MOCOA COPPER-MOLYBDENUM PROJECT, COLOMBIA

NI 43-101 Technical Report

Prepared for: Authors and Qualified Persons:

Libero Copper & Gold Corporation Michel Rowland, FAusIMM
Suite 905 - 1111 West Hastings Robert Sim, P.Geo.
Vancouver, British Columbia Bruce Davis, FAusIMM
Canada, V6E 2J3

Effective Date: November 1, 2021

Execution Date: January 18, 2022
 Mocoa Copper-Molybdenum Project, Colombia
Technical Report

T ABLE OF CONTENTS
1 EXECUTIVE SUMMARY ................................................................................................. 1-1
2 INTRODUCTION ............................................................................................................. 2-1
2.1 Abbreviations and Acronyms ................................................................................... 2-3
3 RELIANCE ON OTHER EXPERTS ................................................................................. 3-1
4 PROPERTY DESCRIPTION AND LOCATION ................................................................ 4-1
4.1 Location .................................................................................................................. 4-1
4.2 Land Tenure............................................................................................................ 4-3
4.3 Environmental Regulations and Permitting .............................................................. 4-5
5 ACCESSIBILITY, CLIMATE, INFRASTRUCTURE AND PHYSIOGRAPHY ................... 5-1
5.1 Accessibility ............................................................................................................ 5-1
5.2 Climate.................................................................................................................... 5-1
5.3 Local Resources and Infrastructure......................................................................... 5-1
5.4 Physiography .......................................................................................................... 5-1
5.5 Additional Resources .............................................................................................. 5-1
6 HISTORY ......................................................................................................................... 6-1
7 GEOLOGICAL SETTING ................................................................................................ 7-1
7.1 Regional Geology ................................................................................................... 7-1
7.2 Local Geology ......................................................................................................... 7-2
7.2.1 Lithology ............................................................................................................ 7-2
7.2.2 Structure ............................................................................................................ 7-3
7.2.3 Alteration ........................................................................................................... 7-3
7.3 Geology of the Mocoa Copper-Molybdenum Deposit .............................................. 7-5
7.3.1 Hypogene Alteration and Mineralization ............................................................. 7-5
7.3.2 Supergene Alteration and Mineralization............................................................ 7-6
8 DEPOSIT TYPES ............................................................................................................ 8-1
9 EXPLORATION ............................................................................................................... 9-1
10 DRILLING ...................................................................................................................... 10-1
10.1 UN-INGEOMINAS (1978–1983) ............................................................................ 10-3
10.2 B2Gold (2008, 2012) ............................................................................................. 10-4
11 SAMPLING PREPARATION, ANALYSES AND SECURITY......................................... 11-1
11.1 UN-INGEOMINAS Joint Venture (1978–1983) ...................................................... 11-1
11.1.1 Core Handling and Storage.............................................................................. 11-1
11.1.2 Sample Preparation and Analytical Procedures ............................................... 11-1

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11.1.3 Quality Assurance/Quality Control (QA/QC) ..................................................... 11-1

11.2 B2Gold (2008)....................................................................................................... 11-2
11.2.1 Core Handling and Storage.............................................................................. 11-2
11.2.2 Sample Preparation and Analytical Procedures ............................................... 11-2
11.2.3 Quality Assurance/Quality Control (QA/QC) ..................................................... 11-4
11.3 B2Gold (2012)....................................................................................................... 11-7
11.3.1 Core Handling and Storage.............................................................................. 11-7
11.3.2 Sample Preparation and Analytical Procedures ............................................... 11-7
11.3.3 Quality Assurance/Quality Control (QA/QC) ..................................................... 11-8
11.4 Assessment of Sample Preparation, Security and Analytical Procedures............ 11-10
12 DATA VERIFICATION ................................................................................................... 12-1
12.1 1978–1983 Drill Database ..................................................................................... 12-1
12.1.1 Compiling Older Data Files .............................................................................. 12-1
12.1.2 Check Analysis ................................................................................................ 12-1
12.1.3 Drill Hole Collar Survey .................................................................................... 12-1
12.2 2008–2012 B2Gold Database ............................................................................... 12-2
12.2.1 General Database Verification ......................................................................... 12-2
12.2.2 Check Analysis ................................................................................................ 12-2
12.2.3 Drill Hole Validation (Twin Holes) ..................................................................... 12-2
12.3 Recent Database Validation .................................................................................. 12-2
12.4 Verification Conclusions ........................................................................................ 12-3
13 MINERAL PROCESSING AND METALLURGICAL TESTING ...................................... 13-1
14 MINERAL RESOURCES ............................................................................................... 14-1
14.1 Introduction ........................................................................................................... 14-1
14.2 Available Data ....................................................................................................... 14-1
14.3 Geologic Model, Domains and Coding .................................................................. 14-5
14.4 Compositing .......................................................................................................... 14-7
14.5 Exploratory Data Analysis ..................................................................................... 14-7
14.5.1 Basic Statistics by Domain ............................................................................... 14-8
14.5.2 Contact Profiles ............................................................................................. 14-15
14.5.3 Modeling Implications .................................................................................... 14-16
14.6 Bulk Density Data ............................................................................................... 14-16
14.7 Evaluation of Outlier Grades ............................................................................... 14-17
14.8 Variography......................................................................................................... 14-17

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14.9 Model Setup and Limits ....................................................................................... 14-18

14.10 Interpolation Parameters ..................................................................................... 14-19
14.11 Validation ............................................................................................................ 14-20
14.11.1 Visual Inspection ........................................................................................ 14-20
14.11.2 Model Checks for Change of Support ......................................................... 14-20
14.11.3 Comparison of Interpolation Methods ......................................................... 14-21
14.11.4 Swath Plots (Drift Analysis) ........................................................................ 14-23
14.12 Resource Classification ....................................................................................... 14-24
14.13 Mineral Resources .............................................................................................. 14-24
15 MINERAL RESERVES .................................................................................................. 15-1
16 MINING METHODS ....................................................................................................... 16-1
17 RECOVERY METHODS ................................................................................................ 17-1
18 PROJECT INFRASTRUCTURE .................................................................................... 18-1
19 MARKET STUDIES AND CONTRACTS ....................................................................... 19-1
20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT 20-
1
21 CAPITAL AND OPERATING COSTS ........................................................................... 21-1
22 ECONOMIC ANALYSIS ................................................................................................ 22-1
23 ADJACENT PROPERTIES............................................................................................ 23-1
24 OTHER RELEVANT DATA ........................................................................................... 24-1
25 INTERPRETATION AND CONCLUSIONS .................................................................... 25-1
26 RECOMMENDATIONS.................................................................................................. 26-1
27 REFERENCES .............................................................................................................. 27-1
28 DATE AND SIGNATURE PAGES ................................................................................. 28-1

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LIST OF FIGURES
Figure 4-1: Location Map Mocoa Project ................................................................................. 4-2
Figure 4-2: Claim Map Mocoa Property ................................................................................... 4-4
Figure 4-3: Forest Reserves and Indigenous Reservations Mocoa Project ............................. 4-7
Figure 7-1: Regional Geology Mocoa Project .......................................................................... 7-2
Figure 7-2: Local Geology Mocoa Project ............................................................................... 7-4
Figure 7-3: Geological and Drill Hole Plan Mocoa Deposit ...................................................... 7-7
Figure 7-4: East-West Cross Section 10 Mocoa Deposit ......................................................... 7-8
Figure 7-5: East-West Cross Section 6 Mocoa Deposit ........................................................... 7-9
Figure 7-6: North-South Cross Section Mocoa Deposit ......................................................... 7-10
Figure 10-1: Vertical Cross Section Showing Drilling in Centre of Mocoa Deposit ................. 10-1
Figure 11-1: Certified Standard CM-1 2008 Tracking Performance – Copper ....................... 11-5
Figure 11-2: Blank Performance – Copper 2008 B2Gold Drilling ........................................... 11-6
Figure 11-3: Preparation Duplicates – Copper 2008 B2Gold Drilling ..................................... 11-7
Figure 11-4: Certified Standard CM-1 2012 Tracking Performance – Copper ....................... 11-9
Figure 11-5: Blank Performance – Copper 2012 B2Gold Drilling ......................................... 11-10
Figure 14-1: Isometric View of Drilling by Year ...................................................................... 14-2
Figure 14-2: Isometric View Looking Northwest of Copper Grades in Drilling ........................ 14-3
Figure 14-3: Isometric View Looking Northwest of Molybdenum Grades in Drilling ............... 14-3
Figure 14-4: Isometric View of Surface representing the Base of Visible Oxidation ............... 14-6
Figure 14-5: Isometric View of 0.1% Copper Probability Shell Domain .................................. 14-7
Figure 14-6: Boxplot of Copper by Lithology Type................................................................. 14-9
Figure 14-7: Boxplot of Molybdenum by Lithology Type ........................................................ 14-9
Figure 14-8: Boxplot of Copper by Alteration Type .............................................................. 14-10
Figure 14-9: Boxplot of Molybdenum by Alteration Type ..................................................... 14-11
Figure 14-10: Boxplot of Copper by Stockwork Code .......................................................... 14-12
Figure 14-11: Boxplot of Molybdenum by Stockwork Code ................................................. 14-12
Figure 14-12: Boxplot of Copper by Oxide Code ................................................................. 14-14
Figure 14-13: Boxplot of Molybdenum by Oxide Code ........................................................ 14-14
Figure 14-14: Boxplots of Copper and Molybdenum Inside vs. Outside of the Probability Shell
Domain ............................................................................................................................... 14-15
Figure 14-15: Contact Profiles of Copper and Molybdenum Inside vs. Outside of the Probability
Shell Domain ...................................................................................................................... 14-16
Figure 14-16: Herco Plots of Copper and Molybdenum Inside the Probability Shell Domain 14-21
Figure 14-17: Grade Tonnage Comparison of Copper Models ............................................ 14-22
Figure 14-18: Grade Tonnage Comparison of Molybdenum Models ................................... 14-22
Figure 14-19: Swath Plots by Northing for Copper and Molybdenum Inside the Probability Shell
Domain ............................................................................................................................... 14-23
Figure 14-20: Isometric Views of Inferred Mineral Resource at Mocoa ................................ 14-26
Figure 14-21: Plan Showing Regional Protective Forest Boundary in relation to the Base Case
Inferred Mineral Resource ................................................................................................... 14-28

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LIST OF TABLES
Table 1.1: Sensitivity of Inferred Mineral Resource at Mocoa .................................................. 1-5
Table 1.2: Estimate of the Base Case Inferred Mineral Resources by Oxide Type .................. 1-6
Table 2.1: Abbreviations and Acronyms .................................................................................. 2-3
Table 4.1: Mining Concessions Mocoa Property ..................................................................... 4-3
Table 6.1: Exploration History Mocoa Project .......................................................................... 6-1
Table 10.1: Drill Collar Locations Mocoa Project (1978–2012) .............................................. 10-2
Table 10.2: Selective Intersections UN-INGEOMINAS (1978–1983) ..................................... 10-4
Table 10.3: Drill Results B2Gold (2008, 2012) ...................................................................... 10-5
Table 14.1: Statistical Summary of Sample Assay Data ........................................................ 14-5
Table 14.2: Outlier Grade Controls...................................................................................... 14-17
Table 14.3: Correlogram Parameters .................................................................................. 14-18
Table 14.4: Block Model Limits ........................................................................................... 14-19
Table 14.5: Interpolation Parameters .................................................................................. 14-19
Table 14.6: Estimate of Inferred Mineral Resources ............................................................ 14-25
Table 14.7: Sensitivity of Inferred Mineral Resources.......................................................... 14-27
Table 14.8: Estimate of Base Case Inferred Mineral Resources by Oxide Type .................. 14-29

Table 1.1: Sensitivity of Inferred Mineral Resource at Mocoa ................................................ 1-10

Table 1.2: Estimate of the Base Case Inferred Mineral Resources by Oxide Type ................ 1-11
Table 2.1: Abbreviations and Acronyms .................................................................................. 2-3
Table 4.1: Mining Concessions Mocoa Property ..................................................................... 4-3
Table 6.1: Exploration History Mocoa Project .......................................................................... 6-1
Table 10.1: Drill Collar Locations Mocoa Project (1978–2012) .............................................. 10-2
Table 10.2: Selective Intersections UN-INGEOMINAS (1978–1983) ..................................... 10-4
Table 10.3: Drill Results B2Gold (2008, 2012) ...................................................................... 10-5
Table 14.1: Statistical Summary of Sample Assay Data ........................................................ 14-5
Table 14.2: Outlier Grade Controls...................................................................................... 14-17
Table 14.3: Correlogram Parameters .................................................................................. 14-18
Table 14.4: Block Model Limits ........................................................................................... 14-19
Table 14.5: Interpolation Parameters .................................................................................. 14-19
Table 14.6: Estimate of Inferred Mineral Resources ............................................................ 14-25
Table 14.7: Sensitivity of Inferred Mineral Resources.......................................................... 14-27
Table 14.8: Estimate of Base Case Inferred Mineral Resources by Oxide Type .................. 14-29

1 EXECUTIVE SUMMARY
This technical report provides a mineral resource estimate for Libero Copper & Gold Corporation’s
Mocoa Copper-Molybdenum Project in Colombia. The report was written by Michel Rowland,
FAusIMM; Robert Sim, P.Geo.; and Bruce Davis, FAusIMM, all independent “qualified persons”
(QPs) as defined by Canadian Securities Administrators National Instrument 43-101 Standards
of Disclosure for Mineral Projects (NI 43-101) and as described in Section 28 (Date and Signature
Pages) of this report.

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This technical report was prepared in the fall of 2021, and the information contained in this report
has an effective date of November 1, 2021. A previous technical report for the Mocoa Property
was filed in June 2018 by Libero Copper Corporation (the name of the Company at that time). On
September 13, 2019, Libero Copper Corporation changed the name of its Company to Libero
Copper & Gold Corporation (Libero). There has been very little exploration conducted on the
Property since 2018, and there has been no additional drilling completed on the Mocoa Property
since the 2018 technical report was filed. Much of the information contained in this report remains
unchanged from the 2018 technical report, but it has been thoroughly reviewed to ensure it is still
relevant.

Property Description and Location

The Mocoa Copper-Molybdenum Project is located 465 km southwest of Bogota and 10 km north
of the town of Mocoa, the capital of the Department of Putumayo. The centre of the property is at
latitude 1°14′30″N and longitude 76°40′00″W. The UTM coordinates are 137,500N and 314,000E
(geographic projection: WGS84, Zone 18N). The project comprises six concession contracts
totaling 11,391.09 ha.

The topography of the property is rugged with elevations that range from 1,100 masl to
1,850 masl. Access to the property is via dirt roads and footpaths from the town of Mocoa.

The area has a tropical climate with temperatures that range from 9°C to 29°C. The average
annual rainfall is 4,600 mm. The deposit area is covered by densely vegetated rain forests.

Ownership
On May 7, 2018, Libero acquired a 100% interest in the Mocoa Project from B2Gold Corp.
(B2Gold) by acquiring all of the shares of Mocoa Ventures Ltd. (Mocoa Ventures). Mocoa
Ventures is a wholly owned subsidiary of B2Gold, which holds the Mocoa Project. The purchase
price for the project consisted of 10,400,000 shares of Libero and a retained 2% net smelter return
(NSR) royalty. Libero has retained a right of first refusal in the event that B2Gold wishes to sell
the royalty. As a result of this transaction, Mocoa Ventures, including its Colombian branch,
became a wholly owned subsidiary of Libero. The Mocoa property is also subject to a retained
1% NSR return royalty held by its previous owner, AngloGold Ashanti Limited (AGA).

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History
The Mocoa deposit was discovered between 1973 and 1976 when the United Nations (UN) and
the Instituto Nacional de Investigaciones Geológico-Mineras of Colombia (INGEOMINAS), now
the El Servicio Geológico Colombiano (SGC), conducted a regional stream geochemical survey.
Between 1978 and 1983, this Joint Venture carried out an exploration program that consisted of
geological mapping, surface sampling, ground geophysics (IP, magnetics), 31 diamond drill holes
totaling 18,308 m, and preliminary metallurgical testwork (von Guttenberg, 2008). In 1984, a
preliminary feasibility report was published; it included an historical estimate of mineral resources:
306 million tonnes with a grade of 0.37% Cu and 0.061% Mo using 0.25% and 0.025% cut-off
grades for copper and molybdenum, respectively (UN-INGEOMINAS, 1984).

Note: This historical estimate was prepared prior to the implementation of NI 43-101 and is not
compliant with current standards. There is no information regarding the assumptions, parameters,
methods or classification of the historic resource and it has not been verified by the authors of
this report and, as a result, it is not being treated as a current estimate of mineral resources.

In 2004, AGA acquired the property. From 2005 to 2006, Antofagasta Minerals S.A. (Antofagasta)
explored the property. In 2008, B2Gold acquired the concessions and drilled nine holes
(5,122.9 m). In 2012, B2Gold drilled three additional holes (1,768.2 m). In October 2016, Libero
commissioned Sim and Davis to initiate mineral resource-related studies on the Mocoa deposit
using data supplied by B2Gold. Resource estimates derived from this initial (2016) study were
used by Libero for due diligence purposes only, and they were never released to the public;
however, this initial work did form the foundation of the mineral resources that were described in
the June 2018 technical report as well as the mineral resources contained in this report.

