# Axo Copper Announces Acquisition of Past Producing San Antonio Gold Project from Osisko Development Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b Original source: https://money.tmx.com/en/quote/AXO/news/8409116243591830/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from Publisher: tmx Original announcement: 2025-11-24T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Axo Copper - Ticker: AXO - Exchange: TSX - Region: Sonora State, Mexico - Primary commodity: Gold - Secondary commodities: Silver, Copper - Document categories: Resource update, Agreement transaction, Metallurgy - Extracted: 2026-09-19 13:03:23 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Axo Copper is acquiring the past-producing San Antonio Gold Project in Sonora State, Mexico, from Osisko Development. The project includes a historical open-pit mineral resource estimate from June 2022, totaling 576 koz gold indicated and 544 koz gold inferred, along with existing infrastructure. Metallurgical testing indicates strong gold recoveries for oxide material via heap leaching and for transition/sulphide material via agitated tank leaching. Reasoning: Axo Copper is acquiring the San Antonio Gold Project, which includes a significant historical gold and silver resource estimate and positive metallurgical test work. The acquisition provides Axo with a late-stage development project with existing infrastructure and exploration potential, though the resource data itself is not new and permitting challenges have been noted previously. - Positive factor: Acquisition of a past-producing gold project with existing infrastructure - Positive factor: Significant gold and silver resource base \(over 1.1 Moz Au equivalent\) with a substantial indicated component - Positive factor: Positive metallurgical test results for oxide and sulphide material - Positive factor: Clear path for future development with existing infrastructure and exploration upside - Negative factor: Resource estimate is historical \(June 2022\) and not new information from Axo Copper - Negative factor: Permit application was withdrawn in 2022, indicating potential permitting challenges - Negative factor: Contingent payments and stream agreement add complexity to the transaction Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 86 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides a detailed summary of the San Antonio Gold Project's mineral resource estimate, including indicated and inferred categories for gold and silver. Evidence · text > initial open-pit mineral resource estimate totaling 576koz at 1.20g/t Au in the indicated category and 544koz at 1.02g/t Au in the inferred category. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The mineral resource estimate is explicitly stated to be in accordance with NI 43-101. Evidence · text > NI 43-101 Technical Report For The 2022 Mineral Resource Estimate On The San Antonio Project Sonora, Mexico **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The technical report and resource estimate were reviewed and approved by Qualified Persons. Evidence · text > William J. Lewis P.Geo., et al \(the "San Antonio Report"\)is available for download from Osisko Development's SEDAR+ profile at www.sedarplus.ca . Charles Spath, P. Geo., has reviewed the San Antonio Report on behalf of the Company. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the mineral resource estimate is June 24, 2022, which is more than two years prior to the announcement date of November 24, 2025. Evidence · text > Initial open-pit mineral resource estimate \("MRE"\) \(effective June 24, 2022\) **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource estimate includes a significant indicated resource component. Evidence · table > 14.9 Context: Total Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate includes a significant inferred resource component. Evidence · table > 16.6 Context: Total Inferred **Metallurgy** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document discusses metallurgical testing results for gold recovery from oxide, transition, and sulphide materials. Evidence · text > Metallurgical testing on the Sapuchi deposit \(2021-2022 by Forte Analytical and SGS Mineral Services Canada\) confirms strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: Metallurgical testing confirms strong recoveries for oxide material via heap leaching. Evidence · text > strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: Metallurgical testing suggests strong recoveries for transition and sulphide material when crushed and mill agitated tank leached. Evidence · text > strong recoveries when crushed and mill agitated tank leached. **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The project has existing heap leach facilities and a carbon-in-column processing plant that were successfully used for stockpile processing, indicating prior pilot or operational scale processing. Evidence · text > existing heap leach facilities that were successfully used for stockpile processing. **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testing for oxide material is described as 'bottle roll tests', which are bench-scale tests. Evidence · text > bottle roll tests showing gold extractions up to 80-90% in oxides **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Bottle roll tests showed gold extractions up to 80-90% in oxides, which is strong for a heap leach route. Evidence · text > gold extractions up to 80-90% in oxides **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 85. Some facts used in scoring do not have a stored record. ## Resource Estimates (82) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-1) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:78a25024f560c4ab1b00 - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 576 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial indicated gold resource for an open-pit project, compliant with NI 43-101 and signed off by QPs. However, it is a historical estimate from June 2022, reducing its novelty for this announcement. - Positive factor: Significant indicated gold resource - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Cut-off grades need re-evaluation based on future market conditions Evidence · table > 1.20 Context: Total Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-2) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:78a25024f560c4ab1b00 - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 2.9 - Grade Unit: g/t - Contained Metal: 1.37 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a notable indicated silver resource, likely as a byproduct, for an open-pit project. It is a historical estimate from June 2022, reducing its novelty. - Positive factor: Significant indicated silver resource as a byproduct - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Cut-off grades need re-evaluation based on future market conditions Evidence · table > 2.9 Context: Total Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-3) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d467ef741d3aa8e04eff - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 16600000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 544 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a