Almaden Minerals Ltd.
Annual Report 2021

Plain-text annual report

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F  REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 OR  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR  SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from _____________________ to ____________________ Commission file number 001-32702 ALMADEN MINERALS LTD. (Exact name of Registrant as specified in its charter) British Columbia, Canada (Jurisdiction of incorporation or organization) 1333 Johnston Street, #210, Vancouver, British Columbia V6H 3R9 (Address of principal executive offices) Korm Trieu, ktrieu@almadenminerals.com, 1333 Johnston Street, #210, Vancouver, BC V6H 3R9 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Trading symbol Name of each exchange on which registered Common shares without Par Value AAU NYSE American Securities registered or to be registered pursuant to Section 12(g) of the Act. None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common shares as of the close of the period covered by the annual report. 137,221,408 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.  Yes  No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes  No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. Large accelerated filer  Accelerated filer  Non-accelerated filer  Emerging Growth Company  If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP  International Financial Reporting Standards as issued  by the International Accounting Standards Board Other  2 If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.  Item 17  Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes  No Under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), Almaden is classified as an "Emerging Growth Company". The Company will continue to be deemed an emerging growth company until the earliest on the last day of our fiscal year during which (i) annual gross revenue exceeds $1.07 billion or (ii) the Company issues more than $1.0 billion in non-convertible debt in a three-year period. Almaden will lose its status as an emerging growth company on the last day of its fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective registration statement. The Company will also lose its status as an emerging growth company if at any time it is deemed to be a large accelerated filer. As an emerging growth company, Almaden is exempt from Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (the “Sarbanes-Oxley Act”), which requires a public company’s auditor to attest to, and report on, management’s assessment of its internal controls. The Company is also exempt from Sections 14A(a) and (b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which require companies to hold shareholder advisory votes on executive compensation and golden parachute compensation. Almaden has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the Jobs Act, that allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, Almaden’s financial statements may not be comparable to companies that comply with public company effective dates. 3 TABLE OF CONTENTS Glossary of Geologic and Mining Terms Note Regarding Mineral Resource and Mineral Reserve Estimates Cautionary Note Regarding Forward-Looking Statements Item 1 Item 2 Item 3 Item 4 Item 4A Item 5 Item 6 Item 7 Item 8 Item 9 Item 10 Item 11 Item 12 Item 13 Item 14 PART I Identity of Directors, Senior Management and Advisors Offer Statistics and Expected Timetable Key Information Information on the Company Unresolved Staff Comments Operating and Financial Review and Prospects Directors, Senior Management and Employees Major Shareholders and Related Party Transactions Financial Information The Offer and Listing of Securities Additional Information Quantitative and Qualitative Disclosures About Market Risk Description of Securities Other than Equity Securities PART II Defaults, Dividend Arrearages and Delinquencies Material Modifications to the Rights of Securities Holders and Use of Proceeds Item 15 Controls and Procedures Item 16A Item 16B Item 16C Item 16D Item 16E Item 16F Item 16G Item 16H Item 16I Item 17 Item 18 Item 19 Signature Audit Committee Financial Expert Code of Ethics Principal Accountant Fees and Services Exemptions from the Listing Standards for Audit Committees Purchases of Equity Securities by the Issuer and Affiliated Purchasers Change in Registrant’s Certifying Accountant Corporate Governance Mine Safety Disclosure Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III Financial Statements Financial Statements Exhibits Page 5 12 13 14 14 14 24 45 45 52 77 78 81 84 94 94 94 94 94 95 95 96 96 96 96 96 97 97 97 97 97 100 4 Glossary of Geologic and Mining Terms Adularia: A colourless, moderate to low-temperature variety of orthoclase feldspar typically with a relatively high barium content. It is a prominent constituent of low sulphidation epithermal veins. Alkalic Intrusive: An igneous rock emplaced below ground level in which the feldspar is dominantly sodic and or potassic. Alkalinity: The chemical nature of solutions characterized by a high concentration of hydroxyl ions. Alteration: Usually referring to chemical reactions in a rock mass resulting from the passage of hydrothermal fluids. Andesite: A dark-coloured, fine-grained extrusive rock that, when porphyritic, contains phenocrysts composed primarily of zoned sodic plagioclase (esp. andesine) and one or more of the mafic minerals (eg. Biotite, horn-blende, pyroxene), with a ground-mass composed generally of the same minerals as the phenocrysts; the extrusive equivalent of diorite. Andesite grades into latite with increasing alkali feldspar content, and into dacite with more alkali feldspar and quartz. It was named by Buch in 1826 from the Andes Mountains, South America. Anomalous: A geological feature, often subsurface, distinguished by geological, geochemical or geophysical means, which is detectably different than the general surroundings and is often of potential economic value. Anomaly: Any concentration of metal noticeably above or below the average background concentration. Argillic: A form of alteration characterized by the alteration of original minerals to clays. Arsenopyrite: A sulphide of arsenic and iron with the chemical composition FeAsS. Assay: An analysis to determine the presence, absence or quantity of one or more components. Axis: An imaginary hinge line about which the fold limbs are bent. The axis of a fold can be at the top or bottom of the fold, can be tilted or horizontal. Batholith: An intrusion, usually granitic, which has a large exposed surface area and no observable bottom. Usually associated with orogenic belts. Breccia: Rock consisting of more or less angular fragments in a matrix of finer-grained material or cementing material. Brecciated: Rock broken up by geological forces. Bulk sample: A very large sample, the kind of sample to take from broken rock or of gravels and sands when testing placer deposits. Calc-silicate: Calcium-bearing silicate minerals. These minerals are commonly formed as a result of the interaction of molten rock and its derived, hot hydrothermal fluids with very chemically reactive calcium carbonate (limestone). Calc-silicate minerals include garnet, pyroxene, amphibole and epidote. These minerals are commonly described as skarn and are genetically and spatially associated with a wide range of metals. Chert: A very fine grained siliceous rock. Many limestones contain nodules and thin lenses of chert. Chip sample: A sample composed of discontinuous chips taken along a surface across a given line. Claim: That portion of public mineral lands, which a party has staked or marked out in accordance with provincial or state mining laws, to acquire the right to explore for the minerals under the surface. Clastic: Consisting of rock material that has been mechanically derived, transported, and deposited. Such material is also called detrital. 5 Cleavage: The tendency of a crystal to split, or break, along planes of structural weakness. Concordant Bodies: Intrusive igneous bodies whose contacts are parallel to the bedding of the intruded rock. Conglomerate: Rock composed of mostly rounded fragments which are of gravel size or larger in a finer grained matrix. Craton: A central stable region common to nearly all continents and composed chiefly of highly metamorphosed Precambrian rocks. Cretaceous: Geological time period between 136 and 64 million years ago. Crystalline: Means the specimen is made up of one or more groups of crystals. Cut-off grade: The minimum grade of mineralization used to establish quantitative and qualitative estimates of total mineralization. Dacite: A fine grained acid volcanic rock, similar to rhyolite in which the feldspar is predominantly plagioclase. Degradation: The ongoing process of erosion in a stream. Diagenesis: The changes that occur in a sediment during and after lithification. These changes include compaction, cementation, replacement, and recrystallization. Diamond drill: A type of rotary drill in which the cutting is done by abrasion using diamonds embedded in a matrix rather than by percussion. The drill cuts a core of rock which is recovered in long cylindrical sections. Dilution: Results from the mixing in of unwanted gangue or waste rock with the ore during mining. Dip: Geological measurement of the angle of maximum slope of planar elements in rocks. Can be applied to beddings, jointing, fault planes, etc. Discordant Bodies: Intrusive igneous bodies whose contacts cut across the bedding, or other pre-existing structures, to the intruded rock. Disseminated deposit: Deposit in which the mineralization is scattered through a large volume of host rock, sometimes as separate mineral grains, or sometimes along joint or fault surfaces. Dyke: A tabular, discordant, intrusive igneous body. Earn in: The right to acquire an interest in a property pursuant to an Option Agreement. Ejecta: Pyroclastic material thrown out or ejected by a volcano. It includes ash, volcanic bombs, and lapilli. Epithermal: Epithermal deposits are a class of ore deposits that form generally less than 1 km from surface. These deposits, which can host economic quantities of gold, silver, copper, lead and zinc are formed as a result of the precipitation of ore minerals from up-welling hydrothermal fluids. There are several classes of epithermal deposits that are defined on the basis of fluid chemistry and resulting alteration and ore mineralogy. Fluid chemistry is largely controlled by the proximity to igneous intrusive rocks and as a result igneous fluid content. Extrusive Rock: Igneous rock that has solidified on the earth’s surface from volcanic action. Fault: A fracture in a rock where there had been displacement of the two sides. Faults: Breaks in rocks with noticeable movement or displacement of the rocks on either side of the break. 6 Feldspar: A group of aluminum silicate minerals closely related in chemical composition and physical properties. There are two major chemical varieties of feldspar: the potassium aluminum, or potash, feldspars and the sodium- calcium-aluminum, or plagioclase, feldspars. The feldspars possess a tetrahedral framework of silicon and oxygen, with the partial substitution of aluminum for the silicon. They make up about 60 percent of the earth’s crust. Felsic: Light colored silicate minerals, mainly quartz and feldspar, or an igneous rock comprised largely of felsic minerals (granite, rhyolite). Fluid inclusion: Fluid inclusions are "bubbles" of fluid trapped within the host mineral during its deposition from its parent hydrothermal fluid. They are tiny remnants of the exact fluid from which the host mineral and its associated ore minerals deposited and they provide direct information about the fluid composition, temperature and pressure at which the hydrothermal deposit formed. Folds: Are flexures in bedded or layered rocks. They are formed when forces are applied gradually to rocks over a long period of time. Fracture: Breaks in a rock, usually due to intensive folding or faulting. Gangue: Term used to describe worthless minerals or rock waste mixed in with the valuable minerals. Geochemical Anomaly: An area of elevated values of a particular element in soil or rock samples collected during the preliminary reconnaissance search for locating favourable metal concentrations that could indicate the presence of surface or drill targets. Geochemistry: The study of the chemistry of rocks, minerals, and mineral deposits. Geophysics: The study of the physical properties of rocks, minerals, and mineral deposits. Gouge: The finely ground rock that results from the abrasion along a fault surface. Grade: The concentration of each ore metal in a rock sample, usually given as weight percent. Where extremely low concentrations are involved, the concentration may be given in grams per tonne (g/t) or ounces per ton (oz/t). The grade of an ore deposit is calculated, often using sophisticated statistical procedures, as an average of the grades of a very large number of samples collected from throughout the deposit. Granite: A coarse grained, plutonic igneous rock that is normally pale pink, pale pink-brown, or pale grey, and composed of quartz, alkali feldspar, micas and accessory minerals. Granodiorite: A course grained, plutonic igneous rock that is normally pale grey, and composed of quartz, calc- alkali feldspar, micas and accessory minerals. Grid: A network composed of two sets of uniformly spaced parallel lines, usually intersecting at right angles and forming squares, superimposed on a map, chart, or aerial photograph, to permit identification of ground locations by means of a system or coordinates and to facilitate computation of direction and distance and size of geologic, geochemical or geophysical features. Hectare: A square of 100 meters on each side. Host rock: The rock within which the ore deposit occurs. Hydrothermal: Of or pertaining to hot water, to the action of hot water, or to the products of this action, such as a mineral deposit precipitated from a hot aqueous solution; also, said of the solution itself. “Hydrothermal” is generally used for any hot water, but has been restricted by some to water of magmatic origin. Igneous: Means a rock formed by the cooling of molten silicate material. 7 Induced polarization (I.P.) method: The method used to measure various electrical responses to the passage of alternating currents of different frequencies through near-surface rocks or to the passage of pulses of electricity. Intermediate: An igneous rock made up of both felsic and mafic minerals (diorite). Intrusion: General term for a body of igneous rock formed below the surface. Intrusive Rock: Any igneous rock solidified from magma beneath the earth’s surface. Joint venture agreement: An agreement where the parties agree to the terms on which a property will be jointly explored, developed, and mined. (See also “Option agreement” and “Earn in”). Jurassic: Geological time period between 195 and 136 million years ago. Kriging: (a) A statistical technique employed in calculating grade and tonnage of ore reserves from sampling data. The data are handled by computer. (b) A technique for interpolating which honors data points exactly. An output point is calculated as a linear combination of known data points. Kriging attempts to produce the best linear unbiased estimate. Used to interpolate between drill holes. K-silicate: Potassium-bearing silicates. Potassium silicates are very common rock-forming minerals, however they are also formed by the interaction of hydrothermal fluids derived from the cooling intrusive rocks that are genetically and spatially associated with porphyry and epithermal deposits. Potassium feldspar (orthoclase) and potassium mica (biotite) are both commonly closely associated with copper-molybdenum ore in porphyry copper deposits. K-spar: Potassium feldspar. Lava: Means an igneous rock formed by the cooling of molten silicate material which escapes to the earth’s surface or pours out onto the sea floor. Limestone: Sedimentary rock that is composed mostly of carbonates, the two most common of which are calcium and magnesium carbonates. Lithosphere: The crust and upper mantle, located above the asthenosphere and composing the rigid plates. Mafic: A general term used to describe ferromagnesian minerals. Rocks composed mainly of ferromagnesian minerals are correctly termed melanocratic. Magma: Naturally occurring molten rock material, generated within the earth and capable of intrusion and extrusion, from which igneous rocks have been derived through solidification and related processes. It may or may not contain suspended solids (such as crystals and rock fragments) and/or gas phases. Massive: Implies large mass. Applied in the context of hand specimens of, for example, sulphide ores, it usually means the specimen is composed essentially of sulphides with few, if any, other constituents. Metamorphic: Means any rock which is altered within the earth’s crust by the effects of heat and/or pressure and/or chemical reactions. Pertains to the process of metamorphism or to its results. Metasediment: A sediment or sedimentary rock that shows evidence of having been subjected to metamorphism. Metavolcanic: An informal term for volcanic rocks that show evidence of having been subject to metamorphism. Mineral claim: A legal entitlement to minerals in a certain defined area of ground. Mineral Deposit or Mineralized Material: A mineralized underground body which has been intersected by sufficient closely spaced drill holes and/or underground sampling to support sufficient tonnage and average grade of metal(s) to warrant further exploration-development work. This deposit does not qualify as a commercially mineable 8 ore body (Reserves), as prescribed under Commission standards, until a final and comprehensive economic, technical, and legal feasibility study based upon the test results is concluded. Mineral: A naturally occurring, inorganic, solid element or compound that possesses an orderly internal arrangement of atoms and a unique set of physical and chemical properties. Mineralization: Usually implies minerals of value occurring in rocks. Net profits interest: A contractual granted right to some portion of the profits after deduction of expenses sometimes expressed as a form of royalty. Net smelter returns: Means the amount actually paid to the mine or mill owner from the sale of ore, minerals and other materials or concentrates mined and removed from mineral properties. A royalty based on net smelter returns usually provides cash flow that is free of any operating or capital costs and environmental liabilities. Option agreement: An agreement where the optionee can exercise certain options to acquire or increase an interest in a property by making periodic payments or share issuances or both to the optionor or by exploring, developing or producing from the optionor’s property or both. Usually upon the acquisition of such interest, unless it is a 100% interest, all operations thereafter are on a joint venture basis. Ordinary kriging: The basic technique of kriging and uses a weighted average of neighboring samples to estimate the 'unknown' value at a given location. Weights are optimized using the semi-variogram model, the location of the samples and all the relevant inter-relationships between known and unknown values. The technique also provides a "standard error" which may be used to quantify confidence levels. Ore: A natural aggregate of one or more minerals which may be mined and sold at a profit, or from which some part may be profitably separated. Ore reserve: The measured quantity and grade of all or part of a mineralized body in a mine or undeveloped mineral deposit for which the mineralization is sufficiently defined and measured on three sides to form the basis of at least a preliminary mine production plan for economically viable mining. Orogeny: The process of forming mountains by folding and thrusting. Outcrop: An in situ exposure of bedrock. Overburden: A general term for any material covering or obscuring rocks from view. oz/t or opt: Ounces per ton. Paleozoic: An era of geologic time, from the end of the Precambrian to the beginning of the Mesozoic, or from about 570 to about 225 million years ago. Phenocrysts: An unusually large crystal in a relatively finer grained matrix. Pluton: Term for an igneous intrusion, usually formed from magma. Porphyry: An igneous rock composed of larger crystals set within a finer ground mass. Pyroclastic rock: A rock of volcanic origin consisting of highly variable mixture of rock fragments, cinders and ashes and bits of crystals and glass. Quartz monzonite: A course grained, plutonic igneous rock that is normally pale pink, and composed of quartz, alkali feldspar, micas and accessory minerals. Rare Earth: A group of rare metallic chemical elements with consecutive atomic numbers of 57 to 71. 9 Reclamation bond: A bond usually required by governmental mining regulations when mechanized work on a property is contemplated. Proceeds of the bond are used to reclaim any workings or put right any damage if reclamation undertaken does not satisfy the requirements of the regulations. Reserve: That part of a mineral deposit which could be economically extracted or produced at the time of the reserve determination. Reserves: A natural aggregate of one or more minerals which, at a specified time and place, may be mined and sold at a profit, or from which some part may be profitably separated. Reverse circulation drill: A rotary percussion drill in which the drilling mud and cuttings return to the surface through the drill pipe. Rhyolite: The fine grained equivalent of granite. Royalty interest: A royalty, the calculation and payment of which is tied to some production unit such as ton of concentrate or ounce of gold or silver produced. A common form of royalty interest is based on the net smelter return. Sample: Small amount of material that is supposed to be absolutely typical or representative of the object being sampled. Sandstone: Composed of sand-sized fragments cemented together. As a rule the fragments contain a high percentage of quartz. Sedimentary: A rock formed from cemented or compacted sediments. Sediments: Are composed of the debris resulting from the weathering and breakup of other rocks that have been deposited by or carried to the oceans by rivers, or left over from glacial erosion or sometimes from wind action. Selvage: A marginal zone, as in a dyke or vein, having some distinctive feature of fabric or composition. Sericite: A fine-grained variety of mica occurring in small scales, especially in schists. Shale: An argillaceous rock consisting of silt or clay-sized particles cemented together. Most shales are quite soft, because they contain large amounts of clay minerals. Silicate: Most rocks are made up of a small number of silicate minerals ranging from quartz (SiO2) to more complex hornblende (Ca2Na(Mg,Fe)4(Al,Fe,Ti)Si8)22(OH)2). (KAlSi3O8) orthoclase minerals feldspar such or as Sill: Tabular intrusion which is sandwiched between layers in the host rock. Skarn: A thermally altered impure limestone in which material has been added to the original rock. Skarns are generally characterized by the presence of calcium and silica rich minerals. Many skarns contain sulphide minerals which in some cases can be of economic value. Stock: An igneous intrusive body of unknown depth with a surface exposure of less than 104 square kilometres. The sides, or contacts, of a stock, like those of a batholith, are usually steep and broaden with depth. Stockwork: A mineral deposit consisting of a three-dimensional network of closely spaced planar or irregular veinlets. Strike: The bearing, or magnetic compass direction, of an imaginary line formed by the intersection of a horizontal plane with any planar surface, most commonly with bedding planes or foliation planes in rocks. Sulphide minerals: A mineral compound characterized by the linkage of sulfur with a metal or semimetal; e.g., 10 galena. Syncline: A fold in which the bed has been forced down in the middle or up on the sides to form a trough. Tailings: Material rejected from a mill after recoverable valuable minerals have been extracted. Tailings pond: A pond where tailings are disposed of. Tonne: Metric ton – 1,000 kilograms – equivalent to 1.1023 tons. Triassic: Geological time period between 225 and 195 million years ago. Tuff: A finer grained pyroclastic rock made up mostly of ash and other fine grained volcanic material. Veins: The mineral deposits that are found filling openings in rocks created by faults or replacing rocks on either side of faults. Vuggy silica: In a high sulphidation epithermal environment, the highly acidic waters have dissolved everything but silica resulting in a highly porous and pox marker rock which is a good host for gold deposition. It is an indicator mineralization typical of epithermal rocks. Waste: Rock which is not ore. Usually referred to that rock which has to be removed during the normal course of mining in order to get at the ore. Glossary of Abbreviations Ag: Silver Ag g/t: Silver grade measured in grams per metric ton Converts to ounces per ton by dividing by 34.286 Au: Gold Au g/t: Gold grade measured in grams per metric ton Converts to ounces per ton by dividing by 34.286 Cu: Copper g/t: grams per tonne IP: Induced Polarization geophysical survey masl: meters above sea level MPa: Megapascal or one million pascals. NGO: Non-governmental organization NSR: net smelter returns royalty Oz: Troy ounce Pa: one pascal QA/QC: Quality Assurance/Quality Control tpd: Tonnes per day ton: Short ton (2,000 pounds) tonne: Metric ton (1000 kilograms - 2204.62 pounds) Conversion Table Metric / Imperial 1.0 millimeter (mm) = 0.039 inches (in) 1.0 meter (m) = 3.28 feet (ft) 1.0 kilometer (km) = 0.621 miles (mi) 1.0 hectare (ha) = 2.471 acres (ac) 1.0 gram (g) = 0.032 troy ounces (oz) 1.0 metric tonne (t) = 1.102 short tons (ton) 1.0 g/t = 0.029 oz/ton Unless otherwise indicated, all dollar ($) amounts referred to herein are in Canadian dollars. 11 NOTE REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES The U.S. Securities and Exchange Commission (the “SEC”) has adopted final rules to amend and modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC. These new rules have rescinded the historical property disclosure guidance for mining registrants included in SEC Industry Guide 7 and replaced them with the disclosure requirements in subpart 1300 of SEC Regulation S-K (“S-K 1300”). Compliance is required for the first fiscal year beginning on or after January 1, 2021. As a result of the adoption of the SEC Mining Modernization Rules, the SEC now recognizes estimates of Mineral Resources categories “Measured Mineral Resources,” “Indicated Mineral Resources” and “Inferred Mineral Resources” in addition to the Mineral Reserve categories of “Proven Mineral Reserves” and “Probable Mineral Reserves”. Mineral reserve is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. • Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. • Probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. Mineral resource is a concentration or occurrence of 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 economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. Mineral Resources that are not Mineral Reserves do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to Mineral Reserves. There is no certainty that all or any part of a Mineral Resource will be converted into a Mineral Reserve. • Measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. • • Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. 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. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for 12 evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Statements contained in this Annual Report on Form 20-F of Almaden Minerals Ltd. (“Almaden” or the “Company”), and the exhibits attached hereto that are not historical facts are forward-looking statements within the meaning of U.S. and Canadian securities legislation and the U.S. Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include, but are not limited to, statements regarding the permitting review process for the Ixtaca Project (“Ixtaca” or the “Project”) and the outcome of legal actions in Mexico that are based on assumptions about: the permitting and legal regimes in Mexico; economic and political conditions; success of exploration, development and environmental protection and remediation activities; the impact of the recent decision of the Supreme Court of Justice of Mexico (“SCJN”), the timing of the official notification of that decision to the Company, that the decision clarifies that the Company’s mineral rights at the Ixtaca project are protected while the mining authorities conduct any necessary consultations prior to granting formal title, the timing and procedures for any consultation by the Ministry of the Economy with indigenous communities and the timing and procedures for the Ministry of the Economy to issue mineral titles to Almaden; the Company’s plans to re-submit a revised environmental permit application (“MIA”) to the Secretaría de Medio Ambiente y Recurso Naturales’ (“SEMARNAT”); the potential timing of the MIA resubmission; the Company’s intention to complete a Human Rights Impact Assessment (“HRIA”) and the potential timing thereof; the Company’s belief that Ixtaca will, long after final closure, make meaningful and enduring positive contributions to surrounding communities and beyond, the Company’s expectation that the Project would employ over 400 people over an 11-year mine life and would also provide updated infrastructure to the region, the impact of the Project's proposed dry-stack tailing facilities, the Company’s belief that the Ixtaca deposit can be an economically robust project that could provide the basis for further investment in the area. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning Mineral Reserve and Mineral Resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if a property is developed, and in the case of Mineral Reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or the negative and grammatical variations of any of these terms and similar expressions) be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements and forward-looking information are based, in part, on assumptions and factors that may change and are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results, performance or achievements of the Company to differ materially from those expressed or implied by the forward-looking statements and forward-looking information. Some of the important risks, uncertainties and other factors that could affect forward-looking statements and forward-looking information include, but are not limited to, those described further in the sections entitled “ITEM 3. KEY INFORMATION - Risk Factors”, “ITEM 4. INFORMATION ON THE COMPANY - Business Overview”, “ITEM 4. INFORMATION ON THE COMPANY – Principal Property Interests” and “ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS” and in the exhibits attached to this Annual Report on Form 20-F. Should one or more of these risks, uncertainties and other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the Company’s forward-looking statements or forward-looking information. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. The forward-looking statements and forward-looking information are based on beliefs, expectations and opinions of the Company’s management on the date of this Annual Report on Form 20-F and speak only as of the date hereof and the Company does not undertake any obligation to publicly update forward-looking statements or forward- looking information contained herein to reflect events or circumstances after the date hereof, except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. 13 Forward-looking statements and other information contained herein concerning the mining industry and the Company’s expectations concerning the mining industry are based on estimates prepared by the Company using data from publicly available sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While the Company is not aware of any misstatements regarding any mining industry data presented herein, the industry involves risks and uncertainties and is subject to change based on various factors. Certain historical and forward-looking information contained in this Annual Report on Form 20-F has been provided by, or derived from information provided by, certain persons other than the Company. Although the Company does not have any knowledge that would indicate that any such information is untrue or incomplete, the Company assumes no responsibility for the accuracy and completeness of such information or the failure by such other persons to disclose events which may have occurred or may affect the completeness or accuracy of such information, but which is unknown to the Company. Please consult the Company’s public filings at www.sec.gov for further, more detailed information concerning these matters. PART I Item 1. Identity of Directors, Senior Management and Advisors Not applicable Item 2. Offer Statistics and Expected Timetable Not applicable Item 3. Key Information The following selected financial data of the Company for Fiscal 2021, Fiscal 2020, and Fiscal 2019 ended December 31st was derived from the consolidated financial statements of the Company included elsewhere in this Annual Report on Form 20-F. The selected financial data set forth for Fiscal 2018 and Fiscal 2017 ended December 31st are derived from the Company's audited consolidated financial statements, not included herein. The selected financial data should be read in conjunction with the consolidated financial statements and other information included immediately following the text of this Annual Report. The consolidated financial statements of the Company have been prepared in accordance and compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The basis of preparation is described in Note 2 of the consolidated financial statements. 14 Table No. 1 Selected Financial Data International Financial Reporting Standards (expressed in thousands of Canadian dollars, except share and per share data) Year Ended 12/31/2021 $ - 3,552 (2,668) (0.02) (0.02) 133,843 10,651 61,432 80,184 87,232 141,041 - Year Ended 12/31/2020 $ - 1,702 (3,129) (0.03) (0.03) 117,264 3,083 58,606 71,178 76,449 131,190 - Year Ended 12/31/2019 $ - 678 (3,763) (0.03) (0.03) 111,727 1,748 56,973 68,585 74,064 127,022 - Year Ended 12/31/2018 $ - 1,190 (3,512) (0.03) (0.03) 107,584 4,357 54,678 71,365 73,928 127,022 - Year Ended 12/31/2017 $ - 468 (5,231) (0.05) (0.05) 95,873 16,065 44,804 64,730 66,803 118,054 - Revenues Other Income (loss) Net loss and comprehensive loss Basic net (loss) income per common share Diluted net (loss) income per common share Weighted average shares (000) Working capital Exploration and evaluation assets Net assets Total assets Capital stock Dividends declared per share Canadian/U.S. Dollar Exchange Rates In this Annual Report, unless otherwise specified, all dollar amounts are expressed in Canadian dollars (CDN$). Table No. 2 sets forth the exchange rate for the Canadian dollars at the end of the five most recent fiscal periods ended at December 31st, the average rates for the period, the range of high and low rates and the close for the period. Table No. 3 sets forth the range of high and low rates for each month during the previous six months. For purposes of this table, the rate of exchange means the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York. The table sets forth the number of Canadian Dollars required under that formula to buy one U.S. Dollar. The average rate means the average of the exchange rates on the last day of each month during the period. Table No. 2 Canadian Dollar/U.S. Dollar Exchange Rates for Five Most Recent Financial Years Fiscal Year Ended 12/31/2021 Fiscal Year Ended 12/31/2020 Fiscal Year Ended 12/31/2019 Fiscal Year Ended 12/31/2018 Fiscal Year Ended 12/31/2017 Average High Low Close $1.25 1.34 1.33 1.30 1.30 $1.29 1.45 1.36 1.36 1.37 $1.20 1.27 1.30 1.23 1.21 $1.27 1.27 1.30 1.36 1.25 Table No. 3 Canadian Dollar/U.S. Dollar Exchange Rates for Previous Six Months High Low October 2021 November 2021 December 2021 $1.27 1.23 $1.28 1.24 $1.29 1.26 January 2022 $1.28 1.25 February 2022 $1.28 1.27 March 2022 $1.29 1.25 The exchange rate was CDN$1.28/US$1.00 on April 28, 2022. 15 Risk Factors Speculative Nature of Resource Exploration and Development Resource exploration and development is a speculative business, characterized by a number of significant risks including, among other things, unprofitable efforts resulting not only from the failure to discover mineral deposits but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. The marketability of minerals acquired or discovered by the Company may be affected by numerous factors which are beyond the control of the Company and which cannot be accurately predicted, such as market fluctuations, the proximity and capacity of milling facilities, mineral markets and processing equipment, and other factors such as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals, and environment protection, the combination of which factors may result in the Company not receiving an adequate return on investment capital. Presently, the Company is in the exploration and development stage and there is no assurance that a commercially viable ore deposit or mining operation will result in any of its properties or prospects until further work is done and a comprehensive economic evaluation based upon that work is concluded. In recent years the Company has financed its operations principally through the sale of equity securities. In the past, it has also financed its activities by entering into joint venture arrangements and through the sale of an inventory of gold. A commercially viable ore deposit and mining operation is dependent on the establishment of economically recoverable reserves, the ability of the Company to obtain the necessary financing and permitting to complete development and ultimately upon future profitable production or the realization of proceeds from the disposition of the properties. Uncertainty in Commercially Mineable Ore Deposits There is no certainty that the expenditures to be made by the Company in the exploration of its properties as described herein will result in discoveries of mineralized material in commercial quantities. Most exploration projects do not result in the discovery of commercially mineable ore deposits and no assurance can be given that any particular level of recovery of ore reserves will in fact be realized or that any identified mineral deposit will ever qualify as a commercially mineable (or viable) ore body which can be legally and economically exploited. Estimates of reserves, mineral deposits and production costs can also be affected by such factors as environmental permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations and work interruptions. In addition, the grade of ore ultimately mined may differ from that indicated by drilling results. Short term factors relating to ore reserves, such as the need for orderly development of ore bodies or the processing of new or different grades, may also have an adverse effect on mining operations and on the results of operations. There can be no assurance that minerals recovered in small-scale tests will be duplicated in large-scale tests under on-site conditions or in production scale. Material changes in ore reserves, grades, stripping ratios or recovery rates may affect the economic viability of any project. History of Net Losses, Lack of Cash Flow and Assurance of Profitability; Need for Additional Capital The Company had net losses in a number of years since its date of incorporation. Due to the nature of the Company’s business, there can be no assurance that the Company will be profitable. The Company had net losses of $2,668,254 in Fiscal 2021, $3,129,368 in Fiscal 2020, and $3,763,075 in Fiscal 2019. The Company currently has no revenues from operations as all of its properties and prospects are in the exploration and development stage. There is no assurance that the Company will receive revenues from operations at any time in the near future. During Fiscal 2021, 2020 and 2019, the Company earned interest income and other income from Administrative service fees charged to Azucar Minerals Ltd. (“Azucar”) and Almadex Minerals Ltd. (“Almadex”). At December 31, 2021, the Company had working capital of $10,651,264 including cash and cash equivalents of $10,170,376. Management estimates that the current cash position and expected future cash flows from the exercise of outstanding stock options and warrants and equity financing will be sufficient for the Company to carry out its anticipated exploration and operating plans for fiscal 2022 that includes further development of the Ixtaca Project. Although Management believes that the Company’s cash resources are sufficient to meet its working capital and mineral exploration requirements for fiscal 2022, the Company may require additional capital in order to remain operational in the near future. There is the possibility that the Company may not receive such necessary funding, particularly during a down economy. Additional funding may not be available, or if it is available, may not be on favorable terms. The Company has not paid dividends on its shares since incorporation and the Company does not anticipate doing so in the foreseeable future. 16 Uncertainty of Obtaining Additional Funding Requirements If the Company’s exploration and development programs are successful, additional capital will be required for the further development of an economic ore body and to place it in commercial production. The only material sources of future funds presently available to the Company are the sale of its equity capital, the incurring of debt, or the offering by the Company of an interest in its properties and prospects to be earned by another party or parties carrying out further development thereof. Failure to obtain additional financing on a timely basis could cause the Company to forfeit its interest in such properties, dilute its interests in the properties and/or reduce or terminate its operations. Possible Dilution to Present and Prospective Shareholders The Company’s plan of operation, in part, contemplates the financing of the conduct of its business by the issuance, for cash, of equity securities of the Company or incurring debt, or a combination of the two. Any transaction involving the issuance of previously authorized but unissued shares of common shares, or securities convertible into common shares, would result in dilution, possibly substantial, to present and prospective holders of common shares. The Company could also seek joint venture partners or funding sources such as royalties or streaming transactions. These approaches would dilute the Company’s interest in properties it has acquired. Material Risk of Dilution Presented by Large Number of Outstanding Share Purchase Options and Warrants As of April 28, 2022, there were share purchase options outstanding allowing the holders of these options to purchase 11,990,000 shares of the Company’s common shares and warrants allowing the holders of these warrants to purchase 22,168,504 shares of the Company’s common shares. Directors and officers of the Company in the aggregate hold 9,450,000 of these share purchase options and 581,000 of these warrants. An additional 2,540,000 share purchase options are held by employees and consultants of the Company. Given the fact that as of April 28, 2022 there were 137,221,408 shares of common shares outstanding, the exercise of all of the existing share purchase options and warrants would result in dilution to the existing shareholders and could depress the price of the Company’s shares. The exercise of all outstanding share purchase options and warrants would cause the number of issued and outstanding common shares to rise 25%. Emerging Growth Company Transition Period Pursuant to the JOBS Act of 2012 and Section 7(a)2(B) of the Securities Act, the Company is taking advantage of the extended transition period for Emerging Growth Companies. When an accounting standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the standard for the private company. This may make comparison of the Company’s financial statements with any other public company which is not either an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible as different or revised standards may be used. Volatility of Share Price Market prices for shares of early stage companies are often volatile. Factors such as announcements of mineral discoveries, exploration and financial results, and other factors could have a significant effect on the price of the Company’s shares. Mineral Prices May Not Support Corporate Profit The mining industry in general is intensely competitive and there is no assurance that, even if commercial quantities of mineral resources are developed, a profitable market will exist for the sale of same. Factors beyond the control of the Company may affect the marketability of any substances discovered. The price of minerals is volatile over short periods of time and is affected by numerous factors beyond the control of the Company, including international economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates and global or regional consumption patterns, speculative activities and increased production due to improved mining techniques. Material changes in mineral prices may affect the economic viability of any project. Laws and regulations The Company’s exploration activities are subject to extensive federal, provincial, state and local laws and regulations governing prospecting, development, production, exports, taxes, labour standards, occupational health and safety, mine safety and other matters in all the jurisdictions in which it operates. These laws and regulations 17 are subject to change, can become more stringent and compliance can therefore become more costly. These factors may affect both the Company’s ability to undertake exploration and development activities in respect of future properties in the manner contemplated, as well as its ability to continue to explore, develop and operate those properties in which it currently has an interest or in respect of which it has obtained exploration and development rights to date. The Company applies the expertise of its management, advisors, employees and contractors to ensure compliance with current laws and relies on its land men and legal counsel in both Mexico and Canada. Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining, curtailing or closing operations or requiring corrective measures, installation of additional equipment or remedial actions, any of which could result in the Company incurring significant expenditures. The Company may also be required to compensate private parties suffering loss or damage by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or a more stringent enforcement of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures, restrictions on or suspensions of our operations and delays in the exploration and development of Ixtaca. On December 21, 2020, the Company announced that it received notification from the Mexican federal permitting authority, SEMARNAT, that the Company’s initial MIA, a required permit in order to proceed to construction and operation of the Ixtaca Project, did not receive approval. The Company originally submitted the MIA in early 2019. There is no assurance that any future MIA permit application will be successful. Such an application may be subject to challenge or litigation by third parties, which may delay any decision in respect of the MIA application or which may inhibit the Company’s ability to proceed with the Ixtaca Project even in the event of a positive outcome to the MIA application. Under Mexican law, in addition to the MIA permit, a number of additional permits from Federal, State, and Municipal authorities, including a Change of Use of Land permit, an explosives permit, a water usage permit, and permits relating to powerline construction and electrical use, among others, will be required in order to proceed to construction and operation of the Ixtaca Project. Almaden reiterates its commitment to comply with Mexican law. On February 17, 2022, the Company announced that the SCJN reached a decision on February 16, 2022 in respect of the Mineral Title Lawsuit involving the Company’s mineral claims (for background see Item 8. Financial Information, sub-heading “Legal Proceedings”). On April 27, 2022, the Company announced that the SCJN had published its final decision on this matter. Almaden has reviewed the final decision of the SCJN. The decision determines that the Mexican mineral title law is constitutional, but that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The decision orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective (“insubsistentes”) and to then issue them to Almaden following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The decision discusses the application of international law and jurisprudence to the implementation of consultation by Mexican authorities with relevant indigenous communities. It also provides some detail to Mexican authorities regarding the procedures required to be followed by those authorities in the performance of indigenous consultation prior to the grant of mineral claims. Furthermore, the decision clarifies that the Company’s original claim applications were submitted pursuant to the legal framework in force at the time and as such Almaden’s mineral rights at the Ixtaca project are safeguarded while the mining authorities comply with conditions and requirements prior to issuing the mineral titles. As previously disclosed, the Company has no interest in holding mineral claims over the indigenous community’s land. The decision will take effect at the time of its official notification to the Company which is expected shortly. Almaden intends to interact with Mexican government officials and local community officials in order to facilitate to the extent possible the government’s execution of its responsibilities in the issuance of the mineral titles. At present there is no timeline for the consultation process. 18 Political, economic and social environment The Company’s mineral properties may be adversely affected by political, economic and social uncertainties which could have a material adverse effect on the Company’s results of operations and financial condition. Areas in which the Company holds or may acquire properties may experience local political unrest and disruption which could potentially affect the Company’s projects or interests. Changes in leadership, social or political disruption or unforeseen circumstances affecting political, economic and social structure could adversely affect the Company’s property interests or restrict its operations. The Company’s mineral exploration and development activities may be affected by changes in government regulations relating to the mining industry and may include regulations on production, price controls, labour, export controls, income taxes, expropriation of property, environmental legislation and safety factors. Any shifts in political attitudes or changes in laws that may result in, among other things, significant changes to mining laws or any other national legal body of regulations or policies are beyond the control of the Company and may adversely affect its business. The Company faces the risk that governments may adopt substantially different policies, which might extend to the expropriation of assets or increased government participation in the mining sector. In addition, changes in resource development or investment policies, increases in taxation rates, higher mining fees and royalty payments, revocation or cancellation of mining concession rights or shifts in political attitudes in Mexico may adversely affect the Company’s business. The Company’s relationship with communities in which it operates is critical to the development of the Ixtaca Project. Local communities may be influenced by external entities, groups or organizations opposed to mining activities. In recent years, anti-mining NGO activity in Mexico has increased. These NGOs have taken such actions as road closures, work stoppages and lawsuits for damages. These actions relate not only to current activities but often in respect to the mining activities by prior owners of mining properties. Such actions by NGOs may have a material adverse effect on the Company’s operations at the Ixtaca Project and on its financial position, cash flow and results of operations. Risks related to International Labour Organization (“ILO”) Convention 169 Compliance The Company may, or may in the future, operate in areas presently or previously inhabited or used by indigenous peoples. As a result, the Company’s operations are subject to national and international laws, codes, resolutions, conventions, guidelines and other similar rules respecting the rights of indigenous peoples, including the provisions of ILO Convention 169. ILO Convention 169 mandates, among other things, that governments consult with indigenous peoples who may be impacted by mining projects prior to granting rights, permits or approvals in respect of such projects. Therefore, consultation with indigenous communities by Mexican authorities and the Company may be required for the Ixtaca Project. ILO Convention 169 has been ratified by Mexico. It is possible however that Mexico may not (i) have implemented procedures to ensure their compliance with ILO Convention 169 or (ii) have complied with the requirements of ILO Convention 169 despite implementing such procedures. As noted in Item 8. Financial Information, sub-heading “Legal Proceedings”, the Mexico’s SCJN has recently determined that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The decision orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective and to issue them to Almaden following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The decision will take effect at the time of its official notification to the Company. The standards for local implementation of the obligations assumed by Mexico under ILO Convention 169 regarding the human right to free, prior, informed consultation of indigenous communities are currently evolving. The SCJN decision may halt or result in a significant delay in project development notwithstanding the extensive engagement already conducted by the Company in relevant communities. Government compliance with ILO Convention 169 can result in delays and significant additional expenses to the Company arising from the consultation process with indigenous peoples in relation to the Company’s exploration, mining or development projects. Moreover, any actual or perceived past contraventions, or potential future actual 19 or perceived contraventions, of ILO Convention 169 by Mexico creates a risk that the permits, rights, approvals, and other governmental authorizations that the Company has relied upon, or may in the future rely upon, to carry out its operations or plans could be challenged by or on behalf of indigenous peoples. Such challenges may result in, without limitation, additional expenses with respect to the Company’s operations, the suspension, revocation or amendment of the Company’s rights or mining, environmental or export permits, a delay or stoppage of the Company’s development, exploration or mining operations, the refusal by governmental authorities to grant new permits or approvals required for the Company’s continuing operations until the settlement of such challenges, or the requirement for the responsible government to undertake the requisite consultation process in accordance with ILO Convention 169. As a result of the inherent uncertainty in respect of such proceedings, the Company is unable to predict what the results of any such challenges would be; however, any ILO Convention 169 proceedings relating to the Company’s operations in Mexico may have a material adverse effect on the business, operations, and financial condition of the Company. As a result of social media and other web-based applications, companies today are at much greater risk of losing control over how they are perceived Damage to the Company’s reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. Although the Company places a great emphasis on protecting its image and reputation, it does not ultimately have direct control over how it is perceived by others. Campaigns aimed at damaging the Company’s reputation can generally be expected to be launched or intensified during important permitting and legal procedures, such as those in which the Company is currently engaged. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and act as an impediment to the Company’s overall ability to advance its projects, thereby having a material adverse impact on the Company’s business, financial condition or results of operations. The Company may be subject to legal proceedings that arise in the ordinary course of business Due to the nature of its business, the Company may be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. The Company’s operations are subject to the risk of legal claims by employees, unions, contractors, lenders, suppliers, joint venture partners, shareholders, governmental agencies or others through private actions, class actions, administrative proceedings, regulatory actions or other litigation. Plaintiffs may seek recovery of very large or indeterminate amounts, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. Defense and settlement costs can be substantial, even with respect to claims that have no merit. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges and juries and the possibility that decisions may be reversed on appeal. The litigation process could, as a result, take away from the time and effort of the Company’s management and could force the Company to pay substantial legal fees or penalties. There can be no assurances that the resolutions of any such matters will not have a material adverse effect on the Company’s business, financial condition and results of operations. Title to mineral properties While the Company has investigated title to its mineral properties, this should not be construed as a guarantee of title. The properties may be subject to prior unregistered agreements or transfers and title may be affected by undetected defects. Title to Almaden’s mining concessions may also be adversely affected by the Amparo as discussed in Item 8 under the heading “Legal Proceedings”. There are significant risks that the impact of the decision of the SCJN may not be known for an extended period of time, and that the Company may lose the ownership of some or all of its mineral claims. There is a risk that title to the mining concessions, the surface rights and access rights comprising Ixtaca and the necessary infrastructure, may be deficient or subject to additional disputes. The procurement or enforcement of such rights, or any dispute with respect to such rights, can be costly and time consuming. In areas where there are local populations or landowners, it may be necessary, as a practical matter, to negotiate surface access. Even in 20 the event that the Company has the legal right to access the surface and carry on construction and mining activities, the Company may not be able to negotiate satisfactory agreements with existing landowners/occupiers for such access, and therefore it may be unable to carry out activities as planned. In addition, in circumstances where such access is denied, or no agreement can be reached, this could have a material adverse effect on the Company and the Company may need to rely on the assistance of local officials or the courts in such jurisdictions or pursue other alternatives, which may suspend, delay or impact mining activities as planned. There is also a risk that the Company’s exploration, development and mining authorizations and surface rights may be challenged or impugned by third parties. In addition, there is a risk that the Company will not be able to renew some or all its licenses in the future. Inability to renew a license could result in the loss of any project located within that license. Impact of COVID-19 Pandemic The Company’s business could be significantly adversely affected by the effects of a widespread global outbreak of contagious disease, including the recent outbreak of respiratory illness caused by COVID-19. The Company cannot accurately predict the impact COVID-19 and its variants will have on third parties’ ability to meet their obligations with the Company, including due to uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In particular, the continued spread of COVID-19 and its variants globally could materially and adversely impact the Company’s business including without limitation, employee health, limitations on travel, the availability of industry experts and personnel, restrictions to planned exploration and drill programs, receipt of necessary government approvals, regulatory compliance, and other factors that will depend on future developments beyond the Company’s control. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries (including those in which the Company operates), resulting in an economic downturn that could negatively impact the Company’s operations and ability to raise capital. Environmental, Climate Change, Health and Safety Regulation Compliance The Company’s exploration and development activities are subject to extensive laws and regulations governing environmental protection and employee health and safety promulgated by governments and government agencies. Environmental (inclusive of climate change) and health and safety laws and regulations are complex and have become more stringent over time. Failure to comply with applicable environmental and health and safety laws may result in injunctions, damages, suspension or revocation of permits and imposition of penalties. Environmental regulation is evolving in a manner resulting in stricter standards and the enforcement of, and fines and penalties for, non-compliance are becoming more stringent. The Company is also subject to various reclamation-related conditions. Reclamation requirements are designed to minimize long-term effects of mining exploitation and exploration disturbance by requiring the operating company to control possible deleterious effluents and to re-establish to some degree pre-disturbance land forms and vegetation. The Company is subject to such requirements in connection with its activities at Ixtaca. Any significant environmental issues that may arise, however, could lead to increased reclamation expenditures and could have a material adverse impact on the Company’s financial resources. There can also be no assurance that closure estimates prove to be accurate. The amounts recorded for reclamation costs are estimates unique to a property based on estimates provided by independent consulting engineers and the Company’s assessment of the anticipated timing of future reclamation and remediation work required to comply with existing laws and regulations. Actual costs incurred in future periods could differ from amounts estimated. Additionally, future changes to environmental laws and regulations could affect the extent of reclamation and remediation work required to be performed by the Company. Any such changes in future costs could materially impact the amounts charged to operations for reclamation and remediation. Climate change regulations may become more onerous over time as governments implement policies to further reduce carbon emissions, including the implementation of taxation regimes based on aggregate carbon emissions. Some of the costs associated with reducing emissions can be offset by increased energy efficiency and 21 technological innovation. However, the cost of compliance with environmental regulation and changes in environmental regulation has the potential to result in increased costs of operations, reducing the potential profitability of the Company’s future operations. Due to increased global attention regarding the use of cyanide in mining operations, regulations may be imposed restricting or prohibiting the use of cyanide and other hazardous substances in mineral processing activities. If such legislation were to be adopted in a region in which the Company relies on the use of cyanide, it would have a significant adverse impact on the Company’s results of operations and financial condition as there are few, if any, substitutes for cyanide in extracting metals from certain types of ore. While the Company intends to fully comply with all applicable environmental and health and safety regulations there can be no assurance that the Company has been or will at all times be in complete compliance with such laws, regulations and permits, or that the costs of complying with current and future environmental and health and safety laws and permits will not materially and adversely affect the Company’s future business, results of operations or financial condition. Uncertainty in Development of a Commercially Mineable Ore Deposit The properties and prospects in which the Company has an interest are not in commercial production. A commercially viable ore deposit is dependent on the establishment of economically recoverable reserves, the ability of the Company to obtain the necessary financing and permitting to complete development, and ultimately upon future profitable production or the realization of proceeds from the disposition of the properties. Uncertainty of Reserves and Mineralization Estimates There are numerous uncertainties inherent in estimating proven and probable reserves and mineralization, including many factors beyond the control of the Company. The estimation of reserves and mineralization is a subjective process and the accuracy of any such estimates is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, metallurgical testing and production and the evaluation of mine plans subsequent to the date of any estimate may justify revision of such estimates. No assurances can be given that the volume and grade of reserves recovered and rates of production will not be less than anticipated. Assumptions about prices are subject to greater uncertainty and metals prices have fluctuated widely in the past. Declines in the market price of base or precious metals also may render reserves or mineralization containing relatively lower grades of ore uneconomic to exploit. Changes in operating and capital costs and other factors including, but not limited to, short-term operating factors such as the need for sequential development of ore bodies and the processing of new or different ore grades, may materially and adversely affect reserves. Dependence on Key Personnel The Company depends highly on the business and technical expertise of its management and key personnel. There is little possibility that this dependence will decrease in the near term. As the Company’s operations expand, additional general management resources may be required. The Company maintains no “Key Man” insurance coverage, and the loss or unavailability of any of its key personnel could have a negative effect on the Company’s ability to operate effectively. Conflict of Interest Some of the Company’s directors and officers are directors and officers of other natural resource or mining- related companies. Duane Poliquin, Morgan Poliquin, Douglas McDonald, and Korm Trieu also serve as directors and/or officers of Azucar Minerals Ltd. and Almadex Minerals Ltd. Elaine Ellingham also serves as a director of Alamos Gold Inc., and Omai Gold Mines Corp. Kevin O’Kane also serves on the Board of SolGold Plc, IAMGOLD Corporation and NorthIsle Copper and Gold Inc. These associations may give rise from time to time to conflicts of interest, as a result of which, the Company may miss the opportunity to participate in certain transactions. Foreign Operations The Company currently has development projects located in Mexico. The Company’s foreign activities are subject to the risks normally associated with conducting business in foreign countries, including exchange controls and currency fluctuations, foreign taxation, laws or policies of particular countries, labor practices and disputes, and uncertain political and economic environments, as well as risks of war and civil disturbances, or other risks that could cause exploration or development difficulties or stoppages, restrict the movement of funds 22 or result in the deprivation or loss of contract rights or the taking of property by nationalization or expropriation without fair compensation. Foreign operations could also be adversely impacted by laws and policies of the U.S. affecting foreign trade, investment and taxation. Changes to Mexican Mining Taxes In October 2013, the Mexican Congress approved a package of tax reforms which included significant changes to the country’s mining royalties and tax structure. These new laws had an effective date of January 1, 2014. The changes include a 7.5% special mining royalty on earnings before interest, taxes, depreciation and amortization (“EBITDA”) and an additional 0.5% royalty on gross revenues from precious metal production. The new law also increases annual taxes on certain inactive exploration concessions by 50% to 100%. These changes may result in increased holding costs to the Company for its existing mineral concessions. These new taxes and royalties, any future increases to tax and royalty rates, or any new taxes imposed by the Mexican governmental authorities may materially and adversely affect the potential to define economic reserves on any Mexican properties and result in the Company’s Mexican properties being less attractive to potential optionees or joint- venture partners. Foreign Currency Fluctuations At the present time, a majority of the Company’s activities are carried on outside of Canada. Accordingly, it is subject to risks associated with fluctuations of the rate of exchange between the Canadian dollar and foreign currencies. The Company is currently not engaged in currency hedging to offset any risk of exchange rate fluctuation and currently has no plans to engage in currency hedging. Operating Hazards and Risks Associated with the Mining Industry Mining operations generally involve a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to overcome. Hazards such as unusual or unexpected geological formations and other conditions are involved. Operations in which the Company has a direct or indirect interest will be subject to all the hazards and risks normally incidental to exploration, development and production of minerals, any of which could result in work stoppages, damage to or destruction of mines and other producing facilities, damage to or loss of life and property, environmental damage and possible legal liability for any or all damage or loss. The Company may become subject to liability for cave-ins and other hazards for which it cannot insure or against which it may elect not to insure where premium costs are disproportionate to the Company’s perception of the relevant risks. The payment of such insurance premiums and the incurring of such liabilities would reduce the funds available for exploration activities. The Ability to Manage Growth Should the Company be successful in its efforts to develop its mineral properties or to raise capital for such development or for the development of other mining ventures it will experience significant growth in operations. If this occurs, management anticipates that additional expansion will be required in order to continue development. Any expansion of the Company’s business would place further demands on its management, operational capacity and financial resources. The Company anticipates that it will need to recruit qualified personnel in all areas of its operations. There can be no assurance that the Company will be effective in retaining its current personnel or attracting and retaining additional qualified personnel, expanding its operational capacity or otherwise managing growth. The failure to manage growth effectively could have a material adverse effect on the Company's business, financial condition and results of operations. Competition There is competition from other mining exploration companies with operations similar to those of the Company's. Many of the mining companies with which the Company competes have operations and financial strength many times greater than that of the Company. Such competitors could outbid the Company for such projects, equipment or personnel, or produce minerals at a lower cost which would have a negative effect on the Company’s operations and financial condition. Lack of a Dividend Policy The Company does not intend to pay cash dividends in the foreseeable future, as any earnings are expected to be retained for use in developing and expanding its business. However, the actual amount of dividends which the Company may pay will remain subject to the discretion of the Company’s Board of Directors and will depend on 23 results of operations, cash requirements and future prospects of the Company and other factors. ESTMA Risks The Extractive Sector Transparency Measures Act (Canada) (“ESTMA”) requires public disclosure of certain payments to governments by companies engaged in the commercial development of minerals which are publicly listed in Canada. Mandatory annual reporting is required for extractive companies with respect to payments made to foreign and domestic governments, including aboriginal groups. ESTMA requires reporting on the payments of any taxes, royalties, fees, production entitlements, bonuses, dividends, infrastructure reporting or structuring payments to avoid reporting. If the Company becomes subject to an enforcement action or is in violation of ESTMA, this may result in significant penalties or sanctions which may also have a material adverse effect on the Company’s reputation. Cybersecurity Risks As is typical of modern businesses, the Company is reliant on the continuous and uninterrupted operation of its information technology (“IT”) systems. User access and security of all Company sites and IT systems can be critical elements to its operations, as is cloud security, security of all of the Company’s IT systems, and protection against cyber security incidents. Any IT failure pertaining to availability, access or system security could potentially result in disruption of the activities of the Company and its personnel, and could adversely affect the reputation, operations or financial performance of the Company. Potential risks to the Company’s IT systems could include unauthorized attempts to extract business sensitive, confidential or personal information, denial of access extortion, corruption of information or disruption of business processes, or by inadvertent or intentional actions by the Company’s employees or vendors. A cybersecurity incident resulting in a security breach or failure to identify a security threat could disrupt business and could result in the loss of sensitive, confidential or personal information or other assets, as well as litigation, regulatory enforcement, violation of privacy or securities laws and regulations, and remediation costs, all of which could materially impact the Company’s business or reputation. Foreign Incorporation and Civil Liabilities The Company was created under amalgamation under the laws of the Province of British Columbia, Canada. With the exception of Alfredo Phillips, who is a resident of Mexico, and Laurence Morris, who is a resident of Nicaragua and a citizen of the United Kingdom, all of the Company’s directors and officers are residents of Canada, and all of the Company’s assets and its subsidiaries are located outside the U.S. Consequently, it may be difficult for U.S. investors to affect service of process in the U.S. upon those directors and officers who are not residents of the U.S., or to realize in the U.S. upon judgments of U.S. courts predicated upon civil liabilities under applicable U.S. laws. The Company could be deemed a passive foreign investment company which could have negative consequences for U.S. investors. The Company could be classified as a Passive Foreign Investment Company (“PFIC”) under the United States tax code. If the Company is a PFIC, then owners of the Company’s shares who are U.S. taxpayers generally will be required to include distributions or any gain realized upon a disposition or deemed disposition of shares, as ordinary income and to pay an interest charge on a portion of such distribution or gain, unless the taxpayer timely makes a qualified electing fund ("QEF") election or a mark-to-market election with respect to the Company’s shares. Item 4. Information on the Company History and Development of the Company The head office of the Company is located at 1333 Johnston Street, Suite 210, Vancouver, British Columbia, Canada, V6H 3R9. The address of the registered office of the Company is 1177 West Hastings Street, Suite 1710, Vancouver, British Columbia, Canada, V6E 2L3. Computershare Investor Services Inc., at its offices in Vancouver, B.C. and Toronto, Ontario, is the registrar and transfer agent of the Company’s Common Shares. The contact person is Korm Trieu, Chief Financial Officer. The telephone number is (604) 689-7644. The fax number is (604) 689-7645. The email address is ktrieu@almadenminerals.com. The web-site address is 24 www.almadenminerals.com. The Company was formed by amalgamation under the laws of the Province of British Columbia of its predecessor companies, Almaden Resources Corporation and Fairfield Minerals Ltd., on February 1, 2002. The Company operates under the Business Corporations Act (British Columbia). Effective July 31, 2015, the Company effected a corporate reorganization pursuant to a statutory plan of arrangement (“Plan of Arrangement”) involving the Company’s then wholly owned subsidiary, Azucar, as described below. The Company’s common shares began trading on The Toronto Stock Exchange (“TSX”) under the symbol “AMM” on February 11, 2002 and on the NYSE American (formerly the NYSE MKT), under the symbol “AAU” on December 19, 2005. Almaden Resources Corporation’s initial public offering on the Vancouver Stock Exchange was pursuant to a prospectus dated October 10, 1986. The shares of Fairfield Minerals Ltd. began trading on the Vancouver Stock Exchange on July 18, 1986 and on The Toronto Stock Exchange on May 21, 1990. There have been no public takeover offers by third parties in respect of the Company’s shares and the Company has made no public takeover offers in respect of any other company’s shares. Organizational Structure The Company currently has three wholly-owned (direct or indirect) subsidiaries. These subsidiaries are: Subsidiaries Puebla Holdings Inc. Minera Gorrion, S.A. de C.V. Molinos de Puebla, S.A. de C.V. Jurisdiction Canada Mexico Mexico Nature of operations Holding company Exploration company Holding company Business of the Company The Company is engaged in the business of the acquisition, exploration and when warranted, development of mineral properties. The Company currently has one material property in Mexico. The Company's property is at the exploration and development stage. The Company has not generated any revenues from operations. Corporate Reorganization The Company entered into an Arrangement Agreement dated May 11, 2015 involving the spinout, pursuant to a statutory Plan of Arrangement, of Almaden’s early stage exploration projects, royalty interests and other non- core assets into a new public company called Azucar (formerly Almadex Minerals Limited), which trades on the TSX Venture Exchange under the symbol “AMZ” and the OTCQX marketplace under the symbol “AXDDF”, pursuant to which Azucar acquired the following key assets: • • • • • • • • a 100% interest in the El Cobre copper-gold porphyry exploration project in Mexico and the Willow copper-gold porphyry exploration project in Nevada, in addition to a portfolio of 20 other exploration projects; a 2% NSR on the Company’s Tuligtic property in Mexico, which hosts the Company’s Ixtaca gold-silver development project; a 1.5% NSR on the Caballo Blanco gold deposit in Mexico, a development project operated by Timmins Gold Corp.; a 2% NSR on the Elk gold deposit in Canada, an advanced exploration project operated by JDL Gold Corp. (formerly Gold Mountain Mining Corp.); a portfolio of 21 additional NSRs on exploration projects in Mexico, Canada and the United States identified through the Company’s past prospect generator activities; equity holdings in several publicly-listed companies; 1,597 ounces of gold bullion; and approximately $3 million in cash. On July 31, 2015, all conditions to the statutory Plan of Arrangement regarding the spinout were satisfied or waived and the spinout was effective. Almaden’s shareholders approved the Plan of Arrangement and exchanged their existing common shares of Almaden for one “new” Almaden common share and 0.6 common share of Azucar. 25 The Company entered into an Administrative Services Agreement with Azucar dated May 15, 2015, as amended by First Amending Agreement dated December 16, 2015 (the “Agreement”). Under the Agreement, the Company is the sole and exclusive manager of Azucar, and provides Azucar with general management services and day-to- day operation of Azucar. These services include: • Office space; • Executive personnel and human resources; • Geological technical support; and • Accounting and financial services. Azucar compensates the Company 27% (2020 – 60%) of the Company’s actual monthly cost of rent for any shared facilities, and 27% (2020 – 60%) of any shared personnel’s fees and/or wages. Azucar pays the Company any reasonable fees or costs incurred on behalf of Azucar by the Company which were approved by Azucar. Effective May 18, 2018, Azucar effected a corporate reorganization pursuant to a statutory plan of arrangement involving Azucar’s then wholly owned subsidiary, Almadex. Consequent upon this corporate reorganization the Company entered into an Administrative Services Agreement with Almadex dated March 29, 2018 (the “Almadex Agreement”). Under the Almadex Agreement, the Company is the sole and exclusive manager of Almadex, and provides Almadex with general management services and day-to-day operation of Almadex. These services include: • Office space; • Executive personnel and human resources; • Geological technical support; and • Accounting and financial services. Almadex compensates the Company 39% (2020 – 30%) of the Company’s actual monthly cost of rent for any shared facilities, and 39% (2020 – 30%) of any shared personnel’s fees and/or wages. Almadex pays the Company any reasonable fees or costs incurred on behalf of Almadex by the Company which were approved by Almadex. Both the Agreement and the Almadex Agreement (together, the “Administrative Services Agreements”) have initial 5-year terms, with subsequent automatic 1-year renewals unless terminated pursuant to the terms permitted under the Administrative Services Agreements. The Administrative Services Agreements include a Change of Control clause. If either party is subject to a Change of Control during the term of the respective Administrative Services Agreement, the Administrative Services Agreement shall automatically terminate within 48 hours of the Change of Control unless agreed to in writing by both parties. The target of the Change of Control shall then pay the other party $2 million as compensation for the unplanned termination of the Company’s engagement and significant disruption to the other party’s business. “Change of Control” means the date upon which, without the written concurrence of the target of the Change of Control, any person (as that term is defined in the Securities Act (British Columbia)) makes and does not withdraw a take-over bid (as that term is defined in the Securities Act (British Columbia)) or acquires, directly or indirectly, that number of common shares of the target which equals or exceeds twenty percent (20%) of the then issued common shares of the target. Available Information The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on www.sec.gov. You can also find information on our website www.almadenminerals.com. The information contained on our website is not a part of this annual report. Business Overview The Company is engaged in the business of the acquisition, exploration and when warranted, development of mineral properties. The Company currently has one material property in Mexico. The Company's property is at the exploration and development stage. The Company has not generated any revenues from operations. 26 Maintaining properties The following is a general statement about government requirements for holding mineral properties in the jurisdictions where the Company currently holds material mineral property interests. In Mexico, mining law is a federal matter. The government requires annual assessment work and expenditures per hectare which increase with the size and age of the claim. Under the tax reforms effective January 1, 2014, if a concession holder has not conducted exploration or exploitation activities during a two-year period, the concession holder would have to pay an additional 50% of the taxes payable per hectare if within the last 11 years, and an additional 100% of the taxes payable if after year 12. Land taxes per hectare also have to be paid by January 31 and July 31 each year. Both amounts are subject to inflation accounting and the inflation adjustment number for each fiscal period is published in the official gazette. Under the Mexican Constitution and the mining and environmental laws of Mexico, all mining projects are subject to Federal legal control. This control is exercised from the exploration phase through the closure phase of a mining project. Prior to the initiation of exploration activities, concession owners are required to file a notice of commencement of exploration activities in conformity with Mexican Official Norm 120 (NOM-120); prior to initiation of construction activities (and also in some more intrusive exploration activities), mining projects are required to apply for and obtain an environmental impact authorization and a land use permit from the Mexican Federal environmental agency SEMARNAT (Secretaria de Medio Ambiente y Recursos Naturales). This requires the presentation of an environmental impact manifest and a technical study which deals with the impacts, the environmental mitigation, and habitat compensation to the satisfaction of the authorities having environmental jurisdiction. Competition The mineral property exploration and development business, in general, is intensively competitive and there is not any assurance that even if commercial quantities of ore are discovered, a ready market will exist for sale of same. Numerous factors beyond the Company’s control may affect the marketability of any substances discovered. These factors include market fluctuations; the proximity and capacity of natural resource markets and processing equipment; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may make it difficult for the Company to receive an adequate return on investment. The Company competes with many companies possessing greater financial resources and technical facilities for the acquisition of mineral concessions, claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees. Seasonality The Company’s project is in central Mexico. In Mexico, the climate in the project area is marked by dry, cold winters and a distinct rainy season. The rainy season typically begins in May or June and continues until late September to October. In most years, roads remain passable and exploration can be done throughout the rainy season. Seasonal changes do not have a material impact on the Company’s exploration expenditures. Exploration Program Protocols General Sample Handling and Quality Control Program for Exploration Programs The Company employs a strict quality control program for samples taken during its exploration programs. For drilling programs, a quality control program is in place which includes the insertion of blanks, field duplicates and certified standards into the sample stream. Chain of Custody Samples of rock and drill core and cuttings are sealed by the sampler and kept under control of a qualified person until they are shipped to a laboratory. Sample Handling Sample handling for drilling programs is described more fully below. Soil and stream sediment samplers have been trained to industry standard levels of sampling methodology. In general, the Company sieves stream 27 sediment samples to -20 mesh in the field during preparation. Samplers are required to not wear any jewellery or clothing or use equipment which may contaminate the sample. All sample locations are geographically located at the time of sampling using the Global Positioning System. The Company has prepared standardized sample information cards for samplers to record information concerning the sample location, type and medium. Outcrop, float and dump rock samples are collected by geologists who record similarly ordered geologic information relating to the sample taken. Blanks Blank material, a sample of crushed and pulverized rock, known to contain very low or non-detectable concentration of gold and silver, is inserted as a pulp into the sample stream on an interval of every 20 samples. Blanks are intended to detect possible contamination. Duplicates During drill programs the Company routinely includes a field duplicate into the sample stream, spaced at 20 sample intervals. Field duplicate samples are splits of drill core or reverse circulation cuttings from the sample interval. The resulting two field duplicate samples are submitted with separate sample numbers “blind” to the assay lab and separately treated as normal samples. The samples are taken randomly with no regard to rock type, geographic position or degree of alteration or mineralization. These field duplicates are then used to detect the cumulative uncertainties associated with the entire sampling and analytical process. Standards During drill programs the Company routinely includes a certified standard into the sample stream, spaced at 20 sample intervals. Certified standards are purchased from CDN Resource Laboratories of Langley, BC and are prepared by this professional third-party lab according to industry standard and accepted methodologies. Standards are utilized to monitor the accuracy of the laboratory work. Sample Handling for Drill Programs Core Box Preparation Plastic core boxes are used for the storage of core. Each box is labelled by the drillers at the drill rig with the drill-hole number, a box number and an arrow to mark the start of the tray and the down-hole direction. Wooden core blocks, with the meterage in black marker pen, are inserted by the drillers at the end of each core run (usually 3 m or less). These core run intervals are checked and recorded by the geologist during mark up (see below). When filled with core the boxes are sealed with a plastic lid by the drillers and transported to the core logging facility. Sample and Core Box Markup Once at the core logging facility, the core boxes are marked up with the starting and ending meterage, written at the ends of the trays with a marker. The start and end of each selected sample interval is marked with a red wax pencil mark across the core and sample numbers are written on the edge of the core box channels at the start and end of each sample interval. Intervals denoting the position in the sample tag sequence of field duplicate, blank and analytical standards are also marked on the core box. A cut line was marked on the core as a guide for sawing of half-core samples for assay. The cut line position is marked by fitting the ends of the core together, to align them as they came out of the hole, and using a ruler to draw a line down the core axis with a red wax pencil. This mark-up is done after the trays are photographed. Cut line positions are selected by the logging geologist to produce two halves with equal proportions of mineralization. Typically, this is done by marking the cut line down the long axis of the ellipses described by the intersection of the veins with the core circumference. Each tray is digitally photographed before core cutting and sampling. Core Logging Before cutting and sampling the core, the following tables of data are entered into the Company drill hole database system: Geotechnical Logging 1. Core box record sheet: Beginning and end from/to intervals for each core box. 2. For each core run (from and to) a record of the core size, meters of core recovered for the interval, RQD (the 28 total length of pieces of core in the interval that are twice the width of the core divided by the length of the interval, times 100) and hardness (on a scale from 1 to 10, from hardest to softest). 3. A drilling daily control sheet showing the progress of the drill rig for each shift. Geological Logging 1. Geology Log: Intervals selected by the geologist recording a detailed description of the lithology, texture, alteration, mineral assemblage and intensity and level of oxidation/weathering. Structural measurements (i.e. the angle of structures to the core axis) are also recorded. The cover sheet includes details such as surveyed collar co-ordinates, downhole survey data, core size depths, drilling dates and sample number series. 2. Veining and Mineralization: Estimates of the percent veining and the percentage of different minerals represented in either vein, breccia or disseminated form, i.e. quartz, carbonates, pyrite etc. 3. Sample Sheet: A record of the sample intervals, sample numbers and duplicate, blank and analytical standard numbers. 4. Hole Summary: An abbreviated hole log that summarizes the important features of a drill hole. A summary drill hole trace giving the geologist the opportunity to summarize the hole and sketch in structural orientations in a form easily transferred to sections. All logs are saved on the server along with the core photos and other data from each hole. Sample Interval Selection All strongly altered or mineralized intervals of core were sampled. Sampling always began at least 5 samples above the start of mineralization. Sample intervals were selected using the following criteria. - Maximum sample length of 2 m in unmineralized lithologies. - Maximum sample length of 1 m in mineralized lithologies. - Minimum sample length of 50 cm. Geological changes in the core such as major mineralization/alteration intensity and lithology changes were used as sample breaks. - Core size changes and any zones of core loss were used as sample breaks. - Large discrete veins that might possibly be modeled or mined as separate structures were sampled separately. The begin/end marks were placed so that the entire vein ended up in the sample(s) and the vein is not smeared into samples on either side. Sampling Procedure All samples were originally cut in half using custom-made, gasoline engine-powered diamond core saws. All were recently changed to electric powered saws. Each saw has sliding trays and customized “core cradles” sized for each core diameter in order to ensure a straight cut down the cut line and to minimize the loss of friable core during cutting. Areas of very soft rock (e.g. fault gouge), are cut with a machete, using the side of the core channel to ensure a straight cut. Areas of very broken core (pieces <1 cm) were sampled using spoons. The following standard sampling procedures were employed: The right-hand side of the core (looking down the hole) was always sampled. After cutting, half the core was placed in a new plastic sample bag and half was placed back in the core box. Between each sample, the core saw and sampling table areas were washed to ensure no contamination between samples. Field duplicate, blank and analytical standards were added into the sample sequence as they were being cut. After cutting of samples containing visible gold, a piece of abrasive quartz sandstone was cut to clean the diamond blade. This was done to prevent contamination of the following sample with gold that may have become smeared onto the blade. Sample numbers were written on the outside of the sample bags twice and the tag from the sample book was placed inside the bag with the half core. The bags were sealed using single-use plastic cable ties. Sample numbers on the bags were checked against the numbers on the core box and the sample book. The core cutting area is within the core logging shed and the logging geologists regularly checked the precision of the core cutting and sampling. The sealed plastic sample bags were placed in large plastic twine (rice) sacks 29 (usually between 8 and 10 samples per sack) and sealed using single-use plastic cable ties. The sacks were weighed and the sack number, sample numbers, sack weight and date written on the outside of the sacks. Company’s Principal Properties The Tuligtic Project, which hosts the Company’s Ixtaca discovery, is the only project material to the Company. The Tuligtic Project property (the “Tuligtic Property” or the “Property”) is located in Puebla State, Mexico. PROPERTY, PLANTS AND EQUIPMENT The Tuligtic Property/Ixtaca Project – Mexico Location and Access The Ixtaca deposit, the epithermal gold-silver target within the Tuligtic Property, is located 8 km northwest of the town of San Francisco Ixtacamaxtitlán, the county seat of the municipality of Ixtacamaxtitlán, Puebla State. The Ixtaca Project is accessible by driving 40 km east along Highway 119 from Apizaco, an industrial center located approximately 50 km north of Puebla City by two-lane Highway, and then north approximately 2 km along a paved road to the town of Santa Maria. The trip from Apizaco to site can be driven in approximately 1.5 hours. There is also access to the Tuligtic Property using gravel roads from the northeast via Tezhuitan and Cuyoaco, from the south via Libres and from the northwest via Chignahuapan. The Xicohtencatl Industrial complex lies 30 km southwest by paved road from the Ixtaca Project, and houses agricultural, chemical, biomedical and industrial manufacturing facilities and is serviced by rail. Puebla, the fourth largest city in Mexico has a population in excess of 4 million people, and includes one of the largest Volkswagen automotive plants outside Germany. The Topography on the Tuligtic Property is generally moderate to steep hills with incised stream drainages. Elevation ranges from 2,300 meters (m) above sea level in the south to 2,800 m in the north. Vegetation is dominantly cactus and pines and the general area is also somewhat cultivated with subsistence vegetables, bean and corn crops. The Ixtaca Zone exploration area has been previously cleared and logged. The region has a temperate climate with mean monthly temperatures ranging from 16°C in June to 12°C in January. The area experiences approximately 714 mm of precipitation annually with the majority falling during the rainy season, between June and September. Annual evapotranspiration is estimated to be 774 mm. Exploration can be conducted year-round within the Tuligtic Property; however, road building and drilling operations may be impacted by weather to some degree during the rainy season. Electricity is available on the Tuligtic Property from the national electricity grid that services nearby towns such as Santa Maria and Zacatepec. The surface rights locally are privately owned and Almaden has negotiated voluntary surface land use agreements with surface landowners within the exploration area prior to beginning activities. To date Almaden has secured through purchase agreements over 1,139 hectares, from numerous independent owners. 30 Claims and Title The Tuligtic Property was staked by Almaden in 2001, following the identification of surficial clay deposits that were interpreted to represent high-level epithermal alteration. The Property originally consisted of approximately 14,000 hectares (the “Original Concessions”), as shown below: Claim Name Cerro Grande Cerro Grande 2 Total Claim Number Area (hectares) 11,202 3,028 14,230 219469 233434 Valid Until Date March 5, 2053 February 23, 2059 On April 7, 2015, Ejido Tecoltemi, a community granted communal agrarian lands by the Mexican Government and whose lands (the “Ejido Lands”) overlap a small portion (~330 Ha) of the far southeastern corner of the Original Concessions, initiated legal proceedings (the “Amparo”) in a lower court in Puebla state against Mexican mining authorities seeking a declaration that Mexico’s mineral title system is unconstitutional because indigenous consultation is not required before the granting of mineral title. Shortly after the Amparo was filed, the lower court ordered the suspension of Almaden from conducting exploration and exploitation work over those portions of the Original Concessions which overlap with the Ejido Lands. Mineral tenure over the Ejido Lands is not material to Almaden. The Ejido Lands do not overlap the Ixtaca Project or its environmental or social area of impact. Almaden has never tried to negotiate access to the Ejido Lands, never conducted exploration work on the Ejido Lands, and has no interest in conducting any future exploration or development work over the Ejido Lands. On April 15, 2019, the lower court in Puebla State issued a ruling in the Amparo case, stating that Mexico’s mineral title system is unconstitutional. The Original Concessions were ruled to be illegal, but the mineral rights over that land were ordered to be held for Almaden until such time as indigenous consultation can be completed. This ruling was appealed by the Mexican Congress, Senate, Secretary of Economy and mining authorities, as well as Almaden as an interested party. On February 17, 2022, the Company announced that the SCJN reached a decision on February 16, 2022 in respect of the Mineral Title Lawsuit involving the Company’s mineral claims. On April 27, 2022, the Company announced that the SCJN had published its final decision on this matter. Almaden has reviewed the final decision of the SCJN. The decision determines that the Mexican mineral title law 31 is constitutional, but that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The decision orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective and to then issue them to Almaden following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The decision discusses the application of international law and jurisprudence to the implementation of consultation by Mexican authorities with relevant indigenous communities. It also provides some detail to Mexican authorities regarding the procedures required to be followed by those authorities in the performance of indigenous consultation prior to the grant of mineral claims. Furthermore, the decision clarifies that the Company’s original claim applications were submitted pursuant to the legal framework in force at the time and as such Almaden’s mineral rights at the Ixtaca project are safeguarded while the mining authorities comply with conditions and requirements prior to issuing the mineral titles. As previously disclosed, the Company has no interest in holding mineral claims over the indigenous community’s land. The decision will take effect at the time of its official notification to the Company which is expected shortly. Almaden intends to interact with Mexican government officials and local community officials in order to facilitate to the extent possible the government’s execution of its responsibilities in the issuance of the mineral titles. At present there is no timeline for the consultation process Claim Reduction Efforts After learning of the Amparo in 2015, Almaden filed applications to reduce the aggregate claim size at Tuligtic by approximately 7,000Ha to those areas still considered prospective (the “New Concessions”), as shown below, and cancel any of its claims overlapping the Ejido Lands. The applicable Mexican mining authorities issued the New Concessions and accepted the abandonment of the Original Concessions in May and June of 2017. Claim Name Cerro Grande R1 Cerro Grande R3 Cerro Grande R4 Cerro Grande R5 Cerro Grande R6 Cerro Grande 2 R2 Cerro Grande 2 R3 Total Claim Number Area (hectares) 2,773.00 824.06 540.00 784.97 937.79 652.00 708.00 7,219.82 245486 245488 245489 245490 245491 245493 245494 Valid Until Date March 5, 2053 March 5, 2053 March 5, 2053 March 5, 2053 March 5, 2053 February 23, 2059 February 23, 2059 In June 2017, the Ejido Tecoltemi filed a legal complaint regarding the granting of the New Concessions, and on February 1, 2018, the court reviewing the complaint ruled the Ejido’s complaint was founded, and this decision was appealed by the Company in the upper (Collegiate) court in October, 2019. On December 21, 2018, the General Directorate of Mines issued a resolution, which has never been officially notified to the Company, that the New Concessions are left without effect, and the Original Concessions are in full force and effect. On February 13, 2019, the General Directorate of Mines delivered, to the court hearing the Amparo, mining certificates stating that the Original Concessions are valid, and the New Concessions are cancelled. On December 16, 2019, the General Directorate of Mines provided mineral title certificates to Almaden which reflected the position that the Original Concessions (the subject matter of the Amparo) were active and owned by Almaden (through its Mexican subsidiary) and that the New Concessions were “left without effect”. On December 1, 2020, the Company announced that the upper court denied the appeal filed by the Company in October 2019 objecting to the reinstatement by the Mexican mining authorities of approximately 7,000 Ha of mineral claims surrounding the Ixtaca Project, which the Company had previously dropped. This court decision upheld the action of Mexican mining authorities that reinstated the Company’s Original Concessions as the Company’s sole mineral claims over the Ixtaca Project, and that left the New Concessions the Company was awarded in 2017 as “held without effect”. However, the decision also stated that the Company had the right to defend the New Concessions through the applicable legal procedures (which have been initiated through the two Administrative Challenges referred to below). The Company has initiated two Administrative Challenges against the Mexican mining authorities for revoking 32 the Company’s lawfully reduced New Concessions. These challenges are based in part on Mexican legal advice that the Company cannot be forced to own mineral rights that it does not wish to own. These Administrative Challenges remain in process. Almaden continues to file taxes and assessment reports on the basis of the reduced area defined by the New Concessions. These taxes have been accepted by the Mexican mining authorities, and Almaden has not received any notifications from the Mexican mining authorities regarding taxes on the Original Concessions. Further information on the Amparo is provided in Item 8 below under the heading “Legal Proceedings”. The claims owned by Almaden with respect to the Tuligtic Property are held 100% by Minera Gorrion S.A. de C.V., a subsidiary of Almaden Minerals Ltd. through the holding company, Puebla Holdings Inc., subject to a 2% NSR in favour of Almadex Minerals Ltd. To maintain a claim in good standing, the holder is required to meet annual exploration or exploitation expenditure requirements. Currently, based on the New Concessions, the Tuligtic Property is subject to expenditure requirements of approximately US$997,000 per year. However, the Company has substantial historic expenditures which have historically been used to offset the annual requirements. Geological Setting of the Tuligtic Project and Ixtaca Zone The Ixtaca Project is situated within the Trans Mexican Volcanic Belt (TMVB), a Tertiary to recent intrusive volcanic arc extending approximately east-west across Mexico from coast to coast and ranging in width from 10 to 300km. The TMVB is the most recent episode of a long lasting magmatic activity which, since the Jurassic, produced a series of partially overlapping arcs as a result of the eastward subduction of the Farallon plate beneath western Mexico (Ferrari, 2011). The basement rocks of the eastern half of the TMVB are Precambrian terranes, including biotite orthogneiss and granulite affected by granitic intrusions, grouped into the Oaxaquia microcontinent (Ferrari et al., 2011; Fuentes-Peralta and Calderon, 2008). These are overlain by the Paleozoic Mixteco terrane, consisting of a metamorphic sequence known as the Acatlan complex and a fan delta sedimentary sequence known as the Matzitzi formation. Another sedimentary complex is found on top of the Mixteco terrane, represented by various paleogeographic elements such as the Mesozoic basins of Tlaxiaco, Zongolica, Zapotitlan, and Tampico-Misantla (Fuentes-Peralta and Calderon, 2008). The subducting plates associated with the TMVB are relatively young, with the Rivera plate dated at 10Ma (million years) and the Cocos plate at 11 to 17Ma. . The stratigraphy of the Tuligtic area can be divided into two main sequences: a Mesozoic sedimentary rock sequence related to the Zongolica basin and a sequence of late Tertiary igneous extrusive rocks belonging to the TMVB (Fuentes-Peralta & Calderon, 2008; Tritlla et al., 2004). The sedimentary sequence is locally intruded by plutonic rocks genetically related to the TMVB. The sedimentary complex at Tuligtic corresponds to the Upper Tamaulipas formation (Reyes-Cortes 1997). This formation, Late Jurassic to Early Cretaceous in age, is regionally described (Reyes-Cortes, 1997) as a sequence of grey-to-white limestone, slightly argillaceous, containing bands and nodules of black chert. The drilling conducted by Almaden allows for more detailed characterisation of the Upper Tamaulipas Formation carbonate units in the Tuligtic area. The sequence on the Project consists of clastic calcareous rocks. The limestone unit variably bedded, generally light grey but locally dark grey to black, with local chert rich sections graded into what have been named transition units and shale (also black shale). The transition units are brown calcareous siltstones and grainstones. These rocks are not significant in the succession but mark the transition from limestone to underlying calcareous shale. Typical of the transition units are coarser grain sizes. The lower calcareous “shale” units exhibit pronounced laminated bedding and is typically dark grey to black in colour, although there are green coloured beds as well. The shale units appear to have been subjected to widespread calc-silicate alteration. Both the shale and transition units have very limited surface exposure and may be recessive. The entire carbonate package of rocks has been intensely deformed by the Laramide orogeny, showing complex thrusting and chevron folding in the hinge zones of a series of thrust-related east verging anticlines in the Ixtaca area (Tritlla et al., 2004; Coller, 2011). The calcareous shale units appear to occupy the cores of the anticlines while the thick bedded limestone units occupy the cores of major synclines identified in the Ixtaca zone. The Tamaulipas Formation carbonate rocks are intruded in the mid-Miocene by a series of magmatic rocks. The compositions are very variable, consisting of hornblende-biotite-bearing tonalites, quartz-plagioclase-hornblende diorites, and, locally, aphanitic diabase dykes (Carrasco-Nunez et al., 1997). In the central part of the Tuligtic Property porphyry mineralization is hosted by and associated with a hornblende-biotite-quartz phyric granodiorite 33 body. The contact between the granodiorite and the limestone is marked by the development of a prograde skarn. In the Ixtaca deposit epithermal area of the Project, the limestone basement units are crosscut by intermediate dykes that are often intensely altered. In the vicinity of the Ixtaca zone these dykes are well mineralized especially at their contacts with limestone country rock. Petrography has shown that epithermal alteration in the dykes, marked by illite, adularia, quartz and pyrite overprints earlier calc-silicate endoskarn mineralogies (Leitch, 2011). Two main orientations are identified for dykes in the Ixtaca area; 060 degrees (parallel to the Main Ixtaca and Ixtaca North zones) and 330 degrees (parallel to the Chemalaco Zone). An erosional unconformity surface has been formed subsequent to the intrusion of the porphyry mineralization- associated granodiorites. This paleo topographical surface locally approximates the current topography. Although not well exposed the unconformity is marked by depression localised accumulations of basal conglomerate comprised of intrusive and sedimentary boulders. Two styles of alteration and mineralization have been identified in the area: (1) copper-molybdenum porphyry style alteration and mineralization hosted by diorite and quartz-diorite intrusions; (2) silver-gold low-sulphidation epithermal quartz-bladed calcite veins hosted primarily by carbonate rocks and spatially associated with overlying volcanic hosted texturally destructive clay alteration and replacement silicification. Outcropping porphyry-style alteration and mineralization is observed in the bottoms of several drainages where the altered intrusive complex is exposed in erosional windows beneath post mineral unconsolidated ash deposits. Multiple late and post mineral intrusive phases have been identified crossing an early intensely altered and quartz- veined medium-grained feldspar phyric diorite named the Principal Porphyry. Other intrusive types include late and post mineral mafic dykes and an inter-mineral feldspar-quartz phyric diorite. Late mineral mafic dykes are fine grained and altered to chlorite with accessory pyrite. Calc-silicate (garnet-clinopyroxene) altered limestone occurs in proximity to the intrusive contacts and is crosscut by late quartz-pyrite veins. Early biotite alteration of the principal porphyry consists of biotite-orthoclase flooding of the groundmass. Quartz veins associated with early alteration have irregular boundaries and are interpreted to be representative of A-style porphyry veins. These are followed by molybdenite veins which are associated with the same wall rock alteration. Chalcopyrite appears late in the early alteration sequence. Late alteration is characterized by intense zones of muscovite-illite- pyrite overprinting earlier quartz-K-feldspar-pyrite ± chalcopyrite veining and replacing earlier hydrothermal orthoclase and biotite. Stockwork quartz-pyrite crosscuts the A-style veins and is associated with muscovite-illite alteration of biotite. The quartz-sericite alteration can be texturally destructive resulting in white friable quartz veined and pyrite rich rock. Pyrite is observed replacing chalcopyrite and in some instances chalcopyrite remains only as inclusions within late stage pyrite grains. Epithermal mineralization on the Tuligtic Property is considered to have no genetic relationship to the porphyry alteration and mineralization described above. The epithermal system is well preserved and there is evidence of a paleosurface as steam heated kaolinite and replacement silica alteration occur at higher elevations where the upper part of the Coyoltepec pyroclastic deposit is preserved. The Upper Tamaulipas formation carbonates (limestone and shale units), the dykes that crosscut it and the upper Coyoltepec volcanic subunit (variously referred to as volcanics, tuff or ash) are the host rocks to the epithermal system at Ixtaca. The epithermal alteration occurs over a roughly 5 by 5 kilometre area and occurs as intense kaolinite-alunite alteration and silicification in volcanic rocks. This alteration is interpreted to represent the upper portion of a well preserved epithermal system. The bulk of the mineralisation occurs in the carbonate (limestone and shale) as colloform banded epithermal vein zones. Unlike many epithermal vein systems in Mexico, the bulk of the veining in the Ixtaca zone has low base metal contents and gold and silver occur as electrum and other sulphides. SEM work has demonstrated that silver does not occur with galena or tetrahedrite in any significant way. In the main limestone unit (80% of recoverable metal in the FS) the silver to gold ratio of the mineralisation is roughly estimated to average ~65:1 while in the shale it is roughly estimated to be slightly higher at ~75:1. History of Past Work To the Company’s knowledge, no modern exploration has been conducted on the Ixtaca Project prior to Almaden’s acquisition of claims during 2001 and there is no record of previous mining; as such, this is a maiden discovery. 34 During January 2003, Almaden completed a program of geologic mapping, rock, stream silt sampling and induced polarization (IP) geophysical surveys at the Tuligtic Property (then known as the “Santa Maria Prospect”). The exploration identified both a porphyry copper and an epithermal gold target within an approximately 5 x 5km area of intensely altered rock. At the porphyry copper target, stockwork quartz-pyrite veins associated with minor copper mineralization overprint earlier potassic alteration within a multi-phase intrusive body. A single north- south oriented IP survey line identified a greater than 2km long elevated chargeability response coincident with the exposed altered and mineralized intrusive system. Volcanic rocks exposed 1km to the south of the mineralized intrusive display replacement silicification and sinter indicative of the upper parts of an epithermal system (the “Ixtaca Zone”). Quartz-calcite veins returning anomalous values in gold and silver and textural evidence of boiling have been identified within limestone roughly 100m below the sinter. The sinter and overlying volcanic rocks are anomalous in mercury, arsenic, and antimony. Additional IP surveys and soil sampling were conducted in January and February 2005, further defining the porphyry copper target as an area of high chargeability and elevated copper, molybdenum, silver and gold in soil. A total of eight (8) east-west oriented lines, 3km in length, spaced at intervals of 200m have been completed over mineralized intrusive rocks intermittently exposed within gullies cutting through the overlying unmineralized ash deposits. The Tuligtic Property was optioned to Pinnacle Mines Ltd. in 2006 and the option agreement was terminated in 2007 without completing significant exploration. The Property was subsequently optioned to Antofagasta Minerals S.A. (Antofagasta) on March 23, 2009. During 2009 and 2010 Antofagasta, under Almaden operation, carried out IP geophysical surveys and a diamond drill program targeting the copper porphyry prospect. Three additional IP survey lines were completed, and in conjunction with the previous nine (9) IP lines, a 2 x 2.5km chargeability high anomaly, open to the west and south, was defined. The 2009 drilling consisted of 2,973m within seven (7) holes that largely intersected skarn type mineralization. On February 16, 2010, Almaden announced that Antofagasta terminated its option to earn an interest in the Property. In July 2010, Almaden initiated a preliminary diamond drilling program to test epithermal alteration within the Tuligtic Property, resulting in the discovery of the Ixtaca Zone. The target was based on exploration data gathered by Almaden since 2001 including high gold and silver in soil and a chargeability and resistivity high anomaly (derived from an IP geophysical survey conducted by Almaden) topographically beneath Cerro Caolin, a prominent clay and silica altered hill. This alteration, barren in gold and silver, was interpreted by Almaden to represent the top of an epithermal system which required drill testing to depth. The first hole, TU-10-001 intersected 302.42 metres of 1.01g/t gold and 48g/t silver and multiple high grade intervals including 44.35 metres of 2.77g/t gold and 117.7g/t silver. Present Condition of Project Geology and Mineral Resources The veining of Ixtaca epithermal system displays characteristics representative of low and intermediate sulphidation deposits. These include typical mill feed and gangue mineralogy (electrum Ag-sulphides, sphalerite, galena, adularia, quartz and carbonates), mineralization dominantly in open space veins (colloform banding, cavity filling). At the base of the overlying clay altered volcanics disseminated gold-silver mineralisation occurs in association with pyrite and minor veining. Locally this mineralisation can be high grade but largely associated with lower Ag:Au ratios roughly estimated to average 20:1. To date two main vein orientations have been identified in the Ixtaca deposit: • • 060 trending sheeted veins hosted by limestone; 330 trending veins hosted by shale; The bulk of the resource and over 80% of the mill feed is hosted by the limestone in the Main Ixtaca and Ixtaca 35 North zones as swarms of sheeted and anastomosing high grade banded epithermal veins. There is no disseminated mineralisation within the host rock to the vein swarms, which is barren and unaltered limestone. To the northeast of the limestone hosted mineralisation, the Chemalaco zone, a 330 striking and west dipping vein zone hosted by shale, also forms part of the deeper resource. Rock Creek Mill Almaden entered into an option agreement to acquire the Rock Creek Mill in October 2015. The Rock Creek Mill is a completed mill that was located outside of Nome, Alaska and which only operated for several months before its owner suspended its mining operation in 2008. The mill has been kept in excellent condition on care and maintenance. The Rock Creek Mill was built to process 7,000 tonnes per day. It includes a three-stage crushing plant, gravity circuit, ball mill, floatation cells and leaching facilities. Also included in the option agreement are conveyors, metallurgical and chemical fire assay laboratories, a water treatment plant, full electrical circuitry and generators, and spare parts. Almaden exercised its right and option under the option agreement and has purchased the Rock Creek Mill and related assets for a total of US$6,500,000, subject to adjustment under certain circumstances. In addition to the cash payments, Almaden also issued to the optionor 407,997 Almaden common shares valued at $273,358 upon receipt of regulatory approval, which were issued on November 25, 2016. During the year ended December 31, 2018, Almaden obtained ownership and title to the mill equipment, which remains located in Nome, Alaska. The Rock Creek Mill has been incorporated into the Ixtaca economic studies. Amended Preliminary Economic Assessment On January 22, 2016, Almaden’s independent consultants prepared a Technical Report titled "Preliminary Economic Assessment of the Ixtaca Project”, which provided further detail to its December 9, 2015 press release summarizing the results of integrating the optioned Rock Creek Mill and a smaller, higher grade, payback focused pit on potential mine economics. An amended technical report was completed on April 13, 2016 (the “Amended PEA”); however the amendments were not material changes and the Report’s data, inputs, interpretation, conclusions and results all remained unchanged. This report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the mining property disclosure rules specified in Subpart 1300 of Regulation S-K under the United States Securities Act of 1933 (“Subpart 1300”) promulgated by the SEC. The Amended PEA followed the historical PEAs released in 2014 and 2015 (“Historical PEAs”) which evaluated larger throughput development alternatives. The primary reasons for providing an update to the Historical PEAs were to show the impact of significantly reduced initial capital cost on project economics and, given the significant decrease in precious metals prices, to demonstrate the viability of a mine plan which focused on the near surface high grade limestone hosted portions of the Ixtaca Zone deposit. This mine plan was a smaller higher grade scenario than those described in Almaden’s Historical PEA studies. In addition, the Amended PEA incorporated the optioned Rock Creek mill as well as results from various engineering studies related to the project which had been conducted since the Historical PEAs were completed. The Amended PEA incorporated: • The same resource model as the Historical PEAs; • The Rock Creek Mill, which was optioned by the Company in October 2015, with average throughput of 7,500 tonnes per day; • A smaller, near surface and payback focussed pit; 36 • A mine production schedule which targets higher grades earlier; • Optimised waste placement and tailings management facilities; • A 2% NSR now held by Almadex Minerals Ltd. Pre-Feasibility Study (“PFS”) Upon completion of the Amended PEA, Almaden began the work required for a Pre-Feasibility Study on the Ixtaca Project. During 2016, Almaden completed the necessary geotechnical, geomechanical, and hydrologic field programs, and also optimized site layout through updated waste placement and facilities locations. A new metallurgical program was also completed on the limestone domain, which represents approximately 82% of the total gold equivalent ounces produced over the life of the mine in the PFS. This report was also prepared in accordance with NI 43-101, the standards for which differ from the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The completed PFS is dated May 17, 2017 and included an updated resource model. The mine production schedule also included the optioned Rock Creek Mill while targeting higher grades earlier, using smaller, payback focused starter pits. Feasibility Study (“Study”) Upon completion of the PFS, Almaden began the work required for a Feasibility Study on the Ixtaca Project. The Study and resulting mine plan incorporate significant changes from the PFS including filtered (dry stack) tailings, ore sorting, increased throughput and an improved mine schedule. Collectively the changes result in a reduced project footprint and improved economics. Almaden engaged a team of consultants led by Moose Mountain Technical Services (“MMTS”) to undertake this Study. As of the date of the Study and of the date hereof, the aforementioned Named Experts or, as applicable, Designated Professionals, to the best of the Company's knowledge, after reasonable inquiry, beneficially own, directly or indirectly, less than 1% of the Common Shares of the Company or any of the Company’s associates or affiliates, and none of them have any registered or beneficial ownership, direct or indirect, of property of the Company or any of the Company’s associates or affiliates. The completed Study is dated January 24, 2019, and an update to the FS is dated October 3, 2019. The Study was prepared in accordance with NI 43-101, the standards for which differ from the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. A technical report summary which summarises the Study in a manner intended to be in accordance with Subpart 1300 of Regulation S-K (the “TRS”) has been filed as an exhibit to this Annual Report. The TRS is a review and summary of the previous technical work carried out up to the date of the Study. No significant technical work has been conducted subsequent to this Study and all exploration, legal, permitting and other project updates subsequent to the Study are provided elsewhere in this 20F. The Study was filed as a Feasibility Study under 43-101 standards. However, since Subpart 1300 standards are different than 43-101 standards, such as a lower range for cost estimates and contingencies, the Study likely would not meet Subpart 1300 requirements for a Feasibility-level study. TRS HIGHLIGHTS (All values shown in this section discussing the TRS are in $US unless noted otherwise. Base case uses $1275/oz gold and $17/oz silver prices. Gold and silver equivalency calculations assume 75:1 ratio). • Average annual production of 108,500 ounces gold and 7.06 million ounces silver (203,000 gold equivalent ounces, or 15.2 million silver equivalent ounces) over first 6 years; • After-tax internal rate of return (“IRR”) of 42% and after-tax payback period of 1.9 years; • After-tax net present value (“NPV”) of $310 million at a 5% discount rate; • Initial Capital of $174 million; • Conventional open pit mining with a Proven and Probable Mineral Reserve of 1.39 million ounces of gold and 85.2 million ounces of silver; 37 • Pre-concentration uses ore sorting to produce a total of 48 million tonnes of mill feed averaging 0.77 g/t gold and 47.9 g/t silver (2.03 g/t gold equivalent over first 6 years, 1.41 g/t gold equivalent over life of mine); • Average life-of-mine (“LOM”) annual production of 90,800 ounces gold and 6.14 million ounces silver (173,000 gold equivalent ounces, or 12.9 million silver equivalent ounces); • Operating cost $716 per gold equivalent ounce, or $9.55 per silver equivalent ounce; • All-in Sustaining Costs (“AISC”), including operating costs, sustaining capital, expansion capital, private and public royalties, refining and transport of $850 per gold equivalent ounce, or $11.30 per silver equivalent ounce; • Elimination of tailings dam by using filtered tailings significantly reduces the project footprint and water usage Capital and Operating Costs Initial capital cost for the Ixtaca gold-silver project is $174 million and sustaining capital (including expansion capital) is $111 million over the LOM. The estimated expansion capital of $64.5 million will be funded from cashflow in Year 4 for the throughput ramp-up in Year 5. Estimated LOM operating costs are $26.8 per tonne mill feed. The following tables summarize the cost components: Initial Capital Costs ($ millions) Mining Process Onsite Infrastructure Offsite Infrastructure Indirects, EPCM, Contingency and Owner’s Costs Total Expansion Capital Costs ($ millions) Mining Process Infrastructure Indirects, EPCM, Contingency and Owner’s Costs Total LOM Average Operating Costs ($) Mining costs Processing G&A Total $/tonne milled $/tonne milled $/tonne milled $/tonne milled Economic Results and Sensitivities 22.2 80.2 24.3 7.5 39.9 174.2 $1.2 $56.9 $1.5 $5.0 $64.5 $15.2 $10.5 $1.1 $26.8 A summary of financial outcomes comparing base case metal prices to alternative metal price conditions are presented below. The TRS base case prices are derived from current common peer usage, while the alternate cases consider the project’s economic outcomes at varying prices witnessed at some point over the three years prior to the Study. 38 Summary of Ixtaca Economic Sensitivity to Precious Metal Prices (Base Case is Bold) Gold Price ($/oz) Silver Price ($/oz) Pre-Tax NPV 5% ($million) Pre-Tax IRR (%) Pre-Tax Payback (years) After-Tax NPV 5% ($million) After-Tax IRR (%) After-Tax Payback (years) Mineral Resource Estimate 1125 14 229 35% 2.0 151 25% 2.6 1200 15.5 349 46% 1.8 233 34% 2.1 1275 17 470 57% 1.6 310 42% 1.9 1350 18.5 591 67% 1.4 388 49% 1.7 1425 20 712 77% 1.3 466 57% 1.5 On January 31, 2013 the Company announced a maiden resource on the Ixtaca Zone, which was followed by a resource update on January 22, 2014 and another on May 17, 2017. Since that time an additional 104 holes have been completed, and this data is also included in the Mineral Resource Estimate which is summarised in the table below. The data available for the resource estimation consisted of 649 drill holes assayed for gold and silver. Wireframes constraining mineralised domains were constructed based on geologic boundaries defined by mineralisation intensity and host rock type. Higher grade zones occur where there is a greater density of epithermal veining. These higher grade domains have good continuity and are cohesive in nature. Of the total drill holes, 558 intersected the mineralised solids and were used to make the resource estimate. Capping was completed to reduce the effect of outliers within each domain. Uniform down hole 3-meter composites were produced for each domain and used to produce semivariograms for each variable. Grades were interpolated into blocks 10 x 10 x 6 meters in dimension by ordinary kriging. Specific gravities were determined for each domain from drill core. Estimated blocks were classified as either Measured, Indicated or Inferred based on drill hole density and grade continuity. Table showing the Measured, Indicated and Inferred Mineral Resource Statement with the Base Case 0.3 g/t AuEq Cut-Off highlighted from the 8 July 2018 Resource Statement. Also shown are the 0.5, 0.7 and 1.0 g/t AuEq cut- off results. AuEq calculation is based on average prices of $1250/oz gold and $18/oz silver. Ixtaca Zone Measured, Indicated and Inferred Mineral Resource Statement MEASURED RESOURCE AuEq Cut-off (g/t) 0.30 0.50 0.70 1.00 AuEq Cut-off (g/t) 0.30 0.50 0.70 1.00 Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000 (tonnes) Au (g/t) 0.62 0.75 0.88 1.06 43,380,000 32,530,000 25,080,000 17,870,000 Ag (g/t) AuEq (g/t) 1.14 1.39 1.63 1.95 36.27 44.27 51.71 61.69 Au (oz) 862 788 711 608 Ag (oz) 50,590 46,300 41,700 35,440 AuEq (oz) 1,591 1,454 1,312 1,118 INDICATED RESOURCE Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000 (tonnes) Au (g/t) 0.44 0.59 0.74 0.96 80,760,000 48,220,000 29,980,000 16,730,000 Ag (g/t) AuEq (g/t) 0.77 1.02 1.29 1.65 22.67 30.13 37.79 47.94 Au (oz) 1,145 913 715 516 Ag (oz) 58,870 46,710 36,430 25,790 AuEq (oz) 1,994 1,586 1,240 888 39 INFERRED RESOURCE AuEq Cut-off (g/t) 0.30 0.50 0.70 1.00 Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000 (tonnes) Au (g/t) 0.32 0.44 0.57 0.79 40,410,000 16,920,000 7,760,000 3,040,000 Ag (g/t) AuEq (g/t) 0.56 0.80 1.06 1.42 16.83 25.43 33.80 43.64 Au (oz) 412 237 142 77 Ag (oz) 21,870 13,830 8,430 4,270 AuEq (oz) 726 436 264 139 Notes pertaining to Measured, Indicated and Inferred Mineral Resource Estimates: 1. Ixtaca Mineral Resources Estimate have an effective date of 8 July 2018. 2. Base Case 0.3 g/t AuEq Cut-Off grade is highlighted. Also shown are the 0.5, 0.7 and 1.0 g/t AuEq cut-off results. AuEq calculation based on average prices of $1250/oz gold and $18/oz silver. The Base Case cut-off grade includes consideration of the open pit mining method, 90% metallurgical recovery, mining costs of $1.82/t, average processing costs of $11.7, G&A costs of $1.81/t 3. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal or other relevant issues. The Mineral Resources have been classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves in effect as of the date of 8 July 2018. 5. All figures were rounded to reflect the relative accuracy of the estimates and may result in summation differences. Mineral Reserve Estimate Mineral Reserves in the table below have been developed by MMTS with an effective date of November 30, 2018, The Mineral Reserves are based on an engineered open pit mine plan. Mineral Reserves Tonnes (millions) 31.6 41.4 73.1 Proven Probable TOTAL Diluted Average Grades Contained Metal Au (g/t) 0.70 0.51 0.59 Ag (g/t) 43.5 30.7 36.3 Au - '000 ozs 714 673 1,387 Ag - '000 ozs 44,273 40,887 85,159 • Mineral Reserves have an effective date of November 30, 2018. The qualified person responsible for the Mineral Reserves is Jesse Aarsen, P.Eng of Moose Mountain Technical Services. • The cut-off grade used for ore/waste determination is NSR>=$14/t • All Mineral Reserves in this table are Proven and Probable Mineral Reserves. The Mineral Reserves are not in addition to the Mineral Resources but are a subset thereof. All Mineral Reserves stated above account for mining loss and dilution. • Associated metallurgical recoveries (gold and silver, respectively) have been estimated as 90% and 90% for limestone, 50% and 90% for volcanic, 50% and 90% for black shale. • Reserves are based on a US$1,300/oz gold price, US$17/oz silver price and an exchange rate of US$1.00:MXP20.00. • Reserves are converted from resources through the process of pit optimization, pit design, production schedule and supported by a positive cash flow model. • Rounding as required by reporting guidelines may result in summation differences. Legal, political, environmental, or other risks that could materially affect the potential development of the Mineral Reserves are provided in this Form 20-F under the heading “Risk Factors”. 