Geology and Mineralization

The Mocoa deposit is situated in the Eastern Cordillera of Colombia, a 30 km wide tectonic belt
underlain by volcano-sedimentary, sedimentary and intrusive rocks that range in age from
Triassic-Jurassic to Quaternary, and by remnants of Paleozoic metasediments and metamorphic
rocks of Precambrian age. This belt hosts several other porphyry-copper deposits, such as
Mirador, San Carlos, and Panantza, located in southeastern Ecuador (von Guttenberg, 2008).

The geology of the Mocoa deposit has been described by Sillitoe et al. (1984). Copper-
molybdenum mineralization is associated with a dacite porphyry intrusion of Middle Jurassic age
emplaced into andesitic and dacitic volcanics. The Mocoa porphyry system exhibits a classical
zonal pattern of hydrothermal alteration and mineralization, with a deeper central core of potassic
alteration overlain by sericitization and surrounded by propylitization. Mineralization consists of
disseminated chalcopyrite, molybdenite and local bornite associated with multiphase veins,
stockworks and hydrothermal breccias. Patchy surface oxidation extends to a depth of 150 m and
overlaps a 70 m to 220 m thick barren quartz-sericite-pyrite lithocap that overlies primary copper-
molybdenum mineralization. The deposit contains no significant supergene copper mineralization.

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Drilling has indicated that the deposit is roughly cylindrical, with a 600 m diameter and thicknesses
that range from 250 m to 350 m. High-grade copper-molybdenum mineralization continues to
depths in excess of 1,000 m.

Sample Database and Validation

A review of the sample collection and analysis practices used during the various drilling
campaigns indicates that this work was conducted using generally accepted industry procedures.

Portions of the data have been validated using several methods, including visual observations
and comparisons with the assay results, and direct comparisons with assay certificates. Only the
sampling programs conducted by B2Gold (in 2008 and 2012) were monitored using a QA/QC
program that is typically accepted in the industry. Similarities between data of all drilling
campaigns (location, style, and tenor) suggest that there is no reason to question the results from
the earlier drill programs. It is the QPs' opinion that the database is sufficiently accurate and
precise to generate a mineral resource estimate.

Metallurgy
Four drill core composites, representing different rock and ore types, and a bulk composite of all
these samples were processed at Dawson Metallurgical Laboratories in Murray, Utah (UN-
INGEOMINAS, 1984; von Guttenberg, 2008). Standard grinding and flotation tests were
completed. A bulk copper-molybdenum flotation concentrate was processed to produce copper
and molybdenum concentrates. The copper concentrate has a grade of 24.2% Cu with a recovery
of 85.9% and the molybdenum concentrate has a grade of 55.14% Mo with a recovery of 82.7%.
Both concentrates are clean with no deleterious elements.

Mineral Resource Estimate

The mineral resource estimate was generated from drill hole sample assay results for copper and
molybdenum, and qualitative geological (core logging) information. All available drilling data were
loaded into MinePlan® and the initial, variable-length sample data were composited to 1.5 m
intervals. Statistical analysis shows that lithology, alteration, oxidation, and the presence of
stockwork zones do not control the distribution of mineralization at Mocoa. As a result, a
probability shell approach, based on a threshold grade of 0.1% Cu, was used to provide a domain
that segregates mineralized from unmineralized rocks. The resulting shell represents areas where
there is a >50% probability that the grade will be greater than 0.1% Cu. Because the drilling
remains “open” to mineralization in three directions, the limits of the probability shell are not bound
by sample data, but, instead, by a distance of 250 m from a drill hole. Using the logging
information, a 3D surface representing the base of visible oxidation was interpreted and used to
segregate resources by oxide type.

Grade estimates have been made using ordinary kriging into a model with a nominal block size
of 10×10×5 m (L×W×H). Potentially anomalous outlier grades have been identified and their
influence on the grade models are controlled during interpolation through the use of top-cutting
and outlier limitations resulting in a 1% reduction in contained copper and a 1.5% reduction in
contained molybdenum. An average density of 2.7 t/m3 was used to calculate resource tonnage.

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The results of the modeling process have been validated using a series of visual and statistical
methods, the results of which indicate that the resource model is an appropriate estimation of
global resources based on the underlying database.

The mineral resources have been classified by their proximity to sample locations and are
reported, as required by NI 43-101, according to the CIM Definition Standards for Mineral
Resources and Mineral Reserves. Based on the current distribution of drilling, mineral resources
in the Inferred category occur within a maximum distance of 200 m from a drill hole.

A resource-limiting pit shell has been generated using recoverable copper-equivalent (CuEqR)
grades calculated using the following formula:

CuEqR = (Cu% × 0.90) + (Mo% × 3.33 × 0.75)

Assumptions:
• Metal prices: US$3.00/lb Cu; US$10.00/lb Mo (Note: metal prices are based on three-year
trailing averages, excluding 2021, rounded to the nearest US dollar. The QPs believe that
relatively high metal prices in 2021 are a short-term anomaly related to COVID-19, and
the trailing average better reflects long-term price prospects.
• Metallurgical recoveries: copper 90%; molybdenum 75%.
• Pit slope: 45 degrees.
• Operating costs:
o Mining: open pit US$2.50/t.
o Processing: US$10.00/t.
o G&A: US$2.00/t.
Due to the polymetallic nature of the deposit, mineral resources were presented on a copper-
equivalent (CuEq) basis (CuEq = Cu% + (Mo% × 3.33)). Assuming a price of $3.00/lb Cu and the
projected operating costs listed here, the base case cut-off grade of the mineral resource is
estimated to be 0.25% CuEq. There are no adjustments to account for dilution or recovery in the
estimate of mineral resources.

Table 1.1 summarizes the mineral resource estimate at a series of cut-off limits for comparison
purposes.

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Table 1.1: Sensitivity of Inferred Mineral Resource at Mocoa

Contained Metal
Cut-off CuEq Cu Mo
Mtonnes CuEq Cu Mo
(CuEq%) (%) (%) (%)
(Blbs) (Blbs) (Mlbs)
0.2 683 0.43 0.32 0.035 6.54 4.77 530.2
0.25
636 0.45 0.33 0.036 6.31 4.60 510.5
(base case)
0.3 553 0.48 0.35 0.039 5.81 4.24 470.4
0.35 433 0.52 0.38 0.042 4.96 3.62 404.6
0.4 330 0.57 0.41 0.047 4.12 2.99 341.8
0.45 259 0.61 0.44 0.051 3.47 2.50 293.2
0.5 201 0.65 0.46 0.056 2.87 2.04 247.9
0.55 148 0.69 0.49 0.061 2.26 1.60 199.6
0.6 106 0.74 0.52 0.067 1.73 1.21 155.8
Notes: 1) In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% × 3.33.
2) Base case cut-off grade for in-pit resources is 0.25% CuEq.

A Regional Forest Reserve is located over the western part of the deposit. Libero believes they
will gain access to the Forest Reserve for mining purposes as part of the environmental permitting
phase of the project. These types of concessions for mining projects are not uncommon and, as
a result, the base case estimate of mineral resources assumes access for mining purposes that
extends into the current Forest Reserve area. However, should the Colombian Government
decide not to grant access into this area, this would significantly restrict the size of the resource-
constraining pit shell and the size of the mineral resource. When the resource-limiting pit shell is
restricted from encroachment into the Forest Reserve, the mineral resource estimate is reduced
to 325M tonnes at 0.46% CuEq, 0.34% Cu and 0.036% Mo (at a 0.25% CuEq cut-off grade),
which is a 50% reduction in resource tonnage compared to the base case.

Based on visible observations in drill core, the upper parts of the deposit exhibit some signs of
oxidation. Oxidation of this type, which is relatively common in these types of deposits, could
negatively impact the process recoveries. A 3D surface was interpreted that represents the base
of visible oxidation, and Table 1.2 shows the segregation of the base case mineral resources
above and below the interpreted surface. The results indicate that 22% of the base case resource
tonnage exhibits some degree of oxidation. Future metallurgical testwork is recommended in
order to better understand the possible impacts of these oxidized rocks.

Other than the location of the Forest Reserve and the portion of the resource that is partially
oxidized, there are no other known factors related to environmental, permitting, legal, title,
taxation, socio-economic, marketing, or political issues which could materially affect the mineral
resource.

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Table 1.2: Estimate of the Base Case Inferred Mineral Resources by Oxide Type

Contained Metal
CuEq Cu Mo
Location Mtonnes CuEq Cu Mo
(%) (%) (%)
(Blbs) (Blbs) (Mlbs)
Oxide and
139 0.41 0.32 0.026 1.25 0.99 78.3
Transition
Sulphide 497 0.46 0.33 0.040 5.06 3.61 432.7
Total 636 0.45 0.33 0.036 6.31 4.60 510.5
Notes: 1) In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo%×3.33.
2) Base case cut-off grade for in-pit resources is 0.25% CuEq.

Conclusions
Based on the evaluation of the data available from the Mocoa property, the authors of this
technical report have drawn the following conclusions:

• At the execution date of this Technical Report, Libero holds a 100% interest in the Mocoa
property (subject to a total 3% NSR royalty).
• The Mocoa deposit forms a relatively continuous zone of copper and molybdenum
mineralization over an area measuring approximately 1.2 km east-west by 1.4 km north-
south and extending to depths of more than 1 km below surface.
• The Mocoa copper-molybdenum mineralization remains open to the north, west and east.
• Drilling to date has outlined an Inferred resource (at a 0.25% CuEq cut-off) of 636 Mtonnes
at 0.33% Cu and 0.036% Mo which contains 4.60 billion pounds of copper and 510.5
million pounds of molybdenum.
• The resource-limiting pit shell and a portion of the current base case mineral resource
extends into a Regional Forestry Reserve on the western side of the Property. Libero
anticipates gaining access into this area for mining purposes during environmental
permitting as the project evolves. However, should the Colombian Government decide not
to grant access into this area, this would reduce the size of the estimated mineral
resources by about one half.
• Based on visible observations in drill core, the upper part of the deposit, representing
about 22% of the Inferred mineral resource, exhibits some signs of oxidation which could
negatively impact the process recoveries. Future metallurgical testwork is recommended
to better understand the possible impacts of these oxidized rocks.
• Preliminary metallurgical work indicates that the copper-molybdenum mineralization can
be recovered using conventional methods.

• Challenges facing continued exploration and evaluation of the Mocoa deposit include its
remote location, lack of road infrastructure, steep topography and high annual rainfall.

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Recommendations
Further work is warranted to assess the size, grade distribution and metallurgy of the Mocoa
copper-molybdenum deposit before further economic studies to advance the project. The specific
recommendation is to conduct a 13,500 m drill program at a cost of US$250 per metre to better
delineate the Mocoa deposit. The objective is to expand the current Inferred mineral resource, if
possible, and delimit the extent of mineralization. The estimated budget is US$3,375,000.

Cautionary Note Regarding Forward-looking Information and Statements

Information and statements contained in this technical report that are not historical facts are
“forward-looking information” or “forward-looking statements” within the meaning of Canadian
securities legislation and the U.S. Private Securities Litigation Reform Act of 1995 (hereinafter
collectively referred to as “forward-looking statements”) that involve risks and uncertainties.
Examples of forward-looking statements in this technical report include information and
statements with respect to: Libero’s plans and expectations for the Mocoa Project, estimates of
mineral resources, plans to continue the exploration drill program, and possible related
discoveries or extensions of new mineralization or increases or upgrades to reported mineral
resources estimates; the metallurgical testing program in connection with the Mocoa Project and
plans to conduct further comprehensive engineering, and metallurgical studies; and budgets for
recommended work programs.

In certain cases, forward-looking statements can be identified by the use of words such as "plans",
"budget", "estimates", or "believes", or variations of such words and phrases or state that certain
actions, events or results "may", "would", or "occur". These forward-looking statements are based,
in part, on assumptions and factors that may change, thus causing actual results or achievements
to differ materially from those expressed or implied by the forward-looking statements. Such
factors and assumptions include, but are not limited to, assumptions concerning copper, base
metal and precious metal prices; cut-off grades; accuracy of mineral resource estimates and
resource modeling; reliability of sampling and assay data; representativeness of mineralization;
accuracy of metallurgical testwork and timely receipt of regulatory approvals.

Forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Libero to be materially
different from any future results, performance or achievements expressed or implied by the
forward-looking statements. Such risks and other factors include, among others, risks inherent in
mineral resource estimation, fluctuation in the price of copper, base and precious metals;
expropriation risks; currency fluctuations; requirements for additional capital; government
regulation of mining operations; environmental, safety and regulatory risks; unanticipated
reclamation expenses; title disputes or claims; limitations on insurance coverage; changes in
project parameters as plans continue to be refined; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining industry;
competition inherent in the mining exploration industry; delays in obtaining governmental
approvals or financing or in the completion of exploration, development or construction activities,
as well as those factors discussed in the sections entitled “Risks and Uncertainties” in Libero’s
MD&A in its annual report. Although Libero and the authors of this technical report have attempted

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to identify important factors that could affect Libero and may cause actual actions, events or
results to differ, perhaps materially, from those described in forward-looking statements, there
may be other factors that cause actions, events or results not to be as anticipated, estimated or
intended.

There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements. The
forward-looking statements in this technical report are based on beliefs, expectations and
opinions as of the effective date of this Technical Report (November 1, 2021). Libero and the
authors of this technical report do not undertake any obligation to update any forward-looking
information and statements included herein, except in accordance with applicable securities laws.

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2 INTRODUCTION
In September 2016, Libero Copper & Gold Corporation (Libero) commissioned Michel Rowland,
FAusIMM, to provide an updated review of exploration completed on the Mocoa Copper-
Molybdenum Project, and Robert Sim, P.Geo., of SIM Geological, and Bruce Davis, FAusIMM, of
BDRC, to provide a mineral resource estimate for the Mocoa deposit.

Brepsant, Sim, and Davis are all independent “qualified persons” (QPs), within the meaning of
National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). They are
responsible for the preparation of this technical report on the Mocoa Project (the Technical
Report) which has been prepared in accordance with NI 43-101 and Form 43-101F1.

Libero is a mineral exploration company that holds a collection of porphyry copper deposits
throughout the Americas in prolific but stable jurisdictions. The portfolio includes Big Bulk, a fully
permitted and drill-ready porphyry copper-gold target, and Big Red, a new greenfield discovery in
the Golden Triangle; both projects are located in British Columbia, Canada. Esperanza, a
porphyry copper-gold and epithermal gold project, is located in San Juan, Argentina.
And Mocoa, a porphyry copper-molybdenum deposit, is located in Putumayo, Colombia.

This technical report was prepared in the fall of 2021, and the information contained in this report
has an effective date of November 1, 2021. A previous technical report for the Mocoa Property
was filed in June 2018 by Libero Copper Corporation (the name of the company at that time). On
September 13, 2019, Libero Copper Corporation changed the name of its Company to Libero
Copper & Gold Corporation (Libero). There has been very little exploration conducted on the
Property since 2018, and there has been no additional drilling completed on the Mocoa Property
since the 2018 technical report was filed. Much of the information contained in this report remains
unchanged from the 2018 report, but it has been thoroughly reviewed to ensure it is still relevant.

Michel Rowland conducted a site visit to the Mocoa property from November 23 to 24, 2021. He
inspected the drill core and verified that no core or other geological information had been
generated since a previous site visit on October 4 through 8, 2016. He reviewed results of a
geophysical survey completed in 2021. He concluded information available for the estimation of
an Inferred mineral resource has not changed since the 2018 technical report.

The QPs are responsible for the information provided in the following sections within this
Technical Report:

• Michel Rowland, FAusIMM, is responsible for the information provided in Sections 1–10,
13, 20, 23, 24, 27 and portions of Sections 25 and 26.
• Robert Sim, P.Geo., is responsible for the information provided in Section 14 and portions
of Sections 1, 25 and 26.
• Bruce Davis, FAusIMM, is responsible for the information provided in Sections 11 and 12
and portions of Sections 1, 14, 25 and 26.

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This report is based on information known to the QPs as of November 1, 2021. There has been
no additional work completed on the property since this date.

All measurement units used in this report are metric, and currency is expressed in US dollars
unless stated otherwise. The currency used in Colombia is the Colombian peso. The exchange
rate in December 2021 was approximately US$1 = 3,903 pesos.

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2.1 Abbreviations and Acronyms

Abbreviations and acronyms used throughout this report are shown in Table 2.1.

Table 2.1: Abbreviations and Acronyms

above mean sea level Amsl

atomic-absorption spectrophotometry AAS
AngloGold Ashanti Limited AGA
Antofagasta Minerals S.A. Antofagasta
B2Gold Corp. B2Gold
Bondar-Clegg & Company Ltd. Bondar-Clegg
copper Cu
digital elevation model DEM
Empresa Colombiana de Minas ECOMINAS
Environmental Impact Assessment EIA
Fellow of the Australasian Institute of Mining and Metallurgy FAusIMM
Global Positioning System GPS
gram G
hectare Ha
ICP Emission Spectrometry ICP-ES
ICP Mass Spectrometry ICP-MS
Inductively Coupled Plasma ICP
Instituto Nacional de Investigaciones Geológico–Mineras of Colombia INGEOMINAS
induced polarization IP
International Standards Organization ISO
Laboratory Information Management System LIMS
Libero Copper & Gold Corporation Libero or Company
Management Discussion and Analysis MD&A
Mocoa Ventures Ltd. Mocoa Ventures
molybdenum Mo
National Instrument 43-101 NI 43-101
net smelter return NSR
lead Pb
portable document format PDF
quality assurance/quality control QA/QC
Professional Geoscientist P.Geo.
qualified person QP
El Servicio Geológico Colombiano SGC
minimum effective daily Colombian legal salary SMDLV
United Nations UN
United States US
zinc Zn

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3 RELIANCE ON OTHER EXPERTS

This Technical Report was prepared by Michel Rowland, FAusIMM; Robert Sim, P.Geo.; and
Bruce Davis, FAusIMM. They are qualified persons for the purposes of NI 43-101, and each fulfill
the requirements of an “independent qualified person”.

