Exploration expenditures are planned to be $40 million in 2025 primarily for in-mine and near-mine targets at our operations. The largest portion of the planned expenditure will be at Caserones where drilling (18,000 meters (m)) and geophysical programs are planned. Significant drilling programs are also planned at Candelaria (18,000 m), and Chapada (20,000 m) with the goal to grow resources.  The drill program at Caserones will focus on deeper in-pit drilling to better define higher grade breccia zones and exploration drilling to continue testing the sulphide mineral potential below the Angelica oxide deposit. At Candelaria drilling is designed to continue expanding the underground resources, while also growing the shallow La Española Deposit and neighboring La Portuguesa target area.  At Chapada additional drilling at Sauva will continue to further define higher grade resources that will be incorporated into an updated resource estimate.

Vicuña is currently undertaking a drill program at FDS and Cumbre Verde that will continue throughout the year. The drill program will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial mineral resource estimate mid-year. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.