Whitepaper en

DISCLAIMER
This document, hereinafter referred to as White Paper, has been prepared to present the
InnovaMinex project to potential participants and those interested in contributing to its
development. The information presented below may not be exhaustive. Nor does it imply
any contractual relationship. Its sole purpose is to provide information about InnovaMinex.
No part of this White Paper shall be considered a prospectus or solicitation, nor shall it relate
in any way to an offer to purchase securities in any jurisdiction. The subject document has
not been drafted in accordance with, or subject to, any law or regulation of any jurisdiction
intended to protect interested parties.
Certain statements, estimates and financial information contained in the White Paper
constitute forward-looking statements. Such forward-looking statements or information
involve risks and uncertainties that could cause actual events or results to differ materially
from the estimates or results implied or expressed in such statements.
The Spanish version of the White Paper is the principal and only source of official
information relating to the InnovaMinex project and its issuance of MINX. The information
contained in this document may be translated into other languages or used to establish
verbal or written communication channels with potential partners or project members.
As a result of translation, some of the information contained in this document may be

omitted, corrupted or misrepresented. In case of inconsistencies between any translation or
communication and the official Spanish White Paper, the provisions of the original Spanish
document shall take precedence and prevail.
InnovaMinex reserves the right to make changes to the White Paper. In case of differences
between the versions of the document, the latest version of the White Paper published on
the innovaminex.com website will prevail, and all previously published versions will be
considered invalid in all its iterations and representations.
The information contained in this White Paper and on innovaminex.com is of a merely

descriptive, non-binding nature and does not form part of the terms and conditions for the
generation of MINX (hereinafter referred to as the "Terms"). In particular, the interested party
should be aware that the purchase of MINX from InnovaMinex may involve high risks. Please
refer to the risk section in the Terms for more information.
WhitePaper 6.2 - Last updated: 2023/01/25 - 1

1. Market & Industry 4
1.1. Precious metals as an investment 4
1.1.1. Our main precious metal: Gold 4
1.1.2. Gold Demand 5
1.1.3. Another precious metal: silver 6
1.1.4. Silver demand 6
1.2. Gold 7
1.2.1. Gold price 7
1.3. The silver ore 8
1.3.1. Silver price 8
1.4. What is mining? 9
1.4.1. Mining methods 9
A. Open pit mining 9
B. Underground mining - Our mines 10
1.4.2. The mining life cycle 10
I. Discovery, prospecting and exploration 10
II. Exploitation 11
1.4.3. Important concepts 11
1.4.4. Green Mining 12
1.4.5. Mining concessions 13
2. What is InnovaMinex? 14
2.1. Mining Projects 14
2.1.1. Vereda Guayaquil gold deposit 15
I. Polymetallic mine 16
II. Why this mine? 16
III. Status of our first exploitation 16
IV. Production costs 17
V. Safety and security checks 17
VI. Companies and licenses 17
VII. Technical start-up times 18
2.1.2. Other mining projects 18

2.2. E-Commerce 19
2.3. Gross margin on projects 21
3. MINX: Our cryptocurrency 22

3.1. Token Issuer 22
3.2. MINX function on our mission 23
3.3. Tokenomics 23
3.4. MINX distribution 24
3.5. MINX limited issuance 24
3.6. Block, release, and burn of MINX 25
3.6.1. Release of non-circulating MINX 25
A. MINX release conditions 25
B. MINX release clauses 25
3.6.2. 2020 MINX release results 26
3.6.5. 2023 MINX release 27
4. MINX Club: Loyalty 29
5. Roadmap 30
5. Social Project 31

1. Market & Industry
1.1. Precious metals as an investment
Precious metals are unique assets: highly liquid, yet scarce; they have
emotional, cultural and financial value.
Investors range from individuals to pension funds and sovereign wealth

funds, and are located in both developed and emerging markets.
1.1.1. Our main precious metal: Gold
"The modern gold market is the picture of diversity and growth. Since the
early 1970s, the volume of gold produced each year has tripled, the amount of
gold purchased annually has quadrupled, and gold markets have flourished
around the world." *.
Key facts investors should know:
❏ Gold is a major asset driven by many factors, not just investment

demand.
❏ Gold is one of the most effective diversifiers.
❏ Gold provides competitive returns compared to other major financial
assets.
❏ Over time, fiat currencies, including the U.S. dollar, tend to lose value
against gold.
The combination of these factors means that adding gold to a portfolio can
improve risk-adjusted returns.
* https://www.gold.org/about-gold/gold-demand. Data from 2017

