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TSX:WS
Investor Presentation
October 2014
TSX: WS
1
Focused,1 Strategic, Unique
CAUTIONARY STATEMENT
Cautionary Note Regarding Forward-Looking Information
Certain information contained in this presentation constitutes forward-looking statements. All statements, other than statements of historical facts, are forward
looking statements including statements with respect to the Company’s intentions for its Hermosa project in Arizona, USA including, without limitation, the
amount of mineral resources and mineral reserves, expected future mineral production, expected metal grades and metal recoveries, expected future capital
and operating costs, expected realizable metal prices, expected markets for EMM, expected timing for future metallurgical and other work and expected timing
for the completion of a feasibility study. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek,
anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions.
The forward-looking statements are based on a number of assumptions which, while considered reasonable by Wildcat, are subject to risks and uncertainties.
In addition to the assumptions herein, these assumptions include the assumptions described in Wildcat's management's discussion and analysis for the period
ended December 31, 2013 ("MD&A"). Wildcat cautions readers that forward-looking statements involve and are subject to known and unknown risks,
uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such
forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and
factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic
evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production
costs; future prices of silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration,
development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration,
development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or
obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties;
employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and
mining business; and the factors discussed in the section entitled "Risks and Uncertainties" in the MD&A.
Although Wildcat has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events,
results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and
other factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless
otherwise indicated, forward-looking statements contained herein are as of the date hereof and Wildcat disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
About Reserves and Resources
This presentation uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers
are cautioned that: (a) mineral resources are not economic mineral reserves; (b) the economic viability of resources that are not mineral reserves has not been
demonstrated; and (c) it should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. In
addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments.
All Dollars are United States Dollars. All project metrics are shown on a 100%-ownership basis. All tons are short tons.
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ABOUT HERMOSA

Hermosa 80% owned by Wildcat Silver

Two major projects: Manto Oxide (Ag/Mn) and Sulfide Skarn
Patented Claims
Approx. 150 Acres
(Zn/Pb/Ag/Cu)

Stable, low risk jurisdiction with a history of mining



Located in Santa Cruz County, Arizona
80 km SE from Tucson, Arizona
Proposed
Open-Pit
Near existing infrastructure: Power, water, rail, highways, natural gas
Unpatented Claims
Approx. 13,500 Acres
Unpatented claims
Patented claims
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TOTAL SILVER RESOURCE COMPARISON
800
Total global silver resource (Moz)
Hermosa is one of the 10 largest
undeveloped primary silver deposits*
700
600
500
400
300
200
100
•
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Veta
Colorada
Joaquin
San Juan
Silver
Challacollo
Silvertip
Parrena
GC Project
Diablillos
San Agustin
Berenguela
Juanicipio
Candelaria
Maverick
Springs
Santa Ana
La Preciosa
Hackett
River
Hermosa
Malku Khota
Escobal
Corani
Cordero
Pitarrilla
Navidad
0
Includes only primary silver deposits for projects with recent 43-101 compliant resource estimates
4
4
HERMOSA MINERAL RESOURCE
SULFIDE SKARN ZONE
Hermosa Sulfide Skarn Mineral Resource (1)
Measured
Indicated
Measured & Indicated
Inferred
Tons (000s)
896
803
1,699
Lead (%)
2.66
2.38
2.53
Zinc (%)
4.94
3.97
4.48
Silver (opt)
1.28
1.07
1.18
Copper (%)
0.12
0.11
0.11
4,836
3.66
5.25
1.47
0.16
1.Mineral resources that are not mineral reserves do not have a demonstrated economic viability. Cut-off of $70 per ton; Metal Prices of Pb $0.94/lb, Zn $0.84/lb, Ag $20/oz, Cu $3.20/lb;
Contained metal recovery of 95%.
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
Sulfide Skarn Zone is located down-dip
and below the Manto Oxide Zone

Focuses on zinc, lead, silver and copper
potential

Represents a separate and distinct
project from the Manto Oxide Zone,
currently envisioned as an underground
mine with simple flotation processing

Opportunity to expand the resource
down dip and along strike to the south
and west

