Focused, Strategic, Unique TSX: WS TSX: WS 1 CAUTIONARY STATEMENT - - PowerPoint PPT Presentation

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Focused, Strategic, Unique TSX: WS TSX: WS 1 CAUTIONARY STATEMENT - - PowerPoint PPT Presentation

TSX:WS Investor Presentation April 2014 1 Focused, Strategic, Unique TSX: WS TSX: WS 1 CAUTIONARY STATEMENT Cautionary Note Regarding Forward-Looking Information Certain information contained in this presentation constitutes


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Investor Presentation

April 2014

Focused, Strategic, Unique

TSX:WS

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CAUTIONARY STATEMENT

Cautionary Note Regarding Forward-Looking Information Certain information contained in this presentation constitutes forward-looking statements. All statements, other than statements of historical facts, are forward looking statements including statements with respect to the Company’s intentions for its Hermosa project in Arizona, USA including, without limitation, the amount of mineral resources and mineral reserves, expected future mineral production, expected metal grades and metal recoveries, expected future capital and operating costs, expected realizable metal prices, expected markets for EMM, expected timing for future metallurgical and other work and expected timing for the completion of a feasibility study. Forward-looking statements are often, but not always, identified by the use of words such as may, will, seek, anticipate, believe, plan, estimate, budget, schedule, forecast, project, expect, intend, or similar expressions. The forward-looking statements are based on a number of assumptions which, while considered reasonable by Wildcat, are subject to risks and uncertainties. In addition to the assumptions herein, these assumptions include the assumptions described in Wildcat's management's discussion and analysis for the period ended December 31, 2012 ("MD&A"). Wildcat cautions readers that forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements and forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of silver and other minerals; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or

  • btain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties;

employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business; and the factors discussed in the section entitled "Risks and Uncertainties" in the MD&A. Although Wildcat has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking information, there may be other risks, uncertainties and

  • ther factors that cause performance, achievements, actions, events, results or conditions to differ from those anticipated, estimated or intended. Unless
  • therwise indicated, forward-looking statements contained herein are as of the date hereof and Wildcat disclaims any obligation to update any forward-looking

statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law. About Reserves and Resources This presentation uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that: (a) mineral resources are not economic mineral reserves; (b) the economic viability of resources that are not mineral reserves has not been demonstrated; and (c) it should not be assumed that further work on the stated resources will lead to mineral reserves that can be mined economically. In addition, inferred resources are considered too geologically speculative to have any economic considerations applied to them. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for certain preliminary economic assessments. All Dollars are United States Dollars. All project metrics are shown on a 100%-ownership basis. All tons are short tons.

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ABOUT HERMOSA

Unpatented claims Patented claims Patented Claims

  • Approx. 150 Acres

Unpatented Claims

  • Approx. 13,500 Acres
  • 80% owned silver and manganese project
  • Stable, low risk jurisdiction with a history of mining
  • Located in Santa Cruz County, Arizona
  • 80 km SE from Tucson, Arizona
  • Near existing infrastructure
  • Power, water, rail, highways, natural gas
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PRE-FEASIBILITY HIG IGHLIGHTS

Photo: Testing Pilot Plant at Hazen’s labs in Golden, Colorado

  • Converted Resource to Reserve:
  • Contained metal of 145M ounces of silver and 7.2B lbs of manganese(1)
  • Annual production of 12.2M ounces of silver and 110M lbs of EMM(2,3)
  • Utilized magnetic separation to improve efficiency and throughput
  • Confirmed by-product recoveries for copper and zinc
  • Added EMM plating facility for the production of manganese, now a co-product
  • Achieved industry low cash co-product cash costs of $4.45 per ounce of silver and

$0.73 per pound of EMM(4)

  • Improved after-tax NPV(5%) to $830 million with an after-tax IRR of 21%(5)
  • Extended mine life to 18 years