large inferred gold resource, indicating future potential, but with lower confidence than indicated resources. It is a historical estimate. - Positive factor: Significant inferred gold resource provides exploration upside - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence - Negative factor: Cut-off grades need re-evaluation based on future market conditions Evidence · table > 1.02 Context: Total Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-4) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d467ef741d3aa8e04eff - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 16600000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 1.76 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a large inferred silver resource, providing future potential, but with lower confidence. It is a historical estimate. - Positive factor: Significant inferred silver resource as a byproduct - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence - Negative factor: Cut-off grades need re-evaluation based on future market conditions Evidence · table > 3.3 Context: Total Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-5) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:86eaa1306e3f86cc258b - Deposit or zone: California - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 600000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 17 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small but indicated gold resource in oxide material, which is positive for early production potential. It is a historical estimate. - Positive factor: Indicated resource in oxide material, amenable to heap leaching - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage Evidence · table > 0.93 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-6) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:86eaa1306e3f86cc258b - Deposit or zone: California - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 600000 - Grade: 2.8 - Grade Unit: g/t - Contained Metal: 0.05 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small indicated silver resource in oxide material, which is positive for early production potential. It is a historical estimate. - Positive factor: Indicated resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage Evidence · table > 2.8 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-7) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:57ad3802e6dc3e670611 - Deposit or zone: California - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 200000 - Grade: 0.79 - Grade Unit: g/t - Contained Metal: 6 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small indicated gold resource in transition material, which is positive but limited in scale. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage Evidence · table > 0.79 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-8) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:57ad3802e6dc3e670611 - Deposit or zone: California - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 200000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 0.02 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small indicated silver resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage Evidence · table > 3.3 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-9) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:662eb0ffbba1995d3264 - Deposit or zone: California - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 3100000 - Grade: 1.31 - Grade Unit: g/t - Contained Metal: 130 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated gold resource in sulphide material, contributing to the overall project. It is a historical estimate. - Positive factor: Indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.31 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-10) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:662eb0ffbba1995d3264 - Deposit or zone: California - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 3100000 - Grade: 2.4 - Grade Unit: g/t - Contained Metal: 0.23 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated silver resource in sulphide material. It is a historical estimate. - Positive factor: Indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 2.4 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-11) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:dbf8e16f2130b186522d - Deposit or zone: California - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 3900000 - Grade: 1.22 - Grade Unit: g/t - Contained Metal: 153 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated gold resource for the California deposit, providing a clear picture of this specific zone. It is a historical estimate. - Positive factor: Indicated gold resource for the California deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.22 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-12) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:dbf8e16f2130b186522d - Deposit or zone: California - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 3900000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 0.31 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated silver resource for the California deposit. It is a historical estimate. - Positive factor: Indicated silver resource for the California deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 2.5 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-13) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:8efa32d6f6550d2a90b8 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 200000 - Grade: 1.07 - Grade Unit: g/t - Contained Metal: 7 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small indicated gold resource in oxide material, which is positive but limited in scale. It is a historical estimate. - Positive factor: Indicated resource in oxide material, amenable to heap leaching - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage Evidence · table > 1.07 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-14) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:8efa32d6f6550d2a90b8 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 200000 - Grade: 2.8 - Grade Unit: g/t - Contained Metal: 0.02 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small indicated silver resource in oxide material. It is a historical estimate. - Positive factor: Indicated resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage Evidence · table > 2.8 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-15) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:b09ad3dfd03a3a7ffba5 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 100000 - Grade: 1.19 - Grade Unit: g/t - Contained Metal: 6 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small indicated gold resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage Evidence · table > 1.19 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-16) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:b09ad3dfd03a3a7ffba5 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 100000 - Grade: 2.8 - Grade Unit: g/t - Contained Metal: 0.01 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small indicated silver resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage Evidence · table > 2.8 