Majority of the Skarn Zone is accessible
from Wildcat’s patented claim block
5
5
HERMOSA CROSS SECTION
SULFIDE SKARN ZONE
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HERMOSA CROSS SECTION
SULFIDE SKARN ZONE
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HERMOSA RESERVE & RESOURCE
MANTO OXIDE/UPPER SILVER ZONE
Hermosa Manto Oxide & Upper Silver Zone Reserve and Resource Estimate (1)
Ore Type
Tons
(000s)
Ag
(opt)
Mn
%
Contained Ag
Ounces (000s)
Contained
Mn lbs (000s)
Total Proven and Probable Mineral Reserves
Total Proven
31,067
2.73
8.58
84,737
4,051,000
Total Probable
28,589
2.11
7.99
60,339
3,182,000
59,656
2.43
8.31
145,076
7,233,000
Total Proven & Probable
Total Measured and Indicated Mineral Resource (Inclusive of
Reserves)(2,3)
Measured
76,114
1.55
6.60
118,120
4,898,000
Indicated
105,568
1.11
5.03
117,043
5,443,000
181,681
1.29
5.67
235,163
10,341,000
45,068
1,238,000
Measured & Indicated
Total Inferred Mineral Resource(2,3)
Inferred
45,151
1.00
3.80
1. Mineral reserve and resource for the Manto Oxide and Upper Silver Zone only. See appendix for detailed reserve and resource table and associated footnotes
2. Mineral resources that are not mineral reserves do not have a demonstrated economic viability. Mineral resources are inclusive of mineral reserves.
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HERMOSA CROSS SECTION (A-A’)
MANTO OXIDE/UPPER SILVER ZONE
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HERMOSA CROSS SECTION (B-B’)
MANTO OXIDE/UPPER SILVER ZONE
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RESOURCE BLOCK MODEL
MANTO OXIDE/UPPER SILVER ZONE
Section 167,800
N Looking North
A
A’
B
A’
A
B’
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RESOURCE BLOCK MODEL
MANTO OXIDE/UPPER SILVER ZONE
Section 1,075,500 E
Looking East
B’
B
B
A
A’
B’
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PRE-FEASIBILITY HIGHLIGHTS
MANTO OXIDE/UPPER SILVER ZONE
Pre-feasibility Results include Manto Oxide and Upper Silver Zone only

Converted Resource to Reserve:


Contained metal of 145M ounces of silver and 7.2B lbs of manganese(1)
Annual production of 12.2M ounces of silver and 110M lbs of EMM(2,3)

Utilized magnetic separation to improve efficiency and throughput

Confirmed by-product recoveries for copper and zinc

Added EMM plating facility for the production of manganese, now a co-product

Achieved industry low cash co-product cash costs of $4.45 per ounce of silver and $0.73 per
pound of EMM(4)

Improved after-tax NPV(5%) to $830 million and cumulative cash flow of $1.5 billion, with an
after-tax IRR of 21%(5) and payback of 2.8 years

