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Risks

• We are an exploration stage company and do not have a long-term source of revenue.
• We may not have access to sufficient future capital.
• We have not established proven or probable mineral reserves at our only producing property, the Rodeo project.
• Our ability to achieve the cash flow and profitability predicted at the Rodeo mine will be affected by changes in prices of silver and gold.
• The assumptions behind our estimates of cash flow and profitability at the Rodeo mine are inherently subject to uncertainty.
• Products processed from our Rodeo project or other mines in the future could contain higher than expected contaminants, thereby negatively impacting our financial condition.
• There are significant hazards involved in possible future underground mining and processing activities at our Velardeña Properties, not all of which would be fully covered by insurance.
• Our exploration properties may not contain mineral reserves.
• Most of our properties are subject to foreign environmental laws and regulations which could materially adversely affect our business.
• One of our stockholders owns a significant percentage of our common stock and could block decisions or transactions that could be beneficial to other stockholders.
• The existence of a significant number of warrants may have a negative effect on the market price of our common stock.
• If our common stock were delisted and determined to be a “penny stock,” a broker-dealer could find it more difficult to trade our common stock and an investor may find it more difficult to acquire or dispose of our common stock in the secondary market.
• We compete against larger and more experienced companies.
• We are dependent on information technology systems, which are subject to certain risks, including cybersecurity risks and data leakage risks.