Metal Equivalent Calculations – Sala

Zn% (Eq) are based on recoveries at analogous mineralisation systems in Sweden to calculate the Zn equivalent grades; recoveries of 93.8% Zn, 82% Ag and 89.9% Pb were applied.

The following price assumptions were used to calculate the Zn% (Eq):

• Zinc Price of USD $2,976.24 per tonne
• Silver Price of USD $22.62 per ounce
• Lead Price of USD $2,259.07 per tonne

Equivalents were calculated using the following formula: ZnEq = Zn% + Zn% x [(727,345.29 x 0.82 x Ag%) + (2,259.07 x 0.899 x Pb%)]/(2,976.24 x 0.9380 x Zn%)

It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.

JORC Compliance Statements

This website contains references to the Mineral Resource estimate at the Sala Project which have been extracted from Alicanto’s ASX announcement dated 13 July 2022 titled “Outstanding maiden Resource confirms Sala has global scale”.

Information on this website that relates to Exploration Results at the Sala Project has been extracted from the Company’s ASX announcements dated 1 February 2021, 15 February 2021, 13 October 2021, 25 October 2021, 23 March 2022 and 30 May 2023.

Information on this website that relates to Exploration Results at the Falun Project has been extracted from the Company’s ASX announcements dated 7 November 2022, 19 December 2022, 18 July 2023 and 16 January 2024.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the said original announcements, and in the case of the estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not materially modified from the original market announcements.

References

1. Falun Mine historical production statistics obtained from Doctoral Thesis at Lulea University by Tobias Christoph Kampmann, March 2017 “Age, origin and tectonothermal modification of the Falun pyritic Zn-Pb-Cu-(Au-Ag) sulphide deposit, Bergslagen, Sweden”.
2. Sala Mine historical production statistics obtained from a report written by Tegengren, 1924 “Sveriges Adlare Malmer & Bergverk”. Refer Tumi Resources Ltd’s (TSXV:TM) announcements dated 1 January 2009, 26 February 2009, 1 March 2012, 2 March 2012 and 6 November 2012.
3. Refer to Northern Lion Gold Corp.’s (TSX-V:NL) announcement dated 28 May 2008 for historical production at Skyttgruvan 1 Licence, Falun District, Sweden.