NI 43-101 - Madre Sierra (Final) Revised

NI 43-101 Technical Report Madre
Sierra Property Central Peru
NI 43-101 Technical Report

Madre Sierra Property
Central Peru
Lat/Long WGS 84 -75.428 / -11.606
Prepared by: Esteban Manrique Zúñiga (QP)
Effective Date: October 30th, 2021
DEFINE | PLAN | OPERATE 1

1 SUMMARY
Mining Plus has been commissioned by Titiminas Silver Inc. (“Titiminas”), to prepare a
Technical Report (the “Report”) aligned to the Canadian Institute of Mining, Metallurgy and
Petroleum’s (“CIM”) NI 43-101 code, for the Madre Sierra Property in central Peru (“Madre
Sierra” or “the Property”).
Mr. Esteban Manrique Zúñiga is an exploration geologist with decades of experience

exploring deposits related to Porphyry Environments in the Peruvian Andes and was assigned
by Mining Plus to prepare the Report. Mr. Manrique is a Qualified Person (“QP”) as defined
by National Instrument 43-101 (“NI 43-101”).
Mr. Manrique (QP) undertook an independent inspection of the Property between October
13th and 16th, 2021 and he is responsible for all sections of the Report.
Titiminas is a private company with its’ registered headquarters recorded as Suite 1050, 400
Burrard Street, Vancouver, British Columbia V6C 3A6. Titiminas intends to list on the TSX
Venture Exchange, and the Report has been prepared for this purpose.
On November 20th, 2021, Titiminas Silver entered a share purchase option agreement to
acquire the shares representing the capital stock of Compañía Minera Rosalinda S.A.C.
(“Rosalinda”). As a result of this agreement, Titiminas is entitled to conduct mining activities
on Rosalinda’s Madre Sierra Property in the Junín Region of Peru.
Veins at the Property have a been mined on a small-scale, Rosalinda acquired permission to
mine up to 350 tpd of polymetallic mineralization from a determined area at the Madre Sierra
mine. Between 2019 and 2020 Rosalinda reported the pilot processing of 1,000 tonnes of
polymetallic mineralization from the Madre Sierra mine. There is no data regarding the
average grade or recoveries from this pilot processing.
Because of the unsafe nature of some mine workings, Mr. Manrique (QP) was not able to
review all mine workings, and to compile this report he has used on historical mine plans to
supplement his observations.
There are indications that the property may host part of a wider porphyry system, including,
large zones hydrothermal alteration and iron oxides at surface, zones of phyllic, propyllitic
and silicic alteration mapped on the 4370 and 4406 levels of the Madre Sierra mine, low-angle
molybdenum veining at Janiscocha, and stratigraphically controlled Ag-Pb-Zn anomalism
noted at multiple prospects.
Historical exploration of the Property has not been systematic, and results have been poorly
documented, there are no indications that the Property has been drilled.

Based on his review of historical documentation and site visit, Mr. Manrique (QP) is satisfied
that the Property warrants further exploration, and he considers that the Property is
prospective for polymetallic vein hosted mineralization and possibly mineralization related to
a porphyry hydrothermal system.
Exploration should initially focus on projections of mineralized veins and stratigraphically

controlled Ag-Pb-Zn anomalism.
Mr. Manrique (QP) concludes the following:
• The Madre Sierra Property hosts polymetallic veins at the Madre Sierra mine, these
veins have been mined most recently on a small-scale by Compañía Minera Rosalinda
S.A.C.
• The Property is underexplored and warrants systematic evaluation
• Beyond the historically mined polymetallic veins, the Property has potential to host
mineralization related to a porphyry hydrothermal system, this could include, skarn,
manto and porphyry deposit styles. Further exploration is required before this
potential can be fully understood
• Projections of polymetallic veins and manto-tyle mineralization, indicated by Ag-Pb-
Zn anomalism in soil are compelling exploration targets.
Mr. Manrique (QP) recommends the following:
• Seek permission to access and explore the entirety of the Property

• Continue searching for and compiling historical data
• Systematic exploration of the entire Property, focusing initially on targets
identified in historical documents (i.e., Madre Sierra, Janchiscocha, Titiminas,
Yanacocha, and Jajachaca.
A single-phase exploration program of data compilation, prospecting, mapping, and sampling

has been recommended by Mr. Manrique (QP) that is expected to take six weeks to complete
and cost up to US$90k.
Upon completion of the recommended exploration program, consideration should be given

to potential next steps. Geophysics and or drilling could facilitate the projection of structures
to depth as well as exploring zones of interest in the porphyry hydrothermal system. Drilling
is subject to permitting.

