The Property is located within a regional fold and thrust belt of predominantly Mesozoic sedimentary rocks intruded by felsic stocks located along faults and cores of anticlinal structures. Sedimentary rocks of Lower Cretaceous age consist of a lower, shallow marine-to-deltaic siliciclastic sequence and an upper sequence of finer grained siliciclastic units.

The oldest rocks on the Property are thinly bedded and laminated mudstones with occasional coal seams of the basal Lower Cretaceous Chicama Formation. This formation is only exposed in valleys and in the cores of anticlines.

Overlying the Chicama Formation is the Goyllarisquizga Group, which is comprised from oldest to youngest of the Chimu, Santa, Carhuaz, and Farrat Formations.

White orthoquartzite beds of the Chimu formation form the Algamarca anticline to the southwest of the Shahuindo deposit. The Santa Formation which is exposed on the flanks of the Algamarca anticline consists of mudstone with intercalations of limestone. Overlying the Santa Formation is the Carhuaz Formation, consisting of interbedded sandstone, siltstone, and mudstone, with many sandstones displaying cross bedding and amalgamated wedge-shaped sandstone beds. The Farrat Formation consists of cliff-forming siliciclastic strata dominated by sandstone. The Carhuaz Formation hosts gold and silver mineralization along the core of the Shahuindo deposit while the Farrat Formation hosts mineralization along the northwest, ........

Shahuindo consists of an open pit mine and heap leach processing facility that is currently in production and has been operating since 2016. The open pit is being mined in a sequence of phased cutbacks. The mining method utilizes conventional drill and blast, loading of ore and waste is by diesel-powered 90 t excavators into 42 t and 46 t heavy duty highway rigid frame dump trucks. This type of truck is common in this style of operation in Peru. The ore and waste are hauled to the leach pad or waste dumps correspondingly.

Mining is based on an owner operator model, with operations managed and controlled by Pan American utilizing Pan American employees. Mining is carried out on two 12-hour shifts, operating 7 days a week.

The mine design utilizes 8 m benches which are suitable for the size of equipment employed and align with those used since 2016 which have delivered the dilution and ore loss outcomes used for this Mineral Reserve.

Grade control uses a mixture of blast hole drill samples and short RC holes that are drilled on a campaign basis.

Drilling and blasting utilize 156 mm diameter blast holes and powder factors of 0.20–0.25 kg/BCM using a bulk emulsion explosive. Drill penetration rates are consistent between ore and waste, and the deeper benches do not show any changes in the mechanical properties of the rock mass with only the oxide zone being mined (there are some local less oxidized zones that are easily distinguishable ........

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