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-17) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:c706606721a6366d6c4c - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 5300000 - Grade: 1.46 - Grade Unit: g/t - Contained Metal: 249 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial indicated gold resource in sulphide material, contributing significantly to the project's overall potential. It is a historical estimate. - Positive factor: Significant indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.46 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-18) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:c706606721a6366d6c4c - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 5300000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 0.42 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial indicated silver resource in sulphide material. It is a historical estimate. - Positive factor: Significant indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 2.5 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-19) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:8dbbded079bbf283280c - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 5700000 - Grade: 1.44 - Grade Unit: g/t - Contained Metal: 262 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated gold resource for the Golfo de Oro deposit, representing a key component of the project. It is a historical estimate. - Positive factor: Significant indicated gold resource for the Golfo de Oro deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.44 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-20) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:8dbbded079bbf283280c - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 5700000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 0.46 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated silver resource for the Golfo de Oro deposit. It is a historical estimate. - Positive factor: Significant indicated silver resource for the Golfo de Oro deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 2.5 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-21) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:309967e616ba816c641f - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 1900000 - Grade: 0.85 - Grade Unit: g/t - Contained Metal: 53 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated gold resource in oxide material, which is positive for early production potential. It is a historical estimate. - Positive factor: Indicated resource in oxide material, amenable to heap leaching - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 0.85 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-22) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:309967e616ba816c641f - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 1900000 - Grade: 3.6 - Grade Unit: g/t - Contained Metal: 0.22 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated silver resource in oxide material. It is a historical estimate. - Positive factor: Indicated resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 3.6 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-23) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:0e3f35edde9bc243e8a6 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 1400000 - Grade: 1.04 - Grade Unit: g/t - Contained Metal: 47 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated gold resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.04 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-24) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:0e3f35edde9bc243e8a6 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 1400000 - Grade: 3.6 - Grade Unit: g/t - Contained Metal: 0.16 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated silver resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 3.6 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-25) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:3eef2ec9665c060aafc4 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 2100000 - Grade: 0.94 - Grade Unit: g/t - Contained Metal: 62 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated gold resource in sulphide material. It is a historical estimate. - Positive factor: Indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 0.94 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-26) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:3eef2ec9665c060aafc4 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 2100000 - Grade: 3.4 - Grade Unit: g/t - Contained Metal: 0.22 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated silver resource in sulphide material. It is a historical estimate. - Positive factor: Indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 3.4 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-27) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:c58473d0aa89b0bd30e2 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 5400000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 162 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated gold resource for the Sapuchi deposit, providing a clear picture of this specific zone. It is a historical estimate. - Positive factor: Indicated gold resource for the Sapuchi deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 0.93 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-28) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:c58473d0aa89b0bd30e2 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 5400000 - Grade: 3.5 - Grade Unit: g/t - Contained Metal: 0.61 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated silver resource for the Sapuchi deposit. It is a historical estimate. - Positive factor: Indicated silver resource for the Sapuchi deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 3.5 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-29) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:edb9f1495ac6e2fb6be6 - Deposit or zone: Total - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 0.89 - Grade Unit: g/t - Contained Metal: 77 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated gold resource in oxide material, which is positive for early production potential. It is a historical estimate. - Positive factor: Indicated resource in oxide material, amenable to heap leaching - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 0.89 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-30) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:edb9f1495ac6e2fb6be6 - Deposit or zone: Total - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: indicated - Tonnes: 2700000 - Grade: 3.4 - Grade Unit: g/t - Contained Metal: 0.3 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated silver resource in oxide material. It is a historical estimate. - Positive factor: Indicated resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 3.4 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-31) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:ca0c4f3c21338e72c3d1 - Deposit or zone: Total - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 1800000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 59 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated gold resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.02 