40 Mine Plan The Ixtaca gold-silver project is planned as a typical open pit mining operation using contractor mining. Initial production will ramp up to a mill feed rate of 7,650 tonnes per day followed by an expansion to 15,300 tonnes per day from Year 5 onwards. An ore control system is planned to provide field control for the loading equipment to selectively mine ore grade material separately from the waste. Mining operations will be based on 365 operating days per year with three 8 hour shifts per day. Processing The TRS reflects the Rock Creek process plant which has been purchased by Almaden. Run of mine ore will be crushed in a three-stage crushing circuit to -9 mm. The TRS also incorporates ore sorting, test work for which has shown the ability to separate barren or low grade limestone host rock encountered within the vein swarm from vein and veined material (see Almaden news release of July 16th 2018). Product from the secondary crusher will be screened in to coarse (+20mm), mid-size (12 to 20 mm), and fine (-12mm) fractions. Coarse and mid-size ore will be sorted by an XRT ore sort machine to eject waste rock. Fine ore will bypass the ore sorting and is sent directly to the mill. Ore sort waste from Limestone and Black Shale is below waste/ore cutoff grade and is placed in the waste rock dump. Ore sort ‘waste’ from the Volcanic unit is low grade ore and will be stockpiled for processing later in the mine life. Ore sorting pre-concentration increases the mill feed gold and silver grades by 32% and 31% respectively compared to run of mine (ROM) grades. The table below shows ROM grades with ore sort waste removed from the ROM, and the resulting mill feed. Ore Sort Mill Feed grade improvement Limestone Black Shale Volcanic TOTAL million tonnes Au g/t Ag g/t million tonnes Au g/t Ag g/t million tonnes Au g/t Ag g/t million tonnes Au g/t Ag g/t ROM Ore 51.5 0.572 37.5 12.2 0.517 44.4 9.4 0.790 18.6 73.1 0.591 36.3 Ore sort Waste 18.8 0.24 12.0 6.3 0.25 20.0 - - - 25.1 0.24 14.0 Mill Feed 32.7 0.763 52.2 5.8 0.806 70.8 9.4 0.790 18.6 48.0 0.773 47.9 Crushed ore is transported to the grinding circuit by an over land conveyor. Grinding to 75 microns is carried out with ball milling in a closed circuit with cyclones. Cyclone underflow is screened and the screen undersize is treated in semi-batch centrifugal gravity separators to produce a gravity concentrate. The gravity concentrate will be treated in an intensive leach unit with gold and silver recovered from electrowinning cells. The cyclone overflow will be treated in a flotation unit to produce a flotation concentrate. After regrinding the flotation concentrate leaching will be carried out in 2 stages. CIL leaching for 24 hours will complete gold extraction, followed by agitated tank leaching to complete silver leaching. A carbon desorption process will 41 recover gold and silver from the CIL loaded carbon, and a Merrill Crowe process will recover gold and silver from pregnant solution from the agitated leach circuit. Cyanide destruction on leach residue is carried out using the SO2/Air process. Final tailings are thickened and filtered then dry stacked and co-disposed with mine waste rock. Average process recoveries from mill feed to final product over the life of mine are summarized below for each ore type. Average Life of Mine Process Recoveries from Mill Feed Limestone Volcanic Black Shale Gold 88.5% 64.4% 54.5% Silver 86.8% 76.3% 84.7% Water and Waste Management One of Almaden’s top priorities at Ixtaca is water quality and a mine plan that provides a permanent and consistent long-term supply of water for residents. The plan outlined in the TRS has evolved through the open dialogue between the Company and residents over the past number of years and as part of the Social Investment Plan consultation (see section below on “Community”). Rainfall in the Ixtaca vicinity falls primarily during a relatively short rainy season. With no local water storage facilities, the flash flows of water are currently lost to the communities. Under the TRS, rainwater will be captured during the rainy season in the water storage reservoir and slowly released during the dry season, for use by both the mining operation and local residents. Extensive geochemical studies have evaluated the potential for acid rock drainage and metal leaching from the waste rock and tailings using globally accepted standardised methods of laboratory testing and in compliance with Mexican regulations. Most of the waste rock at Ixtaca is limestone, and the studies of both waste rock and tailings have consistently shown that there is more than enough neutralising potential present in the waste rock to neutralise any acid generated. Testing to date also indicates low potential for metal leaching. These results along with the excellent access to potential markets in the growing industrial state of Puebla, indicate the potential for rock waste and tailings from the Ixtaca deposit to be secondary resources such as aggregate and cement feedstock. These opportunities were examined in 2019 as part of the Company’s commitment to best sustainable practices. In consideration of these findings and the hydrologic conditions at Ixtaca, Almaden and its consultants reviewed Best Available Technology and Best Applicable Practice in the design and planning of tailings management at Ixtaca, which resulted in selecting a dry-stack tailings facility which would include co-disposal of waste with filtered tailings, use much less water than traditional slurry facilities, reduce the mine footprint, allow for better dust control, and enable earlier rehabilitation of the tailings and waste disposal areas. Community Consultations Almaden has a long history of engagement with communities in the region around the Ixtaca Project. Amongst many other initiatives, the Company has trained and employed drillers and driller helpers from the local area, held ten large-scale community meetings totalling over 4,500 people, taken 500 local adults on tours of operating mines in Mexico, and held monthly technical meetings on a diverse range of aspects relating to the mining industry and the Ixtaca Project. At the end of 2021, the Company convened an outdoor end of year gathering in a large open space and is very appreciative of the ongoing support and optimism from local communities regarding the future of the project and the tremendous value that we can collectively deliver to the local area through project development. In 2017, Almaden engaged a third-party consultant to lead a community consultation and impact assessment at the Ixtaca Project. In Mexico, only the energy industry requires completion of such an assessment (known in Mexico as a Trámite Evaluación de Impacto Social, or “EVIS”) as part of the permitting process. The purpose of 42 these studies is to identify the people in the area of influence of a project (“Focus Area”), and assess the potential positive and negative consequences of project development to assist in the development of mitigation measures and the formation of social investment plans. To Almaden’s knowledge, this is the first time a formal EVIS has been completed in the minerals industry in Mexico, and as such reflects the Company’s commitment to best national and international standards in Ixtaca project development. The EVIS and subsequent work on the development of a Social Investment Plan were conducted according to Mexican and international standards such as the Guiding Principles on Business and Human Rights, the Equator Principles, and the OECD Guidelines for Multinational Enterprises and Due Diligence Guidance for Meaningful Stakeholder Engagement in the Extractive Sector. Fieldwork for the EVIS was conducted by an interdisciplinary group of nine anthropologists, ethnologists and sociologists graduated from various universities, who lived in community homes within the Ixtaca Focus Area during the study to allow for ethnographic immersion and an appreciation for the local customs and way of life. This third-party consultation sought voluntary participation from broad, diverse population groups, with specific attention to approximately one thousand persons in the Focus Area. This extensive consultation resulted in changes to some elements of the mine design, including the planned construction of a permanent water reservoir to serve the local area long after mine closure, and the shift to dry- stack filtered waste management. In March 2020, the Company announced that it has partnered with a local community group focused on irrigation development, and together with them coordinated with the Federal Government water authority (“CONAGUA”), to co-fund a new water reservoir in Zacatepec, a community located close to the Ixtaca mine development area. Next steps will involve adding new pipelines, tanks, and other structures to enhance the irrigation potential in support of local agricultural production. This reservoir is one of the projects identified which could bring immediate benefits to the local area even prior to Ixtaca development. The Company looks forward to advancing further elements of the community Social Investment Plan as mine permitting and construction advance. The Company has now commenced a Human Rights Impact Assessment (“HRIA”) at the Ixtaca project. The HRIA will be conducted in accordance with best international practice and in observance of the latest developments in international human rights legislation and precedents. It will seek to predict, identify, characterize, and assess the impacts the project may have on these matters and will propose strategies which amplify the positive impacts and mitigate or compensate for any negative ones. Economic Contributions The TRS anticipates that approximately 600 direct jobs will be created during the peak of construction, and 420 jobs will be generated during operations. Assuming base case metal prices, under this TRS Ixtaca is anticipated to generate approximately US$130 million in Federal taxes, US$50 million in State taxes and US$30 million in Municipal taxes. Closure and Reclamation Mine waste areas will be reclaimed and re-vegetated at the end of mining activity. At closure, all buildings will be removed and remaining facilities, except for the water storage dam (WSD), will be reclaimed and re-vegetated. The WSD and the availability of this water to the local communities will remain after closure. Opportunities Several opportunities excluded from the base case economics have been identified in the TRS. • Results from the ore sorting tests identified several opportunities to increase the ore sort efficiency and could result in a further increase in mill feed grades. These opportunities will be investigated with future test work. 43 • Gold extraction recoveries in the minor black shale unit are currently impeded by the presence of carbonaceous material. Recent test work including carbon pre-flotation and ultra-fine gravity separation has demonstrated that the carbon can be liberated and removed with a significant improvement in gold recovery. This test work is ongoing and is expected to improve the black shale gold recovery. • Test work carried out on Ixtaca limestone waste rock samples concluded that Ixtaca limestone waste rock is suitable for many types of concrete use and other applications such as shotcrete, subgrade, asphalt aggregate or railroad ballast with little effort and processing. Concrete produced with tests on Ixtaca limestone aggregate performed very well, achieving the 28-day design compressive strength of 30 MPa already at 7 days, and more than 40 MPa at 28 and 56 days. Ixtaca is connected by 60 km of paved road to the industrial city Apizaco, 120 km of paved road to the state capital of Puebla, and 170 km of paved road to Mexico City. The sale of limestone ore sort rejects (a waste product) as an aggregate presents a very significant potential source of revenue to the Project at no additional capital or operating cost to the Project. There is also potential to sell some of the waste rock as an aggregate. • Fine aggregate from crushing and grinding operations is also expected to perform in a similar way to the coarse aggregate. Chemical analysis of the fine aggregate indicates that it is also suitable as a raw material for the production of lime cement or Portland cement if properly processed and blended with suitable silica aluminates. Next Engineering and Development Steps In December 2020, the Company announced that it received notification from the Mexican federal permitting authority, SEMARNAT, that the Company’s initial MIA, a required permit in order to proceed to construction and operation of the Ixtaca Project, did not receive approval. The Company originally submitted the MIA in early 2019. The reasons cited by SEMARNAT for not approving the MIA include insufficient technical information regarding the impacts of the Ixtaca Project on the environment, local and regional area. Although not formally vested with authority on indigenous matters under a specific local body of law, SEMARNAT also expressed its opinion that indigenous persons are present in the area affected by the Ixtaca Project and indicated that this needs to be addressed in the context of obligations assumed by Mexico under ILO Convention 169 regarding the human right to free, prior, informed consultation of indigenous communities. In December 2020, the Company announced that its initial MIA was not approved by Mexican authorities. The Company is now preparing a revised MIA permit application which incorporates additional data presently available to the Company as well as data gathered in further field studies. Qualified Persons, Sample Preparation, Analyses, Quality Control and Assurance The independent qualified person responsible for the TRS is Jesse Aarsen, P.Eng., of Moose Mountain Technical Services. A copy of the TRS, and Mr. Aarson’s consent, are included as exhibits to this Annual Report. The analyses used in the preparation of the mineral resource statement were carried out at ALS Chemex Laboratories of North Vancouver (“ALS”) using industry standard analytical techniques. All strongly altered or epithermal-mineralized intervals of core have been sampled. Almaden employs a maximum sample length of 2 to 3m in unmineralized lithologies, and a maximum sample length of 1m in mineralized lithologies. During the years 2010 and 2011, Almaden employed a minimum sample length of 20cm. The minimum sample length was increased to 50cm from 2012 onwards to ensure the availability of sufficient material for replicate analysis. Drill core is half-sawn using industry standard diamond core saws. After cutting, half the core is placed in a new plastic sample bag and half is placed back in the core box. Sample numbers are written on the outside of the sample bags and a numbered tag placed inside the bag. Sample bags are sealed using a plastic cable tie. Sample numbers are checked against the numbers on the core box and the sample book. 44 ALS sends its own trucks to the Ixtaca Project to take custody of the samples at the Santa Maria core facility and transports them to its sample preparation facility in Guadalajara or Zacatecas, Mexico. Prepared sample pulps are then forwarded by ALS personnel to the ALS North Vancouver, British Columbia laboratory, which is ISO/IEC 17025:2017 and ISO 9001: 2015 certified, for analysis. For gold, samples are first analysed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10 g/t gold using this technique are then re-analysed by fire assay but with a gravimetric finish. Silver is first analysed by Inductively Coupled Plasma - Atomic Emission Spectroscopy (“ICP-AES”). Samples that return values greater than 100 g/t silver by ICP-AES are then re analysed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish. Of these samples those that return silver values greater than 1,500 g/t are further analysed by fire assay with a gravimetric finish. Blanks, field duplicates and certified standards were inserted into the sample stream as part of Almaden’s quality assurance and control program. In addition to the in-house QAQC measures employed by Almaden, Kris Raffle, P.Geo. of APEX Geoscience Ltd., completed an independent review of blank, field duplicate and certified standard analyses. All QAQC values falling outside the limits of expected variability were flagged and followed through to ensure completion of appropriate reanalyses. No discrepancies were noted within the drill hole database, and all QAQC failures were dealt with and handled with appropriate reanalyses. Current Work In December 2020, the Company announced that its initial MIA was not approved by Mexican authorities. The Company is now working towards submitting a revised MIA permit application which incorporates additional data presently available to the Company as well as data gathered in further field studies. Upcoming / Outlook Almaden has access to sufficient funding to conduct its anticipated work program for the next fiscal year at the Ixtaca Project. The Company intends to proceed with the preparation of a revised MIA application and completion of the Human Rights Impact Assessment during 2022. In the normal course, MIA permits may take up to one year for review by SEMARNAT after submission. Item 4A. Unresolved Staff Comments Not applicable. Item 5. Operating and Financial Review and Prospects Operating Results The following discussion and analysis of the results of operations and the Company’s financial position should be read in conjunction with the consolidated financial statements and related notes for the years ended December 31, 2021, 2020, and 2019 appearing under Item 18 – Financial Statements and listed under Item 19 – Exhibits. The Company’s consolidated financial statements are stated in Canadian Dollars and have been prepared in accordance and compliance with International Financial Reporting Standards as issued by the IFRS. The Company is in the business of exploring its principal mineral property in Mexico with the aim of developing it to a stage where it can be exploited at a profit or to arrange joint ventures or other business transactions whereby other companies provide, in whole or in part, funding for development and exploitation. At that stage, the Company’s operations would, to some extent, be dependent on the world market prices of any minerals mined. The Company does not have producing properties or operations on its properties. The Company receives other income from Administrative Services Agreements with Azucar and Almadex. Under those Agreements, the Company is the sole and exclusive manager of Azucar and Almadex. Azucar and Almadex compensate the Company 27% (2020 – 60%) and 39% (2020 – 30%), respectively, of the Company’s actual monthly overhead costs including any shared personnel fees and/or wages. Azucar and Almadex also pay the Company any reasonable fees or costs incurred on their behalf by the Company which were approved by Azucar or Almadex, respectively. The Administrative Services Agreements have an initial 5-year term, with subsequent automatic 1-year renewals unless terminated pursuant to the terms permitted under the respective 45 Agreements. The Administrative Services Agreements include a Change of Control clause. If either party is subject to a Change of Control during the term of the respective Agreement, that Agreement shall automatically terminate within 48 hours of the Change of Control unless agreed to in writing by both parties. The target of the Change of Control shall then pay the other party $2 million as compensation for the unplanned termination of the Company’s engagement and significant disruption to the other party’s business. “Change of Control” means the date upon which, without the written concurrence of the target of the Change of Control, any person (as that term is defined in the Securities Act (British Columbia)) makes and does not withdraw a take-over bid (as that term is defined in the Securities Act (British Columbia)) or acquires, directly or indirectly, that number of common shares of the target which equals or exceeds twenty percent (20%) of the then issued common shares of the target. Fiscal 2021 compared to Fiscal 2020 For the year ended December 31, 2021 (“Fiscal 2021”), the Company recorded a comprehensive loss of $2,668,254, or $0.02 per common share, compared to a comprehensive loss of $3,129,368, or $0.03 per common share, for the year ended December 31, 2020 (“Fiscal 2020”). The decrease of $461,114 was primarily a result of $1,849,558 increase in other income offset by $1,074,303 increase in operating expenses and $314,141 increase in deferred income tax expense. As the Company is at the development stage, it has no revenue from mining operations. Other income of $3,551,864 (Fiscal 2020 - $1,702,306) during Fiscal 2021 consisted primarily of administrative services fees earned from Azucar of $412,812 (Fiscal 2020 - $935,872) and from Almadex of $969,532 (Fiscal 2020 - $468,227). The Company has an administrative services agreement with these two companies whereby overhead and salaries expenses are proportionally allocated as described above and under the heading “Related Party Transactions” below. Amounts earned from administrative service fees depends on the business activities of each company. The increase of $1,849,558 in other income (loss) is also due to an increase in interest and other income of $450,049 earned from higher cash balance from the Fiscal 2021 financing and a refund from value added taxes in Mexico from prior years. Furthermore in Fiscal 2021, there were no financing fees paid from the gold loan compared to $54,577 in Fiscal 2020. Operating expenses were $5,905,977 during Fiscal 2021 (Fiscal 2020 - $4,831,674). Certain operating expenses were reported on a gross basis and recovered through other income from the administrative services agreements with Azucar and Almadex. The increase in operating expenses of $1,074,303 are mainly the result of an increase of salary and benefits of $539,901 from year-end bonus paid in 2021 by Almadex and recovered through the Administrative Services fee, an increase in professional fees of $208,742 from operational activities and an increase in share-based payments of $86,300 from stock option grants during 2021. Fiscal 2020 compared to Fiscal 2019 For Fiscal 2020, the Company recorded a comprehensive loss of $3,129,368, or $0.03 per common share, compared to a comprehensive loss of $3,763,075, or $0.03 per common share, for the year ended December 31, 2019 (“Fiscal 2019”). The decrease of $633,707 was primarily a result of $390,645 increase in operating expenses offset by a $1,024,352 increase in other income. As the Company is at the development stage, it has no revenue from mining operations. Other income of $1,702,306 (Fiscal 2019 - $677,954) during Fiscal 2020 consisted primarily of administrative services fees earned from Azucar of $935,872 (Fiscal 2019 - $639,320) and from Almadex of $468,227 (Fiscal 2019 - $320,093). The Company has an administrative services agreement with these two companies whereby overhead and salaries expenses are proportionally allocated as described above and under the heading “Related Party Transactions” below. The increase of $1,024,352 in other income relates to an increase in administrative service fees of $444,686 and a reduction in impairment of exploration and evaluation assets of $501,620. Operating expenses were $4,831,674 during Fiscal 2020 (Fiscal 2019 - $4,441,029). Certain operating expenses were reported on a gross basis and recovered through other income from the administrative services agreements with Azucar and Almadex. The increase in operating expenses of $390,645 are mainly the result of a decrease in professional fees of $363,974 and a decrease in travel and promotion of $180,081 which are all related to the work stoppage during the COVID-19 pandemic, offset by an increase in share-based payments of $851,380 from stock option grants. Liquidity and Capital Resources As at December 31, 2021, the Company’s working capital position was $10,651,264. Management estimates that 46 the current cash position and expected future cash flows from the exercise of outstanding stock options and warrants and equity financing will be sufficient for the Company to carry out its anticipated exploration and operating plans for fiscal 2022 that includes further development of the Ixtaca Project. Management believes that the Company’s cash resources are sufficient to meet its working capital and mineral exploration requirements for its next fiscal year, but the Company may decide to raise additional funds through the sale of equity in fiscal 2022 depending upon favorable market conditions. During fiscal 2019, the Company filed a preliminary short-form base shelf prospectus in certain jurisdictions of Canada and a corresponding Registration Statement on Form F-10 with the Commission. A final short-form base shelf prospectus relating to the 2019 preliminary prospectus was never filed and therefore the related Registration Statement did not become effective under the U.S. Securities Act of 1933. Subsequent to year end 2020, the Company withdrew its prior Registration Statement on Form F-10 and re-filed a preliminary short-form base shelf prospectus in certain jurisdictions of Canada and a corresponding Registration Statement on Form F-10 with the Commission. Subsequently, the Company filed a final short-form base shelf prospectus in certain jurisdictions of Canada and an amendment to its Registration Statement on Form F-10, which is currently effective under the U.S. Securities Act of 1933. Under the Registration Statement on Form F-10 and Canadian final short-form base prospectus, the Company may, from time to time, prior to March 25, 2023, that the prospectus remains valid, offer for sale and issue Securities (defined below). The Company may issue and sell up to an aggregate total offering price of US$60,000,000. The Securities to be issued under the prospectus and Registration Statement on Form F-10 may consist of common shares, warrants to purchase common shares, subscription receipts that entitle the holder to receive, upon satisfaction of certain release conditions and for no additional consideration, common shares or warrants, or securities comprised of more than one of common shares, warrants and/or subscription receipts offered together as a unit (collectively, “Securities”). The Company may sell the Securities, separately or together, to or through underwriters or dealers, and also may sell Securities to one or more other purchasers directly or through agents. The Securities may be sold, from time to time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices, including in transactions that are deemed to be "at-the-market distributions" as defined in Canadian NI 44-102, including sales made directly on the TSX, the NYSE American or other existing trading markets for the Securities. Fiscal 2021 At the end of Fiscal 2021, the Company had working capital of $10,651,264 including cash and cash equivalents of $10,170,376 compared to working capital of $3,082,986, including cash and cash equivalents of $2,534,698 at the end of Fiscal 2020. The increase in working capital of $7,568,278 is due to the registered direct offering closed on March 2021 offset by the cash balances being used for expenditures in exploration and evaluation assets and corporate affairs. The Company has long term liabilities of $6,457,408 at the end of Fiscal 2021 compared to $4,688,836 at the end of Fiscal 2020 that relates to deferred income tax liability from the Mexican income tax and Special Mining Duty associated with the Ixtaca Project of $1,749,023 (Fiscal 2020 - $1,434,882). Other components of long term liabilities relate to long-term portion of lease liabilities of $465,930 (Fiscal 2020 - $35,781) for office lease, gold loan payable of $3,227,545 (Fiscal 2020 - $2,842,756) entered with Almadex on May 14, 2019, warrant liability of $623,290 (Fiscal 2020 - $Nil) for the warrants issued pursuant to the registered direct offering on March 18, 2021 and derivative financial liabilities of $391,620 (Fiscal 2020 - $375,417) related to the gold loan. Net cash used in operating activities during Fiscal 2021, was $1,613,580 (Fiscal 2020 - $1,253,362), after adjusting for non-cash activities. Net cash used in investing activities during Fiscal 2021, was $2,795,150 (Fiscal 2020 - $1,757,718) related to expenditures in exploration and evaluation assets while waiting for its development permits. Net cash from financing activities during Fiscal 2021, was $12,044,408 (Fiscal 2020 - $4,633,564) as a result of registered direct offer of $11,610,581 (Fiscal 2020 – non-brokered private placements financing $3,850,209), options exercised of $564,750 (Fiscal 2020 - $158,090), share issue cost on cashless exercise of options of $Nil (Fiscal 2020 - $40,157), deferred share issue cost of $Nil (Fiscal 2020 - $40,990), warrants exercised of $Nil 47 (Fiscal 2020 - $10,000), net proceeds on gold in trust of $Nil (Fiscal 2020 - $818,360) and repayment of leasing of $130,923 (Fiscal 2020- $121,948). Management estimates that the current cash position will be sufficient for the Company to carry out its business for the upcoming year. Longer term, should the Company receive the necessary permits and authorizations to proceed to construction of the Ixtaca Project, additional funding will need to be secured. Use of Proceeds From March 2021 Financing The net proceeds to the Company from the Offering were approximately US$9,630,500 after deducting the Agent’s Fee of US$669,500 in aggregate, but before deducting the expenses of the Offering. The Company intends to use the majority of the net proceeds of the Offering for preparation and submission of applications for permits required to commence construction of the Ixtaca Project, additional engineering work, exploration activities, legal and consulting costs, and for general working capital purposes as follows: Items Expressed in millions of dollars 1. 2. 3. 4. 5. 6. 7. 8. 9. Total Permitting and related fees and expenses Detailed project engineering and related expenses Exploration drilling Assay costs Geology, mapping, geophysics Mineral leases Marketing, finance, legal, and administration costs for the next 12 months Public company costs for the next 12 months General working capital Budget USD Budget CAD Actual Use CAD Mar 18 to Dec 31, 2021 Variance CAD 2.24 2.67 0.78 0.47 0.16 0.12 2.88 3.42 1.00 0.60 0.21 0.15 1.48 0.23 1.48 $ 9.63 1.90 0.29 1.90 $ 12.35 (0.77) (0.71) (0.51) (0.02) (0.20) (0.08) (1.49) (0.04) (0.41) (4.23) 2.11 2.71 0.49 0.58 0.01 0.07 0.41 0.25 1.49 8.12 The above noted allocation represents the Company’s intentions with respect to its use of proceeds based on knowledge, planning and expectations of management of the Company as at March 17, 2021, when the Company filed its prospectus supplement to its base shelf prospectus dated February 25, 2021. Actual expenditures from March 18 to December 31, 2021 are reflected and compared to budget. The reason for the large variance reported above is the short time which has passed since the completion of the offering. There can be no assurances the above objectives will be completed as circumstances may change and for business reasons, a reallocation of funds may be necessary in order for the Company to achieve its stated business objectives. See “Risk Factors”. Fiscal 2020 At the end of Fiscal 2020, the Company had working capital of $3,082,986 including cash and cash equivalents of $2,534,698 compared to working capital of $1,748,508, including cash and cash equivalents of $912,214 at the end of Fiscal 2019. The increase in working capital of $1,334,478 is due to the non-brokered private placement financings closed in March and August 2020 offset by the cash balances being used for expenditures in exploration and evaluation assets and corporate affairs. The Company has long term liabilities of $4,688,836 at the end of Fiscal 2020 compared to $4,577,916 at the end of Fiscal 2019 that relates to deferred income tax liability from the Mexican income tax and Special Mining Duty associated with the Ixtaca Project of $1,434,882 (Fiscal 2019 - $1,434,882). Other components of long term liabilities relate to long-term portion of lease liabilities of $35,781 (Fiscal 2019 - $170,731) for office lease, gold loan payable of $2,842,756 (Fiscal 2019 - $2,541,338) entered with Almadex on May 14, 2019 and derivative financial liabilities of $375,417 (Fiscal 2019 - $430,965) related to the gold loan. On March 27, 2020, and August 6, 2020, the Company closed non-brokered private placements for gross proceeds of $2,038,573 and of $2,015,000, respectively. With this additional cash, Management believes that the Company’s cash resources are sufficient to meet its minimum working capital for its next fiscal year as most expenditures in exploration and evaluation assets are discretionary. 48 Net cash used in operating activities during Fiscal 2020, was $1,253,362 (Fiscal 2019 - $1,892,325), after adjusting for non-cash activities. Net cash used in investing activities during Fiscal 2020, was $1,757,718 (Fiscal 2019 - $3,751,770). Significant items include expenditures on exploration and evaluation assets of $1,750,935 (Fiscal 2019 - $3,324,173) while waiting for its development permits. Net cash from financing activities during Fiscal 2020, was $4,633,564 (Fiscal 2019 - $1,475,729) as a result of net proceeds from non-brokered private placements of $3,850,209 (Fiscal 2019 - $Nil) in 2020, options and warrants exercised of $168,090 (Fiscal 2019 - $Nil), and gold in trust in of $818,360 (Fiscal 2019 - $1,577,704). Net cash used in financing activities during the Fiscal 2020 was $203,095 (Fiscal 2019 - $101,975) as a result of lease payments of $121,948 (Fiscal 2019 - $101,975), share issue costs of $40,990 (Fiscal 2019 - $Nil) and share issue costs on cashless exercise of options $40,157 (Fiscal 2019 - $Nil). Management estimates that the current cash position and potential future cash flows will be sufficient for the Company to carry out its business for the upcoming year. On February 25, 2021, the Company filed a final short form base shelf prospectus in each of the provinces and territories of Canada, other than Québec (the “Shelf Prospectus”), and a corresponding amendment to its Registration Statement on Form F-10 with the Commission under the U.S./Canada Multijurisdictional Disclosure System. Under the Registration Statement on Form F-10 and Canadian final short-form base prospectus, the Company may, from time to time, during the 25-month period that the prospectus remains valid, offer for sale and issue Securities (defined below). The Company may issue and sell Securities up to an aggregate total offering price of US$60,000,000. The Company may sell the Securities, separately or together, to or through underwriters or dealers, and also may sell Securities to one or more other purchasers directly or through agents. The Securities may be sold, from time to time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of sale, at prices related to such prevailing market prices or at negotiated prices, including in transactions that are deemed to be "at-the-market distributions" as defined in Canadian NI 44-102, including sales made directly on the TSX, the NYSE American or other existing trading markets for the Securities. Fiscal 2019 At the end of Fiscal 2019, the Company had working capital of $1,748,508 including cash and cash equivalents of $912,214 compared to working capital of $4,356,589 including cash and cash equivalents of $5,080,580 at the end of Fiscal 2018. The decrease in working capital of $2,608,081 is mainly due to the cash balances used for expenditures in exploration and evaluation assets and corporate affairs. The Company has long term liabilities of $4,577,916 at the end of Fiscal 2019 compared to $1,434,882 at the end of Fiscal 2018 that relates to deferred income tax liability from the Mexican income tax and Special Mining Duty associated with the Ixtaca project. Other components of long-term liabilities relate to long-term portion of lease liabilities of $170,731, gold loan payable of $2,541,338 and derivative financial liabilities of $430,965. On May 14, 2019, the Company entered into a secured gold loan agreement with Almadex which provides access to approximately $3 million, with only minor dilution to shareholders. With this additional cash, Management believes that the Company’s cash resources are sufficient to meet its minimum working capital for its next fiscal year. Net cash used in operating activities during Fiscal 2019, was $1,892,325 (Fiscal 2018 - $1,919,921), after adjusting for non-cash activities. Net cash used in investing activities during Fiscal 2019, was $3,751,770 (Fiscal 2018 - $18,171,752). Significant items include expenditures on exploration and evaluation assets of $3,324,173 (Fiscal 2018 - $9,674,048) mainly to complete the feasibility study and start its development activities in Mexico. Net cash from financing activities during Fiscal 2019, was $1,475,729 (Fiscal 2018 - $8,837,719) as a result of 49 net proceeds of gold in trust. Management estimates that the current cash position and potential future cash flows will be sufficient for the Company to carry out its business plans for the upcoming year. Management is sourcing project financing options to advance the Ixtaca project during its development stage. Research and Development, Patents and Licenses The Company conducts no Research and Development activities, nor is it dependent upon any patents or licenses. Trend Information During 2021, prices of precious metals continued to be quite volatile, with the gold price trading at a low of about US$1685/ounce in March and a high of over US$1,900/ounce by June. The price of silver was characteristically more volatile, trading at a low of about US$21.50/ounce in September after having traded at over US$28/ounce earlier in February. Volatility is against a background of Central Banks maintain low interest rate policies, and countries around the world accumulating massive debts even during good times and now exacerbated in the presence of the COVID- 19 pandemic. Consumers have accumulated a lot of debt because of low interest rates and the likelihood that more consumer spending can bail everything out appears low. It remains very difficult to predict the trajectory and consequences of the COVID-19 pandemic, but the effects are already drastic. Situations where there is increased risk to the established financial and social structures are the classic reason for owning gold and silver as preservers of savings and value; nevertheless, even the values of precious metals and the securities of companies engaged in their exploration, development and production are not immune to the repercussions that have resulted from the crisis. Because of difficult financial conditions around the world, mining exploration has suffered and much resource development has been held up by opposition from anti-development activists, in many cases emanating from well outside of the communities local to the development projects. Nevertheless, the demand and need for precious and other metals will continue to grow. The reserves of known deposits are being depleted and the need for replacement will grow. There are fewer advanced projects in the pipeline, and management anticipates that their value will come to be recognized by both investors and the jurisdictions where they occur. Both the scarcity of funding for new discoveries and the difficulty in developing new resources are likely to limit the supply of metals to a growing and developing global population. The Company believes that in the long term, metal prices will be constructive for both exploration and development activities. The Company plans to continue advancing the Ixtaca project with the aim of developing it into one of the more attractive advanced and modern projects in the world. Off-balance Sheet Arrangements The Company has no off-balance sheet arrangements other than the lease related to its office premises as disclosed below. Contractual Obligations The Company is obligated under an operating lease for its office premises with the following aggregate minimum lease payments effective April 1, 2017 through to March 31, 2022 with an extension through to March 31, 2027. The Company has government requirements in work and/or taxes to maintain claims held. The decision to keep or abandon such claims is not contractual but at the discretion of the Company. The operating lease contains an extension option exercisable only by the Company which was exercised on November 22, 2021. The lease was therefore extended from March 31, 2022 to March 31, 2027. The Company reassessed this significant event as a lease modification and has estimated that the potential future lease payments under the extended lease term would result in an increase in lease liability by $508,799. 50 Table No. 4 Contractual Obligations of the Company Payments due by period Operating lease Total $905,566 Less than 1 year $171,759 1 – 3 years $338,046 3 – 5 years $351,238 More than 5 years $44,523 On January 29, 2013, the Company entered into contracts with its Chairman and President for an annual remuneration of $240,000 and $265,000 respectively effective January 1, 2013, for two years, renewable for two additional successive terms of 24 months each. Effective December 31, 2015, the Chairman’s contract was mutually terminated and effective January 1, 2016, the Company and the Chairman entered into a new contract for an annual remuneration of $240,000 for two years, renewable for two additional successive terms of 24 months each. The Chairman’s contract and the President’s contract were amended April 1, 2016 and further amended on January 1, 2019 to make their term indefinite. Effective May 24, 2011, as amended April 1, 2016, the Company and the Chief Financial Officer (“CFO”) entered into an Employment Agreement for an indefinite term and, effective September 22, 2014, as amended April 1, 2016, the Company and the Executive Vice-President (formerly Vice President, Corporate Development) entered into an Employment Agreement for an indefinite term. Effective January 1, 2016, the Chairman’s and President’s base salaries (“Base Salary”) were $240,000 and $265,000, respectively, and the CFO’s and EVP’s Base Salaries were $185,000 and $175,000, respectively. Effective January 1, 2017, the Chairman’s, President’s, CFO’s and EVP’s Base Salaries were $240,000, $305,000, $203,500 and $192,500, respectively. Under the Administrative Services Agreements between the Company and each of Azucar Minerals Ltd. and Almadex Minerals Ltd. the Company provides management services to Azucar and Almadex. Azucar compensates the Company 27% (2020 – 60%) of any shared personnel remuneration and office overhead expenses, while Almadex compensates the Company 39% (2020 – 30%) of any shared personnel remuneration and office overhead expenses. Therefore, Almaden currently recovers 66% (2020 – 90%) of the contractual compensation amounts for the Chairman, Chief Executive Officer, Chief Financial Officer and Executive Vice-President. Contractual obligations of the Company in the above table exclude future option payments required to maintain the Company’s interest in certain mineral properties. Significant accounting judgments and estimates Significant assumptions about the future and other sources of judgments and estimates that management has made at the statement of financial position dates, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical Judgments o The analysis of the functional currency for each entity of the Company determined by conducting an analysis of the consideration factors identified in IAS 21, “The Effect of Changes in Foreign Exchange Rates”. In concluding that the Canadian dollar is the functional currency of the parent and its subsidiary companies, management considered the currency that mainly influences the cost of providing goods and services in each jurisdiction in which the Company operates. As no single currency was clearly dominant, the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained. Estimates o A global pandemic related to COVID-19 was declared in March 2020. The current and expected impacts on global commerce have been, and are anticipated to be, far-reaching. To date, there has been significant volatility in commodity prices and foreign exchange rates, restrictions on the conduct of business in many jurisdictions, including travel restrictions, and supply chain disruptions. There is 51 significant ongoing uncertainty surrounding COVID-19 and the extent and duration of the impact that it may have; The estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in profit or loss; The recoverability of the value of the exploration and evaluation assets which is recorded in the consolidated statements of financial position; The Company uses the Black-Scholes option pricing model to determine the fair value of options, warrants, and derivative financial liabilities in order to calculate share-based payments expense, warrant liability and the fair value of finders’ warrants and stock options. Certain inputs into the model are estimates that involve considerable judgment or could be affected by significant factors that are out of the Company’s control; The provision for income taxes which is included in profit or loss and the composition of deferred income tax liability included in the consolidated statement of financial position and the evaluation of the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions; The assessment of indications of impairment of each exploration and evaluation asset and property plan and equipment and related determination of the net realizable value and write-down of those assets where applicable; The estimated incremental borrowing rate used to calculate the lease liabilities; The estimated fair value of gold in trust; and The estimated initial fair value of gold loan payable. o o o o o o o o Item 6. Directors, Senior Management and Employees Table No. 5 lists the directors of the Company as of April 28, 2022. The directors have served in their respective capacities since their election and/or appointment and will serve until the next annual general meeting of the Company or until a successor is duly elected, unless the office is vacated in accordance with the Articles of the Company. All directors are residents and citizens of Canada with the exception of Alfredo Phillips, who is a resident and citizen of Mexico. Table No. 5 Directors of the Company Name and Jurisdiction of Residence James Duane Poliquin, B.C. Canada Morgan Poliquin, B.C. Canada Elaine Ellingham(1)(2)(3) ON, Canada Kevin O’Kane(1)(2)(3) B.C. Canada Alfredo Phillips(2) CDMX, Mexico Ria Fitzgerald(1)(3) B.C. Canada Age 81 50 63 62 60 43 (1) Member of Audit Committee (2) Member of Nominating and Corporate Governance Committee (3) Member of Compensation Committee (4) Date of issue of the Certificate of Amalgamation Date First Elected or Appointed February 1, 2002(4) February 1, 2002(4) February 27, 2018 March 31, 2021 March 31, 2021 June 29, 2021 Duane Poliquin was a director of Almaden Resources Corporation since September 1980 and Morgan Poliquin since June 1999. Duane Poliquin was a director of Fairfield Minerals Ltd. since June 1996. Table No. 6 lists the Executive Officers of the Company as of April 28, 2022. The Executive Officers serve at the pleasure of the Board of Directors, subject to the terms of executive compensation agreements hereinafter described. All Executive Officers are residents British Columbia, Canada and citizens of Canada with the exception of Laurence Morris, who is a resident of Nicaragua and citizen of the United Kingdom. 52 Table No. 6 Executive Officers of the Company Position Name James Duane Poliquin Chairman of the Board Morgan Poliquin Korm Trieu Douglas McDonald Laurence Morris John A. Thomas (1) Date of issue of the Certificate of Amalgamation President and Chief Executive Officer Chief Financial Officer & Corp. Secretary Executive Vice-President Vice-President, Operations & Projects Vice-President, Project Development Age 81 50 56 53 68 74 Date First Appointed February 1, 2002 (1) March 1, 2007 May 30, 2011 September 22, 2014 April 30, 2018 September 9, 2019 Duane Poliquin was appointed an Officer of Almaden Resources Corporation in September 1980 and of Fairfield Minerals Ltd. in June 1996. Duane Poliquin is a registered professional geological engineer with over 50 years of experience in mineral exploration and he is the founding shareholder of Almaden Resources Corporation. He gained international experience working with major mining companies where he participated in the discovery of several important mineral deposits. Mr. Poliquin has held executive positions and directorships with several junior resource companies over his career. He was founder and President of Westley Mines Ltd. when that company discovered the Santa Fe gold deposit in Nevada. Mr. Poliquin spends virtually all of his time on the affairs of the Company, Azucar Minerals Ltd. and Almadex Minerals Ltd., of which he also serves as Chairman of the Board and a director, his principal occupation during the preceding five years. Morgan Poliquin is a registered professional geological engineer with over 20 years’ experience in mineral exploration since graduating with a B.A.Sc. degree in geological engineering from the University of British Columbia (1994). In 1996 he earned a M.Sc. in geology from the University of Auckland, New Zealand studying geothermal and epithermal deposits in the South Pacific including the Emperor Gold Deposit, Fiji. In 2010, Dr. Poliquin earned his Ph.D. in Geology from the Camborne School of Mines, University of Exeter. He is President and CEO of the Company and oversees corporate matters as well as directing the Company’s exploration program. Dr. Poliquin spends virtually all of his time directing the exploration programs and the affairs of the Company, Azucar Minerals Ltd. and Almadex Minerals Ltd., of which he also serves as President, CEO and a director, his principal occupation during the preceding five years. Elaine Ellingham is a professional geoscientist with over 35 years of experience in the mining industry, her principal occupation during the preceding five years, having held senior positions in several mining companies. Ms. Ellingham serves as President & CEO of Omai Gold Mines Corp. and is principal of Ellingham Consulting, providing corporate advisory services to international mining companies and private equity groups. She spent eight years with the Toronto Stock Exchange serving in various capacities, including four years as the TSX National Leader of Mining & International Business Development. Ms. Ellingham has also served as interim CEO and Director of Richmont Mines Inc. and Senior Vice President, Investor Relations at IAMGOLD, in addition to other corporate development experience with Campbell Resources and Rio Algom Limited. She is also an active director on the Boards of Alamos Gold Inc. and Omai Gold Mines Corp. Kevin O'Kane is a registered professional engineer with nearly 40 years of experience in the global mining industry, his principal occupation during the preceding five years. He has held executive positions with BHP in South America, including Project Director, Vice President of Health, Safety and Environment, and Asset President. Most recently, Mr. O'Kane held the position of Executive Vice-President and Chief Operating Officer for SSR Mining Inc. He holds the ESG Competent Boards Certificate and Global Competent Boards Designation (GCB.D), achieved in 2021. He is fluent in Spanish and brings a wealth of technical, operational and HSCE leadership combined with Latin American knowledge to Almaden's Board. Mr. O’Kane also serves on the Boards of SolGold Plc, IAMGOLD Corporation and NorthIsle Copper and Gold Inc. Alfredo Phillips is a seasoned business executive in Mexican primary industries, his principal occupation during the preceding five years. He is currently the Vice President of Corporate Affairs and National Director for Mexico at Argonaut Gold Inc. Prior to this position, he served as Head of Governmental Affairs in Mexico at Arcelor Mittal, the world’s largest steel producer and a similar capacity for Torex Gold for over six years. Mr. Phillips is past President of the Mining Task Force of the Canadian Chamber of Commerce in Mexico, continues to serve 53 on the Board of the Chamber, and is founding Chairman of the Guerrero Mining Cluster since 2016. He also serves on the Board of Directors of the Latin American and Caribbean Council on Renewable Energy (LAC- CORE). Mr. Phillips received a B.Sc. in Actuarial Mathematics from Anahuac University in Mexico City and a Master's in Public Administration from the Kennedy School of Government at Harvard University. Ria Fitzgerald is a business development consultant with twenty years of experience in equity capital markets, mergers and acquisitions, project financing and project development with global and start-up companies in the mining, infrastructure, and renewable power sectors, her principal occupation during the preceding five years. She is currently providing corporate advisory services in the mining and renewable power sectors. Ms. Fitzgerald has ten years of experience as an investment banker focused on the mining industry, where she was involved in over 100 financings raising more than $7 billion in private and public equity for global mining companies. She has also worked for mining companies in providing strategic analysis regarding mergers & acquisitions and financings. Ms. Fitzgerald holds a Bachelor of Commerce degree from the University of Saskatchewan, where she graduated with High Honours and Great Distinction in finance and holds both the Chartered Financial Analyst designation and the Certificate in ESG Investing from the CFA Institute. Korm Trieu is a Chartered Professional Accountant (CPA, CA) and holds a Bachelor of Science degree from the University of British Columbia and has spent over 20 years in corporate finance, administration and tax services, primarily in the natural resource, financial service and real estate sectors. From 2008-2011, he served as Vice President Finance for Sprott Resource Lending Corp. where he oversaw the Finance and Administration departments of a natural resource lending company. Mr. Trieu spends all of his business time on the affairs of the Company along with Azucar Minerals Ltd. and Almadex Minerals Ltd., of which he is also the Chief Financial Officer and Corporate Secretary, his principal occupation during the preceding five years. Douglas McDonald, formerly Vice-President, Corporate Development, holds a Bachelor of Commerce degree and an M.A. Sc. specializing in mineral economics from the University of British Columbia and has over 20 years of experience in the resource, foreign trade and resource policy arenas. Prior to joining Almaden, he worked with an investment dealer where he advised numerous mineral resource companies regarding M&A opportunities and assisted them in accessing capital markets. He also spent 5 years as a Foreign Service officer with the Canadian government, where he focused on international trade issues, primarily concerning their impact on the resources industry. Mr. McDonald spends all of his business time on the affairs of the Company, along with Azucar Minerals Ltd. and Almadex Minerals Ltd., of which he is also a director and the Executive Vice-President, his principal occupation during the preceding five years. Laurence Morris is a mining engineer and geologist with more than 35 years of experience in the metals and mining business, his principal occupation during the preceding five years. Mr. Morris has broad international experience in construction, operating and planning roles ranging from exploration stage to large scale operating mines in a variety of commodities and countries. From 2015 to 2017, Mr. Morris was the Mine Manager for First Quantum Minerals at their US$5.5 billion Cobre Panama project, where he was responsible for transitioning the project from a greenfields site to an operating mine, including mine planning, mining team assembly and training, setting up operating procedures and technical services. Prior to this Mr. Morris held several key positions including Vice President of Operations for Minefinders Corporation Ltd. from 2010 to 2013. In that position, he oversaw all aspects of development, mining operations, exploration activities and resource management at the Dolores mine in Mexico. Prior to joining Minefinders in 2010, Mr. Morris worked in mine management for First Quantum Minerals Ltd. in Zambia and Mauritania. Mr. Morris holds an Honours Bachelor of Science in Geology from the University of Sheffield. He is a Fellow of the Institute of Materials, Minerals and Mining (IOM3), a voluntary director of the IOM3’s Minerals Technology Division, and an active writer on mining and environmental matters. He is a registered project manager and a member of the Association of Project Management. John A. Thomas is a professional engineer, who holds a BSc, an MSc and a PhD in chemical engineering from the University of Manchester in the United Kingdom. He also received a diploma in accounting and finance from the U.K. Association of Certified Accountants. He has over 45 years of experience in the mining industry, including both base metal and precious metal projects in several countries including Brazil, Venezuela, Costa Rica, Russia, Kazakhstan, Canada and Zambia, his principal occupation during the preceding five years. His experience covers a wide range of activities in the mining industry from process development, management of feasibility studies, engineering and management of construction, and operation of mines. He served as VP Projects for Atlantic Gold for six years during which time he acted as a Qualified Person for the construction of the Moose River Consolidated Mine. 54 There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any such director or executive officer was selected as a director or executive officer. Duane Poliquin, Chairman of the Board and Director, is the father of Morgan Poliquin, President, Chief Executive Officer and Director. Compensation For the purposes of this document, “executive officer” of the Company means an individual who at any time during the year was the Chief Executive Officer (“CEO”), President, Executive Vice President or Chief Financial Officer (“CFO”) of the Company; any Vice-President in charge of a principal business unit, division or function; and any individual who performed a policy-making function in respect of the Company. Set out below are particulars of compensation paid to the following persons (the “Named Executive Officers” or “NEOs”) for the fiscal year ended December 31, 2021: 1. the CEO; 2. the CFO; 3. each of the three most highly compensated executive officers, or the three most highly compensated individuals acting in a similar capacity, other than the CEO and CFO, at the end of the most recently completed financial year whose total compensation was, individually, more than $150,000 for that financial year; and 4. any individual who would be a NEO under paragraph (3) but for the fact that the individual was neither an executive officer of the Company, nor acting in a similar capacity, at the end of that financial year. The Company has no pension, defined contribution, or deferred compensation plans for its directors, executive officers or employees. During Fiscal 2021, the Chairman was remunerated at his base salary of $240,000 per annum, of which he has agreed to defer payment of $96,000 (2019-2020 - $160,000), and the Chief Executive Officer was remunerated at his base salary of $345,000 per annum. The Chief Executive Officer’s employment contract included terms for two additional successive terms of 24 months each (the “Extended Term”) ending January 29, 2019. Effective December 31, 2015, a contract with a company in which the Chairman is a shareholder, Hawk Mountain Resources Ltd., was terminated by mutual consent with the Company and, in lieu thereof, the Chairman entered into a new employment contract directly with the Company. The new employment contract includes a base salary of $240,000 per annum and has an effective date of January 1, 2016. It has an initial two-year term and is renewable for two additional successive terms of 24 months each (the “Extended Term”) ending December 31, 2021. On January 1, 2019, both the Chief Executive Officer’s and Chairman’s employment contracts were amended to remove the Extended Term thereby making their terms indefinite. During Fiscal 2021, the Chief Financial Officer (“CFO”) and the Executive Vice-President (“EVP”) were remunerated at their base salary of $241,250 CAD and $233,667 CAD, respectively. Each of the CFO’s and EVP’s employment agreements have indefinite terms. Under Administrative Services Agreements between the Company and each of Azucar Minerals Ltd. and Almadex Minerals Ltd., the Company provides management services to Azucar and Almadex. Azucar compensates the Company 27% (2020 – 60%) of any shared personnel remuneration and office overhead expenses, while Almadex compensates the Company 39% (2020 – 30%) of any shared personnel remuneration and office overhead expenses. Therefore, Almaden currently recovers 66% (2020 – 90%) of the contractual compensation amounts for the Chairman, Chief Executive Officer, Chief Financial Officer and Executive Vice- President. All non-management Directors are compensated $30,000 (2020 - $12,000) yearly. The Chair of the Audit Committee and the Chair of the Compensation Committee are compensated an additional $10,000 (2020 - $5,000) and $5,000 (2020 - $5,000) per year respectively. The Chair of the Nominating and Corporate Governance Committee is compensated $Nil (2020 - $Nil) yearly. The Compensation Committee also recommended that, with respect to Director stock options, up to 550,000 options be granted to each non-management Director. Directors are entitled to reimbursement for reasonable travel and other out-of-pocket expenses incurred in connection with attendance at meetings of the Board of Directors. The Board of Directors may award special remuneration to any director undertaking any special services on behalf of the Company other than services 55 ordinarily required of a director. Other than as indicated in Table No. 7 below, no director received any compensation for their services as a director, including committee participation and/or special assignments, or will receive compensation on termination. Total compensation paid by the Company directly and/or indirectly to all directors and executive officers during Fiscal 2021 was $613,022 (Fiscal 2020 - $236,200) after recovery by the Company of 66% (2020 - 90%) of executive officer compensation pursuant to the terms of the Administrative Services Agreements between the Company and each of Azucar and Almadex. Table No. 7 Summary Compensation Table Annual Compensation Long-Term Compensation Awards Total Other Annual Stock Bonus Compensation* Awards Fiscal Year 2021(1)(2) 2020(1)(2) 2019(1)(2) 2021(1)(2) 2020(1)(2) 2019(1)(2) 2021 2020 2019 2021 2021 2021 Salary $82,000(9) $24,000(9) $96,000(9) $117,875 $33,500 $134,000 Nil Nil Nil Nil Nil Nil Nil Nil Nil $35,366 Nil Nil Nil Nil Nil Nil Nil Nil $155,450 $230,000 $121,850 $344,950 $525,000 $263,850 $136,500 $20,000 Nil $167,500 $167,500 $137,500 Restricted Options/ SARS Granted (#) 615,000 800,000 565,000 1,165,000 2,075,000 1,065,000 450,000 100,000 Nil 550,000 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 550,000 550,000 LTIP All Other Total Payouts Compensation Compensation Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil $40,000(3)(5) $12,000(3) $12,000(3) $22,500(3) $237,450 $254,000 $217,850 $498,191 $558,500 $397,850 $176,500 $32,000 $12,000 $190,000 $22,500(3) $190,000 $17,500(3)(4) $155,000 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil 318,000 232,000 Nil 272,000 240,000 Nil 268,000 282,000 50,000 385,000 115,000 540,000 605,000 240,000 525,000 625,000 175,000 Nil Nil Nil 300,000 Nil 300,000 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil $25,628 Nil Nil $25,628 Nil Nil Nil Nil Nil Nil Nil Nil 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021 2020 2019 2021(1)(2) 2020(1)(2) 2019(1)(2) 2021(1)(2) 2020(1)(2) 2019(1)(2) 2021 2020 2019 2021 2020 2019 Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil $83,042 $22,500 $90,000 $80,983 $21,200 $84,800 Nil Nil $236,491 $60,000 $65,000 $40,000 Nil $101,300 $39,440 Nil $90,200 $62,600 Nil $73,800 $67,580 $12,500 $109,750 $33,350 $170,200 $142,000 $63,100 $157,750 $179,250 $41,750 Nil Nil Nil $102,000 Nil $74,500 Other Annual Compensation is the fair value of options granted calculated using the Black-Scholes option pricing model at grant date. Azucar has compensated the Company, 40% during Fiscal 2019, 60%, during Fiscal 2020, and 27% during Fiscal 2021 of any shared personnel fees and/or wages. The above table reflects only the compensation for each individual paid by Almaden after recovery of such 40%, 60% or 27% from Azucar. Almadex has compensated the Company, 20% during Fiscal 2019, 30% during Fisca1 2020, and 39% during Fiscal 2021 of any shared personnel’s fees and/or wages. The above table reflects only the compensation for each individual paid by Almaden after recovery of such 20%, 30% or 39% from Almadex. Director’s fees. Audit Committee Chairman’s fees. Compensation Committee Chairman’s fees. Elaine Ellingham commenced as a Director of the Company effective February 27, 2018. Laurence Morris, Vice President, Operations & Projects, is compensated at an annual fee of Nil USD during 2021 and 2020, and Nil $17,0000(3)(5) $17,0000(3)(5) Nil $12,000(3) $12,000(3) Nil $17,000(3)(4) $17,000(3)(4) Nil $12,000(3) $12,000(3) Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil $Nil $118,300 $56,440 $Nil $102,200 $74,600 $Nil $90,800 $84,580 $12,500 $121,750 $45,350 $278,870 $164,500 $153,100 $264,361 $200,450 $126,550 $Nil $Nil $236,491 $162,000 $65,000 $114,500 * (1) (2) (3) (4) (5) (6) (7) Name, Principle Position and Jurisdiction of Residence Duane Poliquin Chairman of the Board & Director, B.C, Canada Morgan Poliquin President, CEO & Director, B.C, Canada Elaine Ellingham(6) Director, ON, Canada Kevin O’Kane(11) Director, B.C, Canada Alfredo Phillips(11) Director, CDMX, Mexico Ria Fitzgerald(11) Director, B.C, Canada Jack McCleary(10) Former Director, AB, Canada Gerald G. Carlson(10) Former Director, B.C, Canada Mark T. Brown(10) Former Director, B.C, Canada William J. Worrall(10) Former Director, B.C, Canada Korm Trieu Chief Financial Officer, B.C, Canada Douglas McDonald Executive Vice President B.C, Canada Laurence Morris(7) Vice President, Operations & Projects, Nicaragua John A. Thomas (8) Vice President, Project Development, B.C, Canada 56 (8) (9) (10) $178,330 USD during 2019. John A. Thomas commenced as Vice President, Project Development effective September 9, 2019 and pursuant to his Independent Contractor Agreement dated July 1, 2019 is compensated at a rate of $5,000 per month. Duane Poliquin has agreed to defer payment to him of $96,000 of his $240,000 gross salary during Fiscal 2021 and 2020 and $64,000 of his $240,000 gross salary during Fiscal 2019. Jack McCleary and Gerald G. Carlson ceased to be Directors on March 31, 2021, Mark T. Brown ceased to be a Director on June 29, 2021 and Willian J. Worrall ceased to be a Director on July 24, 2021. (11) Kevin O’Kane and Alfredo Phillips commenced as a Director of the Company effective March 31, 2021 and Ria Fitzgerald commenced as a Director effective June 29, 2021 Remuneration on Termination The Company has the following termination clauses within its executive employment contracts. (1) Chairman The Company entered into an Executive Employment Contract dated January 1, 2016, as amended by Amending Agreement dated April 1, 2016 and Second Amending Agreement made January 1, 2019 (the “DP Agreement”) between the Company and Duane Poliquin (the “Executive” under the DP Agreement) which replaced an expired Executive Compensation Contract dated January 29, 2013 (the “HMR Agreement”) between the Company and Hawk Mountain Resources Ltd. (“Management Company”), a private company of which Duane Poliquin (the “Executive” under the HMR Agreement) is a shareholder, which was terminated by mutual agreement on December 31, 2015. The DP Agreement will terminate or may be terminated for any one of the following reasons: (a) voluntarily by the Executive, upon at least three (3) months prior written notice of termination by the Executive to the Company; or (b) without Cause, upon at least three (3) months prior written notice of termination by the Company to the Executive; or by the Company for Cause; or upon the death or disability of the Executive; or upon retirement by the Executive. (c) (d) (e) Termination by the Executive Voluntarily or by the Company for Cause If the Executive shall voluntarily terminate employment under the DP Agreement or if the employment of the Executive thereunder is terminated by the Company for Cause, then all compensation and benefits as theretofore provided shall terminate immediately upon the effective date of termination and no special severance compensation will be paid. Cause to terminate the Executive’s employment under the DP Agreement shall mean: (a) (b) (c) (d) the repeated and demonstrated failure by the Executive to perform the Executive’s material duties under the DP Agreement, after demand for substantial performance is delivered by the Company to the Executive that specifically identifies the manner in which the Company believes the Executive has not substantially performed by the Executive under the DP Agreement; or the willful engagement by the Executive in misconduct which is materially injurious to the Company, monetarily or otherwise; or any other willful violation by the Executive of the provisions of the DP Agreement; or the Executive is convicted of a criminal offence involving fraud or dishonesty. Termination by the Company Without Cause If the Company shall terminate the Executive’s employment under the DP Agreement for any reason except for Cause or Disability then, upon the effective date of termination, the Company shall pay the Executive in one lump sum an amount equal to two (2) times the Executive’s then current Base Salary, less all statutory withholdings and deductions. All the benefits theretofore provided to the Executive shall be continued as if the Executive was still an employee of the Company for a period of twelve (12) months from the date of termination or until equal or better benefits are provided by a new employer, whichever shall first occur. 57 Termination by Death or Disability If the Executive dies or becomes disabled before the Executive’s employment is otherwise terminated, the Company shall pay the Executive or the Executive’s estate, an amount of compensation equal to six (6) months of the Executive’s then current Base Salary and all the benefits theretofore provided to the Executive shall be continued, for a period of six (6) months from the date of Death or Disability as if the Executive were still an employee of the Company. If such termination is due to the Executive’s Death, payment shall be made in one lump sum to the Executive’s Designate within 60 days of the Executive’s death. If no Executive’s Designate survives the Executive, the entire amount shall be paid to the Executive’s estate. If such termination is due to the Executive’s Disability, payment shall be made in one lump sum to the Executive within sixty (60) days of the Executive’s Disability. The compensation provided under this paragraph shall be in addition to that payable from any insurance coverage providing compensation upon Death or Disability. Termination Following Change in Control For purposes of the DP Agreement, a Change in Control shall be deemed to have occurred if: (i) (ii) (iii) (iv) any person or any person and such person’s associates or affiliates, as such terms are defined in the Securities Act (British Columbia) (the “Act”), makes a tender, take-over or exchange offer, circulates a proxy to shareholders or takes other steps to effect a takeover of the control of the Company, whether by way of a reverse take-over, formal bid, causing the election or appointment of a majority of directors of the Company or otherwise in any manner whatsoever; or during any period of eighteen (18) consecutive months (not including any period prior to the Effective Date), individuals who at the beginning of such period constituted the Board of Directors and any new directors, whose appointment by the Board of Directors or nomination for election by the Company’s shareholders was approved by a vote of at least three quarters (3/4) of the Board of Directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or the acquisition by any person or by any person and such person’s affiliates or associates, as such terms are defined in the Act, and whether directly or indirectly, of common shares of the Company at the time held by such person and such person’s affiliates and associates, totals for the first time, twenty percent (20%) or more of the outstanding common shares of the Company; or the business or businesses of the Company for which the Executive’s services are principally performed, are disposed of by the Company pursuant to a partial or complete liquidation, dissolution, consolidation or merger of the Company, or a sale or transfer of all or a significant portion of the Company’s assets. Notwithstanding any other provisions in the DP Agreement regarding termination, if any of the events described above constituting a Change in Control shall have occurred during the Term, upon the termination of the Executive’s employment (unless such termination is because of the Executive’s Death or Disability, by the Company for Cause or by the Executive other than for “Good Reason”, as defined below) the Executive shall be entitled to and will receive no later than the fifteenth (15th) day following the date of termination a lump sum payment equal to three (3) times the Executive’s then current Base Salary. In addition, all benefits then applicable to the Executive shall be continued for a period of eighteen (18) months after the date of termination. For purposes of the DP Agreement, “Good Reason” shall mean, without the Executive’s express written consent, any of the following: (i) the assignment to the Executive of any duties inconsistent with the status or authority of the Executive’s office, or the Executive’s removal from such position, or a substantial alteration in the nature or status of the Executive’s authorities or responsibilities from those in effect immediately prior to the Change in Control; 58 (ii) (iii) (iv) (v) a reduction by the Company of the Executive’s Base Salary as in effect on the date of the DP Agreement or as the same may have been increased from time to time, or a failure by the Company to increase the Executive’s Base Salary as provided for in the DP Agreement or at a rate commensurate with that of other key executives of the Company; the relocation of the office of the Company where the Executive is employed at the time of the Change in Control (the “CIC Location”) to a location more than fifty (50) miles away from the CIC Location, or the Company’s requiring the Executive to be based more than fifty (50) miles away from the CIC Location (except for requiring travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations prior to the Change in Control); the failure by the Company to continue to provide the Executive with benefits at least as favourable as those enjoyed by the Executive prior to the Change in Control, the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide the Executive with the number of entitled vacation days to which the Executive has earned on the basis of years of services with the Company; or the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the DP Agreement or, if the business of the Company for which the Executive’s services are principally performed is sold or transferred, the purchaser or transferee of such business shall fail to agree to provide the Executive with the same or a comparable position, duties, remuneration and benefits for the Executive as provided immediately prior to the Change in Control. Following a Change in Control during the Term, the Executive shall be entitled to terminate the Executive’s employment for Good Reason. In the event the Executive is entitled to a severance payment under the DP Agreement, then in addition to such severance payment, the Executive shall be entitled to employment search assistance to secure other comparable employment for the Executive for a period not to exceed one (1) year or until such comparable employment is found, whichever is the sooner, with fees for such assistance to be paid by the Company. The Executive’s right to receive the aforementioned payment and benefits is expressly contingent upon the signing of a waiver and release satisfactory to the Company which releases the Company and its affiliates from all claims and liabilities arising out of the Executive’s employment and termination thereof and including confidentiality provisions, which waiver and release is satisfactory to the Company with respect to form, substance and timeliness. (2) President & CEO The Executive Employment Contract dated January 29, 2013, as amended by Amending Agreement dated April 1, 2016 and Second Amending Agreement made January 1, 2019 (the “MP Agreement”) between the Company and Morgan Poliquin (the “Executive” under the MP Agreement) will terminate or may be terminated for any one of the following reasons: (a) voluntarily by the Executive, upon at least three (3) months prior written notice of termination by the Executive to the Company; or (b) without Cause, upon at least three (3) months prior written notice of termination by the Company to the Executive; or (c) by the Company for Cause; or (d) upon the death or disability of the Executive; or (e) upon retirement by the Executive. 59 Termination by the Executive Voluntarily or by the Company for Cause If the Executive shall voluntarily terminate employment under the MP Agreement or if the employment of the Executive is terminated by the Company for Cause, then all compensation and benefits as theretofore provided shall terminate immediately upon the effective date of termination and no special severance compensation will be paid. Cause to terminate the Executive’s employment shall mean: (a) the repeated and demonstrated failure by the Executive to perform the Executive’s material duties under the MP Agreement, after demand for substantial performance is delivered by the Company to the Executive that specifically identifies the manner in which the Company believes the Executive has not substantially performed the Executive’s duties under the MP Agreement; or (b) the willful engagement by the Executive in misconduct which is materially injurious to the Company, monetarily or otherwise; or (c) any other willful violation by the Executive of the provisions of the MP Agreement; or (d) the Executive is convicted of a criminal offence involving fraud or dishonesty. Termination by the Company Without Cause If the Company shall terminate the Executive’s employment under the MP Agreement for any reason except for Cause then, upon the effective date of termination, the Company shall pay the Executive in one lump sum an amount equal to two (2) times the Executive’s then current Base Salary, less all statutory withholdings and deductions. All the benefits theretofore provided to the Executive shall be continued as if the Executive was still an employee of the Company for a period of twelve (12) months from the date of termination or until equal or better benefits are provided by a new employer, whichever shall first occur. Termination by Death or Disability If the Executive dies or becomes disabled before the Executive’s employment is otherwise terminated, the Company shall pay the Executive or the Executive’s estate, an amount of compensation equal to six (6) months of the Executive’s then current Base Salary and all the benefits theretofore provided to the Executive shall be continued, for a period of six (6) months from the date of Death or Disability as if the Executive were still an employee of the Company. If such termination is due to the Executive’s Death, payment shall be made in one lump sum to the Executive’s Designate within sixty (60) days of the Executive’s death. If no Executive’s Designate survives the Executive, the entire amount shall be paid to the Executive’s estate. If such termination is due to the Executive’s Disability, payment shall be made in one lump sum to the Executive within sixty (60) days of the Executive’s Disability. The compensation provided under this paragraph shall be in addition to that payable from any insurance coverage providing compensation upon Death or Disability. Termination Following Change in Control For purposes of the MP Agreement, a Change in Control shall be deemed to have occurred if: (i) any person or any person and such person’s associates or affiliates, as such terms are defined in the Securities Act (British Columbia) (the “Act”), makes a tender, take-over or exchange offer, circulates a proxy to shareholders or takes other steps to effect a takeover of the control of the Company, whether by way of a reverse take-over, formal bid, causing the election or appointment of a majority of directors of the Company or otherwise in any manner whatsoever; or (ii) during any period of eighteen (18) consecutive months (not including any period prior to the Effective Date), individuals who at the beginning of such period constituted the Board of Directors and any new directors, whose appointment by the Board of Directors or nomination for election by the Company’s shareholders was approved by a vote of at least three quarters (3/4) of the Board of Directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or 60 (iii) the acquisition by any person or by any person and such person’s affiliates or associates, as such terms are defined in the Act, and whether directly or indirectly, of common shares of the Company at the time held by such person and such person’s affiliates and associates, totals for the first time, twenty percent (20%) or more of the outstanding common shares of the Company; or (iv) the business or businesses of the Company for which the Executive’s services are principally performed, are disposed of by the Company pursuant to a partial or complete liquidation, dissolution, consolidation or merger of the Company, or a sale or transfer of all or a significant portion of the Company’s assets. Notwithstanding any other provisions in the MP Agreement regarding termination, if any of the events described above constituting a Change in Control shall have occurred during the Term, upon the termination of the Executive’s employment (unless such termination is because of the Executive’s Death or Disability, by the Company for Cause or by the Executive other than for “Good Reason”, as defined below) the Executive shall be entitled to and will receive no later than the fifteenth (15th) day following the date of termination a lump sum severance payment equal to three (3) times the Executive’s then current Base Salary. In addition, all benefits then applicable to the Executive shall be continued for a period of eighteen (18) months after the date of termination. For purposes of the MP Agreement, “Good Reason” shall mean, without the Executive’s express written consent, any of the following: (i) the assignment to the Executive of any duties inconsistent with the status or authority of the Executive’s office, or the Executive’s removal from such position, or a substantial alteration in the nature or status of the Executive’s authorities or responsibilities from those in effect immediately prior to the Change in Control; (ii) a reduction by the Company in the Executive’s Base Salary as in effect on the date of the MP Agreement or as the same may have been increased from time to time, or a failure by the Company to increase the Executive’s Base Salary as provided for in the MP Agreement or at a rate commensurate with that of other key executives of the Company; (iii) the relocation of the office of the Company where the Executive is employed at the time of the Change in Control (the “CIC Location”) to a location more than fifty (50) miles away from the CIC Location, or the Company’s requiring the Executive to be based more than fifty (50) miles away from the CIC Location (except for requiring travel on the Company’s business to an extent substantially consistent with the Executive’s business travel obligations prior to the Change in Control); (iv) the failure by the Company to continue to provide the Executive with benefits at least as favourable as those enjoyed by the Executive prior to the Change in Control, the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit enjoyed by the Executive at the time of the Change in Control, or the failure by the Company to provide the Executive with the number of entitled vacation days to which the Executive has earned on the basis of years of service with the Company; or (v) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the MP Agreement or, if the business of the Company for which the Executive’s services are principally performed is sold or transferred, the purchaser or transferee of such business shall fail to agree to provide the Executive with the same or a comparable position, duties, salary and benefits as provided to the Executive by the Company immediately prior to the Change in Control. Following a Change in Control during the Term, the Executive shall be entitled to terminate the Executive’s employment for Good Reason. In the event the Executive is entitled to a severance payment under the MP Agreement, then in addition to such severance payment, the Executive shall be entitled to employment search assistance to secure other comparable employment for a period not to exceed one (1) year or until such comparable employment is found, whichever is 61 the sooner, with fees for such assistance to be paid by the Company. The Executive’s right to receive the aforementioned payment and benefits is expressly contingent upon the signing of a waiver and release satisfactory to the Company which releases the Company and its affiliates from all claims and liabilities arising out of the Executive’s employment and termination thereof and including confidentiality provisions, which waiver and release is satisfactory to the Company with respect to form, substance and timeliness. (3) CFO The Employment Agreement dated May 24, 2011 as amended April 1, 2016 (the “KT Agreement”) between the Company and Korm Trieu (the “Employee” under the KT Agreement) may be terminated for any one of the following reasons: (a) voluntarily by the Employee, upon at least sixty (60) days prior written notice of termination by the Employee to the Company; or (b) by the Company for cause; or (c) without cause, upon payment of twelve (12) months of the Employee’s then current Base Salary to the Employee; or (d) upon the physical and/or mental impairment of the Employee. Termination by the Employee Voluntarily or by the Company for Cause If the Employee shall voluntarily terminate employment under the KT Agreement or if the employment of the Employee is terminated by the Company for cause, then all compensation and benefits as theretofore provided shall terminate immediately upon the effective date of termination and no special severance compensation will be paid. Cause to terminate the Employee’s employment shall mean: (a) (b) the repeated and demonstrated failure by the Executive to perform the Employee’s material duties under the KT Agreement, after demand for substantial performance is delivered by the Company to the Employee that specifically identifies the manner in which the Company believes the Employee has not substantially performed the Employee’s duties under the KT Agreement; or the willful engagement by the Employee in misconduct which is materially injurious to the Company, monetarily or otherwise; or (c) any other willful violation by the Employee of the provisions of the KT Agreement; or (d) the Employee is convicted of a criminal offence involving fraud or dishonesty. Termination by the Company Without Cause If the Company elects to terminate the Employee’s employment for reasons other than cause, the Company shall pay the Employee, in one lump sum or in installments at the Company’s discretion, a severance payment equal to twelve (12) months of the Employee’s then current Base Salary. Termination upon the physical and/or mental impairment of the Employee If the Company terminates the Employee’s employment for physical and/or mental impairment, the Company’s financial obligation to the Employee is limited to that which the Employee would otherwise receive if the Company terminated the Employee’s employment for no reason. Termination Following Change in Control For purposes of the KT Agreement, a change in control shall be deemed to have occurred if: 62 (i) any person or any person and such person’s associates or affiliates, as such terms are defined in the Securities Act (British Columbia) (the “Act”), makes a tender, take-over or exchange offer, circulates a proxy to shareholders or takes other steps to effect a takeover of the control of the Company, whether by way of a reverse take-over, formal bid, causing the election or appointment of a majority of directors of the Company or otherwise in any manner whatsoever; or (ii) during any period of eighteen (18) consecutive months (not including any period prior to the Effective Date), individuals who at the beginning of such period constituted the Board of Directors and any new directors, whose appointment by the Board of Directors or nomination for election by the Company’s shareholders was approved by a vote of at least three quarters (3/4) of the Board of Directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or (iii) the acquisition by any person or by any person and such person’s affiliates or associates, as such terms are defined in the Act, and whether directly or indirectly, of common shares of the Company at the time held by such person and such person’s affiliates and associates, totals for the first time, twenty percent (20%) or more of the outstanding common shares of the Company; or (iv) the business or businesses of the Company for which the Employee’s services are principally performed, are disposed of by the Company pursuant to a partial or complete liquidation, dissolution, consolidation or merger of the Company, or a sale or transfer of all or a significant portion of the Company’s assets. Notwithstanding any other provisions in the KT Agreement regarding termination, if any of the events described above constituting a Change in Control shall have occurred during the course of the KT Agreement, upon the termination of the Employee’s employment (unless such termination is because of the Employee’s Death or Disability, by the Company for cause or by the Employee other than for “Good Reason”, as defined below) the Employee shall be entitled to and will receive no later than the fifteenth (15th) day following the date of termination a lump sum severance payment equal to two (2) times the Employee’s then current Base Salary. For purposes of the KT Agreement, “Good Reason” shall mean, without the Employee’s express written consent, any of the following: (i) the assignment to the Employee of any duties inconsistent with the status or authority of the Employee’s office, or the Employee’s removal from such position, or a substantial alteration in the nature or status of the Employee’s authorities or responsibilities from those in effect immediately prior to the Change in Control; (ii) a reduction by the Company in the Employee’s Base Salary as in effect on the date of the KT Agreement or as the same may have been increased from time to time, or a failure by the Company to increase the Employee’s Base Salary as provided for in the KT Agreement or at a rate commensurate with that of other key employees of the Company; (iii) the relocation of the office of the Company where the Employee is employed at the time of the Change in Control (the “CIC Location”) to a location more than fifty (50) miles away from the CIC Location, or the Company’s requiring the Employee to be based more than fifty (50) miles away from the CIC Location (except for requiring travel on the Company’s business to an extent substantially consistent with the Employee’s business travel obligations prior to the Change in Control); (iv) the failure by the Company to continue to provide the Employee with benefits at least as favourable as those enjoyed by the Employee prior to the Change in Control, the taking of any action by the Company which would directly or indirectly materially reduce any of such benefits or deprive the Employee of any material fringe benefit enjoyed by the Employee at the time of the Change in Control, or the failure by the Company to provide the Employee with the number of entitled vacation days to which the Employee has earned on the basis of years of service with the Company; or 63 (v) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the KT Agreement or, if the business of the Company for which the Employee’s services are principally performed is sold or transferred, the purchaser or transferee of such business shall fail to agree to provide the Employee with the same or a comparable position, duties, salary and benefits as provided to the Employee by the Company immediately prior to the Change in Control. Following a Change in Control during the course of the KT Agreement, the Employee shall be entitled to terminate the Employee’s employment for Good Reason. The Employee’s right to receive the aforementioned payment and benefits is expressly contingent upon the signing of a waiver and release satisfactory to the Company which releases the Company and its affiliates from all claims and liabilities arising out of the Employee’s employment and termination thereof and including confidentiality provisions, which waiver and release is satisfactory to the Company with respect to form, substance and timeliness. (4) Executive Vice President The Employment Agreement dated September 22, 2014 as amended April 1, 2016 (the “DM Agreement”) between the Company and Douglas McDonald (the “Employee” under the DM Agreement) may be terminated for any one of the following reasons: (a) voluntarily by the Employee, upon at least sixty (60) days prior written notice of termination by the Employee to the Company; or (b) by the Company for cause; or (c) without cause, upon payment of twelve (12) months of the Employee’s then current Base Salary to the Employee; or (d) upon the physical and/or mental impairment of the Employee. Termination by the Employee Voluntarily or by the Company for Cause If the Employee shall voluntarily terminate employment under the DM Agreement or if the employment of the Employee is terminated by the Company for cause, then all compensation and benefits as theretofore provided shall terminate immediately upon the effective date of termination and no special severance compensation will be paid. Cause to terminate the Employee’s employment shall mean: (a) (b) the repeated and demonstrated failure by the Employee to perform the Employee’s material duties under the DM Agreement, after demand for substantial performance is delivered by the Company to the Employee that specifically identifies the manner in which the Company believes the Employee has not substantially performed the Employee’s duties under the DM Agreement; or the willful engagement by the Employee in misconduct which is materially injurious to the Company, monetarily or otherwise; or (c) any other willful violation by the Employee of the provisions of the DM Agreement; or (d) the Employee is convicted of a criminal offence involving fraud or dishonesty. Termination by the Company Without Cause If the Company elects to terminate the Employee’s employment for reasons other than cause, the Company shall pay the Employee, in one lump sum or in installments at the Company’s discretion, a severance payment equal to twelve (12) months of the Employee’s then current Base Salary. Termination upon the physical and/or mental impairment of the Employee If the Company terminates the Employee’s employment for physical and/or mental impairment, the Company’s financial obligation to the Employee is limited to that which the Employee would otherwise receive if the Company terminated the Employee’s employment for no reason. 64 Termination Following Change in Control For purposes of the DM Agreement, a change in control shall be deemed to have occurred if: (i) any person or any person and such person’s associates or affiliates, as such terms are defined in the Securities Act (British Columbia) (the “Act”), makes a tender, take-over or exchange offer, circulates a proxy to shareholders or takes other steps to effect a takeover of the control of the Company, whether by way of a reverse take-over, formal bid, causing the election or appointment of a majority of directors of the Company or otherwise in any manner whatsoever; or (ii) during any period of eighteen (18) consecutive months (not including any period prior to the Effective Date), individuals who at the beginning of such period constituted the Board of Directors and any new directors, whose appointment by the Board of Directors or nomination for election by the Company’s shareholders was approved by a vote of at least three quarters (3/4) of the Board of Directors then still in office who either were directors at the beginning of the period or whose appointment or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board of Directors; or (iii) the acquisition by any person or by any person and such person’s affiliates or associates, as such terms are defined in the Act, and whether directly or indirectly, of common shares of the Company at the time held by such person and such person’s affiliates and associates, totals for the first time, twenty percent (20%) or more of the outstanding common shares of the Company; or (iv) the business or businesses of the Company for which the Employee’s services are principally performed, are disposed of by the Company pursuant to a partial or complete liquidation, dissolution, consolidation or merger of the Company, or a sale or transfer of all or a significant portion of the Company’s assets. Notwithstanding any other provisions in the DM Agreement regarding termination, if any of the events described above constituting a Change in Control shall have occurred during the course of the DM Agreement, upon the termination of the Employee’s employment (unless such termination is because of the Employee’s Death or Disability, by the Company for cause or by the Employee other than for “Good Reason”, as defined below) the Employee shall be entitled to and will receive no later than the fifteenth (15th) day following the date of termination a lump sum severance payment equal to two (2) times the Employee’s then current Base Salary. For purposes of the DM Agreement, “Good Reason” shall mean, without the Employee’s express written consent, any of the following: (i) the assignment to the Employee of any duties inconsistent with the status or authority of the Employee’s office, or the Employee’s removal from such position, or a substantial alteration in the nature or status of the Employee’s authorities or responsibilities from those in effect immediately prior to the Change in Control; (ii) a reduction by the Company in the Employee’s Base Salary as in effect on the date of the DM Agreement or as the same may have been increased from time to time, or a failure by the Company to increase the Employee’s Base Salary as provided for in the DM Agreement or at a rate commensurate with that of other key employees of the Company; (iii) the relocation of the office of the Company where the Employee is employed at the time of the Change in Control (the “CIC Location”) to a location more than fifty (50) miles away from the CIC Location, or the Company’s requiring the Employee to be based more than fifty (50) miles away from the CIC Location (except for requiring travel on the Company’s business to an extent substantially consistent with the Employee’s business travel obligations prior to the Change in Control); (iv) the failure by the Company to continue to provide the Employee with benefits at least as favourable as those enjoyed by the Employee prior to the Change in Control, the taking of any action by the Company 65 which would directly or indirectly materially reduce any of such benefits or deprive the Employee of any material fringe benefit enjoyed by the Employee at the time of the Change in Control, or the failure by the Company to provide the Employee with the number of entitled vacation days to which the Employee has earned on the basis of years of service with the Company; or (v) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the DM Agreement or, if the business of the Company for which the Employee’s services are principally performed is sold or transferred, the purchaser or transferee of such business shall fail to agree to provide the Employee with the same or a comparable position, duties, salary and benefits as provided to the Employee by the Company immediately prior to the Change in Control. Following a Change in Control during the course of the DM Agreement, the Employee shall be entitled to terminate the Employee’s employment for Good Reason. The Employee’s right to receive the aforementioned payment and benefits is expressly contingent upon the signing of a waiver and release satisfactory to the Company which releases the Company and its affiliates from all claims and liabilities arising out of the Employee’s employment and termination thereof and including confidentiality provisions, which waiver and release is satisfactory to the Company with respect to form, substance and timeliness. (5) Vice President, Operations & Projects The Independent Contractor Agreement dated January 15, 2018 (the “LM Agreement”) between the Company and Laurence Morris (the “Contractor” under the LM Agreement) may be terminated for any one of the following reasons: a. b. c. d. by Contractor, at any time, without cause or reason, upon 90 days written notice to the Company; by the Company, for cause, at any time in the event of a failure by Contractor to comply with any of the provisions of the LM Agreement, including, without limitation, a persistent failure on the part of Contractor to follow the directions of the Board or CEO or any act of gross negligence or willful misconduct on the part of Contractor, where the Company has communicated such failure to Contractor and a reasonable opportunity to cure the failure has been provided, or by the Company immediately upon the death or incapacity of Contractor or upon Contractor no longer being qualified, under applicable corporate or securities laws or stock exchange requirements, to be the Vice-President Operations & Projects of the Company; by Contractor, for cause, at any time in the event of a failure by the Company to comply with any of the provisions of the LM Agreement, where such failure has been communicated to the Company and a reasonable opportunity to cure the failure has been provided; or by the Company, at any time, without cause or reason, upon 90 days written notice to Contractor; and upon any such termination, the Board shall be at liberty to remove Contractor from any office held by Contractor in the Company or any of its subsidiaries and to make or cause to be made whatever regulatory or stock exchange filings are required in the circumstances. Termination Following Change in Control A Change of Control means the occurrence of any of the following events: a. b. any Person acquiring fifty percent (50%) or more of the issued and outstanding shares of the Company; or any Person acquiring all or substantially all of the assets of the Company, provided that for the purposes of the applicable section of the LM Agreement, "Person" means a third party that is operating at arm's length from Contractor. For greater certainty, "Person" shall not include any person, partnership, corporation or other entity with which Contractor is involved directly or indirectly as principal, agent, shareholder of more than 2% of such entity’s voting securities, officer, employee or in any other manner whatsoever. If a Change of Control occurs and (i) thereafter the Company terminates Contractor’s engagement under the LM Agreement otherwise than for cause or (ii) Contractor elects to terminate his engagement under the LM 66 Agreement by notifying the Company of such election in writing within ten (10) calendar days after the occurrence of a Change of Control, Contractor’s engagement shall immediately terminate and the Company shall provide Contractor with a payment equivalent to two (2x) times the Contractor’s Annual Fee, payable, at the Company’s discretion, either in one lump sum within five (5) business days from the effective date of termination of Contractor’s engagement under the LM Agreement or in two or more equal instalments over the three (3) months period commencing on the effective date of termination of Contractor’s engagement under the LM Agreement, with the first such instalment payable within five (5) business days from the effective date of termination of Contractor’s engagement under the LM Agreement, and upon Contractor’s receipt of such lump sum payment or the last instalment payment, the LM Agreement shall terminate. (6) Vice President, Project Development The Independent Contractor Agreement dated July 1, 2019 (the “JT Agreement”) between the Company and John A. Thomas (the “Contractor” under the JT Agreement) may be terminated for any one of the following reasons: a. b. c. d. by Contractor, at any time, without cause or reason, upon 30 days written notice to the Company; by the Company, for cause, at any time in the event of a failure by Contractor to comply with any of the provisions of the JT Agreement, including, without limitation, a persistent failure on the part of Contractor to follow the directions of the Board or CEO or any act of gross negligence or willful misconduct on the part of Contractor, where the Company has communicated such failure to Contractor and a reasonable opportunity to cure the failure has been provided, or by the Company immediately upon the death or incapacity of Contractor or upon Contractor no longer being qualified, under applicable corporate or securities laws or stock exchange requirements, to be the Vice-President, Project Development of the Company; by Contractor, for cause, at any time in the event of a failure by the Company to comply with any of the provisions of the JT Agreement, where such failure has been communicated to the Company and a reasonable opportunity to cure the failure has been provided; or by the Company, at any time, without cause or reason, upon 30 days written notice to Contractor; and upon any such termination, the Board shall be at liberty to remove Contractor from any office held by Contractor in the Company or any of its subsidiaries and to make or cause to be made whatever regulatory or stock exchange filings are required in the circumstances. Stock options Incentive stock options to purchase securities from the Company are granted to directors, executive officers, employees and consultants of the Company on terms and conditions acceptable to the regulatory authorities in Canada, notably the Toronto Stock Exchange, and in accordance with the requirements of the applicable Canadian securities commissions’ requirements and regulations. The Company has a formal written stock option plan (“Plan”) which permits the issuance of up to 10% of the Company’s issued share capital from time to time during the term of the Plan and provides that stock options may be granted from time to time provided that incentive stock options in favor of any consultant or person providing investor relations services cannot exceed 2% in any 12 month period. No incentive stock option granted under the Plan is transferable by the optionee other than by will or the laws of descent and distribution, and each incentive stock option is exercisable during the lifetime of the optionee only by such optionee and by the optionee’s personal representatives in the event of death for a period ending on the earlier of the expiry date of the option and twelve months after the date of death. The exercise price of all incentive stock options granted under the Plan is determined in accordance with Toronto Stock Exchange guidelines and cannot be less than the Market Price on the date of the grant. Market Price is the volume weighted average trading price of the Company’s shares on the Toronto Stock Exchange for the five trading days immediately preceding the date of the grant. The maximum term of each incentive stock option is five years. Options granted to consultants or persons providing Investor Relations Activities (as defined in the Plan) shall vest in stages with no more than ¼ of such options being exercisable in any three-month period. All options granted during Fiscal 2021, Fiscal 2020 and Fiscal 2019 vested on the date granted. Under the requirements of the Toronto Stock Exchange, all unallocated options under the Plan must be approved by the Board of Directors, including a majority of the unrelated directors, and by the shareholders every three years after the institution of the Plan. Insiders and affiliates 67 of insiders entitled to receive a benefit under the Plan are not entitled to vote for such approval. The Plan received its triennial approval in Fiscal 2020. The names and titles of the directors and executive officers of the Company to whom outstanding stock options have been granted and the number of common shares subject to such options as of April 28, 2022 are set forth in Table No. 8, as well as the number of options granted to directors, executive officers, employees and consultants as a group. Name Duane Poliquin Chairman of the Board & Director Morgan Poliquin President, Director & Chief Executive Officer Alfredo Phillips Director Kevin O’Kane Director Ria Fitzgerald Director Elaine Ellingham Director Korm Trieu Chief Financial Officer & Corporate Secretary Douglas McDonald Executive Vice President John A. Thomas Vice President, Project Development Total Directors/Officers (9 persons) Total Employees/Consultants (12 persons) Total Directors/Officers/Employees/Consultants Table No. 8 Stock Options Outstanding # Options Outstanding &Exercisable 500,000 200,000 100,000 100,000 350,000 165,000 500,000 700,000 200,000 300,000 250,000 600,000 315,000 375,000 500,000 50,000 500,000 50,000 550,000 Exercise Price CDN$ 0.64 1.13 0.89 0.69 0.62 0.51 0.62 0.64 1.13 0.89 0.97 0.62 0.51 0.38 0.68 0.62 0.68 0.62 0.62 400,000 50,000 100,000 75,000 150,000 100,000 30,000 50,000 75,000 200,000 100,000 115,000 250,000 20,000 100,000 255,000 75,000 250,000 100,000 100,000 250,000 50,000 100,000 150,000 9,450,000 2,540,000 11,990,000 0.68 0.62 0.38 0.41 0.64 1.13 0.89 0.97 0.96 0.68 0.62 0.51 0.38 0.64 1.13 0.89 0.96 0.68 0.62 0.51 0.38 0.97 0.96 0.51 Expiry Date 06/09/2022 10/03/2022 12/15/2022 05/08/2023 07/08/2023 09/18/2023 05/31/2022 06/09/2022 10/03/2022 12/15/2022 02/09/2023 07/08/2023 09/18/2023 03/07/2027 03/31/2023 07/08/2023 03/31/2023 07/08/2023 07/08/2023 03/31/2023 07/08/2023 03/07/2027 04/30/2022 06/09/2022 10/03/2022 12/15/2022 02/09/2023 03/03/2023 03/31/2023 07/08/2023 09/18/2023 03/07/2027 06/09/2022 10/03/2022 12/15/2022 03/03/2023 03/31/2023 07/08/2023 09/18/2023 03/07/2027 02/09/2023 03/03/2023 09/18/2023 No funds were set aside or accrued by the Company during Fiscal 2021 to provide pension, retirement or similar benefits for directors or executive officers. General The TSX and the applicable Canadian securities law and regulation require that the Company comply with National Instrument 58-101 (Disclosure of Corporate Governance Practices) or any replacement of that instrument. The 68 Company is also, under applicable Canadian securities law and regulation, required to comply with National Policy 58-201 (Corporate Governance Guidelines). National Instrument 58-101 and National Policy 58-201 (for convenience referred to in the aggregate as the “guidelines”) deal with matters such as the constitution and independence of corporate boards, their functions, the effectiveness and education of the board members and other matters. The Company’s statement as to compliance with the guidelines and its approach to corporate governance is set forth below. Corporate Governance The Company’s Board and management are committed to the highest standards of corporate governance. The Company’s corporate governance practices are in accordance with the guidelines. The Company is also cognizant of and compliant with various corporate governance requirements in Canada and is in compliance with applicable U.S. requirements. The Company’s prime objective in directing and managing its business and affairs is to enhance shareholder value. The Company views effective corporate governance as a means of improving corporate performance and accordingly of benefit to the Company and all shareholders. The Company also believes that director and management honesty and integrity are essential factors in ensuring good and effective corporate governance. To that end the Company’s directors have adopted various codes and policies for the Company, its directors, officers, employees and consultants. The codes and policies adopted to date are as follows: Audit Committee Charter, Nominating and Corporate Governance Committee- Responsibilities and Duties, Compensation Committee-Responsibilities and Duties, Code of Business Ethics, Code of Business Conduct and Ethics for Directors, Communications Policy, Securities Trading Policy, Whistleblowers Policy and Privacy Policy (the “Codes”). The Codes may be viewed on the Company’s website at www.almadenminerals.com. The Codes may also be viewed as filed on EDGAR as an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006. Any amendments to the Codes or waivers of the provision of any Codes will be posted on the Company’s website within 5 business days of such amendment or waiver. Executive Officer Position Descriptions Chairman of the Board (‘Chairman’) Responsibilities: - Leads the Board of Directors of the Company and also takes a hands-on role in the Company’s day-to- day management. - Helps the CEO to oversee all the operational aspects involved in running the Company, including project selection and planning. - Takes overall responsibility for the Company’s direction and growth, seeking to generate significant financial gains for the shareholders. - Oversees relationships with the communities and stakeholders in the areas where the Company operates, with the intent of ensuring the Company’s activities are of benefit to all. Chief Executive Officer (‘CEO’) Reports to: The Board of Directors of the Company (the “Board”) Function: Provides overall leadership and vision in developing, in concert with the Board, the strategic direction of the Company and in developing the tactics and business plans necessary to increase shareholder value. Manages the overall business to ensure strategic and business plans are effectively implemented, the results are monitored and reported to the Board and financial and operational objectives are attained. 69 Authorities, Duties and Responsibilities: (a) General Functions: 1. Provides effective leadership to the management and the employees of the Company and establishes an effective means of control and co-ordination for all operations and activities. 2. Fosters a corporate culture that promotes ethical practices, integrity and a positive work climate enabling the Company to attract, retain and motivate a diverse group of quality employees. 3. Keeps the Board fully informed on the Company`s operational and financial affairs. 4. Develops and maintains a sound, effective organization structure and plans for capable management succession, progressive employee training and development programs and reports to the Board on these matters. 5. Ensures that effective communications and appropriate relationships are maintained with the shareholders of the Company and other stakeholders. 6. Develops capital expenditure plans for approval by the Board. 7. Turns any strategic plan as may be developed by the Board into a detailed operating plan. (b) Strategy and Risks 1. Develops and recommends to the Board strategic plans to ensure the Company`s profitable growth and overall success. This includes updating and making changes as required and involving the Board in the early stages of developing strategy. Identifies in conjunction with the other senior officers and appropriate directors of the Company the key risks with respect to the Company and its businesses and reviews such risks and strategies for managing them with the Board. 2. 3. Ensures that the assets of the Company are adequately safeguarded and maintained. (c) Exploration and Development Responsible for managing the day to day activities and operating management of the Company and as such shall be responsible for the design, operation and improvement of the systems that create the Company`s exploration and development opportunities. The CEO accordingly shall have the primary responsibility: - To direct and oversee all operational activities of the Company including exploration, development, mining and other such functions. To initiate solutions to the key business challenges of the Company. To participate in sourcing and negotiating financial arrangements for the further expansion and development of the Company including joint ventures, mergers, acquisitions, debt and equity financing. Represent and speak for the Company with shareholders, potential investors and other members of the industry. - - - (d) Financial Reporting Oversees the quality and timeliness of financial reporting. Reports to the Board in conjunction with the CFO on the fairness and adequacy of the financial reporting of the Company to its shareholders. Chief Financial Officer (‘CFO’) Reports to: The CEO of the Company Responsibilities: Developing, analyzing and reviewing financial data. - - Reporting on financial performance. - Monitoring expenditures and costs. - Assisting the CEO in preparing budgets and in the communicating to the analyst and shareholder, community and securities regulators, the financial performance of the Company. 70 Fulfilling the reporting requirements of the securities regulators, stock exchanges and shareholders. - - Monitoring filing of tax returns and payment of taxes. The CFO shall assist the CEO in establishing effective means of control and co-ordination of the operations and activities of the Company and identifying, in conjunction with the CEO, the key risks with respect to the Company and its business and reviewing with the CEO the strategies for managing such risks and ensuring that the assets of the Company are adequately safeguarded and maintained. The CFO, in conjunction with the CEO, shall design or supervise the design of and implement, maintain and periodically evaluate the effectiveness of internal controls to provide reasonable assurances that the financial statements of the Company are fairly presented in accordance with generally accepted financial standards and principles and that disclosure controls are in place to provide reasonable assurance that material information relating to the financial performance of the Company and any deficiencies are made known to the Audit Committee. Executive Vice President (formerly Vice President, Corporate Development) Reports to: The CEO of the Company Responsibilities: The Executive Vice President is responsible for: - Developing and managing relationships with current and prospective business partners, investment bankers, institutional investors, financial analysts and the media; - Preparing and presenting comprehensive reviews and analysis regarding the business to senior management and to the Board; - Coordinating execution of key strategic initiatives such as activities relating to business and project financing, permitting and litigation; - Ensuring appropriate corporate disclosure of non technical matters, aside from matters which would normally fall under the purview of the CFO; - Working with the CEO in preparing and presenting to investors, the executive team and the Board; - Conducting technical and financial analysis to determine the impact of growth opportunities on various metrics and to establish an execution plan as needed. The Executive Vice President shall work with the CEO in establishing and managing relationships with key stakeholders, identifying and analysing key strategic business opportunities, as well as the development, communication and implementation of corporate strategies related to executing the business plan of the Company. Vice President, Operations & Projects Reports to: The CEO of the Company Responsibilities: The Vice President, Operations & Projects is responsible for: - Planning and managing the operations of the Ixtaca Project; - Developing and overseeing the implementation of all required project execution systems and procedures including project controls, procurement of contracts, engineering construction, quality assurance and quality control; - Ensuring the project objectives, scope and plan are well defined and understood by the project team and stakeholders; - Ensuring the compliance with health, safety, environmental and community regulations and corporate standards; - Developing and recommending production strategies, together with capital budget and operating budget requirements to optimize short and long-range production capabilities while minimizing exposure to economic and environmental risk; - Overseeing all site activities, site services, construction, pre-commissioning and commissioning; 71 - Assisting the CEO in preparing and presenting to investors, the executive team and the Board; The Vice President, Operations & Projects shall assist the CEO in establishing and managing relationships with key stakeholders. The Vice President, Operations & Projects shall also conduct technical and financial analysis to determine the impact of growth opportunities on various metrics and to establish an execution plan as needed. Vice President, Project Development Reports to: The CEO of the Company Responsibilities: The Vice President, Project Development is responsible for: - Planning and managing the construction of the Ixtaca Project; - Developing and overseeing the implementation of all required Project execution systems and procedures including Project controls, procurement of contracts, engineering construction, quality assurance and quality control; - Ensuring the Project objectives, scope and plan are well defined and understood by the Project team and stakeholders; - Ensuring the compliance with health, safety, environmental and community regulations and corporate standards; - Developing and recommending production strategies, together with capital budget and operating budget requirements to optimize short and long-range production capabilities while minimizing exposure to economic and environmental risk; - Overseeing all site activities, site services, construction, pre-commissioning and commissioning; - Assisting the CEO in preparing and presenting to investors, the executive team and the Board; The Vice President, Project Development shall assist the CEO in establishing and managing relationships with key stakeholders. The Vice President, Project Development shall also conduct technical and financial analysis to determine the impact of growth opportunities on various metrics and to establish an execution plan as needed. Mandate of the Board The mandate of the Board is to supervise the management of the business and affairs of the Company and to act with a view to the best interests of the Company. In fulfilling its mandate, the Board, among other matters, is responsible for: (a) adopting a strategic planning process and approving, on at least an annual basis, a strategic plan, taking into (b) account the risk and opportunities of the Company’s business; identifying the principal risks of the Company’s business and implementing appropriate systems to manage such risks; (c) satisfying itself, to the extent reasonably feasible, of the integrity of the CEO and other executive officers (if any) and ensuring that all such officers create a culture of integrity throughout the Company and developing programs of succession planning (including appointing, training and monitoring senior management); (d) creating the Company’s internal control and management information systems and creating appropriate policies for matters including communications, securities trading, privacy, audit, whistleblowing and codes of ethical conduct; (e) managing its affairs including selecting its Chair, nomination of candidates for election to the Board, constituting committees of the Board and determining director compensation; and (f) engaging any necessary internal and/or external advisors. In the Fiscal year ended December 31, 2021 there were five (5) meetings of the Board. The frequency of meetings as well as the nature of agenda items change, depending upon the state of the Company’s affairs and in light of opportunities or risks which the Company is subject to. Table No. 9 indicates the number of meetings attended by each director. 72 Table No. 9 Meetings Attended Director Duane Poliquin Morgan Poliquin Elaine Ellingham Alfredo Phillips Kevin O’Kane Ria Fitzgerald Attended 5 5 5 3 3 2 Meetings 5 5 5 3 3 2 All Directors attended all board meetings held after they were appointed to the Board The Chairman is the chair of meetings of the Board of directors and is not an independent director. Meetings of the independent members of the Board may be held periodically as convened by the independent Board members. In Fiscal 2021, five (5) meetings of the independent Board members were convened. In carrying out its mandate, the Board and each committee of the Board, relies primarily on management and its employees to provide it with regular detailed reports on the operations of the Company and its financial position. Certain members of management are also on the Board and provide the Board with direct access to information concerning their areas of responsibility. Management personnel are also regularly asked to attend Board meetings to provide information, answer questions and receive the direction of the Board. The reports and information provided to the Board enable them to monitor and manage the risks associated with the Company’s operations and its compliance with legal and safety requirements, environmental issues and the financial position and liquidity of the Company. The Board discharges its responsibilities directly and through committees. At regularly scheduled meetings, members of the Board and management discuss the broad range of matters and issues relevant to the Company’s business interests and the Board is responsible for the approval of the Company’s Strategic Plan. In addition, the Board receives reports from management on the Company’s operational and financial performance. Between scheduled meetings, matters requiring Board authorization are effected by means of signed Consent Resolutions. Board Assessment The Nomination and Corporate Governance Committee reports to the Board periodically on the evaluation of the Board’s performance and that of the individual directors. The Performance of the Chief Executive Officer is evaluated by the Compensation Committee. Composition of the Board The guidelines recommend that a board of directors be constituted with a majority of individuals who qualify as “independent” directors. In deciding whether a particular director is independent, the Board examined the factual circumstances of each director and considered them in the context of many factors, including the definitions in the guidelines and the requirements and policies of NYSE American Company Guide Rules. The current Board is composed of six members. The Board has determined that a majority of directors, namely 4 directors, are independent - Elaine Ellingham, Kevin O’Kane, Alfredo Phillips and Ria Fitzgerald. Two directors – Duane Poliquin and Morgan Poliquin – are not independent because, in addition to their being the Chairman and Chief Executive Officer/President of the Company, respectively, they each have Executive Employment Contracts with the Company and, therefore, they each have a material relationship with the Company. The basis for determination of independence is under Canadian Securities Administrators’ National Instrument NI 52-110 - Audit Committees (“NI 52-110”) and NYSE American Exchange Company Guide Rules. The Company does not have a controlling or significant shareholder. The Board believes that the membership of the Board fairly reflects the investment in the Company by minority shareholders. The Board considers its size and composition to be appropriate and effective for carrying out its responsibilities. However, the Board may consider adding an additional director if a suitable candidate can be found who may bring additional experience or knowledge to the Board. 73 Board Committees The Board currently has three committees - the Audit Committee, the Nomination and Corporate Governance Committee and the Compensation Committee. Each member of each committee is an independent director. Each committee is responsible for determining its own rules of procedure and may, from time to time, develop written descriptions for the responsibilities of the chair of such committee. No written position descriptions have yet been developed. Mandates of each of the committees and the Codes undergo review periodically (in some cases mandated as annually) to bring them into line with changing Canadian and U.S. securities and corporate governance requirements and to reflect amendments that may be considered appropriate to make them more effective. Any revisions to the mandates and Codes will be available on the Company’s website at www.almadenminerals.com. Audit Committee The full text of the initial Audit Committee Charter is an exhibit to the 2003 Annual Report on Form 20-F filed with the Commission on May 11, 2004. After review, the Charter was altered to more properly define the functions of the Audit Committee. The revised Audit Committee Charter is an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006. The members of the Audit Committee are Elaine Ellingham, Kevin O’Kane and Ria Fitzgerald, all of whom are independent (on the basis determined as set forth above) and “financially literate” within the meaning of NI 52-110, in that each of them has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company’s financial statements. The members of the Audit Committee have the respective education and experience set out below that is relevant to the performance of such member’s responsibilities as an Audit Committee member: Elaine Ellingham has an MBA and has over 25 years of financial and management experience for public companies and for private equity groups. She held responsibilities for financial due diligence on issuers and applicants during her tenure at the TSX. She has served on audit committees for TSX and TSXV companies for over 12 years. Kevin O'Kane is a registered professional engineer with nearly 40 years of experience in the global mining industry. He has held executive positions with BHP in South America, including Project Director, Vice President of Health, Safety and Environment, and Asset President. Most recently, Mr. O'Kane held the position of Executive Vice-President and Chief Operating Officer for SSR Mining Inc. He holds the ESG Competent Boards Certificate and Global Competent Boards Designation (GCB.D), achieved in 2021. He is fluent in Spanish and brings a wealth of technical, operational and HSCE leadership combined with Latin American knowledge to Almaden's Board. Mr. O’Kane also serves on the Boards of SolGold Plc IAMGOLD Corporation and NorthIsle Copper and Gold Inc. Ria Fitzgerald holds a Bachelor of Commerce degree and the Chartered Financial Analyst designation. She has over 20 years of financial, investment and capital markets experience, primarily in the mining sector. The Audit Committee met four (4) times during Fiscal 2021. Nominating and Corporate Governance Committee The members of the Nominating and Corporate Governance Committee are Elaine Ellingham, Kevin O’Kane, and Alfredo Phillips. The Nominating and Corporate Governance Committee met four (4) times during Fiscal 2021. The full text of the initial Corporate Governance Charter is an exhibit to the 2003 Annual Report on Form 20-F filed with the Commission on May 11, 2004. After review, the Responsibilities and Duties of the Nominating and Corporate Governance Committee were altered to more properly define the functions of the Nominating and Corporate Committee. The revised Responsibilities and Duties is an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006. Compensation Committee The members of the Compensation Committee are Elaine Ellingham, Kevin O’Kane, and Ria Fitzgerald. The Compensation Committee met four (4) times during Fiscal 2021 with Elaine Ellingham attending all four (4) meetings. 74 Kevin O’Kane and Ria Fitzgerald attended two (2) of two (2) available meetings while they were on the Compensation Committee. The Responsibilities and Duties of the Compensation Committee is an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006. Orientation and Continuing Education The Nomination and Corporate Governance Committee is responsible for recommending to the Board an orientation and education program for new directors. Director Term Limits and other Mechanisms of Board Renewal The Company has not adopted term limits or other mechanisms for Board renewal. The Company does not consider it is yet appropriate to force any term limits or other mechanisms of Board renewal at this time. Policies Regarding the Representation of Women on the Board There are currently two women on the Company’s Board representing 33.3% of the Board. The Company plans to adopt a written policy with respect to the identification and nomination of women directors (the “Diversity Policy”). The Diversity Policy will require that the Board consider diversity on the Board from a number of aspects, including but not limited to gender, age, ethnicity and cultural diversity. In addition, when assessing and identifying potential new members to join the Board or the Company’s executive team, the Board will consider the current level of diversity on the Board and the executive team. As the Diversity Policy has not yet been adopted, the Company is not yet able to measure its effectiveness. Consideration of the Representation of Women in the Director Identification and Selection Process Pursuant to the Diversity Policy, the Board will consider and evaluate the representation of women on the Board when identifying and nominating candidates for election and re-election to the Board. The Company will focus its search for new directors purely based on the qualification of potential candidates, regardless of their gender, age, ethnicity or culture. Consideration Given to the Representation of Women in Executive Officer Appointments Pursuant to the Diversity Policy, the Board will consider and evaluate the representation of women in the Company’s executive officer positions when identifying and nominating candidates for appointment as executive officers. The Company will focus its search for new executive officers purely based on the qualification of potential candidates, regardless of their gender, age, ethnicity or culture. The Company’s Targets Regarding the Representation of Women on the Board and in Executive Officer Positions The Company has not established a target for the representation of women on the Board or in executive officer positions of the Company by a specific date. The Company does not think it is appropriate to set targets because the Company focuses its search for new directors and executive officers purely based on the qualification of potential candidates, regardless of their gender, age, ethnicity or culture. Number of Women on the Board and in Executive Officer Positions As at the date of this Form Annual Report on Form 20-F, two of the Company’s directors (representing 33.3% of the Company’s six directors) are and none of the Company’s executive officers are women. Decisions Requiring Board Approval In addition to those matters which must by law be approved by the Board, management is also required to seek Board approval for any major acquisition, disposition or expenditure. Management is also required to consult with the Board before entering into any venture which is outside of the Company’s existing line of business. Changes in officers are to be approved by the Board including changes in officers of the Company’s principal operating subsidiaries. In certain circumstances it may be appropriate for an individual director to engage an outside advisor at the expense of the Company. The engagement of the outside advisor would be subject to the approval of the Nomination and Corporate Governance Committee. 75 Communications and Investor Relations The Company has adopted a Communications Policy, the purpose and aim of which is as follows: (a) Controls the communications between the Company and its external stakeholders; (b) Complies with its continuous and timely disclosure obligations; (c) Avoids selective disclosure of Company information; (d) Protects and prevents the improper use or disclosure of material information and confidential information; (e) Educates the Company’s personnel on the appropriate use and disclosure of material information and confidential information; (f) Fosters and facilitates compliance with applicable laws; and (g) Creates formal Disclosure Officers to help achieve the above objectives. In accordance with the Communications Policy of the Company, designated Disclosure Officers receive and respond to shareholder enquiries. Shareholder enquiries and concerns are dealt with promptly by Disclosure Officers of the Company. Ethical Business Conduct The Company has adopted a Code of Business Conduct and Ethics for Directors (“Code”), a Code of Business Ethics (“COBE”), a Securities Trading Policy and a Privacy Policy. Employees and consultants are required as a term of employment or engagement to undertake to abide by the COBE. Directors are bound to observe the Code adopted by the Board. All Directors, Officers and Employees (“Individuals”) sign a Certification (“Certification”) stating they have read the Code of Business Ethics policy (“Policy”) of the Company and have complied with such Policy in all respects. The Certification further acknowledges that all members of the Individual’s family, all other persons who live with the Individual and all holding companies and other related entities of the Individual and all such persons or companies acting on behalf of or at the request of any of the foregoing also complied with such Policy. The Certification also states that any violation of such Policy may constitute grounds for immediate suspension or dismissal. Each director is expected and required by statute to act honestly and in good faith with a view to the best interests of the Company and to exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances and in accordance with the Business Corporations Act (British Columbia) and the Company’s Articles. Employees As of December 31, 2021 and continued through to April 28, 2022, the Company operated with eight people in Canada, of which five are administrative personnel and three are exploration personnel. There are no full-time employees in the U.S. or Mexico. None of the Company’s employees are covered by a collective bargaining agreement. Share Ownership Table No. 10 lists, as of April 28, 2022, directors and executive officers who beneficially own the Company's voting securities (Common Shares) and the amount of the Company’s voting securities owned by the directors and executive officers as a group. Title of Class Name of Beneficial Owner Table No. 10 Shareholdings of Directors and Executive Officers Amounts and Nature of Beneficial Ownership 5,163,636(1)(10) 5,001,893(2)(10) 676,300(3) 550,000(4) 550,000(5) 550,000(6) 1,253,144(7) 1,274,401(8) 300,000(9) 15,319,374 Common Duane Poliquin Common Morgan Poliquin Common Elaine Ellingham Common Kevin O’Kane Common Alfredo Phillips Common Common Korm Trieu Common Doug McDonald John A. Thomas Common Total Directors/Officers as group Ria Fitzgerald Percent of Class* 3.71% 3.56% 0.49% 0.40% 0.40% 0.40% 0.91% 0.92% 0.22% 11.00% 76 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Of these shares 1,415,000 represent currently exercisable stock options. 540,500 represent currently exercisable warrants. Of these shares 3,240,000 represent currently exercisable stock options. 83,600 of these shares are held indirectly through Kohima Pacific Gold Corp., a company owned by Mr. Poliquin. Of these shares 550,000 represent currently exercisable stock options, 12,500 represent currently exercisable warrants. 44,400 of these shares are held indirectly through Edward Kammermayer, the husband of Mrs. Ellingham. Of these shares 550,000 represent currently exercisable stock options. Of these shares 550,000 represent currently exercisable stock options. Of these shares 550,000 represent currently exercisable stock options. Of these shares 1,145,000 represent currently exercisable stock options. 7,500 of these shares are held indirectly by Mr. Trieu’s wife. 28,000 of these shares represent currently exercisable warrants. Of these shares, 1,150,000 represent currently exercisable stock options. 7,500 of these shares are held indirectly by Shari Investments, an entity controlled by Mr. McDonald. Of these shares 300,000 represent currently exercisable stock options. Pursuant to a Voting Trust Agreement (Exhibit 3 to this Annual Report on Form 20-F), Duane Poliquin and Morgan Poliquin (the “Trustees”) jointly hold voting power over any of the Company’s common shares legally and beneficially owned by Mr. Ernesto Echavarria, a resident of Mexico. On August 10, 2015, Mr. Echavarria, who is not an executive officer or director of the Company, made a filing with the System for Electronic Disclosure by Insiders (“SEDI”), Canada’s on-line, browser-based service for the filing and viewing of insider reports as required by various provincial securities rules and regulations, disclosing that his ownership of Almaden common shares had fallen below the 10% threshold for such reporting. Based on such filing, Mr. Echavarria holds less than 10% of the Company’s common shares. *Based on 137,221,408 shares outstanding as of April 28, 2022 and stock options and warrants exercisable within 60 days held by each beneficial owner. Item 7. Major Shareholders and Related Party Transactions The Company is a publicly owned Canadian company, the shares of which are owned by residents of the U.S., residents of Canada and other foreign residents. To the extent known by the directors and executive officers of the Company, the Company is not directly or indirectly owned or controlled by another company. Table No. 11 lists, as of April 28, 2022, the only persons or companies beneficially owning more than 5% of the Company’s voting securities (Common Shares). Table No. 11 Shareholdings of Beneficial Owners Title of Class Name of Beneficial Owner Common Duane Poliquin Common Morgan Poliquin Amounts and Nature of Beneficial Ownership 5,163,636(1)(3) 5,001,893(2)(3) Percent of Class* 3.71% 3.56% (1) (2) (3) Of these shares 1,415,000 represent currently exercisable stock options. 540,500 represent currently exercisable warrants. Of these shares 3,240,000 represent currently exercisable stock options. 