CONTENTS
1 SUMMARY ................................................................................................................. 2
CONTENTS ........................................................................................................................ 4
FIGURES & TABLES............................................................................................................ 6
1 INTRODUCTION ......................................................................................................... 7
2 RELIANCE ON OTHER EXPERTS ................................................................................... 9

2.1 Property Interest ................................................................................................ 9
2.2 Permitting .......................................................................................................... 9
2.3 Land Tenure ........................................................................................................ 9
2.4 Environmental Liabilities ..................................................................................... 9
2.5 Royalties............................................................................................................. 9
3 PROPERTY, DESCRIPTION AND LOCATION ................................................................ 10
4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

15
5 HISTORY .................................................................................................................. 17
5.1 Historical Exploration ........................................................................................ 17
5.1.1 Madre Sierra ...................................................................................................... 18
5.1.2 Other Prospects ................................................................................................. 20
6 GEOLOGICAL SETTING AND MINERALISATION .......................................................... 21

6.1 Regional Geology .............................................................................................. 21
6.2 Local Geology ................................................................................................... 23
6.2.1 Ambo Group ....................................................................................................... 23
6.2.2 Tarma Group ...................................................................................................... 23
6.2.3 Copacabana Group ............................................................................................ 23
6.2.4 Mitu Group......................................................................................................... 23
6.2.5 Chambara Formation ......................................................................................... 23
6.2.6 Aramachay Formation ....................................................................................... 23
6.2.7 Condorsinga Formation ..................................................................................... 23
6.3 Property Geology .............................................................................................. 24
6.3.1 Madre Sierra ...................................................................................................... 25
6.3.2 Janchiscocha ...................................................................................................... 27

6.3.3 Titiminas ............................................................................................................. 28

6.3.4 Yanacocha .......................................................................................................... 29
6.3.5 Jajachaca ............................................................................................................ 30
6.3.6 Comments by QP ............................................................................................... 31
7 DEPOSIT TYPES ........................................................................................................ 32
8 EXPLORATION.......................................................................................................... 33
9 DRILLING ................................................................................................................. 34
10 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................................... 35
11 DATA VERIFICATION ................................................................................................ 36
12 MINERAL PROCESSING AND METALLURGICAL TESTING ............................................ 38
13 MINERAL RESOURCE ESTIMATES .............................................................................. 39
23 ADJACENT PROPERTIES ............................................................................................ 40
24 OTHER RELEVANT DATA AND INFORMATION ........................................................... 41
25 INTERPRETATION AND CONCLUSIONS ...................................................................... 42
26 RECOMMENDATIONS .............................................................................................. 43
REFERENCES ................................................................................................................... 44
APPENDIX – INDPENDENT SAMPLE ASSAY CERTIFICATE .................................................. 45

FIGURES & TABLES

List of Figures
Figure 4-1: Property Concessions ............................................................................................ 11
Figure 4-2: Area Covered by Yauli (Blue Box) Community Agreement ................................... 13
Figure 5-1: Property Location .................................................................................................. 15
Figure 6-1: Madre Sierra - Historical Sampling ........................................................................ 19
Figure 7-1: Regional Geology ................................................................................................... 22
Figure 7-2: Regional Geology - Schematic Section .................................................................. 22
Figure 7-3: Exploration Targets shown with Regional Geological Mapping ............................ 24
Figure 7-4: Madre Sierra 4370 Level - Alteration Mapping ..................................................... 25
Figure 7-5: QP Photography - Madre Sierra ............................................................................ 26
Figure 7-6: QP Photography – Janchiscocha ............................................................................ 27
Figure 7-7:Titiminas Prospect .................................................................................................. 28
Figure 7-8: Yanacocha Prospect ............................................................................................... 29
Figure 7-9: Jajachaca Prospect ................................................................................................. 30
Figure 8-1: Deposit Types - The Porphyry environment .......................................................... 32
List of Tables
Table 4-1: Property Concessions.............................................................................................. 10
Table 4-2: Approximate Centre Coordinates of the Property ................................................. 10
Table 5-1: Approximate travel times to the Property ............................................................. 15
Table 6-1: Madre Sierra - Historical Sampling ......................................................................... 18
Table 12-1: Independent Sample Descriptions........................................................................ 36
Table 12-2: Independent Sample - Select Element Assay ....................................................... 36
Table 26-1: Estimated Cost of Recommended Exploration Program ...................................... 43

1 INTRODUCTION
Mining Plus has been commissioned by Titiminas Silver Inc. (“Titiminas”), to prepare a
Technical Report (the “Report”) aligned to the Canadian Institute of Mining, Metallurgy and
Petroleum’s (“CIM”) NI 43-101 code, for the Madre Sierra Property in central Peru (“Madre
Sierra” or “the Property”).
Titiminas is a private company with its’ registered headquarters recorded as Suite 1050, 400
Burrard Street, Vancouver, British Columbia V6C 3A6. Titiminas intends to list on the TSX
Venture Exchange, and the Report has been prepared for this purpose.
On November 20th, 2021, Titiminas entered a share purchase option agreement to acquire
the shares representing the capital stock of Compañía Minera Rosalinda S.A.C. (“Rosalinda”).
As a result of this agreement Titiminas is entitled to conduct mining activities on Rosalinda’s
Madre Sierra Property in the Junín Region of Peru.
Mr. Esteban Manrique Zúñiga is an exploration geologist with decades of experience