The QPs for this Technical Report have not researched the property title or mineral rights for the
Mocoa Project and express no legal opinion as to the ownership status of the property.

For disclosure relating to ownership data and information (mineral, surface and access rights),
the authors have relied exclusively on information provided by Libero and Libero’s independent
counsel in Colombia (Lloreda Camacho & Co.) in the letter “Re: Legal Opinion in respect of
ownership of mining rights in Colombia of Libero” dated November 12, 2021 which was addressed
to Bruce Davis of BD Resource Consulting, Inc. and provided by Mr. Ian Harris, Chief Executive
Officer of Libero via email.

Lloreda Camacho & Co. completed a title opinion on the Mocoa Project, and the results are as
follows:

• It examined and relied on copies of the certificates of mining registry, updated to August
12, 2021.

• It conducted an independent search of the information in ANNA Minería (the official digital
platform of the National Mining Agency in Colombia).

• It concluded that Libero is the registered titleholder (of the claims reported in Sections 1
and 4.2 of this Technical Report)

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4 PROPERTY DESCRIPTION AND LOCATION

4.1 Location
The Mocoa property is located in southwestern Colombia, 465 km southwest of Bogota and 10
km north of the town of Mocoa (Figure 4-1). The centre of the property is at latitude 1°14'30"N,
longitude 76°40'00"W. UTM coordinates are 137,500N, 314,000E (geographic projection:
WGS84, Zone 18N).

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Figure 4-1: Location Map

Mocoa Project

Source: Libero , 2021.

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4.2 Land Tenure

The Mocoa property comprises six concession contracts totaling 11,391.09 ha (Table 4.1,
Figure 4-2). AGA retains a 1% net smelter return (NSR) royalty on these concessions but holds
no back-in rights. Concession JAP-16181 is not yet registered, and AGA cannot transfer it to
Mocoa Ventures until the title is registered. Libero acquired a 100% interest in the Mocoa Project
from B2Gold Corp. (B2Gold) by acquiring all of the shares of Mocoa Ventures Ltd. (Mocoa
Ventures). Mocoa Ventures is a wholly owned subsidiary of B2Gold, which holds the Mocoa
Project. The purchase price for the Project consisted of 10,400,000 shares of Libero and a
retained 2% net smelter return royalty. There are no further obligations that must be met to retain
the property. The company has no surface rights in the area. There are no other impediments
that may affect the ability to perform work on the property.

All mineral claim payments have been made, and the claims are in good standing. There are no
other encumbrances that could affect access and title, other than those mentioned in the
preceding paragraph. There are no significant risks affecting the normal course of business and
exploration efforts at the project.

Table 4.1: Mining Concessions

Mocoa Property

Concession Area Date Granted Expiry Date Registered

Number (ha) (mm/dd/yyyy) (mm/dd/yyyy) Owner
Mocoa Ventures
FJT 131 1,998.09 5/24/2007 5/23/2037
Ltd.
Mocoa Ventures
FJT 132 1,998.09 6/22/2007 6/21/2037
Ltd.
Mocoa Ventures
FJT 141 1,908.69 12/18/2006 12/17/2036
Ltd.
Mocoa Ventures
FJT 142 1,925.78 6/21/2007 6/20/2037
Ltd.
Total 7,830.65

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Figure 4-2: Claim Map

Mocoa Property

Source: Libero, 2021.

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4.3 Environmental Regulations and Permitting

Mining and exploration activities in Colombia are governed by the revised 2001 Mining Code
(Código de Minas) (Law 685/01) of August 2001. Concession contracts under the Mining Code
are granted for 30 years, including a three-year period for exploration from the moment the
concession contract is registered before the National Mining Registry, which can be extended for
four additional two-year periods for a total term of 11 years, followed by a three-year construction
and assembly period, which can be extended for one year. The remaining portion of the term is
allocated to the exploitation phase. All extension periods have been approved at the Mocoa
Project.

The concession contracts are subject to annual surface fees. For the five concession contracts
that are registered, the annual fee is equivalent to a minimum effective daily Colombian legal
salary (SMDLV) per hectare per year, which, currently, is approximately US$9.00 per hectare per
year. The annual surface fee will be calculated differently as it will be registered under a different
law (Law 1753 of 2015). Therefore, (i) for years 1 to 5, the annual fee will be equivalent to 0.75
SMDLV per hectare per year, (ii) for years 5 to 8, the annual fees will be increased to 1.25 SMDLV
per hectare per year, and (iii) for years 8 and onwards, the annual fees will be 2.00 SMDLV per
hectare per year. For the six concession contracts covering the Mocoa deposit, current annual
fees amount to approximately US$90,000. Once in production, state royalties on copper and
molybdenum are 5% of the metal value at the plant site (as per Article 16 of Law 141 in 1994)
which are independent of national, departmental and municipal taxes.

Under the Mining Code, liability insurance is required to cover any environmental or mining
accidents (mining-environmental policy). This insurance is issued by local companies on an
annual basis and cover up to 5% of the estimated annual exploration investments as reported to
the Colombian mining authorities. No production has occurred at the Mocoa property, and the
authors are not aware of any known environmental liabilities that could affect the Mocoa property.

The Mining Code specifies that environmental impact assessment (EIA) study permits are not
required during prospecting and exploration but permits and/or environmental authorizations are
required for the use of natural resources (e.g., water concessions, water discharge permits,
forestry permits) during exploration.

Water permits were obtained and were in effect during the 2008 and 2012 B2Gold drill programs.
These are no longer in effect and new permits and authorizations will need to be obtained for
future drilling campaigns.

EIA studies are required once a mine plan is submitted.

By Executive decision 224 of 1984, the “Cuenca Alta del Rio Mocoa” Protective Forest Reserve
was created. This Protective Forest Reserve currently overlaps with a portion of the mining titles
(FJT-141 and FJT-131) that comprise the Project. It covers an area of 30,917.22 ha (Figure 4-3)
and is located in the western sector of the Mocoa property, west of the Mocoa deposit and
Chapulina Creek, encompassing the upper catchment basin of the Mocoa River.

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Libero has researched Colombian law for information regarding access to a forest reserve. The
Company believes the process is similar to obtaining other permits required to develop a mine
and expects it can obtain the necessary access to the forest reserve as the project develops.

The requirement for drilling in Colombia is the filing of work plans as an “Environmental Mining
Guide for Exploration” which has pre-established requirements for exploration. Libero has filed a
work plan with the regional Colombian environmental authority. Additional permits may be
required for specific impacts, such as a wastewater discharge or significant forest use. Current
plans do not require such permits.

Libero does not currently have permission to drill in the Forest Reserve; however, there is
legislation specifically designed for subtraction of areas from the reserve for exploration. The
company plans to start this process in Q1-2022. This is a precursor for subtraction for exploitation.

The requirement for drilling in Colombia is the filing of work plans as an “Environmental Mining
Guide for Exploration” that has pre-established requirements for exploration. Libero has filed a
work plan with the regional Colombian environmental authority. Additional permits may be
required for specific impacts such as a wastewater discharge or significant forest use. Current
plans do not require such permits.

Libero does not currently have permission to drill in the Forest Reserve; however, there is
legislation specifically designed for subtraction of areas from the reserve for exploration. The
Company plans to begin this process in Q1-2022. This is a precursor for subtraction for
exploitation.

The western part of the Mocoa deposit extends into the area of the Forest Reserve. Libero
believes they will gain access into the Forest Reserve for mining purposes, as part of the
environmental permitting phase of the project. However, should the Colombian Government
decide not to grant access into the area, this would significantly restrict the size of the resource-
constraining pit shell and the size of the mineral resource. This is described in more detail in
Section 14 of this report.

The Inga de Condagua Indigenous Reservation (Resguardo Indigena Inga de Condagua) was
created in 1993 and its area was extended in 2006. Currently, part of this extension is located
within the area of titles FJT-131 and FJT-132 (Figure 4-3).

Most of the drill collars are on a north-south ridge that, as far as Libero is aware, is located on
government land property. These collars are east of the Protective Forest Reserve
(Figure 4-3).

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Figure 4-3: Forest Reserves and Indigenous Reservations Mocoa Project

Source: Libero, 2021.

Libero plans to initiate baseline environmental studies and community discussions in conjunction
with the next drilling program. There are no known environmental liabilities associated with the
property.

There are no other known significant factors and risks that may affect title, access, or the ability
to perform work on the project.

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5 ACCESSIBILITY, CLIMATE, INFRASTRUCTURE AND

PHYSIOGRAPHY
5.1 Accessibility
The Mocoa Project is located 10 km north of the town of Mocoa, an agricultural centre that is the
provincial capital of the Department of Putumayo, Colombia. The town can be reached by mostly
paved roads from the towns of Villagarzón (30 km), Pasto (150 km) and Puerto Asís (95 km); all
are served by regularly scheduled commercial flights from Bogota. Puerto Asís is connected by
navigable rivers to the Atlantic Ocean.

The Mocoa Project site is accessible by 6 km of dirt road between the town of Mocoa and the
Montclar Bridge which crosses the Mocoa River. A 4 km footpath and mule trail wind up the ridge
line to the project area. The project is also accessible by helicopter.

5.2 Climate
The Mocoa Project is situated near the eastern edge of the Andean Cordillera and forms part of
the headwaters of the Amazon basin. The climate is tropical with annual temperatures varying
from 9°C to 29°C. The average annual rainfall for the town of Mocoa is approximately 4,650 mm
with the rainy season lasting from April to July. Due to the higher elevation of the project, the
actual average temperatures and levels of precipitation may vary.

5.3 Local Resources and Infrastructure

The closest population centre to the project area is the town of Mocoa (population approximately
36,000). It is the regional cattle and agricultural centre and the seat of the government for the
Department of Putumayo.

CorpoAmazonia, the regional environmental corporation, has offices in Mocoa. It grants most of
the environmental permits required to conduct exploration activities in Colombia. The town of
Mocoa offers accommodations and some of the basic supplies for exploration and mining,
including a potential workforce for less specialized positions.

5.4 Physiography
The Mocoa property is situated in steep terrain with elevations that range from 1,100 masl to
1,850 masl. The surface projection of the Mocoa deposit occurs along a linear north-south-
trending ridge, which rises about 300 m above canyons on both sides. Slope angles on the ridges
are steep and range from 30° to 50°. The Mocoa Project area is primarily covered by low, dense
rain forest. At lower elevations, the land has been cleared for agricultural use.

5.5 Additional Resources

Mocoa is connected to the national power grid and initial estimates indicate that this is capable of
providing all necessary power to the Project. The ocean port best suited to ship supplies and

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concentrate is Buenaventura on the Pacific Ocean, approximately 650 km north-northwest of the

project area by road (Figure 4-1). Water for the project could be supplied from the nearby Mocoa
River (UN-INGEOMINAS, 1984). The town of Mocoa is a potential source of mining personnel.
The concessions include sufficient sites for processing infrastructure, waste and tailings disposal.

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6 HISTORY
Previous exploration, prior ownership, and changes in ownership at the Mocoa Project are
summarized in Table 6.1 and discussed in greater detail in Sillitoe et al. (1984) and von
Guttenberg (2008).

Results of the drill programs are provided in Section 10 (Drilling) of this Technical Report. No
production has occurred at the Mocoa Project.

Aside from the initial UN-INGEOMINAS regional program all work has been conducted within the
current mineral property boundaries.

Table 6.1: Exploration History Mocoa Project

Year Company Description

Regional stream sediment survey located a Cu-Mo-
1973–1976 UN-INGEOMINAS Zn-Pb stream anomaly over an 8 km2 area. Soil and
rock chip sampling defined 2 Cu-Mo-Zn anomalies.
A drill hole discovered 175 m of high-grade Cu-Mo
1978 UN-INGEOMINAS mineralization, including 1.54% Cu, 0.23% Mo over
90 m.
31 drill holes, 18,308 m and IP/magnetic surveys
1978–1983 UN-INGEOMINAS
outlined the mineralized zone.
The following historical mineral resource was
included in a June 2008 technical report for B2Gold
(Strathcona, 2008) that stated, "A study completed
by the joint venture in 1984–85, identified as a
Preliminary Feasibility Report (Informe Preliminar
de Factibilidad), includes historical estimates of
mineral resources and reserves to industry
standards at the time." The historical mineral
resource comprised 306 Mtonnes @ 0.37% Cu and
0.061% Mo.
1984 UN-INGEOMINAS
The QP does not have access to the 1984 study to
verify this mineral resource estimate, and there is
no information available regarding assumptions,
parameters, methods, or classification criteria. The
QP has not done sufficient work to classify the
historical estimates as current mineral resources.
The issuer is not treating this historical estimate as
current mineral resources as it does not meet the
requirements of NI 43-101 and it should not be
relied upon.
Project eventually abandoned due to economic
post 1985 UN-INGEOMINAS
and political reasons.

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Year Company Description

Acquired a 4,800-ha exploration license over the
Mocoa deposit but did little work and terminated
1990–2000 Minera Andes Inc.
the license in 2000 due to adverse conditions in
Colombia.
2004 AngloGold Ashanti Acquired concessions over the Mocoa deposit.
2005–2006 AngloGold Ashanti / Antofagasta Reconnaissance exploration in the Mocoa area.
Joint Venture terminated, but AGA retained the
2007 AngloGold Ashanti / Antofagasta
concessions.
B2Gold acquired a 100% interest in the property
2008 AngloGold Ashanti / B2Gold subject to a 1% NSR royalty retained by AngloGold
Ashanti. Drilled 9 holes, 5,122.9 m.
2012 B2Gold Drilled another 3 holes, 1,768.2 m.
Acquired the Mocoa Property from B2Gold
2018 Libero Copper Corporation
on June 15, 2018.

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7 GEOLOGICAL SETTING
7.1 Regional Geology
The Mocoa deposit is located in the Eastern Cordillera of Colombia, a 30 km wide tectonic belt
underlain by volcano-sedimentary, sedimentary and intrusive rocks that range in age from
Triassic-Jurassic to Quaternary, and by remnants of Paleozoic metasediments and metamorphic
rocks of Precambrian age. This belt hosts several other porphyry-copper deposits, such as
Mirador, San Carlos, and Panantza, located in southeastern Ecuador (von Guttenberg, 2008).

Northeast-southwest-trending regional fault zones control the exposure of Paleozoic to Tertiary

age volcanic-sedimentary sequences (Figure 7-1). The northern part of the Mocoa property is
underlain by the northeasterly trending Saldana Formation which is composed of subaerial
volcanics and volcaniclastics. This unit and adjacent older sediments are intruded by the late
Triassic (198 to 210 Ma [Sillitoe et al., 1984]) Mocoa batholith. The batholith is a composite body
with distinct granodioritic and adamellitic facies and has a contact metamorphic aureole of
marbles, skarns and hornfelsed siltstones. Both the batholith and Saldana Formation are in fault
contact to the south and southeast with Tertiary-age continental red beds.

The Saldana Formation hosts the Mocoa copper-molybdenum deposit, which is associated with
dacite porphyry stocks and dikes of Early to Middle Jurassic age (166 to 183 Ma; Sillitoe et al.,
1984)

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Figure 7-1: Regional Geology

Mocoa Project

Source: B2Gold, 2011; INGEOMINAS, 2003.

7.2 Local Geology

7.2.1 Lithology
A more detailed picture of the geology in the vicinity of the Mocoa deposit is shown in Figure 7-2
(Sillitoe et al., 1984). Early Triassic marine sediments (shown in light blue) are overlain by
andesites and dacites of the Saldana Formation. These are intruded by the composite Mocoa
batholith which is exposed in the southwest part of the map area.

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Several small intrusive bodies are associated with the Mocoa mineralization:

• Pre-mineral porphyritic andesitic, latitic and dacitic irregularly shaped stocks and dikes
occur southwest and south of the main deposit area.
• A syn-mineral, partly unroofed dacite porphyry stock hosts the mineralization. The
mineralized dacite porphyry is hosted by shallow-dipping and completely bleached
volcanic rocks of the Saldana Formation.
• Post-mineral dacite porphyry stocks occur within and peripheral to the mineralized zone.
Hydrothermal breccias form a north-northwest-trending series of pipes that are 75 m to 250 m in
diameter. The pipes occur in the roof zone and along the western edge of the mineralized dacite
porphyry. Some of the hydrothermal breccias host high-grade copper-molybdenum
mineralization.

7.2.2 Structure
A complex fault zone is located between the Mocoa deposit and the Mocoa River. This structural
corridor trends east-northeast. The northern structure appears to dip to the south at 40° to 70°
south and is interpreted to be a normal fault. The southern structure is inferred to dip steeply
northward and is a reverse fault. This major fault zone is correlated with other major high-angle
reverse faults of late Cenozoic age, which bound the Eastern Cordillera. It is a relatively recent,
and possibly continuing, fault displacement which has given rise to the rapid drainage incision
and consequent steep relief in the Mocoa Project area and the apparent tilting of the volcanic
stratigraphy.