1. See appendix for detailed reserve and resource table and associated footnotes 2. EMM = Electrolytic Manganese Metal 3. Silver production is for the first five years of production (5.7M oz Ag is average life of mine); EMM production is for the life of mine 4. Cash costs are calculated on a co-product basis whereby production costs are allocated to silver and manganese based on the relative revenues of each metal, and silver cash costs are net of gold, zinc and copper by-products. Metal prices are as mentioned in footnote 5. 5. NPV and IRR based on metal prices of $23.50/oz Ag, $1,250/oz Au, $1.19/lb EMM, $0.92/lb Zn, $3.25/lb Cu

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HERMOSA CROSS SECTION (A-A’)

5

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HERMOSA CROSS SECTION (B-B’)

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HERMOSA RESERVE AND RESOURCE

Hermosa Reserve and Resource Estimate (1)

Ore Type Tons (000s) Ag (opt) Mn % Contained Ag Ounces (000s) Contained Mn lbs (000s)

Tota

  • tal Pr

Prov

  • ven and

nd Pr Prob

  • bable Mi

Mineral Re Reserves

Total Proven 31,067 2.73 8.58 84,737 4,051,000 Total Probable 28,589 2.11 7.99 60,339 3,182,000 Total Proven & Probable 59,656 2.43 8.31 145,076 7,233,000

Tota

  • tal Me

Measured and nd Ind ndica cated Mi Mineral Re Resource ce (Incl clusive of

  • f Re

Reserves)(2)

Total Measured 78,512 1.54 6.60 121,115 4,898,000 Total Indicated 111,056 1.11 5.03 123,539 5,443,000 Total Measured & Indicated 189,568 1.29 5.67 244,654 10,341,000

Tota

  • tal Inf

nferred Min Mineral Re Resource(2)

Total Inferred 49,622 1.02 3.80 50,437 1,238,000

  • 1. See appendix for detailed reserve and resource table and associated footnotes
  • 2. Mineral resources that are not mineral reserves do not have a demonstrated economic viability. Mineral resources are inclusive of mineral reserves.
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TOTAL SIL ILVER RESOURCE COMPARISON

100 200 300 400 500 600 700 800

Navidad Pitarrilla Cordero Corani Escobal Malku Khota Hermosa Hackett River La Preciosa Santa Ana Maverick Springs Candelaria Juanicipio Berenguela San Agustin Diablillos GC Project Parrena Silvertip Challacollo San Juan Silver Joaquin Veta Colorada

Total global silver resource (Moz)

* Includes only primary silver deposits for projects with recent 43-101 compliant resource estimates

Hermosa is one of the 10 largest undeveloped primary silver deposits*

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RESOURCE BLOCK MODEL

A A’ B’ B Section 167,800 N Looking North

A

A’ A A’

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RESOURCE BLOCK MODEL

A A’ B’ B

B B’

Section 1,075,500 E Looking East

B B’

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PROCESS FLOW SHEET

Zinc Cathode

Manto Oxide

3 Stage Crush Calcining SART Copper

Upper Silver

CN Destruct Grinding Refinery Magnetic Separation Ag/Au Dore SXEW Zinc CN Leach/CCD Merrill Crowe Tails WHIMs Mn Concentrate Recovered Cyanide Cu Conc. (79%) Copper/Zinc Raffinate Pregnant Solution Concentrate Storage EMM EMM Flake

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CALCINE (KILN) PIL ILOT PLANT TESTS

Approximately 14 tons of Manto Oxide material have been tested in three separate pilot-scale tests

Photo: Testing Hermosa Pilot Plant at Hazen’s labs in Golden, Colorado

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MAGNETIC SEPARATION TESTS

Photo: Testing the magnetic separation process separating Hermosa ore from waste at Hazen’s labs in Golden Colorado

Magnetic separation of crushed Manto Oxide material

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PRE-FEASIBILITY METAL RECOVERIES

Manto Oxide Zone

Average Silver Recovery 79% Average Manganese Recovery 28% Average Gold Recovery 90% Average Copper Recovery 61% Average Zinc Recovery 8%