exploring deposits related to Porphyry Environments in the Peruvian Andes and was assigned
by Mining Plus to prepare the Report. Mr. Manrique is a Qualified Person (“QP”) as defined
by National Instrument 43-101 (“NI 43-101”).
Mr. Manrique (QP) undertook an independent inspection of the Property between October
13th and 16th, 2021 and he is responsible for all sections of the Report. During his independent
inspection, Mr. Manrique took six samples and visited abandoned mine workings at Madre
Sierra and Janchiscocha to review mineralization styles and controls.
The Report has been prepared based on the following information: Commented [PM1]: The reports that have been listed as
expenditure are not listed here so that looks a little odd.
• Word Document – “INFORME GEOLOGICO DEL PROYECTO MINERO MADRE SIERRA” - And if we want to list them here we need to utilise them in
the report.
Prepared by Neftalí Muñoz Fernández, José Hinostroza Monge, and
José Palacios Campos – Dated July 2019
• PDF Document – “Presentación madre sierra” - Prepared by Neftalí Muñoz
Fernández, José Hinostroza Monge, and José Palacios Campos – Dated July 2019
• Historical mine plans and sections prepared by Compañía Minera Rosalinda S.A.C.
• 1:100k mapsheet 24m – “Mapa Geológico del Cuadrángulo de Jauja” – Published by
INGEMMET (1994)
• Geological Bulletin #22 – Boletin Serie L “Actualización Carta Geológica Nacional
(Escala 1:50 000) – Published by INGEMMET (2021).
Units of Measure
The metric system of measurement is used throughout this report.
The UTM WGS 84, Zone 18S coordinate system has been used throughout the Report.

Monetary values are given in United States dollars (US$).
Effective Date
The effective date of this report is October 30th, 2021. Commented [PM2]: Are we going to change the effective
date of the report to have a later date and include some of
the information form the mapping and the vein work in this
report? It is hard to state the expenditure of you do not use
the information gained form that expenditure?

2 RELIANCE ON OTHER EXPERTS Commented [PM3]: As we are taking the time to review
the report it would be good if we can have a memo (could be
back dated) that we can refer to it directly for all these
Mr. Esteban Manrique is the Qualified Person (QP) responsible for all Sections of the Report. aspects i.e.. Provided in memo dated xxxxx.
Mr. Manrique has relied on information provided to him by Titiminas Silver Inc. concerning,
legal, political, environmental, and financial matters relevant to the Report.
2.1 Property Interest
Mr. Manrique has relied on details of Titiminas’ interest in the Property provided to him by
Titiminas.
2.2 Permitting
Mr. Manrique has relied on details of the 350 tpd production permit within the SMC Madre
Sierra 3 concession provided to him by Titiminas.
2.3 Land Tenure
Mr. Manrique has not reviewed the land tenure, nor independently verified the legal status,
ownership of the Property or underlying property agreements.
2.4 Environmental Liabilities
Mr. Manrique has relied on Titiminas for details relating to any environmental liabilities
identified at the Property
2.5 Royalties
Mr. Manrique has relied on details of royalties, back-in rights, payments, and other
encumbrances provided to him by Titiminas.

3 PROPERTY, DESCRIPTION AND LOCATION

The Property consists of 10 concessions (“Concessions”), eight concessions have been granted
(seven to Rafael Eduardo Tejerina Zarich, and one to Compañía Minera Rosalinda S.A.C.), two
concessions are in application (Table 3-1 and Figure 3-1).
Table 3-1: Property Concessions
ID Concession Code Concession Concession (Holder/Applicant) Area (Ha) Status
1 10009115 SMC MADRE SIERRA 10 Rafael Eduardo Tejerina Zarich 300 Granted
2 10010414 SMC MADRE SIERRA 3 Rafael Eduardo Tejerina Zarich 102.9 Granted
5 10185417 SMC MADRE SIERRA 2B Compañía Minera Rosalinda S.A.C. 200 Granted
6 10191420 SMC MADRE SIERRA 7 Rafael Eduardo Tejerina Zarich 500 In Application
7 10239218 SMC MADRE SIERRA Rafael Eduardo Tejerina Zarich 100 Granted
8 10283816 SMC MADRE SIERRA 2A Rafael Eduardo Tejerina Zarich 800 In Application
9 10386718 SMC MADRE SIERRA 5 Compañía Minera Rosalinda S.A.C. 300 Granted
10 10452318 SMC MADRE SIERRA 6 Rafael Eduardo Tejerina Zarich 200 Granted
Eight of the concessions form contiguous block, the other two concessions are isolated from
the contiguous block. Third-party concessions occupy some of the intervening space between
the Concessions.
Considering overlaps, the total footprint of the Property is approximately 3016 hectares.
The approximate center coordinates of the Property in the UTM WGS 84 and Lat/Long WGS
84 (Zone 18S) coordinate reference systems have been provided in Table 3-2.
Table 3-2: Approximate Centre Coordinates of the Property
Reference System East / Longitude North / Latitude
UTM WGS 84 (Zone 18S) 453347 8717000

Lat/Long WGS 84 -75.428 -11.606

Figure 3-1: Property Concessions
On November 20th, 2021, Titiminas entered a share purchase option agreement to acquire
the shares representing the capital stock of Compañía Minera Rosalinda S.A.C (“Rosalinda”).
As a result of this agreement, Titiminas is entitled to conduct mining activities on Rosalinda’s
Madre Sierra Property in the Junín Region of Peru.
In Peru, surface sampling is not subject to permitting, however, a concession holder must
acquire permission from the legal owner of the land prior to sampling. Advanced exploration

