Ann: High-Grade Gold-Silver Results at Pegaso, page-44

Late last year, Equus signed a binding deal with TSX-listed miner Mandalay Resources to acquire the Cerro Bayo silver-gold mine and infrastructure in Southern Chile.

The deal includes a processing plant which has produced about 600,000 ounces of gold and 45 million ounces of silver since 1995.

Mandalay has now started processing low-grade gold and silver stockpiles, ahead of Equus taking full control of the operation around January 2022.

“The commencement of processing of low-grade stockpiles by Mandalay Resources is of high importance to Equus as it enables a comprehensive review of operational aspects of the Cerro Bayo plant and pending execution of the option to acquire the entire project,” Equus COO Damien Koerber says.

“This would enable Equus to quickly transform into a producer, in parallel to and supporting the path to potential development of the company’s higher grade resources.

“The currently permitted production of 1.68Mt of stockpiled ore is sufficient for over three years of production.”