Upper Silver Zone

Average Silver Recovery 46% Average Gold Recovery 90%

Photo: Testing Pilot Plant at Hazen’s labs in Golden, Colorado

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PRE-FEASIBILITY OPERATING METRICS

Hermosa Operating Metrics

Mining rate 13,700 tpd Average annual silver production (first five years) 12.2 million oz Average annual silver production (life of mine) 5.7 million oz Average annual EMM production (life of mine) 110 million lbs Total recovered silver(1) 103 million oz Total recovered EMM(1) 1.98 billion lbs Average silver grade 2.43 opt Manganese grade 8.1% Mine life 18 years Waste to ore (strip) ratio 5.67:1

1. Based on a proven and probable reserve of 145 million ounces of silver and 7.2 billion pounds of manganese

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HERMOSA PRE-FEASIBILITY CAPEX

General Site Process Plant Tailings EPCM Owner's Cost Other Contingency Other Infrastructure Mining & Predevelopment

Initial CAPEX

General Site $35M Mining and Pre-development $40M Process Plant $338M Tailings $28M Substation and power $51M Other Infrastructure $50M EPCM $86M Owner’s Costs $48M Other $54M Contingency $105M TOTAL CAPEX $835M

Includes EMM plant CAPEX of $189M

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PRE-FEASIBILITY ECONOMICS

Project Economics Base Case After-tax NPV (0%) $1.50B After-tax NPV (5%) $830M After-tax NPV (7.5%) $611M After-tax IRR 21.3% Project Payback 2.8 years Silver Price ($/oz) $23.50 Manganese Price ($/lb) $1.19 Gold Price ($/oz) $1,250 Copper Price ($/lb) $3.25 Zinc Price ($/lb) $0.92

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PRIM IMARY METAL SENSITIVITY ANALYSIS

Manganese

Zinc / Copper

Gold

After-tax NPV (5%) After-Tax IRR (%)

$- $200 $400 $600 $800 $1,000 $1,200 $1,400 $19.00 $23.50 $29.00

$M EMM: $1.31/lb EMM: $1.19/lb EMM: $1.07/lb

0% 5% 10% 15% 20% 25% 30% 35% $19.00 $23.50 $29.00

Silver Price ($/oz) EMM: $1.31/lb EMM: $1.19/lb EMM: $1.07/lb Silver Price ($/oz)

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IN INDUSTRY LOW SIL ILVER CASH COSTS

$(5.00) $- $5.00 $10.00 $15.00 $20.00 MAG HL BCM WS THO SVM MSV FVI SVB EDR FR CDM PAA GPR USA SSO WS

1. Average silver cash costs (LOM) net of all metals: Mn, Au, Zn and Cu credits. Metal prices are based on: $1.19/lb EMM, $1,250/oz Au, $0.92/lb Zn and $3.25/lb Cu. 2. Cash costs calculated on a co-product basis whereby production costs are allocated to silver based on the relative revenue, net of gold, zinc and copper by-products. Average over the life of mine. Metal price assumptions are as included in footnote 2.

Silver cash costs ($/oz) Co-product cash costs (2) $4.45/oz Cash costs net of all metals (1) $(4.37)/oz

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NO NORTH AMERICAN SIL SILVER PRODUCTION COMPARISON

1. Based on 2012 Actuals for all companies; Wildcat based on expected average annual LOM silver production from 2013 Pre-feasibility Study 2. Lucky Friday based on guidance of expected full year production following start up in 2013

  • 1

2 3 4 5 6 7

Greens Creek Hermosa Rochester Galena Complex Bellekeno Lucky Friday

Annual Silver Production (Moz)(1)

Wildcat Silver Hecla Hecla Alexco Coeur U.S Silver

Hermosa is expected to be one of the largest silver producers and the only EMM producer in North America

First 5 Years: 12M oz Ag LOM: 5.7M oz Ag

(2)

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HERMOSA SIT ITE LAYOUT

LOOKING SOUTHEAST Tailings Storage Area

Road Access

Facilities and Plant Site

PROPOSED OPEN PIT

Reclaimed tailings from historical mine 21

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EXPLORATION UPSIDE

High Potential Exploration Targets

Hermosa Property

  • Completed airborne electromagnetic

and magnetic survey of claim block (2012)