83,600 of these shares are held indirectly through Kohima Pacific Gold Corp., a company owned by Mr. Poliquin. Pursuant to a Voting Trust Agreement (Exhibit 3 to this Annual Report on Form 20-F), Duane Poliquin and Morgan Poliquin (the “Trustees”) jointly hold voting power over any of the Company’s common shares legally and beneficially owned by Mr. Ernesto Echavarria, a resident of Mexico. On August 10, 2015, Mr. Echavarria, who is not an executive officer or director of the Company, made a filing with SEDI, Canada’s on-line, browser-based service for the filing and viewing of insider reports as required by various provincial securities rules and regulations, disclosing that his ownership of Almaden common shares had fallen below the 10% threshold for such reporting. Based on such filing, Mr. Echavarria hold less than 10% of the Company’s common shares. *Based on 137,221,408 shares outstanding as of April 28, 2022 and stock options and warrants exercisable within 60 days held by each beneficial owner. Related party transactions Certain officers and directors of the Company are also officers or directors of companies with which the Company has agreements and may not be considered at arm's-length to such agreements. However, any agreement or any agreement to be negotiated between the Company and such other companies has been or will be approved by directors of the Company, in accordance with the common law and the provisions of the Business Corporations Act (British Columbia). (a) Compensation of key management personnel Key management includes members of the Board, the Chairman, the President and Chief Executive Officer, the 77 Chief Financial Officer, the Executive Vice President, the Vice President, Operations & Projects, and the Vice President, Project Development. The aggregate compensation paid or payable to key management for services is as follows, after recovery of 27% (2020 – 60%, 2019 – 40%) of executive officer compensation from Azucar and 39% (2020 – 30%, 2019 – 20%) of executive officer compensation from Almadex: Professional fees Salaries and benefits Share-based payments Directors’ fees March 31, 2022 $ 15,000 108,863 302,250 36,250 $ 462,363 December 31, 2021 $ 60,000 450,522 1,551,850 102,500 2,164,872 December 31, 2020 $ 65,000 101,200 1,471,300 70,000 $1,707,500 December 31, 2019 $ 276,491 404,800 768,020 70,000 $1,519,311 (b) Administrative Services Agreements The Company recovers a portion of expenses from Azucar pursuant to an Administrative Services Agreement dated May 15, 2015 and First Amending Agreement dated December 16, 2015 between the Company and Azucar. The Company also recovers a portion of expenses from Almadex pursuant to an Administrative Services Agreement dated March 29, 2018 between the Company and Almadex. During the year ended December 31, 2021, the Company received $412,812 (2020 - $935,872; 2019 - $639,320) from Azucar for administrative services fees included in other income and received $969,532 (2020 - $468,227; 2019 - $320,093) from Almadex for administrative services fees included in other income. At December 31, 2021, included in accounts receivable is $15,063 (2020 - $81,623) due from Azucar and $69,298 (2020 - $40,678) due from Almadex in relation to expenses recoveries. At December 31, 2021, the Company accrued $72,130 (2020 - $37,689) payable to Almadex for exploration and drilling services in Mexico. (c) Other related party transactions During the year ended December 31, 2021, the Company employed the Chairman’s daughter for a salary of $41,300 less statutory deductions (2020 - $41,300; 2019 - $41,300) for marketing and administrative services provided to the Company. Other than as disclosed above, there have been no transactions or proposed transactions, which have materially affected or will materially affect the Company in which any director, executive officer, or beneficial holder of more than 10% of the outstanding common shares, or any of their respective relatives, spouses, associates or affiliates has had or will have any direct or material indirect interest. As stated above, management believes the transactions referenced above were on terms at least as favorable to the Company as the Company could have obtained from unaffiliated parties. Item 8. Financial Information The financial statements as required under Item 8 are attached hereto and found immediately following the text of this Annual Report. Legal Proceedings The Company’s Ixtaca Project Original Concessions (see definition below) have been the subject of legal proceedings (the “Amparo”). On April 7, 2015, the Ejido Tecoltemi filed the Amparo against Mexican mining authorities claiming that Mexico’s mineral title system is unconstitutional because indigenous consultation is not required before the granting of mineral title. Almaden’s two original mining concessions covering the Ixtaca Project (the “Original Concessions”) (Figure 1 below) are the subject matter of the Amparo. The Original Concessions cover Almaden’s Ixtaca Project and certain endowed lands of the Ejido (the “Ejido Lands”). The Ejido Lands overlap approximately 330 Ha of the far southeastern corner of the Original Concessions and are not 78 considered material to Almaden. Figure 1: Original Concessions. Ixtaca environmental and social impact areas, and Ejido Lands Shortly after the Amparo was filed in April 2015, the lower court in Puebla State ordered the suspension of Almaden from conducting exploration and exploitation work over those portions of the Original Concessions which overlap with the Ejido Lands. Mineral tenure over the Ejido Lands is not material to Almaden. The Ejido Lands do not overlap the Ixtaca Project or its environmental or social area of impact. Almaden has never tried to negotiate access to the Ejido Lands, never conducted exploration work on the Ejido Lands, and has no interest in conducting any future exploration or development work over the Ejido Lands. The Ejido Lands are in a different drainage basin than the Ixtaca Project and the Company does not need to travel though the Ejido Lands to access the Ixtaca Project. On February 17, 2022, the Company announced that the SCJN reached a decision on February 16, 2022 in respect of the Mineral Title Lawsuit involving the Company’s mineral claims. On April 27, 2022, the Company announced that the SCJN had published its final decision on this matter. Almaden has reviewed the final decision of the SCJN. The decision determines that the Mexican mineral title law is constitutional, but that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The decision orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective and to issue them to Almaden following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The decision discusses the application of international law and jurisprudence to the implementation of consultation by Mexican authorities with relevant indigenous communities. It also provides some detail to Mexican authorities regarding the procedures required to be followed by those authorities in the performance of indigenous consultation prior to the grant of mineral claims. Furthermore, the decision clarifies that the Company’s original claim applications were submitted pursuant to the legal framework in force at the time and as such Almaden’s mineral rights at the Ixtaca project are safeguarded while the mining authorities comply with conditions and requirements prior to issuing the mineral titles. As previously disclosed, the Company has no interest in holding mineral claims over the indigenous community’s land. The decision will take effect at the time of its official notification to the Company which is expected shortly. Almaden intends to interact with Mexican government officials and local community officials in order to facilitate to the extent possible the government’s execution of its responsibilities in the issuance of the mineral titles. At present there is no timeline for the consultation process. 79 The standards for local implementation of the obligations assumed by Mexico under ILO Convention 169 regarding the human right to free, prior, informed consultation of indigenous communities are currently evolving. The Amparo ruling may halt or result in a significant delay in project development notwithstanding the extensive local engagement already conducted by the Company. Claim Reduction Efforts In 2015, after learning about the Amparo, Almaden commenced a process to voluntarily cancel approximately 7,000 Ha of its Original Concessions, including the area covering the Ejido Lands, to assure the Ejido that Almaden would not interfere with the Ejido Lands, and to reduce Almaden’s land holding costs. Almaden divided the Original Concessions into nine smaller concessions, which included two smaller mining concessions which overlapped the Ejido Lands (the “Overlapping Concessions”) (see Figure 2 below) and then voluntarily cancelled the Overlapping Concessions (see Figure 3 below – which shows only the “New Concessions”). The applicable Mexican mining authorities issued the New Concessions and accepted the abandonment of the Overlapping Concessions in May and June of 2017 after the issuance of a Court Order. Figure 2: New and overlapping concessions Figure 3: New Concessions. In June 2017, the Ejido Tecoltemi, the complainant in the Amparo, filed a legal complaint about the Court Order leading to the New Concessions, and on February 1, 2018, the court reviewing the complaint ruled the Ejido’s complaint was founded, and sent the ruling to the court hearing the Amparo. On December 21, 2018, the General Directorate of Mines issued a resolution that the New Concessions are left without effect, and the Original Concessions are in full force and effect (the “December Communication”). On February 13, 2019, the General Directorate of Mines delivered, to the court hearing the Amparo, mining certificates stating that the Original Concessions are valid, and the New Concessions are cancelled. On June 10, 2019, Almaden’s subsidiary appealed the December Communication, and subsequent cancellation of the New Concessions. On September 26, 2019, the lower court refused to hear the appeal, but on October 14, 2019, a higher court agreed to hear the appeal. On December 1, 2020, the higher court denied the Company’s October 14, 2019 appeal, which objected to the reinstatement by the Mexican mining authorities of the Company’s Original Concessions. This court decision upheld the action of Mexican mining authorities that reinstated the Original Concessions as the Company’s sole mineral claims over the Ixtaca Project, and left the New Concessions the Company was awarded in 2017 as held without effect. However, the decision also stated that the Company had the right to defend the New Concessions through the applicable legal procedures (such as the Administrative Challenge referred to below). In communications with the lower court and mineral title certificates issued by the General Directorate of Mines directly to Almaden on December 16, 2019 (the “December 2019 Certificates”), the applicable Mexican records reflected the position that the Original Concessions (the subject matter of the Amparo) are active and owned by 80 Almaden (through its Mexican subsidiary) and the New Concessions are left without effect. It should be noted that the Mexican mining authorities also have indicated in the December 2019 Certificates that their position is subject to the final resolution of the Amparo. On January 21, 2020, the Company filed an administrative challenge against the Mexican mining authorities’ issuance of the December 2019 Certificates, which represented the first time that Almaden had been directly notified of any changes in its mineral tenure. Almaden believes that the December Communication from the Mexican mining authorities is the basis for the recorded change in its mineral tenure. The Company’s Mexican counsel has advised that the December Communication should have no legal effect as it was only provided to the lower court, was never officially served on the Company and was not issued by an official possessing the necessary legal authority. While the December Communication is dated December 21, 2018, the Company first became aware of it in May 2019 through a review of court documents. Currently, applicable Mexican mining authority records show the Original Concessions as Almaden’s sole mineral claims to the Ixtaca Project. As noted above those claims are subject to the Amparo and the decision of the SCJN announced by the Company on April 27, 2022. Almaden continues to file taxes and assessment reports on the basis of the reduced area defined by the New Concessions. These taxes have been accepted by the Mexican mining authorities, and Almaden has not received any notifications from the Mexican mining authorities regarding taxes on the Original Concessions. Dividends The Company has not declared any dividends since inception and does not anticipate that it will do so in the foreseeable future. The present policy of the Company is to retain future earnings for use in its operations and the expansion of its business. Significant Changes There have been no significant changes of financial condition since the most recent audited financial statements included within this Annual Report on Form 20-F. Item 9. Offer and Listing of Securities The Company's common shares trade on TSX in Toronto, Ontario, Canada having the symbol "AMM,” and on the NYSE American (formerly the NYSE MKT) in New York, New York, U.S.A. having the symbol “AAU” and CUSIP #020283107. The Company’s common shares commenced trading on February 11, 2002 on TSX and December 19, 2005 on the American Stock Exchange, now the NYSE American. Table No. 12 lists the high and low prices for the shares of Almaden Minerals Ltd. common shares on NYSE American for the preceding five years. Table No. 13 lists the high and low prices for shares of Almaden Minerals Ltd. common shares on TSX for the preceding five years. Table No. 12 Almaden Minerals Ltd. Stock Trading Activity NYSE American (expressed in US$) Year Ended 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 High $1.20 1.24 0.90 1.05 1.75 Low $0.27 0.21 0.43 0.48 0.71 81 Table No. 13 Almaden Minerals Ltd. Stock Trading Activity The Toronto Stock Exchange (expressed in C$) Year Ended 12/31/2021 12/31/2020 12/31/2019 12/31/2018 12/31/2017 High $1.52 1.60 1.19 1.35 2.33 Low $0.36 0.31 0.57 0.63 0.92 Table No. 14 lists the quarterly high and low prices for shares of Almaden Minerals Ltd. common shares on NYSE American for the two most recent full financial years. Table No. 15 lists the quarterly high and low prices for shares of Almaden Minerals Ltd. common shares on TSX for the two most recent full financial years. Table No. 14 Almaden Minerals Ltd. Stock Trading Activity NYSE American (expressed in US$) Table No. 15 Almaden Minerals Ltd. Stock Trading Activity The Toronto Stock Exchange (expressed in C$) High $0.49 0.44 0.51 0.60 1.20 1.24 1.09 0.59 High $0.62 0.55 0.67 0.74 1.52 1.60 1.43 0.77 Quarter Ended 03/31/2022 12/31/2021 09/30/2021 06/30/2021 03/31/2021 12/31/2020 09/30/2020 06/30/2020 Quarter Ended 03/31/2022 12/31/2021 09/30/2021 06/30/2021 03/31/2021 12/31/2020 09/30/2020 06/30/2020 Low $0.27 0.27 0.36 0.46 0.48 0.45 0.47 0.26 Low $0.34 0.36 0.47 0.58 0.61 0.59 0.64 0.38 Table No.16 lists the high and low prices for shares of Almaden Minerals Ltd. common shares on NYSE American for the most recent six months. Table No. 17 lists the high and low prices for shares of Almaden Minerals Ltd. common shares on TSX for the most recent six months. 82 Table No. 16 Almaden Minerals Ltd. Stock Trading Activity NYSE American (expressed in US$) Table No. 17 Almaden Minerals Ltd. Stock Trading Activity The Toronto Stock Exchange (expressed in C$) High $0.49 0.39 0.32 0.35 0.44 0.41 High $0.62 0.49 0.40 0.44 0.55 0.51 Month Ended 03/31/2022 02/28/2022 01/31/2022 12/31/2021 11/30/2021 10/31/2021 Month Ended 03/31/2022 02/28/2022 01/31/2022 12/31/2021 11/30/2021 10/31/2021 Low $0.28 0.27 0.27 0.27 0.32 0.37 Low $0.38 0.34 0.34 0.36 0.40 0.45 The closing price of the Company’s common shares was $0.36 (US$) on the NYSE American and $0.45 (C$) on TSX on March 31, 2022. In recent years, securities markets in Canada and the U.S. have experienced a high level of price and volume volatility, and the market price of many resource companies, particularly those considered speculative exploration companies, have experienced wide fluctuations in price which have not necessarily been related to operating performance or underlying asset values on prospects of such companies. Exploration for gold and other minerals is considered high risk and highly speculative in the resource industry and the trading market for precious and base metal exploration companies is characteristically volatile, with wide fluctuations of price and volume only in part related to progress of exploration. There can be no assurance that continual fluctuations in the Company’s share price and volume will not occur. The Company's common shares are issued in registered form and the following information is from the Company’s registrar and transfer agent, Computershare Investor Services Inc. located in Vancouver, British Columbia and Toronto, Ontario, Canada. On February 28, 2022, the shareholders' list for the Company’s common shares showed 213 registered shareholders, including depositories, and 137,221,408 shares outstanding. 178 of these registered shareholders are U.S. residents, owning 38,497,549 shares representing 28% of the issued and outstanding common shares. 24 of these registered shareholders are Canadian residents, owning 93,878,480 shares representing 68% of the issued and outstanding common shares. 11 of these registered shareholders are of other countries, owning 4,845,379 shares representing 4% of the issued and outstanding common shares. Table No. 18 lists changes, if any, in issued shares to April 28, 2022: 83 Table No. 18 Shares Issued to April 28, 2022 Balance, December 31, 2021 Balance, April 28, 2022 Item 10. Additional Information Number 137,221,408 137,221,408 Flow-Through Common Shares Flow-through common shares differ from other common shares in one aspect only, namely the tax benefits connected with qualified mineral exploration expenditures in Canada associated with the funds raised through the sale of flow through shares flow-through to the shareholder rather than the Company; all other rights of the shareholder remain unchanged. Companies must specifically identify the expenditures associated with the funds raised through the sale of flow-through shares. These tax benefits are available only to shareholders residing in Canada who are subject to Canadian Federal Income Tax for the taxation year in which the credit is being claimed. Shareholders residing in the U.S. and other non-Canadian shareholders receive no tax benefits through the purchase of flow-through shares. The Company’s common shares are not normally flow-through shares but the Company has issued flow-through shares pursuant to private placements of the Company’s common shares. There were no flow-through shares issued in Fiscal 2021, Fiscal 2020 or Fiscal 2019. In Fiscal 2011, the Company issued 100,000 flow-through shares. Memorandum and Articles At the Annual and Special General meeting of the Company held on May 18, 2005, shareholders passed appropriate resolutions to complete the transition procedures in accordance with the Business Corporations Act (British Columbia), (the “BCBCA”), to increase the number of common shares which the Company is authorized to issue to an unlimited number of common shares and to cancel the Company’s Articles and adopt new Articles to take advantage of provisions of the BCBCA. The BCBCA was adopted in British Columbia on March 29, 2004 replacing the Company Act (the “Former Act”). The BCBCA requires the provisions formerly required in the Memorandum to be in the Articles. The BCBCA eliminates the requirement for a Memorandum. The revised Articles are an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006, and replaced the Memorandum and Articles as filed with the Commission on May 17, 2002. Articles The Company was formed through the amalgamation of Fairfield Minerals Ltd. and Almaden Resources Corporation effective December 31, 2001 under the Company Act of British Columbia (the “Company Act”). On March 29, 2004, British Columbia adopted the BCBCA to replace the Company Act. Companies registered under the Company Act are required to transition to the BCBCA. At the Annual and Special General meeting of the Company held on May 18, 2005, shareholders passed appropriate resolutions to complete the transition procedures to cancel the Company’s Articles and adopt new Articles, which includes an increase of the number of common shares which the Company is authorized to issue to an unlimited number of common shares. The Company’s new Articles became effective in June 2005 (the “Articles”). The Articles contain no restrictions on the business the Company may carry on. Under the Articles, if a director has a disclosable interest in a contract or transaction, such director is liable to account to the Company for any profits that accrue to the director as a result of the contract or transaction unless disclosure is made thereof and the contract or transaction is approved in accordance with the provisions of the BCBCA and a director is not entitled to vote on any director’s resolution to approve that contract or transaction unless all of the directors have a disclosable interest in that contract or transaction, in which case all of those directors may vote on such resolution. A director may hold any office or place of profit with the Company in conjunction with the office of director, and no director shall be disqualified by their office from contracting with the Company. A director or such director’s firm may act in a professional capacity for the Company and a director or such director’s firm shall be entitled to remuneration for professional services. A director may become a director or other officer or employee of, or 84 otherwise interested in, any company or firm in which the Company may be interested as a shareholder or otherwise. The director shall not be accountable to the Company for any remuneration or other benefits received by the director from such other company or firm unless the Company in general meeting directs otherwise. Under the Articles the directors must manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers which are not required to be exercised by the shareholders, or as governed by the BCBCA. Under the Articles the directors may, by resolution, create and appoint one or more committees consisting of such member or members of their body as they think fit and may delegate to any such committee such powers of the Board as the Board may designate or prescribe. The Articles provide that the quorum necessary for the transaction of the business of the directors may be fixed by the directors and if not so fixed shall be a majority of the directors. The continuing directors may, notwithstanding any vacancy in their body, but if and so long as their number is reduced below the number fixed pursuant to the Articles as the necessary quorum of directors, act only for the purpose of increasing the number of directors to that number, or of summoning a general meeting of the Company, but for no other purpose. The Articles provide that the directors may, on behalf of the Company: • Borrow money in a manner and amount, on any security, from any source and upon any terms • and conditions; Issue bonds, debentures, and other debt obligations either outright or as security for any liability or obligation of the Company or any other person; • Guarantee the repayment of money by any other person or the performance of any obligation of any other person; and • Mortgage, charge, or give other security, on the whole or any part of the property or assets of the Company, both present and future. There are no age limit requirements pertaining to the retirement or non-retirement of directors. A director need not be a shareholder of the Company. The Articles provide for the mandatory indemnification of Directors, Officers, former officers and directors, alternate directors, as well as their respective heirs and personal or other legal representatives, or any other person, to the greatest extent permitted by the BCBCA. The indemnification includes the mandatory payment of expenses and, in furtherance thereof, the Company is party to indemnification agreements with such individuals. The directors may cause the Company to purchase and maintain insurance for the benefit of eligible parties. The rights, preferences and restrictions attaching to each class of the Company’s shares are as follows: Common Shares The authorized share structure of the Company consists of an unlimited number of common shares without par value. All the common shares of the Company are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets. Holders of common shares are entitled to one vote for each share held of record on all matters to be acted upon by the shareholders. Holders of common shares are entitled to receive such dividends as may be declared from time to time by the Board of Directors, in its discretion, out of funds legally available therefor. Upon liquidation, dissolution or winding up of the Company, holders of common shares are entitled to receive pro rata the assets of the Company, if any, remaining after payments of all debts and liabilities. No shares have been issued subject to call or assessment. There are no pre-emptive or conversion rights and no provisions for redemption or purchase for cancellation, surrender, or sinking or purchase funds. The Directors may by resolution make any changes in the authorized share structure as may be permitted under Section 54 of the BCBCA, and may by resolution make or authorize the making of any alterations to the Articles and the Notice of Articles as may be required by such changes. The Company may by ordinary resolution, create or vary special rights and restrictions as provided in Section 58 of 85 the BCBCA. No alteration will be valid as to any part of the issued shares of any class unless the holders of all the issued shares of that class consent to the alteration in writing or consent by special separate resolution. An annual general meeting shall be held once every calendar year at such time (not being more than 15 months after holding the last preceding annual meeting under the BCBCA nor more than 6 months from its preceding fiscal year end under the policies of the Toronto Stock Exchange) and place as may be determined by the Directors. The Directors may, as they see fit, convene an extraordinary general meeting. An extraordinary general meeting, if requisitioned in accordance with the BCBCA, shall be convened by the Directors or, if not convened by the Directors, may be convened by the requisitionists as provided in the BCBCA. There are no limitations upon the rights to own securities. There are no provisions in the Articles that would have the effect of delaying, deferring, or preventing a change in control of the Company. There is no special ownership threshold above which an ownership position must be disclosed. However, any ownership level above 10% must be disclosed by news release and notices filed in accordance with Canadian Securities Laws and by notices to the Toronto Stock Exchange. A copy of the Company’s new Articles is an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006. Shareholder Rights Plan On April 13, 2011, the Company’s Board of Directors adopted a Shareholder Rights Plan Agreement (the “Rights Plan”) between the Company and Computershare Investor Services Inc. (“Computershare”) as Rights Agent. The Rights Plan was subsequently approved by the shareholders of the Company at the Annual General and Special Meeting held June 28, 2011, reconfirmed by the shareholders of the Company at the 2014 Annual General Meeting, amended and reconfirmed at the 2017 Annual General Meeting and reconfirmed at the 2020 Annual General Meeting. The primary objective of the Rights Plan is to ensure, to the extent possible, that all shareholders of the Company are treated fairly in connection with any take-over bid for the Company by (a) providing shareholders with adequate time to properly assess a take-over bid without undue pressure and (b) providing the Board with more time to fully consider an unsolicited take-over bid, and, if applicable, to explore other alternatives to maximize shareholder value. The full text of the Rights Plan was filed under cover of Form 6-K with the Commission on April 15, 2011 and is also available on SEDAR and the Company’s website. Advance Notice Policy On January 28, 2013 the Company’s Board of Directors approved and adopted an Advance Notice Policy, as amended on May 1, 2015 (the “Policy”) which, among other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the BCBCA: or (ii) a shareholder proposal made pursuant to the provisions of the BCBCA. The Policy, among other things, fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and set forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form. In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made. 86 The full text of the Amended Advance Notice Policy is an exhibit to the 2017 Annual Report on Form 20-F filed with the Commission on March 29, 2018. Multiple Voting Policy for Uncontested Elections of Directors The Board believes that each of its members should carry the confidence and support of the Company’s shareholders and, accordingly, has adopted, effective May 15, 2017, an Amended Majority Voting Policy for the election of directors for non-contested meetings. The Amended Majority Voting Policy provides that, in a non- contested election of directors, voting will be by ballot and, if the number of shares “withheld” for any nominee exceeds the number of shares voted “for” the nominee, then, notwithstanding that such director is duly elected as a matter of corporate law, he or she shall, immediately following the date of the final scrutineer’s report on the ballot, tender his or her written resignation to the Chairman of the Board. A “non-contested election” means an election where the number of nominees for director is not greater than the number of directors to be elected. Under the Amended Majority Voting Policy, the Board will consider such offer of resignation and shall make a determination whether or not to accept or reject the resignation no later than 90 days following the date of the applicable shareholders’ meeting and shall accept the resignation absent exceptional circumstances. The Board will promptly announce its decision via press release. If the Board determines not to accept the resignation, the press release must fully state the reasons for its decision. No director who is required to tender his or her resignation shall participate in any meeting of the Board at which the resignation is considered. If a resignation is accepted by the Board, and subject to any corporate law restrictions, the Board may leave any resulting vacancy unfilled until the Company’s next annual general meeting, or may appoint a new director to fill the vacancy who the Board considers to merit the confidence of the shareholders, or may call a special meeting of shareholders at which there will be presented a management nominee or nominees to fill the vacant position or positions. The full text of the Amended Multiple Voting Policy is an exhibit to 2017 Annual Report on Form 20-F filed with the Commission on March 29, 2018. Material Contracts The following is a summary of each material contract, other than contracts entered into in the ordinary course of business, to which we or any member of the group is a party, for the two years preceding the date of this Annual Report on Form 20-F. 1. Gold Loan Agreement dated as of May 14, 2019 between the Company (the “Borrower”) and Almadex Minerals Ltd. (the “Lender”). Almaden may borrow from Almadex up to 1,597 ounces of 99.99% purity gold bullion. Upon receiving a drawdown notice, the Lender will sell the requested gold and send the proceeds in US dollars to the Borrower. Interest will be at 10% per year, calculated monthly, either paid quarterly or accrued to the loan value. The loan, plus any accrued but unpaid interest, is due March 31, 2024, but may be extended to March 31, 2026 upon written notice from Borrower to Lender. Repayment may be in the form of gold or common shares of Almaden, and may include voluntary prepayment, with the form of repayment selected at the sole discretion of the Lender. A maximum of 11,172,671 common shares of Almaden are issuable for repayment of principal and interest, with any additional amounts due payable in gold. Mandatory Prepayment of 100 ounces of gold is required on the last business day of each month following the date when Almaden’s Ixtaca Project begins commercial production. The full text of the Gold Loan Agreement is filed as an exhibit to the 2020 Annual Report on Form 20- F filed with the Commission on March 26, 2021. Exchange controls Except as discussed above, the Company is not aware of any Canadian federal or provincial laws, decrees or regulations that restrict the export or import of capital, including foreign exchange controls, or that affect the remittance of interest, dividends or other payments to non-Canadian holders of the Company's common shares. There are no limitations under the laws of Canada or in the organizing documents of the Company on the right of non-Canadians to hold or vote securities of the Company, except that the Investment Canada Act (Canada) may require that, if specified thresholds are exceeded, a "non-Canadian" not acquire "control" of the Company without prior review and approval by the Minister of Innovation, Science and Economic Development. The acquisition of one third or more of the voting shares of the Company would give rise to a rebuttable presumption of the acquisition of control, and the acquisition of more than fifty percent of the voting shares of the Company would be deemed to be an acquisition of control. In addition, the Investment Canada Act (Canada) provides the Canadian government with broad discretionary powers in relation to national security to review and potentially prohibit, 87 condition or require the divestiture of, any investment in the Company by a non-Canadian, including non-control level investments. "Non-Canadian" generally means an individual who is neither a Canadian citizen nor a permanent resident of Canada within the meaning of the Immigration and Refugee Protection Act (Canada) who has been ordinarily resident in Canada for not more than one year after the time at which he or she first became eligible to apply for Canadian citizenship, or any entity that is not controlled or beneficially owned by Canadians. Taxation The following summary of the material Canadian federal income tax consequences generally applicable in respect of the common shares reflects the Company’s opinion. The tax consequences to any particular holder of common shares will vary according to the status of that holder as an individual, trust, company or member of a partnership, the jurisdiction in which that holder is subject to taxation, the place where that holder is resident and, generally, according to that holder’s particular circumstances. This summary is applicable only to holders who are resident in the U.S., have never been resident in Canada, deal at arm’s length with the Company, hold their common shares as capital property and who will not use or hold the common shares in carrying on business in Canada. Special rules, which are not discussed in this summary, may apply to a U.S. holder that is an issuer that carries on business in Canada and elsewhere. This summary is based upon the provisions of the Income Tax Act of Canada and the regulations thereunder (collectively, the “Canadian Tax Act" or “ITA”) and the Canada-United States Tax Convention (the “Convention”) as at the date of the Registration Statement and the current administrative practices of Canada Revenue Agency. This summary does not take into account Provincial income tax consequences. Each holder should consult his own tax advisor with respect to the income tax consequences applicable to him in his own particular circumstances. Certain Canadian Federal Income Tax Consequences The discussion under this heading summarizes the principal Canadian federal income tax consequences of acquiring, holding and disposing of common shares of the Company for a shareholder of the Company who is not a resident of Canada but is a resident of the U.S. and who will acquire and hold common shares of the Company as capital property for the purposes of the Canadian Tax Act. This summary does not apply to a shareholder who carries on business in Canada through a “permanent establishment” situated in Canada or performs independent personal services in Canada through a fixed base in Canada if the shareholder’s holding in the Company is effectively connected with such permanent establishment or fixed base. This summary is based on the provisions of the Canadian Tax Act and the regulations thereunder and on an understanding of the administrative practices of Canada Revenue Agency, and takes into account all specific proposals to amend the Canadian Tax Act or regulations made by the Minister of Finance of Canada as of the date hereof. It has been assumed that there will be no other relevant amendment of any governing law although no assurance can be given in this respect. This discussion is general only and is not a substitute for independent advice from a shareholder’s own Canadian and U.S. tax advisors. The provisions of the Canadian Tax Act are subject to income tax treaties to which Canada is a party, including the Convention. Dividends on Common Shares and Other Income Under the Canadian Tax Act, a non-resident of Canada is generally subject to Canadian withholding tax at the rate of 25 percent on dividends paid or deemed to have been paid to him or her by a company resident in Canada. The Company is responsible for withholding of tax at the source. The Convention limits the rate to 15 percent if the shareholder is a resident of the U.S. and the dividends are beneficially owned by and paid to such shareholder, and to 5 percent if the shareholder is also a company that beneficially owns at least 10 percent of the voting stock of the payor company. The amount of a stock dividend (for tax purposes) would generally be equal to the amount by which the paid up or stated capital of the Company had increased by reason of the payment of such dividend. The Company will furnish additional tax information to shareholders in the event of such a dividend. Interest paid or deemed to be paid on the Company’s debt securities held by non-Canadian residents may also be subject to Canadian withholding tax, depending upon the terms and provisions of such securities and any applicable tax treaty. The Convention generally eliminates Canadian tax on interest paid or deemed to be paid by the Company to U.S. residents. The Convention generally exempts from Canadian income tax dividends paid to a religious, scientific, 88 literary, educational or charitable organization or to an organization constituted and operated exclusively to administer a pension, retirement or employee benefit fund or plan, if the organization is a resident of the U.S. and is exempt from income tax under the laws of the U.S. Dispositions of Common Shares Under the Canadian Tax Act, a taxpayer’s capital gain or capital loss from a disposition of a common shares of the Company is the amount, if any, by which his or her proceeds of disposition exceed (or are exceeded by, respectively) the aggregate of his or her adjusted cost base of the share and reasonable expenses of disposition. The capital gain or loss must be computed in Canadian currency using a weighted average adjusted cost base for identical properties. There are special transitional rules to apply capital losses against capital gains that arose in different periods. The amount by which a shareholder’s capital loss exceeds the capital gain in a year may be deducted from a capital gain realized by the shareholder in the three previous years or any subsequent year, subject to certain restrictions in the case of a corporate shareholder. Under the Canadian Tax Act, a non-resident of Canada is subject to Canadian tax on taxable capital gains, and may deduct allowable capital losses, realized on a disposition of "taxable Canadian property." Common shares of the Company will constitute taxable Canadian property of a shareholder at a particular time if the shareholder used the shares in carrying on business in Canada, or if at any time in the five years immediately preceding the disposition 25% or more of the issued shares of any class or series in the capital stock of the Company belonged to one or more persons in a group comprising the shareholder and persons with whom the shareholder and persons with whom the shareholder did not deal at arm’s length and in certain other circumstances. The Convention relieves U.S. residents from liability for Canadian tax on capital gains derived on a disposition of shares unless (a) the value of the shares is derived principally from “real property” in Canada, including the right to explore for or exploit natural resources and rights to amounts computed by reference to production, (b) the shareholder was resident in Canada for 120 months during any period of 20 consecutive years preceding, and at any time during the 10 years immediately preceding, the disposition and the shares were owned by him when he or she ceased to be resident in Canada, or (c) the shares formed part of the business property of a “permanent establishment” that the holder has or had in Canada within the 12 months preceding the disposition. Certain U.S. Federal Income Tax Consequences The following is a discussion of material U.S. federal income tax consequences generally applicable to a U.S. Holder (as defined below) of shares of the Company. This discussion does not cover any state, local or foreign tax consequences. The following discussion is based upon the sections of the Internal Revenue Code of 1986, as amended (“the Code”), Treasury Regulations, published Internal Revenue Service (“IRS”) rulings, published administrative positions of the IRS and court decisions that are currently applicable, any or all of which could be materially and adversely changed, possibly on a retroactive basis, at any time. In addition, the discussion does not consider the potential effects, both adverse and beneficial, or recently proposed legislation which, if enacted, could be applied, possibly on a retroactive basis, at any time. The following discussion is for general information only. It is not intended to be, nor should it be construed to be, legal or tax advice to any U.S. Holder or prospective holder and not an opinion or representation with respect to the U.S. Federal income tax consequences to any U.S. Holder or prospective holder is made. The following summary was not written and is not intended to be used, and cannot be used, by any person for the avoidance of any penalties with respect to taxes that may be imposed on such person. U.S. Holders and prospective holders of shares of the Company are urged to consult their own tax advisors about the federal, state, local, and foreign tax consequences of purchasing, owning and disposing of common shares of the Company. U.S. Holders As used herein, a U.S. Holder includes a holder of shares of the Company who is a citizen or resident of the U.S. (as defined under Treasury Regulation Section 301.7701(b) or any applicable income tax convention), a company (or an entity which has elected to be treated as a corporation under Treasury Regulation Sections 301.7701-3) created or organized in or under the laws of the U.S. or of any political subdivision thereof, any estate other than 89 a foreign estate (as defined in Section 7701(a)(31)(A) of the Code or, a trust subject to the primary supervision of a court within the U.S. and control of a U.S. fiduciary as described in Section 7701(a)(30)(E) of the Code). This summary does not address the tax consequences to, and U.S. Holder does not include, persons subject to special provisions of Federal income tax law, such as tax-exempt organizations, qualified retirement plans, financial institutions, insurance companies, real estate investment trusts, regulated investment companies, broker- dealers, non-resident alien individuals, persons or entities that have a “functional currency” other than the U.S. dollar, shareholders who hold common shares as part of a straddle, hedging or conversion transaction, and shareholders who acquired their shares through the exercise of employee stock options or otherwise as compensation for services. This summary is limited to U.S. Holders who own shares as capital assets. This summary does not address the consequences to a person or entity holding an interest in a shareholder of the Company or the consequences to a person of the ownership, exercise or disposition of any options, warrants or other rights to acquire shares of the Company. Distributions on Shares of the Company U.S. Holders receiving dividend distributions (including constructive dividends) with respect to shares of the Company are required to include in gross income for U.S. federal income tax purposes the gross amount of such distributions equal to the U.S. dollar value of such distributions on the date of receipt (based on the exchange rate on such date), to the extent that the Company has current or accumulated earnings and profits, without reduction for any Canadian income tax withheld from such distributions. Such Canadian tax withheld may be credited, subject to certain limitations, against the U.S. Holder’s U.S. federal income tax liability or, alternatively, may be deducted in computing the U.S. Holder’s U.S. federal taxable income. (See more detailed discussion at “Foreign Tax Credit” below). To the extent that distributions exceed current or accumulated earnings and profits of the Company, they will be treated first as a return of capital up to the U.S. Holder’s adjusted tax basis in the common shares and thereafter as gain from the sale or exchange of the common shares. Unless the distribution constitutes “qualified dividend income” as defined in Section 1(h)(11), dividend income will be taxed at marginal tax rates applicable to ordinary income. In the case of foreign currency received as a dividend that is not converted by the recipient into U.S. dollars on the date of receipt, a U.S. Holder will have a tax basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Gain or loss may be recognized upon a subsequent sale or other disposition of the foreign currency, including an exchange for U.S. dollars. Dividends paid on the shares of the Company will not generally be eligible for the dividends received deduction provided to companies receiving dividends from certain U.S. corporations. A U.S. Holder which is a corporation may, under certain circumstances, be entitled to a 70% deduction of the U.S. source portion of dividends received from the Company (unless the Company qualifies as a “passive foreign investment company”, as defined below) if such U.S. Holder owns shares representing at least 10% of the voting power and value of the Company. The availability of this deduction is subject to several complex limitations which are beyond the scope of this discussion. In addition, as discussed under the Controlled Foreign Corporation section below, distributions from controlled foreign corporations to certain U.S. corporate shareholders may be entitled to a dividend received deduction for the foreign source portion of the dividend. The so-called Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017 by the U.S. government. The Tax Act broadly changes the taxation of foreign earnings attributable to certain U.S. Holders from a worldwide tax regime to a territorial regime. The Tax Act created a transition tax that creates a deemed repatriation of previously untaxed foreign earnings and profits. Certain U.S. Holders may be subject to this transition tax and recognize taxable income due to undistributed earnings and profits of the Company. Foreign Tax Credit A U.S. Holder who pays (or has withheld from distributions) Canadian income tax with respect to the ownership of shares of the Company may be entitled, at the option of the U.S. Holder, to either a deduction or a tax credit for such foreign tax paid or withheld. This election is made on a year-by-year basis and applies to all foreign income taxes (or taxes in lieu of income tax) paid by (or withheld from) the U.S. Holder during the year. There are significant and complex limitations which apply to a U.S. Holder’s ability to claim the foreign tax credit. Furthermore, a foreign tax credit may not be claimed when a U.S. Holder is entitled to a dividend received deduction. The availability of the foreign tax credit and the application of the limitations on the credit are fact specific and holders and prospective holders of shares of the Company should consult their own tax advisors regarding their individual circumstances. 90 Disposition of Shares of the Company For U.S. tax purposes, a U.S. Holder will generally recognize gain or loss upon the sale of shares of the Company equal to the difference, if any, between (I) the amount of cash plus the fair market value of any property received, and (ii) the shareholder’s tax basis in his, her or its shares of the Company. This gain or loss will be capital gain or loss if the common shares are capital assets in the hands of the U.S. Holder. Capital gain will then be classified as a short-term or long-term capital gain or loss depending upon the holding period of the U.S. Holder. Preferential tax rates apply to long-term capital gains of U.S. Holders which are individuals, estates or trusts. Gains and losses are netted and combined according to special rules in arriving at the overall capital gain or loss for a particular tax year. Deductions for net capital losses are subject to significant limitations. For U.S. Holders which are not companies, any unused portion of such net capital loss may be carried over to be used in later tax years until such net capital loss is thereby exhausted, but individuals may not carry back capital losses. For U.S. Holders which are taxable corporations (other than companies subject to Subchapter S of the Code), an unused net capital loss may be carried back three years from the loss year and carried forward five years from the loss year to be offset against capital gains until such net capital loss is thereby exhausted. Net Investment Tax U.S. Holders may also be subject to the Net Investment Income Tax, which is imposed on certain U.S. taxpayers’ income from investments, such as dividends, interest and capital gains. Individual taxpayers are liable for a 3.8 percent Net Investment Income Tax on the lesser of their net investment income, or the amount by which their modified adjusted gross income exceeds certain statutory thresholds based on their filing status. U.S. Holders or prospective U.S. Holders should consult their tax advisors to determine if the Net Investment Income Tax will apply in their individual circumstances. Other Considerations In the following circumstances, the above sections of the discussion may not describe the U.S. federal income tax consequences resulting from the holding and disposition of shares of the Company. Passive Foreign Investment Company As a foreign company with U.S. Holders, the Company could potentially be treated as a PFIC, as defined in Section 1297 of the Code. Section 1297 of the Code defines a PFIC as a company that is not formed in the U.S. and, for any taxable year, either (i) 75% or more of its gross income is “passive income”, which includes among other types of income, interest, dividends and certain rents and royalties or (ii) the average percentage, by fair market value (or, if the company is a controlled foreign company or makes an election, by adjusted tax basis), of its assets that produce or are held for the production of “passive income” is 50% or more. The rules governing PFICs can have significant tax effects on U.S. shareholders of foreign companies. U.S. shareholder’s income or gain, with respect to a disposition or deemed disposition of PFIC shares or a distribution payable on such shares will generally be subject to tax at the highest marginal rates applicable to ordinary income and certain interest charges as discussed below, unless the U.S. shareholder has timely made a “qualified electing fund” election or a “mark-to-market” election for those shares. The elections available to U.S. shareholders of a PFIC are made on a shareholder-by-shareholder basis, and U.S. shareholders should consult with tax advisors as soon as possible to determine the what election, if any, such U.S. shareholder should make. The timing for making such election can have consequences on the U.S. shareholders tax position with respect to its ownership in a PFIC. Under one method, a U.S. shareholder who elects in a timely manner to treat the PFIC as a QEF, as defined in the Code, (an "Electing U.S. Holder") will be required to currently include in his income for any taxable year in which the company qualifies as a PFIC his pro-rata share of the company's (i) "net capital gain" (the excess of net long- term capital gain over net short-term capital loss), which will be taxed as long-term capital gain to the Electing U.S. Holder, and (ii) "ordinary earnings" (the excess of earnings and profits over net capital gain), which will be taxed as ordinary income to the Electing U.S. Holder, in each case, for the U.S. Holder's taxable year in which (or with which) the Company’s taxable year ends, regardless of whether such amounts are actually distributed. A QEF election also allows the Electing U.S. Holder to (i) generally treat any gain realized on the disposition of his common shares (or deemed to be realized on the pledge of his common shares) as capital gain; (ii) treat his share of the company's net capital gain, if any, as long-term capital gain instead of ordinary income, and (iii) either avoid interest charges resulting from PFIC status altogether (see discussion of interest charge below), or make an annual election, subject to certain limitations, to defer payment of current taxes on his share of the company's annual realized net capital gain and ordinary earnings which will then be subject, however, to an interest charge. The procedure a U.S. Holder must comply with in making a timely QEF election will depend on whether the year 91 of the election is the first year in the U.S. Holder's holding period in which the Company is a PFIC. If the U.S. shareholder makes a QEF election in such first year, (sometimes referred to as a "Pedigreed QEF Election"), then the U.S. shareholder may make the QEF election by simply filing the appropriate documents at the time the U.S. Holder files its tax return for such first year. If, however, the company qualified as a PFIC in a prior year during the U.S. shareholder’s holding period, then the U.S. shareholder may make a retroactive QEF election, provided he has preserved his right to do so under the protective statement regime or he obtains IRS permission. If a U.S. shareholder has not made a QEF Election at any time (a "Non-electing U.S. Holder"), then special taxation rules under Section 1291 of the Code will apply to (i) gains realized on the disposition (or deemed to be realized by reason of a pledge) of his common shares and (ii) certain "excess distributions" by the company. An excess distribution is a current year distribution received by the U.S. shareholder on PFIC stock to the extent that the distribution exceeds its ratable portion of 125% of the average amount received by the U.S. shareholder during the preceding three years. A Non-electing U.S. shareholder generally would be required to pro-rate all gains realized on the disposition of his common shares and all excess distributions over the entire holding period for the common shares. All gains or excess distributions allocated to prior years of the U.S. shareholder (other than years prior to the first taxable year of the Company during such U.S. Holder's holding period and beginning after January 1, 1987 for which it was a PFIC) would be taxed at the highest marginal tax rate for each such prior year applicable to ordinary income. The Non-electing U.S. shareholder also would be liable for interest on the foregoing tax liability for each such prior year calculated as if such liability had been due with respect to each such prior year. A Non-electing non- corporate U.S. shareholder must treat this interest charge as "personal interest" which is wholly non-deductible. The balance of the gain or the excess distribution will be treated as ordinary income in the year of the disposition or distribution, and no interest charge will be incurred with respect to such balance. If a company is a PFIC for any taxable year during which a Non-electing U.S. shareholder holds shares, then the company will continue to be treated as a PFIC with respect to such shares, even if it is no longer by definition a PFIC. A Non-electing U.S. shareholder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules discussed above for Non-Electing U.S. Holders) as if such shares had been sold on the last day of the last taxable year for which it was a PFIC. If the company no longer qualifies as a PFIC in a subsequent year, then normal Code rules and not the PFIC rules will apply with respect to a U.S. shareholder who has made a Pedigreed QEF election. If a U.S. shareholder makes a QEF Election that is not a Pedigreed Election (i.e., it is made after the first year during which the company is a PFIC and the U.S. shareholder holds shares of the company) (a "Non-Pedigreed Election"), the QEF rules apply prospectively but do not apply to years prior to the year in which the QEF first becomes effective. U.S. Holders are encouraged to consult their tax advisors regarding the specific consequences of making or not making a QEF Election. Under an alternative method, U.S. Holders who hold (actually or constructively) marketable stock of a PFIC may elect to mark such stock to the market annually (a “mark-to-market election”). If such an election is made, such U.S. Holder will generally not be subject to the special taxation rules of Section 1291 discussed above. However, if the mark-to-market election is made by a Non-Electing U.S. Holder after the beginning of the holding period for the PFIC stock, then the Section 1291 rules will apply to certain dispositions of, distributions on and other amounts taxable with respect to the Company shares. A U.S. Holder who makes the mark-to-market election will include in income for each taxable year for which the election is in effect an amount equal to the excess, if any, of the fair market value of the shares of the Company as of the close of such tax year over such U.S. Holder’s adjusted basis in such common shares. In addition, the U.S. Holder is allowed a deduction for the lesser of (i) the excess, if any, of such U.S. Holder’s adjusted tax basis in the shares over the fair market value of such shares as of the close of the tax year, or (ii) the excess, if any, of (a) the mark-to-market gains for the shares in the Company included by such U.S. Holder for prior tax years, including any amount which would have been treated as a mark- to-market gain for any prior tax year but for the Section 1291 rules discussed above with respect to Non-Electing U.S. Holders, over (b) the mark-to-market losses for shares that were allowed as deductions for prior tax years. A U.S. Holder’s adjusted tax basis in the shares of the Company will be adjusted to reflect the amount included in or deducted from income as a result of a mark-to-market election. A mark-to-market election applies to the taxable year in which the election is made and to each subsequent taxable year, unless the Company’s shares cease to be marketable, as specifically defined, or the IRS consents to revocation of the election. U.S. Holders 92 should consult their tax advisors regarding the manner of making such an election. Controlled Foreign Corporation If more than 50% of the total combined voting power of all classes of stock entitled to vote or more than 50% of the total value of the stock of the Company is owned, directly, indirectly or constructively, by U.S. Holders, each of whom own actually or constructively 10% or more of the total combined voting power of all classes of stock or 10% or more of the total value of all classes of stock of the Company (“10% U.S. Holders”), the Company would be treated as a “controlled foreign corporation” or “CFC” under Subpart F of the Code. This classification would effect many complex results, one of which requires such 10% U.S. Holders to include in their current income their pro rata share of (i) Subpart F income of the CFC, (ii) the CFC’s earnings from certain investments in U.S. property, (iii) global intangible low-taxed income (“GILTI), and (iv) base erosion minimum tax amounts for certain 10% U.S. Holders with sufficient gross receipts that make deductible payments to related foreign parties in tax years after December 31. 2018. The foreign tax credit described above may reduce the U.S. tax on these amounts. In addition, under Section 1248 of the Code, gain from the sale or exchange of shares by a U.S. Holder of common shares of the Company which is or was a 10% U.S. Holder at any time during the five-year period ending with the sale or exchange will be treated as dividend income to the extent of earnings and profits of the Company (accumulated only while the shares were held by the 10% U.S. Holder and while the Company was a CFC attributable to the shares sold or exchanged. Certain U.S. corporations that are 10% U.S. Holders may be entitled to a dividend received deduction for the foreign source portion of dividends received from the Company as discussed above. If a foreign corporation is both a PFIC and a CFC, the foreign corporation generally will not be treated as a PFIC with respect to certain 10% U.S. Holders of the CFC. This rule generally will be effective for taxable years of 10% U.S. Holders beginning after 1997 and for taxable years of foreign company’s ending with or within such taxable years of 10% U.S. Holders. The PFIC provisions continue to apply in the case of a PFIC that is also a CFC with respect to the U.S. Holders that are less than 10% shareholders. Because of the complexity of Subpart F, a more detailed review of these rules is beyond the scope of this discussion. Information Reporting and Backup Withholding In general, unless a U.S. Holder belongs to a category of certain exempt recipients (such as corporations), information reporting requirements will apply to distributions as well as proceeds of sales from the sale of shares of the Company that are effected through the U.S. office of a broker or the non-U.S. office of a broker that has certain connections with the United States. Backup withholding may apply to these payments if a U.S. Holder fails to provide a correct taxpayer identification number or certification of exempt status, fails to report in full dividend and interest income or, in certain circumstances, fails to comply with applicable certification requirements. Any amounts withheld under the backup withholding rules will be allowed as a refund or credit against a U.S. Holder’s U.S. federal income tax, provided the U.S. Holder furnishes the required information to the IRS in a timely manner. Other filing requirements may also apply. U.S. Holders should consult with their own tax advisors concerning their particular reporting requirements. U.S. Holder’s should consult with their tax advisors to determine if holding common shares in the Company will create any other disclosure or reporting requirements for U.S. tax purposes. Documents on Display / Additional Information Any of the documents referred to above can be viewed at the head office of the Company located at 1333 Johnston Street, Suite 210, Vancouver, British Columbia, Canada, V6H 3R9. This Annual Report and the Company’s recent Form 6-K filings can be viewed on the EDGAR web-site at www.sec.gov./edgar/searchedgar/companysearch.html. Additional information relating to the Company may be found on Sedar at www.sedar.com. As well, additional information is contained in the Company’s Information Circular for its most recent annual meeting of security holders that involved the election of directors held on June 29, 2021 and additional financial information is provided in the Company’s financial statements and MD&A for its most recently completed financial year. 93 Item 11. Quantitative and Qualitative Disclosures about Market Risk Exchange Rate Risk The Company’s primary mineral exploration properties are located in Mexico. As a Canadian company, Almaden’s cash balances are kept primarily in Canadian funds, while many exploration and property expenses are denominated in U.S. dollars or the Mexican peso. Therefore, the Company is exposed to some exchange rate risk. The Company considers the amount of risk to be manageable and does not currently, nor is likely in the foreseeable future to, conduct hedging to reduce its exchange rate risk. A 10% change in the U.S. dollar exchange rate relative to the Canadian dollar would change the Company’s net loss by $310,000. A 10% change in the Mexican peso exchange rate relative to the Canadian dollar would change the Company’s net loss by $24,000. Interest Rate Risk The Company has no derivative financial instruments or other debt bearing variable interest rate instruments. The Company is exposed to varying interest rates on its cash and cash equivalents. A 1% change in the interest rate would change the Company’s net loss by $102,000. Item 12. Description of Securities Other than Equity Securities Not Applicable Item 13. Defaults, Dividend Arrearages and Delinquencies Not Applicable PART II Item 14. Material Modifications to the Rights of Securities Holders and Use of Proceeds Not Applicable Item 15. Controls and Procedures Disclosure Controls and Procedures The Company conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) under the Exchange Act) as of December 31, 2021. This evaluation was conducted under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer. Based upon this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2021, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the rules and forms. The Company also concluded that its disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to its management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Management’s Annual Report on Internal Control Over Financial Reporting The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by IASB. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be 94 prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. The Company’s management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021. In making this assessment, the Company’s management used criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its assessment, management concluded that, as of December 31, 2021, the Company’s internal control over financial reporting was effective. There were no changes in the Company’s internal control over financial reporting that occurred during the year ended December 31, 2021 that has materially affected, or that is reasonably likely to materially affect, the Company’s internal control over financial reporting. Attestation Report of the Registered Accounting Firm. This Annual Report on Form 20-F does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the rules of the Commission that permit the Company to provide only management’s report in this Annual Report on Form 20-F. Item 16. [Reserved] Item 16A. Audit Committee Financial Expert The Company’s Board of Directors has determined that Ms. Elaine Ellingham is the Company's audit committee financial expert. Ms. Ellingham has extensive business and financial experience. She has served as a director of several other publicly traded companies over the past 15 years, and currently serves as a director of two other publicly traded mining companies. Ms. Ellingham is independent as defined by Section 803(A) of the NYSE American Listing Standards. Item 16B. Code of Ethics The Company adopted several codes of conduct, including a Code of Business Ethics, a Code of Business Conduct Ethics for Directors, a Communications Policy and an Audit Committee Charter. These initial codes were filed with the Annual Report on Form 20-F for the fiscal year ended December 31, 2003 as filed with the Commission on May 11, 2004. After review, the Company has adopted revised and new codes as follow: Audit Committee Charter, Nominating and Corporate Governance Committee-Responsibilities and Duties, Compensation Committee-Responsibilities and Duties, Code of Business Ethics, Code of Business Conduct and Ethics for Directors, Communications Policy, Securities Trading Policy, Whistleblowers Policy and a Privacy Policy (the “Codes”). The Codes may be viewed on the Company’s website at www.almadenminerals.com. The Codes may also be viewed as filed on EDGAR as an exhibit to the 2005 Annual Report on Form 20-F filed with the Commission on March 30, 2006. Any amendments to the Codes or waivers of the provision of any Codes will be posted on the Company’s website within 5 business days of such amendment or waiver. The Company has adopted a Code of Business Conduct and Ethics for Directors (“Code”), a Code of Business Ethics (“COBE”), a Securities Trading Policy and a Privacy Policy. Employees and consultants are required as a term of employment or engagement to undertake to abide by the COBE. Directors are bound to observe the Code adopted by the Board. All Directors, Officers and Employees (“Individuals”) sign a Certification (“Certification”) stating they have read the Code of Business Ethics policy (“Policy”) of the Company and have complied with such Policy in all respects. The Certification further acknowledges that all members of the Individual’s family, all other persons who live with the Individual and all holding companies and other related entities of the Individual and all such persons or companies acting on behalf of or at the request of any of the foregoing also complied with such Policy. The Certification also states that any violation of such Policy may constitute grounds for immediate suspension or dismissal. Each director is expected and required by statute to act honestly and in good faith with a view to the best interests of the Company and to exercise the care, diligence and skill that a reasonably prudent individual would exercise in comparable circumstances and in accordance with the Business Corporations Act (British Columbia) and the 95 Company’s Articles. Item 16C. Principal Accountant Fees and Services Audit Committee's pre-approval policies and procedures The Audit Committee nominates and engages the independent auditors to audit the financial statements, and approves all audit services, audit-related services, tax services and other services provided by Davidson & Company LLP. Any services provided by Davidson & Company LLP that are not specifically included within the scope of the audit must be preapproved by the Audit Committee prior to any engagement. The Audit Committee is permitted to approve certain fees for audit-related services, tax services and other services before the completion of the engagement. As of the hereof, the aforementioned Named Expert or, as applicable, Designated Professionals, to the best of the Company's knowledge, after reasonable inquiry, beneficially owns, directly or indirectly, less than 1% of the Common Shares of the Company or any of the Company’s associates or affiliates, and none of them have any registered or beneficial ownership, direct or indirect, of property of the Company or any of the Company’s associates or affiliates. Table No. 19 lists the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Company’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. Table No. 19 Principal Accountant Fees Audit fees Audit-related fees Tax fees All other fees December 31, 2021 $42,000 14,137 - - December 31, 2020 $42,000 15,088 - - Fiscal 2021 and Fiscal 2020 audit fees relate to the annual audit of the Company’s consolidated financial statements, effectiveness of the Company’s internal control over financial reporting and review of the Form 20- F. Audit-related fees relate to accounting advisory services. Tax fees relate to the completion of income tax returns and tax consulting services. Other fees relate to services other than audit fees, audit-related fees, and tax fees described above. Item 16D. Exemptions from the Listing Standards for Audit Committees Not applicable. Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers Not applicable. Item 16F. Change in Registrant’s Certifying Accountant Not applicable. Item 16G. Corporate Governance The Company’s class of common shares is listed on the NYSE American and the Toronto Stock Exchange. Under the rules of the NYSE American, listed companies are generally required to have a majority of their Board of Directors be “independent” as defined by the NYSE American Company Guide Rules. Currently, as permitted under applicable Canadian regulations, the Company’s Board consists of 6 directors, of which 4 are considered to be “independent.” In the opinion of management, the Company’s corporate governance practices do not differ in any significant way from those required of U.S. domestic companies listed on the NYSE American. 96 Item 16H. Mine Safety Disclosure Not applicable. Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. Our external auditor is Davidson & Company LLP, Vancouver, British Columbia, Canada (PCAOB Number 731). Item 17. Financial Statements PART III The Company has provided financial statements pursuant to Item 18 of this Form 20-F. Item 18. Financial Statements The Company’s consolidated financial statements and notes thereto are expressed in Canadian Dollars (CDN$) and are prepared in accordance and compliance with IFRS as issued by the International Accounting Standards Board (“IASB”). Item 19. Exhibits A. The financial statements and notes thereto as required under Item 18 are attached hereto and found immediately following the text of this Annual Report. Audited Financial Statements Independent registered Public Accounting Firm reports on the consolidated financial statements, dated March 25, 2022 Consolidated statements of financial position at December 31, 2021 and 2020 Consolidated statements of comprehensive loss for the years ended December 31, 2021, 2020 and 2019 Consolidated statements of changes in equity for the years ended December 31, 2021, 2020 and 2019 Consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019 Summary of significant accounting policies and other explanatory information B. Index to Exhibits 1. 1.1 2. 3. 4. 4.1 Certificate of Amalgamation Amalgamation Agreement - Incorporated by reference to the Company’s Form Annual Report on Form 20-F for the year ended December 31, 2001, as filed with the Commission on May 17, 2002. Articles - Incorporated by reference to the Company’s Form Annual Report on Form 20-F for the year ended December 31, 2005, as filed with the Commission on March 30, 2006. Instruments defining the rights of holders of equity or debt securities being registered - Refer to Exhibit No. 1. Voting trust agreements. The Voting Trust Agreement dated December 17, 2009 between Ernesto Echavarria, as grantor, and Messrs Duane and Morgan Poliquin, as voting trustees. - Incorporated by reference to the Company’s Form 20-F for the year ended December 31, 2013 and filed with the Commission on March 31, 2014. Executive Compensation Contract dated January 29, 2013 with Hawk Mountain Resources Ltd. - Incorporated by reference to the Company’s Form 20-F for the year ended December 31, 2012 and filed with the Commission on March 28, 2013. Executive Compensation Contract dated January 29, 2013 with Morgan Poliquin - Incorporated by reference to the Company’s Form 20-F for the year ended December 31, 2012 and filed with the Commission on March 28, 2013. 97 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 4.19 5. 6. 7. 8. 9. Assignment of Rights Agreement dated March 11, 2013 with Don David Gold Mexico, S.A. de C.V. - Incorporated by reference to the Company’s Form 20-F for the year ended December 31, 2013 and filed with the Commission on March 31, 2014. Sale and Purchase Agreement dated June 20, 2013 with Tarsis Resources Ltd. - Incorporated by reference to the Form 6-K and filed with the Commission on June 20, 2013. Amendment Agreement dated November 26, 2013 with Candymin, S.A. de C.V. and Mr. Charlie Warren - Incorporated by reference to the Company’s Form 20-F for the year ended December 31, 2013 and filed with the Commission on March 31, 2014. Arrangement Agreement dated May 11, 2015 in connection with the Company’s statutory Plan of Arrangement with Almadex and filed with the Commission on March 31, 2016. Administrative Services Agreement between the Company and Almadex Minerals Limited dated May 15, 2015 and filed with the Commission on March 31, 2016. First Amending Agreement to the May 15, 2015 Administrative Services Agreement between the Company and Almadex Minerals Limited dated December 16, 2015 and filed with the Commission on March 31, 2016. Termination Agreement effective December 31, 2015 between the Company and Hawk Mountain Resources Ltd. and filed with the Commission on March 31, 2016. Executive Employment Contract between the Company and Duane Poliquin dated effective January 1, 2016 and filed with the Commission on March 31, 2016. Deloitte Letter to the Securities and Exchange Commission dated March 29, 2016 and filed with the Commission on March 31, 2016. Amending Agreement dated April 1, 2016 to the Executive Compensation Contract with Morgan Poliquin dated January 29, 2013 and filed with the Commission on March 30, 2017. Amending Agreement dated April 1, 2016 to the Executive Employment Contract with Duane Poliquin dated January 1, 2016 and filed with the Commission on March 30, 2017. Amending agreement to the Executive Compensation Contract with Morgan Poliquin dated January 1, 2019 and filed with the Commission on March 15, 2019. Amending agreement to the Executive Compensation Contract with Duane Poliquin dated January 1, 2019 and filed with the Commission on March 15, 2019. Administrative Services Agreement between the Company and Almadex Minerals Ltd. (formerly 1154229 B.C. Ltd.) dated March 29, 2018 and filed with the Commission on March 15, 2019. Gold Loan Agreement between the Company and Almadex Minerals Ltd. dated effective May 14th, 2019 and filed with the commission on March 27, 2020. Short Form Base Shelf Prospectus and filed with the commission on February 25, 2021 Form of Placement Agency Agreement dated March 16, 2021 - Incorporated by reference to the Form 6-K and filed with the Commission on March 16, 2021 Form of Securities Purchase Agreement - Incorporated by reference to the Form 6-K and filed with the Commission on March 16, 2021 List of foreign patents – N/A Calculation of earnings per share – N/A Explanation of calculation of ratios – N/A List of subsidiaries Statement pursuant to the instruction to Item 8.A.4, regarding the financial statement filed in registration Statements for initial public offerings of securities – N/A 10. Any notice required by Rule 104 of Regulation BTR – N/A 11 11.1 11.2 11.3 11.4 11.5 Audit Committee Charter Nominating and Corporate Governance Committee-Duties and Responsibility Compensation Committee-Responsibilities and Duties Code of Business Ethics Code of Business Conduct and Ethics for Directors Communications Policy 98 11.6 11.7 11.8 11.9 11.10 11.11 12.1 12.2 13.1 13.2 Securities Trading Policy Whistleblower Policy Privacy Policy - Incorporated by reference to the Company’s Form Annual Report on Form 20-F for the year ended December 31, 2005, as filed with the Commission on March 30, 2006. Shareholder Rights Plan dated April 13, 2011, as amended and reconfirmed at the 2017 Annual General Meeting and as reconfirmed at the 2020 Annual General Meeting. - Incorporated by reference to the Form 6-K filed with the Commission on April 15, 2011. Amended Advance Notice Policy dated January 28, 2013, as amended May 1, 2015 as filed with the Commission on March 29, 2018. Amended Majority Voting Policy – adopted by the Board of Directors on May 7, 2013, as amended effective May 15, 2017 as filed with the Commission on March 29, 2018. Certification of CEO Pursuant to Securities Exchange Act, Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Certification of CFO Pursuant to Securities Exchange Act, Rules 13a-14 and 15d-14 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 Certification of CEO Pursuant to the Sarbanes-Oxley Act, 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 Certification of CFO Pursuant to the Sarbanes-Oxley Act, 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 14.1 14.2 101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE 104 Consent of Jesse Aarsen S-K 1300 Technical Report Summary of the Ixtaca Gold-Silver Project Inline XBRL Instance Document Inline XBRL Taxonomy Extension Schema Documents Inline XBRL Taxonomy Extension Calculation Linkbase Document Inline XBRL Taxonomy Extension Definition Linkbase Document Inline XBRL Taxonomy Extension Label Linkbase Document Inline XBRL Taxonomy Extension Presentation Linkbase Document Cover Page Interactive Data File (embedded within Inline XBRL document) 99 Consolidated Financial Statements of Almaden Minerals Ltd. For the years ended December 31, 2021, 2020 and 2019 Almaden Minerals Ltd. December 31, 2021, 2020 and 2019 Table of contents Report of independent registered public accounting firm Consolidated statements of financial position Consolidated statements of comprehensive loss Consolidated statements of cash flows Consolidated statements of changes in equity 1 2 3 4 5 Notes to the consolidated financial statements 6-38 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Directors of Almaden Minerals Ltd. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statements of financial position of Almaden Minerals Ltd. (the “Company”), as of December 31, 2021 and 2020, and the related consolidated statements comprehensive loss, changes in equity, and cash flows for the years ended December 31, 2021, 2020 and 2019, and the related notes (collectively referred to as the “financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years ended December 31, 2021, 2020 and 2019 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. We have served as the Company’s auditor since 2015. Vancouver, Canada March 25, 2022 /s/ DAVIDSON & COMPANY LLP Chartered Professional Accountants Almaden Minerals Ltd. Consolidated statements of financial position (Expressed in Canadian dollars) ASSETS Current assets Cash and cash equivalents (Note 13) Gold in trust (Note 8) Accounts receivable and prepaid expenses (Note 4) Non-current assets Right-of-use assets (Note 5) Property, plant and equipment (Note 6) Exploration and evaluation assets (Note 7) TOTAL ASSETS LIABILITIES Current liabilities Trade and other payables (Note 11 (a)(c)) Current portion of lease liabilities (Note 5) Non-current liabilities Long-term portion of lease liabilities (Note 5) Gold loan payable (Note 8) Warrant liability (Note 9) Derivative financial liabilities (Note 8) Deferred income tax liability (Note 14) Total liabilities EQUITY Share capital (Note 10) Reserves (Note 10) Deficit Total equity TOTAL EQUITY AND LIABILITIES Subsequent events (Note 18) December 31, 2021 $ December 31, 2020 $ 10,170,376 915,995 155,638 11,242,009 539,110 14,019,532 61,431,639 75,990,281 87,232,290 508,068 82,677 590,745 465,930 3,227,545 623,290 391,620 1,749,023 6,457,408 7,048,153 2,534,698 955,781 175,008 3,665,487 151,790 14,025,665 58,605,829 72,783,284 76,448,771 447,551 134,950 582,501 35,781 2,842,756 - 375,417 1,434,882 4,688,836 5,271,337 141,040,654 21,068,273 (81,924,790) 80,184,137 87,232,290 131,189,978 19,243,992 (79,256,536) 71,177,434 76,448,771 The accompanying notes are an integral part of these consolidated financial statements. These consolidated financial statements are authorized for issue by the Board of Directors on March 25, 2022. They are signed on the Company’s behalf by: /s/Duane Poliquin Director /s/ Elaine Ellingham Director Almaden Minerals Ltd. Consolidated statements of comprehensive loss (Expressed in Canadian dollars) Expenses Professional fees (Note 11(a)) Salaries and benefits (Note 11(a)) Travel and promotion Depreciation (Note 6) Office and license (Note 11(b)) Amortization of right-of-use assets (Note 5) Occupancy expenses (Note 5) Interest expense on lease liabilities (Note 5) Arrangement fee on gold loan payable (Note 8) Interest, accretion and standby fees on gold loan payable (Note 8) Listing and filing fees Insurance Directors’ fees (Note 11(a)) Share-based payments (Note 10(d) and 11(a)) Other income (loss) Administrative services fees (Note 11(b)) Interest income Finance fees Impairment of exploration and evaluation assets (Note 7) Unrealized gain (loss) on derivative financial liabilities (Note 8) Unrealized gain (loss) on gold in trust (Note 8) Unrealized foreign exchange gain on gold loan payable (Note 8) Unrealized foreign exchange loss on gold in trust (Note 8) Unrealized gain on warrant liability (Note 9) Realized gain on sale of gold in trust (Note 8) Foreign exchange loss Loss before income taxes Deferred income tax expense (Note 14) Net loss for the year 2021 $ 772,887 1,876,911 200,995 16,638 218,879 121,479 40,542 13,330 - 394,371 187,169 89,476 102,500 1,870,800 5,905,977 1,382,344 490,245 - - (18,156) (35,775) 11,535 (4,011) 1,747,884 - (22,202) 3,551,864 (2,354,113) (314,141) (2,668,254) Year ended December 31, 2019 $ 928,119 1,378,501 262,094 24,199 93,252 121,432 39,561 32,305 50,000 216,918 225,432 66,096 70,000 933,120 4,441,029 2020 $ 564,145 1,337,010 82,013 19,564 140,137 121,432 45,248 21,480 - 371,250 199,327 75,568 70,000 1,784,500 4,831,674 1,404,099 40,196 (54,577) - 44,049 199,379 81,331 (21,017) - 19,413 (10,567) 1,702,306 (3,129,368) - (3,129,368) 959,413 41,650 (204,231) (501,620) (66,631) 236,217 102,104 (73,937) - 200,932 (15,943) 677,954 (3,763,075) - (3,763,075) Total comprehensive loss for the year (2,668,254) (3,129,368) (3,763,075) Basic and diluted net loss per share (Note 12) (0.02) (0.03) (0.03) The accompanying notes are an integral part of these consolidated financial statements. Almaden Minerals Ltd. Consolidated statements of cash flows (Expressed in Canadian dollars) Operating activities Net loss for the year Items not affecting cash Deferred income tax expense Depreciation Impairment of exploration and evaluation assets Amortization of right-of-use assets Arrangement fee on gold loan payable Interest, accretion and standby fees on gold loan payable Unrealized (gain) loss on derivative financial liabilities Unrealized (gain) loss on gold in trust Realized gain on sale of gold in trust Unrealized foreign exchange gain on gold loan payable Unrealized gain on warrant liability Unrealized foreign exchange loss on gold in trust Share-based payments Changes in non-cash working capital components Accounts receivable and prepaid expenses Trade and other payables Net cash used in operating activities Investing activities Property, plant and equipment – purchase Exploration and evaluation assets – costs Net cash used in investing activities Financing activities Issuance of shares, net of share issue costs Options exercised Share issue costs on cashless exercise of options (Note 9(d)) Share issue costs (Note 9(b)) Warrants exercised Net proceeds on gold in trust Repayment of lease liabilities Net cash from financing activities Change in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental cash flow information (Note 13) 2021 $ Year ended December 31, 2019 $ 2020 $ (2,668,254) (3,129,368) (3,763,075) 314,141 16,638 - 121,479 - 394,371 18,156 35,775 - (11,535) (1,747,884) 4,011 1,870,800 - 19,564 - 121,432 - 371,250 (44,049) (199,379) (19,413) (81,331) - 21,017 1,784,500 19,370 19,352 (1,613,580) (14,291) (83,294) (1,253,362) (10,505) (2,784,645) (2,795,150) (6,783) (1,750,935) (1,757,718) 11,610,581 564,750 - - - - (130,923) 12,044,408 7,635,678 2,534,698 10,170,376 3,850,209 158,090 (40,157) (40,990) 10,000 818,360 (121,948) 4,633,564 1,622,484 912,214 2,534,698 - 24,199 501,620 121,432 50,000 216,918 66,631 (236,217) (200,932) (102,104) - 73,937 933,120 243,699 178,447 (1,892,325) (427,597) (3,324,173) (3,751,770) - - - - - 1,577,704 (101,975) 1,475,729 (4,168,366) 5,080,580 912,214 The accompanying notes are an integral part of these consolidated financial statements. Almaden Minerals Ltd. Consolidated statements of changes in equity (Expressed in Canadian dollars) Share capital Reserves Balance, January 1, 2019 Share-based payments Fair value of warrants issued for arrangement fee on gold loan payable Total comprehensive loss for the year Balance, December 31, 2019 Share-based payments Private placements, net of share issue costs Shares issued for cash on exercise of stock options Fair value of cash stock options transferred to share capital Shares issued on cashless exercise of stock options Share issue costs on cashless exercise of options Share issue costs Fair value of cashless stock options transferred to share capital Warrants exercised Total comprehensive loss for the year Balance, December 31, 2020 Share-based payments Private placements, net of share issue costs Warrant liability Finders’ warrants issued pursuant to private placement Shares issued for cash on exercise of stock options Fair value of cash stock options transferred to share capital Total comprehensive loss for the year Balance, December 31, 2021 Number of shares 111,726,719 - - - 111,726,719 - 8,609,658 188,000 - 105,877 - - - 20,000 - 120,650,254 - 15,846,154 - - 725,000 - - 137,221,408 Share- based Amount payments Warrants Total reserves $ 127,022,366 - - - 127,022,366 - 3,850,209 158,090 51,980 - (40,157) (40,990) 178,480 10,000 - 131,189,978 - 11,610,581 (2,371,174) (130,731) 564,750 177,250 - 141,040,654 $ 15,990,864 933,120 50,000 - 16,973,984 1,784,500 - - (51,980) - - - (178,480) - - 18,528,024 1,870,800 - - 130,731 - (177,250) - 20,352,305 $ $ 715,968 16,706,832 933,120 - - - - - - - - - - - - - 50,000 - 715,968 17,689,952 1,784,500 - - (51,980) - - - (178,480) - - 715,968 19,243,992 1,870,800 - - 130,731 - (177,250) - 715,968 21,068,273 - - - - - - - Deficit $ (72,364,093) - - (3,763,075) (76,127,168) - - - - - - - - - (3,129,368) (79,256,536) - - - - - - (2,668,254) (81,924,790) Total $ 71,365,105 933,120 50,000 (3,763,075) 68,585,150 1,784,500 3,850,209 158,090 - - (40,157) (40,990) - 10,000 (3,129,368) 71,177,434 1,870,800 11,610,581 (2,371,174) - 564,750 - (2,668,254) 80,184,137 The accompanying notes are an integral part of these consolidated financial statements. Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 1. Nature of operations Almaden Minerals Ltd. (the “Company” or “Almaden”) was formed by amalgamation under the laws of the Province of British Columbia, Canada on February 1, 2002. The Company is an exploration stage public company that is engaged directly in the exploration and development of exploration and evaluation properties in Canada and Mexico. The address of the Company’s registered office is Suite 1710 –1177 West Hastings Street, Vancouver, BC, Canada V6E 2L3. The Company is in the business of exploring and developing mineral projects and its principal asset is the Ixtaca precious metals project located on its Tuligtic claim in Mexico. The Company has not yet determined whether this project has economically recoverable mineral reserves. The recoverability of amounts shown for mineral properties is dependent upon the establishment of a sufficient quantity of economically recoverable reserves, the ability of the Company to obtain the necessary financing or participation of joint venture partners to complete development of the properties, and upon future profitable production or proceeds from the disposition of exploration and evaluation assets. 2. Basis of presentation (a) Statement of Compliance with International Financial Reporting Standards (“IFRS”) These consolidated financial statements have been prepared in accordance and compliance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). (b) Basis of preparation These consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial assets and financial liabilities at fair value through profit or loss. In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are effective as at December 31, 2021. Certain amounts in prior years have been reclassified to conform to the current period presentation. (c) Functional currency The functional and reporting currency of the Company and its subsidiaries is the Canadian dollar. 6 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 2. Basis of presentation (Continued) (d) Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make judgements and estimates that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these judgements and estimates. The consolidated financial statements include judgements and estimates which, by their nature, are uncertain. The impacts of such judgements and estimates are pervasive throughout the consolidated financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and the revision affects both current and future periods. Significant assumptions about the future and other sources of judgements and estimates that management has made at the statement of financial position dates, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical Judgments o The analysis of the functional currency for each entity of the Company determined by conducting an analysis of the consideration factors identified in IAS 21, “The Effect of Changes in Foreign Exchange Rates”. In concluding that the Canadian dollar is the functional currency of the parent and its subsidiary companies, management considered the currency that mainly influences the cost of providing goods and services in each jurisdiction in which the Company operates. As no single currency was clearly dominant, the Company also considered secondary indicators including the currency in which funds from financing activities are denominated and the currency in which funds are retained. Estimates o A global pandemic related to COVID-19 was declared in March 2020. The current and expected impacts on global commerce have been, and are anticipated to be, far- reaching. To date, there has been significant volatility in commodity prices and foreign exchange rates, restrictions on the conduct of business in many jurisdictions, including travel restrictions, and supply chain disruptions. There is significant ongoing uncertainty surrounding COVID-19 and the extent and duration of the impact that it may have; o The estimated useful lives of property, plant and equipment which are included in the consolidated statements of financial position and the related depreciation included in profit or loss; o The recoverability of the value of the exploration and evaluation assets which is recorded in the consolidated statements of financial position (Note 3(f)); 7 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 2. Basis of presentation (Continued) (d) Significant accounting judgments and estimates (Continued) Estimates (Continued) o The Company uses the Black-Scholes option pricing model to determine the fair value of options, warrants, and derivative financial liabilities in order to calculate share-based payments expense, warrant liability and the fair value of finders’ warrants and stock options. Certain inputs into the model are estimates that involve considerable judgment or could be affected by significant factors that are out of the Company’s control; o The provision for income taxes which is included in profit or loss and the composition of deferred income tax liability included in the consolidated statement of financial position and the evaluation of the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions; o The assessment of indications of impairment of each exploration and evaluation asset and property plant and equipment and related determination of the net realizable value and write-down of those assets where applicable (Note 3(f)); o The estimated incremental borrowing rate used to calculate the lease liabilities; o The estimated fair value of gold in trust; and o The estimated initial fair value of gold loan payable. 3. Significant accounting policies (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Jurisdiction Nature of operations Puebla Holdings Inc. Minera Gorrion, S.A. de C.V. Molinos de Puebla, S.A. de C.V. Canada Mexico Mexico Holding company Exploration company Holding company Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing these consolidated financial statements. (b) Foreign currencies Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 8 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (c) Financial instruments A financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. The Company's financial assets consist primarily of cash and cash equivalents, and accounts receivable and are classified at amortized cost. Financial liabilities comprise the Company’s trade and other payables. Financial liabilities are initially recognized on the date they are originated and are derecognized when the contractual obligations are discharged or cancelled or expire. Trade and other payables and lease obligations are recognized initially at fair value and subsequent are measured at amortized costs using the effective interest method, when materially different from the initial amount. Derivative financial liabilities are classified as FVTPL. Fair value is determined based on the present value of future cash flow, discounted at the market rate of interest. (i) Impairment of financial assets An ‘expected credit loss’ (ECL) model applies to financial assets measured at amortized cost, contract assets and debt investments at FVOCI, but not to investments in equity instruments. The Company's financial assets measured at amortized cost and subject to the ECL model include cash and cash equivalents, and accounts receivable. (ii) Embedded derivatives Derivatives may be embedded in other financial instruments (the “host instrument”). Embedded derivatives are treated as separate derivatives when their economic characteristics and risks are not clearly and closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not held for trading or designated at fair value. These embedded derivatives are measured at fair value with subsequent changes recognized in profit or loss. The Company issues warrants exercisable in a currency other than the Company’s functional currency and as a result, the warrants are derivative financial instruments. Derivative financial instruments are initially recognized at fair value and subsequently measured at fair value with changes in fair value recognized in profit or loss. Transaction costs are recognized in profit or loss as incurred. (d) Cash and cash equivalents Cash equivalents include term deposits and money market instruments which are readily convertible into cash or have maturities at the date of purchase of less than ninety days. 9 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (e) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, and are depreciated annually on a declining-balance basis if available-for-use at the following rates: Furniture, fixtures and other Computer hardware and software Geological library Field equipment Mill equipment 20% 30% 20% 20% Straight line over mine life (11 years) (f) Exploration and evaluation assets The Company is in the exploration stage with respect to its investment in exploration and evaluation assets and, accordingly, follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of mineral claims to which the Company has rights and crediting all proceeds received from farm-out arrangements or recovery of costs against the cost of the related claims. Acquisition costs include, but are not exclusive to land surface rights acquired. Deferred exploration costs include, but are not exclusive to geological, geophysical studies, annual mining taxes, exploratory drilling and sampling. At such time as commercial production commences, these costs will be charged to profit or loss on a unit-of-production method based on proven and probable reserves. The aggregate costs related to abandoned mineral claims are charged to profit or loss at the time of any abandonment or when it has been determined that there is evidence of an impairment. The Company considers the following facts and circumstances in determining if it should test exploration and evaluation assets for impairment: (i) the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; (ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; (iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and (iv) sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale. An impairment charge may be reversed but only to the extent that this does not exceed the original carrying value of the property that would have resulted if no impairment had been recognized. General exploration costs in areas of interest in which the Company has not secured rights are expensed as incurred. 10 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (f) Exploration and evaluation assets (Continued) The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete development of the properties, and on future production or proceeds of disposition. The Company recognizes in profit or loss costs recovered on exploration and evaluation assets when amounts received or receivable are in excess of the carrying amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to development asset within property, plant and equipment. All capitalized exploration and evaluation expenditures are monitored for indications of impairment. Where a potential impairment is indicated, assessments are performed for each area of interest. To the extent that exploration expenditure is not expected to be recovered, it is charged to profit or loss. Exploration areas where reserves have been discovered, but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial quantities of reserves exist or to ensure that additional exploration work is underway as planned. (g) Impairment of property, plant and equipment Property, plant and equipment are reviewed for impairment at least annually, or if there is any indication that the carrying amount may not be recoverable. If any such indication is present, the recoverable amount of the asset is estimated in order to determine whether impairment exists. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. An asset’s recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value, using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or cash generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount by way of recording an impairment charge to profit or loss. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount but only to the extent that this does not exceed the carrying value that would have been determined if no impairment had previously been recognized. (h) Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. 11 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (h) Income taxes (Continued) Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (i) Share-based payments The Company’s stock option plan allows Company employees, directors, officers and consultants to acquire shares of the Company. The fair value of options granted is recognized as share-based payment expense with a corresponding increase in equity reserves. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. Fair value is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option-pricing model, taking into account the terms and conditions upon which the options were granted. At each financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. In situations where equity instruments are issued to consultants and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. 12 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (j) Share capital Proceeds from the exercise of stock options and warrants are recorded as share capital in the amount for which the option or warrant enabled the holder to purchase a share in the Company, in addition to the proportionate amount of reserves originally created at the issuance of the stock options or warrants. Share capital issued for non-monetary consideration is valued at the closing market price at the date of issuance. The proceeds from the issuance of units are allocated between common shares and common share purchase warrants based on the residual value method. Under this method, the proceeds are allocated to common shares based on the fair value of a common share at the announcement date of the unit offering and any residual remaining is allocated to common share purchase warrants. Certain of the Company’s warrants are exercisable in a currency other than the functional currency of the Company. As a result, the fair value allocated to the warrant is recorded as a derivative financial liability with residual value being attributed to the equity unit. The fair value of the warrant is determined using the Black-Scholes Option Pricing Model and is marked to market at the end of each period. Upon exercise of the warrant, the fair value of the warrant at the date of exercise is transferred to share capital. (k) Reclamation and closure cost obligations Decommissioning and restoration provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation and discount rates. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows discounted for the market discount rate. Over time, the discounted liability is increased for the changes in the present value based on the current market discount rates and liability risks. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount receivable can be measured reliably. When the Company enters into an option agreement on its exploration and evaluations assets, as part of the option agreement, responsibility for any reclamation and remediation becomes the responsibility of the optionee. 13 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (l) Net loss per share The Company presents the basic and diluted net loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted net loss per share is determined by adjusting the net loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares (Note 12). (m) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement exists, and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight line method from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, the incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: • fixed payments, including in-substance fixed payments, less any lease incentives receivable; • variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; • amounts expected to be payable under a residual value guarantee; • exercise prices of purchase options if the Company is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. 14 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 3. Significant accounting policies (Continued) (m) Leases (Continued) The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in the estimate or assessment of the expected amount payable under a residual value guarantee, purchase, extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit or loss. The Company has elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit or loss on a straight-line basis over the lease term. (n) Standards issued or amended but not yet effective The Company has not applied the following revised IFRS that has been issued but was not yet effective at December 31, 2021. This accounting standard is not currently expected to have a significant effect on the Company’s accounting policies or financial statements. IAS 16, Property, Plant and Equipment - Proceeds before Intended Use (effective January 1, 2022). The amendment prohibits deducting from the cost of property, plant and equipment amounts received from selling items produced while preparing the asset for its intended use. Instead, a company will recognize such sale proceeds and related cost in profit or loss. 4. Accounts receivable and prepaid expenses Accounts receivable and prepaid expenses consist of the following: Accounts receivable (Note 11(b)) Prepaid expenses December 31, December 31, 2020 $ 122,967 52,041 $ 175,008 2021 $ 92,005 63,633 $ 155,638 At December 31, 2021, the Company has recorded value added taxes of $308,457 (2020 - $120,964) included in exploration and evaluation assets, as the value added tax relates to certain projects and is expected to be recovered when the assets are sold (Note 7). 5. Right-of-use assets and lease liabilities The Company has lease agreements for its headquarter office space in Vancouver, B.C. Upon transition to IFRS 16, the Company recognized $394,654 of ROU assets and $394,654 of lease liabilities. 15 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 5. Right-of-use assets and lease liabilities (Continued) One lease contains an extension option exercisable only by the Company was exercised on November 22, 2021. The lease was therefore extended from March 31, 2022 to March 31, 2027. The Company reassessed this significant event as a lease modification and has estimated that the potential future lease payments under the extended lease term would result in an increase in lease liability by $508,799. The continuity of lease liabilities for the years ended December 31, 2021 and 2020 are as follows: Opening balance Modification by extending the lease term Less: lease payments Interest expense Less: current portion of lease liabilities Long-term portion of lease liabilities December 31, 2021 $ 170,731 508,799 (144,253) 13,330 548,607 (82,677) $ 465,930 December 31, 2020 $ 292,679 - (143,428) 21,480 170,731 (134,950) $ 35,781 The Company entered into a sublease arrangement with a third party to lease an office unit from May 1, 2021 to March 31, 2022 under the same terms of the Company’s lease. The Company remains beholden to the obligations set out in its lease dated October 31, 2018. The rental income during the period ended December 31, 2021 from this operating sublease was $22,452 and recorded in interest and other income. The continuity of ROU assets for the years ended December 31, 2021 and 2020 are as follows: Opening balance Modification by extending the lease term Less: amortization of ROU assets December 31, 2021 $ 151,790 508,799 (121,479) $ 539,110 December 31, 2020 $ 273,222 - (121,432) $ 151,790 During the year ended December 31, 2021, the Company recognized occupancy expenses of $40,542 (2020 - $45,248; 2019 - $39,561) related to short term leases. As at December 31, 2021, the remaining payments for the operating lease are due as follows: Office lease $171,759 $167,374 $170,672 $173,970 $177,268 $861,043 2022 2023 2024 2025 2026 Total 16 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 6. Property, plant and equipment Furniture and fixtures and other Computer hardware Computer software Geological library Field equipment Mill equipment $ $ $ $ $ $ Total $ Cost December 31, 2020 158,219 256,873 198,607 51,760 245,647 13,968,566 14,879,672 Additions/reduction (1) - 10,131 374 - - - 10,505 December 31, 2021 158,219 267,004 198,981 51,760 245,647 13,968,566 14,890,177 Accumulated depreciation December 31, 2020 147,662 238,060 185,130 50,534 232,621 Depreciation 3,728 5,983 4,076 245 2,606 December 31, 2021 151,390 244,043 189,206 50,779 235,227 - - - 854,007 16,638 870,645 Carrying amounts December 31, 2020 10,557 18,813 13,477 1,226 13,026 13,968,566 14,025,665 December 31, 2021 6,829 22,961 9,775 981 10,420 13,968,566 14,019,532 17 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 6. Property, plant and equipment (Continued) Furniture and fixtures and other Computer hardware Computer software Geological library Field equipment Mill equipment $ $ $ $ $ $ Total $ Cost December 31, 2019 158,219 251,346 197,351 51,760 245,647 14,098,446 15,002,769 Additions/reduction (1) - 5,527 1,256 - - (129,880) (123,097) December 31, 2020 158,219 256,873 198,607 51,760 245,647 13,968,566 14,879,672 Accumulated depreciation December 31, 2019 143,541 231,597 179,713 50,228 229,364 Depreciation 4,121 6,463 5,417 306 3,257 December 31, 2020 147,662 238,060 185,130 50,534 232,621 - - - 834,443 19,564 854,007 Carrying amounts December 31, 2019 14,678 19,749 17,638 December 31, 2020 10,557 18,813 13,477 1,532 1,226 16,283 14,098,446 14,168,326 13,026 13,968,566 14,025,665 (1) At December 31, 2019, the Company accrued in accounts payable USD$250,000 ($324,700) for a storage extension fee of the mill equipment in Alaska to October 31, 2020. On June 12, 2020, the landlord agreed to reduce the storage fee from USD$250,000 to USD$150,000 that resulted in a USD$100,000 ($129,880) reduction in capitalized mill equipment in property, plant and equipment. The remaining outstanding storage fee of USD$50,000 is recorded in accounts payable as at December 31, 2020. 18 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 7. Exploration and evaluation assets Tuligtic Other Property Total $ 10,319,511 892,246 11,211,757 48,286,318 178,070 276,305 159,942 22,639 256,641 299,960 196,508 741,436 308,457 (506,394) 1,933,564 50,219,882 $ 1 - 1 - - - - - - - - - - - - 1 61,431,639 Exploration and evaluation assets Acquisition costs: Opening balance - (December 31, 2020) Additions Closing balance - (December 31, 2021) Deferred exploration costs: $ 10,319,510 892,246 11,211,756 Opening balance - (December 31, 2020) 48,286,318 Costs incurred during the year Drilling and related costs Professional/technical fees Claim maintenance/lease costs Geochemical, metallurgy Travel and accommodation Geology, geophysics and exploration Supplies and miscellaneous Environmental and permit Value-added tax (Note 4) Refund - Value-added tax Total deferred exploration costs during the year Closing balance - (December 31, 2021) Total exploration and evaluation assets 178,070 276,305 159,942 22,639 256,641 299,960 196,508 741,436 308,457 (506,394) 1,933,564 50,219,882 61,431,638 19 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 7. Exploration and evaluation assets (Continued) Tuligtic Other Property Exploration and evaluation assets Acquisition costs: Opening balance - (December 31, 2019) Additions Closing balance - (December 31, 2020) Deferred exploration costs: $ 9,460,274 859,236 10,319,510 Opening balance - (December 31, 2019) 47,512,735 Costs incurred during the year Professional/technical fees Claim maintenance/lease costs Geochemical, metallurgy Technical studies Travel and accommodation Geology, geophysics and exploration Supplies and miscellaneous Environmental and permit Value-added tax (Note 4) Refund - Value-added tax Total deferred exploration costs during the year Closing balance - (December 31, 2020) Total exploration and evaluation assets 137,167 159,934 11,947 117,058 125,679 111,773 115,587 6,916 120,964 (133,442) 773,583 48,286,318 58,605,828 Total $ 9,460,275 859,236 10,319,511 47,512,735 137,167 159,934 11,947 117,058 125,679 111,773 115,587 6,916 120,964 (133,442) 773,583 48,286,318 $ 1 - 1 - - - - - - - - - - - - 1 58,605,829 Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many mineral claims. The Company has investigated title to all of its exploration and evaluation assets and, to the best of its knowledge, title to all of its interests are in good standing. The following is a description of the Company’s most significant property interests: (a) Tuligtic In 2001, the Company acquired by staking a 100% interest in the Tuligtic property in Puebla, Mexico. The property contains the Ixtaca Zone. In 2015, legal proceedings against the Mexican mining authorities regarding certain mining concessions held by the Company were initiated by the Ejido Tecoltemi. These mining concessions covered approximately 14,000 Ha, including the Company’s project in the Ixtaca Zone and certain endowed lands of the Ejido (the “Ejido Land”), which comprise approximately 330 Ha (the “Original Concessions”). In 2015, Almaden commenced a process to voluntarily cancel approximately 7,000 Ha of its Original Concessions, including the area covering the Ejido Lands. Almaden divided the Original 20 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 7. Exploration and evaluation assets (Continued) (a) Tuligtic (continued) Concessions into nine smaller concessions, which included two smaller mining concessions which overlapped the Ejido Lands (the “Overlapping Concessions”) and then voluntarily cancelled the Overlapping Concessions. The applicable Mexican mining authorities issued the New Concessions and accepted the abandonment of the Overlapping Concessions in May and June of 2017 after the issuance of a Court Order. In 2017, the Ejido Tecoltemi filed a legal complaint about the court order leading to the New Concessions. On February 1, 2018, the court reviewing the complaint ruled the Ejido’s complaint was founded, and sent the ruling to the court hearing the Amparo. On December 21, 2018, the General Directorate of Mines issued a resolution that the New Concessions are left without effect, and the Original Concessions are in full force and effect. On February 13, 2019, the General Directorate of Mines delivered, to the court hearing the Amparo, mining certificates stating that the Original Concessions are valid, and the New Concessions are cancelled. On December 16, 2019 the General Directorate of Mines issued mineral title certificates directly to Almaden that the Original Concessions are active and owned by Minera Gorrión and the New Concessions are left without effect. Currently, applicable Mexican mining authority records show the Original Concessions as Almaden’s sole mineral claims to the Ixtaca Project. On January 21, 2020, Almaden filed an administrative challenge against the Mexican mining authorities’ issuance of the December 2019 Certificates. Almaden’s appeals to this change in mineral tenure are based on Mexican legal advice that the New Concessions remain in full force and effect. Almaden continues to file taxes and assessment reports on the New Concessions, which have been accepted by the Mexican mining authorities, and Almaden has not received any notifications from the Mexican mining authorities regarding unpaid taxes on the Original Concessions. On February 14, 2020 and March 24, 2020, the Company entered into two amended option agreements to secure land holdings on the Tuligtic project. The Company has the option to acquire a 100% ownership of two land holdings for cash payments of $3,000,000 Mexico pesos (MXN) and USD$375,000 that were paid in early 2021 respectively. Payments are not refundable upon termination of the option agreement. (b) Other Property The Company holds a 40% carried interest in the Logan property located in the Yukon Territory, Canada. The project is carried at a nominal value of $1. (c) Other Expenditures incurred by the Company in Mexico are subject to Mexican Value added tax (“VAT”). The VAT is included in exploration and evaluation assets as incurred. Under Mexican law VAT paid can be used in the future to offset amounts resulting from VAT charge on sales. Under certain circumstances and subject to approval from tax authorities as Company can also apply for early refund of VAT prior to generating sales. During 2021, the Company received a VAT recovery of $506,394 and other income of $446,184 related to the VAT refund from prior years are recorded in interest and other income. 21 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 8. Gold loan payable and gold in trust The Company has entered into a secured gold loan agreement (“Gold Loan”) with Almadex Minerals Ltd. (“Almadex” or the “Lender”) pursuant to which Almadex has agreed to loan up to 1,597 ounces of gold bullion to the Company. The approximate value of this gold as at May 14, 2019 was USD$2,072,060 or $2,790,858. Under the terms of the Gold Loan, the Company will be entitled to draw-down the gold in minimum 400 ounce tranches. At any given time, the amount of gold ounces drawn multiplied by the London Bullion Market Association (“LBMA”) AM gold price in US dollars, plus any accrued interest or unpaid fees, shall constitute the Loan Value. The maturity date for the Gold Loan is March 31, 2024, and can be extended by two years at the discretion of the Company (the “Term”). Repayment of the Loan Value shall be made either through delivery of that amount of gold drawn, or through the issuance of common shares of the Company (“Shares”), according to the Lender’s discretion. Mandatory prepayment shall be required in the event that the Company’s Ixtaca gold-silver project located in Puebla State, Mexico (the “Ixtaca Project”) enters into commercial production during the Term, requiring the Company to deliver 100 gold ounces per month to the Lender. In addition, the Company has the right to pre-pay the Loan Value at any time without penalty, in either gold bullion or Shares as chosen by the Lender, and the Lender has the right to convert the Loan Value into Shares at any time during the Term. The conversion rate is equal to 95% of the 5 trading day volume weighted average price of the Share on the Toronto Stock Exchange or an equivalent. The interest rate of the Gold Loan is 10% of the Loan Value per annum, calculated monthly, paid in arrears. Interest payments can either be accrued to the Loan Value, or paid by the Company in cash or gold bullion. A standby fee of 1% per annum, accrued quarterly, will be applied to any undrawn amount on the Gold Loan. In addition, the Company has issued Almadex 500,000 transferable share purchase warrants (“Warrants”), with an exercise price of $1.50 per Share and expiry date of May 14, 2024 as an arrangement fee to cover the administrative costs of setting up the credit facility. These warrants were valued at $50,000 using the Black-Scholes option-pricing model with the following assumptions: expected life of five years, risk-free interest rate of 1.54%, expected dividend yield of 0% and expected volatility of 44.25%. Security for the loan is certain equipment related to the Rock Creek Mill, which is not required for the Ixtaca Project. The Gold Loan includes industry standard provisions in the event of default, material breach and change of control. The Gold Loan was recorded at fair value at inception and is subsequently measured at amortized cost using the effective interest method, recognizing interest expense on an effective yield basis. The Company has determined that the Gold Loan contains multiple derivatives which are embedded in the US dollar denominated debt instrument. As the convertible Gold Loan is denominated in US dollars and is convertible into common shares based upon a variable Canadian dollar conversion rate, the fixed for fixed criteria is not met. As such, the conversion option cannot be classified as an equity instrument and is deemed to have no value. The embedded derivative from indexation of the loan principal portion to the movement in the price of gold is classified as a derivate financial liability and is marked to market at each period end using the Black-Scholes option-pricing model. 22 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 8. Gold loan payable and gold in trust (Continued) At inception, the following assumptions were used: expected life of five years, risk-free interest rate of 1.57% and expected volatility of 11.06%. The fair value of the embedded derivative for the year ended December 31, 2021 increased by $18,156 based on the following assumptions used in the Black-Scholes option-pricing model: expected life of 2.25 years, risk-free interest rate of 1.23% and expected volatility of 15.63%. The continuity of gold loan payable and derivative financial liabilities are as follows: Gold loan payable – opening balance Accrued interest expense Accrued standby fees Accretion expense Foreign exchange difference Gold loan payable Derivative financial liabilities – opening balance Change in fair value through profit & loss Foreign exchange difference Derivative financial liabilities December 31, 2021 $ 2,842,756 271,093 8,743 114,535 (9,582) $ 3,227,545 $ 375,417 18,156 (1,953) $ 391,620 December 31, 2020 $ 2,541,338 261,151 9,536 100,563 (69,832) $ 2,842,756 $ 430,965 (44,049) (11,499) $ 375,417 As at December 31, 2021, Almaden has 397 ounces (397 ounces at December 31, 2020) of gold bullion on its account at a fair value of $915,995 ($955,781 at December 31, 2020). On January 22, 2020, the Company received $818,360 on the sale of 400 ounces of gold in trust and has recorded a gain on sale of gold in trust of $19,413. The continuity of gold in trust are as follows: Gold in trust, opening balance Sale of gold in trust Gain on sale Change in fair value through profit & loss Foreign exchange difference December 31, 2021 $ 955,781 - - (35,775) (4,011) 915,995 Ounces 397 - - - - 397 December 31, 2020 $ 1,576,366 (818,360) 19,413 199,379 (21,017) 955,781 Ounces 797 (400) - - - 397 9. Warrant liability In connection with the registered direct offering private placement completed during the year ended December 31, 2021, the Company issued a total of 7,923,077 warrants exercisable at US$0.80 per share. The fair value of these warrants was $2,371,174, valued using the Black-Scholes Pricing model with the following assumptions: 23 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 9. Warrant liability (Continued) Risk-free interest rate Expected life of warrants Expected annualized volatility Dividend Forfeiture rate 0.53% 3.00 years 72.42% Nil 0% The fair value is recorded as a derivative financial liability as these warrants are exercisable in US dollars, differing from the Company’s functional currency. The change in fair value resulted in a gain of $1,747,884 and is recognized in the consolidated statements of loss and comprehensive loss for the year ended December 31, 2021. The fair value warrants were re-valued at period end using the Black-Scholes Pricing Model with the following assumptions: Risk-free interest rate Expected life of warrants Expected annualized volatility Dividend Forfeiture rate 0.95% 2.21 years 78.39% Nil 0% 10. Share capital and reserves (a) Authorized share capital At December 31, 2021, the authorized share capital comprised an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid. (b) Details of private placements and other issues of common shares in 2021, 2020 and 2019 On March 18, 2021, the Company closed a registered direct offering private placement for the purchase and sale of 15,846,154 common shares and common share warrants to purchase up to 7,923,077 common shares at a combined purchase price of US$0.65 per unit for aggregate gross proceeds of US$10.3 million (CAD$12,838,950). The common share warrants will be immediately exercisable, have an exercise price of US$0.80 per share and will expire three years from the date of issuance. Share issue costs included a finder’s fee of $834,532 in cash, and finders’ warrants to purchase up to 435,769 common shares at a price of US$0.80 per common share until March 18, 2024. The fair value of the finders’ warrants was $130,731. In connection with the registered direct offering, the Company also incurred $393,837 in share issue costs. These amounts were recorded as a reduction to share capital. The proceeds of the registered direct offering were allocated $10,467,776 to share capital and $2,371,174 to warrants. Share issue costs of $40,990 was recorded for fees paid related to the Short Form Base Shelf Prospectus file subsequent to year-end on February 25, 2021. On August 6, 2020, the Company closed a non-brokered private placement by the issuance of 3,100,000 units at a price of $0.65 per unit for gross proceeds of $2,015,000. Each unit consists of one common share and one non-transferable common share purchase warrant. Each whole warrant allows the holder to purchase one common share of the Company at a price of $0.90 per share until August 6, 2023. Share issue costs included a finder’s fee of $52,341 in cash. In connection with the private placement, the Company also incurred $108,674 in share issue costs. These amounts were recorded as a reduction to share capital. The proceeds of the private placement were allocated 24 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 10. Share capital and reserves (b) Details of private placements and other issues of common shares in 2021, 2020 and 2019 (Continued) entirely to share capital. On March 27, 2020, the Company closed a non-brokered private placement by the issuance of 5,509,658 units at a price of $0.37 per unit for gross proceeds of $2,038,573. Each unit consists of one common share and one non-transferable common share purchase warrant. Each whole warrant allows the holder to purchase one common share of the Company at a price of $0.50 per share until March 27, 2023. In connection with the private placement, the Company also incurred $42,349 in share issue costs. These amounts were recorded as a reduction to share capital. The proceeds of the private placement were allocated entirely to share capital. (c) Warrants The continuity of warrants for the years ended December 31, 2021, 2020 and 2019 are as follows: Expiry date June 7, 2022 March 27, 2023 August 6, 2023 March 18, 2024 March 18, 2024 May 14, 2024 Warrants outstanding and exercisable Weighted average exercise price Exercise December 31, 2020 4,720,000 5,489,658 3,100,000 - - 500,000 price $1.35 $0.50 $0.90 USD$0.80 USD$0.80 $1.50 Issued Exercised - - - - - - - 7,923,077 435,769 - 13,809,658 8,358,846 $ 0.92 $ 1.00 Expired - - - - - - - December 31, 2021 4,720,000 5,489,658 3,100,000 7,923,077 435,769 500,000 22,168,504 $ 0.95 - - - The weighted average remaining life of warrants outstanding at December 31, 2021 was 1.51 years (2020 – 2.08 years). Expiry date June 1, 2020 June 7, 2020 June 7, 2022 March 27, 2023 August 6, 2023 May 14, 2024 Warrants outstanding and exercisable Weighted average exercise price Issued Exercised Exercise December 31, 2019 4,928,900 192,450 4,720,000 price $2.45 $1.35 $1.35 $0.50 $0.90 $1.50 - - - - 5,509,658 - 3,100,000 - 500,000 Expired - (4,928,900) (192,450) - - - - (20,000) - - - - December 31, 2020 - - 4,720,000 5,489,658 3,100,000 500,000 10,341,350 8,609,658 (20,000) (5,121,350) 13,809,658 $ 1.88 $ 0.64 $ 0.50 $ 2.41 $ 0.92 25 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 10. Share capital and reserves (Continued) (c) Warrants (Continued) The weighted average remaining life of warrants outstanding at December 31, 2020 was 2.08 years (2019 – 1.53 years). Expiry date June 1, 2019 August 7, 2019 August 7, 2019 June 1, 2020 June 7, 2020 June 7, 2022 May 14, 2024 Warrants outstanding and exercisable Weighted average exercise price Exercise December 31, 2018 295,734 1,259,704 10,411 4,928,900 192,450 4,720,000 - price $2.00 $2.00 $1.35 $2.45 $1.35 $1.35 $ 1.50 Issued Exercised - - - - - - - - - - - - - 500,000 11,407,199 500,000 $ 1.91 $ 1.50 - - Expired (295,734) (1,259,704) (10,411) - - - - December 31, 2019 - - - 4,928,900 192,450 4,720,000 500,000 (1,565,849) 10,341,350 $ 2.00 $ 1.88 The weighted average remaining life of warrants outstanding at December 31, 2019 was 1.53 years (2018 – 2.14 years). The weighted average fair value of finders’ warrants granted during the years ended December 31, 2021, 2020 and 2019 calculated using the Black-Scholes option-pricing model at the issue dates, are as follows: Weighted average assumptions used Number of warrants 435,769 500,000 Date of issue March 18, 2021 May 14, 2019 Fair value per share $ 0.30 $ 0.10 Risk free interest rate 0.53% 1.54% Expected life (in years) 3 5 Expected volatility 72.42% 44.25% Expected dividends $Nil $Nil (d) Share purchase option compensation plan The Company’s stock option plan permits the issuance of options up to a maximum of 10% of the Company’s issued share capital. Stock options issued to any consultant or person providing investor relations services cannot exceed 2% of the issued and outstanding common shares in any twelve month period. At December 31, 2021, the Company had reserved 1,732,141 stock options that may be granted. The exercise price of any option cannot be less than the volume weighted average trading price of the shares for the five trading days immediately preceding the date of the grant. The maximum term of all options is five years. The Board of Directors determines the term of the option (to a maximum of five years) and the time during which any option may vest. Options granted to consultants or persons providing investor relations services shall vest in stages with no more than 25% of such option being exercisable in any three month period. All options granted during the years ended December 31, 2021, 2020 and 2019 vested on the grant date. 26 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 10. Share capital and reserves (Continued) (d) Share purchase option compensation plan (Continued) The Company’s stock option plan permits the option holder to exercise cashless by surrendering a portion of the underlying option shares to pay for the exercise price and the corresponding withholding taxes, if applicable. The continuity of stock options for the years ended December 31, 2021, 2020 and 2019 are as follows: Expiry date February 7, 2021 February 7, 2021 March 29, 2021 March 29, 2021 May 6, 2021 July 7, 2021 August 13, 2021 September 16, 2021 December 12, 2021 March 4, 2022 April 30, 2022 April 30, 2022 May 31, 2022 June 9, 2022 October 3, 2022 December 15, 2022 February 9, 2023 March 3, 2023 March 31, 2023 May 8, 2023 May 28, 2023 July 8, 2023 September 18, 2023 Options outstanding and exercisable Weighted average exercise price Exercise price December 31, 2020 Granted Exercised Expired December 31, 2021 $ 1.11 $ 0.84 $ 1.08 $ 0.90 $ 0.69 $ 0.80 $ 1.01 $ 0.90 $ 1.00 $ 0.47 $ 0.41 $ 0.58 $ 0.62 $ 0.64 $ 1.13 $ 0.89 $ 0.97 $ 0.96 $ 0.68 $ 0.69 $ 0.65 $ 0.62 $ 0.51 300,000 425,000 400,000 100,000 557,000 1,612,000 150,000 1,155,000 200,000 1,125,000 100,000 220,000 700,000 2,180,000 1,346,000 972,000 - - - - - - - - - - - - - - - - - - - - - - - 450,000 325,000 1,975,000 100,000 100,000 2,470,000 960,000 - (375,000) - - (275,000) (75,000) - - - - - - - - - - - - - - - - - (300,000) (50,000) (400,000) (100,000) (282,000) (1,537,000) (150,000) (1,155,000) (200,000) - - - (100,000) (200,000) (486,000) (72,000) (100,000) (75,000) - - - - - - - - - - - - - - 1,125,000 100,000 220,000 600,000 1,980,000 860,000 900,000 350,000 250,000 1,975,000 100,000 100,000 2,470,000 960,000 11,542,000 6,380,000 (725,000) (5,207,000) 11,990,000 $ 0.80 $ 0.67 $ 0.78 $ 0.90 $ 0.68 The weighted average remaining life of stock options outstanding at December 31, 2021 was 0.98 years (2020 – 1.08 years). 27 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 10. Share capital and reserves (Continued) (d) Share purchase option compensation plan (Continued) Expiry date April 10, 2020 April 30, 2020 April 30, 2020 April 30, 2020 June 8, 2020 September 30, 2020 September 30, 2020 September 30, 2020 December 13, 2020 February 7, 2021 February 7, 2021 March 29, 2021 March 29, 2021 May 6, 2021 July 7, 2021 August 13, 2021 September 16, 2021 December 12, 2021 March 4, 2022 April 30, 2022 April 30, 2022 May 31, 2022 June 9, 2022 October 3, 2022 December 15, 2022 Options outstanding and exercisable Weighted average exercise price Exercise price December 31, 2019 Granted Exercised $ 1.03 $ 1.53 $ 1.14 $ 1.04 $ 0.98 $ 1.25 $ 0.83 $ 0.79 $ 0.86 $ 1.11 $ 0.84 $ 1.08 $ 0.90 $ 0.69 $ 0.80 $ 1.01 $ 0.90 $ 1.00 $ 0.47 $ 0.41 $ 0.58 $ 0.62 $ 0.64 $ 1.13 $ 0.89 (i) (i) (i) 90,000 500,000 100,000 100,000 2,180,000 1,095,000 106,000 170,000 762,000 300,000 425,000 400,000 100,000 557,000 1,612,000 150,000 1,160,000 200,000 - - - - - - - - - - - - - - - - - - - - - - - - - 1,130,000 115,000 220,000 700,000 2,180,000 1,346,000 972,000 - - - - - (25,000) (106,000) (150,000) (635,000) - - - - - - - - - (5,000) (15,000) - - - - - Expired (90,000) (500,000) (100,000) (100,000) (2,180,000) (1,070,000) - (20,000) (127,000) - - - - - - - (5,000) - - - - - - - - December 31, 2020 - - - - - - - - - 300,000 425,000 400,000 100,000 557,000 1,612,000 150,000 1,155,000 200,000 1,125,000 100,000 220,000 700,000 2,180,000 1,346,000 972,000 10,007,000 6,663,000 (936,000) (4,192,000) 11,542,000 $ 0.97 $ 0.74 $ 0.85 $ 1.12 $ 0.80 (i) In accordance with the Company’s stock option plan, options holders exercised 100,000, 68,000 and 580,000 stock options on a cashless basis at an exercise price of $0.79, $0.83 and $0.86 respectively. The total number of shares issued in connection with the cashless exercise of options was 105,877. The weighted average remaining life of stock options outstanding at December 31, 2020 was 1.08 years (2019 – 1.02 years). 28 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 10. Share capital and reserves (Continued) (d) Share purchase option compensation plan (Continued) Expiry date January 2, 2019 March 17, 2019 May 4, 2019 May 19, 2019 June 12, 2019 July 2, 2019 July 2, 2019 July 2, 2019 September 19, 2019 April 10, 2020 April 30, 2020 April 30, 2020 April 30, 2020 June 8, 2020 September 30, 2020 September 30, 2020 September 30, 2020 December 13, 2020 February 7, 2021 February 7, 2021 March 29, 2021 March 29, 2021 May 6, 2021 July 7, 2021 August 13, 2021 September 16, 2021 December 12, 2021 Options outstanding and exercisable Weighted average exercise price Exercise price December 31, 2018 Granted Exercised Expired December 31, 2019 $ 1.04 $ 1.35 $ 1.99 $ 1.84 $ 1.89 $ 1.32 $ 1.19 $ 1.34 $ 1.40 $ 1.03 $ 1.53 $ 1.14 $ 1.04 $ 0.98 $ 1.25 $ 0.83 $ 0.79 $ 0.86 $ 1.11 $ 0.84 $ 1.08 $ 0.90 $ 0.69 $ 0.80 $ 1.01 $ 0.90 $ 1.00 375,000 207,000 175,000 75,000 75,000 150,000 60,000 1,427,000 1,160,000 90,000 500,000 100,000 100,000 2,180,000 1,095,000 106,000 170,000 762,000 300,000 - 400,000 - - - - - 200,000 - - - - - - - - - - - - - - - - - - - 425,000 - 100,000 557,000 1,612,000 150,000 1,160,000 - 9,707,000 4,004,000 $ 1.19 $ 0.83 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (375,000) (207,000) (175,000) (75,000) (75,000) (150,000) (60,000) (1,427,000) (1,160,000) - - - - - - - - - - - - - - - - - - - - - - - - - - - 90,000 500,000 100,000 100,000 2,180,000 1,095,000 106,000 170,000 762,000 300,000 425,000 400,000 100,000 557,000 1,612,000 150,000 1,160,000 200,000 (3,704,000) 10,007,000 $ 1.38 $ 0.97 The weighted average remaining life of stock options outstanding at December 31, 2019 was 1.02 years (2018 – 1.24 years). 29 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 10. Share capital and reserves (Continued) (d) Share purchase option compensation plan (Continued) The fair value of options granted during the years ended December 31, 2021, 2020 and 2019, calculated using the Black-Scholes option-pricing model at grant date, are as follows: Number of options Date of grant 960,000 September 17, 2021 2,470,000 July 8, 2021 100,000 May 28, 2021 100,000 May 7, 2021 1,975,000 March 31, 2021 325,000 March 2, 2021 450,000 February 9, 2021 972,000 December 15, 2020 1,346,000 October 1, 2020 2,180,000 June 9, 2020 700,000 May 1, 2020 220,000 April 29, 2020 115,000 April 13, 2020 1,130,000 March 4, 2020 1,160,000 September 16, 2019 150,000 August 13, 2019 1,612,000 July 4, 2019 557,000 May 6, 2019 100,000 March 1, 2019 425,000 January 3, 2019 Fair value per share $0.23 $0.25 $0.30 $0.30 $0.31 $0.43 $0.49 $0.35 $0.35 $0.25 $0.20 $0.22 $0.12 $0.20 $0.29 $0.28 $0.19 $0.17 $0.22 $0.31 Risk free interest rate 0.45% 0.45% 0.32% 0.33% 0.22% 0.26% 0.19% 0.25% 0.24% 0.28% 0.30% 0.32% 0.33% 0.92% 1.60% 1.35% 1.58% 1.59% 1.68% 1.91% Expected life (in years) 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Expected volatility 82.96% 84.98% 86.03% 86.33% 85.85% 85.48% 84.04% 76.39% 65.81% 62.07% 61.30% 61.31% 60.60% 55.66% 50.73% 50.20% 45.82% 45.42% 50.79% 50.28% Expected dividends $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil $Nil Total share-based payments expenses as a result of options granted and vested during the year ended December 31, 2021 was $1,870,800 (2020 - $1,784,500; 2019 - $933,120). 11. Related party transactions and balances (a) Compensation of key management personnel Key management includes members of the Board, the Chairman, the President and Chief Executive Officer, the Chief Financial Officer, the Executive Vice President, the Vice President Operations & Projects, and the Vice President, Project Development. The net aggregate compensation paid or payable to key management for services after recovery from Azucar Minerals Ltd. (Azucar) and Almadex Minerals Ltd. (Note 11 (b)) is as follows: 30 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 11. Related party transactions and balances (Continued) (a) Compensation of key management personnel (Continued) December 31, 2021 December 31, 2020 December 31, 2019 Professional fees Salaries and benefits (1) Share-based payments Directors’ fees $ $ 60,000 $ 450,522 1,551,850 102,500 2,164,872 $ 65,000 $ 101,200 1,471,300 70,000 1,707,500 $ 276,491 404,800 768,020 70,000 1,519,311 (1) Effective May 1, 2019, the Chairman has deferred payment of his salary of $8,000 per month. The Company owes $256,000 to the Chairman as at December 31, 2021 (2020 - $160,000; 2019 - $64,000), which is recorded in accounts payable. (b) Administrative Services Agreements The Company recovers a portion of rent, office and license expenses from Azucar pursuant to an Administrative Services Agreement dated May 15, 2015 and First Amending Agreement dated December 16, 2015 between the Company and Azucar. The Company also recovers a portion of rent, office and license expenses from Almadex pursuant to an Administrative Services Agreement dated March 29, 2018 between the Company and Almadex. During the year ended December 31, 2021, the Company received $412,812 (2020 - $935,872; 2019 - $639,320) from Azucar for administrative services fees included in other income and received $969,532 (2020 - $468,227; 2019 - $320,093) from Almadex for administrative services fees included in other income. At December 31, 2021, included in accounts receivable is $15,063 (2020 - $81,623) due from Azucar and $69,298 (2020 - $40,678) due from Almadex in relation to expenses recoveries. Under the Administrative Services Agreements, the Company is the sole and exclusive manager of Azucar and Almadex that provides general management services, office space, executive personnel, human resources, geological technical support, accounting and financial services at cost with no mark-up or additional direct charge. The three companies are considered related parties though common directors and officers. (c) Other related party transactions At December 31, 2021, the Company accrued $72,130 (2020 - $37,689) payable to Almadex for exploration and drilling services in Mexico. During the year ended December 31, 2021, the Company employed the Chairman’s daughter for a salary of $41,300 less statutory deductions (2020 - $41,300; 2019 - $41,300) for marketing and administrative services provided to the Company. 31 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 12. Net loss per share Basic and diluted net loss per share The calculation of basic net loss per share for the year ended December 31, 2021 was based on the loss attributable to common shareholders of $2,668,254 (2020 - $3,129,368; 2019 - $3,763,075) and a weighted average number of common shares outstanding of 133,842,894 (2020 - 117,264,220; 2019 - 111,726,719). The calculation of diluted net loss per share for the year ended December 31, 2021, 2020 and 2019 did not include the effect of stock options and warrants, as they were considered to be anti-dilutive. 