Within the alteration zone, a northwest-striking fault zone has been observed at surface and in
drill core. This structure is roughly coincident with the hydrothermal breccia pipes.

7.2.3 Alteration
A circular halo of pyritic mineralization (>5% pyrite) with a diameter of 2 km is associated with the
Mocoa mineralization (Figure 7-2). A zone of pervasive sericite and three smaller zones of
potassic alteration occur within this pyrite zone.

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Figure 7-2: Local Geology

Mocoa Project

Source: B2Gold, 2011.

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7.3 Geology of the Mocoa Copper-Molybdenum Deposit

The geology of the Mocoa deposit is based largely on the interpretation of drill hole lithology logs.
A plan map of the deposit is shown in Figure 7-3, and vertical cross sections are shown in Figures
7-4, 7-5 and 7-6. Detailed descriptions of the lithology, alteration and mineralization are found in
reports by Sillitoe et al. (1984) and von Guttenberg (2008) and are summarized here.

The Mocoa copper-molybdenum porphyry system is associated with a partially unroofed stock of
dacite porphyry. The northern part is an oval-shaped stock with dimensions of 1,200 m by 400 m
and the southern part is dike-like (600 m by 200 m). Many smaller dacite porphyry dikes, which
have been seen on the surface and in drill holes, are apophyses of the main intrusion.
Mineralization occurs within the dacite porphyry and adjacent volcanic rocks. The Mocoa porphyry
system, including its host stock, appears to have been tilted to the northeast, resulting in its
elongation in that direction and a 65° southwest dip of the K-silicate-sericite alteration boundary.

7.3.1 Hypogene Alteration and Mineralization

The hydrothermal alteration and mineralization pattern conforms to the classical zonal pattern
expected in the upper parts of a porphyry system: sericitization surrounded by propylitization and
underlain in its deeper parts by K-silicate alteration. The widespread overprinting of alteration-
mineralization types, and the multiplicity of veinlet generations within each of the alteration-
mineralization zones have contributed to both the high grade and the geological complexity of the
Mocoa porphyry system. The large number of mineralization stages is emphasized by the high
density of stockwork fracturing, which locally exceeds 400 fractures per linear metre in andesitic
wall rocks immediately adjoining the stock.

A zone of pervasive sericite-pyrite alteration forms a barren lithocap to the Mocoa porphyry
system. This zone is up to 150 m thick and is underlain by a steep-sided cylindrical body of K-
silicate alteration.

Late-stage sericitization of variable intensity persists as patches to the deepest levels drilled
(1,000 m below surface). Pervasive sericitic overprinting locally resulted in at least partial removal
of chalcopyrite and molybdenite, and the addition of 4% to 6% pyrite. In the northern part of the
deposit, it is estimated that 80% of the mineralization is associated with sericitic alteration within
the dacite porphyry stock.

K-silicate alteration is characterized by pink K-feldspar (mainly orthoclase), pale green chlorite,
lavender-coloured anhydrite, transparent to milky quartz, locally abundant white calcite and traces
of epidote. The K-silicate zone includes a well-mineralized, K-feldspar-chlorite facies and a deep,
centrally located K-feldspar-phlogopite-actinolite-magnetite facies, which coincides with low-
grade copper and molybdenum values. Remnants of an early facies of K-silicate alteration were
recognized at depths greater than 400 m in the central parts of the deposit.

The propylitic halo is characterized by chlorite, epidote, calcite, prehnite, and pyrite, occurring as
patches, veinlets, and disseminations. The main inner part of the halo carries at least 1% pyrite,

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but minimal copper or molybdenum. The outer limit of the propylitic halo is difficult to determine
given the limited exposure but appears to contain enhanced zinc and lead values.

Chalcopyrite, molybdenite, pyrite and minor bornite occur as disseminations and in quartz vein
stockworks. Total sulphide content is usually less than 3%. Higher grade copper-molybdenum
mineralization is hosted by several hydrothermal breccias, which are concentrated in both K-
silicate and sericitic alteration along the concealed southern roof and southwestern flank of the
stock.

7.3.2 Supergene Alteration and Mineralization

A thick zone of partial leaching is present along the ridge in the central part of the deposit, but it
is absent beneath the canyon floors. The leach cap ranges from 200 m to 260 m thick in the
northern part of the deposit to about 130 m in the southern, eastern and western parts of the
deposit. It is characterized by the development of jarosite and minor hematite after sulphides
(primarily pyrite). Isolated zones within the leach cap are unoxidized and contain fresh pyrite.

An irregular zone of incipient supergene copper enrichment is most common in a 10 m to 100 m

thick zone within and/or immediately beneath the lowermost part of the leach cap. It consists of
surficial replacement of pyrite and lesser chalcopyrite by sooty chalcocite and, at greater depths,
by films of covellite. Rapid erosion during the late Cenozoic precluded generation of a significant
zone of supergene chalcocite enrichment. The high precipitation caused nearly complete removal
of abundant hypogene anhydrite and supergene gypsum to depths of at least 900 m.

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Figure 7-3: Geological and Drill Hole Plan

Mocoa Deposit

Source: B2Gold, 2011.

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Figure 7-4: East-West Cross Section 10

Mocoa Deposit

Note: Composites represent core length intervals.

Source: B2Gold 2011.

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Figure 7-5: East-West Cross Section 6

Mocoa Deposit

Note: Composites represent core length intervals.

Source: B2Gold, 2011.

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Figure 7-6: North-South Cross Section

Mocoa Deposit

Note: Composites represent core length intervals.

Source: B2Gold, 2011.

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8 DEPOSIT TYPES
Mineralization at Mocoa is similar to a typical Andean porphyry copper-molybdenum deposit
(Lowell and Guilbert, 1970; Panteleyev, 1995). Common features of a porphyry deposit include
the following:

• Large zones (>10 km2) of hydrothermally altered rocks that commonly grade from a central
potassic core to peripheral phyllic-, argillic-, and propylitic-altered zones.
• Generally low-grade mineralization consisting of disseminated, fracture, veinlet, and
quartz stockwork-controlled sulphide mineralization. Deposit boundaries are determined
by economic factors that outline the mineralized zones.
• Mineralization commonly zoned with a chalcopyrite-bornite-molybdenite core and
peripheral chalcopyrite-pyrite and pyrite. Enrichment of primary copper mineralization by
late-stage hypogene, high-sulphidation events can sometimes occur.
• Important geological controls on porphyry mineralization that include igneous contacts,
cupolas, and the uppermost, bifurcating parts of stocks and dike swarms. Intrusive and
hydrothermal breccias and zones of intensely developed fracturing, due to coincident or
intersecting multiple mineralized fracture sets that commonly coincide with the highest
metal concentrations.
• Modification by surface oxidation in weathered environments (e.g., Escondida). Low-pH
meteoric waters generated by the oxidation of iron sulphides leach copper from hypogene
copper sulphides, and oxidized copper minerals, such as malachite, chrysocolla, and
brochantite and re-deposit copper as secondary chalcocite and covellite immediately
below the water table in flat tabular zones of supergene enrichment. The process results
in a copper-poor leach cap lying above a relatively thin but high-grade zone of supergene
enrichment that caps a thicker zone of moderate-grade, primary hypogene mineralization.
Exploration work is planned that is consistent with this deposit type.

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9 EXPLORATION
The UN-INGEOMINAS Joint Venture carried out stream, soil and rock geochemical surveys. IP
and magnetic surveys were also completed over the Mocoa deposit. This work is described in
greater detail in von Guttenberg (2008). A copper-molybdenum-zinc soil and rock chip anomaly
is associated with the surface expression of the Mocoa deposit. An IP chargeability high and a
magnetic low correlate with the zone of sericite-pyrite alteration. The Joint Venture carried out a
31-hole drill program (18,308 m) which is described in Section 10 (Drilling).

An airborne geophysical survey was flown over the property in late 2021. As of the date of this
technical report, Libero has not yet received the interpretation of the data from this survey.

The issuer has not conducted any fieldwork on this property, aside from the field visit by the QP.

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10 DRILLING
Two groups have drilled the Mocoa porphyry copper-molybdenum deposit: the UN-INGEOMINAS
Joint Venture between 1978 and 1983, and B2Gold in 2008 and 2012. Drilling results from both
operators has been used in the estimate of mineral resources contained in this report. Drill hole
locations are plotted in Figure 7-3 and collar locations, azimuths, dips and hole depths are shown
in Table 10.1. The two programs are described in section 10.1 and 10.2.

The deposit is overlain by steep topography in many areas and access for drilling is somewhat
limited. The majority of drilling to date has been conducted from the top of a ridge that runs in a
north-south direction over the centre of the deposit. A series of drill stations have been established
along the ridge at roughly 100 m intervals and drill holes are oriented vertically or steeply “fanned-
out” in west and east directions. An example of drilling through the centre of the deposit is shown
in Figure 10-1.

Figure 10-1: Vertical Cross Section Showing Drilling in Centre of Mocoa Deposit

Source: SIM Geological, 2021.

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Table 10.1: Drill Collar Locations

Mocoa Project (1978–2012)

Hole E_WGS84 N_WGS84 Elevation Azimuth Dip Length (m) Year Company
M01 313646 137557 1737 0 -90 555.3 1978 UN-INGEOMINAS
M02 313649 137470 1703 0 -90 325.7 1979 UN-INGEOMINAS
M03 313634 137884 1842 0 -90 794.5 1979 UN-INGEOMINAS
M04 313656 137364 1645 0 -90 306.2 1979 UN-INGEOMINAS
M05 313648 137767 1790 0 -90 751.3 1979 UN-INGEOMINAS
M06 313656 137364 1645 80 -70 366.3 1979 UN-INGEOMINAS
M07 313632 137654 1753 0 -90 396.3 1979 UN-INGEOMINAS
M08 313656 137364 1645 260 -70 339.5 1979 UN-INGEOMINAS
M09 313714 137674 1757 0 -90 888.5 1979 UN-INGEOMINAS
M10 313666 137263 1596 0 -90 396.6 1979 UN-INGEOMINAS
M11 313644 137557 1737 260 -70 606.2 1979 UN-INGEOMINAS
M12 313648 137165 1550 0 -90 281.7 1979 UN-INGEOMINAS
M13 313714 137674 1757 80 -70 285.22 1980 UN-INGEOMINAS
M14 313149 137566 1535 0 -90 396.7 1980 UN-INGEOMINAS
M15 313634 137884 1842 260 -60 831.9 1980 UN-INGEOMINAS
M16 313917 137598 1624 0 -90 396.2 1980 UN-INGEOMINAS
M17 313634 137884 1842 80 -70 853.5 1980 UN-INGEOMINAS
M18 313922 137596 1620 260 -70 394.1 1980 UN-INGEOMINAS
M19 313701 138064 1882 0 -90 914.4 1980 UN-INGEOMINAS
M20 313922 137596 1620 80 -70 330.5 1980 UN-INGEOMINAS
M21 313701 138064 1882 80 -70 706.8 1981 UN-INGEOMINAS
M22 313976 137478 1591 260 -60 366.1 1981 UN-INGEOMINAS
M23 313663 137735 1775 80 -70 855.4 1981 UN-INGEOMINAS
M24 313979 137478 1588 0 -90 243.48 1981 UN-INGEOMINAS
M25 313663 137735 1775 260 -70 914.9 1981 UN-INGEOMINAS
M26 313656 137364 1645 0 -90 784.63 1982 UN-INGEOMINAS
M27 313714 137674 1757 260 -70 875.3 1982 UN-INGEOMINAS
M28 313714 137674 1757 80 -75 794.92 1982 UN-INGEOMINAS
M29 313671 137974 1858 0 -90 926.41 1982 UN-INGEOMINAS
M30 313651 137164 1549 350 -80 609.32 1983 UN-INGEOMINAS
M31 313671 137974 1858 80 -70 819.94 1983 UN-INGEOMINAS
H32 313653 137365 1646 0 -90 505.96 2008 B2Gold
H33 314017 137981 1724 35 -60 549.24 2008 B2Gold
H34 313630 137654 1754 0 -90 600 2008 B2Gold
H35 314015 137979 1723 260 -70 699.13 2008 B2Gold
H36 313642 137558 1737 80 -65 611.73 2008 B2Gold
H37 314015 137979 1723 0 -90 757.42 2008 B2Gold
H39 313768 138123 1906 0 -90 805.89 2008 B2Gold
H39 313768 138123 1906 70 -70 106.67 2008 B2Gold

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Hole E_WGS84 N_WGS84 Elevation Azimuth Dip Length (m) Year Company
H40 313768 138124 1906 30 -70 486.65 2008 B2Gold
H41 313852 138238 1923 80 -70 416.9 2012 B2Gold
H41A 313852 138236 1923 80 -70 1003.5 2012 B2Gold
H42 314793 137193 1555 360 -65 347.8 2012 B2Gold

10.1 UN-INGEOMINAS (1978–1983)

The UN-INGEOMINAS Joint Venture drilled 31 holes (18,308 m) on the Mocoa Project between
November 1978 and August 1983 using Boyles BBS-15, BBS-37 and Longyear LY-38 drills. Bell
204 and 205 helicopters were used for drill support and moves. Core sizes ranged from NQ at
the start of the holes to BQ and AQ at depth (von Guttenberg, 2008).

A Tropari was used to provide down-hole deviation data for the last seven holes, but there are no
records for down-hole deviations for the other holes.

Drill core from this program is stored at the national core storage facility in Bucaramanga. It is
contained in wooden boxes that exhibit various degrees of deterioration. Crusher reject samples
from the drill core sampling program are stored at the INGEOMINAS warehouse in Bogota.

Selected intersections from the UN-INGEOMINAS drilling are shown in Table 10.2.

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Table 10.2: Selective Intersections

UN-INGEOMINAS (1978–1983)

From To Interval Cu Mo
Hole
(m) (m) (m) (%) (%)
M1 105.70 555.20 449.50 0.41 0.06
including 141.10 411.40 270.30 0.62 0.09
including 214.50 309.30 94.80 1.23 0.22
M3 318.50 794.50 476.00 0.16 0.07
M5 149.30 751.24 601.94 0.29 0.04
M7 89.90 396.30 306.40 0.51 0.04
including 291.00 396.30 105.30 0.87 0.07
M9 144.70 888.40 743.70 0.39 0.05
including 144.70 621.80 477.10 0.56 0.06
including 144.70 362.70 218.00 0.95 0.11
M11 160.00 606.21 446.21 0.34 0.04
including 445.00 472.40 27.40 1.38 0.14
M17 219.40 853.50 634.10 0.49 0.06
M23 140.20 855.40 715.20 0.34 0.05
including 384.00 544.00 160.00 0.53 0.10
M25 135.60 914.90 779.30 0.44 0.05
including 330.70 460.20 129.50 0.56 0.056
M26 73.10 784.60 711.50 0.12 0.015
including 96.00 402.30 306.30 0.22 0.029
M31 150.80 819.90 669.10 0.37 0.06
including 493.70 774.20 280.50 0.49 0.085
Note: Assays are over core lengths and may not represent the true thicknesses.

10.2 B2Gold (2008, 2012)

In 2008, B2Gold’s drill program was conducted by Kluane Colombia; it used KD600 and KD1000
man-portable drill rigs. In 2012, B2Gold used AK Drilling; it used a Hydracore 4000 man-portable
drill rig. Pack animals were used to service and move the drill for both B2Gold’s drill programs.
The drill core was transported down the hill by mule and then trucked to B2Gold’s office in Mocoa
where it was logged and sampled. Down-hole surveys were conducted at 50 m intervals using a
REFLEX MAXIBOR II instrument.

Core from the 2008 and 2012 drill programs is stored at a facility in Medellín.

Two of the 2008 drill holes, H32 and H34, twinned existing holes, M26 and M7, respectively. Holes
H39 and H41 were lost, and hole H40 did not reach the target depth. Hole H42 was drilled 800 m
east of the Mocoa deposit.

Significant intersections from the B2Gold drilling are shown in Table 10.3.

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Table 10.3: Drill Results

B2Gold (2008, 2012)

From To Interval Cu Mo
Hole
(m) (m) (m) (%) (%)
H32 66.00 505.96 439.96 0.182 0.029
(Including) 96.00 402.00 306.00 0.229 0.032
H33 366.00 549.24 183.24 0.137 0.006
H34 124.00 600.00 476.00 0.422 0.034
including 124.00 442.00 318.00 0.578 0.047
H35 194.00 699.13 505.13 0.355 0.053
including 414.00 699.13 285.13 0.426 0.072
H36 112.00 611.73 499.73 0.323 0.031
H37 500.00 757.42 257.42 0.349 0.038
H38 694.00 805.89 111.89 0.305 0.022
H39 No significant values; lost hole
H40 No significant values; target depth not reached
H41 No significant values; lost hole
H41A 616.00 1003.50 387.50 0.48 0.015
including 731.00 1003.50 272.50 0.58 0.017
H42 No significant values
Note: Assays are over core lengths and may not represent true thicknesses.

In the authors’ opinion, the core handling, logging, sampling and core storage protocols in place
on the Mocoa Project meet or exceed common industry standards, and the authors are not aware
of any drilling, sampling or recovery factors that could materially impact the accuracy and reliability
of the results.

