Discovery Potential

Tonopah – by the numbers

Km Tonopah District Strike Length

Million ounces Ag

Million ounces Au

g/t Ag Eq Head Grade

Additional Km Exploration Potential on Property

Tonopah

5km Exploration Potential on Property

175M Oz Ag + 1.9M Oz Au

Guanajuato

815M Oz Ag + 3.6M oz Au

San Dimas

582M Oz Ag + 11M Oz Au

Pachuca

1,500M Oz Ag + 6.2M Oz Au

Comstock

200M Oz Ag + 8.3M Oz Au

Tonopah

175M Oz Ag + 1.9M Oz Au

+ 5km Exploration Potential on Property

Guanajuato

815M Oz Ag + 3.6M oz Au

San Dimas

582M Oz Ag + 11M Oz Au

Pachuca

1,500M Oz Ag + 6.2M Oz Au

Comstock

200M Oz Ag + 8.3M Oz Au

Sources: Sander, 1989, www.greatpanther.com, www.firstmajestic.com

Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company’s property. The potential quantity and grade of any exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.

Hughes Property Discovery Potential

Potential for new discoveries on the Hughes Property is high. Many of the previously mined veins in the Company’s Belmont and Mizpah Extension mines remain open. East of the mines, historical drilling by a previous operator in 1989 intersected mineralization that was never pursued. Historically the entire Tonopah District, much of which includes the Hughes Property, was mined over a 4 km strike length in total. There is additional 5 km on the Hughes Property and it’s almost completely unexplored.

Map of discovery potential at Hughes Property

The Belmont Mine

At the Belmont Mine, dozens of veins were discovered and mined during the early days of Tonopah. Operations here were not stopped because of lack of ore, but due to infrastructure limitations and depressed metal prices in the late 1920’s. Modern 3D geological modeling in and around the Belmont Mine has illustrated the geological and structural setting of the mine and its veins. High priority targets are ready to drill.