  • Surface sampling and geophysics has

identified nine new high potential targets on unpatented claims

  • Manto Oxide and Upper Silver

Mineralization remains open in all directions

  • Additional exploration targets include

Sulfide Skarn and Copper Porphyry

Future opportunities: extending exploration to existing targets

  • utside resource area
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NEXT STEPS

  • Commence 48-hole drill program:
  • To provide geotechnical and hydrologic modeling data
  • To infill areas within the proposed pit that now contains inferred resource
  • Continue environmental base-line studies throughout 2014
  • Further optimize plant efficiency and continue with metallurgical test

work with the objective of improving primary and by-product metal recoveries Complete feasibility study for Hermosa in H1 2015

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WHY IN INVEST?

Robust Economics

After-tax NPV (5%)

  • f $830M(1)

Large Reserve(2)

145M oz Ag 7.2B lbs Mn

Industry Low Cash Costs(3)

$4.45/oz Ag $0.73/lb EMM

Strategic Metal Advantage with EMM Significant Exploration Upside Mining Friendly Jurisdiction Experienced Management and Board

1. Based on metal prices of $23.50/oz Ag, $1,250/oz Au, $1.19/lb EMM, $0.92/lb Zn, $3.25/lb Cu 2. See appendix for detailed reserve and resource table and associated footnotes 3. Cash costs are calculated on a co-product basis whereby production costs are allocated to silver and manganese based on the relative revenues of each metal, and silver cash costs are net of gold, zinc and copper by-products. Metal prices are as mentioned in footnote 1.

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APPENDIX

Focused, Strategic, Unique

TSX:WS

Focused, Strategic, Unique

Wildcat trades on TSX WS

November 14, 2013

Issued and outstanding 143.4M Options 6.9M Fully diluted 150.3M Share price (recent) C$0.62 Market cap ~C$89M Average volume (50 days) 155,363 shares 52 week high/low $0.78/$0.28 Mgmnt/insider ownership ~30%

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MANAGEMENT

Photo: Testing the magnetic separation process for recovering manganese from Hermosa material at Hazen’s labs in Golden Colorado Richard W. Warke Chairman & CEO

Founder of Augusta Resource Corporation (Executive Chairman), Wildcat Silver Corporation (Chairman and CEO), and Plata Latina Minerals Corporation (Director). He was also the founder and Chairman of Ventana Gold Corp which was sold for $1.5 billion. Richard has more than 25 years of experience in corporate finance and marketing in the global resource industry, and has been involved in raising over $1 billion dollars in equity for resource

  • companies. Although his endeavours have primarily involved mineral resource operations, he has also been

involved with oil and gas, forestry, technology and manufacturing operations.

Donald R. Taylor President & COO

30 years of successful mineral exploration experience on more than five continents in base and precious metals, taking projects from exploration to mine development; was previously at Doe Run Resources and BHP Minerals; has Bachelor of Science degree in Geology from Southeast Missouri State University and a MSc from University of Missouri at Rolla; Licensed Professional Geologist in several states and QP as defined by NI 43-101.

Paul J. Ireland Chief Financial Officer

Extensive financial experience in mining and forestry; Chartered Accountant; was previously also CFO of Ventana Gold Corp.

Charles J. Magolske Vice President, Corporate Development

25 years experience in marketing, operations management, business management, joint ventures and acquisitions in both domestic and international venues; degrees in Law, Business and Engineering (Professional Engineer); also VP of Corporate Development for Augusta Resource Corporation.

Gregory F. Lucero Vice President, Sustainable Development

More than 20 years of management experience in both the public and private sector, as well as an extensive background in the executive government working for local, state, and federal elected officials; holds a Bachelor of Arts degree in Political Science from the University of Arizona.

Letitia Cornacchia Vice President, Investor Relations & Corp. Comm.