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11 SAMPLING PREPARATION, ANALYSES AND

SECURITY
11.1 UN-INGEOMINAS Joint Venture (1978–1983)
11.1.1 Core Handling and Storage
The UN-INGEOMINAS procedures for handling drill core during the 1978–1983 Mocoa drill
programs involved detailed logging of the geological and mineralogical characteristics of the drill
core, and the selection of 1.5 m sample intervals. The selected samples were split longitudinally
with a core splitter, and one half of the drill core was sent to the INGEOMINAS laboratory, which
has no relation to the issuer, for chemical analysis. The remaining half-core was returned to the
wooden core boxes and transported to the INGEOMINAS regional office in Cali. This drill core is
now being stored inside the national core storage facility in Bucaramanga (Litoteca Nacional de
Colombia), where the wooden core boxes exhibit varying degrees of deterioration. Drill core
recovered from severely damaged boxes are stored in plastic bags with identification markings.
The crusher reject samples from Mocoa drill core are stored at the INGEOMINAS laboratory-
warehouse facility in Bogota.

11.1.2 Sample Preparation and Analytical Procedures

Between 1978 and 1983, a total of 11,857 drill core samples collected from the Mocoa Project
were prepared and assayed at the INGEOMINAS laboratory in Bogota, Colombia, which has no
relation to the issuer. The samples were crushed and pulverized to 80 mesh and dissolved in
nitric acid using an aluminum additive to enhance the detection of molybdenum. Atomic-
absorption spectrophotometry (AAS) was used to assay for copper, molybdenum, lead, zinc and
silver. A small selection of samples was also tested for gold. Of the elements tested, copper and
molybdenum produced the only values of interest.

Duplicates of approximately 23% of the drill core samples were sent to the former Bondar-Clegg
& Company Ltd. (Bondar-Clegg) in Ottawa, Ontario, Canada, , which has no relation to the issuer,
for check analysis. The preparation and analysis of samples at Bondar-Clegg were similar to
those at the INGEOMINAS laboratory. Samples were crushed and pulverized to 150 mesh,
digestion was by acid decomposition, and assay measurements for copper and molybdenum
were conducted with an AAS.

Assay results from both laboratories are appended to the 1984 INGEOMINAS Preliminary
Feasibility Study (Anexo 2 Analisis Quimicos de Los Nucleos de Perforacion; Anexo 2A Analisis
de Comprobacion). The copper and molybdenum assay results are accompanied by the drill hole
identification, and the assay intervals are expressed in metres. There are no original assay
certificates for the 1978–1983 diamond drilling available for review.

11.1.3 Quality Assurance/Quality Control (QA/QC)

The nature and extent of the quality assurance and quality control procedures used by UN-
INGEOMINAS for the collection and processing of drill core samples from 1978 through 1983 are

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not extensively documented. It was reported that check assays were performed on a selection of
samples to ensure accuracy of the chemical determinations, but there was no reported use of
certified standards or blanks. Because the sample collection, preparation and analysis were
conducted internally, it was presumed that the drill core material was secured by UN-
INGEOMINAS personnel throughout the process.

11.2 B2Gold (2008)

11.2.1 Core Handling and Storage
During the 2008 B2Gold drill programs, initial drill core review and logging was performed at the
Mocoa Project site. Subsequently, the drill core was transported from the drill area down the hill
by mule where core was transferred to a truck and transported to the town of Mocoa about 6 km
away. Detailed geological and geotechnical drill core logging, as well as sampling and cutting,
were performed at B2Gold’s Mocoa office, which was a secured house in the town of Mocoa.

The 2008 Mocoa drill core was systematically sampled every 2 m, or less, when it was preferable
to sample specific intervals (e.g., veins). The sampling information, including the insertion of
standards, blanks and duplicates, was recorded by the B2Gold geologist on duty.

A diamond core saw was used to cut the drill core along its length, and one half of the core was
sampled at the intervals assigned by the geologist. The half-core was selected in an unbiased
manner and collected in bags which were then sealed and shipped by secure transport directly to
the laboratories in Bogota. The remaining half-core was returned to the core box as a permanent
record, and is now being stored, along with the Mocoa coarse rejects, at a facility in Medellín.

11.2.2 Sample Preparation and Analytical Procedures

11.2.2.1 ALS Chemex Preparation Laboratory, Bogota

The ALS Chemex Bogota sample preparation laboratory, where 1,361 Mocoa drill core and quality
control samples were submitted, is a joint venture between AGA and ALS Chemex, which has no
relation to the issuer. At the time of sample preparation in 2008, this laboratory did not operate
the ALS Chemex Laboratory Information Management System (LIMS), which tracks the progress
of samples through the laboratory.

Wet samples were placed on stainless steel pans and dried in an oven with a digitally controlled,
gas-fired burner at 110°C. The drill core samples were crushed with a TM Terminator and reduced
to 1 kg by quartering with a riffle splitter. As per ALS Chemex protocol, at least 70% of the sample
was crushed to -2 mm. In October 2008, during a laboratory audit by Smee and Associates
Consulting Ltd., it was noted that the pulverizer was not being used by the laboratory in Bogota,
and the 1 kg samples of crushed material were, instead, being shipped to the ALS Chemex
laboratory in Lima for both pulverization and analysis. A ring mill was used in the Lima laboratory
for those samples requiring pulverization to reduce the particle size to 75 μm with at least 85% of
the pulverized material passing 200 mesh.

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Internal laboratory quality control measures included the insertion of two sandstone cleaning
blanks at the beginning of the work order, one every 30 samples, and one at the end of the work
order. ALS Chemex also used certified standards and pulp duplicates.

11.2.2.2 ALS Chemex Laboratory, Lima

The Mocoa samples prepared at the ALS Chemex laboratory in Bogota were immediately entered
into the ALS LIMS system upon arrival at the laboratory in Lima, Peru. Samples were analyzed
for multi-elements by four-acid digestion and a combination of inductively coupled plasma (ICP)
mass spectrometry and ICP emission spectrometry. Over-limits of ICP were re-analyzed by AAS.

The ALS Chemex laboratory in Lima, which has no relation to the issuer is certified by the
International Standards Organization (ISO) for quality assurance (ISO 9001) and general
requirements for the competence of testing and calibration laboratories (ISO/IEC 17025).

11.2.2.3 Acme Analytical Laboratories (AcmeLabs) Preparation Facility, Bogota

In 2008, B2Gold also submitted 1,605 drill core and quality control samples to the AcmeLabs
preparation laboratory in Bogota, which has no relation to the issuer. The decision to use two
separate laboratories was based on timing issues for receiving sample analyses. The AcmeLabs
LIMS system was not in place at the time these samples were prepared; therefore, all data were
captured manually into a digital format.

Samples at the AcmeLabs preparation laboratory were placed on aluminum pans lined with heavy
brown paper then placed on drying trolleys which were inserted into a gas-fired, heated cabinet
to be dried at 60°C. The primary crusher, which reduced the particle size to 5 mm using a TM
Terminator crushing system, was followed by a second stage of crushing by a Boyd crusher that
reduced at least 70% of the material to a 2 mm particle size. A 500 g split was taken from the
crushed samples using a stainless-steel riffle splitter, followed by pulverization with a LM-2
pulverizer. The pulverized material was divided into two fractions: 380 g of fine rejects, and 120
g for analysis in Vancouver, British Columbia, Canada.

At the start of each work order and after every 10 samples, the laboratory cleaned both the crusher
and pulverizer using quartz rock. Preparation duplicates were taken every 30 to 40 samples, and
crusher- and pulp-size checks were conducted at the same frequency. Certified standards, as
well as pulp duplicates, were also used to control quality.

11.2.2.4 Acme Analytical Laboratories, Vancouver

The samples prepared at the AcmeLabs laboratory in Bogota were shipped to Vancouver, British
Columbia, which has no relation to the issuer, and analyzed for copper, molybdenum and multi-
elements using AcmeLabs’ analysis code Group 7TX. AcmeLabs analyzed 41 elements using a
four-acid digestion and a combination of ICP mass spectrometry (ICP-MS) and ICP emission
spectrometry (ICP-ES). B2Gold also requested the additional analysis of rhenium, which was
performed by aqua regia digestion and ICP-MS.

AcmeLabs in Vancouver, British Columbia is registered with the quality management system ISO
9001.

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11.2.3 Quality Assurance/Quality Control (QA/QC)

B2Gold’s QA/QC protocol consists of two samples of blank material inserted at the beginning of
each batch, a blank and a standard inserted every 25 samples, and both a field and preparation
duplicate taken every 30 to 40 samples. These quality control samples were selected and inserted
in the sample stream as part of the sampling process prior to submission at the laboratory. At
ALS Chemex, 75 of the 84 samples in a batch were submitted by the client and the remaining
samples were internal laboratory quality control samples. At AcmeLabs, 78 of the 84 samples in
a batch were submitted by the client.

11.2.3.1 Standard Reference Material

Two certified standards prepared by CDN Resource Laboratories, which has no relation to the
issuer, were used by B2Gold during the 2008 Mocoa drill program. The certified, accepted values
for these reference materials were 8,530 ppm Cu and 10,130 ppm Cu, and 760 ppm Mo and 290
ppm Mo, respectively. B2Gold selected maximum acceptance limits of 10% of the recommended
values.

B2Gold protocol required one certified standard to be inserted into the sample stream every 25
samples for a total of 118 standards submitted to ALS Chemex and AcmeLabs. B2Gold tracked
the accuracy and precision of each laboratory batch and recorded the laboratory batch quality
control in a “Table of Failures”, which summarized the type of failure, the reason for failure, the
action taken, and the assessment of any re-analysis. An example control chart showing the
analytical results for one certified standard is shown in Figure 11-1.

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Figure 11-1: Certified Standard CM-1

2008 Tracking Performance – Copper

Source: B2Gold, 2008.

Upon review of the assay results from both laboratories, copper values were determined to be
acceptable for all but one of the batches. Only the first work order sent to AcmeLabs in Vancouver
returned standards that failed the maximum limits for copper, requiring re-analysis due to errors
in instrument calibration.

The standard reference material analyzed at ALS Chemex returned no standard limit failures for
molybdenum; however, two of the work orders submitted to AcmeLabs required re-analysis.
These batch failures were primarily due to a bias at the laboratory, which was indicated by two or
more standards falling outside the ±2 standard deviation limits.

11.2.3.2 Blank Material

Blank material used to monitor contamination and sample mix-ups in the laboratory was obtained
from a sandstone quarry located a few miles north of Bogota. Two blank samples were inserted
into the sample stream at the beginning of each sample batch, as well as one blank sample every
25 samples. The 138 blank samples submitted to the laboratories were prepared and analyzed in
the same manner as the submitted drill core samples.

Based on a maximum limit of 20 ppm for copper and 10 ppm for molybdenum, which are
approximately five times the normal background values for the blanks, the results indicated that
contamination levels were low. An example is shown in Figure 11-2.

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Figure 11-2: Blank Performance – Copper

2008 B2Gold Drilling

Source: B2Gold, 2008.

11.2.3.3 Duplicate Samples

Field duplicates of one-quarter core were sampled every 40 samples for a total of 65 field
duplicate samples submitted to the laboratories. Preparation duplicates obtained from a split of
the samples after crushing at the laboratories were also taken every 30 to 40 samples for a total
of 65 preparation duplicates. ALS Chemex reported results for 34 pulp duplicates, and AcmeLabs
provided results for 43 pulp duplicates.

The field duplicate results obtained for copper were predominantly within ±20% of the field original
sample values, indicating a high degree of reproducibility. The preparation and pulp duplicate
values for copper were predominantly within ±10% and ±5% of the corresponding sample values,
respectively; this indicates that adequate precision levels were attained by maintaining proper
sample handling procedures during the crushing and pulverizing stages of preparation
(Figure 11-3).

The molybdenum duplicate sample results showed greater variation than copper. One possible
explanation for this behaviour is that molybdenum occurs in veinlets associated with structures,
allowing for a greater “nugget” effect. In comparison, copper is generally disseminated throughout
the rock, which results in a more homogeneous distribution of the sampled mineral.

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Figure 11-3: Preparation Duplicates – Copper

2008 B2Gold Drilling

Source: B2Gold 2008.

11.3 B2Gold (2012)

11.3.1 Core Handling and Storage
The same procedures were used in the 2008 and 2012 B2Gold drill programs.

A diamond core saw was used to cut the drill core along its length, and one half of the core was
sampled at the intervals assigned by the geologist. The selected half-core (unbiased) was
collected in bags which were then sealed and shipped by secure transport directly to the
laboratories in Medellín. The samples were reviewed and inventoried upon arrival at the lab, and
the laboratory reported any discrepancies to B2Gold.The remaining half-core was returned to the
core box as a permanent record and is now being stored at a facility in Medellín.

Magnetic susceptibility measurements were determined for 549 samples.

11.3.2 Sample Preparation and Analytical Procedures

11.3.2.1 Acme Analytical Laboratories Preparation Facility, Medellín

In 2012, B2Gold submitted 624 drill core and quality control samples to the AcmeLabs preparation
laboratory in Medellín.

AcmeLabs uses a sophisticated LIMS (Laboratory Information Management System) to track the
flow of every sample through each stage of sample handling and analysis.

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Samples at the AcmeLabs preparation laboratory were placed on aluminum pans lined with heavy
brown paper then placed on drying trolleys which were inserted in a gas-fired heated cabinet to
be dried at 60°C. The crushing, which reduced the particle size to 80% passing 2 mm using a TM
Terminator crushing system, was followed by a second stage where a 1,000 g split was taken
from the crushed samples using a stainless-steel riffle splitter, followed by pulverization to 85%
passing 75 μm with an LM-2 pulverizer. The pulverized material was divided into two fractions:
850 g of fine rejects and 150 g for analysis in Vancouver, British Columbia, Canada.

At the start of each work order and after every 10 samples, the laboratory cleaned both the crusher
and pulverizer using quartz rock. Preparation duplicates were taken every 40 samples, and
crusher- and pulp-size checks were conducted at the same frequency. Certified standards, as
well as pulp duplicates, were also used to control quality.

11.3.2.2 Acme Analytical Laboratories, Vancouver

The samples prepared at the AcmeLabs laboratory in Medellín were shipped to Vancouver, and
analyzed for copper, molybdenum and multi-elements using AcmeLabs analysis code Group 7TX.
AcmeLabs analyzed 41 elements using a four-acid digestion and a combination of ICP-MS and
ICP-ES.

Oven batch size was 40 samples; 33 were client submitted. AcmeLabs included two standards,
one analytical blank, one pulp duplicate, one reject duplicate and two preparation blanks for
internal quality control.

AcmeLabs in Vancouver is registered with the quality management system ISO 9001.

11.3.3 Quality Assurance/Quality Control (QA/QC)

B2Gold’s QA/QC protocol is designed to suit the specific lab batch size. At AcmeLabs, 33 of the
40 samples in a batch were submitted by the client, and the remaining samples were internal
laboratory quality control samples. B2Gold’s insertions included: one sample of blank material
inserted at the beginning of each batch, a standard inserted every 33 samples, and both a field
and a preparation duplicate taken every 35 samples. These quality control samples were selected
and inserted into the sample stream as part of the sampling process prior to submission at the
laboratory.

11.3.3.1 Standard Reference Material

Three certified standards prepared by CDN Resource Laboratories were used by B2Gold during
the 2012 Mocoa drill program. The certified, accepted values for these reference materials were
8,530 ppm Cu, 10,130 ppm Cu, and 3,160 ppm Cu, and 760 ppm Mo, 290 ppm Mo, and 300 ppm
Mo, respectively. B2Gold selected maximum acceptance limits of ±10% of the recommended
values for copper.

B2Gold protocol required one certified standard to be inserted into the sample stream every 33
samples for a total of 18 standards submitted to AcmeLabs. B2Gold tracked the accuracy and
precision of each laboratory batch and recorded the laboratory batch quality control in a “Table of

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Failures”, which summarized the type of failure, the reason for failure, the action taken, and the
assessment of any re-analysis. An example control chart is shown in Figure 11-4.

Figure 11-4: Certified Standard CM-1

2012 Tracking Performance – Copper

Mocoa - 2012
Standard CDN-CM-1, Cu Value
10,000

9,500
CDN-CM-1
9,000
Round
8,500
Robin
Upper
Cu ppm

Limit
8,000
Mean

November 21, 2012

December 28, 2012
7,500
Lower
Limit
7,000

6,500

6,000

Source: B2Gold, 2012.

AcmeLabs processed 18 standards: one standard within one work order failed either accuracy or
precision tests based on molybdenum value (6% failure rate). The failed batch was re-analyzed
and QA/QC-cleared results for the re-analysis were updated in the master Mocoa database. The
batch failure was due to a bias at the laboratory.

Upon review of the assay result from the laboratory, copper values were determined to be
acceptable for all batches.

11.3.3.2 Blank Material

Coarse blank material used to monitor contamination and sample mix-ups in the laboratory was
obtained from a quartz quarry located a few miles from Medellín. A blank sample was inserted
into the batch every 25 samples. The 19 blank samples submitted to the laboratory were prepared
and analyzed in the same manner as the submitted drill core samples.

Based on a maximum limit of 6 ppm for copper and 2 ppm for molybdenum, which are
approximately three times the normal background values for the blanks, the results indicated that
contamination levels were low. An example is shown in Figure 11-5.