Extended mine life to 18 years
1.
2.
3.
4.
See appendix for detailed reserve and resource table and associated footnotes
EMM = Electrolytic Manganese Metal
Silver production is for the first five years of production (5.7M oz Ag is average life of mine); EMM production is for the life of mine
Cash costs are calculated on a co-product basis whereby production costs are allocated to silver and manganese based on the relative revenues of each
metal,Testing
and silver
cashPlant
costs are
Photo:
Pilot
at
net of gold, zinc and copper by-products. Metal prices are as mentioned in footnote 5.
Hazen’s
labs
in
Golden,
Colorado
5. NPV and IRR based on metal prices of $23.50/oz Ag, $1,250/oz Au, $1.19/lb EMM, $0.92/lb Zn, $3.25/lb Cu
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PRE-FEASIBILITY OPERATING METRICS
Hermosa Operating Metrics
Mining rate
13,700 tpd
Average annual silver production (first five years)
12.2 million oz
Average annual silver production (life of mine)
5.7 million oz
Average annual EMM production (life of mine)
110 million lbs
Total recovered silver(1)
103 million oz
Total recovered EMM(1)
1.98 billion lbs
Average silver grade
2.43 opt
Manganese grade
8.1%
Mine life
18 years
Waste to ore (strip) ratio
1.
5.67:1
Based on a proven and probable reserve of 145 million ounces of silver and 7.2 billion pounds of manganese
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PRE-FEASIBILITY METAL RECOVERIES
Manto Oxide Zone
Average Silver Recovery
79%
Average Manganese Recovery
28%
Average Gold Recovery
90%
Average Copper Recovery
61%
Average Zinc Recovery
8%
Upper Silver Zone
Average Silver Recovery
46%
Average Gold Recovery
90%
Photo: Testing Pilot Plant at
Hazen’s labs in Golden, Colorado
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PROCESS FLOW SHEET
Upper Silver
Manto Oxide
Copper/Zinc Raffinate
3 Stage Crush
Magnetic Separation
SXEW Zinc
Zinc Cathode
SART Copper
Cu Conc. (79%)
Recovered Cyanide
Calcining
EMM Flake
CN Destruct
Grinding
WHIMs
CN Leach/CCD
EMM
Pregnant Solution
Merrill Crowe
Ag/Au Dore
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Refinery
Mn Concentrate
Concentrate
Storage
Tails
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CALCINE (KILN) PILOT PLANT TESTS
Approximately 14 tons of Manto Oxide
material have been tested in three
separate pilot-scale tests
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Photo: Testing Hermosa Pilot Plant
at Hazen’s labs in Golden, Colorado
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MAGNETIC SEPARATION TESTS
Magnetic separation of crushed Manto
Oxide material
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Photo: Testing the magnetic separation process separating
Hermosa ore from waste at Hazen’s labs in Golden Colorado
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HERMOSA PRE-FEASIBILITY CAPEX
Initial CAPEX
General Site
$35M
Mining and Pre-development
$40M
Process Plant
$338M
Tailings
$28M
Substation and power
$51M
Other Infrastructure
$50M
EPCM
$86M
Owner’s Costs
$48M
Other
$54M
Contingency
$105M
TOTAL CAPEX
$835M
General Site
Mining &
Predevelopment
Contingency
Other
Owner's
Cost
Process
Plant
EPCM
Other
Infrastructure
Tailings
Includes EMM plant CAPEX of $189M
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INDUSTRY LOW SILVER CASH COSTS
Silver cash costs ($/oz)
$20.00
$15.00
$10.00
Co-product
cash costs (2)
$4.45/oz
Cash costs net of all
metals (1)
$5.00
$(4.37)/oz
$-
WS
MAG
HL
BCM
WS
THO
SVM
MSV
FVI
SVB
EDR
FR
CDM
PAA
GPR
USA
SSO
$(5.00)
1.
2.
Average silver cash costs (LOM) net of all metals: Mn, Au, Zn and Cu credits. Metal prices are based on: $1.19/lb EMM, $1,250/oz Au, $0.92/lb Zn and $3.25/lb Cu.
Cash costs calculated on a co-product basis whereby production costs are allocated to silver based on the relative revenue, net of gold, zinc and copper by-products. Average over the
life of mine. Metal price assumptions are as included in footnote 2.
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NORTH AMERICAN SILVER PRODUCTION COMPARISON
First 5 Years:
12M oz Ag
Annual Silver
Production (Moz)(1)
Hermosa is expected to be one of
the largest silver producers and
the only EMM producer in
North America
7
6
5
LOM:
5.7M oz Ag
4
3
2
1
Greens Creek
Hecla
1.
2.
Hermosa
Wildcat Silver
Rochester
Coeur
Galena Complex
U.S Silver
Bellekeno
Alexco
Lucky Friday (2)
Hecla
Based on 2012 Actuals for all companies; Wildcat based on expected average annual LOM silver production from 2013 Pre-feasibility Study
Lucky Friday based on guidance of expected full year production following start up in 2013
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HERMOSA SITE LAYOUT
LOOKING SOUTHEAST
Tailings
Storage Area
Facilities and
Plant Site
OPEN PIT
Manto Oxide/Upper Silver
(Ag, Mn, Zn)
Underground
Skarn Potential
(Zn, Pb, Ag, Cu)
Reclaimed tailings from
historical mine
Road Access
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EXPLORATION UPSIDE
High Potential
Exploration
Targets
Hermosa Property
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
Completed airborne electromagnetic and
magnetic survey of claim block (2012)

Surface sampling and geophysics has
identified nine new high potential targets
on unpatented claims