13. Supplemental cash flow information Supplemental information regarding non-cash transactions is as follows: Investing and financing activities Exploration and evaluation assets expenditures included in trade and other payables Right-of-use assets Gold in trust Gold loan payable Derivative financial liabilities Warrant liability Fair value of finders’ warrants Lease liabilities Fair value of cash stock options transferred to share capital on exercise of options Fair value of cashless stock options transferred to share capital on exercise of options December 31, 2021 December 31, 2020 December 31, 2019 $ 89,203 $ 48,038 $ 166,154 (508,799) - - - 2,371,174 130,731 508,799 - - - - - - - (394,654) (2,790,858) 2,412,534 378,324 - - 394,654 177,250 51,980 - 178,480 - - 32 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 13. Supplemental cash flow information (Continued) Supplemental information regarding the split between cash and cash equivalents is as follows: Cash Term Deposits 14. Income Taxes December 31, 2021 December 31, 2020 $ 2,133,076 8,037,300 $ 10,170,376 $ 1,234,698 1,300,000 $ 2,534,698 (a) The provision for income taxes differs from the amounts computed by applying the Canadian statutory rates to the net loss before income taxes due to the following: Loss before income taxes Statutory rate December 31, 2021 $ (2,354,113) 27.00% December 31, 2020 $ (3,129,368) 27.00% December 31, 2019 $ (3,763,075) 27.00% Expected income tax Effect of different tax rates in foreign jurisdictions Non-deductible share-based payments Other permanent items Change in deferred tax assets not recognized Share issuance costs True-ups and other Deferred income tax (recovery) expense (635,611) 5,281 505,116 (620,413) 733,447 (331,660) 657,981 $ 314,141 (844,929) 27,574 481,815 1,937 300,505 (80,711) 113,809 $ - (1,016,030) (23,478) 251,942 10,121 50,106 (2,638) 729,977 $ - (b) The Company’s deferred income tax liability relates to the Mexican income tax and Special Mining Duty (“SMD”) associated with the Tuligtic project. 33 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 14. Income Taxes (Continued) The significant components of deferred income tax assets (liabilities) are as follows: Deferred tax assets Non-capital losses Deferred tax liabilities Exploration and evaluation assets December 31, 2021 December 31, 2020 $ 3,818,755 $ 4,132,896 (5,567,776) (5,567,778) Net deferred tax liabilities $ (1,749,021) $ (1,434,882) (c) Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following: Non-capital loss carry forwards Capital loss carry forwards Exploration and evaluation assets Share issue costs Property, plant and equipment Donations Investment tax credit December 31, 2021 December 31, 2020 $ 23,308,252 24,538,993 8,188,922 1,293,588 372,155 32,960 223,873 $ 57,958,743 $ 21,385,090 24,538,993 8,188,922 807,644 - 32,960 239,849 $ 55,193,458 At December 31, 2021, the Company had operating loss carry forwards available for tax purposes in Canada of $23,308,252 (2020 - $23,680,582) which expire between 2032 and 2041. 15. Financial instruments The fair values of the Company’s cash and cash equivalents, accounts receivable and trade and other payables approximate their carrying values because of the short-term nature of these instruments. Except for warrant liability and derivative financial liabilities, the Company does not carry any financial instruments at FVTPL. The Company is exposed to certain financial risks, including currency risk, credit risk, liquidity risk, interest rate risk and commodity and equity price risk. 34 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 15. Financial instruments (Continued) (a) Currency risk The Company’s property interests in Mexico make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, results of operations and cash flows. The Company is affected by changes in exchange rates between the Canadian dollar, the US dollar and the Mexican peso. The Company does not invest in foreign currency contracts to mitigate the risks. As at December 31, 2021, the Company is exposed to foreign exchange risk through the following monetary assets and liabilities denominated in currencies other than the functional currency of the applicable subsidiary: All amounts in Canadian dollars Cash and cash equivalents Accounts receivable and prepaid expenses Gold in trust Total assets Trade and other payables Gold loan payable Derivatives financial liabilities Total liabilities Net assets US dollar Mexican peso $ 330,983 51 - $ 331,034 $ 5,805,604 5,933 915,995 $ 6,727,532 $ 5,827 3,227,545 391,620 $ 3,624,992 $ 88,947 - - $ 88,947 $ 3,102,540 $ 242,087 A 10% change in the US dollar exchange rate relative to the Canadian dollar would change the Company’s net loss by $310,000. A 10% change in the Mexican peso relative to the Canadian dollar would change the Company’s net loss by $24,000. (b) Credit risk The Company’s cash and cash equivalents are held in large financial institutions, located in both Canada and Mexico. Cash equivalents mature at less than ninety days during the twelve months following the statement of financial position date. The Company’s accounts receivable consist of amounts due from related parties which were subsequently collected. To mitigate exposure to credit risk on cash and cash equivalents, the Company has established policies to limit the concentration of credit risk with any given banking institution where the funds are held, to ensure counterparties demonstrate minimum acceptable credit risk worthiness and ensure liquidity of available funds. As at December 31, 2021, the Company’s maximum exposure to credit risk is the carrying value of its cash and cash equivalents, and accounts receivable. 35 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 15. Financial instruments (Continued) (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. Trade and other payables are due within twelve months of the statement of financial position date. (d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to varying interest rates on cash and cash equivalents. The Company has no debt bearing variable interest rate. A 1% change in the interest rate would change the Company’s net loss by $102,000. (e) Commodity and equity price risk The ability of the Company to explore its exploration and evaluation assets and the future profitability of the Company are directly related to the market price of gold and other precious metals. The Company monitors gold prices to determine the appropriate course of action to be taken by the Company. Equity price risk is defined as the potential adverse impact on the Company’s performance due to movements in individual equity prices or general movements in the level of the stock market. (f) Classification of financial instruments IFRS 13 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. Derivative financial liabilities Warrant liability Level 1 $ - - Level 2 $ 391,620 623,290 Level 3 $ - - Total $ 391,620 623,290 36 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 16. Management of capital The Company considers its capital to consist of components of equity. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration of its exploration and evaluation assets and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares and, acquire or dispose of assets. In order to maximize ongoing exploration efforts, the Company does not pay out dividends. The Company’s investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with short term maturities, selected with regards to the expected timing of expenditures from continuing operations. The Company expects its current capital resources will be sufficient to carry its exploration plans and operations for the foreseeable future. There were no changes to the Company’s approach to the management of capital during the period. 17. Segmented information The Company operates in one reportable operating segment, being the acquisition and exploration of mineral resource properties. The Company’s non-current assets are located in the following geographic locations: Canada United States Mexico 18. Subsequent events December 31, 2021 $ 587,684 13,968,566 61,434,031 $ 75,990,281 December 31, 2020 $ 205,898 13,968,566 58,608,820 $ 72,783,284 On February 17, 2022, the Company announced that the Supreme Court of Justice of Mexico (SCJN) reached a decision in respect of the mineral title lawsuit involving the Company’s minerals claims. The draft decision determines that the Mexican mineral title law is constitutional, but that before issuing Almaden’s mineral titles, the Ministry of the Economy should have provided for a consultation procedure with relevant indigenous communities. The draft orders the Ministry of the Economy to declare Almaden’s mineral titles ineffective and to re-issue them following the Ministry’s compliance with its obligation to carry out the necessary procedures to consult with indigenous communities. The final decision of the SCJN may be modified and differ from the draft described above. The decision will take effect at the time of official notification of the decision to the Company which is expected in April 2022. 37 Almaden Minerals Ltd. Notes to the consolidated financial statements For the years ended December 31, 2021, 2020 and 2019 Expressed in Canadian dollars 18. Subsequent events (Continued) On March 7, 2022, the Company granted employees, consultants, officers and directors an aggregate of 1,125,000 stock options in accordance with the terms of the Company’s stock option plan, each of which is exercisable into one common share at an exercise price of $0.38 per share until March 7, 2027. 38 Almaden Minerals Ltd. Corporate Organizational Chart December 31, 2021 Almaden Minerals Ltd. (“Almaden”) Canada TSX: AMM NYSE American: AAU Molinos de Puebla (“Molinos”) Mexico 99.99% Rock Creek  Mill Puebla Holdings  Inc. (“Puebla”) Canada 100% Minera Gorrión SA de CV (“Gorrión”) Mexico 49,999 shares 99.9% Tuligtic / Ixtaca Project     EXHIBIT 12.1 SECTION 302 OF THE SARBANES-OXLEY ACT CEO CERTIFICATION I, Morgan Poliquin, certify that: 1. I have reviewed this annual report on Form 20-F of Almaden Minerals Ltd.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; 4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the Company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and 5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and employees who have a significant role in the Company’s internal control over financial reporting. (b) Any fraud, whether or not material, that involves management or other Date: April 28, 2022 /s/Morgan Poliquin Morgan Poliquin Chief Executive Officer EXHIBIT 12.2 SECTION 302 OF THE SARBANES-OXLEY ACT CFO CERTIFICATION I, Korm Trieu, certify that: 1. I have reviewed this annual report on Form 20-F of Almaden Minerals Ltd.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; 4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the Company and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and 5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and employees who have a significant role in the Company’s internal control over financial reporting. (b) Any fraud, whether or not material, that involves management or other Dated: April 28, 2022 /s/Korm Trieu Korm Trieu Chief Financial Officer EXHIBIT 13.1 SECTION 906 OF THE SARBANES-OXLEY ACT CEO CERTIFICATION In connection with the annual report of Almaden Minerals Ltd. (the “Company”) on Form 20-F for the fiscal year ending December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Morgan Poliquin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: 1. Exchange Act of 1934, as amended; and The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities 2. condition and results of operations of the Company. The information contained in the Report fairly presents, in all material respects, the financial /s/”Morgan Poliquin” Name: Morgan Poliquin Title: Chief Executive Officer April 28, 2022 EXHIBIT 13.2 SECTION 906 OF THE SARBANES-OXLEY ACT CFO CERTIFICATION In connection with the annual report of Almaden Minerals Ltd. (the “Company”) on Form 20-F for the fiscal year ending December 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Korm Trieu, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge: 1. Exchange Act of 1934, as amended; and The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities 2. condition and results of operations of the Company. The information contained in the Report fairly presents, in all material respects, the financial /s/”Korm Trieu” Name: Korm Trieu Title: Chief Financial Officer April 28, 2022 Jesse J. Aarsen Moose Mountain Technical Services #210 1510 – 2nd Street North Cranbrook, British Columbia, Canada V1C 3L2 CONSENT OF QUALIFIED PERSON I, Jesse Aarsen, in connection with the Annual Report on Form 20-F for Almaden Minerals Ltd. for the year ended December 31, 2021 (the “20-F”): (a) Consent to the public filing of the Technical Report Summary entitled “Ixtaca Gold-Silver Project, Puebla State, Mexico” dated April 28, 2022, that was prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission as an exhibit to the 20-F; (b) Consent to the use of my name and my status as the “Qualified Person”, or any information, reference, quotation or summarization from the Technical Report Summary for which I am responsible in the 20-F; and (c) Confirm that I have read the portions of the 20-F relating to the Technical Report Summary, and that such portions of the 20-F fairly and accurately reflect such information. Dated at Vancouver, BC, this 28th day of April, 2022 “Jesse J. Aarsen” Jesse J. Aarsen, P.Eng Moose Mountain Technical Services   Ixtaca Gold‐Silver Project  Puebla State, Mexico  S‐K 1300 Technical Report Summary   Submitted to:  Almaden Minerals Ltd.  Effective Date:  24 January 2019  Report Date: 28 April 2022  Report Authors:    Jesse Aarsen, P.Eng.   Company:  Moose Mountain Technical Services   EGBC Permit to Practice #1003309                                                 Ixtaca ‐ S‐K 1300 Technical Report Summary   TABLE OF CONTENTS  1.0  Summary ................................................................................................................... 15  Introduction ............................................................................................................................... 15  1.1  Property Description and Location ............................................................................................ 16  1.2  Accessibility, Climate, Local Resources, Infrastructure, Physiography ...................................... 16  1.3  History ....................................................................................................................................... 16  1.4  Geological Setting and Mineralization ...................................................................................... 17  1.5  Exploration................................................................................................................................. 18  1.6  Drilling ........................................................................................................................................ 18  1.7  Sample Preparation, Analyses and Security .............................................................................. 19  1.8  1.9  Data Verification ........................................................................................................................ 20  1.10  Metallurgy ................................................................................................................................. 20  Resource Estimate ..................................................................................................................... 21  1.11  Geomechanical .......................................................................................................................... 22  1.12  Ash Tuff and Upper Volcanics ........................................................................................... 23  Rock Units (Limestone, Shale, Dikes) ................................................................................ 23  Proposed Development Plan ..................................................................................................... 24  Production and Processing ........................................................................................................ 26  Tailings Co‐disposal and Water Management ........................................................................... 27  1.15.1  West T/RSF ........................................................................................................................ 27  1.15.2  Water Management ......................................................................................................... 27  Capital and Operating Costs ...................................................................................................... 28  Economic Analysis ..................................................................................................................... 28  Environmental and Social Considerations ................................................................................. 30  Project Execution Plan ............................................................................................................... 32  Conclusions and Recommendations.......................................................................................... 33  1.16  1.17  1.18  1.19  1.20  1.13  1.14  1.15  1.12.1  1.12.2  2.0  3.0  4.0  5.0  6.0  Introduction .............................................................................................................. 34  Property Description and Location ............................................................................. 34  Accessibility, Climate, Local Resources, Infrastructure and Physiography ................... 39  History ....................................................................................................................... 40  Geological Setting and Mineralization ........................................................................ 42  6.1  6.2  6.3  6.4  Regional Geology ....................................................................................................................... 42  Property Geology ....................................................................................................................... 44  Mineralization ............................................................................................................................ 49  Steam  Heated  Alteration,  Replacement  Silicification  and  Other  Surficial  Geothermal  6.3.1  Manifestations at Ixtaca ..................................................................................................................... 54  Deposit Types ............................................................................................................................ 58  Epithermal Gold‐Silver Deposits ........................................................................................... 58  6.4.1  6.4.2  The Ixtaca Zone Epithermal System ...................................................................................... 61  6.4.3  Porphyry Copper‐Gold‐Molybdenum and Lead‐Zinc Skarn Deposits ................................... 63  7.0  Exploration ................................................................................................................ 64  7.1  Surface Exploration Work .......................................................................................................... 64  7.1.1  Rock Geochemistry ............................................................................................................... 64  Soil and Stream Sediment Geochemistry .............................................................................. 65  7.1.2  Page 2             Ixtaca ‐ S‐K 1300 Technical Report Summary  7.2  7.3  7.4  7.1.3  Ground Geophysics ............................................................................................................... 68  Exploration Potential ............................................................................................................. 70  7.1.4  Drilling ........................................................................................................................................ 76  7.2.1  Main Ixtaca and Ixtaca North Zones...................................................................................... 80  7.2.2  Chemalaco Zone .................................................................................................................... 87  Hydrogeology............................................................................................................................. 93  7.3.1  Meteorology .......................................................................................................................... 93  Surface Hydrology ................................................................................................................. 94  7.3.2  7.3.3  Surface Water Quality ........................................................................................................... 95  7.3.4  Groundwater ......................................................................................................................... 98  7.3.5  Groundwater Quality .......................................................................................................... 102  Geomechanical ........................................................................................................................ 104  7.4.1  Ash Tuff and Upper Volcanics ............................................................................................. 104  7.4.2  Rock Units (Limestone, Shale, Dikes) .................................................................................. 104  8.0  Sample Preparation, Analyses and Security ............................................................. 106  8.1  8.2  Sample Preparation and Analyses ........................................................................................... 106  8.1.1  Rock Grab and Soil Geochemical Samples .......................................................................... 106  8.1.2  Almaden Drill Core .............................................................................................................. 107  Independent Consultant’s Drill Core ................................................................................... 108  8.1.3  Quality Assurance / Quality Control Procedures ..................................................................... 109  8.2.1  Analytical Standards ............................................................................................................ 109  8.2.2  Blanks .................................................................................................................................. 116  8.2.3  Duplicates ............................................................................................................................ 117  9.0  Data Verification ..................................................................................................... 119  9.1  Independent Audit of Almaden Drillhole Database ................................................................ 119  9.1.1  Collar Coordinate and Downhole Survey Databases .......................................................... 119  9.1.2  Drill Core Assay Database.................................................................................................... 120  Site Visit ................................................................................................................................... 121  9.2  10.0  Mineral Processing and Metallurgical Testing .......................................................... 122  10.5  10.4.1  10.4.2  10.4.3  Introduction ............................................................................................................................. 122  10.1  10.2  Metallurgical Test Work History .............................................................................................. 122  10.3  Samples .................................................................................................................................... 125  10.4  Mineralogy ............................................................................................................................... 129  Limestone........................................................................................................................ 129  Volcanic ........................................................................................................................... 130  Black Shale ...................................................................................................................... 132  Diagnostic Leaching ................................................................................................................. 135  Limestone........................................................................................................................ 136  Volcanic ........................................................................................................................... 136  Black Shale ...................................................................................................................... 136  Comminution Test Work ......................................................................................................... 137  Limestone........................................................................................................................ 138  Volcanic ........................................................................................................................... 138  Black Shale ...................................................................................................................... 138  10.7  Ore Sorting ............................................................................................................................... 138  How it works ................................................................................................................... 139  10.6.1  10.6.2  10.6.3  10.5.1  10.5.2  10.5.3  10.7.1  10.6  Page 3           Ixtaca ‐ S‐K 1300 Technical Report Summary  10.10  10.10.1  10.10.2  10.9.1  10.9.2  10.9.3  10.7.2  10.7.3  10.7.4  10.7.5  Limestone Ore Sort Amenability Tests ........................................................................... 140  Limestone Ore Sort Performance  Tests ......................................................................... 141  Black Shale Ore Sort Performance Tests ......................................................................... 144  Volcanic Ore Sort Performance Tests ............................................................................. 146  10.8  Whole Ore Leaching ................................................................................................................ 148  Gravity Concentration ............................................................................................................. 148  10.9  Limestone........................................................................................................................ 148  Volcanic ........................................................................................................................... 152  Black Shale ...................................................................................................................... 154  Flotation of Gravity Tails ..................................................................................................... 157  Flotation Optimization (2016)......................................................................................... 157  Flotation Variability Test Work (2018) ............................................................................ 158  Leaching of gravity concentrate .......................................................................................... 161  Leaching of flotation concentrate ....................................................................................... 162  10.12.1  Limestone........................................................................................................................ 162  10.12.2  Volcanic ........................................................................................................................... 167  Black Shale ...................................................................................................................... 168  10.12.3  Leach Residue Detox ........................................................................................................... 173  Carbon Adsorption and Merrill‐Crowe ................................................................................ 173  Settling tests and Filtration ................................................................................................. 174  Recommended Flowsheet ................................................................................................... 176  Metallurgical Performance Projections .............................................................................. 176  Aggregate test work on Ixtaca Limestone Waste Rock ....................................................... 178  10.13  10.14  10.15  10.16  10.17  10.18  10.11  10.12  11.0  Mineral Resource Estimates ..................................................................................... 180  Data Analysis ........................................................................................................................... 180  11.1  Composites .............................................................................................................................. 185  11.2  Variography ............................................................................................................................. 186  11.3  Block Model ............................................................................................................................. 189  11.4  Bulk Density ............................................................................................................................. 189  11.5  Grade Interpolation ................................................................................................................. 191  11.6  Classification ............................................................................................................................ 193  11.7  11.8 Block Model Verification .............................................................................................................. 196  12.0  Mineral Reserve Estimates ...................................................................................... 200  Cut‐Off Grade .......................................................................................................................... 200  12.1  12.2  Loss and Dilution ..................................................................................................................... 201  12.3  Mineral Reserves ..................................................................................................................... 201  13.0  Mining Method ........................................................................................................ 202  13.1  Introduction ............................................................................................................................. 202  13.2  Mining Study Basis ................................................................................................................... 203  13.2.1  Mine Planning Datum ..................................................................................................... 203  13.2.2  Resource Classes ............................................................................................................. 203  13.2.3  Metallurgical Recovery for Mine Planning ...................................................................... 203  13.2.4  Cut‐off Grade .................................................................................................................. 203  13.2.5  Mining Dilution and Loss ................................................................................................. 203  Economic Pit Limits .................................................................................................................. 203  LG Cost Inputs ................................................................................................................. 204  13.3.1  13.3  Page 4           Ixtaca ‐ S‐K 1300 Technical Report Summary  13.4  13.5  13.3.2  13.3.3  13.5.1  13.5.2  13.4.1  13.4.2  13.4.3  13.4.4  LG Slope Inputs ............................................................................................................... 204  LG Sensitivity Cases ......................................................................................................... 205  Detailed Pit Designs ................................................................................................................. 208  Pit Phase Selection .......................................................................................................... 208  Pit Design Slope Inputs and Bench Configuration .......................................................... 208  Haul Road Design Parameters ........................................................................................ 209  Pit Design Results ............................................................................................................ 209  Rock Storage Facilities ............................................................................................................. 213  RSF Design Inputs ............................................................................................................ 213  South RSF Surface Water Management ......................................................................... 214  13.6  Mine Haul Road Designs .......................................................................................................... 217  13.7  Ore Stockpiles .......................................................................................................................... 218  13.8  Mine Production Schedule ...................................................................................................... 218  End of Period Maps ......................................................................................................... 221  Pre‐Production Mine Operations (Year ‐1) ..................................................................... 221  13.9  Mine Operations ...................................................................................................................... 225  13.9.1  Direct Mining Unit Operations (Contractor) ................................................................... 226  GME and Technical (Owner) ........................................................................................... 229  13.9.2  13.9.3  Mine Operations Organizational Chart ........................................................................... 230  13.8.1  13.8.2  14.0  Processing and Recovery Methods ........................................................................... 231  14.1  14.2  14.3  14.4  14.5  14.6  14.7  14.4.1  14.4.2  14.4.3  14.4.4  Process Flowsheet ................................................................................................................... 231  Acquisition of the Rock Creek Processing Plant ...................................................................... 233  Process Design Criteria ............................................................................................................ 233  Process Description ................................................................................................................. 235  General ............................................................................................................................ 235  Crushing and Ore Sorting ................................................................................................ 235  Fine Ore Stockpile ........................................................................................................... 236  Processing Plant .............................................................................................................. 236  Reagents and Power Consumption ......................................................................................... 243  Process Water and Power ....................................................................................................... 244  Process Personnel .................................................................................................................... 245  15.0  Infrastructure .......................................................................................................... 246  Site Access ............................................................................................................................... 246  15.1  Power ....................................................................................................................................... 246  15.2  15.3  Fuel .......................................................................................................................................... 246  15.4  Water Supply ........................................................................................................................... 248  15.5  Mine Maintenance Facility ...................................................................................................... 251  Tailings Management .............................................................................................................. 251  15.6  Tailings Storage Alternatives .......................................................................................... 252  15.6.1  Design Criteria Summary ................................................................................................ 252  15.6.2  15.6.3  Tailings and Rock Storage Design ................................................................................... 255  15.6.4  West Tailings and Rock Storage Facility Closure ............................................................. 259  Site Wide Water Management ................................................................................................ 260  15.7  16.0  Market Studies ........................................................................................................ 261  16.1  Market Studies ........................................................................................................................ 261  Commodity Price Projections .................................................................................................. 261  16.2  Page 5           16.3  Comments on Section 16 ......................................................................................................... 261  Environmental  Studies,  Permitting,  and  Plans,  Negotiations,  or  Agreements  with  local  17.0  individuals or groups ............................................................................................................ 262  Ixtaca ‐ S‐K 1300 Technical Report Summary  17.1  17.2  17.3  Environmental Studies ............................................................................................................. 262  17.1.1  Meteorology ................................................................................................................... 262  Surface Hydrology ........................................................................................................... 263  17.1.2  Surface Water Quality ..................................................................................................... 263  17.1.3  Groundwater ................................................................................................................... 266  17.1.4  Groundwater Quality ...................................................................................................... 270  17.1.5  Geochemistry .................................................................................................................. 272  17.1.6  Flora and Fauna .............................................................................................................. 273  17.1.7  Permitting ................................................................................................................................ 275  Social and Community Engagement ........................................................................................ 276  Local Communities .......................................................................................................... 276  Community Engagement ................................................................................................ 276  Land Acquisition .............................................................................................................. 278  Potential Social or Community Requirements and/or Plans .......................................... 278  17.4  Mine Closure ............................................................................................................................ 278  17.4.1  Open Pit .......................................................................................................................... 278  17.4.2  West Tailings and Rock Storage Facility .......................................................................... 278  17.4.3  South Rock Storage Facility ............................................................................................. 279  17.4.4  Water Dams .................................................................................................................... 279  Buildings .......................................................................................................................... 279  17.4.5  Roads............................................................................................................................... 279  17.4.6  Diversions ........................................................................................................................ 279  17.4.7  17.4.8  Wells ............................................................................................................................... 280  17.4.9  Monitoring ...................................................................................................................... 280  17.3.1  17.3.2  17.3.3  17.3.4  18.0  Capital and Operating Costs ..................................................................................... 281  18.2.1  18.1  18.2  Introduction ............................................................................................................................. 281  Capital Costs ............................................................................................................................ 281  Basis of Estimate ............................................................................................................. 282  18.3  Operating Cost Estimate .......................................................................................................... 288  Operating Cost Summary ................................................................................................ 288  18.3.1  18.3.2  Mining ............................................................................................................................. 289  Processing ....................................................................................................................... 290  18.3.3  General & Administration (G&A) .................................................................................... 291  18.3.4  Closure Cost Estimate .............................................................................................................. 291  18.4  19.0  Economic Analysis ................................................................................................... 292  19.1  19.2  19.3  19.4  19.5  Cautionary Statement ............................................................................................................. 292  Assumptions ............................................................................................................................ 292  Taxes and Mining Duties ......................................................................................................... 293  Analysis .................................................................................................................................... 293  Economic Results and Sensitivities .......................................................................................... 295  20.0  Adjacent Properties ................................................................................................. 296  20.1  Cuyoaco Property .................................................................................................................... 296  20.2  Minera Frisco S.A. de C.V. Espejeras ....................................................................................... 296  Page 6           Ixtaca ‐ S‐K 1300 Technical Report Summary  21.0  Other Relevant Data and Information ...................................................................... 297  21.1  Preliminary Development Schedule ........................................................................................ 297  22.0  Interpretation and Conclusions ................................................................................ 298  22.1  Introduction ............................................................................................................................. 298  22.2  Mineral Tenure, Surface Rights ............................................................................................... 298  Geology and Mineralization .................................................................................................... 298  22.3  Exploration, Drilling and Analytical Data Collection in Support of Mineral Resource Estimation 22.4  298  22.5  Metallurgical Testwork ............................................................................................................ 299  22.6  Mineral Resource Estimates .................................................................................................... 299  22.7  Mineral Reserves ..................................................................................................................... 300  22.8  Mine Plan ................................................................................................................................. 300  Geomechanical ........................................................................................................................ 300  22.9  Tailings, Rock, and Water Management ............................................................................. 301  22.10  Environmental, Permitting and Social Considerations ........................................................ 303  22.11  Capital and Operating Cost Estimates ................................................................................. 303  22.12  Economic Analysis ............................................................................................................... 303  22.13  23.0  Recommendations ................................................................................................... 304  23.3.1  23.3.2  23.3.3  Geology and Exploration ......................................................................................................... 304  23.1  23.2  Tailings, Rock, and Water Management Recommendations .................................................. 304  23.3  Mining Recommendations ...................................................................................................... 305  Open Pit Mining .............................................................................................................. 305  Underground Mining Potential ....................................................................................... 305  Geomechanical recommendations ................................................................................. 306  23.4  Metallurgy and Process Recommendations ............................................................................ 307  Environmental Recommendations .......................................................................................... 307  23.5  Infrastructure Recommendations ........................................................................................... 307  23.6  Aggregate Potential ................................................................................................................. 307  23.7  Cement Potential ..................................................................................................................... 307  23.8  Risk Assessment ....................................................................................................................... 308  23.9  Budget ................................................................................................................................. 308  23.10  24.0  25.0  APPENDIX A  References ............................................................................................................... 309  Reliance on information provided by the registrant ................................................. 311  ‐ LIST OF DRILL HOLES .................................................................................. 312  Page 7               Ixtaca ‐ S‐K 1300 Technical Report Summary  LIST OF TABLES  Ixtaca Zone Measured, Indicated and Inferred Mineral Resource Statement ...................... 22  Table 1‐1  Recovered In‐pit Reserve and Diluted Grade ........................................................................ 24  Table 1‐2  Ore Sort Mill Feed grade improvement ................................................................................ 26  Table 1‐3  Average Life of Mine Process Recoveries from Mill Feed ..................................................... 27  Table 1‐4  Projected Initial Capital Costs (USD million) ......................................................................... 28  Table 1‐5  Summary of Average LOM Operating Costs ($/tonne mill feed) .......................................... 28  Table 1‐6  Revenue before transport, refining, and royalties ................................................................ 29  Table 1‐7  Summary All‐in sustaining cost (exclusive of initial capital) ................................................. 29  Table 1‐8  Summary of Ixtaca Economic Sensitivity to Precious Metal Prices (Base Case is Bold) ........ 29  Table 1‐9  Summary of Economic Results and Sensitivities to Operating Costs ($ Million) .................. 30  Table 1‐10  Summary of Economic Results and Sensitivities to Exchange Rate ($ Million) ..................... 30  Table 1‐11  Summary of Economic Results and Sensitivities to Capital Cost ($ Million) ......................... 30  Table 1‐12  QPs, and Site Visits ................................................................................................................ 34  Table 2‐1  Tuligtic Property Mineral Claims ........................................................................................... 35  Table 3‐1  Exploitation Claim Minimum Expenditure/Production Value Requirements ....................... 38  Table 3‐2  Classification of Epithermal Deposits .................................................................................... 60  Table 6‐1  Tuligtic Property Drilling Summary 2010‐2016 ..................................................................... 76  Table 7‐1  Tuligtic Property Down Hole Survey Statistics ...................................................................... 79  Table 7‐2  Section 10+675E Significant Drill Intercepts (Main Ixtaca and Ixtaca North Zones) ............. 83  Table 7‐3  Section 10+375E Significant Drill intercepts (Main Ixtaca Zone) .......................................... 86  Table 7‐4  Section 50+050N Significant Drill intercepts (Chemalaco Zone) ........................................... 88  Table 7‐5  Table 9‐1  Authors Independent Drill Core Sample Assays .................................................................. 121  Table 10‐1  History of Metallurgical testing campaigns for the Ixtaca Project ...................................... 123  Table 10‐2 Variability Samples for Stage 3 Metallurgical Test Work ‐ Limestone Sample Head Assays .. 128  Table 10‐3  Limestone Ore Sample Chemical and mineral composition ............................................... 129  Table 10‐4  Volcanic Sample Chemical and mineral composition ......................................................... 130  Table 10‐5  Black Shale Sample Chemical and mineral composition ..................................................... 133  Stage 1 and 2 Comminution Results (2014 and 2016) ........................................................ 137  Table 10‐6  Limestone Comminution Variability Results (2018) ............................................................ 137  Table 10‐7  Limestone Ore Sort Test Results Summary ......................................................................... 142  Table 10‐8  Limestone Ore Sort Mass Balance Summary ...................................................................... 143  Table 10‐9  Black Shale Ore Sort Test Results Summary ................................................................... 144  Table 10‐10  Black Shale Ore Sort Mass Balance Summary ................................................................. 146  Table 10‐11  Black Shale Ore Sort Test Results Summary ................................................................... 146  Table 10‐12  Volcanic Ore Sort Mass Balance Summary ..................................................................... 148  Table 10‐13  2013 Limestone EGRG results ......................................................................................... 149  Table 10‐14  2016 Limestone EGRG results ......................................................................................... 149  Table 10‐15  2013 Volcanic EGRG results ............................................................................................ 152  Table 10‐16  2016 Volcanic EGRG results ............................................................................................ 152  Table 10‐17  2013 Black Shale EGRG results ....................................................................................... 154  Table 10‐18  2016 Blackshale EGRG results ......................................................................................... 154  Table 10‐19  Flotation Conditions ........................................................................................................ 158  Table 10‐20  Ultrafine gravity concentration on flotation rougher concentrate ................................ 172  Table 10‐21  Carbon Loading and Merrill‐Crowe tests ........................................................................ 174  Table 10‐22  Page 8             Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐23  Static Thickener Tests ..................................................................................................... 175  Table 10‐24  Dynamic Thickener Tests ................................................................................................ 175  Table 10‐25  Ixtaca ore Ore Sort Performance .................................................................................... 176  Table 10‐26  Limestone Process Plant Metallurgical Projections ........................................................ 177  Table 10‐27  Volcanic and Black Shale Process Plant Metallurgical Projections ................................. 177  Table 10‐28  Ixtaca limestone aggregate testing standards ................................................................ 178  Ixtaca limestone testing of aggregate potential ............................................................. 179  Table 10‐29  Table 11‐1  Assay Statistics for Gold and Silver Sorted by Mineralized Zone ........................................ 184  Table 11‐2  Capped Levels for Gold and Silver ....................................................................................... 184  Table 11‐3  Capped Assay Statistics for Gold and Silver Sorted by Domain .......................................... 185  Table 11‐4  3m Composite Statistics for Gold and Silver Sorted by Mineralized Zone .......................... 185  Table 11‐5  Pearson Correlation Coefficients for Au – Ag Geologic Domains ....................................... 186  Semivariogram Parameters for Gold and Silver .................................................................. 187  Table 11‐6  Specific Gravity Determinations Sorted by Cross Section ................................................... 190  Table 11‐7  Table 11‐8  Specific Gravity Determinations Sorted by Lithology ......................................................... 190  Table 11‐9  Kriging Parameters for Gold in Each Domain ...................................................................... 192  Table 11‐10  Measured Resource for Total Blocks .............................................................................. 195  Indicated Resource for Total Blocks ................................................................................ 195  Table 11‐11  Table 11‐12  Inferred Resource for Total Blocks ................................................................................. 195  Table 11‐13  Measured + Indicated Resource for Total Blocks ........................................................... 196  Table 11‐14  Comparison of Composite Mean Au Grade to Block Mean Au Grade ............................ 196  Table 12‐1  Metal Prices and NSP .......................................................................................................... 200  Table 12‐2  Process Recoveries for Block Model NSR coding ................................................................ 200  Table 12‐3  Dilution Grades.................................................................................................................... 201  Table 12‐4  Mineral Reserves ................................................................................................................. 201  Table 13‐1  Metallurgical Recovery Assumptions .................................................................................. 203  LG Operating Cost Inputs .................................................................................................... 204  Table 13‐2   Bench Face Angles .............................................................................................................. 205  Table 13‐3   Inter‐Ramp Angles (Final) ................................................................................................... 205  Table 13‐4  Ixtaca Ultimate Pit Limit Contents (NSR>=$12.50) ............................................................. 207  Table 13‐5  Table 13‐6  Ixtaca Pit Recommended Slope Angles – Final Walls .......................................................... 209  Table 13‐7  RSF Capacities ...................................................................................................................... 217  Table 13‐8 Production Schedule Summary ............................................................................................... 219  Table 13‐9  Hauler Cycle Time Assumptions .......................................................................................... 227  Table 13‐10  Primary Mining Fleet Schedule For Key Periods ............................................................. 228  Table 13‐11  Mine Operations Support Equipment For Key Periods ................................................... 228  Table 14‐1  Summary of Process Initial Design Criteria ......................................................................... 233  Table 14‐2  Reagents and Consumables Summary ................................................................................ 244  Table 15‐1  Regional Rainfall Data ......................................................................................................... 248  Ixtaca West Tailings and Rock Storage Facility Design Criteria Summary ........................... 252  Table 15‐2  Initial Capital Cost Summary ............................................................................................... 281  Table 18‐1  Table 18‐2  Sustaining Capital Cost Summary ........................................................................................ 281  Table 18‐3  Expansion Capital Cost Summary ........................................................................................ 282  Table 18.4  Allowances for Contingencies ............................................................................................. 287  Table 18‐5  LOM Operating Cost Summary............................................................................................ 289  Table 18‐6  Mining Operating Cost Summary ........................................................................................ 290  Page 9           Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 18‐7  Process Initial Operating Cost Summary ............................................................................. 290  Table 18‐8  Process Personnel ............................................................................................................... 291  Table 18‐9  Annual G&A Costs ............................................................................................................... 291  Table 19‐1  Inputs for Economic Analysis .............................................................................................. 293  Table 19‐2  Cash Flow Summary ............................................................................................................ 294  Summary of Ixtaca Economic Sensitivity to Precious Metal Prices (Base Case is Bold) ...... 295  Table 19‐3  Summary of Economic Results and Sensitivities to Operating Costs ($ Million) ................ 295  Table 19‐4  Summary of Economic Results and Sensitivities to Exchange Rate ($ Million) ................... 296  Table 19‐5  Table 19‐6  Summary of Economic Results and Sensitivities to Capital Cost ($ Million) ....................... 296  Table 23‐1  Recommendations Budget .................................................................................................. 308  Page 10               LIST OF FIGURES  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐8  Ixtaca General Arrangement ................................................................................................. 25  Figure 1‐1  Figure 3‐1  General Location ................................................................................................................... 36  Tuligtic Property Mineral Claims ........................................................................................... 37  Figure 3‐2  Regional Geology ................................................................................................................... 43  Figure 6‐1  Figure 6‐2  Stratigraphic Column of the Ixtaca Area ............................................................................... 45  Figure 6‐3  Geology of the Ixtaca Area .................................................................................................... 46  Chert Limestone .................................................................................................................... 47  Figure 6‐4  Shale (Calcareous Silstone) from the Chemalaco Zone ........................................................ 48  Figure 6‐5  Post Mineral Unconsolidated Volcanic Ash Deposits. Generally less than 1m thick ............ 49  Figure 6‐6  Looking  to  the  east  of  Cerro  Caolin  with  Relative  positions  of  Altered  Volcanics,  Figure 6‐7  Unconformity, Limestone and the Main Ixtaca Vein Swarm ............................................................. 51  Photo  of  Cerro  Caolin  of  the  Main  Ixtaca  Vein  Swarm  From  North  Looking  to  the  South  Showing the Contact between the Clay Altered Volcanic and Limestone Units................................ 52  Example of Banded Veining of the Main Ixtaca Vein Swarm Zone of ................................... 52  Altered, Veined and Mineralised Volcanics ...................................................................... 54  The Vein System of the Ixtaca Main Zone , from Almaden , Jan 2019 ............................. 56  Photo (2001) of Historic Clay Exploration Pits in Clay Altered Volcanic Rocks. Looking to  West. Photo Taken from near Section 10+300 .................................................................................. 57  Schematic Cross‐section of an Epithermal Au‐Ag Deposit, from Hedenquist et al., 2000 58  Photos of Epithernal Veining from Ixtaca, Hishikari Japan and Well Scale from the Active  Geothermal System, Broadlands Ohaaki, New Zealand .................................................................... 59  Selected styles and geometry of epithermal deposits illustrating the structural setting of  the limestone hosted veining at Ixtaca, a vein swarm and local stockwork. Taken from Sillitoe (1993). Figure 6‐9  Figure 6‐10  Figure 6‐11  Figure 6‐12  Figure 6‐13  Figure 6‐14  Figure 6‐15  62  Rock Sample Gold Anomalies and Target Areas ................................................................... 65  Figure 7‐1  Figure 7‐2  Exploration Overview Showing Gold in Soil Anomalies and Extent of Geophysical Surveys 67  Figure 7‐3  Gold in Soil Anomalies, ASTER Satellite Hydroxyl responses and Target Areas .................... 68  IP Chargeability and Resistivity Section Showing Soil Results and Targets. The red target was  Figure 7‐4  drill tested with hole TU‐10‐001 and resulted in the Discovery of the Main Ixtaca Vein Swarm Zone Figure 7‐8  69  Figure 7‐5  Exploration Targets on the Tuligtic Project ........................................................................... 71  Figure 7‐6  ASTER Satellite Hydroxyl (Clay) responses Outlining Clay Altered Volanics ......................... 72  Figure 7‐7  Overview Photo of the Waihi Vein Deposit New Zealand. Historic Martha Pit on vein swarm  in  foreground.  Surface  projections  of  the  concealed  and  more  recently  discovered  Favona  and  Correnso veins also shown. ................................................................................................................ 73  Cross Section of the Favona Vein Swarm and System, Waihi Deposit New Zealand showing  the concealed nature of the deposit .................................................................................................. 74  Figure 7‐9  Model for Further Exploration at the Tuligtic Project.  From Almaden, Jan 2019 ................ 75  100 Azimuth Section (Looking East) Showing the Assay Results of Discovery hole TU‐10‐ Figure 7‐10  001 which intersected the Main Ixtaca Zone Vein Swarm.  From Almaden, Jan 2019 ...................... 78  Drillhole Locations ............................................................................................................ 82  Section 10+675E through the Ixtaca Main and North Zones ............................................ 91  Section 10+375E through the Ixtaca Main Zone ............................................................... 92  Section 50+050N through the Chemalaco Zone ............................................................... 93  Figure 7‐11  Figure 7‐12  Figure 7‐13  Figure 7‐14  Page 11                 Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐15  Surface and Ground Water Quality Sampling Sites. Source: Knight Piesold, March 201797  Figure 8‐1  QA/QC Analytical Standards ................................................................................................ 111  Figure 8‐2  QA/QC Blanks ...................................................................................................................... 117  Figure 8‐3  QA/QC Duplicates................................................................................................................ 118   Ixtaca Metallurgical Domains ......................................................................................... 122  Figure 10‐1  Figure 10‐2  Plan View Of Drill holes used for Stage 1 and 2 Metallurgical Test Work ...................... 126  Figure 10‐3 Location of Variability Samples for Stage 3 Metallurgical Test Work – 3D View from NW ... 128  Figure 10‐4 Limestone ore: estimated percentage deportment by mineral species ............................... 130  Figure 10‐5 Volcanic: estimated percentage deportment by mineral species ......................................... 132  Figure 10‐6 Black Shale: estimated percentage deportment by mineral species .................................... 134  Figure 10‐7 Black Shale: organic carbon mineral distribution .................................................................. 134  Figure 10‐8 Gold diagnoistic Leach ........................................................................................................... 135  Figure 10‐9 Silver diagnoistic Leach .......................................................................................................... 136  Figure 10‐10: Typical Limestone high grade veining (GMET‐17‐04 at 88 to 89 m depth) ........................ 138  Figure 10‐11: XRT Ore Sorting ................................................................................................................... 139  Figure 10‐12: Tomra high capacity commercial XRT Ore Sorting Machine .............................................. 140  Figure 10‐13: Ixtaca XRT Amenability Test Images ................................................................................... 140  Figure 10‐14: Limestone Ore Sort Mass Balance ...................................................................................... 143  Figure 10‐15: Black Shale Concentrate Yield vs Tailings Au Grade ........................................................... 145  Figure 10‐16: Black Shale Ore Sort Mass Balance ..................................................................................... 145  Figure 10‐17: Volcanic Ore Sort Mass Balance ......................................................................................... 147  Figure 10‐18: Limestone gravity recovery vs grind size ............................................................................ 150  Figure 10‐19: 2018 Limestone gravity recovery vs head grade (P80 = 75 µm)......................................... 150  Figure 10‐20: 2018 Limestone Gold ‐ industrial gravity recovery model ................................................. 151  Figure 10‐21: 2018 Limestone Silver ‐ industrial gravity recovery model ................................................ 151  Figure 10‐22: 2018 Volcanic Gold ‐ industrial gravity recovery model ..................................................... 153  Figure 10‐23: 2018 Volcanic Silver ‐ industrial gravity recovery model .................................................... 153  Figure 10‐24: 2016 Black Shale Gold recovery sensitivty to number of passes ....................................... 155  Figure 10‐25: 2018 Black Shale Gold ‐ industrial gravity recovery model ................................................ 156  Figure 10‐26: 2018 Black Shale Silver ‐ industrial gravity recovery model ............................................... 156  Figure 10‐27: Summary of Gold recovery by flotation grindsize (2016) ................................................... 157  Figure 10‐28: Summary of Silver recovery by flotation grindsize (2016) ................................................. 157  Figure 10‐29: Gold recovery to combined flotation and gravity concentrate by head grade .................. 159  Figure 10‐30: Silver recovery to combined flotation and gravity concentrate by head grade ................. 159  Figure 10‐31: Gold flotation recovery sensitivity to flotation reagent ..................................................... 160  Figure 10‐32: Silver flotation recovery sensitivity to flotation reagent .................................................... 160  Figure 10‐33: Gravity concentrate intensitve leach gold recovery ........................................................... 161  Figure 10‐34: Limestone Gold Leach Rates Limestone (2016) .................................................................. 163  Figure 10‐35: Limestone Silver Leach Rates Limestone (2016) ................................................................ 163  Figure 10‐36: Carbon absorption rates ..................................................................................................... 164  Figure 10‐37: Carbon absorption capacity test – gold loading ................................................................. 164  Figure 10‐38: Carbon absorption capacity test – silver loading ............................................................... 165  Figure 10‐39: CIL Gold recovery vs head grade ........................................................................................ 165  Figure 10‐40: CIL Silver recovery vs head grade ....................................................................................... 166  Figure 10‐41: CIL – Gold in Solution .......................................................................................................... 166  Figure 10‐42: Volcanic gold leach kinetics at different grind sizes ........................................................... 167  Page 12           Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 11‐3  Figure 11‐4  Figure 10‐43: Volcanic silver leach kinetics at different grind sizes ......................................................... 167  Figure 10‐44: Black Shale carbon backscatter images .............................................................................. 168  Figure 10‐45: Black Shale carbon rejection exploratory testwork ............................................................ 169  Figure 10‐46: Ultrafine gravity concentration of black shale at Metsolve laboratory ............................. 171  Figure 10‐47: Black Shale – gravity concentration of preflotation concentrate ....................................... 171  Figure 10‐48: Black Shale – gravity concentration of flotation rougher concentrate .............................. 172  Figure 10‐49: Black Shale impact of organic carbon content on gold recovery ....................................... 173  Figure 10‐50: Block Diagram of Recommended Ixtaca Flowsheet ........................................................... 176  Plan View Showing the Mineralized Volcanic Ash solid and all drill holes ..................... 181  Figure 11‐1  Plan View Showing the Main HG zone in red, the North Limb HG zone in green and the  Figure 11‐2  North East HG zone in magenta. ...................................................................................................... 182  Plan View Showing Main LG in yellow, North Limb LG in blue and NE LG in grey. ......... 183  Plan View of Mineralized Volcanic Ash showing the different quadrants for estimation. 187  Isometric View Looking NW Showing Mineralized Blocks. ............................................. 189  Figure 11‐5  Ixtaca 2202 Level Plan Showing Estimated Gold in Blocks ............................................. 198  Figure 11‐6  Ixtaca 2100 Level Plan Showing Estimated Gold in Blocks ............................................. 199  Figure 11‐7  Ixtaca Pit Shell Resource Contents by Case .................................................................... 206  Figure 13‐1  Discounted Cashflow by Price Case ................................................................................ 207  Figure 13‐2  Figure 13‐3  Plan view of selected LG shell (Case 15) ......................................................................... 208  Figure 13‐4 Phase 1 ................................................................................................................................... 210  Figure 13‐5 Phase 2 ................................................................................................................................... 210  Figure 13‐6 Phase 3 ................................................................................................................................... 211  Figure 13‐7 Phase 4 ................................................................................................................................... 211  Figure 13‐8 Phase 5 ................................................................................................................................... 212  Figure 13‐9 Phase 6 ................................................................................................................................... 212  Figure 13‐10 Phase 7 ................................................................................................................................. 213  Extent of South RSF Unsuitable Material Removal. ........................................................ 215  Figure 13‐11  South RSF Underdrainage Collection System. ................................................................ 216  Figure 13‐12  Figure 13‐13  RSF Locations .................................................................................................................. 217  Figure 13‐14 Crusher Feed Summary by Rock Type ................................................................................. 220  Figure 13‐15 Crusher Feed Gold and Silver Grades by Year ..................................................................... 220  Figure 13‐16 Material Movement by Year ................................................................................................ 221  Figure 13‐17 End of Pre‐Production Period .............................................................................................. 222  Figure 13‐18 End of Year 1 ........................................................................................................................ 223  Figure 13‐19 End of Year 5 ........................................................................................................................ 224  Figure 13‐20 End of Year 11 (Life of Mine) ............................................................................................... 225  Figure 13‐21 Org Chart .............................................................................................................................. 230  Summarized flowsheet for Ixtaca – Block Flow Diagram ................................................ 232  Figure 14‐1  Crushing And Ore Sort Layout......................................................................................... 237  Figure 14‐2  Stockpile Layout and Section .......................................................................................... 238  Figure 14‐3  Processing Plant Layout .................................................................................................. 239  Figure 14‐4  Grinding and Gravity Concentration Section 1‐1 ............................................................ 240  Figure 14‐5  Ixtaca Project Roads ........................................................................................................ 247  Figure 15‐1  Figure 15‐2  Water Balance Flow Schematic....................................................................................... 249  Overall Site Water Management Plan – Year 10. ........................................................... 250  Figure 15‐3  Page 13             Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐4  West Tailings and Rock Storage Facility General Arrangement ‐ LOM ........................... 253  Figure 15‐5: West T/RSF LOM Layout ....................................................................................................... 254  Figure 15‐6 – West Tailings and Rock Storage Facility Foundation Preparation ...................................... 256  Figure 15‐7   West Tailings and Rock Storage Facility Northern Portion Cross Section ‐ LOM ............ 257  Figure 15‐8  West Tailings and Rock Storage Facility Southern Portion Cross Section ‐ LOM ............ 257  Typical Underdrain Configuration ................................................................................... 258  Figure 15‐9   Surface and Ground Water Quality Sampling Sites. Source: Knight Piesold, March 2017 Figure 17‐1  265  Figure 17‐2  Locations of Ground Water Quality Sampling Sites (from KP, 2017b) ........................... 271  Figure 23‐1 Section View of Au>=$0.5 below the FS pit ‐ looking South ‐East ......................................... 306  Page 14                   Ixtaca ‐ S‐K 1300 Technical Report Summary  1.0 Summary  1.1 Introduction  This Technical Report Summary (“TRS”) on the Ixtaca project is a review and summary of the previous  technical reports carried out up to and including the date of the most recent major study prepared entitled  “The Ixtaca Gold‐Silver Project Puebla State, Mexico NI 43‐101 Technical Report on the Feasibility Study”  dated January 24th 2019 and updated October 3, 2019 (the “Study”, or “FS”).  The 2019 study was filed as  a Feasibility Study following Canadian NI 43‐101 standards, 2014 CIM Definition Standards and 2019 CIM  Best Practices Guidelines.  However, since SK‐1300 standards are different than those in Canada, such as  a  narrower  range  for  cost  estimates  and  contingencies,  the  2019  report  may  not  have  met  SK‐1300  requirements for a Feasibility Study. The Company has informed the author that no significant technical  work has been conducted subsequent to the Study and that all exploration, legal, permitting and other  project updates subsequent to the Study are provided in the Company’s public disclosure record.  This  TRS  of  the  Ixtaca  Gold‐Silver  Project  (the  “Project”)  has  been  prepared  for  Almaden  Minerals  Ltd.  (“Almaden” or “the Company”) by Moose Mountain Technical Services (“MMTS”). The Ixtaca Project is  100%  owned  by  Almaden,  subject  to  a  2%  NSR  owned  by  Almadex  Minerals  Ltd.  (“Almadex”),  and  encompasses the Ixtaca Zone Deposit (Ixtaca Gold‐Silver Deposit) that includes the Ixtaca Main, North,  and Chemalaco Zones of the Tuligtic Property.   All currency amounts are referred to in U.S. dollars (USD) unless otherwise indicated.  The Study uses:   The Rock Creek Mill with average throughput of 7,650 tonnes per day;   A throughput ramp‐up to 15,300 tonnes per day of mill feed in Year 5;   Base case metal prices of $US 1275/oz gold and $US 17/oz silver (75:1 silver‐to‐gold ratio).   Study highlights:   Average annual production of 108,500 ounces gold and 7.06 million ounces silver (203,000 gold  equivalent ounces, or 15.2 million silver equivalent ounces) over first 6 years;    After‐tax IRR of 42% and after‐tax payback period of 1.9 years;   After‐tax NPV of $310 million at a 5% discount rate;   Initial Capital of $174 million;   Conventional open pit mining with a Proven and Probable Mineral Reserve of 1.39 million ounces  of gold and 85.2 million ounces of silver (See Table 1‐2);   Pre‐concentration uses ore sorting to produce a total of 48 million tonnes of mill feed averaging  0.77 g/t gold and 47.9 g/t silver (1.41 g/t gold equivalent over life of mine; 2.03 g/t gold equivalent  over first 6 years);    Average LOM annual production of 90,800 ounces gold and 6.14 million ounces silver (173,000  gold equivalent ounces, or 12.9 million silver equivalent ounces);   Operating cost $716 per gold equivalent ounce, or $9.55 per silver equivalent ounce;  Page 15                 Ixtaca ‐ S‐K 1300 Technical Report Summary   All‐in Sustaining Costs (“AISC”), including operating  costs, sustaining  capital, expansion capital,  private and public royalties, refining and transport of $850 per gold equivalent ounce, or $11.30  per silver equivalent ounce.    Elimination of tailings dam by using filtered tailings significantly reduces the project footprint and  water usage.  1.2 Property Description and Location  The Tuligtic Property (the “Property”) is held 100 percent (%) by Compania Minera Gorrión S.A. de C.V.  (“Minera  Gorrión”),  a  wholly  owned  subsidiary  of  Almaden  Minerals  Ltd.  (together  referred  to  as  “Almaden”).  The  Property  originally  consisted  of  approximately  14,000  hectares,  but  during  2015  Almaden filed an application to reduce the aggregate claim size to those areas still considered prospective.   The Tuligtic Property currently comprises seven mineral claims totalling 7,220 hectares (ha) located within  Puebla State, 80 kilometres (km) north of Puebla City, and 130km east of Mexico City.  Almadex Minerals  Ltd. holds a 2% Net Smelter Return Royalty (NSR) on the Property. The Company has informed the author  that material changes to the claim size and legal and permitting status of the Property since the date of  the Study are provided in the Company’s public disclosure record since that time.  1.3 Accessibility, Climate, Local Resources, Infrastructure, Physiography  The Tuligtic Property is road accessible and is located within Puebla State, 80 kilometres (km) north of  Puebla City, and 130km east of Mexico City.  The Ixtaca Deposit within the Tuligtic Property is located 8km  northwest  of  the  town  of  San  Francisco  Ixtacamaxtitlán,  the  county  seat  of  the  municipality  of  Ixtacamaxtitlán, Puebla State.   The topography on the Tuligtic Property is generally moderate to steep hills with incised stream drainages.   Elevation ranges from 2,300 metres (m) above sea level in the south to 2,800m in the north. Vegetation  is dominantly cactus and pines and the general area is somewhat cultivated with subsistence vegetables,  bean and corn crops.  The region has a temperate climate with average temperatures ranging from 16°C  in June to 12°C in December.  The area experiences an average of 600 to 720 mm of precipitation annually  with the majority falling during the rainy season, between June and September.  Electricity is available on the Property from the national electricity grid that services nearby towns such  as Santa Maria and Zacatepec.    At  the  time  of  the  Study,  Almaden  had  secured  through  purchase  agreements  with  numerous  independent owners approximately 1,139 hectares required for the proposed production plan. This was  completed through friendly land purchase agreements with locals, considering fair market value. There  are no communities that require relocation as part of the Project development. Mineral Claim owners  have the right to obtain the temporary occupancy, or creation of land easements required to carry out  exploration and mining operations, under the Federal Mining Law.  1.4 History  Throughout  the  Property  there  is  evidence  that  surficial  clay  deposits  have  once  been  mined  prior  to  Almaden’s acquisition of the project.  Almaden acquired the Cerro Grande claims of the Tuligtic Property  Page 16                   Ixtaca ‐ S‐K 1300 Technical Report Summary  by  staking  in  2001  following  the  identification  of  surficial  clay  deposits  that  have  been  interpreted  to  represent high‐level epithermal alteration.  Subsequent geologic mapping, rock, stream silt, soil sampling,  and induced polarization (IP) geophysical surveys identified porphyry copper and epithermal gold targets  within an approximately 5 x 5km area of intensely altered rock.  In July 2010, Almaden initiated a diamond  drilling program to test epithermal alteration within the Tuligtic Property, resulting in the discovery of the  Ixtaca  Zone.    The  first  hole,  TU‐10‐001  intersected  302.42  metres  (m)  of  1.01g/t  Au  and  48g/t  Ag  and  multiple high grade intervals including 44.35m of 2.77g/t Au and 117.7g/t Ag.  1.5 Geological Setting and Mineralization  The  Tuligtic  Property  covers  a  roughly  5  by  5  kilometre  area  of  high  level  epithermal  alteration  characterised by intense kaolinite‐alunite alteration and silicification in volcanic rocks. This alteration is  interpreted to represent the upper portion of a well preserved epithermal system.  The epithermal system is hosted by both volcanic rocks and older carbonate units. Minor disseminated  and vein mineralisation is hosted by the volcanic rocks (referred to as tuff, ash and volcanics). The bulk of  the deposit is hosted by the carbonate units as vein swarms.   Within the Tuligtic Property, variably cherty and bedded light grey to dark coloured limestone (referred  to  as  limestone)  of  the  Late  Jurassic  to  Early  Cretaceous  Upper  Tamaulipas  formation  is  underlain  by  transitional calcareous clastic rocks including minor brown grainstones, and thinly bedded grey, black and  green  coloured  shaley  units  (referred  to  as  shale  or  black  shale).    The  brown  grainstone  marks  the  transition between limestone and shale. During the Laramide orogeny, this entire carbonate package was  intensely deformed into a series of thrust‐related east verging anticlines.  The shale units appear to occupy  the cores of the anticlines while the limestone units occupy the cores of major synclines at the Ixtaca  Zone.    The  carbonate  units  are  crosscut  by  intensely  altered  intermediate  composition  dykes.    The  deformed  Mesozoic  sedimentary  sequence  is  discordantly  overlain  by  epithermal  altered  Cenozoic  bedded crystal tuff of the upper Coyoltepec subunit (referred to as volcanic, ash and tuff).  The Ixtaca deposit is a low sulphidation epithermal vein system. Most of the gold silver mineralisation  occurs as zones of high grade vein and veinlets (vein swarms) in the carbonate basement units. A small  portion of the gold silver mineralisation occurs above the unconformity as disseminated mineralisation in  the altered volcanic rocks. The mineralisation is not oxidised and is hosted by classic banded and colloform  low‐sulphidation  style  carbonate‐quartz  veining.  Spatially  widespread  polished  section  and  SEM  mineralogic studies of mineralised epithermal veins demonstrate that the gold is dominantly hosted by  electrum (an alloy of gold and silver) and the gold‐silver sulphide uytenbogaardtite (Ag3AuS2). Apart from  electrum  and  uytenbogaardite,  the  dominant  silver  minerals  are  silver  rich  polybasite,  pyrargerite,  proustite and naumannite. The ore minerals are accompanied by minor pyrite, galena (no silver detected  in the SEM work on the galena) and sphalerite. The mineral assemblage is very similar to other precious  metal low sulphidation vein systems worldwide with low base metal contents.  To date two main vein orientations have been identified in the Ixtaca deposit:    060 degrees trending sheeted veins hosted by limestone;   330 degrees trending veins hosted by shale;  The bulk of the resource and over 80% of the recoverable metal in the FS is hosted by the limestone in  the  Main  Ixtaca  and  Ixtaca  North  zones  as  swarms  of  sheeted  and  anastomosing  high  grade  banded  Page 17                   Ixtaca ‐ S‐K 1300 Technical Report Summary  epithermal veins. There is no disseminated mineralisation within the host rock to the vein swarms, which  is  barren  and  unaltered  limestone.  To  the  northeast  of  the  limestone  hosted  mineralisation,  the  Chemalaco zone, a 330 striking and west dipping vein zone hosted by shale, also forms part of the deeper  resource.  The Main Ixtaca and Ixtaca North vein swarms are spatially associated with two altered and mineralised  sub parallel ENE (060 degrees) trending, sub‐vertical to steeply north dipping dyke zones.  The Main Ixtaca  dyke zone is approximately 100m wide and consists of a series of 2m to over 20m true width dykes.  The  Ixtaca North dyke zone is narrower and comprises a steeply north‐dipping zone of two or three discrete  dykes ranging from 5 to 20m in width.   Individual  veins  within  the  Main  Ixtaca  and  Ixtaca  North  vein  zones  cannot  be  separately  modelled.  Wireframes were created that constrain the higher grade, more densely veined areas, however as the  vein  swarms  are  anastomosing  and  sheeted  in  nature,  these  wireframes  include  significant  barren  limestone material enclosed by veins within the vein swarm.  The Main and North zones have been defined over 650m and tested over 1000m strike length with high‐ grade mineralization intersected to depths up to 350m vertically from surface.  The strike length of the  Chemalaco  Zone  has  been  extended  to  450m  with  high‐grade  mineralization  intersected  to  a  vertical  depth of 550m, or approximately 700m down‐dip.  In 2016 Almaden conducted a drill program to test for  additional veins to the north of the Ixtaca North Zone. This program resulted in better definition of the  Ixtaca North zone and successfully demonstrated that limestone mineralisation remains open to the north  and at depth.  The Chemalaco Zone dips moderately‐steeply at approximately 22 degrees to the WSW. An additional  sub‐parallel zone has been defined underneath the Chemalaco Zone dipping 25 to 50 degrees to the WSW,  intersected to a vertical depth of 250m, approximately 400m down‐dip over a 250m strike length. The  Chemalaco zone remains open to depth and along strike to the northwest. Additional parallel veins further  to the east have been identified in core and the zone remains open in this direction as well.  1.6 Exploration  Between 2001 and 2013, Almaden’s exploration at the Tuligtic Property included geologic mapping and  prospecting,  alteration  mineralogical  characterization,  rock  and  soil  geochemical  sampling,  ground  magnetics, IP and resistivity, Controlled Source Audio‐frequency Magnetotelluric (CSAMT), and Controlled  Source  Induced  Polarization  (CSIP)  geophysical  surveys  resulting  in  the  identification  of  additional  anomalous  zones  including  the  Ixtaca,  Ixtaca  East,  Caleva,  Azul,  Sol  zones,  Tano,  and  SE  Alteration  zones.  Since 2010, a total of 590 diamond drillholes have been drilled at the Tuligtic Property, totalling  192,121 m (not including geotechnical holes). During this timeframe the Company focussed on Ixtaca Zone  Deposit resource and development work which has meant that many of the epithermal targets have not  yet been tested by drilling.  1.7 Drilling  The 230 holes drilled between July, 2010 and November 13, 2012 totalled 83,346m and identified the  Main Ixtaca, Ixtaca North and Chemalaco zones.  Diamond drilling at 25 to 50m section spacing defined  the Main Ixtaca and Ixtaca North as NE‐oriented sub‐vertical zones and a strike length of approximately  650m. High‐grade mineralization was intersected to depths of 200 to 300m vertically from surface.  The  Page 18                   Ixtaca ‐ S‐K 1300 Technical Report Summary  Chemalaco Zone was identified as dipping moderately‐steeply over a strike length of 350m along a series  of five ENE (070 degrees) oriented sections spaced at intervals of 50 to 100m.  High grade mineralization  having a true‐width ranging from less than 30 and up to 60m was intersected beneath approximately 30m  of tuff to a vertical depth of 550m, or approximately 600m down‐dip.  During 2013 and subsequent to the November 13, 2012 cut‐off of the maiden mineral Resource Estimate,  Almaden drilled 198 holes totalling 55,467m.  A total of 79 holes were drilled at the Main Ixtaca Zone, 40  holes  at  the  Ixtaca  North  Zone  and  79  holes  at  the  Chemalaco  Zone.    Drilling  during  2013  focused  on  expanding the deposit and upgrading resources previously categorized as Inferred to higher confidence  Measured and Indicated categories.   Drilling during 2014 and 2015, subsequent to the 2014 Resource Estimate, Almaden had completed 52  additional drill holes totalling 17,128m (49 within the Ixtaca Deposit and 3 exploration drill holes outside  the  Ixtaca  Deposit.    Of  the  holes  drilled  within  the  Ixtaca  Deposit  during  2014  through  2016,  4  were  metallurgical holes that twinned existing holes.  The remainder were exploration holes testing mineralized  zones at depth.  Drilling  during  2014  through  2016  comprised  86  additional  drill  holes  totalling  28,131m  (including  3  exploration drill holes at the (Casa) Azul Zone, and 1 at the Tano Zone).  Of the holes drilled within the  Ixtaca Deposit during 2014, 2015, and 2016, 4 were metallurgical holes that twinned existing holes and  27  were  geotechnical  holes.  During  2016  a  total  of  33  holes  totalling  10,514m  further  delineated  and  expanded the Ixtaca North Zone mineralization as well as identifying new veins to the north and at depth.  The remainder were exploration holes testing mineralized zones at depth below the PEA pit described in  this  report.  Past  drilling  at  the  Casa  Azul  zone  intersected  porphyritic  intrusive  and  limestone‐skarn  mineralization returning locally elevated zinc, copper and silver values.  Drilling  during  2017  through  2018  comprised  76  additional  drill  holes  totalling  25,176m.    Of  the  holes  drilled within the Ixtaca Deposit during 2017 and 2018, 4 were metallurgical holes that twinned existing  holes and 11 were geotechnical holes.  During 2017 and 2018 a total of 21 additional holes were drilled in  the Main zone, 18 in the Ixtaca North zone, and 5 additional holes in the Chemalaco Zone.  The remainder  were exploration holes drilled at surface in the surrounding areas.    1.8 Sample Preparation, Analyses and Security  All strongly altered or epithermal‐mineralized intervals of core have been sampled.  Almaden employs a  maximum sample length of 2 to 3m in unmineralized lithologies, and a maximum sample length of 1m in  mineralized lithologies.  During the years 2010 and 2011 Almaden employed a minimum sample length of  20cm.  The minimum sample length was increased to 50cm from 2012 onwards to ensure the availability  of sufficient material for replicate analysis.  Drill core is half‐sawn using industry standard diamond core  saws.  After cutting, half the core is placed in a new plastic sample bag and half are placed back in the core  box.  Sample numbers are written on the outside of the sample bags and a numbered tag placed inside  the  bag.    Sample  bags  are  sealed  using  a  plastic  cable  tie.    Sample  numbers  are  checked  against  the  numbers on the core box and the sample book.  ALS  Minerals (ALS) sends its own trucks to the Project to take custody of the samples at the Santa Maria  core facility and transports them to its sample preparation facility in Guadalajara or Zacatecas, Mexico.   Page 19                       Ixtaca ‐ S‐K 1300 Technical Report Summary  Prepared sample pulps are then forwarded by ALS personnel to the ALS North Vancouver, British Columbia  laboratory for analysis.  Drill core samples have been subject to gold determination via a 50 gram (g) AA finish FA fusion with a  lower detection limit of 0.005ppm Au (5ppb) and upper limit of 10ppm Au (ALS method Au‐AA24).  Over  limit gold values (>10ppm Au) are subject to gravimetric analysis (ALS method Au‐GRA22).  Silver, base  metal and pathfinder elements for drill core samples are analyzed by 33‐element ICP‐AES, with a 4‐acid  digestion, a lower detection limit of 0.5ppm Ag and upper detection limit of 100ppm Ag (ALS method ME‐ ICP61).  Over limit silver values (>100ppm Ag) are subject  to 4‐acid  digestion  ICP‐AES analysis with an  upper limit of 1,500ppm Ag (ALS method ME‐OG62).  Ultra‐high grade silver values (>1,500ppm Ag) are  subject to gravimetric analysis with an upper detection limit of 10,000ppm Ag (Ag‐GRA22).   Drill  core  samples  are  subject  to  Almaden’s  internal  QA/QC  program  that  includes  the  insertion  of  analytical standard, blank and duplicate samples into the sample stream.  A total of fifteen QA/QC samples  are present in every 100 samples sent to the laboratory.  QA/QC sample results are reviewed following  receipt of each analytical batch.  QA/QC samples falling outside established limits are flagged and subject  to review and possibly re‐analysis, along with the ten preceding and succeeding samples.  1.9 Data Verification  An  independent  consultant  was  retained  to  audit  the  Tuligtic  Property  exploration  database,  and  to  review  the  exploration  program  and  QA/QC  protocols  at  site.  The  consultant  first  visited  the  Tuligtic  Property from October 17 to October 20, 2011.  Additional visits to the Tuligtic Property were carried out  on September 23, 2012, November 20, 2013, and September 12, 2019.  During each of the property visits  the consultant completed a traverse of the Ixtaca Zone, observed the progress of ongoing diamond drilling  operations, and recorded the location of select drill collars.  Almaden’s complete drill core library was  made available and the consultant reviewed mineralized intercepts from a series of holes across the Ixtaca  Zone.  The consultant collected quartered drill core samples as ‘replicate’ samples from select reported  mineralized intercepts.    Based on the results of the traverses, drill core review, and ‘replicate’ sampling the consultant has no  reason to doubt the reported exploration results.  The analytical data is considered to be representative  of the drill samples and suitable for inclusion in the Resource Estimate.  In addition to the in‐house Quality  Assurance  Quality  Control  (QAQC)  measures  employed  by  Almaden,  the  consultant  completed  an  independent  review  of  Almaden’s  drillhole  and  QAQC  databases.    The  review  included  an  audit  of  approximately 8% of drill core analyses used in the mineral resource estimate.  A total of 10,885 database  gold and silver analyses were verified against original analytical certificates.  Similarly, 10% of the original  drill collar coordinates and down hole orientation survey files were checked against those recorded in the  database;  and  select  drill  sites  were  verified  in  the  field  by  the  consultant.  The  QAQC  audit  included  independent  review  of  blank,  field  duplicate  and  certified  standard  analyses.    All  QAQC  values  falling  outside  the  limits  of  expected  variability  were  flagged  and  followed  through  to  ensure  completion  of  appropriate reanalyses.  No discrepancies were noted within the drillhole assay database, and all QAQC  failures were dealt with and handled with appropriate reanalyses.  1.10 Metallurgy  Metallurgical test work and mineralogy has been undertaken on each of the  Ixtaca Zone  metallurgical  domains between 2012 and 2018 at a number of laboratories.  Page 20                 Ixtaca ‐ S‐K 1300 Technical Report Summary  There are 3 distinct metallurgical domains hosting precious metal mineralization at Ixtaca:   Limestone  ore  contains  most  of  the  economic  mineralization  and  contributes  75%  of  metal  production in the FS (90% of metal production in the payback period).    Volcanic ore contributes 12% of metal production in the FS.   Black Shale ore contributes 13% of metal production in the FS.  The testwork has consistently demonstrated that economic mineralization responds well to processing by  pre‐concentration with XRT ore sorting, gravity concentration, intensive leaching of gravity concentrate,  flotation, flotation concentrate regrind, leaching with 24 hours Carbon‐in‐Leach (CIL) to complete gold  leaching and 72 hours of agitated leach to complete silver leaching.    The  majority  of  economic  mineralization  is  fine  grained,  requiring  a  primary  grind  P80  of  75  μm  for  liberation, and regrind prior to leaching.  Test  work  has  demonstrated  repeatable  good  overall  recoveries  for  gold  and  silver  in  the  primary  Limestone ore domain. Silver over all recoveries from the volcanic and black shale domains is good. Gold  recoveries in volcanic and black shale are poor due to refractory mineralization in the volcanic and preg‐ robbing organic carbon in the black shale. Ongoing test work indicates that gold recovery improvements  in  the  black  shale  can  be  achieved  with  organic  carbon  rejection  by  carbon  pre‐flotation  or  flotation  cleaning using an organic carbon depressant.  Good carbon rejection and subsequent leach recovery was  also achieved by ultra fine gravity concentration of black shale concentrates.  1.11 Resource Estimate  On January 31, 2013 the Company announced a maiden resource on the Ixtaca Zone, which was followed  by a resource update on January 22, 2014 and another on May 17, 2017.  Since that time an additional  104  holes  have  been  completed,  and  this  data  is  also  included  in  the  Mineral  Resource  Estimate,  and  summarised  in  Table  1‐1.  The  data  available  for  the  resource  estimation  consisted  of  649  drill  holes  assayed  for  gold  and  silver.  Wireframes  constraining  mineralised  domains  were  constructed  based  on  geologic  boundaries  defined  by  mineralisation  intensity  and  host  rock  type.  Higher  grade  zones  occur  where there is a greater density of epithermal veining. These higher grade domains have good continuity  and are cohesive in nature.  Of  the  total  drill  holes,  558  intersected  the  mineralised  solids  and  were  used  to  make  the  resource  estimate.  Capping was completed to reduce the effect of outliers within each domain. Uniform down  hole 3 meter composites were produced for each domain and used to produce semivariograms for each  variable. Grades were interpolated into blocks 10 x 10 x 6 meters in dimension by ordinary kriging. Specific  gravities were determined for each domain from drill core.  Estimated blocks were classified as either  Measured, Indicated or Inferred based on drill hole density and grade continuity.   Table 1‐1 shows the Measured, Indicated and Inferred Mineral Resource Statement with the Base Case  0.3 g/t AuEq Cut‐Off highlighted from the 8 July 2018 Resource Statement. Also shown are the 0.5, 0.7  Page 21                         Ixtaca ‐ S‐K 1300 Technical Report Summary  and 1.0 g/t AuEq cut‐off results. AuEq calculation is based on average prices of $1250/oz gold and $18/oz  silver.  Table 1‐1  Ixtaca Zone Measured, Indicated and Inferred Mineral Resource Statement  MEASURED RESOURCE AuEq Cut-off (g/t) 0.30 0.50  0.70  1.00  AuEq Cut-off (g/t) 0.30 0.50 0.70 1.00 AuEq Cut-off (g/t) 0.30 0.50 0.70 1.00 Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000 (tonnes) 43,380,000 32,530,000  25,080,000  17,870,000  Au (g/t) Ag (g/t) AuEq (g/t) Au (oz) 862 788  711  608  36.27 44.27  51.71  61.69  1.14 1.39  1.63  1.95  0.62 0.75  0.88  1.06  Ag (oz) AuEq (oz) 1,591 1,454  1,312  1,118  50,590 46,300  41,700  35,440  Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000 INDICATED RESOURCE (tonnes) 80,760,000 48,220,000 29,980,000 16,730,000 Au (g/t) Ag (g/t) AuEq (g/t) Au (oz) 1,145 913 715 516 22.67 30.13 37.79 47.94 0.77 1.02 1.29 1.65 0.44 0.59 0.74 0.96 Ag (oz) AuEq (oz) 1,994 1,586 1,240 888 58,870 46,710 36,430 25,790 Tonnes > Cut-off Grade>Cut-off Contained Metal x 1,000 INFERRED RESOURCE (tonnes) 40,410,000 16,920,000 7,760,000 3,040,000 Au (g/t) Ag (g/t) AuEq (g/t) Au (oz) 412 237 142 77 16.83 25.43 33.80 43.64 0.56 0.80 1.06 1.42 0.32 0.44 0.57 0.79 Ag (oz) AuEq (oz) 726 436 264 139 21,870 13,830 8,430 4,270 1. Ixtaca Mineral Resources Estimate have an effective date of 8 July 2018. 2. Base Case 0.3 g/t AuEq Cut-Off grade is highlighted. Also shown are the 0.5, 0.7 and 1.0 g/t AuEq cut-off results. AuEq calculation based on average prices of $1250/oz gold and $18/oz silver. The Base Case cut-off grade includes consideration of the open pit mining method, 90% metallurgical recovery, mining costs of $1.82/t, average processing costs of $11.7, G&A costs of $1.81/t 3. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal or other relevant issues. The Mineral Resources have been classified according to the definitions outlined in the SEC Disclosure by Registrants Engaged in Mining Operations. 5. All figures were rounded to reflect the relative accuracy of the estimates and may result in summation differences. 1.12 Geomechanical  A geomechanical investigation program on site for the Project was completed from February 12, 2018 to  April  27,  2018.  Drilling  commenced  on  February  12,  2018  and  was  completed  on  April  23,  2018.  The  program was designed to characterize geomechanical conditions in support of the development of the FS  pit design. The slope angle recommendations contained in this report may be used for final design and  mine planning, subject to completion of the recommendations contained in Section 23.3.3 of this report.  It was noted that all large earthwork and open pit projects at a final design level will be modified and  Page 22             Ixtaca ‐ S‐K 1300 Technical Report Summary  changed  based  on  slope  monitoring,  observed  conditions,  and  recommendations  of  professional  engineers engaged on the project.   Four major geomechanical domains have been identified in the project. The rock slopes are composed of  limestone and shale and an ash tuff volcanic domain that controls the stability of the upper 50 to 250  meters  (m)  of  the  ground.  The  volcanic  ash  tuff  domain  is  a  very  weak  rock  unit  that  has  engineering  properties similar to stiff soils. It is weak and easily erodible. A fourth domain of dikes was identified but  is not a significant percentage of the final wall rock slopes. In the author’s opinion,the quality and quantity  of core hole data and rock mass characterization issufficient for a FS study.  1.12.1 Ash Tuff and Upper Volcanics  Rock quality designation (RQD) values of the volcanic domain are in the 0 to 20 range. Even though larger  piece lengths were observed the rock hardness was less than R2 (weak rock with strengths less than 5  MPa) not meeting the RQD criteria. The rock mass rating (RMR76) ranges from 30 to 50, which indicates  a weak and poor to fair quality rock mass.  When  the  ash  tuff  cuts  are  exposed  they  will  be  subjected  to  the  deformation,  erosion,  and  failure  mechanisms because of their low strength. Even though the ash tuff slope cuts have been designed to  meet  the  minimum  slope  acceptance  criteria  at  a  factor  of  safety  of  1.3,  some  local  slope  failure  mechanisms might occur that are not addressed by global or inter‐ramp stability analysis. These failure  mechanisms include gullying, piping, and erosion. These mechanisms will be exacerbated by precipitation  onto  exposed  slopes  that  have  not  been  vegetated  or  covered  by  erosion  control.  Berm  and  bench  surfaces should be graded at 2° to 3° to assist drainage off benches.  1.12.2 Rock Units (Limestone, Shale, Dikes)  The  rock  units  consist  of  limestone,  shale,  and  dikes.  Structural  features  (discontinuities)  encountered  during this field investigation consisted of joints, lithological contacts, veins, dikes, foliation, faults, shear  zones, and fractures in these three domains.   The limestone domain is characterized as moderately strong rock with UCS values ranging from 10 to 40  megapascals  (MPa).  RQD  values  in  the  limestone  range  from  60  to  100.  The  limestone  is  moderately  jointed and has a rock mass rating ranging from 50 to 70 indicating a good rock mass.  The shale domain is a weak rock mass with UCS values ranging from 5 to 20 MPa. The shale unit is a highly  foliated and weak rock mass and has a varying foliation dipping between 40° to 50° at a dip direction of  250°. RQD values in the shale range from 50 to 100 and the rock mass rating ranges from 40 to 65, which  indicates a fair to good quality rock mass. The bulk of the final wall will be controlled by the rock mass  properties of the shale domain.   The intrusive dikes have not been differentiated in the geotechnical model as they will be governed by  the strength of the shale or limestone rock mass. The dikes are characterized as strong with UCS values  ranging from 50 to 70 MPa and have a RMR76 of 55 to 80 indicating the dikes are a strong and good rock  mass where present.  Page 23                           Ixtaca ‐ S‐K 1300 Technical Report Summary  1.13 Proposed Development Plan  A  mining  design,  production  schedule,  and  cost  model  has  been  developed  for  the  Ixtaca  Zone  of  the  Tuligtic Property.  This current work focuses on the near surface high grade limestone hosted portions of  the Ixtaca Zone deposit. The mine schedule includes an open pit mining operation with a process plant to  produce  gold  and  silver  doré.  The  plant  will  operate  initially  at  an  average  plant  throughput  of  7,650  tonnes  per  day  (tpd)  and  expanding  to  15,300  tpd  by  Year  5.  The  process  plant  includes  conventional  crushing, ore sorting, grinding, gravity, flotation, and concentrate leaching using CIL.  Mining will use a  contractor owned and operated fleet.  A series of pit optimizations have been completed using the resource block model, applying a range of  metal prices and recoveries, estimated costs for mining, processing, and pit slopes.  The operational pits  are  designed  based  on  the  optimized  shell,  and  the  potentially  mineable  portion  of  the  resource  is  estimated within those pits.  The ultimate pit contains a total of 73.1 million tonnes of crusher feed at a  strip  ratio  of  4.45:1.    The  crusher  feed  tonnages  include  mining  recovery  and  mining  loss  &  dilution.  Mineral Reserves are shown in the Table below assuming a diluted NSR cut‐off grade of $14/t and are  stated as Run‐of‐Mine (ROM) which represent tonnes of ore delivered to the crusher (pre ore‐sorting):  Table 1‐2  Recovered In‐pit Reserve and Diluted Grade  ROM  Tonnes  (millions)  Au (g/t)  Diluted Average  Grades  Ag (g/t)  Au ‐ '000 oz  Contained   Metal  Proven  Probable  TOTAL  31.6  41.4  73.1  0.70  0.51  0.59  43.5  30.7  36.3  714  673  1,387  Notes to Mineral Reserve table:  Ag ‐ '000 oz  44,273  40,887  85,159   Mineral  Reserves  have  an  effective  date  of  November  30,  2018.The  qualified  person  responsible  for  the  Mineral Reserves is Jesse Aarsen, P.Eng of Moose Mountain Technical Services.  The cut‐off grade used for ore/waste determination is NSR>=$14/t    All Mineral Reserves in this table are Proven and Probable Mineral Reserves. The Mineral Reserves are not  in addition to the Mineral Resources but are a subset thereof. All Mineral Reserves stated above account for  mining loss and dilution.   Associated metallurgical recoveries (gold and silver, respectively) have been estimated as 90% and 90% for  limestone, 50% and 90% for volcanic, 50% and 90% for black shale.   Reserves  are  based  on  a  US$1,300/oz  gold  price,  US$17/oz  silver  price  and  an  exchange  rate  of  US$1.00:MXP20.00.   Reserves  are  converted  from  resources  through  the  process  of  pit  optimization,  pit  design,  production  schedule and supported by a positive cash flow model.   Rounding as required by reporting guidelines may result in summation differences.   The Ixtaca General Arrangement layout is show in Figure 1‐1.  Page 24                               Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 1‐1  Ixtaca General Arrangement  Page 25             Ixtaca ‐ S‐K 1300 Technical Report Summary  1.14 Production and Processing  The Study incorporates the Rock Creek process plant which has been purchased by Almaden. Run of mine  ore will be crushed in a three‐stage crushing circuit to ‐9 mm.  Product from the secondary crusher will be screened in to coarse (+20mm), mid‐size (12 to 20 mm), and  fine (‐12mm) fractions. Coarse and mid‐size ore will be sorted by an XRT ore sort machine to eject waste  rock. Fine ore will bypass the ore sorting and is sent directly to the mill.  The Study incorporates ore sorting, test work for which has shown the ability to separate barren or low  grade  limestone  host  rock  encountered  within  the  vein  swarm  from  vein  and  veined  material  (see  Almaden  news  release  of  July  16th  2018).  Ore  sort  waste  from  Limestone  and  Black  Shale  is  below  waste/ore cutoff grade and is placed in the waste rock dump. Ore sort ‘waste’ from the Volcanic unit is  low grade ore and will be stockpiled for processing later in the mine life. Ore sorting pre‐concentration  increases the mill feed gold and silver grades by 32% and 31% respectively compared to run of mine (ROM)  grades. Table 1‐3 shows ROM grades with ore sort waste removed from the ROM, and the resulting mill  feed.  Table 1‐3  Ore Sort Mill Feed grade improvement   Limestone  Black Shale  Volcanic  TOTAL  million tonnes  Au g/t  Ag g/t  million tonnes  Au g/t  Ag g/t  million tonnes  Au g/t  Ag g/t  million tonnes  Au g/t  Ag g/t  ROM  Ore  Ore sort   Waste  Mill  Feed  51.5 0.572 37.5 12.2 0.517 44.4 9.4 0.790 18.6 73.1 0.591 36.3 18.8 0.24 12.0 6.3 0.25 20.0 ‐ ‐ ‐ 25.1 0.24 14.0 32.7  0.763  52.2  5.8  0.806  70.8  9.4  0.790  18.6  48.0  0.773  47.9  Crushed ore  is transported to  the grinding  circuit by an over land conveyor.  Grinding  to 75 microns is  carried out by with ball milling in a closed circuit with cyclones. Cyclone underflow is screened and the  screen undersize is treated in semi‐batch centrifugal gravity separators to produce a gravity concentrate.   The gravity concentrate will be treated in an intensive cyanide leach unit with gold and silver recovered  from electrowinning cells.  Page 26                               Ixtaca ‐ S‐K 1300 Technical Report Summary  The cyclone overflow will be treated in a flotation unit to produce a flotation concentrate. After regrinding  the flotation concentrate leaching will be carried out in 2 stages. CIL leaching for 24 hours will complete  gold  extraction,  followed  by  agitated  tank  leaching  to  complete  silver  leaching.  A  carbon  desorption  process will recover gold and silver from the CIL loaded carbon, and a Merrill Crowe process will recover  gold and silver from pregnant solution from the agitated leach circuit.  Cyanide destruction on leach residue is carried out using the SO2/Air process. Final tailings are thickened  and filtered then dry stacked and co‐disposed with mine waste rock.  Average process recoveries from mill feed to final product over the life of mine are summarized in Table  1‐4 for each ore type.  Table 1‐4  Average Life of Mine Process Recoveries from Mill Feed  Limestone  Volcanic  Black Shale  Gold  Silver  88.5%  64.4%  54.5%  86.8% 76.3% 84.7% 1.15 Tailings Co‐disposal and Water Management  1.15.1 West T/RSF  The mine plan will not include a separate tailings management facility. Instead the tailings and waste rock  will be co‐disposed in the West Tailings and Rock Storage Facility (West T/RSF or Co‐disposal). Tailings  produced by the flotation process will be sent through a ceramic vacuum filter to achieve a volumetric  moisture content of approximately 15% to 20%. The filtered tailings will be surrounded by a limestone  waste rock buttress and will be deposited inside the buttress and compacted in layers with waste rock.  Approximately 48 million tonnes of tailings and 216 million tonnes of waste rock consisting of limestone,  volcanics, and black shale will be stored in the West Tailings and Rock Storage Facility.  1.15.2 Water Management  Diversion channels are designed around project facilities to manage upstream stormwater, runoff from  RSF slopes and to minimize seepage into the open pit highwall. The channels route flow through sediment  settling ponds before releasing water downstream of the project.   The operational top surface of the West Tailings and Rock Storage Facility (West T/RSF) will be sloped to  drain  all  stormwater  to  lined  sumps.  A  pumping  and  piping  system  from  the  sumps  will  convey  all  stormwater runoff from the 100‐year, 24‐hour storm event from the filtered tailings surface to the process  plant.   Stormwater runoff collected in the open pit will be pumped from a sump at the pit bottom to the Pit  Collection Pond located outside the pit. In addition, passive groundwater inflows to the pit will also be  collected in the pit sump and pumped to the Pit Collection Pond. From the Pit Collection Pond stormwater  Page 27                              Ixtaca ‐ S‐K 1300 Technical Report Summary  and passive groundwater will either pumped to the process plant or will gravity flow to the sediment pond  before being released downstream of the project.   Two water storage reservoirs, upstream of the Fresh Water Dam and Water Storage Dam, collect and  store upstream runoff as sources of fresh water for the process plant. The Water Storage Dam also  supplies a consistent flow of fresh water to the downstream communities.      1.16 Capital and Operating Costs  The capital cost and operating estimates for the Ixtaca Project were developed for the Study.  All capital  and operating  costs are reported in  USD unless specified otherwise.   The overall capital cost estimate  meets  the  American  Association  of  Cost  Engineers  (AACE)  Class  3  requirement  of  an  accuracy  range  between ‐10% and +15% of the final project cost.  The total estimated initial capital cost is $174.2 million and sustaining capital (including expansion capital  of $64.5 million) is $111.3 million over the LOM. The estimated expansion capital of $64.5 million will be  funded from cashflow. The estimated LOM operating costs are $26.8 per tonne mill feed.  The initial capital costs are summarized in Table 1‐5 below:  Table 1‐5  Projected Initial Capital Costs (USD million)  Direct Costs    Mining    Process    Onsite Infrastructure    Offsite Infrastructure  Indirects, EPCM, Contingency      and Owners   Cost  Total  $ Millions  $22.2  $80.2  $24.3  $7.5  $39.9  $174.2  The LOM average costs are summarized in Table 1‐6 below:  * Numbers may not add due to rounding  Table 1‐6  Summary of Average LOM Operating Costs ($/tonne mill feed)  Mining costs  Processing  G&A   Total  $/tonne milled  $/tonne milled  $/tonne milled  $/tonne milled                     *Numbers may not add due to rounding  $15.2  $10.5  $1.1  $26.8  1.17 Economic Analysis  The Study project economics are based on gold price of $1275/oz and silver price of $17/oz derived from  current common peer usage.  The project revenue is split between gold and silver with 53% of the revenue  Page 28                                  Ixtaca ‐ S‐K 1300 Technical Report Summary  coming from gold and 47% from silver.  The after‐tax economic analysis includes a corporate income tax  rate of 30% as well as the two new mining duties:   a) 7.5% special mining duty and,   b) 0.5% extraordinary mining duty.  LOM Revenue for gold and silver are summarized in Table 1‐7.  Table 1‐7  Revenue before transport, refining, and royalties  Revenue  $ million  1,205  1,074  2,279  %  53%  47%  100%  Gold  Silver  Total  All in unit sustaining costs are summarized in Table 1‐8.  Table 1‐8  Summary All‐in sustaining cost (exclusive of initial capital)  Cash operating Cost  Sustaining Capital Cost  Almadex Royalty  Mexican royalty taxes  Refining + Transport  Total  Total  $ million  $/ oz  AuEq  $/ oz   AgEq  1,283   716  111  45    66  17   62   25   37   9  9.6 0.8   0.3  0.5  0.1  1,522   850  11.3  A summary of financial outcomes comparing base case metal prices to alternative metal price conditions  are presented in Table 1‐9. Alternate prices cases consider the project’s economic outcomes at varying  prices witnessed at some point over the three years prior to this study.  Table 1‐9  Summary of Ixtaca Economic Sensitivity to Precious Metal Prices (Base Case is Bold)  Gold Price ($/oz)  Silver Price ($/oz)  Pre‐Tax NPV 5% ($million)  Pre‐Tax IRR (%)  Pre‐Tax Payback (years)  After‐Tax NPV 5% ($million)  After‐Tax IRR (%)  After‐Tax Payback (years)  1125  14  229  35%  2.0  151  25%  2.6  1200  15.5  349  46%  1.8  233  34%  2.1  1275  17  470  57%  1.6  310  42%  1.9  1350  18.5  591  67%  1.4  388  49%  1.7  1425  20  712  77%  1.3  466  57%  1.5  Page 29                                   Ixtaca ‐ S‐K 1300 Technical Report Summary  A sensitivity analysis on metal prices (Table 1‐9), operating costs (Table 1‐10), foreign exchange rate (Table  1‐11), and capital costs (Table 1‐12), shows that the Project is most sensitive to fluctuations in gold price  and foreign exchange rate assumptions, and less sensitive to variations in capital and operating costs.   Table 1‐10  Summary of Economic Results and Sensitivities to Operating Costs ($ Million)  Opex ($/t milled)  NPV (5% discount rate)  Internal Rate of Return (%)  Payback (years)  Lower Case  Base Case  Upper Case   Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  ‐10%  $26.8/t  +10%  $565  64%  1.5  $371  47%  1.7  $470  57%  1.6  $310  42%  1.9  $376  49%  1.7  $249  36%  2.0  The Ixtaca project is also sensitive to the exchange rate between U.S. dollars and Mexican Pesos (“MXN”).  The  Study  assumes  an  exchange  rate  of  20  MXN  per  U.S.  dollar,  and  the  following  table  shows  the  sensitivity of project economics to different exchange rates assuming base case metals prices.  Table 1‐11  Summary of Economic Results and Sensitivities to Exchange Rate ($ Million)  Upper Case   Lower Case  Base Case  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Exchange Rate (MXN:USD)  18  20  22  NPV (5% discount rate)  Internal Rate of Return (%)  Payback (years)  $409  52%  1.7  $270  38%  2.0  $470  57%  1.6  $310  42%  1.9  $521  62%  1.5  $342  45%  1.8  The Initial Capital cost is estimated to be US$174.2 million. The following table shows the sensitivity of  project economics to a 10% change in the initial capital costs, assuming base case metals prices.  Table 1‐12  Summary of Economic Results and Sensitivities to Capital Cost ($ Million)  Lower Case  Base Case  Upper Case   Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  ‐10%  174.2  +10%  $493  65%  1.5  $326  48%  1.7  $470  57%  1.6  $310  42%  1.9  $448  51%  1.7  $294  37%  2.0  Initial Capital ($M)  NPV (5% discount rate)  Internal Rate of Return (%)  Payback (years)  The sensitivity analysis demonstrates robust economics.  1.18 Environmental and Social Considerations  Almaden has undertaken significant Environmental and Community/Social programs.  These will continue  as the Project progresses into advanced studies.   The Environmental Impact Assessment (MIA) has been  Page 30                                        Ixtaca ‐ S‐K 1300 Technical Report Summary  submitted to the regulators.  Currently there are no known issues that can materially impact the ability to  extract the mineral resources at the Ixtaca Project.  Previous and ongoing environmental studies include  meteorology, water quantity and quality, and flora and fauna.    Extensive  geochemical  studies  have  evaluated  the  potential  for  acid  rock  drainage  and  metal  leaching  from the waste rock and tailings using globally accepted standardised methods of laboratory testing and  in compliance with Mexican regulations. Most of the waste rock at Ixtaca is limestone, and the studies of  both  waste  rock  and  tailings  have  consistently  shown  that  there  is  more  than  enough  neutralising  potential present in the waste rock to neutralise any acid generated. Testing to date also indicates low  potential for metal leaching. The mine will not require the resettlement of any communities. Successful engagement with the local  communities proximate to the Project has been a cornerstone of the operation to date and continues to  be a key focus for Almaden through Project development.   Open, transparent communication with stakeholders has been fundamental to Almaden’s approach since  staking the original Tuligtic claims in 2001. Over the past several years, Almaden has interacted with over  20,000 people from over 53 communities and 8 different states in the following ways:   Coordinated  nine  large  community  meetings,  with  total  attendance  at  these  meetings  approaching 4,100 people;   Taken a total of approximately 480 people, drawn from local communities, to visit 24 mines;   Arranged 46 sessions of “Dialogos Transversales”, wherein community members are invited to  attend discussions with experts on a diverse range of issues relating to the mining industry such  as an overview of Mexican Mining Law, Human Rights and Mining, mineral processing, explosives,  water in mining, risk management, and mine infrastructure amongst other things;   Opened a central community office in the town of Santa Maria Zotoltepec, which is continually   open to community members and includes an anonymous suggestion box;  Invested  in  a  “mobile  mining  module”  which  allows  company  representatives  to  establish  a  temporary  presence  in  communities  more  distant  from  the  project,  and  allows  for  those  interested to learn more about the project;   Employed  as  many  local  people  as  possible,  reaching  up  to  70  people  drawn  from  five  local  communities. Almaden operates the drills used at the project, and hence can draw and train a  local workforce as opposed to bringing in external contractors;  Initiated  a  program  of  scholarships  for  top  performing  local  students,  with  130  scholarships  granted to date to individuals from 23 different communities (79 women and 51 men);    Established  several  clubs,  including  reading,  dancing,  football,  music,  and  theatre  clubs,  to  contribute to the vitality of local communities;   Focused on education, enabling over 4,300 people to be positively impacted by our investments,  such  as  rehabilitation  of  school‐related  infrastructure,  donation  of  electronic  equipment,  and  scholarships for top‐performing students.  Page 31                   Ixtaca ‐ S‐K 1300 Technical Report Summary  In  2017,  Almaden  engaged  a  third‐party  consultant  to  lead  a  community  consultation  and  impact  assessment  at  the  Ixtaca  project.  In  Mexico,  only  the  energy  industry  requires  completion  of  such  an  assessment  (known  in  Mexico  as  a  Trámite  Evaluación  de  Impacto  Social,  or  “EVIS”)  as  part  of  the  permitting process. The purpose of these studies is to identify the people in the area of influence of a  project  (“Focus  Area”),  and  assess  the  potential  positive  and  negative  consequences  of  project  development to assist in the development of mitigation measures and the formation of social investment  plans. To Almaden’s knowledge, this is the first time a formal EVIS has been completed in the minerals  industry in Mexico, and as such reflects the Company’s commitment to best national and international  standards in Ixtaca project development.  The EVIS and subsequent work on the development of a Social Investment Plan were conducted according  to Mexican and international standards such as the Guiding Principles on Business and Human Rights, the  Equator Principles, and the OECD Guidelines for Multinational Enterprises and Due Diligence Guidance for  Meaningful Stakeholder Engagement in the Extractive Sector.  Fieldwork for the EVIS was conducted by an interdisciplinary group of nine anthropologists, ethnologists  and sociologists graduated from  various universities, who lived in community homes within the Ixtaca  Focus  Area  during  the  study  to  allow  for  ethnographic  immersion  and  an  appreciation  for  the  local  customs and way of life. This third‐party consultation sought voluntary participation from broad, diverse  population groups, with specific attention to approximately one thousand persons in the Focus Area.  This  extensive  consultation  resulted  in  changes  to  some  elements  of  the  mine  design,  including  the  planned construction of a permanent water reservoir to serve the local area long after mine closure, and  the shift to drystack filtered waste management.   Positive impacts to the socio‐economy of the region are expected to continue as the Project is developed  into a mine and becomes a source of more jobs.  Almaden plans to continue its open communication with  the communities to provide for realistic expectations of any proposed mining operation and the social  impacts of such a development.  The Company has informed the author that updates to the environmental and social considerations of the  Ixtaca Property since the date of the Study are provided in the Company’s public disclosure record since  that time.  1.19 Project Execution Plan  A summary of key milestones for the project execution plan at the time of the Study include:   Permit submission by Q1 2019   Permit Approvals by Q4 2019    Rock Creek plant transported to Ixtaca site end of Q1 2020   Plant startup in Q2 2021  Ixtaca construction starts in Q4 2019  The Company has informed the author that updates to the project execution plan since the date of  the Study are provided in the Company’s public disclosure record since that time.  Page 32                       Ixtaca ‐ S‐K 1300 Technical Report Summary  1.20 Conclusions and Recommendations  The  Ixtaca  deposit  is  well  suited  for  a  potential  mining  operation.    The  Study’s  11‐year  mine  plan  has  robust economics and it is recommended that the project proceed to permitting and detailed design.  A significant opportunity to produce by‐products from the limestone waste and tailings is described in  Section  23.   Page 33                     Ixtaca ‐ S‐K 1300 Technical Report Summary  2.0 Introduction  This Technical Report (“TRS”) on the Ixtaca project is a review and summary of the previous technical work  carried out up to the date of the most recent major study prepared entitled “The Ixtaca Gold‐Silver Project  Puebla State, Mexico NI 43‐101 Technical Report on the Feasibility Study” dated January 24th 2019 and  updated October 3, 2019 (the “Study”, or “FS”). The 2019 study was filed as a Feasibility Study following  Canadian NI 43‐101 standards, 2014 CIM Definition Standards and 2019 CIM Best Practices Guidelines.   However, since SK‐1300 standards are different than those in Canada, such as a narrower range for cost  estimates and contingencies, the 2019 report may not have met SK‐1300 requirements for a Feasibility  Study.  The  Company  has  informed  the  author  that  no  significant  technical  work  has  been  conducted  subsequent to the Study and that all exploration, legal, permitting and other project updates subsequent  to the Study are provided in the Company’s public disclosure record.  Almaden Minerals Ltd. requested  Moose Mountain Technical Services (“MMTS”) prepare a TRS (the “Report”, or “TRS”) on the results of  the Ixtaca Gold‐Silver Project in Mexico. The Ixtaca Gold‐Silver Deposit (or “Ixtaca Project”) of the Tuligtic  Property, is 100 percent (%) held by Compania Minera Gorrión S.A. de C.V. (Minera Gorrión), a wholly  owned subsidiary of Almaden Minerals Ltd. (together referred to as “Almaden”), subject to a 2% NSR in  favour of Almadex Minerals Ltd.    Jesse Aarsen P.Eng., Principal – Mine Engineering, MMTS served as the Qualified Person (QPs) as defined  in S‐K 1300, SEC Disclosure by Registrant Engaged in Mining Operations.  QP site visits   Table 2‐1  Qualified Person  QPs, and Site Visits  Site Visit Dates  Scope Of Personal Inspection  Jesse Aarsen  30 April to 01 May 2013  27 to 28 August 2014   15 to 16 March 2016  12 to 16 December 2016  16 to 18 May 2018  Reviewed  open  pit,  waste  rock  dump,  general  site  conditions.  Reviewed drill core. Hosted potential contract miner site review  for cost estimation purposes.  The  author,  in  writing  this  report  use  sources  of  information  as  listed  in  the  references  section.   Government reports have been prepared by qualified persons holding post‐secondary geology, or related  university  degree(s),  and  are  therefore  deemed  to  be  accurate.    These  reports,  which  are  used  as  background  information,  are  referenced  in  this  Report  in  the  “Geological  Setting  and  Mineralization”  Section 7.0 below.    All currency amounts are referred to in United States dollars (USD) where indicated.  All units in this Report  are  metric  and  Universal  Transverse  Mercator  (UTM).    Coordinates  in  this  report  and  accompanying  illustrations are referenced to North American Datum (NAD) 1983, Zone 14.                                3.0 Property Description and Location  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  Page 34                                 Ixtaca ‐ S‐K 1300 Technical Report Summary  January 24th 2019 and updated October 3, 2019. The Tuligtic property was staked by Almaden in 2001,  following  the  identification  of  surficial  clay  deposits  that  were  interpreted  to  represent  high‐level  epithermal  alteration.  The  Property  originally  consisted  of  approximately  14,000  hectares,  but  during  2015  Almaden  filed  applications  to  reduce  the  aggregate  claim  size  at  Tuligtic  to  those  areas  still  considered  prospective.    The  Property  is  held  100%  by  Minera  Gorrion  S.A.  de  C.V.,  a  subsidiary  of  Almaden Minerals Ltd. through the holding company, Puebla Holdings Inc., subject to a 2% NSR in favour  of Almadex Minerals Ltd.  At the time of the Study, the Property consisted of seven mineral claims totaling  7,220 hectares (Table 3‐1, and Figure 3‐2).  The Company has informed the author that material changes  to the claim size, composition and legal and permitting status of the Property since the date of the Study  are provided in the Company’s public disclosure record since that time.  Table 3‐1  Tuligtic Property Mineral Claims  Claim Name  Claim Number  Valid Until Date  Area (hectares)  Cerro Grande ‐ R1  Cerro Grande  ‐R3  Cerro Grande ‐ R4  Cerro Grande ‐ R5  Cerro Grande ‐ R6  Cerro Grande 2 ‐ R2  Cerro Grande 2 ‐ R3  245486  245488  245489  245490  245491  245493  245494  March 5, 2053  March 5, 2053  March 5, 2053  March 5, 2053  March 5, 2053  February 23, 2059  February 23, 2059  2773  824  540  785  938  652  708  Total  7220  The  Property  is  located  at:  19  degrees  40  minutes  north  latitude  and  97  degrees  51  minutes  west  longitude;  or  UTM  NAD83  Zone  14  coordinates:  618,800m  east  and  2,176,100m  north.    The  Tuligtic  Property is road accessible and is located within Puebla State, 80 kilometres (km) north of Puebla City,  and 130km east of Mexico City.  Following an amendment to the Mining Law of Mexico (the “Mining Law”) on April 28, 2005, there is no  longer a distinction between the exploration mining concessions and exploitation mining concessions. The  Mining  Law  permits  the  owner  of  a  mining  concession  to  conduct  exploration  for  the  purpose  of  identifying mineral deposits and quantifying and evaluating economically usable reserves, to prepare and  to develop exploitation works in areas containing mineral deposits, and to extract mineral products from  such deposits.  Mining concessions have a duration of 50 years from the date of their recording in the  Registry and may be extended for an equal term if the holder requests an extension within five years prior  to the expiration date.  To maintain a claim in good standing holders are required to provide evidence of the exploration and/or  exploitation work carried out on the claim under the terms and conditions stipulated in the Mining Law,  and to pay mining duties established under the Mexican Federal Law of Rights, Article 263.  Exploration  work  can  be  evidenced  with  investments  made  on  the  lot  covered  by  the  mining  claim,  and  the  exploitation work can be evidenced the same way, or by obtaining economically utilizable minerals.  The  Regulation of the Mining Law indicates the minimum exploration expenditures or the value of the mineral  products to be obtained (Table 3‐2).    Page 35                     Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 3‐1  General Location  Page 36                 Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 3‐2  Tuligtic Property Mineral Claims  Page 37             Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 3‐2  Exploitation Claim Minimum Expenditure/Production Value Requirements  Area (hectares)  Fixed quota in Additional annual quota per hectare in MXN Pesos  (MXN Pesos)  Year 5‐6  Year 7+  <30  30 ‐ 100  100 ‐ 500  500 ‐ 1000  1000 ‐ 5000  5000 ‐ 50000  > 50000  348.48 697.02 1,394.02 4,182.12 8,364.27 29,274.95 278,809.03 Year  Year 2‐4  13.92 55.74 27.83 55.74 111.52 167.29 51.58 159.37151. 47.40 43.22 39.03 153.34 147.78 139.40 83.63 167.29 334.56 334.56 334.56 334.56 84.96  167.30  334.56  669.14  1,338.28  2,676.56  334.56 2,676.562,55 At the time of the Study, the Tuligtic Property was subject to annual exploration/exploitation expenditure  requirements  of  approximately  US$757,000  per  year  however  the  Company  had  significant  historic  expenditures to offset these requirements as appropriate.  Subject  to  the  Mexico  Mining  Laws,  any  company  conducting  exploration,  exploitation  and  refining  of  minerals and substances requires previous authorization from the Secretary of Environment and Natural  Resources  (SEMARNAT).    Because  mining  exploration  activities  are  regulated  under  Official  Mexican  Norms  (specifically  NOM‐120)  submission  of  an  Environmental  Impact  Statement  (“Manifestacion  de  Impacto Ambiental” or “MIA”) is not required provided exploration activities do not exceed disturbance  thresholds  established  by  NOM‐120.    