More than ten years experience in finance and investor relations; holds Bachelor of Commerce degree in Finance from the University of British Columbia and is a CFA charter holder; also VP of Investor Relations and Corporate Communications for Augusta Resource Corporation and Plata Latina Minerals.

Purni Parikh Vice President, Corporate Secretary

More than 22 years experience in business administration including more than 17 years experience with public companies in the areas of communications, investor relations and legal administration; also Corporate Secretary for Augusta Resource Corporation and Plata Latina Minerals.

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BOARD OF DIRECTORS

Richard W. Warke Chairman & CEO

Founder of Augusta Resource Corporation (Executive Chairman), Wildcat Silver Corporation (Chairman and CEO), and Plata Latina Minerals Corporation (Director). He was also the founder and Chairman of Ventana Gold Corp which was sold for $1.5 billion. Richard has more than 25 years of experience in corporate finance and marketing in the global resource industry, and has been involved in raising over $1 billion dollars in equity for resource companies. Although his endeavours have primarily involved mineral resource operations, he has also been involved with

  • il and gas, forestry, technology and manufacturing operations.

Gil Clausen Vice Chairman

More than 25 years executive, finance, development and operations experience in the mining industry; currently President, CEO and Director of Augusta Resource Corporation and Chairman

  • f Plata Latina Minerals Corporation. Gil is a P.Eng. and holds B.Sc. and M.Sc. degrees in Mining

Engineering from Queen’s University and is a graduate of the Queen’s executive business program.

  • R. Stuart Angus

Director

Independent business advisor, past partner and head of global mining group at Fasken

  • Martineau. Chairman of Nevsun Resources Ltd., Director of SouthGobi and previously Director of

Ventana Gold.

Robert P. Wares Director

Professional geologist with more than 25 years experience in mineral exploration and research; Former Executive VP, COO and Founding Director of Osisko.

Donald Young Director

More than 35 years of experience working in the mining industry and, for many years, in public

  • practice. Mr. Young currently serves on the board of Dundee Precious Metals Inc. and Midas

Gold Corp.

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ABOUT MANGANESE

  • Manganese is the world’s fourth most heavily consumed metal
  • Global mine output of 18 million Mn tons in 2012 – over 90% goes into steel
  • All steels contain manganese
  • Manganese is used to remove sulphur from liquid steel (sulphur causes steel to crack) and there is no

viable substitute for manganese as a de-sulphuriser

  • Manganese is used to improve the strength of certain steels
  • Higher grades of manganese, such as EMM, are required for high quality steels, like automotive and

appliance steel

  • Non-steel consumption of manganese includes de-polarisation of dry-cell batteries, use for lithium

batteries in hybrid automotives and as an additive in certain aluminium and copper alloys

Source: AlloyConsult

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ABOUT MANGANESE METAL (EMM)

  • A pure manganese product (usually >99% Mn), typically produced electrolytically and is
  • ften referred to as EMM (electrolytic manganese metal)
  • 97% of global production in China, the other 3% in South Africa
  • China also very dominant in terms of global consumption (~70%)
  • Main uses in steels which cannot tolerate carbon or silicon –
  • Extensively in 200 series stainless steel in Asia (primarily for consumer products),
  • Specialized carbon steels in US/Europe
  • Used extensively in aluminium alloys as a hardener, notably in beverage cans. Also used in

some copper alloys

  • Used as a raw material feed for LC FeMn output in China

Source: AlloyConsult

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MN METAL: GLOBAL SUPPLY VS DEMAND

China – 97%

Other – 3%

Global Mn Metal Production (2012) Global Mn Metal Consumption (2012) Total approx. 1.3M tonnes Total approx. 1.6M tonnes

China – 70%

Other Asia 14% Europe 7% North America 3%

Source: AlloyConsult

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EMM PRICING

$ per EMM lb

EMM prices are at currently at low levels

0.00 0.50 1.00 1.50 2.00 2.50 Jan/09 Jul/09 Jan/10 Jul/10 Jan/11 Jul/11 Jan/12 Jul/12 Jan/13 Jul/13

Historical EMM Pricing - North America

WS Pre-feasibility EMM Price: $1.19 / lb Source: Ryan’s Notes (CRU)

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THE HERMOSA EMM COST ADVANTAGE

Hermosa is expected to have one of the lowest cash costs globally at $0.73 per EMM pound(1). The Hermosa EMM facility is expected to:

  • Benefit from a supply of manganese ore that is already processed in a ground and reduced

form at a low cost. Most EMM producers purchase manganese ore at market prices and incur processing costs prior to EMM plating.