Manto Oxide and Upper Silver
Mineralization remains open in all
directions

Additional exploration targets include
Sulfide Skarn and Copper Porphyry

Sulfide Skarn:

Mineralization remains open for potential
expansion to the west, south and north

4-5 drill holes planned for Sulfide Skarn
Future opportunities: extending
exploration to existing targets
outside resource area
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NEXT STEPS
Sulfide Skarn Zone (Zn, Pb, Ag, Cu)

Drilling on the sulfide skarn zone in progress (3-4 holes)

Complete PEA/Pre-feasibility study by end of 2014
Manto Oxide/Upper Silver Zone (Ag, Mn, Zn)

Commence 48-hole drill program:

To provide geotechnical and hydrologic modeling data

To infill areas within the proposed pit that now contains inferred resource

Continue environmental base-line studies throughout 2014

Continue metallurgical test work to improve primary and by-product metal recoveries

Work on open pit optimization to be included in feasibility study
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WHY INVEST?
Robust
Economics
After-tax NPV (5%)
of $830M(1)
Experienced
Management
and Board
Large
Reserve(2)
145M oz Ag
7.2B lbs Mn
Industry Low
Cash Costs(3)
Mining
Friendly
Jurisdiction
$4.45/oz Ag
$0.73/lb EMM
Significant
Exploration
Upside
Strategic
Metal
Advantage
with EMM
1. Based on metal prices of $23.50/oz Ag, $1,250/oz Au, $1.19/lb EMM, $0.92/lb Zn, $3.25/lb Cu
2. See appendix for detailed reserve and resource table and associated footnotes
3. Cash costs are calculated on a co-product basis whereby production costs are allocated to silver and manganese based on the relative revenues of each metal, and silver cash costs are
net of gold, zinc and copper by-products. Metal prices are as mentioned in footnote 1.
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Wildcat trades on TSX
WS
August 21, 2014
Issued and outstanding
148.0M
Convertibles
8.9M
Fully diluted
157.0M
Share price (recent)
C$0.41
Market cap (basic)
Average volume (50 days)
52 week high/low
Mgmnt/insider ownership
~C$61M
50,600 shares
$0.69/$0.28
~30%
APPENDIX
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Focused,26Strategic, Unique
MANAGEMENT
Richard W. Warke
Chairman & CEO
Founder of Wildcat Silver Corporation (Chairman and CEO) and Plata Latina Minerals Corporation (Director). He
was also the founder and Chairman of Ventana Gold Corp which was sold for $1.5 billion and Augusta Resource
Corporation which was sold for over $550 million. Richard is also the President, CEO and Director of Catalyst
Copper. Richard has more than 25 years of experience in corporate finance and marketing in the global resource
industry, and has been involved in raising over $1 billion dollars in equity for resource companies. Although his
endeavours have primarily involved mineral resource operations, he has also been involved with oil and gas,
forestry, technology and manufacturing operations.
Donald R. Taylor
President & COO
30 years of successful mineral exploration experience on more than five continents in base and precious metals,
taking projects from exploration to mine development; was previously at Doe Run Resources and BHP Minerals; has
Bachelor of Science degree in Geology from Southeast Missouri State University and a MSc from University of
Missouri at Rolla; Licensed Professional Geologist in several states and QP as defined by NI 43-101.
Paul J. Ireland
Chief Financial Officer
Extensive financial experience in mining and forestry; Chartered Accountant; was previously also CFO of
Ventana Gold Corp.
Gregory F. Lucero
Vice President, Sustainable
Development
More than 20 years of management experience in both the public and private sector, as well as an extensive
background in the executive government working for local, state, and federal elected officials; holds a Bachelor of
Arts degree in Political Science from the University of Arizona.
Letitia Cornacchia
Vice President, Investor
Relations & Corp. Comm.
More than ten years experience in finance and investor relations; holds Bachelor of Commerce degree in Finance
from the University of British Columbia and is a CFA charter holder; also VP of Investor Relations and Corporate
Communications for Plata Latina Minerals and Catalyst Copper, as well as Augusta Resource Corporation prior to its
recent acquisition.
Purni Parikh
Vice President, Corporate
Secretary
More than 22 years experience in business administration including more than 17 years experience
with public companies in the areas of communications, investor relations and legal administration;
Photo: Testing the magnetic separation process for
also Corporate Secretary for Plata Latina Minerals and Catalyst Copper, as well as Augusta Resource Corporation
recovering
manganese from Hermosa material at Hazen’s
prior to its recent acquisition.
labs in Golden Colorado
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BOARD OF DIRECTORS
Richard W. Warke
Chairman & CEO
Founder of Wildcat Silver Corporation (Chairman and CEO) and Plata Latina Minerals Corporation
(Director). He was also the founder and Chairman of Ventana Gold Corp which was sold for $1.5 billion
and Augusta Resource Corporation which was sold for over $550 million. Richard is also President, CEO
and Director of Catalyst Copper. Richard has more than 25 years of experience in corporate finance and
marketing in the global resource industry, and has been involved in raising over $1 billion dollars in equity
for resource companies. Although his endeavours have primarily involved mineral resource operations, he
has also been involved with oil and gas, forestry, technology and manufacturing operations.
R. Stuart Angus
Director
Independent business advisor, past partner and head of global mining group at Fasken Martineau.
Chairman of Nevsun Resources Ltd., Director of SouthGobi and previously Director of Ventana Gold.
Gil Clausen
Director
More than 25 years executive, finance, development and operations experience in the mining industry;
formerly President, CEO and Director of Augusta Resource Corporation prior to its recent acquisition and
Chairman of Plata Latina Minerals Corporation. Gil is a P.Eng. and holds B.Sc. and M.Sc. degrees in Mining
Engineering from Queen’s University and is a graduate of the Queen’s executive business program.
Donald R. Siemens
Director
Independent financial advisor specializing in corporate finance, cross-border transactions and mergers and
acquisitions; Previously, Partner-in-Charge of Thorne Ernst & Whinney's (now KPMG) Vancouver office
Financial Advisory Services group; over 30 years of experience as a Chartered Accountant; Currently
Director and Audit Committee Chair for Hansa Resources Limited, Nikos Explorations Ltd, Spur Ventures
Inc., Argentex Mining Corporation, Boss Power Corp. Grande West Transportation Inc. and Goldgroup
Mining Inc. and Director and Audit Committee member for Great Western Minerals Group Inc. Donald
obtained his Chartered Accountant designation in 1972.
Robert P. Wares
Director
Professional geologist with more than 25 years experience in mineral exploration and research;
Former Executive VP, COO and Founding Director of Osisko.
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ABOUT MANGANESE