AcmeLabs processed 19 blanks: only one in one work order failed either accuracy or precision
tests based on the copper value (5% failure rate). The failed batch was re-analyzed and QA/QC-
cleared results for the re-analysis were updated in the master Mocoa database. However, values

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elevated above the normal background value indicate that additional cleaning of the crushing and
pulverizing equipment is required.

Figure 11-5: Blank Performance – Copper

2012 B2Gold Drilling

Mocoa - 2012
40
Blank Cu Value

35

30
Blanks
25
Cu ppm

Upper
November 21, 2012

20
Limit

February 1, 2013
15
Warn
Limit
10

Source: B2Gold, 2012.

11.3.3.3 Duplicate Samples

Field duplicates of one-quarter core were sampled every 33 samples for a total of 20 field
duplicate samples submitted to the laboratories. Preparation duplicates obtained from a split of
the samples after crushing at the laboratory were also taken every 33 samples for a total of 18
preparation duplicates. AcmeLabs reported results for 38 pulp duplicates.

The field duplicate results obtained for copper were predominantly within ±22% of the field original
sample values, indicating a reasonable degree of reproducibility. The preparation and lab
duplicate values for copper were predominantly within ±13% and ±2% of the corresponding
sample values, respectively; this indicates that adequate precision levels were attained by
maintaining proper sample handling procedures during the crushing and pulverizing stages of
preparation.

The molybdenum results for duplicate samples showed relatively low reproducibility for field
duplicates, but preparation and fine duplicates had acceptable reproducibility.

11.4 Assessment of Sample Preparation, Security and Analytical

Procedures
In October 2008, at the request of B2Gold, Smee and Associates Consulting Ltd. audited three
of the four laboratories used by B2Gold for sample preparation and analysis, as well as an
assessment of B2Gold’s QA/QC protocols. The report accompanying the laboratory audit stated
that B2Gold’s quality control program met or exceeded industry standard practices.

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The author concludes that procedures followed by B2Gold during its 2008 and 2012 Mocoa drill
programs met or exceeded the industry standards for collection, handling and transportation of
drill core samples. B2Gold used industry-recognized laboratories that used best practice sample
preparation and analytical methods, as well as acceptable internal quality control practices.

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12 DATA VERIFICATION
12.1 1978–1983 Drill Database
12.1.1 Compiling Older Data Files
Drill data for the 1978 to 1983 drill programs was initially provided to B2Gold by AGA in a series
of comma-separated-value (CSV) and Datamine® files. Data included collar locations, down-hole
surveys, lithology, alteration, and assays for molybdenum and copper. B2Gold conducted a
comprehensive validation program on the database, including a comparison of all digital data
received from AGA with all available hard copy data from the UN-INGEOMINAS drill program.

Comparing the digital data against the UN-INGEOMINAS drill logs and assay data presented in
the 1984 UN-INGEOMINAS Report provided an acceptable level of confidence in the accuracy of
the database. Blocks of assay data were missing in both preliminary feasibility reports. However,
by combining the data from the two reports, an almost complete dataset for the 31 drill holes was
achieved, including 11,702 assay results for 11,857 intervals, which represents 98.7% of all
sample intervals.

12.1.2 Check Analysis

The UN-INGEOMINAS Joint Venture reported results for check analysis by Bondar-Clegg for
approximately 23% of the drill core samples. In general, the 2,734 Bondar-Clegg check assays
correlate well with the original INGEOMINAS assays, with a slight bias towards higher values
from Bondar-Clegg.

In 2008, B2Gold obtained splits of 121 coarse reject samples pertaining to 21 drill holes of the
1978–1983 UN-INGEOMINAS drill campaign. ALS Chemex performed check analysis on these
samples, and the results correlate well with the original UN-INGEOMINAS assays. Additional
check assays further confirmed the reproducibility of the original assay results, as well as an
absence of bias between the testing laboratories.

In early 2013, one batch of 59 umpire pulp samples were shipped to SGS Labs in Medellín,
Colombia for multi-acid digestion and combined ICP-ES and ICP-MS analysis. Check assay
results were available for the 59 samples, representing 9.46% of the 624 samples analyzed
between November 2012 and December 2012.

The initial check assay batch failed QA/QC. Results of the subsequent, failed rerun batch
compared well with the original results, and the original results were accepted.

12.1.3 Drill Hole Collar Survey

In 2008, B2Gold contracted a surveyor, Juan Carlos Borbon Caceres, to reconstruct the
topography covering the main ridge where the 1978–1983 Mocoa drill holes were located. These
historical drill holes were surveyed, excluding hole M14 which could not be located. For drill hole
M14, B2Gold has retained the original documented coordinates transformed into WGS84, Zone
18N.

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12.2 2008–2012 B2Gold Database

12.2.1 General Database Verification
The master Mocoa drill database was compiled and vetted by B2Gold staff and was stored in MS
Access® format. The 2008 and 2012 drill data were entered into the database from the original
paper logs, and any errors or missing information noticed during the initial checks were
immediately corrected.

The UN-INGEOMINAS drill information was also incorporated into the database using the format
established for B2Gold drilling. This format meant that some of the lithology and alteration codes
were manipulated to increase their functionality with the application software.

Scans of the original drill logs and geotechnical logs from the 2008 and 2012 drilling confirm the
validity of the geological data presented in the master Mocoa drill database. Digital replicates of
the drill logs from both the INGEOMINAS and B2Gold phases of drilling are also available in
portable document format (PDF).

Digital photographs were taken of all 2008 and 2012 Mocoa drill core, both wet and dry. The
photographs were reviewed to ensure photo quality, completeness, and correct hole information
before the core was cut.

12.2.2 Check Analysis

Assay certificates from AcmeLabs, ALS Chemex and SGS Labs are available for review in PDF.
Approximately 10% of the samples analyzed at ALS Chemex were sent to AcmeLabs for check
analysis, and vice versa. A total of 271 pulps, nine standards and eight blanks were rechecked in
the 2008 drill program, and 59 pulps were rechecked in the 2012 drill program.

The check-analysis copper results correlate well between the two laboratories. The check-
analysis molybdenum results indicate that AcmeLabs' results were generally lower than ALS
Chemex.

12.2.3 Drill Hole Validation (Twin Holes)

In 2008, B2Gold drilled two twins of historical holes, two infill holes and five expansion holes.
These drill holes provided a good validation of the lithology and assay values reported in the
1978–1983 UN-INGEOMINAS drill programs.

A comparison of the twin holes shows general agreement in the copper and molybdenum values.
Differences are attributed to sample preparation and assay technique differences between the
programs.

12.3 Recent Database Validation

Following the completion of the mineral resource model, the copper and molybdenum grades,
from a series of seven randomly selected drill holes in the sample database, were manually
compared to the values listed in certified assay certificates provided by the lab. Note that assay

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certificates are only available for the holes drilled by B2Gold in 2008 and 2012, and there are no
certificates from the earlier drilling completed by UN-INGEOMINAS between 1978 and 1983.
Although these seven holes represent about 16% of the total database, comparisons could only
be performed on recent drill holes. There were no errors identified.

12.4 Verification Conclusions

Visual and statistical comparisons show that the drilling results achieved between 1979 and 1983
compare well with the more recent (and validated) drilling results from 2008 and 2012. The author
concludes that the drill program results are consistent and of sufficient quality and reliability to
support the estimation of Inferred resources.

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13 MINERAL PROCESSING AND METALLURGICAL

TESTING
Metallurgical testwork was conducted by the UN-INGEOMINAS Joint Venture in 1981 (UN-
INGEOMINAS, 1984), and the results of this work were summarized by von Guttenberg (2008).
Four drill core composites, representing different rock and ore types, and a bulk composite of all
these samples were processed at Dawson Metallurgical Laboratories in Murray, Utah. Standard
grinding and flotation tests were completed. A bulk copper-molybdenum flotation concentrate was
processed to produce copper and molybdenum concentrate. The copper concentrate is 24.2%
Cu with a recovery of 85.9%, and the molybdenum concentrate is 55.14% Mo with a recovery of
82.7%. Both concentrates are clean with no deleterious elements. Further metallurgical testing
was recommended to improve recoveries for some of the different ore types.

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14 MINERAL RESOURCES
14.1 Introduction
This section describes the approach taken to generate an estimate of mineral resources for the
Mocoa copper-molybdenum deposit located in the Department of Putumayo in southwestern
Colombia, 10 km north of the regional capital of Mocoa. The resource estimate is based on a
database provided by Libero that was originally compiled by B2Gold with files dated June 20,
2014. These files contain all of the current drilling information available for the Mocoa Project, as
there has been no additional drilling conducted on the property since that time. The effective date
of the estimate of mineral resources is November 1, 2021.

This mineral resource estimate was prepared under the direction of Robert Sim, P.Geo, SIM
Geological Inc., with the assistance of Bruce Davis, FAusIMM, BD Resource Consulting, Inc.
Based on education, work experience relevant to this style of mineralization and deposit type, and
membership in a recognized professional organization, both Sim and Davis are independent
Qualified Persons (QPs) within the requirements of National Instrument 43-101 (NI 43-101) for
the purpose of the mineral resource estimate contained in this report.

The mineral resource has been estimated in conformity with generally accepted guidelines
outlined in CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines
(November 29, 2019) and is reported in accordance with the Canadian Securities Administrators’
(CSA) National Instrument 43-101 (NI 43-101). Mineral resources are not mineral reserves, and
they do not have demonstrated economic viability.

Estimations are made from 3D block models based on geostatistical applications using
commercial mine planning software (MinePlan® v15.80-2). The project limits are based on the
UTM coordinate system (WGS84). The nominal block size in the model is
10×10×5 m. Sample data are derived from a series of diamond drill holes collared from setups on
surface.

The resource estimate has been generated from drill hole sample assay results and the
interpretation of a grade probability shell domain which relates to the spatial distribution of copper
and molybdenum in the deposit. Interpolation characteristics were defined based on the geology,
drill hole spacing, and geostatistical analysis of the data. The mineral resources were classified
according to their proximity to sample data locations and were reported, as required by NI 43-
101, according to the CIM Definition Standards for Mineral Resources and Mineral Reserves
(May, 2014).

14.2 Available Data

There is a total of 43 drill holes on the Property representing a total of 25,199 m of drilling. As
described in Section 10 of this report, thirty-one of these holes were drilled between 1978 and
1983, nine holes were drilled in 2008, and the remaining three holes were drilled in 2012. One of
the 2012 holes, located on the northeastern end of the deposit, was abandoned and restarted.

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Visual comparisons of the various vintages of drilling indicate that there is no apparent bias in the
results. Results include two sets of twinned holes that returned very similar copper and
molybdenum grades. The distribution of drilling by year is shown in Figure 14-1. The distributions
of copper and molybdenum grades in drilling are shown in Figures 14-2 and 14-3.

Figure 14-1: Isometric View of Drilling by Year

Source: Sim Geological, 2021.

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Figure 14-2: Isometric View Looking Northwest of Copper Grades in Drilling

Source: Sim Geological, 2021.

Figure 14-3: Isometric View Looking Northwest of Molybdenum Grades in Drilling

Source: Sim Geological, 2021.

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A digital representation of the 3D surface topography was not provided in the data package, so
as an alternative, a topographic surface was generated using the drill hole collar points and a
series of 3D point locations obtained from proximal rock, soil and stream sediment samples. This
3D surface was sliced at 50 m increments to show the contour lines in Figures 14-1, 14-2 and 14-
3. A series of aerial photos provided in the data room (taken from a helicopter) show the extreme
nature of the property's topography, and this 3D surface appears to appropriately reflect this
surface.

The surface topography is extremely rugged in this highly eroded environment, and it appears
there are relatively few flat areas to place a drill rig. Drill holes are collared from surface with the
majority of setups located along a narrow ridge above the deposit. Generally, holes are spaced
on 100 m sections oriented at an azimuth of 80°. Each setup typically hosts three drill holes: one
vertical, one at -70° to the east (Az 080°) and one to the west (Az 260°). This results in a
distribution of holes that are roughly spaced at 150 m to 200 m intervals.

The current drilling covers an area measuring roughly 1.4 km north-south by 1.2 km east-west to
depths up to 1,000 m below surface. Based on current results, mineralization remains open to the
west, east and north.

Samples collected from drill holes completed in 2008 and 2012 were analyzed using a multi-
element (40 elements) package. Samples collected from drilling conducted in the 1980s were
only analyzed for copper and molybdenum content. Copper and molybdenum grades were
extracted from the main database for use in this resource estimate. Note that the original copper
and molybdenum assay data were provided in parts per million (ppm), and these have been
converted to percentage units (% = ppm/10,000). Some drilled intervals have not been sampled
and analyzed for copper and molybdenum. These are relatively rare and appear to represent
abandoned drill holes. No modifications were made to the database to account for these
unsampled intervals.

There is a total of 14,831 individual samples in the assay database that were used to generate
this mineral resource estimate. Individual sample intervals range from 0.32 m to 10 m long, with
an average of 1.62 m long (58% of the sample intervals are exactly 1.5 m long, 19% are 1.6 m
long and 20% of samples are 2 m long). A basic statistical summary of the assay sample database
is shown in Table 14.1.

Geological information derived from core logging shows the lithology type, alteration assemblage,
presence of stockworks, and intensity of oxidation. These data were formatted and imported into
MinePlan®.

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Table 14.1: Statistical Summary of Sample Assay Data

Number Total Coefficient

Standard
Element of Length Min Max Mean 1
of
Deviation
Samples (m) Variation
Copper (%) 14,831 24,027 0 8.49 0.22 0.297 1.35
Molybdenum
14,817 24,005 0 1.300 0.028 0.046 1.65
(%)
1 Statistics are weighted by sample length.

Drill core recoveries are only available for holes drilled in 2008 and 2012, and they average 95%
recovery. There is no apparent correlation between recovery and sample grade.

14.3 Geologic Model, Domains and Coding

Mocoa is interpreted to be a porphyry-type deposit with copper and molybdenum mineralization
resulting from the intrusion of dacite porphyritic rocks into an intermediate to mafic volcanic host.
There are no interpreted wireframe domains representing the distribution of lithology, alteration
or other geologic features. This information is derived for analysis directly from the information
recorded during drill core logging.

A 3D surface representing the base of visible oxidation (Figure 14-4) has been interpreted using
the oxide code data. Above this surface, rocks exhibit oxide and transitional (partial oxidation)
features. Below the surface, there is no evidence of oxidation (primary sulphides).

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Figure 14-4: Isometric View of Surface representing the Base of Visible Oxidation

Source: Sim Geological, 2021.

In the absence of a geologic model, a probability shell approach was used in an attempt to
produce a domain that segregates mineralized from unmineralized rocks. The shell is based on
the distribution of copper because it is the main contributor to the economic value of the deposit.
Note that molybdenum tends to occur in the same general areas as copper. A grade threshold of
0.1% Cu has been selected to build this domain. Indicator values were assigned to composited
drill hole samples based on the copper grade; an indicator value of “0” was assigned to sample
intervals <0.1% Cu, and an indicator value of “1” was assigned to sample intervals >0.1% Cu.

A variogram is produced using these indicator variables, and probability estimates are made into
model blocks using ordinary kriging. A probability shell was produced that encompasses areas
where there is a >50% chance that the grade will exceed 0.1% Cu. The shape and extent of the
probability shell domain is shown in Figure 14-5. Note that the limits of the deposit have not been
found with the current drilling, and mineralization remains “open” to the west, east, and northeast
and at depth. The probability shell has been limited to a maximum distance of 250 m from a drill
hole in these areas.

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Figure 14-5: Isometric View of 0.1% Copper Probability Shell Domain

Source: Sim Geological, 2021.

14.4 Compositing
Compositing of drill hole samples is carried out to standardize the database for further statistical
evaluation. This step eliminates any effects related to the sample length that may exist in the data.

To retain the original characteristics of the underlying data, a composite length is selected which
reasonably reflects the average original sample length. The generation of longer composites
results in some degree of smoothing which could mask certain features of the data. Sample
intervals are relatively consistent in the database: over the whole database, samples average 1.6
m long with the majority of samples measuring exactly 1.5 m long. As a result, a standard
composite length of 1.5 m has been applied to the sample data.

Drill hole composites are length-weighted and have been generated down-the-hole; this means
that composites begin at the top of each hole and are generated at 1.5 m intervals down the length
of the hole. Several holes were randomly selected, and the composited values were checked for
accuracy. No errors were found.

14.5 Exploratory Data Analysis

Exploratory data analysis (EDA) involves the statistical summarization of the database to better
understand the characteristics of the data that may control grade. One of the main purposes of
this exercise is to determine if there is any evidence of spatial distinctions in grade which may

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require the separation and isolation of domains during interpolation. The application of separate
domains prevents unwanted mixing of data during grade interpolation so that the resulting grade
model will better reflect the unique properties of the deposit. However, applying domain
boundaries in areas where the data are not statistically unique may impose a bias in the
distribution of grades in the model.

A domain boundary, which segregates the data during interpolation, is typically applied if the
average grade in one domain is significantly different from that of another domain. A boundary
may also be applied where there is evidence that a significant change in the grade distribution
exists across a geologic contact.

14.5.1 Basic Statistics by Domain

Basic statistics for the distributions of each element were generated by lithology, alteration,
stockwork and the intensity of oxidation.