1.1.2. Gold Demand
Gold is currently purchased by a far more diverse set of consumers and

investors than at any time in history.
Annual average GOLD demand:

~4.100 tons/ ~US$ 166 billions
Demand estimates by sector*
Gold's diverse uses, in jewelry, technology, investment and by central banks,

mean that different sectors of the market rise to prominence at different
times in the global economic cycle.
This diversity of demand and the self-balancing nature of the gold market
sustain solid qualities of gold as an investment asset.
(*) Based on 10-year average demand estimates ending in 2026. Figures may not add up to
100% due to rounding. Source: Thomson Reuters GFMS, World Gold Council.

1.1.3. Another precious metal: silver
Silver investment is considered the little sister of gold investment, so much so
that silver follows the movements of gold very closely.
Facts and figures to be considered by investors:
❏ Although silver follows the movements of gold, it moves much faster.

For every 1% change in the price of gold, the price of silver varies by 3%.
❏ It is a safe investment, as it has always maintained its status as a
precious metal throughout history.
❏ It offers competitive returns, second only to gold.
1.1.4. Silver demand

Like gold, silver is purchased by a diverse set of consumers and investors, and
is used for a wide variety of purposes.
Annual average SILVER demand :

~25.000 tons*
❏ More than 54% is destined for industrial use.
❏ More than 20% is converted into coins and bars.
❏ More than 20% is used in jewelry.
❏ The remaining 5% is used in cutlery.
As we can see, silver is a metal with a fairly diversified demand, which plays a
positive role in maintaining its value as a precious metal. Industries such as
photovoltaics and electronic devices constantly use silver due to its unique
properties.
(*) Source: The silver institute.

1.2. Gold
It is one of the most exploited
minerals since ancient times by
mankind. The uniqueness of this
mineral, due to its beauty and its
ability to remain unchanged
over time, has helped it to retain
its great value since the
beginning of history.
Among the physical properties

of gold are its high electrical and heat conductivity. It is also highly resistant to
almost all existing chemicals, except aqua regia (a mixture of hydrochloric
acid and nitric acid) and substances such as potassium or sodium cyanide,
the latter being used industrially to liberate gold (known as "gold
cyanidation").
Its ease of manipulation and its inalterability have allowed the jewelry and
ornamentation industries to use this material in an infinite number of ways
and uses.
1.2.1. Gold price
There is no doubt that gold is a highly valued commodity in the stock market.
In fact, there have been times when the price has risen very significantly, such
as in the 1970s, a decade that began with a price of $35 per troy ounce and
ended up rising to $850, a 2,300% increase in just 10 years.

Experts point out that we are living in years in which an environment very
similar to that of the 1970s has been created; in fact, the pattern of behavior is
very similar.
Therefore, we are facing a positive outlook where experts, such as those at

ETF Securities, point to the possibility of inflation where negative real interest
rates are positive for gold.
1.3. The silver ore

Silver has been considered a precious metal for
more than 6,000 years, and was first used as a
currency by the Greeks in about 700 BC.
What makes silver the perfect metal for so many

of the sectors that make up the world's full
demand is:
❏ Its malleability and ductility.

❏ Its characteristic luster, due to its characteristic reflection.
❏ Its very high electrical conductivity, which together with its ductility
and malleability, makes silver the metal of choice in the technology
industry (along with gold).
❏ Its medical applications, being able, for example, to pass through the
cell walls of bacteria without damaging human cells, destroying the
reproductive capacity of the former.
1.3.1. Silver price
In the last fifty years, the price of silver has

quadrupled from just over $4 per ounce in
the early 1970s to almost $16.5 per ounce
today, twice topping $35 per ounce.