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-32) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:ca0c4f3c21338e72c3d1 - Deposit or zone: Total - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: indicated - Tonnes: 1800000 - Grade: 3.5 - Grade Unit: g/t - Contained Metal: 0.2 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate indicated silver resource in transition material. It is a historical estimate. - Positive factor: Indicated resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 3.5 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-33) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:a23680fb56c4e5a8b270 - Deposit or zone: Total - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 10400000 - Grade: 1.31 - Grade Unit: g/t - Contained Metal: 441 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial indicated gold resource in sulphide material, representing a key component of the project's overall potential. It is a historical estimate. - Positive factor: Significant indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.31 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-34) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:a23680fb56c4e5a8b270 - Deposit or zone: Total - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: indicated - Tonnes: 10400000 - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 0.88 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial indicated silver resource in sulphide material. It is a historical estimate. - Positive factor: Significant indicated resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 2.6 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-35) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:78a25024f560c4ab1b00 - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 1.2 - Grade Unit: g/t - Contained Metal: 576 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated gold resource for the project, representing a key component of the project's overall potential. It is a historical estimate. - Positive factor: Significant total indicated gold resource - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 1.20 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-36) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:78a25024f560c4ab1b00 - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: indicated - Tonnes: 14900000 - Grade: 2.9 - Grade Unit: g/t - Contained Metal: 1.37 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total indicated silver resource for the project. It is a historical estimate. - Positive factor: Significant total indicated silver resource - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) Evidence · table > 2.9 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-37) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:5512e74e301d52ea60b4 - Deposit or zone: California - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 0.68 - Grade Unit: g/t - Contained Metal: 8 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small inferred gold resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.68 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-38) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:5512e74e301d52ea60b4 - Deposit or zone: California - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 400000 - Grade: 2.1 - Grade Unit: g/t - Contained Metal: 0.02 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small inferred silver resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.1 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-39) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:170bb2700e15c9021ee6 - Deposit or zone: California - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.85 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred gold resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.85 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-40) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:170bb2700e15c9021ee6 - Deposit or zone: California - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 2.6 - Grade Unit: g/t - Contained Metal: 0.01 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred silver resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.6 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-41) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:587d13d13f101e11e669 - Deposit or zone: California - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 1.27 - Grade Unit: g/t - Contained Metal: 46 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred gold resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.27 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-42) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:587d13d13f101e11e669 - Deposit or zone: California - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 1100000 - Grade: 3.8 - Grade Unit: g/t - Contained Metal: 0.14 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred silver resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.8 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-43) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:a1d8b8e6b212fae49ff8 - Deposit or zone: California - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 1600000 - Grade: 1.1 - Grade Unit: g/t - Contained Metal: 58 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred gold resource for the California deposit. It is a historical estimate with lower confidence. - Positive factor: Inferred gold resource for the California deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.10 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-44) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:a1d8b8e6b212fae49ff8 - Deposit or zone: California - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 1600000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 0.17 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred silver resource for the California deposit. It is a historical estimate with lower confidence. - Positive factor: Inferred silver resource for the California deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-45) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:a5cb22ae21e3eec0d2eb - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 0.8 - Grade Unit: g/t - Contained Metal: 12 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small inferred gold resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.80 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-46) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:a5cb22ae21e3eec0d2eb - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 3 - Grade Unit: g/t - Contained Metal: 0.04 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small inferred silver resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.0 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-47) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:8c1c39ab694873c79340 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 200000 - Grade: 0.93 - Grade Unit: g/t - Contained Metal: 5 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred gold resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.93 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-48) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:8c1c39ab694873c79340 