  • Not be subject to the impact of changes in the market price of manganese ore and

transportation costs to transport the ore to the EMM facility.

  • Enjoy lower electricity prices compared to Chinese EMM facilities. Electricity comprises

approximately 60-70% of the cost of running an EMM plant, excluding the cost of ore.

  • Benefit from readily available continued low cost of sulfuric acid, a significant reagent used

in EMM processing.

  • Transportation cost advantage to North American EMM customers.
  • Not be subject to the 14% import tax currently levied on imported Chinese EMM.

Hermosa EMM facility has a sustainable long term low cost position for servicing the North American Market

  • 1. Cash costs reported on a co-product basis whereby production costs are allocated to manganese based on the relative revenue.
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HERMOSA RESERVE ESTIMATE

Hermosa Mineral Reserve Estimate (1) (3) (4) Ore Type Tons (000s) Ag (opt) Au (opt) Mn (2) % Zn (2) % Cu (2) % Contained Ag Ounces (000s) Contained Mn lbs (000s) Proven Mineral Reserve Manto Oxide 22,262 2.97 0.004 8.83 1.85 0.07 66,164 3,931,469 Upper Silver 7,454 2.19 0.003 N/A N/A N/A 16,314 N/A Hardshell 1,351 1.67 0.002 4.37 0.63 0.05 2,259 118,077 Total Proven 31,067 2.73 0.003 8.58 1.78 0.07 84,737 4,049,547 Probable Mineral Reserve Manto Oxide 18,773 2.17 0.003 8.25 1.88 0.07 40,713 3,097,545 Upper Silver 8,687 2.05 0.003 N/A N/A N/A 17,782 N/A Hardshell 1,130 1.63 0.002 3.78 0.57 0.05 1,844 85,428 Total Probable 28,589 2.11 0.003 7.99 1.80 0.07 60,339 3,182,973 Proven & Probable Mineral Reserve Manto Oxide 41,035 2.60 0.003 8.57 1.86 0.07 106,877 7,029,014 Upper Silver 16,140 2.11 0.003 N/A N/A N/A 34,096 N/A Hardshell 2,481 1.65 0.002 4.10 0.61 0.05 4,103 203,505 Total Proven & Probable 59,656 2.43 0.003 8.31 1.79 0.07 145,076 7,232,520