such as trenching, or drilling is subject to permitting. Titiminas has not acquired permits for
advanced exploration.
On October 21st, 2019, Compañía Minera Rosalinda S.A.C. (the “Company”) entered into a
surface rights agreement (the “Agreement”) with the Yauli Community (the “Community”).
The Yauli Community incorporates portions of the Yauli and Ricran Districts, the approximate
area covered by the Agreement has been shown in Figure 3-2. Key points of the agreement
have been summarized below:
• The Company will pay the Community 90k soles annually of which 20k is to be used to
fund education, health and infrastructure projects
• The Community grant access to the Company to part of the Property (Figure 3-2) for
the purpose of undertaking “actividades mineras” (mining activities)
• The Agreement is void if the Company fail to make an agreed payment
• The Agreement is transferable to third parties.
The Agreement was valid for two years, however, recognizing the impacts that the
Coronavirus pandemic had on planned activities, both parties agreed to extend the
Agreement for a further year, until October 21st, 2022. Commented [PM4]: If you are going to publish this report
now with a modified effective date then this will need to be
As a “Pequeño Productor Minero” (Small-scale miner) Compañía Minera Rosa Linda S.A.C. addressed and updated.
[sic] has acquired permissions to mine and process up to 350 tpd (up to 30 days a month)
from a designated part of the SMC Madre Sierra 3 concession (Figure). The permission
considers, underground mining of metallic sulfide minerals (Pb, Ag, Cu, Zn, Au), camp,
warehouse, magazine, and toilet/shower facilities.

Figure 3-2: Area Covered by Yauli (Blue Box) Community Agreement
Titiminas has confirmed that the Property is not subject to any royalty, back-in rights,
payments, or other agreements and encumbrances.
The Property does not host defined environmental liabilities. However, Mr. Manrique (QP)
notes that historical mining activities could have generated legacy issues that may need
remediating.

Mr. Manrique (QP) is not aware of any other significant factors or risks that may affect access,
title, or the right or ability to perform work on the Property.

4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,

INFRASTRUCTURE AND PHYSIOGRAPHY
The Property is in the Junin Region and Jauja Province of Peru and extends over parts of the
Ricran and Yauli Districts (Figure 4-1).
Figure 4-1: Property Location
Physiography is characterized by rounded high slopes with deeply incised valleys. The
Property ranges between 4100 and 4700 metres above sea level.
Vegetation is not extensively developed and is characterized by short grasses and shrubs.
It is possible to fly from Lima Jorge Chavez airport to the Jauja Francisco Carle airport and
drive to the Property. Alternatively, it is possible to drive from Lima to the Property via San
Mateo, La Oroya, and Jauja. Approximate distances and travel times have been summarized
in Table 4-1.
Table 4-1: Approximate travel times to the Property
Section Mode of Travel Distance Time
Lima to Jauja Air - 50 minutes

Lima to Jauja Paved Road 370 km 6 hours
Jauja to Property Paved Road 30 km 30 minutes
Jauja to Property Unpaved Road 10 km 10 minutes

Vehicular access to various parts of the Property is facilitated by a series of unpaved roads,
4x4 vehicles are recommended. Other parts of the Property can be accessed on foot.
Huancayo 55 km (straight line) south-southwest of the Property, with population of

approximately 450k, is the nearest significant population center. All amenities required to run
an exploration program are available in Huancayo.
It is possible to explore the Property throughout the year, however, the exploration season is
considered to be between March and December when rainfall is at its lowest.
The Property is at an early-stage and formal engineering studies for mining infrastructure (i.e.,
camp, processing plant, tailings storage) have not been considered. During his site visit Mr.
Manrique (QP) noted sites that he considered are potentially suitable for mining
infrastructure.

5 HISTORY
A detailed history for the Property is not available.
Evidence of historical mining of mineralized structures is present at the Madre Sierra and
Janiscocha areas of the Property. Mines plans suggest that the 4370 level of Madre Sierra has
been most extensively developed with workings extending over approximately 300 m. Access
to mines workings is currently unsafe and Mr. Manrique (QP) has not been able to verify the
full extent of mining on the 4370 level.
Historical reports and plans indicate that Rosalinda has conducted programs of systematic
exploration, including:
• Sampling of mine workings at Madre Sierra and multi-element analysis

• Sampling of various prospects at surface, targeting Ag-Pb-Zn mineralization at the
contact between the Chambara Formation sediments and Mitu Group volcano-
sediments.
Titiminas entered into a share purchase option agreement to acquire the shares representing
the capital stock of Compañía Minera Rosalinda S.A.C.. As a result of this agreement, Titiminas
is entitled to conduct mining activities on the Property as of November 20th, 2021.
5.1 Historical Exploration
To complete Section 6.1 of the Report, Mr. Manrique (QP) has used historical exploration data
presented in the following documents:
• Presentation “Proyecto Madre Sierra” prepared by Naftali Munoz Fernandez, Jose

Hinostroza Monge, and Jose Noel Palacios – Dated 22 July 2019
• Plans and sections produced by Compañía Minera Rosalinda S.A.C. showing Ag-Pb-Zn
anomalism at Titiminas, Yanacocha, and Jajachaca.
Historical exploration by Compañía Minera Rosalinda S.A.C. includes:
• Acquisition of satellite imagery

• Geological mapping, including structure, lithology, and alteration
• Geochemical sampling of the Madre Sierra, Janchiscocha, Jajachaca, Titiminas, and
Yanacocha Exploration targets.
Mr. Manrique (QP) notes that documentation of historical work is incomplete; sample
locations are given as points on a map, however, sample coordinates, descriptions etc... are
not available.

