| Schedule of Property Under the First Guayabales Option |
The
following is a summary of the option payments and exploration expenditures required to acquire 100% of the property under the First Guayabales
Option:
| |
| |
Option
Payments | | |
Exploration
Expenditures | | |
Total | |
| |
| |
$ | | |
$ | | |
$ | |
| Phase 1 |
June 24, 2020 – June 24, 2024 | |
| 2,000,000 | | |
| 3,000,000 | | |
| 5,000,000 | |
| Phase 2 |
June 24, 2024 – June 24, 2030 | |
| 2,000,000 | | |
| 10,000,000 | | |
| 12,000,000 | |
| Phase 3 |
To commercial production | |
| 8,000,000 | 1 | |
| – | | |
| 8,000,000 | |
| |
| |
| 12,000,000 | | |
| 13,000,000 | | |
| 25,000,000 | |
The
following is a summary of the option payments to acquire the property under the Second Guayabales Option:
| | |
$ | |
| Total Phase 1 | |
| 1,750,000 | |
| Total Phase 2 | |
| 1,000,000 | |
| Total Phase 3 | |
| 4,300,000 | |
| | |
| 7,050,000 | |
|
| Schedule of Acquisition of the Mining Concession Contract |
| | |
$ | |
| Original acquisition cost –
First Guayabales Option | |
| 9,833,334 | |
| Less: Fair value adjustment | |
| (504,403 | ) |
| Fair value long-term liability | |
| 9,328,931 | |
| Addition: Fair value – Provision for
environmental remediation (See Note 11) | |
| 1,589,371 | |
| Mining
concession asset | |
| 10,918,302 | |
|