# Veovaca – Maiden Mineral Resource Estimate

## The Mineral Resource estimate for the Veovaca deposit.

Mineral Resources were reported using a cut-off grade of 2.0% Zinc Equivalent, and separately for the deposit area where gold and silver assays were taken and used, and outside of the area where there are no assays for gold and silver. Further drilling is required for silver and gold to be included in the total Mineral Resource estimate.

*5 February 2018*

**Notes:**

1. Mineral resources are based on JORC Code definitions.

2. A cut-off grade of 0.5% Zn Eq has been applied for the Mineral Resource Estimate and reported above a 0.5% and

2% cut-off in the table above.

3. Zn Eq was calculated using conversion factors of 0.814467 for lead, 0.08413 for barite, 1.463388 for gold, and

0.019969 for silver, and recoveries of 90% for all elements. Metal prices for used were US$2,746/t for zinc,

US$2,236/t for lead, US$240/t for barite, US$1,250/oz for gold and US$17/oz for silver.

4.The applied formula for the Resource (not including raw drill hole assay data) was Zn Eq = Zn% *90% +0.814467

*Pb% *90% 0.087413 * BaSO4% *90 + 1.463388 * Au(g/t) *90% + 0.019969 * Ag(g/t) *90%

5. A bulk density was calculated for each model cell using regression formula BD = 2.718835 + BaSO4 * 0.01292 +

Pb* 0.077334 + Zn * 0.022374.

6. Rows and columns may not add up exactly due to rounding.