The distributions of copper and molybdenum in the four main lithologic units are shown in boxplots
in Figures 14-6 and 14-7. There is no supporting information explaining the various lithology codes
in the geology database (lithology codes are typically defined as 1, 1a, 1b, 2, 2a, 2b, etc.). The
majority of these are 1-, 2-, 3- and 7-series designations. Grades are lower in the 2-series rocks,
which appear to represent the oxidized rocks close to surface. This is not really a lithologic type
but rather a degree of oxidation that overprints the original stratigraphy. The copper and
molybdenum grades are similar across the other remaining lithologic types indicating that grade
is not dependent on rock type.

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Figure 14-6: Boxplot of Copper by Lithology Type

Source: Sim Geological, 2021.

Figure 14-7: Boxplot of Molybdenum by Lithology Type

Source: Sim Geological, 2021.

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The distributions of copper and molybdenum by alteration assemblage are shown in

Figures 14-8 and 14-9. Copper is present in all alteration types, but slightly higher average copper
grades occur in rocks containing potassium feldspar (Kspa) or silica (Sil) and lower copper grades
occur in rocks designated as “Sup”. Note: the term “Sup” is not explained in the database. It may
represent “supergene”, but the grade distribution does not show this assemblage to be enriched
in copper. Molybdenum grades are lower in propylitic (Prop) rocks that tend to occur around the
perimeter of the deposit. The distribution of alteration types is quite variable, and these results
suggest that the grade is not dependent on these variables.

Figure 14-8: Boxplot of Copper by Alteration Type

Source: Sim Geological, 2021.

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Figure 14-9: Boxplot of Molybdenum by Alteration Type

Source: Sim Geological, 2021.

The distributions of copper and molybdenum by stockwork intensity are shown in Figures 14-10
and 14-11 Stockwork integer codes range from 0 to 3 and are assumed to represent the intensity
of stockwork texture that is present in the rocks. The grades of copper and molybdenum are
similar across all stockwork codes. Visual review shows a highly mixed and variable distribution
of the four stockwork codes. It would be very difficult to interpret these codes into individual
domains. The distribution of stockwork does not appear to control the distribution of mineralization
at Mocoa.

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Figure 14-10: Boxplot of Copper by Stockwork Code

Source: Sim Geological, 2021.

Figure 14-11: Boxplot of Molybdenum by Stockwork Code

Source: Sim Geological, 2021.

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The distributions of copper and molybdenum by oxide code are shown in Figures 14-12 and
14-13. Oxide integer codes range from 0 to 3. The spatial distribution of these codes suggests
that “0” represents a lack of oxidation (sulphide), “3” represents intense, near-surface oxidation,
and codes 1 and 2 represent a transition between the two. Copper and molybdenum grades tend
to be higher in the sulphide zone but similar through codes 1, 2 and 3. Visual review shows that
there has been some near-surface leaching of metals, but there is no obvious supergene
enrichment zone developed, and the oxide and transition zones, which are typically low-grade,
also show local areas that are highly mineralized. The distribution of oxide codes is not distinct
with respect to the distribution of copper and molybdenum in the deposit.

A plane representing the base of oxidation has been interpreted from this data (the plane
represents the lower limit of oxide codes 1, 2 and 3). This surface is used to segregate the
resources into “oxide” and “sulphide” types.

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Figure 14-12: Boxplot of Copper by Oxide Code

Source: Sim Geological, 2021.

Figure 14-13: Boxplot of Molybdenum by Oxide Code

Source: Sim Geological, 2021.

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The distribution of copper and molybdenum inside vs. outside of the probability shell domain is
shown in Figure 14-14. There is a distinct difference in the nature of these elements with respect
to this domain suggesting that is should be used to estimate grade in the resource model.

Figure 14-14: Boxplots of Copper and Molybdenum Inside vs. Outside

of the Probability Shell Domain

Source: Sim Geological, 2021.

14.5.2 Contact Profiles

Contact profiles evaluate the nature of grade trends between two domains: they graphically
display the average grades at increasing distances from the contact boundary. Those contact
profiles that show a marked difference in grade across a domain boundary indicate that the two
datasets should be isolated during interpolation. Conversely, if a more gradual change in grade
occurs across a contact, the introduction of a hard boundary (e.g., segregation during
interpolation) may result in a much different trend in the grade model; in this case, the change in
grade between domains in the model is often more abrupt than the trends seen in the raw data.
Finally, a flat contact profile indicates no grade changes across the boundary; in this case, hard
or soft domain boundaries will produce similar results in the model.

Contact profiles were generated to evaluate the change in copper and molybdenum grades
across the boundary of the probability shell domain. The results are shown in Figure 14-15. The
change in copper grade at this contact is very pronounced. Although the average molybdenum
grade is three times higher inside the shell, there is little change in molybdenum grade evident at
this contact.

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Figure 14-15: Contact Profiles of Copper and Molybdenum Inside vs. Outside of the
Probability Shell Domain

Source: Sim Geological, 2021.

14.5.3 Modeling Implications

The results of the EDA indicate that the distribution of copper and molybdenum are not distinctly
related to the distributions of lithology, alteration or the intensity of stockwork alteration. Near-
surface oxidation tends to correlate with a reduction in copper and, to a lesser extent,
molybdenum grades, but there are instances where oxidized rocks also contain high grades. The
shape and distribution of the copper probability shell correlates well with the unmineralized
oxidized zones near surface.

Boxplots show that the copper and molybdenum populations differ significantly in data located
inside versus outside of the probability shell domain. Contact profiles show a distinct change in
copper grade at the shell boundary but a less obvious change in the molybdenum grades. Visual
review of the sample data shows that, in most areas, the presence of low-grade molybdenum
mineralization (<0.005% Mo) correlates well with the shape and location of the copper probability
shell domain. The probability shell is used as a “hard” boundary domain, segregating inside data
from outside data, during the estimation of copper and molybdenum grades in the resource block
model.

14.6 Bulk Density Data

No density data was made available for this study. It is unknown if any testwork has been
conducted to measure the density of the rocks at Mocoa. A historical resource estimate conducted
in 1985 assumed a density of 2.7 t/m3. This is reasonable assumption of the density of volcanic

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rocks that do not contain large volumes of sulphides and have not undergone intensive oxidation.
A density of 2.7 t/m3 has been used to calculate the resource tonnage presented in this report.

14.7 Evaluation of Outlier Grades

Histograms and probability plots of the distribution of copper and molybdenum inside and outside
of the probability shell domain were reviewed to identify the existence of anomalous outlier grades
in the composite database. Potential outlier samples were visually reviewed to determine their
location in relation to the surrounding data. It was decided that the potential outlier samples would
be controlled using a combination of traditional top-cutting and outlier limitations. Samples above
the outlier limit threshold grades are restricted to a maximum distance of influence of 20 m during
interpolation. Table 14.2 lists the elements, domains, top-cuts, outlier thresholds, and the resulting
effects in the model.

The percentage of metal lost in the model due to top-cutting is considered appropriate for all
elements.

Table 14.2: Outlier Grade Controls

Probability
Metal Loss in
Element Shell Max Top-Cut Outlier Limit
Model
Domain
Copper (%) Inside 5.33% n/a 2.50%
1%
Outside 1.17% n/a 0.35%
Molybdenum (%) Inside 1.247% 0.700 0.400%
1.5%
Outside 0.246% n/a 0.150%

14.8 Variography
The degree of spatial variability in a mineral deposit depends on both the distance and direction
between points of comparison. Typically, the variability between samples increases as the
distance between those samples increases. If the degree of variability is related to the direction
of comparison, then the deposit is said to exhibit anisotropic tendencies which can be summarized
with the search ellipse. The semi-variogram is a common function used to measure the spatial
variability within a deposit.

The components of the variogram include the nugget, the sill, and the range. Often samples
compared over very short distances, and even samples compared from the same location, show
some degree of variability. As a result, the curve of the variogram often begins at some point on
the y-axis above the origin: this point is called the nugget. The nugget is a measure of not only
the natural variability of the data over very short distances, but also a measure of the variability
which can be introduced due to errors during sample collection, preparation, and the assay
process.

The amount of variability between samples typically increases as the distance between the
samples increases. Eventually, the degree of variability between samples reaches a constant,

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maximum value; this is called the sill, and the distance between samples at which this occurs is
called the range.

The spatial evaluation of the data in this report was conducted using a correlogram rather than
the traditional variogram. The correlogram is normalized to the variance of the data and is less
sensitive to outlier values, which generally gives better results.

Correlograms were generated using the commercial software package SAGE 2001© (Isaaks &
Co.). Multidirectional correlograms were generated for the distributions of copper and
molybdenum sample data located inside and outside of the probability shell domain. The results
are summarized in Table 14.3.

Table 14.3: Correlogram Parameters

1st Structure 2nd Structure

Element/
Nugget S1 S2 Range Range
Domain AZ Dip AZ Dip
(m) (m)
0.275 0.525 0.200 133 356 37 454 44 17
Copper
30 328 -50 336 166 59
Inside Shell Spherical
15 255 14 205 306 24
0.450 0.370 0.180 75 71 37 505 323 28
Copper
55 357 -20 220 51 -4
Outside Shell Spherical
14 290 46 112 133 62
0.471 0.242 0.287 245 318 16 714 25 -23
Molybdenum
96 116 73 199 60 63
Inside Shell Spherical
71 47 -6 111 121 -13
0.204 0.057 0.739 194 317 69 1481 34 67
Molybdenum
142 39 -3 364 11 -21
Outside Shell Spherical
41 308 -21 172 104 -8
Note: Correlograms conducted on 1.5 m drill hole composite data.

14.9 Model Setup and Limits

A block model was initialized in MinePlan® and the dimensions are shown in Table 14.4. The
extents of the block model are represented by the purple rectangle shown in Figures 14-1 through
14-5. The selection of a nominal block size measuring 10×10×5 m is considered appropriate with
respect to the current drill hole spacing, and the selective mining unit (SMU) is considered
appropriate for a deposit of this type, scale and location.

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Table 14.4: Block Model Limits

Block Size Number of

Direction Minimum Maximum
(m) Blocks
East 312,400 314,800 10 240
North 136,500 139,100 10 260
Elevation 800 2300 5 300

Blocks in the model were coded on a majority basis with the probability shell domain. During this
stage, blocks along a domain boundary are coded if >50% of the block occurs within the
boundaries of that domain.

The proportion of blocks which occur below the topographic surfaces are also calculated and
stored in the model as individual percentage items. These values are used as weighting factors
to determine the in-situ resources of the deposit.

14.10 Interpolation Parameters

The block model grades for copper and molybdenum were estimated using ordinary kriging (OK).
The results of the OK estimation were compared with the Hermitian Polynomial Change of
Support method, also referred to as the Discrete Gaussian Correction. This method is described
in greater detail in Section 14.11.

The Mocoa OK models were generated with a relatively limited number of samples to match the
change of support, or Herco (HERmitian COrrection), grade distribution. This approach reduces
the amount of smoothing or averaging in the model, and, while there may be some uncertainty on
a localized scale, this approach produces reliable estimations of the recoverable grade and
tonnage for the overall deposit. The interpolation parameters are summarized in Table 14.5.

Table 14.5: Interpolation Parameters

Search Ellipse Range

Element/ Number of Composites
(m) Other
Domain
X Y Z Min/block Max/block Max/hole
Copper
500 500 500 10 40 10 1 DH per octant
Inside Shell
Copper
500 500 500 10 40 10 1 DH per octant
Outside Shell
Molybdenum
500 500 500 10 40 10 1 DH per octant
Inside Shell
Molybdenum
500 500 500 10 40 10 1 DH per octant
Outside Shell

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14.11 Validation
The results of the modeling process were validated using several methods. These include a
thorough visual review of the model grades in relation to the underlying drill hole sample grades,
comparisons with the change of support model, comparisons with other estimation methods, and
grade distribution comparisons using swath plots.

14.11.1 Visual Inspection

A detailed visual inspection of the block model was conducted in both section and plan to ensure
the desired results following interpolation. This included confirmation of the proper coding of
blocks within the probability shell domain. The distribution of block grades was compared relative
to the drill hole samples to ensure the proper representation in the model.

14.11.2 Model Checks for Change of Support

The relative degree of smoothing in the block model estimates is evaluated using the Discrete
Gaussian Correction; it is also referred to as the Hermitian Polynomial Change of Support method
(described by Rossi and Deutsch, Mineral Resource Estimation, 2014). With this method, the
distribution of the hypothetical block grades can be directly compared to the estimated OK model
through the use of pseudo-grade/tonnage curves. Adjustments are made to the block model
interpolation parameters until an acceptable match is made with the Herco (HERmitian
COrrection) distribution. In general, the estimated model should be slightly higher in tonnage and
slightly lower in grade when compared to the Herco distribution at the projected cut-off grade.
These differences account for selectivity and other potential ore-handling issues which commonly
occur during mining.

The Herco distribution is derived from the declustered composite grades which are adjusted to
account for the change in support, moving from smaller drill hole composite samples to the larger
blocks in the model. This transformation results in a less-skewed distribution, but it has the same
mean as the original declustered samples.

Both the copper and molybdenum models were validated, inside and outside of the probability
shell, using the Herco approach. All models show an appropriate degree of correlation with the
Herco distributions. Examples from the copper and molybdenum models within the probability
shell domain are shown in Figure 14-16.

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Figure 14-16: Herco Plots of Copper and Molybdenum Inside the

Probability Shell Domain

Source: Sim Geological, 2021.

14.11.3 Comparison of Interpolation Methods

For comparison purposes, additional grade models were generated using both the inverse
distance weighted (ID) and nearest neighbour (NN) interpolation methods (Note: The NN model
was created using data composited to 5 m intervals). The results of these models are compared
to the OK models at a series of cut-off grades in a series of grade/tonnage graphs. Examples of
the copper and molybdenum models are shown in Figures 14-17 and 14-18, respectively. Overall,
there is very good correlation between the models. Reproduction of the model using different
methods tends to increase the confidence in the overall resource.

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Figure 14-17: Grade Tonnage Comparison of Copper Models

Source: Sim Geological, 2021.

Figure 14-18: Grade Tonnage Comparison of Molybdenum Models

Source: Sim Geological, 2021.

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14.11.4 Swath Plots (Drift Analysis)

A swath plot is a graphical display of the grade distribution derived from a series of bands, or
swaths, generated in several directions throughout the deposit. Using the swath plot, grade
variations from the OK model are compared to the distribution derived from the declustered NN
grade model.

On a local scale, the NN model does not provide reliable estimations of grade, but, on a much
larger scale, it represents an unbiased estimate of the grade distribution based on the underlying
data. Therefore, if the OK model is unbiased, the grade trends may show local fluctuations on a
swath plot, but the overall trend should be similar to the NN distribution of grade.

Swath plots were generated in three orthogonal directions for the distributions of the copper and
molybdenum OK and NN models inside and outside of the probability shell domain. There is very
good agreement between these modeled elements. Examples of the copper and molybdenum
models inside the shell domain in west-east swaths are shown in Figure 14-19. The degree of
smoothing in the OK model is evident in the peaks and valleys. Note: The graphs indicate a
relatively strong correlation between copper and molybdenum.

Figure 14-19: Swath Plots by Northing for Copper and Molybdenum

Inside the Probability Shell Domain

Source: Sim Geological, 2021.

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14.12 Resource Classification

The mineral resources for the Mocoa deposit were classified in accordance with the CIM Definition
Standards for Mineral Resources and Mineral Reserves (May, 2014). The classification
parameters are defined in relation to the distance to sample data and are intended to encompass
zones of reasonably continuous mineralization.

Blocks within a maximum distance of 200m from a drill hole are included in the Inferred category.
This distance is, in part, based on ranges exhibited in grade and indicator variograms. The range
of continuity of mineralization is also evident from visual observations of the nature of the
distribution of copper and molybdenum mineralization in the deposit.

Resources in the Indicated and Measured categories require a higher degree of confidence in the
estimation of grade in the model, something that cannot be achieved based on the current
distribution of drilling at Mocoa. Note: There are no resources in the Measured or Indicated
categories at this stage at Mocoa.

Inferred Resources:

Model blocks which are within a maximum distance of 200 m from a single drill hole.

14.13 Mineral Resources

CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014) provides the
following definition:

"A Mineral Resource is a concentration or occurrence of solid material of economic interest in or

on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects
for eventual economic extraction. The location, quantity, grade or quality, continuity and other
geological characteristics of a Mineral Resource are known, estimated or interpreted from specific
geological evidence and knowledge, including sampling."

The “reasonable prospects for eventual economic extraction” requirement generally implies that
quantity and grade estimates meet certain economic thresholds and that mineral resources are
reported at an appropriate cut-off grade which takes the extraction scenarios and processing
recovery into account.

The Mocoa deposit forms a relatively continuous zone of copper and molybdenum mineralization
over an area measuring approximately 1.2 km east-west by 1.4 km north-south and extending to
depths of more than 1 km below surface. The “reasonable prospects for eventual economic
extraction” were tested using a series of floating cone pit shells based on projected technical and
economic assumptions.

The resource-limiting pit shells were generated using recoverable copper-equivalent (CuEqR)
grades that include contributions from copper and molybdenum and adjustments for projected
metallurgical recoveries.

