2023.

The LRS project was launched in March 2019 and includes the 'Main' area, which has focused on drilling around a number of historical mines including El Abra, El Troce, San Juan, and Rascadero. On October 18, 2022 the Corporation announced the acquisition of the Eagle concession, which is adjacent and contains the northern strike extension of the Main area. The LRN project was launched in March 2020 and includes the La Trini, El Favor, Casados, El Orito, Mololoa, and Gran Cabrera targets, among others.

The Corporation's focus at both Los Ricos projects is transitioning from exploration to development, although a development decision has yet to be made and is pending the results of future technical reports. The focus is now on completing technical studies, advancing the permitting process, performing feasibility and engineering studies required to bring the projects into production, with the initial focus at LRS to be followed by LRN.

Expenditures

During the three months ended March 31, 2024, the Corporation capitalized $2,602 of exploration and evaluation expenditures to Los Ricos, of which $520 related to LRN and $2,082 related to LRS. Of the $2,602 capitalized, $2,541 was cash settled, and $61 was share settled. The $2,541 cash settled amount differs from cash expenditures of $2,445 as per the cash flow statement due to an increase of $96 in payables associated with the projects. Following is the breakdown showing the additions to the projects for the six months ended March 31, 2024, including the ending capitalized balances:

	LOS RICOS NORTH	LOS RICOS SOUTH		TOTAL
	Cash	Share		Cash	Share		Cash	Share
	Settled	Settled	Total	Settled	Settled	Total	Settled	Settled	Total
At September 30, 2023	$44,202	$3,358	$47,560	$31,513	$8,944	$40,457	$75,715	$12,302	$88,017
Concession requirements	1,013	-	1,013	499	21	520	1,512	21	1,533
Drilling, exploration and consulting	500	40	540	2,822	40	2,862	3,322	80	3,402
At March 31, 2024	$45,715	$3,398	$49,113	$34,834	$9,005	$43,839	$80,549	$12,403	$92,952

Resources

On a combined basis, as of the most recent MRE update on September 12, 2023, the Los Ricos district contains 186 million ounces of measured & indicated silver equivalent ounces, and over 86 million ounces of inferred silver equivalent ounces, as a result of the drilling on the property completed since acquisition in March 2019. Following is a summarized version of the combined resources, see details relating to the individual LRN and LRS resources in the following pages.

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2024 SECOND QUARTER MANAGEMENT'S DISCUSSION AND ANALYSIS

							Average Grade			Contained Metal
	Deposit			Tonnes
					AuEq			AgEq			AuEq			AgEq
				(Mt)			(g/t)			(g/t)			(koz)			(koz)
	LRS Measured	5.7		3.72	291	686	53,703
	Indicated:
	LRN Oxide	14.5		1.71	127	801	59,100
	LRS Oxide	5.4		3.33	260	573	44,878
	LRN Sulfide	7.8		1.55	114	389	28,708
	Total Indicated	27.7		1.98	149	1,763	132,686
	Measured & Indicated	33.4		2.28	174	2,449	186,390
	Inferred:
	LRN Oxide	15.0		1.52	112	734	54,191
	LRS Oxide	2.3		2.36	185	174	13,601
	LRN Sulfide	5.5		1.46	108	258	19,007
	Total Inferred	22.8		1.59	119	1,166	86,799

Los Ricos South Preliminary Economic Assessment

The Corporation announced their updated PEA for LRS on September 12, 2023. The PEA was completed on the basis of the mineral resource estimate which is shown below and was also updated on September 12, 2023.

Highlights of the PEA, with a base case silver price of US$23.75/oz and gold price of US$1,850/oz are as follows:

• After-Taxnet present value ("NPV") (using a discount rate of 5%) of $458,000 with an After-Tax IRR of 37% (Base Case);
• 11-yearmine life producing a total of 88 million payable silver equivalent ("AgEq") ounces, consisting of 47 million silver ounces, 493 thousand gold ounces, and 14 million pounds of copper;
• Initial capital costs of $148,247 including $19,337 in contingency costs, over an expected 18 month build, additional expansion capital costs of $68,521, and sustaining capital costs of $71,700 over the life of mine ("LOM");
• Average LOM operating cash costs of $8.15/oz AgEq, and all in sustaining costs ("AISC") of $9.02/oz AgEq
• Average annual production of 8 million AgEq oz;
• Approximately half of LOM metal production is long hole underground ("UG"), and approximately half is open pit ("OP") mining;

The updated PEA was prepared by independent consultants P&E Mining Consultants Inc ("P&E"), with metallurgical test work completed by SGS Canada Inc.'s Lakefield office ("SGS"), geotechnical study by Golder & Associates of Tucson, process plant design and costing by D.E.N.M. Engineering Ltd., and environmental and permitting led by CIMA Mexico.

Following are tables and figures showing key assumptions, results, and sensitivities.

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