1.4. What is mining?
Mining is defined as the activity that focuses on the search, exploitation and
extraction of minerals. It is one of the most important tasks within the
primary sector of the world economy.
Furthermore, it is one of the oldest activities in existence, with the same

needs to find and extract minerals still occurring today.
Depending on the type of mineral on which the mining activity is focused, we

can differentiate between metallic mining, such as gold, silver or copper, for
example; non-metallic or quarry mining, in which materials such as marble or
mica are extracted; and energy mining, which extracts fuels such as oil or
natural gas.
There is also what is known as green mining, which focuses on extractive

activities that minimize environmental risks.
1.4.1. Mining methods

When talking about mining, we must know what types of exploitation can be
found. Mining activities are distinguished between open pit mining and
subway mining.
A. Open pit mining
These activities are focused on the exploitation of minerals through stripping

or elimination of vegetation and the upper layers of the surface. In other
words, part of the soil is eliminated in order to access subway deposits.
This type of exploitation includes open pit mining, which consists of

extractions at great depths; or strip mining, with minerals closer to the
surface.

B. Underground mining - Our mines
In contrast, subway mining, or subsurface mining, is based on the

construction of tunnels and galleries to access the minerals.
These galleries are accessed through what are known as adits. Subway
mining is a much more environmentally friendly activity than open pit
mining.
Subway mining can be divided, in turn, into drift mining, whose activity is
carried out in horizontal galleries; slope mining, in which the galleries have a
diagonal inclination; or shaft mining, where the work is carried out vertically.
Another division is according to the mining technique of the galleries, which

can be by sinking or by drifting.
1.4.2. The mining life cycle

In the mining activity, several work stages can be distinguished, which make
up its life cycle.
I. Discovery, prospecting and exploration
Work in a mine begins with its discovery. Here comes into play what is known
as prospecting and exploration, that is, those activities that focus on finding
out if there is any mineral to be extracted, how much there is and where it can
be found.
This work is carried out by geologists and engineers, in addition to other

specialists in different fields, who must make an exhaustive study of the
probabilities of success of the deposit, considering the size and grade of the
deposit, the initial investment, the risks and the soundness of the project.

II. Exploitation
Once the mining company has assessed the probability studies of the project,
if the deposit found is viable, the planning of the extraction begins, the
obtaining of investment agreements and the search for potential buyers or
investors, among other issues.
Likewise, here comes into play the planning of the engineering to be used, its
costs, the legislation in force in the place of exploitation or the environmental
regulations in this regard.
1.4.3. Important concepts
When estimating resources to establish the economic viability of a mineral

deposit, the greater the number of samples obtained within the deposit, the
greater the reliability of the estimated resource.
Resources are classified according to the degree of reliability, with measured

resources being those of maximum reliability. They are defined with samples
very close to each other, which allows to confirm with certainty that the
intermediate resources between the samples really exist.
If the samples are further apart from each other, the degree of confidence in
the presence of ore between samples is reduced, although it can still be
estimated with some confidence. These are known as indicated resources.
Finally, inferred resources refer to those resources for which quantitative

estimates exist based on geological knowledge of the deposit in question, but
for which measurements and samples are not yet available, or are few and far
between. Therefore, the continuity of the deposit between the two samples
cannot be assured. These resources can be used for a preliminary economic
study.
Mineral reserves are that part of the mineral resources that - through the
feasibility study of a mining project - is shown to be really exploitable. In the
case of subway mining, only those mineral resources within the category in
which they have been measured and indicated, and which can be exploited
by a given mining method, should be included.

Probable reserves are those resources, within the category in which they
have been indicated, that have been demonstrated to be extractable by a
particular mining plan.
1.4.4. Green Mining
If mining operations are not carried out correctly, they can have a significant
environmental impact, inflicting lasting damage over time.
The mining project involves three fundamental tasks: extraction,

transportation and processing of minerals. These include subtasks such as
subway and surface operations, the use of fertilizers and the construction of
structures. This, in addition to negatively affecting the environment, affects
the neighboring communities in the areas where these activities are carried
out, causing a negative impact (noise, pollution, etc.) on their well-being and
health.
In order to prevent all these activities from having negative consequences on

the environment, green mining exists.
In the case of Colombia, this type of exploitation is becoming the main

concern of mining companies in the country.
Green mining focuses mainly on five aspects:
❏ Community development: It is essential to ensure the well-being of the

people living near mining operations. Decent employment is promoted,
appropriate public structures are provided, and education and training are
encouraged for these communities.
❏ Conserve water: Companies are responsible for not discharging any
polluting substances into rivers, aquifers, seas or oceans.
❏ Protect the environment: They also undertake to maintain the landscape
as it was before any activity, using techniques such as reforestation.
❏ Conduct efficient mining activities: To make the best use of all available
resources, both technological and human.
❏ To use renewable energies: And finally, to take advantage of this type of
source with the objective of conserving the environment.

