Ermitaño (Au, Ag)

Royalty and terms:	2% net smelter return (NSR)
Operator:	First Majestic Visit First Majestic for more info
Primary Commodity:	Gold, Silver
Location:	Sonora State, Mexico
Reserves and resources¹:	Indicated Resources of 30,400,000 silver equivalent ounces (“oz AgEq”), including 311,000 oz Au (2.1 million tonnes averaging 449 g/t AgEq (4.59 g/t Au; 70 g/t Ag)). Inferred Resources of 37,500,000 oz silver equivalent ounces (“AgEq”), including 370,000 oz Au (3.7 million tonnes averaging 312 g/t AgEq (3.08 g/t Au; 58 g/t Ag)).
Status:	Development

First Majestic significantly increased the Indicated Resource by 245% to 30.4 million silver equivalent ounces and improved the grade by 15% to 449 AgEq g/t following a successful infill drill program designed to improve the confidence of the deposit. With an updated total resource of 67.9 million silver equivalent ounces, this project is expected to increase production and reduce costs at Santa Elena once production commences in 2021.

1: Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into National Instrument NI 43-101.
Source: Company disclosure and Osisko management estimates and from https://www.firstmajestic.com/investors/news-releases/first-majestic-updates-2019-mineral-reserve-and-resource-estimates