Exploration  activities  require  submission  to  SEMARNAT  of  a  significantly less involved “Preventive Report” (Informe Preventivo) which outlines the methods by which  the  owner  will  maintain  compliance  with  applicable  regulations.    If  the  exploration  activities  detailed  within the Preventive Report exceed the disturbance thresholds established by NOM‐120, SEMARNAT will  inform the owner that an MIA is required within a period of no more than 30 days.   The present scale of exploration activities within the Tuligtic Property are subject to NOM‐120 regulation.   In  future,  if  significantly  increased  levels  of  exploration  activities  are  anticipated  submission  of  an  Environmental Impact Statement may be required.  Almaden has negotiated voluntary surface land use  agreements with surface landowners within the exploration area prior to beginning activities. At the time  of  the  Study,  Almaden  had  secured  through  purchase  agreements  1,139.8  hectares,  from  numerous  independent owners.  Other than as may be disclosed in the public disclosure of the Company since the time of the Study, the  author is not aware of any environmental liabilities to which the Property may be subject, or any other  significant risk factors that may affect access, title, or Almaden’s right or ability to perform work on the  Property.  Page 38                         Ixtaca ‐ S‐K 1300 Technical Report Summary  4.0 Accessibility, Climate, Local Resources, Infrastructure and Physiography  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January  24th  2019  and  updated  October  3,  2019.  The  Ixtaca  deposit,  the  epithermal  gold‐silver  target  within the Tuligtic Property, is located 8km northwest of the town of San Francisco Ixtacamaxtitlán, the  county seat of the municipality of Ixtacamaxtitlán, Puebla State.   The  Project  is  accessible  by  driving  40km  east  along  Highway  119  from  Apizaco;  an  industrial  centre  located approximately 50km north of Puebla City, and then north approximately 20km along a paved road  to the town of Santa Maria.  The trip from Apizaco to site can be driven in approximately 1.5 hours. There  is also access to the Property using gravel roads from the northeast via Tezhuitan and Cuyoaco, from the  south via Libres and from the northwest via Chignahuapan.  The Xicohtencatl Industrial complex lies 30km  southwest by paved road from the Tuligtic Property, and houses agricultural, chemical, biomedical and  industrial manufacturing facilities and is serviced by rail.  Puebla, the fourth largest city in Mexico has a  population in excess of four million people, and includes one of the largest Volkswagen automotive plants  outside Germany.  The topography on the Tuligtic Property is generally moderate to steep hills with incised stream drainages.   Elevation ranges from 2,300 metres (m) above sea level in the south to 2,800m in the north. Vegetation  is dominantly cactus and pines and the general area is somewhat cultivated with subsistence vegetables,  bean and corn crops.  The region has a temperate climate with mean monthly temperatures ranging from  16°C in June to 12°C in January.  The area experiences approximately 714 mm of precipitation annually  with  the  majority  falling  during  the  rainy  season,  between  June  and  September.  Annual  evapotranspiration is estimated to be 774 mm.  Exploration  can  be  conducted  year  round  within  the  Property;  however,  road  building  and  drilling  operations may be impacted by weather to some degree during the rainy season.   Electricity is available on the Property from the national electricity grid that services nearby towns such  as Santa Maria and Zacatepec.  The majority of the personnel working on the project are locals from nearby small towns.  The surface ownership over the mine development area is privately owned and the property acquired by  the  company  to  date  has  been  by  voluntary  agreements.  Land  acquired  by  the  company  is  not  yet  sufficient to cover the areas required for the mining operations as summarized in Figures 1‐1 and Figure  15‐3.  Page 39                             Ixtaca ‐ S‐K 1300 Technical Report Summary  5.0 History  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019. Throughout the Property there is evidence that surficial  clay deposits have once been mined.  This clay alteration attracted Almaden to the area and has been  interpreted  to  represent  high‐level  epithermal  alteration.    To  the  authors’  knowledge  no  modern  exploration has been conducted on the Project prior to Almaden’s acquisition of claims during 2001 and  there is no record of previous mining; as such, this is a maiden discovery.  On May 9, 2002, Almaden entered into a joint venture agreement with BHP Billiton World Exploration Inc.  (BHP) to undertake exploration in eastern Mexico.  Initial helicopter‐borne reconnaissance programs were  completed in May 2003 and March 2004 on select targets within the joint venture area of interest.  The  work resulted in the acquisition of five (5) separate properties, in addition to the previously acquired Cerro  Grande  claim  of  the  present  day  Tuligtic  Property.    Following  a  review  of  the  initial  exploration  data,  effective January 20, 2005, BHP relinquished its interest in the six properties to Almaden (Almaden, 2005).   The joint venture was terminated in 2006 (Almaden, 2006).    During January 2003, Almaden completed a program of geologic mapping, rock, stream silt sampling and  induced polarization (IP) geophysical surveys at the Tuligtic Property (then known as the “Santa Maria  Prospect”).  The exploration identified both a porphyry copper and an epithermal gold target within an  approximately 5 x 5km area of intensely altered rock.  At the porphyry copper target, stockwork quartz‐ pyrite  veins  associated  with  minor  copper  mineralization  overprint  earlier  potassic  alteration  within  a  multi‐phase intrusive body.  A single north‐south oriented IP survey line identified a greater than 2km long  elevated chargeability response coincident with the exposed altered and mineralized intrusive system.   Volcanic rocks exposed 1km to the south of the mineralized intrusive display replacement silicification  and sinter indicative of the upper parts of an epithermal system (the “Ixtaca Zone”).  Quartz‐calcite veins  returning anomalous values in gold and silver and textural evidence of boiling have been identified within  limestone  roughly  100m  below  the  sinter.    The  sinter  and  overlying  volcanic  rocks  are  anomalous  in  mercury, arsenic, and antimony (Almaden, 2004).  Additional IP surveys and soil sampling were conducted in January and February 2005, further defining  the porphyry copper target as an area of high chargeability and elevated copper, molybdenum, silver and  gold in soil.  A total of eight (8) east‐west oriented lines, 3km in length, spaced at intervals of 200m have  been completed over mineralized intrusive rocks intermittently exposed within gullies cutting through the  overlying unmineralized ash deposits (Almaden, 2006).  The  Tuligtic  Property  was  optioned  to  Pinnacle  Mines  Ltd.  in  2006  and  the  option  agreement  was  terminated in 2007 without completing significant exploration (Almaden, 2007).    The Property was subsequently optioned to Antofagasta Minerals S.A. (Antofagasta) on March 23, 2009.   During 2009 and 2010 Antofagasta, under Almaden operation, carried out IP geophysical surveys and a  diamond drill program targeting the copper porphyry prospect (Figure 6‐3, Figure 7‐2).  Three additional  IP  survey  lines  were  completed,  and  in  conjunction  with  the  previous  nine  (9)  IP  lines,  a  2  x  2.5km  chargeability high anomaly, open to the west and south, was defined (Almaden, 2011).  The 2009 drilling  consisted of 2,973m within seven (7) holes that largely intersected skarn type mineralization.    Page 40                       Ixtaca ‐ S‐K 1300 Technical Report Summary  Highlights of the drill program include:    38m of 0.13% Copper (Cu) from 164 to 202m and 0.11% Cu from 416 to 462m within hole DDH‐01;    20m of 0.17% Cu from 94 to 114m and 26m of 0.14% Cu from 316 to 342m in hole DDH‐02;    58m of 0.17% Cu from 366 to 424m in hole DDH‐03 (including 14m of 0.27% Cu from 410 to 424m);    2m of 0.63% Cu from 18 to 20m in hole DDH‐04; and    20m of 0.11% Cu from 276 to 296m and 8m of 0.13% Cu in hole DDH‐05.    Molybdenum  values  are  anomalous  ranging  up  to  801  parts‐per‐million  (ppm)  (0.08%).    Elevated  gold  values were also encountered including 2m of 1.34 grams‐per‐tonne (g/t) from 178 to 180m in DDH‐01.    On February 16, 2010, Almaden announced that Antofagasta terminated its option to earn an interest in  the Property (Almaden, 2009).    In July 2010, Almaden initiated a preliminary diamond drilling program to test epithermal alteration within  the Tuligtic Property, resulting in the discovery of the Ixtaca Zone.  The target was based on exploration  data  gathered  by  Almaden  since  2001  including  high  gold  and  silver  in  soil  and  a  chargeability  and  resistivity high anomaly (derived from an IP geophysical survey conducted by Almaden) topographically  beneath Cerro Caolin, a prominent clay and silica altered hill.  This alteration, barren in gold and silver,  was interpreted by Almaden to represent the top of an epithermal system which required drill testing to  depth.  The first hole, TU‐10‐001 intersected 302.42 metres of 1.01g/t gold and 48g/t silver and multiple  high grade intervals including 44.35 metres of 2.77g/t gold and 117.7g/t silver.  Page 41                         Ixtaca ‐ S‐K 1300 Technical Report Summary  6.0 Geological Setting and Mineralization  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  6.1 Regional Geology  The Ixtaca Project is situated within the Trans Mexican Volcanic Belt (TMVB), a Tertiary to recent intrusive  volcanic arc extending approximately east‐west across Mexico from coast to coast and ranging in width  from 10 to 300km (Figure 6‐1).  The TMVB is the most recent episode of a long lasting magmatic activity  which,  since  the  Jurassic,  produced  a  series  of  partially  overlapping  arcs  as  a  result  of  the  eastward  subduction  of  the  Farallon  plate  beneath  western  Mexico  (Ferrari,  2011).    The  basement  rocks  of  the  eastern half of the TMVB are Precambrian terranes, including biotite orthogneiss and granulite affected  by granitic intrusions, grouped into the Oaxaquia microcontinent (Ferrari et al., 2011; Fuentes‐Peralta and  Calderon,  2008).    These  are  overlain  by  the  Paleozoic  Mixteco  terrane,  consisting  of  a  metamorphic  sequence known as the Acatlan complex and a fan delta sedimentary sequence known as the Matzitzi  formation. Another sedimentary complex is found on top of the Mixteco terrane, represented by various  paleogeographic elements such as the Mesozoic basins of Tlaxiaco, Zongolica, Zapotitlan, and Tampico‐ Misantla  (Fuentes‐Peralta  and  Calderon,  2008).    The  subducting  plates  associated  with  the  TMVB  are  relatively young, with the Rivera plate dated at 10Ma (million years) and the Cocos plate at 11 to 17Ma.  The timing and nature of volcanism in the TMVB has been described by Garcia‐Palomo et al. (2002).  The  oldest volcanic rocks in the central‐eastern part of the TMVB were erupted approximately 13.5Ma ago,  followed  by  a  nearly  10Ma  hiatus.    Volcanic  activity  in  the  area  resumed  around  3.0‐1.5Ma.    The  composition of volcanic rocks ranges from basalt to rhyolite and exhibits calc‐alkaline affinity.  Extensive  silicic volcanism in this area has been related to partial melting of the lower crust, hydrated by infiltration  of slab‐derived fluids during flat subduction (Ferrari et al., 2011).  The Sierra Madre Occidental (SMO) style  of volcanism is silicic and explosive as opposed to intermediate and effusive volcanism characteristic of  the  TMVB.    Volcanic  centres  in  the  region  have  been  controlled  by  NE‐SW  trending  normal  faults,  associated with horst‐and‐graben structures, resulting from a stress field with a least principal stress (σ3)  oriented to the NW.  The regional trend of the arc rocks is WNW; though more northerly trending transforms faults, forming at  a high angle to the TMVB, provide a structural control on the volcanic units (Coller, 2011). Compressional  strike‐slip  and  extensional  faults  also  developed  as  a  result  of  compressional  and  extensional  periods  during subduction.  The NE‐SW San Antonio fault system, which is still active during Late Pliocene, before  the reactivation of the Taxco‐Queretaro fault system, is characterized by extensional left‐lateral oblique‐  slip kinematics (Coller, 2011).  Bellotti et al. (2006) show that NNW trending regional faults have been  right lateral in the Miocene, whereas the NNE to N‐S trending faults observed at Ixtaca by Coller (2011)  are related to the regional horst‐and‐graben development and likely to be purely extensional with possibly  a component of right lateral movement, or transtensional.  Page 42                 Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐1  Regional Geology  Page 43             Ixtaca ‐ S‐K 1300 Technical Report Summary  6.2 Property Geology  The stratigraphy of the Tuligtic area can be divided into two main sequences: a Mesozoic sedimentary  rock  sequence  related  to  the  Zongolica  basin  and  a  sequence  of  late  Tertiary  igneous  extrusive  rocks  belonging  to  the  TMVB  (Figure  6‐3)  (Fuentes‐Peralta  &  Calderon,  2008;  Tritlla  et  al.,  2004).    The  sedimentary sequence is locally intruded by plutonic rocks genetically related to the TMVB (Figure 6‐3).   The sedimentary complex at Tuligtic corresponds to the Upper Tamaulipas formation (Reyes‐Cortes 1997).  This formation, Late Jurassic to Early Cretaceous in age, is regionally described (Reyes‐Cortes, 1997) as a  sequence of grey‐to‐white limestone, slightly argillaceous, containing bands and nodules of black chert  (Figure 6‐4).  The drilling conducted by Almaden allows for more detailed characterisation of the Upper  Tamaulipas Formation carbonate units in the Tuligtic area.  The sequence on the Project consists of clastic  calcareous rocks.  The limestone unit variably bedded, generally light grey but locally dark grey to black,  with local chert rich sections graded into what have been named transition units and shale (also black  shale).    The  transition  units  are  brown  calcareous  siltstones  and  grainstones.    These  rocks  are  not  significant in the succession but mark the transition from limestone to underlying calcareous shale. Typical  of  the  transition  units  are  coarser  grain  sizes.    The  lower  calcareous  “shale”  units  exhibit  pronounced  laminated bedding and is typically dark grey to black in colour, although there are green coloured beds as  well.  The shale units appear to have been subjected to widespread calc‐silicate alteration (Figure 6‐5).   Both the shale and transition units have very limited surface exposure and may be recessive.  The entire  carbonate  package  of  rocks  has  been  intensely  deformed  by  the  Laramide  orogeny,  showing  complex  thrusting and chevron folding in the hinge zones of a series of thrust‐related east verging anticlines in the  Ixtaca area (Tritlla et al., 2004; Coller, 2011).  The calcareous shale units appear to occupy the cores of the  anticlines while the thick bedded limestone units occupy the cores of major synclines identified in the  Ixtaca zone.  The  Tamaulipas  Formation  carbonate  rocks  are  intruded  in  the  mid‐Miocene  by  a  series  of  magmatic  rocks.    The  compositions  are  very  variable,  consisting  of  hornblende‐biotite‐bearing  tonalites,  quartz‐ plagioclase‐hornblende diorites, and, locally, aphanitic diabase dykes (Carrasco‐Nunez et al., 1997).  In the  central  part  of  the  Tuligtic  Property  porphyry  mineralization  is  hosted  by  and  associated  with  a  hornblende‐biotite‐quartz  phyric  granodiorite  body.    The  contact  between  the  granodiorite  and  the  limestone is marked by the development of a prograde skarn.  In  the  Ixtaca  deposit  epithermal  area  of  the  Project,  the  limestone  basement  units  are  crosscut  by  intermediate dykes that are often intensely altered.  In the vicinity of the Ixtaca zone these dykes are well  mineralized  especially  at  their  contacts  with  limestone  country  rock.    Petrography  has  shown  that  epithermal  alteration  in  the  dykes,  marked  by  illite,  adularia,  quartz  and  pyrite  overprints  earlier  calc‐ silicate endoskarn mineralogies (Leitch, 2011).  Two main orientations are identified for dykes in the Ixtaca  area; 060 degrees (parallel to the Main Ixtaca and Ixtaca North zones) and 330 degrees (parallel to the  Chemalaco Zone).  An  erosional  unconformity  surface  has  been  formed  subsequent  to  the  intrusion  of  the  porphyry  mineralization‐associated  granodiorites.    This  paleo  topographical  surface  locally  approximates  the  current  topography.    Although  not  well  exposed  the  unconformity  is  marked  by  depression  localised  accumulations of basal conglomerate comprised of intrusive and sedimentary boulders.   Page 44                     Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐2  Stratigraphic Column of the Ixtaca Area  Page 45             Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐3  Geology of the Ixtaca Area  Page 46             Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐4  Chert Limestone  This deformed Mesozoic sedimentary sequence is discordantly overlain by late Cenozoic extrusive rocks  whose genetic and tectonic interrelations are yet to be fully explained.  Two main volcaniclastic units are  recognized  in  the  area  of  Tuligtic:  the  Coyoltepec  Pyroclastic  deposit  and  the  Xaltipan  Ignimbrite  (Carrasco‐Nunez  et  al.,  1997).    Both  units  are  covered  by  a  thin  (up  to  1m)  quaternary  ‘tegument’  (Morales‐Ramirez  2002)  of  which  only  a  few  patches  are  left  in  the  area  of  the  Property,  but  it  is  still  widespread in the surrounding areas.  This tegument is unconsolidated and composed of a very recent  ash fall tuff rich in heavy minerals (mainly magnetite, apatite, and pyroxene).    The  extensively  altered  pre‐mineral  Coyoltepec  pyroclastic  deposit  is  divided  by  Carrasco‐Nunez  et  al.  (1997) into two subunits: the lower Coyoltepec subunit, which is not exposed in the area of the Project,  consists of a stratified sequence of surge deposits and massive, moderately indurated pyroclastic flow  deposits with minor amounts of pumice and altered lithic clasts.   The upper Coyoltepec subunit, the main unit outcropping in the Tuligtic area, consists of a basal breccia  or  conglomerate  overlain  by  bedded  crystal  tuff  (volcanic).    The  basal  breccia  is  comprised  of  a  lithic  rhyolite  tuff  matrix  composed  of  massive,  indurated,  coarse‐gravel  sized,  lithic‐rich  pyroclastic  flow  deposits  with  pumice,  andesitic  fragments,  free  quartz,  K‐feldspar,  plagioclase  crystals,  and  minor  amounts of limestone and shale clasts (Tritlla et al., 2004).  The Coyoltepec volcanics (referred to as ash,  volcanic  and  tuff)  are  altered  and  mineralized.  Gold  silver  mineralization  is  marked  by  widespread  disseminated  pyrite  and  quartz‐calcite  veinlets.    The  Coyoltepec  volcanics  are  locally  oxidised  and  weathered near surface and along structures.  Page 47                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐5  Shale (Calcareous Silstone) from the Chemalaco Zone   The post‐mineral Xaltipan ignimbrite is not seen in the Ixtaca area and mainly found in topographic lows  south of the Tuligtic Property.  It consists of a very recent (0.45 ± 0.09Ma, Carrasco‐Nunez et al., 1997),  pinkish to brownish‐grey rhyolitic ignimbrite unit with different grades of welding, containing abundant  pumice fragments, andesite lithic fragments, and small clasts of black obsidian (Tritlla et al., 2004; Figure  6‐6).  Page 48                Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐6  Post Mineral Unconsolidated Volcanic Ash Deposits. Generally less than 1m thick  6.3 Mineralization  Two styles of alteration and mineralization are identified in the area: (1) copper‐ molybdenum porphyry  style  alteration  and  mineralization  hosted  by  diorite  and  quartz‐  diorite  intrusions;  (2)  silver‐gold  low‐ sulphidation epithermal quartz‐bladed calcite veins hosted by carbonate rocks and spatially associated  with overlying volcanic hosted texturally destructive clay alteration and replacement silicification.  is  exposed  intrusive  complex  Outcropping porphyry‐style alteration and mineralization is observed in the bottoms of several drainages  where  the  altered  in  erosional  windows  beneath  post  mineral  unconsolidated ash deposits.  Multiple late and post mineral intrusive phases are identified crossing an  early  intensely  altered  and  quartz‐veined  medium‐grained  feldspar  phyric  diorite  named  the  Principal  Porphyry.  Other intrusive types include late and post mineral mafic dykes and an inter‐mineral feldspar‐ quartz phyric diorite.  Late mineral mafic dykes are fine grained and altered to chlorite with accessory  pyrite. Calc‐silicate (garnet‐clinopyroxene) altered limestone occurs in proximity to the intrusive contacts  and is crosscut by late quartz‐pyrite veins.  Early biotite alteration of the principal porphyry consists of  biotite‐orthoclase  flooding  of  the  groundmass.    Quartz  veins  associated  with  early  alteration  have  irregular  boundaries  and  are  interpreted  to  be  representative  of  A‐style  porphyry  veins.    These  are  followed  by  molybdenite  veins  which  are  associated  with  the  same  wall  rock  alteration.    Chalcopyrite  appears  late  in  the  early  alteration  sequence.    Late  alteration  is  characterized  by  intense  zones  of  muscovite‐illite‐pyrite overprinting earlier quartz‐K‐feldspar‐pyrite ± chalcopyrite veining and replacing  Page 49               Ixtaca ‐ S‐K 1300 Technical Report Summary  earlier hydrothermal orthoclase and biotite.  Stockwork quartz‐pyrite crosscuts the A‐style veins and is  associated  with  muscovite‐illite  alteration  of  biotite.    The  quartz‐sericite  alteration  can  be  texturally  destructive  resulting  in  white  friable  quartz‐veined  and  pyrite  rich  rock.    Pyrite  is  observed  replacing  chalcopyrite and in some instances chalcopyrite remains only as inclusions within late stage pyrite grains.  Epithermal mineralization on the Tuligtic Property is considered to have no genetic relationship to the  porphyry alteration and mineralization described above.  The epithermal system is well preserved and  there is evidence of a paleosurface as steam heated kaolinite and replacement silica alteration occur at  higher  elevations  where  the  upper  part  of  the  Coyoltepec  pyroclastic  deposit  is  preserved  (Figure  6‐7  below looks toward Cerro Caolin with Relative positions of Altered Volcanics, Unconformity, Limestone  and the Main Ixtaca Vein Swarm).  The Upper Tamaulipas formation carbonates (limestone and shale units), the dykes that crosscut it and  the upper Coyoltepec volcanic subunit (variously referred to as volcanics, tuff or ash) are the host rocks  to the epithermal system at Ixtaca. The epithermal alteration occurs over a roughly 5 by 5 kilometre area  and  occurs  as  intense  kaolinite‐alunite  alteration  and  silicification  in  volcanic  rocks.  This  alteration  is  interpreted  to  represent  the  upper  portion  of  a  well  preserved  epithermal  system.  The  bulk  of  the  mineralisation occurs in the carbonate (limestone and shale) as colloform banded epithermal vein zones  (Figure 6‐8and Figure 6‐9). Unlike many epithermal vein systems in Mexico, the bulk of the veining in the  Ixtaca zone has low base metal contents and gold and silver occur as electrum and other sulphides. SEM  work has demonstrated that silver does not occur with galena or tetrahedrite in any significant way. In  the main limestone unit (80% of recoverable metal in the FS) the silver to gold ratio of the mineralisation  is roughly estimated to average ~65:1 while in the shale it is roughly estimated to be slightly higher at  ~75:1.  The veining of Ixtaca epithermal system displays characteristics representative of low and intermediate  sulphidation  deposits.    These  include  typical  mill  feed  and  gangue  mineralogy  (electrum  Ag‐sulphides,  sphalerite,  galena,  adularia,  quartz  and  carbonates),  mineralization  dominantly  in  open  space  veins  (colloform banding, cavity filling).    At  the  base  of  the  overlying  clay  altered  volcanics  disseminated  gold‐silver  mineralisation  occurs  in  association with pyrite and minor veining (Figure 6‐10).  Locally this mineralisation can be high grade but  largely associated with lower Ag:Au ratios roughly estimated to average 20:1.  To date two main vein orientations have been identified in the Ixtaca deposit:    060 trending sheeted veins hosted by limestone;   330 trending veins hosted by shale;  The bulk of the resource and over 80% of the mill feed is hosted by the limestone in the Main Ixtaca and  Ixtaca North zones as swarms of sheeted and anastomosing high grade banded epithermal veins. There is  no disseminated mineralisation within the host rock to the vein swarms, which is barren and unaltered  limestone. To the northeast of the limestone hosted mineralisation, the Chemalaco zone, a 330 striking  and west dipping vein zone hosted by shale, also forms part of the deeper resource.  Page 50                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐7  Looking  to  the  east  of  Cerro  Caolin  with  Relative  positions  of  Altered  Volcanics,  Unconformity, Limestone and the Main Ixtaca Vein Swarm  Page 51                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐8  Photo of Cerro Caolin of the Main Ixtaca Vein Swarm From North Looking to the South  Showing the Contact between the Clay Altered Volcanic and Limestone Units   Figure 6‐9  Example of Banded Veining of the Main Ixtaca Vein Swarm Zone of  Page 52                   Ixtaca ‐ S‐K 1300 Technical Report Summary  The Main Ixtaca and Ixtaca North vein swarms are spatially associated with two altered and mineralised  sub parallel ENE (060 degrees) trending, sub‐vertical to steeply north dipping dyke zones.  The Main Ixtaca  dyke zone is approximately 100m wide and consists of a series of 2m to over 20m true width dykes.  The  Ixtaca North dyke zone is narrower and comprises a steeply north‐dipping zone of two or three discrete  dykes ranging from 5 to 20m in width.   Individual  veins  and  veinlets  within  the  Main  Ixtaca  and  Ixtaca  North  vein  swarm  zones  cannot  be  separately  modelled.  Wireframes  were  created  that  constrain  the  higher  grade,  more  densely  veined  areas, however as the vein swarms are anastomosing and sheeted in nature, therefore these wireframes  include significant barren limestone material enclosed by veins within the vein swarm (See Figure 6‐11).  The Main and North zones have been defined over 650m and tested over 1000m strike length with high‐ grade  mineralization  intersected  to  depths  up  to  350m  vertically  from  surface.  In  2016  Almaden  conducted a drill program to test for additional veins to the north of the Ixtaca North Zone. This program  resulted in better definition of the Ixtaca North zone and was successfully demonstrated that limestone  mineralization remains open to the north and at depth.  The Chemalaco Zone dips moderately‐steeply at approximately 22 degrees to the WSW. The strike length  of  the  Chemalaco  Zone  has  been  extended  to  450m  with  high‐grade  mineralization  intersected  to  a  vertical  depth  of  550m,  or  approximately  700m  down‐dip.    An  additional  sub‐parallel  zone  has  been  defined underneath the Chemalaco Zone dipping 25 to 50 degrees to the WSW, intersected to a vertical  depth of 250m, approximately 400m down‐dip over a 250m strike length. The Chemalaco zone remains  open to depth and along strike to the northwest. Additional parallel veins further to the east have been  identified in core and the zone is remains open in this direction as well. In the Chemalaco zone, assays  indicate that, while mineralisation appears similar in core, higher silver grades occur in the upper portion  of the drilled area and higher gold grades occur at depth.  The  Main  Ixtaca,  Ixtaca  North  and  Chemalaco  vein  zones  are  largely  concealed  by  overlying  altered  volcanic rocks although the limestone and Main Ixtaca zone of veining does crop out on the west side of  Cerro Caolin, the hill under which the Main Ixtaca Zone occurs. The volcanics above the Main Ixtaca Zone  are intensely clay altered and locally silicified but barren of significant gold and silver at surface. The Cerro  Caolin  volcanic  hosted  clay  alteration  zone  extends  to  the  SE  roughly  one  kilometer  and  represents  a  significant drill target.  Page 53                         Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐10  Altered, Veined and Mineralised Volcanics  Studies of mineral assemblages in hand specimen, transmitted and reflected light microscopy and SEM  analyses have been carried out in order to construct a paragenetic sequence of mineral formation.  This  work  completed  by  Herrington  (2011)  and  Staffurth  (2012)  reveals  that  veining  occurs  in  three  main  stages.  The  first  stage  is  barren  calcite  veining.    This  is  followed  by  buff  brown  and  pink  colloform  carbonate and silicate veins containing abundant silver minerals and lower gold.  The third stage of veining  contains both gold and silver mineralization.  The dominant gold‐bearing mineral is electrum, with varying  Au:Ag ratios.  The majority of grains contain 40‐60wt (weight)  % gold but a few have down to 20wt%  (Staffurth, 2012).  Gold content occasionally varies within electrum grains, and some larger grains seem  to  be  composed  of  aggregates  of  several  smaller  grains  of  differing  composition  (Staffurth,  2012).   Electrum often appears to have been deposited with late galena‐clausthalite both of which are found as  inclusions or in fractures in pyrite.  It is also closely associated with silver minerals as well as sphalerite  and  alabandite.  Gold  is  also  present  in  uytenbogaardtite  (Ag3AuS2).    This  mineral  is  associated  with  electrum,  chalcopyrite,  galena,  alabandite,  silver  minerals,  and  quartz  in  stage  three  mineralization  (Herrington,  2011;  Staffurth,  2012).    Apart  from  electrum  and  uytenbogaardtite,  the  dominant  silver  bearing  minerals  are  polybasite  (‐pearceite)  minor  argentian  tetrahedrite  plus  acanthite‐naumannite,  pyrargyrite  and  stephanite.    They  are  associated  with  sulphides  or  are  isolated  in  gangue  minerals  (Staffurth, 2012).  6.3.1 Steam  Heated  Alteration,  Replacement  Silicification  and  Other  Surficial  Geothermal Manifestations at Ixtaca  One of the most striking features of the Ixtaca epithermal system is the kaolinite alteration, replacement  silicification, and sinter carapace that remains uneroded immediately above the Ixtaca Zone (Figure 6‐12).   This alteration has been identified over a roughly 5 x 5km area and is interpreted to represent the upper  levels of a preserved epithermal system.  All three alteration types have formed in the volcanic units.   Page 54                   Ixtaca ‐ S‐K 1300 Technical Report Summary  When  the  source  alkali‐  chloride  epithermal  fluids  boil,  along  with  water  vapour,  CO2  and  H2S  also  separate.  These gases rise and above the water table H2S condenses in the vadose zone forming H2SO4.   Near  surface  the  H2SO4  alters  volcanic  rocks  to  kaolinite  and  alunite  and  can  dissolve  volcanic  glass  (Hedenquist and Henley 1985b).  This process is interpreted to be responsible for the kaolinite alteration,  known as steam‐heated alteration in the economic geology literature (eg. White and Hedenquist, 1990).   The resulting silica laden fluid can transport and re precipitate silica at the water table in permeable host  rocks.  This mechanism can result in large tabular alteration features often referred to as a silica caps.   Since gold is not transported by the gases or sulphuric acid, the silica cap is usually devoid of gold and  silver, which is the case at Ixtaca (White and Hedenquist, 1990).  Sinter is diagnostic of modern epithermal systems where silica‐rich fluids emanate as hot springs at the  earth’s surface.  Sinters are the highest level manifestation of an epithermal system and consequently the  first feature to be removed by erosion.  Most epithermal gold‐silver deposits that have been recognized  show some degree of erosion and ancient sinters are typically poorly preserved in the geological record.  The presence of preserved steam heated and replacement silica alteration and sinter at Ixtaca is thus a  clear indication that the deposit has not been significantly affected by erosion.  At Ixtaca, the sinter facies  and replacement silicification, where preserved, are located within the altered volcanic units.  Large areas of steam heated alteration zone remain unexplored on the property and, like at the Ixtaca  deposit,  have  the  potential  to  overlie  epithermal  gold  silver  veins.  Perhaps  most  significantly  the  SE  volcanic hosted clay alteration zone extends for a kilometer to the southeast from Cerro Caolin.  Page 55               Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐11  The Vein System of the Ixtaca Main Zone , from Almaden , Jan 2019  Page 56             Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐12  Photo (2001) of Historic Clay Exploration Pits in Clay Altered Volcanic Rocks. Looking  to West. Photo Taken from near Section 10+300  Page 57                   Ixtaca ‐ S‐K 1300 Technical Report Summary  6.4 Deposit Types  The  principal  deposit‐type  of  interest  on  the  Tuligtic  Property  is  low‐  to  intermediate‐  sulphidation  epithermal gold‐silver mineralization (Figure 6‐13)  This style of mineralization is recognised at the Ixtaca  Zone but property scale high level epithermal alteration suggests that mineralization of this type can exist  elsewhere on the Project.  These deposits are described more fully below.  The Tertiary bodies intruding  the Tamaulipas Limestones and the tertiary volcanics, makes the Property also prospective for Porphyry  copper‐gold‐molybdenum (Cu‐Au‐Mo) and peripheral Pb‐Zn Skarn deposits.  6.4.1 Epithermal Gold‐Silver Deposits  Gold and silver deposits that form at shallow crustal depths (<1,500m) are interpreted to be controlled  principally by the tectonic setting and composition of the mineralizing hydrothermal fluids.  Three classes  of  epithermal  deposits  (high‐sulphidation,  low‐sulphidation)  are  recognized by the oxidation state of sulphur in the mineralogy, the form and style of mineralization, the  geometry and mineralogy of alteration zoning, and the mill feed composition (Hedenquist et al., 2000;  Hedenquist and White, 2005).  Overlapping characteristics and gradations between epithermal classes  may  occur  within  a  district  or  even  within  a  single  deposit.    The  appropriate  classification  of  a  newly  discovered epithermal prospect can have important implications to exploration (Table 6‐1).  intermediate‐sulphidation  and  Figure 6‐13  Schematic Cross‐section of an Epithermal Au‐Ag Deposit, from Hedenquist et al., 2000  High‐sulphidation  and  intermediate‐sulphidation  systems  are  most  commonly  hosted  by  subduction‐ related  andesite‐dacite  volcanic  arc  rocks,  which  are  dominantly  calc‐alkaline  in  composition.    Low‐ sulphidation  systems  are  more  restricted,  generally  to  rift‐related  bimodal  (basalt,  rhyolite)  or  alkalic  volcanic sequences.  The gangue mineralogy, metal contents and fluid inclusion studies indicate that near  neutral pH hydrothermal fluids with low to moderate salinities form low‐ and intermediate‐sulphidation  class deposits whereas high‐sulphidation deposits are related to more acidic fluids with variable low to  high  salinities.    Low‐  and  intermediate‐sulphidation  deposits  are  typically  more  vein‐style  while  high‐ Page 58                   Ixtaca ‐ S‐K 1300 Technical Report Summary  sulphidation  deposits  commonly  consist  primarily  of  replacement  and  disseminated  styles  of  mineralization  with  subordinate  veining.    The  characteristics  of  silver‐gold  mineralization  in  the  Ixtaca  Zone include banded, colloform and brecciated carbonate‐quartz veining including locally abundant Mn‐ carbonate and rhodochrosite indicate that this is primarily a low to intermediate‐sulphidation epithermal  district (Figure 6‐14).   Several  of  the  larger  examples  of  this  deposit  type  occur  in  Mexico  and  include  the  prolific  historic  epithermal districts of Pachuca, Guanajuato and Fresnillo. Nevertheless these districts are base metal rich  while Ixtaca is a precious metals deposit.  Figure 6‐14  Photos  of  Epithernal  Veining  from  Ixtaca,  Hishikari  Japan  and  Well  Scale  from  the  Active Geothermal System, Broadlands Ohaaki, New Zealand   Page 59                   Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 6‐1  Classification of Epithermal Deposits  Low‐Sulphidation  Intermediate‐Sulphidation  High‐Sulphidation  Metal Budget  Au‐ Ag, often sulphide poor  Ag ‐ Au +/‐ Pb ‐ Zn; typically sulphide  rich  Cu  ‐  Au  ‐  Ag;  locally  sulphide‐ rich  Host Lithology  bimodal  sequences  basalt‐rhyolite  andesite‐dacite;  district  intrusion  centred  andesite‐dacite;  centred district  intrusion  Tectonic Setting  rift (extensional)  arc (subduction)  arc  Form and Style of  Alteration/  Mineralization  vein  arrays;  open  space  veins  dominant;  disseminated  and  replacement  mill  feed  minor  stockwork  mill  feed  common;  overlying  common;  sinter  bonanza zones common  Alteration Zoning  mill  (argillic);  and  feed  with  quartz‐illite‐ barren  adularia  propylitic  silicification  (quartz‐chlorite‐calcite  +/‐  epidote)  zones;  vein  selvedges  are commonly narrow  chalcedony  and  opal  common;  laminated  colloform‐ crustiform;  breccia;  bladed  calcite (evidence for boiling)  low  salinity,  near  neutral  pH,  high  gas  content  (CO2,  H2S);  mainly meteoric  Vein Textures  Hydrothermal  Fluids  Examples  feed  disseminated  space  veins  vein  arrays;  open  and  dominant;  feed  minor;  replacement  mill  stockwork  mill  common;  productive veins may be km‐long, up  to 800m in vertical extent  mill  feed  with  sericite‐illite  (argillic‐ sericitic); deep base metal‐rich (Pb‐Zn  +/‐  Cu)  zone  common;  may  be  spatially  associated  with  HS  and  Cu  porphyry deposits  chalcedony  and  opal  uncommon;  laminated  colloform‐crustiform  and  massive  common;  breccias;  local  carbonate‐rich,  quartz‐poor  veins;  rhodochrosite  common,  especially  with elevated base metals  moderate salinities; near neutral pH  veins  locally  subordinate,  dominant;  disseminated  and  feed  replacement  common;  stockwork  mill  feed  minor.  mill  overlying  common;  mill  feed  in  silicic  core  (vuggy  flanked  by  quartz‐ quartz)  (advanced  alunite‐kaolinite  barren  argillic);  lithocap  Cu‐rich  zones (enargite) common  chalcedony  uncommon;  colloform‐crustiform  uncommon;  breccia  rhodochrosite uncommon  opal  laminated  veins  veins;  and  low  to  high  salinities;  acidic;  strong magmatic component?  Pierina Peru; Summitville CO  McLaughlin,  CA;  Sleeper  and  Midas,  NV;  El  Penon,  Chile;  Hishikari, Japan  Peru;  Arcata  Comstock  NV;  Romania  Fresnillo  Mexico;  Rosia  Montana  *Altered after Taylor, 2007  The  low‐  and  intermediate‐sulphidation  epithermal  gold‐silver  deposits  are  generally  characterised  by  open  space  fill  and  quartz‐carbonate  veining,  stockworks  and  breccias  associated  with  gold  and  silver  often  in  the  form  of  electrum,  argentite  and  pyrite  with  lesser  and  variable  amounts  of  sphalerite,  chalcopyrite,  galena,  rare  tetrahedrite  and  sulphosalt  minerals,  which  form  in  high‐level  (epizonal)  to  near‐surface environments.  The epithermal veins form when carbonate minerals and quartz precipitate from a cooling and boiling  alkali‐chloride fluid.  Alkali‐chloride geothermal fluids are formed from magmatic gases and convecting  groundwater and are near neutral in composition.  These fluids convect in the upper crust perhaps over a  10km deep vertical interval and can transport gold, silver and other metals.  At roughly 2km depth, these  fluids  begin  to  boil,  releasing  CO2  and  H2S  (carbon‐dioxide  and  hydrogen‐sulphide).    Both  these  now  separated gases form separate fluids, each forming alteration zones with distinct mineralogy (Hedenquist  et al., 2000).  Above the water table H2S condenses in the vadose zone to form a low pH H2SO4 (hydrogen‐sulphate)  dominant acid sulphate fluid (Hedenquist and White, 1990).  These fluids can result in widespread tabular  Page 60                   Ixtaca ‐ S‐K 1300 Technical Report Summary  steam‐heated alteration zones dominated by fine grained and friable kaolinite and alunite.  Steam‐heated  waters collect at the water table and create aquifer‐controlled strataform blankets of dense silicification  known as silica caps (Shoenet al., 1974; Hedenquist et al., 2000).  Since gold is not transported by the  gases or sulphuric acid, the silica cap and overlying kaolinite alteration is usually devoid of gold and silver  (Hedenquist et al. 2000).  Bicarbonate  fluids  are  the  result  of  the  condensation  of  CO2  in  meteoric  water.    These  fluids  are  also  barren  of  gold  and  silver  and  generally  form  carbonate  dominated  alteration  on  the  margins  of  the  geothermal cell.  As the source alkali chloride fluids boil and cool quartz and carbonate deposit in the fractures along which  the fluids are ascending to form banded carbonate‐quartz veins.  Gold and silver present within the fluid  also  precipitate  in  response  to  the  boiling  of  the  fluid.    Potassium‐feldspar  adularia  is  also  a  common  mineral that deposits in the veins in response to boiling.  As carbonate and quartz precipitates individual  fractures can be sealed and the boiling fluid must then find another weak feature to continue rising.  Gases  which accumulate beneath the sealed fracture causes the pressure to increase until the seal is broken.   This results in a substantial change in pressure, which propagates catastrophic boiling in turn causing gold,  bladed  calcite,  and  amorphous  silica  to  precipitate  rapidly.    Once  the  fluids  return  to  equilibrium  the  quartz crystals again precipitate under passive conditions and seal the vein again until the process recurs.   This episodic sealing and fracturing results in the banded textures common in these vein systems.  Mill feed zones are typically localized in structures, but may occur in permeable lithologies. Upward‐flaring  mill feed zones centred on structurally controlled hydrothermal conduits are typical. Large (bigger than  1m wide and hundreds of metres in strike length) to small veins and stockworks are common with lesser  disseminations  and  replacements.    Vein  systems  can  be  laterally  extensive  but  mill  feed  shoots  have  relatively restricted vertical extent.  High‐grade ores are commonly found in dilational zones in faults at  flexures, splays and in stockworks.  These deposits form in both subaerial, predominantly felsic, volcanic fields in extensional and strike‐slip  structural regimes and island arc or continental andesitic stratovolcanoes above active subduction zones.  Near‐surface  hydrothermal  systems,  ranging  from  hot  spring  at  surface  to  deeper,  structurally  and  permeability focused fluid flow zones are the sites of mineralization.  The mill feed fluids are relatively  dilute and cool solutions that are mixtures of magmatic and meteoric fluids.  Mineral deposition takes  place as the solutions undergo cooling and degassing by fluid mixing, boiling and decompression.  6.4.2 The Ixtaca Zone Epithermal System  The epithermal veining at the Ixtaca deposit occurs largely as vein swarms in the host carbonate rocks.  Veins also occur in the overlying altered volcanics but the volcanic mineralisation is largely disseminated  in nature. Fluid flow is interpreted to have been restricted to fractures in the basement carbonate units,  forming veins. In the more permeable volcanic units above fluids appear to have dispersed forming lower  grade mineralisation associated with disseminated pyrite ( Figure 6‐13).  The bulk of the epithermal veining in the Ixtaca deposit occurs as subparallel branching veins and veinlets  and local stockworks called vein swarms (Figure 6‐15). This is common for epithermal vein systems that  occur in brittle lithologies like the limestone host rock at Ixtaca. Similar vein swarms occur and have been  Page 61                       mined in several epithermal systems worldwide including Waihi New Zealand, McLauphlin and Mesquite  California (Sillitoe, 1993).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 6‐15  Selected styles and geometry of epithermal deposits illustrating the structural setting  of the limestone hosted veining at Ixtaca, a vein swarm and local stockwork. Taken  from Sillitoe (1993).  Page 62                 Ixtaca ‐ S‐K 1300 Technical Report Summary  6.4.3 Porphyry Copper‐Gold‐Molybdenum and Lead‐Zinc Skarn Deposits  In Porphyry Cu‐Au‐Mo deposit types, stockworks of quartz veinlets, quartz veins, closely spaced fractures,  and breccias containing pyrite and chalcopyrite with lesser molybdenite, bornite and magnetite occur in  large  zones  of  economically  bulk‐mineable  mineralization  in  or  adjoining  porphyritic  intrusions  and  related breccia bodies.  Disseminated sulphide minerals are present, generally in subordinate amounts.   The mineralization is spatially, temporally and genetically associated with hydrothermal alteration of the  host rock intrusions and wall rocks.  These deposit types are commonly found in orogenic belts at convergent plate boundaries, commonly  linked to subduction‐related magmatism.  They also occur in association with emplacement of high‐level  stocks  during  extensional  tectonism  related  to  strike‐slip  faulting  and  back‐arc  spreading  following  continent margin accretion (Panteleyev, 1995).  Many Au skarns are related to plutons formed during oceanic plate subduction, and there is a worldwide  spatial, temporal and genetic association between porphyry Cu provinces and calcic Au skarns.  The Au  skarns  are  divided  into  two  types.    Pyroxene‐rich  Au  skarns  tend  to  be  hosted  by  siltstone‐dominant  packages and form in hydrothermal systems that are sulphur‐rich and relatively reduced.  Garnet‐rich Au  skarns tend to be hosted by carbonate‐dominant packages and develop in more oxidizing and/or more  sulphur‐poor  hydrothermal  systems.    The  gold  is  commonly  present  as  micron‐sized  inclusions  in  sulphides, or at sulphide grain boundaries.  To the naked eye, mill feed is generally indistinguishable from  waste rock.  Due to the poor correlation between Au and Cu in some Au skarns, the economic potential  of  a  prospect  can  be  overlooked  if  Cu‐sulphide‐rich  outcrops  are  preferentially  sampled  and  other  sulphide‐bearing or sulphide‐lean assemblages are ignored (Ray, 1998).  Page 63                   Ixtaca ‐ S‐K 1300 Technical Report Summary  7.0 Exploration  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019. Between 2004 and 2017, Almaden’s exploration at the  Tuligtic Property has included ASTER satellite hydroxyl alteration studies, surface lithology and alteration  mapping,  rock  and  soil  geochemical  sampling,  ground  magnetics,  IP  and  resistivity,  Controlled  Source  Audio‐frequency Magnetotelluric (CSAMT), and Controlled Source Induced Polarization (CSIP) geophysical  surveys.  The work to date has resulted in the identification of eight anomalous areas: the Ixtaca, SE Clay  Alteration, Tano, Ixtaca East, Caleva, Azul West, Azul and Sol zones (Figure 6‐3 and Figure 7‐2, Figure 7‐3).   Detailed exploration results for the Tuligtic Property have been disclosed in a previous Technical Report  for the Tuligtic Property by Raffle et al. (2013) and are summarized below.  7.1 Surface Exploration Work  7.1.1 Rock Geochemistry  B Between 2004 and 2017 a total of 654 rock geochemical samples have been collected on the Property  over a 6 x 6km area (Figure 7‐2).  Rock sampling, guided by concurrent soil geochemical surveys, has been  concentrated around the Ixtaca Zone and an area extending 4km to the NNE over the copper porphyry  target  located  between  the  Caleva  and  Azul  zone  soil  geochemical  anomalies  (Figure  6‐3,  Figure  7‐2,   Figure 7‐3).  Rock  grab  samples  collected  by  Almaden  are  from  both  representative  and  apparently  mineralized  lithologies  in  outcrop,  talus  and  transported  boulders  within  creeks  throughout  the  Property.    Rock  samples ranging from 0.5 to 2.5 kilograms (kg) in weight and are placed in uniquely labelled poly samples  bags and their locations are recorded using handheld GPS accurate to plus or minus 5m accuracy.  Of the 654 rock grab samples collected, a total of 53 samples returned assays of greater than 100 parts‐ per‐billion (ppb) gold (Au), and up to 6.14 grams‐per‐tonne (g/t) Au.  A total of 52 rock samples returned  assays of greater than 10g/t silver (Ag) and up to 600g/t Ag.   Gold and silver mineralization occurs within the Ixtaca Zone, and is associated with anomalous arsenic,  mercury (± antimony).  To the northeast of the Ixtaca Zone zinc, copper and locally anomalous gold, silver  and lead (± arsenic) values occur in association with calc‐silicate skarn and altered intrusive rocks.  Basement  carbonate  units,  altered  intrusive,  and  locally  calc‐silicate  skarn  mineralization  occur  as  erosional windows beneath altered and locally mineralised volcanic.  Surface mineralization at the Ixtaca  Zone occurs as limestone boulders containing quartz vein fragments and high level epithermal alteration  within overlying volcanic rocks as well several small outcrops of epithermal veined limestone.  Epithermal  alteration  and  mineralization  is  observed  overprinting  earlier  skarn  and  porphyry  style  alteration  and  mineralization.  Numerous small skarn‐related showings exist at the north end Project.  Near the Caleva  soil  anomaly,  a  small  (200  x  100m)skarn  zone  hosts  sphalerite,  galena  and  chalcopyrite  quartz  vein  stockwork mineralization along the contact zone between limestone and altered and mineralized intrusive  rocks to the east.    Page 64                     Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐1  Rock Sample Gold Anomalies and Target Areas  7.1.2 Soil and Stream Sediment Geochemistry  The collection of 4,760 soil samples by Almaden between 2005 and 2011 resulted in the identification of  eight anomalous areas: the Ixtaca, SE Clay Alteration Zone, Tano, Ixtaca East, Tano, Caleva, Azul West,  Azul  and  Sol  zones  (Figure  6‐3).  During  2013,  an  additional  1,035  soil  samples  have  been  collected  to  extend soil grid lines to the west and locally infill existing grid lines, for a total of 5,795 soil samples.   Samples have been collected at 50m intervals along a series of 200m spaced east‐west oriented lines.   Infill lines spaced at 100m have been completed over gold and silver anomalies at the Caleva and Ixtaca  East zones, and The Tano Zone roughly 2.5km west of the Ixtaca Zone.  Subsequently, detailed 50m x 50m  grid sampling of the Ixtaca Zone and select grid infill of the Azul and Sol zones was completed.  Soil samples  are collected by hand from a small hole dug with a non‐metallic pick or hoe.  The sample depth is typically  10cm, or at least deep enough to be below the interpreted surficial organic layer.  Sample bags are labelled  with a unique sample number.  Based on the distribution of soil geochemical anomalies and the mapped geology it is apparent that the  locally occurring thin (<2 m) thick overlying and unconsolidated post mineral volcanics and soil deposits  Page 65                   Ixtaca ‐ S‐K 1300 Technical Report Summary  obscure rock geochemical anomalies from the underlying epithermal system. Significant and anomalous  precious metal in soils occur where this unit has been eroded away and volcanic and carbonate hosted  mineralisation occurs at surface. Anomalous thresholds (greater than the 95th percentile) for gold and  silver  are  calculated  to  be  17.1ppb  Au  and  0.59ppm  Ag,  respectively.    A  total  of  288  samples  contain  anomalous Au, including 141 samples with coincident Ag anomalies.  The Ixtaca Zone drainage area produces the largest Au and Ag response within the Tuligtic Property (Figure  7‐2, Figure 7‐3).  Base metals do not correlate significantly with the Ixtaca Zone, and epithermal trace  metal suite elements anomalies occur peripherally within altered volcanic rocks.   Roughly 2 km to the southwest at approximately 240 degrees, along strike from the Ixtaca deposit is the  Tano zone of high gold and silver in soil where there has been a limited number of exploration holes drilled  (highest  gold  intercept  of  1.00  meters  of  27.50  g/t  gold  and  57.7  g/t  silver  in  hole  TU‐18‐541).  In  the  intervening 2 kilometers between the Tano Zone and Ixtaca deposit soils were not significantly anomalous  but this is an area covered in post mineral material.  Similarly, along strike at 060 azimuth, roughly 2 km to the northeast the Ixtaca deposit, is the Ixtaca East  zone of clay alteration and high gold in soil. Two drainages from this area returned high gold in silt, 700  and 900 ppb respectively.  Base metals correlate well with Au‐Ag at the Caleva, Azul, and Sol zones to such an extent they are best  termed Cu‐Zn (Au‐Ag) anomalies.  (Figure 6‐3, Figure 7‐2. Figure 7‐3).  Significant high level epithermal  suite trace element soil anomalies occur from Cerro Caolin (immediately above the Main Ixtaca Zone) to  over a kilometer to the southeast in an area of outcropping clay altered volcanic. This anomaly and clay  alteration defines the SE Alteration zone.  Page 66                       Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐2  Exploration  Overview  Showing  Gold  in  Soil  Anomalies  and  Extent  of  Geophysical  Surveys  Page 67               Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐3  Gold in Soil Anomalies, ASTER Satellite Hydroxyl responses and Target Areas  7.1.3 Ground Geophysics  7.1.3.1 Magnetics  During  2010,  Almaden  completed  an  84  line‐km  ground  magnetic  survey  over  a  4km  by  4.5km  area  covering the copper porphyry target area north of the Ixtaca Zone (Figure 7‐2).  The survey comprised a  series of 200m spaced east‐west oriented lines with magnetic readings collected at 12.5m intervals along  each line.  The survey identified a broad poorly defined, approximately 100 nano‐Tesla (nT) magnetic high anomaly  that corresponds in part with mapped altered quartz‐monzonite porphyry rocks.  Numerous, 30 to 50nT  short strike length NNW trending linear magnetic high anomalies parallel the regional structural grain,  and  the  strike  of  bedding  within  Upper  Tamaulipas  formation  calcareous  rocks  suggesting  structural  and/or lithologic control of magnetic anomalies.  Page 68                   Ixtaca ‐ S‐K 1300 Technical Report Summary  7.1.3.2 Induced Polarization/Resistivity  Concurrent with 2010 ground magnetic surveys, Almaden completed 108 line‐km of 100m “a” spacing  pole‐dipole induced polarization (IP) / resistivity geophysical surveys over the project area.  The survey  employed a series of overlapping east‐west and north‐south oriented lines spaced at intervals of 100m.   Additional N‐S lines were surveyed in 2016 between the eastern edge of the Ixtaca zone and the Tano  zone totalling 13 line‐km.  Resistivity  anomalies  appear  to  be  controlled  largely  by  the  distribution  of  more  resistive  basement  carbonate lithologies.  Resistivity low (conductive) anomalies are common along local topographic high  ridges  and  plateaus  where  significant  thicknesses  of  more  conductive  altered  volcanic  rocks  remain.  Nevertheless the discovery drillhole  TU‐10‐001, targeted a coincident chargeability and resistivity high  interpreted to represent epithermal veining beneath the barren clay alteration of Cerro Caolin. The Main  Ixtaca vein zone was intersected where this anomaly occurs. Many similar resistivity and  chargeability  highs were detected in the IP survey and require drill testing.  Figure 7‐4  IP  Chargeability  and  Resistivity  Section  Showing  Soil  Results  and  Targets.  The  red  target was drill tested with hole TU‐10‐001 and resulted in the Discovery of the Main  Ixtaca Vein Swarm Zone  The survey also defines a 1,000 x 200m north‐northwest trending 20 to 30mV/V chargeability anomaly  coincident with mapped calc‐silicate skarn mineralization and the Caleva Zone soil geochemical anomaly  (Figure 7‐4).  While poorly constrained by a single north‐south oriented survey line, the anomaly extends  a further 1 km north over the porphyry copper anomaly area.  Partial survey coverage of the Ixtaca East  Page 69                   Ixtaca ‐ S‐K 1300 Technical Report Summary  Zone multi‐element soil geochemical anomaly defines a 700 x 500m elliptical 7 to 15mV/V chargeability  anomaly along its western margin.  7.1.3.3 CSAMT/CSIP  During  2011,  Zonge  International  Inc.  on  behalf  of  Almaden  completed  a  Controlled  Source  Audio‐ frequency Magnetotelluric (CSAMT) and Controlled Source Induce Polarization (CSIP) geophysical survey  at the Tuligtic Property over a 6 by 4km area (Figure 7‐2).  The survey totalled 48.5 line‐km, including six lines oriented N‐S (N16E azimuth, CSAMT and CSIP), and  eight perpendicular E‐W oriented lines (N104E azimuth, CSAMT only).  Survey line spacing varied from  170 to 550m utilizing an array of six 25m dipoles.    2‐D (N‐S Line) smooth‐model resistivity data defines a NW trending resistivity anomaly west of the Ixtaca  Main Zone, and an E‐W trending resistivity anomaly through the Ixtaca Zone.  The NW trending anomaly  passes through drill sections 10+200E to 10+400E, and may reflect limestone rocks on the west limb of an  east‐verging antiform.  A similar NW trending conductive anomaly immediately to the east may represent  calcareous shale rocks within the core of the antiform. The significance of the E‐W trending anomaly is  not known given the context of the current geologic model.    2‐D (E‐W Line) smooth‐model resistivity data shows a strong resistivity anomaly associated with the core  of  the  Ixtaca  Main  Zone,  and  surface  outcropping  limestone.    To  the  northeast,  a  resistivity  anomaly  coincident with the Chemalaco Zone may reflect complex structural geology patterns and the relatively  resistive limestone and Chemalaco Dyke lithologies.  A number of subvertical resistivity and conductivity anomalies are evident in the 1‐D and 2‐D inversions.  These  anomalies  likely  represent  structures  that  could  also  host  veins.  Further  review  of  this  data  is  planned in order to better define drill targets based on this survey.  7.1.4 Exploration Potential  The Ixtaca deposit occurs within a large zone of high level epithermal alteration hosted by volcanic rocks,  the distribution of which is readily defined by ASTER satellite hydroxyl responses (Figure 7‐3). The Ixtaca  deposit was found in 2010 with hole TU‐10‐001, which was designed to test a coincident high gold and  silver  in  soil  anomaly  along  with  a  high  chargeability/high  resistivity  induced  polarisation  response  occurring underneath a portion of the high level epithermal volcanic hosted clay alteration zone (Cerro  Caolin).  This  hole  intersected  the  core  of  the  Main  Ixtaca  vein  swarm.  Subsequent  drilling  since  2010  focussed on developing and upgrading confidence of a resource immediately adjacent to this discovery,  as well as holes required for engineering and hydrologic purposes. During this timeframe the Company  focussed on this resource and development work which has meant that many of the epithermal targets  have not yet been tested by drilling.  Page 70                       Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐5  Exploration Targets on the Tuligtic Project  The known vein zones remain open in several directions. A drill program in 2016 was focussed on testing  veins to the north of the Ixtaca North vein swarm and successfully identified several new zones of veining  in this direction, suggesting that the potential for further veins to the north exists. To the south additional  drilling is required to fully define the extent of the Main Ixtaca vein swarm beyond the known extents of  which there is significant alteration at surface in the overlying volcanic. At depth the Chemalaco Zone  remains open as it does along strike to the north.  The  history  of  exploration  at  Cerro  Caolin  shows  that  the  clay  altered  volcanics  overlie  significant  epithermal vein deposits in this area. The alteration from Cerro Caolin extends to the south and southeast  over a kilometer from Cerro Caolin. This area is highly anomalous in epithermal trace elements and is a  high priority drill target for concealed epithermal veins.  Page 71                   Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐6  ASTER Satellite Hydroxyl (Clay) responses Outlining Clay Altered Volanics  To the west and southwest mapping and geochemistry is hampered by the thin layer of unconsolidated  post  mineral  volcanic  cover.  Nevertheless,  gold  in  soil  geochemistry  and  hydroxyl  responses  have  highlighted the Tano zone, located roughly 2 km along the strike extent of the Ixtaca vein system to the  southwest (240/060 Azimuth) in a window of exposure beneath the post mineral cover. While the limited  drilling to date at the Tano zone has identified veining and gold silver mineralisation (26.00 meters of 1.93  g/t gold and 3.37 g/t silver including 1.00 meters of 27.50 g/t gold and 57.70 g/t Au in hole TU‐18‐541)  this work clearly indicates that the system persists to the southwest beyond the Ixtaca zone and highlights  Page 72                 Ixtaca ‐ S‐K 1300 Technical Report Summary  this approximately 2 km distance as prospective for concealed veins beneath cover (Figure 7‐5 and Figure  7‐6).  Similarly to the Northeast, roughly 2 km at 060 along strike from the Ixtaca deposit, a zone of alteration  and gold in soils has been identified and named the Ixtaca East zone. Significant gold in stream sediments  have  been  returned  from  drainages  of  this  area  (700  and  900  ppb  gold  respectively)  and  indicate  the  potential for the epithermal to extend into this area.  The Ixtaca vein deposit was discovered beneath barren alteration. Much of the property is either covered  by this alteration or thin post mineral cover. The Ixtaca vein deposit is an epithermal low sulphidation vein  system  that  manifests  itself  as  vein  swarms  in  the  brittle  carbonate  host  rocks  and  disseminated  mineralisation in the more permeable volcanic rocks that overly the carbonates. At the Waihi deposit in  New Zealand, an epithermal system that formed under similar geochemical conditions with similar vein  textures, new discoveries have been made over more than 100 years of exploration history. Some of the  most recent discoveries at Waihi, including the Favona vein system, do not have surface manifestations  (Figure  7‐7  and  Figure  7‐8).  The  clay  alteration  footprint  at  Ixtaca  clearly  indicates  the  potential  for  additional concealed veins at Ixtaca.  Source: Christie, T and Barker, M (2015) Exploration for epithermal gold deposits in New Zealand. PACRIM  Conference Proceedings, 2015.  Figure 7‐7  Overview Photo of the Waihi Vein Deposit New Zealand. Historic Martha Pit on vein  swarm  in  foreground.  Surface  projections  of  the  concealed  and  more  recently  discovered Favona and Correnso veins also shown.  Page 73                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Source: Christie, T and Barker, M (2015) Exploration for epithermal gold deposits in New Zealand. PACRIM  Conference Proceedings, 2015.  Figure 7‐8  Cross  Section  of  the  Favona  Vein  Swarm  and  System,  Waihi  Deposit  New  Zealand  showing the concealed nature of the deposit  Based on the data gathered to date from the drilling and the Ixtaca deposit, and taken in the context of  how  epithermal  systems  manifest  worldwide,  an  exploration  model  for  further  exploration  has  been  developed by Almaden and is presented in Figure 7‐9.  Page 74                 Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐9  Model for Further Exploration at the Tuligtic Project.  From Almaden, Jan 2019  Page 75                      Ixtaca ‐ S‐K 1300 Technical Report Summary  7.2 Drilling  The  purpose  of  the  2018  Technical  Report  is  to  provide  a  technical  summary  and  updated  mineral  Resource Estimate with respect to the Ixtaca Deposit in relation to diamond drilling completed subsequent  to the November 13, 2012 cut‐off date of the maiden mineral  Resource  Estimate (Raffle  et al., 2013).   Since 2010, a total of 590 diamond drillholes have been drilled at the Tuligtic Property, totalling  192,121  m (not including 54 geotechnical holes) (Figure 7‐11).  Drilling progress since 2010 is summarized below  (Table 7‐1).  The Main Ixtaca Zone of mineralization has been defined as a sub‐vertical body trending northeast over a  650m strike  length (Figure 7‐11).   The Ixtaca North  Zone has  been further defined over a 400m strike  length as two discrete parallel sub‐zones having a true‐thickness of 5 to 35m, and spaced 20 to 70m apart  (Figure 7‐13).  The Chemalaco Zone (Figure 7‐11, Figure 7‐14) is moderate to steeply WSW dipping that  has been defined over a 450m strike length with high‐grade mineralization intersected to a vertical depth  of 600m or approximately 700m down‐dip.  Table 7-1 Tuligtic Property Drilling Summary 2010-2016 Main Ixtaca Zone  Ixtaca North Zone  Chemalaco Zone  Year  Holes Drilled  (total m)  2010  14  (6,465m)  2011  85 (30,644m)   2012*   131 (46,237m;  *includes 5  holes 1,375m at  Tano Zone  outside  resource area)  2013**  198 (55,467m)  ‐ ‐ ‐ ‐ ‐ ‐ Discovered  as  sub‐vertical  body  trending  defined  NE  400m  over  strike  Defined  over  600m strike   Defined  over  650m strike  High‐grade  mineralization  intersected  to  300m  Tested  over  1,000m strike  High‐grade  mineralization  intersected  to  300m  2014  40  (13,967m;  *includes 3  holes 1,359m at  Azul Zone  ‐ Metallurgical  holes  test  twinning  existing holes  ‐ ‐ ‐ ‐ ‐ ‐ as  Discovered  parallel  sub‐ vertical  zone  to  Ixtaca Main  over  Defined  400m strike  High‐grade  mineralization  intersected  300m  to  as  distinct  Delineated  two  parallel zones  High‐grade  mineralization  intersected  32m  to  testing  Exploration  holes  mineralization  outside  and  at  depth  below  PEA pit  ‐ ‐ ‐ ‐ ‐ 550m  Discovered  as  a  WSW  moderate‐steeply  dipping  body,  defined  strike,  350m  over  trending  approximately  N‐S  High‐grade  mineralization  intersected  to  (600m down‐dip)  Defined over 450m strike  as  splayed  body  dipping  55  degrees  WSW  with  overall down‐dip 700m  Splayed subzone dips  25‐ 50 degrees, defined over  250m strike, 400m down‐ dip  Exploration  holes  testing  mineralization  outside  and  at  depth  below  PEA  pit  ‐ Metallurgical  test  holes  twinning existing holes  Page 76                       Year  Holes Drilled  (total m)  outside  resource area)  2015  12  (3,161m)  2016  34   (11,004m;  *includes 1 hole  490m at Tano  Zone outside  resource area)  2017  56   (18,756m)  2018  20   (6420m)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Main Ixtaca Zone  Ixtaca North Zone  Chemalaco Zone  ‐ ‐ ‐ ‐ Exploration  holes  testing  mineralization  outside and at  depth  below  PEA pit  Further  delineation  and expansion  of  the  Main  Zone  Further  delineation  and expansion  of  the  Main  Zone  ‐ ‐ ‐ ‐ ‐ Exploration  holes  testing  mineralization  outside  and  at  depth  below  PEA  pit  Further  delineation  and  expansion  the  of  Chemalaco Zone  Further  delineation  and  expansion  the  of  Chemalaco  Zone  Further  delineation  and  expansion  of  the North Zone  Further  delineation  and  expansion  of  the North Zone  ‐ ‐ ‐ *All holes drilled up to November 12, 2012 Maiden Mineral Resource Estimate Cut-off **All holes drilled subsequent to November 12, 2012 Cut-off, and all 2013 drilled holes In July 2010 Almaden initiated a preliminary diamond drilling program to test epithermal alteration within  the  Tuligtic  Property,  resulting  in  the  discovery  of  the  Main  Ixtaca  Zone.    The  first  hole,  TU‐10‐001,  intersected  302.42m  of  1.01g/t  Au  and  48g/t  Ag  and  multiple  high  grade  intervals  including  1.67m  of  60.7g/t Au and 2,122g/t Ag (Figure 7‐10).  Almaden drilled 14 holes totalling 6,465m during 2010, defined  the Main Ixtaca Zone over a 400m strike length, and initiated drilling along 50m NNW oriented sections.   During 2011, Almaden drilled an additional 85 holes totalling 30,644m, which resulted in the discovery of  the Ixtaca North Zone and testing of the Main Ixtaca Zone over a 600m strike length on 50m sections.   Almaden discovered the Chemalaco Zone in early 2012 and continued drilling of the Ixtaca North and Main  Ixtaca zones.  Almaden drilled 131 holes totalling 46,237m on the Property from the beginning of 2012  until the November 13, 2012 maiden mineral Resource Estimate cut‐off, for a total of 83,346m in 230  drillholes.    Page 77                         Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐10  100 Azimuth Section (Looking East) Showing the Assay Results of Discovery hole TU‐ 10‐001 which intersected the Main Ixtaca Zone Vein Swarm.  From Almaden, Jan 2019  During 2013 and subsequent to the November 13, 2012 cut‐off of the maiden mineral Resource Estimate,  Almaden drilled 198 holes totalling 55,467m (428 holes in  total  up  to the end of 2013  comprising the  Resource Estimate of Raffle and Giroux, 2014).  A total of 79 holes have been drilled at the Main Ixtaca  Zone, 40 holes at the Ixtaca North Zone and 79 holes at the Chemalaco Zone.  Drilling during 2013 focused  on expanding the deposit and upgrading resources previously categorized as Inferred to higher confidence  Measured and Indicated categories.  Drilling  during  2014  through  2016  comprised  116  additional  drill  holes  totalling  37,969m  (including  3  exploration drill holes at the (Casa) Azul Zone and 1 at the Tano Zone;  (Figure 7‐2).  Of the holes drilled  within the Ixtaca Deposit during 2014, 2015, and 2016, 31 were geotechnical holes. During 2016 a total of  63 holes totalling 20,352m further delineated and expanded the Main and North Zone mineralization. The  remainder  were  exploration  holes  testing  mineralized  zones  at  depth  below  the  pit  described  in  this  report.  Drilling  at  the  Casa  Azul  zone  returned  intersected  porphyritic  intrusive  and  limestone‐skarn  mineralization returning locally elevated zinc, copper and silver values.  Drilling  during  2017  through  2018  comprised  76  additional  drill  holes  totalling  25,176m.    Of  the  holes  drilled within the Ixtaca Deposit during 2017 and 2018, 4 were metallurgical holes that twinned existing  holes and 11 were geotechnical holes.  During 2017 and 2018 a total of 21 additional holes were drilled in  the Main Ixtaca zone, 18 in the Ixtaca North zone, and 5 additional holes in the Chemalaco Zone.  The  remainder were exploration holes drilled at surface in the surrounding areas.    Page 78                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Of the 590 holes to date, approximately 236 holes have been completed on the Main Ixtaca Zone, 169 at  the Ixtaca North Zone, and 148 at the Chemalaco Zone (Figure 7‐11).  The diamond drillholes range from  a minimum length of 26.82m to a maximum of 701m, and average 320m. All drilling completed at the  Ixtaca Zone has been diamond core of NQ2 size (5.08 cm diameter).  Drilling has been performed using  four diamond drills owned and operated by Almaden via its wholly owned operating subsidiary Minera  Gavilán, S.A. de C.V.  The 2010 through 2018 diamond drill programs have been completed under the  supervision of Almaden personnel.  Drillhole collars have been spotted using a handheld GPS and compass,  and subsequently have been surveyed using a differentially corrected GPS.  Each of the holes is marked  with a small cement cairn inscribed with the drillhole number and drilling direction.    Drillholes  have  been  surveyed  down  hole  using  Reflex  EZ‐Shot  or  EX‐Trac  instruments  following  completion of each hole.  Down hole survey measurements have been spaced at 100m intervals during  2010 drilling and have been decreased to 50m intervals in 2011.  During 2012 and 2013, select drillholes  within all three mineralized zones have been surveyed at 15m intervals.  All drilling during 2014 through  2018 were surveyed at 15m intervals.  A total of 7,208 drillhole orientation measurements (excluding 590  collar surveys) have been collected for an average down hole spacing of 26.67m.  A total of 40 drillholes  (12,171m), apart from the collar survey, have not been surveyed downhole; and a total of five drillholes  (1,672m) have been surveyed at the end of hole only.  Drillholes having no down hole survey have been  assumed to have the orientation of the collar.   Drillhole data has been plotted in the field and has been  inspected.  Down hole data returning unrealistic hole orientations have been flagged and removed from  the database. Down hole survey summary statistics are provided in Table 7‐2, below.  At the rig, drill core is placed in plastic core boxes labeled with the drillhole number, box number, and an  arrow to mark the start of the tray and the down hole direction.  Wooden core blocks are placed at the  end of each core run (usually 3m, or less in broken ground).  Throughout the day and at the end of each  shift drill core is transported to Almaden’s Santa Maria core logging, sampling and warehouse facility.  Table 7-2 Tuligtic Property Down Hole Survey Statistics Number of Drillholes  Metres  Number of Down Hole Surveys   Average Survey Spacing (not including casing)  Drillholes (No Down Hole Survey)  Drillholes (End Of Hole Survey Only)  Drillholes (15m Survey Spacing)  Drillholes (50m Survey Spacing)  Drillholes (100m Survey Spacing)  7,208  590  40 (6.7%)  5 (0.8%)  294 (49.8%)  151 (25.6%)  24 (%)  192,121  26.67  12,171  1,672  91,044  52,968  9,089  Geotechnical logging is comprised of measurements of total core recovery per‐run, RQD (the total length  of pieces of core greater than twice the core width divided by the length of the interval, times 100), core  photography  (before  and  after  cutting),  hardness  testing  and  measurements  of  bulk  density  using  the  weight in air‐weight in water method.  Page 79                       Ixtaca ‐ S‐K 1300 Technical Report Summary  Drill core is logged based on lithology, and the presence of epithermal alteration and mineralization.  All  strongly altered or epithermal‐mineralized intervals of core are sampled.  Almaden employs a maximum  sample length of 2 to 3m in unmineralized lithologies, and a maximum sample length of 1m in mineralized  lithologies .  During the years 2010 and 2011 Almaden employed a minimum sample length of 20cm.  The  minimum sample length was increased to 50cm from 2012 onwards to ensure the availability of sufficient  material for replicate analysis.  Geological changes in the core such as major alteration or mineralization  intensity (including large discrete veins), or lithology are used as sample breaks.    The Upper Tamaulipas formation, the dykes that crosscut it and the upper Coyoltepec volcanic subunit  are  the  main  host  rocks  to  the  epithermal  vein  system  at  Ixtaca.    In  the  Main  and  Ixtaca  North  zones  veining strikes dominantly ENE‐WNW (060 degrees) parallel to a major dyke trend and at a very high angle  to the N to NNW bedding and fold structures within the limestones.  The veins of the Chemalaco Zone are  hosted by the shaley carbonate units (black shale) and strike to the NNW, dipping to the SSW.  In the  footwall to Chemalaco Zone a parallel dyke has been identified  which is altered and mineralized.  The  Chemalaco  Zone  and  the  dyke  are  interpreted  to  strike  parallel  to  bedding  and  to  core  an  antiform  comprised of shale.  7.2.1 Main Ixtaca and Ixtaca North Zones  The Main Ixtaca and Ixtaca North zones have a strike length of approximately 650m and have been drilled  at 25 and 50m section spacing.  The vast majority of holes have been drilled at an azimuth of 150 or 330  degrees and at dips between 45 and 60 degrees from horizontal although several holes were drilled with  a  100  Azimuth  early  in  the  program.    Infill  drilling  at  25m  sections  has  also  been  completed  over  the  majority of the Ixtaca North Zone and in the central area of the Main Ixtaca Zone.  Diamond drilling has  intersected high‐grade mineralization within the Main Ixtaca and Ixtaca North vein zones to depths of 200  to  300m  vertically  from  surface.    High‐grade  zones  occur  within  a  broader  zone  of  mineralization  extending laterally (NNW‐SSE) over 1000m and to a vertical depth of 600m below surface (Table 7‐3 and  Figure 7‐12).  The  epithermal  vein  system  at  the  Main  Ixtaca  and  Ixtaca  North  zones  is  roughly  associated  with  two  parallel ENE (060 degrees) trending, subvertical to steeply north dipping dyke zones.  The dykes predate  mineralization and trend at a high angle to the N to NNW bedding and fold structures within the limestone.    At the Main Ixtaca Zone, a series of dykes ranging from less than 2m to over 20m true width occur within  an  approximately  100m  wide  zone  (Figure  7‐12,  Figure  7‐13).    Wider  dykes  often  correlate  within  individual drill sections, where they are inferred to pinch or splay.  The broader dyke zone itself is relatable  between  sections,  although  individual  dykes  are  typically  not  continuous  between  sections.    The  dyke  zone hosting the Ixtaca North Zone is narrower, comprising a steeply north‐dipping zone of two or three  discrete dykes ranging from 5 to 20m in width.  Epithermal vein mineralization occurs both within the  dykes and sedimentary host rocks, with the highest grades often occurring within or proximal to the dykes.   Vein density decreases outward to the north and south from the dyke zones resulting in the formation of  two high‐grade vein swarms.  The dykes are often intensely altered and are interpreted to control the  distribution of the epithermal vein system at Ixtaca to the extent that they may have provided a conduit  for  ascending  hydrothermal  fluids,  and  an  important  rheological  contrast  resulting  in  vein  formation  within and along the margins individual dykes, and laterally within the adjacent limestone.  On surface,  the Main Ixtaca and Ixtaca North zones are separated by a steep sided ENE trending valley (Figure 7‐12,  Figure 7‐13).   Page 80                 Ixtaca ‐ S‐K 1300 Technical Report Summary  The lateral (WSW‐ENE) extent of the epithermal vein system is controlled by N to NNW bedding and fold  structures in basement rocks of the limestone unit.  Drilling indicates Main Ixtaca and Ixtaca North zone  mineralization is bound within an ENE‐verging asymmetric synform.  The synform is cored by a structurally  thickened  sequence  of  limestone  that  grades  laterally  and  at  depth  through  calcareous  siltstone  and  grainstone transition units, into dark grey to laminated calcareous shale at depth.  Based on increased  vein density, including the presence of broad alteration zones and networks of intersecting epithermal  veins, the relatively brittle limestone is a preferential host to Main Ixtaca and Ixtaca North vein swarms.    Page 81             Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7-11 Drillhole Locations Page 82           Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 7-3 Hole ID  TU‐12‐120  including  TU‐12‐124  including  TU‐12‐127  including  TU‐12‐127  including  TU‐12‐127  TU‐12‐127  TU‐12‐132  including  including  including  TU‐12‐136  including  including  TU‐13‐324  including  including  TU‐13‐324  including  including  TU‐13‐324  including  including  TU‐13‐325  TU‐13‐325  including  including  including  including  TU‐13‐388  TU‐13‐388  including  TU‐13‐388  including  including  including  including  TU‐17‐504  TU‐17‐504  TU‐17‐504  including  Section 10+675E Significant Drill Intercepts (Main Ixtaca and Ixtaca North Zones) Interval (m)  Gold (g/t)  30  5.2  185  13.9  30.05  12  23.5  4.4  42.6  17  139.7  29.6  5.05  29.8  60.5  10.8  12.5  29.08  15.25  2.25  14.5  1  3  20  1  4.5  8  46.5  22.6  1.2  1.1  5.5  30.5  9  1.1  52.5  14.9  6.4  13.9  2.5  5.80  9.00  74.50  14.50  AuEq*(g/t)  2.6  11.3  2.2  9.5  1.8  3.1  1.4  5.6  0.8  0.5  0.6  0.9  2.7  1  1.8  2.8  3.8  1.6  2.6  3.1  1.2  2.9  3.8  0.6  3.7  1.1  3.2  2.1  3.6  4.9  7.4  9.1  1.1  6.9  45.2  1.6  2.4  3.9  2.7  5.1  0.3  0.3  1.6  1.4  Silver (g/t)  96.7  437  60.5  179.7  56.7  105.7  20.2  86  10.8  8.7  18  27.8  79  34.1  48.9  85.2  98.5  16.5  23.7  72  47  117.5  155  29.1  167  53.4  132.2  53.1  97.2  147  175  240.8  23.9  287.5  1982.7  50.3  87  138.9  82.9  173  1.6  0.7  45.1  20.4  From (m)  260.9  260.9  116.5  167.5  155.95  174  210  213.9  243  297  64.5  137  148.25  174.4  63.1  82.2  98  32.92  42.5  43  113.5  120  125  154  160  167.5  128.5  190  193.4  194  203.9  210.5  199  337.5  339.25  363.5  363.5  372  390  398.6  65.20  80.00  108.00  108.00  To (m)  290.9  266.1  301.5  181.4  186  186  233.5  218.3  285.6  314  204.2  166.6  153.3  204.2  123.6  93  110.5  62  57.75  45.25  128  121  128  174  161  172  136.5  236.5  216  195.2  205  216  229.5  346.5  340.35  416  378.4  378.4  403.9  401.1  71.00  89.00  182.50  122.50  0.74  2.78  1  6.04  0.7  1.05  1.02  3.92  0.57  0.38  0.22  0.35  1.16  0.33  0.84  1.1  1.84  1.31  2.1  1.71  0.25  0.59  0.79  0.08  0.42  0.07  0.58  1.06  1.72  2.05  3.97  4.4  0.67  1.35  6.54  0.58  0.74  1.19  1.11  1.78  0.31  0.30  0.66  1.02  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 83 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  Hole ID  including  including  TU‐17‐504  including  including  TU‐17‐504  including  TU‐17‐504  TU‐17‐504  TU‐17‐508  including  TU‐17‐508  including  including  TU‐17‐508  TU‐17‐508  TU‐17‐508  including  including  TU‐17‐508  TU‐17‐508  TU‐17‐508  TU‐17‐508  including  TU‐17‐520  including  TU‐17‐520  including  including  including  TU‐17‐520  TU‐17‐521  including  TU‐17‐521  including  TU‐17‐521  TU‐17‐521  TU‐17‐521  including  including  including  TU‐17‐522  including  TU‐17‐522  including  From (m)  130.00  164.70  227.40  232.65  258.50  306.50  319.30  372.50  417.70  51.60  54.60  97.50  101.50  123.50  170.00  230.40  259.00  263.30  263.30  372.60  399.50  435.10  451.40  452.00  64.00  64.00  108.60  116.50  117.50  122.50  142.00  65.50  67.50  108.00  120.50  148.00  155.00  184.50  184.50  185.60  188.30  69.60  73.00  98.00  117.50  To (m)  149.00  168.45  291.70  236.10  269.00  353.35  320.00  383.45  427.80  74.30  60.60  143.50  129.00  125.50  182.30  232.80  276.00  276.00  268.60  373.80  411.00  440.00  467.80  455.70  73.00  68.00  129.00  126.00  124.50  124.50  150.60  73.50  71.50  124.50  124.50  151.00  155.75  195.10  190.80  186.20  188.90  80.00  77.00  148.50  128.00  Interval (m)  Gold (g/t)  19.00  3.75  64.30  3.45  10.50  46.85  0.70  10.95  10.10  22.70  6.00  46.00  27.50  2.00  12.30  2.40  17.00  12.70  5.30  1.20  11.50  4.90  16.40  3.70  9.00  4.00  20.40  9.50  7.00  2.00  8.60  8.00  4.00  16.50  4.00  3.00  0.75  10.60  6.30  0.60  0.60  10.40  4.00  50.50  10.50  1.19  1.23  0.79  1.58  3.54  0.49  22.30  0.64  0.74  0.44  1.13  0.74  1.02  3.39  0.24  0.73  0.85  1.03  2.00  0.61  0.47  0.45  2.25  8.67  0.50  0.75  0.89  1.65  2.07  4.33  0.13  0.66  0.98  0.56  1.02  0.45  3.93  1.35  1.92  4.37  11.40  0.63  1.05  0.73  2.45  Silver (g/t)  121.2  95.5  74.4  97.4  306.9  68.6  2600.0  19.3  19.0  0.8  1.6  26.2  38.6  385.0  23.2  126.7  91.1  98.6  204.8  87.5  15.8  9.4  25.3  95.9  1.7  1.9  11.1  19.5  22.4  39.2  6.3  0.7  1.4  9.8  21.6  22.9  227.0  132.8  205.8  769.0  1100.0  1.3  2.4  11.4  24.4  AuEq*(g/t)  3.6  3.1  2.3  3.5  9.7  1.9  74.3  1.0  1.1  0.5  1.2  1.3  1.8  11.1  0.7  3.3  2.7  3.0  6.1  2.4  0.8  0.6  2.8  10.6  0.5  0.8  1.1  2.0  2.5  5.1  0.3  0.7  1.0  0.8  1.5  0.9  8.5  4.0  6.0  19.8  33.4  0.7  1.1  1.0  2.9  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 84 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  Hole ID  TU‐17‐522  TU‐17‐524  including  TU‐17‐524  including  TU‐17‐525  TU‐17‐525  including  including  TU‐17‐525  TU‐17‐525  including  TU‐17‐525  TU‐17‐526  TU‐17‐526  TU‐17‐526  TU‐17‐526  TU‐17‐526  TU‐17‐528  including  TU‐17‐528  TU‐17‐528  From (m)  196.60  61.25  64.00  115.00  123.00  47.50  90.50  98.00  101.00  146.95  164.80  167.10  178.55  45.50  96.00  156.45  169.25  183.00  107.20  111.40  125.50  187.90  Interval (m)  Gold (g/t)  3.96  10.25  3.00  13.15  4.00  4.95  32.00  9.35  5.00  3.05  4.70  1.35  1.55  5.00  14.70  2.50  1.15  7.90  10.25  4.00  2.00  1.60  *Gold Equivalent based on a price of $1,250/ounce gold and $18/ounce silver*  To (m)  200.56  71.50  67.00  128.15  127.00  52.45  122.50  107.35  106.00  150.00  169.50  168.45  180.10  50.50  110.70  158.95  170.40  190.90  117.45  115.40  127.50  189.50  Silver (g/t)  7.8  0.7  1.0  8.3  18.9  0.2  25.0  42.9  53.2  104.9  56.5  149.8  10.8  0.2  26.6  26.5  57.5  6.7  25.6  39.8  375.8  16.5  0.06  0.31  0.53  0.70  1.31  0.42  0.82  2.01  2.75  2.19  0.76  2.09  0.11  0.27  0.91  0.29  0.56  0.11  1.16  1.35  1.21  0.08  AuEq*(g/t)  0.2  0.3  0.6  0.9  1.7  0.4  1.3  2.9  3.8  4.3  1.9  5.1  0.3  0.3  1.4  0.8  1.7  0.2  1.7  2.1  8.7  0.4  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 85 of 324                  Table 7-4 Section 10+375E Significant Drill intercepts (Main Ixtaca Zone) Ixtaca ‐ S‐K 1300 Technical Report Summary  To (m)  Interval  (m)  Gold (g/t)  126.80  100.80  107.20  116.95  125.55  127.43  TU‐12‐202  including  26.50  26.50  66.50  38.00  TU‐12‐202  137.10  172.50  including  139.10  145.10  TU‐12‐202  249.30  260.80  TU‐12‐211  31.20  Hole ID  TU‐11‐065  including  including  including  TU‐11‐067  including  including  including  including  including  including  including  including  including  including  TU‐13‐389  including  including  including  TU‐13‐391  including  including  including  including  TU‐13‐393  including  including  including  including  including  From  (m)  26.00  26.00  43.60  49.80  24.30  36.50  54.90  63.55  65.60  74.78  68.00  59.80  145.00  136.80  96.30  85.50  80.85  187.85  84.50  105.65  142.40  70.70  97.80  129.85  172.85  183.85  21.34  47.00  51.50  88.60  95.50  71.00  69.00  95.50  16.00  48.16  48.16  71.80  71.80  27.43  54.50  56.00  89.95  100.30  89.50  59.30  84.50  74.50  141.80  81.50  62.20  124.70  104.00  110.40  118.30  48.78  24.40  10.00  120.70  100.30  41.40  21.95  15.25  9.75  1.88  40.00  11.50  35.40  6.00  11.50  156.65  13.80  7.85  12.55  11.00  74.16  24.00  17.50  6.90  2.80  41.34  11.14  12.70  2.70  114.37  27.00  6.20  34.75  3.70  7.90  0.58  0.95  1.67  3.05  1.02  1.20  1.91  2.75  3.26  2.54  2.51  0.35  0.78  0.62  2.57  0.10  0.59  0.97  1.07  1.38  0.91  1.02  1.52  1.92  2.54  2.86  0.62  1.16  1.79  1.40  3.06  0.92  1.03  2.21  1.67  2.08  4.42  TU‐13‐389  104.00  106.80  126.00  110.00  Silver  (g/t)  46.2  77.0  134.4  198.8  72.6  85.0  144.1  210.1  253.4  112.6  242.2  1.4  0.5  12.3  35.4  16.7  28.6  82.9  59.4  53.3  56.7  50.9  60.6  64.4  139.9  169.3  42.0  76.2  110.9  106.4  230.3  53.7  76.0  150.5  70.4  89.0  158.7  AuEq*        (g/t)  1.5  2.5  4.4  7.0  2.5  2.9  4.8  7.0  8.3  4.8  7.3  0.4  0.8  0.9  3.3  0.4  1.2  2.6  2.3  2.4  2.0  2.0  2.7  3.2  5.3  6.2  1.5  2.7  4.0  3.5  7.7  2.0  2.6  5.2  3.1  3.9  7.6  *Gold Equivalent based on a price of $1,250/ounce gold and $18/ounce silver  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 86 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Mineralized limestone, shale and the cross‐cutting dykes are unconformably overlain by bedded crystal  tuff, which is also mineralized.  Mineralization within tuff rocks overlying the Ixtaca Zone occurs as broad  zones  of  alteration  and  disseminated  sulphides  having  relatively  few  veins.    High‐grade  zones  of  mineralization are locally present within the tuff vertically above the Main Ixtaca and Ixtaca North vein  systems  and  dykes.    The  high‐grade  zones  transition  laterally  into  low  grade  mineralization,  which  together form a broad tabular zone of mineralization at the base of the tuff unit.   7.2.2 Chemalaco Zone  The Chemalaco Zone (also known as the Northeast Extension) of the Ixtaca deposit has an approximate  strike length of 450m oriented roughly north‐south (340 azimuth) and has been drilled via a series of ENE  (070  degrees)  oriented  sections  spaced  at  intervals  of  25  to  50m,  and  near‐surface  oblique  NNW‐SSE  oriented drillholes (Figure 7‐11).  The Chemalaco Zone dips moderately‐steeply at 55 degrees WSW.  High  grade mineralization having a true‐width ranging from less than 30 and up to 60m has been intersected  beneath approximately 30m of tuff to a vertical depth of 550m, or approximately 700m down‐dip.  An  additional  sub‐parallel  zone  has  been  defined  underneath  the  Chemalaco  having  a  true‐width  ranging  from 5 to 40m and dipping 25 to 50 degrees to the WSW, resulting in a splayed zone extending from near‐ surface to a vertical depth of 250m.  The sub‐parallel zone has an approximate down‐dip length up to  400m over a 250m strike length (Table 7‐5,Figure 7‐14).  The Chemalaco Zone vein zone lies northeast of the Main Ixtaca Zone and occurs within the hinge zone of  a  shale  cored  antiform.    Near  surface,  along  the  apex  of  the  antiform,  a  zone  of  structurally  thinned,  brecciated, and mineralized limestone is unconformably overlain by mineralized tuff rocks (Figure 10‐4).   At a vertical depth of 80m below surface, high‐grade shale‐hosted mineralization dips moderately‐steeply  at 25 to 55 degrees WSW sub‐parallel to the interpreted axial plane of the antiform.  The footwall of the  high‐grade zone is marked by a distinct 20 to 30m true‐thickness felsic porphyry dyke (Chemalaco Dyke),  which is also mineralized.  The Chemalaco Dyke has been intersected in multiple drillholes ranging from  250 to 550m vertically below surface, and its lower contact currently marks the base of Chemalaco Zone  mineralization.    The Chemalaco Zone remains open to depth and a long strike to the north. The system also remains open  to the east as the limit of veining has not been defined across strike in this direction.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 87 of 324                        Table 7-5 Section 50+050N Significant Drill intercepts (Chemalaco Zone) Ixtaca ‐ S‐K 1300 Technical Report Summary  To (m)  Interval  (m)  Gold (g/t)  Silver  (g/t)  AuEq*  (g/t)  Hole ID  TU‐12‐190  TU‐12‐190  TU‐12‐190  TU‐12‐190  including  including  including  TU‐12‐190  TU‐12‐194  TU‐12‐194  TU‐12‐194  TU‐12‐194  TU‐12‐194  including  TU‐12‐199  TU‐12‐199  TU‐12‐199  including  including  including  including  TU‐12‐205  including  TU‐12‐205  including  including  including  TU‐12‐205  TU‐13‐265  including  including  TU‐13‐265  TU‐13‐265  TU‐13‐268  TU‐13‐268  including  including  TU‐13‐268  TU‐13‐268  including  including  including  From  (m)  85.00  100.00  259.00  278.85  293.50  306.00  310.00  377.90  83.50  112.60  272.50  294.50  313.00  317.60  66.00  91.00  344.20  365.70  396.50  408.30  414.30  81.00  101.50  254.50  255.50  256.00  256.00  312.00  488.40  500.60  504.20  539.00  550.30  41.30  61.25  74.90  103.00  133.00  151.50  166.00  166.00  192.00  89.00  112.00  272.90  321.00  300.50  317.80  314.00  386.00  87.50  124.00  279.50  300.00  371.80  347.00  70.00  93.80  424.00  385.70  402.50  423.40  416.10  132.00  106.00  293.50  281.20  272.40  265.00  319.00  531.80  507.20  507.20  545.00  558.00  56.25  120.50  79.75  106.00  138.00  208.00  178.50  167.50  199.50  TU‐13‐268  222.75  239.00  TU‐13‐272  48.00  138.50  4.00  12.00  13.90  42.15  7.00  11.80  4.00  8.10  4.00  11.40  7.00  5.50  58.80  29.40  4.00  2.80  79.80  20.00  6.00  15.10  1.80  51.00  4.50  39.00  25.70  16.40  9.00  7.00  43.40  6.60  3.00  6.00  7.70  14.95  59.25  4.85  3.00  5.00  56.50  12.50  1.50  7.50  16.25  90.50  0.25  0.17  0.17  1.06  1.34  1.67  2.45  0.24  0.46  0.22  0.15  0.14  1.04  1.63  0.26  0.19  0.84  1.19  1.43  1.48  4.90  0.51  3.41  0.61  0.86  1.08  1.57  0.19  0.50  2.15  3.36  0.07  0.07  0.05  0.11  0.25  0.23  0.03  0.36  0.56  0.74  0.75  0.08  0.20  0.5  1.9  12.3  47.4  72.0  71.7  116.4  2.8  2.8  4.4  40.9  81.1  19.4  23.9  2.4  3.0  20.6  25.6  16.0  37.6  175.5  6.0  6.1  88.8  127.8  164.8  244.5  207.2  9.2  11.6  17.1  22.2  28.1  11.5  41.1  126.9  81.2  22.3  42.0  91.4  223.7  51.6  14.6  31.4  0.3  0.2  0.4  2.0  2.7  3.1  4.7  0.3  0.5  0.3  0.9  1.7  1.4  2.1  0.3  0.2  1.2  1.7  1.7  2.2  8.3  0.6  3.5  2.3  3.3  4.3  6.3  4.2  0.7  2.4  3.7  0.5  0.6  0.3  0.9  2.7  1.8  0.5  1.2  2.3  5.1  1.8  0.4  0.8  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 88 of 324                Hole ID  including  including  including  including  TU‐13‐272  including  TU‐13‐272  TU‐13‐272  TU‐13‐275  TU‐13‐275  TU‐13‐275  TU‐13‐275  including  TU‐13‐275  TU‐13‐287  including  TU‐13‐287  including  TU‐13‐289  including  TU‐13‐289  TU‐14‐419  including  including  TU‐14‐419  including  TU‐14‐419  TU‐14‐420  including  TU‐14‐420  including  TU‐18‐535  including  TU‐18‐535  TU‐18‐535  including  including  including  including  including  including  TU‐18‐537  including  TU‐18‐537  including  TU‐18‐537  From  (m)  66.05  77.50  112.75  129.00  146.00  147.00  187.00  220.00  68.50  105.00  120.00  149.00  164.50  254.00  106.00  122.00  156.50  168.00  134.00  144.50  160.00  52.00  92.25  110.00  131.00  161.75  189.00  52.40  81.00  114.00  212.00  49.50  59.40  240.00  432.75  447.25  457.60  459.70  470.30  514.10  514.10  83.90  90.00  234.50  238.00  253.00  Ixtaca ‐ S‐K 1300 Technical Report Summary  To (m)  Interval  (m)  Gold (g/t)  Silver  (g/t)  AuEq*  (g/t)  70.20  84.80  119.75  138.50  161.00  148.50  193.50  231.00  84.00  112.00  134.50  227.00  193.50  258.00  131.00  125.00  182.00  170.08  153.00  151.80  188.00  122.50  115.50  115.50  168.00  165.00  194.00  102.00  89.50  186.00  223.00  71.50  61.50  242.00  524.60  452.60  478.35  464.70  477.75  524.60  516.50  133.50  102.50  241.00  239.80  279.90  4.15  7.30  7.00  9.50  15.00  1.50  6.50  11.00  15.50  7.00  14.50  78.00  29.00  4.00  25.00  3.00  25.50  2.08  19.00  7.30  28.00  70.50  23.25  5.50  37.00  3.25  5.00  49.60  8.50  72.00  11.00  22.00  2.10  2.00  91.85  5.35  20.75  5.00  7.45  10.50  2.40  49.60  12.50  6.50  1.80  26.90  0.44  0.29  0.43  0.41  0.22  0.65  0.11  0.14  0.15  0.11  0.18  0.39  0.43  0.01  0.11  0.30  0.66  4.35  0.22  0.40  0.21  0.17  0.27  0.34  0.37  2.50  0.20  0.27  0.85  0.25  0.14  0.31  0.57  0.19  0.49  0.69  0.77  0.96  1.12  1.34  2.26  0.35  0.67  0.14  0.29  0.93  49.5  71.1  40.1  114.0  47.1  252.7  11.5  9.5  10.6  15.8  6.2  23.8  43.3  13.5  15.2  50.3  102.3  975.0  48.4  82.8  10.8  33.7  64.9  114.4  70.4  420.8  39.1  21.1  54.1  22.1  12.2  1.9  3.2  16.2  11.1  23.5  19.5  29.7  19.3  9.4  12.5  6.2  6.9  24.5  54.6  111.6  1.4  1.7  1.2  2.6  1.1  5.6  0.3  0.3  0.4  0.4  0.3  0.9  1.3  0.3  0.4  1.3  2.7  23.3  1.2  2.0  0.4  0.8  1.6  2.6  1.8  10.9  1.0  0.7  1.9  0.7  0.4  0.4  0.6  0.5  0.7  1.2  1.2  1.6  1.5  1.5  2.5  0.5  0.8  0.6  1.4  3.2  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 89 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  Hole ID  including  including  including  From  (m)  256.00  260.35  267.40  To (m)  257.30  262.85  276.90  Interval  (m)  Gold (g/t)  Silver  (g/t)  AuEq*  (g/t)  1.30  2.50  9.50  2.03  2.02  1.51  210.9  173.9  198.1  6.3  5.5  5.5  *Gold Equivalent based on a price of $1,250/ounce gold and $18/ounce silver  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 90 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7-12 Section 10+675E through the Ixtaca Main and North Zones Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 91 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7-13 Section 10+375E through the Ixtaca Main Zone Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 92 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7-14 Section 50+050N through the Chemalaco Zone 7.3 Hydrogeology  7.3.1 Meteorology  Site‐specific climate data collection began in 2013, using an automated climate station established by KP  downstream of the then proposed tailings management facility (TMF), at an elevation of approximately  2250 m. This station, which is called the Ixtaca Climate station, is currently operating and collects data of  air  temperature,  humidity,  solar  and  net  radiation,  wind  speed  and  direction,  precipitation,  and  atmospheric pressure.  In 2015, two additional automated precipitation stations were added, both of which consist of a tipping  bucket rain gauge and a data logger. The Almeya station is located upstream of the TMF at an approximate  elevation of 2615 m, and the Bodega station is located downstream of the proposed Project area at an  approximate elevation of 2250 m. In 2018, an additional tipping bucket rain gage was added at the Puente  station located in the upper portion of the watershed containing the open pit. Also in 2018, telemetry  systems were added to the site monitoring program to enable desktop access of remote data.  Summary  data  from  the  Ixtaca  Climate  station  includes  a  mean  annual  temperature  of  approximately  14°C,  with  mean  monthly  temperatures  ranging  from  a  low  of  approximately  12°C  to  13°C  in  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 93 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  December/January to a high of approximately 16°C to 17°C in April/May/June.  Other metrics from the  station include (Knight Piésold, 2017):   Relative  humidity  measurements  indicate  that  the  climate  is  reasonably  dry,  particularly  in  the  winter months, with an annual average of approximately 70%.   Over  an  approximate  three‐year  period,  the  maximum  wind  speed  was  14.9  m/s,  and  monthly  average wind speeds ranged from 2 m/s to 3 m/s.   The predominant wind directions were north and north‐west.   Solar radiation is typically greatest in April and least in October, and ranges from approximately 5.9  kWh/m² to 3.4 kWh/m².   The mean annual lake evaporation is estimated to be approximately 714 mm, with monthly mean  values ranging from approximately 46 mm in December/January to 74 mm in May.   The long‐term mean annual precipitation is estimated to be 720 mm, and occurs entirely as rainfall.   The wet season is from May to October, when 84% of annual rainfall is expected to occur, on average.  The wettest month is typically June.   Rainfall on site, particularly during the wet season, tends to arrive in short duration, high intensity  bursts.   Barometric pressure is relatively uniform year round at approximately 102.6 kPa.  Additionally,  climate  data  are  available  from  Government  of  Mexico  regional  meteorological  stations;  several  of  which  are  located  within  35km  of  the  Project,  each  with  over  25  years  of  daily  data  on  precipitation, evaporation, and minimum and maximum temperatures.  The Ixtaca Climate station data  were compared to the regional stations and found to have similar data trends.  7.3.2 Surface Hydrology   The  local  climate  along  with  size,  vegetation  cover,  and  soil  and  rock  types  of  each  drainage  basin  all  contribute to the runoff response of Project area watersheds. Typical of many areas in Mexico, the Project  experiences rainfall primarily as short duration, high‐intensity storm events during the wet season (May  to  October).  This  type  of  precipitation  distribution  combined  with  the  steep  topography  and  poorly  draining soils results in a rapid runoff response with correspondingly high peak flows of short duration.  The distinct dry and wet climatic seasons in the region result in intermittent and episodic streamflows in  the wet season and little to no flow during the dry season. The Project area streams are above the water  table and constant baseflow is not observed; however, interflow/ temporary baseflow is observed as flows  decrease from low to little or no flow through the dry season.  Five streamflow monitoring stations were installed  at the Project in 2014 and were enhanced in 2017  following  complications  with  high  sediment  loads  and  were  further  updated  in  late  2018.  Continuous  streamflow records for streams in the Project area are currently being collected. Data collected to date  include the following (Knight Piésold, 2017):   The mean annual runoff is estimated to range from 58 mm (1.8 l/s/km2) to 87 mm (2.8 l/s/km2).   Streams in the area follow an episodic/ephemeral hydrologic regime, and the annual hydrographs  mimic the patterns of annual precipitation, with the highest flows typically occurring during the wet  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 94 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  season of May to October and the lowest flows occurring during  the dry season of November to  April.   The stage records for the Project site stream gauges exhibit the ‘flashy nature’ of streams in the area,  with  water  levels  rising  and  falling  very  rapidly  in  response  to  short  duration  high‐intensity  rainstorms.   Return period peak discharge values at the Project were calculated to range between 2 m3/s for a  2‐year return period, up to 77 m3/s for a 500‐year return period.   Flows typically fall to very low levels during the dry season, and some creeks go completely dry for   short and extended periods each year.  Low flows are typically higher at the Project area in northern upland sites than in southern lowland  sites.  7.3.3 Surface Water Quality  Surface  water  quality  sampling  sites  were  established  to  target  background  and  pre‐mining  (baseline)  water  quality  upstream  and  downstream  of  the  project  facilities.  Thirteen  surface  water  monitoring  locations were sampled as conditions allowed from 2009 to 2016 (KP, 2017a) and in 2018 by SRK (SRK,  2018). The surface water quality monitoring locations are shown on Figure 20‐1. Sample collection has  been  intermittent  depending  on  flow  conditions.  Upstream  sites  in  the  El  Tecolote  and  Coxalenteme  catchments had sufficient flow to sample surface water quality year‐round but the monitoring sites in the  lower  reaches  of  these  catchments  were  frequently  reported  as  dry  outside  of  the  rainy  season  (KP,  2017a).  Flow  conditions  were  always  sufficient  to  collect  water  quality  samples  from  the  monitoring  locations farther downstream in the Rio Apulco and Rio Los Lobos and only occasionally reported as dry  in the Rio Los Ameles. During the most recent sampling event in April 2018, only four of the 13 surface  water monitoring stations had adequate water for sampling (Apulco, Hotel, Puente, and Sector Riego).  After the April 2018 site visit it was recommended the removal of four monitoring stations (Tuligtic 1,  Tuligtic 2, El Protrero, and RLA 100E).  Water within the project area is generally classified as neutral to slightly basic, hard to very hard and well‐ buffered,  with  variable  turbidity  and  total  suspended  solids  (KP,  2017a).  Turbidity  and  TSS  exceed  the  relevant water quality standards at some sites. Metal concentrations were generally highest toward the  end of the wet season, in September and October, and conclusions regarding concentrations at most sites  during the drier season cannot be made as samples were not typically collected due to insufficient flow.  When compared with the water quality standards of Ley Federal de Derechos (aquatic life), NOM‐127‐DW  (drinking water standards), and NOM‐001 (discharge standards for irrigation and aquatic life), the baseline  surface water quality exceeds numerous standards. The most frequent aquatic life guideline exceedances  were reported for total suspended solids, ammonia, dissolved and total aluminum, dissolved and total  barium,  and  total  iron.  Concentrations  of  these  parameters  exceeded  the  standard  in  most  samples  collected from most sites. Total lead and zinc also exceeded the standard in samples collected from most  sites;  however,  standard  exceedances  were  less  frequent  (i.e.  less  than  half  of  the  total  number  of  samples). Parameters that exceeded the standard sporadically or at only one or two sites include total  beryllium, chromium, copper, mercury, molybdenum, and silver, and dissolved iron, molybdenum, and  zinc.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 95 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Parameters that exceeded irrigation standards in at least one sample collected from most sites include  TSS,  total  aluminum,  total  iron,  and  total  manganese.  Fluoride,  sulphate,  and  dissolved  manganese  concentrations also exceeded the standard in at least one sample; however, exceedances were limited to  one or two sites. Exceedances of the drinking water standard (NOM‐127‐DW) were frequently reported  for pH, turbidity, ammonia, nitrite, dissolved and total aluminum and iron, and total barium, manganese,  and  sodium.  Parameters  that  exceeded  the  drinking  water  standard  less  frequently  include  sulphate,  dissolved manganese, and total cadmium and chromium.   Elevated baseline concentrations of metals and other parameters are common in areas close to mineral  deposits (e.g., the El Tecolote and Coxalenteme catchments), or in large river systems that carry high total  suspended solids (e.g., the Río Apulco/Río Los Ameles).  The site locations are illustrated on Figure 7‐15.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 96 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐15  Surface and Ground Water Quality Sampling Sites. Source: Knight Piesold, March 2017  Upstream  sites  in  the  El  Tecolote  and  Coxalenteme  catchments  had  sufficient  flow  to  sample  surface  water  quality  year‐round  but  the  monitoring  sites  in  the  lower  reaches  of  these  catchments  were  frequently reported as dry outside of the rainy season. Flow conditions were always sufficient to collect  water quality samples from the monitoring locations further downstream in the Rio Apulco and Rio Los  Lobos and only occasionally reported as dry in the Rio Los Ameles.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 97 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Ion  concentrations  generally  decreased  from  upstream  to  downstream  and  were  higher  in  the  Coxalenteme  and  El  Tecolote  catchments  than  at  sites  outside  of  the  project  area.  Water  within  the  project area is generally classified as neutral to slightly basic, hard to very hard and well‐buffered, with  variable  turbidity  and  total  suspended  solids  (TSS).  Turbidity  and  TSS  increased  from  upstream  to  downstream within the Coxalenteme and El Tecolote catchments and exceeded the relevant water quality  standards at some sites. Total and dissolved concentrations of some metals (aluminum, copper, chromium  iron,  and  lead)  increased  from  upstream  to  downstream  in  the  El  Tecolote  catchment  and  in  the  Coxalenteme catchment. Metal concentrations were generally highest toward the end of the wet season,  in September and October.  Analytical results were compared with the water quality standards included in the following: Ley Federal  de  Derechos  (LFD)  and  Norma  Oficial  Mexicana  (NOM;  NOM‐127‐DW  (drinking  water  standards)  and  NOM‐001 (discharge standards for irrigation and aquatic life)). The standards were selected based on the  potential local uses, which include: Aquatic Life (NOM 001 Aq and LFD‐Aq), Irrigation (NOM‐001‐Irrigation  and LFD‐Irrigation), and Drinking Water (NOM‐127‐DW).  7.3.4 Groundwater  Previous studies of the groundwater, including monitoring well constructions, hydraulic testing, water‐ quality  testing,  and  environmental  background  and  pre‐mining  (baseline)studies  were  conducted  by  Hidrogeologos Consultores (2013) and Knight Piésold (2014, 2017a, 2017b, and 2017c).   For  the  Ixtaca  Technical  Report  Summary,  a  field  data  collection  program  for  hydrogeologic  characterization and developed a 3D numerical model of groundwater flow beneath the Ixtaca Project  area.  Field  activities  consisted  of  packer  isolated  interval  testing  (packer  testing);  monitoring  well  construction, development, and testing of newly installed and existing wells; and water level monitoring.   A  report  (SRK,  2018)  documents  the  field  work  and  groundwater  modeling.  The  study  evaluates  pre‐ mining, mining, and post‐mining hydrogeological conditions and predicts dewatering requirements, and  potential environmental impacts.  The proposed Project facilities lie in two catchment areas, which are tributaries of the Río Los Ameles/Río  Apulco  river  system:  Coxalenteme  and  El  Tecolote.  Streams  in  the  area  follow  an  episodic/ephemeral  hydrologic  regime  (Knight  Piésold,  2017b).  The  annual  hydrographs  mimic  the  pattern  of  annual  precipitation, with the highest flows typically occurring during the wet season of May to October and the  lowest flows occurring during the dry season of November to April.  Water use in the project area consists of domestic use of springs occurring in the catchment above the  project area. Springs and seeps within the project area were mapped and characterized by AML personnel.  Additional springs and seeps within the region mapped by outside sources were provided by AML. These  data  along  with  water  levels  within  the  project  area  were  combined  to  evaluate  and  understand  groundwater gradients, to evaluate potential variability in hydraulic conductivity, and to further refine the  conceptual groundwater model.  The 2018 field program consisted of drilling four core holes, packer testing, monitoring well installation,  hydraulic testing of existing and newly installed wells, and water level monitoring. A summary of prior  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 98 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  testing,  instrumentation,  and  well  construction  information  for  the  Ixtaca  Project  was  compiled  from  multiple volumes of historic reports, figures, and appendices. Based on the review, 58 existing water level  monitoring, testing, and installation points were identified within the project boundary.   Water level elevations range from 49.5 mbgs and 2,554 meters above measured sea level (mamsl) in the  high country north of the project area to 30.5 mbgs and 2,540 mamsl in the low country south of the pit  area. Generally, groundwater flow follows topography, with a steep downward gradient from north to  south  near  the  project.  Two  areas  do  not  follow  the  general  pattern,  including  an  area  underlain  by  undifferentiated ash units west of the proposed pit, and the lowland area south of the proposed pit. Both  exhibit relatively flat‐water tables.  Hydraulic testing during the 2018 field program was done using packers to isolate test intervals in the  newly drilled core holes before well construction. Additional testing was performed in accessible existing  and  newly‐installed  monitoring  wells.  Testing  included  slug  tests,  constant‐rate  injection  tests,  and  constant‐head  injection  tests.  Lower  permeability  intervals  were  tested  using  stepped‐pressure,  or  Lugeon  methods.    A  total  of  44  tests  were  performed  during  the  2018  field  program  (21  packer  and  23 wells tested). An additional 203 packer and well tests were performed during previous field campaigns  between  2012  and  2017.  Short‐term  hydraulic  testing  revealed  a  wide  range  of  hydraulic  conductivity  values within the various hydrogeologic units of the project area. After careful review of the historic data,  it was decided not to use the information in developing the 3D numerical groundwater model. However,  in  the  future  these  data  may  be  useful  in  mitigating  uncertainties  or  in  identifying  areas  requiring  additional characterization.   The conceptual model of groundwater flow at Ixtaca includes the following components:   The  long‐term  mean  annual  precipitation  is  estimated  to  be  720  mm  and  occurs  entirely  as  rainfall. The wettest month is typically June. The mean annual evapotranspiration is estimated to  be approximately 714 mm, with monthly mean values ranging from 46 mm in December to 74  mm in May.    Groundwater recharges from precipitation and generally flows from topographically high areas  (highland with elevation of about 3,000 mamsl in the north to topographically low areas in the  south (the lowest elevation is 2,150 mamsl at the Rio Apulco River south of the proposed pit).    The  recharge  from  precipitation  in  the  highlands  is  estimated  to  be  72 mm/a  or  10%  of  precipitation.  The  recharge  in  the  lowlands  is  estimated  to  be  about  14.4  mm/a  or  2%  of  precipitation. These recharge rates, and their distribution based on topography were obtained  during the process of model calibration to measured water levels.   Rio Grande and Rio Apulco are primary rivers near the project and groundwater discharges into  them  and  their  tributaries.  Flows  in  these  rivers  decrease  significantly  during  dry  months.  Additional rivers in the region that are typically ephemeral include Rio Loa Ameles, Rio Los Lobos,  and Rio Tuligitic.   Hydrogeologic units in the project area include:  o Volcaniclastics – The volcaniclastic unit shows localized sub‐layers of fine ash, coarse ash,  breccia, and lapilli tuff. Permeability of the volcaniclastics varies depending on the degree  of  consolidation  and  fracturing.  Volcaniclastic  materials  associated  with  hydrothermal  alteration are typically more competent and more prone to fracturing, which increases  the permeability.  o Limestone  and  Shale  –  The  sedimentary  units  are  typically  of  low  permeability,  but  hydraulic conductivity increases locally along fold axes and near the intrusive contact.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 99 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  o Intrusions/Dikes – The intrusive bodies are expected to have low permeability, except at  the  contacts  with  host  rocks.  Fracturing  and  permeability  locally  increases  in  the  sedimentary host rocks near intrusions.  o Structure  –  The  limited  testing  conducted  across  faults  during  drilling  did  not  identify  structures with increased permeability or faults acting as major barriers to groundwater  flow.  o Additional to bedrock water‐bearing zones, saturated overburden is present within the  project area. The overburden is generally thin (less than 1 m) but reaches up to 7 m thick  in river valleys. Zones of alluvium, colluvium, ash‐tuff, and/or an agglomeration of all may  be up to 100 m thick based on drilling information south of the proposed pit location.   Measured hydraulic conductivity values vary over a wide range, from 0.00003 m/d to 9 m/d (by  more  than  five  orders  of  magnitude  as  described  in  Section  3)  and  do  not  allow  definition  of  hydrogeological  units  based  on  lithological  signature.  Available  testing  data  indicates  that  the  measured hydraulic parameters show a trend of hydraulic conductivity decreasing with depth.  Based on the analyses, three major hydrogeological units were defined:  o Shallow bedrock (upper 50 m) with intermediate hydraulic conductivity;  o o Deep bedrock (depth below 300 m) with very low hydraulic conductivity.  Intermediate bedrock (depth from 50 to 300 m) with low hydraulic conductivity; and    Water level elevations throughout the project area exhibit a steep hydraulic gradient, with levels  ranging from 2,540 mamsl in the highlands north of the project to 2,154 mamsl just south of the  pit over approximately 4.5 km. This generally indicates the presence of low hydraulic conductivity  rocks. Flat water level gradients were observed in the ash west of the proposed pit at 2,350 mamsl  and the area south of the proposed pit extending to the Rio Apulco at 2,150 mamsl. These flat  groundwater  gradients  support  the  assumption  that  these  areas  exhibit  elevated  hydraulic  conductivity.  A  numerical  groundwater  model  for  the  Ixtaca  Project  was  developed  using  the  MODFLOW‐SURFACT  finite‐difference  code  (Hydrogeologic,  1996;  Harbaugh  and  McDonald,  1996)  and  the  Groundwater  Vistas v.7 interface developed by Environmental Simulations, Inc. (Rumbaugh and Rumbaugh, 2017). The  groundwater model domain covers approximately 157 square kilometers (km2) within the vicinity of the  proposed  open  pit  mine.  The  northern,  western  and  eastern  model  boundaries  primarily  follow  topographic divides and/or are parallel to regional groundwater flow and are thus assumed to be ‘no flow’  boundaries. The southern boundary is defined by the Apulco River.  Twelve model zones were created considering the low and high hydraulic conductivity values established  from historic aquifer testing data. Each model zone has specific values for horizontal (Kh) and vertical (Kz)  hydraulic conductivity (K), specific storage (Ss) and specific yield (Sy). Storage parameters are based on  literature and on experience from projects with similar conditions.   The creeks and springs in the model area are represented by ‘drain cells’. The Apulco River is assumed to  flow for most of the year. Within the model area it is therefore represented using model ‘river cells’. The  mine plan for the open pit was dated 6 August 2018 and consists of annual pit layouts that span an 11‐ year period. They were processed into drain cells with the location and head representing the elevation  of the pit for each time period. The model simulates transient filling of the pits using the LAK2 package for  MODFLOW‐SURFACT (Council 1997). Lake cells were assigned based on the ultimate pit‐shell excavations  and planned backfill, as provided by Ixtaca (2018).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 100 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Head  distribution  in  a  steady  state  calibration  depends  on  recharge,  hydraulic  conductivity  values  (K),  sources, sinks and boundary conditions. In the case of the Ixtaca model, the valid K values from short‐ term tests are considered good qualitative indicators of the properties of the rocks. However, because of  the limited number of valid tests and the concentrated coverage (within the proposed pit extents) of the  2018 tests, the numerical model does not rely on K values for calibration. Instead, water level elevations  from  the  existing  monitoring  wells  are  used.  The  short‐term  tests  are  used  qualitatively  to  adjust  the  numerical groundwater model where needed. The calibration objective was reached when an acceptable  correlation  was  obtained  between  the  observed  and  simulated  water  levels  and  hydraulic  gradient.  Twenty‐six of the 34 target water levels over the model area were calibrated to within 3 m of observed,  and 4 of the remaining 8 were within 4 m of observed.  No  long‐term  hydraulic  test  data  suitable  for  transient  calibration  are  available  for  the  Ixtaca  site.  Consequently, a transient calibration was obtained using water level fluctuations in response to seasonal  recharge.  Recharge  factors  were  calculated  over  a  3‐year  period  and  the  resultant  fluctuations  in  groundwater  levels  compared  to  water  level  observations.  In  the  author’s  opinion,  the  groundwater  model  reproduces  hydrogeological  conditions  prior  to  the  mining  and  reasonably  calibrated  to  the  measured water levels, and the model can be used for predictive simulations.  Predicted passive groundwater inflows to the proposed pit range between 19 L/s (1,618 m3/d) and 34 L/s  (2,974 m3/d). Changes in simulated average pit inflows over time will occur in response to the mine pit  elevation,  the  extent  of  the  mine  pit  area,  and  the  drawing  down  of  the  local  water  table  over  time  through release of groundwater storage. The maximum inflows are reached in year 2 (34 L/s when the  open pit is rapidly excavated within the most permeable upper bedrock) and the final pit inflow in year  11 is 20 L/s. Actual pit groundwater inflows are likely to be sporadic, with higher inflows related to the  intersection  of  preferential  groundwater  flow  paths  (such  as  fractures)  during  mining.  Based  on  the  predictive  results,  the  groundwater  inflow  into  the  pit  could  be  handled  passively  (by  in‐pit  sumps)  without any active dewatering by perimeter wells or pit wall horizontal holes.  Additional inflow from direct precipitation to the pit (less evaporation) is estimated to be 29 L/s (2,517  m3/d) under average long‐term conditions. Thus, direct precipitation to the pit will likely form the largest  component of water to be pumped from the pit sumps during mining. It is assumed that up‐gradient/  catchment runoff will be diverted around the pit during mining to the extent possible.   Groundwater flow near the open pit is predicted to be radially inward from all directions. The predicted  change in the long‐term water table from pre‐mining water levels reaches a maximum of 200 m within  the pit. The 1‐m drawdown zone extends 1 km north of the pit, 2 km west of the pit, 1.5 km east of the  pit and 3 km south of the site, thus just reaching the banks of the Apulco River. In response to the lowered  groundwater levels around the pit during mining, groundwater baseflow to the creeks and springs in the  catchment are predicted to decrease by 9% (from 5,937 m3/d to 5,420 m3/d; 69 L/s to 63 L/s) compared  to pre‐mining conditions. In addition, net groundwater baseflow to the Apulco River decreases from an  average of 8 L/s (710 m3/d) to a net groundwater contribution of 0 L/s during the 11 years of mining.  The model predicts that a pit lake will form after mining, and the pit lake will exhibit both spillover and  flow‐through characteristics. The pit lake will reach 90% of full recovery within 90 to 100 years. After 113  years, the pit lake elevation reaches the maximum possible stage (2,230 mamsl) before surface spillover  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 101 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  commences at a rate of 15 L/s down‐gradient (south) of the pit. Groundwater seepage will be only inwards  for the first 40 years following the end of mining; thereafter, there will also be groundwater outflows,  with equilibrium conditions being 7 L/s inflow and 6 L/s outflow to groundwater.   There are varying levels of uncertainty associated with model parameters, and sensitivity analysis was  undertaken to evaluate the implications of these uncertainties. The sensitivity analysis results indicate  that the model is most sensitive to increases in the specific yield. The results have a medium sensitivity to  hydraulic conductivities. Doubling the hydraulic conductivity of the hydrogeological units increases the  average dewatering rate by 21%, with the range being between 25 L/s and 35 L/s; Doubling the specific  yield and specific storage increases the average dewatering rate by 42%, with the range being between  27 L/s and 46 L/s. Sensitivity analysis indicates that the post‐mining simulation results are most sensitive  to precipitation parameters, where alterations by 25% decrease/increase start of surface spillover by 25  years and flow rates increase/decrease by 7 L/s.   7.3.5 Groundwater Quality  To provide background and pre‐mining (baseline)groundwater data for the project, seven groundwater  monitoring wells were installed in 2014 (KP, 2015). About a year later geotechnical borehole GT‐15‐019  was  converted  to  a  monitoring  well.  The  groundwater  quality  monitoring  program  includes  both  upgradient and downgradient groundwater wells. Monitoring well locations are shown on Figure 7‐15.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 102 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 7‐16  Locations of Ground Water Quality Sampling Sites (from KP, 2017b)  Three  dominant  groundwater  types  have  been  identified  in  the  Project  area  (KP,  2017b):  (1)  calcium‐ sulphate, (2) calcium‐bicarbonate, and (3) sodium‐bicarbonate. A few locations have intermediate water  types,  specifically  with  respect  to  the  dominance  of  carbonate  or  sulphate.  Water  types  are  not  well  correlated to specific lithological units but are likely influenced by their position within the watershed,  localized geochemical enrichment, localized mineral enrichment, and residence time of the groundwater  in the vicinity of each of the monitoring wells. Groundwater in the project area is generally characterized  as neutral to slightly basic pH, alkaline with strong buffering capacity and varied hardness.  When compared with the water quality standards of Ley Federal de Derechos (aquatic life), NOM‐127‐DW  (drinking water standards), and NOM‐001 (discharge standards for irrigation and aquatic life), the baseline  groundwater quality exceeds numerous standards. Samples collected from monitoring wells in the upper  Rio Coxalenteme and the Rio El Tecolote areas exceed the NOM‐127‐SSA1‐1994 Drinking Water Standard  for hardness. Concentrations above standard are also noted for total dissolved solids, fluoride, arsenic,  iron, manganese, and molybdenum (KP, 2017b).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 103 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  7.4 Geomechanical  A geomechanical investigation program was completed on site for the Project from February 12, 2018 to  April  27,  2018.  Drilling  commenced  on  February  12,  2018  and  was  completed  on  April  23,  2018.  The  program was designed to characterize geomechanical conditions in support of the development of the FS  pit design. The slope angle recommendations contained in this report may be used for final design and  mine planning, subject to completion of the recommendations contained in Section 23.3.3 of this report.  It has been noted that all large earthwork and open pit projects at a final design level will be modified and  changed  based  on  slope  monitoring,  observed  conditions,  and  recommendations  of  professional  engineers engaged on the project.   Four major geomechanical domains have been identified in the project. The rock slopes are composed of  limestone and shale and an ash tuff volcanic domain that controls the stability of the upper 50 to 250  meters  (m)  of  the  ground.  The  volcanic  ash  tuff  domain  is  a  very  weak  rock  unit  that  has  engineering  properties similar to stiff soils. It is weak and easily erodible. A fourth domain of dikes was identified but  is not a significant percentage of the final wall rock slopes. In the author’s opinion, the quality and quantity  of core hole data and rock mass characterization is sufficient for a FS study.  7.4.1 Ash Tuff and Upper Volcanics  Rock quality designation (RQD) values of the volcanic domain are in the 0 to 20 range. Even though larger  piece lengths were observed the rock hardness was less than R2 (weak rock with strengths less than 5  MPa) not meeting the RQD criteria. The rock mass rating (RMR76) ranges from 30 to 50, which indicates  a weak and poor to fair quality rock mass.  When  the  ash  tuff  cuts  are  exposed  they  will  be  subjected  to  the  deformation,  erosion,  and  failure  mechanisms because of their low strength. Even though the ash tuff slope cuts have been designed to  meet  the  minimum  slope  acceptance  criteria  at  a  factor  of  safety  of  1.3,  some  local  slope  failure  mechanisms might occur that are not addressed by global or inter‐ramp stability analysis. These failure  mechanisms include gullying, piping, and erosion. These mechanisms will be exacerbated by precipitation  onto  exposed  slopes  that  have  not  been  vegetated  or  covered  by  erosion  control.  Berm  and  bench  surfaces should be graded at 2° to 3° to assist drainage off benches.  7.4.2 Rock Units (Limestone, Shale, Dikes)  The  rock  units  consist  of  limestone,  shale,  and  dikes.  Structural  features  (discontinuities)  encountered  during this field investigation consisted of joints, lithological contacts, veins, dikes, foliation, faults, shear  zones, and fractures in these three domains.   The limestone domain is characterized as moderately strong rock with UCS values ranging from 10 to 40  megapascals  (MPa).  RQD  values  in  the  limestone  range  from  60  to  100.  The  limestone  is  moderately  jointed and has a rock mass rating ranging from 50 to 70 indicating a good rock mass.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 104 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  The shale domain is a weak rock mass with UCS values ranging from 5 to 20 MPa. The shale unit is a highly  foliated and weak rock mass and has a varying foliation dipping between 40° to 50° at a dip direction of  250°. RQD values in the shale range from 50 to 100 and the rock mass rating ranges from 40 to 65, which  indicates a fair to good quality rock mass. The bulk of the final wall will be controlled by the rock mass  properties of the shale domain.   The intrusive dikes have not been differentiated in the geotechnical model as they will be governed by  the strength of the shale or limestone rock mass. The dikes are characterized as strong with UCS values  ranging from 50 to 70 MPa and have a RMR76 of 55 to 80 indicating the dikes are a strong and good rock  mass where present.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 105 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  8.0 Sample Preparation, Analyses and Security  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  8.1 Sample Preparation and Analyses  8.1.1 Rock Grab and Soil Geochemical Samples  Rock grab and soil geochemical samples have been transported by Almaden field personnel to the Santa  Maria core facility where they are placed in into sealed plastic twine (rice) sacks, sealed using single plastic  cable ties.  Custody of samples is handed over to ALS Minerals (ALS) at the Santa Maria core facility. ALS  sends its own trucks to the Project to transport samples to its sample preparation facility in Guadalajara  or  Zacatecas,  Mexico.    Prepared  sample  pulps  are  then  forwarded  by  ALS  personnel  to  the  ALS  North  Vancouver, British Columbia laboratory for analysis.  ALS is an International Standards Organization (ISO) 9001:2008 and ISO 17025‐2005 certified geochemical  analysis and assaying laboratory.  ALS is independent of Almaden and the authors.  ALS  reported  nothing  unusual  with  respect  to  the  shipments,  once  received,  so  there  isno  reason  to  believe that the security of the samples has been compromised.  At the ALS Zacatecas and Guadalajara sample preparation facilities, rock grab samples are dried prior to  preparation and then crushed to 10 mesh (70% minimum pass) using a jaw crusher.  The samples are then  split using a riffle splitter, and sample splits are further crushed to pass 200 mesh (85% minimum pass)  using a ring mill pulverizer (ALS PREP‐31 procedure).  Soil samples are dried and sieved to 80mesh.  Rock grab samples are subject to gold determination via a 50 gram (g) fire‐assay (FA) fusion utilizing atomic  absorption spectroscopy (AA) finish with a lower detection limit of 0.005ppm Au (5 ppb) and upper limit  of 10ppm Au (ALS method Au‐AA24).  A 50 gram (g) prepared sample is fused with a mixture of lead oxide,  sodium carbonate, borax, silica and other reagents as required, inquarted with 6mg of gold‐free silver and  then cupelled to yield a precious metal bead.  The bead is digested in 0.5ml dilute nitric acid and 0.5ml  concentrated hydrochloric acid.  The digested solution is cooled, diluted to a total volume of 4ml with de‐ mineralized water, and analyzed by atomic absorption spectroscopy against matrix‐matched standards.  Soil samples are subject to gold determination via digestion of a 50g prepared sample in a mixture of 3  parts hydrochloric acid and 1 part nitric acid (aqua regia; ALS method Au‐ST44).  Dissolved gold is then  determined  by  inductively  coupled  plasma  mass  spectrometry  (ICP‐MS).    Samples  are  analyzed  by  48‐ element (ICP‐MS), with a 4 acid digestion (ALS method ME‐MS61).  Silver,  base  metal  and  pathfinder  elements  for  rock  samples  are  analyzed  by  33‐element  inductively  coupled plasma atomic emission spectroscopy (ICP‐AES), with a 4‐acid digestion (ALS method ME‐ICP61).   A  0.25g  prepared  sample  is  digested  with  perchloric,  nitric,  hydrofluoric  and  hydrochloric  acids.    The  residue is topped up with dilute hydrochloric acid and the resulting solution is analyzed by ICP‐AES.  For  rock samples only, following this analysis, the results are reviewed for high concentrations of bismuth,  mercury, molybdenum, silver and tungsten and diluted accordingly.  Samples meeting this criterion are  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 106 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  then analyzed by inductively coupled plasma mass spectrometry (ICP‐MS, ALS method ME‐MS61).  Results  are  corrected  for  spectral  inter‐element  interferences.    Four  acid  digestions  are  able  to  dissolve  most  minerals; however, depending on the sample matrix, not all elements are quantitatively extracted.  8.1.2 Almaden Drill Core  All strongly altered or epithermal‐mineralized intervals of core have been sampled.  Almaden employs a  maximum sample length of 2 to 3m in unmineralized lithologies, and a maximum sample length of 1m in  mineralized lithologies.  During the years 2010 and 2011 Almaden employed a minimum sample length of  20cm.  The minimum sample length was increased to 50cm from 2012 onwards to ensure the availability  of sufficient material for replicate analysis.  Sampling always begins at least five samples above the start  of  mineralization.    Geological  changes  in  the  core  such  as  major  alteration  or  mineralization  intensity  (including large discrete veins), or lithology are used as sample breaks.  Drill core is half‐sawn using industry standard gasoline engine‐powered diamond core saws, with fresh  water  cooled  blades  and  “core  cradles”  to  ensure  a  straight  cut.    For  each  sample,  the  core  logging  geologist  marks  a  cut  line  down  the  centre  of  the  core  designed  to  produce  two  halves  of  equal  proportions of mineralization.  This is accomplished by marking the cut line down the long axis of ellipses  described by the intersection of the veins with the core circumference.  Areas of very soft rock (e.g. fault gouge), are cut with a machete using the side of the core channel to  ensure a straight cut.  Areas of very broken core (pieces <1cm) are sampled using spoons.  In all cases, the  right hand side of the core (looking down the hole) is sampled.  After cutting, half the core is placed in a  new plastic sample bag and half is placed back in the core box.  Between each sample, the core saw and  sampling  areas  are  washed  to  ensure  no  contamination  between  samples.    Field  duplicate,  blank  and  analytical standards are added into the sample sequence as they are being cut.  Sample numbers are written on the outside of the sample bags twice and the numbered tag is placed  inside the bag with the half core.  Sample bags are sealed using single plastic cable‐ties. Sample numbers  are checked against the numbers on the core box and the sample book.  Drill core samples collected by the Almaden are placed into plastic twine (rice) sacks, sealed using single  plastic cable ties.  ALS sends its own trucks to the Project to take custody of the samples at the Santa  Maria  core  facility  and  transport  them  to  its  sample  preparation  facility  in  Guadalajara  or  Zacatecas,  Mexico.  Prepared sample pulps are then forwarded by ALS personnel to the ALS North Vancouver, British  Columbia laboratory for analysis.  The samples are dried prior to preparation and then crushed to 10mesh (70% minimum pass) using a jaw  crusher.  The samples are then split using a riffle splitter, and sample splits are further crushed to pass  200mesh (85% minimum pass) using a ring mill pulverizer (ALS PREP‐31 procedure).  Drill core samples are subject to gold determination via a 50 gram (g)  AA finish FA fusion with a lower  detection  limit  of  0.005ppm  Au  (5ppb)  and  upper  limit  of  10ppm  Au  (ALS  method  Au‐AA24).    A  50g  prepared sample is fused with a flux mixture, inquarted with 6mg of gold‐free silver and then cupelled to  yield  a  precious  metal  bead.    The  bead  is  digested  in  0.5ml  dilute  nitric  acid  and  0.5ml  concentrated  hydrochloric acid.  The digested solution is cooled, diluted to a total volume of 4ml with de‐mineralized  water, and analyzed by atomic absorption spectroscopy against matrix‐matched standards.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 107 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Over limit gold values (>10ppm Au) are subject to gravimetric analysis, whereby a 50g prepared sample is  fused with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents in order to produce  a  lead  button.    The  lead  button  containing  the  precious  metals  is  cupelled  to  remove  the  lead.  The  remaining gold and silver bead is parted in dilute nitric acid, annealed and weighed as gold (ALS method  Au‐GRA22).  Silver, base metal and pathfinder elements for drill core samples have been analyzed by 33‐ element ICP‐ AES, with a 4‐acid digestion, a lower detection limit of 0.5ppm Ag and upper detection limit of 100ppm  Ag (ALS method ME‐ICP61).  A 0.25g prepared sample is digested with perchloric, nitric, hydrofluoric and  hydrochloric acids.  The residue is topped up with dilute hydrochloric acid and the resulting solution is  analyzed by ICP‐AES (ALS method ME‐ICP61).  Four acid digestions are able to dissolve most minerals;  however, depending on the sample matrix, not all elements are quantitatively extracted.  Over limit silver values (>100ppm Ag) have been subject to 4‐acid digestion ICP‐AES analysis with an upper  limit  of  1,500ppm  Ag  (ALS  method  ME‐OG62).    A  prepared  sample  is  digested  with  nitric,  perchloric,  hydrofluoric, and hydrochloric acids, and then evaporated to incipient dryness.  Hydrochloric acid and de‐ ionized water is added for further digestion, and the sample is heated for an additional allotted time.  The  sample is cooled and transferred to a 100ml volumetric flask.  The resulting solution is diluted to volume  with  de‐ionized  water,  homogenized  and  the  solution  is  analyzed  by  ICP‐AES.    Ultra‐high  grade  silver  values (>1,500ppm Ag) are subject to gravimetric analysis with an upper detection limit of 10,000ppm Ag  (Ag‐GRA22).  8.1.3 Independent Consultant’s Drill Core  The collected drill core samples were placed into sealed plastic bags and transported by the consultant to  ALS North Vancouver, British Columbia laboratory for gold FA and ICP‐MS analysis.  The consultant did not  have control  over the samples at all  times during  transport; however the consultant has  no reason to  believe that the security of the samples has been compromised.  The samples are dried prior to preparation and then crushed to 10mesh (70% minimum pass) using a jaw  crusher.  The samples are then split using a riffle splitter, and sample splits are further crushed to pass  200mesh (85% minimum pass) using a ring mill pulverizer (ALS PREP‐31 procedure).   Drill core samples collected by the independent consultant, have been subject to gold determination via  a 50 gram (g) AA finish FA fusion with a lower detection limit of 0.005ppm Au (5ppb) and upper limit of  10ppm Au (ALS method Au‐AA24).  A 50g prepared sample is fused with a flux mixture, inquarted with  6mg of gold‐free silver and then cupelled to yield a precious metal bead.  