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The following technical and economic parameters were assumed:

• Operating costs:
• Mining: open pit US$2.50/t.
• Processing: US$10.00/t.
• G&A: US$2.00/t.
• Pit slope: 45 degrees.
• Metal prices: US$3.00/lb Cu; US$10.00/lb Mo (Note: metal prices are based on three-year
trailing averages excluding 2021 rounded to the nearest US dollar. The QPs believe that
the relatively high metal prices in 2021 are a short-term anomaly related to COVID-19,
and the trailing average better reflects long-term price prospects.
• Metallurgical recoveries: copper 90%; molybdenum 75%.
The recoverable copper-equivalent grades were calculated using the following formula:

CuEqR = (Cu% × 0.90) + (Mo% × 3.33 × 0.75)

Due to the polymetallic nature of the deposit, mineral resources were presented on a copper-
equivalent basis. Copper equivalents (CuEq) are determined in model blocks using the
contributions of copper and molybdenum and do not include adjustments for recoveries and
refining charges. Based on the assumed metal prices (US$3/lb Cu and US$10/lb Mo), copper-
equivalent grades are calculated using the following formula:

CuEq = Cu% + (Mo% × 3.33)

The total Inferred mineral resource estimate for the Mocoa deposit is shown in Table 14.6. Using
the projected operating costs listed here, the base case cut-off grade for the Mocoa resources is
estimated to be 0.25% CuEq.

Table 14.6: Estimate of Inferred Mineral Resources

Contained Metal
CuEq Cu Mo
Mtonnes CuEq Cu Mo
(%) (%) (%)
(Blbs) (Blbs) (Mlbs)
636 0.45 0.33 0.036 6.31 4.60 510.5
Notes: 1) In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% × 3.33.
2) Base case cut-off grade for in-pit resources is 0.25% CuEq.

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Figure 14-20 shows several isometric views of the extent of mineral resources in the Inferred
category above a cut-off grade of 0.25% CuEq in relation to the resource-limiting pit shell. As
stated previously, the drilling results indicate that the deposit remains open to the west, east and
north, but the images in Figure 14-20 show that the potential on the northern side is restricted by
the higher waste stripping required in this direction. It appears that the greatest potential to expand
the resource exists to the west and east of the current drilling.

Figure 14-20: Isometric Views of Inferred Mineral Resource at Mocoa

Source: Sim Geological, 2021.

Table 14.7 shows the total resource at a series of cut-off limits to provide additional information
regarding the sensitivity of the resource.

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Table 14.7: Sensitivity of Inferred Mineral Resources

Contained Metal
Cut-off CuEq Cu Mo
Mtonnes CuEq Cu Mo
(CuEq%) (%) (%) (%)
(Blbs) (Blbs) (Mlbs)
0.2 683 0.43 0.32 0.035 6.54 4.77 530.2
0.25 (base case) 636 0.45 0.33 0.036 6.31 4.60 510.5
0.3 553 0.48 0.35 0.039 5.81 4.24 470.4
0.35 433 0.52 0.38 0.042 4.96 3.62 404.6
0.4 330 0.57 0.41 0.047 4.12 2.99 341.8
0.45 259 0.61 0.44 0.051 3.47 2.50 293.2
0.5 201 0.65 0.46 0.056 2.87 2.04 247.9
0.55 148 0.69 0.49 0.061 2.26 1.60 199.6
0.6 106 0.74 0.52 0.067 1.73 1.21 155.8
Notes: 1) In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% × 3.33.
2) Base case cut-off grade for in-pit resources is 0.25% CuEq.

As stated previously in this report, a Regional Forest Reserve is located over the western part of
the deposit as shown in plan in Figure 14-21. Libero believes they will gain access into the Forest
Reserve for mining purposes as part of the environmental permitting phase of the project. These
types of concessions for mining projects are not uncommon and, as a result, the base case
estimate of mineral resources assumes access for mining purposes that extends into the current
Forest Reserve area. However, should the Colombian Government decide not to grant access
into this area, this would significantly restrict the size of the resource-constraining pit shell and
have a significant impact on the size of the mineral resource. The impact of this possible outcome
was tested by generating a resource-limiting pit shell that is restricted from encroachment into the
Forest Reserve. This approach eliminates some of the base case resources on the west side of
the deposit and, to some extent, at depth. This restriction reduces the resource estimate to 325M
tonnes at 0.46% CuEq, 0.34% Cu and 0.036% Mo (at a 0.25% CuEq cut-off grade), which is a
50% reduction in resource tonnage compared to the base case.

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Figure 14-21: Plan Showing Regional Protective Forest Boundary in relation to the Base
Case Inferred Mineral Resource

Source: Sim Geological, 2021.

Based on visible observations in drill core, the upper parts of the deposit exhibit some signs of
oxidation. Oxidation of this type, which is relatively common in these types of deposits, could
negatively impact the process recoveries. A 3D surface was interpreted that represents the base
of visible oxidation, and Table 14.8 shows the segregation of the base case mineral resources
above and below the interpreted surface. The results indicate that 22% of the base case resource
tonnage exhibits some degree of oxidation. Future metallurgical testwork is recommended to
better understand the possible impacts of these oxidized rocks.

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Table 14.8: Estimate of Base Case Inferred Mineral Resources by Oxide Type

Contained Metal
CuEq Cu Mo
Location Mtonnes CuEq Cu Mo
(%) (%) (%)
(Blbs) (Blbs) (Mlbs)
Oxide and
139 0.41 0.32 0.026 1.25 0.99 78.3
Transition
Sulphide 497 0.46 0.33 0.040 5.06 3.61 432.7
Total 636 0.45 0.33 0.036 6.31 4.60 510.5
Notes: 1) In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% × 3.33.
2) Base case cut-off grade for in-pit resources is 0.25% CuEq.

Other than the location of the Forest Reserve and the portion of the resource that is partially
oxidized, there are no other known factors related to environmental, permitting, legal, title,
taxation, socio-economic, marketing, or political issues which could materially affect the mineral
resource.

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15 MINERAL RESERVES
At present, there are no mineral reserve estimates for the Mocoa Project.

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16 MINING METHODS
This section is not applicable.

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17 RECOVERY METHODS
This section is not applicable.

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18 PROJECT INFRASTRUCTURE
This section is not applicable.

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19 MARKET STUDIES AND CONTRACTS

This section is not applicable.

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20 ENVIRONMENTAL STUDIES, PERMITTING AND

SOCIAL OR COMMUNITY IMPACT
At the effective date of this Technical Report (November 1, 2021), water permits that were
obtained and in effect during the 2008 and 2012 B2Gold drill programs have expired, and new
permits and authorizations will be required for future drilling campaigns.

Libero intends to initiate baseline environmental studies and community discussions prior to the
start of the next drill program.

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21 CAPITAL AND OPERATING COSTS

This section is not applicable.

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22 ECONOMIC ANALYSIS
This section is not applicable.

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23 ADJACENT PROPERTIES
There are no other exploration projects in the Mocoa area.

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24 OTHER RELEVANT DATA

There is no other relevant data or information.

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25 INTERPRETATION AND CONCLUSIONS

Based on the evaluation of the data available from the Mocoa property, the authors of this
Technical Report have drawn the following conclusions:

• At the execution date of this Technical Report, Libero holds a 100% interest in the Mocoa
property (subject to a total 3% NSR royalty).
• The Mocoa deposit forms a relatively continuous zone of copper and molybdenum
mineralization over an area measuring approximately 1.2 km east-west by 1.4 km north-
south and extending to depths of more than 1 km below surface.
• The Mocoa copper-molybdenum mineralization remains open to the north, west and east.
• Drilling to date has outlined an Inferred mineral resource (at a 0.25% CuEq cut-off) of
636 Mtonnes at 0.33% Cu and 0.036% Mo which contains 4.60 billion pounds of copper
and 510.5 million pounds of molybdenum.
• The resource-limiting pit shell and a portion of the current base case mineral resource
extends into a Regional Forestry Reserve on the western side of the Property. Libero
anticipates gaining access into this area for mining purposes during environmental
permitting as the project evolves. However, should the Colombian Government decide not
to grant access into this area, this would reduce the size of the estimated mineral
resources by about one half.
• Based on visible observations in drill core, the upper part of the deposit, representing
about 22% of the Inferred mineral resource, exhibits some signs of oxidation which could
negatively impact the process recoveries. Future metallurgical testwork is recommended
to better understand the possible impacts of these oxidized rocks.
• Preliminary metallurgical work indicates that the copper-molybdenum mineralization can
be recovered using conventional methods.
• Challenges facing continued exploration and evaluation of the Mocoa deposit include its
remote location, lack of road infrastructure, steep topography and high annual rainfall.

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26 RECOMMENDATIONS
Further work is warranted to assess the size, grade distribution and metallurgy of the Mocoa
copper-molybdenum deposit before further economic studies to advance the project. The specific
recommendation is to conduct a 13,500 m drill program at a cost of US$250 per metre to better
delineate the Mocoa deposit. The objective is to expand the current Inferred mineral resource, if
possible, and delimit the extent of mineralization. The estimated budget is US$3,375,000.

Effective Date: 01 November 2021 26-1

 Mocoa Copper-Molybdenum Project, Colombia
Technical Report

27 REFERENCES
B2Gold (2008). Internal company documents and figures.

B2Gold (2011). Internal company documents and figures.

B2Gold (2012). Internal company documents and figures.

B2Gold (2016). Internal company documents and figures.

CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines
(November 29, 2019).

CIM Definition Standards for Mineral Resources and Mineral Reserves (May, 2014).

Lowell, J. D. and Guilbert, J.M. (1970). Lateral and vertical alteration-mineralization zoning in
porphyry ore deposits. Economic Geology vol. 65, pp 373-408.

Panteleyev, A. (1995). Porphyry Cu+/-Mo+/-Au, in Selected British Columbia Mineral Deposit

Profiles, Volume 1 - Metallics and Coal. Lefebure, D.V. and Ray, G.E., Editors. British Columbia
Ministry of Energy of Employment and Investment.

Rossi, M. and Deutsch, C., 2014 Edition. Mineral Resource Estimation, New York, NY, Springer.
Smee and Associates Consulting Ltd. Results of Laboratory Audits, Quality Control Data Review
on the Gramalote, Quebradona, and Mocoa Projects, Colombia, October 2008 (internal B2Gold
document).

Sillitoe, R.H., Jaramillo, L., Castro, H. (1984). Geologic exploration of a molybdenum-rich

porphyry copper deposit at Mocoa, Colombia. Economic Geology, Vol. 79, 1984, pp. 106-123.

SIM Geological (2021). Internal figures.

Strathcona Mineral Services Limited (2008). Technical Report Mocoa Copper-Molybdenum

Project Putumayo Department, Colombia for B2Gold Corp.

United Nations, INGEOMINAS, ECOMINAS, (1984). Mocoa Copper and Molybdenum Deposit,
Putumayo, Colombia, Preliminary Feasibility Study, Original Spanish and English Translation,
140p.

von Guttenberg, R., (2008). Mocoa Copper-Molybdenum Project Putumayo Department

Colombia, prepared for B2Gold Corporation, June 18, 2008, 475p. (Internal B2Gold report)

Effective Date: 01 November 2021 27-1

 Mocoa Copper-Molybdenum Project, Colombia
Technical Report

28 DATE AND SIGNATURE PAGES

CERTIFICATE of QUALIFIED PERSON

Michel Rowland, FAusIMM

I, Michel Rowland, FAusIMM, do hereby certify that:

1. I am an independent consultant with an address at av. Brasil 1125 3rd floor, Quito, Ecuador.

2. I graduated with a DES degree in Geology from the University of Dijon in France in 1964.

3. I am a Fellow of the Australasian Institute of Mining and Metallurgy, Registration Number 225364.

4. I have practiced my profession as a geologist continuously for 50 years and have been involved
in numerous studies, mineral resource and reserve estimations, and feasibility studies. My work
specifically includes copper porphyry, base metal and gold deposits in Ecuador and Colombia.

5. I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”)
and certify that by reason of my education, affiliation with a professional association (as defined in
NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person”
for the purposes of NI 43-101.

6. I am an author of the technical report titled “Mocoa Copper-Molybdenum Project, Colombia, NI

43-101 Technical Report” dated January 18, 2022, with an effective date of November 1, 2021
(the “Technical Report”). I am responsible for sections 1-10, 13, 20, 23, 24, 27 and portions of
sections 25 and 26.

7. I personally visited the Mocoa property and examined drill core stored at the Company storage
facility from November 23rd to 24th, 2021.

8. I am independent of Libero Copper & Gold Corporation and related companies, the vendor and
the property, applying all of the tests in Section 1.5 of NI 43-101.

9. I am a co-author of the previous technical report titled Mocoa Copper-Molybdenum Project,

Colombia, NI 43-101 Technical Report, dated June 15, 2018, with an effective date of May 8,
2018.

10. I have read National Instrument 43-101 and Form 43-101F1, and the Technical Report has been
prepared in compliance with that instrument and form.

11. As of the date of this certificate, to the best of my knowledge, information and belief, the
Technical Report contains all scientific and technical information that is required to make the
Technical Report not misleading.

Dated this 18th day of January, 2022.

“original signed and sealed”

Michel Rowland, FAusIMM

Effective Date: 01 November 2021 28-1

 Mocoa Copper-Molybdenum Project, Colombia
Technical Report

CERTIFICATE of QUALIFIED PERSON

Robert Sim, P.Geo, SIM Geological Inc.

I, Robert Sim, P.Geo, do hereby certify that:

1. I am an independent consultant of:

SIM Geological Inc.
508 1950 Robson Street
Vancouver, British Columbia, Canada V6G 1E8

2. I graduated from Lakehead University with an Honours Bachelor of Science (Geology) in 1984.
3. I am a member, in good standing, of Engineers and Geoscientists British Columbia, License
Number 24076.
4. I have practiced my profession continuously for 34 years and have been involved in mineral
exploration, mine site geology and operations, mineral resource and reserve estimations and
feasibility studies on numerous underground and open pit base metal and gold deposits in
Canada, the United States, Central and South America, Europe, Asia, Africa and Australia.
Specifically, I have conducted mineral resource estimations on porphyry copper-molybdenum
deposits at Los Azules, Argentina and El Galeno, Peru, among others.
5. I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”)
and certify that by reason of my education, affiliation with a professional association (as defined in
NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person”
for the purposes of NI 43-101.
6. I am a co-author of the technical report titled “Mocoa Copper-Molybdenum Project, Colombia NI
43-101 Technical Report” dated January 18, 2022, with an effective date of November 1, 2021
(the “Technical Report”) prepared for Libero Copper & Gold Corporation (“the issuer”) and accept
professional responsibility for section 14 and portions of sections 1, 25 and 26.
7. I have not visited the Mocoa property.
8. I am a co-author of the previous technical report titled Mocoa Copper-Molybdenum Project,
Colombia, NI 43-101 Technical Report, dated June 15, 2018, with an effective date of May 8,
2018.
9. As of the effective date of the Technical Report, to the best of my knowledge, information and
belief, the Technical Report contains all scientific and technical information that is required to be
disclosed to make the Technical Report not misleading.
10. I am independent of the issuer and related companies, the vendor and the property, applying all
of the tests in Section 1.5 of NI 43-101.
11. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in
compliance with that instrument and form.
Dated this 18th day of January, 2022.

“original signed and sealed”

Robert Sim, P.Geo.

Effective Date: 01 November 2021 28-2

 Mocoa Copper-Molybdenum Project, Colombia
Technical Report

CERTIFICATE of QUALIFIED PERSON

Bruce M. Davis, FAusIMM, BD Resource Consulting, Inc.

I, Bruce M. Davis, FAusIMM, do hereby certify that:

1. I am an independent consultant of:

BD Resource Consulting, Inc.
4253 Cheyenne Drive
Larkspur, Colorado USA 80118

2. I graduated from the University of Wyoming with a Doctor of Philosophy (Geostatistics) in 1978.

3. I am a Fellow of the Australasian Institute of Mining and Metallurgy, Number 211185.

4. I have practiced my profession continuously for 40 years and have been involved in mineral
resource and reserve estimations and feasibility studies on numerous underground and open pit
base metal and gold deposits in Canada, the United States, Central and South America, Europe,
Asia, Africa and Australia. Specifically, I have conducted mineral resource estimations on
porphyry copper-molybdenum deposits at Los Azules, Argentina and Galeno, Peru, among
others.

5. I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”)
and certify that by reason of my education, affiliation with a professional association (as defined in
NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person”
for the purposes of NI 43-101.

6. I am an author of the technical report titled Mocoa Copper-Molybdenum Project, Colombia, NI 43-
101 Technical Report, dated January 18, 2022, with an effective date of November 1, 2021 (the
“Technical Report”) and accept responsibility for sections 11 and 12 and portions of sections 1,
14 (14.5.2, 14.8, 14.11.2, and 14.11.4), 25 and 26.

7. I have not visited the Mocoa Property.

8. I am a co-author of the previous technical report titled Mocoa Copper-Molybdenum Project,

Colombia, NI 43-101 Technical Report, dated June 15, 2018, with an effective date of May 8,
2018.

9. As of the effective date of the Technical Report, to the best of my knowledge, information and
belief, the Technical Report contains all scientific and technical information that is required to be
disclosed to make the Technical Report not misleading.

10. I am independent of Libero Copper & Gold Corporation and related companies, the vendor and
the property, applying all of the tests in Section 1.5 of NI 43-101.

11. I have read NI 43-101 and Form 43-101F1, and the Technical Report has been prepared in
compliance with that instrument and form.

Dated this 18th day of January, 2022.

“original signed and sealed”

Bruce M. Davis, FAusIMM

Effective Date: 01 November 2021 28-3