Thanks to this, it can be demonstrated that mining activity does not mean
the destruction of everything that surrounds it, but that, if well developed, it is
beneficial for everyone.
1.4.5. Mining concessions

A mining concession can be defined as the set of rights and obligations that
the State in which the mine is located grants and confers to a natural person,
legal entity or the nation itself, so that it can carry out exploration and
exploitation activities on the land that has been requested.
In the case of Colombia, Law 685 of 2001 includes the Mining Code, which
establishes that the concession contract, established between the State and
another entity, also includes the phases of technical exploration, economic
exploitation or the benefit of the minerals, among other matters.
Such concession, as established in Article 61 of the aforementioned law, in

addition to being able to exploit the minerals contemplated in the contract,
offers the possibility of obtaining benefits from those others that are closely
linked or associated to them, or are obtained as by-products of the
exploitation.
Regarding the duration, concession contracts are agreed for a term of 30

years from the date of registration of the contract in the pertinent registry.
This term may be extended to continue with the exploitation phase.
Within this period, different stages are established: the exploration phase,
comprising the 3 years following the registration of the contract; the
construction and assembly phase, which includes the other 3 subsequent
years; and the exploitation phase, the remaining time.
However, an extension of up to 2 years may be requested, in order to

complete or add studies and works aimed at establishing the existence of the
minerals granted and the technical and economic feasibility of their
exploitation; and another extension, of up to 1 year, for the construction and
assembly period.

2. What is InnovaMinex?
Our ultimate goal is to make gold and other precious metals more affordable
for everyone, through our cryptocurrency, the "MINX", achieving the best
possible price for both our clients and our community, emphasizing
transparency and security in our transactions.
2.1. Mining Projects

So far we have several mining projects internally named GUAYAQUIL, LA
MARÍA, VIZCAYA, BOLÍVAR 2, ANTIOQUÍA 3, MINEX 7, MINEX 12 and TOLIMA,
which will start operating gradually.
The GUAYAQUIL project is already in the construction and assembly stage of

the processing plant. Ore is also being stockpiled for subsequent washing
and processing. The plant will start operations in 2021.
These projects are subway vein mining, which consists of extracting minerals
deposited in fissures, cracks or crevices of a rocky body and of a different
composition to the substance in which it is embedded. This allows direct
extraction of the mineral of economic interest with minimal impact on the
surface of the project site.
The mining titles are under the modality of concession contracts. Their initial
duration is 30 years, extendable for an additional 30 years. The starting period
for the oldest title begins in 2008, i.e., it can be extended until 2068. The
individual title areas range from 100 hectares to 600 hectares, which are only
exploited underground, with minimum surface occupations of approximately
2 hectares.
The first stage of the project, which consists of the exploitation of mineral
resources, is the beginning of a productive process of generating real wealth.
Gold, silver and, in some cases zinc, are extracted from the earth along with
other minerals that are not of interest, processed in a beneficiation plant and
taken to refining, where they acquire their highest purity. They are then
converted into coins and ingots, which is when they acquire their highest
value.

2.1.1. Vereda Guayaquil gold deposit
MinexCorp is currently working in Vereda Guayaquil, in the municipality of
Pensilvania, department of Caldas (Colombia).
This is an area in which, due to the importance of this region in mining issues,
there are settled leading companies in this sector at an international level.
Therefore, with this project on

the table, the corporation is
called to be a source of wealth
generation based on responsible
mining (with citizens, the
environment and all parties
involved in the project).
In this way, MinexCorp, with the support of InnovaMinex, expects to create

more than 3,500 jobs - direct and indirect - in the entire area of this project,
having a very positive impact, not only on the economy and the work of the
rural population of the area, but also on the general economy of the country.
In addition, this mining company, aware of the need to protect the

environment, advocates green mining, so it develops its activity with
techniques used in the extraction of minerals that produce a minimum
impact on the environment.