Mr. Manrique (QP) is satisfied that the data presented in Section 6.1 of the Report is suitable
for indicating the exploration potential of the Property and for highlighting areas of
exploration interest.
5.1.1 Madre Sierra
Level plans for the 4370 and 4406 level shows Ag, Pb, Zn, Cu, and Ag assay values for an
unknown number of samples (Figure 5-1Figure 5-1). Grade ranges have been summarized in
Table 5-1.
Table 5-1: Madre Sierra - Historical Sampling
Element Unit Minimum Maximum
Au ppm 0.01 10.05

Ag ppm 0.2 474
Cu ppm 4 52000
Pb ppm 38 410700
Zn ppm 40 220900

Figure 5-1: Madre Sierra - Historical Sampling

5.1.2 Other Prospects
Historical plans and sections indicate zones of superficial Ag-Pb-Zn anomalism at the
Titiminas, Yanacocha, and Jajachaca areas. Anomalism is coincident with the contact between
the Chambara Formation sediment and Mitu Group volcano-sediment. The base of the
Chambara sediments hosts the anomalism.
Mr. Manrique notes that the extent of sampling or strength of anomalism is not reported.

6 GEOLOGICAL SETTING AND MINERALISATION
6.1 Regional Geology
The Instituto Geológico Minero y Metalúrgico (INGEMMET), part of Peru’s Ministry of Energy
and Mines, publish regional geological maps at 1:100k scale with accompanying bulletins that
describe the regional geology of Peru. INGEMMET also publishes geological maps at 1:50k
scale for some areas of Peru.
The Property lies within the areas covered by:

INGEMMET (1994)
Mr. Manrique (QP) has summarized Regional Geology based on the sources listed above
(Figure 6-1 and Figure 6-2):
• The Property straddles metallogenic belts III and XVII. Metallogenic belt III is
recognized for hosting porphyry and skarn U-W-Sn-Mo, Au-Cu-Pb-Zn deposits related
to Permian and Triassic intrusive activity. Metallogenic belt XVII is recognized for
hosting Eocene epithermal (Au-Ag) deposits and Eocene-Miocene polymetallic vein
deposits
• Basement geology is represented by the Palaeozoic Maranon Metamorphic Complex
(MMC). The MMC is exposed northeast of the Property
• Palaeozoic sedimentary units representing the Cabanillas, Ambo and Tarma groups
are exposed to the south and west of the Property
• The Property is hosted in folded and faulted Permian-Jurassic sedimentary sequences
(Copacabana, Chambara, Aramachay, and Condorsinga) and the volcano-sedimentary
Mitu Group
• A significant exposure of the Cretaceous Coastal Batholith is exposed immediately east
of the Property
• Structure and lithologies are typically aligned to or are antithetic to the northwest
Andean Trend. Thrust and normal faulting in the Andean Trend, northeast trending
faults, east-west strike slip faulting are particularly well developed in the area of the
Property.

Figure 6-1: Regional Geology
Figure 6-2: Regional Geology - Schematic Section

6.2 Local Geology
Significant lithological units in the area of the Property have been described based on
Geological Bulletin #22:
6.2.1 Ambo Group
Grey continental sandstone with carbonaceous shale and fine layers of carbon. Minor volcanic
breccia, pyroclastic and ash deposits. Local silicification and chloritization reflect low-grade
metamorphism.
6.2.2 Tarma Group
Interdigitated grey to black shale, sandstone, and minor limestone. Sedimentary units have
been variably metamorphosed to slate, phyllite, and metasandstone respectively.
Stratigraphic units are up to 2 m thick.
6.2.3 Copacabana Group
Lower Permian limestone with minor calcareous shale exceeding 700 m thickness.
Interdigitated beds of dark grey to black limestone between 0.2 and 2.0 m thick.
6.2.4 Mitu Group
Mid to late Permian continental red sediments and purple volcanic breccias, flows and
deposits. Compositionally volcanics are andesitic to rhyolite.
6.2.5 Chambara Formation
Triassic package of white limestone, marls, and minor silt between 250 and 300 m thick. Part
of the Pucara Group of sediments. The Chambara Formation is heavily folded. An angular
disconformity separates Chambara from the underlying Mitu Group.
6.2.6 Aramachay Formation
Jurassic package of carbonate rich sandstone with millimetric calcite veinlets, minor 10 to 30
cm layers of massive grey limestone and mudstone. Part of Jurassic Pucara Group of
sediments, the formation is approximately 100 - 150 m thick.
6.2.7 Condorsinga Formation
Part of package of light grey limestone with abundant fossils. Part of the Pucara Group of
sediments, the formation is approximately 300 m thick.