Manganese is the world’s fourth most heavily consumed metal

Global mine output of 18 million Mn tons in 2012 – over 90% goes into steel

All steels contain manganese

Manganese is used to remove sulphur from liquid steel (sulphur causes steel to crack) and there is no
viable substitute for manganese as a de-sulphuriser

Manganese is used to improve the strength of certain steels

Higher grades of manganese, such as EMM, are required for high quality steels, like automotive and
appliance steel

Non-steel consumption of manganese includes de-polarisation of dry-cell batteries, use for lithium
batteries in hybrid automotives and as an additive in certain aluminium and copper alloys
Source: AlloyConsult
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ABOUT MANGANESE METAL (EMM)

A pure manganese product (usually >99% Mn), typically produced electrolytically and is
often referred to as EMM (electrolytic manganese metal)

97% of global production in China, the other 3% in South Africa

China also very dominant in terms of global consumption (~70%)

Main uses in steels which cannot tolerate carbon or silicon –

o
Extensively in 200 series stainless steel in Asia (primarily for consumer products),
o
Specialized carbon steels in US/Europe
Used extensively in aluminium alloys as a hardener, notably in beverage cans. Also used in
some copper alloys

Used as a raw material feed for LC FeMn output in China
Source: AlloyConsult
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MN METAL: GLOBAL SUPPLY VS DEMAND
Global Mn Metal Production (2012)
Global Mn Metal Consumption (2012)
Other – 3%
North
America
3%
Europe
7%
Other Asia
14%
China – 70%
China – 97%
Total approx. 1.3M tonnes
Total approx. 1.6M tonnes
Source: AlloyConsult
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EMM PRICING
Historical EMM Pricing - North America
$ per EMM lb
2.50
2.00
1.50
WS Pre-feasibility EMM Price: $1.19 / lb
1.00
0.50
0.00
Jan/09
Jul/09
Jan/10
Jul/10
Jan/11
Jul/11
Jan/12
Jul/12
Jan/13
Jul/13
Source: Ryan’s Notes (CRU)
EMM prices are at currently at low levels
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THE HERMOSA EMM COST ADVANTAGE
Hermosa is expected to have one of the lowest cash costs globally at $0.73 per
EMM pound(1). The Hermosa EMM facility is expected to:

Benefit from a supply of manganese ore that is already processed in a ground and reduced
form at a low cost. Most EMM producers purchase manganese ore at market prices and
incur processing costs prior to EMM plating.

