Background. History of our Mining Licenses

Dear MINXers,

First, and before going into the detail of all the tasks, milestones, works, incidents and human resources involved, we believe it is important that you all know a summary of the legal history of the mining titles that make up our first gold deposit, which it covers an area of about 356 hectares.

The zones associated with the mining licenses IF5–11131, IIB-08003X and IIB-08001 have had gold mining activities since the year 1937 until the decade of the 80s, where they were formed pitheads and subterranean advances, which will be used in the exploitation of the project.

Although the files associated with these mining titles number thousands of pages, we can offer the following brief overview of the main legal milestones of these licenses:

Mining Concession IF5–11131

05/04/2009: The Mining Concession IF5–11131 is signed, with Mr. Héctor Jairo Giraldo Serna, for the exploration and economic exploitation of a gold deposit in the concession area (17/06/2009 in the National Mining Registry).

07/09/2010: Rights transfer of the mining concession No. IF5–11131, in favor of the company MINEROS S.A (09/07/2010 in the National Mining Registry).

12/10/2013: The National Mining Agency declares concluded the mining rights transfer in favor of the company MINERA GUAYAQUIL S.A.S (03/04/2014 in the National Mining Registry).

Mining Concession IIB-08003X

05/04/2009: The Mining Concession IIB-08003X is signed, with Mr. Héctor Jairo Giraldo Serna, for the exploration and economic exploitation of a gold deposit in the concession area (08/21/2009 in the National Mining Registry).

06/22/2010: Rights transfer of the mining concession No. IIB-08003X, in favor of the company MINEROS S.A (07/30/2010 in the National Mining Registry).

12/10/2013: The National Mining Agency declares concluded the mining rights transfer in favor of the company MINERA GUAYAQUIL S.A.S (02/19/2014 in the National Mining Registry).

Mining Concession IIB-08001

05/04/2009: The Mining Concession IIB-08001 is signed, with Mr. Héctor Jairo Giraldo Serna, for the exploration and economic exploitation of a gold deposit in the concession area (06/27/2012 in the National Mining Registry).

09/24/2012: Rights transfer of the mining concession No. IIB-08001, in favor of the company MINEROS S.A (10/02/2013 in the National Mining Registry).

04/14/2014: Assignment contract of the Mining Concession lIB-08001, signed on 04/04/2014, between the owner company MINEROS S.A. and MINERA GUAYAQUIL S.A.S.

09/16/2015: The National Mining Agency declares concluded the mining rights transfer in favor of the company MINERA GUAYAQUIL S.A.S (12/28/2015 in the National Mining Registry).

The Mining Concessions IF5–11131 and IIB-08003X are in the first year of the construction and assembly stage, while the Mining Concession IIB-08001 is in the fifth year of the exploration stage, according to an extension approved on 05/31/2016. Due to the fact that the deposit has been characterized and the mining plan has been drawn up as a whole, the stage in which the unified project is located is that of Construction and Assembly.

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