6.3 Property Geology
Six exploration targets have been identified at the Property, Figure 6-3 plots these targets
against regional 1:100k geological mapping. The six exploration targets are aligned in a
northwest trend and are hosted in Mitu Group volcano sedimentary units at the western flank
of a large Cretaceous stock. Mapping by Rosalinda indicates that Chambara Formation
sediments are more widely exposed than has been recorded on regional mapping.
Mr. Manrique (QP) reviewed the geology of the Madre Sierra and Janchiscocha mines during
his site visit, his observations from these areas have been reported in Section 7.3.1 and 7.3.2
respectively.
Descriptions of the geology of other exploration targets, not visited by Mr. Manrique (QP)
(i.e., Jajachaca, Chiquispampa, Titiminas, and Yancocha) are not available although some
information has been taken from historical plans and sections.
Figure 6-3: Exploration Targets shown with Regional Geological Mapping

6.3.1 Madre Sierra
Polymetallic veins hosted in a massive granitic stock (tonalite to granodiorite) are exposed at
surface and in abandoned mine workings on the 4406 and 4370 levels. For safety reasons
mine workings were not fully accessible to Mr. Manrique.
Sub-vertical north-northwest trending veins pinch and swell along strike, from zero to 2 m
wide over distances between 8 and 30 m, average observed vein widths are 1 m. Massive
quartz with anhydrite veins host bands of massive galena and sphalerite up to 5 cm wide and
disseminated pyrite.
Mr. Manrique (QP) has relied on a series of level plans drafted by Compañía Minera Rosalinda
S.A.C. (July 2019) with geological observations to complement his description of the Madre
Sierra area:
Tonalite at vein contacts is pervasively propilitically altered, minor zones of silicification is

recorded in the hangingwall of the 4406 level. Silicification at vein contacts is much more
pervasive on the 4370 level, a northwest trending zone of phyllic alteration extending
approximately 20 m along strike is also recorded (Figure 6-4).
Figure 6-4: Madre Sierra 4370 Level - Alteration Mapping

Figure 6-5: QP Photography - Madre Sierra

6.3.2 Janchiscocha
Polymetallic vein hosted in a massive granite are exposed at surface and in abandoned mine
workings (the 4615 level was reviewed by Mr. Manrique). Molybdenite-quartz mineralization
has been introduced to the footwall of early milky white massive-quartz veins.
Low-angle (20 southwest) north-northwest trending massive milky-white quartz veins pinch
and swell along strike. Veins have a maximum thickness of 5 m; average vein widths are 0.3
m.
Late quartz-molybdenite veining at the footwall of the massive quartz vein is up to 0.3 m wide.
Figure 6-6: QP Photography – Janchiscocha

6.3.3 Titiminas
Plans and sections of the Titiminas exploration target show a northwest trending zone of
“sygenetic Ag-Pb-Zn mineralization” hosted in Chambara limestone and dolomite at the
contact with Mitu Group volcano-sediment. The mineralized contact dips approximately 50
to the southwest.
The 50 m wide zone of anomalism has been defined over an approximately 400 m northwest
to southeast trend and has been projected to depth along the contact (Figure 6-7).
Figure 6-7:Titiminas Prospect

6.3.4 Yanacocha
Plans and sections of the Yancocha exploration target show a northwest trending zone of
to the south.
The 20 m wide zone of anomalism has been defined over an approximately 180 m east-west
trend and has been projected to depth along the contact (Figure 6-8).
Figure 6-8: Yanacocha Prospect

6.3.5 Jajachaca
Plans and sections of the Jajachaca exploration target show a northwest trending zone of
to the west.
The 5 to 30 m wide zone of anomalism has been defined over an approximately 900 m
northeast trend and has been projected to depth along the contact (Figure 6-9).
Figure 6-9: Jajachaca Prospect

6.3.6 Comments by QP
Mr. Manrique (QP) notes:
• Mineralization at Madre Sierra is typical of polymetallic veins, however the extensive

presence of significant anhydrite and phyllic, propylitic, and silicic alteration mapped
by Rosalinda at Madre Sierra is not typical of polymetallic veins and could reflect a
porphyry hydrothermal system
• Stratigraphically controlled replacement Ag-Pb-Zn mineralization reported at
Titiminas, Yanacocha, and Jajachaca is possibly manto-style, and could reflect a
porphyry hydrothermal system
• The late introduction of molybdenum to low-angle quartz veins at Janiscocha could
reflect a porphyry hydrothermal system
• Large zones of hydrothermal alteration and iron-staining are also visible at the
Property. The significance of these zones has not been determined but they are not
typical of a polymetallic vein system and may reflect a porphyry hydrothermal system.

7 DEPOSIT TYPES
The Property is being explored for deposit types related to a porphyry hydrothermal system,
including; polymetallic veins, mantos, skarns, and porphyry deposits (Figure 7-1).
Historically sub-vertical polymetallic (Ag-Pb-Zn) veins have been mined at the Property, these
vein types are noted for significant continuity along strike and down-dip. Exploration will
target along strike and down-dip projections of veins.
Exploration has identified zones of Ag-Pb-Zn anomalism at surface, this anomalism has been
classified as syngenetic and is lithologically controlled; anomalism occurs at the base of the
Chambara formation in contact with Mitu Group volcano-sediments. Exploration will target
along strike and down-dip projections of the contact.
Figure 7-1: Deposit Types - The Porphyry environment

8 EXPLORATION
In November 2021, Titiminas Silver Inc. has entered into a Share Purchase Option Agreement Commented [PM5]: So we defiantly have to have a new
effective date for the report? What is the effective date we
by which has the option to acquire all the common stock of Rosalinda. want to use.
As part of the Share Purchase Option Agreement, Titiminas has full management over
Rosalinda and the Madre Sierra project and has conducted some services related to
exploration activities. Commented [PM6]: Aspects that don't flow or make
sense currently:
- The dates of the expenditure are before the agreement in
8.1 Expenditure the paragraph above.
- The expenditures are to be mentioned but we do not
SLM Mining Services was contracted by Titiminas and has provided management services for consider any of the technical information gained from that
expenditure in the report. One of the reports provided is
the Madre Sierra project, and also some specific services related to the development of dated January 2023?
exploration activities in the Madre Sierra project. The details of these services are as follows: Commented [PM7]: This seems the best spot to mention
the expenditure although I does not flow perfectly with
some aspects not directly related to exploration.
Commented [PM8]: Is this correct?
Also, Titiminas has hired the services of Mining Plus to elaborate a NI 43-101 Report on the
Madre Sierra project. The amount of that service is as follows:
x Commented [PM9]: Tables to be formatted at a later

date.