The bead is digested in 0.5mL  dilute nitric acid and 0.5mL concentrated hydrochloric acid.  The digested solution is cooled, diluted to a  total volume of 4mL with de‐mineralized water, and analyzed by atomic absorption spectroscopy against  matrix‐matched standards.   Silver,  base  metal  and  pathfinder  elements  for  rock  and  soil  samples  are  analyzed  by  33‐element  inductively  coupled  plasma  atomic  emission  spectroscopy  (ICP‐AES),  with  a  4‐acid  digestion.    A  0.25g  prepared sample is digested with perchloric, nitric, hydrofluoric and hydrochloric acids.  The residue is  topped  up  with  dilute  hydrochloric  acid  and  the  resulting  solution  is  analyzed  by  ICP‐AES.  Four  acid  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 108 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  digestions are able to dissolve most minerals; however, depending on the sample matrix, not all elements  are quantitatively extracted.  Over limit silver values (>100ppm Ag) are subject to 4‐acid digestion, ICP‐AES analysis with an upper limit  of  1,500ppm  Ag  (ALS  method  ME‐OG62).    A  prepared  sample  is  digested  with  nitric,  perchloric,  hydrofluoric, and hydrochloric acids, and then evaporated to incipient dryness.  Hydrochloric acid and de‐ ionized water is added for further digestion, and the sample is heated for an additional allotted time.  The  sample is cooled and transferred to a 100ml volumetric flask.  The resulting solution is diluted to volume  with de‐ionized water, homogenized and the solution is analyzed by ICP‐AES.  8.2 Quality Assurance / Quality Control Procedures  For  the  Tuligtic  rock  grab  sample  and  soil  geochemical  programs,  Almaden  relies  on  external  quality  assurance  and  quality  control  (QA/QC)  measures  employed  by  ALS.  QA/QC  measures  at  ALS  include  routine screen tests to verify crushing efficiency, sample preparation duplicates (every 50 samples), and  analytical  quality  controls  (blanks,  standards,  and  duplicates).    QC  samples  are  inserted  with  each  analytical run, with the minimum number of QC samples dependant on the rack size specific to the chosen  analytical  method.    Results  for  quality  control  samples  that  fall  beyond  the  established  limits  are  automatically red‐flagged for serious failures and yellow‐flagged for borderline results.  Every batch of  samples  is  subject  to  a  dual  approval  and  review  process,  both  by  the  individual  analyst  and  the  Department Manager, before final approval and certification.  The author has no reason to believe that  there are any issues or problems with the preparation or analyzing procedures utilized by ALS.  Drill  core  samples  are  subject  to  Almaden’s  internal  QA/QC  program  that  includes  the  insertion  of  analytical standard, blank and duplicate samples into the sample stream. A total of 15 QA/QC samples are  present in every 100 samples sent to the laboratory.  QA/QC  sample  results  are  reviewed  following  receipt  of  each  analytical  batch.  QA/QC  samples  falling  outside established limits are flagged and subject to review and possibly re‐analysis, along with the 10  preceding and succeeding samples (prior to August 7, 2012, a total of five samples preceding and five  samples succeeding the reviewable QA/QC sample have been re‐analyzed).  Where the re‐analyses fall  within acceptable QA/QC limits the values are added to the drill core assay database. Summary results of  Almaden’s internal QA/QC procedures are presented below.  In the independent consultant’s opinion, Almaden’s QA/QC procedures are reasonable for this type of  deposit  and  the  current  level  of  exploration.    A  total  of  16,351  QA/QC  analytical  standard,  blank  and  duplicate  samples  have  been  submitted  for  analysis.    Based  on  the  results  of  the  QA/QC  sampling  summarized below, the analytical data is considered to be accurate; the analytical sampling is considered  to  be  representative  of  the  drill  sample,  and  the  analytical  data  to  be  free  from  contamination.    The  analytical data is suitable for inclusion into a mineral Resource Estimate.  8.2.1 Analytical Standards  A total of 28 different analytical standards have been used on the Project.  Since November 13, 2012 and  drillhole TU‐12‐221 (the end of the Maiden Resource Estimate cut‐off), 17 different analytical standards  have been used and are the basis for the section herein.  Please refer to the 2013 Almaden NI 43‐101  (Raffle et al. 2013) report for a detailed discussion of the previously used standards.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 109 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Each  standard  has  an  accepted  gold  and  silver  concentration  as  well  as  known  “between  laboratory”  standard deviations, or expected variability, associated with each standard.  The standards include seven  multi‐element gold‐silver standards with accepted values ranging from 0.472 to 4.23g/t Au, and 4.2 to  152.0g/t Ag.  One analytical standard for every 20 samples (5%) is inserted into the sample stream at the  ‘05’, ‘25’, ‘45’, ‘65’ and ‘85’ positions.  QA/QC summary charts showing gold and silver values for each  analytical  standard  in  addition  to  the  accepted  value,  the  second,  and  third  “between  laboratory”  standard deviation are shown in Figure 8‐1 below.  Between 2010 and 2013 Almaden employed two separate criteria by which standards have been assigned  “pass” or “reviewable” status.    Up  to drillhole TU‐12‐130  a reviewable standard  had been  defined as any standard occurring within a  reported  mineralized  interval  returning  greater  than  three  (3)  standard  deviations  (3SD)  above  the  accepted  value  for  gold  or  silver.    Beginning  with  drillhole  TU‐12‐131,  a  reviewable  standard  is  now  defined as any standard occurring anywhere in a drillhole returning >3SD above or below the accepted  value for gold or silver.  In addition, two standards analyzed consecutively returning values >2SD above or  below the accepted value for the same element (gold or silver) are classified as reviewable.   All  standard  samples  returning  gold  or  silver  values  outside  the  established  criteria  are  reviewed.    A  decision to conduct reanalysis of samples surrounding the reviewable standard is based on whether the  standard  returned  a  value  above  or  below  the  accepted  value  (low,  or  slightly  high  >3SD  values  are  allowed after data review) or if it occurred within a reported interval (>3SD values are allowed outside of  reported intervals)  Prior to August 7, 2012, when a reviewable standard has been recognized the five  preceding  and  five  succeeding  samples,  in  addition  to  the  standard  have  been  subject  to  review  and  possibly re‐analysis.  After August 7, 2012 when a reviewable standard is recognized, the ten preceding  and ten succeeding samples, in addition to the standard is subject to review and possibly re‐analysis.  The  results of re‐analysis are then compared to the original analysis.  Provided that no significant systematic  increase or decrease in gold and silver values is noted and the re‐analyzed standard returned values within  the expected limits, the QA/QC concern is considered resolved and the re‐analyzed standard value and  surrounding reanalyzed samples are added to the drillhole database.   A total of 11,153 analytical standards have been inserted into the sample stream of 139,042 assays for  gold and silver for the 590 drillholes.  Of the 11,153 standards, a total of 2,356 have been subject to review  criteria in place up to drillhole TU‐12‐130.  Of the remaining 4,490 samples subject to the current review  criteria (TU‐12‐131 and later), 1,708 samples have been included in the maiden mineral Resource Estimate  up to hole TU‐12‐221 (Raffle et al., 2013).  QA/QC results with respect to the remaining 3,219 standards  are reported herein (TU‐12‐222 and later).  Of the 3,876 QA/QC samples inserted into the sample stream since November 13, 2012, a total of 255  (6.6%) have been initially reviewable as a result of two consecutive standards returning >2SD from the  accepted value, or a single standard returning >3SD from the accepted value for gold or silver.  These  standards have been re‐analysed and all but 29 passed the repeat analysis (Figure 8‐1).  Of the remaining  fourteen (14) re‐analysis failures occurring within reported mineralized intervals, seven (7) returned <3SD  below the accepted value for Au, four (4) >3SD above the accepted value for Ag, and two (2) >3SD above  the accepted value for Au.  One (1) additional standard failed as the result of being mislabelled and was  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 110 of 324                          later  corrected  in  the  database.    One  (1)  other  standard  failed,  but  material  was  not  available  for  re‐ analysis.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐1  QA/QC Analytical Standards  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 111 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐1  QA/QC Analytical Standards cont…  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 112 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐1  QA/QC Analytical Standards cont…  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 113 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐1  QA/QC Analytical Standards cont…  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 114 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐1  QA/QC Analytical Standards cont…  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 115 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐1  QA/QC Analytical Standards   8.2.2 Blanks  Local limestone gravel is used for coarse “blank” samples to monitor potential contamination during the  sample preparation procedure.  One blank for every 20 samples (5%) is inserted into the sample stream  at the ‘10’, ‘30’, ‘50’, ‘70’, and ‘90’ positions.  Blank samples returning values of greater than 50ppb Au  and/or 5ppm Ag are flagged for review.   Prior to August 7, 2012, reviewable blank samples occurring outside a reported mineralized intercept have  not been subject to re‐analysis.  In the event that a blank returned has values above the accepted limits  for gold or silver (prior to August 7, 2012), the blank and five samples on either side have been re‐analyzed.   To  provide  additional  confidence,  on  August  7,  2012,  Almaden  increased  the  number  of  samples  re‐ analyzed  to  ten  samples  on  either  side  of  the  blank  in  question.    The  results  of  re‐analysis  are  then  compared to the original analysis.  Provided that no significant systematic increase or decrease in gold  and silver values is noted and the re‐analyzed blank does not return values above the accepted limits; the  QA/QC  concern  is  considered  resolved  and  the  re‐analyzed  blank  value  and  surrounding  reanalyzed  samples are added to the drillhole database.     Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 116 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Of the 3,842 blank samples analyzed since November 13, 2012, a total of 30 blanks have returned assays  greater than the accepted values of 50ppb Au and 5ppm Ag.  Of these, 22 blanks have returned greater  than  50ppb  Au,  and  eight  blanks  returned  greater  than  5ppm  Ag.  These  blanks  occurred  within  mineralized intervals, and as such have been re‐assayed.  When re‐assayed, all blanks except one sample  returned values below the accepted values for Au and Ag (Figure 8‐2).  The single remaining failed blank  sample immediately follows a high grade sample that returned an assay of 5,310ppm Ag and in this case  it is reasonable that a certain amount of carryover occurred.  Figure 8‐2  QA/QC Blanks  8.2.3 Duplicates  Quartered‐core duplicate samples are collected to assess the overall repeatability of individual analytical  values.  One core duplicate for every 20 samples (5%) is inserted into the sample stream at the ‘15’, ‘35’,  ‘55’, ‘75’, and ‘95’ positions.  A total of 3,789 quarter‐core duplicates have been inserted into the sample  stream beginning with drillhole TU‐12‐222.  As part of their internal QA/QC program, ALS completes routine re‐analysis of prep (coarse reject) and  pulp duplicates to monitor precision.  ALS analyzed a total of 1,271 prep duplicates for gold, and 1,315 for  silver.  A total of 3,048 pulp duplicates have been analyzed for gold and 2,414 for silver.  Charts showing original versus duplicate quarter‐core, prep, and pulp duplicate values for gold and silver  show a significant and progressive increase in sample repeatability (Figure 8‐3).  Increased repeatability is  expected as the level of duplicate sample homogenization increases from low (quarter‐core) to moderate  (prep) and high (pulp).  The data indicates a high level of repeatability for both prep (coarse reject) and  pulp duplicates.  This is interpreted to indicate a low “nugget” effect with respect to Ixtaca gold and silver  analyses.    Excluding  primary  geologic  heterogeneity  (quarter‐core),  the  data  show  a  homogenous  distribution of gold and silver values within Ixtaca drill core.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 117 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 8‐3  QA/QC Duplicates  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 118 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  9.0 Data Verification  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  9.1 Independent Audit of Almaden Drillhole Database  Between  August  23  and  September  26,  2012  and  subsequently  January  2  and  January  21,  2014  an  independent audit of Almaden’s drillhole database was conducted.  The audit included systematic checks  of  database  values  for  drill  collar  coordinate,  downhole  survey,  and  drill  core,  analytical  standard,  duplicate, and blank sample assays against the original field survey files and laboratory certificates.  In  addition,  APEX  conducted  a  review  of  the  Almaden  QA/QC  database,  summary  results  of  which  is  presented within Section 11.2 above.  9.1.1 Collar Coordinate and Downhole Survey Databases  A total of 39 diamond drillhole collar locations were confirmed following site visits to the Tuligtic Property  on October 18, 2011; September 23, 2012; November 20, 2013; and September 12, 2019.  In addition,  Almaden has provided APEX with copies of all original down hole survey field records.    Despite no collar discrepancies being recorded by the author in the field, a review of the drill database  reveals  a  number  of  elevation  discrepancies  between  the  Almaden  differential  GPS  measured  collar  coordinates  and  the  high‐resolution  satellite  ortho‐photogrammetric  derived  Ixtaca  Project  DEM  topographic base.  Elevation differences between differential GPS and the DEM range from plus 9 metres  to negative 7 m. Approximately 70% of the drill hole elevations vary less than plus or minus 4 m from the  DEM estimated elevation.  The author observed instances within the drill collar database where a single  hole  drilled  at  the  same  drill  pad  location  varied  in  elevation  in  comparison  to  others  drilled  during  different  years.  These  single  holes  also  appear  to  vary  more  in  comparison  to  the  DEM  estimated  elevation, suggesting discrepancies may be derived from satellite configuration errors.    As a result of the observed discrepancies, Almaden commissioned an independent company Skytactic who  provided a report on September 8, 2018 after surveying 32 collar locations across the deposit. Skytactic  measured minor easting (average 7 cm) and northing (average 40 cm) differences between Almaden and  Skytactic differential GPS determined collar locations. Elevation checks by Skytactic agreed more closely  with  DEM  surface,  and  resulted  in  the  removal  of  observed  single  hole  variances.    The  Skytactic  data  further  reinforce  the  interpretation  that  the  observed  single  hole  collar  elevation  “spikes”  are  due  to  satellite configuration errors.   As  a  result  of  the  Skytactic  report,  all  drillhole  collars  were  draped  onto  the  high‐resolution  DEM  by  Almaden  to  establish  a  consistent  elevation  model  across  the  entire  deposit,  which  created  some  discrepancies between the original and current data.  The drill locations used in the mineral Resource  Estimate and are deemed to be accurate by the author.    Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 119 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  9.1.2 Drill Core Assay Database  A total of 139,042 drill core samples exist within the drill database (590 drillholes in total).  The database  audit  consisted  of  checking  10,885  database  gold  and  silver  values  against  the  original  ALS  analytical  certificates.    The  audit  specifically  focused  on  assays  within  reported  mineralized  intercepts.    No  discrepancies have been identified between the original ALS analytical certificates and Almaden’s drillhole  database values.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 120 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  9.2 Site Visit  An  independent  consultant  conducted  reconnaissance  of  the  Tuligtic  Property  from  October  17  to  October 20, 2011 to verify the reported exploration results.  The author completed a traverse of the Ixtaca  Zone, observed the progress of ongoing diamond drilling operations and recorded the location of select  drill collars consistent with those reported by Almaden.  Additionally, Almaden’s complete drill core library  was made available and the consultant reviewed mineralized intercepts in drill core from a series of holes  across  the  Ixtaca  Zone.  The  consultant  personally  collected  quartered  drill  core  samples  as  ‘replicate’  samples from select reported mineralized intercepts.  Additional visits to the Tuligtic Property were carried out by the author on September 23, 2012, November  20,  2013,  and  most  recently  September  12,  2019  to  observe  the  status  of  current  operations,  review  additional mineralized intercepts in drill core, and collect quarter drill core samples from select drillholes.   A comparison of the results of the author’s ‘replicate’ sampling versus original Almaden reported values  for gold and silver are presented in Table 9‐1.  Table 9‐1  Authors  Sample  11KRP201  11KRP202  11KRP203  11KRP204  11KRP205  11KRP206  12KRP601  12KRP602  12KRP603  12KRP604  12KRP605  12KRP606  13KRP201  13KRP202  13KRP203  13KRP204  Authors Independent Drill Core Sample Assays  Almaden  Sample  51662  4596  45073  56217  46586  45347  086459  094696  N298311  N296249  098391  071443  126912  142029  141281  143281  Drillhole  TU‐11‐036  TU‐10‐006  TU‐11‐020  TU‐11‐051  TU‐11‐034  TU‐11‐021  TU‐12‐138  TU‐12‐164  TU‐12‐123  TU‐12‐124  TU‐12‐166  TU‐12‐103  TU‐13‐238  TU‐13‐287  TU‐13‐308  TU‐13‐309  From  (m)  82.97  332.62  190.57  91.70  140.16  168.67  299.50  188.00  228.60  174.80  356.40  273.50  216.00  166.98  375.50  195.00  To  (m)  83.5  333.66  190.87  92.20  140.50  169.16  300.00  188.50  229.10  175.30  357.00  274.00  216.50  168.00  376.00  195.50  Interval  (m)  0.53  1.04  0.30  0.50  0.34  0.49  0.50  0.50  0.50  0.50  0.60  0.50  0.50  1.02  0.50  0.50  Authors  Au (ppm)  7.85  3.00  5.49  1.98  32.40  17.60  1.745  0.819  3.45  1.165  3.94  5.20  3.78  0.668  2.36  11.35  Authors  Ag (ppm)  525  164  271  229  691  1130  307  126  86.6  100  13.2  118  92  48  19  756  Almaden  Au (ppm)  5.59  2.79  5.19  4.04  29.9  15.55  1.545  1.745  4.39  2.01  3.64  4.36  2.69  0.775  2.41  14.4  Almaden  Ag (ppm)  504  191  285  349  712  1460  229  134  92.5  155  14.5  136  63.4  87.7  33.2  1000  Based  on  the  results  of  the  traverses,  drill  core  review,  and  ‘replicate’  sampling  the  independent  consultant has no reason to doubt the reported exploration results.  Slight variation in assays is expected  due to variable distribution of mill feed minerals within a core section but the analytical data is considered  to be representative of the drill samples and suitable for inclusion in the Resource Estimate.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 121 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  10.0 Mineral Processing and Metallurgical Testing  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  10.1 Introduction  Gold and Silver at Ixtaca is hosted by three metallurgical domains identified by host rock lithology (see  Figure 10‐1).    Volcanic is a tuff unit overlying the deposit. It is a minor unit and contributes 11% of metal produced.   Limestone  is  a  calcareous  unit  underlying  the  volcanic  unit.  It  is  the  primary  ore  bearing  unit  and  contributes 75% of metal produced.   Black Shale is a dark calcareous unit underlying the volcanic and limestone units. It is a minor unit and  currently only contributes to 14% of metal produced. It is the bottom sequence and is mined last.  The limestone and black shale units contain pre‐mineralization dykes.  Figure 10‐1   Ixtaca Metallurgical Domains  Source: MMTS, January 2019  10.2 Metallurgical Test Work History  Metallurgical test work progressively developed a flowsheet for the metallurgical domains, focusing on  optimizing limestone ore which represents the majority of mill feed. Metallurgical testing campaigns for  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 122 of 324                                the Ixtaca Project are summarized in Table 13‐1.  All laboratories used in the metallurgical studies are  independent of the company and author.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐1  History of Metallurgical testing campaigns for the Ixtaca Project  Phase  Laboratory  ISO  Sample type  Tests  Comments  Craig H.B.  Leitch,  Ph.D., P.  Eng.  Blue Coast   Phase I  (Parksville,  BC)  Blue Coast   Phase II  (Parksville,  BC)  McClelland  (Reno, NV)  Phase 1  N/A  Single core  intervals  Not  accredited  Five  composites  22 samples  subjected to  petrographic  investigation  Scoping tests  including, gravity  GRG, cyanidation  of gravity tails,  flotation,  hardness testing  Not  accredited  Master  composites  by ore type  Gravity and  Flotation tests  ISO  17025:2005  Master  composites  by ore type  Gravity  concentration,  Flotation,  Cyanidation,  Diagnostic Leach,  residue cyanide  speciation.  l y r o t a r o p x E ‐ 1 e g a t S Bureau  Veritas  (Richmond,  BC)  Not  accredited  Met test  work  samples  Qemscan analysis  of leach residues  from limestone  and volcanic leach  tests.  Petrographic analysis provided initial insight into  characterization of mineralization of the major  ore types.  Limestone had the best response to gravity  concentration followed by black shale. Volcanic  had poor gravity response.  All units amenable to  flotation.   Limestone identified as medium hardness,  volcanics as soft, blackshale as moderate  hardness.  Identified opportunity to recover Pb and Zn from  black shale.  Gravity and flotation tests confirmed a  combination of gravity and rougher flotation to  be appropriate for all domains.  Identified P80 70µm. SIPX and Aero 3477 to  enhance silver recovery in flotation.  Diagnostic leach indicated gold and silver in  limestone was well liberated and amenable to  cyanidation.  Silver in volcanic and black shale  was well liberated. A third of the gold in volcanic  was locked in sulphides, while black shale  showed significant preg robbing.   Gravity, flotation, leach test work indicated 90%  of silver potentially recoverable from all units,  90% gold recovery from limestone, and 50% gold  recovery from volcanic and black shale.  Cyanide speciation indicated cyanide  consumption was due to thiocyanate formation –  to be remedied with early lime addition.   QEMSCAN Particle Mineral Analysis (PMA) and  Trace Mineral Search (TMS) confirm results from  diagnostic leach. Unliberated gold locked mainly  in sulphides and non‐sulphide gangue. confirmed  that regrind required prior to leaching  particularly for volcanic.  Gekko  (Ballarat,   Australia)  ISO:  17025:2017  Single core  composites  t S g e a   McClelland  (Reno, NV)  ISO  17025:2005  Composite  from core  Tested coarse  gravity  concentration  potential  Gravity  concentration,  Tests indicated that coarse gravity not suitable  for Ixtaca ore due to a significant fine grain  portion of mineralization.  Gravity grind size tests indicated that 75 µm  gravity feed was close to optimum.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 123 of 324                                        Phase  Laboratory  ISO  Sample type  Tests  Comments  Ixtaca ‐ S‐K 1300 Technical Report Summary  from HG  Main  Limestone  Flotation,  Cyanidation of  concentrates, CIL,  Merrill Crowe,  comminution,  whole ore leach.  Focused on  Limestone.  Bureau  Veritas  (Richmond,  BC)  Met‐Solve  (Langley,  BC)  McClelland  in Sparks,  NV, and  Met‐Solve in  BC  Not  accredited  Met test  work  samples  Not  accredited  ISO  17025:2005  Met test  work  samples  Continuous  intervals  from various  locations  (lateral and  depth  variability)  3 e g a t S Tomra   (Wedel,  Germany)  Bureau  Veritas  (Richmond,  BC)  ISO  9001:2015  ISO  14001:2015  Not  accredited  Bulk  samples  from drill  core by ore  type  Met test  work  samples  Mineralogical  Assessment of  Gravity, Flotation,  Cyanidation  Products  GRG gravity tests  on all domains.  Variability testing  on limestone  (gravity, flotation,  leach, CIP, Merrill  Crowe). Filtration.  Leach  optimization for  volcanic.  Comminution  tests.  Organic Carbon  rejection from  black shale.  Volcanic  concentrate leach  tests.  Ore sort  amenability and  XRT ore bulk tests  on commercial  machines.  Mineralogical  Assessment of  Black shale to  characterize  organic carbon.  Optimization focused on flotation and leach  conditions. Primary grind size optimized at P80  75µm. Flotation mass pull of 10% achieved good  recoveries.  Regrind before leaching is required to maintain  good leach recoveries. Lime addition during  regrind significantly reduced cyanide  consumption to less than 1 kg/t.  Typical leach kinetics for gold with gold leaching  complete in 24 hours. Silver requires longer leach  time of 72 hours.  No preg robbing detected in limestone. Merrill  Crowe recommended for high silver content. CIL  for processing black shale. Overall recovery  projection the same as Stage 1 test work.  Supported Stage 2 McClelland test work, focused  on detailed limestone mineralogy.  GRG was used determined recoveries from  industrial scale semi batch gravity concentrators.  Optimum conditions from Stage 2 applied to  limestone samples representing various locations  and grades throughout the limestone domain.  Flotation recovery of gold and silver correlate  with head grade, and improved with increased  promoter concentration.  Gold and silver leach recoveries correlated with  head grade. CIL gold recovery was higher than  agitated leach confirming the preference for  activated carbon when leaching limestone.   Black Shale pre‐flotation with CMC cleaning  indicated that organic CIL recoveries can be  significantly improved with carbon liberation.   Ferric sulphate with additional regrind of volcanic  followed by CIL leaching indicated significant gold  recovery improvement potential.  Ore sort tests showed significant waste rejection  of coarse rock and upgrading of ore using  commercial XRT ore sort machines.  Mineralogy investigation identified organic  carbon in black shale as fine grained discrete  particles in the host rock. Confirmed that the  organic carbon can be liberated.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 124 of 324                                   Ixtaca ‐ S‐K 1300 Technical Report Summary  Phase  Laboratory  ISO  Sample type  Tests  Comments  Met‐Solve  (Langley,  BC)  Not  accredited  Met test  work  concentrate  samples  ISO 9001  Metro  Testing  (Burnaby,  BC)  Contiguous  waste rock  cores from  various  limestone  locations  Ultrafine gravity  for Organic  carbon rejection  for black shale  followed by CIL  tests.  Aggregate  characterization  /qualification  Pre‐flotation concentrates, and flotation  concentrates were tested in an ultrafine gravity  separation machines. The test work successfully  separated organic carbon from gold and silver  bearing concentrates. Carbon liberation requires  a fine regrind (‐20 µm). Concentrates leached at  various organic carbon grades showed that gold  recovery significantly improved when organic  carbon is reduced to less than 0.5%.  Tests confirmed Ixtaca limestone is suitable  for many types of concrete use. Concrete  produced with the aggregate performed very  well, largely achieving the 28‐day design  compressive strength of 30 MPa already at 7  days, and more than 40 MPa at 28 days.  ISO 17025 ‐ International Organization for Standardization's general requirements for the competence of testing and calibration  of laboratories.ISO 9001 ‐ International Organization for Standardization that specifies requirements for a quality management  system (QMS).  ISO 14001 ‐ International Organization for Standardization that specifies requirements for an effective environmental  management system (EMS).  10.3 Samples  The location of the samples used for all metallurgical testing campaigns for Stage 1 and 2 can be seen in  Figure 10‐2.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 125 of 324                      Figure 10‐2  Plan View Of Drill holes used for Stage 1 and 2 Metallurgical Test Work  Ixtaca ‐ S‐K 1300 Technical Report Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 126 of 324                        Variability samples collected for the stage 3 metallurgical study limestone test work included contiguous  drill core from various locations throughout the deposit as shown in Figure 10‐3. Assays for the limestone  variability samples are shown in Table 10‐2.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 127 of 324                    Figure 10‐3 Location of Variability Samples for Stage 3 Metallurgical Test Work – 3D View from NW  Ixtaca ‐ S‐K 1300 Technical Report Summary  Source: MMTS, January 2019  Table 10‐2 Variability Samples for Stage 3 Metallurgical Test Work ‐ Limestone Sample Head Assays   Lab Sample Drill Hole ID ID 4237-004 GMET-17-1 4237-005 GMET-17-2 4237-006 GMET-17-3 4237-007 GMET-17-4 4237-008 GMET-17-5 4237-009 GMET-17-7 4237-010 GMET-17-8 4237-011 GMET-17-9 4237-012 GMET-17-10 4237-013 GMET-17-12 Average Au g/t 0.42 0.27 1.68 2.96 1.56 1.17 0.93 0.85 0.46 0.27 1.06 Ag g/t 55  31  89  157  87  74  44  69  54  20  68  C (Total) C (Organic) C (Inorganic) S (Total) S (Sulfate) S (Sulfide) % 8.92 10.20 8.11 3.14 6.49 7.19 6.19 9.70 10.40 7.18 7.75 % 0.06 0.36 0.07 0.06 0.07 0.06 0.09 0.06 0.06 0.04 0.09 % 8.86 9.84 8.04 3.08 6.42 7.13 6.10 9.64 10.34 7.13 7.66 % 0.53 0.42 0.88 2.54 1.55 1.25 1.25 0.44 0.34 0.80 1.00 % 0.20 0.08 0.55 0.67 0.54 0.98 1.02 0.33 0.22 0.28 0.49 % 0.34 0.35 0.33 1.87 1.01 0.27 0.23 0.11 0.12 0.52 0.52 The samples tested represent the range of potential mill feed grades.  Samples for exploratory leach test work on Volcanics and Black shale in 2018 were collected from  various drill core samples remaining from Stage 1 and 2 test work.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 128 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  10.4 Mineralogy  10.4.1 Limestone  In 2017 a mineralogical assessment was conducted on a lime stone ore sample. The resulting chemical  and mineral composition of the ore sample is shown in Table 10‐3.  Table 10‐3  Limestone Ore Sample Chemical and mineral composition   (Source: Bureau Veritas)  The ore sample presented as low sulphide mineralization with 1.13 percent by weight sulphide minerals.  Pyrite was the dominant sulphide mineral and accounted for 92 percent of the total sulphide mass. Other  sulphide minerals in trace amounts included sphalerite, galena, chalcopyrite and arsenopyrite.  The sample graded 0.77 g/t gold and 37.2 g/t silver.  Approximately 99.5 percent of the ore gold occurred as native gold and gold electrum. The remaining  gold in ore was contained in silver sulphide minerals, including acanthite/argentite and freibergite.  Percentage gold deportation by mineral species is shown in Figure 10‐4 (a).  Silver bearing minerals were dominantly present as acanthite/argentite, native silver, argentotennentite  /freibergite, miargyrite and selenopolybasite. Percentage silver deportation by mineral species is shown  in Figure 10‐4 (b).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 129 of 324                                  Figure 10‐4 Limestone ore: estimated percentage deportment by mineral species   a) Gold  b) Silver  Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Bureau Veritas, 2018)  The ore sample had a P80 of 65μm. At this sizing, the liberation of gold, silver and pyrite were estimated  at 5.7 percent, 42.4 percent and 66 percent, respectively. Unliberated gold and silver were mostly  associated with pyrite. This observation suggests that sulphide flotation can be employed ahead of the  cyanidation leach. Gold locking characteristics require regrinding of the flotation concentrate ahead of  the cyanidation leach.  10.4.2 Volcanic  In 2015 a mineralogical assessment was conducted on volcanic samples taken from gravity tails. The  resulting chemical and mineral composition of the ore sample is shown in Table 10‐4.  The volcanic samples contained 3.7 to 6.1 percent by weight sulphide minerals. Pyrite was the dominant  sulphide mineral and accounted for 97 percent of the total sulphide mass. Other sulphide minerals in trace  amounts included sphalerite, galena, chalcopyrite and arsenopyrite and alabandite.  The non‐sulphide gangue minerals occurred mostly as silicates. The major silicate minerals were identified  as quartz, K‐feldspar, micas, rhodonite and kaolinite.  The sample graded 0.3 to 0.7 g/t gold and 48 to 62 g/t silver.  Table 10‐4  Volcanic Sample Chemical and mineral composition   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 130 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Bureau Veritas)  Gold observed was poorly liberated and mostly fine grained. The combined amounts of liberated gold and  gold adhesions ranged from 23 to 35 percent. The remainder of the gold was almost all locked with pyrite  in binary or multiphase forms. Percentage gold deportation by mineral species is shown in Figure 10‐5 (a).  The two volcanic samples assayed 62 and 48 g/t silver, respectively. The dominant silver bearing minerals  in these two tails were pyrargyrite and freibergite. The liberations of the silver minerals were measured  at  64.5  and  31.1  percent  respectively.  Significant  amounts  of  silver  in  one  of  the  samples  occurred  as  adhesion form with exposed surfaces. Percentage silver deportation by mineral species is shown in Figure  10‐5(b).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 131 of 324                            Figure 10‐5 Volcanic: estimated percentage deportment by mineral species   a) Gold  b) Silver  Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Bureau Veritas, 2018)  The mineralogy results indicate good potential metal recovery with flotation. Poorly liberated fine‐grained  gold  in  volcanic  ore  will  require  significant  regrind  prior  to  cyanide  leaching  to  achieve  good  leach  recoveries.  10.4.3 Black Shale  In 2017 a mineralogical assessment was conducted on black shale ore sample separated into a fine  fraction (overflow, or O/F) and coarse fraction (underflow, or U/F) during metallurgical test work. The  resulting chemical and mineral composition of the ore sample is shown in Table 10‐5.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 132 of 324                            Table 10‐5  Black Shale Sample Chemical and mineral composition   Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Bureau Veritas)  The volcanic samples contained 2.7 to 5.9 percent by weight sulphide minerals. Pyrite was the dominant  sulphide mineral and accounted for 93 percent of the total sulphide mass. Other sulphide minerals in trace  amounts included sphalerite, galena, chalcopyrite and argentite.  The non‐sulphide gangue minerals occurred mostly as silicates and carbonates.   The sample graded 0.8 to 8.3 g/t gold and 32.2 to 110 g/t silver.  Over  95  percent  of  the  gold  was  contained  in  native  gold  and  gold  electrum,  and  the  remainder  was  carried by calaverite, petzite and gold bearing silver minerals. The silver was mainly present as sulphide  form, and contained in stephanite/pyrargyrite, acanthite/argentite, freibergite and hessite, in the relative  mineral abundances.  The particle sizes of two samples were measured at 18 μm P80 and 47 μm P80, respectively. At those  differently particle sizes, the averaged two‐dimensional liberations of gold were estimated at 60.1 and  73.4 percent, respectively. Unliberated gold and silver was predominantly associated with each other or  with pyrite in binary or multiphase forms. More than 95 percent of the unliberated pyrite, gold and silver  occurred as exposed surfaces or contained in the pyrite rich particles. Percentage gold deportation by  mineral species is shown in Figure 10‐6(a).  Silver in the two samples were mainly in sulphide form, and contained in stephanite (Ag5SbS4)/ pyrargyrite  (Ag3SbS3), acanthite/argentite (Ag2S), freibergite and silver bearing gold minerals. The remainder of the  sample  silver  was  contained  in  hessite  (Ag2Te)  and  naumannite  (Ag2Se),  jalpaite  ((Ag)3CuS2)  and  bohdanowiczite  (AgBiSe2).    Approximately  75  to  78  percent  by  weight  silver  in  the  two  samples  were  liberated. Percentage silver deportation by mineral species is shown in Figure 10‐6(b).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 133 of 324                                    Figure 10‐6 Black Shale: estimated percentage deportment by mineral species   c) Gold  d) Silver  Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Bureau Veritas)  The mineralogical observations above suggest that an effective sulphide flotation probably will recovery  majority of the gold and silver from the feeds into the sulphide concentrates. The black shale samples  contained  approximately  1%  organic  carbon.  The  organic  carbon  may  cause  certain  difficulties  in  the  process of cyanidation gold and silver leach.   The liberation and associations of organic carbon in O/F and U/F samples are presented in Figure 10‐7.  The  data  reveals  that  on  average,  about  75  to  80  percent  of  the  organic  carbon  was  liberated  when  estimated in two dimensions. Unliberated organic carbon was primarily associated with carbonates or  other non‐sulphide minerals.   Figure 10‐7 Black Shale: organic carbon mineral distribution  (Source: Bureau Veritas)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 134 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Gold and silver minerals in the black shale samples were rarely associated with organic carbon. Therefore,  it  is  recommended  that  organic  carbon  rejection  process  such  as  pre‐flotation,  flotation  cleaning  with  organic carbon depression, or gravity concentration can likely be deployed prior to leaching.  10.5 Diagnostic Leaching  In 2016 diagnostic leach tests were carried out on the Limestone, Volcanics and Black shale concentrates  to determine the proportion of gold and silver associated with various mineral phases.   Each diagnostic leach test feed (0.2 ‐ 0.5 kg) was tested as‐is, without regrind (no coarser than 80%‐53μm).  A total of three sequential leach steps were performed on the unleached flotation concentrate samples  from the BS and LC composites, including direct carbon in leach (CIL)/cyanidation, hydrochloric acid (HCl)  digestion  followed  by  CIL,  and  aqua  regia  (AR)  digestion  followed  by  CIL.  The  residue  from  the  final  CIL/cyanidation (after AR) was subjected to roasting followed by cyanidation of the calcine, and fire assay  in triplicate of the final leached residue to determine residual precious metals content.  The results of the diagnostic leach tests summarized in Figure 10‐8and Figure 10‐9 and discussed below.  Figure 10‐8 Gold diagnoistic Leach  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 135 of 324                                Figure 10‐9 Silver diagnoistic Leach  Ixtaca ‐ S‐K 1300 Technical Report Summary  10.5.1 Limestone  Gold and Silver in limestone concentrates are very well liberated with good cyanidation recoveries. 10.5.2 Volcanic  Silver in volcanic is very liberated with good cyanidation recoveries. A significant portion of gold in volcanic is extracted with Aqua Reqia confirming that a significant proportion of gold in volcanic is locked in sulphides minerals (pyrite from the mineralogy). 10.5.3 Black Shale  Silver in Black Shale is well liberated. Silver and gold recoveries improve with CIL confirming the presence of organic carbon. A significant portion of the gold in Black Shale is extracted with aqua reqia indicating some gold is locked in sulphides minerals. Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 136 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  10.6 Comminution Test Work  Results from comminution tests on selected samples in Stage 1 and 2 test work are summarized in Table  10‐6.  Comminution  test  work  on  limestone  variability  samples  carried  out  in  2018  are  summarized  in   Table 10‐7.  Table 10‐6  Stage 1 and 2 Comminution Results (2014 and 2016)  Ore type  Date  Crushing  Work Index  kWh/tonne  Abrasion Index  Ai, grams  Ball Mill Work Index  kWh/tonne  Limestone  Limestone  Limestone  Limestone  Average Limestone  Volcanic  Volcanic  Volcanic  Volcanic  Average Volcanic  Black Shale  Black Shale  Black Shale  Black Shale  Average Black Shale  2014  2016  2016  2014  2016  2016  2014  2016  2016  ‐  7.5  8.7  8.1  ‐  5.6  6.6  6.1  ‐  5.5  6.2  5.9  ‐  0.03  0.06  0.05  ‐  0.02  0.12  0.07  ‐  0.10  0.02  0.06  13.2  13.2  14.2  13.5  10.5  ‐  13.2  11.9  18.6  13.4  8.2  13.4  Table 10‐7  Limestone Comminution Variability Results (2018)  Sample ID 4237-004 4237-005 4237-006 4237-007 4237-008 4237-009 4237-010 4237-011 4237-012 4237-013 Average Crushing  Work Index  (kWh/tonne) 7.0 Ball Mill  Work Index  kWh/tonne) 12.2 6.4 11.0 8.9 5.8 8.6 6.0 7.7 8.0 6.5 7.6 12.7 13.3 15.7 12.8 12.0 14.2 13.4 12.3 10.9 12.9 Abrasion Index (grams) 0.05 0.06 0.11 0.16 0.11 0.10 0.08 0.07 0.03 0.11 0.09 Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 137 of 324                                                                           Ixtaca ‐ S‐K 1300 Technical Report Summary  10.6.1 Limestone  The limestone variability comminution tests in 2018 confirm a medium hardness with an average crushing  work  index  of  7.6  kWh/tonne,  abrasion  index  of  0.09  grams,  and  Bond’s  ball  mill  work  index  of  12.9  kWh/tonne. The results indicate a medium hardness with low abrasion. The range of results indicate a  low hardness variability for limestone rock.  10.6.2 Volcanic  Volcanic samples had average crushing work index of 6.1 kWh/tonne, abrasion index of 0.07 grams, and  Bond’s ball mill work index of 11.9 kWh/tonne, indicating medium to soft rock. Volcanics ball mill bond  work index varied by up to 2.7 kWh/tonne indicating hardness variability.  10.6.3 Black Shale  Black Shale samples had average crushing work index of 5.86 kWh/tonne, abrasion index of 0.06 grams,  and Bond’s ball mil work index of 13.4 kWh/tonne. A large difference of approximately 10 kWh/tonne in  the ball mill work index is observed suggesting a potential large hardness variability in the Black Shale  material.   10.7 Ore Sorting  The  anastomosing  epithermal  vein  character  of  Ixtaca  limestone  ore  illustrated  in  Figure  10‐10  is  characterized by high grade ore in veins surrounded by barren unmineralized waste rock. The 1m average  assay for Figure 10‐10 is Au 17 g/t and Ag 600 g/t with significant barren limestone waste rock internal  dilution between ore veins.  Figure 10‐10: Typical Limestone high grade veining (GMET‐17‐04 at 88 to 89 m depth)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 138 of 324                                  Ixtaca ‐ S‐K 1300 Technical Report Summary  The significant variance in physical properties between mineralized veins and barren rock make Ixtaca ore  ideal for mechanized ore sorting where barren waste rock between the ore veins can be rejected before  processing.   10.7.1 How it works  Sensor based ore sorting has been used in the mining industry for decades. The operation of a commercial  ore sort machine is shown below. Crushed and screened mineralized rock is evenly fed over a conveyor  belt. An electric X‐ray tube creates a broad‐band radiation. This radiation penetrates the material and  provides  spectral  absorption  information  that  is  measured  with  an  X‐ray  camera.  The  resulting  sensor  information  is  then  processed  to  provide  a  detailed  “density  image”  of  the  material  allowing  it  to  be  separated into high and low‐density fractions. If the sensor detects material to be sorted out, it signals  the control unit to open the appropriate valves of the ejection module at the end of the conveyor belt.  The  detected  materials  are  separated  from  the  material  flow  by  jets  of  compressed  air.  The  sorted  material is divided into two fractions in the separation chamber.  Figure 10‐11: XRT Ore Sorting   Source: Tomra  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 139 of 324                              Figure 10‐12: Tomra high capacity commercial XRT Ore Sorting Machine  Ixtaca ‐ S‐K 1300 Technical Report Summary  Source: Tomra  10.7.2 Limestone Ore Sort Amenability Tests  An amenability test on limestone ore and waste rock samples carried out at the Tomra testing centre in  Germany showed that an XRT sorter, is able to detect high atomic density sulfide inclusions within the  limestone host rock (see Figure 10‐13 below). The XRT scan showed a concentration of high atomic density  particles in economic mineralized veins (dark blue in Figure 10‐13 ) compared to lower density waste rock  (red in Figure 10‐13 ) The stark differences in sensor response between potential ore rocks and waste  rocks confirmed that Ixtaca limestone ore is suitable for XRT ore sorting.   Figure 10‐13: Ixtaca XRT Amenability Test Images  Source: MMTS, January 2019  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 140 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  10.7.3 Limestone Ore Sort Performance  Tests  Ore sorting performance tests were carried out on a commercial scale XRT machine at the Tomra testing  centre in Germany.   A 2,200 kg sample of limestone was collected from fresh drill core in the main zone. The samples were  prepared  for  sorting  by  crushing  and  screening  at  a  McClelland  metallurgical  laboratory  in  Reno  and  shipped to the Tomra ore sorting test center in Wedel, Germany.  Tests were carried out using various Tomra XRT equipment parameters at various feed size fractions. All  waste  and  ore  products  from  the  trials  were  weighed  and  analyzed  independently  by  ALS  Global  in  Romania.  Limestone ore sort tests results summarized in Table 10‐8 showed that    ejecting waste rock instead of ore significantly improved sorting efficiency (Test 1.1 compared to  2.1);   Ore sorting tests 2.1 to 6.1 successfully ejected waste rock for the coarse (+18mm) and mid size  (12‐16mm) fractions;   Ore sorting had poor performance for fine rock (‐12mm);  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 141 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐8  Limestone Ore Sort Test Results Summary  Test  Feed Size  Ejecting  Calculated Feed    Mass    Au    Ag  Concentrate    Mass    Yield    Au    Ag    Au Recovery    Ag Recovery  Waste    Mass    Yield    Au    Ag  kg  g/t  g/t  kg  %  g/t  g/t  %  %  kg  %  g/t  g/t  1.1  2.1  3.1  4.1  5.1  6.1  7.1  +18 mm  Ore  +18 mm  Waste  +18 mm  Waste  12‐16mm  Waste  12‐16mm  Waste  12‐16mm  Waste  6‐12mm  Waste  274.5  0.62  65  86  31%  1.13  96.80  57%  47%  188.5  69%  0.39  50  268 0.57 37 149.5 56% 0.87 57 84% 88% 118.5 44% 0.20 10 290.5 0.81 73 176 61% 1.17 113 88% 93% 114.5 39% 0.25 12 219.3 0.67 44 92 42% 1.27 92 80% 89% 127.3 58% 0.23 9 197  0.64  41  94  48%  1.09  73  82%  85%  103  52%  0.22  12  204 0.77 54 148.5 73% 0.97 70 91% 94% 55.5 27% 0.24 11 118.5 0.44 39 32.5 27% 0.91 96 57% 66% 86 73% 0.26 18 The ore sort performance tests demonstrated that the commercial XRT could successfully reject:    39% of waste rock from coarse rock (18mm to 50 mm) at grades of Au 0.25 g/t and 12 g/t Ag   (Test 3.1)   52% of waste rock from midsize rock (12mm to 16 mm) at grade of Au 0.22 g/t and 12 g/t Ag  (Test 5.1)  The above waste grades are below the anticipated mine cutoff grades. Fines in the crushing process (‐12  mm) bypasses the ore sorting process and reports directly to mill feed.  Drill core samples used in the performance tests have a more significant variation of thickness in cross‐ section (thin at the edges and thick at the center of the core) compared to typical crushed ROM rock. XRT  performance is influenced by densities and rock cross section thickness. The large variability in thickness  from the drill core samples impacted the performance of the sorting machine. Better results are expected  with more natural shaped material from run of mine rock in future operations.  A mass balance of the ore sort test including consideration of the fines that will bypass the ore sorter and  sent directly to mill feed is summarized in Figure 10‐14 and Table 10‐9.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 142 of 324                                                                   Figure 10‐14: Limestone Ore Sort Mass Balance  Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐9  Limestone Ore Sort Mass Balance Summary  Item  Sample Head AU Grade   Sample Head AG Grade   Total Waste Mass Rejection  Total Waste AU Grade   Total Waste AG Grade   AU Total Recovery  AG Total Recovery  New Mill Feed Grade AU   New Mill Feed Grade AG   AU Grade Improvement  AG Grade Improvement  Unit  (g/t)  (g/t)  %  (g/t)  (g/t)  %  %  (g/t)  (g/t)  %  %  Value  0.74 65 36% 0.24 12 88% 93% 1.03 95 39% 47% The setting on the XRT ore sort machine can be adjusted to increased or decrease the grade of the  ejected waste to optimize process economics.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 143 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  10.7.4 Black Shale Ore Sort Performance Tests  Results from ore sort performance tests on bulk black shale drill core sample are summarized in Table  10‐10.  Table 10‐10  Black Shale Ore Sort Test Results Summary  Test  Feed Size  Calculated Feed    Mass    Au    Ag    Corg  Concentrate    Mass    Yield    Au    Ag    Corg    Au Recovery    Ag Recovery    Corg Recovery  Waste    Mass    Yield    Au    Ag    Corg  1  2  3  4  +20 mm  +20 mm  +20 mm  12‐20mm  114.5 1.38 22.0 0.88 62.5 55% 2.42 31.7 0.78 96% 78% 48% 52 45% 0.13 10.5 1.01 116.5 0.68 28.1 0.95 72 62% 1.03 40.5 0.90 94% 89% 58% 44.5 38% 0.10 8.0 1.04 135.5  0.44  23.6  0.86  94.5  70%  0.59  30.0  0.79  94%  89%  63%  41  30%  0.09  8.8  1.04  34.8 0.81 29.7 ‐ 25.5 73% 1.04 37.3 ‐ 94% 92% ‐ 9.3 27% 0.19 9.1 ‐ kg  g/t  g/t  %  kg  %  g/t  g/t  %  %  %  kg  %  g/t  g/t  %  A regression of concentrate yield and tailings grade was used to estimate concentrate yield of 36% at an  estimated tailings grade of Au 0.25 g/t and Ag 20 g/t, reflecting the potential cut off grade for black shale.  It  is  also  worth  noting  that  organic  carbon  (Corg)  in  black  shale  product  was  consistently  lower  in  concentrate compared to waste or feed grade. The selective rejection of organic carbon by ore sorting  will assist in reducing the preg robbing potential of organic carbon in black shale.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 144 of 324                                                                                Figure 10‐15: Black Shale Concentrate Yield vs Tailings Au Grade   Ixtaca ‐ S‐K 1300 Technical Report Summary  A mass balance of the ore sorting for black shale including consideration of the fines that will bypass the  ore sorter and be sent directly to mill feed is summarized in Figure 10‐16 and Table 10‐11.  Figure 10‐16: Black Shale Ore Sort Mass Balance  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 145 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐11  Black Shale Ore Sort Mass Balance Summary  Item  Sample Head AU Grade   Sample Head AG Grade   Total Waste Mass Rejection  Total Waste AU Grade   Total Waste AG Grade   AU Total Recovery  AG Total Recovery  New Mill Feed Grade AU   New Mill Feed Grade AG   AU Grade Improvement  AG Grade Improvement  Unit  (g/t)  (g/t)  %  (g/t)  (g/t)  %  %  (g/t)  (g/t)  %  %  Value  1.20 23 52% 0.25 19.6 89% 55% 2.22 26.5 86% 16% 10.7.5 Volcanic Ore Sort Performance Tests  Results from ore sort performance tests on bulk volcanic drill core sample are summarized in Table 10‐12.  Black Shale Ore Sort Test Results Summary  2  1  3  4  Table 10‐12  Test  Feed Size  Calculated Feed    Mass    Au    Ag  Concentrate    Mass    Yield    Au    Ag    Au Recovery    Ag Recovery  Waste    Mass    Yield    Au    Ag  +20 mm  +20 mm  +20 mm  12‐20mm  144.5 0.77 12.1 18.5 13% 0.95 24.7 16% 26% 126 87% 0.75 10.3 158.5 1.88 13.8 40 25% 5.00 25.6 67% 47% 118.5 75% 0.83 9.8 141  1.26  10.1  49.5  35%  2.17  9.1  60%  31%  91.5  65%  0.77  10.7  53.8 0.90 12.7 27.7 52% 1.05 15.7 60% 64% 26.1 49% 0.75 9.5 kg  g/t  g/t  kg  %  g/t  g/t  %  %  kg  %  g/t  g/t  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 146 of 324                                                                     Ixtaca ‐ S‐K 1300 Technical Report Summary  Volcanic  ore  sorting  showed  significant  upgrading  of  concentrate  grade  with  concentrate  grades  approximately double the sample feed grade, but ejected waste grade was marginally above volcanic ore  cut off grade. Volcanic ore sort waste will therefore be treated as low grade ore and will be stockpiled for  mill feed late in the mine life when minable resource is depleted.  A mass balance of the ore sorting for volcanic ore including consideration of the fines that will bypass the  ore sorter and be sent directly to mill feed is summarized in Figure 10‐17 and Table 10‐13.  Figure 10‐17: Volcanic Ore Sort Mass Balance  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 147 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐13  Volcanic Ore Sort Mass Balance Summary  Item  Sample Head AU Grade   Sample Head AG Grade   Total Waste Mass Rejection  Total Waste AU Grade   Total Waste AG Grade   AU Total Recovery  AG Total Recovery  New Mill Feed Grade AU   New Mill Feed Grade AG   AU Grade Improvement  AG Grade Improvement  10.8 Whole Ore Leaching  Unit  (g/t)  (g/t)  %  (g/t)  (g/t)  %  %  (g/t)  (g/t)  %  %  Value  1.20 23 52% 0.25 19.6 89% 55% 2.22 26.5 86% 16% Whole  ore  leaching  tests  carried  out  in  Stage  1  and  2  indicated  lower  recoveries  and  higher  reagent  consumptions compared to a process that leaches a gravity and flotation concentrate.   10.9 Gravity Concentration   Gravity concentration tests have been carried out in all stages of development using Falcon laboratory  scale  centrifugal  gravity  separators.  Met‐Solve  laboratory  tested  Limestone,  Volcanic  and  Black  Shale  samples  using  the  standard  Detailed  Gravity  Recoverable  Gold  test  (DGRG)  and  modeled  the  Ixtaca  grinding‐gravity concentration to forecast potential gravity recovery at industrial scale.   10.9.1 Limestone  Results from EGRG tests conducted at Blue Coast in 2013 shown in Table 10‐14 indicated a potential gold  gravity recovery of 58.7%. These results showed that total gravity recovery was sensitive to grind size.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 148 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐14  2013 Limestone EGRG results   Grind Size  Product  P80 = 956 µm  P80 = 250 µm  P80 = 75 µm  Stage 1 Concentrate  Stage 1 Tails  Stage 2 Concentrate  Stage 2 Tails  Stage 3 Concentrate Stage 3  Tails Sample  Final Tails  Head  Total Concentrate  Total Tailings  (Source: Blue Coast)  Mass  wt % 0.4  99.6 0.4  99.2 0.4  2.5 91.6 100.0  1.2  94.1 Assay  g/t  41.49  0.63  34.30  0.62  42.90  0.34  0.34  0.78  39.32  0.34  Distribution %  19.6  80.4 18.6  78.4 20.5  1.1  40.2  100.0  58.7  41.3 Results from EGRG tests conducted at Met Solve in 2016 shown in Table 10‐15 indicated a potential gold  gravity  recovery of 60.9 %. These results showed that total gravity recovery was sensitive to grind size.  Table 10‐15  2016 Limestone EGRG results   Grind Size  (P80 in µm)  Product  1,8 93  284  62  62  Stage 1 Concentrate  Stage 2 Concentrate  Stage 1+2 Concentrate  Stage 3 Concentrate  Total Concentrate  Final Tailings  Calculated Head (Source: Metsolve)  Weight  (%) 0.58 0.47  1.05  0.48  1.53  98.47 100.00 Au  Dist'n (%) 10.8 15.1 25.9 35.0 60.9 39.1 100.0 g/t  13.56  23.12  17.86  53.30  28.90  0.29  0.73  Gravity concentration testwork carried out in 2 stages at McClelland in 2016 demonstrated the improved  gravity gold recovery potential by reducing grind size as shown in Figure 10‐18.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 149 of 324                              Figure 10‐18: Limestone gravity recovery vs grind size  Ixtaca ‐ S‐K 1300 Technical Report Summary  Grind size design was set for optimized downstream rougher flotation P80 of 75 µm based on 2016 test  work (discussed below). The 75 µm P80 was used in all subsequent limestone gravity test work.   In  2018  limestone  samples  collected  from  various  locations  representing  the  limestone  deposit  were  milled to P80 of 75 µm and subjected to a 3‐pass gravity concentration on a falcon laboratory gravity  concentrator. The results shown in Figure 10‐19 showed no correlation between head grade and gravity  recovery.  Figure 10‐19: 2018 Limestone gravity recovery vs head grade (P80 = 75 µm)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 150 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  In  2018  Sepro  Mineral  Systems  (Sepro),  who  manufacture  Falcon  gravity  concentrators,  modeled  the  Limestone gravity recovery to industrial scale semi batch gravity concentrators and estimated 51.4% gold  and 13.1 silver gravity recovery.  Figure 10‐20: 2018 Limestone Gold ‐ industrial gravity recovery model  (Source: Sepro Mineral Systems)  Figure 10‐21: 2018 Limestone Silver ‐ industrial gravity recovery model  (Source: Sepro Mineral Systems)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 151 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  10.9.2 Volcanic  Results  from  EGRG  tests  conducted  on  volcanic  sample  at  Blue  Coast  in  2013  shown  in  Table  10‐16  indicated a potential gold gravity recovery of 15.1%. The EGRG results showed that total gravity recovery  was sensitive to grind size.  Table 10‐16  2013 Volcanic EGRG results   Grind Size  Product  P80 = 825 µm  P80 = 226 µm  P80 = 85 µm  Stage 1 Concentrate  Stage 1 Tails  Stage 2 Concentrate  Stage 2 Tails  Stage 3 Concentrate  Stage 3 Tails Sample  Final Tails  Head  Total Concentrate  Total Tailings  (Source: Blue Coast)  Mass  wt %  0.4  99.6  0.4  99.2  0.4  3.2  91.2  100  1.1  94.4  Assay  g/t  11.88  0.81  10.73  0.77  11.26  0.76  0.76  0.85  11.3  0.76  Distribution  %  5.4  94.6  4.6  90  5.1  2.9  82  100  15.1  84.9  Results from EGRG tests conducted at Met Solve in 2016 shown in  Table 10‐17 indicated a potential gold  gravity recovery of 33.3 %. These results confirmed that total gravity recovery was sensitive to grind size.  Table 10‐17  2016 Volcanic EGRG results   Grind Size  (P80 in µm)  Product  905  227  70  70  Stage 1 Concentrate  Stage 2 Concentrate  Stage 1+2 Concentrate  Stage 3 Concentrate  Total Concentrate  Final Tailings  (Source: Metsolve)  Calculated Head Weight  (%)  0.49 0.44  0.93  0.48 1.41  98.59 100.00 Au  g/t  19.46  26.17  22.62  65.51  37.20  1.07  1.58  Dist'n (%)  6.1 7.3  13.3  19.9 33.2  66.8 100.0 In 2018 Sepro Mineral Systems (Sepro), modeled the volcanic gravity recovery to industrial scale semi  batch gravity concentrators and estimated 29.2% gold and 8.0% silver gravity recovery (See Figure 10‐22  and Figure 10‐23).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 152 of 324                                     Figure 10‐22: 2018 Volcanic Gold ‐ industrial gravity recovery model  Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Sepro Mineral Systems)  Figure 10‐23: 2018 Volcanic Silver ‐ industrial gravity recovery model  (Source: Sepro Mineral Systems)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 153 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  10.9.3 Black Shale  Results from EGRG tests conducted at Blue Coast in 2013 shown in Table 10‐18 indicated a potential gold  gravity recovery of 54.9%. These results showed that total gravity recovery for black shale was similar to  the limestone and was also sensitive to grind size.  Table 10‐18  2013 Black Shale EGRG results   Grind Size  Product  P80 = 747 µm  P80 = 194 µm  P80 = 70 µm  Stage 1 Concentrate  Stage 1 Tails  Stage 2 Concentrate  Stage 2 Tails  Stage 3 Concentrate Stage 3  Tails Sample  Final Tails  Head  Total Concentrate  Total Tailings  (Source: Blue Coast)  Mass  wt % 0.5  99.5 0.5  99.1 0.4  1.8 90.3 100.0  1.3  92.1 Assay  g/t  65.41  0.93  47.75  0.93  36.31  0.60  0.60  1.22  50.04  0.60  Distribution %  24.2  75.8 17.8  75.2 12.8  0.9  44.3  100.0  54.9  45.1 Results from EGRG tests conducted at Met Solve in 2016 shown in Table 10‐19  had a gold gravity recovery  of 24.3 %. The lower recovery was also from a lower head grade indicating potential variability of recovery  with head grade.  Table 10‐19  2016 Blackshale EGRG results   Product  Grind Size  (P80 in µm)  942  313  Stage 1 Concentrate  Stage 2 Concentrate  Stage 1+2 Concentrate  Stage 3 Concentrate  Total Concentrate  Final Tailings  Calculated Head  71  71  Weight  (%)  0.46 0.47  0.93 0.51  1.43 98.57 100.00 Au  g/t  11.39  10.12  10.75  21.47  14.55  0.66  0.86  Dist'n (%)  6.1 5.5  11.6 12.7  24.3 75.7 100.0 (Source: Metsolve)  In  2016  Mclelland  achieved  39%  gold  recovery  to  gravity  concentrate  using  3‐passes  at  P80  of  75µm  shown in Figure 10‐24.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 154 of 324                                  Figure 10‐24: 2016 Black Shale Gold recovery sensitivty to number of passes  Ixtaca ‐ S‐K 1300 Technical Report Summary  In  2018  Sepro  modeled  the  Black  Shale  gravity  recovery  to  industrial  scale  semi  batch  gravity  concentrators  using  the  2016  Met  Solve  EGRG  results  and  estimated  18%  gold  and  5.9%  silver  gravity  recovery (See Figure 10‐25 and Figure 10‐26). These values are considered conservative as significantly  higher recoveries were achieved in lab scale tests in 2013 and 2016.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 155 of 324                          Figure 10‐25: 2018 Black Shale Gold ‐ industrial gravity recovery model  Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Sepro Mineral Systems)  Figure 10‐26: 2018 Black Shale Silver ‐ industrial gravity recovery model  (Source: Sepro Mineral Systems)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 156 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  10.10 Flotation of Gravity Tails  Stage 1 and 2 metallurgical test work identified that flotation concentration of gravity tails is required to  achieve good gold and silver recoveries to a concentrate before leaching.    10.10.1 Flotation Optimization (2016)  Flotation optimization test work carried on gravity tails in 2016 studied grind size and flotation conditions.   Initial optimization test work at increasing flotation grind size shown in Figure 10‐27 and Figure 10‐28  indicated  an  optimum  flotation  grind  size  P80  of  75  µm.  The  results  also  show  that  lower  recovery  in  gravity was compensated with higher recovery in flotation.  Figure 10‐27: Summary of Gold recovery by flotation grindsize (2016)  Figure 10‐28: Summary of Silver recovery by flotation grindsize (2016)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 157 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  The combination of both processes yielded above 96% gold when P80 ranged from 53 m to 75m. The  silver performance shows a similar trend to that of gold, with a combined silver recovery in the order of  90% to 93%.    A  series  of  gravity  concentration  and  7kg  bulk  flotation  tests  was  executed  to  generate  enough  concentrate  for  leaching  test.  Results  from  the  flotation  bulk  test  confirmed  initial  stage  recovery  estimation as follows:    50.2% of gold and 11.8% of silver reported to gravity concentrate weighing 0.52% of the feed (mass  pull)   46.2% of gold and 81.6% of silver reported to flotation rougher concentrate weighing 8.2% of the feed  (mass pull).    The combined gravity concentration and flotation recovery results are 96.4% for gold and 93.4% for  silver.   Flotation time of up to 25 minutes was required to complete flotation.  Reagent optimization tests resulted in the recommended flotation conditions shown in Table 10‐20.  Table 10‐20  Flotation Conditions   Primary grind size  Flotation concentration  Activator  Collector  Frother  80% ‐75μm  33% w/w  Copper sulfate 0.125 kg/t  SIPX 0.125 kg/t, AERO3477 0.0625 kg/t  Aerofroth 65   10.10.2 Flotation Variability Test Work (2018)  In 2018 flotation test work was carried on limestone gravity tails using variability samples from various  locations representing the limestone deposit. The test work used conditions established in the 2016 test  work. Gold recovery to combined gravity and flotation concentrate shown in Figure 10‐29 shows a strong  correlation to head grade. Silver recovery to combined gravity and flotation concentrate shown in Figure  10‐30 shows a correlation to head grade but with significant variability. For example, a silver head grade  of approximately 88 g/t to 90 g/t had recoveries ranging from 89.6% to 93.4%.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 158 of 324                                    Figure 10‐29: Gold recovery to combined flotation and gravity concentrate by head grade  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 10‐30: Silver recovery to combined flotation and gravity concentrate by head grade  Grind size sensitivity tests on selected samples indicated that flotation recovery can be improved by 3%  for gold and 1.3% for silver with a finer grind size. The economic impact of throughput reduction for the  finer grind size resulted in the decision to maintain a P80 of 75 µm.  Subsequent test work was carried out to determine if recovery can be improved by increased promoter  concentration.  The  results  shown  in  Figure  10‐31  and  Figure  10‐32  showed  that  a  25%  increase  in  promoter increased gold recovery by 1.7% and increased silver recovery by 1.5%. No additional recovery  improvement was observed by increasing the promoter by 50%.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 159 of 324                                    Figure 10‐31: Gold flotation recovery sensitivity to flotation reagent   Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 10‐32: Silver flotation recovery sensitivity to flotation reagent   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 160 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  10.11 Leaching of gravity concentrate  Intensive cyanidation test work of limestone gravity concentrates in 2016 resulted in leach gold recoveries  of  up  to  98.6  %  and  silver  leach  recoveries  of  96.1%  using  the  following  ILR  (intensive  leach  reactor)  conditions:   Regrind the 150 g sample in the porcelain pebble mill for 60 min;   Dry, weight and assay the pebble mill clean‐out sand;   Leach in a bottle roll:  o 20% solids;  o Add 10 kg/mt NaOH initially.  Add additional NaOH as required to maintain pH<12.0;  o Add 5 g/L LeachWell GC with the initial cyanide addition;  o Initial cyanide addition of 13 gNaCN/L – allow to “coast‐down” (make up only the amount of  cyanide removed when interim pregnant solution samples are taken);  The 2016 leach tests indicated that recoveries were relatively insensitive to leach parameters. Leaching  was complete in 12 hours.   Gold intensive leach recovery showed were consistently 98% or higher when overall sample head grades  were higher than 0.4 g/t as shown in Figure 10‐33.  Average silver intensive leach recovery was 96%.   Figure 10‐33: Gravity concentrate intensitve leach gold recovery   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 161 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  10.12 Leaching of flotation concentrate  10.12.1 Limestone  Cyanidation tests were carried out in 2016 on limestone flotation concentrate evaluating:    grind size (regrind time);    point of addition for lime;       carbon in leaching (CIL) vs direct agitated leaching (CN);  slurry pre‐treatment with air sparging;   calcium peroxide;  solids concentration;  sodium cyanide concentration;  Optimized agitated leach test work conditions were as follows:   30 min regrind time    4 kg/mt Lime added during regrinding   33% solids (not optimized during earlier testing)   pH 11.0 with lime    8 g NaCN/L, maintained during first 12 hrs leaching, then allowed to coast‐down    96 hour leach cycle   Leaching stage recovery of gold reached values up to 88.8% and silver reached up to 97.2% with cyanide  consumption less than 1kg/tonne ore. Cyanide consumption was found to be sensitive to lime addition  during the regrind stage before leaching was initiated.   Agitated leach kinetics work in showed that gold leaching was complete with 24 hours, but silver leaching  requires up to 72 hours for leaching to complete (See Figure 10‐34 and Figure 10‐35).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 162 of 324                              Figure 10‐34: Limestone Gold Leach Rates Limestone (2016)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 10‐35: Limestone Silver Leach Rates Limestone (2016)  Carbon absorption tests showed that gold absorption was complete with 12 hours. Silver absorption was  completed in 24 hours. (See  Figure 10‐36). Carbon absorption capacity tests indicated equilibrium gold  loading of approximately 924 g/t (Figure 10‐37) and silver loading of 29,000 g/t (Figure 10‐38).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 163 of 324                                  Figure 10‐36: Carbon absorption rates  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 10‐37: Carbon absorption capacity test – gold loading  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 164 of 324                          Figure 10‐38: Carbon absorption capacity test – silver loading  Ixtaca ‐ S‐K 1300 Technical Report Summary  CIL test work in 2018 on variability samples had significantly higher gold recoveries compared to agitated  leach without activated carbon. A decision was made to adopt CIL for limestone processing to maximize  gold recoveries.  The CIL test work in 2018 showed a correlation between recoveries and head grades (See Figure 10‐39  and Figure 10‐40). Average CIL cyanide consumption was 0.49 kg/t ore and average lime consumption was  0.66 kg/t ore.  Figure 10‐39: CIL Gold recovery vs head grade  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 165 of 324                                  Figure 10‐40: CIL Silver recovery vs head grade  Ixtaca ‐ S‐K 1300 Technical Report Summary  Gold in solution analysis show in Figure 10‐41 shows that gold absorption from solution to carbon was  complete within 24 hours. Gold and silver remaining in solution after CIL would be recoverable by a Merrill  Crowe process.  Figure 10‐41: CIL – Gold in Solution   Gold leaching with CIL is complete in 24 hours and silver leaching continues for up to 72 hours. The Ixtaca  leach process will there require 24 hours of CIL leaching followed by 48 hours of agitated leaching without  carbon.   The CIL with associated carbon circuit maximizes gold recovery, while agitated leach with Merrill Crowe  maximizes silver recovery.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 166 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  10.12.2 Volcanic  Mineralogy and leach test work conducted in Stage 1 and indicated that a significant portion of the gold  is locked in sulphides and requires either significant regrind or oxidation for liberations. Agitated leach  tests shown in  Figure 10‐42 and Figure 10‐43 show that leach kinetics are significantly improved with  additional regrind for both silver and gold. The regrind test work achieved a gold recovery increased on  6% and silver recovery increase of 12% in going from a 30 minute regrind to a 60 min regrind.  Figure 10‐42: Volcanic gold leach kinetics at different grind sizes  Figure 10‐43: Volcanic silver leach kinetics at different grind sizes  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 167 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  CIL tests after 30 min regrind resulted in a gold recovery of 57.8 %. Gold recovery with CIL was 10% higher  than gold recovery without activated carbon.    CIL test with a 60 minute regrind has not yet been completed but is expected to significantly increased  gold and silver recovery.  A leach test  after roasting the volcanic flotation  concentrate  yield a gold recovery of 75.8% and silver  recovery of 86.8%. (Note: roasting is not anticipated to be employed at Ixtaca). This test confirmed that  the lower leach recoveries for gold and silver were mostly due to locking of gold and silver in sulphides.  10.12.3 Black Shale  Stage 1 and 2 test work identified that black shale ore was strongly preg‐robbing due to elevated organic  carbon  (Corg)  content.  Leaching  test  work  on  black  shale  flotation  concentrate  at  McClelland  in  2016  showed that CIL leaching of black shale achieved gold leach recoveries of approximately 50%.  Due to the  low contribution of black shale to the Ixtaca ore reserve and late mine life processing of black shale, it was  decided  to  limit  resources  committed  to  of  black  shale  test  work  in  favor  of  limestone  process  optimization. Any further improvement in gold recovery would require rejection or passivation of organic  carbon.  Mineralogy on Black Shale in 2017 showed that organic carbon occurs as fine‐grained particles in the host  rock and is pre‐mineralization (See Figure 10‐44). The mineralogy also confirmed that gold and silver were  generally attached to gold and silver with 75 to 80 percent of the organic carbon liberated. The mineralogy  confirmed that fine regrinding of flotation concentrate is required for organic carbon liberation.  Figure 10‐44: Black Shale carbon backscatter images  (Source: Bureau Veritas)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 168 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Test work in 2018 explored 2 paths to assess the potential for rejection or passivation of organic carbon:  1. Pre‐flotation of organic carbon;  2. Organic carbon rejection with cleaner flotation;  3. Pre‐leach organic carbon passivation with kerosene;  4. Ultra‐fine density concentration – rejection of organic carbon to gravity tail;  Figure 10‐45: Black Shale carbon rejection exploratory testwork  Pre‐flotation  produced  an  organic  carbon  concentrate  using  only  a  froth  agent  with  no  promoters  or  collectors), followed by full flotation to produce a gold and silver concentrate. The flotation concentrate  was split and tested with flotation cleaning, kerosene passivation and ultra‐fine gravity.  10.12.3.1 Pre‐flotation  Pre‐flotation concentrated the organic carbon from a head grade of 1% Corg to a pre‐flotation concentrate  grade of 10% Corg. Approximately half of the organic carbon was recovered pre‐flotation concentrate with  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 169 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  approximately  10%  of  the  gold.  This  test  confirmed  that  a  significant  portion  of  the  organic  carbon  is  liberated at the primary grind size and can be removed with pre‐flotation.  Ultrafine  gravity  concentration  uses  the  density  differences  between  economic  minerals  and  organic  carbon to reject the organic carbon. A single rougher ultrafine gravity test on the pre‐flotation concentrate  after regrind to a P80 of 20 µm showed that organic carbon in the pre‐flotation concentrate could be  reduced in a rougher stage from 10% to 2% with a 73% gold recovery. It is reasonable to expect the organic  carbon can be further reduced with a cleaning stage.  10.12.3.2 CIL of Flotation concentrate  CIL leaching of the flotation rougher concentrate yielded a gold recovery of 44% and silver recovery of  70%.  10.12.3.3 Cleaner Flotation  A  portion  of  the  gold  and  silver  flotation  rougher  concentrate  was  then  cleaned  with  Carboxymethyl  Cellulose  (CMC)  to  depress  and  reject  organic  carbon  to  cleaner  tails.  This  was  carried  out  before  regrinding.  Cleaner concentrate had organic carbon reduced from 1% Corg to 0.8% Corg with cleaner tails containing  2% Corg  CIL leaching of the cleaner concentrate saw gold recovery increase to 59% for gold showing a 15% recovery  increase compared to the CIL on rougher concentrate.  The successful depression of organic carbon is expected to be significantly improved if regrind is carried  out before cleaner flotation.  10.12.3.4 Kerosene passivation  A portion of the flotation rougher concentrate was pre‐treated with kerosene. Kerosene fouls the organic  carbon in the concentrate prior to CIL.  CIL recoveries were also 15% higher for gold compared to CIL on rougher concentrate.  The results confirm that kerosene is a suitable organic carbon foulant that can significantly increase gold  recoveries.  10.12.3.5 Ultra‐Fine Gravity Concentration  Ultra‐fine gravity concentration was also carried out on flotation rougher concentrate after regrind to a  P80 of 15 µ. The laboratory ultrafine gravity concentrator is shown in Figure 10‐47.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 170 of 324                                          Figure 10‐46: Ultrafine gravity concentration of black shale at Metsolve laboratory  Ixtaca ‐ S‐K 1300 Technical Report Summary  The photo below shows the gravity concentrate a metallic (pyrite) colour in the concentrator bowl, with  black carbon rich tailings in the bucket.  Figure 10‐47: Black Shale – gravity concentration of preflotation concentrate  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 171 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 10‐48 shows products from gravity on sulphide flotation concentrate. Gravity tails are dark gray  compared  to the  metallic  gravity concentrate showing the rejection of black organic  carbon to gravity  tails:  Figure 10‐48: Black Shale – gravity concentration of flotation rougher concentrate  The results summarized in Table 10‐21 show that 76% of the organic carbon was rejected to gravity tails  with  an  82%  recovery  of  gold  to  gravity  concentrate.  Organic  carbon  in  the  gravity  concentrate  was  reduced from a head grade of 1% Corg to 0.55% Corg.  Table 10‐21  Ultrafine gravity concentration on flotation rougher concentrate  Ultrafine gravity concentrates were leached with CIL individually to assess the relationship between gold  recovery and organic carbon content. The graph in Figure 10‐49 shows that CIL gold recovery increases  steadily  as  organic  carbon  is  reduced  below  1%.  Gold  recovery  increase  becomes  more  significant  as  organic carbon is reduced to below 0.6% Corg.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 172 of 324                                Figure 10‐49: Black Shale impact of organic carbon content on gold recovery  Ixtaca ‐ S‐K 1300 Technical Report Summary  10.12.3.6 Black Shale leach summary  Test work in 2018 has demonstrated that preg robbing in black shale can be overcome by rejection of  organic  carbon  with  cleaner  flotation  or  ultrafine  gravity  concentration.  Preg  robbing  can  also  be  overcome by or passivation of organic carbon with a carbon foulant like kerosene. The optimum process  solution will be verified with future optimization test work.  10.13 Leach Residue Detox  A leaching tails sample generated from the limestone agitated leach test was subject to a combined 21  detoxification tests to destroy cyanide using three commercially available technologies including:   Caro’s Acid;   SO2/Air;   Combinox®;   The tests were carried out at the Cyanco Corporation’s laboratory in Sparks, Nevada. Out of the three  technologies, SO2/Air and Combinox® were successful. The SO2/Air process has been selected as the basis  for the detox process at Ixtaca.  Detox  testwork  carried  out  at  McClelland  as  a  part  of  the  2018  program  achieved  targets  CNWAD  concentrations using the SO2/Air process with sodium metabisulphite as the primary reagent.   10.14 Carbon Adsorption and Merrill‐Crowe  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 173 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Precious metal adsorption on activated carbon was tested in six tests at carbon concentration varying  from 0.1 g/L up to 20 g/L. Merrill‐Crowe was tested under four different ratios of Zn to precious metals  ranging from Zn/PM=5 to Zn/PM=50., see selected final conditions in Table 10‐22.  Table 10‐22  Carbon Loading and Merrill‐Crowe tests  PLS Au  mg/L  PLS Ag  mg/L  Carbon  Concentration  g/L  Carbon  Loading Au  g/t  Carbon Loading  Ag g/t  Au  %recovery  Ag  %recovery  Carbon loading  Merrill‐Crowe  2.4  1.18  222.5  113.2  20  924             29,000   98.8  97.5  96.8  99.9  Both Merrill‐Crowe and carbon adsorption proved to be successful at recovering precious metals from the  pregnant leach solution (PLS). Merrill‐Crowe had a marginally better Ag recovery.   Carbon loading with a CIP circuit has been selected as the base case for the FS because the Rock Creek  plant already includes a carbon circuit.   10.15 Settling tests and Filtration  Settling  tests,  flocculant  screening  and  filtration  test  work  has  been  carried  out  at  Pocock  Industrial  (Pocock).  Ceramic  disc  vaccum  filtration  tests  were  carried  out  at  CEC  mining  systems.  Metallurgical  testwork samples representing tailings, flotation concentrate and leach residue were tested.  Both static and dynamic thickening tests were performed. These tests developed a general set of data for  thickener design that included optimum flocculant type and dose requirements as well as the underflow  and overflow characteristics that impact downstream operations. Viscosity tests performed on samples  of underflow generated from the thickening tests evaluated the rheological properties of each material.  Results from the static and dynamic settling test are summarized in Table 10‐23 and Table 10‐24.   In dynamic testing, standard in‐line flocculation produced acceptable flocculation efficiency and settling  performance for all materials tested. Overflow clarities were generally very good.  Vacuum and pressure filtration tests performed on thickened underflow for horizontal belt vacuum filter  and  standard  recessed  plate  type  pressure  filter  design.  The  results  from  pressure  filtration  achieved  approximately  14.5%  moisture  with  good  discharge  and  stacking  properties  at  reasonable  dry  times.  Vacuum  tests  designed  for  horizontal  belt  vacuum  filters  achieved  19%  moisture  with  low  production  rates. Ceramic disc vacuum filtration achieved 16.5% moisture with a production rate of 0.36 dry t/h/m2  with  good  discharge  and  stacking  properties.  Ceramic  disc  vacuum  filtration  has  been  selected  as  the  preferred filtration method due to lower capital and operating costs.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 174 of 324                                                 Table 10‐23  Static Thickener Tests  Ixtaca ‐ S‐K 1300 Technical Report Summary  (Source: Pocock)  Table 10‐24  Dynamic Thickener Tests  (Source: Pocock)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 175 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  10.16 Recommended Flowsheet  The flowsheet recommended for treating Ixtaca ore is shown in Figure 10‐50.  Figure 10‐50: Block Diagram of Recommended Ixtaca Flowsheet  10.17 Metallurgical Performance Projections  Ore sort performance projections are summarized by ore type in Table 10‐25.   Table 10‐25  Ixtaca ore Ore Sort Performance   Waste Ejected  From Run Of Mine   Ore Type  Limestone  Black Shale  Volcanic  Yield  36.5%  52.0%  52.9%  Au g/t  0.24  0.25  0.80  Ag g/t  12  20  10  Category  waste  waste  low grade stockpile  Metallurgical  performance  projections  for  Limestone  are  shown  in  Table  10‐26.  Metallurgical  performance projections for Volcanic and Black Shale are shown in Table 10‐26.  These performances are  projected for mill feed (ore sort concentrate).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 176 of 324                                                Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 10‐26  Limestone Process Plant Metallurgical Projections    Description  Gravity Au Recovery  Gravity Ag Recovery  ILR Au Recovery   ILR Ag Recovery  Gravity + Flotation Au Recovery   Gravity + Flotation Ag Recovery   Leach Au Recovery   Leach Ag Recovery   Solution Losses AU  Solution Losses AU  Head Grade  n/a  n/a  n/a  n/a  > 0.7 g/t Au  < 0.7 g/t Au  > 60 g/t Ag  < 60 g/t Ag  > 0.7 g/t Au  < 0.7 g/t Au  > 60 g/t Ag  40 ‐ 60 g/t Ag  < 40 g/t Ag  n/a  n/a  Recovery %  53.4   16.6   98   97   1.7 + 93.966 * AU0.0158   1.7 + 96.593 * AU0.0931  93.0   91.6   2.4814*Au + 84.652  37.911*Au + 58.742  94.6   91.0   88.0   0.4   0.1   Table 10‐27  Volcanic and Black Shale Process Plant Metallurgical Projections    Description  Gravity Au Recovery   Gravity Ag Recovery   ILR Au Recovery   ILR Ag Recovery   Gravity + Flotation Au Recovery   Gravity + Flotation Ag Recovery   Leach Au Recovery   Leach Ag Recovery   Solution Losses AU  Solution Losses AU  Head Grade  n/a  n/a  n/a  n/a  > 0.7 g/t Au  < 0.7 g/t Au  > 60 g/t Ag  < 60 g/t Ag  n/a  n/a  n/a  n/a  Volcanic Recovery %  29.2   8.0   80   70   1.7 + 93.966 * AU0.0158   1.7 + 96.593 * AU0.0931 93.0   91.6   57.8   85.0   0.4   0.1   Black Shale Recovery %  18.0   6.0   80   70   1.7 + 93.966 * AU0.0158   1.7 + 96.593 * AU0.0931  93.0   91.6   50.0   90.0   0.4   0.1   There are no known additional processing factors or deleterious elements that could have a significant  effect on potential economic extraction other than the factors described above.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 177 of 324                                                 Ixtaca ‐ S‐K 1300 Technical Report Summary  10.18 Aggregate test work on Ixtaca Limestone Waste Rock   Samples representative of barren limestone waste rock from Ixtaca were collected from drill core and  tested for performance as an aggregate at Metro Testing laboratories in Burnaby, Canada.  The proposed methods to determine physical properties and composition were petrographic evaluation  (petrographic number), density and absorption, expansive breakdown of clays on soaking ethylene‐glycol,  micro‐deval and Los Angeles abrasion tests, followed by a chemical analysis and a detailed petrography  using polished thin sections under a polarized light petrographic microscope.  The type of tests conducted, and the standards followed are summarized in Table 10‐28.  Table 10‐28  Ixtaca limestone aggregate testing standards  The results of the aggregate testing are summarized in Table 10‐29.  The test work concludes that Ixtaca limestone waste rock is suitable for many types of concrete use and  other applications such as shotcrete, subgrade, asphalt aggregate or railroad ballast with little effort and  processing. Concrete produced with Ixtaca limestone aggregate performed very well, achieving the 28‐ day design compressive strength of 30 MPa already at 7 days, and more than 40 MPa at 28 and 56 days.  Fine aggregate from crushing and grinding operations is also expected to perform in a similar way to the  coarse aggregate. Chemical analysis of the fine aggregate indicates that it is also suitable as a raw material  for the production of lime cement or Portland cement if properly processed and blended with suitable  silica aluminates.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 178 of 324                                      Table 10‐29  Ixtaca limestone testing of aggregate potential  Ixtaca ‐ S‐K 1300 Technical Report Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 179 of 324                             Ixtaca ‐ S‐K 1300 Technical Report Summary  11.0 Mineral Resource Estimates  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  11.1 Data Analysis  Almaden has supplied a total of 649 drillholes with 7,655 down hole surveys and 139,041 assays for gold  and silver.  Of these drillholes, 558 totalling 180,697 m outline the Ixtaca Main zone and NE Extension  which are estimated in this resource.  All drillholes are included in Appendix A with the holes intersecting  the various mineralized solids highlighted.  A total of 378 gaps were found in the from – to record.  These  gaps are explained as follows:   Often the drillers need to tricone the tops of the holes (particularly those collared in volcanics  which a lot of them are) until they get to more stable rock and set in casing.  That’s why there  are gaps often at the tops of holes because no core samples could be collected.   In 2011 the geologist who was logging took recovery very seriously.  So if there was 10cm  missing in the run he shortened the assay interval creating 10‐30cm gaps.   Lots of the geotechnical holes (GT) have sample gaps because samples could not be assayed  where whole core geotechnical samples were collected.   In earlier holes there are often 10m gaps to save on assaying costs.  Also, there are large sample  gaps in the exploration holes outside the immediate area to save on assaying costs.      No recovery    Some MET tests required whole core that could not be assayed (ie samples used for Ore  Sorting).    Approximately 20m of samples from holes GMET‐17‐01 and 02A have been removed from the  database due to a lab prep issue.  These are the only samples that have ever been removed  from the database.  Almaden  also  supplied  a  series  of  geologic  solids  for  the  Ixtaca  Zone,  which  outlined  the  following  mineralized domains:  Code ASH  MHG  Description  A clay altered tuff overlying the mineralized carbonate rocks  The  Main  Ixtaca  High  Grade  Mineralized  Zone  comprised  of  varying  density  of  carbonate‐ quartz epithermal veining    The North Limb High Grade Mineralized Zone   NHG  NEHG  A North east trending extension of High Grade carbonate‐quartz epithermal veining  MLG  NLG  NELG  Waste  All material between and outside of the 7 mineralized zones  A lower grade envelope around the Main High Grade Zone  A lower grade envelope around the North Limb High Grade Zone  A lower grade envelope around the Eastern North East High Grade Zone  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 180 of 324                      From this list, 3 dimensional solids for each domain have been created in Gemcom software by Almaden  geologists, to constrain the estimation.  Figure 11‐1 is a plan view of the deposit showing all drill holes and  the Volcanic Ash unit.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 11‐1  Plan View Showing the Mineralized Volcanic Ash solid and all drill holes Figure 14‐2 shows the same plan view with the three high grade zone solids. Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 181 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 11‐2  North East HG zone in magenta.  Plan View Showing the Main HG zone in red, the North Limb HG zone in green and the  The main difference between this estimate and the previous one (J. Aarsen, et.al. May 17, 2017 , the “2017  Report”)  lies  in  how  the  low  grade  was  treated.    For  this  estimate  low  grade  shells  were  constructed  around the higher grade zones to constrain the lower grade envelopes.  In previous estimates this material  was  included  with  internal  waste  between  zones  and  as  a  result  was  diluted.    The  low  grade  shells  surrounding the high grade zones are shown in Figure 14‐3.   The drill holes with intersections within the  mineralized solids are highlighted in Appendix A.  It is worth noting that because of the changes in the  geologic solids this list of drill holes differs from the one included in the 2017 Report.     26  drill  holes  were  included  in  the  2019  resource  estimate  but  were  not  included  in  the  2017  resource estimate because these drill holes did not intersect the 2017 solids.   6 geochemical holes and 2 MET holes were “included” in the 2019 list of drill holes but not in the  2017 list of drill holes since these holes have no assays.  They have no impact on the resource  estimate.   3 drill holes were included in the 2017 resource estimate and not in the 2019 resource estimate  because they did not intersect the 2019 solids.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 182 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 11‐3  Plan View Showing Main LG in yellow, North Limb LG in blue and NE LG in grey.  For metallurgical reasons volcanic ash, limestone and black shale lithologies were also modelled. Drillholes  have  then  been  compared  to  the  solids  and  each  assay  has  been  tagged  with  a  code.    The  statistics for gold and silver are tabulated in Table 11‐1 below sorted by mineralized zone.  Assays outside  the mineralized solids are tagged as waste.    Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 183 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 11‐1  Assay Statistics for Gold and Silver Sorted by Mineralized Zone  Domain  Variable  Number of  Assays  ASH  MHG  MLG  NHG  NLG  NEHG  NELG  WASTE  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  14,617  12,756  22,947  6,650  9,927  5,629  16,479  50,036  Mean  Grade  0.50  9.13  1.22  76.83  0.39  22.16  0.76  57.01  0.17  19.21  0.77  52.78  0.16  13.38  0.04  2.03  Standard  Deviation  5.30  55.34  4.93  214.49  2.55  110.49  2.89  238.24  0.89  107.82  2.68  123.63  1.31  57.13  0.29  12.98  Minimum Value  Maximum Value  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  470.0  4340.0  336.0  9660.0  167.0  5310.0  127.5  7650.0  34.2  4140.0  96.4  2720.0  94.0  3140.0  38.1  1010.0  Coefficient  of Variation  10.59  6.06  4.04  2.79  6.59  4.99  3.78  4.18  5.39  5.61  3.47  2.34  8.05  4.37  6.84  6.40  The  grade  distributions  for  gold  and  silver,  within  each  mineralized  domain,  have  been  examined  to  determine if capping is required and if so, at what levels.  Both elements show skewed distributions in all  domains  and  have  been  converted  to  lognormal  cumulative  frequency  plots.    Each  variable  has  been  examined within each domain with thresholds selected for capping if required.  (Table 11‐2)  Table 11‐2  Capped Levels for Gold and Silver  Domain  Variable  ASH  MHG  MLG  NHG  NLG  NEHG  NELG  WASTE  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Cap Level  (g/t)  38.0 g/t  860.0 g/t  50.0 g/t  2500.0 g/t  42.0 g/t  2050.0 g/t  43.0 g/t  3300.0 g/t  23.0 g/t  1900.0 g/t  43.0 g/t  1900.0 g/t  18.0 g/t  1100.0 g/t  10.0 g/t  530.0 g/t  Number of  Assays capped  8  6  7  11  13   9  3  4  3  6  7  3  6  8  4  5  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 184 of 324                        The effects of capping are shown in the following Table 11‐3 with minor reductions in mean grade but  significant reductions in standard deviations and coefficients of variation.    Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 11‐3  Capped Assay Statistics for Gold and Silver Sorted by Domain  Domain  Variable  Number of  Assays  ASH  MHG  MLG  NHG  NLG  NEHG  NELG  WASTE  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  14,617  12,756  22,947  6,650  9,927  5,629  16,479  50,036  Mean  Grade  0.42  8.69  1.17  75.49  0.36  21.67  0.75  55.07  0.16  18.76  0.75  52.38  0.15  13.12  0.04  2.00  Standard  Deviation  1.34  33.53  3.21  184.03  1.72  95.27  2.42  191.74  0.81  95.93  2.24  116.21  0.57  49.17  0.19  11.32  Minimum Value  Maximum Value  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  38.0  860.0  50.0  2500.0  42.0  2050.0  43.0  3300.0  23.0  1900.0  43.0  1900.0  18.0  1100.0  10.0  530.0  Coefficient  Of Variation  3.18  3.86  2.74  2.44  4.74  4.40  3.24  3.48  5.00  5.11  2.97  2.22  3.84  3.75  4.78  5.66  11.2 Composites  Of the 89,005 assays, within the seven domains (not including waste), 88,721 or 99.7% are less than or  equal to 3m in length.  In addition the bench height is expected to be 6 m.  As a result, a 3m composite  length was selected.  Down hole composites 3m in length are formed to honour the domain boundaries.   Composite  intervals  at  the  domain  boundaries  that  are  less  than  1.5m  in  length  are  combined  with  adjoining samples while those greater than or equal to 1.5m are left alone.  As a result, the composites  form a uniform support of 3±1.5m.  Material outside the seven mineralized solids is considered waste.   (See Table 11‐4)  Table 11‐4  3m Composite Statistics for Gold and Silver Sorted by Mineralized Zone  Domain  Variable  Number of Assays  ASH  MHG  MLG  NHG  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  6,470  3,345  7,588  2,211  Mean  Grade  0.35  7.09  0.87  55.94  0.25  14.20  0.51  36.48  Standard  Deviation  0.78  19.93  1.43  82.00  0.68  38.50  1.12  91.12  Minimum Value  Maximum Value  0.003  0.25  0.003  0.25  0.003  0.25  0.003  0.25  21.1  534.5  21.6  1111.5  16.5  844.3  17.4  1720.3  Coefficient  Of Variation  2.25  2.81  1.64  1.47  2.75  2.71  2.22  2.50  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 185 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  NLG  NEHG  NELG  WASTE  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  4,340  1,406  5,380  21,246  0.10  10.05  0.64  45.18  0.12  10.53  0.03  1.58  0.30  34.82  1.21  65.90  0.33  30.56  0.11  5.38  0.003  0.25  0.003  0.47  0.003  0.25  0.003  0.25  5.1  911.0  20.5  817.6  8.9  812.7  10.0  360.5  2.91  3.47  1.90  1.46  2.67  2.90  3.59  3.41  To determine if hard or soft boundaries are required between the geologic domains, a series of Contact  Plots have been produced.  These plots examine the contact area between two geologic domains and  compare  the  average  grade  for  the  variable  being  examined  as  a  function  of  distance  away  from  this  contact.  Where large differences appear at the contact, a Hard Boundary should be used with samples  from one side of the contact not allowed to influence blocks on the other side.  If, on the other hand, the  differences  are  minimal  or  gradational  then  a  Soft  Boundary  can  be  set  up  with  samples  allowed  to  influence block grades from both sides of a contact.    The  grades  for  gold  across  the  contacts  are  sufficiently  different  for  the  ASH,  MHG,  NHG  and  NEHG  boundaries to make these all Hard Boundaries.    In the case of the MLG‐NLG, MLG‐NELG and NLG‐NELG contacts, the grades are similar for gold and silver  across the contacts, which makes these Soft Boundaries.    11.3 Variography  Pairwise relative semivariograms were produced for gold and silver within each of the geologic domains.   In all cases except for waste, a geometric anisotropy has been observed and nested spherical models are  fit to the three principal directions.  Due to the high correlation between Au and Ag in each of the domains,  gold and silver show similar directions of anisotropy.  (Table 11‐5)  Table 11‐5  Pearson Correlation Coefficients for Au – Ag Geologic Domains  Au:Ag  Correlation Coef.  ASH  0.7352   MHG  0.9187  NLHG  0.8800  NEHG  0.6335  MLG  0.8295  NLLG  0.8470  NELG  WASTE  0.7830  0.7759  Within the Main High Grade zone the longest direction of continuity for both Au and Ag is along azimuth  60o dip 0o.  Anisotropy is also demonstrated for both gold and silver within the North High Grade zone  with longest ranges along azimuth 60o dip 0o and azimuth 330o dipping ‐55o.   Similar directions of anisotropy are observed within both the Main Low Grade unit and the North Limb  Low Grade unit that surround the Main High Grade and North Limb High Grade Zones.  For the North East extension High Grade mineralization, the longest horizontal ranges for both gold and  silver are found along azimuth 20o Dip 0o and azimuth 290o dip ‐50o.  The North East Low Grade Shell that  surrounds the NE High Grade, shows longest ranges for both gold and silver along azimuth 20o dip 0o.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 186 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Within the Ash zone both gold and silver have been modelled with anisotropic models with longest ranges  along azimuth 155o dip 0o and down dip along azimuth 245o dip ‐45o.   However due to the emplacement  of the Volcanic ash unit over pre‐existing paleo‐topography it has different dips in different quadrants  (See  Figure  14‐4).    For  estimation  purposes  the  semivariogram  parameters  and  search  ellipses  for  the  different quadrants in Ash were adjusted to reflect the different slopes.  Figure 11‐4  Note: the entire figure is inside the Almaden claim boundary Plan View of Mineralized Volcanic Ash showing the different quadrants for estimation. For all of these models nested anisotropic spherical models are applied.  Within waste, both gold and  silver show isotropic nested structures.  The semivariogram parameters are tabulated in Table 14‐6.  Table 11‐6  Semivariogram Parameters for Gold and Silver  Domain  Variable  Az/Dip  C0  C1  C2  MHG  Au  Ag  60o / 0o 330o / ‐55o 150o / ‐35o 60o / 0o 330o / ‐55o 0.40  0.47  0.15  0.40  0.55  0.07  Short Range (m)  Long Range  (m)  20.0  20.0  20.0  30.0  20.0  120.0  100.0  100.0  150.0  120.0  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 187 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Domain  Variable  Az/Dip  C0  C1  C2  Short Range (m)  Long Range  (m)  150o / ‐35o 60o / 0o 330o / ‐55o 150o / ‐35o 60o / 0o 330o / ‐55o 150o / ‐35o 155o / 0o 65o / ‐45o 245o / ‐45o 155o / 0o 65o / ‐45o 245o / ‐45o 60o / 0o 330o / ‐55o 150o / ‐35o 60o / 0o 330o / ‐55o 150o / ‐35o 60o / 0o 330o / ‐55o 150o / ‐35o 60o / 0o 330o / ‐55o 150o / ‐35o 20o / 0o 290o / ‐50o  110o / ‐40o  20o / 0o 290o / ‐50o  110o / ‐40o  20o / 0o 290o / ‐50o  110o / ‐40o  20o / 0o 290o / ‐50o  110o / ‐40o  0.40  0.44  0.17  0.45  0.40  0.18  0.15  0.40  0.40  0.20  0.20  0.42  0.38  0.38  0.14  0.40  0.35  0.15  0.35  0.27  0.14  0.40  0.32  0.18  0.30  0.35  0.23  0.35  0.20  0.24  0.30  0.30  0.11  0.38  0.28  0.24  Omni Directional  0.15  0.35  0.26  Omni Directional  0.15  0.30  0.24  NLHG  ASH  MLG  NLLG  NEHG  NELG  WASTE  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  Au  Ag  20.0  15.0  20.0  15.0  15.0  18.0  15.0  50.0  30.0  30.0  40.0  25.0  30.0  20.0  15.0  20.0  15.0  15.0  20.0  20.0  22.0  20.0  15.0  18.0  25.0  18.0  30.0  25.0  10.0  20.0  3.0  30.0  10.0  40.0  15.0  15.0  36.0  34.0  34.0  120.0  80.0  90.0  30.0  80.0  80.0  30.0  140.0  80.0  90.0  120.0  80.0  78.0  100.0  80.0  70.0  100.0  100.0  120.0  80.0  100.0  60.0  100.0  100.0  90.0  120.0  150.0  80.0  80.0  120.0  50.0  100.0  100.0  60.0  100.0  48.0  60.0  150.0  150.0  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 188 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  11.4 Block Model  A rotated block model with blocks 10 m NE‐SW, 10 m NW‐SE and 6m high has been superimposed over  the mineralized solids.  This differs from previous models which used 5 m high blocks.  The model is rotated  30o counter clockwise to line up with drill sections and line up with the mineralized structures.   Within  each block, the percentage below surface topography and the percentage inside each mineralized solid  are recorded.   These percentages are checked to assure there is no overlap.   The block model origin  shown in Figure 11‐5 is as follows:  Lower Left Corner  618578 E   2175235 N  Column size = 10m   Row size = 10m  Top of Model  2604 Elevation  Rotation 30o counter clockwise  Level size = 6m  180 columns  150 rows   169 levels   Note: ASH in brown, MHG in red, MLG in green, NHG in orange, NLG in blue,  NEHG in purple and NELG in yellow   Figure 11‐5  Isometric View Looking NW Showing Mineralized Blocks. 11.5 Bulk Density  A total of 425 specific gravity determinations have been collected on a routine basis across the Ixtaca  mineralized zone on cross sections 250E (western border of Ixtaca), 550E (central part of zone) and 1150E  (eastern section of zone).   Section 250E: Drillholes TU‐11‐030, TU‐11‐033, TU‐11‐040, TU‐11‐045, TU‐11‐ 074 and TU‐11‐075.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 189 of 324                                            Ixtaca ‐ S‐K 1300 Technical Report Summary   Section 550E: Drillholes TU‐10‐011, TU‐10‐013, TU‐11‐016, TU‐11‐019, TU‐11‐ 059, TU‐11‐066 and  TU‐11‐078.   Section 1150E: Drillholes TU‐11‐041, TU‐11‐046, CA‐11‐002 and CA‐11‐003.  The measurements have been made on drill core samples using the Archimedes (weight in air‐weight in  water) method.  The relative number of analysis is shown in the Table below:  Table 11‐7  Specific Gravity Determinations Sorted by Cross Section  Cross Section  Number of  Samples  Minimum SG  Maximum SG Average SG  550 E  250 E  1150 E  Total  223 88 114 425 1.33 1.42 1.43 1.33 3.28 2.69 3.21 3.28 2.57 2.41 2.60 2.55 The data is also sorted by lithology.  Table 11‐8  Specific Gravity Determinations Sorted by Lithology  Lithology  Code  Ash  Bx/Lm  Df  Dm  Dp  Lch  Lg  Lm  Lp  Ls  Lw  Min  Pp  ShB  ShG  Skn  Slt  Lithology  Number of  Samples  Average SG  Ash unit  Breccia / Limestone  Felsic Dyke  Mafic Dyke  Porphyritic Dyke  Limestone/chert  Lime < 10% mud  Lime Mudstone  Lime Packstone  Limestone undifferentiated  Lime wackestone  Mineralized qtz. veining  Principal Porphyry  Shale  Green Shale  Skarn  Siltstone  33 3 71 7 25 58 10 72 37 2 2 7 2 56 3 20 17 1.67 2.45 2.46 2.70 2.59 2.65 2.67 2.67 2.59 2.65 2.58 2.96 2.58 2.61 2.44 2.89 2.71 Table 11‐8 summarizes specific gravity values for all lithologies studied in all three sections.  Values in the  Table  have  been  averaged  for  each  lithology.    Values  from  these  lithologies  have  then  been  averaged  within the various geologic domains to produce the following specific gravities for converting volumes to  tonnes:   The ash domain has an average specific gravity of 1.67  The low grade limestone (LGLM) domain has an average specific gravity of 2.66  The main high grade (MHG) domain has an average specific gravity of 2.63 (this unit contains about 20% Felsic Dyke) Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 190 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary   The main high grade zone (NHG) North limb has an average specific gravity of 2.60 (this north limb contains about 40% Felsic Dyke and 40% Mafic Dyke)  The low grade shale (LGSHW & LGSHE) domains have an average specific gravity of 2.61  The North East extension high grade (NEHG) domain has an average specific gravity of 2.65 11.6 Grade Interpolation  Grades for gold and silver have been interpolated into the blocks by Ordinary Kriging.  Each kriging run  has been completed in a series of passes with the search ellipse orientation and dimension a function of  the semivariogram for the domain and variable being estimated.  The first pass uses search dimensions  equal to ¼ the semivariogram range in the three principal directions.  A minimum of four composites are  required to estimate a block with a maximum of three from any given drillhole.  In this manner, all blocks  are estimated with a minimum of two drillhole.  For blocks not estimated in pass 1, a second pass using ½  the semivariogram range has been completed.  A third pass using the full range and a fourth pass using  twice the range has followed.  Finally because there were many blocks containing multiple domains, a  fifth  pass  has  often  been  required  to  ensure  all  domains  were  estimated.    In  all  passes  the  maximum  number of composites used is twelve and if more were found in any search, the closest twelve are used.  As mentioned in Section 14.3 the volcanic ash was subdivided into 5 separate domains with the search  ellipse modified for each subdomain to reflect pre‐deposition topography.  As a result each subdomain in  ash was estimated separately (see Table 14‐9).  Once all domains are completed, estimated blocks containing some percentage outside the mineralized  domains  are  estimated  in  a  similar  manner  using  composites  from  outside  the  mineralized  domains  (waste).  Finally blocks completely in waste are estimated using composites from outside the mineralized  solids.  For all blocks along the contacts, containing multiple domains, a weighted average grade for gold and  silver  is  produced.    The  search  parameters  for  gold  within  each  domain  and  the  number  of  blocks  estimated in each pass are tabulated in the following Table 14‐9.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 191 of 324                          Table 11‐9  Kriging Parameters for Gold in Each Domain  Ixtaca ‐ S‐K 1300 Technical Report Summary  Domain  Pass  MHG  NLHG  NEHG  MLG  NLLG  NELG  ASH 1  ASH 2  ASH 3  ASH 4  ASH 5  WASTE  1  2  3  1  2  3  4  1  2  3  1  2  3  4  1  2  3  4  1  2  3  4  1  2  3  4  1  2  3  4  1  2  3  4  1  2  3  4  1  2  3  4  1  2  3  Number  Estimated  11,263  3,349  61  2,009  5,891  1,441  21  6,721  5,292  237  15,145  36,285  7,635  183  7,319  17,039  4,433  4  11,630  34,653  11,354  2,158  1,131  6,718  12,983  15,780  1,800  2,330  2,789  5,835  1,888  12,897  21,616  12,892  9,113  13,058  17,856  18,597  1,788  7,711  13,258  8,521  123,586  367,449  788,542  Az /Dip  Az /Dip  60 / 0  60 / 0  60 / 0  60 / 0  60 / 0  60 / 0  60 / 0  20 / 0  20 / 0 20 / 0 60 / 0  60 / 0  60 / 0  60 / 0  60 / 0  60 / 0 60 / 0 60 / 0 20 / 0  20 / 0  20 / 0  20 / 0  155 / 0  155 / 0  155 / 0  155 / 0  335 / ‐26  335 / ‐26  335 / ‐26  335 / ‐26  155 / ‐30  155 / ‐30  155 / ‐30  155 / ‐30  155 / 0  155 / 0  155 / 0  155 / 0  155 / 0  155 / 0  155 / 0  155 / 0  Dist.  (m)  30.0  60.0  120.0  20.0  40.0  80.0  160.0  30.0  60.0  120.0  25.0  50.0  100.0  200.0  20.0  40.0  80.0  160.0  25.0  50.0   100.0  200.0  35.0  70.0  140.0  280.0  35.0  70.0  140.0  280.0  35.0  70.0  140.0  280.0  35.0  70.0  140.0  280.0  35.0  70.0  140.0  280.0  Omni Directional  Omni Directional  Omni Directional  330 / ‐55  330 / ‐55  330 / ‐55  330 / ‐55  330 / ‐55  330 / ‐55  330 / ‐55  290 / ‐50  290 / ‐50  290 / ‐50  330 / ‐55  330 / ‐55  330 / ‐55  330 / ‐55  330 / ‐55 330 / ‐55 330 / ‐55 330 / ‐55 290 / ‐50  290 / ‐50  290 / ‐50  290 / ‐50  65 / ‐6 1  65 / ‐6 1  65 / ‐6 1  65 / ‐6 1  245 / ‐45  245 / ‐45  245 / ‐45  245 / ‐45  65 / ‐45  65 / ‐45  65 / ‐45  65 / ‐45  65 / ‐61  65 / ‐61  65 / ‐61  65 / ‐61  65 / ‐29  65 / ‐29  65 / ‐29  65 / ‐29  Az /Dip  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  110 / ‐40  110 / ‐40  110 / ‐40  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  150 / ‐35  110 / ‐40  110 / ‐40  110 / ‐40  110 / ‐40  245 / ‐29  245 / ‐29  245 / ‐29  245 / ‐29  65 / ‐45  65 / ‐45  65 / ‐45  65 / ‐45  245 / ‐45  245 / ‐45  245 / ‐45  245 / ‐45  245 / ‐29  245 / ‐29  245 / ‐29  245 / ‐29  245 / ‐61  245 / ‐61  245 / ‐61  245 / ‐61  Dist.  (m)  25.0  50.0  100.0  7.5  15.0  30.0  60.0  20.0  40.0  80.0  17.5  35.0  70.0  140.0  15.0  30.0  60.0  120.0  15.0  30.0  60.0  120.0  22.5  45.0  90.0  180.0  22.5  45.0  90.0  180.0  22.5  45.0  90.0  180.0  22.5  45.0  90.0  180.0  22.5  45.0  90.0  180.0  Dist.  (m)  25.0  50.0  100.0  22.5  45.0  90.0  180.0  37.5  75.0  150.0  20.0  40.0  80.0  160.0  25.0  50.0   100.0  200.0  25.0  50.0  100.0  200.0  20.0  40.0  80.0  160.0  20.0  40.0  80.0  160.0  20.0  40.0  80.0  160.0  20.0  40.0  80.0  160.0  20.0  40.0  80.0  160.0  37.5  75.0  150.0  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 192 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  11.7 Classification  Based  on  the  study  herein  reported,  delineated  mineralisation  of  Ixtaca  is  classified  as  a  resource  according to the following definitions from SEC Disclosure by Registrants engaged in Mining Operations:  The terms Measured, Indicated and Inferred are defined as follows:  “Mineral resource is a concentration or occurrence of 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  economic  extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant  factors such as cut‐off grade, likely mining dimensions, location or continuity, that, with the assumed and  justifiable  technical  and  economic  conditions,  is  likely  to,  in  whole  or  in  part,  become  economically  extractable. It is not merely an inventory of all mineralization drilled or sampled.  Inferred Mineral Resource  “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.  The  level  of  geological  uncertainty associated with an inferred mineral resource is too high to apply relevant technical and  economic factors likely to influence the prospects of economic extraction in a manner useful for  evaluation  of  economic  viability.  Because  an  inferred  mineral  resource  has  the  lowest  level  of  geological  confidence  of  all  mineral  resources,  which  prevents  the  application  of  the  modifying  factors in a manner useful for evaluation of economic viability, an inferred mineral resource may  not  be  considered  when  assessing  the  economic  viability  of  a  mining  project,  and  may  not  be  converted to a mineral reserve.”  Indicated Mineral Resource  “Indicated  mineral  resource  is  that  part  of  a  mineral  resource  for  which  quantity  and  grade  or  quality  are  estimated  on  the  basis  of  adequate  geological  evidence  and  sampling.  The  level  of  geological certainty associated with an indicated mineral resource is sufficient to allow a qualified  person to apply modifying factors in sufficient detail to support mine planning and evaluation of  the economic viability of the deposit. Because an indicated mineral resource has a lower level of  confidence  than  the  level  of  confidence  of  a  measured  mineral  resource,  an  indicated  mineral  resource may only be converted to a probable mineral reserve.”  Measured Mineral Resource  “Measured  mineral  resource  is  that  part  of  a  mineral  resource  for  which  quantity  and  grade  or  quality  are  estimated  on  the  basis  of  conclusive  geological  evidence  and  sampling.  The  level  of  geological certainty associated with a measured mineral resource is sufficient to allow a qualified  person to apply modifying factors, as defined in this section, in sufficient detail to support detailed  mine planning and final evaluation of the economic viability of the deposit. Because a measured  mineral resource has a higher level of confidence than the level of confidence of either an indicated  mineral resource or an inferred mineral resource, a measured mineral resource may be converted  to a proven mineral reserve or to a probable mineral reserve.”  Modifying Factors  “Modifying factors are the factors that a qualified person must apply to indicated and measured  mineral resources and then evaluate in order to establish the economic viability of mineral reserves.  A qualified person must apply and evaluate modifying factors to convert measured and indicated  mineral  resources  to  proven  and  probable  mineral  reserves.  These  factors  include,  but  are  not  restricted  to:  Mining;  processing;  metallurgical;  infrastructure;  economic;  marketing;  legal;  environmental compliance; plans, negotiations, or agreements with local individuals or groups; and  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 193 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  governmental  factors.  The  number,  type  and  specific  characteristics  of  the  modifying  factors  applied will necessarily be a function of and depend upon the mineral, mine, property, or project.”  At  Ixtaca,  the  geologic  continuity  has  been  established  through  surface  mapping  and  drillhole  interpretation.  This has resulted in a multi domain interpretation that has been used to constrain the  Resource Estimate. For this estimate the volcanic ash unit has been further subdivided into 5 subdomains  to better reflect pre‐deposition topography. The grade continuity within each domain has been quantified  by semivariogram analysis.  The semivariograms have been used to determine the search directions and  distances for each pass in the kriging procedure.  Using the semivariogram range to estimate blocks would  allow classification as follows:   Blocks estimated in Pass 1 for both Au and Ag using ¼ of the semivariogram range are considered  Measured.   Blocks estimated in Pass 2 using ½ of the semivariogram range are considered Indicated   All other blocks would be classified as Inferred.  A range of cut‐offs are presented to demonstrate the sensitivity of the deposit to grade variations.     The Resource Tables are shown below using gold equivalent cut‐offs where:  Gold –price of $1250 / oz   Silver –price of $18 / oz  Metallurgy has shown roughly equivalent metal recoveries for Au and Ag so for now the Au Equivalent  equation is:  AuEq = Au + (Ag * 18 / 1250)  In  the  author’s  judgement  and  experience  the  resource  stated  has  reasonable  prospects  of  economic  extraction. A cut‐off of 0.30g/t AuEq has been highlighted as a possible cut‐off for open pit mining based  on studies described in later sections of this report where an NSR based cut‐off is determined and the  resource present within an optimized pit shell is tabulated.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 194 of 324                                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 11‐10  AuEq  Cut‐off  (g/t)  0.10  0.20  0.25  0.30  0.40  0.50  0.60  0.70  0.80  1.00  Table 11‐11  AuEq  Cut‐off  (g/t)  0.10  0.20  0.25  0.30  0.40  0.50  0.60  0.70  0.80  1.00  Table 11‐12  AuEq  Cut‐off  (g/t)  0.10  0.20  0.25  0.30  0.40  0.50  0.60  0.70  0.80  1.00  Measured Resource for Total Blocks   Tonnes > Cut‐off  (tonnes)  Grade>Cut‐off  Contained Metal x1000  Au (g/t)  Ag (g/t)  AuEq (g/t)  Au (oz)  Ag (oz)  AuEq (oz)  60,990,000  50,740,000  46,850,000  43,380,000  37,340,000  32,530,000  28,490,000  25,080,000  22,270,000  17,870,000  0.47  0.55  0.58  0.62  0.69  0.75  0.82  0.88  0.94  1.06  27.59  32.19  34.25  36.27  40.35  44.27  48.04  51.71  55.17  61.69  0.87  1.01  1.08  1.14  1.27  1.39  1.51  1.63  1.74  1.95  918  54,100  894  52,510  878  51,580  862  50,590  826  48,440  788  46,300  749  44,010  711  41,700  675  39,500  608  35,440  1,698  1,649  1,621  1,591  1,523  1,454  1,383  1,312  1,244  1,118  Indicated Resource for Total Blocks   Tonnes > Cut‐off  (tonnes)  Grade>Cut‐off  Contained Metal x1000  Au (g/t)  Ag (g/t)  AuEq (g/t)  Au (oz)  Ag (oz)  AuEq (oz)  138,060,000  104,990,000  92,080,000  80,760,000  62,160,000  48,220,000  37,820,000  29,980,000  24,150,000  16,730,000  0.30  0.37  0.41  0.44  0.51  0.59  0.67  0.74  0.82  0.96  15.67  19.18  20.91  22.67  26.34  30.13  33.94  37.79  41.53  47.94  0.53  0.65  0.71  0.77  0.89  1.02  1.15  1.29  1.42  1.65  1,341  69,540  1,256  64,740  1,202  61,910  1,145  58,870  1,027  52,640  913  46,710  809  41,270  715  36,430  635  32,240  516  25,790  2,344  2,187  2,093  1,994  1,787  1,586  1,402  1,240  1,099  888  Inferred Resource for Total Blocks   Tonnes > Cut‐off  (tonnes)  Grade>Cut‐off  Contained Metal x1000  Au (g/t)  Ag (g/t)  AuEq (g/t)  Au (oz)  Ag (oz)  AuEq (oz)  106,910,000  66,800,000  51,470,000  40,410,000  25,830,000  16,920,000  11,290,000  7,760,000  5,570,000  3,040,000  0.20  0.25  0.29  0.32  0.37  0.44  0.51  0.57  0.64  0.79  9.10  12.51  14.69  16.83  21.19  25.43  29.30  33.80  37.80  43.64  0.33  0.44  0.50  0.56  0.68  0.80  0.93  1.06  1.18  1.42  670  31,270  546  26,860  473  24,310  412  21,870  310  17,600  237  13,830  184  10,640  8,430  142  6,770  114  4,270  77  1,121  934  822  726  564  436  337  264  211  139  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 195 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 11‐13  AuEq  Cut‐off  (g/t)  0.10  0.20  0.25  0.30  0.40  0.50  0.60  0.70  0.80  1.00  Measured + Indicated Resource for Total Blocks   Tonnes > Cut‐off  (tonnes)  Grade>Cut‐off  Contained Metal x1000  Au (g/t)  Ag (g/t)  AuEq (g/t)  Au (oz)  Ag (oz)  AuEq (oz)  199,050,000  155,730,000  138,930,000  124,140,000  99,500,000  80,750,000  66,310,000  55,060,000  46,410,000  34,600,000  0.35  0.43  0.47  0.50  0.58  0.66  0.73  0.81  0.88  1.01  19.32  23.42  25.41  27.42  31.60  35.82  40.00  44.13  48.07  55.04  0.63  0.77  0.83  0.90  1.04  1.17  1.31  1.44  1.57  1.80  2,259  123,640  2,148  117,250  2,082  113,490  2,008  109,450  1,855  101,080  93,000  1,701  85,280  1,558  78,130  1,427  71,730  1,310  61,230  1,124  4,038  3,835  3,716  3,584  3,311  3,040  2,786  2,551  2,344  2,006  Where Total Blocks means one would mine complete 10 x 10 x 6 m blocks taking in dilution around the edges of the mineralized solids.  11.8 Block Model Verification   To  check  the  results,  level  plans  have  been  produced  on  about  50m  intervals  through  the  deposit.   Estimated block grades have been checked against composite grades above and below the bench level.   The results matched reasonably well with no bias indicated.  Example bench levels are shown in Figure  11‐6 to Figure 11‐7 for bench levels 2202 and 2100 (Note only mineralized domains are shown and waste  blocks are left out).    Another check on the results has been completed by comparing the average composite grade for each  domain with the average kriged grades for that domain (Table 11‐14).  Again no bias is indicated.  Table 11‐14  Comparison of Composite Mean Au Grade to Block Mean Au Grade  Domain  Variable  Number of  Composites  ASH  MHG  NLHG  NEHG  MLG  NLLG  NELG  WASTE  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  Au (g/t)  Ag (g/t)  6,470  3,345  2.211  1,406  7,588  4,340  5,380  21,246  Mean  Grade Composites  0.35  7.09  0.87  55.94  0.51  36.48  0.64  45.18  0.25  14.20  0.10  10.05  0.12  10.53  0.03  1.58  Number of Blocks  190,636  14,673  9,362  12,250  59,248  28,795  59,795  1,196,652  Mean  Grade Blocks  0.17  4.67  0.86  56.40  0.45  32.81  0.73  39.54  0.25  12.94  0.10  9.68  0.14  11.17  0.02  1.66  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 196 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  The following legend can be used to show the levels of gold found in the Figures below:   Au >= 0.0 < 0.2g/t is shown in black   Au >= 0.2 < 0.4g/t is shown in blue   Au >= 0.4 < 0.6g/t is shown in green   Au >= 0.6 < 0.8g/t is shown in orange   Au >= 0.8 < 1.0g/t is shown in red   Au >= 1.0g/t is shown in pink   Composites are shown 6m above and below bench.