Summary

Mine Type	Underground
Study Completed	Preliminary Economic Assessment
Stage	Fully Permitted
Commodities	Gold
Mining Method	Longhole open stoping
Backfill type	...
Mine Life	...
Snapshot	The Ollachea project is underground mine and processing plant for producing doré bars. The project will start at a production rate of 1500 tpd and treat mineralized material from the higher-grade area. Production will increase in year 4 when lower grade mineralization will be mined. Ollachea is shovel-ready, having obtained all the necessary environmental and construction permits. Minera IRL is currently involved in advanced due diligence and negotiation with potential investors aiming to complete a transaction that enables the development of the Ollachea Gold Project and the repayment of the debt with COFIDE. If the Group is unable to secure an alternative source of funds to repay the debt with COFIDE, or to complete a transaction that leads to the refinance or restructure of the debt, it will have to relinquish its ownership of the subsidiary, Compañia Minera Kuri Kullu S.A., and therefore fully impair the carrying value of Ollachea.

Deposit type

• Vein / narrow vein
• Orogenic

Summary:

The Property hosts orogenic-style gold (Au) mineralization at the Property, and quartz veining in the Minapampa area is the principal area of interest. Orogenic gold deposits often form in clusters and are mined as both open-pit lower-grade high-tonnage mines and higher-grade lower-tonnage underground mines. Clusters of orogenic deposits frequently align along regionally significant structures.

Orogenic Au deposits are often associated with greenschist to amphibolite grade metamorphism. Au is often concentrated in quartz lodes formed in brittle structures and can be associated with other elements such as Sb, As, Te and W.

Outcropping geology at the Property is dominated by sheared metasedimentary units, including phyllite, and graphitic slate and shale. Metasediments have a well-developed, eastnortheast trending, and north dipping cleavage that approximately mirrors regional thrusting.

Intrusions of varied age and composition have interrupted metasedimentary units. Metasedimentary units have been altered with weak but pervasive sericitization. Alteration is not apparently related to mineralization.

Gold mineralization at Minapampa is principally developed in phyllite between the Ollachea and Paquillusi thrust faults. The package of mineralized metasediments (Mineralized Package) is approximately 200m thick. Two zones of mineralization have been defined in the Mineralized package: Minapampa and Concurayoc.

Gold mineralization in the Mineralized Package is typically associated with pyrrhotite, arsenopyrite, pyrite, and minor chalcopyrite in quartz veins sub-parallel to cleavage, and as disseminations.

MKK has observed the following associations of sulfide with gold at Minapampa:
- When coarse pyrite occurs without other sulfides it is often indicative that gold is not present.
- Free gold is often observed in areas where coarse crystalline arsenopyrite is present.

Quartz veining in the Mineralized Package is not always auriferous, veins range from less than 5 mm to up to 40 cm across. Boudinage related to the thrust front has interrupted the continuity of quartz veining.

Mineralization at Minapampa has been traced at surface for 900 m along strike, and mineralization at the Concurayoc zone has been traced at surface for 400 m along strike. Drilling has traced mineralization to depths of up to 200 m from surface. The 900 m zone between Minapampa and Concurayoc is weakly mineralized.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Aug 27, 2021
.......................	.......................		Aug 27, 2021
.......................	.......................		Oct 24, 2025