Mining

Operation and Mining Development

Operation

Gualcamayo is a gold and silver mine located in Jáchal, San Juan province, Argentina. Aisa Group acquired 100% of the shares of Minas Argentinas SA in September 2023, when the operation was beginning its closure phase. After a process of restructuring and capitalization of the company, the finances were improved and exploration activities were restarted. Following the acquisition, Aisa Group implemented significant changes in operations, with a special focus on optimizing the leaching pile. It was identified that in areas previously considered exhausted, significant amounts of gold still remained. Currently, work is underway to redesign and enhance the leaching system, reshaping slopes and performing ore ripping, improving solution infiltration and maximizing contact with the ore. These and other improvements aim to increase efficiency in gold recovery and ensure the sustainability of operations. Aisa Group prioritizes sustainable mining practices, with a strong commitment to the environment and local communities. Our operations are designed to guarantee minimal environmental impact while promoting the economic and social development of the region.

Potential

Currently, the production of Gualcamayo is focused on the secondary recovery of the leaching heaps. Gualcamayo has recoverable reserves certified at 343 thousand GEO ounces (Gold Equivalent Ounces).

The future of Gualcamayo is the Deep Carbonates Project. It has total Resources of over 5 million ounces, and 3 million already in the Reserve category (and growing). In 2025 and 2026, it is planned to complete the technical and economic feasibility study and advance in the engineering that will allow for the projection of the construction of a new processing plant. Once in production, Deep Carbonates will generate around 120 thousand GEO ounces annually for a minimum period of 17 years.

Exploration work in Gualcamayo is focused on two objectives:

- The expansion of the Deep Carbonates body

- The development of new targets that will allow for the generation of other sectors with productive potential.

Very clear evidence has already been found indicating that Gualcamayo hosts primary minerals with economic potential in several of the intrusive bodies outcropping.

Highlights

  • Secondary Recovery: The leaching pile has a 2024 Reserve Statement for 343 thousand recoverable GEO ounces according to JORC code.

  • Resources: The Deep Carbonates Project already has 5M GEO ounces of certified Resources, including more than 3M ounces in the Reserves category, all under NI 43-101 standards.

  • Exploration: Exploratory efforts are being renewed, and numerous very promising targets have been identified.

  • Certification: The project's resources are certified according to NI 43-101 standards and JORC code, ensuring compliance with best international practices.

  • Infrastructure: A fully developed infrastructure supports ongoing and future mining operations.

  • Engineering and Safety: Advanced engineering and mining plans have been implemented, and ongoing metallurgical and environmental studies are yielding positive results. The internal engineering team collaborates with leading international consulting firms to maintain the highest operational standards.