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 197 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  618400E 618500E 618600E 618700E 618800E 618900E 619000E 619100E 619200E 619300E 619400E 619500E 619600E N 0 0 0 7 7 1 2 N 0 0 9 6 7 1 2 N 0 0 8 6 7 1 2 N 0 0 7 6 7 1 2 N 0 0 6 6 7 1 2 N 0 0 5 6 7 1 2 N 0 0 4 6 7 1 2 N 0 0 3 6 7 1 2 N 0 0 2 6 7 1 2 N 0 0 1 6 7 1 2 N 0 0 0 6 7 1 2 N 0 0 9 5 7 1 2 N 0 0 8 5 7 1 2 N 0 0 7 5 7 1 2 N 0 0 6 5 7 1 2 N 0 0 5 5 7 1 2 0.1 15 2 9 1 0.1 10 2 9 3 0.12 4 2 92 0.122 1 9 1 0.1 40 2 9 0 0.14 3 1 8 9 0.132 1 8 8 0.025 3 96 0.0 46 3 9 5 0.0 41 3 9 4 0.0 26 3 9 3 0.0 32 3 92 0.098 2 94 0.1 10 2 9 3 0.1 20 1 9 2 0.109 1 9 1 0.1 93 1 90 0.1 95 1 8 9 0.0 89 1 8 8 0.0 79 2 9 5 0.1 08 2 9 4 0.0 99 2 93 0.1 16 1 92 0.1 03 2 9 1 0.1 81 1 9 0 0.131 1 8 9 0.0 61 2 9 7 0.1 02 2 9 6 0.10 5 2 95 0.1 12 2 9 4 0.1 08 2 9 3 0.08 5 2 9 2 0.0 86 2 9 1 0.1 44 1 90 0.0 99 1 8 9 0.0 73 3 9 9 0.09 7 3 98 0.0 98 3 9 7 0.1 00 3 9 6 0.09 9 3 9 5 0.0 97 3 94 0.0 94 3 93 0.0 82 3 9 2 0.0 76 3 9 1 0.072 3 90 0.0 62 3 9 9 0.0 81 3 9 8 0.0 94 3 9 7 0.1 04 3 96 0.1 07 3 95 0.1 04 3 9 4 0.1 74 3 9 3 0.084 3 9 2 0.1 12 2 91 0.1 29 2 9 0 0.0 49 2 8 9 0.04 2 3 98 0.083 3 97 0.1 11 3 9 6 0.1 21 2 9 5 0.127 2 9 4 0.1 09 2 93 0.0 81 2 9 2 0.1 08 2 9 1 0.12 7 2 9 0 0.090 2 8 9 0.0 74 3 9 9 0.0 93 3 9 8 0.091 3 9 7 0.1 01 3 96 0.1 02 3 9 5 0.0 96 3 9 4 0.11 5 3 9 3 0.1 20 3 92 0.0 92 3 9 1 0.0 73 3 9 0 0.08 2 3 99 0.0 96 3 98 0.0 80 3 9 7 0.09 7 3 9 6 0.147 3 9 5 0.1 50 3 94 0.1 34 3 9 3 0.1 18 3 9 2 0.09 1 3 91 0.050 3 9 0 0.0 68 3 9 9 0.086 3 9 8 0.1 21 3 97 0.1 22 3 96 0.1 28 3 9 5 0.13 4 3 94 0.100 3 93 0.0 85 3 9 2 0.0 56 3 9 1 0.0 36 3 9 0 0.0 80 3 99 0.0 95 3 9 8 0.1 05 3 9 7 0.134 3 9 6 0.1 09 3 9 5 0.0 98 3 9 4 0.0 73 3 9 3 0.0 62 3 92 0.049 3 91 0.0 36 3 9 0 0.064 3 9 8 0.0 40 3 97 0.0 78 3 9 6 0.1 07 3 9 5 0.09 9 3 94 0.0 53 3 9 3 0.0 45 3 9 2 0.04 5 3 9 1 0.0 38 3 90 0.0 38 2 89 0.0 59 2 8 8 0.1 12 2 8 7 0.194 2 8 6 0.3 44 1 8 5 0.3 32 1 8 4 0.2 80 1 8 3 0.31 1 2 82 0.252 2 8 1 0.1 67 2 8 0 0.09 2 2 7 9 0.0 54 2 88 0.0 88 2 87 0.1 67 2 8 6 0.2 65 2 85 0.242 2 84 0.2 11 2 8 3 0.2 04 2 8 2 0.119 2 8 1 0.05 1 3 87 0.080 2 8 6 0.1 42 2 8 5 0.1 30 2 8 4 0.1 24 2 8 3 0.1 28 2 82 0.038 2 8 8 0.0 88 2 87 0.1 87 1 8 6 0.2 85 1 8 5 0.27 2 1 84 0.265 1 8 3 0.2 88 1 8 2 0.4 38 2 8 1 0.3 55 2 8 0 0.200 2 79 0.0 83 1 7 8 0.0 48 2 8 7 0.08 3 2 8 6 0.147 1 8 5 0.1 69 1 84 0.1 96 1 8 3 0.2 22 2 8 2 0.455 2 81 0.5 21 2 8 0 0.4 58 2 7 9 0.2 65 2 7 8 0.1 30 1 77 0.0 82 1 76 0.0 59 2 8 5 0.1 04 2 8 4 0.186 2 8 3 0.3 18 2 8 2 0.4 78 2 8 1 0.6 63 2 8 0 0.75 6 2 79 0.585 2 78 0.2 72 1 7 7 0.11 6 1 7 6 0.060 1 7 5 0.0 84 2 83 0.1 47 2 8 2 0.28 5 2 81 0.533 2 80 0.5 91 2 7 9 0.5 72 1 7 8 0.3 65 1 7 7 0.212 1 76 0.0 98 1 7 5 0.0 45 1 7 4 0.043 2 8 2 0.1 48 2 81 0.3 33 2 8 0 0.3 16 2 7 9 0.285 2 78 0.2 11 1 7 7 0.1 66 1 7 6 0.1 33 1 7 5 0.0 84 2 74 0.1 47 2 73 0.0 44 2 8 1 0.156 2 8 0 0.2 27 2 7 9 0.2 49 2 7 8 0.1 41 2 7 7 0.09 9 2 76 0.101 2 75 0.0 95 2 7 4 0.13 5 2 7 3 0.149 2 7 2 0.1 35 2 71 0.0 34 1 8 3 0.043 1 8 6 0.0 25 2 8 5 0.110 2 7 0 0.0 96 2 6 9 0.1 64 2 6 8 0.0 81 2 6 7 0.0 75 1 8 6 0.0 42 1 8 5 0.033 1 84 0.0 48 1 8 3 0.0 57 2 8 2 0.2 38 3 71 0.0 91 2 7 0 0.0 83 2 69 0.185 1 68 0.1 33 2 6 7 0.0 69 2 6 6 0.13 8 2 71 0.1 17 2 7 0 0.1 47 1 6 9 0.1 70 1 6 8 0.0 75 1 67 0.0 96 2 66 0.0 64 2 6 5 0.0 14 2 81 0.0 92 2 80 0.2 65 2 7 9 0.24 6 2 78 0.153 2 77 0.0 79 2 7 6 0.0 81 2 7 5 0.1 52 2 7 4 0.21 3 2 73 0.1 64 2 7 2 0.1 77 2 7 1 0.31 0 2 7 0 0.1 48 2 69 0.1 36 2 68 0.0 78 3 9 0 0.0 66 3 8 9 0.0 54 2 88 0.047 2 87 0.0 33 2 8 6 0.0 26 2 8 5 0.017 2 8 4 0.0 18 3 83 0.0 20 3 82 0.0 47 3 8 1 0.03 9 3 80 0.025 3 79 0.0 18 3 7 8 0.0 50 3 7 7 0.0 65 3 7 6 0.0 46 3 75 0.05 7 3 90 0.050 3 8 9 0.0 44 2 8 8 0.04 7 2 8 7 0.045 2 8 6 0.0 81 2 85 0.1 38 2 8 4 0.1 03 3 8 3 0.079 3 8 2 0.0 76 3 8 1 0.0 88 3 8 0 0.0 85 3 7 9 0.02 7 3 78 0.067 3 77 0.0 76 3 7 6 0.09 0 3 7 5 0.068 3 7 4 0.03 1 1 8 0 0.116 1 7 9 0.1 70 1 78 0.1 11 1 7 7 0.1 38 1 7 6 0.07 5 1 75 0.0 38 2 7 4 0.2 06 2 7 3 0.1 87 2 7 2 0.2 81 2 71 0.5 01 3 70 0.1 70 2 6 9 0.0 99 2 6 8 0.068 2 6 7 0.0 81 2 6 6 0.1 02 2 6 5 0.1 26 2 6 4 0.13 5 2 63 0.0 46 3 9 1 0.0 28 3 9 0 0.0 57 3 8 9 0.0 61 2 88 0.0 41 2 8 7 0.0 30 2 8 6 0.11 1 2 8 5 0.131 2 8 4 0.0 42 2 83 0.1 05 2 8 2 0.0 68 2 8 1 0.090 3 80 0.1 22 3 7 9 0.0 53 2 7 8 0.074 3 7 7 0.1 26 3 76 0.0 77 3 75 0.0 92 3 7 4 0.0 58 3 9 2 0.0 38 3 91 0.063 3 90 0.0 32 3 8 9 0.0 36 3 8 8 0.048 3 8 7 0.0 24 3 86 0.1 77 2 8 5 0.1 73 2 8 4 0.14 9 2 83 0.262 2 8 2 0.2 09 2 8 1 0.0 12 2 8 0 0.1 19 3 7 9 0.0 92 2 78 0.0 56 3 7 7 0.0 43 3 7 6 0.131 3 7 5 0.0 84 3 74 0.0 61 3 9 4 0.08 7 3 93 0.1 04 3 9 2 0.0 89 3 9 1 0.10 4 3 9 0 0.1 61 3 89 0.0 50 3 88 0.0 50 3 8 7 0.0 50 3 8 6 0.071 2 8 5 0.3 30 2 8 4 0.3 00 2 8 3 0.2 31 2 8 2 0.30 6 2 81 0.236 2 80 0.2 55 2 7 9 0.08 1 2 7 8 0.043 3 7 7 0.0 87 3 76 0.0 80 3 7 5 0.1 47 3 7 4 0.037 3 95 0.1 14 3 9 4 0.1 14 3 9 3 0.1 47 3 9 2 0.1 41 3 91 0.1 07 3 9 0 0.1 31 3 8 9 0.09 8 3 8 8 0.1 21 3 8 7 0.0 52 3 86 0.1 34 3 8 5 0.5 08 2 84 0.135 1 83 0.5 18 2 8 2 0.2 20 3 8 1 0.211 2 8 0 0.2 68 2 79 0.2 71 2 78 0.1 32 3 7 7 0.09 8 3 7 6 0.086 3 7 5 0.0 87 3 7 4 0.116 3 96 0.1 32 3 9 5 0.1 80 2 9 4 0.149 2 9 3 0.1 77 2 92 0.1 78 2 91 0.1 74 3 9 0 0.1 33 2 8 9 0.032 2 88 0.1 10 3 8 7 0.1 11 3 8 6 0.1 15 3 8 5 0.13 7 2 84 0.143 2 8 3 0.1 43 2 8 2 0.14 3 3 8 1 0.320 3 8 0 0.2 15 3 79 0.1 45 3 7 8 0.1 51 3 7 7 0.195 3 76 0.2 06 3 7 5 0.0 81 3 7 4 0.1 29 3 9 5 0.14 8 2 94 0.174 2 93 0.1 83 2 9 2 0.13 0 3 9 1 0.136 3 9 0 0.1 35 3 89 0.0 94 3 8 8 0.1 10 3 8 7 0.12 2 3 86 0.145 3 8 5 0.1 40 2 8 4 0.2 30 2 8 3 0.3 58 2 8 2 0.4 11 2 81 0.3 15 3 8 0 0.1 76 3 7 9 0.194 2 7 8 0.2 39 3 77 0.1 97 3 76 0.1 97 3 7 5 0.06 9 3 74 0.1 25 3 9 6 0.1 05 2 9 5 0.1 55 2 94 0.1 51 2 9 3 0.1 95 1 9 2 0.18 4 2 9 1 0.1 57 2 90 0.1 31 3 8 9 0.2 49 3 8 8 0.1 72 2 87 0.091 2 86 0.1 53 2 8 5 0.1 29 3 8 4 0.143 2 8 3 0.1 67 3 82 0.1 80 3 8 1 0.1 58 3 8 0 0.18 6 3 7 9 0.196 3 7 8 0.1 25 3 7 7 0.0 80 3 7 6 0.0 97 3 7 5 0.089 3 74 0.141 3 96 0.0 90 2 9 5 0.15 2 2 9 4 0.178 2 9 3 0.1 79 2 92 0.1 57 2 9 1 0.1 86 2 9 0 0.26 9 3 89 0.5 86 3 8 8 0.3 10 3 8 7 0.1 69 3 8 6 0.1 71 2 85 0.1 33 2 84 0.1 20 3 8 3 0.1 25 2 8 2 0.197 3 8 1 0.2 73 3 80 0.2 23 3 7 9 0.0 87 3 7 8 0.09 4 3 77 0.069 3 76 0.0 63 3 7 5 0.03 0 3 7 4 0.064 3 7 3 0.160 3 9 6 0.1 73 2 95 0.1 70 2 94 0.2 46 2 9 3 0.21 2 2 9 2 0.241 3 91 0.3 26 2 9 0 0.5 77 2 8 9 0.4 41 3 8 8 0.39 7 3 87 0.165 2 8 6 0.0 98 2 8 5 0.16 5 2 8 4 0.1 00 2 8 3 0.1 81 2 82 0.2 21 2 8 1 0.2 73 3 8 0 0.340 3 79 0.0 83 3 7 8 0.0 46 3 7 7 0.0 70 3 7 6 0.0 52 2 75 0.0 44 3 74 0.0 51 3 7 3 0.03 9 3 7 2 0.078 3 7 1 0.1 35 3 97 0.1 82 3 9 6 0.1 94 2 9 5 0.178 2 9 4 0.3 97 2 93 0.3 49 2 9 2 0.4 66 2 9 1 0.48 0 3 90 0.481 2 89 0.5 41 3 8 8 0.3 63 3 8 7 0.232 2 8 6 0.1 29 2 85 0.2 28 2 8 4 0.2 81 2 8 3 0.29 2 2 8 2 0.349 2 8 1 0.3 28 2 8 0 0.3 08 3 7 9 0.0 82 2 7 8 0.069 3 77 0.0 51 3 7 6 0.0 47 3 7 5 0.058 3 7 4 0.0 71 3 73 0.0 29 3 72 0.0 39 3 7 1 0.07 2 3 70 0.048 3 69 0.2 12 3 9 8 0.14 0 3 9 7 0.201 3 9 6 0.1 53 3 95 0.2 03 2 9 4 0.4 15 2 9 3 0.357 2 92 0.3 63 2 9 1 0.3 34 2 9 0 0.4 57 2 8 9 0.5 04 3 88 0.4 36 3 87 0.3 58 2 8 6 0.2 04 2 8 5 0.181 2 8 4 0.2 71 2 83 0.2 69 2 8 2 0.3 63 2 8 1 0.33 4 2 80 0.320 3 7 9 0.1 27 3 7 8 0.06 5 2 7 7 0.066 3 7 6 0.0 55 3 75 0.0 50 3 7 4 0.0 45 3 7 3 0.034 3 7 2 0.0 27 3 7 1 0.0 25 3 7 0 0.0 31 3 6 9 0.03 0 3 68 0.031 3 67 0.0 31 3 6 6 0.163 3 9 9 0.1 95 3 98 0.2 28 3 97 0.2 04 3 9 6 0.19 2 3 9 5 0.274 3 94 0.3 72 2 9 3 0.3 33 2 9 2 0.3 83 2 9 1 0.42 1 2 90 0.4 88 2 8 9 0.4 99 3 8 8 0.43 7 2 8 7 0.6 87 2 86 0.3 91 2 85 0.2 56 1 8 4 0.1 80 1 83 0.205 1 82 0.2 39 2 8 1 0.3 17 2 8 0 0.3 12 2 7 9 0.1 49 2 78 0.0 43 2 77 0.0 71 2 7 6 0.07 5 3 7 5 0.033 2 7 4 0.0 39 2 73 0.0 23 2 7 2 0.0 25 3 7 1 0.029 3 70 0.0 27 3 6 9 0.0 26 3 6 8 0.028 3 6 7 0.0 27 3 66 0.0 22 3 65 0.0 27 3 6 4 0.1 78 2 9 9 0.2 66 2 9 8 0.235 3 9 7 0.1 67 3 96 0.2 21 2 9 5 0.2 18 2 9 4 0.22 9 2 93 0.193 2 92 0.2 76 2 9 1 0.41 3 3 9 0 0.375 3 8 9 0.3 24 3 88 0.4 65 2 8 7 0.4 41 2 8 6 0.41 6 2 8 5 0.4 05 1 8 4 0.2 92 1 8 3 0.2 12 2 8 2 0.2 79 2 81 0.369 2 80 0.2 87 2 7 9 0.1 67 2 7 8 0.021 2 7 7 0.0 39 2 76 0.0 82 2 75 0.0 75 2 7 4 0.03 5 2 73 0.027 2 72 0.0 22 2 7 1 0.0 28 3 7 0 0.0 26 3 6 9 0.0 34 3 68 0.0 25 3 6 7 0.0 30 3 6 6 0.024 3 6 5 0.0 18 3 64 0.19 3 2 1 00 0.192 2 9 9 0.1 89 2 98 0.2 42 2 9 7 0.2 46 3 9 6 0.195 3 95 0.2 09 2 9 4 0.2 12 2 9 3 0.2 88 2 9 2 0.2 85 2 91 0.2 84 3 90 0.3 46 3 8 9 0.36 0 3 8 8 0.299 2 8 7 0.3 15 2 86 0.5 53 2 8 5 0.5 21 1 8 4 0.35 2 1 83 0.286 1 8 2 0.3 26 2 8 1 0.44 9 2 8 0 0.283 2 7 9 0.1 81 1 78 0.0 60 2 7 7 0.1 06 2 7 6 0.074 2 7 5 0.0 94 2 7 4 0.0 59 1 7 3 0.0 30 1 7 2 0.01 6 2 71 0.021 2 70 0.0 33 3 6 9 0.03 0 3 6 8 0.027 3 6 7 0.0 25 3 66 0.0 28 3 6 5 0.0 21 3 6 4 0.2 65 2 1 0 0 0.2 74 2 9 9 0.27 1 2 9 8 0.276 2 97 0.3 00 2 9 6 0.2 07 2 9 5 0.2 07 2 9 4 0.221 2 93 0.3 63 2 9 2 0.2 34 1 9 1 0.267 2 9 0 0.2 84 3 89 0.2 39 3 88 0.3 85 3 8 7 0.3 49 2 86 0.252 2 85 0.4 29 1 8 4 0.2 61 1 8 3 0.2 74 1 8 2 0.5 11 2 81 0.4 43 2 8 0 0.1 80 2 7 9 0.14 6 1 7 8 0.179 2 7 7 0.2 17 2 76 0.1 03 2 7 5 0.1 33 2 7 4 0.077 1 73 0.0 33 1 7 2 0.0 21 1 7 1 0.016 2 7 0 0.0 26 2 69 0.0 29 3 68 0.0 24 3 6 7 0.02 2 3 6 6 0.029 3 6 5 0.0 21 3 6 4 0.1 76 2 1 0 1 0.2 63 2 1 0 0 0.2 36 1 9 9 0.173 1 98 0.1 40 1 9 7 0.2 46 2 9 6 0.3 31 2 9 5 0.2 42 1 94 0.2 57 1 93 0.4 36 2 9 2 0.26 5 2 9 1 0.221 2 9 0 0.2 18 3 89 0.1 92 3 8 8 0.1 16 3 8 7 0.14 3 2 86 0.1 39 1 8 5 0.2 30 1 8 4 0.16 9 1 8 3 0.1 88 1 82 0.1 37 2 81 0.0 78 2 8 0 0.0 53 2 7 9 0.092 2 7 8 0.0 82 2 7 7 0.1 75 2 7 6 0.1 20 2 7 5 0.06 1 2 74 0.093 2 73 0.0 69 1 7 2 0.05 1 1 7 1 0.021 1 7 0 0.0 23 2 69 0.0 21 2 6 8 0.0 20 3 6 7 0.019 3 66 0.0 19 3 6 5 0.0 09 3 6 4 0.1 71 2 1 01 0.177 2 10 0 0.2 32 1 99 0.2 97 1 9 8 0.3 25 2 9 7 0.34 6 2 96 0.257 2 95 0.2 31 2 9 4 0.21 2 2 9 3 0.464 2 9 2 0.2 62 2 91 0.2 86 2 9 0 0.2 53 2 8 9 0.29 0 3 8 8 0.1 45 3 8 7 0.2 91 2 8 6 0.4 52 2 8 5 0.1 82 1 84 0.186 1 83 0.1 72 1 8 2 0.2 34 2 8 1 0.139 2 8 0 0.0 54 3 79 0.0 60 2 7 8 0.0 85 2 7 7 0.19 3 2 76 0.175 2 7 5 0.0 69 2 7 4 0.0 89 2 7 3 0.0 52 1 7 2 0.0 53 1 71 0.0 24 1 7 0 0.0 16 2 6 9 0.019 3 6 8 0.0 20 3 67 0.0 37 3 66 0.0 35 3 6 5 0.02 9 3 64 0.011 3 63 0.16 3 3 1 01 0.201 2 10 0 0.1 86 2 9 9 0.2 03 1 9 8 0.2 96 2 9 7 0.245 2 96 0.4 05 2 9 5 0.2 28 1 9 4 0.148 1 9 3 0.3 95 1 92 0.2 53 2 91 0.2 71 2 9 0 0.20 5 2 89 0.147 2 88 0.0 86 3 8 7 0.1 18 3 8 6 0.0 82 2 8 5 0.0 64 2 84 0.0 54 1 8 3 0.0 82 2 8 2 0.09 5 2 8 1 0.0 88 2 8 0 0.0 47 2 79 0.0 81 2 7 8 0.1 00 2 77 0.140 2 76 0.1 46 2 7 5 0.0 56 2 7 4 0.087 2 7 3 0.0 50 2 72 0.0 31 2 71 0.0 51 2 7 0 0.03 4 2 6 9 0.1 30 3 1 0 1 0.1 69 3 10 0 0.13 5 2 99 0.095 2 9 8 0.1 24 2 9 7 0.17 0 2 9 6 0.445 2 9 5 0.3 21 1 94 0.1 00 1 9 3 0.1 65 2 9 2 0.124 2 9 1 0.1 80 2 9 0 0.1 86 2 8 9 0.1 49 2 8 8 0.04 1 2 87 0.085 2 86 0.0 80 2 8 5 0.02 8 2 8 4 0.025 2 8 3 0.0 28 2 82 0.0 84 2 8 1 0.0 63 2 8 0 0.07 0 2 79 0.073 2 7 8 0.0 75 2 7 7 0.1 19 2 7 6 0.2 17 2 7 5 0.2 00 2 74 0.0 95 1 7 3 0.0 56 2 7 2 0.056 2 7 1 0.0 49 2 70 0.0 48 2 69 0.0 32 2 6 8 0.05 0 3 67 0.037 3 66 0.0 26 3 6 5 0.0 17 3 6 4 0.180 3 1 0 1 0.2 53 3 1 00 0.2 02 3 9 9 0.1 44 2 9 8 0.0 98 2 97 0.0 64 2 96 0.1 58 2 9 5 0.20 7 1 9 4 0.149 1 9 3 0.1 31 1 92 0.0 79 2 9 1 0.1 47 2 9 0 0.096 2 89 0.1 00 2 8 8 0.0 49 2 8 7 0.086 2 8 6 0.0 72 2 85 0.0 63 2 84 0.0 64 2 8 3 0.0 30 1 8 2 0.062 2 8 1 0.0 88 2 8 0 0.0 53 2 7 9 0.0 67 2 7 8 0.08 2 2 77 0.127 2 7 6 0.1 73 2 7 5 0.23 6 2 7 4 0.205 1 7 3 0.1 11 2 72 0.1 48 2 7 1 0.1 31 2 7 0 0.050 2 69 0.0 70 2 6 8 0.0 70 2 6 7 0.0 65 2 6 6 0.05 2 2 65 0.0 47 2 64 0.0 23 3 6 3 0.01 1 3 6 2 0.1 47 3 1 01 0.2 60 3 10 0 0.255 3 99 0.1 76 2 9 8 0.1 66 2 9 7 0.124 2 9 6 0.0 69 2 95 0.2 18 2 94 0.0 30 1 9 3 0.02 8 1 92 0.021 2 91 0.0 76 2 9 0 0.0 26 2 8 9 0.0 32 2 8 8 0.0 34 2 87 0.0 48 2 8 6 0.0 58 2 8 5 0.06 2 2 8 4 0.0 53 1 83 0.0 70 2 82 0.0 26 2 8 1 0.0 54 2 80 0.076 2 79 0.0 72 2 7 8 0.0 75 2 7 7 0.119 2 7 6 0.1 07 2 75 0.1 28 2 74 0.1 26 1 7 3 0.08 0 1 7 2 0.063 2 7 1 0.0 80 2 7 0 0.0 52 2 6 9 0.0 86 2 6 8 0.061 2 67 0.0 51 2 6 6 0.0 62 2 6 5 0.059 2 6 4 0.0 46 2 63 0.0 19 3 62 0.17 4 3 10 2 0.139 3 1 0 1 0.2 54 3 1 00 0.21 9 3 9 9 0.203 2 9 8 0.2 33 2 97 0.1 63 2 9 6 0.1 47 2 9 5 0.043 2 9 4 0.0 85 2 9 3 0.1 12 2 9 2 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0.453 2 38 0.6 18 2 3 7 0.4 76 1 3 6 0.4 41 2 3 5 0.33 4 2 34 0.3 33 2 33 0.4 65 3 3 2 0.49 3 3 3 1 0.493 3 3 0 0.4 93 3 29 0.4 92 3 2 8 0.3 31 3 2 7 0.32 1 3 26 0.290 3 2 5 0.2 27 3 2 4 0.2 18 3 2 3 0.187 3 2 2 0.1 25 3 21 0.1 23 3 2 0 0.1 20 3 1 9 0.113 3 1 8 0.1 05 3 1 7 0.0 19 3 1 6 0.0 19 3 1 5 0.01 8 3 14 0.016 3 13 0.0 26 3 1 2 0.03 1 3 1 1 0.049 3 1 0 0.0 48 3 9 0.0 43 3 8 0.0 37 3 7 0.03 0 2 6 0.0 26 3 5 0.0 26 3 4 0.0 22 3 3 0.0 18 3 2 0.0 14 3 1 0.1 36 2 3 9 0.3 64 2 3 8 0.3 79 2 3 7 0.366 2 36 0.4 28 2 3 5 0.3 48 2 3 4 0.343 2 3 3 0.4 44 3 32 0.4 89 3 31 0.4 90 3 3 0 0.4 90 3 29 0.489 3 28 0.3 26 3 2 7 0.2 97 3 2 6 0.3 09 3 2 5 0.30 1 3 24 0.2 18 3 2 3 0.1 88 3 2 2 0.12 5 3 2 1 0.123 3 2 0 0.1 20 3 19 0.1 13 3 1 8 0.1 08 3 1 7 0.019 3 16 0.0 19 3 1 5 0.0 19 3 1 4 0.0 16 3 1 3 0.0 23 3 12 0.0 25 3 11 0.0 40 3 1 0 0.04 1 3 9 0.039 3 8 0.0 35 2 7 0.0 28 2 6 0.0 26 3 5 0.02 5 3 4 0.021 3 3 0.0 17 3 2 0.01 4 3 1 0.105 3 38 0.1 90 3 3 7 0.31 7 2 3 6 0.325 2 3 5 0.3 13 3 34 0.5 47 3 3 3 0.4 84 3 3 2 0.48 6 3 3 1 0.4 87 3 3 0 0.4 87 3 2 9 0.4 74 3 2 8 0.4 72 3 27 0.293 3 26 0.3 08 3 2 5 0.3 02 3 2 4 0.188 3 2 3 0.1 83 3 22 0.1 24 3 21 0.1 23 3 2 0 0.11 9 3 19 0.116 3 1 8 0.1 13 3 1 7 0.0 19 3 1 6 0.0 19 3 1 5 0.015 3 14 0.0 16 3 1 3 0.0 21 3 1 2 0.031 3 1 1 0.0 34 3 10 0.0 33 3 9 0.0 35 3 8 0.03 2 3 7 0.030 3 6 0.0 29 3 5 0.0 26 3 4 0.023 3 3 0.0 21 3 2 0.0 20 3 1 0.0 74 3 36 0.1 45 3 3 5 0.26 8 3 3 4 0.435 3 3 3 0.4 99 3 32 0.4 83 3 3 1 0.4 84 3 3 0 0.48 2 3 29 0.4 70 3 2 8 0.4 50 3 2 7 0.19 8 3 2 6 0.3 06 3 25 0.2 05 3 24 0.1 83 3 2 3 0.1 84 3 2 2 0.121 3 2 1 0.1 21 3 2 0 0.1 20 3 1 9 0.1 58 3 1 8 0.15 5 3 17 0.019 3 16 0.0 18 3 1 5 0.01 5 3 1 4 0.019 3 1 3 0.0 19 3 12 0.0 29 3 1 1 0.0 32 3 1 0 0.031 3 9 0.0 30 3 8 0.0 30 3 7 0.0 30 3 6 0.0 29 3 5 0.0 27 3 4 0.0 26 3 3 0.0 25 3 2 0.025 3 1 0.20 1 3 3 4 0.2 09 3 3 3 0.1 88 3 32 0.1 39 3 3 1 0.0 93 3 30 0.106 3 29 0.1 12 3 2 8 0.1 68 3 2 7 0.1 62 3 2 6 0.1 74 3 25 0.1 53 3 24 0.2 01 3 2 3 0.18 4 3 2 2 0.159 3 2 1 0.1 69 3 20 0.1 28 3 1 9 0.1 14 3 1 8 0.14 2 3 17 0.1 70 3 1 6 0.1 63 3 1 5 0.16 4 3 1 4 0.1 74 3 13 0.1 71 3 12 0.1 12 3 1 1 0.1 02 3 1 0 0.075 3 9 0.0 69 3 8 0.0 75 3 7 0.0 75 3 6 0.07 4 3 5 0.074 3 4 0.0 72 3 3 0.06 4 3 2 0.061 3 1 0.1 83 3 33 0.2 24 3 3 2 0.2 10 3 3 1 0.15 9 3 30 0.136 3 2 9 0.1 22 3 2 8 0.19 7 3 2 7 0.191 3 2 6 0.1 45 3 25 0.1 48 3 2 4 0.1 90 3 2 3 0.174 3 2 2 0.1 91 3 2 1 0.1 72 3 2 0 0.1 68 3 1 9 0.17 2 3 18 0.136 3 17 0.1 21 3 1 6 0.13 6 3 1 5 0.144 3 1 4 0.1 43 3 13 0.1 58 3 1 2 0.1 50 3 1 1 0.13 7 3 10 0.111 3 9 0.0 96 3 8 0.0 72 3 7 0.0 73 3 6 0.0 69 3 5 0.0 71 3 4 0.0 35 3 3 0.060 3 2 0.0 60 3 1 0.1 87 3 3 3 0.17 5 3 3 2 0.164 3 3 1 0.1 25 3 3 0 0.1 36 3 2 9 0.1 12 3 2 8 0.150 3 27 0.1 66 3 2 6 0.1 76 3 2 5 0.159 3 2 4 0.2 01 3 23 0.1 90 3 22 0.1 89 3 2 1 0.17 1 3 20 0.183 3 19 0.1 43 3 1 8 0.1 30 3 1 7 0.1 23 3 1 6 0.1 29 3 15 0.1 63 3 1 4 0.1 63 3 1 3 0.19 5 3 1 2 0.1 42 3 11 0.1 02 3 10 0.0 96 3 9 0.0 75 3 8 0.075 3 7 0.0 75 3 6 0.0 75 3 5 0.073 3 4 0.0 73 3 3 0.0 65 3 2 0.0 64 3 1 0.0 83 3 34 0.1 63 3 3 3 0.22 5 3 32 0.368 3 31 0.4 77 3 3 0 0.4 68 3 2 9 0.4 48 3 2 8 0.2 16 3 27 0.1 80 3 2 6 0.1 80 3 2 5 0.20 8 3 2 4 0.2 09 3 2 3 0.2 05 3 22 0.1 60 3 2 1 0.1 61 3 2 0 0.161 3 19 0.1 84 3 1 8 0.1 83 3 1 7 0.019 3 1 6 0.0 14 3 15 0.0 14 3 14 0.0 18 3 1 3 0.01 8 3 1 2 0.030 3 1 1 0.0 29 3 1 0 0.0 29 3 9 0.0 29 3 8 0.02 9 3 7 0.0 30 3 6 0.0 29 3 5 0.02 8 3 4 0.0 27 3 3 0.0 27 3 2 0.0 30 3 1 0.0 70 3 3 2 0.1 08 3 3 1 0.24 3 3 30 0.412 3 29 0.5 36 3 2 8 0.53 6 3 2 7 0.200 3 2 6 0.1 72 3 25 0.2 09 3 2 4 0.2 49 3 2 3 0.24 4 3 22 0.194 3 2 1 0.1 91 3 2 0 0.1 88 3 1 9 0.1 86 3 1 8 0.1 89 3 17 0.1 72 3 1 6 0.0 15 3 1 5 0.014 3 1 4 0.0 17 3 13 0.0 17 3 12 0.0 28 3 1 1 0.02 8 3 10 0.028 3 9 0.0 28 3 8 0.0 28 3 7 0.029 3 6 0.0 30 3 5 0.0 29 3 4 0.0 29 3 3 0.03 1 3 2 0.0 30 3 1 0.1 07 2 5 0 0.252 2 49 0.4 66 2 4 8 0.5 26 2 4 7 0.3 77 2 4 6 0.3 95 2 45 0.5 52 2 44 0.4 52 2 4 3 0.4 16 3 4 2 0.449 3 4 1 0.4 12 3 40 0.3 37 2 3 9 0.3 07 3 3 8 0.45 2 3 37 0.325 3 3 6 0.2 59 3 3 5 0.23 1 3 3 4 0.241 3 3 3 0.2 14 3 32 0.2 01 2 3 1 0.1 93 3 3 0 0.198 3 2 9 0.2 04 3 2 8 2.5 06 3 2 7 1.4 06 3 2 6 1.19 3 3 25 0.195 3 24 0.1 75 3 2 3 0.08 9 3 2 2 0.050 3 2 1 0.0 57 3 3 0 0.155 3 2 9 0.3 08 3 28 0.4 13 3 27 0.4 44 3 2 6 0.2 90 3 2 5 0.193 3 2 4 0.2 13 3 2 3 0.2 19 3 2 2 0.2 70 3 2 1 0.15 4 3 20 0.163 3 1 9 0.1 54 3 1 8 0.16 6 3 1 7 0.155 3 1 6 0.1 75 3 15 0.0 15 3 1 4 0.0 18 3 1 3 0.017 3 12 0.0 27 3 1 1 0.0 27 3 1 0 0.0 27 3 9 0.02 7 3 8 0.0 28 3 7 0.0 29 3 6 0.03 2 3 5 0.031 3 4 0.0 31 3 3 0.0 31 3 2 0.0 33 3 1 0.0 76 3 2 8 0.22 8 3 2 7 0.3 82 3 26 0.3 99 3 25 0.3 92 3 2 4 0.3 92 3 23 0.204 3 22 0.1 85 3 2 1 0.1 56 3 2 0 0.154 3 1 9 0.1 53 3 18 0.1 94 3 17 0.1 60 3 1 6 0.17 3 3 1 5 0.175 3 1 4 0.1 83 3 1 3 0.0 27 3 1 2 0.0 28 3 1 1 0.027 3 10 0.0 32 3 9 0.0 32 3 8 0.033 3 7 0.0 32 3 6 0.0 32 3 5 0.0 32 3 4 0.02 4 3 3 0.024 3 2 0.0 24 3 1 0.0 52 3 2 7 0.1 87 3 2 6 0.32 7 3 25 0.2 26 3 2 4 0.2 16 3 2 3 0.2 04 3 2 2 0.2 05 3 21 0.1 64 3 20 0.1 64 3 1 9 0.1 85 3 1 8 0.186 3 1 7 0.1 83 3 16 0.1 91 3 15 0.1 74 3 1 4 0.18 0 3 13 0.181 3 12 0.1 11 3 1 1 0.1 19 3 1 0 0.127 3 9 0.1 23 3 8 0.1 12 3 7 0.1 03 3 6 0.097 3 5 0.0 82 3 4 0.0 32 3 3 0.0 25 3 2 0.0 25 3 1 0.0 56 3 2 6 0.2 13 3 2 5 0.3 32 3 2 4 0.20 4 3 23 0.211 3 2 2 0.2 27 3 2 1 0.27 1 3 2 0 0.171 3 1 9 0.1 86 3 18 0.1 86 3 1 7 0.1 13 3 1 6 0.106 3 15 0.1 05 3 1 4 0.0 98 3 1 3 0.1 03 3 1 2 0.10 9 3 11 0.1 11 3 10 0.1 19 3 9 0.12 7 3 8 0.128 3 7 0.1 21 3 6 0.0 97 3 5 0.0 90 3 4 0.09 1 3 3 0.0 77 3 2 0.0 33 3 1 0.052 3 25 0.1 96 3 2 4 0.3 49 3 2 3 0.257 3 2 2 0.1 65 3 21 0.1 29 3 2 0 0.1 29 3 1 9 0.14 0 3 1 8 0.101 3 1 7 0.1 13 3 1 6 0.1 12 3 1 5 0.1 05 3 1 4 0.101 3 13 0.1 02 3 1 2 0.1 06 3 1 1 0.109 3 1 0 0.1 18 3 9 0.1 19 3 8 0.1 18 3 7 0.12 0 3 6 0.121 3 5 0.1 16 3 4 0.0 91 3 3 0.0 91 3 2 0.09 8 3 1 0.0 46 3 24 0.1 36 3 23 0.2 88 3 2 2 0.2 03 3 2 1 0.130 3 2 0 0.1 52 3 19 0.1 40 3 1 8 0.1 40 3 1 7 0.15 5 3 16 0.160 3 1 5 0.1 12 3 1 4 0.1 10 3 1 3 0.105 3 1 2 0.1 09 3 11 0.1 08 3 1 0 0.1 11 3 9 0.118 3 8 0.1 13 3 7 0.1 18 3 6 0.1 20 3 5 0.11 5 3 4 0.116 3 3 0.1 10 3 2 0.09 7 3 1 0.05 9 3 2 3 0.1 63 3 22 0.2 48 3 21 0.1 76 3 2 0 0.1 57 3 1 9 0.152 3 18 0.1 40 3 1 7 0.1 54 3 1 6 0.1 55 3 1 5 0.16 0 3 14 0.1 58 3 13 0.1 61 3 1 2 0.10 4 3 1 1 0.109 3 1 0 0.1 08 3 9 0.1 05 3 8 0.1 13 3 7 0.118 3 6 0.1 19 3 5 0.1 20 3 4 0.1 15 3 3 0.1 16 3 2 0.1 10 3 1 0.1 23 3 2 2 0.32 1 3 2 1 0.1 98 3 2 0 0.1 21 3 1 9 0.1 57 3 1 8 0.1 67 3 17 0.154 3 16 0.1 55 3 1 5 0.1 55 3 1 4 0.166 3 1 3 0.1 61 3 12 0.1 53 3 11 0.1 53 3 1 0 0.12 7 3 9 0.128 3 8 0.0 99 3 7 0.1 13 3 6 0.1 18 3 5 0.12 0 3 4 0.1 21 3 3 0.1 16 3 2 0.11 0 3 1 0.0 64 3 22 0.2 33 3 2 1 0.3 00 3 2 0 0.27 2 3 19 0.277 3 1 8 0.2 72 3 1 7 0.5 05 3 1 6 0.154 3 1 5 0.1 61 3 14 0.1 66 3 1 3 0.1 70 3 1 2 0.161 3 1 1 0.1 53 3 10 0.1 19 3 9 0.1 25 3 8 0.12 8 3 7 0.136 3 6 0.1 27 3 5 0.13 3 3 4 0.118 3 3 0.1 21 3 2 0.1 16 3 1 0.147 3 21 0.2 87 3 2 0 0.2 24 3 1 9 0.2 44 3 1 8 0.51 3 3 17 0.5 05 3 1 6 0.4 88 3 1 5 0.48 8 3 1 4 0.317 3 1 3 0.2 68 3 12 0.2 67 3 1 1 0.1 37 3 1 0 0.119 3 9 0.1 18 3 8 0.1 25 3 7 0.1 28 3 6 0.1 26 3 5 0.1 32 3 4 0.1 33 3 3 0.13 5 3 2 0.128 3 1 0.21 2 1 5 6 0.232 1 5 5 0.2 62 1 54 0.3 25 1 5 3 0.1 78 1 5 2 1.07 3 2 51 1.3 73 1 5 0 0.5 12 1 4 9 1.07 2 1 4 8 2.0 82 1 47 1.2 86 1 46 0.8 17 2 4 5 0.2 10 1 4 4 0.126 1 4 3 0.4 84 1 4 2 0.7 98 1 4 1 0.2 51 2 4 0 0.23 5 2 39 0.035 2 3 8 0.060 1 5 8 0.0 86 1 57 0.2 44 1 56 0.2 35 1 5 5 0.24 7 1 54 0.312 1 53 0.1 60 1 5 2 0.9 79 2 5 1 1.0 45 1 5 0 0.2 21 1 49 0.9 65 1 4 8 1.8 35 1 4 7 1.12 2 1 4 6 0.5 91 1 45 0.1 99 1 44 0.7 75 1 4 3 0.8 18 1 42 1.320 1 41 0.3 65 1 4 0 0.2 16 2 3 9 0.168 2 3 8 0.0 96 2 37 0.0 45 2 5 8 0.1 03 1 5 7 0.163 1 5 6 0.1 80 1 5 5 0.2 04 1 5 4 0.3 06 2 5 3 0.31 8 1 52 0.734 1 51 0.7 63 1 5 0 0.28 0 1 4 9 1.061 1 4 8 1.2 29 1 47 0.8 73 1 4 6 1.0 54 1 4 5 0.24 9 1 44 1.771 1 4 3 1.0 81 1 4 2 2.3 86 1 4 1 0.3 76 1 4 0 0.2 50 2 39 0.2 88 2 3 8 0.3 15 2 3 7 0.0 57 2 57 0.1 64 2 5 6 0.1 94 2 5 5 0.236 1 54 0.2 87 1 5 3 0.2 09 1 5 2 0.319 1 5 1 0.1 97 1 50 0.4 48 1 49 0.4 16 1 4 8 0.62 6 1 4 7 1.548 1 4 6 0.6 96 1 4 5 0.6 51 1 4 4 2.6 82 1 4 3 1.06 2 1 42 1.831 1 4 1 0.4 67 1 4 0 0.36 6 2 3 9 0.318 2 3 8 0.6 09 2 37 0.114 2 56 0.1 92 2 5 5 0.2 41 1 5 4 0.2 22 1 5 3 0.2 07 1 52 0.2 76 2 5 1 0.2 32 1 5 0 0.543 1 4 9 0.5 13 1 48 0.3 73 1 47 0.8 09 1 4 6 0.8 09 1 45 1.690 1 44 2.6 48 1 4 3 1.4 22 1 4 2 2.265 1 4 1 0.5 74 1 40 0.3 73 1 3 9 0.3 43 1 3 8 0.75 5 2 3 7 0.0 60 1 5 6 0.100 1 5 5 0.1 82 1 54 0.2 52 1 53 0.2 80 2 5 2 1.04 1 1 51 0.220 1 50 0.3 28 1 4 9 0.6 52 1 4 8 2.0 62 1 4 7 0.9 55 1 46 0.8 39 1 4 5 0.3 25 1 4 4 1.18 5 1 4 3 0.455 1 4 2 0.8 54 2 41 0.1 31 2 4 0 0.0 26 2 3 9 0.1 30 1 56 0.2 01 1 5 5 0.2 22 1 5 4 0.304 1 5 3 0.3 04 1 5 2 0.6 36 2 5 1 1.4 12 1 5 0 0.5 61 1 49 1.577 1 48 2.1 47 1 4 7 1.1 37 1 4 6 0.693 2 4 5 0.2 35 1 44 0.1 15 1 4 3 0.2 65 1 4 2 0.55 2 1 41 0.240 2 4 0 0.1 43 2 3 9 0.1 43 3 2 1 0.2 81 3 20 0.309 3 19 0.2 48 3 1 8 0.2 58 3 1 7 0.258 3 1 6 0.2 48 3 15 0.2 00 3 14 0.3 16 3 1 3 0.26 5 3 12 0.268 3 1 1 0.2 64 3 1 0 0.2 56 3 9 0.2 56 3 8 0.259 3 7 0.1 62 3 6 0.1 25 3 5 0.149 3 4 0.1 33 3 3 0.1 34 3 2 0.1 35 3 1 0.1 11 3 2 1 0.2 80 3 2 0 0.3 10 3 1 9 0.2 47 3 18 0.2 47 3 17 0.2 58 3 1 6 0.2 48 3 1 5 0.248 3 1 4 0.2 24 3 1 3 0.1 87 3 1 2 0.2 68 3 1 1 0.26 3 3 10 0.264 3 9 0.2 56 3 8 0.28 8 3 7 0.259 3 6 0.2 60 3 5 0.2 60 3 4 0.2 15 3 3 0.159 3 2 0.1 56 3 1 0.0 62 3 2 2 0.1 74 3 2 1 0.29 8 3 20 0.3 04 3 1 9 0.3 11 3 1 8 0.24 6 3 1 7 0.246 3 1 6 0.2 59 3 15 0.2 48 3 1 4 0.2 48 3 1 3 0.223 3 12 0.2 29 3 1 1 0.2 40 3 1 0 0.2 96 3 9 0.2 88 3 8 0.2 88 3 7 0.2 53 3 6 0.25 9 3 5 0.213 3 4 0.1 75 3 3 0.1 44 3 2 0.1 55 3 1 0.078 3 22 0.2 33 3 2 1 0.30 5 3 2 0 0.304 3 1 9 0.3 04 3 18 0.3 11 3 1 7 0.2 45 3 1 6 0.25 8 3 15 0.259 3 1 4 0.2 48 3 1 3 0.2 21 3 1 2 0.2 34 3 1 1 0.228 3 10 0.1 83 3 9 0.2 95 3 8 0.253 3 7 0.2 53 3 6 0.2 59 3 5 0.1 62 3 4 0.13 1 3 3 0.139 3 2 0.1 45 3 1 0.0 69 3 2 3 0.2 00 3 2 2 0.3 23 3 21 0.3 39 3 20 0.3 33 3 1 9 0.2 96 3 1 8 0.312 3 1 7 0.2 44 3 1 6 0.2 45 3 1 5 0.2 59 3 1 4 0.25 9 3 13 0.247 3 1 2 0.2 20 3 1 1 0.22 6 3 1 0 0.228 3 9 0.1 74 3 8 0.2 61 3 7 0.2 53 3 6 0.202 3 5 0.1 62 3 4 0.1 27 3 3 0.1 27 3 2 0.13 5 3 1 0.11 0 2 23 0.2 88 2 2 2 0.3 13 2 2 1 0.31 8 2 2 0 0.3 21 2 19 0.3 19 2 18 0.3 13 2 1 7 0.3 13 3 16 0.244 3 15 0.2 44 3 1 4 0.2 59 3 1 3 0.2 47 3 1 2 0.2 47 3 11 0.2 20 3 10 0.2 22 3 9 0.22 9 3 8 0.232 3 7 0.2 61 3 6 0.1 56 3 5 0.1 56 3 4 0.123 3 3 0.1 27 3 2 0.1 37 3 1 0.18 5 2 2 3 0.257 2 2 2 0.2 75 2 21 0.2 98 2 2 0 0.3 39 2 1 9 0.33 9 2 18 0.3 29 2 1 7 0.3 25 2 1 6 0.2 43 3 1 5 0.2 75 3 14 0.240 3 13 0.2 59 3 1 2 0.2 47 3 1 1 0.219 3 1 0 0.2 21 3 9 0.2 23 3 8 0.2 16 3 7 0.16 2 3 6 0.156 3 5 0.1 14 3 4 0.1 21 3 3 0.124 3 2 0.1 26 3 1 0.0 59 2 23 0.0 75 2 2 2 0.05 9 2 2 1 0.103 1 2 0 0.1 50 1 1 9 0.1 78 2 1 8 0.2 22 2 1 7 0.24 9 2 16 0.258 2 1 5 0.2 13 3 1 4 0.25 2 3 1 3 0.275 3 1 2 0.2 80 3 11 0.2 42 3 1 0 0.2 20 3 9 0.222 3 8 0.2 25 3 7 0.1 46 3 6 0.1 38 3 5 0.11 2 3 4 0.1 12 3 3 0.1 24 3 2 0.12 6 3 1 0.0 80 1 55 0.1 75 1 5 4 0.32 7 1 5 3 0.165 1 5 2 0.4 50 1 51 0.2 19 1 5 0 0.3 14 1 4 9 0.73 0 1 48 1.012 2 4 7 0.7 12 2 4 6 0.58 4 2 4 5 0.3 84 1 4 4 0.1 59 1 43 1.4 89 2 4 2 0.7 76 2 4 1 0.023 2 4 0 0.13 6 1 5 5 0.317 1 5 4 0.4 66 1 53 0.1 65 1 5 2 0.4 26 1 5 1 0.41 8 1 5 0 0.5 59 1 4 9 0.8 48 1 4 8 1.1 73 1 4 7 0.4 76 1 46 0.444 1 45 0.3 89 2 4 4 0.2 28 2 4 3 0.487 2 4 2 0.0 17 2 41 0.0 69 3 14 0.1 03 3 1 3 0.1 30 3 1 2 0.14 7 3 1 1 0.194 3 1 0 0.2 31 3 9 0.2 11 3 8 0.2 23 3 7 0.141 3 6 0.1 46 3 5 0.1 38 3 4 0.122 3 3 0.1 28 3 2 0.1 33 3 1 0.0 43 2 31 0.0 64 2 3 0 0.1 13 2 2 9 0.107 1 28 0.1 01 1 2 7 0.0 58 1 2 6 0.0 74 3 3 0 0.08 1 2 29 0.125 2 28 0.0 96 2 2 7 0.07 3 2 2 6 0.090 3 30 0.1 20 2 2 9 0.1 83 2 2 8 0.1 96 2 2 7 0.0 71 2 26 0.070 2 3 0 0.0 71 2 2 9 0.0 68 1 2 8 0.0 54 2 2 7 0.07 4 2 28 0.06 2 3 9 0.074 3 8 0.0 90 3 7 0.0 84 3 6 0.108 3 5 0.1 75 3 4 0.1 76 3 3 0.1 68 3 2 0.147 3 1 0.0 68 3 6 0.0 67 3 5 0.07 4 3 4 0.105 3 3 0.1 31 3 2 0.1 58 3 1 0.0 33 3 3 0.04 1 3 2 0.050 3 1 0.0 03 3 7 0.0 05 3 6 0.0 06 3 5 0.00 7 3 4 0.010 3 3 0.0 25 3 2 0.0 28 3 1 IXTACA - 2202 LEVEL SHOWING ESTIMATED Au (g/t) N 0 0 0 7 7 1 2 N 0 0 9 6 7 1 2 N 0 0 8 6 7 1 2 N 0 0 7 6 7 1 2 N 0 0 6 6 7 1 2 N 0 0 5 6 7 1 2 N 0 0 4 6 7 1 2 N 0 0 3 6 7 1 2 N 0 0 2 6 7 1 2 N 0 0 1 6 7 1 2 N 0 0 0 6 7 1 2 N 0 0 9 5 7 1 2 N 0 0 8 5 7 1 2 N 0 0 7 5 7 1 2 N 0 0 6 5 7 1 2 N 0 0 5 5 7 1 2 N 0 0 4 5 7 1 2 618500E 618600E 618700E 618800E 618900E 619000E 619100E 619200E 619300E 619400E 619500E 619600E Ixtaca 2202 Level Plan Showing Estimated Gold in Blocks  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 198 of 324  0.0 86 3 8 6 0.0 76 3 8 5 0.0 67 3 8 4 0.0 63 3 83 0.058 3 82 0.0 58 3 87 0.0 66 3 8 6 0.06 3 3 85 0.041 3 84 0.0 25 3 8 3 0.0 61 3 8 2 0.0 21 3 8 1 0.0 03 3 80 0.050 3 8 6 0.0 53 3 85 0.0 53 3 8 4 0.0 37 3 8 3 0.04 1 3 82 0.0 59 3 8 1 0.0 38 3 8 0 0.00 4 3 7 9 0.0 12 3 8 5 0.03 0 3 8 4 0.1 16 3 8 3 0.1 46 3 8 2 0.1 95 3 8 1 0.2 40 3 80 0.033 3 79 0.0 21 3 7 8 0.0 87 3 8 4 0.0 75 3 8 3 0.0 25 2 8 3 0.0 90 2 82 0.114 2 81 0.1 14 2 8 0 0.0 95 2 7 9 0.0 58 2 7 8 0.0 25 3 77 0.0 33 2 82 0.0 89 2 8 1 0.1 12 2 8 0 0.29 7 2 79 0.396 2 7 8 0.2 13 2 7 7 0.05 7 2 8 1 0.253 2 8 0 0.3 82 2 7 9 0.4 30 2 7 8 0.3 94 2 7 7 0.078 2 76 0.1 03 2 8 0 0.2 22 2 79 0.343 2 78 0.4 96 2 7 7 0.3 72 1 7 6 0.0 50 2 7 5 0.0 76 3 7 2 0.2 13 3 7 1 0.0 97 2 7 9 0.1 05 2 7 8 0.0 92 2 77 0.0 89 2 7 6 0.0 52 2 7 5 0.3 27 2 7 4 0.2 73 2 7 3 0.1 78 3 72 0.0 57 3 71 0.0 81 2 6 8 0.3 53 2 67 0.189 2 66 0.2 09 2 6 5 0.1 74 2 6 4 0.03 3 2 68 0.056 2 6 7 0.0 38 2 6 6 0.14 8 2 6 5 0.246 2 6 4 0.0 28 2 63 0.0 66 2 7 5 0.24 4 2 74 0.2 76 2 7 3 0.1 54 2 7 2 0.10 9 3 7 1 0.0 68 3 70 0.0 75 2 6 9 0.06 0 1 6 8 0.0 42 1 6 7 0.1 70 1 66 0.2 62 1 6 5 0.6 24 1 64 0.058 1 63 0.3 43 2 6 9 0.073 2 6 8 0.2 09 2 67 0.1 79 2 6 6 0.5 12 1 6 5 0.28 1 2 64 0.048 1 6 3 0.0 40 2 6 9 0.0 33 2 68 0.041 2 67 0.0 35 2 6 6 0.0 23 2 6 5 0.032 2 6 4 0.0 20 2 63 0.099 2 76 0.2 78 1 7 5 0.28 5 2 7 4 0.319 2 7 3 0.1 76 2 72 0.0 50 2 7 1 0.0 75 3 7 0 0.015 3 6 9 0.0 20 2 6 8 0.0 56 2 6 7 0.0 40 2 6 6 0.0 26 2 65 0.0 35 2 6 4 0.0 21 2 6 3 0.1 98 2 7 6 0.2 58 2 75 0.2 58 2 74 0.2 11 1 7 3 0.24 6 2 7 2 0.173 2 7 1 0.1 00 2 70 0.0 31 2 6 9 0.0 32 2 6 8 0.082 2 6 7 0.1 83 2 66 0.1 71 2 6 5 0.2 63 2 6 4 0.08 8 2 6 3 0.0 92 2 69 0.0 76 1 6 8 0.0 63 1 6 7 0.08 0 1 6 6 0.290 1 6 5 0.4 68 2 6 4 0.0 65 1 6 3 0.0 54 3 7 0 0.036 2 69 0.0 40 2 6 8 0.0 50 2 6 7 0.0 52 1 6 6 0.02 8 1 65 0.023 2 64 0.0 23 2 6 3 0.0 45 2 7 0 0.0 55 2 69 0.0 35 2 68 0.0 90 1 6 7 0.2 25 2 6 6 0.163 2 6 5 0.4 27 1 64 0.0 87 2 6 3 0.140 2 8 3 0.1 40 2 82 0.1 75 2 8 1 0.2 50 2 8 0 0.176 2 79 0.1 67 2 7 8 0.1 43 2 7 7 0.096 2 7 6 0.1 51 2 75 0.2 53 3 74 0.1 44 2 85 0.1 82 2 84 0.0 65 1 8 3 0.0 80 1 8 2 0.170 2 8 1 0.2 30 2 8 0 0.1 45 2 7 9 0.1 22 1 7 8 0.15 6 1 77 0.078 2 76 0.1 76 2 7 5 0.23 3 2 7 4 0.1 98 2 78 0.1 51 2 77 0.1 72 1 7 6 0.25 8 1 7 5 0.454 1 7 4 0.3 41 1 73 0.2 69 2 7 2 0.2 77 2 7 1 0.28 3 2 70 0.4 98 2 6 9 0.1 56 2 6 8 0.12 5 2 6 7 0.1 51 2 66 0.1 30 2 65 0.1 01 2 6 4 0.1 63 2 6 3 0.152 2 6 2 0.3 97 3 6 1 0.2 78 3 6 0 0.1 76 2 5 9 0.18 7 2 58 0.188 2 57 0.1 85 2 5 6 0.18 2 2 5 5 0.150 2 5 4 0.1 32 2 53 0.1 26 3 8 7 0.5 97 2 8 6 0.1 85 2 8 5 0.0 74 1 84 0.0 63 1 8 3 0.0 69 1 8 2 0.08 0 1 8 1 0.249 2 8 0 0.2 70 2 79 0.1 37 2 7 8 0.1 48 2 7 7 0.072 2 76 0.1 71 2 7 5 0.3 06 2 7 4 0.462 3 7 3 0.2 95 2 72 0.2 97 2 71 0.2 26 2 7 0 0.13 2 1 6 9 0.669 1 68 0.2 87 1 6 7 0.3 58 1 6 6 0.7 88 1 6 5 0.18 9 2 64 0.385 2 6 3 0.6 59 2 6 2 1.09 8 2 6 1 0.6 68 1 6 0 0.8 94 1 59 1.0 50 1 5 8 0.7 43 2 5 7 0.739 2 56 0.3 16 3 5 5 0.2 34 3 5 4 0.1 44 2 5 3 0.51 6 1 52 2.8 38 1 51 1.0 21 1 5 0 0.17 9 1 4 9 0.128 1 4 8 0.1 47 2 47 0.1 73 2 4 6 0.1 28 2 4 5 0.45 3 2 86 0.186 2 8 5 0.0 47 1 8 4 0.05 8 1 8 3 0.066 1 8 2 0.1 97 2 81 0.2 46 2 8 0 0.3 16 2 7 9 0.116 2 7 8 0.1 40 2 7 7 0.1 67 2 7 6 0.2 71 2 7 5 0.48 7 2 74 0.284 2 73 0.1 77 2 7 2 0.26 1 2 7 1 0.352 2 7 0 0.1 91 2 69 0.3 26 1 6 8 0.2 60 1 6 7 0.34 3 1 66 0.1 80 2 6 5 0.1 62 2 6 4 0.4 07 2 6 3 0.5 61 2 62 0.7 61 2 61 1.3 74 2 6 0 0.8 21 1 5 9 0.948 1 5 8 0.3 30 2 57 0.1 68 2 5 6 0.2 71 2 5 5 0.32 4 3 54 0.409 2 53 2.4 82 1 5 2 1.3 51 1 5 1 0.909 2 5 0 0.0 89 2 49 0.1 01 2 4 8 0.1 13 2 4 7 0.148 2 4 6 0.1 36 2 4 5 0.1 40 3 4 4 0.1 48 2 8 6 0.1 04 2 8 5 0.0 71 2 8 4 0.072 1 83 0.1 78 2 8 2 0.2 01 2 8 1 0.258 2 8 0 0.2 28 2 79 0.1 50 2 78 0.1 17 2 7 7 0.23 6 2 76 0.374 2 75 0.2 99 3 7 4 0.2 40 2 7 3 0.2 88 2 7 2 0.1 66 2 71 0.3 07 2 7 0 0.3 77 2 6 9 0.31 9 2 6 8 0.3 56 1 67 0.4 73 1 6 6 0.2 65 1 6 5 0.2 40 2 64 0.448 2 63 0.4 25 2 6 2 0.9 68 2 6 1 0.916 2 6 0 0.3 10 2 59 0.2 82 2 58 0.3 65 2 5 7 0.18 5 2 5 6 0.199 2 5 5 0.1 38 2 5 4 0.2 77 3 5 3 1.2 35 2 5 2 0.780 2 51 0.0 85 2 5 0 0.0 76 2 4 9 0.087 2 4 8 0.1 23 2 47 0.1 05 3 46 0.2 78 3 4 5 0.25 1 3 44 0.139 3 43 0.435 2 86 0.2 18 2 8 5 0.0 49 1 8 4 0.064 1 8 3 0.0 64 1 82 0.0 91 1 81 0.2 37 2 8 0 0.27 8 2 79 0.128 2 7 8 0.1 53 1 7 7 0.0 72 2 7 6 0.1 75 2 7 5 0.2 74 2 74 0.2 79 3 7 3 0.3 13 3 7 2 0.275 2 7 1 0.2 42 2 70 0.1 35 1 6 9 0.4 86 2 6 8 0.32 4 1 67 0.461 1 66 0.5 56 1 6 5 0.3 83 2 6 4 0.484 2 6 3 0.7 48 2 62 0.6 81 2 6 1 0.7 71 1 6 0 0.82 6 1 5 9 0.672 1 5 8 0.9 83 2 5 7 0.5 99 2 5 6 0.3 34 3 5 5 0.228 2 54 0.1 75 2 5 3 0.4 59 1 5 2 2.529 1 5 1 0.9 78 1 50 0.1 36 1 49 0.1 33 1 4 8 0.13 2 1 47 0.161 2 46 0.1 28 2 4 5 0.1 10 2 8 3 0.1 09 2 8 2 0.1 72 2 81 0.1 61 2 80 0.1 93 2 7 9 0.13 8 2 7 8 0.273 2 7 7 0.3 28 2 76 0.3 69 2 7 5 0.4 37 2 7 4 0.247 2 73 0.2 38 2 7 2 0.1 80 2 7 1 0.265 2 7 0 0.3 68 2 69 0.2 43 2 68 0.0 87 1 6 7 0.1 10 1 6 6 0.131 1 6 5 0.1 32 1 6 4 0.1 06 2 6 3 0.4 11 2 6 2 0.87 4 2 61 0.385 2 6 0 0.5 18 2 5 9 0.31 1 2 5 8 0.790 2 5 7 0.2 26 2 56 0.1 77 3 5 5 0.2 01 3 5 4 0.236 3 53 1.1 25 2 5 2 0.1 05 2 5 1 0.0 98 2 5 0 0.23 4 3 49 0.1 03 3 48 0.2 23 3 4 7 0.24 6 3 4 6 0.267 3 4 5 0.3 55 3 44 0.2 19 3 4 3 0.1 68 3 4 2 0.11 0 2 8 0 0.221 2 7 9 0.2 23 2 78 0.1 85 2 7 7 0.2 57 2 7 6 0.286 2 7 5 0.3 86 2 7 4 0.2 58 2 7 3 0.2 49 2 7 2 0.14 5 2 71 0.242 2 70 0.4 43 2 6 9 0.15 4 1 6 8 0.098 1 6 7 0.1 27 1 66 0.1 95 1 6 5 0.2 78 1 6 4 0.14 5 2 63 0.489 2 6 2 0.4 56 2 6 1 0.3 94 2 6 0 0.7 73 2 5 9 0.2 12 2 58 0.2 08 2 5 7 0.1 80 2 5 6 0.209 3 5 5 0.1 78 3 54 0.2 47 3 53 0.5 64 3 5 2 0.37 9 3 51 0.399 3 50 0.2 04 3 4 9 0.2 18 3 4 8 0.233 3 4 7 0.2 50 3 46 0.2 19 3 4 5 0.2 27 3 4 4 0.26 7 3 4 3 0.2 67 3 4 2 0.2 40 3 4 1 0.1 71 3 4 0 0.2 55 3 7 9 0.1 37 2 7 8 0.147 2 7 7 0.1 59 2 76 0.2 46 2 75 0.4 79 1 7 4 0.30 5 2 73 0.269 2 72 0.2 25 2 7 1 0.3 74 2 7 0 0.4 74 2 6 9 0.1 79 1 68 0.1 30 2 6 7 0.1 86 2 6 6 0.17 9 1 6 5 0.2 52 1 6 4 0.2 00 2 63 0.1 79 2 6 2 0.4 27 3 61 0.395 3 60 0.1 84 2 5 9 0.1 95 2 5 8 0.199 2 5 7 0.1 88 2 56 0.1 60 2 55 0.1 48 2 5 4 0.14 6 2 5 3 0.159 3 5 2 0.2 56 3 5 1 0.2 13 3 5 0 0.2 28 3 4 9 0.23 4 3 48 0.2 41 3 4 7 0.2 48 3 4 6 0.254 3 4 5 0.3 21 3 44 0.2 96 3 43 0.3 31 3 4 2 0.2 54 3 41 0.301 3 40 0.2 53 3 3 9 0.2 10 3 3 8 0.1 70 2 3 7 0.22 4 2 7 7 0.233 1 7 6 0.3 53 1 75 0.2 54 1 7 4 0.3 17 1 7 3 0.29 1 2 7 2 0.2 06 2 7 1 0.2 22 2 7 0 0.3 92 2 6 9 0.1 74 2 68 0.113 2 67 0.1 45 2 6 6 0.0 84 2 6 5 0.101 2 6 4 0.0 67 2 63 0.1 27 3 6 2 0.1 57 3 6 1 0.19 8 3 60 0.183 2 5 9 0.1 83 2 5 8 0.1 54 2 5 7 0.1 99 2 5 6 0.1 60 2 55 0.1 47 2 5 4 0.1 57 2 5 3 0.153 2 5 2 0.1 56 2 51 0.1 80 2 50 0.2 26 2 4 9 0.25 1 2 48 0.229 2 47 0.2 11 1 4 6 0.3 70 1 4 5 0.398 2 4 4 0.4 21 3 43 0.3 90 2 4 2 0.3 48 2 4 1 0.24 8 2 4 0 0.218 2 3 9 0.4 52 2 3 8 0.4 33 2 3 7 0.1 39 2 7 6 0.4 24 1 7 5 0.232 2 7 4 0.3 06 2 73 0.2 25 2 72 0.2 03 2 7 1 0.1 61 2 70 0.162 3 69 0.1 39 2 6 8 0.1 33 2 6 7 0.1 00 2 6 6 0.0 90 2 65 0.1 09 2 6 4 0.0 83 3 6 3 0.11 1 3 6 2 0.142 3 6 1 0.1 45 3 60 0.1 88 2 5 9 0.1 72 2 5 8 0.172 2 57 0.1 69 2 5 6 0.1 64 2 5 5 0.187 2 5 4 0.1 95 2 53 0.1 91 1 52 0.1 73 2 5 1 0.19 8 2 5 0 0.224 2 4 9 0.2 53 2 4 8 0.2 02 2 4 7 0.2 92 1 4 6 0.42 4 1 45 0.9 51 1 4 4 1.2 00 2 4 3 0.75 0 2 4 2 0.6 11 2 4 1 0.3 25 1 40 0.2 59 1 3 9 0.4 27 2 3 8 0.567 2 37 0.3 02 3 72 0.3 35 2 7 1 0.2 30 2 7 0 0.114 1 69 0.3 02 2 6 8 0.1 59 1 6 7 0.1 25 1 6 6 0.1 66 1 65 0.2 04 2 64 0.2 61 2 6 3 0.8 39 2 6 2 0.630 2 6 1 0.6 96 1 60 0.6 51 1 5 9 0.5 35 1 5 8 0.54 1 2 57 0.472 2 5 6 0.2 65 2 5 5 0.21 2 2 5 4 0.161 2 5 3 0.1 34 1 52 0.2 93 1 5 1 0.7 98 1 5 0 0.142 1 4 9 0.1 98 2 4 8 0.2 05 1 4 7 0.3 44 2 4 6 0.13 0 2 45 0.4 10 7 1 0.33 3 2 70 0.189 2 69 0.2 68 2 6 8 0.2 38 2 6 7 0.218 1 6 6 0.2 26 1 65 0.3 03 1 6 4 0.3 17 1 6 3 0.33 7 1 6 2 0.5 60 2 6 1 0.4 61 2 6 0 0.4 05 2 5 9 0.4 80 2 58 0.520 2 57 0.3 75 2 5 6 0.2 80 2 5 5 0.231 2 5 4 0.2 22 2 53 0.1 92 2 52 0.1 88 2 5 1 0.20 7 2 50 0.146 2 49 0.1 47 2 4 8 0.1 88 2 4 7 0.1 48 2 4 6 0.334 2 71 0.2 22 2 7 0 0.2 10 2 6 9 0.2 33 2 6 8 0.16 0 1 67 0.1 50 1 6 6 0.2 14 1 6 5 0.40 5 2 6 4 0.2 26 2 63 0.6 33 2 62 0.5 96 2 6 1 0.4 55 2 60 0.446 2 59 0.4 00 2 5 8 0.4 91 2 5 7 0.4 45 2 5 6 0.3 53 2 55 0.2 38 2 54 0.1 56 2 5 3 0.17 8 2 5 2 0.247 2 5 1 0.8 40 2 50 0.2 03 1 4 9 0.2 19 1 4 8 0.230 2 47 0.1 80 2 4 6 0.0 75 2 5 8 0.0 93 2 5 7 0.1 03 2 5 6 0.16 3 2 55 0.230 1 54 0.2 58 1 5 3 0.22 9 1 5 2 0.215 2 5 1 0.2 35 1 50 0.4 04 1 4 9 0.4 04 1 4 8 0.38 1 1 47 0.5 71 1 4 6 0.9 77 1 4 5 2.5 48 1 4 4 3.1 45 1 43 1.7 70 1 42 0.9 99 1 4 1 0.3 42 1 4 0 0.374 1 3 9 0.4 20 1 38 0.7 77 2 37 0.1 40 2 7 5 0.2 93 2 7 4 0.37 3 2 73 0.470 3 72 0.6 29 3 7 1 0.54 5 3 7 0 0.608 3 6 9 0.5 71 2 68 0.5 33 2 6 7 0.6 99 2 6 6 0.62 8 2 6 5 0.5 83 2 6 4 0.5 59 2 6 3 0.5 13 1 6 2 0.5 87 2 61 0.434 2 60 0.4 08 2 5 9 0.3 25 2 5 8 0.216 2 5 7 0.1 27 2 56 0.4 13 2 6 9 0.43 9 2 68 0.4 41 2 67 0.2 47 1 6 6 0.31 6 1 6 5 0.296 1 6 4 0.3 64 1 63 0.3 64 1 6 2 0.4 52 1 6 1 0.48 8 2 60 0.470 2 5 9 0.4 35 2 5 8 0.40 2 2 5 7 0.314 2 5 6 0.2 00 3 55 0.1 58 3 5 4 0.1 52 3 5 3 0.139 2 5 2 0.1 40 2 5 1 0.178 2 50 0.2 60 2 4 9 0.2 52 2 4 8 0.2 45 2 4 7 0.2 47 3 46 0.2 52 3 45 1.0 53 3 4 4 0.25 2 3 4 3 0.240 3 4 2 0.2 60 3 41 0.2 54 2 4 0 0.2 54 2 3 9 0.41 2 2 38 0.242 2 3 7 0.4 31 6 8 0.673 6 7 0.7 66 2 66 0.6 76 2 65 0.5 37 1 6 4 0.4 50 1 63 0.486 1 62 0.5 27 1 6 1 0.5 37 2 6 0 0.5 17 2 5 9 0.4 54 2 58 0.3 80 2 5 7 0.2 04 2 5 6 0.13 6 3 5 5 0.1 32 2 79 0.2 89 2 7 8 0.5 23 2 7 7 0.74 9 1 76 0.333 2 7 5 0.0 87 2 7 4 0.04 9 1 7 3 0.091 1 7 2 0.3 38 2 71 1.1 34 2 7 0 1.6 28 2 6 9 1.776 2 6 8 1.7 48 2 6 7 1.5 28 2 6 6 0.9 83 2 6 5 0.69 5 2 64 0.489 2 63 0.3 11 2 6 2 0.28 0 2 6 1 0.274 2 6 0 0.1 41 3 59 0.0 94 3 5 8 0.11 7 2 7 8 0.342 2 7 7 0.5 91 2 7 6 0.7 08 2 7 5 0.5 49 2 7 4 0.309 2 73 0.5 94 2 7 2 1.0 94 2 7 1 1.586 2 7 0 1.7 11 2 69 1.4 94 2 68 1.4 34 2 6 7 1.17 1 2 66 0.840 2 65 0.6 47 2 6 4 0.5 37 2 6 3 0.3 46 2 6 2 0.5 99 2 61 0.3 32 2 6 0 0.2 07 2 5 9 0.12 3 3 5 8 0.0 88 3 5 7 0.1 26 2 7 7 0.2 67 2 7 6 0.445 2 75 0.6 51 2 7 4 0.8 17 2 7 3 0.8 30 2 7 2 1.3 35 2 71 1.6 67 2 70 1.3 09 2 6 9 1.08 9 2 6 8 1.018 2 6 7 0.7 18 2 66 0.6 02 2 6 5 0.5 42 2 6 4 0.32 1 2 63 0.2 83 2 6 2 0.3 24 2 6 1 0.36 5 2 6 0 0.3 25 2 59 0.2 33 2 58 0.1 37 2 5 7 0.11 9 2 7 1 0.909 2 7 0 1.5 15 1 69 1.9 11 2 6 8 2.1 49 2 6 7 1.900 2 66 1.5 59 2 6 5 0.8 79 2 6 4 0.576 2 6 3 0.2 82 2 62 0.2 03 2 61 0.1 96 2 6 0 0.1 15 3 5 9 0.0 87 2 71 0.5 76 2 7 0 1.21 1 2 69 1.761 2 68 1.6 75 2 6 7 1.5 12 2 6 6 1.2 63 2 6 5 0.7 95 2 64 0.5 46 2 6 3 0.2 80 2 6 2 0.12 5 2 6 1 0.0 91 2 60 0.1 90 2 7 0 1.0 86 2 6 9 1.2 93 2 6 8 1.44 3 2 67 1.343 2 66 1.1 63 2 6 5 0.68 7 2 6 4 0.289 2 6 3 0.0 90 2 62 0.335 2 69 0.6 10 2 6 8 1.0 41 2 6 7 0.825 2 6 6 0.3 81 2 65 0.1 91 2 64 0.0 70 3 6 8 0.1 48 3 67 0.0 56 3 6 6 LEGEND Au > 0.0 < 0.2 g/t Au >= 0.2 < 0.4 g/t Au >= 0.4 < 0.6 g/t Au >= 0.6 < 0.8 g/t Au >= 0.8 < 1.0 g/t Au >= 1.0 g/t Composits shown 3 m above and below bench N 0 0 4 5 7 1 2 Figure 11‐6  618400E                      618400E 618500E 618600E 618700E 618800E 618900E 619000E 619100E 619200E 619300E 619400E 619500E 619600E Ixtaca ‐ S‐K 1300 Technical Report Summary  N 0 0 0 7 7 1 2 N 0 0 9 6 7 1 2 N 0 0 8 6 7 1 2 N 0 0 7 6 7 1 2 N 0 0 6 6 7 1 2 N 0 0 5 6 7 1 2 N 0 0 4 6 7 1 2 N 0 0 3 6 7 1 2 N 0 0 2 6 7 1 2 N 0 0 1 6 7 1 2 N 0 0 0 6 7 1 2 N 0 0 9 5 7 1 2 N 0 0 8 5 7 1 2 N 0 0 7 5 7 1 2 N 0 0 6 5 7 1 2 N 0 0 5 5 7 1 2 N 0 0 4 5 7 1 0.0 2 6 3 8 3 0.0 29 3 8 2 0.0 27 3 81 0.02 3 3 8 0 0.0 1 3 3 7 9 0.0 14 3 7 8 0.0 14 3 7 7 0.0 79 3 7 6 0.0 30 3 7 5 0.0 8 1 3 7 4 0.0 4 0 3 7 3 0.0 18 3 7 2 0.0 31 2 71 0.0 2 3 2 7 0 0.0 2 3 3 6 9 0.0 25 3 6 8 0.0 15 2 6 7 0.0 22 3 8 0 0.0 63 3 79 0.16 8 3 7 8 0.1 3 8 3 7 7 0.0 52 3 7 6 0.0 20 3 75 0.0 17 3 7 4 0.0 07 3 7 3 0.02 5 3 7 2 0.0 2 0 2 7 1 0.0 25 2 7 0 0.0 19 2 69 0.01 9 2 6 8 0.0 2 0 2 6 7 0.0 13 3 7 9 0.0 32 3 7 8 0.1 01 3 7 7 0.12 9 3 7 6 0.0 5 1 3 7 5 0.0 1 5 3 7 4 0.0 17 3 7 3 0.0 19 3 7 2 0.0 16 2 7 1 0.01 7 2 7 0 0.0 16 2 6 9 0.0 27 2 6 8 0.0 15 2 67 0.0 06 3 7 7 0.0 41 3 7 6 0.0 38 3 7 5 0.0 20 3 74 0.0 0 6 3 7 3 0.0 0 6 2 7 2 0.0 21 2 7 1 0.0 13 2 70 0.0 14 2 6 9 0.0 1 0 2 6 8 0.0 05 3 7 4 0.0 05 3 7 3 0.0 04 2 7 2 0.00 4 2 7 1 0.0 41 3 92 0.05 0 3 9 1 0.1 5 9 3 9 0 0.1 58 2 8 9 0.1 71 2 88 0.0 32 3 9 6 0.1 04 3 9 5 0.1 52 2 94 0.17 6 2 9 3 0.1 6 7 2 9 2 0.1 60 3 9 1 0.1 15 3 90 0.0 90 3 8 9 0.1 03 2 8 8 0.07 6 2 8 7 0.0 73 2 8 6 0.1 13 2 8 5 0.0 66 2 84 0.0 5 5 2 8 3 0.0 3 9 2 8 2 0.0 42 2 8 1 0.0 68 2 80 0.0 53 2 7 9 0.0 28 2 7 8 0.0 2 3 2 7 7 0.0 2 8 2 7 6 0.0 21 2 7 5 0.0 17 3 74 0.0 1 2 3 7 3 0.0 39 3 9 7 0.1 37 3 96 0.2 6 9 3 9 5 0.2 6 7 2 9 4 0.2 37 2 9 3 0.1 32 2 92 0.1 98 2 9 1 0.1 53 3 9 0 0.1 4 8 3 8 9 0.1 0 3 2 8 8 0.0 38 2 8 7 0.11 8 1 86 0.0 9 8 2 8 5 0.1 0 9 2 8 4 0.0 49 1 8 3 0.0 41 2 8 2 0.0 38 2 8 1 0.04 1 2 8 0 0.0 2 9 2 7 9 0.0 4 9 2 7 8 0.0 41 2 7 7 0.06 0 2 7 6 0.0 6 3 2 7 5 0.0 6 4 2 7 4 0.0 32 3 7 3 0.0 17 3 7 2 0.0 30 3 9 9 0.06 6 3 9 8 0.0 9 4 3 9 7 0.1 3 6 3 9 6 0.1 99 3 9 5 0.1 75 2 9 4 0.1 87 2 9 3 0.14 3 2 9 2 0.1 3 3 2 9 1 0.0 9 5 2 9 0 0.1 42 3 8 9 0.11 7 3 8 8 0.1 3 1 2 8 7 0.0 64 1 8 6 0.1 21 1 8 5 0.0 57 1 8 4 0.0 39 2 8 3 0.03 4 2 8 2 0.0 1 0 2 8 1 0.0 21 2 8 0 0.0 29 2 79 0.0 39 2 7 8 0.1 0 5 2 7 7 0.0 76 2 7 6 0.0 34 2 7 5 0.0 31 2 7 4 0.0 88 3 73 0.02 9 3 7 2 0.0 59 3 1 0 1 0.1 28 3 1 0 0 0.0 8 4 3 9 9 0.0 91 3 9 8 0.1 43 3 9 7 0.1 42 3 9 6 0.1 42 3 95 0.11 4 2 9 4 0.1 5 2 2 9 3 0.1 37 2 9 2 0.1 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2 8 2 0.0 23 2 81 0.06 3 2 8 0 0.0 3 0 2 7 9 0.0 20 2 7 8 0.0 37 1 77 0.0 38 1 7 6 0.0 2 3 2 7 5 0.0 36 2 7 4 0.0 25 2 7 3 0.0 16 2 7 2 0.0 16 1 71 0.57 6 1 7 0 0.5 3 7 2 6 9 0.1 25 2 6 8 0.0 82 2 67 0.1 32 2 6 6 0.1 99 2 6 5 0.0 18 1 6 4 0.2 23 2 6 3 0.0 26 2 6 2 0.0 28 2 61 0.08 8 2 6 0 0.1 1 8 2 5 9 0.4 12 1 5 8 0.1 02 1 57 0.6 40 1 5 6 0.4 40 1 5 5 0.0 69 2 5 4 0.6 49 2 5 3 1.0 19 2 5 2 2.6 05 1 51 2.74 5 1 5 0 2.1 3 2 1 4 9 0.6 55 1 4 8 0.5 43 1 47 0.4 13 1 4 6 0.8 53 1 4 5 0.78 6 1 4 4 0.1 21 2 4 3 0.1 12 2 4 2 0.0 42 2 41 0.0 2 9 2 4 0 0.0 2 9 3 8 7 0.0 26 3 8 6 0.0 27 3 8 5 0.0 28 3 8 4 0.0 27 2 83 0.0 3 9 2 8 2 0.0 2 4 2 8 1 0.0 56 2 8 0 0.0 40 1 79 0.0 18 1 7 8 0.0 27 2 7 7 0.0 20 1 7 6 0.0 25 2 7 5 0.2 20 2 7 4 0.1 22 2 73 0.0 1 7 2 7 2 0.0 7 9 2 7 1 0.2 81 2 7 0 0.4 55 2 69 0.0 84 2 6 8 0.1 30 2 6 7 0.3 1 9 2 6 6 0.7 63 1 6 5 0.4 98 1 6 4 0.3 00 2 63 0.2 3 6 2 6 2 0.0 4 2 2 6 1 0.0 70 2 6 0 0.2 09 2 59 0.1 60 1 5 8 0.1 06 1 5 7 0.4 2 2 1 5 6 0.3 80 1 5 5 0.3 16 2 5 4 0.3 38 2 53 1.7 7 9 2 5 2 4.5 6 4 1 5 1 2.7 74 1 5 0 2.3 36 1 49 0.8 71 1 4 8 0.6 04 1 4 7 0.3 4 8 1 4 6 0.4 5 3 1 4 5 0.5 05 1 4 4 0.41 3 2 43 0.1 2 2 1 4 2 0.0 5 3 2 4 1 0.1 06 2 4 0 0.0 89 2 3 9 0.0 67 2 3 8 0.0 37 3 8 7 0.0 25 3 8 6 0.02 7 3 8 5 0.0 2 5 3 8 4 0.0 2 0 2 8 3 0.0 45 2 8 2 0.0 25 2 8 1 0.0 52 2 8 0 0.04 4 1 7 9 0.0 1 6 2 7 8 0.0 15 2 7 7 0.1 10 2 7 6 0.02 2 1 7 5 0.6 3 2 1 7 4 0.1 4 3 2 7 3 0.1 12 2 7 2 0.0 15 1 7 1 0.0 16 1 7 0 0.32 3 2 6 9 0.0 3 1 2 6 8 0.1 7 3 2 6 7 0.3 13 2 6 6 0.94 3 2 6 5 0.6 4 1 2 6 4 0.4 0 0 2 6 3 0.0 95 2 6 2 0.0 50 2 6 1 0.0 75 2 6 0 0.11 8 2 5 9 0.1 6 1 1 5 8 0.1 0 0 1 5 7 0.5 77 1 5 6 0.37 5 1 5 5 0.0 4 1 1 5 4 0.1 6 9 2 5 3 0.7 81 1 5 2 2.3 88 1 5 1 2.8 77 1 5 0 1.03 6 1 4 9 1.4 5 3 1 4 8 0.6 5 8 1 4 7 0.8 26 1 4 6 0.45 4 1 4 5 1.0 7 9 2 4 4 0.5 54 2 4 3 0.0 99 2 4 2 0.0 58 2 4 1 0.0 93 2 40 0.11 0 2 3 9 0.1 4 6 2 3 8 0.05 3 2 6 1 0.0 9 8 1 6 0 0.1 17 2 5 9 0.0 84 2 58 0.07 2 1 5 7 0.5 5 0 1 5 6 0.2 79 1 5 5 0.1 39 1 5 4 0.2 24 1 5 3 0.2 67 1 52 1.53 8 1 5 1 2.3 6 1 1 5 0 0.7 05 1 4 9 1.5 37 1 48 1.0 84 1 4 7 0.7 6 6 1 4 6 1.1 78 1 4 5 0.6 71 1 4 4 0.4 09 2 4 3 0.1 85 2 42 0.07 1 1 4 1 0.0 8 9 1 4 0 0.1 15 2 3 9 0.1 06 2 38 0.0 69 1 6 1 0.0 83 1 60 0.1 18 1 5 9 0.0 2 9 1 5 8 0.1 12 1 5 7 0.5 06 1 5 6 0.4 28 1 5 5 0.7 36 1 54 1.02 3 1 5 3 0.3 0 4 1 5 2 0.5 79 1 5 1 1.7 35 1 50 0.5 27 1 4 9 1.2 22 1 4 8 1.2 90 1 4 7 0.9 81 1 4 6 1.0 69 1 4 5 0.5 68 1 44 0.1 1 7 1 4 3 0.1 2 5 1 4 2 0.0 51 1 4 1 0.1 17 2 40 0.0 81 2 3 9 0.0 29 2 3 8 0.0 79 1 6 1 0.0 85 1 6 0 0.1 43 1 5 9 0.0 30 1 5 8 0.0 29 1 5 7 0.4 29 1 56 0.7 3 1 1 5 5 0.1 8 9 1 5 4 2.9 24 1 5 3 1.8 61 1 52 0.2 99 1 5 1 1.18 5 1 5 0 0.6 8 6 1 4 9 0.9 90 1 4 8 1.3 24 1 4 7 0.96 9 1 4 6 0.8 3 4 1 4 5 0.3 0 8 1 4 4 0.0 98 1 4 3 0.1 16 1 4 2 0.0 64 1 4 1 0.08 4 2 4 0 0.0 4 1 2 3 9 0.0 7 6 1 6 1 0.0 71 1 6 0 0.1 30 1 5 9 0.03 0 1 5 8 0.0 2 7 1 5 7 0.2 2 7 1 5 6 0.5 55 1 5 5 0.1 70 1 5 4 0.2 03 1 5 3 2.12 6 1 5 2 0.3 6 4 1 5 1 0.9 85 1 5 0 0.4 60 1 49 0.41 9 1 4 8 1.0 9 8 1 4 7 1.0 15 1 4 6 0.8 52 1 4 5 0.4 75 1 4 4 0.1 78 2 4 3 0.06 5 2 4 2 0.0 6 2 1 4 1 0.0 61 2 4 0 0.0 85 1 61 0.10 4 1 6 0 0.0 9 1 1 5 9 0.0 26 1 5 8 0.0 15 1 5 7 0.0 09 1 5 6 0.1 41 1 5 5 0.32 5 1 5 4 1.0 3 6 1 5 3 0.8 96 1 5 2 1.2 23 1 51 2.06 1 1 5 0 2.0 4 2 1 4 9 1.2 73 1 4 8 1.8 38 1 4 7 2.5 43 1 4 6 1.8 80 1 45 0.31 2 2 4 4 0.5 9 2 2 4 3 0.0 73 2 4 2 0.0 55 2 41 0.0 31 2 4 0 0.0 48 2 6 1 0.0 43 2 6 0 0.1 21 2 59 0.0 2 5 1 5 8 0.0 4 2 1 5 7 0.0 57 1 5 6 0.1 31 1 55 0.0 59 1 5 4 0.02 3 1 5 3 0.5 65 1 5 2 1.9 25 1 5 1 1.9 04 1 5 0 2.55 4 1 4 9 3.5 1 3 1 4 8 1.2 4 0 1 4 7 2.2 40 1 4 6 1.1 64 1 4 5 0.1 92 2 4 4 0.56 8 2 4 3 0.0 9 7 2 4 2 0.0 10 2 4 1 0.0 4 1 2 6 1 0.0 85 2 6 0 0.0 98 2 5 9 0.0 22 1 5 8 0.0 25 1 57 0.0 4 0 1 5 6 0.1 1 4 2 5 5 0.2 73 2 5 4 0.6 59 1 53 1.2 41 1 5 2 1.3 7 5 1 5 1 0.9 76 1 5 0 1.9 59 1 4 9 3.4 35 1 4 8 2.1 67 1 47 2.5 4 1 1 4 6 1.7 2 2 1 4 5 0.3 54 2 4 4 0.5 64 2 43 0.0 72 2 4 2 0.0 27 2 4 1 0.03 2 2 6 1 0.0 4 2 2 6 0 0.1 11 2 5 9 0.0 84 2 5 8 0.0 75 1 5 7 0.0 87 1 5 6 0.15 9 1 5 5 0.1 0 3 1 5 4 0.0 55 1 5 3 0.5 14 1 52 2.36 1 1 5 1 1.7 4 9 1 5 0 2.1 75 1 4 9 1.7 01 1 4 8 1.2 87 1 4 7 1.6 06 1 4 6 1.03 6 1 4 5 0.1 9 2 1 4 4 0.5 81 2 4 3 0.6 78 2 42 0.0 19 3 6 1 0.0 46 2 6 0 0.0 68 2 5 9 0.0 53 2 5 8 0.08 8 1 5 7 0.0 9 2 1 5 6 0.1 19 1 5 5 0.1 00 1 54 0.07 7 1 5 3 1.0 0 2 1 5 2 1.8 68 1 5 1 1.3 00 1 5 0 1.0 04 1 4 9 2.0 66 1 4 8 2.73 1 1 4 7 0.7 5 6 1 4 6 0.9 80 1 4 5 0.9 16 1 44 0.81 1 1 4 3 0.5 5 4 2 4 2 0.0 11 2 59 0.0 41 2 5 8 0.1 05 2 5 7 0.09 0 2 5 6 0.2 34 1 5 5 0.1 40 1 5 4 0.2 70 1 53 0.30 1 1 5 2 0.3 9 6 1 5 1 0.1 16 1 5 0 0.4 29 1 49 0.0 84 1 4 8 0.3 14 1 4 7 0.71 5 1 4 6 0.9 17 1 4 5 0.2 02 1 4 4 0.2 10 2 43 0.11 9 1 4 2 0.0 7 7 2 4 1 0.1 8 0 2 5 8 0.4 59 2 5 7 0.1 72 2 56 0.2 10 2 5 5 0.8 21 2 5 4 1.3 7 9 1 5 3 0.6 1 4 1 5 2 0.2 64 1 5 1 0.4 75 1 50 0.4 2 4 1 4 9 0.4 0 9 1 4 8 0.3 52 1 4 7 0.6 91 1 4 6 0.4 76 2 4 5 0.4 39 2 4 4 0.0 5 9 2 4 3 0.0 5 2 2 4 2 0.0 28 2 4 1 0.4 60 1 5 8 0.7 53 1 5 7 0.19 5 1 5 6 0.2 1 9 1 5 5 0.8 2 7 2 5 4 0.8 19 2 5 3 0.98 8 2 5 2 0.3 1 7 1 5 1 0.4 5 1 1 5 0 0.5 60 1 4 9 0.2 06 1 4 8 0.4 68 1 4 7 0.53 0 1 4 6 0.5 4 0 2 4 5 0.4 5 3 2 4 4 0.1 20 2 4 3 0.0 86 2 4 2 0.0 2 6 2 4 1 0.0 51 2 5 8 0.27 5 2 5 7 0.8 5 9 1 5 6 0.6 6 9 1 5 5 0.7 90 1 5 4 1.6 09 1 5 3 1.1 82 1 5 2 1.50 1 1 5 1 0.7 29 1 5 0 0.3 07 1 4 9 0.0 59 1 4 8 0.04 3 1 4 7 0.3 6 4 1 4 6 0.1 6 8 1 4 5 0.3 96 2 4 4 0.6 90 2 4 3 0.0 51 2 4 2 0.0 12 1 5 7 0.0 18 1 5 6 0.3 53 1 5 5 0.3 1 1 1 5 4 0.9 25 1 5 3 0.5 79 1 5 2 0.9 76 1 5 1 0.16 6 1 5 0 0.6 3 5 1 4 9 0.0 4 9 1 4 8 0.1 71 1 4 7 0.4 29 1 4 6 0.7 76 1 4 5 0.1 7 9 2 4 4 0.1 37 1 4 3 0.1 16 2 4 2 0.0 43 2 4 1 0.0 1 0 2 5 8 0.1 45 2 5 7 0.6 84 2 56 0.7 76 2 5 5 0.8 92 1 5 4 1.68 4 1 5 3 1.4 3 2 1 5 2 2.5 26 1 5 1 0.6 74 1 50 0.24 3 1 4 9 0.0 6 4 1 4 8 0.0 77 1 4 7 0.4 02 1 46 0.4 45 1 4 5 0.6 12 1 4 4 0.64 7 2 4 3 0.0 6 2 2 4 2 0.0 0 6 1 5 7 0.0 3 7 1 5 6 0.4 79 1 5 5 0.5 63 1 54 1.0 9 3 1 5 3 0.8 0 2 1 5 2 1.1 82 1 5 1 0.6 71 1 5 0 0.5 34 1 4 9 0.0 53 1 4 8 0.0 9 1 1 4 7 0.3 7 2 1 4 6 0.4 02 1 4 5 0.2 94 1 44 0.6 7 2 1 4 3 0.1 4 1 2 4 2 0.0 11 2 7 8 0.0 31 2 7 7 0.1 95 2 76 0.2 0 4 2 7 5 0.6 6 6 1 7 4 0.3 71 1 7 3 0.1 52 2 72 0.4 66 2 7 1 0.2 81 2 7 0 0.4 90 2 6 9 0.2 60 2 6 8 0.2 48 2 6 7 0.2 45 1 66 0.2 5 2 1 6 5 0.4 6 4 2 6 4 0.2 41 2 6 3 0.0 23 1 5 7 0.1 25 2 5 6 0.67 0 1 5 5 0.8 2 3 1 5 4 1.7 35 1 5 3 1.3 21 1 52 2.80 6 1 5 1 0.4 3 3 1 5 0 0.4 24 1 4 9 0.0 59 1 4 8 0.1 07 1 4 7 0.3 67 1 4 6 0.28 9 1 4 5 0.8 5 0 1 4 4 0.4 43 2 4 3 0.1 05 2 42 0.0 1 5 2 7 7 0.1 4 0 2 7 6 0.2 23 2 7 5 0.3 21 2 7 4 0.1 14 2 7 3 0.17 0 2 7 2 0.3 8 7 2 7 1 0.1 35 2 7 0 0.5 46 3 6 9 0.32 0 2 6 8 0.2 1 4 2 6 7 0.3 2 0 2 6 6 0.4 83 2 6 5 0.4 21 2 6 4 0.0 18 2 6 3 0.0 13 2 7 6 0.1 69 2 7 5 0.19 8 2 7 4 0.1 1 6 2 7 3 0.1 01 1 7 2 0.0 41 2 71 0.03 2 2 7 0 0.3 0 9 3 6 9 0.1 97 3 6 8 0.3 42 2 6 7 0.1 51 2 6 6 0.4 07 2 6 5 0.16 6 2 6 4 0.0 1 9 2 6 3 0.05 3 3 7 6 0.0 8 1 2 7 5 0.0 63 2 7 4 0.1 63 1 73 0.13 3 2 7 2 0.0 5 3 2 7 1 0.0 38 2 7 0 0.1 34 3 6 9 0.1 32 3 6 8 0.2 77 3 6 7 0.08 3 3 6 6 0.2 3 5 3 6 5 0.1 47 3 6 4 0.0 24 3 7 6 0.0 61 2 75 0.0 71 2 7 4 0.1 4 1 2 7 3 0.1 75 2 7 2 0.0 56 2 7 1 0.0 37 2 7 0 0.0 21 2 69 0.0 18 2 7 4 0.0 87 2 7 3 0.1 17 2 7 2 0.03 3 2 7 1 0.0 3 3 3 6 7 0.0 29 3 6 6 0.0 50 3 65 0.0 27 3 5 8 0.0 42 3 57 0.0 38 3 5 6 0.0 40 2 5 5 0.0 17 2 5 4 0.0 28 2 5 3 0.0 24 3 59 0.0 91 3 5 8 0.0 83 3 5 7 0.04 6 3 5 6 0.0 23 2 5 5 0.0 30 2 5 4 0.0 28 2 53 0.03 1 2 5 2 0.0 3 0 2 5 1 0.1 60 2 5 0 0.2 07 2 49 0.2 59 2 4 8 0.3 20 3 4 7 0.08 0 3 4 6 0.0 61 3 5 9 0.1 2 1 3 5 8 0.0 8 2 3 5 7 0.0 38 2 5 6 0.0 52 2 55 0.0 8 8 2 5 4 0.0 5 3 2 5 3 0.0 34 2 5 2 0.0 35 2 51 0.2 10 2 5 0 0.2 46 2 4 9 0.3 3 9 2 4 8 0.3 9 5 2 4 7 0.2 41 3 4 6 0.1 3 2 3 5 9 0.1 38 2 5 8 0.11 3 2 5 7 0.0 4 6 2 5 6 0.0 7 4 2 5 5 0.1 46 2 5 4 0.1 85 3 5 3 0.0 81 2 5 2 0.18 4 2 5 1 0.2 1 2 2 5 0 0.2 7 3 2 4 9 0.4 66 2 4 8 0.5 19 2 4 7 0.3 2 6 2 4 6 0.0 55 3 60 0.0 94 2 5 9 0.1 5 6 2 5 8 0.1 71 2 5 7 0.1 38 2 5 6 0.1 00 2 5 5 0.1 89 2 54 0.15 1 3 5 3 0.0 9 0 2 5 2 0.1 91 2 5 1 0.2 05 2 50 0.3 65 2 4 9 0.4 93 2 4 8 0.6 16 2 4 7 0.3 33 2 4 6 0.1 20 2 4 5 0.0 48 2 6 0 0.0 83 2 5 9 0.1 87 2 5 8 0.1 58 2 5 7 0.1 36 2 56 0.19 2 2 5 5 0.1 4 8 2 5 4 0.1 75 2 5 3 0.0 99 2 52 0.1 84 2 5 1 0.2 50 2 5 0 0.45 1 2 4 9 0.3 53 2 4 8 0.6 19 1 4 7 0.5 52 1 46 0.1 5 4 2 4 5 0.0 44 2 6 0 0.0 89 2 5 9 0.2 00 2 58 0.1 5 2 2 5 7 0.1 2 8 2 5 6 0.1 35 2 5 5 0.2 17 2 54 0.2 82 2 5 3 0.1 08 2 5 2 0.1 2 2 2 5 1 0.2 8 3 2 5 0 0.3 68 2 4 9 0.45 9 1 48 0.5 4 7 1 4 7 0.4 0 5 1 4 6 0.2 37 2 4 5 0.0 48 2 6 1 0.05 0 2 6 0 0.1 8 6 2 5 9 0.1 7 4 2 5 8 0.2 08 1 5 7 0.2 10 1 5 6 0.1 60 1 5 5 0.21 1 2 5 4 0.3 0 0 2 5 3 0.1 3 2 2 5 2 0.0 80 2 5 1 0.58 8 2 5 0 0.4 2 2 2 4 9 0.4 38 2 4 8 0.4 55 2 4 7 0.4 43 2 4 6 0.3 40 2 4 5 0.0 3 9 2 6 1 0.0 51 2 6 0 0.1 48 2 5 9 0.1 73 2 5 8 0.2 45 1 57 0.17 4 1 5 6 0.0 7 1 1 5 5 0.3 58 1 5 4 0.1 33 1 53 0.0 96 2 5 2 0.0 6 4 2 5 1 0.5 04 2 5 0 0.4 28 2 4 9 0.4 41 2 4 8 0.5 29 2 47 0.33 0 2 4 6 0.2 4 5 2 4 5 0.0 27 2 6 1 0.1 00 2 6 0 0.1 30 2 59 0.17 8 2 5 8 0.2 3 8 1 5 7 0.2 19 1 5 6 0.1 24 1 55 0.3 80 1 5 4 0.1 39 1 5 3 0.1 10 2 5 2 0.0 56 2 5 1 0.4 53 2 5 0 0.3 20 2 49 0.3 8 9 2 4 8 0.4 9 3 2 4 7 0.3 59 2 4 6 0.3 07 2 45 0.0 99 2 4 4 0.0 18 3 6 2 0.0 68 3 6 1 0.0 33 2 6 0 0.38 6 2 5 9 0.5 1 0 2 5 8 0.4 54 2 5 7 0.3 26 1 56 0.53 1 1 5 5 0.7 1 5 1 5 4 1.1 91 1 5 3 0.7 97 1 5 2 0.8 43 2 5 1 1.0 20 2 5 0 1.01 6 2 4 9 1.0 3 2 2 4 8 0.7 28 2 4 7 0.1 18 2 46 0.15 3 2 4 5 0.0 9 5 2 4 4 0.1 50 3 4 3 0.1 05 3 4 2 0.0 1 8 3 6 2 0.0 0 4 2 6 1 0.0 38 2 6 0 0.4 45 2 5 9 0.4 52 2 5 8 0.30 2 2 5 7 0.1 1 1 1 5 6 0.6 07 1 5 5 0.7 46 1 5 4 0.62 8 1 5 3 0.6 5 6 1 5 2 1.0 99 1 5 1 1.1 24 2 5 0 0.6 49 2 4 9 0.6 97 2 4 8 0.70 8 2 4 7 0.3 4 3 2 4 6 0.1 30 2 4 5 0.0 92 2 44 0.06 4 2 4 3 0.1 3 1 3 4 2 0.0 68 3 4 1 0.0 13 2 6 2 0.0 06 2 61 0.0 7 9 2 6 0 0.0 9 9 2 5 9 0.1 34 1 5 8 0.1 45 1 57 0.1 09 1 5 6 0.43 2 1 5 5 0.6 2 7 1 5 4 0.1 35 1 5 3 0.1 12 1 5 2 0.10 5 1 5 1 0.4 0 9 2 5 0 0.2 7 1 2 4 9 0.4 14 2 4 8 0.6 33 2 4 7 0.3 53 2 4 6 0.31 3 2 4 5 0.0 9 6 2 4 4 0.0 58 2 4 3 0.1 13 2 4 2 0.18 8 2 4 1 0.0 7 0 2 4 0 0.1 07 2 4 2 0.1 9 5 2 4 1 0.0 95 2 4 0 0.0 41 2 3 9 0.0 96 2 4 2 0.1 59 2 4 1 0.0 79 2 4 0 0.0 42 2 39 0.0 77 3 47 0.03 8 3 4 1 0.1 1 2 3 4 0 0.1 16 3 3 9 0.1 52 3 38 0.1 02 3 3 7 0.0 8 8 2 3 6 0.0 72 2 3 5 0.0 75 2 42 0.2 06 2 4 1 0.1 85 2 4 0 0.0 9 6 2 3 9 0.1 48 3 3 8 0.2 95 3 3 7 0.1 93 2 36 0.2 7 3 2 3 5 0.1 6 6 2 3 4 0.08 2 2 4 2 0.2 3 6 2 4 1 0.1 7 1 2 4 0 0.0 65 2 3 9 0.04 7 2 3 8 0.2 9 6 3 3 7 0.2 4 8 2 3 6 0.2 24 2 3 5 0.1 70 2 3 4 0.1 16 3 4 1 0.3 21 3 40 0.1 71 3 3 9 0.1 32 3 3 8 0.1 37 2 3 7 0.1 92 2 3 6 0.2 42 2 3 5 0.1 15 2 34 0.0 92 2 4 2 0.2 15 2 41 0.11 0 1 4 0 0.0 5 2 2 3 9 0.0 58 2 3 8 0.0 34 2 3 7 0.0 99 2 3 6 0.0 91 2 35 LEGEND Au > 0.0 < 0.2 g/t Au >= 0.2 < 0.4 g/t Au >= 0.4 < 0.6 g/t Au >= 0.6 < 0.8 g/t Au >= 0.8 < 1.0 g/t Au >= 1.0 g/t Composits shown 3 m above and below bench 0.4 44 7 6 0.0 35 2 6 1 0.1 13 2 6 6 0.2 37 2 6 5 0.2 00 2 64 0.0 83 3 4 6 0.10 3 3 4 5 0.1 2 7 3 4 4 0.0 32 3 5 8 0.0 42 3 5 7 0.0 32 3 5 6 0.01 7 2 5 5 0.0 6 0 2 5 4 0.1 33 3 5 3 0.0 81 3 52 0.03 8 3 5 1 0.0 31 1 5 8 0.04 9 1 5 7 0.0 8 7 2 5 6 0.0 8 5 2 5 5 0.0 88 2 5 4 0.3 50 2 5 3 0.2 56 2 5 2 0.15 0 2 5 1 0.2 0 0 1 5 0 0.2 6 4 1 4 9 0.1 70 2 4 8 0.1 63 2 4 7 0.0 5 3 1 5 7 0.0 88 2 5 6 0.0 77 2 55 0.0 8 7 2 5 4 0.0 6 3 2 5 3 0.0 43 1 5 2 0.0 55 1 5 1 0.1 86 1 5 0 0.2 82 1 4 9 0.0 9 8 2 4 8 0.2 0 4 2 4 7 0.0 51 2 4 6 0.1 10 2 45 0.1 1 0 2 4 4 0.0 3 2 1 5 8 0.3 19 2 5 7 0.0 87 2 5 6 0.0 73 2 5 5 0.1 21 2 54 0.98 6 2 5 3 0.3 0 5 2 5 2 0.2 22 1 5 1 0.4 76 1 50 0.2 15 2 4 9 0.2 31 2 4 8 0.4 54 2 4 7 0.2 83 2 4 6 0.3 68 2 4 5 0.1 68 2 44 0.0 5 8 3 5 8 0.0 75 3 5 7 0.0 40 2 56 0.0 52 2 5 5 0.0 91 2 5 4 0.19 7 3 5 3 0.1 6 4 3 5 2 0.2 17 3 5 1 0.0 74 3 50 0.05 6 3 4 9 0.0 3 9 2 4 8 0.0 73 3 4 7 0.1 82 3 46 0.1 31 3 4 5 0.3 13 3 4 4 0.09 9 3 4 3 0.0 43 3 5 8 0.06 4 3 57 0.0 5 3 2 5 6 0.0 5 2 2 5 5 0.0 91 2 5 4 0.1 45 2 5 3 0.2 43 3 5 2 0.32 4 3 5 1 0.1 26 3 5 0 0.0 91 3 4 9 0.0 81 2 4 8 0.07 1 2 4 7 0.2 0 7 3 4 6 0.0 4 8 2 4 5 0.3 65 3 4 4 0.2 31 3 4 3 0.0 30 2 5 8 0.0 43 2 5 7 0.0 56 2 5 6 0.0 52 2 55 0.0 9 2 2 5 4 0.1 4 0 2 5 3 0.2 86 3 5 2 0.4 12 3 51 0.0 78 3 5 0 0.0 9 0 3 4 9 0.1 45 2 4 8 0.1 69 2 4 7 0.1 48 2 4 6 0.1 87 2 45 0.6 3 2 2 4 4 0.4 2 8 2 4 3 0.1 36 3 4 2 0.0 45 3 6 1 0.0 44 2 6 0 0.0 5 9 2 5 9 0.0 3 4 2 5 8 0.0 82 2 5 7 0.1 49 1 56 0.0 9 2 1 5 5 0.0 4 6 1 5 4 0.0 75 2 5 3 1.5 12 1 5 2 1.5 01 1 5 1 1.6 43 1 50 1.6 1 2 1 4 9 1.0 7 7 1 4 8 1.3 53 2 4 7 0.7 27 1 46 1.0 46 1 4 5 0.8 1 7 1 4 4 0.6 98 2 4 3 0.1 43 2 4 2 0.0 3 6 2 6 1 0.0 4 5 3 6 0 0.0 34 2 5 9 0.0 61 2 5 8 0.0 78 2 5 7 0.0 8 3 2 5 6 0.1 58 1 5 5 0.0 64 2 5 4 0.1 34 2 5 3 1.06 3 1 5 2 1.1 8 9 1 5 1 1.0 6 9 1 5 0 0.9 64 1 4 9 1.0 77 1 4 8 1.6 96 1 4 7 0.78 5 1 4 6 0.4 34 2 4 5 0.1 37 2 4 4 0.7 83 2 4 3 0.23 5 2 4 2 0.0 43 2 5 7 0.19 8 2 5 6 0.0 66 2 5 5 0.0 92 2 5 4 0.0 63 2 53 0.03 1 1 5 2 0.0 5 6 1 5 1 0.0 64 1 5 0 0.1 11 2 49 0.1 31 2 4 8 0.2 37 2 4 7 0.04 2 1 4 6 0.0 4 9 1 4 5 0.1 04 2 4 4 0.0 53 2 43 0.07 7 1 4 2 0.0 3 7 1 4 1 0.0 21 1 4 0 0.0 21 1 39 0.0 27 2 61 0.0 34 2 6 0 0.0 50 3 5 9 0.07 5 2 5 8 0.0 62 2 5 7 0.0 57 2 5 6 0.1 95 2 55 0.17 7 2 5 4 0.2 3 5 1 5 3 0.3 53 1 5 2 0.6 18 1 51 0.7 32 1 5 0 0.7 36 1 4 9 0.70 6 1 4 8 1.1 7 7 1 4 7 0.3 20 1 4 6 0.1 81 2 45 0.21 3 2 4 4 0.3 1 6 2 4 3 0.2 20 2 4 2 0.0 10 2 5 8 0.0 77 2 57 0.1 21 2 5 6 0.0 63 2 5 5 0.0 99 2 5 4 0.0 56 1 5 3 0.0 26 1 5 2 0.0 66 1 51 0.07 0 1 5 0 0.1 0 2 1 4 9 0.0 32 1 4 8 0.0 46 2 47 0.0 42 2 4 6 0.0 19 1 4 5 0.06 3 2 4 4 0.0 58 2 4 3 0.0 48 1 4 2 0.0 50 1 41 0.02 8 1 4 0 0.0 1 4 1 3 9 0.06 9 2 5 8 0.1 6 1 2 5 7 0.0 5 9 2 5 6 0.0 61 2 5 5 0.1 12 2 5 4 0.0 7 9 1 5 3 0.0 3 2 1 5 2 0.0 53 1 5 1 0.0 89 1 5 0 0.1 37 1 4 9 0.02 5 1 4 8 0.0 7 5 2 4 7 0.0 2 0 1 4 6 0.0 22 1 4 5 0.0 82 2 4 4 0.0 96 2 4 3 0.0 8 6 1 4 2 0.0 76 1 4 1 0.0 58 1 4 0 0.0 20 1 3 9 0.0 21 2 59 0.12 1 2 5 8 0.0 6 1 2 5 7 0.0 49 2 5 6 0.0 62 2 5 5 0.0 87 2 5 4 0.3 11 2 5 3 0.26 7 2 5 2 0.2 7 5 3 5 1 0.0 81 3 5 0 0.1 91 2 49 0.14 4 2 4 8 0.1 7 8 2 4 7 0.1 55 2 4 6 0.0 64 2 4 5 0.8 25 2 4 4 0.0 81 2 4 3 0.27 8 2 4 2 0.2 8 9 3 4 1 0.1 59 3 4 0 0.0 31 3 60 0.05 9 3 5 9 0.0 8 6 3 5 8 0.1 10 3 5 7 0.0 49 3 56 0.0 84 2 5 5 0.2 21 2 5 4 0.14 1 2 5 3 0.0 4 6 1 5 2 0.0 53 1 5 1 0.0 99 1 50 0.07 7 1 4 9 0.0 8 7 2 4 8 0.8 14 2 4 7 0.5 05 1 4 6 0.2 64 1 4 5 0.0 98 1 4 4 0.08 4 1 4 3 0.1 1 9 2 4 2 0.0 78 1 4 1 0.0 30 1 40 0.0 26 3 6 1 0.0 7 7 3 6 0 0.0 3 0 3 5 9 0.0 26 3 5 8 0.0 57 3 5 7 0.0 36 2 5 6 0.02 4 2 5 5 0.1 1 1 2 5 4 0.3 2 1 1 5 3 0.3 00 1 5 2 0.1 50 2 5 1 0.0 57 1 5 0 0.3 5 0 2 4 9 0.3 78 2 4 8 0.2 24 1 4 7 0.6 48 1 4 6 0.38 8 1 4 5 0.1 6 3 1 4 4 0.1 1 7 1 4 3 0.1 31 2 4 2 0.0 54 2 4 1 0.0 1 8 3 6 0 0.0 27 3 5 9 0.0 91 3 5 8 0.1 15 3 5 7 0.0 44 2 5 6 0.1 2 6 2 5 5 0.1 5 9 2 5 4 0.1 39 2 5 3 0.0 30 1 52 0.0 5 5 1 5 1 0.0 9 2 1 5 0 0.0 64 1 4 9 0.7 78 1 4 8 0.3 96 2 4 7 0.3 05 1 4 6 0.0 8 9 1 4 5 0.0 5 6 1 4 4 0.0 71 1 4 3 0.1 90 2 42 0.1 6 9 1 4 1 0.0 4 8 1 4 0 0.0 25 2 6 1 0.03 4 2 6 0 0.0 2 6 3 5 9 0.0 36 3 5 8 0.0 68 2 57 0.05 6 2 5 6 0.0 7 0 2 5 5 0.1 04 1 5 4 0.0 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1 7 0.0 82 3 16 0.0 6 0 3 1 5 0.0 6 4 3 1 4 0.0 45 3 1 3 0.0 57 3 12 0.0 46 3 1 1 0.0 43 3 1 0 0.0 56 3 9 0.0 61 3 8 0.0 66 3 7 0.05 3 3 3 8 0.1 4 1 3 3 7 0.1 71 3 3 6 0.2 26 3 35 0.2 27 3 3 4 0.1 60 3 3 3 0.20 2 3 3 2 0.2 02 3 3 1 0.2 02 3 3 0 0.1 55 3 29 0.15 5 3 2 8 0.1 5 5 3 2 7 0.1 65 3 2 6 0.1 65 3 25 0.1 97 3 2 4 0.1 97 3 2 3 0.19 7 3 2 2 0.1 9 7 3 2 1 0.1 81 3 2 0 0.1 65 3 19 0.18 4 3 1 8 0.1 8 4 3 1 7 0.1 63 3 1 6 0.1 57 3 15 0.2 40 3 1 4 0.1 72 3 1 3 0.0 49 3 3 3 0.2 4 3 3 3 2 0.3 19 3 3 1 0.3 15 3 3 0 0.3 45 3 2 9 0.3 39 3 28 0.4 5 8 3 2 7 0.2 8 0 3 2 6 0.3 44 3 2 5 0.2 48 3 24 0.2 25 3 2 3 0.1 24 3 2 2 0.0 29 3 2 1 0.0 28 3 2 0 0.0 18 3 1 9 0.01 7 3 18 0.0 2 7 3 1 7 0.0 2 4 3 1 6 0.1 30 3 1 5 0.0 83 3 1 4 0.0 41 3 1 3 0.06 4 3 1 2 0.0 9 5 3 1 1 0.1 20 3 1 0 0.0 75 3 9 0.06 3 3 8 0.0 62 3 3 3 0.2 05 3 3 2 0.4 31 3 3 1 0.26 5 3 3 0 0.2 5 2 3 2 9 0.2 3 4 3 2 8 0.2 43 3 2 7 0.2 30 3 2 6 0.2 23 3 2 5 0.14 0 3 2 4 0.1 3 4 3 2 3 0.0 67 3 2 2 0.0 64 3 2 1 0.05 4 3 2 0 0.0 2 8 3 1 9 0.0 36 3 1 8 0.0 17 3 1 7 0.1 91 3 1 6 0.1 58 3 1 5 0.06 8 3 1 4 0.0 7 0 3 1 3 0.0 71 3 1 2 0.1 38 3 11 0.12 0 3 1 0 0.1 5 7 3 9 0.1 28 3 8 0.0 45 3 3 6 0.1 15 3 3 5 0.1 77 3 3 4 0.2 1 2 3 3 3 0.1 4 5 3 3 2 0.1 45 3 3 1 0.1 35 3 30 0.1 3 5 3 2 9 0.1 3 5 3 2 8 0.1 35 3 2 7 0.2 25 3 2 6 0.2 44 3 2 5 0.28 1 3 2 4 0.3 6 6 3 2 3 0.3 6 5 3 2 2 0.3 33 3 2 1 0.3 25 3 2 0 0.3 27 3 1 9 0.2 9 6 3 1 8 0.2 91 3 1 7 0.3 53 3 1 6 0.2 94 3 1 5 0.18 5 3 1 4 0.1 8 6 3 1 3 0.1 8 7 3 1 2 0.01 8 3 3 5 0.0 8 2 3 3 4 0.1 92 3 3 3 0.1 45 3 32 0.1 35 3 3 1 0.1 44 3 3 0 0.13 3 3 2 9 0.2 3 0 3 2 8 0.2 25 3 2 7 0.2 44 3 26 0.28 1 3 2 5 0.3 4 1 3 2 4 0.3 53 3 2 3 0.3 73 3 2 2 0.3 39 3 2 1 0.3 29 3 2 0 0.32 8 3 1 9 0.3 3 1 3 1 8 0.3 44 3 1 7 0.3 17 3 16 0.33 3 3 1 5 0.3 0 4 3 1 4 0.3 02 3 1 3 0.2 72 3 1 2 0.2 66 3 1 1 0.0 56 3 3 7 0.11 8 3 3 6 0.1 9 8 3 3 5 0.2 1 2 3 3 4 0.2 15 3 3 3 0.1 45 3 3 2 0.1 45 3 3 1 0.1 30 3 3 0 0.1 35 3 2 9 0.1 35 3 2 8 0.1 35 3 2 7 0.13 5 3 2 6 0.1 7 1 3 2 5 0.2 72 3 2 4 0.3 66 3 23 0.3 66 3 2 2 0.3 65 3 2 1 0.26 0 3 2 0 0.1 97 3 1 9 0.1 60 3 1 8 0.1 84 3 17 0.18 7 3 1 6 0.1 8 7 3 1 5 0.1 86 3 1 4 0.1 86 3 13 0.0 23 3 3 4 0.0 81 3 3 3 0.1 58 3 3 2 0.1 47 3 31 0.2 3 0 3 3 0 0.2 2 3 3 2 9 0.2 19 3 2 8 0.2 61 3 27 0.2 99 3 2 6 0.3 5 5 3 2 5 0.3 41 3 2 4 0.3 38 3 2 3 0.3 02 3 2 2 0.29 0 3 21 0.2 8 2 3 2 0 0.2 7 7 3 1 9 0.3 30 3 1 8 0.3 10 3 1 7 0.2 94 3 1 6 0.22 2 3 1 5 0.1 12 3 1 4 0.1 08 3 1 3 0.1 09 3 1 2 0.11 1 3 1 1 0.1 1 5 3 1 0 0.0 4 4 3 3 3 0.2 07 3 3 2 0.2 36 3 3 1 0.2 25 3 3 0 0.2 19 3 2 9 0.24 2 3 2 8 0.2 6 0 3 2 7 0.2 87 3 2 6 0.3 42 3 25 0.3 3 8 3 2 4 0.3 0 2 3 2 3 0.2 86 3 2 2 0.2 77 3 2 1 0.2 70 3 2 0 0.2 34 3 19 0.2 8 0 3 1 8 0.2 5 0 3 1 7 0.2 05 3 1 6 0.1 02 3 15 0.1 02 3 1 4 0.1 0 0 3 1 3 0.1 01 3 1 2 0.1 02 3 1 1 0.1 15 3 1 0 0.1 21 3 9 0.0 50 3 33 0.22 0 3 3 2 0.2 6 3 3 3 1 0.2 38 3 3 0 0.2 16 3 2 9 0.2 66 3 2 8 0.2 88 3 2 7 0.21 1 3 2 6 0.1 8 7 3 2 5 0.1 84 3 2 4 0.1 76 3 23 0.18 9 3 2 2 0.1 8 9 3 2 1 0.0 61 3 2 0 0.1 97 3 1 9 0.2 37 3 1 8 0.2 59 3 1 7 0.21 3 3 1 6 0.1 8 2 3 1 5 0.0 87 3 1 4 0.0 87 3 13 0.09 3 3 1 2 0.0 9 7 3 1 1 0.1 17 3 1 0 0.1 45 3 9 0.0 61 3 3 5 0.1 31 3 3 4 0.2 12 3 3 3 0.1 45 3 3 2 0.13 5 3 3 1 0.1 3 5 3 3 0 0.1 35 3 2 9 0.1 30 3 28 0.2 2 5 3 2 7 0.2 4 4 3 2 6 0.2 44 3 2 5 0.2 81 3 2 4 0.3 66 3 2 3 0.3 70 3 2 2 0.3 3 8 3 2 1 0.3 3 3 3 2 0 0.3 28 3 1 9 0.3 32 3 18 0.2 9 9 3 1 7 0.3 4 6 3 1 6 0.3 42 3 1 5 0.4 12 3 1 4 0.4 14 3 1 3 0.2 91 3 1 2 0.0 40 3 3 4 0.15 0 3 3 3 0.1 3 5 3 3 2 0.1 3 7 3 3 1 0.1 60 3 3 0 0.2 20 3 2 9 0.2 25 3 2 8 0.24 8 3 2 7 0.2 59 3 2 6 0.2 99 3 2 5 0.3 56 3 2 4 0.34 1 3 2 3 0.3 0 6 3 2 2 0.2 96 3 2 1 0.2 89 3 20 0.2 91 3 1 9 0.2 92 3 1 8 0.36 6 3 1 7 0.3 1 0 3 1 6 0.2 66 3 1 5 0.2 64 3 14 0.26 2 3 1 3 0.1 7 6 3 1 2 0.1 76 3 1 1 0.02 0 3 4 0 0.0 3 5 3 3 9 0.1 09 3 3 8 0.1 20 3 37 0.1 43 3 3 6 0.1 43 3 3 5 0.1 0 9 3 3 4 0.1 2 4 3 3 3 0.2 02 3 3 2 0.1 31 3 31 0.1 2 7 3 3 0 0.1 4 5 3 2 9 0.1 49 3 2 8 0.2 39 3 2 7 0.2 47 3 2 6 0.2 42 3 2 5 0.2 4 2 3 2 4 0.2 4 2 3 2 3 0.2 27 3 2 2 0.2 33 3 21 0.3 7 4 3 2 0 0.1 7 6 3 1 9 0.1 70 3 1 8 0.1 38 3 1 7 0.1 55 3 1 6 0.0 1 4 3 4 3 0.0 29 3 4 2 0.0 71 3 4 1 0.0 56 3 4 0 0.09 5 3 3 9 0.1 2 3 3 3 8 0.0 76 3 3 7 0.0 82 3 3 6 0.0 82 3 3 5 0.0 8 2 3 3 4 0.0 82 3 3 3 0.0 82 3 3 2 0.0 58 3 3 1 0.0 57 3 30 0.04 8 3 2 9 0.0 3 7 3 2 8 0.0 44 3 2 7 0.0 3 4 3 4 1 0.0 49 3 4 0 0.0 53 3 3 9 0.0 93 3 3 8 0.1 42 3 3 7 0.1 4 3 3 3 6 0.1 6 8 3 3 5 0.1 28 3 3 4 0.06 0 3 33 0.0 5 7 3 3 2 0.0 5 7 3 3 1 0.0 57 3 3 0 0.0 57 3 2 9 0.0 61 3 2 8 0.05 8 3 2 7 0.0 7 6 3 2 6 0.0 5 7 3 2 5 0.0 43 3 2 4 0.0 13 3 2 9 0.0 02 3 5 3 0.0 03 3 5 2 0.0 03 3 5 1 0.0 03 3 5 0 0.00 3 3 49 0.0 0 3 3 4 8 0.0 0 3 3 4 7 0.0 02 3 4 6 0.0 03 3 5 2 0.00 3 3 5 1 0.0 0 3 3 5 0 0.0 03 3 4 9 0.0 03 3 4 8 0.0 03 3 4 7 0.0 02 3 4 6 0.0 02 3 53 0.0 04 3 5 2 0.0 0 6 3 5 1 0.0 06 3 5 0 0.0 07 3 4 9 0.0 08 3 4 8 0.0 11 3 47 0.0 2 0 3 4 6 0.0 0 9 3 4 5 0.0 10 3 4 4 0.0 0 2 3 5 3 0.0 03 3 5 2 0.0 04 3 51 0.00 4 3 5 0 0.0 0 6 3 4 9 0.0 07 3 4 8 0.0 07 3 4 7 0.0 08 3 4 6 0.0 09 3 45 0.01 0 3 4 4 0.0 1 1 3 4 3 0.0 11 3 4 2 0.0 11 3 41 0.0 11 3 4 0 0.0 1 0 3 3 9 0.0 12 3 3 8 0.0 0 2 3 5 1 0.0 0 3 3 5 0 0.0 04 3 4 9 0.00 5 3 4 8 0.0 0 6 3 4 7 0.0 0 6 3 4 6 0.0 07 3 4 5 0.0 09 3 4 4 0.0 10 3 4 3 0.01 1 3 4 2 0.0 1 1 3 4 1 0.0 11 3 4 0 0.0 12 3 39 0.01 2 3 3 8 0.0 1 3 3 3 7 0.0 2 7 3 4 9 0.0 29 3 4 8 0.0 23 3 4 7 0.0 22 3 46 0.0 6 1 3 4 5 0.0 1 5 3 4 4 0.0 12 3 4 3 0.0 12 3 42 0.0 11 3 4 1 0.01 1 3 4 0 0.0 1 1 3 3 9 0.0 1 2 3 3 8 0.0 13 3 3 7 0.0 26 3 4 7 0.0 30 3 4 6 0.0 98 3 4 5 0.0 16 3 44 0.01 2 3 4 3 0.0 1 3 3 4 2 0.0 16 3 4 1 0.0 12 3 40 0.0 12 3 3 9 0.0 13 3 3 8 0.0 1 3 3 3 7 0.1 33 3 4 5 0.0 22 3 4 4 0.0 31 3 4 3 0.0 50 3 42 0.02 1 3 4 1 0.0 1 5 3 4 0 0.0 12 3 3 9 0.0 13 3 38 0.0 14 3 3 7 0.03 2 3 1 4 0.0 2 6 3 1 3 0.0 54 3 1 2 0.0 89 3 11 0.0 78 3 1 0 0.0 85 3 9 0.08 0 3 8 0.0 77 3 7 0.0 99 3 6 0.1 15 3 5 0.11 9 3 4 0.1 2 6 3 3 0.1 18 3 2 0.1 29 3 1 0.0 0 7 3 1 1 0.0 3 0 3 1 0 0.0 74 3 9 0.0 88 3 8 0.0 61 3 7 0.0 6 4 3 6 0.1 17 3 5 0.1 23 3 4 0.1 34 3 3 0.12 7 3 2 0.1 4 2 3 1 0.0 1 7 3 9 0.0 5 3 3 8 0.0 68 3 7 0.0 62 3 6 0.1 2 6 3 5 0.1 3 7 3 4 0.1 40 3 3 0.1 27 3 2 0.1 42 3 1 0.0 19 3 8 0.06 6 3 7 0.0 7 1 3 6 0.0 74 3 5 0.1 36 3 4 0.14 8 3 3 0.1 4 1 3 2 0.1 58 3 1 0.0 07 3 2 0.0 48 3 1 0.0 3 0 3 2 0.0 9 4 3 1 0.0 07 3 3 0.0 63 3 2 0.1 01 3 1 0.0 32 3 3 0.0 89 3 2 0.09 4 3 1 0.0 14 3 4 0.1 0 9 3 3 0.1 0 1 3 2 0.0 94 3 1 0.0 0 6 3 5 0.0 7 3 3 4 0.1 43 3 3 0.1 45 3 2 0.1 32 3 1 0.0 52 3 5 0.1 60 3 4 0.1 51 3 3 0.15 1 3 2 0.1 4 5 3 1 0.0 28 3 6 0.1 63 3 5 0.18 2 3 4 0.1 8 1 3 3 0.1 67 3 2 0.1 74 3 1 0.0 20 3 7 0.0 6 1 3 6 0.1 6 5 3 5 0.1 65 3 4 0.1 64 3 3 0.1 36 3 2 0.1 5 2 3 1 0.0 2 6 3 7 0.0 67 3 6 0.0 81 3 5 0.1 64 3 4 0.16 3 3 3 0.1 36 3 2 0.1 59 3 1 0.0 49 3 7 0.0 77 3 6 0.08 1 3 5 0.1 4 4 3 4 0.1 46 3 3 0.1 36 3 2 0.16 0 3 1 0.0 0 3 3 1 0.0 07 3 1 0.0 1 5 3 1 0.0 23 3 1 IXTACA - 2100 LEVEL SHOWING ESTIMATED Au (g/t) 618400E 618500E 618600E 618700E 618800E 618900E 619000E 619100E 619200E 619300E 619400E 619500E 619600E Figure 11‐7  Ixtaca 2100 Level Plan Showing Estimated Gold in Blocks  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 199 of 324  N 0 0 0 7 7 1 2 N 0 0 9 6 7 1 2 N 0 0 8 6 7 1 2 N 0 0 7 6 7 1 2 N 0 0 6 6 7 1 2 N 0 0 5 6 7 1 2 N 0 0 4 6 7 1 2 N 0 0 3 6 7 1 2 N 0 0 2 6 7 1 2 N 0 0 1 6 7 1 2 N 0 0 0 6 7 1 2 N 0 0 9 5 7 1 2 N 0 0 8 5 7 1 2 N 0 0 7 5 7 1 2 N 0 0 6 5 7 1 2 N 0 0 5 5 7 1 2 N 0 0 4 5 7 1                   Ixtaca ‐ S‐K 1300 Technical Report Summary  12.0 Mineral Reserve Estimates  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  Detailed  pit  designs  are  engineered  from  the  results  of  the  Lerchs‐Grossman  (LG)  analysis,  and  the  contents of these designed pits are run with the following cut‐offs and loss and dilution factors.  12.1 Cut‐Off Grade  The  multiple  metals along with varying gold/silver grade ratios and process recoveries require that an  economic  cut‐off  grade  is  used  for  ore/waste  definition.  Net‐Smelter‐Return  (NSR)  values  ($/t)  are  calculated for each mineralized block in the resource model using Base Case Net Smelter Prices (NSP). NSP  is based on the market price and applies refining and transport costs to arrive at an internal price value.  The NSP is used along with the metal grades and process recoveries to calculate the $/t value (NSR) of  each mineralized block. NSP values used in the cut‐off grade calculation are shown in the table below:  Table 12‐1  Metal Prices and NSP  Metal Price   ($/oz)  NSP ($/oz)  $1,300  $17  $1,286  $15.23  NSP  ($/gram)  $41.36  $0.49  Au  Ag  The process recoveries used in the NSR calculation are shown in the Table below:  Table 12‐2  Process Recoveries for Block Model NSR coding  Rock‐Type  Au recovery  Ag recovery  Volcanic  Limestone  Shale  50%  90%  50%  90%  90%  90%  NSR is calculated for each block as follows:  NSR($/t) = [NSP(Au) * Au(g/t) * Recovery(Au)] + [NSP(Ag) * Ag(g/t) * Recovery(Ag)]  Where:   NSP(Au) = Net Smelter Price for gold ($/gram)   NSP(Ag) = Net Smelter Price for silver ($/gram)   Au(g/t) = Gold grade of the block in grams/tonne   Ag(g/t) = Silver grade of the block in grams/tonne   Recovery(Au) = Process Recovery for gold (%)   Recovery(Ag) = Process Recovery for silver (%)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 200 of 324                                        Ixtaca ‐ S‐K 1300 Technical Report Summary  A cut‐off grade of NSR>=$14/tonne is used for Mineral Reserve calculations.  12.2 Loss and Dilution  A mining recovery of 95% is applied to in‐situ material.  Dilution is applied to in‐situ material with dilution grades varying by rock‐type according to   Table 12‐3.  Table 12‐3  Dilution Grades  Dilution Grades  Rock‐Type  Dilution %  Au – g/t  Ag – g/t  NSR ‐ $/t  Volcanic  Limestone  Shale  6%  4%  6%  0.42  0.19  0.22  9.70  13.35  19.26  13  13  13  Dilution tonnes are added to mining recovered tonnes to calculate run‐of‐mine (ROM) tonnes delivered  to the crusher.  12.3 Mineral Reserves   A mineral reserve according to the SEC Disclosure by Registrants engaged in Mining Operations is defined  as follows:  A  Mineral  reserve  is  an  estimate  of  tonnage  and  grade  or  quality  of  indicated  and  measured  mineral  resources that, in the opinion of the qualified person, can be the basis of an economically viable project.  More specifically, it is the economically mineable part of a measured or indicated mineral resource, which  includes  diluting  materials  and  allowances  for  losses  that  may  occur  when  the  material  is  mined  or  extracted.  The terms Proven and Probable are defined as follows:  A  probable  mineral  reserve  is  the  economically  mineable  part  of  an  indicated  and,  in  some  cases,  a  measured mineral resource.  Proven mineral reserve is the economically mineable part of a measured mineral resource and can only  result from conversion of a measured mineral resource.  Only Measured and Indicated Resource Class materials are included in the Mineral Reserves. All Inferred  Resource Class material is treated as waste in calculating economic pit limits and in subsequent reserves  reporting, scheduling and economics.  Proven and Probable Reserves are derived from the Measured and Indicated Resource Class blocks within  the designed pits and are summarized in the following Table 12‐4. Mineral Reserves are stated as Run Of  Mine (ROM) and represent mined ore delivered to the mill.  Table 12‐4  Mineral Reserves  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 201 of 324                                        ROM  Tonnes  (millions)  Au (g/t)  Diluted Average  Grades  Ag (g/t)  Au ‐ '000 ozs  Ag ‐ '000 ozs  Ixtaca ‐ S‐K 1300 Technical Report Summary  Contained   Metal  Proven  Probable  TOTAL  31.6  41.4  73.1  0.70  0.51  0.59  43.5  30.7  36.3  714  673  1,387  44,273  40,887  85,159  Notes to Mineral Reserve table:   Mineral  Reserves  have  an  effective  date  of  November  30,  2018.The  qualified  person  responsible  for  the  Mineral Reserves is Jesse Aarsen, P.Eng of Moose Mountain Technical Services.  The cut‐off grade used for ore/waste determination is NSR>=$14/t    All Mineral Reserves in this table are Proven and Probable Mineral Reserves. The Mineral Reserves are not  in addition to the Mineral Resources but are a subset thereof. All Mineral Reserves stated above account for  mining loss and dilution.   Associated metallurgical recoveries (gold and silver, respectively) have been estimated as 90% and 90% for  limestone, 50% and 90% for volcanic, 50% and 90% for black shale.   Reserves  are  based  on  a  US$1,300/oz  gold  price,  US$17/oz  silver  price  and  an  exchange  rate  of  US$1.00:MXP20.00.   Reserves  are  converted  from  resources  through  the  process  of  pit  optimization,  pit  design,  production  schedule and supported by a positive cash flow model.   Rounding as required by reporting guidelines may result in summation differences.   13.0 Mining Method  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  13.1 Introduction  A mine plan, mine production schedule, and mine capital and operating costs have been developed for  the Project. The following section describes the results of the mine planning completed for this study,  including: ultimate pit limits, pit phasing and designs, haul road and Rock Storage Facility (RSF) designs,  mine production scheduling, mine operations planning, and mine fleet selection.  The mine engineering in this study has been done with the MineSight® suite of programs. The mining  model considers whole block tonnes and grades.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 202 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  13.2 Mining Study Basis  13.2.1 Mine Planning Datum  Topography is based on a survey done using WorldView2 satellite with 50cm resolution in stereo. One  metre contour lines generated from this survey are used to form the topography surface used for Mineral  Reserve and volume calculations.  13.2.2 Resource Classes  Only  Measured  and  Indicated  Resources  are  included  in  the  Ixtaca  mine  plan.  Inferred  Resources  are  treated as waste.  13.2.3 Metallurgical Recovery for Mine Planning  Metallurgical  recoveries  from  mill  feed  are  used  for  pit  optimization  and  cut‐off  grade  estimation.  Recoveries vary by rock‐type and are shown in the Table below.  Table 13‐1  Rock‐Type  Volcanic  Limestone  Shale  Metallurgical Recovery Assumptions  Au Recovery  Ag Recovery  50%  90%  50%  90%  90%  90%  13.2.4 Cut‐off Grade  Based on the multiple metals, varying metal grade ratios and varying process recoveries, an economic  value for each block is calculated. The NSR ($/t) value takes in‐situ grades, off‐site prices, and process  recoveries into account and is described in Section 12. The cut‐off grade used is NSR>=$14.  13.2.5 Mining Dilution and Loss  Mining recovery and dilution are applied to pit reserves. The in‐situ resource estimate already includes  internal dilution as whole block grades are considered. Additional mining dilution is added to the in‐situ  resources to account for the waste that is mined along the waste/ore contact edge. The greater number  of waste contacts an ore block has, the higher amount of mining dilution expected. The dilution study  performed calculates the total dilution percentages and grades by rock‐type. Dilution grades calculated in  the dilution study are shown in Section 12.  Mining  recovery  includes  mining  losses  along  the  ore/waste  boundary  and  plus  other  losses  during  material handling. Mining recovery is 95% for all rock‐types.  13.2.5.1 Mining Recovery of Low‐Grade Material  An  elevated  cut‐off  grade  is  used  in  the  early  parts  of  the  mining  schedule  to  improve  the  project  economics.  Marginally  economic  material  is  placed  in  a  stockpile  and  reclaimed  at  various  times  throughout the mining schedule.  13.3 Economic Pit Limits  The economic pit limit is determined using the Lerchs Grossman (LG) algorithm. The algorithm considers  the grades and tonnages for each block in the 3D block model and compares the expected costs to extract  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 203 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  and process the block to the potential revenue from processing the block (if the block has grade in it).  Each block is assigned with a net value (either positive or negative). Pit wall angle inputs determine which  upper blocks need to be mined to extract lower economic blocks. The routine uses input economic and  engineering  parameters  and  expands  upwards  and  outwards  until  the  net  value  sum  of  all  the  blocks  extracted reach break‐even economics.  In this study, various cases or pit shells are generated by varying the input gold price and comparing the  resultant  waste  and  mill  feed  tonnages  along  with  gold  grades  for  each  pit  shell.  Additional  cases  are  included  in  the  analysis  to  evaluate  the  sensitivities  of  resources  to  process  costs,  mining  cost,  and  recoveries.   By  varying  the  economic  parameters  while  keeping  inputs  for  metallurgical  recoveries,  pit  slopes,  and  processing costs constant, successively larger pit cases are evaluated to determine where the incremental  pit shells produce marginal or negative economic returns. The change from positive to negative economic  returns results from increasing strip ratios and higher mining costs associated with larger and deeper pit  shells. The economic margins from the expanded cases are evaluated on a relative basis to test for payback  on capital and return for the project. At some point, further expansion does not add significant value. An  ultimate pit limit can then be chosen that has a suitable economic return. The chosen pit shell is used as  the basis for more detailed design and mine scheduling.  13.3.1 LG Cost Inputs  Potential block revenues are calculated based on the gold and silver price, metallurgical recoveries and  gold/silver grades within each block. For this analysis a Net Smelter Return (NSR) value in $/tonne is used  which  considers  the  Net  Smelter  Price  (NSP),  process  recoveries  and  metal  grades.  NSP  and  NSR  are  described in Section 12.  The following operating costs are used in the LG algorithm against the block NSR value to generate pit  shells.  Table 13‐2  Activity  Base Mining Cost  Process Cost  LG Operating Cost Inputs  Cost ($/tonne)  $1.70  $12.50 $/tonne mill feed  The pit rim is selected at  the south  end of  the deposit where  the primary crusher is located and is  at  2250m elevation.  Process cost includes conveyance from the primary crusher and ore sorter at the pit rim to the mill.  13.3.2 LG Slope Inputs  Geotechnical parameters are provided for the Ixtaca open pit. These parameters prescribe bench face  angles, berm widths and inter‐ramp slope angles for different azimuths and rock types within the potential  open pit.  The following tables show pit slope inputs used for generating the Ixtaca LG pit shells.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 204 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 13‐3   Bench Face Angles    Azimuth Start (o)  Azimuth End (o)  Volcanic  Limestone/Shale  000  070  70 o  72 o  070  075  70 o  72 o  Table 13‐4   Inter‐Ramp Angles (Final)  Azimuth Start (o)  Azimuth End (o)  Volcanic  Limestone  Shale  000  040  43 o  48 o  48 o  040  100  43 o  48 o  45 o  075  110  70 o  72 o  100  360  43 o  48 o  48 o  110  115  70 o  72 o  115  360  70 o  72 o  13.3.3 LG Sensitivity Cases  The economic pit limits are based on the estimated costs and current metal price assumptions but are  applied to approximately 15 years of mine life. Since these economic parameters are estimates, especially  gold price, the sensitivity of the ultimate economic pit limits has been evaluated. This is done by varying  the economic parameters in a series of cases. The pit shells generated from these cases are also used to  evaluate potential pit pushbacks or phases.  For this analysis the input gold price is varied from $390 USD/oz to $1,690 USD/oz while silver price is  varied from $5.10 USD/oz to $22.10 USD/oz. The operating costs are kept constant in this analysis. This is  not a price sensitivity, as cut‐off grades are not varied when calculating the contents of the resultant pit  shells.  Mining recovery and dilution is not included at the LG level of design since it is determined that these  factors do not have an impact on the ultimate pit limit selection.  Only Measured and Indicated Resource classes are used in the LG economics. Inferred Resource class is  considered as waste.  The figure below shows the generated LG pit shells for Ixtaca. Pit resources are generated for each price  case using a cut‐off grade of NSR>=$12.50 (process cost).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 205 of 324                                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐1  Ixtaca Pit Shell Resource Contents by Case  LG shells selected to represent approximate mining phases were scheduled to determine potential NPV  using typical mining and processing costs. The results of the discounted cashflow (DCF) analysis are shown  in the figure below.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 206 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐2  Discounted Cashflow by Price Case  The NPV is relatively consistent anywhere between the 85% price case and the 110% price case.The pit  shell generated from Case 15 (100%) is selected as the ultimate pit limit for Ixtaca to maximize resources,  and is used as the basis for detailed pit designs which include berms and ramps. The LG pit limited resource  for Ixtaca is shown in the table below:  Table 13‐5  Ixtaca Ultimate Pit Limit Contents (NSR>=$12.50)  Price Case  Mill Feed  Gold grade  Silver grade  Waste  Strip ratio  100%  85,029  0.578  34.24  304,455  3.58  kT  g/t  g/t  kT  The following figure shows a plan view of Case 15 pit shell.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 207 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐3  Plan view of selected LG shell (Case 15)  13.4 Detailed Pit Designs  MMTS has completed pit designs using standards for road widths and minimum mining widths, based on  efficient  operation  for  the  size  of  mining  equipment  chosen  for  the  project.  Pits  are  designed  that  demonstrate the viability of accessing and mining the Ixtaca deposit.  13.4.1 Pit Phase Selection  The ultimate pit limit is split into phases or pushbacks to target higher economic material earlier in the  mine life.  13.4.2 Pit Design Slope Inputs and Bench Configuration  Pit designs are configured on 12m bench heights with berms every two benches.   Maximum inter‐ramp slope height (bench stack height) is 150 m. A ramp or geotechnical bench with a  minimum width of 20 m is required between bench stacks. Inter‐ramp slope angles may be used up to a  pit  slope  height  of  150  m.  Maximum  overall  slope  heights  are  on  the  order  of  400  to  420  m  with  recommended overall slope angles of 40° to 43°. Overall wall stability is governed by inter‐ramp slope  angles of 45° to 48° in the shale domain (a function of wall orientation)  43° in the ash tuff volcanic domain  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 208 of 324                      and 48° in the limestone domain. Inter‐ramp and overall slope angles are listed in Table 13‐6. These angles  are for depressurized conditions, assuming that the pit wall can be effectively drained of groundwater.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 13‐6  Ixtaca Pit Recommended Slope Angles – Final Walls  Design Sectors  Minimum Factor of Safety (FoS)  Volcanic Ash Tuff  Limestone  Shale NE Wall (Dip Direction 220‐280)  Shale (All other wall orientations)  Maximum Overall  Slope Angle  (Degrees)  1.3  40  45  42  45  Maximum Inter‐ ramp Slope Angle  (Degrees)  1.3  43  48  45  48  The  final  pit  design  meets  the  large  open  pit  stability  criteria  with  a  minimum  FoS  of  1.3  using  30th  percentile strengths for the rock mass. A 30th percentile strength value was chosen, as opposed to a mean  value, primarily as a function of the variability of the weak rock mass in both the shale and the volcanic  ash tuff where the strength distributions are quite wide. Kinematic bench stability was analyzed using S‐ block. A pseudo‐static analysis was run to determine the effect on stability of an earthquake event. The  FoS are all acceptable under an earthquake loading event. The minimum FoS is 1.19 on the overall slope  through  the  shales.  An  analysis  section  in  the  ash  tuff  slopes  has  a  minimum  FoS  of  1.1  (for  the  30th  percentile strength value) for the earthquake event, which exceeds seismic slope stability criteria.  Slope  angle  recommendations  are  for  depressurized  conditions.  Horizontal  drains  and  pit  dewatering  measures may be required to depressurize the pit wall ranging from 60 to 200 m behind the pit wall.  The slope design parameters include variable bench face angles, berm widths and inter‐ramp slope angles  for each rock‐type as specified in Table 13‐3 and Table 13‐4.  13.4.3 Haul Road Design Parameters  Two‐way haul roads of 22.4 m width are designed for all in‐pit haul roads. This width allows the efficient  passing  of  trucks.  Access  ramps  are  not  designed  for  the  bottom  two  benches  of  each  phase  on  the  assumption that the bottom ramp segments will be mined out using retreat mining techniques. The lowest  two benches of ramp segments left in the pit bottoms are designed using a one‐way width of 16.3m since  bench volumes are small and traffic flow will be reduced in these areas. Ramp grades are limited to a  maximum of 10%.  13.4.4 Pit Design Results  The  following  section  describes  the  pit  designs  including  figures  showing  plan  views.  Reserves  for  the  ultimate pit are in Section 12 of this Technical Report.  13.4.4.1 Phase 1  Phase 1 targets approximately1¼ yrs of mill feed in the Main zone of the Ixtaca deposit.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 209 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 210 of 324  Figure 13‐4 Phase 1  13.4.4.2 Phase 2  Phase 2 is a pushback to the East.  Figure 13‐5 Phase 2  13.4.4.3 Phase 3  Phase 3 is a pushback to the East.                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 211 of 324  Figure 13‐6 Phase 3  13.4.4.4 Phase 4  Phase 4 is a pushback to the West.  Figure 13‐7 Phase 4  13.4.4.5 Phase 5  Phase 5 is a pushback to the final East wall.                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐8 Phase 5  13.4.4.6 Phase 6  Phase 6 is a pushback to the final West wall and pit bottom in the Main and North zones of the Ixtaca  deposit.   Figure 13‐9 Phase 6  13.4.4.7 Phase 7  Phase 7 is the final pushback to the North and pit bottom in the NE zone of the Ixtaca deposit.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 212 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐10 Phase 7  13.5 Rock Storage Facilities  Material that does not meet economic cut‐off grade will be stored in Rock Storage Facilities (RSFs) to the  South  and  West  of  the  ultimate  pit  limit.  A  backfill  location  is  also  utilized  for  storage  of  Phase  7  un‐ economic material.  The RSF located west of the open pit is the West Tailings and Rock Storage Facility (West T/RSF), which is  a tailings and waste rock “Co‐disposal” facility and is discussed separately in Section 15.5.  Two  other  RSFs  will  be  utilized:  the  South  RSF  located  south  of  the  pit  to  keep  haul  distances  to  a  minimum, and a pit backfill. The proposed West T/RSF and South RSF have capacity to store 141 and 24  Mm3  of  material,  respectively.  The  proposed  West‐T/RSF  has  a  maximum  height  of  160 m  and  will  be  constructed  at  1.3H:1V  benched  slopes  with  a  3H:1V  overall  slope  angle  below  2,350m  elevation  and  2H:1V overall slope angle above 2,350m elevation. The South RSF has a maximum height of 120 m. The  overall slope of the lower portion is 2.1H:1V with bench face slopes of 1.3H:1V.  Geochemical characterization of site materials to date indicates that waste rock is not expected to be net  acid producing.  13.5.1 RSF Design Inputs  The following inputs are used as design criteria for the RSFs:   Max lift height – 50m   Face angle for each lift – 37 degrees (angle of repose)   West T/RSF ‐ Maximum overall slope angle below 2350m – 18.4 degrees (3H:1V)   West T/RSF ‐ Maximum overall slope angle above 2350m – 26.6 degrees (2H:1V)   South RSF – Maximum overall slope angle – 26.6 degrees (2H:1V)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 213 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Limestone/Shale in‐situ default density – 2.64 tonnes/BCM   Volcanic in‐situ default density – 1.72 tonnes/BCM    Average Swell factor – 25%   Maximum ramp grade – 10%  Foundation  preparation  for  the  South  Rock  Storage  Facility  will  include  removal  of  trees,  clearing  and  grubbing of vegetation, and removal of topsoil. Topsoil will be stockpiled south of the Open Pit for use in  facility reclamation. After topsoil removal is complete, unsuitable foundation materials including alluvial  and colluvial soils, and unconsolidated tuff deposits will also be removed to an estimated depth of 5 m.  The approximate extent of the unsuitable foundation materials is shown on Figure 16‐10.   An underdrainage collection system will be provided for the South RSF (See Figure 16‐12) that will capture  perched groundwater below the facility thus preventing increased pore pressures at the foundation/ rock  interface. The underdrainage collection system will consist of bench drains placed at approximately 25 m  centers. The bench drains will drain to either the perimeter of the facility or one of the internal existing  drainages  and  consist  of  perforated  polyethylene  Pipe  (CPEP).  The  CPEP  will  be  wrapped  in  limestone  drain  rock  and  surrounded  by  non‐woven  geotextile.  In  addition,  underlying  existing  drainages  will  be  filled with coarse limestone waste rock to facilitate drainage. Water from the underdrainage system will  be directed to the West Sediment Pond. The typical South RSF underdrainage system is shown on Figure  16‐11.  13.5.2 South RSF Surface Water Management  Diversion  channels  are  located  upstream  and  around  the  South  RSF  (SRSF)  to  manage  upstream  stormwater  and  runoff  from  the  facility  sideslopes  and  are  designed  to  convey  the  100‐year,  24‐hour  storm event. The SRSF Upstream channel will minimize seepage under the facility; flow from this channel  will continue in the SRSF North Channel and to the SRSF Sediment Pond located at the west toe of the  facility. The SRSF North Channel will also convey water from the Pit East Channel for mine years 1 and 2,  after which the pit mines out a portion of the Pit East Channel, and will continue to collect runoff from  SRSF sideslopes. The SRSF South channel intercepts upstream runoff that would otherwise seep under the  facility  and  collects  runoff  from  SRSF  sideslopes  and  directs  it  to  the  SRSF  sediment  pond  to  settle  sediment prior to release downstream of the Project.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 214 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐11  Note: Entire Drawing is inside the Ixtaca Claim Boundary  Extent of South RSF Unsuitable Material Removal.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 215 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐12  Note: Entire Drawing is inside the Ixtaca Claim Boundary  South RSF Underdrainage Collection System.   The location and designed capacities of the RSFs are as follows:  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 216 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐13  RSF Locations  Table 13‐7  RSF Capacities  Designed Capacity  '000 m3  23,900  140,500  71,750  236,150  South  West  Backfill  TOTAL  13.6 Mine Haul Road Designs  Mine haul roads external to the open pit are designed to haul ore and waste materials from the open pit  to the scheduled destinations. The haul roads are designed with the following inputs:   22.4m width to incorporate dual lane running width and a berm on the outside edge (where  applicable)   10% maximum grade   Balanced cut and fill areas built by excavators, dozers and graders   Road capping using sinter rock or crushed limestone  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 217 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  13.7 Ore Stockpiles  When ore is mined from the pit it will either be delivered to the primary crusher or the ore stockpile. The  grade of the material sent to the ore stockpile each year is dependent on the best economics determined  by  the  mine  scheduling  program.  Ore  is  stockpiled  on  the  upper  lift  of  the  South  RSF.  The  maximum  stockpile size is 22.7M tonnes and occurs in Year 6 of operations. The ore stockpile is fully reclaimed at  the end of the mine life.  13.8 Mine Production Schedule  The mine production schedule for Ixtaca is developed with MineSight Strategic Planner (MSSP), a long  range schedule optimizing tool. It is typically used to produce a life‐of‐mine schedule that will maximize  the  Net  Present  Value  of  a  property  subject  to  specified  conditions  and  constraints.  Inputs  include  production  requirements,  mine  operating  considerations,  product  prices,  recoveries,  destination  capacities, equipment performance, haul cycle times and operating costs. From this the program develops  an optimal production schedule from the given pit phase reserves.  The open pit mine production schedule is based on the following parameters:   One year of pre‐production and pre‐stripping   Mill feed of 7,650tpd for Years 1‐4, ramping up to 15,300tpd from Year 5 onwards   Phased pit bench reserves are used as input to the mine production schedule   Maximum 12 benches mined from a single phase in one year (1 bench per month)   Maximum of 3 partial benches mined in a single period   Ore tonnes mined in excess of the mill capacity is stockpiled   Volcanic material crusher throughput is 34% higher than Limestone (due to the soft nature of  Volcanic material)   Shale material crusher throughput is 27% higher than Limestone  The mine production schedule is shown in the following tables and graphs. Note that all gold and silver  grades shown in the tables and graphs are diluted. Gold equivalent grade is calculated using the ratio of  the base case metal prices ($1,300/oz for gold and $17/oz for silver – results in ~76:1 silver to gold ratio).  Ore is reported using a cut‐off grade of Diluted NSR>=$14/tonne.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 218 of 324                    Table 13‐8 Production Schedule Summary  TOTAL  Year ‐1  Year 1  Ixtaca ‐ S‐K 1300 Technical Report Summary  Year 2  Year 3  Year 4  Year 5  Year 6  Year 7  Year 8  Year 9  Year 10  Year 11  156,220  169,137  325,357  7,720  618  8,338  26,253  10,516  36,769  15,695  21,005  36,700  21,532  18,049  39,581  26,913  16,351  43,265  12,113  25,365  37,479  6,262  37,087  43,349  36,006  7,591  43,598  3,725  29,491  33,216  Waste  Volcanic  Rock  Total  kT  kT  kT  Pit To Crusher  kT  Ore  g/t  Au  g/t  Ag  Au Eq  g/t  Pit to Stockpile  kT  g/t  g/t  g/t  Ore  Au  Ag  Au Eq  Stockpile to Crusher  Ore  kT  39,970  0.789  49.57  1.44  33,396  0.352  20.31  0.62  0   0   0   0   233  0.497  13.94  0.679  33,396  0   g/t  g/t  g/t  0.352  20.31  0.62  0   Au  0   Ag  Au Eq  0   Volcanic Ore Sort Rejects to Crusher (*)  0   Ore  0   Au  1,601  0.800  kT  g/t  g/t  g/t  Ag  Au Eq  Total Crusher Feed  Ore  Au  Ag  kT  g/t  g/t  10.00  0.93  74,967  0.595  35.69  0   0   0  0  0  3,639  0.864  61.48  1.668  4,527  0.292  23.40  0.598  1  1.767  5.00  1.833  0   0   0   0   4,590  1.040  64.38  1.882  6,165  0.391  21.40  0.671  0  0.000  0.00  0.000  0   0   0   0   4,480  0.858  55.62  1.585  4,837  0.319  23.15  0.622  108  0.862  22.67  1.159  0   0   0   0   4,298  1.181  51.18  1.850  5,197  0.486  16.48  0.701  460  0.537  29.63  0.924  0   0   0   0   4,778  0.732  44.42  1.313  4,095  0.378  15.37  0.579  4,496  0.457  26.78  0.807  0   0   0   0   7,306  0.667  43.67  1.238  4,621  0.291  18.67  0.535  1,897  0.359  24.18  0.675  0   0   0   0   3,564  0.772  39.28  1.286  1,957  0.272  25.37  0.604  5,578  0.334  21.70  0.617  0   0   0   0   3,639  0.864  61.47  4,590  1.040  64.38  4,588  0.858  54.84  4,757  1.119  49.10  9,274  0.599  35.87  9,203  0.604  39.65  9,142  0.504  28.56  5,536  0.385  45.07  0.974  1,763  0.242  23.04  0.543  1,733  0.285  19.85  0.544  1,601  0.800  10.00  0.931  8,870  0.440  33.82  0   3,062  3,062  1,779  0.819  40.62  1.350  0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   0   7,967  0.252  19.47  0.506  7,364  0.340  15.37  0.541  3,792  0.483  19.00  0.732  0   0   0   0   9,747  0.355  23.33  0   0   0   0   0   0   0   0   7,364  0.340  15.37  0.541  3,792  0.483  19.00  0.732  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 219 of 324  Au Eq  0.660  1.575  Note:  ` Volcanic ore is crushed and sorted. Ore sort rejects are then returned to the crusher and bypass the ore sorter in Year 8. 1.068  1.882  1.668  1.122  1.761  0.878  0.882  1.06  g/t  0                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐14 Crusher Feed Summary by Rock Type  Figure 13‐15 Crusher Feed Gold and Silver Grades by Year  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 220 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐16 Material Movement by Year  13.8.1 End of Period Maps  The following figures show End of Period (EOP) maps at Year ‐1, 1, 5 and 11. The end of Year 11 is also  referred to as Life of Mine (LOM).  13.8.2 Pre‐Production Mine Operations (Year ‐1)  Pre‐production at Ixtaca includes the following tasks which will take approximately 1 year.   Clearing and grubbing of areas for ex‐pit haul roads, RSF footprints, topsoil storage, infrastructure  locations, phase 1 pit area and dams   Removal and stockpiling of topsoil from pit, RSF and road areas   Construction of by‐pass roads and ex‐pit haul roads   Construction of Water Storage Dam and Lower Fresh Water Dam (rock for these dams is sourced  from local borrow areas)   Mining down to 2298 m elevation in Phase 1 and 2370 m elevation in Phase 2 (rock is stored in  South RSF and ore is stockpiled near the primary crusher)   Construction of primary crusher pad and conveyor to the mill  The following figure illustrates the mine operations configuration after the pre‐production period, and at  the start of mill operations.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 221 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐17 End of Pre‐Production Period  13.8.2.1 End of Year 1   Phase 1 is mined down to 2154m elevation   Phase 2 is mined down to 2226m elevation   At the end of Year 1 there is 4,760kT of ore in stockpile   Waste material is stored in the South RSF and the south portion of the West T/RSF.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 222 of 324                         Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐18 End of Year 1  13.8.2.2 End of Year 2   Phases 1 and 2 are mined to completion   Phase 3 is mined down to 2154m elevation   Phase 4 is mined down to 2238m elevation   Phase 5 is mined down to 2406m elevation   The South RSF is filled   Waste material is hauled to the north and south portions of the West T/RSF   At the end of Year 2 there is 10,925kT of ore in stockpile  13.8.2.3 End of Year 3   Phase 3 is mined to completion   Phase 4 is mined down to 2094m elevation   Phase 5 is mined down to 2274m elevation   Phase 6 is mined down to 2334m elevation   Waste material is hauled to the north and south portions of the West T/RSF  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 223 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary   At the end of Year 3 there is 15,653kT of ore in stockpile  13.8.2.4 End of Year 4   Phase 4 is mined to completion   Phase 5 is mined down to 2130m elevation   Phase 6 is mined down to 2262m elevation   The north and south portions of the West T/RSF are joined   At the end of Year 4 there is 20,391kT of ore in stockpile  13.8.2.5 End of Year 5   Phases 1‐4 are mined to completion   Phase 5 is mined down to 1986m elevation   Phase 6 is mined down to 2190m elevation   Waste material is hauled to the West T/RSFs   At the end of Year 5 there is 19,990kT of ore in stockpile  Figure 13‐19 End of Year 5  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 224 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  13.8.2.6 End of Year 10   All phases are mined to completion   Ore is sourced from the stockpile   The West T/RSF is full and filtered tailings are hauled to the Backfill   At the end of Year 10 there is 3,792kT of ore in stockpile  13.8.2.7 End of Year 11(LOM)   The ore stockpile is fully reclaimed  Figure 13‐20 End of Year 11 (Life of Mine)  13.9 Mine Operations  The mine operations are planned to be typical of similar small scale open pit operations and are organized  into two areas: Direct Mining and General Mine Expense (GME).  Direct Mining includes the equipment operating costs and operating labour for the following:   Grade Control Drilling   Production Drilling   Blasting   Loading  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 225 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary   Hauling   Pit Services   Mine Maintenance  Each  unit  operation  accounts  for  all  equipment  consumables  and  parts,  manpower  required  (both  operating  and  maintenance)  and  all  material  costs  (blasting).  This  also  includes  the  distributed  mine  maintenance items such as maintenance labour and repair parts plus off‐site repairs which contribute to  the hourly operating cost of the equipment.  GME  includes  the  supervision  for  the  direct  mining  activities.  GME  also  includes  technical  support  requirements  from  Mine  Engineering  and  Geology  functions.  More  detailed  descriptions  of  the  mine  organization and unit mining activities follows.  In this study Direct Mining and Mine Maintenance is planned as Contract mining operations. The contract  mining company will be responsible for all equipment mob/demob, operating, and labour costs as well as  maintenance of the mining equipment. Blasting unit operations will be performed by a specific blasting  company contractor. Supervision, geology and mine planning will be done by the Owner.  13.9.1 Direct Mining Unit Operations (Contractor)  Direct  mining  activities  will  be  done  by  a  contract  mining  company.  Estimates  received  from  different  Mexican‐based contractors confirm the mining equipment sizes assumed for this study.  13.9.1.1 Ore Control Drilling  An ore control system (OCS) is planned to provide field control for the loading equipment to define the  ore/waste boundary as well as selectively mine low/medium/high grade ore for stockpiling.  Variable  angle  reverse  circulation  (RC)  drilling  will  be  done  on  alternating  benches  throughout  the  mineralized areas of the deposit. Sampling will be done on the angled drill holes to determine various  grade cut‐off boundaries. Sample results will be used to build a short range mine planning model to be  used for dig limit calculations.  Ore control drilling will be supervised by the Owner and sampling will be performed by the Owner. The  sampling program has only been estimated at this point for the FS and will need more detailed evaluation  in future studies.  13.9.1.2 Production Drilling  The ore and waste rock at Ixtaca will require drilling and blasting. The Volcanic material is generally softer  than the Limestone and Shale material and will have a higher drilling penetration rate. Production drilling  will be carried out with 273mm (10 ¾”) diesel hydraulic rotary drills. Estimated effective penetration rates  range from 28m/hr (Limestone and Shale) up to 43m/hr (Volcanics).  The production drills will also be adequate for drilling the pre‐shear and buffer blast holes on the ultimate  pit highwall. The assumed drill productivity for highwall drilling activity is the same as the primary drilling  fleet productivity.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 226 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  13.9.1.3 Production Blasting  A powder factor of 0.15kg/tonne is assumed for volcanic material and 0.21kg/tonne for Limestone and  Shale material based on results from a blasting study performed by MMTS in 2015. Production blasting  will be done with ANFO where possible or emulsion if the holes are too wet (during the rainy season or in  pit bottoms).  The  blasting  activities  are  planned  to  fall  under  a  contract  service  agreement  with  a  local  explosives  supplier, including supply of explosives, direct labour and blast‐hole loading trucks. The Owner will provide  an on‐site explosives storage facility (silos), perimeter fencing around the storage facility and portable  offices. The Owner will also pit supervision and planning for blasting operations.  13.9.1.4 Loading  The mine production plan requires a maximum of seven 12m3 bucket hydraulic excavators which are sized  to  handle  90  tonne  payload  haul  trucks.  The  hydraulic  excavators  are  specified  to  handle  the  bulk  excavation from the pits including all identified mineralized zones and waste rock in those mineralized  zones. An excavator‐type configuration will allow for greater flexibility in separation of ore into grade bins  for stockpiling.  The  excavator  size  is  chosen  based  on  its  ability  to  minimize  losses  and  dilution  for  the  proposed  ore  control operations, as well as its proven reliability and equipment ownership by various contract mining  groups. The chosen excavator can work in a 6m split bench configuration for greater ore selectivity as well  as full 12m bench operations.  13.9.1.5 Hauling  Ore and waste rock haulage will be handled with 90 tonne payload haul trucks. Some of the haul trucks  will be equipped with side‐boards to allow full weight capacity when hauling volcanic material, since the  density of this material is low. Haul profiles are estimated from each bench centroid to each potential  dumping location. The following hauler productivity parameters are applied to calculate the cycle times.  Table 13‐9  Hauler Cycle Time Assumptions  Maximum Haul Grade  Rolling Resistance on Hauls  Rolling Resistance near shovels and on RSF surfaces  Truck Speed Limit  Operator Efficiency  Loading + Spot + Waiting Time  10%  3%  5%  50 km/hr  90%  3.42 minutes  13.9.1.6 Primary Mining Equipment  A summary of the major mining equipment fleet is presented in the table below.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 227 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 13‐10  Primary Mining Fleet Schedule For Key Periods  Drilling  Primary Drill ‐ 270 mm  Loading  Hydraulic Shovel ‐ 12 m3  Hauling  Haul Truck ‐ 90 tonne payload  Y ‐1  Y5  Y8  Y10  1  2  3  3  7  2  5  42  17  0  2  4  13.9.1.7 Pit Services  Pit services include:   Haul road maintenance   Pit floor and ramp maintenance   RSF maintenance   Ditching   Dewatering   Lighting   Transporting personnel and operating supplies  The following table summarizes the equipment chosen to handle these pit service functions.  Table 13‐11  Mine Operations Support Equipment For Key Periods  Blasthole Loader  Dozer ‐ 306 kW  Fuel/Lube Truck  Water Truck  Grader ‐ 221 kW  FEL ‐ 373 kW  Compactor  Excavator ‐ 301 kW  Mobile Screening Plant  Jaw Crusher  Forklift  Light Plant  Mobile Crane  Passenger Bus  Warehouse Truck   Crew Cab Pickup   Service Truck   Welding Truck  Portable Air Compressor  Portable Welding Unit  Mine Rescue Vehicle  Blast hole stemmer  General Support (shovels, RSFs, utility)  4000 litres  Haul Roads ‐ 4000 gallons  Road Grading  Multi‐tool, tire changing, cable reeler  Road maintenance  Utility Excavator  Road Crush  Road Crush  10 tonnes  20 kW  130 tonnes  47 passenger  1 tonne  Crew Cabs, Supervisor trucks  maintenance + overhauls  Welding Truck  Mine Maintenance  Mine Maintenance  First Aid/Mine Rescue   Y ‐1  1  2  2  2  2  1  1  1  1  1  1  3  0  1  1  8  1  1  1  1  1  Y5  2  3  4  2  2  1  1  2  1  1  1  7  1  2  1  13  1  2  2  1  1  Y10  1  1  1  1  1  1  1  1  0  0  1  4  1  1  1  8  1  1  1  1  1  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 228 of 324                                                                     Ixtaca ‐ S‐K 1300 Technical Report Summary  Haul Road Maintenance  The grader is used to maintain the haul routes for the haul trucks and other equipment within the pits  and on all routes to various RSF locations and the primary crusher. The grader ensures the haul roads are  free of debris and that they conform to the design parameters of the routes for cross‐section and grade.  The water truck is outfitted with a water tank to spray the width of the haul roads to control dust that  creates both visibility (productivity) and environmental issues. The water truck will also spray the active  in‐pit areas and the active RSF areas.  RSF Maintenance  Up to 3 track dozers (306kW) are included to handle rock that is dumped at the RSFs. The dozer will push  free dumped piles over the dump face edge as well as keep berms along the dump face edge and ensure  the dumping area is clean and free of large boulders that would cause damage to haul truck tires.  Pit Dewatering  Water will be collected on active benches and directed to in‐pit sumps where it can be pumped from the  pit. Bench floors can be sloped slightly to facilitate drainage of water away from the working face(s). All  surface water and precipitation in the pit will be handled by submersible pumps installed in each active  pit bottom.  13.9.1.8 Mine Fleet Maintenance  Mine fleet maintenance activities will be generally performed in the maintenance facility located near the  pit rim. Maintenance activities will be the responsibility of the contract mining group.  Expected maintenance of the mining equipment will include break‐down maintenance, field maintenance  and repairs, regular PMs, component change‐outs and field fuel, lube and tire change‐outs. Fuel, lube and  maintenance support in the pit will be by mobile service truck. The mobile maintenance fleet is included  as a category under direct mining unit operations.  13.9.2 GME and Technical (Owner)  Mine GME will include mine operations supervision. The General Manager will assume responsibility for  the  entire  project  and  will  have  an  Administrative  Assistant  to  help  with  logistics,  communications,  planning and reporting. A Production Supervisor will oversee and direct the contract mining group and a  Technical Services Manager will direct the technical services group.  The Technical Services department includes engineers (mining and environmental) and geologists. The  mine  planning  engineer  will  be  responsible  for  directing  the  short  and  long‐range  scheduling  and  destination of materials (stockpile, crusher, RSF location, TMF, etc.). The ore grade technicians will work  in  the  field  to  help  ensure  that  ore  is  sent  to  the  correct  destination.  Ore  grade  technicians  will  also  perform surveying activities in the field to ensure that contract mining group is following the mine plan.  The Technical Services department will provide reconciliation of material movement volumes against the  numbers supplied by the contract mining group. The Mine Geologist will be responsible for ore control  planning and provide guidance on construction of the short range geology model using sampling inputs.  The geologist and sampler will be responsible for collecting samples from the Ore Control Drilling program  and feeding assay results back into the geology and mine planning model.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 229 of 324                          13.9.3 Mine Operations Organizational Chart  The following Organizational Chart illustrates the structure of the planned mining department staff and  contract companies.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 13‐21 Org Chart  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 230 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  14.0 Processing and Recovery Methods  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  14.1 Process Flowsheet  Metallurgical test work results discussed in Section 10 confirm that ROM ore from the Ixtaca deposit can  be processed using:   Crushing;   Pre‐concentration with XRT Ore sorting;   Grinding;   Gravity concentration;   Intensive leaching;   Flotation;   Carbon‐in‐Leach (CIL);   Carbon elution and Electro‐winning;   Agitated leach with Merrill Crowe;   Cyanide destruction with the SO2/Air process;   Tailings filtration;  Design of the Ixtaca flowsheet summarized in Figure 17‐1 is based on the results from the metallurgical  testwork,  and  includes  input  from  process  equipment  suppliers  and  PMICSA,  a  local  Mexican  based  construction company with experience in similar operations.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 231 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 14‐1  Summarized flowsheet for Ixtaca – Block Flow Diagram  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 232 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  14.2 Acquisition of the Rock Creek Processing Plant  Almaden has acquired the processing facilities from the Rock Creek mine in Alaska. The majority of the  Rock Creek major process components are suitable for use in the proposed Ixtaca mine and the equipment  is good condition.  Dismantling of the Rock Creek plant was completed in 2018 and the plant was moved to a storage area  near the port of Nome, Alaska  Design of the major unit process includes consideration of the equipment available from the Rock Creek  plant.  14.3 Process Design Criteria  The Ixtaca process plant is designed to initially process 2,300,000 tpa or 344 tph of limestone using an  overall  plant  availability  of  93%.  The  crushing  plant  will  operate  at  73%  availability.  Where  possible  equipment has been adapted from the Rock Creek mine. The process is expanded in Year 5 to double the  throughput to 5,600,000 tpa or 688 tph  The process initial design criteria are summarized in Table 14‐1  Table 14‐1  Summary of Process Initial Design Criteria  Description  Crusher Feed Throughput  Ore Sort Reject Throughput  Mill Feed Throughput  Operations  Crusher Availability  Plant Availability  Plant Daily Throughput  Plant Hourly Capacity  Average ROM Feed Au Grade  Max ROM Feed Au Grade  Crushing  Crusher Work Index  Primary  Secondary  Tertiary  Ore Sorting  Fine Ore Stockpile Live Capacity  Grinding  Unit  tpa  tpa  tpa  %  %  tpd  tph  g/t  g/t  kWh/t  type  type  type  type  Tonnes  Value  4,410,000  1,610,000  2,800,000  73   93   7,650  344   1.11   1.83   8   Jaw: Fuller‐Traylor® TST 1400  Cone: Raptor XL400  Cone: Raptor XL400 (x2)  XRT Dual  7,500  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 233 of 324                                                Description  Bond work index  Ball Mill 1 Dimensions  Ball Mill 1 Power  Ball Mill 2 Dimensions  Ball Mill 2 Power  Mill Feed Particle Size F80  Mill Product Particle Size P80  Mill Classification  Gravity Concentration  Gravity Concentration  Gravity Concentrate Leaching  Flotation  Residence Time  Number of Cells  Cell Volume  Concentrate Thickener Diameter  Concentrate Regrind Mill  Concentrate Regrind Mill Power  CIL and Carbon Desorption  Residence Time  Number of Tanks  Tank Diameter  Tank Height  Carbon Concentration  Carbon Loading  Elution Strip Rate  Agitated Leach and Merrill Crowe  Residence Time  Number of Tanks  Tank Diameter  Tank Height  CCD Thickener Diameter  Number of CCD Thickeners  Cyanide Destruction  Method  Reagent  Reagent addition  Final Cyanide Target (WAD)  Tailings Thickener  Thickener U/F density  Unit  kWh/t   Dia ft x EGL ft   kW   Dia ft x EGL ft   kW  mm  µm  type  type  type  min  number       m3        m      type      kW  Hours  number  m  m  g/L  Au g/t  # Strips/per week  Hours  number  m  m  m  number  type  type  kg/t mill feed  mg/L  %  Ixtaca ‐ S‐K 1300 Technical Report Summary  Value   12.9  18.43 x 25.63  4,000  12 x 14  671  9.5   75   Cyclones  Sepro SB5200  SLR6000 Leach Reactor  66   7                      160                      16                  Vertical                     900  24   6   7.6   9.6   15‐20  950   7   48   4   10.6   15.0   16   4   SO2 Air  Na2S2O5  1.5   < 0.2  65%  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 234 of 324                                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Unit  m   type  model  dry t/h/m2  %  %  units  Value  30   Ceramic Vacuum Disc  CX12‐204  0.35   16.5   85   6   Description  Thickener Diameter  Tailings Filtration  Filter Type  Model  Design rate  Target Moisture  Availability  Number Of Filters  14.4 Process Description  14.4.1 General  The site general arrangement shown in Figure 13‐20 includes crushing and ore sorting adjacent to the pit.  An overland coarse ore conveyor transports crushed rock to the plant site located adjacent to the west  site  of  the  waste  rock  storage  area.  The  plant  site  general  arrangement  layout  includes  allowance  for  expansion to be completed by Year 5.  Access to the crushing and ore sort area will use the mine access road, while a separate road on the west  side of the mine will be used to access the plant site.  14.4.2 Crushing and Ore Sorting  The crushing circuit will use all the Rock Creek equipment and remain in the original configuration of a  three‐stage crushing circuit at a capacity of 690 tph and availability of 73%. Ore passing the secondary  crushing stage is sent to ore sorting for pre‐concentration.   Dust control throughout the crushing circuit will use water sprays.  Run of mine ore will be hauled to the primary crusher using 90 tonne trucks. The trucks will dump onto a  static grizzly. The primary jaw crusher will operate in open circuit with a closed size setting (CSS) of 127  mm.  A  tramp  magnet  removes  steel  from  the  primary  crushed  ore  conveyor  before  the  secondary  crushing stage.  The secondary cone crushing station operates in open circuit with a CSS of 40 mm and a pre‐ classification screen.   Product from the secondary crushing stage is conveyed to a triple deck washing screen for ore sort size  classification to coarse (+20mm), mid‐size (12 to 20 mm), and fine (‐12mm) fractions.   Coarse ore will be sorted by 6 XRT ore sort machine to eject waste rock. Mid‐size ore will be sorted by 2  XRT ore sort machines.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 235 of 324                                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Fine ore bypasses ore sorting with the less than 2mm fraction being pumped to the mill while the greater  than 2mm fraction is conveyed to the mill feed stockpile.  Ore sort product is conveyed to the tertiary crushing stage which operates in close‐circuit using two cone  crusher stations with pre‐classification vibrating screens.   Final crushing product size is P80 of 9.5 mm.  The crushing and ore sort layout is shown in Figure 14‐2.  14.4.3 Fine Ore Stockpile  Ore from the crushing circuit is transported to the fine ore stockpile by a 1,250 m overland conveyor.  The stockpile is approximately 26 m high and 37 m diameter with a live capacity of 7500 tonnes.  Ore from the stockpile is reclaimed by 3 vibrating feeders. The Layout of the stockpile is shown in Figure  14‐3.  14.4.4 Processing Plant  The grinding, gravity concentration, flotation, leaching, thickening areas are located outdoors. Intensive  cyanidation, elution, Merrill Crowe, refinery and reagent preparation, offices, electrical rooms and control  rooms and maintenance facilities are located indoors.   The  Layout  of  the  processing  plant  area  is  shown  in  Figure  14‐4.  Allowance  for  the  planned  Year  5  expansion has been made in the plant layout and are depicted by the grey areas on the layout drawings.  14.4.4.1 Grinding and Gravity Concentration  Grinding from an F80 of 9.5 mm to P80 of 75 μm is carried out with two ball mills in a closed circuit with  cyclones. The grinding circuit can process a nominal 7,650 tpd at 344 tph and 93% availability and 250%  recirculating load. Grinding includes two ball mills in parallel. The first ball mill is the Rock Creek 18.43 feet  diameter x 25.63 feet length mill with two 2,000 kW fixed speed motors.  The second mill is a 12 feet  diameter x 14 feet length mill with a 671 kW motors. The combined mill power is 4,671 kW.  Cyclone underflow is screened on a 6' X 16' single deck screen. Screen undersize (‐2mm) feeds two semi  batch gravity concentrators. Screen oversize is returned to the ball mills. Gravity tails flows back to the  mill  and  gravity  concentrate  flows  to  an  intensive  leach  reactor  on  the  ground  floor.  Pregnant  leach  solution (PLS) from the intensive leach reactor is pumped periodically to a dedicated tank in the refining  area. Leach reactor tailings are pumped to concentrate regrinding.  A general arrangement section of the grinding and gravity area is shown in Figure 14‐5.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 236 of 324                                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 14‐2  Crushing And Ore Sort Layout  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 237 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 14‐3  Stockpile Layout and Section  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 238 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 14‐4  Processing Plant Layout   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 239 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 14‐5  Grinding and Gravity Concentration Section 1‐1  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 240 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  14.4.4.2 Flotation  Cyclone  overflow  from  the  grinding  circuit  is  pumped  to  a  flotation  conditioning  tank.  Copper  sulfate,  sodium  isopropyl  xanthate  (SIPX),  frother  (AEROFROTH  65),  and  promoter  (AERO  3477)  are  added  to  enhance flotation performance.   Flotation is carried out in seven conventional 160 m3 mechanical cells, each using forced‐air. Flotation  concentrate is collected and pumped to the concentrate thickener. Thickener overflow gravity flows to a  tank where it is recycled for plant use. Thickener underflow is pumped at 40% solids to a 900 kW vertical  regrind mill where lime is added before regrinding.   Regrind product at approximately P80 10 µm is pumped to the CIL for leaching.  14.4.4.3 CIL and Agitated Leach  Leaching is carried out in 2 stages. CIL leaching for 24 hours will complete gold extraction, followed by 72  hours of agitated leaching to complete silver leaching.  Leach feed from the regrind mill is first pumped to a CIL feed sampler, and then slurry is contacted with  carbon using six CIP tanks operating in series accounting to a total of 24 hours of residence time. Sodium  cyanide and lime slurry is added to CIL Tanks 1 and 3.  Carbon concentrations of 20 g/L are required in all tanks. Barren carbon enters the adsorption circuit at  CIP  Tank  6  and  moves  countercurrent  to  the  slurry  flow  using  interstage  screens  and  pumps  from  a  downstream to upstream tanks.   The countercurrent process is repeated until the carbon becomes loaded and reaches CIP Tank 1. Carbon  is then moved to loaded carbon recovery screen. The loaded carbon is washed with water and pumped  to the desorption area. Underflow from the loaded carbon recovery screen is returned to CIL Tank 1.  The slurry from CIP Tank 6 flows by gravity to a carbon safety screen to recover any carbon in the event  of damage to the CIP Tank 6 interstage screen. Recovered carbon is collected in a bin for manual transfer.   Underflow  from  the  carbon  safety  screen  gravitates  to  four  agitated  leach  tanks  to  complete  silver  leaching. Slurry from the last leach tank gravity flows to a Merrill Crowe circuit.  14.4.4.4 Carbon Desorption and Regeneration  Carbon desorption and regeneration areas is carried out by acid washing of carbon, stripping of gold from  loaded carbon (elution), and carbon regeneration.  Carbon  from  the  loaded  carbon  screen  is  pumped  to  acid  wash.  Acid  wash  is  carried  out  with  dilute  hydrochloric acid with two 5.8 m3 acid wash columns inside an acid‐proofed concrete bund to ensure  that all spillage is captured and kept separate from other process streams.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 241 of 324                                        Ixtaca ‐ S‐K 1300 Technical Report Summary  After acid wash the carbon is pumped to an elution circuit that includes elution columns, strip solution  tank, strip solution pump, and a strip solution heat exchanger. The elution circuit operates in closed circuit  with electro‐winning cells.   The elution is carried out in 2 columns, one with dimensions 3’ diameter x 24’ height, and a second column  with 4’ diameter x 32’ height.   Strip solution heat exchangers maintains the strip solution at 145 °C during the stripping cycle and ensures  that the temperature of solution entering the electro‐winning cells is below 100 °C.   Eluate flows directly from the top of the elution column to a loaded solution tank after cooling through  heat exchangers. The eluate is pumped from the loaded solution tank to electro‐winning cells to recover  gold and silver as sludge. Barren solution from electro‐winning gravitates back to the strip solution tank.  The sludge is drained from the electrowinning cells and vacuum filtered before refining.  14.4.4.5 Merrill Crowe  A Merrill Crowe process operates in closed circuit with four counter current decantation (CCD) thickeners.  Slurry from the final leach  tank flows  to the CCD thickeners where pregnant solution is removed. The  pregnant solution is clarified with three horizontal leaf clarifiers using a diatomaceous earth precoat.   Oxygen  is  then  removed  from  the  clarified  solution  with  a  vacuum  de‐aeration  column.    Solution  is  percolated through a packing bed while under a vacuum.   Zinc dust is added to the clarified, de‐aerated solution which precipitates gold and silver. The precipitate  is filtered using three filter presses and sent to refining.  14.4.4.6 Refining  Filtered cake from electro‐winning and Merrill Crowe is dried in two drying ovens and directly smelted  with fluxes in two induction furnaces. Gold‐silver doré is poured into doré moulds. Gold‐Silver doré bars  are weighed, stamped, sampled and stored in a safe ready for dispatch.   Furnace exhaust is passed through a wet scrubber to remove any entrained particles and then vented  through a stack.   14.4.4.7 Detoxification  Tails  from  the  last  CCD  stage  are  thickened  and  fed  to  a  detox  reactor  at  45%  solids  w/w.    Cyanide destruction is carried out using the SO2/Air process using sodium metabisulphite. Slurry produced from the  detoxification stage is pumped to the final tailings thickener.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 242 of 324                                            Ixtaca ‐ S‐K 1300 Technical Report Summary  An HCN detector will monitor for airborne gas and a cyanide analyzer will be used to monitor cyanide levels and ensure that target cyanide levels are achieved. 14.4.4.8 Tailings thickener  The final tailings thickener combines tailings streams from flotation and detoxification. Thickener overflow  is recirculated to the process water system. Thickener underflow is pumped to tailings filtration at 65%  solids.  14.4.4.9 Tailings Filtration  Tailings thickener underflow is pumped to tailings filtration where moisture is reduced to 16.5% using six  ceramic disc vacuum filters. Filter cake is discharged and transported to the waste rock co‐disposal area  by a conveyor. Filtered tails is deposited in a stockpile by a mobile radial stacker ready for placement in  the co‐disposal area.  14.5 Reagents and Power Consumption  Reagents are prepared in a separate contained area and are bunded to control any spillage. Tank storage  capacity is based on reagent consumption rates to supply the process without any interruption.   A summary of the estimated reagent consumption rates is provided in Table 14‐2.  Electrical power is estimated at 15 MW ramping up to 26MW in Year 5.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 243 of 324                                Table 14‐2  Reagents and Consumables Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Reagent   Copper sulphate    Sodium Silicate    Sodium Isopropyl Xanthate    Aero 3477    Aerofroth 65    Cal (Calcium Hydroxide)    Flocculant    Sodium Cyanide    Zinc powder    Diatomaceous earth    Sodium hydroxide    Sodium metabisulfite    Nitric acid    Hydrochloric acid    Activated carbon    Sodium nitrate    Borax anhydrous    Sodium carbonate light    Crucibles    Grind Media    Grind Media (Regrind)   Consumption  Mill Feed  kg/t                    0.125                    0.125                    0.125                    0.078                    0.060                    1.214                    0.029                    0.645                    0.054                    0.016                    0.091                    1.510                    0.639                    0.025                    0.009                    0.029                    0.039                    0.005                0.00005                    0.500                    0.008  14.6 Process Water and Power  The raw water supply to the process plant is described in Item 18 (Infrastructure), along with fire water  and potable water.  Raw water from the is pumped from the fresh water dam (FWD) and WSD to a Fresh Water storage tank  with 12.70 m diameter and 16.30 m height. Make up water and fire water for the plant are drawn from  the Fresh Water Tank.   Water recycled in plant area is pumped to a Process Water tank with 16.1 m diameter and 16.3 m height.   A water balance over the process indicates approximately 1,700 m3 per day of fresh make up water is  required.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 244 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  14.7 Process Personnel  Process labour summarized in Table 18‐8 averages 105 personnel in the initial operation. Process labour  is estimated to peak at approximately 160 personnel after the throughput expansion. Labour will primarily  be locally sourced living with 20 minutes from the mine site. Labour rates are based on in‐house data from  local Mexican mining operations.  A 5 day shift rotation with 3 x 8 hour shifts has been assumed.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 245 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  15.0 Infrastructure  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  15.1 Site Access  The  Project  is  accessible  by  driving  40  km  east  along  Highway  119  from  Apizaco;  an  industrial  center  located approximately 50 km north of Puebla City, and then north approximately 20 km along a paved  road to the town of Santa Maria. Public gravel roads currently traverse the proposed mining areas.   Site access road requirement are depicted on Figure 15‐1.  Public bypass roads are located to the east and west of the Project. A new road is constructed around  Santa Maria to bypass mine traffic around the town.   A new bridge will be installed across the Rio Apulco to accommodate mine deliveries.  Most onsite road will only require upgrading of existing roads. Figure 15‐1 distinguishes between new and  upgraded roads.  15.2 Power  Almaden engaged Federal Electricity Commission (Comisión Federal de Electricidad or CFE) through one  of its departments, the Centro Nacional de Control de la Energía (CENACE) to complete an assessment of  power delivery to the Project.  The first study, (Estudio Indicativo) completed by CENACE examined generation capacity and concluded  that Ixtaca will be supplied through a 115 kV transmission line from a substation at Apizaco called Zocac.  Total length of the transmission line is 27 km.   The Project requires a new 115/4.16 transformer onsite as the connection point to the transmission line.  Plant power distribution from the main substation will be by overhead power lines and buried conduits.   Standby emergency power will be supplied by diesel generators relocated from the Rock Creek mine.  15.3 Fuel  Diesel will be delivered to site in tanker trucks and will be available for use by vehicles using onsite 120,000  litre storage.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 246 of 324                                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐1  Ixtaca Project Roads  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 247 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  15.4 Water Supply  Regional and site‐specific data rainfall data were used to develop a daily rainfall dataset for the Project.  Regional data from multiple regional climate stations were reviewed and due to proximity to the site, the  Ixtacamaxtitlan  regional  station  was  determined  most  representative  of  the  Project.  Regional  climate  stations in the Project vicinity and are presented in Table 15‐1.  Table 15‐1  Regional Rainfall Data  Station  Number  Station Name  Easting  (m)  Northing  (m)  Elevation  (masl)  Period of  Record  21047  Ixtacamaxtitlan  624,340  2,176,063  2,472  21021  Capulaque  629,773  2,188,906  2,098  21103  Zacapoaxtla  647,802  2,197,903  1,828  21140  Chignahuapan  601,280  2,194,000  2,291  1954‐ 2016  1954‐ 2016  1944‐ 2016  1974‐ 2016  Number  of Years  in Period  of Record  Average  Annual  Precipitation  (mm)  Distance  from  Ixtaca  (km)  62  62  72  42  602  976  1411  776  7.7  18.4  38.1  23.6  A climate station was installed at the Project site in April 2013. The available rainfall data (April 2013 to  August  2016)  were  used  in  conjunction  with  the  historical  precipitation  record  at  the  Ixtacamaxtitlan  regional station to develop a long‐term estimate of the daily precipitation adjusted for the Project.     A detailed daily water balance model was prepared for the Project using GoldSim. The water balance flow  schematic is shown on Figure 18‐2. The model incorporated 54 years of adjusted daily precipitation data  and other key parameters and assumptions, as follows:    A daily evaporation record from the Ixtacamaxtitlan climate station (spanning 30 years)    A Log Pearson Type III frequency distribution based on the Ixtacamaxtitlan station record   Net water demand at the Process Plant of 1,680 m3/day for mine years 1 through 5, and 3,360 m3/day  for mine years 6 through 12. This water demand is based on;  o Daily processing rate (filtered tailings production): 7,650 tonne/day for Years 1‐4; 15,300  tonne/day for Years 5‐10 and 10,500 tonnes/day for Year 11  o Water content of ore feed to plant: 3%  o Placed filtered tailings water content: 16.5%   Groundwater inflows to the pit by year per FS numerical groundwater model for the Project   Base‐case runoff from native ground based on SCS Curve Number of 85 (equates to basin yield of 12  to 16%)   The process plant contact water will be pumped back into the process. The plant contact water will  be zero discharge to the environment.  The main elements in the water balance model include the West Tailings and Rock Storage Facility (West  T/RSF), Water Storage Dam (WSD), Fresh Water Dam (FWD), the Open Pit, and the South Rock Storage  Facility (SRSF). The overall site water management plan at Year 10 is shown on Figure 15‐3.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 248 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 249 of 324  Figure 15‐2  Water Balance Flow Schematic                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐3  Note: The entire drawing is inside the Ixtaca Claim Boundary  Overall Site Water Management Plan – Year 10.   The  main  objectives  of  the  site  water  management  plan  are  to  optimize  the  use  of  water,  prevent  discharge  of  water  from  the  filtered  tailings  operational  surface  (West  T/RSF),  maximize  the  use  of  stormwater runoff as fresh water supply to the Process Plant, and to maintain a flow of water downstream  of the mine for the community. Process plant demands will be met from the following sources:   Stormwater runoff from the West T/RSF operating surface   Fresh water will be provided from various sources including:  o Groundwater inflow to the pit   o Stormwater runoff collected in the open pit   o The FWD  o The WSD    In the early years of operations (Years 1 to 5), the predicted groundwater inflows and stormwater in the  pit and surface of Co‐disposal will supply the plant water demand, with no makeup water anticipated from  the FWD and WSD. In the later years of operation (Years 6 onwards), all water sources are used to meet  plant demand.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 250 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  A portion of rainfall or groundwater inflow accumulated in the open pit will be used for dust control during  the dry months.  The results of the stochastic daily water balance model illustrate that the mine will operate in a water  balance  over  a  broad  range  of  climatic  conditions  with  the  base‐case  parameters  noted  above.  These  climatic conditions were modeled by randomizing 55 years of historical climate data. The precipitation  model was then calibrated with 500 Monte Carlo realizations, each of consisting of 14 years, coming out  to  7,000  total  simulation  years.  Results  of  these  realizations  are  reported  probabilistically,  in  percent  likelihood. In addition to the precipitation model, the water balance assumed that the WSD maintains the  capacity  to  store  the  100‐year,  24‐hours  storm  volume.  The  schematic  water  balance  is  illustrated  in  Figure 18‐2.  The model results are primarily sensitive to the basin yield (i.e., the Curve Number parameter was used  to  estimate  daily  runoff  relative  to  daily  precipitation  depth  in  the  model).  A  sensitivity  analysis  was  therefore completed and the conclusion from water balance modeling indicates adequate water supply  to the plant for average conditions (50th percentile) with a Curve Number of 80 and equates to a basin  yield of approximately 10% or higher. For the first five years of the mine life a CN as low as 60 does not  result in a plant shortfall for 90% of the model simulations. This indicates that a plant shortfall during this  period is unlikely.   Sensitivity analyses were also performed to assess the likelihood of a dry climatic period affecting water  supply for plant startup with the base‐case CN of 85 and assuming no groundwater is realized in mine year  1.  Under  these  conditions,  the  model  shows  adequate  water  supply  for  plant  operations  for  the  90th  percentile of simulation runs (i.e., less than 10% of the 500 mine‐life simulations result in a plant shortfall  under the modeled conditions). Based on the model sensitivity evaluation, there is a very low probability  of a plant shortfall during plant startup and through mine year 5.  Upgrades  to  site  monitoring  of  precipitation  and  streamflow  were  implemented  in  2018,  including  installation  of  H‐flumes  and  telemetry  systems  for  remote  data  access.  This  data  will  continue  to  be  monitored and analyzed through startup and during operations.  15.5 Mine Maintenance Facility  The maintenance facility location is in the area of the crusher near the pit rim.  Major maintenance on  haul trucks will be carried out at the maintenance facility.  Mine area administration offices, dry, wash  bays,  warehouse,  and  fuel  storage  will  also  be  located  in  this  area.  The  maintenance  facility  will  be  expanded in Year 4 to accommodate the ramp‐up in equipment fleet size which will start in Year 5.  15.6 Tailings Management   The FS mine plan will not include a separate tailings management facility. Instead the tailings and waste  rock will be co‐disposed in the West Tailings and Rock Storage Facility (West T/RSF). Tailings produced by  the  flotation  process  will  be  sent  through  a  filter  press  to  achieve  a  volumetric  moisture  content  of  approximately 15% to 20%. The filtered tailings will then be conveyed from the plant to a central point in  the  West  Tailings  and  Rock  Storage  Facility.  From  this  location,  the  tailings  will  be  placed,  spread  and  compacted in layers to an average dry density of 1.8 tonnes per cubic meter (t/m3). Due to the size of the  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 251 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  planned operational deck, tailings may be transported from the central stacker area to the limits of the  facility by truck or conveyor. The filtered tailings will be surrounded by a limestone waste rock buttress  and will be deposited with shale and volcanic waste rock. Approximately 48 million tonnes of tailings and  216 million tonnes of waste rock consisting of limestone, volcanics, and black shale will be stored in the  West Tailings and Rock Storage Facility.   15.6.1 Tailings Storage Alternatives  Based on the results of assessments for both tailings storage locations and tailings technologies (Knight  Piesold, 2017), the tailings storage facility initially designed as a conventional slurry tailings facility within  the drainage to the west of the plant site. A geotechnical site investigation program was developed and  implemented for the study to better characterize the foundation materials within the valley as well as to  identify  potential  borrow  materials.  This  program  consisted  of  12  boreholes,  18  test  pits,  and  6  geophysical lines as well as laboratory testing on disturbed and undisturbed samples. The results of the  investigation indicated weaker than anticipated foundation conditions within the drainage west of the  plant site and insufficient suitable construction materials within the TMF footprint for construction of the  starter  embankment  and  basin  liner.  Revisions  required  to  the  initial  design  to  address  these  factors  increased the costs of the starter and phased embankment construction.   Based  on  the  results  of  the  geotechnical  investigation  and  input  received  from  local  communities  suggesting  a  preference  for  filtered  tailings,  a  slurry  facility  (designed  to  address  the  results  of  the  geotechnical investigation increased risk identified) was compared to a co‐disposal facility with both rock  and filtered tailings stored in the location of the West Tailings and Rock Storage Facility. This comparison  considered  high‐level  costs  along  with  construction,  operations  and  closure  risks.  Based  on  this  assessment, the co‐disposal option was considered the best approach to tailings management at Ixtaca.  15.6.2 Design Criteria Summary   Key design criteria for the West Tailings and Rock Storage Facility are summarized in Table 15‐2.  Table 15‐2  Ixtaca West Tailings and Rock Storage Facility Design Criteria Summary  Life of Mine   Mill Throughput (Tailings Production)   Filtered Tailings Volumetric Moisture Content   Total Tailings  Total Waste Rock  Tailings Compacted Average Dry Density   Limestone Stacked Average Dry Density   Shale Stacked Average Dry Density  Volcanics Stacked Average Dry Density  Facility Stability  Seismic Design Criteria  11years   6,100 tpd (Year 1)  7,650 tpd (Year 2‐4)  13,300 tpd (Years 5‐11)   15% to 20%  48 Mt   216 Mt  1.8 t/m3   2.11 t/m3  2.09 t/m3  1.37 t/m3  Minimum Static Factor of Safety  At Peak Strength: 1.5  At Residual Strength: 1.5  analysis  Deformation  Seismic:  showing  acceptable deformations (less than 0.5 m to 1 m)  for the calculated kyeild seismic acceleration  Applicable  Earthquake  Design  Ground  Motion  (EDGM)  for  the  operation  phase  =  MCE  (1  in  10,000‐year event)  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 252 of 324                    Surface Water Management  Seepage  Ixtaca ‐ S‐K 1300 Technical Report Summary  Peak Ground Acceleration (PGA) = 0.4 g  Design magnitude = 8.0  Prevent discharge of runoff from the operational  top  surface  for  the  100‐year,  24‐hour  storm  event.   No  water  will  be  stored  on  the  co‐disposal  facility.  No seepage is anticipated from the tailings due to  the  low  moisture  content  of  the  tailings  (a  volumetric  moisture  content  of  approximately  15% to 20%).   The general arrangement of the final West Tailings and Rock Storage Facility for LOM is shown on Figure  15‐4.  Figure 15‐4  Note: The entire drawing is inside the Ixtaca Claim Boundary  West Tailings and Rock Storage Facility General Arrangement ‐ LOM   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 253 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐5: West T/RSF LOM Layout   Note: The entire drawing is inside the Ixtaca Claim Boundary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 254 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  15.6.3 Tailings and Rock Storage Design   The following sections provide a brief description of the West Tailings and Rock Storage Facility design.  Facility Foundation Preparation – Foundation preparation for the West Tailings and Rock Storage Facility  will include removal of trees, clearing and grubbing of vegetation, and removal of topsoil and unsuitable  foundation materials. Topsoil will be stockpiled south of the Open Pit for use in facility reclamation. After  topsoil  removal  is  complete,  unsuitable  foundation  materials  including  alluvial  and  colluvial  soils,  and  unconsolidated  tuff  deposits  will  be  removed  to  an  estimated  depth  of  5  m.  The  currently‐estimated  extent of unsuitable foundation material removal is shown on Figure 15‐6. At the downgradient toe of the  West Tailings and Rock Storage Facility, a shear key will be excavated. The northern portion of the shear  key will be excavated to a depth of approximately 10 meters below ground surface (mbgs) with 2(H):1(V)  side slopes and a bottom width of 100 m (refer to blue shaded area on Figure 15‐6 and cross‐section on  Figure 15‐7). The southern portion of the shear key will be excavated to a depth of 20 mbgs with 2(H):1(V)  side slopes and a bottom width of 60 m (refer to orange shaded area on Figure 15‐6 and cross section on  Figure 15‐8). The shear key excavation will be backfilled with limestone rock fill. Cross‐section locations  are shown on Figure 15‐5.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 255 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐6 – West Tailings and Rock Storage Facility Foundation Preparation   Note: The entire drawing is inside the Ixtaca Claim Boundary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 256 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐7   West Tailings and Rock Storage Facility Northern Portion Cross Section ‐ LOM   Figure 15‐8  West Tailings and Rock Storage Facility Southern Portion Cross Section ‐ LOM   Underdrainage System – An underdrainage collection system will be provided for the West Tailings and  Rock Storage Facility that will capture perched groundwater below the tailings, thus preventing increased  pore  pressures  at  the  foundation/tailings  interface.  The  compacted  tailings  are  expected  to  achieve  a  vertical permeability on the order of 1x10‐6 cm/s or less based on permeability testing presented in Knight  Piesold’s study (Knight Piesold, 2016).   The underdrainage collection system will consist of bench drains placed approximately every 25 m on the  slope. The bench drains will drain to either the perimeter of the facility or one of the internal existing  drainages  and  consist  of  corrugated,  perforated  polyethylene  pipe  (CPEP).  The  CPEP  will  be  placed  in  limestone drain rock wrapped by non‐woven geotextile. In addition, underlying existing drainages will be  filled with coarse limestone waste rock to facilitate drainage. Water from the underdrainage system will  be directed to the West Sediment Pond.  The currently estimated extent of the underdrainage collection  system is illustrated on Figure 18‐9.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 257 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 15‐9   Note: The entire drawing is inside the Ixtaca Claim Boundary  Typical Underdrain Configuration   Facility Operation ‐ The West Tailings and Rock Storage Facility will be continuously expanded. Waste rock  will  be  placed  to  a  minimum  of  100  m  thick  in  the  outer  portion  of  the  facility  and  used  to  construct  perimeter buttresses which will be used for placement of the filtered tailings (refer to Figure 15‐7 and  Figure  15‐8).  Tailings  will  be  placed  behind  the  perimeter  rock  zones  by  conveyor  and/or  truck  then  spread, placed, and compacted in thin lifts (~0.3m) to an average dry density of approximately 1.8 t/m3.   Based  on  the  stability  analyses  for  the  facility,  the  overall  facility  configuration  will  conform  to  the  following requirements:   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 258 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary   75 m offset from the pit boundary   3H:1V overall slope (achieved using an 85m bench width) to an elevation of 2350m   2H:1V overall slope (achieved using an 35m bench width) above 2350m   Maximum elevation of the southern portion of 2450m   Maximum elevation of the northern portion of 2550m  Each  compacted  lift  on  the  operating  deck  will  be  graded  to  a  minimum  5%  to  7%  slope  to  drain  stormwater to a collection sump. The collection sumps will be drained via pumping and pipeline directly  to the Process Plant.   Water Management ‐ Diversion channels are designed around the West Tailings and Rock Storage Facility  to manage upstream stormwater and minimize seepage into the open pit highwall (refer Figure 15‐4).   A runoff diversion channel and pipeline corridor (WSD Channel and Pipeline from the Water Storage Dam  to  the  Process  Plant)  will  be  located  upstream  of  the  West  T/RSF.  The  channel  and  pipeline  will  be  relocated  up‐gradient  following  Year  4.  The  West‐South  Diversion  Channel  is  intended  to  collect  and  convey stormwater from natural catchments upstream of the facility, and from the limestone buttress  slopes of the West T/RSF, to the West Sediment Pond. The West T/RSF (Co‐disposal) (CD) East Channel is  located  to  collect  and  convey  stormwater  from  natural  catchments  and  the  slopes  of  the  West  T/RSF  buttress slopes, to the West Sediment Pond. This channel is intended to minimize ponding and seepage  of stormwater above the open pit highwall to maximize open pit stability.  Facility Instrumentation – Instrumentation is included for ongoing monitoring of the performance of the  West  Tailings  and  Rock  Storage  Facility.  The  instrumentation  will  include  vibrating  wire  piezometers  installed in the foundation and tailings mass. In addition, monitoring wells will be placed downgradient of  the facility to monitor groundwater quality. These are detailed in the mine environmental plans.  15.6.4 West Tailings and Rock Storage Facility Closure  The  objective  of  the  closure  of  the  West  Tailings  and  Rock  Storage  Facility  is  to  leave  the  facility  as  a  physically and environmentally stable landform, with a landscape and habitat consistent with adjacent  land use that will require minimal post‐closure monitoring and maintenance. The mine site closure plans  are detailed in Section 17.4 and summarized as follows:   Facility slopes will be regraded to an overall maximum slope of 2.5H:1V.   Any exposed tailings will be covered with a layer of limestone waste rock with a minimum slope  of approximately 5% to direct stormwater runoff away from the surface of the facility.   A 300 mm thick layer of topsoil will be placed over the entire facility (topsoil will be stockpiled as  part  of  the  foundation  preparation  of  the  West  Tailings  and  Rock  Storage  Facility)  and  revegetated.   The  stormwater  runoff  collection  sump  and  pipeline  to  the  Pit  Collection  Pond  will  be  decommission and removed.   Stormwater  runoff  from  the  closed  West  Tailings  and  Rock  Storage  Facility  will  be  routed  in  into  natural  channels  stormwater  control  channels  around  the  facility  and  discharged  downgradient from the facility. Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 259 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  15.7 Site Wide Water Management  The  open  pit  has  a  large  upstream  watershed  and  a  water  diversion  system  is  required  to  prevent  uncontrolled  runoff from flowing into the open pit.  The open pit diversion system includes the Water  Storage  Dam  (WSD),  located  upstream  of  the  open  pit,  with  a  floating  pump  station  and  pipeline  to  transfer water to the Process Plant, or to release excess flow to downstream communities.     The  WSD  is  a  Rockfill  embankment  structure  designed  to  store  up  to  approximately  1.8  million  m³  of  water. The results of the daily water balance model illustrate that the WSD has the capacity to store the  100‐year, 24‐hours storm volume over a broad range of climatic conditions as discussed in Section 15.3.   The volume of water stored in the WSD is relatively constant through Year 5 and fluctuates over the year  to store wet season stormwater and to supply plant makeup water and community demand.  The primary  outflow from the WSD is pumping of fresh water for release to the downstream community; the pumping  rate  is  graduated  with  higher  pumping  rates  corresponding  to  higher  water  levels  to  maintain  storm  storage capacity on an annual basis.   An  emergency  spillway  will  be  excavated  in  bedrock  on  the  west  abutment  of  the  WSD  to  prevent  overtopping  of  the  facility  during  the  Inflow  Design  Flood  (IDF)  event.  Extreme  event  flows  would  be  routed through the spillway and discharged into a drainage upstream of the open pit.   The Fresh Water Dam (FWD) is in the drainage adjacent to the west of the process plant site. The FWD is  a Rockfill embankment structure designed to store approximately 330,000 m3 of water and will provide  makeup water to the Process Plant during the dry season. The FWD has a spillway located in the west  abutment to pass overflow downstream.    Diversion channels are located upstream and around the West T/RSF and South RSF to manage upstream  stormwater and runoff from the facility side slopes. These surface water controls will minimize seepage  under the facilities and will convey runoff from disturbed areas through sediment control ponds to settle  sediment prior to release downstream of the Project. A temporary diversion channel will be located east  of the open pit for Year 1 and Year 2 of the mine life to reduce stormwater inflow to the pit when the pit  is small. Runoff from this channel will be routed through the South RSF sediment pond.   Surface water that cannot be diverted around the pit due to topography, together with pit wall runoff,  will be pumped during operations to the Pit Collection Pond located east of the South RSF. Groundwater  inflows to the open pit will also be pumped from the pit bottom to the Pit Collection Pond. Horizontal  drains will be installed in the pit walls to reduce pore water pressure in the pit highwalls. Water in the Pit  Collection  Pond  will  be  pumped  to  the  Process  Plant  as  makeup  water  or  directed  to  the  South  RSF  Sediment Pond and released downstream of the project.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 260 of 324                             Ixtaca ‐ S‐K 1300 Technical Report Summary  16.0 Market Studies  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  16.1 Market Studies  The Ixtaca Project is expected to produce silver‐gold doré bars. Gold and silver production will likely be  sold under hedging transactions or on the spot market, or both. Terms and conditions are expected to be  typical of similar contracts for the sale of doré throughout the world.   Almaden has not yet entered into sales agreements with potential buyers.   Contracts  to  support  operations  will  include  the  supply  and  delivery  of  bulk  explosives  and  contract  mining.    16.2 Commodity Price Projections  For  the  purpose  of  the  Study  a  gold  price  of  US$1,275/oz,  and  silver  price  of  US$17/oz  was  assumed  derived from common peer usage at the time.  Exchange rate of 1US$ = 20 MXN Peso was been assumed.  16.3 Comments on Section 16  The  QP  has  reviewed  the  information  provided  by  Almaden  on  marketing,  contracts,  and  metal  price  projections, and note that the information provided is consistent with the source documents used, and  that the information is consistent with what is publicly available on industry norms.  The information can  be used in mine planning and financial analyses in the context of this Report.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 261 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  17.0 Environmental Studies, Permitting, and Plans, Negotiations, or Agreements  with local individuals or groups  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  Significant environmental and social study and analyses have been conducted for the Ixtaca Project.    17.1 Environmental Studies  A  summary  of  key  physical,  chemical,  and  biological  environments  is  provided  in  the  following  sub‐ sections.  17.1.1 Meteorology  Site‐specific climate data collection began in 2013, using an automated climate station established by KP  downstream of the then proposed tailings management facility (TMF), at an elevation of approximately  2250 m. This station, which is called the Ixtaca Climate station, is currently operating and collects data of  air  temperature,  humidity,  solar  and  net  radiation,  wind  speed  and  direction,  precipitation,  and  atmospheric pressure.  In 2015, two additional automated precipitation stations were added, both of which consist of a tipping  bucket rain gauge and a data logger. The Almeya station is located upstream of the TMF at an approximate  elevation of 2615 m, and the Bodega station is located downstream of the proposed Project area at an  approximate elevation of 2250 m. In 2018, an additional tipping bucket rain gage was added at the Puente  station located in the upper portion of the watershed containing the open pit. Also in 2018, telemetry  systems were added to the site monitoring program to enable desktop access of remote data.  Summary  data  from  the  Ixtaca  Climate  station  includes  a  mean  annual  temperature  of  approximately  14°C,  with  mean  monthly  temperatures  ranging  from  a  low  of  approximately  12°C  to  13°C  in  December/January to a high of approximately 16°C to 17°C in April/May/June.  Other metrics from the  station include (Knight Piésold, 2017):   Relative  humidity  measurements  indicate  that  the  climate  is  reasonably  dry,  particularly  in  the  winter months, with an annual average of approximately 70%.   Over  an  approximate  three‐year  period,  the  maximum  wind  speed  was  14.9  m/s,  and  monthly  average wind speeds ranged from 2 m/s to 3 m/s.   The predominant wind directions were north and north‐west.   Solar radiation is typically greatest in April and least in October, and ranges from approximately 5.9  kWh/m² to 3.4 kWh/m².   The mean annual lake evaporation is estimated to be approximately 714 mm, with monthly mean  values ranging from approximately 46 mm in December/January to 74 mm in May.   The long‐term mean annual precipitation is estimated to be 720 mm, and occurs entirely as rainfall.   The wet season is from May to October, when 84% of annual rainfall is expected to occur, on average.  The wettest month is typically June.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 262 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary   Rainfall on site, particularly during the wet season, tends to arrive in short duration, high intensity  bursts.   Barometric pressure is relatively uniform year round at approximately 102.6 kPa.  Additionally,  climate  data  are  available  from  Government  of  Mexico  regional  meteorological  stations;  several  of  which  are  located  within  35km  of  the  Project,  each  with  over  25  years  of  daily  data  on  precipitation, evaporation, and minimum and maximum temperatures.  The Ixtaca Climate station data  were compared to the regional stations and found to have similar data trends.  17.1.2 Surface Hydrology   The  local  climate  along  with  size,  vegetation  cover,  and  soil  and  rock  types  of  each  drainage  basin  all  contribute to the runoff response of Project area watersheds. Typical of many areas in Mexico, the Project  experiences rainfall primarily as short duration, high‐intensity storm events during the wet season (May  to  October).  This  type  of  precipitation  distribution  combined  with  the  steep  topography  and  poorly  draining soils results in a rapid runoff response with correspondingly high peak flows of short duration.  The distinct dry and wet climatic seasons in the region result in intermittent and episodic streamflows in  the wet season and little to no flow during the dry season. The Project area streams are above the water  table and constant baseflow is not observed; however, interflow/ temporary baseflow is observed as flows  decrease from low to little or no flow through the dry season.  Five streamflow monitoring stations were installed  at the Project in 2014 and were enhanced in 2017  following  complications  with  high  sediment  loads  and  were  further  updated  in  late  2018.  Continuous  streamflow records for streams in the Project area are currently being collected. Data collected to date  include the following (Knight Piésold, 2017):   The mean annual runoff is estimated to range from 58 mm (1.8 l/s/km2) to 87 mm (2.8 l/s/km2).   Streams in the area follow an episodic/ephemeral hydrologic regime, and the annual hydrographs  mimic the patterns of annual precipitation, with the highest flows typically occurring during the wet  season of May to October and the lowest flows occurring during  the dry season of November to  April.   The stage records for the Project site stream gauges exhibit the ‘flashy nature’ of streams in the area,  with  water  levels  rising  and  falling  very  rapidly  in  response  to  short  duration  high‐intensity  rainstorms.   Return period peak discharge values at the Project were calculated to range between 2 m3/s for a  2‐year return period, up to 77 m3/s for a 500‐year return period.   Flows typically fall to very low levels during the dry season, and some creeks go completely dry for   short and extended periods each year.  Low flows are typically higher at the Project area in northern upland sites than in southern lowland  sites.  17.1.3 Surface Water Quality  Surface  water  quality  sampling  sites  were  established  to  target  background  and  pre‐mining  (baseline)  water  quality  upstream  and  downstream  of  the  project  facilities.  Thirteen  surface  water  monitoring  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 263 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  locations were sampled as conditions allowed from 2009 to 2016 (KP, 2017a) and in 2018 by SRK (SRK,  2018). The surface water quality monitoring locations are shown on Figure 20‐1. Sample collection has  been  intermittent  depending  on  flow  conditions.  Upstream  sites  in  the  El  Tecolote  and  Coxalenteme  catchments had sufficient flow to sample surface water quality year‐round but the monitoring sites in the  lower  reaches  of  these  catchments  were  frequently  reported  as  dry  outside  of  the  rainy  season  (KP,  2017a).  Flow  conditions  were  always  sufficient  to  collect  water  quality  samples  from  the  monitoring  locations farther downstream in the Rio Apulco and Rio Los Lobos and only occasionally reported as dry  in the Rio Los Ameles. During the most recent sampling event in April 2018, only four of the 13 surface  water monitoring stations had adequate water for sampling (Apulco, Hotel, Puente, and Sector Riego).  After the April 2018 site visit SRK recommended the removal of four monitoring stations (Tuligtic 1, Tuligtic  2, El Protrero, and RLA 100E).  Water within the project area is generally classified as neutral to slightly basic, hard to very hard and well‐ buffered,  with  variable  turbidity  and  total  suspended  solids  (KP,  2017a).  Turbidity  and  TSS  exceed  the  relevant water quality standards at some sites. Metal concentrations were generally highest toward the  end of the wet season, in September and October, and conclusions regarding concentrations at most sites  during the drier season cannot be made as samples were not typically collected due to insufficient flow.  When compared with the water quality standards of Ley Federal de Derechos (aquatic life), NOM‐127‐DW  (drinking water standards), and NOM‐001 (discharge standards for irrigation and aquatic life), the baseline  surface water quality exceeds numerous standards. The most frequent aquatic life guideline exceedances  were reported for total suspended solids, ammonia, dissolved and total aluminum, dissolved and total  barium,  and  total  iron.  Concentrations  of  these  parameters  exceeded  the  standard  in  most  samples  collected from most sites. Total lead and zinc also exceeded the standard in samples collected from most  sites;  however,  standard  exceedances  were  less  frequent  (i.e.  less  than  half  of  the  total  number  of  samples). Parameters that exceeded the standard sporadically or at only one or two sites include total  beryllium, chromium, copper, mercury, molybdenum, and silver, and dissolved iron, molybdenum, and  zinc.  Parameters that exceeded irrigation standards in at least one sample collected from most sites include  TSS,  total  aluminum,  total  iron,  and  total  manganese.  Fluoride,  sulphate,  and  dissolved  manganese  concentrations also exceeded the standard in at least one sample; however, exceedances were limited to  one or two sites. Exceedances of the drinking water standard (NOM‐127‐DW) were frequently reported  for pH, turbidity, ammonia, nitrite, dissolved and total aluminum and iron, and total barium, manganese,  and  sodium.  