I. Polymetallic mine
The Vereda Guayaquil mining project (Colombia) focuses on a polymetallic

mine, that is, a deposit where, in addition to gold, there are other valuable
materials, such as silver or zinc.
It consists of three veins: Guayaquil, La Morena and Vizcaya, in which inferred

resources of around 900,000 troy ounces of gold are estimated. The initial
exploitation target will be carried out on three sections of the Guayaquil vein,
where there are proven reserves in the order of 37,000 troy ounces.
II. Why this mine?
It is common knowledge that Colombia has experienced difficult years due to

the presence of guerrillas and paramilitary groups on its lands. However, the
recent peace agreement signed with the Government has opened the
opportunity to recover mining areas that since the 1960s, or even before,
could not be exploited with guarantees due to the presence of these groups
that were outside the law.
With the signing of the peace process, these mining titles are now in optimal
conditions for large-scale exploitation.
Thus, coinciding with the new climate of peace and the termination of a
license previously granted for the mine, we were able to unblock the
possibilities of exploitation and mining of this particular project.
III. Status of our first exploitation
Geological reports provided by external professionals have determined

proven reserves of around 37,000 troy ounces, measured over 2.5 hectares.
This calculation was based on the analysis of 347 core samples taken from
only a small portion of the entire deposit.
In the whole territory, in the absence of the necessary explorations to know

the total reserves actually present, 892,257 troy ounces of gold have been
estimated as inferred resources in the three main veins of the mine.
It should be noted that these estimates have been made not below 950 m asl,
and it could be that in some parts the gold vein extends to greater depth.

Other sub-veins and drifts that could also contain some more gold reserves
have not been considered.
IV. Production costs
For the development of mining extraction, infrastructure contributions are

required for both the exploration and exploitation periods. This investment
can be significantly reduced due to several factors.
Among them, an initial processing plant of 100/150 tons per day is planned,
scalable to 500 tons. As profits are made during operation, the size of the
plant will be increased and, consequently, the volume of material that can be
processed in a day.
Another factor that reduces the initial investment costs is the decision to
carry out certain studies, analyses and sampling as gold is mined and
produced.
Only by opting for solutions such as these is it possible to reduce the initial
investment and for this project to generate a greater profit that can be
distributed among the community that has bet on InnovaMinex.
V. Safety and security checks
Safety, both for people and goods, is governed by the Colombian Mining Law,
taking into account the provisions of Article 97: "In the construction of the
works and in the execution of the exploitation works, measures must be
adopted and maintained and the necessary personnel and material means
must be available to preserve the life and integrity of the people linked to the
company and eventually of third parties, in accordance with the current
regulations on safety, hygiene and occupational health". However, as an
added value, InnovaMinex will commission, if and when necessary, external
audits to comply 100% with these regulations.
VI. Companies and licenses
Innovaminex participates in MinexCorp, which is the majority shareholder of

PENSILVANIA G&M, the Colombian company that carries out all the
exploration and exploitation works.

This company has the rights over the concession of the mining titles IF5-11131,
IIB-08003X and IIB-08001, which make up the deposit of the more than 357
hectares subject to exploitation..
VII. Technical start-up times
At present, the exploration work has been completed and the exploitation
phase is now underway.
At present, the work and exploitation plan has already been granted in the
area and resources such as electricity and water are available.
Production is expected to start in 2021. Initially it will be an activity of between

20 and 150 tons per day, although it will grow to 500 tons per day..
2.1.2. Other mining projects
The projects LA MARÍA, VIZCAYA, BOLÍVAR 2, ANTIOQUIA 3, MINEX 7, MINEX

12 and TOLIMA total more than 2,500 hectares for exploration.