9 DRILLING
The Issuer has not drilled the Property.
There are no records of historical drilling at the Property.

10 SAMPLE PREPARATION, ANALYSES AND SECURITY

The Issuer has not sampled the Property. Commented [PM10]: Is this still true. What about the
geochemical works that we are stating in the costs?
Written records detailing sampling preparation methods and quality control measures
employed before the dispatch of historical samples to an analytical laboratory are not
available.

11 DATA VERIFICATION
Mr. Esteban Manrique (QP) undertook the following steps to verify the data presented in the
Report.
• Reviewed public records of the Property concessions via the GEOCATMIN website
(https://geocatmin.ingemmet.gob.pe/geocatmin/) to query the status of the
concessions that form the Property
• Reviewed mineralization and geology at the Madre Sierra area on surface and on the
4370 level. Reviewed mineralization and geology on surface at the Janchiscocha and
Porphyry areas
• Took six independent selective grab samples from the Madre Sierra and Janchiscocha,
(Table 11-1). Samples were submitted for Fire Assay and Multi-element ICP analysis at
the independent CERTIMIN laboratory in Lima (Table 11-2). The assay certificate has
been provided as an appendix to the Report.
Table 11-1: Independent Sample Descriptions
Sample East North Elevation Prospect Description
Oxidized milky quartz with molybdenum

MS-03 452985 8719479 4615 Janchiscocha
lined cavities
Massive milky quartz vein in sigmoidal form.
MS-04 452611 8718749 4552 Janchiscocha
Banded molybdenite.
Horse-tail veining with quartz and anhydrite.
MS-05 453399 8716576 4370 Madre Sierra
Disseminated galena and sphalerite
Horse-tail veining with quartz and anhydrite.
MS-06 453421 8716534 4370 Madre Sierra
Massive galena and sphalerite
Fractured anhydrite and quartz horse-tail
MS-07 453531 8716523 4370 Madre Sierra
veining. Galena and sphalerite
Irregular massive anhydrite with quartz
MS-08 453477 8716621 4370 Madre Sierra veining. Galena blebs and intergrown with
disseminated sphalerite
Table 11-2: Independent Sample - Select Element Assay
Sample Prospect Au ppm Ag ppm Cu ppm Pb ppm Zn ppm Mo ppm
MS-03 Janchiscocha 0.019 1.3 163 107 42.6 8719

MS-04 Janchiscocha <0.005 <0.2 39.8 78 26.4 5714
MS-05 Madre Sierra 0.127 5.3 209 4342 2635 48
MS-06 Madre Sierra 0.467 140 1393 103700 17400 10
MS-07 Madre Sierra 2.75 134 5063 14500 1041 28
MS-08 Madre Sierra 0.483 23 1590 30000 28400 8

Independent selective sampling confirmed the presence of variable polymetallic

mineralization (Au, Ag, Cu, Pb, and Zn) at Madre Sierra, Mo values are significantly elevated
at Janchiscocha compared to Madre Sierra.
Mr. Manrique (QP) is satisfied that the information presented in the Report is adequate for
the purpose of summarizing historical data and geology and indicating the prospectivity of
the Property.

12 MINERAL PROCESSING AND METALLURGICAL TESTING

Formal mineral processing or metallurgical testing analyses have not been conducted on
mineralization from the Property.

13 MINERAL RESOURCE ESTIMATES

There is insufficient information to support a Mineral Resource Estimate for the Property.

23 ADJACENT PROPERTIES
There are no significant properties within 20 km of the Property.

24 OTHER RELEVANT DATA AND INFORMATION

Mr. Manrique (QP) believes all information relevant to the accurate understanding of the
Property is included in the Technical Report.

25 INTERPRETATION AND CONCLUSIONS

Mr. Manrique (QP) concludes the following:
• The Madre Sierra Property hosts polymetallic veins at the Madre Sierra mine, these
veins have been mined most recently on a small-scale by Compañía Minera Rosalinda
S.A.C.
• The Property is underexplored and warrants systematic evaluation
• Beyond the historically mined polymetallic veins, the Property has potential to host
mineralization related to a porphyry hydrothermal system, this could include, skarn,
manto and porphyry deposit styles. Further exploration is required before this
potential can be fully understood
• Projections of polymetallic veins and manto-tyle mineralization, indicated by Ag-Pb-
Zn anomalism in soil are compelling exploration targets.