Parameters  that  exceeded  the  drinking  water  standard  less  frequently  include  sulphate,  dissolved manganese, and total cadmium and chromium.   Elevated baseline concentrations of metals and other parameters are common in areas close to mineral  deposits (e.g., the El Tecolote and Coxalenteme catchments), or in large river systems that carry high total  suspended solids (e.g., the Río Apulco/Río Los Ameles).  The site locations are illustrated on Figure 17‐1.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 264 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 17‐1  Surface and Ground Water Quality Sampling Sites. Source: Knight Piesold, March 2017  Upstream  sites  in  the  El  Tecolote  and  Coxalenteme  catchments  had  sufficient  flow  to  sample  surface  water  quality  year‐round  but  the  monitoring  sites  in  the  lower  reaches  of  these  catchments  were  frequently reported as dry outside of the rainy season. Flow conditions were always sufficient to collect  water quality samples from the monitoring locations further downstream in the Rio Apulco and Rio Los  Lobos and only occasionally reported as dry in the Rio Los Ameles.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 265 of 324                        Ixtaca ‐ S‐K 1300 Technical Report Summary  Ion  concentrations  generally  decreased  from  upstream  to  downstream  and  were  higher  in  the  Coxalenteme  and  El  Tecolote  catchments  than  at  sites  outside  of  the  project  area.  Water  within  the  project area is generally classified as neutral to slightly basic, hard to very hard and well‐buffered, with  variable  turbidity  and  total  suspended  solids  (TSS).  Turbidity  and  TSS  increased  from  upstream  to  downstream within the Coxalenteme and El Tecolote catchments and exceeded the relevant water quality  standards at some sites. Total and dissolved concentrations of some metals (aluminum, copper, chromium  iron,  and  lead)  increased  from  upstream  to  downstream  in  the  El  Tecolote  catchment  and  in  the  Coxalenteme catchment. Metal concentrations were generally highest toward the end of the wet season,  in September and October.  Analytical results were compared with the water quality standards included in the following: Ley Federal  de  Derechos  (LFD)  and  Norma  Oficial  Mexicana  (NOM;  NOM‐127‐DW  (drinking  water  standards)  and  NOM‐001 (discharge standards for irrigation and aquatic life)). The standards were selected based on the  potential local uses, which include: Aquatic Life (NOM 001 Aq and LFD‐Aq), Irrigation (NOM‐001‐Irrigation  and LFD‐Irrigation), and Drinking Water (NOM‐127‐DW).  17.1.4 Groundwater  Previous studies of the groundwater, including monitoring well constructions, hydraulic testing, water‐ quality  testing,  and  environmental  background  and  pre‐mining  (baseline)studies  were  conducted  by  Hidrogeologos Consultores (2013) and Knight Piésold (2014, 2017a, 2017b, and 2017c).   For  the  Ixtaca  technical  report,  a  field  data  collection  program  for  hydrogeologic  characterization  was  carried  out  and  a  3D  numerical  model  of  groundwater  flow  beneath  the  Ixtaca  Project  area  was  developed. Field activities consisted of packer isolated interval testing (packer testing); monitoring well  construction, development, and testing of newly installed and existing wells; and water level monitoring.   A technical report (SRK, 2018) documents the field work and groundwater modeling. The study evaluates  pre‐mining, mining, and post‐mining hydrogeological conditions and predicts dewatering requirements,  and potential environmental impacts.  The proposed Project facilities lie in two catchment areas, which are tributaries of the Río Los Ameles/Río  Apulco  river  system:  Coxalenteme  and  El  Tecolote.  Streams  in  the  area  follow  an  episodic/ephemeral  hydrologic  regime  (Knight  Piésold,  2017b).  The  annual  hydrographs  mimic  the  pattern  of  annual  precipitation, with the highest flows typically occurring during the wet season of May to October and the  lowest flows occurring during the dry season of November to April.  Water use in the project area consists of domestic use of springs occurring in the catchment above the  project area. Springs and seeps within the project area were mapped and characterized by AML personnel.  Additional springs and seeps within the region mapped by outside sources were provided by AML. These  data  along  with  water  levels  within  the  project  area  were  combined  to  evaluate  and  understand  groundwater gradients, to evaluate potential variability in hydraulic conductivity, and to further refine the  conceptual groundwater model.  SRK’s 2018 field program consisted of drilling four core holes, packer testing, monitoring well installation,  hydraulic testing of existing and newly installed wells, and water level monitoring. A summary of prior  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 266 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  testing,  instrumentation,  and  well  construction  information  for  the  Ixtaca  Project  was  compiled  from  multiple volumes of historic reports, figures, and appendices. Based on the review, 58 existing water level  monitoring, testing, and installation points were identified within the project boundary.   Water level elevations range from 49.5 mbgs and 2,554 meters above measured sea level (mamsl) in the  high country north of the project area to 30.5 mbgs and 2,540 mamsl in the low country south of the pit  area. Generally, groundwater flow follows topography, with a steep downward gradient from north to  south  near  the  project.  Two  areas  do  not  follow  the  general  pattern,  including  an  area  underlain  by  undifferentiated ash units west of the proposed pit, and the lowland area south of the proposed pit. Both  exhibit relatively flat‐water tables.  Hydraulic testing during the 2018 field program was done using packers to isolate test intervals in the  newly drilled core holes before well construction. Additional testing was performed in accessible existing  and  newly‐installed  monitoring  wells.  Testing  included  slug  tests,  constant‐rate  injection  tests,  and  constant‐head  injection  tests.  Lower  permeability  intervals  were  tested  using  stepped‐pressure,  or  Lugeon  methods.    A  total  of  44  tests  were  performed  during  the  2018  field  program  (21  packer  and  23 wells tested). An additional 203 packer and well tests were performed during previous field campaigns  between  2012  and  2017.  Short‐term  hydraulic  testing  revealed  a  wide  range  of  hydraulic  conductivity  values within the various hydrogeologic units of the project area. After careful review of the historic data,  it was decided not to use the information in developing the 3D numerical groundwater model. However,  in  the  future  these  data  may  be  useful  in  mitigating  uncertainties  or  in  identifying  areas  requiring  additional characterization.   The conceptual model of groundwater flow at Ixtaca includes the following components:   The  long‐term  mean  annual  precipitation  is  estimated  to  be  720  mm  and  occurs  entirely  as  rainfall. The wettest month is typically June. The mean annual evapotranspiration is estimated to  be approximately 714 mm, with monthly mean values ranging from 46 mm in December to 74  mm in May.    Groundwater recharges from precipitation and generally flows from topographically high areas  (highland with elevation of about 3,000 mamsl in the north to topographically low areas in the  south (the lowest elevation is 2,150 mamsl at the Rio Apulco River south of the proposed pit).    The  recharge  from  precipitation  in  the  highlands  is  estimated  to  be  72 mm/a  or  10%  of  precipitation.  The  recharge  in  the  lowlands  is  estimated  to  be  about  14.4  mm/a  or  2%  of  precipitation. These recharge rates, and their distribution based on topography were obtained  during the process of model calibration to measured water levels.   Rio Grande and Rio Apulco are primary rivers near the project and groundwater discharges into  them  and  their  tributaries.  Flows  in  these  rivers  decrease  significantly  during  dry  months.  Additional rivers in the region that are typically ephemeral include Rio Loa Ameles, Rio Los Lobos,  and Rio Tuligitic.   Hydrogeologic units in the project area include:  o Volcaniclastics – The volcaniclastic unit shows localized sub‐layers of fine ash, coarse ash,  breccia, and lapilli tuff. Permeability of the volcaniclastics varies depending on the degree  of  consolidation  and  fracturing.  Volcaniclastic  materials  associated  with  hydrothermal  alteration are typically more competent and more prone to fracturing, which increases  the permeability.  o Limestone  and  Shale  –  The  sedimentary  units  are  typically  of  low  permeability,  but  hydraulic conductivity increases locally along fold axes and near the intrusive contact.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 267 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  o Intrusions/Dikes – The intrusive bodies are expected to have low permeability, except at  the  contacts  with  host  rocks.  Fracturing  and  permeability  locally  increases  in  the  sedimentary host rocks near intrusions.  o Structure  –  The  limited  testing  conducted  across  faults  during  drilling  did  not  identify  structures with increased permeability or faults acting as major barriers to groundwater  flow.  o Additional to bedrock water‐bearing zones, saturated overburden is present within the  project area. The overburden is generally thin (less than 1 m) but reaches up to 7 m thick  in river valleys. Zones of alluvium, colluvium, ash‐tuff, and/or an agglomeration of all may  be up to 100 m thick based on drilling information south of the proposed pit location.   Measured hydraulic conductivity values vary over a wide range, from 0.00003 m/d to 9 m/d (by  more  than  five  orders  of  magnitude  as  described  in  Section  3)  and  do  not  allow  definition  of  hydrogeological  units  based  on  lithological  signature.  Available  testing  data  indicates  that  the  measured hydraulic parameters show a trend of hydraulic conductivity decreasing with depth.  Based on the analyses, three major hydrogeological units were defined:  o Shallow bedrock (upper 50 m) with intermediate hydraulic conductivity;  o o Deep bedrock (depth below 300 m) with very low hydraulic conductivity.  Intermediate bedrock (depth from 50 to 300 m) with low hydraulic conductivity; and    Water level elevations throughout the project area exhibit a steep hydraulic gradient, with levels  ranging from 2,540 mamsl in the highlands north of the project to 2,154 mamsl just south of the  pit over approximately 4.5 km. This generally indicates the presence of low hydraulic conductivity  rocks. Flat water level gradients were observed in the ash west of the proposed pit at 2,350 mamsl  and the area south of the proposed pit extending to the Rio Apulco at 2,150 mamsl. These flat  groundwater  gradients  support  the  assumption  that  these  areas  exhibit  elevated  hydraulic  conductivity.  A  numerical  groundwater  model  for  the  Ixtaca  Project  was  developed  using  the  MODFLOW‐SURFACT  finite‐difference  code  (Hydrogeologic,  1996;  Harbaugh  and  McDonald,  1996)  and  the  Groundwater  Vistas v.7 interface developed by Environmental Simulations, Inc. (Rumbaugh and Rumbaugh, 2017). The  groundwater model domain covers approximately 157 square kilometers (km2) within the vicinity of the  proposed  open  pit  mine.  The  northern,  western  and  eastern  model  boundaries  primarily  follow  topographic divides and/or are parallel to regional groundwater flow and are thus assumed to be ‘no flow’  boundaries. The southern boundary is defined by the Apulco River.  Twelve model zones were created considering the low and high hydraulic conductivity values established  from historic aquifer testing data. Each model zone has specific values for horizontal (Kh) and vertical (Kz)  hydraulic conductivity (K), specific storage (Ss) and specific yield (Sy). Storage parameters are based on  literature and onexperience from projects with similar conditions.   The creeks and springs in the model area are represented by ‘drain cells’. The Apulco River is assumed to  flow for most of the year. Within the model area it is therefore represented using model ‘river cells’. The  mine plan for the open pit was dated 6 August 2018 and consists of annual pit layouts that span an 11‐ year period. They were processed into drain cells with the location and head representing the elevation  of the pit for each time period. The model simulates transient filling of the pits using the LAK2 package for  MODFLOW‐SURFACT (Council 1997). Lake cells were assigned based on the ultimate pit‐shell excavations  and planned backfill, as provided by Ixtaca (2018).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 268 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Head  distribution  in  a  steady  state  calibration  depends  on  recharge,  hydraulic  conductivity  values  (K),  sources, sinks and boundary conditions. In the case of the Ixtaca model, the valid K values from short‐ term tests are considered good qualitative indicators of the properties of the rocks. However, because of  the limited number of valid tests and the concentrated coverage (within the proposed pit extents) of the  2018 tests, the numerical model does not rely on K values for calibration. Instead, water level elevations  from  the  existing  monitoring  wells  are  used.  The  short‐term  tests  are  used  qualitatively  to  adjust  the  numerical groundwater model where needed. The calibration objective was reached when an acceptable  correlation  was  obtained  between  the  observed  and  simulated  water  levels  and  hydraulic  gradient.  Twenty‐six of the 34 target water levels over the model area were calibrated to within 3 m of observed,  and 4 of the remaining 8 were within 4 m of observed.  No  long‐term  hydraulic  test  data  suitable  for  transient  calibration  are  available  for  the  Ixtaca  site.  Consequently, a transient calibration was obtained using water level fluctuations in response to seasonal  recharge.  Recharge  factors  were  calculated  over  a  3‐year  period  and  the  resultant  fluctuations  in  groundwater  levels  compared  to  water  level  observations.  In  the  author’s  opinion,  the  groundwater  model  reproduces  hydrogeological  conditions  prior  to  the  mining  and  reasonably  calibrated  to  the  measured water levels, and the model can be used for predictive simulations.  Predicted passive groundwater inflows to the proposed pit range between 19 L/s (1,618 m3/d) and 34 L/s  (2,974 m3/d). Changes in simulated average pit inflows over time will occur in response to the mine pit  elevation,  the  extent  of  the  mine  pit  area,  and  the  drawing  down  of  the  local  water  table  over  time  through release of groundwater storage. The maximum inflows are reached in year 2 (34 L/s when the  open pit is rapidly excavated within the most permeable upper bedrock) and the final pit inflow in year  11 is 20 L/s. Actual pit groundwater inflows are likely to be sporadic, with higher inflows related to the  intersection  of  preferential  groundwater  flow  paths  (such  as  fractures)  during  mining.  Based  on  the  predictive  results,  the  groundwater  inflow  into  the  pit  could  be  handled  passively  (by  in‐pit  sumps)  without any active dewatering by perimeter wells or pit wall horizontal holes.  Additional inflow from direct precipitation to the pit (less evaporation) is estimated to be 29 L/s (2,517  m3/d) under average long‐term conditions. Thus, direct precipitation to the pit will likely form the largest  component of water to be pumped from the pit sumps during mining. It is assumed that up‐gradient/  catchment runoff will be diverted around the pit during mining to the extent possible.   Groundwater flow near the open pit is predicted to be radially inward from all directions. The predicted  change in the long‐term water table from pre‐mining water levels reaches a maximum of 200 m within  the pit. The 1‐m drawdown zone extends 1 km north of the pit, 2 km west of the pit, 1.5 km east of the  pit and 3 km south of the site, thus just reaching the banks of the Apulco River. In response to the lowered  groundwater levels around the pit during mining, groundwater baseflow to the creeks and springs in the  catchment are predicted to decrease by 9% (from 5,937 m3/d to 5,420 m3/d; 69 L/s to 63 L/s) compared  to pre‐mining conditions. In addition, net groundwater baseflow to the Apulco River decreases from an  average of 8 L/s (710 m3/d) to a net groundwater contribution of 0 L/s during the 11 years of mining.  The model predicts that a pit lake will form after mining, and the pit lake will exhibit both spillover and  flow‐through characteristics. The pit lake will reach 90% of full recovery within 90 to 100 years. After 113  years, the pit lake elevation reaches the maximum possible stage (2,230 mamsl) before surface spillover  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 269 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  commences at a rate of 15 L/s down‐gradient (south) of the pit. Groundwater seepage will be only inwards  for the first 40 years following the end of mining; thereafter, there will also be groundwater outflows,  with equilibrium conditions being 7 L/s inflow and 6 L/s outflow to groundwater.   There are varying levels of uncertainty associated with model parameters, and sensitivity analysis was  undertaken to evaluate the implications of these uncertainties. The sensitivity analysis results indicate  that the model is most sensitive to increases in the specific yield. The results have a medium sensitivity to  hydraulic conductivities. Doubling the hydraulic conductivity of the hydrogeological units increases the  average dewatering rate by 21%, with the range being between 25 L/s and 35 L/s; Doubling the specific  yield and specific storage increases the average dewatering rate by 42%, with the range being between  27 L/s and 46 L/s. Sensitivity analysis indicates that the post‐mining simulation results are most sensitive  to precipitation parameters, where alterations by 25% decrease/increase start of surface spillover by 25  years and flow rates increase/decrease by 7 L/s.   17.1.5 Groundwater Quality  To provide background and pre‐mining (baseline)groundwater data for the project, seven groundwater  monitoring wells were installed in 2014 (KP, 2015). About a year later geotechnical borehole GT‐15‐019  was  converted  to  a  monitoring  well.  The  groundwater  quality  monitoring  program  includes  both  upgradient and downgradient groundwater wells. Monitoring well locations are shown on Figure 17.2.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 270 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 17‐2  Locations of Ground Water Quality Sampling Sites (from KP, 2017b)  Three  dominant  groundwater  types  have  been  identified  in  the  Project  area  (KP,  2017b):  (1)  calcium‐ sulphate, (2) calcium‐bicarbonate, and (3) sodium‐bicarbonate. A few locations have intermediate water  types,  specifically  with  respect  to  the  dominance  of  carbonate  or  sulphate.  Water  types  are  not  well  correlated to specific lithological units but are likely influenced by their position within the watershed,  localized geochemical enrichment, localized mineral enrichment, and residence time of the groundwater  in the vicinity of each of the monitoring wells. Groundwater in the project area is generally characterized  as neutral to slightly basic pH, alkaline with strong buffering capacity and varied hardness.  When compared with the water quality standards of Ley Federal de Derechos (aquatic life), NOM‐127‐DW  (drinking water standards), and NOM‐001 (discharge standards for irrigation and aquatic life), the baseline  groundwater quality exceeds numerous standards. Samples collected from monitoring wells in the upper  Rio Coxalenteme and the Rio El Tecolote areas exceed the NOM‐127‐SSA1‐1994 Drinking Water Standard  for hardness. Concentrations above standard are also noted for total dissolved solids, fluoride, arsenic,  iron, manganese, and molybdenum (KP, 2017b).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 271 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  17.1.6 Geochemistry  A program of geochemical sampling and analyses to determine the acid rock drainage and metal leaching  (ARDML)  potential  of  mine  rocks  was  carried  out.  The  program  consisted  of  276  samples  of  drill  core  representing future waste rock (191 samples), low‐grade ore (40 samples), and ultimate pit wall rocks (45  samples). In addition to the data from this program, Almaden has a database consisting of nearly 130,000  multi‐element analyses for 35 elements. Theanalytical program included the following analyses:   Multi‐element analyses of 59 elements by aqua regia digestion with ICP‐MS finish.   Acid‐base Accounting, which consisted of the following:   o Total sulphur and sulphate sulphur. Sulphide sulphur was calculated by difference, from  which acid generating potential (AP) is calculated (S2‐ x 31.25 = AP)  o Total inorganic carbon  o Paste pH, using method EPA 600/2‐78‐054/3.2.2 (Sobek et al., 1978)  o Acid neutralizing potential (NP). NP was determined by two methods:   The modified method of Lawrence and Wang (1997), and   Laboratory analysis of total inorganic carbon (TIC).   Mineralogical analyses were conducted on five samples of waste rock and one sample of low‐ grade ore at SGS Canada using the QEMSCAN high definition mineralogical scanning method.    The  Shake  Flask  Extraction  (SFE)  method  was  conducted  on  11  samples,  using  the  protocol  described in Price (2009) with a water‐to‐rock ratio of 3:1. One duplicate test was run using a 20:1  water‐to‐rock ratio as a comparison to the Price (2009) method. The SFE provides an estimate of  leachate quality resulting from the first flush by meteoric water.   Kinetic Net Acid Generation (KNAG) tests (Price, 2009) were conducted on 16 samples of waste  rock and 12 samples of ultimate pit wallrock, with multi‐element analyses of KNAG leachate.   Humidity  cell  testing  of  a  yet  to  be  determined  number  of  samples  is  recommended  and  if  approved will commence as soon as practical.  The testing program was designed to obtain data sufficient to ensure compliance with best practice for  mine  waste  management.  The  program  also  complies  with  Mexican  regulations,  including  NOM‐157‐ SEMARNAT‐2009, which establishes procedures to implement mine waste management plans and Anexo  Normative 5 of NOM‐141‐SEMARNAT‐2003, which describes the test methods for whole rock chemistry  analysis, leach tests and acid base accounting.  Based on sample distribution, the program concluded that approximately 5% of waste rock, 30% of low  grade  ore,  and  7%  of  pit  wall  rocks  will  be  PAG.  The  potential  for  ARDML  from  these  facilities  will  be  assessed in the predictive geochemical modeling task which will be reported in a subsequent document.   SFE testing on waste rock and low‐grade indicated no constituents leaching at concentrations above NOM‐ 157  or  NOM‐001  limits.  However,  arsenic,  antimony,  manganese,  molybdenum,  and  selenium  in  SFE  leachate exceeded World Health Organization guidelines.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 272 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  The  low‐grade  ore  stockpile  will  be  removed  by  the  end  of  mining,  so  there  is  no  potential  for  environmental impacts from low‐grade ore after closure. Runoff from the LGO stockpile will be managed  to prevent impacts to water resources during operations.  The metallurgical processing flowsheet was not updated from the PFS, so no new tailings products were  generated for geochemical testing. Flotation and cyanide detoxed tailings were subjected to geochemical  testing for the PFS (KP, 2017c). The flotation tailings solids exceed regulatory limits for antimony, arsenic,  and  lead,  but  no  analytes  exceed  regulatory  limits  in  SFE  leachate.  The  detoxed  tailings  exhibit  no  exceedances of either solid or aqueous concentrations in the SFE test results. It should be noted that the   SFE indicates only short term leaching potential rather than long term.  From a bulk perspective, there will be more than enough neutralizing potential present in the tailings,  waste rock, and pit walls to neutralize any acid generated. However, there are still unknowns that must  be evaluated in the predictive modeling. One unknown is how the fraction of PAG materials will affect the  overall drainage quality. If the PAG rocks are concentrated in specific zones, then localized ARD may occur  at specific stages of mining from the waste rock stockpiles or the pit walls. The current geologic model  and mine plan lack the sequencing detail to evaluate this potential, so identification of localized ARD will  likely  have  to  be  done  operationally.  Another  unknown  is  the  potential  for  long  term  neutral  metal  drainage. Oxyanions that are mobile at neutral pH, including antimony, arsenic and selenium, must be  assessed in greater detail. The potential for long term metal leaching will be addressed in the predictive  modeling report.  17.1.7 Flora and Fauna  According to INEGI (Carta de Uso de Suelo y Vegetación, Serie V, INEGI 2011) and with the flora and fauna  field work performed by the company within the Sistema Ambiental Regional (SAR) and the footprint of  the  mine,  the  SAR  showed  ten  types  of  vegetation,  from  which  only  three  correspond  to  natural  vegetation:    Pine forest (22.21%),    Táscate forest (8.99%)    Pino‐encino forest (3.10%).   The  remaining  vegetation  is  dedicated  to  agriculture,  and  secondary  vegetation  and  grass;  the  area  is  largely degraded.   In the footprint of the mine the natural vegetation represented by Táscate forest with only a 0.05% from  the total area, the rest of the vegetation is secondary arboreal vegetation from Táscate forest (64.97%),  agriculture  (26.86%)  and  induced  grass  (8.11%)  with  Junierus  deppeana  and  Pinus  Pseudostrobus  the  dominant species.   The SAR and the footprint of the mine have been historically impacted by anthropogenic (agriculture and  cattle  raising),  resulting  in  a  widely  fragmented  Pinus  vegetation,  leaving  auspicious  room  for  the  establishment of secondary vegetation.   Diversity in the SAR is considered as medium, due to the presence of dominant species of each vegetation  type. Inside the footprint of the mine 60 species of flora have been registered, 22 of them are weeds.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 273 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  Of the species at risk and protected by NOM‐059‐SEMARNAT‐2010 inside the SAR and the footprint only  one species was identified: Cupressus Iusitanica (white cedar). The geographic distribution of this species  is wide in Mexico, it is distributed all along the Sierra Madre Oriental, Sierra Sur, Occidental, Meseta de  Chiapas, and part of the  Trans Mexican Volcanic Belt. It is reported as a species with  no problems for  survival.   At total of 117 species of fauna have  been registered (6 amphibians, 15 reptiles, 25 mammals and 71  birds).  The  fauna  diversity  inside  the  SAR  is  considered  as  medium  high.  In  respect  to  the  NOM‐059‐ SEMARNAT‐2010 two amphibian species were cataloged within the NOM: Aquiloeurycea cephalica (as  threatened species) and Lithobates montezumae (As Pr); six reptile species: Crotalus ravus y Phrynosoma  orbiculae  (as  Category  A  for  protection),  Barisia  imbricata,  Plestiodon  Iynxe;  Salvadora  bairdi  and  Sceloporus grammicus as Pr; one mammal species Glaucomys Volans as category A for protection.   Nine  species  of  birds  were  registered  inside  the  mine  footprint,  three  of  them  are  in  risk  category:  Accipeter cooperil, Chatharus mexicanus with Pr category and Tilmatura dupontii as A gategory, Contopus  cooperi, Myarchus tuberculifer, Pheucticus melanocephalus, Setophaga oocidentalis, Troglodytes aedon  and Tyrannus melancholicus. The majority of these species are migratory.   17.1.7.1 Relocation of flora and fauna.   The Ixtaca project environmental management plan includes the following activities for mitigating impacts  to flora and fauna:   To  rescue  the  largest  quantity  of  individual  plants  (vascular  and  epiphytes),  during  site  preparation previous to construction, with regulated environmental techniques;    Relocate previously rescued flora individuals, to a similar surface from the original;   List  the  priority  flora  species  for  the  rescue,  endemic  species  or  all  species  catalogued  as  risk  species for NOM‐059‐SEMARNAT‐2010;   Avoid or reduce the adverse effects on the fauna inside the footprint of the project, by identifying  adequate methods for the rescue and relocation of individuals, as well as the site rehabilitation  all inside the footprint.    Relocate  species  of  wild  fauna  that  could  be  affected  by  the  development,  or  by  any  mine  infrastructure for the development of the project.    Special  emphasis  will  be  given  to  species  under  NOM‐059‐SEMARNAT‐2010,  with  slow  displacement; for the capturing and relocation close to the site area;    Capture  and  relocation  of  species  with  slow  displacement,  who’s  habitat  or  distribution  is   restricted.   Implement adequate techniques for the capture and relocation controlled to avoid harm or stress  to all organisms of wild fauna;    Identify relocations sites, close to and with similar natural characteristics to the original habitat.    Verify that the relocation zones present equivalent environmental conditions from rescue zones  and that and ecosystem overload is not generated;   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 274 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary   Train the project work force to identify fauna species and to  protect them;  All  these  activities  will  be  performed  to  comply  with  NOM‐059‐SEMARNAT‐2010.  In  general,  where  necessary  and  reasonable,  any  sensitive  species  of  flora  and  fauna  within  the  proposed  disturbance  footprint will be relocated prior to development as part of the Environmental Management Plan.  There are no known species of flora and fauna located at the Ixtaca site that will prevent the development  of the proposed mine.  17.2 Permitting  Mine permitting in Mexico is administered by the federal government body Secretaría de Medio Ambiente  y Recursos Naturales (SEMARNAT).  Guidance for the federal environmental requirements is derived from  the Ley General del Equilibrio Ecológico y la Protección al Ambiente (LGEEPA).  Article 28 of the LGEEPA  specifies that SEMARNAT must issue prior approval to parties intending to develop a mine and mineral  processing plant.  An Environmental Impact Assessment (Manifestación de Impacto Ambiental (MIA) by  Mexican  regulations)  is  the  mechanism  whereby  approval  conditions  are  specified  where  works  or  activities have the potential to cause ecological imbalance or have adverse effects on the environment.   This is supported by Article 62 of the Reglamento de la Ley Minera.  Article 5 of the LGEEPA authorizes  SEMARNAT to provide the approvals for the works specified in Article 28.  The LGEEPA also contains articles that are relevant to conservation of soils, tailings management, water  quality, flora and fauna, noise emissions, air quality, and hazardous waste management.  The Ley de Aguas  Nacionales  provides  authority  to  the  Comisión  Nacional  de  Agua  (CONAGUA),  an  agency  within  SEMARNAT,  to  issue  water  abstraction  concessions,  and  specifies  certain  requirements  to  be  met  by  applicants.  Another  important  piece  of  environmental  legislation  is  the  Ley  General  de  Desarrollo  Forestal  Sustentable  (LGDFS).    Article  117  of  the  LGDFS  indicates  that  authorizations  must  be  granted  by  SEMARNAT for land use changes to industrial purposes.  An application for change in land use or Cambio  de  Uso  de  Suelo  (CUS),  must  be  accompanied  by  a  Technical  Supporting  Study  (Estudio  Técnico  Justificativo, or ETJ).  Almaden has engaged a Mexican environmental consultant to develop the MIA, CUS, and ETJ for the Ixtaca  Project, with an anticipated submission in the first quarter of 2019.    Guidance for implementation and adherence to many of the stipulations of environmental legislation is  provided  in  a  series  of  Normas  Oficiales  Mexicanas  (NOM).    These  NOM  provide  specific  procedures,  limits, and guidelines, and carry the force of law.  The relevant permit application will be developed as the  Project progresses.  The Company has informed the author that  material changes to the  permitting status of  the Property  since the date of the Study are provided in the Company’s public disclosure record since that time.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 275 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  17.3 Social and Community Engagement  17.3.1 Local Communities  The  Ixtaca  Project  is  located  within  the  State  of  Puebla,  in  the  municipality  of  Ixtacamaxtitlán.  Ixtacamaxtitlán covers approximately 561km2 and the Project is located in the northern portion of the  municipality. Ixtacamaxtitlán is home to approximately 0.4% of the population of the State of Puebla, or  25,326 people (2010 census) and, although located only a short 2‐hour drive from large Volkswagen and  Audi manufacturing facilities, it is one of Puebla’s poorest municipalities.   The local economy is based on activities such as agriculture and livestock ranching which is done on a  limited commercial basis, but largely for individual and family use.  There are small‐scale artisans known  locally for fabrication of wooden furniture.  Mexico’s  Instituto  Nacional  de  Estadística  y  Geografía  (“INEGI”)  collected  extensive  census  data  on  Ixtacamaxtitlán  in  2010,  which  provides  a  good  general  picture  of  this  part  of  Mexico.  The  closest  communities to Ixtaca are Santa Maria Zotoltepec, Zacatepec, Vista Hermosa de Lázaro Cárdenas, and  Tuligtic.   Generally speaking, these communities have a lack of employment opportunities with a large number of  families dependent on social services. The Consejo Nacional de Población (CONAPO) rates their degree of  marginalization as “high”, which is an index calculation based on levels of illiteracy, and access to basic  services and infrastructure (drainage, availability of drinking water, dirt floor, toilet, electric power).  Similarly, the Consejo Nacional de Evaluación de la Politica de Desarrollo Social (CONEVAL) estimates that  25.1% of the municipal population lives in extreme poverty; 56% in conditions of moderate poverty; and  17% of the population are vulnerable to some aspect of social deficiency.   17.3.2 Community Engagement  Open, transparent communication with stakeholders has been fundamental to Almaden’s approach since  staking the original Tuligtic claims in 2001.   Over the past several years, Almaden has interacted with over 20,000 people from over 53 communities  and 8 different states in the following ways:   Coordinated  nine  large  community  meetings,  with  total  attendance  at  these  meetings  approaching 4,100 people;   Taken a total of approximately 480 people, drawn from local communities, to visit 24 mines;   Arranged 46 sessions of “Dialogos Transversales”, wherein community members are invited to  attend discussions with experts on a diverse range of issues relating to the mining industry such  as an overview of Mexican Mining Law, Human Rights and Mining, mineral processing, explosives,  water in mining, risk management, and mine infrastructure amongst other things;   Opened a central community office in the town of Santa Maria Zotoltepec, which is continually  open to community members and includes an anonymous suggestion box;  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 276 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary   Invested  in  a  “mobile  mining  module”  which  allows  company  representatives  to  establish  a  temporary  presence  in  communities  more  distant  from  the  project,  and  allows  for  those  interested to learn more about the project;   Employed  as  many  local  people  as  possible,  reaching  up  to  70  people  drawn  from  five  local  communities. Almaden operates the drills used at the project, and hence can draw and train a  local workforce as opposed to bringing in external contractors;  Initiated  a  program  of  scholarships  for  top  performing  local  students,  with  130  scholarships  granted to date to individuals from 23 different communities (79 women and 51 men);    Established  several  clubs,  including  reading,  dancing,  football,  music,  and  theatre  clubs,  to  contribute to the vitality of local communities;   Focused on education, enabling over 4,300 people to be positively impacted by our investments,  such  as  rehabilitation  of  school‐related  infrastructure,  donation  of  electronic  equipment,  and  scholarships for top‐performing students.  In  2017,  Almaden  engaged  a  third‐party  consultant  to  lead  a  community  consultation  and  impact  assessment  at  the  Ixtaca  project.  In  Mexico,  only  the  energy  industry  requires  completion  of  such  an  assessment  (known  in  Mexico  as  a  Trámite  Evaluación  de  Impacto  Social,  or  “EVIS”)  as  part  of  the  permitting process. The purpose of these studies is to identify the people in the area of influence of a  project  (“Focus  Area”),  and  assess  the  potential  positive  and  negative  consequences  of  project  development to assist in the development of mitigation measures and the formation of social investment  plans. To Almaden’s knowledge, this is the first time a formal EVIS has been completed in the minerals  industry in Mexico, and as such reflects the Company’s commitment to best national and international  standards in Ixtaca project development.  The EVIS and subsequent work on the development of a Social Investment Plan were conducted according  to Mexican and international standards such as the Guiding Principles on Business and Human Rights, the  Equator Principles, and the OECD Guidelines for Multinational Enterprises and Due Diligence Guidance for  Meaningful Stakeholder Engagement in the Extractive Sector.  Fieldwork for the EVIS was conducted by an interdisciplinary group of nine anthropologists, ethnologists  and sociologists graduated from  various universities, who lived in community homes within the Ixtaca  Focus  Area  during  the  study  to  allow  for  ethnographic  immersion  and  an  appreciation  for  the  local  customs and way of life. This third‐party consultation sought voluntary participation from broad, diverse  population groups, with specific attention to approximately one thousand persons in the Focus Area.  This  extensive  consultation  resulted  in  changes  to  some  elements  of  the  mine  design,  including  the  planned construction of a permanent water reservoir to serve the local area long after mine closure, and  the shift to drystack filtered waste management.  Positive impacts to the socio‐economy of the region are expected to continue as the Project is developed  into a mine and becomes a source of more jobs.  Almaden plans to continue its open communication with  the communities to provide for realistic expectations of any proposed mining operation and the social  impacts of such a development.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 277 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  17.3.3 Land Acquisition  At  the  time  of  the  Study,  Almaden  had  secured  through  purchase  agreements  with  numerous  independent owners, roughly 1,139 hectares which are required for the proposed production plan. This  was  completed  through  friendly  land  purchase  agreements  with  locals,  considering  fair  market  value.  There  are  no  communities  that  require  relocation  as  part  of  the  Project  development.  Mineral  Claim  owners have the right to obtain the temporary occupancy, or creation of land easements required to carry  out exploration and mining operations, under the Federal Mining Law.  17.3.4 Potential Social or Community Requirements and/or Plans  The Ixtaca project is in an area previously logged and with little to no current land use. The mine will not  require  the  resettlement  of  any  communities.  It  is  currently  anticipated  that  water  wells  will  not  be  required, as preliminary models indicate that there is sufficient water for operations from collection of  rainwater. As the local community draws its water from springs at higher elevations than the mine plan,  community water is unlikely to be impacted by mine development.  The Company has informed the author that updates to the Company’s engagement activities with local  communities since the date of the Study are provided in the Company’s public disclosure record since that  time.  17.4 Mine Closure  Reclamation  and  closure  actions  describe  activities  during  the  active  closure  period,  when  the  bulk  of  physical  reclamation  will  take  place,  and  the  post‐closure  period,  when  monitoring  and  some  miscellaneous  maintenance  activities  may  be  required.  The  reclamation  and  closure  actions  were  developed to provide walk‐away solutions for post‐closure.  17.4.1 Open Pit   At closure, given the open pit will be a permanent structure, a safety berm will be built around the open  pit  to  serve  as  a  warning  to  the  public  and  preclude  their  access.  Fences  and  signs  would  require  maintenance in perpetuity and would not constitute a walk‐away solution. Therefore, these structures  are  not  proposed  as  closure  actions.  The  pit  berm  will  be  constructed  by  dozing  material  around  the  perimeter of the open pit.   A lake is expected to form in the pit. Geochemical testing indicates that approximately 7% of the pit shell  area  will  be  potentially  acid  generating  (PAG).  At  this  time  has  been  assumed  that  the  neutralizing  potential of the waste rock will dominate, and no long‐term treatment or mitigation will be required.  In the long term (year 100‐113), the lake is expected to spill over the crest of the pit. A spillway and channel  have been located and sized to divert pit lake overflow around the South Rock Storage Facility.   17.4.2 West Tailings and Rock Storage Facility  The slopes of the West Tailings and Rock Storage Facility will be regraded to an overall slope of 2.5H:1V  to facilitate cover placement and revegetation. The top surface will be placed with a 5% slope to direct  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 278 of 324                            Ixtaca ‐ S‐K 1300 Technical Report Summary  stormwater runoff during operations and will be re‐graded as required at closure to ensure that water  does not pond on the final surface.  Based on the tailings production schedule, at the end of the mine life, some compacted filtered tailings  will be exposed at the surface of the facility at the end of the mine life. These areas will be covered with  1m of limestone rock underlain by 0.5m of compacted limestone rock which will be sourced from select  areas within the Rock Storage Facility. After placement of the rock, the entire facility will be covered with  300mm of locally‐salvaged growth media and revegetated. Growth media will be sourced from stockpiles  around the dump.  No  solution  management  is  anticipated  for  the  co‐disposal  facility  given  the  tailings  is  filtered  and  compacted thus resulting in significant reduction of potential for long‐term seepage.   17.4.3 South Rock Storage Facility  During closure of the facility, the slopes of the South RSF will be regraded to an overall slope of 2.5H:1V  to facilitate cover placement and revegetation. The entire facility will be covered with 300‐mm of locally‐ salvaged growth media and revegetated. The top surface of the waste rock dump will be graded to 2% to  direct stormwater runoff.   17.4.4 Water Dams  At closure the Fresh Water Dam will be reclaimed. The Fresh Water Dam embankment will be breached  and the disturbance covered and revegetated.   The Water Storage Dam will remain post‐closure for the benefit of local communities.  17.4.5 Buildings  Materials and reagents in the beneficiation plant will be removed and disposed of in appropriate landfills  and/or  returned  to  manufacturers.  Processing  equipment  will  be  removed  and  sold  for  salvage  value.  Buildings  and  structures  at  the  plant  and  elsewhere  across  the  site  as  well  as  linear  networks  such  as  pipelines, powerlines, and conveyors will be demolished and the debris hauled to an on‐site landfill.  The foundations will be broken and covered with locally sourced rock and/or growth media. It has been  assumed  that  demolition  debris  will  be  hauled  up  to  30  km  to  account  for  both  on‐site  and  off‐site  disposal.  17.4.6 Roads  Roads not required for the active reclamation and closure period will be removed at the end of operations.  Those not required for long‐term monitoring or maintenance activities will be reclaimed at the end of the  active reclamation and closure period. Any remaining roads required for the post‐closure period will be  reclaimed once the post‐closure monitoring period ends.  17.4.7 Diversions  At closure, all earthworks structures will be reclaimed for positive drainage. The diversion channels used  during operations will be reclaimed by backfilling and revegetation.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 279 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  17.4.8 Wells  Monitoring wells required for monitoring groundwater quality during the closure and post‐closure periods  will remain and the rest will be abandoned. Once the monitoring period is over, the remaining monitoring  wells will be abandoned.  17.4.9 Monitoring  A  surface  and  groundwater  quality  monitoring  will  continue  for  20  years  during  the  closure  and  post‐ closure periods.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 280 of 324                  Ixtaca ‐ S‐K 1300 Technical Report Summary  18.0 Capital and Operating Costs  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  18.1 Introduction  Costs for open pit mining, borrow source mining, and bulk earthworks have primarily been priced by local  mining contractors. Similarly, the process and infrastructure, tailing and water management costs have  been priced using non‐binding estimates from local engineering and construction contractors with recent  experience in constructing mining projects. The companies that provided these estimates are equipped  to carry out the construction of the Project.  All currencies shown in this Section are expressed in USD.  A foreign exchange rate of 1 USD: 20 MXN Peso  has been used. The overall capital cost estimate meets the American Association of Cost Engineers (AACE)  Class 3 requirement of an accuracy range between ‐10% and +15% of the final project cost.  18.2 Capital Costs  Initial capital of $174 million is estimated for the Ixtaca Project including the relocation the Rock Creek  plant. Initial capital costs are estimates derived from a combination of experience in similar projects and  consultation with contractors and equipment suppliers.  Table 18‐1 below shows the breakdown of initial  capital, Table 18‐2 shows the breakdown of sustaining capital of $111.3 million.   Table 18‐3 shows the break down of the expansion capital included in the Sustaining Capital.  Table 18‐1  Initial Capital Cost Summary  Direct Costs    Mining    Process    Onsite Infrastructure    Offsite Infrastructure  Indirects, EPCM, Contingency      and Owners   Cost  Total  $ Millions  $22.2  $80.2  $24.3  $7.5  $39.9  $174.2  Table 18‐2  Sustaining Capital Cost Summary  Direct Costs  Mining  Process  Tailing and Water Management  Onsite Infrastructure  Closure  $ Millions  $2.9  $56.9  $6.9  $1.5  $34.2  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 281 of 324                                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Indirects, EPCM, Contingency      and Owners Cost  Total Sustaining Capital Cost  $9.0  $111.3  Table 18‐3  Expansion Capital Cost Summary    Mining    Process    Infrastructure    Indirects, EPCM, Contingency       and Owner’s Costs  Total  $ Millions $1.2  $56.9  $1.5  $5.0  $64.5  18.2.1 Basis of Estimate   Costs for open pit mining, borrow source mining, and bulk earthworks have been priced by various local  mining contractors following a competitive bid process.  Process  and  infrastructure  costs  are  priced  using  non‐binding  estimates  from  local  engineering  and  construction contractors with recent experience in constructing mining projects. Contractor’s estimates  have been derived from the following:   Current general arrangement layouts and detailed drawings of the Ixtaca mine and process facility.   Engineering contractor remaining estimate of the costs to relocate the existing Rock Creek plant, from  Nome, Alaska to the Ixtaca site, including all transport and logistics costs.  Costs for equipment not supplied from Rock Creek are based on recent supplier quotations.  Work Breakdown Structure (WBS) has been developed for all costs within the project. The estimate was  prepared  using  a  combination  of  Excel‐based  estimate  templates  and  in‐house  database  software.  A  standard coding system, based on the WBS and commodity codes was used to categorize each entry and  organise the estimate.  The  WBS  was  used  to  organise  the  estimate  and  provide  summaries  by  project  area,  sub‐area  and/or  commodity.  The capital, sustaining and closure costs can be used in future phases of the project.  18.2.1.1 Bulk Earthworks Including Site Preparation and Roads  Onsite and offsite roads,  and unit rates for clearing and grubbing, bulk  earthwork, are based on  costs  provided by local construction companies.   MMTS  has  applied  the  estimated  contractor  miner  rates  to  estimated  site  bulk  earthworks  volumes.  Waste rock overhaul for primary crusher pad fill has been estimated by MMTS.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 282 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  18.2.1.2 Costs were provided by area as defined by the current FS drawings of the Ixtaca Process Plant.   Concrete  18.2.1.3 Structural Steel  Structural steel costs have been derived from the current Ixtaca FS drawings.  18.2.1.4 Mechanical  The estimate was prepared from the FS mechanical equipment list and process diagrams.  The mechanical installation pricing includes consideration of receiving free issue mechanical equipment  from the Rock Creek mine.   Recent  quotations  were  used  to  assess  costs  for  other  major  equipment,  and  all  other  mechanical  equipment  which  will  not  be  delivered  from  Rock  Creek.  These  costs  are  based  on  recent  quotes  and  similar projects.  18.2.1.5 Platework and Liners  Costs for all platework and metal liners (measured  in kilograms), for tanks, launders, pumpboxes, and  chutes have been assessed from the FS drawings.  18.2.1.6 Piping  Estimates for piping have been prepared from the current FS drawings for the Ixtaca facility.    18.2.1.7 Site Services  Services were estimated from the FS Ixtaca drawings.  18.2.1.8 On Site Electrical Distribution  Electrical costs were estimated from the current Ixtaca layout and FS electrical drawings.    18.2.1.9 Off Site Electrical Distribution  The  cost estimate for permanent electrical power supply  by means of a transmission line to the site’s  substation  was  developed  by  a  Mexican  engineering  contractor  specializing  in  wholesale  power  distribution.  This includes interaction with the external power network, transmission line right of way and  proposed design concept.  18.2.1.10 Instrumentation  Plant  instrumentation  and  control  system  costs  are  based  on  the  installation  of  a  Distributed  Control  System (DCS).  Field Instruments are based on Ixtaca FS drawings and instrument lists, including necessary  junction boxes and cabling. Site communication costs are based on Ixtaca FS drawings.  18.2.1.11 Open Pit Mining  Contract miner quotes have been used to estimate:   Earthworks unit rates.    Equipment mobilization costs   Explosive related facilities  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 283 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  MMTS  has  included  allowance  for  mine  operations  management,  mine  planning,  and  mine  technical  services in EPCM.   18.2.1.12 Tailings, Water Management, and Closure  MTOs were estimated based on design drawings. Unit rates were sourced as follows:    Unit  rates  for  earthworks  and  liner  supply  and  install  were  obtained  by  subcontract  with  Servicios  Geologicos IMEx, S.C. (IMEx) located in Hermosillo, Sonora, Mexico    Unit rates for gabions and geosynthetic clay liner were calculated based on labor rates provided by  IMEX and supplier estimates for materials  18.2.1.13  Environmental  MMTS costs for environmental include estimated CONAFOR compensation for habitat disturbance. An  allowance has also been made for erosion control during construction.   18.2.1.14 Estimate base currency  The  estimate  has  been  prepared  with  US  dollars  (US$)  as  the  base  currency.  Estimates  provided  by  Mexican mining contractor were based in Mexican Peso (MXN) and converted to USD using 1 US$ = 20  MXN. Fluctuations in foreign exchange rates were not considered in this FS estimate.   18.2.1.15 Labour Cost  Labour costs for the FS are by contractor’s budgetary quotations for the following:   Contract mining;   Process and infrastructure;   Tailing Co‐disposal, RSF, and Water Management;   Rock Creek Dismantling, Refurbishment, Transportation and Delivery to site;  Travel  and  living  out  allowance  is  included  in  the  contractor’s  quoted  rates.  It  is  expected  that  most  personnel will be hired locally by the contractor. The location is close to several small towns, and 50km  from  Apizaco  a  major  industrial  zone.  It  is  expected  that  the  contractor  will  arrange  their  own  accommodation.  A productivity factor has been built into the Contractor’s costs and applied to the labour portion of the  estimate to allow for the inefficiency.  18.2.1.16 Indirect Costs  Indirect  costs  include  items  that  are  necessary  for  the  completion  of  the  project,  but  are  not  directly  related to the direct construction costs, and are in addition to items covered directly by the contractor  ‘all‐in’ labour rate.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 284 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  Construction Indirects  Construction Indirects to be calculated as a percentage of the Direct Costs and will allow for all temporary  buildings  and  services  required  during  construction  and  commissioning.  Estimates  will  be  based  on  durations from the construction schedule. Construction indirects are based on all services and facilities  required to support the various construction activities.    Local Mexican contractor construction indirects for process and infrastructure are included in the  direct cost estimates.   External roads construction indirects are included in the construction directs.   Pioneering construction indirects are included in the direct costs.   Mining indirects where calculated on 3% of the all mining non‐pioneering costs.   Construction indirects for the external powerline are included.   Environmental construction indirects of 1% is included.   Construction indirects are included for the West T/RSF (Co‐disposal Facility), South RSF, water  management, Water Storage Dam, Fresh Water Dam, and sustaining and closure capital.  Spares  The local Mexican contractor estimated the capital and commissioning spares, 3% and 2% of the capital  process equipment respectively.  Mining spares are included in the mining direct costs.   Initial Fills  An allowance is included for initial fills.  Freight and Logistics  The dismantling and relocation of the Rock Creek plant has been estimated by an engineering contractor  based  on  a  budget  quotation  to  freight  from  Alaska,  US  to  Ixtaca,  Mexico.    Freight  and  logistics  costs  include:  Land and ocean transportation.   Loading and offloading including cranage.     Ocean transportation.   Bonds and insurance.  Customs duties and brokerage, are excluded from the freight and logistics estimate.  An additional allowance of 3% of material and equipment costs has been made for freight and logistics.  Commissioning and Start‐up  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 285 of 324                                      Ixtaca ‐ S‐K 1300 Technical Report Summary  An allowance has been included for commissioning in the direct costs. The contractor will be responsible  for  the  testing  and  commissioning  all  equipment  in  their  scope  under  the  observation  of  Company  representatives. MMTS has made additional allowance for commissioning and start‐up indirect costs.   EPCM Costs  EPCM allowance is calculated based on consultant and contractor quotations, taking percentages of the  direct costs as applicable:   Process and infrastructure – 12% applied to the discipline material take‐offs.   Relocation of Rock Creek Equipment – 15% of the relocation cost of the Rock Creek Equipment.   Tailing and Water Management ‐ a contractor has provided estimated costs for the detailed  engineering and construction management of the West T/RSF and South RSF foundations, FWD,  WSD, and water management based on the contractor’s estimate of personnel time and expenses.   Others – 15% of environmental, plant mobile equipment, non‐PMI indirects and Owners Costs.   Vendor Assistance  Vendors’ assistance is based on estimates by MMTS. An allowance is calculated based on number of men  and duration for Vendor’s assistance during construction.  Temporary Construction Facilities & Services  Based  on  construction  staffing  and  site  requirements,  estimates  have  been  included  for  temporary  structures, facilities and services required during construction, and commissioning.  18.2.1.17 Owner’s costs  Owner’s costs have been estimated by MMTS to cover those costs which are normally incurred by the  Owner  for  their  support  of  the  project.  These  costs  include  Almaden  project  management  costs,  pre‐ production  operations,  commissioning,  staff  recruitment,  site  office  and  storage  facilities,  safety  equipment,  travel,  site  transportation,  field  general  expenses,  communication  systems,  training  and  orientation programmes.   18.2.1.18 Contingency  Contingency  is  an  allowance  for  undefined  items  of  work  that  reside  within  the  current  scope  of  the  project which have not been foreseen or described at the time the estimate. A contingency based on the  total direct and indirect costs is included to cover undefined costs.   Contingency Excludes:   Major scope changes such as changes in end product specification, capacities, building sizes, and  location of the asset or project.   Extraordinary events such as major strikes and natural disasters.   Management reserves.   Escalation and currency effects.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 286 of 324                                Contingency is generally included in most estimates and is expected to be expended. Varying amounts of  contingency  have  been  applied  to  reflect  the  varying  degrees  of  risk  of  different  components  of  the  project.    Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 18.4 shows the allowances for contingencies.  Table 18.4  Allowances for Contingencies  Description  Tailings and West Co‐Disposal Facility  South RSF  Water Management  Mining Pre‐production  Mining – Initial Capital  Mining Mobile Equipment  Earthworks (Bulk)  Concrete  Structural Steel  Mechanical  Mechanical ‐ Relocation  Platework  Plant Mobile Equipment  Piping  Electrical  Instrumentation  Tailings filter plant  Environmental  Field Indirects  Spares  Initial Fills  Commissioning and Start‐up  EPCM  Vendors assistance  Owner’s Costs  (%)  20  20  15  *  12  15  12  12  12  12  15  12  15  12  12  12  31  15  15  **  15  15  *  15  15  Risks  High  High  Medium  Low  Medium  Medium  High  Medium  Medium  Medium  Medium  Medium  Medium  Medium  Medium  Medium  High  Medium  Medium  Low  High  High  Medium/High High  Medium/High * Included in contractor’s rates (EPCM for tailing and water management)   ** included in Rock Creek Spares  The  contingency  has  been  included  in  the  estimate  on  a  per  item  basis  varying  from  5%  to  20%.  The  assigned contingency for each item is based on the amount and quality of currently‐available relevant  data.  18.2.1.19 Exclusions  The following items are excluded from the initial capital cost estimate:  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 287 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary   Working capital, (included in the financial model)   Cost escalation during construction   Schedule delays    Costs such as those caused by:  scope changes  unidentified adverse ground conditions  extraordinary climatic events  labor disputes  permit applications  receipt of information beyond the control of EPCM contractors  cost of financing  sunk costs   research and exploration drilling  royalties, corporate and mining taxes  sustaining capital (but will be included in the financial model)  permitting costs  closure costs (estimated separately)  ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Duties  and  taxes  ‐  sales  taxes  should  be  identified  in  all  costing  so  that  exemptions  can  be  estimated  Foreign exchange fluctuations  ‐  Financing costs.   Refundable taxes and duties.   Currency fluctuations.     Customs duties and brokerage, are excluded from the freight and logistics estimate.   Additional  costs  for  accelerated  or  decelerated  deliveries  of  equipment,  materials  and  services  Lost time due to severe weather conditions.  Lost time due to force majeure.  resultant from a change in project schedule.   Warehouse inventories other than those supplied in initial fills.   Environmental bond cost.   Any project sunk costs including this study.   Mine reclamation and closure costs (included in sustaining capital costs).   Escalation post (Q4 2018).   Social, sustainability and community related issues.   Consequences from encountering different geotechnical conditions during future project phases than  those upon which the existing design criteria and assumptions are based.  18.3 Operating Cost Estimate  18.3.1 Operating Cost Summary  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 288 of 324                  The total life of mine operating costs for the Ixtaca Project are $22.5/tonne mill feed.  Operating costs are  summarized in Table 18‐5.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 18‐5  LOM Operating Cost Summary  Mining costs  Processing  G&A   Total  $15.2   $/tonne milled  $10.5   $/tonne milled  $/tonne milled  $1.1   $26.8   $/tonne milled  Note: numbers may not add up due to rounding.  18.3.2 Mining  Operating costs for mining are derived from estimates supplied by various contractor mining companies  following  a  competitive  bid  process.  Mining  operating  costs  also  account  for  varying  productivities  by  period.  Average  LOM  Mine  operating  costs  of  $1.84/tonne  mined  also  include  GME  costs  for  owner  supervision and technical services. Average LOM mining operating costs ($/tonne mined, not including  stockpile rehandle) are summarized in Table 18‐6.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 289 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 18‐6  Mining Operating Cost Summary   Drilling  Blasting  Loading  Hauling  Pit Maintenance and Support  Contractor GME  Owner GME  Total  $/tonne  mined  $0.16  $0.19  $0.30  $0.95  $0.16  $0.06  $0.02  $1.84  18.3.3 Processing   A breakdown of process operating unit costs is presented in Table 18‐7.  Table 18‐7  Process Initial Operating Cost Summary   Labour  Reagents and Consumables  Power  Maintenance  Tailings haul from stockpile to co‐disposal  Total  Note: numbers may not add up due to rounding.  $/t mill feed  0.85 5.97 4.07 0.99 0.35 12.23 Total process cost reduces to $10.40/ t mill feed in Year 5 after throughput increases from 7,650 tpd  to  15,300 tpd.  18.3.3.1 Process Power Cost  The annual power cost estimate is based on the power of all major equipment and a unit cost of 0.084   $/kWh based on in‐house data from similar operations in Mexico.  18.3.3.2 Process Labour  Process labour summarized in Table 18‐8 averages 105 personnel in the initial operation. Process labour  is estimated to peak at approximately 160 personnel after the throughput expansion. Labour will primarily  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 290 of 324                                      be locally sourced living with 20 minutes from the mine site. Labour rates are based on in‐house data from  local Mexican mining operations.  A 5 day shift rotation with 3 x 8 hour shifts has been assumed.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 18‐8  Process Personnel  Operations  Maintenance  Laboratory  Total  Reagents and Consumables  63  27  15  105  Reagents  and  consumables  are  based  on  reagent  consumptions  described  in  Section  14  and  vendor  quotes.   18.3.4 General & Administration (G&A)  Annual G&A cost is US$4.7 M per year is summarized in Table 18‐9.  Table 18‐9  Annual G&A Costs  Personnel  Expenses    Admin, IT, HR    Security and Safety    Environment    Public Relations and Community Affairs  Total  US$/year  $2,065,000 $849,000 $107,000 $1,349,000 $339,600 $4,709,600 18.4 Closure Cost Estimate  The closure cost estimate was prepared using SRCE Version 2.0.  The cost estimate does not include costs to remove equipment. The cost estimate does not take credit for  salvage.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 291 of 324                                                Ixtaca ‐ S‐K 1300 Technical Report Summary  19.0 Economic Analysis  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  19.1 Cautionary Statement  The results of the economic analyses discussed in this section represent forward‐ looking information as  defined under Canadian securities law.  The results depend on inputs that are subject to a number of  known  and  unknown  risks,  uncertainties  and  other  factors  that  may  cause  actual  results  to  differ  materially from those presented here.  Information that is forward‐looking includes:  • • • • • • • Mineral Resource and Mineral Reserve estimates;  Assumed commodity prices and exchange rates;   Mine production plans;  Projected recovery rates;   Sustaining and operating cost estimates;   Assumptions as to closure costs and closure requirements;  Assumptions as to environmental, permitting and social risks.  Additional risks to the forward‐looking information include:  • • • • • • • Changes to costs of production from what is assumed;  Unrecognized environmental risks;  Unanticipated reclamation expenses;  Unexpected variations in quantity of mineralised material, grade, or recovery rates;  Geotechnical and hydrogeological considerations during mining being different from what was  assumed;  Failure of plant, equipment, or processes to operate as anticipated;  Accidents, labour disputes and other risks of the mining industry.  19.2 Assumptions  The economic analysis assumes the Ixtaca Project is a 100% equity financed project.  All dollar amounts in  this analysis are expressed in US dollars, unless otherwise specified.  The Economic analysis includes the entire project life. The valuation date on which the Net Present Value  (NPV) and Internal Rate of Return (IRR) are measured is the start of Year ‐1.   Details of the capital and operating cost estimates are described in Section 18. The production schedule  used for the economic analysis is described in Section 13.  Base case prices are derived from recent common peer usage discussed in Item 19.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 292 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 19‐1  Inputs for Economic Analysis  Parameter  Gold Price  Silver Price  AU Payable  AG Payable  AU Offsite Costs  AG Offsite Costs  Almadex NSR Royalty  Extraordinary Mining Duty  Special Mining Duty  Income Tax  Value  Unit  1,275  $US/oz  17  99.9  99.7  1.10  0.25  2.0  0.5  7.5  30.0  $US/oz  %  %  US$/Oz  US$/Oz  %  %  %  %  19.3 Taxes and Mining Duties  Effective January 1, 2014, the Mexican Tax Reform increased corporate income tax rate from 28% to 30%  and introduced two new mining duties.  The Tax Reform includes the implementation of a 7.5% Special  Mining Duty (SMD) and a 0.5% Extraordinary Mining Duty (EMD) on gross revenue from the sale of gold,  silver  and  platinum.    The  SMD  is  applicable  to  earnings  before  income  tax,  depreciation,  depletion,  amortization  and  interest.    The  SMD  and  EMD  are  tax  deductible  for  income  tax  purposes.    Ixtaca  is  anticipated to generate approximately US$130 million in Federal taxes, US$50 million in State taxes and  US$30 million in Municipal taxes.  19.4 Analysis  The Project Cash Flow is summarized in   Table 19‐2.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 293 of 324                        Table 19‐2  Cash Flow Summary  ‐1   8    Year  Production  Waste  Crusher Feed  AU  AG  Mill Feed  AU  AG  Dore Produced  AU  AG  Revenue  Payable Au   Payable Ag   Less Refining   Less Royalty  Net Payable   Operating Costs  Mining  Process  G&A  Total Operating Costs  Mt  Mt  g/t  g/t  Mt  g/t  g/t  kOz  kOz  $M  $M  $M  $M   $m   $M  $M  $M   $M    37   3.61  0.86  61.5  2.23  1.25  91.3  77  5,803  $98   $98   $2   $4   $191   $62   $27   $5   $94   Net Income   Total Capital Costs   Salvage  Pretax Cash Flow   Total Taxes   After‐Tax Cash Flow    $M    $M   $M   $M   $M    $M   Note: numbers may not add up due to rounding.  $174   $0   ($174)  $0   ($174)  $97  $10  $0  $87  $7  $80  Ixtaca ‐ S‐K 1300 Technical Report Summary  1  2  3  4  5  6  7  8  9  10  11  TOTAL   37   4.56  1.04  64.4  2.80  1.50  97.2   40   4.56  0.86  54.8  2.79  1.24  81.1   43   4.74  1.12  49.1  2.79  1.62  74.7   37   9.22  0.60  35.9  5.58  0.79  50.9   43   9.14  0.60  39.7  5.58  0.83  56.5   44   9.07  0.50  28.6  5.59  0.65  38.3   33   8.88  0.44  33.8  5.58  0.55  43.8   3   9.72  0.36  23.3  5.60  0.44  29.0   0     7.35  0.34  15.4  5.60  0.37  16.4  0     3.83  0.48  19.0  3.83  0.48  19.0  325  74.68  0.59  35.7  47.96  0.77  47.9  116  7,700  94  6,428  118  5,881  119  7,871  126  8,743  99  5,844  64  6,652  50  4,328  45  2,351  37  1,770  946  63,372  $148   $130   $2   $6   $271   $77   $34   $5   $116   $155  $3  $0  $152  $42  $110  $120   $109   $2   $5   $223   $85   $34   $5   $124   $99  $1  $0  $98  $29  $69  $151   $100   $2   $5   $244   $106   $33   $5   $143   $100  $65  $0  $36  $26  $10  $151   $133   $2   $6   $277   $102   $57   $5   $164   $113  $1  $0  $112  $30  $81  $161   $148   $2   $6   $301   $108   $58   $5   $171   $130   $1   $0   $129   $37   $93   $126   $99   $2   $4   $219   $89   $58   $5   $152   $67  $1  $0  $66  $14  $52  $81   $113   $2   $4   $188   $61   $56   $5   $121   $67  $1  $0  $66  $6  $60  $63   $73   $1   $3   $133   $22   $58   $5   $85   $48  $1  $0  $48  $8  $39  $57   $40   $1   $2   $94   $10   $54   $5   $69   $25  $1  $0  $25  $1  $23  $48   $30   $0   $2   $76   $6   $34   $5   $44   $31  $1  $0  $31  $9  $22  $1,205   $1,074   $17   $45   $2,217   $728   $504   $52   $1,283   $934  $286  $0  $663  $210  $453  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 294 of 324                                       Ixtaca ‐ S‐K 1300 Technical Report Summary  19.5 Economic Results and Sensitivities  A summary of financial outcomes comparing base case metal prices to alternative metal price conditions  are presented in Table 19‐3. Alternate prices cases consider the project’s economic outcomes at varying  prices witnessed at some point over the three years prior to this study.  Table 19‐3  Summary of Ixtaca Economic Sensitivity to Precious Metal Prices (Base Case is Bold)  Gold Price ($/oz)  Silver Price ($/oz)  Pre‐Tax NPV 5% ($million)  Pre‐Tax IRR (%)  Pre‐Tax Payback (years)  After‐Tax NPV 5% ($million)  After‐Tax IRR (%)  After‐Tax Payback (years)  1125  14  229  35%  2.0  151  25%  2.6  1200  15.5  349  46%  1.8  233  34%  2.1  1275  17  470  57%  1.6  310  42%  1.9  1350  18.5  591  67%  1.4  388  49%  1.7  1425  20  712  77%  1.3  466  57%  1.5  A  sensitivity  analysis  on  metal  prices  (Table  19‐3),  operating  costs  (Table  19‐4),  foreign  exchange  rate  (Table 19‐5), and capital costs (Table 19‐6), shows that the Project is most sensitive to fluctuations in gold  price  and  foreign  exchange  rate  assumptions,  and  less  sensitive  to  variations  in  capital  and  operating  costs.  The gold grade is not presented in the sensitivity tables because the impact of changes in the gold  grade mirror the impact of changes in the gold price.  Table 19‐4  Summary of Economic Results and Sensitivities to Operating Costs ($ Million)  Opex ($/t milled)  NPV (5% discount rate)  Internal Rate of Return (%)  Payback (years)  Lower Case  Base Case  Upper Case   Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  ‐10%  $26.8/t  +10%  $565  64%  1.5  $371  47%  1.7  $470  57%  1.6  $310  42%  1.9  $376  49%  1.7  $249  36%  2.0  The Ixtaca project is also sensitive to the exchange rate between U.S. dollars and Mexican Pesos (“MXN”).  The FS assumes an exchange rate of 20 MXN per U.S. dollar, and the following table shows the sensitivity  of project economics to different exchange rates assuming base case metals prices.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 295 of 324                                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Table 19‐5  Summary of Economic Results and Sensitivities to Exchange Rate ($ Million)  Upper Case   Lower Case  Base Case  Exchange Rate (MXN:USD)  NPV (5% discount rate)  Internal Rate of Return (%)  Payback (years)  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  18  20  22  $409  52%  1.7  $270  38%  2.0  $470  57%  1.6  $310  42%  1.9  $521  62%  1.5  $342  45%  1.8  The Initial Capital cost is estimated to be US$174.2 million. The following table shows the sensitivity of  project economics to a 10% change in the initial capital costs, assuming base case metals prices.  Table 19‐6  Summary of Economic Results and Sensitivities to Capital Cost ($ Million)  Lower Case  Base Case  Upper Case   Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  Pre‐Tax  After‐Tax  ‐10%  116.9  +10%  $493  65%  1.5  $326  48%  1.7  $470  57%  1.6  $310  42%  1.9  $448  51%  1.7  $294  37%  2.0  Initial Capital ($m)  NPV (5% discount rate)  Internal Rate of Return (%)  Payback (years)  The above sensitivity analysis demonstrates robust economics.  20.0 Adjacent Properties  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  20.1 Cuyoaco Property  The Cuyoaco Property is located approximately 4km south east of the Tuligitic Property and it covers 643  hectares over two mineralized targets: the Pau copper‐silver‐gold skarn, and the Santa Anita gold Project.  20.2 Minera Frisco S.A. de C.V. Espejeras  The Espejeras Property is 100% owned by Minera Frisco S.A. de C.V.  It is located roughly 7km north of the  Tuligtic Property (Figure 3‐1).  Information on the exploration work carried out in the area to date is very  limited.  The area is considered prospective for gold and silver.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 296 of 324                                              Ixtaca ‐ S‐K 1300 Technical Report Summary  21.0 Other Relevant Data and Information  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  21.1 Preliminary Development Schedule  A project construction schedule and project execution plan has been developed as part of the FS. Key  activities and milestones are summarized below:  Ixtaca construction starts in Q4 2019   Permit submission during Q1 2019   Permit Approvals by Q4 2019    Site preparation starts in Q4 2019   Powerline construction starts in Q4 2019   Begin construction of WSD and FWD coffer dams in Q4 2019   Rock Creek plant transported to Ixtaca site end of Q1 2020   Mine preproduction starts in Q2 2020   West T/RSF Year 1 limestone buttress and foundation preparation complete by end of Q2 2021   Plant startup in Q2 2021  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 297 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  22.0 Interpretation and Conclusions  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  22.1 Introduction  An  open  pit  mine  plan  has  been  evaluated  for  the  Ixtaca  Project.  The  QP  notes  the  following  interpretations and conclusions.  22.2 Mineral Tenure, Surface Rights  Information from Almaden legal counsel supports that the mining tenure held is valid and is sufficient to  support declaration of Mineral Resources and Mineral Reserves. The Company has informed the author  that material changes to the claim size and legal status of the mineral claims since the date of the Study  are provided in the Company’s public disclosure record since that time.  A  significant  portion  of  surface  rights  in  the  proposed  mining  area  has  been  acquired  by  Almaden.  Additional surface rights negotiations will be required to execute the current mine plan.  To the extent known, there are no other significant factors and risks that may affect access, title, or the  right or ability to perform work on the property that have not been discussed in this Report.  22.3 Geology and Mineralization  The Ixtaca deposit is an epithermal gold‐silver deposit, mostly occurring as anastomosing (branching and  reconnecting)  vein  zones  hosted  by  limestone  and  shale  basement  rocks  with  a  minor  component  of  disseminated mineralisation hosted in overlying volcanic rocks.  Knowledge  of  the  deposit  settings,  lithologies,  mineralization  style  and  setting,  and  structural  and  alteration  controls  on  mineralization  is  sufficient  to  support  Mineral  Resource  and  Mineral  Reserve  estimation.  22.4 Exploration,  Drilling  and  Analytical  Data  Collection  in  Support  of  Mineral  Resource  Estimation  The quantity and quality of the lithological, collar and downhole survey data collected in the exploration  and infill drill programs conducted during the Ixtaca campaigns are sufficient to support Mineral Resource  and Mineral Reserve estimation.  Sample  security  procedures  met  industry  standards  at  the  time  the  samples  were  collected.    Current  sample storage procedures and storage areas are consistent with industry standards.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 298 of 324                                      Ixtaca ‐ S‐K 1300 Technical Report Summary  Data verification has been extensively conducted by Almaden, and no material issues have been identified  by those programs.    Data collected have been sufficiently verified that they can support Mineral Resource and Mineral Reserve  estimation and be used for mine planning purposes.  22.5 Metallurgical Testwork  Metallurgical testwork completed has been appropriate to the style of mineralization. There are 3 distinct  metallurgical domains hosting precious metal mineralization at Ixtaca:   Limestone  ore  contains  most  of  the  economic  mineralization  and  contributes  75%  of  metal  production in the FS (90% of metal production in the payback period).    Volcanic ore contributes 12% of metal production in the FS.   Black Shale ore contributes 13% of metal production in the FS.  The  testwork  demonstrated  that  economic  mineralization  responds  well  to  processing  by  pre‐ concentration  with  XRT  ore  sorting,  gravity  concentration,  intensive  leaching  of  gravity  concentrate,  flotation, flotation concentrate regrind, leaching with 24 hours Carbon‐in‐Leach (CIL) to complete gold  leaching and 72 hours of agitated leach to complete silver leaching.    The  majority  of  economic  mineralization  is  fine  grained,  requiring  a  primary  grind  P80  of  75  μm  for  liberation, and regrind prior to leaching.  Test  work  has  demonstrated  repeatable  good  overall  recoveries  for  gold  and  silver  in  the  primary  Limestone ore domain. Silver over all recoveries from the volcanic and black shale domains is good. Gold  recoveries in volcanic and black shale are poor due to refractory mineralization in the volcanic and preg‐ robbing organic carbon in the black shale. Ongoing test work indicates that gold recovery improvements  in  the  black  shale  can  be  achieved  with  organic  carbon  rejection  by  carbon  pre‐flotation  or  flotation  cleaning using an organic carbon depressant.  Good carbon rejection and subsequent leach recovery was  also achieved by ultra fine gravity concentration of black shale concentrates.  The testwork results have been used to project metallurgical recovery performance by head grade and  metallurgical domain.  22.6 Mineral Resource Estimates  Ordinary kriging was used to estimate the Mineral Resources reported at various gold equivalent cut‐off  grades. Capping was completed to reduce the effect of outliers within each domain. Uniform down hole  3  meter  composites  were  produced  for  each  domain  and  used  to  produce  semivariograms  for  each  variable. Grades were interpolated into blocks 10 x 10 x 6 meters in dimension by ordinary kriging. Specific  gravities were determined for each domain from drill core.  Estimated blocks were classified as either  Measured,  Indicated  or  Inferred  based  on  drill  hole  density  and  grade  continuity  using  the  2014  CIM  Definition Standards.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 299 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  Factors  that  may  affect  the  resource  estimate  include:    metal  price  assumptions,  changes  in  interpretations of mineralization geometry and continuity of mineralization zones, metallurgical recovery  assumptions,  operating  cost  assumptions,  including  assumptions  that  surface  rights  to  allow  mining  infrastructure to be constructed will be forthcoming, delays or other issues in reaching agreements with  local or regulatory authorities and stakeholders, and changes in land tenure requirements or in permitting  requirements from those discussed in this Report.  22.7 Mineral Reserves  Proven  and  Probable  Mineral  Reserves  have  been  modified  from  Measured  and  Indicated  Mineral  Resources.  Inferred Mineral Resources have been set to waste.   Factors that may affect the Mineral Reserves estimates include metal prices, changes in interpretations  of  mineralization  geometry  and  continuity  of  mineralization  zones,  geotechnical  and  hydrogeological  assumptions,  process  plant  and  mining  recoveries,  the  ability  to  meet  and  maintain  permitting  and  environmental licence conditions, and the ability to acquire surface rights required to execute the mine  plan.  22.8 Mine Plan  Reasonable  mine  plans,  mine  production  schedules,  and  mine  costs  have  been  developed  for  Mineral  Reserves at Ixtaca using pit layouts and mine operations that are typical of other open pit gold operations  in Mexico.  Pit  layouts  and  mine  operations  are  typical  of  other  open  pit  gold  operations  in  Canada,  and  the  unit  operations  within  the  developed  mine  operating  plan  are  proven  to  be  effective  for  these  other  operations;  22.9 Geomechanical   A geomechanical plan has been executed for the Study to determine slope design parameters.  The following geomechanical risks to the project have been identified and incorporated on the project  risk register:  • • The potential for landslide and debris flow hazard in the ash tuff remains a risk to the project.  Geologic observations indicate ash tuff failures and localized debris flows may occur in this  terrain  even  without  mining  activity  or  disturbance.  The  recommended  slope  monitoring  program will provide warning of ash tuff movement or debris flows.  Medium slope failures may occur. These may be the result of Inter‐ramp bench failures or  the  intersection  of  major  structures  in  the  pit  wall.  The  recommended  slope  monitoring  program will identify potential failures so that remedial action may be taken.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 300 of 324                                    Ixtaca ‐ S‐K 1300 Technical Report Summary  • • A structural model has not been developed for the project. The development of a structural  model and use for stability modeling has the opportunity to de‐risk the project by identifying  adverse structures prior to mining.  Overflow from the Water Storage dam may occur over the life of the open‐pit if a greater  than 100‐year storm event occurs. The water storage dam is located upstream of the open  pit. It is expected that uncontrolled water flows over the open pit walls in the volcanic tuffs  and  shales  have  the  potential  to  create  failures  or  debris  flows  entraining  material.  Maintenance  of  reservoir  levels,  and  the  recommended  slope  monitoring  program  will  provide warning of potential instabilities.  Overall  geomechanical  risks  to  the  project  can  be  reduced  by  conducting  the  recommended  work  in  Section 23.3.3 before, and as mining commences in the Ixtaca open pit.  22.10 Tailings, Rock, and Water Management  Tailings and waste rock will be co‐disposed in the West Tailings and Rock Storage Facility (West T/RSF).  Tailings produced by the flotation process will be sent through a filter press and then conveyed from the  plant to a central point in the West Tailings and Rock Storage Facility. From this location, the tailings will  be placed, spread and compacted in layers. The filtered tailings will be surrounded by a limestone waste  rock buttress and will be deposited with waste rock.  A stochastic daily water balance model was prepared for the Project using GoldSim. The main objectives  of the site water management plan are to optimize the use of water, prevent discharge of water from the  filtered tailings operational surface (West T/RSF), maximize the use of stormwater runoff as fresh water  supply to the Process Plant, and to maintain a flow of water downstream of the mine for the community.  Process plant demands will be met from the following sources:   Stormwater runoff from the West T/RSF operating surface   Fresh water will be provided from various sources including:  o Groundwater inflow to the pit;  o Stormwater runoff collected in the open pit;  o The FWD;  o The WSD;   In the early years of operations (Years 1 to 5), the predicted groundwater inflows and stormwater in the  pit and surface of Co‐disposal will supply the plant water demand, with no makeup water anticipated from  the FWD and WSD. In the later years of operation (Years 6 onwards), all water sources are used to meet  plant demand.  A portion of rainfall or groundwater inflow accumulated in the open pit will be used for dust control during  the dry months.  The results of the daily water balance model illustrate that the mine will operate in a water balance over  a broad range of climatic conditions with the base‐case parameters noted above. For startup and through  mine year 5 there is a very low risk of insufficient water for plant operations. There is uncertainty in the  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 301 of 324                                Ixtaca ‐ S‐K 1300 Technical Report Summary  basin yield modeled in the daily water balance and associated risk that an actual CN of less than 80 may  result in a plant shortfall from mine year 6 forward.  The following risks to the project have been identified for the West T/RSF and South RSF foundations,  FWD, WSD, and water management structures and incorporated into the project risk register.  • • • • • • • Potential  for  insufficient  water  for  the  project  after  mine  year  5  because  of  the  reliance  of  precipitation  and  run‐off  for  operational  water.  This  may  also  include  insufficient  water  for  community  water  commitments  which  could  result  project  interruptions.  Data  from  the  upgraded site monitoring stations will continue to be monitored and analyzed through start up  and during operations. This data will be used to update the water balance and if a risk of plant  shortfall  still  exists  after  mine  year  5,  then  a  contingency  plan  for  alternative  water  sources  should be developed.  The potential for strength degradation in low strength, low‐density ash foundation materials if  saturated,  piping under high seepage gradients and  potentially  brittle failure (collapse) under  loading  conditions  in  excess  of  pre‐consolidation  pressures.  Additional  characterization  and  design will be needed to further address the limitations of the existing foundation materials in  the proposed facility footprints (West T/RSF, South RSF, FWD, and WSD).  The  potential  for  deeper  than  anticipated  colluvial/alluvial  and  landslide  deposits  necessitate  deeper  than  anticipated  foundation  excavations  during  construction  which  could  increase  construction costs for the project. Additional geotechnical investigation within the FS footprints  of  the  FWD,  WRD,  West  T/RSF,  and  South  RSF  toe  areas  is  required  to  further  quantify  and  mitigate this risk.  The potential for difficulties during dry‐stacking operations including, filtration inefficiencies, lack  of  operational  controls  and/or  excessive  rate  of  rise  leads  to  excess  pore  pressure  in  the  compacted  tailings  and  slope  instability.  These  should  be  addressed  in  the  operations  plan  developed during the detailed design.  The potential for differential settlement in the WSD eastern abutment due to construction of the  60‐meter‐high  dam  on  different  lithologies  within  the  embankment  footprint  could  cause  damage to the geomembrane liner, seepage through the embankment, and release of water into  the Open Pit. Additional geotechnical investigation and geologic mapping in the volcanics within  the WSD footprint is required to further quantify this risk. The completion of a trade‐off study  for construction of the WSD with RCC versus the FS rockfill construction is also recommended.   Seepage and piping through the portions of the facility footprints (West T/RSF, South RSF, FWD,  and  WSD)  located  on  volcanics  could  impacted  facility  stability  and  groundwater  chemistry.  Additional  geotechnical  investigation  in  the  eastern  abutment  would  minimize  this  risk.  In  addition, Completion of a trade‐off for construction of the WSD with RCC versus the FS rockfill  construction is recommended.  Due  to  the  prevalence  of  ash  tuffs  and  lapilli  tuff  and  breccias  in  the  proposed  foundation  excavations of the Fresh Water Dam and Water Storage Dam as well as the borrow source areas  for  these  facilities,  there  is  the  potential  for  insufficient  appropriate  borrow  materials  for  construction. Designs in the FS have minimized use of these materials as construction fill for the  dams however, the volcanics are still used for liner subgrade preparation within the basins. Their  suitability should be further characterized during the detailed design or alternatives should be  identified.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 302 of 324                      Ixtaca ‐ S‐K 1300 Technical Report Summary  The work to address each of these risks for the West T/RSF and South RSF foundations, FWD, WSD, and  water management structures has been included in the recommended work detailed in Section 23.2.  22.11 Environmental, Permitting and Social Considerations  Almaden  has  engaged  a  Mexican  environmental  consultant  to  develop  an  Environmental  Impact  Assessment (MIA), an application for change in land use (CUS) and accompanying Technical Supporting  Study (ETJ) for the Ixtaca Project, with an anticipated submission in the first quarter of 2019.   Almaden has conducted extensive open, transparent communication with project stakeholders.  The Company has informed the author that material changes to the claim size and legal and permitting status of the Property since the date of the Study are provided in the Company’s public disclosure record since that time.  22.12 Capital and Operating Cost Estimates  The initial capital cost for construction of the Ixtaca Project has been estimated to be $174 million, and  the total sustaining capital cost is estimated to be $111 million over the LOM.  22.13 Economic Analysis  Project economics assume a gold price of $1275/Oz, and a silver price of $17/oz, and exchange rate of  1US$ = 20 MXN Peso.  The Project NPV at a 5% discount rate is $310 million, with an IRR of 42% and initial capital payback of 1.9  Years. NPV is discounted to the start of Year ‐1.  Risks to the economic analysis include:   Changes to costs of production from what is assumed;   Unrecognized environmental risks;   Unanticipated reclamation expenses;   Unexpected variations in quantity of mineralised material, grade, or recovery rates;   Geotechnical and hydrogeological considerations during mining being different from what was  assumed;   Failure of plant, equipment, or processes to operate as anticipated;   Accidents, labour disputes and other risks of the mining industry.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 303 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  23.0 Recommendations  The information in this section was drawn from the most recent major study prepared entitled “The Ixtaca  Gold‐Silver  Project  Puebla  State,  Mexico  NI  43‐101  Technical  Report  on  the  Feasibility  Study”  dated  January 24th 2019 and updated October 3, 2019.  Pending financing and a production decision, MMTS recommends that the Ixtaca Project proceed to the  detailed design phase.   23.1 Geology and Exploration  The following exploration drilling is recommended:   Higher resolution drilling of the starter pit area to improve the definition of start‐up mill feed   Step out exploration of the north high‐grade limestone   Step out exploration of the north east black shale potential underground mining target   Additional exploration of the Tano and SE Alteration zones  The exploration drilling costs are estimated to be $550,000.  23.2 Tailings, Rock, and Water Management Recommendations  The following work is recommended for the detailed design of the West T/RSF, South RSF, Fresh Water  Dam, and Water Storage Dam.   Additional geotechnical characterization in the West T/RSF footprint including drilling, laboratory  testing, and geophysics to refine geotechnical parameters used in the stability analysis, and the  extent and depth of the shear key at the downgradient toe of the West T/RSF.   Additional geotechnical characterization in the South RSF footprint including drilling, laboratory  testing, and geophysics to refine geotechnical parameters used in the stability analysis.   Additional  geotechnical  testing  to  confirm  geotechnical  properties  of  the  compacted  filtered  tailings  and  waste  rock  mix  including  gradation,  density,  drainage/permeability,  consolidation,  and strength.   Additional  geotechnical  characterization  in  the  Fresh  Water  Dam  footprint  including  drilling,  laboratory testing, and geophysics to refine geotechnical parameters used in the stability analysis.   Additional  characterization  via  targeted  geotechnical  drilling  and  laboratory  testing  in  the  volcanics in the eastern abutment of the Water Storage Dam.   Trade‐off  study  for  the  Water  Storage  Dam  to  compare  the  FS  design  to  a  roller  compacted  concrete design.   Update  the  water  balance  with  additional  years  of  site  monitoring  data  for  precipitation  and  streamflows.  If  needed  develop  a  contingency  plan  for  alternative  water  sources  as  noted  in  Section 22.10.  The completion of the above work is estimated to cost $300,000.   Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 304 of 324                              Ixtaca ‐ S‐K 1300 Technical Report Summary  Detailed  engineering  for  the  West  T/RSF  and  South  RSF  foundations,  the  FWD,  WSD,  and  water  management structures is estimated to cost approximately $500,000. The total detailed design costs from  these items is estimated to be $800,000. These costs have been included in the cost estimate.  Site‐wide  water  management  recommendations  include  continued  monitoring  and  analysis  of  the  site  monitoring data, available from site via telemetry, to refine basin yield estimates.   23.3 Mining Recommendations  23.3.1 Open Pit Mining  The pit limit, pit phase designs, mining method/equipment, and production schedule will be developed  for EPCM and used to negotiate a mining contract with the chosen contract mining group.     Activities involved in updating the mining section include (but are not limited to):   Optimize the production schedule through examining various stockpiling scenarios and stockpile  locations as well as RSF locations   Develop a short‐range monthly mine plan for Years ‐1, 1 and 2.   Develop a more detailed mine area reclamation plan.   Drill off Phase 1 and 2 in higher detail to confirm and update the geology model  Total open pit mining costs estimated at $150,000.  23.3.2 Underground Mining Potential  Potential  underground  mining  has  not  been  considered  for  the  FS.  Contiguous  mineralized  high  grade  zones beneath the FS open pit are potential underground mining (UG) resources. Figure 23‐1 shows an  section view below the pit with 60 m wide high grade mineralization that could be amenable to long hole  open stoping.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 305 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  Figure 23‐1 Section View of Au>=$0.5 below the FS pit ‐ looking South ‐East  Engineering studies are recommended to determine the technical and economic viability of underground  mining. Estimated cost to investigate potential underground mining is $80,000.  23.3.3 Geomechanical recommendations  The  following  recommendations  are  provided  with  respect  to  the  open‐pit  slope  design  for  the  Ixtaca  Project:   A detailed structural model should be developed for the project based on all surface mapping,  detailed geologic logs from all resource holes, and from acoustic televiewer data, Major joints and  fractures from this model should be incorporated into the geologic and resource model. (May be  performed by Almaden Minerals using their own geological team, or an outside consultant at $US  75,000 to $125,000).    Stability analysis of the final and interim pit phases should be updated once a structural model is  completed for the project. (Estimate for outside consultant to perform this work is $US 50,000 to  $100,000).   Bench face and slope  performance should be assessed  to  determine  if  there is opportunity to  optimize the slope angles. Principal validation of slope angles with be through slope performance  and rock fabric mapping of the exposed pit walls. Mapping of the volcanic ash tuff rock slopes  should be completed as the pit progresses to collect joint set length and additional spacing data.  (May be performed by Almaden Minerals using their own geological team with training from an  outside consultant at $US 25,000 to $35,000).  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 306 of 324                         Ixtaca ‐ S‐K 1300 Technical Report Summary   Ensure adequate drainage measures along pit benches in the volcanic ash tuff are designed and  implemented in the detailed design phase of the open pit. Any tension cracks where volcanic ash  tuff is exposed at the recommended inter‐ramp angle of 43° may be subjected to displacement,  erosional, and failure mechanisms if adequate drainage is not designed and constructed on the  benches.  The  ash  tuff  slopes,  as  designed,  meet  the  slope  acceptance  criteria  at  a  FoS  of  1.3,  however potential failure mechanisms may occur including gullying, piping, and erosion. (Part of  normal  mining  design  and  mining  costs,  i.e.,  road  maintenance,  using  either  graders  or  bulldozers).   Numerical modeling of the deepest and critical section of the open pit should be completed to  assess incremental deformation and material strain softening in the weak rock mass. As mining  commences, and slope monitoring deformations can be observed, numerical modeling should be  completed to assess the stability of the deepest phases of the pit. (Estimate for outside consultant  to perform this work is $US 30,000 to $60,000).  23.4 Metallurgy and Process Recommendations  Testwork  should  continue  on  Black  Shale  to  improve  gold  recovery  and  overcome  the  preg‐robbing  properties. This metallurgical testing work is estimated to cost $100,000.  23.5 Environmental Recommendations  It  is  recommended  to  continue  with  the  long  lead  environmental  baseline  studies,  including  climate,  hydrology,  and  water  quality  to  support  permitting  requirements.  Advanced  groundwater  and  surface  water predictive models are recommended to interpret potential impacts and better mitigate for them.   Costs for ongoing environmental work are estimated at approximately $300,000.   23.6 Infrastructure Recommendations  A study to refine the alignment of the powerline should be completed at a cost of $150,000.   23.7 Aggregate Potential  A  large  portion  of  the  Ixtaca  Waste  rock  is  non‐mineralized  limestone.    Limestone  waste  rock  is  Geo‐ chemical and geo‐mechanical tests indicate that most of the limestone waste rock is likely suitable for use  as an aggregate. The high calcium content also makes it potentially suitable for agriculture.     The potential to supply aggregate to the >60 million tonne per year Mexican aggregate market should be  further investigated. Estimated cost for this study is $20,000.  23.8 Cement Potential  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 307 of 324                                    Chemical  analysis  of  limestone  flotation  tailings  shows  high  calcium  content  with  low  impurities.  An  investigation  is  recommended  to  determine  if  Ixtaca  flotation  tailings  are  a  potential  feedstock  for  a  cement production process.  Cost estimate to evaluate cement potential is $100,000.  Ixtaca ‐ S‐K 1300 Technical Report Summary  23.9 Risk Assessment  A detailed project risk assessment is recommended. Estimated cost is $50,000.  23.10 Budget  The costs of completing the above recommendations is broken down in Table 26‐1.  Table 23‐1  Recommendations Budget   Item  Geology and Exploration  Tailings, Rock, and Water Management Recommendation  Open Pit Mining Studies  Underground Potential Mining Studies  Geomechanical   Environmental  Powerline   Aggregate potential  Cement potential  Risk Assessment update  Total  Cost ($)  550,000  800,000 150,000 80,000 320,000 300,000 150,000 20,000 100,000 50,000 2,520,000 Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 308 of 324                               Ixtaca ‐ S‐K 1300 Technical Report Summary  24.0 References  Almaden Minerals Ltd. (2004): United States Securities Exchange Commission Form 20‐F.  Annual Report for the Fiscal Year Ended  December 31, 2004, 178 p.  Almaden Minerals Ltd. (2005): United States Securities Exchange Commission Form 20‐F.  Annual Report for the Fiscal Year Ended  December 31, 2005, 338 p.  Almaden Minerals Ltd. (2006): United States Securities Exchange Commission Form 20‐F.  Annual Report for the Fiscal Year Ended  December 31, 2006, 156 p.  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Modeling,  Geological Association of Canada, Special Volume 40, pages 403‐417.  Sinclair, A.J. (1974): Applications of Probability Graphs in Mineral Exploration. Spec. V. Association of Exploration Geochemists, 95  p.  Staffurth N. (2012): Mineralogy and Ore Fluid Properties of the Ixtaca Epithermal Deposits, Puebla State, Mexico: What is the  Cause of Gold‐Rich Versus Silver‐Rich Veins? Master’s Thesis, Faculty of Geology, Imperial College London, 35 p.  Taylor,  B.E.  (2007):  Epithermal  Gold  Deposits,  Mineral  Deposits  of  Canada:  A  Synthesis  of  Major  Deposit‐Types,  Distric  Metallogeny, The Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits  Division, Special Publication No. 5, p. 113‐139.  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 310 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  Tritlla J,  Camprubi A., Morales‐Ramirez J.M., Iriondo A., Corona‐Esquivel R., Gonzalez‐Partida E., Levresse G., and Carrillo‐Chavez  A. (2004): The Ixtacamaxtitlan kaolinite deposit and sinter (Puebla State, Mexico): a magmatic –hydrothermal system telescoped  by a shallow paleoaquifer. Geofluids v. 4, 12 p.  White N.C., and Hedenquist J.W. (1990): Epithermal Environments and Styles of Mineralization: Variations and Their Causes, and  Guidelines for Exploration, 29 p.  White N.C., and Hedenquist J.W. (1995): Epithermal Gold Deposits: Styles, Characteristics and Exploration. Society of Economic  Geologists (SEG), Number 23, 6 p.   25.0 Reliance on information provided by the registrant  The author has not relied on any information from the registrant for this Technical Report Summary. Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 311 of 324                APPENDIX A  ‐ LIST OF DRILL HOLES  Holes used in Resource Estimate are highlighted.  HOLE  CA‐11‐001     CA‐11‐002     CA‐11‐003     CA‐11‐004     CZ‐14‐001     CZ‐14‐002     CZ‐14‐003     G‐AGG‐17‐01   G‐AGG‐17‐02   G‐AGG‐17‐03   G‐AGG‐17‐04   G‐AGG‐17‐05   GM‐14‐001     GM‐14‐002     GM‐14‐003     GM‐14‐004     GM‐18‐005     GM‐18‐006     GM‐18‐007     GM‐18‐008     GMET‐17‐01    GMET‐17‐02    GMET‐17‐02A   GMET‐17‐03    GMET‐17‐04    GMET‐17‐05    GMET‐17‐07    GMET‐17‐08    GMET‐17‐09    GMET‐17‐10    GMET‐17‐12A   GMET‐17‐13    GMET‐17‐14    GMET‐18‐15    GMET‐18‐16  GMET‐18‐17  GT‐14‐001     GT‐14‐002     GT‐14‐003     GT‐14‐004     GT‐14‐005     GT‐14‐006     GT‐14‐007     GT‐14‐008     GT‐14‐009     EASTING  619100.90  619148.11  619147.74  619154.90  619529.80  619445.00  619430.70  618880.90  618880.90  618741.27  618880.90  618880.90  619132.10  619062.50  619239.90  618794.50  618740.00  618750.00  619250.00  619092.50  618805.87  618880.90  618880.90  618805.87  618735.40  618805.87  618759.94  618964.30  618779.10  618964.30  618880.90  619056.45  619056.45  618800.48  618800.48  618800.48  617985.50  617803.80  617896.90  617247.20  617049.20  616767.70  618389.40  616412.00  617558.70  NORTHING 2176535.30 2176789.80 2176790.16 2176474.60 2179001.20 2178781.00 2178680.30 2176125.80 2176125.80 2176032.50 2176125.80 2176125.80 2176272.00 2175860.40 2176591.00 2176338.70 2176040.00 2175950.00 2176575.00 2176352.00 2176044.47 2176125.80 2176125.80 2176044.47 2175849.70 2176044.47 2175980.55 2176158.10 2175987.80 2176158.10 2176125.80 2176423.96 2176423.96 2176022.90 2176022.9 2176022.9 2177975.60 2177636.40 2177445.10 2176309.00 2177187.20 2176972.40 2175286.40 2177312.00 2178820.30 ELEVATION 2302.84 2405.49 2405.58 2300.35 2748.82 2693.68 2662.33 2250.72 2250.72 2248.95 2250.72 2250.72 2264.38 2395.76 2331.15 2373.61 2249.54 2244.82 2389.36 2273.00 2247.93 2250.72 2250.72 2247.93 2239.67 2247.93 2244.77 2255.24 2250.43 2255.24 2250.72 2285.90 2285.90 2249.26 2249.31 2249.31 2546.07 2564.02 2546.43 2395.95 2423.94 2344.96 2231.92 2418.19 2520.81 Ixtaca ‐ S‐K 1300 Technical Report Summary  HOLE LENGTH (m)  410.87  597.77  575.46  276.76  374.29  502.31  482.50  51.21  51.21  81.69  51.21  51.21  290.47  290.47  380.39  200.56  295.90  400.00  300.00  350.00  200.56  252.37  352.96  301.14  154.84  334.67  301.14  346.86  340.77  298.09  273.71  322.48  368.20  249.33  261.52  298.08  221.89  34.75  209.70  227.99  206.65  157.89  49.99  206.65  60.66  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 312 of 324                    Ixtaca ‐ S‐K 1300 Technical Report Summary  GT‐14‐009A    GT‐14‐010     GT‐14‐010A    GT‐14‐011     GT‐14‐011A    GT‐14‐012     GT‐14‐012A    GT‐14‐013     GT‐14‐014     GT‐14‐015     GT‐15‐016     GT‐15‐017     GT‐15‐018     GT‐15‐019     GT‐15‐020     GT‐15‐021     GT‐16‐022     GT‐16‐023     GT‐16‐024     GT‐16‐025     GT‐16‐026     GT‐16‐027     GT‐16‐028     GT‐16‐029     GT‐16‐030     GT‐16‐031     GT‐16‐032     GT‐16‐033     GT‐16‐034     MW‐14‐01D     MW‐14‐01S     MW‐14‐02D     MW‐14‐02S     MW‐14‐03D     MW‐14‐03S     MW‐14‐04      Santa Maria   TU‐10‐001     TU‐10‐002     TU‐10‐003     TU‐10‐004     TU‐10‐005     TU‐10‐006     TU‐10‐007     TU‐10‐008     TU‐10‐009     TU‐10‐010     TU‐10‐011     TU‐10‐012     TU‐10‐013     TU‐10‐014     617558.70  616689.00  616689.00  617549.50  617549.50  618143.20  618143.20  616709.60  617722.60  616725.00  617405.86  616595.96  616174.94  618522.25  619390.09  619058.00  617530.52  617524.91  616964.35  616869.96  616657.30  616286.98  616453.37  616565.88  616434.96  616145.33  616130.21  617236.05  618135.95  616584.16  616579.75  616211.97  616199.69  617062.60  617068.86  618739.67  618640.00  618734.70  618751.50  618726.10  618753.70  618753.70  618834.80  618777.90  618644.40  618646.40  618646.60  618790.20  618751.50  618790.20  618751.50  2178820.30 2177236.80 2177236.80 2178593.10 2178593.10 2178255.70 2178255.70 2176024.20 2178069.10 2177470.00 2177106.90 2176622.39 2177518.33 2175497.89 2177297.26 2177261.00 2176651.36 2176813.43 2176128.39 2176251.99 2176283.33 2176077.59 2176211.57 2176368.06 2176573.89 2177466.39 2176797.41 2176873.09 2175509.25 2176377.98 2176368.37 2176011.81 2176005.90 2179456.16 2179467.90 2176041.37 2173747.00 2176006.60 2176045.20 2175977.20 2176128.70 2176128.70 2176219.10 2175748.90 2175987.60 2176057.90 2175990.60 2176155.60 2176045.20 2176155.60 2176037.40 2520.81 2352.34 2352.34 2493.80 2493.80 2551.17 2551.17 2415.97 2513.01 2367.40 2439.15 2343.69 2440.64 2238.74 2446.97 2464.81 2413.19 2414.28 2388.76 2369.01 2360.00 2320.57 2322.69 2328.52 2370.00 2440.93 2409.76 2411.95 2249.21 2327.61 2327.77 2315.09 2312.37 2570.60 2570.59 2248.76 2203.95 2247.48 2249.47 2244.01 2279.40 2279.40 2325.34 2245.27 2253.13 2264.93 2253.01 2278.34 2249.47 2278.34 2248.82 124.36  51.51  188.37  44.99  200.56  49.99  49.99  200.56  60.66  60.66  60.66  60.66  69.80  49.99  121.62  30.18  30.18  72.85  91.14  74.37  69.80  30.18  30.18  30.18  66.75  109.42  51.51  91.14  75.90  58.90  37.60  64.90  28.80  68.90  50.10  62.90  349.91  377.34  391.67  446.60  490.12  529.74  442.54  559.61  341.90  611.43  458.72  544.98  559.07  361.49  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 313 of 324                          Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐11‐015     TU‐11‐016     TU‐11‐017     TU‐11‐018     TU‐11‐019     TU‐11‐020     TU‐11‐021     TU‐11‐022     TU‐11‐023     TU‐11‐024     TU‐11‐025     TU‐11‐026     TU‐11‐027     TU‐11‐028     TU‐11‐029     TU‐11‐030     TU‐11‐031     TU‐11‐032     TU‐11‐033     TU‐11‐034     TU‐11‐035     TU‐11‐036     TU‐11‐037     TU‐11‐038     TU‐11‐039     TU‐11‐040     TU‐11‐041     TU‐11‐042     TU‐11‐043     TU‐11‐044     TU‐11‐045     TU‐11‐046     TU‐11‐047     TU‐11‐048     TU‐11‐049     TU‐11‐050     TU‐11‐051     TU‐11‐052     TU‐11‐053     TU‐11‐054     TU‐11‐055     TU‐11‐056     TU‐11‐057     TU‐11‐058     TU‐11‐059     TU‐11‐060     TU‐11‐061     TU‐11‐062     TU‐11‐063     TU‐11‐064     TU‐11‐065     618916.80  618978.70  618916.80  618964.10  618978.70  618964.10  619004.50  619004.50  618793.40  619002.30  619260.60  619055.30  619092.80  618659.20  618863.25  618602.40  618806.97  619154.90  618509.50  618777.72  618700.72  618745.96  618512.46  618739.65  618962.37  618450.56  619241.11  618244.68  619311.04  619100.90  618791.29  619241.11  619161.37  618916.80  619091.07  619164.04  618914.70  619091.27  618863.70  619040.03  619052.21  618829.90  618806.97  619082.10  618979.23  618758.23  618743.77  618758.23  618795.80  618782.92  618754.18  2176140.30 2175835.20 2176140.30 2176158.20 2175835.20 2176158.20 2176206.60 2176206.60 2175702.98 2176209.90 2176009.30 2176223.60 2176248.00 2175993.80 2176122.30 2175894.08 2176043.89 2176474.60 2176044.90 2175991.37 2176020.35 2175925.12 2175852.96 2175798.95 2176161.65 2176157.40 2176587.53 2175915.65 2176678.66 2176535.30 2175575.38 2176587.53 2176320.10 2176140.30 2175947.99 2176319.31 2176144.40 2176252.37 2176122.61 2176028.18 2176227.51 2176092.90 2176043.89 2176028.70 2175834.90 2175983.00 2175929.00 2175983.00 2175650.00 2175888.24 2175860.52 2252.80 2375.32 2252.80 2255.19 2375.32 2255.19 2256.52 2256.52 2244.09 2256.23 2383.67 2255.61 2257.15 2251.83 2247.53 2249.74 2248.07 2300.35 2288.71 2248.84 2249.57 2246.09 2268.06 2244.44 2254.48 2302.28 2331.18 2271.17 2379.15 2302.84 2230.60 2331.18 2267.32 2252.80 2414.68 2268.44 2252.22 2257.54 2247.57 2394.97 2255.82 2249.24 2248.07 2391.42 2375.30 2244.51 2245.82 2244.51 2239.26 2266.08 2246.83 291.39  480.36  468.78  302.97  455.98  356.86  319.43  392.58  465.12  389.53  438.42  319.43  340.46  282.24  324.31  230.43  344.12  356.01  406.60  316.38  401.12  166.73  437.69  285.90  263.04  198.12  569.37  639.26  407.82  276.76  480.36  301.14  243.23  365.15  465.12  304.19  316.38  167.03  410.87  471.22  231.04  392.58  480.97  187.76  701.34  176.17  420.01  292.00  432.21  285.90  420.01  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 314 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐11‐066     TU‐11‐067     TU‐11‐068     TU‐11‐069     TU‐11‐070     TU‐11‐071     TU‐11‐072     TU‐11‐073     TU‐11‐074     TU‐11‐075     TU‐11‐076     TU‐11‐077     TU‐11‐078     TU‐11‐079     TU‐11‐080     TU‐11‐081     TU‐11‐082     TU‐11‐083     TU‐11‐084     TU‐11‐085     TU‐11‐086     TU‐11‐087     TU‐11‐088     TU‐11‐089     TU‐11‐090     TU‐11‐091     TU‐11‐092     TU‐11‐093     TU‐11‐094     TU‐11‐095     TU‐12‐096     TU‐12‐097     TU‐12‐098     TU‐12‐099     TU‐12‐100     TU‐12‐101     TU‐12‐102     TU‐12‐103     TU‐12‐104     TU‐12‐105     TU‐12‐106     TU‐12‐107     TU‐12‐108     TU‐12‐109     TU‐12‐110     TU‐12‐111     TU‐12‐112     TU‐12‐113     TU‐12‐114     TU‐12‐115     TU‐12‐116     618979.23  618730.44  618803.94  618749.80  618832.54  618820.83  619022.54  618831.73  618819.30  618792.10  618851.11  618795.50  618877.90  619035.90  619795.60  618914.14  619035.70  618831.60  619302.70  619089.90  618914.14  619301.40  618831.80  619088.50  619240.50  618937.70  619091.20  619238.90  619198.10  618937.70  618883.70  618976.78  619235.90  619151.20  619235.90  618883.70  618964.10  619232.80  618964.10  618791.30  619235.90  618919.10  619040.90  619235.90  618450.80  619044.60  619000.50  619237.70  618510.00  619044.60  619299.20  2175834.90 2175904.32 2175953.38 2175736.77 2175999.74 2175621.36 2175897.56 2175903.59 2175495.40 2175575.61 2175958.84 2175440.40 2176036.30 2175935.80 2175994.20 2176082.10 2175937.80 2176091.70 2176484.90 2175950.80 2176082.10 2176485.60 2176091.40 2175950.10 2176626.30 2176081.90 2175948.70 2176628.90 2176586.50 2176081.90 2176125.60 2176157.83 2176510.50 2176032.30 2176510.50 2176125.60 2176158.20 2176513.50 2176158.20 2175575.40 2176510.50 2176136.80 2176208.50 2176510.50 2176157.50 2176208.50 2176193.30 2176515.40 2176047.30 2176208.50 2176482.80 2375.30 2241.74 2272.10 2240.13 2277.08 2242.98 2407.83 2305.47 2236.70 2230.66 2302.19 2231.00 2318.01 2411.92 2397.53 2313.66 2411.91 2249.72 2332.00 2414.72 2313.66 2331.84 2249.79 2414.65 2325.95 2318.30 2414.70 2325.29 2314.47 2318.30 2250.97 2260.07 2329.93 2392.69 2329.93 2250.97 2255.19 2330.00 2255.19 2230.60 2329.93 2253.47 2256.08 2329.93 2302.34 2255.87 2256.98 2330.21 2288.91 2255.87 2331.12 630.02  261.52  234.09  465.73  319.43  255.42  486.46  219.15  288.95  477.93  238.66  453.54  309.68  359.66  432.21  325.53  462.08  365.15  429.16  532.18  288.95  298.09  517.55  221.28  243.23  274.76  239.57  209.70  246.28  224.94  401.73  413.92  404.77  474.27  267.61  538.89  292.00  401.73  264.57  346.25  343.20  465.73  325.53  368.20  331.01  295.05  413.92  325.53  425.50  365.15  197.51  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 315 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐12‐117     TU‐12‐118     TU‐12‐119     TU‐12‐120     TU‐12‐121     TU‐12‐122     TU‐12‐123     TU‐12‐124     TU‐12‐125     TU‐12‐126     TU‐12‐127     TU‐12‐128     TU‐12‐129     TU‐12‐130     TU‐12‐131     TU‐12‐132     TU‐12‐133     TU‐12‐134     TU‐12‐135     TU‐12‐136     TU‐12‐137     TU‐12‐138     TU‐12‐139     TU‐12‐140     TU‐12‐141     TU‐12‐142     TU‐12‐143     TU‐12‐144     TU‐12‐145     TU‐12‐146     TU‐12‐147     TU‐12‐148     TU‐12‐149     TU‐12‐150     TU‐12‐151     TU‐12‐152     TU‐12‐153     TU‐12‐154     TU‐12‐155     TU‐12‐156     TU‐12‐157     TU‐12‐158     TU‐12‐159     TU‐12‐160     TU‐12‐161     TU‐12‐162     TU‐12‐163     TU‐12‐164     TU‐12‐165     TU‐12‐166     TU‐12‐167     619000.50  618510.00  618685.90  618940.60  619000.50  618506.50  618813.10  618940.60  618693.04  618813.10  618940.60  618506.50  618732.40  618813.10  618506.50  618940.60  618813.10  618732.40  618813.10  618939.90  618621.50  618834.20  618705.70  619082.70  618544.70  618705.70  619082.70  618834.20  619051.20  618705.70  618565.43  618705.70  618853.10  618677.90  619051.20  618563.20  618613.80  618646.60  619051.20  618673.20  618518.50  618639.10  619051.20  618640.40  618914.70  619051.20  618469.30  618730.70  618914.70  619051.20  618410.65  2176193.30 2176047.30 2176257.90 2176142.30 2176193.30 2175961.00 2176076.20 2176142.30 2176334.10 2176076.20 2176142.30 2175961.00 2176365.60 2176076.20 2175961.00 2176142.30 2176076.20 2176365.60 2176076.20 2176143.10 2175965.70 2176293.00 2175991.60 2176389.60 2175894.40 2175991.60 2176389.60 2176293.00 2176453.70 2175991.60 2175965.90 2175991.60 2176343.20 2175882.90 2176453.70 2176043.90 2176265.30 2175813.20 2176453.70 2175759.90 2176161.10 2175999.90 2176453.20 2175720.50 2176351.30 2176453.20 2175923.20 2176004.10 2176351.30 2176453.20 2176024.28 2256.98 2288.91 2376.51 2254.05 2256.98 2278.85 2247.68 2254.05 2380.83 2247.68 2254.05 2278.85 2380.58 2247.68 2278.85 2254.05 2247.68 2380.58 2247.68 2253.95 2252.61 2361.70 2248.16 2275.19 2265.29 2248.16 2275.19 2361.70 2294.88 2248.16 2263.74 2248.16 2356.78 2243.93 2294.88 2272.66 2354.68 2242.00 2294.88 2240.00 2316.38 2254.71 2294.77 2240.00 2329.54 2294.77 2281.00 2247.57 2329.54 2294.77 2274.72 307.24  321.87  615.09  331.62  267.61  395.02  356.01  356.01  404.77  393.19  420.01  425.50  444.40  288.95  431.60  273.71  261.52  438.30  438.30  185.32  331.01  404.77  349.30  218.85  362.10  443.79  200.56  307.24  441.35  248.72  296.57  312.72  340.77  294.44  392.58  319.43  334.67  259.38  380.39  270.05  423.06  145.69  371.25  382.83  282.85  395.63  432.21  327.96  407.82  453.54  487.07  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 316 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐12‐168     TU‐12‐169     TU‐12‐170     TU‐12‐171     TU‐12‐172     TU‐12‐173     TU‐12‐174     TU‐12‐175     TU‐12‐176     TU‐12‐177     TU‐12‐178     TU‐12‐179     TU‐12‐180     TU‐12‐181     TU‐12‐182     TU‐12‐183     TU‐12‐184     TU‐12‐185     TU‐12‐186     TU‐12‐187     TU‐12‐188     TU‐12‐189     TU‐12‐190     TU‐12‐191     TU‐12‐192     TU‐12‐193     TU‐12‐194     TU‐12‐195     TU‐12‐196     TU‐12‐197     TU‐12‐198     TU‐12‐199     TU‐12‐200     TU‐12‐201     TU‐12‐202     TU‐12‐203     TU‐12‐204     TU‐12‐205     TU‐12‐206     TU‐12‐207     TU‐12‐208     TU‐12‐209     TU‐12‐210     TU‐12‐211     TU‐12‐212     TU‐12‐213     TU‐12‐214     TU‐12‐215     TU‐12‐216     TU‐12‐217     TU‐12‐218     618734.10  618946.40  618984.30  618435.90  618745.60  618946.40  618984.30  619001.70  618407.50  618604.70  618984.30  619001.70  618984.30  619001.70  618569.60  618408.31  618982.70  618408.31  619165.43  618408.00  618416.10  618404.50  619006.00  619165.40  618446.00  618427.70  619006.00  618427.70  619074.90  618423.40  618417.50  619006.00  618417.50  619074.90  618568.40  618414.40  619074.90  619002.20  618675.70  618565.40  619083.80  618675.70  619049.20  618703.40  618808.70  619214.50  619046.70  618948.30  619214.50  618808.70  619049.78  2176005.90 2176414.40 2176547.10 2175974.50 2176037.90 2176414.40 2176547.10 2176403.90 2176026.90 2175820.10 2176547.10 2176403.90 2176547.10 2176403.90 2175756.10 2176025.50 2176546.50 2176025.50 2176322.56 2176026.90 2175932.00 2176024.40 2176498.30 2176319.80 2175860.50 2176204.10 2176498.30 2176204.10 2176389.50 2176205.70 2176112.00 2176498.30 2176112.00 2176389.50 2176189.60 2176115.20 2176389.50 2176499.80 2176200.30 2176189.80 2176389.60 2176200.30 2176453.30 2175953.70 2176079.40 2176220.80 2176450.80 2176416.70 2176220.80 2176079.40 2176453.73 2247.49 2312.43 2325.52 2276.25 2249.21 2312.43 2325.52 2300.36 2274.57 2245.99 2325.52 2300.36 2325.52 2300.36 2246.49 2274.61 2325.58 2274.61 2268.44 2274.59 2276.54 2274.44 2315.06 2268.98 2276.22 2302.63 2315.06 2302.63 2276.67 2301.64 2290.81 2315.06 2290.81 2276.67 2330.17 2290.56 2276.67 2315.91 2362.60 2329.93 2275.09 2362.60 2295.06 2243.89 2247.17 2302.38 2295.09 2312.78 2302.38 2247.17 2295.09 373.68  413.92  392.58  444.40  571.80  416.97  407.82  313.33  535.84  416.36  426.11  349.91  420.01  224.94  446.84  264.57  434.04  167.03  352.96  200.56  443.79  490.12  413.92  395.63  316.38  130.45  407.82  325.53  383.44  215.80  316.38  480.97  160.93  413.92  484.03  182.27  453.54  368.20  205.13  263.96  368.20  258.47  319.43  322.48  313.33  304.19  337.72  605.94  404.77  235.61  295.05  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 317 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐12‐219     TU‐12‐220     TU‐12‐221     TU‐12‐222     TU‐12‐223     TU‐12‐224     TU‐12‐225     TU‐12‐226     TU‐12‐227     TU‐12‐228     TU‐12‐229     TU‐12‐230     TU‐12‐231     TU‐12‐232     TU‐12‐233     TU‐12‐234     TU‐12‐235     TU‐12‐236     TU‐12‐237     TU‐12‐238     TU‐12‐239     TU‐12‐240     TU‐12‐241     TU‐12‐242     TU‐12‐243     TU‐12‐244     TU‐12‐245     TU‐12‐246     TU‐12‐247     TU‐13‐248     TU‐13‐249     TU‐13‐250     TU‐13‐251     TU‐13‐252     TU‐13‐253     TU‐13‐254     TU‐13‐255     TU‐13‐256     TU‐13‐257     TU‐13‐258     TU‐13‐259     TU‐13‐260     TU‐13‐261     TU‐13‐262     TU‐13‐263     TU‐13‐264     TU‐13‐265     TU‐13‐266     TU‐13‐267     TU‐13‐268     TU‐13‐269     619211.60  619211.60  618948.30  619243.40  618943.70  619243.40  619240.90  619033.90  619240.90  618943.70  619243.70  618943.70  619295.40  619243.70  619295.40  619280.30  618899.10  619393.90  619280.30  619393.90  619278.54  619395.80  619278.54  619395.80  619280.01  618899.10  619292.50  619132.90  619292.50  618609.90  619005.20  619343.10  619005.20  619343.10  618609.90  619092.50  619343.10  618490.60  619092.50  619338.60  619092.50  618490.60  619294.10  618927.30  619294.10  619393.90  618927.30  619294.10  619212.10  619269.80  619213.20  2176220.30 2176220.30 2176416.70 2176274.20 2176588.20 2176274.20 2176281.30 2176362.00 2176281.30 2176588.20 2176279.70 2176588.20 2176093.20 2176279.70 2176093.20 2176314.26 2176653.80 2176045.20 2176314.26 2176045.20 2176317.79 2176041.50 2176317.79 2176041.50 2176316.64 2176653.80 2176097.11 2176271.90 2176097.11 2175819.30 2176207.80 2176562.90 2176207.80 2176562.90 2175819.30 2176352.10 2176562.90 2175939.60 2176352.10 2176565.00 2176352.10 2175939.60 2176541.10 2176480.60 2176541.10 2176045.20 2176480.60 2176541.10 2176127.50 2176598.90 2176122.60 2302.02 2302.02 2312.78 2306.80 2339.80 2306.80 2306.18 2284.93 2306.18 2339.80 2307.03 2339.80 2338.44 2307.03 2338.44 2323.09 2344.89 2345.02 2323.09 2345.02 2323.47 2345.42 2323.47 2345.42 2323.54 2344.89 2336.64 2264.59 2336.64 2245.51 2256.46 2360.98 2256.46 2360.98 2245.51 2273.00 2360.98 2281.00 2273.00 2359.28 2273.00 2281.00 2334.98 2318.30 2334.98 2345.02 2318.30 2334.98 2325.29 2338.83 2328.32 203.61  282.85  548.03  200.56  377.34  371.25  176.17  590.70  197.51  398.68  420.01  477.93  209.70  416.97  264.57  154.84  499.26  252.37  279.81  313.33  145.69  316.38  203.61  237.13  218.85  413.92  221.89  325.53  148.74  508.41  343.81  267.61  392.58  319.43  159.41  413.92  237.13  441.35  383.44  325.53  426.11  468.78  257.56  444.40  334.98  425.20  593.75  322.48  234.09  377.34  261.52  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 318 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐13‐270     TU‐13‐271     TU‐13‐272     TU‐13‐273     TU‐13‐274     TU‐13‐275     TU‐13‐276     TU‐13‐277     TU‐13‐278     TU‐13‐279     TU‐13‐280     TU‐13‐281     TU‐13‐282     TU‐13‐283     TU‐13‐284     TU‐13‐285     TU‐13‐286     TU‐13‐287     TU‐13‐288     TU‐13‐289     TU‐13‐290     TU‐13‐291     TU‐13‐292     TU‐13‐293     TU‐13‐294     TU‐13‐295     TU‐13‐296     TU‐13‐297     TU‐13‐298     TU‐13‐299     TU‐13‐300MET  TU‐13‐301MET  TU‐13‐302     TU‐13‐303MET  TU‐13‐304     TU‐13‐305     TU‐13‐306     TU‐13‐307     TU‐13‐308     TU‐13‐309     TU‐13‐310     TU‐13‐311     TU‐13‐312     TU‐13‐313     TU‐13‐314     TU‐13‐315     TU‐13‐316     TU‐13‐317     TU‐13‐318     TU‐13‐319     TU‐13‐320     619429.30  619213.10  619269.80  619213.20  619429.30  619269.80  619326.36  619392.20  619306.40  619326.36  619306.40  619306.40  619326.36  619558.60  619327.00  619558.60  619552.60  619393.70  618555.60  619393.70  618526.50  619386.30  618523.80  619386.30  619384.80  619384.80  619384.80  618423.50  619384.80  619407.10  618505.90  619242.70  619407.10  618808.30  619407.10  619407.10  618890.30  619407.10  619010.90  618890.30  619326.58  619010.90  619328.02  618847.70  619328.02  619010.90  618847.70  619328.04  618829.70  619010.90  619328.02  2176595.30 2176122.60 2176598.90 2176122.60 2176595.30 2176598.90 2176662.64 2176044.40 2176485.60 2176662.64 2176485.60 2176485.60 2176662.64 2176556.30 2176663.10 2176556.30 2176557.30 2176645.40 2176341.20 2176645.40 2176246.50 2176743.80 2176244.30 2176743.80 2176741.50 2176741.50 2176741.50 2176206.60 2176741.50 2176807.40 2176041.03 2176277.30 2176807.40 2176044.00 2176807.40 2176807.40 2176135.40 2176807.40 2176472.30 2176135.40 2176221.67 2176472.00 2176218.23 2176108.90 2176218.23 2176472.30 2176108.90 2176220.10 2176092.00 2176472.00 2176218.23 2386.59 2328.34 2338.83 2328.32 2386.59 2338.83 2380.00 2345.03 2332.99 2380.00 2332.99 2332.99 2380.00 2405.99 2380.00 2405.99 2404.90 2388.20 2343.26 2388.20 2336.24 2360.40 2335.85 2360.40 2360.40 2360.40 2360.40 2301.67 2360.40 2358.20 2288.64 2306.62 2358.20 2248.30 2358.20 2358.20 2251.05 2358.20 2309.36 2251.05 2355.81 2309.20 2355.64 2249.81 2355.64 2309.36 2249.81 2355.91 2249.25 2309.20 2355.64 288.95  285.90  301.14  292.00  218.85  298.09  200.70  87.78  292.00  282.85  340.77  209.70  279.81  209.70  215.80  193.85  231.04  221.89  292.00  243.23  401.73  227.99  499.26  139.60  167.03  290.78  200.56  474.88  282.85  154.84  75.59  145.69  170.08  264.57  96.93  118.26  200.56  398.68  441.35  337.72  240.18  420.01  221.89  212.75  246.28  383.44  267.61  307.24  197.51  334.67  206.65  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 319 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐13‐321     TU‐13‐322     TU‐13‐323MET  TU‐13‐324     TU‐13‐325     TU‐13‐326     TU‐13‐327     TU‐13‐328     TU‐13‐329     TU‐13‐330     TU‐13‐331     TU‐13‐332     TU‐13‐333     TU‐13‐334     TU‐13‐335     TU‐13‐336     TU‐13‐337     TU‐13‐338     TU‐13‐339     TU‐13‐340MET  TU‐13‐341MET  TU‐13‐342     TU‐13‐343     TU‐13‐344     TU‐13‐345     TU‐13‐346     TU‐13‐347     TU‐13‐348     TU‐13‐349     TU‐13‐350     TU‐13‐351     TU‐13‐352     TU‐13‐353     TU‐13‐354     TU‐13‐355     TU‐13‐356     TU‐13‐357     TU‐13‐358     TU‐13‐359     TU‐13‐360     TU‐13‐361     TU‐13‐362     TU‐13‐363     TU‐13‐364     TU‐13‐365     TU‐13‐366     TU‐13‐367     TU‐13‐368     TU‐13‐369     TU‐13‐370     TU‐13‐371     618911.97  619338.50  619006.80  618950.00  618950.00  619338.50  619338.50  618982.60  619338.50  618982.30  619387.90  618982.60  618982.30  619387.90  619387.90  618982.60  619019.90  619387.90  619019.90  619328.04  619326.60  619059.40  619019.90  619083.42  619408.90  619019.90  619059.40  619408.90  619134.70  619408.90  618771.70  619059.40  619134.70  618771.70  619059.40  619408.90  619134.70  619408.90  618771.70  618982.90  619134.70  618771.70  619456.80  618982.90  619457.90  618771.70  618982.90  619194.10  619457.90  618801.10  618918.70  2176142.43 2176311.50 2176499.40 2176147.00 2176147.00 2176311.50 2176311.50 2176522.90 2176311.50 2176187.20 2176281.00 2176522.90 2176187.20 2176281.00 2176281.00 2176522.90 2176205.90 2176281.00 2176205.90 2176220.10 2176221.50 2176426.30 2176205.90 2176029.75 2176341.60 2176205.90 2176426.30 2176341.60 2176035.00 2176341.60 2176041.40 2176426.30 2176035.00 2176041.40 2176426.30 2176341.60 2176035.00 2176341.60 2176041.40 2176389.60 2176035.00 2176041.40 2176366.00 2176389.60 2176362.50 2176041.40 2176389.60 2176027.40 2176364.30 2176022.90 2176381.20 2252.37 2357.41 2314.77 2254.00 2254.00 2357.41 2357.41 2322.36 2357.41 2256.37 2385.68 2322.36 2256.37 2385.68 2385.68 2322.36 2257.78 2385.68 2257.78 2355.91 2355.79 2286.13 2257.78 2391.26 2406.91 2257.78 2286.13 2406.91 2392.53 2406.91 2245.15 2286.13 2392.53 2245.15 2286.13 2406.91 2392.53 2406.91 2245.15 2302.25 2392.53 2245.15 2419.38 2302.25 2419.70 2245.15 2302.25 2392.22 2419.65 2249.65 2322.98 227.99  191.41  377.34  218.85  243.23  209.70  185.32  374.29  209.70  234.09  197.51  356.01  267.61  224.94  231.04  368.20  200.56  234.09  246.28  60.35  151.79  371.25  231.04  243.23  206.65  227.99  365.15  215.80  259.69  276.76  279.81  346.86  199.64  313.33  349.00  255.42  310.29  313.33  200.56  279.81  298.09  246.28  212.75  252.37  243.23  157.58  322.48  322.48  362.10  342.29  346.86  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 320 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐13‐372     TU‐13‐373MET  TU‐13‐374     TU‐13‐375     TU‐13‐376     TU‐13‐377     TU‐13‐378     TU‐13‐379     TU‐13‐380     TU‐13‐381     TU‐13‐382     TU‐13‐383     TU‐13‐384     TU‐13‐385     TU‐13‐386     TU‐13‐387     TU‐13‐388     TU‐13‐389     TU‐13‐390     TU‐13‐391     TU‐13‐392     TU‐13‐393     TU‐13‐394     TU‐13‐395     TU‐13‐396MET  TU‐13‐397     TU‐13‐398     TU‐13‐399     TU‐13‐400     TU‐13‐401     TU‐13‐402     TU‐13‐403     TU‐13‐404     TU‐13‐405     TU‐13‐406     TU‐13‐407     TU‐13‐408     TU‐13‐409     TU‐13‐410     TU‐13‐411     TU‐13‐412     TU‐14‐413     TU‐14‐414     TU‐14‐415     TU‐14‐416     TU‐14‐417     TU‐14‐418     TU‐14‐419     TU‐14‐420     TU‐14‐421     TU‐14‐422     619194.10  618801.00  619562.90  618964.10  619059.20  619562.90  618801.00  618964.10  618760.35  618698.00  619264.17  618698.00  618760.80  619261.40  618735.40  618778.70  619116.80  618755.40  619226.40  618755.40  618778.70  618731.20  619226.40  618746.10  619226.40  618644.05  618542.10  619148.90  619198.10  619198.10  618409.17  618833.60  619198.20  619214.15  619149.20  619196.60  618834.70  619149.20  619214.15  619084.10  619199.10  619058.35  619058.35  619050.94  619313.75  619313.75  619261.88  619268.19  619268.19  619228.24  618800.48  2176027.40 2176024.30 2176432.70 2176158.20 2175862.20 2176432.70 2176024.30 2176158.20 2175981.43 2175921.90 2176491.06 2175921.90 2175980.78 2176493.20 2175849.70 2175991.00 2175832.30 2175859.30 2176543.40 2175859.30 2175991.00 2175905.00 2176543.30 2175926.10 2176543.30 2175732.88 2175897.50 2175939.50 2176586.10 2176586.10 2176028.57 2176836.90 2176586.20 2176123.00 2176033.00 2175488.90 2176833.20 2176033.00 2176123.00 2176030.50 2175486.90 2176422.70 2176422.70 2176455.30 2176680.90 2176680.90 2176489.60 2176598.00 2176598.00 2176542.50 2176022.90 2392.22 2249.24 2445.26 2255.19 2396.69 2445.26 2249.24 2255.19 2244.79 2242.82 2327.64 2242.82 2244.84 2327.99 2239.67 2249.29 2390.29 2247.13 2330.64 2247.13 2249.29 2241.88 2330.64 2246.18 2330.64 2240.19 2266.19 2425.08 2314.56 2314.56 2274.64 2363.00 2314.56 2328.01 2392.64 2312.34 2362.78 2392.64 2328.01 2391.19 2312.34 2284.68 2284.68 2295.21 2379.14 2379.14 2327.33 2338.26 2338.26 2330.74 2249.30 288.95  319.43  270.66  258.47  447.45  316.38  212.75  151.79  234.09  182.27  170.08  151.79  151.79  285.90  163.98  298.09  420.01  151.79  252.37  142.65  188.37  204.52  234.09  234.09  206.65  386.49  383.44  261.52  240.18  243.23  401.73  608.99  270.66  252.37  197.51  369.72  426.11  246.28  288.95  224.94  325.53  334.67  343.81  322.48  209.70  200.56  304.19  218.85  231.04  182.27  276.76  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 321 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐14‐423     TU‐14‐424     TU‐14‐425     TU‐14‐426     TU‐14‐427     TU‐14‐428     TU‐14‐429     TU‐14‐430     TU‐14‐431     TU‐14‐432     TU‐14‐433     TU‐14‐434     TU‐14‐435     TU‐14‐436     TU‐14‐437     TU‐14‐438     TU‐14‐439     TU‐14‐440     TU‐14‐441     TU‐14‐442     TU‐14‐443     TU‐14‐444     TU‐14‐445     TU‐14‐446     TU‐14‐447     TU‐14‐448     TU‐14‐449     TU‐15‐450     TU‐15‐451     TU‐15‐452     TU‐15‐453     TU‐15‐454     TU‐15‐455     TU‐15‐456     TU‐15‐457     TU‐15‐458     TU‐15‐459     TU‐15‐460     TU‐15‐461     TU‐16‐318A    TU‐16‐462     TU‐16‐463     TU‐16‐464     TU‐16‐465     TU‐16‐466     TU‐16‐467     TU‐16‐468     TU‐16‐469     TU‐16‐470     TU‐16‐471     TU‐16‐472     619244.17  619392.60  618824.70  619448.70  618841.90  618795.00  619214.00  618485.00  618483.70  619212.10  619126.50  618489.80  618489.80  619740.20  619002.50  619150.40  619077.70  619413.10  620322.30  619077.70  619076.10  620322.30  618662.30  618665.20  619263.96  619715.20  619082.76  619125.32  619124.00  619120.11  619120.12  618522.43  618800.48  619226.40  618800.48  619226.40  619244.17  618813.24  619244.17  618830.12  618830.96  618831.49  618830.06  618829.84  618702.17  618888.88  618888.88  618888.88  618888.88  618801.00  618888.88  2176278.60 2176045.50 2175618.40 2175866.80 2175570.30 2175700.90 2175773.00 2176612.80 2176612.50 2175771.30 2175570.00 2176609.70 2176609.70 2175937.70 2177254.10 2175936.60 2177139.10 2175488.20 2176936.90 2177139.10 2177137.40 2176936.90 2176518.60 2176398.60 2176006.00 2175888.90 2176820.38 2176655.55 2176655.65 2176709.10 2176709.11 2175499.34 2176022.90 2176543.30 2176022.90 2176543.30 2176278.60 2176076.15 2176278.60 2176092.04 2176092.86 2176091.92 2176092.77 2176092.44 2175993.78 2176133.89 2176133.89 2176133.89 2176133.89 2176022.00 2176133.89 2306.97 2344.91 2243.40 2370.63 2244.28 2244.12 2367.54 2386.08 2386.00 2367.46 2322.67 2386.08 2386.08 2390.72 2463.56 2425.48 2456.64 2324.16 2507.18 2456.64 2456.26 2507.18 2397.96 2390.00 2383.64 2390.74 2395.64 2351.65 2351.18 2368.23 2368.23 2238.78 2249.30 2330.64 2249.30 2330.64 2306.97 2247.70 2306.97 2249.33 2249.48 2249.67 2249.27 2249.23 2248.41 2251.00 2251.00 2251.00 2251.00 2249.92 2251.00 156.67  493.17  310.29  501.70  252.37  255.42  501.70  349.91  349.91  294.44  502.31  252.37  322.48  544.98  543.00  453.54  520.60  310.29  351.13  349.91  154.23  310.29  395.63  551.08  279.81  346.86  328.57  266.70  274.62  234.09  301.14  418.89  316.38  231.04  261.52  243.23  179.22  282.85  151.79  371.25  304.19  505.36  313.33  365.15  398.68  389.53  298.09  362.10  285.90  346.86  322.48  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 322 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐16‐473     TU‐16‐474     TU‐16‐475     TU‐16‐476     TU‐16‐477     TU‐16‐478     TU‐16‐479     TU‐16‐480     TU‐16‐481     TU‐16‐482     TU‐16‐483     TU‐16‐484     TU‐16‐485     TU‐16‐486     TU‐16‐487     TU‐16‐488     TU‐16‐489     TU‐16‐490     TU‐16‐491     TU‐16‐492     TU‐16‐493     TU‐17‐125A    TU‐17‐129A    TU‐17‐149A    TU‐17‐494     TU‐17‐495     TU‐17‐496     TU‐17‐497     TU‐17‐498     TU‐17‐499     TU‐17‐500     TU‐17‐501     TU‐17‐502     TU‐17‐503     TU‐17‐504     TU‐17‐505     TU‐17‐506     TU‐17‐507     TU‐17‐508     TU‐17‐509     TU‐17‐510     TU‐17‐511     TU‐17‐512     TU‐17‐513     TU‐17‐514     TU‐17‐515     TU‐17‐516     TU‐17‐517     TU‐17‐518     TU‐17‐519     TU‐17‐520     618801.00  618801.00  618916.80  618914.38  618803.13  618940.24  618803.13  618940.24  618803.13  618964.30  618838.47  618982.30  618838.47  618982.30  618883.70  618982.30  618880.88  618984.02  618880.88  619003.57  619018.60  618693.03  618731.30  618852.97  619018.62  618687.30  619018.62  619018.62  619041.22  618693.03  619042.49  618098.27  617946.75  617946.75  618794.84  617947.60  617210.55  617210.55  618852.90  618746.00  618741.27  618880.90  618753.70  618880.90  618753.70  619401.46  619434.85  618794.84  618794.84  619594.88  618820.73  2176022.00 2176022.00 2176140.30 2176144.01 2176077.89 2176143.07 2176077.89 2176143.07 2176077.89 2176158.12 2176099.36 2176187.10 2176099.36 2176187.10 2176125.60 2176187.10 2176125.79 2176185.09 2176125.79 2176203.54 2176210.23 2176334.38 2176363.28 2176344.65 2176210.36 2176260.64 2176210.36 2176210.36 2176207.11 2176334.38 2176206.49 2175860.18 2176059.42 2176059.42 2176338.56 2176063.24 2175118.94 2175118.94 2176344.00 2175925.10 2176032.51 2176125.80 2176128.70 2176125.80 2176128.70 2175651.52 2175739.21 2176338.56 2176338.56 2175833.15 2176349.00 2249.92 2249.92 2252.80 2252.26 2246.74 2253.96 2246.74 2253.96 2246.74 2255.25 2250.40 2256.38 2250.40 2256.38 2250.97 2256.38 2250.72 2256.63 2250.72 2256.65 2257.16 2380.90 2380.17 2356.86 2257.15 2376.92 2257.15 2257.15 2256.96 2380.90 2257.07 2267.80 2300.98 2300.98 2373.58 2301.10 2443.97 2443.97 2356.88 2246.10 2248.94 2250.72 2279.40 2250.72 2279.40 2348.00 2359.50 2373.58 2373.58 2382.00 2370.26 320.34  325.53  325.53  313.94  313.33  301.95  331.62  307.24  325.53  307.24  295.05  273.71  277.37  273.71  307.24  331.62  240.18  270.66  292.00  295.05  221.89  560.22  557.17  523.65  267.61  508.41  215.80  322.48  179.22  502.31  26.82  145.39  499.26  465.73  465.73  154.84  292.00  395.63  529.74  173.13  434.04  313.33  490.12  371.25  441.35  484.02  502.31  200.56  203.61  544.98  200.56  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 323 of 324                Ixtaca ‐ S‐K 1300 Technical Report Summary  TU‐17‐521     TU‐17‐522     TU‐17‐523     TU‐17‐524     TU‐17‐525     TU‐17‐526     TU‐17‐527     TU‐17‐528     TU‐17‐529     TU‐17‐530     TU‐17‐531     TU‐17‐532     TU‐17‐533     TU‐18‐534     TU‐18‐535     TU‐18‐536     TU‐18‐537     TU‐18‐538     TU‐18‐539     TU‐18‐540     TU‐18‐541     TU‐18‐542     TU‐18‐543  TU‐18‐544  TU‐18‐545  TU‐18‐546  TU‐18‐547  TU‐18‐548  TU‐18‐549  TU‐18‐550  TZ‐12‐001     TZ‐12‐002     TZ‐12‐003     TZ‐12‐004     TZ‐12‐005     TZ‐16‐006     WW‐13‐001     WW‐13‐002     WW‐13‐003     WW‐13‐004     WW‐13‐005     WW‐13‐006     WW‐13‐007     618820.73  618820.73  618788.81  618820.73  618852.90  618852.90  619474.21  618852.90  619415.88  616925.98  616925.98  619011.80  616925.98  616926.00  619011.80  616926.04  619007.09  616728.67  616728.67  618800.48  616870.09  616870.09  619265.63  619265.63  619265.63  619243.4  619219.38  619219.38  619219.38  619219.38  616201.40  616200.50  616304.20  616303.30  616304.50  616202.30  618662.40  618659.10  619091.80  618958.96  618432.80  618549.80  618614.10  2176349.00 2176349.00 2175447.54 2176349.00 2176344.00 2176344.00 2175579.46 2176344.00 2175458.92 2175017.39 2175017.39 2176471.73 2175017.39 2175016.20 2176471.73 2175016.00 2176499.87 2174997.40 2174997.40 2176022.90 2175372.25 2175372.25 2176286.34 2176286.34 2176286.34 2176274.2 2176282.68 2176282.68 2176282.68 2176282.68 2175374.70 2175375.30 2174967.40 2174966.70 2174967.90 2175380.66 2175698.20 2175920.60 2176350.90 2176148.12 2174984.20 2175398.30 2175210.60 2370.26 2370.26 2230.58 2370.26 2356.90 2356.90 2348.29 2356.90 2318.91 2439.55 2439.55 2309.28 2439.55 2439.47 2309.28 2439.47 2314.65 2419.43 2419.43 2249.26 2418.76 2418.76 2313.4 2313.4 2313.4 2306.54 2300.16 2300.16 2300.16 2300.16 2360.11 2360.22 2301.44 2301.31 2301.49 2360.40 2238.59 2246.76 2273.00 2255.22 2222.02 2234.55 2225.47 200.56  200.56  502.31  200.56  200.56  200.56  438.50  200.56  395.63  410.87  274.32  477.93  234.09  404.77  560.22  391.97  377.34  593.75  352.04  386.49  587.65  395.63  194.46  270.66  103.02  249.33  246.28  170.08  157.89  170.08  349.91  377.34  197.51  200.56  249.33  490.12  215.80  407.82  401.73  401.73  352.96  151.18  221.89  Ixtaca ‐ S‐K 1300 Technical Report Summary  Page 324 of 324                      SIGNATURE The Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf. Almaden Minerals Ltd. Registrant Dated: April 28, 2022 By /s/Morgan Poliquin Morgan Poliquin, CEO 100 

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