In the next few years, the rehabilitation and construction of the guides will
begin, as well as the construction of the beneficiation plant for the extraction
of minerals.
2.2. E-Commerce
Electronic commerce or e-commerce, basically consists of the development
of market actions, sales, customer service, portfolio management, logistics
management and, in general, any commercial event and information
exchange carried out through the Internet.
Nowadays, e-commerce has become a successful tool in the business world

thanks to its availability and ease of access to the Internet.
The advantages of a well-developed virtual business are, on the one hand, the
expansion achieved in the globalized market and, on the other hand, the
speed with which business is developed.
The use and innovation of new technologies have generated changes that
have improved communication with the customer and the company.
Strengths of e-commerce:
❏ Creation of business opportunities and new ways of distributing

products and services.
❏ Access to customers in any geographic area without limitation.
Opening and expansion into new markets.
❏ Increased competitiveness and service quality.
❏ Rapid response to needs, and shorter or non-existent delivery chains.
This can result in lower final prices.
❏ Control of orders and customers.
Thanks to e-commerce it is possible to carry out almost any transaction

without leaving home. That is why we want to deploy a catalog of various
gold, silver and platinum products, oriented to the large cryptocurrency
communities. We will offer coins and ingots of 1g, 2g, 5g, and even 1 Oz, to
enhance and diversify the investment portfolio.

The client selects the coins of interest and initiates the payment process
which, for consistency and convenience, should also be done with
cryptocurrencies.
However, the most important part of the purchase process is to be able to do

it with MINX and receive discounts. Finally, the order arrives at your home.

2.3. Gross margin on projects
The source of resource generation begins with the extraction of minerals from
our mines and the purchase of minerals from other mines, as well as their
subsequent refining and commercialization. This gives us an estimate of the
following financial data for the next few years.
Estimate of GROSS MARGIN on sale
$ 2 billions $ 300 millions $ 1 billions
Estimated total:
$ 3.3 Billions*
* Gross margin estimate for InnovaMinex and its mining partner MinexCorp.

3. MINX: Our cryptocurrency
3.1. Token Issuer
Issuance of MINX token by Innovaminex OÜ. The issuer Innovaminex OÜ is
solely responsible for the content of this tokenomics about the MINX token.
This has not been reviewed or approved by any competent authority of any
Member State of the European Union.
Issuer name Innovaminex OÜ
Address Harju maakond, Tallinn Lasnamäe linnaosa,

Peterburi tee 53-101, 11415 Estonia
CIF (Tax Number) 14604760
Warning
The products described in this document may be of very high risk, even loss
of all that is contributed. The tokens that can be acquired will not be guarded
by entities legally authorized to provide investment services and the
registration technology (blockchain) is new and can carry significant risks.
MINX, the subject of the distribution described in this document, may:
A. lose its value in whole or in part

B. not always be tradable in organized markets
C. not be liquid
D. not be exchangeable for the goods or services described in this
document, especially in cases of failure or interruption of the project
that carries out the issue.

3.2. MINX function on our mission
Our goal is to make gold and other precious metals more affordable. This
objective is achieved through our digital asset, called MINX. The MINX token is
the key piece of our project, highlighting the following utilities:
■ MINX fuels our traceability system, unique in the mining sector in our
two active mining projects.
■ MINX provides its holders with discounts to buy precious metals in our
e-commerce.
3.3. Tokenomics
Token data Tokens emitidos
Symbol MINX Inital supply* 300.000.000 MINX
Role Utility Total supply** 247.220.000 MINX
Type ERC20 Circulating supply 36.100.000 MINX
Network Ethereum Locked supply*** 211.120.000 MINX
Inital
2018/11/26 Burnt supply**** 52.780.000 MINX
Sale
Smart Contract: 0xae353daeed8dcc7a9a12027f7e070c0a50b7b6a4
*The source code of the smart contract prevents new tokens from being
minted after the initial deployment .
**total supply = initial supply - burnt supply.
***The blocked amount could be partially released or burned based on

market conditions assessed monthly.
****It is possible to burn existing tokens, as a deflation mechanism.

3.4. MINX distribution
The initial sale began on November 26, 2018 and the distribution of the MINX
was from March 9, 2019.
Tokens initially distributed (36.100.000 MINX)

Sold 34.555.743 MINX
95,72%
Team & partner 296.000 MINX

0,82%
Bounty 182.791 MINX

0,50%
Affiliates 1.000.532 MINX

2,77%
Airdrop 64.934 MINX

0,18%
3.5. MINX limited issuance

Each year following the initial distribution, for the following 10 years, there
may be monthly releases and/or annual burns of part of the locked tokens.
In the event of releases, the distribution would be as follows:
70% Market: Distributed among CEX and DEX.
20% InnovaMinex team: Distributed among the current development team,

and different departments of InnovaMinex and its partners.
10% Marketing: Promotions and marketing actions.

