Cerro Moro

Pan American Silver Corp.
Santa Cruz




2015 / 10 / 27




20% Ag up to a maximum of 1.2 Mozs of silver annually, until 7.0 Mozs are delivered; then

9% Ag for the life of the mine

Ongoing Payment:

30% of spot

The Cerro Moro silver-gold deposit is located within the Deseado Massif approximately 70 km southwest of the coastal port city of Puerto Deseado in the Santa Cruz province of Argentina. Cerro Moro contains a number of high-grade epithermal gold and silver deposits, some of which will be mined via open pit and some via underground mining methods. The plant has the capacity to process 1,000 tpd and consists of a crushing, grinding and flotation circuit.

The Proven and Probable Reserve estimate as of June 30, 2023 is 1.2 Mt with an average grade of 276 g/t silver for11.3 Moz and 7.4 g/t gold for 302,000 ounces. The Reserve NSR cut-off values are $210.71/t (underground) and $124.72/t (open-pit) based on $1,600/oz gold and $19.00/oz silver.

On June 26, 2018, Yamana declared commercial production and in January 2019, Sandstorm began purchasing silver ounces from Cerro Moro. The mine produced 5,582,197 ounces of silver and 79,988 ounces of gold in 2021.

In 2021, Cerro Moro replaced its mineral reserve depletion for the first time, establishing what is expected to be an ongoing trend of extending mine life beyond the current life of mine. Additionally, Yamana is considering alternative processing options to allow for economic extraction of lower grade mineralization, including a plant expansion and a parallel heap leach operation. These projects represent significant upside opportunities to add to Cerro Moro production.

Recent Activity

    July 2022

    Yamana reported a strong second quarter in production at Cerro Morro, benefiting from access to additional mining faces as well as the optimization of the processing plant to increase daily throughput to approximately 1,100 tonnes per day. In addition, studies for a scalable plant and a heap leaching project were completed during the quarter, and Yamana has elected to prioritize the plant expansion as a more immediate high-return growth prospect.

    February 2022

    Yamana is considering alternative processing options to allow for economic extraction of lower grade mineralization including i) a scalable plant, and ii) heap leaching near-surface, lower grade material, to supplement other production.

    September 2021

    Exploration at Cerro Moro showed excellent opportunity for mineral resource growth near current mining operations, notably at the Zoe and Martina deposits. At Zoe, positive drill results showed good continuity at depth and at Martina, drilling defined the continuity of the main ore shoot generating new areas open to exploration.

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