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HERMOSA RESOURCE ESTIMATE

Hermosa Mineral Resource Estimate (Inclusive of Reserve) (1)(3)(4)(5)(6) Ore Type Tons (000s) Ag (opt) Au (opt) Mn (2) % Zn (2) % Cu (2) % Pb (2) % Contained Ag Ounces (000s) Contained Mn lbs (000s) Measured Mineral Resource Manto Oxide (Inc. Hardshell) 37,136 2.06 0.003 6.60 1.55 0.06 N/A 76,569 4,901,952 Upper Silver 38,978 1.07 0.003 N/A N/A N/A N/A 41,551 N/A Skarn 2,398 1.25 0.001 N/A 1.70 0.07 1.49 2,996 N/A Total Measured 78,512 1.54 0.003 6.60 1.56 0.06 1.49 121,115 4,901,952 Indicated Mineral Resource Manto Oxide (Inc. Hardshell) 54,067 1.24 0.002 5.03 1.59 0.06 N/A 67,010 5,439,140 Upper Silver 51,501 0.97 0.002 N/A N/A N/A N/A 50,033 N/A Skarn 5,488 1.18 0.001 N/A 1.75 0.07 1.46 6,496 N/A Total Indicated 111,056 1.11 0.002 5.03 1.60 0.06 1.46 123,539 5,439,140 Measured & Indicated Mineral Resource Manto Oxide (Inc. Hardshell) 91,202 1.57 0.002 5.67 1.57 0.06 N/A 143,579 10,341,092 Upper Silver 90,479 1.01 0.002 N/A N/A N/A N/A 91,584 N/A Skarn 7,886 1.20 0.001 N/A 1.74 0.07 1.47 9,492 N/A Total Measured & Indicated 189,568 1.29 0.002 5.67 1.59 0.06 1.47 244,654 10,341,092 Hermosa Inferred Mineral Resource Estimate (1)(3)(4)(5)(6) Ore Type Tons (000s) Ag (opt) Au (opt) Mn(2) % Zn(2) % Cu(2) % Pb (2) % Contained Ag Ounces (000s) Contained Mn lbs (000s) Manto Oxide (Inc. Hardshell) 16,304 1.09 0.001 3.80 1.65 0.06 N/A 17,811 1,238,000 Upper Silver 28,847 0.94 0.003 N/A N/A N/A N/A 27,257 N/A Skarn 4,471 1.20 0.001 N/A 1.88 0.07 1.60 5,369 N/A Total Inferred 49,622 1.02 0.002 3.80 1.70 0.06 1.60 50,437 1,238,000 NOTE: Mineral resources that are not mineral reserves do not have a demonstrated economic viability

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NOTES TO RESERVE AND RESOURCE

Hermosa Mineral Reserve Criteria Ore Type Recovery Process Cost Ag Au Mn Zn Cu Process G&A Manto Oxide 80.2% 90.0% 28.3% 7.4% 61.1% $13.78/t $1.44/t Upper Silver 46.0% 90.0% 0.0% 0.0% 0.0% $10.97/t $3.03/t Hardshell 56.0% 90.0% 22.4% 25.0% 64.0% $25.08/t $2.41/t Hermosa Mineral Reserve Metal Prices Metal Price Ag $22.00/oz Mn $0.82/lb Au $1,250/oz Zn $0.82/lb Cu $3.00/lb (1) Tons are reported to the nearest thousand (1,000). Gold and silver are reported in ounces per ton, all other metals are reported in percentages. Therefore, different totals may be calculated due to rounding errors. (2) Average grade is based only on material processed for the specific product. (3) Hermosa Mineral Reserve Criteria: The unit cost of operating the EMM plant has been netted from the manganese price. (4) Metal Prices Used:

Mineral Reserve Notes: Mineral Resource Notes:

(1) Tons are reported to the nearest thousand (1,000). Gold and silver are reported in ounces per ton, all other metals are reported in percentages. Therefore, different totals may be calculated due to rounding errors. (2) Average grade is based only on material processed for the specific product. (3) Mineral resources are inclusive of mineral reserves. (4) Mineral resources are constrained to a whittle pit shell demonstrating the potential for economic extraction. (5) Hermosa Mineral Resource Criteria: Hermosa Mineral Resource Criteria Ore Type Recovery Process Cost Ag Au Mn Zn Cu Pb Manto Oxide 85% 90% 35% 35% 85% 0% $9.00/t Upper Silver 60% 90% 0% 0% 0% 0% $9.00/t Skarn 80% 90% 0% 85% 80% 90% $5.00/t (6) Metal Prices Used: Hermosa Mineral Resource Metal Prices Metal Price Ag $ 27.06/oz Mn $ 0.82/lb Au $ 1,468/oz Zn $ 0.92/lb Cu $ 3.54/lb Pb $ 0.90/lb

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TSX: WS 36 TSX: WS

Focused, Strategic, Unique

Focused, Strategic, Unique

TSX:WS Head Office 555-999 Canada Place Vancouver, BC V6C 3E1 tel (604) 484-3597 Investor Relations Letitia Cornacchia tel (416) 860-6310 lcornacchia@wildcatsilver.com