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 200000 - Grade: 3.4 - Grade Unit: g/t - Contained Metal: 0.02 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred silver resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.4 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-49) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:e2d3897a5dfb408e5469 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 5700000 - Grade: 1.29 - Grade Unit: g/t - Contained Metal: 237 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial inferred gold resource in sulphide material, contributing significantly to the project's overall potential. It is a historical estimate with lower confidence. - Positive factor: Significant inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.29 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-50) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:e2d3897a5dfb408e5469 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 5700000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 0.46 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial inferred silver resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Significant inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.5 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-51) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:249f3fc263c95313b041 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 254 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred gold resource for the Golfo de Oro deposit. It is a historical estimate with lower confidence. - Positive factor: Significant inferred gold resource for the Golfo de Oro deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.24 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-52) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:249f3fc263c95313b041 - Deposit or zone: Golfo de Oro - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 6400000 - Grade: 2.5 - Grade Unit: g/t - Contained Metal: 0.52 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred silver resource for the Golfo de Oro deposit. It is a historical estimate with lower confidence. - Positive factor: Significant inferred silver resource for the Golfo de Oro deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 2.5 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-53) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d6273aba6e1cb6164ea5 - Deposit or zone: High Life - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 0.84 - Grade Unit: g/t - Contained Metal: 14 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small inferred gold resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.84 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-54) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d6273aba6e1cb6164ea5 - Deposit or zone: High Life - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 500000 - Grade: 4.2 - Grade Unit: g/t - Contained Metal: 0.07 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a small inferred silver resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Relatively small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 4.2 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-55) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:03d78235573be2baf429 - Deposit or zone: High Life - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 200000 - Grade: 0.73 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred gold resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.73 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-56) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:03d78235573be2baf429 - Deposit or zone: High Life - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 200000 - Grade: 4.5 - Grade Unit: g/t - Contained Metal: 0.02 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred silver resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 4.5 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-57) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:86d5019e53f73f224e7c - Deposit or zone: High Life - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 4 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred gold resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.90 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-58) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:86d5019e53f73f224e7c - Deposit or zone: High Life - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 8.3 - Grade Unit: g/t - Contained Metal: 0.04 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred silver resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 8.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-59) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d85fd768bf119451d9e6 - Deposit or zone: High Life - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 0.83 - Grade Unit: g/t - Contained Metal: 22 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred gold resource for the High Life deposit. It is a historical estimate with lower confidence. - Positive factor: Inferred gold resource for the High Life deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.83 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-60) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d85fd768bf119451d9e6 - Deposit or zone: High Life - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 800000 - Grade: 4.9 - Grade Unit: g/t - Contained Metal: 0.13 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred silver resource for the High Life deposit. It is a historical estimate with lower confidence. - Positive factor: Inferred silver resource for the High Life deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 4.9 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-61) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:f35dc4d37b44bfa876f8 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 0.74 - Grade Unit: g/t - Contained Metal: 75 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred gold resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.74 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-62) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:f35dc4d37b44bfa876f8 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 3200000 - Grade: 3.7 - Grade Unit: g/t - Contained Metal: 0.37 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred silver resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.7 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-63) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:6e1f60026a057e9916c5 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 1600000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 48 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred gold resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.92 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-64) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:6e1f60026a057e9916c5 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 1600000 - Grade: 3.6 - Grade Unit: g/t - Contained Metal: 0.19 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred silver resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.6 