26 RECOMMENDATIONS
Mr. Manrique (QP) recommends the following:
• Seek permission to access and explore the entirety of the Property

• Continue searching for and compiling historical data
• Systematic exploration of the entire Property, focusing initially on targets
identified in historical documents (i.e. Madre Sierra, Janchiscocha, Titiminas,
Yanacocha, and Jajachaca.
A single-phase exploration program is recommended:
Data Compilation and Prospecting/Mapping/Sampling
All historical data should be compiled and Titiminas should undertake a program to verify and
expand upon available information.
Prospecting, mapping, and sampling should begin around known prospects with the aim of
projecting structures of interest along strike (veins, and Chambara and Mitu Contact).
Geologists should be aware of indications of a porphyry hydrothermal system.
The recommend exploration program is estimated to take 6 weeks to complete for a cost of
US$90k (Table 26-1):
Table 26-1: Estimated Cost of Recommended Exploration Program
Item Description Unit Unit Cost (US$) Count Sub-Total

1 Four senior geologists Day Rate/Geo $ 200 168 $ 33,600
2 Four field hands Day Rate/field hand $ 20 168 $ 3,360
3 Two 4X4 Rental Monthly cost/vehicle $ 1,200 3 $ 3,600
4 Fuel Best Estimate $ 1,500
5 Accommodation Four twin rooms $ 20 168 $ 3,360
Daily Cost per team
6 Food Drink $ 15 336 $ 5,040
member
7 Field Supplies Best Estimate $ 2,000
FA and ICP Sample
8 Cost / Sample $ 50 750 $ 37,500
Analysis
$ 89,960
Upon completion of the recommended exploration program, consideration should be given

to potential next steps. Geophysics and or drilling could facilitate the projection of structures
to depth as well as exploring the potential porphyry hydrothermal system. Drilling would be
subject to permitting.

REFERENCES
• Word Document – “INFORME GEOLOGICO DEL PROYECTO MINERO MADRE SIERRA” -

Prepared by Neftalí Muñoz Fernández, José Hinostroza Monge, and
José Palacios Campos – Dated July 2019
• PDF Document – “Presentación madre sierra” - Prepared by Neftalí Muñoz Fernández,
José Hinostroza Monge, and José Palacios Campos – Dated July 2019
• Historical mine plans and sections prepared by Compañía Minera Rosalinda S.A.C.
INGEMMET (1994)

APPENDIX – INDPENDENT SAMPLE ASSAY CERTIFICATE
*6 of 8 samples are from the Property, values for the other two samples have been redacted.





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NI 43-101 Technical Report Madre

Sierra Property Central Peru

NI 43-101 Technical Report

Prepared by: Esteban Manrique Zúñiga (QP)

Effective Date: October 30th, 2021

DEFINE | PLAN | OPERATE 1

Mr. Esteban Manrique Zúñiga is an exploration geologist with decades of experience

DEFINE | PLAN | OPERATE 2

Exploration should initially focus on projections of mineralized veins and stratigraphically

Mr. Manrique (QP) concludes the following:

Mr. Manrique (QP) recommends the following:

• Seek permission to access and explore the entirety of the Property

A single-phase exploration program of data compilation, prospecting, mapping, and sampling

Upon completion of the recommended exploration program, consideration should be given

DEFINE | PLAN | OPERATE 3

FIGURES & TABLES............................................................................................................ 6

2 RELIANCE ON OTHER EXPERTS ................................................................................... 9

3 PROPERTY, DESCRIPTION AND LOCATION ................................................................ 10

4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

6 GEOLOGICAL SETTING AND MINERALISATION .......................................................... 21

DEFINE | PLAN | OPERATE 4

6.3.3 Titiminas ............................................................................................................. 28

7 DEPOSIT TYPES ........................................................................................................ 32

10 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................................... 35

11 DATA VERIFICATION ................................................................................................ 36

12 MINERAL PROCESSING AND METALLURGICAL TESTING ............................................ 38

13 MINERAL RESOURCE ESTIMATES .............................................................................. 39

23 ADJACENT PROPERTIES ............................................................................................ 40

24 OTHER RELEVANT DATA AND INFORMATION ........................................................... 41

25 INTERPRETATION AND CONCLUSIONS ...................................................................... 42

APPENDIX – INDPENDENT SAMPLE ASSAY CERTIFICATE .................................................. 45

DEFINE | PLAN | OPERATE 5

FIGURES & TABLES

DEFINE | PLAN | OPERATE 6

Mr. Esteban Manrique Zúñiga is an exploration geologist with decades of experience

The metric system of measurement is used throughout this report.

DEFINE | PLAN | OPERATE 7

Monetary values are given in United States dollars (US$).

DEFINE | PLAN | OPERATE 8

2.1 Property Interest

2.3 Land Tenure

2.4 Environmental Liabilities

DEFINE | PLAN | OPERATE 9

3 PROPERTY, DESCRIPTION AND LOCATION

Table 3-1: Property Concessions

ID Concession Code Concession Concession (Holder/Applicant) Area (Ha) Status

Table 3-2: Approximate Centre Coordinates of the Property

Reference System East / Longitude North / Latitude

UTM WGS 84 (Zone 18S) 453347 8717000

DEFINE | PLAN | OPERATE 10

Figure 3-1: Property Concessions

DEFINE | PLAN | OPERATE 11

DEFINE | PLAN | OPERATE 12

Figure 3-2: Area Covered by Yauli (Blue Box) Community Agreement

DEFINE | PLAN | OPERATE 13

DEFINE | PLAN | OPERATE 14

4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,

Figure 4-1: Property Location

Table 4-1: Approximate travel times to the Property