Gualcamayo

The Deep Carbonates Project (DCP) is conceived as a deep underground mine, located more than 800 meters below surface, targeting a refractory mineral deposit hosted in carbonate rocks. From a technical standpoint, this involves the use of large-scale underground mining methods, typically including Sublevel Stoping or block mining variants, integrated with complex processing through a Pressure Oxidation (POX) plant to liberate encapsulated gold. Gualcamayo has received approval under the Large Investment Incentive Regime (RIGI) for the development of the DCP project, with an investment of US$665 million. During 2026, the company will advance technical and economic feasibility studies, detailed engineering and project design, as well as metallurgical testing (critical due to the refractory nature of the ore), exploration to expand resources, and the initial committed capital expenditures. These stages will take place throughout 2026 and part of 2027, prior to the start of construction.

Three stage crushing before sending to the leach pad.

40,000 - 45,000oz Gold (2025)

260,000 oz gold in the leaching pads. Also as 4.9 Moz gold (Reserves) y 7 Moz gold (Resources) in Deep Carbonates

Gualcamayo was a mixed mine (surface and underground operation) that used the heap leach system. Its most promising sector is the body called Deep Carbonates on which progress is being made in technical studies (See other comments)