Not be subject to the impact of changes in the market price of manganese ore and
transportation costs to transport the ore to the EMM facility.

Enjoy lower electricity prices compared to Chinese EMM facilities. Electricity comprises
approximately 60-70% of the cost of running an EMM plant, excluding the cost of ore.

Benefit from readily available continued low cost of sulfuric acid, a significant reagent used
in EMM processing.

Transportation cost advantage to North American EMM customers.

Not be subject to the 14% import tax currently levied on imported Chinese EMM.
Hermosa EMM facility has a sustainable long term low cost position for
servicing the North American Market
1. Cash costs reported on a co-product basis whereby production costs are allocated to manganese based on the relative revenue.
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HERMOSA RESERVE ESTIMATE
Hermosa Mineral Reserve Estimate (1) (3) (4)
Ore Type
Tons
(000s)
Ag
(opt)
Au
(opt)
Mn (2)
%
Zn (2)
%
Cu (2)
%
Contained Ag
Ounces (000s)
Contained
Mn lbs (000s)
Proven Mineral Reserve
Manto Oxide
22,262
2.97
0.004
8.83
1.85
0.07
66,164
3,931,469
Upper Silver
7,454
2.19
0.003
N/A
N/A
N/A
16,314
N/A
Hardshell
1,351
1.67
0.002
4.37
0.63
0.05
2,259
118,077
Total Proven
31,067
2.73
0.003
8.58
1.78
0.07
84,737
4,049,547
Probable Mineral Reserve
Manto Oxide
18,773
2.17
0.003
8.25
1.88
0.07
40,713
3,097,545
Upper Silver
8,687
2.05
0.003
N/A
N/A
N/A
17,782
N/A
Hardshell
1,130
1.63
0.002
3.78
0.57
0.05
1,844
85,428
Total Probable
28,589
2.11
0.003
7.99
1.80
0.07
60,339
3,182,973
Proven & Probable Mineral Reserve
Manto Oxide
41,035
2.60
0.003
8.57
1.86
0.07
106,877
7,029,014
Upper Silver
16,140
2.11
0.003
N/A
N/A
N/A
34,096
N/A
Hardshell
2,481
1.65
0.002
4.10
0.61
0.05
4,103
203,505
59,656
2.43
0.003
8.31
1.79
0.07
145,076
7,232,520
Total Proven & Probable
TSX: WS
34
34
HERMOSA RESOURCE ESTIMATE
NOTE: Mineral resources that are not mineral reserves do not have a demonstrated economic viability
Hermosa Mineral Resource Estimate (Inclusive of Reserve) (1)(3)(4)(5)(6)
MANTO OXIDE & UPPER SILVER (SKARN REPORTED SEPARATELY)
Tons
(000s)
Ore Type
Manto Oxide (Inc. Hardshell)
Upper Silver
Total Measured
37,136
38,978
76,114
Manto Oxide (Inc. Hardshell)
Upper Silver
Total Indicated
54,067
51,501
105,568
Manto Oxide (Inc. Hardshell)
Upper Silver
91,202
90,479
181,681
Total Measured & Indicated
Ag
(opt)
Au
(opt)
Mn (2)
%
Zn (2)
%
Measured Mineral Resource
0.003
6.60
1.55
0.003
N/A
N/A
0.003
6.60
1.55
Indicated Mineral Resource
1.24
0.002
5.03
1.59
0.97
0.002
N/A
N/A
1.11
0.002
5.03
1.59
Measured & Indicated Mineral Resource
1.57
0.002
5.67
1.57
1.01
0.002
N/A
N/A
1.29
0.002
5.67
1.57
2.06
1.07
1.55
Cu (2)
%
Contained Ag
Ounces (000s)
Contained Mn
lbs (000s)
0.06
N/A
0.06
76,569
41,551
118,120
4,898,000
N/A
4,898,000
0.06
N/A
0.06
67,010