3.6. Block, release, and burn of MINX
All unsold MINX were blocked for 10 years. Starting January 26, 2020 (one
year after the end of the MINX sale), 10% of the unsold MINX will be unlocked
to the market. Thus, successively each year, 10% of the remaining MINX will be
unlocked.
3.6.1. Release of non-circulating MINX
MINX will be released every year from the cold wallet, for 10 years, from
January 26 to February 1 of the same year by transferring the amount of
26,390,000 MINX to the release wallet.
❏ Cold Wallet: 0xd40cc2a93c84bf220b25b5b9b2dc49136f775a3c

❏ Release Wallet: 0x3a6912f19250d91b28d03412d10a1818ed27a715.
From the release wallet, the MINX that can be distributed each month will be
2,199,166,666666 MINX.
A. MINX release conditions
In order to be able to release this amount every month, two conditions will be
checked:
I. The price of MINX must be higher than 0.50 USD (reference value in
Etherscan.io) during the two previous months.
II. The monthly volume must be at least 3,000,000 USD during the two
previous months.
B. MINX release clauses
1. The unlocking will be done on a pro-rata basis between the 12 months

of each year, thus trying not to damage the market price.

2. If either of the above two conditions is not met, the MINX that should
be released to the market will be burned, thus making the value of the
tokens of all the users of the MINX community stronger. The review of
these conditions will be performed monthly.
3. The amount of MINX that in each monthly delivery corresponds to the

team, partners or developers, if any of the described conditions is not
met, will not be delivered and will be burned as well.
Part of the profits generated by the sale of MINX in these new phases (up to $1
per MINX), will be destined to our social projects (30%) and to our MINX Club
(70%), for the benefit of all users with MINX in their wallets.
Important notes of the release:
*MINX that are not released in one month because they do not meet the
conditions cannot be used the following month.
** The burning conditions will be reviewed every year to adapt them to
market and project circumstances.
***The reference value of the MINX price may be chosen for each year from
the best reliable source so as not to alter the conditions.
3.6.2. 2020 MINX release results

On January 26, 2021, the MINX released in 2020 were burned because they did
not meet the requirements for distribution.
You can see the transaction of the burning in the following link:
https://etherscan.io/tx/0x50d150880388ae755c7a05799986b41aaea5ac3b2081e
4dd0d9bff4dba6dd8ae
Resulting amounts:
❏ The resulting non-circulating volume: 237,510,000 MINX

❏ The resulting circulating volume remains: 36.100.000 MINX
❏ The resulting total supply: 273.610.000 MINX

On January 4, 2022, the MINX released in 2021 were burned because they did
not meet the requirements for distribution.
https://etherscan.io/tx/0x32d1ca9a7938af30b13f316688df968c683d48e44aaa2f
37ffb703db97e3adcc
Resulting amounts:
❏ The resulting non-circulating volume: 211.120.000 MINX

On January 25, 2023, the MINX released in 2022 were burned because they
did not meet the requirements for distribution.
https://etherscan.io/tx/0xd66bb2082981cf8bab02f74257838f3a215637c4d8a7fc
3278608a67df26e542
Resulting amounts:
❏ The resulting non-circulating volume: 184.730.000 MINX

3.6.5. 2023 MINX release
The amount released in 2023 from the cold wallet on Jan. 25 was 26,390,000
MINX to the release wallet.
❏ Cold Wallet: 0xd40cc2a93c84bf220b25b5b9b2dc49136f775a3c

❏ Release Wallet: 0x3a6912f19250d91b28d03412d10a1818ed27a715.
This transfer can be viewed at the following link:

https://etherscan.io/tx/0xf4d2f6559215f2aac40f7fa8f59cf659651f4cb224eafedd
4d2f9dc884ef7967

4. MINX Club: Loyalty
The MINX Club is a program that rewards customer loyalty and rewards
customers with privileges, services and exclusive advantages throughout the
year.
The details of this program are specified in its own document. MINX
Community: https://innovaminex.com/docs/community-en.pdf.
Here are the advantages of the MINX Club for its members:
❏ Goldings
Golding are discount points that are used for InnovaMinex products.
Each Golding can be used to obtain discounts in our store. The value of
1 Golding = $0.01.
❏ Promotions
We will share among all members discount coupons redeemable on
our e-commerce platform for any gold and other precious metal
products in our catalog.
❏ Discounts with the use of MINX
Users who make use of MINX at any of our commercial chain points
(mines, refineries, e-commerce or crypto-ATMs) and participating
companies will enjoy significant discounts, as well as other possible
advantages.
❏ Exclusive information
MINX Club members will receive interesting and exclusive information about
the precious metals market and its relationship with the world of
cryptocurrencies. Also informative materials such as guides, tools and
exclusive content related to our products.