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-65) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:5203b84ccca7c7b20e03 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 84 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred gold resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.92 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-66) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:5203b84ccca7c7b20e03 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 2800000 - Grade: 4.1 - Grade Unit: g/t - Contained Metal: 0.37 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred silver resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 4.1 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-67) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:aee7c770a8131f2ce986 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 7600000 - Grade: 0.85 - Grade Unit: g/t - Contained Metal: 208 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred gold resource for the Sapuchi deposit. It is a historical estimate with lower confidence. - Positive factor: Significant inferred gold resource for the Sapuchi deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.85 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-68) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:aee7c770a8131f2ce986 - Deposit or zone: Sapuchi - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 7600000 - Grade: 3.8 - Grade Unit: g/t - Contained Metal: 0.94 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred silver resource for the Sapuchi deposit. It is a historical estimate with lower confidence. - Positive factor: Significant inferred silver resource for the Sapuchi deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.8 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-69) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:0821bebd9019f86aeec7 - Deposit or zone: Calvario - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.53 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred gold resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.53 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-70) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:0821bebd9019f86aeec7 - Deposit or zone: Calvario - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a very small inferred silver resource in oxide material with zero reported grade, making it immaterial. It is a historical estimate with lower confidence. - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence - Negative factor: Zero silver grade reported Evidence · table > 0.0 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-71) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:acbfaadf2e524229a4f8 - Deposit or zone: Calvario - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 0 - Grade: 0.55 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is an inferred gold resource in transition material with zero reported tonnage, making it immaterial. It is a historical estimate with lower confidence. - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Zero tonnage reported - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.55 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-72) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:acbfaadf2e524229a4f8 - Deposit or zone: Calvario - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 0 - Grade: 0 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is an inferred silver resource in transition material with zero reported tonnage and grade, making it immaterial. It is a historical estimate with lower confidence. - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Zero tonnage reported - Negative factor: Inferred category has lower geological confidence - Negative factor: Zero silver grade reported Evidence · table > 0.0 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-73) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:e5d948143b8fb0ce50fc - Deposit or zone: Calvario - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.53 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred gold resource for the Calvario deposit. It is a historical estimate with lower confidence and very small tonnage. - Positive factor: Inferred gold resource for the Calvario deposit - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.53 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-74) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:e5d948143b8fb0ce50fc - Deposit or zone: Calvario - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred silver resource for the Calvario deposit with zero reported grade, making it immaterial. It is a historical estimate with lower confidence. - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Very small tonnage - Negative factor: Inferred category has lower geological confidence - Negative factor: Zero silver grade reported Evidence · table > 0.0 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-75) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:7d9284df368ff99ae670 - Deposit or zone: Total - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 0.74 - Grade Unit: g/t - Contained Metal: 111 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred gold resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Significant inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.74 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-76) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:7d9284df368ff99ae670 - Deposit or zone: Total - Mining method: open\_pit - Material type: oxide #### Resource Data - Category: inferred - Tonnes: 4600000 - Grade: 3.5 - Grade Unit: g/t - Contained Metal: 0.51 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred silver resource in oxide material. It is a historical estimate with lower confidence. - Positive factor: Significant inferred resource in oxide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.5 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-77) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:0677f4acd42c58fb1e7b - Deposit or zone: Total - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 2100000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 61 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred gold resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.90 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-78) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:0677f4acd42c58fb1e7b - Deposit or zone: Total - Mining method: open\_pit - Material type: transitional #### Resource Data - Category: inferred - Tonnes: 2100000 - Grade: 3.6 - Grade Unit: g/t - Contained Metal: 0.24 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a moderate inferred silver resource in transition material. It is a historical estimate with lower confidence. - Positive factor: Inferred resource in transition material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.6 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-79) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:680b2cd407e2993e9ef8 - Deposit or zone: Total - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 9800000 - Grade: 1.18 - Grade Unit: g/t - Contained Metal: 371 - Contained Unit: koz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial inferred gold resource in sulphide material, contributing significantly to the project's overall potential. It is a historical estimate with lower confidence. - Positive factor: Significant inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.18 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-80) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:680b2cd407e2993e9ef8 - Deposit or zone: Total - Mining method: open\_pit - Material type: sulphide #### Resource Data - Category: inferred - Tonnes: 9800000 - Grade: 3.2 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: moz - Cutoff Grade: 0.44 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is a substantial inferred silver resource in sulphide material. It is a historical estimate with lower confidence. - Positive factor: Significant inferred resource in sulphide material - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.2 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-81) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d467ef741d3aa8e04eff - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 16600000 - Grade: 1.02 - Grade Unit: g/t - Contained Metal: 544 - Contained Unit: koz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred gold resource for the project. It is a historical estimate with lower confidence. - Positive factor: Significant total inferred gold resource - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.02 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-resource-facts-82) San Antonio Gold Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: silver - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Resource scope - Estimate type: resource - Effective date: 2022-06-24T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Rodrigo Calles, William J. Lewis P.Geo., Alan J San Martin, Leonardo Souza, Charles Spath, P. Geo. - Resource group id: resource:d467ef741d3aa8e04eff - Deposit or zone: Total - Mining method: open\_pit - Material type: Total #### Resource Data - Category: inferred - Tonnes: 16600000 - Grade: 3.3 - Grade Unit: g/t - Contained Metal: 1.76 - Contained Unit: moz - Cutoff Grade: 0.27 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2022-06-24 #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: This is the total inferred silver resource for the project. It is a historical estimate with lower confidence. - Positive factor: Significant total inferred silver resource - Positive factor: Open-pit mining method assumed - Positive factor: NI 43-101 compliant and QP signed - Negative factor: Estimate is historical \(June 2022\) - Negative factor: Inferred category has lower geological confidence Evidence · table > 3.3 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.4 years before this release ## Metallurgical Results (3) ### bottle roll [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-metallurgical-facts-83) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Test Work - Program Status: preliminary - Test Type: bottle roll - Processing Route: heap leach - Sample: Sapuchi deposit oxide material #### Recovery - Recovery: 80 % - Recovery Basis: actual\_test #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada - Consultant: Micon International Limited #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Historical bottle roll tests show strong gold recoveries for oxide material via heap leaching, which is positive for early production. However, these are bench-scale results and not new. - Positive factor: Strong gold extractions for oxide material via heap leaching - Positive factor: Supports low-cost processing methods - Negative factor: Test work is historical \(2021-2022\) - Negative factor: Bottle roll tests are bench-scale, not pilot scale Evidence · text > Metallurgical testing on the Sapuchi deposit \(2021-2022 by Forte Analytical and SGS Mineral Services Canada\) confirms strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 80% is at or above the exceptional band \(75%\) ### bottle roll [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-metallurgical-facts-84) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Test Work - Program Status: preliminary - Test Type: bottle roll - Processing Route: heap leach - Sample: Sapuchi deposit oxide material #### Recovery - Recovery: 90 % - Recovery Basis: actual\_test #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada - Consultant: Micon International Limited #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Historical bottle roll tests show exceptional gold recoveries for oxide material via heap leaching, which is very positive for early production. However, these are bench-scale results and not new. - Positive factor: Exceptional gold extractions for oxide material via heap leaching - Positive factor: Supports low-cost processing methods - Negative factor: Test work is historical \(2021-2022\) - Negative factor: Bottle roll tests are bench-scale, not pilot scale Evidence · text > Metallurgical testing on the Sapuchi deposit \(2021-2022 by Forte Analytical and SGS Mineral Services Canada\) confirms strong recoveries for oxide material via heap leaching, with bottle roll tests showing gold extractions up to 80-90% in oxides #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 90% is at or above the exceptional band \(75%\) ### agitated tank leach [Link to this fact](https://atlas-extractions.minestarters.com/news/axo-copper-announces-acquisition-of-past-producing-san-antonio-gold-project-from--0cfd00aa-79d9-4adb-95ac-d5484a51ef1b#fact-metallurgical-facts-85) San Antonio Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: San Antonio Gold Project - Commodity: gold - Region: mexico - Reported Region: Sonora State, Mexico - Ticker: AXO #### Test Work - Program Status: preliminary - Test Type: agitated tank leach - Processing Route: mill\_cil - Sample: Sapuchi deposit transition and sulphide material #### Recovery - Recovery Basis: unspecified #### Lab - Laboratory: Forte Analytical and SGS Mineral Services Canada - Consultant: Micon International Limited #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-06-24T00:00:00.000Z #### Dates - Event date: 2025-11-24T00:00:00.000Z Reasoning: Historical metallurgical testing suggests strong recoveries for transition and sulphide material using agitated tank leaching, which is positive for future development. However, specific recovery percentages are not provided in this document, and the basis is unspecified. - Positive factor: Strong recoveries suggested for transition and sulphide material via agitated tank leaching - Positive factor: Aligns with historical findings from other deposits - Negative factor: Test work is historical \(2021-2022\) - Negative factor: Specific recovery percentage not stated in this document - Negative factor: Basis of 'strong recoveries' is unspecified Evidence · text > The 2021-2022 metallurgical testing on transition and sulphide material at Sapuchi largely align with findings from historical metallurgical testing of transition and sulphide material at the Gulfo de Oro and California deposits, which suggest strong recoveries when crushed and mill agitated tank leached. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.