50,033
117,043
5,443,000
N/A
5,443,000
0.06
N/A
0.06
143,579
91,584
235,163
10,341,000
N/A
10,341,000
Hermosa Inferred Mineral Resource Estimate (1)(3)(4)(5)(6)
MANTO OXIDE & UPPER SILVER (SKARN REPORTED SEPARATELY)
Ag
Au
Mn(2)
Zn(2)
Ore Type
Manto Oxide (Inc. Hardshell)
Upper Silver
Total Inferred
Tons
(000s)
16,304
28,847
45,151
(opt)
1.09
0.94
1.00
(opt)
0.001
0.003
0.002
%
3.80
N/A
3.80
%
1.65
N/A
1.65
Cu(2)
%
0.06
N/A
0.06
Contained Ag
Ounces (000s)
17,811
27,257
45,068
Contained Mn lbs
(000s)
1,238,000
N/A
1,238,000
Hermosa Sulfide Skarn Mineral Resource Estimate (7)
Ore Type
Measured Resource
Indicated Resource
Total Measured & Indicated
Total Inferred
TSX: WS
Tons
(000s)
Pb
(%)
Zn
(%)
Ag
(opt)
Cu
%
896
803
1,699
4,836
2.66
2.38
2.53
3.66
4.94
3.97
4.48
5.25
1.28
1.07
1.18
1.47
0.12
0.11
0.11
0.16
35
35
NOTES TO RESERVE AND RESOURCE
Mineral Reserve Notes:
(1)
Tons are reported to the nearest thousand (1,000). Gold and silver are reported in ounces per ton, all other metals are reported in percentages. Therefore, different
totals may be calculated due to rounding errors.
Average grade is based only on material processed for the specific product.
(4) Metal Prices Used:
Hermosa Mineral Reserve Criteria:
(2)
(3)
Hermosa Mineral Reserve Criteria
Recovery
Ore Type
Hermosa Mineral
Reserve Metal Prices
Process Cost
Ag
Au
Mn
Zn
Cu
Process
G&A
Manto Oxide
80.2%
90.0%
28.3%
7.4%
61.1%
$13.78/t
$1.44/t
Upper Silver
46.0%
90.0%
0.0%
0.0%
0.0%
$10.97/t
Hardshell
56.0%
90.0%
22.4%
25.0%
64.0%
$25.08/t
Metal
Ag
$22.00/oz
$3.03/t
Mn
$0.82/lb
$2.41/t
Au
$1,250/oz
Zn
$0.82/lb
Cu
$3.00/lb
The unit cost of operating the EMM plant has been netted from the manganese price.
Mineral Resource Notes:
(1)
(2)
(3)
(4)
(5)
Price
Tons are reported to the nearest thousand (1,000). Gold and silver are reported in ounces per ton, all other metals are reported in percentages. Therefore,
different totals may be calculated due to rounding errors.
Average grade is based only on material processed for the specific product.
Mineral resources are inclusive of mineral reserves.
Mineral resources for Manto Oxide and Upper Silver Zone are constrained to a whittle pit shell demonstrating the potential for economic extraction.
Hermosa Mineral Resource Criteria:
(6) Metal Prices Used for Manto Oxide & Upper Silver:
Hermosa Mineral Resource Metal Prices
Hermosa Mineral Resource Criteria
Ore Type
Recovery
Pb
Process
Cost
Metal
Price
Ag
$ 27.06/oz
Ag
Au
Mn
Zn
Cu
Manto Oxide
85%
90%
35%
35%
85%
0%
$9.00/t
Mn
$
Upper Silver
60%
90%
0%
0%
0%
0%
$9.00/t
Au
$ 1,468/oz
Zn
$
0.92/lb
Cu
$
3.54/lb
(7) Sulfide Skarn Mineral Resource Assumptions: Cut-off of $70 per ton; Metal Prices of Pb $0.94/lb,
Zn $0.84/lb, Ag $20/oz, Cu $3.20/lb; Contained metal recovery of 95%.
TSX: WS
36
0.82/lb
36
TSX:WS
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