5. Roadmap
Our large project involves many tasks and many human resources involved,
which will vary and increase as the project grows.
With the intention of providing more accurate information in terms of work

and deadlines, all updates and progress will be published on our blog and
social networks, in order to show all the milestones in a more reliable and
updated way on a daily basis.
Available at:
https://innovaminex.com/en/roadmap
https://innovaminex.com/blog/

5. Social Project
At Innovaminex we have a strong commitment to the development of the
communities near the mining project. So much so, that in the coming years
we will ensure that these communities will benefit in the short and long term,
and not just the people in these communities who will be offered a job.
We have already carried out and have in place some of these activities to
positively affect the communities. You can see them on the web:
https://innovaminex.com/en/social

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DISCLAIMER

As a result of translation, some of the information contained in this document may be

The information contained in this White Paper and on innovaminex.com is of a merely

WhitePaper 6.2 - Last updated: 2023/01/25 - 1

WhitePaper 6.2 - Last updated: 2023/01/25 - 2

3. MINX: Our cryptocurrency 22

4. MINX Club: Loyalty 29

WhitePaper 6.2 - Last updated: 2023/01/25 - 3

Investors range from individuals to pension funds and sovereign wealth

1.1.1. Our main precious metal: Gold

Key facts investors should know:

❏ Gold is a major asset driven by many factors, not just investment

* https://www.gold.org/about-gold/gold-demand. Data from 2017

WhitePaper 6.2 - Last updated: 2023/01/25 - 4

Gold is currently purchased by a far more diverse set of consumers and

Annual average GOLD demand:

Demand estimates by sector*

Gold's diverse uses, in jewelry, technology, investment and by central banks,

WhitePaper 6.2 - Last updated: 2023/01/25 - 5

Facts and figures to be considered by investors:

❏ Although silver follows the movements of gold, it moves much faster.

1.1.4. Silver demand

Annual average SILVER demand :

(*) Source: The silver institute.

WhitePaper 6.2 - Last updated: 2023/01/25 - 6

Among the physical properties

1.2.1. Gold price

WhitePaper 6.2 - Last updated: 2023/01/25 - 7

Therefore, we are facing a positive outlook where experts, such as those at

1.3. The silver ore

What makes silver the perfect metal for so many

❏ Its malleability and ductility.

1.3.1. Silver price

In the last fifty years, the price of silver has

WhitePaper 6.2 - Last updated: 2023/01/25 - 8

Furthermore, it is one of the oldest activities in existence, with the same

Depending on the type of mineral on which the mining activity is focused, we

There is also what is known as green mining, which focuses on extractive

1.4.1. Mining methods

A. Open pit mining

These activities are focused on the exploitation of minerals through stripping

This type of exploitation includes open pit mining, which consists of

WhitePaper 6.2 - Last updated: 2023/01/25 - 9

In contrast, subway mining, or subsurface mining, is based on the

Another division is according to the mining technique of the galleries, which

1.4.2. The mining life cycle

I. Discovery, prospecting and exploration

This work is carried out by geologists and engineers, in addition to other

WhitePaper 6.2 - Last updated: 2023/01/25 - 10

1.4.3. Important concepts

When estimating resources to establish the economic viability of a mineral

Resources are classified according to the degree of reliability, with measured

Finally, inferred resources refer to those resources for which quantitative

WhitePaper 6.2 - Last updated: 2023/01/25 - 11

1.4.4. Green Mining

The mining project involves three fundamental tasks: extraction,

In order to prevent all these activities from having negative consequences on

In the case of Colombia, this type of exploitation is becoming the main

Green mining focuses mainly on five aspects: