Diablillos

On June 22, 2026 the Company announced the results of its Definitive Feasibility Study (“DFS” or the “Study”) for the Diablillos silver-gold project.

The DFS was led by Worley and supported by specialist consultants BMining, Envis and INSA. All dollar ($) figures are presented in US dollars unless otherwise stated. Base case metal prices used in the DFS financial analysis were: $50.00/oz silver (“Ag”) and $3,650/oz gold (“Au”).

DFS Study Highlights:

• After-tax NPV_5% of $3.0 billion (CAD$ 4.2 billion), 41.9% IRR and 1.7-year payback at base-case metal prices.
  • At spot prices¹, after-tax NPV_5% increases to $4.8 billion (CAD$6.7 billion) with an IRR of 56.5% and payback of 1.4 years.
• Average annual production of 20 Moz silver equivalent (“AgEq”) during the first five years of full mine production, comprised of 14 Moz Ag and 89 koz Au;
  • Average life-of-mine (“LOM”) annual production of 10 Moz AgEq, comprised of 5.9 Moz Ag and 62 koz Au over a 25-year life of mine (“LOM”).
• Low All-in Sustaining Cash Costs (“AISC”)² of $20/oz AgEq over the LOM – positioning Diablillos among the lowest-cost primary silver projects globally.
• Initial capital expenditures of $722 million (including $98 million contingency) with subsequent sustaining capital of $520 million funded through operating cash flow.
• Compelling after-tax NPV-to-Capex ratio of 4.2x, highlighting the Project’s robust project economics and strong value generation potential.
• Increased Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t Ag Eq, containing 183 Moz Ag and 1.8 Moz Au (366 Moz AgEq), estimated from an open pit optimized using metal prices of $29.50/oz Ag and $2,800/oz Au.
• First production targeted before year-end 2029, subject to a final investment decision (“FID”) expected in Q2 2027.
• Multiple opportunities exist to further enhance Project value beyond the DFS, including:
  • A Phase 2 heap leach expansion to process lower grade mineralized material that would provide incremental gold and silver production, with results from a Preliminary Economic Assessment (the “Heap Leach PEA”) expected in Q4/2026.
  • Potential future plant throughput expansion to increase annual silver and gold production; and
  • Continued exploration success across the broader Diablillos district
• Enhanced TSF incorporates a downstream waste rock buttress design, to eliminate credible failure risk while reducing haulage costs and dust generation.
• Grid power connection planned in Year 3, reducing both operating costs and carbon emissions.

Project Economics

The table below presents the DFS economics across a range of metal price scenarios. The economics of Diablillos are robust across all scenarios, with an after-tax NPV_5% of CAD$6.7 billion and an IRR of 56.5% at recent spot silver and gold prices.

Commodity Price Sensitivity Analysis

Economic Parameters	Base Case Prices	Recent Spot Prices1	Base Case Prices + 20%	Base Case Prices - 20%
Silver Price ($/oz)	$50.00	$70.69	$60.00	$40.00
Gold Price ($/oz)	$3,650	$4,338	$4,380	$2,920
After-tax NPV (5%, USD$ / CAD$ million)	$3,003 / $4,204	$4,799 / $6,719	$4,116 / $5,763	$1,884 / $2,638
After-tax NPV (8%, USD$ / CAD$ million)	$2,223 / $3,112	$3,623 / $5,072	$3,083 / $4,316	$1,359 / $1,903
After-Tax IRR (%)	41.9%	56.5%	50.9%	31.4%
Payback (years)	1.7	1.4	1.4	2.2
After-Tax NPV5% to Initial Capex Ratio (x)	4.2	6.6	5.7	2.6

¹Note: Spot Price as at close on June 15^th, 2026, per https://www.lbma.org.uk/   USD:CAD F/X rate: 1.40

Production Summary

The DFS comprises a conventional open-pit mining operation with a strip ratio of 5.9 feeding a 9,000 tpd tank leach processing plant. An optimized mine plan has been developed that prioritizes higher-grade silver and gold mineralization during the early years of production, maximizing early cash flow and accelerating payback. Lower grade material is stockpiled and processed later in the mine life.

The DFS mine plan is based on an updated Mineral Reserve estimate developed from the Mineral Resource estimate reported by the Company on May 6, 2026. The Mineral Reserve estimate was based on an optimized open pit using the latest operating cost, open pit slope, metallurgical recovery assumptions and conservative metal prices of $29.50/oz silver and $2,800/oz gold.

Over the 25-year mine life, Diablillos is expected to produce an average of 10.3 Moz AgEq annually, including 20.3 Moz AgEq per year during the first five years of full production. The robust early production profile reflects both the high-grade nature of the deposit and a mine plan specifically designed to maximize early cash flow and project returns.

The feed to the process plant for the first 17 years of the current mine plan is from higher grade run-of-mine mineralisation while lower grade material is stockpiled. From year 18 onwards, the process plant treats stockpiled mineralisation although the Company recognizes that a potential heap leach operation and/or plant capacity expansion will allow for greater metal production and increased value.

The DFS is supported by extensive metallurgical test work that projects average LOM recoveries of approximately 80.3% for silver and 87.2% for gold.

Table 2 – Grade and Production Profile

	Units	Avg. First 5 Years Full Production	Avg. LOM (Year 1 – 24)
Silver Grades	(g/t)	177 g/t	73 g/t
Gold Grades	(g/t)	1.04 g/t	0.70 g/t
Silver-Equivalent Grades	(g/t)	260 g/t	129 g/t
Silver Production	(M oz)	13.9	5.9
Gold Production	(k oz)	89	62
AgEq Production	(M oz)	20.3	10.3

Note: The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).

Operating Costs

The operating cost estimates are based on mining contractor rates for truck and shovel mining operation during pre-stripping activities and the first two years of production, transitioning to an owner-operated fleet by the third year. Costs for the operation of the processing plant, TSF and infrastructure are based on first principles estimates for all major cost inputs and consider the cost of diesel generators for power supply until the third year of operation, at which time a connection to the lower cost national grid is anticipated.

The DFS operating cost estimates are shown on a per tonne milled basis in Table 3. The AISC averages $19.89/oz AgEq over the LOM.  This positions Diablillos among the lowest-cost primary silver projects globally, underpinning strong operating margins across commodity price cycles.

Table 3 – Mine Operating Cost Estimates

Operating Costs	Basis	Avg. LOM ($)
Mining (ore and waste)	per tonne milled	17.20
Processing Plant, Utilities and Maintenance	per tonne milled	29.01
G&A and Other	per tonne milled	6.20
Total Operating Cost	per tonne milled	52.41

Project Capital Costs

The initial pre-production capital expenditures for the Project as at Final Investment Decision (“FID”) are summarized in Table 4. Capital expenditures to be incurred after the start-up of operations are assigned to sustaining capital and projected to be funded by operating cash flows. Initial capital costs are estimated at $722 million and total sustaining capital costs at $520 million over the LOM. The estimate includes a contingency of $98 million representing the outcome of a quantitative risk analysis of all major cost inputs. Over 60% of equipment, supplies, construction, and service procurement packages will be sourced from local companies and will comply with all local regulations.

Compared with the prior Pre-Feasibility Study, the increase in initial capital reflects engineering advancement, expanded project scope, updated contractor pricing, inflationary impacts and enhanced contingency provisions consistent with a DFS-level study.

Table 4 – Summary of Capital Cost Estimates

Description	DFS Study
	$ millions
Surface Mining	$7.6
Process Plant	$229.3
Site Infrastructure	$93.2
Off-Site Infrastructure & Other	$11.0
Owner Costs	$117.8
Indirect Costs	$164.6
Initial Capital Costs (excl. contingency)	$623.5
Contingency (at 15.5%)	$97.9
Initial Capital Costs (from FID to Initial Production)	$721.5
LOM Sustaining Capital (to be funded from Cash Flows)	$519.8
Total Capital Costs	$1,241.3
Closure Costs	$74.1

Taxes and Royalties

The DFS incorporates the impact of the Argentinian large investment incentive regime (“RIGI”), designed to stimulate new large-scale investments. The Company received formal approval of the Project under the RIGI framework under a 30-year agreement in May 2026, with key rates as follows:

• Argentina corporate income tax: 25%
• Municipal taxes: 1.2%
• Stamp Tax 1.6%
• Provincial mining royalty: 3%
• Export duties: 0%

Additionally, the RIGI program provides benefits such as the removal of all foreign exchange restrictions and value-added tax (VAT) reimbursement on capital expenditures.

A 1% Net Smelter Return (NSR) royalty is payable to Elemental Royalty Corporation on the Diablillos project production.

Summary of Economic Results

Table 5 summarizes the key economic results and parameters of the DFS.

Table 5 – Summary of Project Economics

Metrics	Units	Results
Life of mine (LOM)	years	25
Total mineralized material mined	M tonnes	77.9
Total recovered silver	M oz	147.4
Total recovered gold	k oz	1,539
Strip ratio (excludes pre-stripping)	Waste:ore	5.9:1
Throughput	tpd	9,000
Head grade – silver (first 5 years / LOM)	g/t	177 / 73
Head grade – gold (first 5 years / LOM)	g/t	1.04 / 0.70
Recoveries – silver (first 5 years / LOM)	%	77.8 / 80.3
Recoveries – gold (first 5 years / LOM)	%	86.1 / 87.3
Average Production – silver (first 5 years / LOM)	M oz	13.9 / 5.9
Average Production – gold (first 5 years / LOM)	k oz	89 / 64
AISC (LOM) – silver equivalent (first 5 years / LOM)	$/oz AgEq	19.69 / 19.98
Pre-Production Capital Costs at FID	$ M	721.5
LOM Sustaining Capital Costs	$ M	519.8
Pre-Tax NPV5% (USD / CAD)	$ M	4,145
After-Tax NPV5% (USD / CAD)	$ M	$3,003 / $4,204
After-Tax NPV5% to Initial Capex Ratio (USD)	x	4.2x

Next Steps – Early Works and Construction Activities

With the DFS complete, AbraSilver has entered the final development phase ahead of a targeted construction decision in Q2 2027. Early works activities are expected to commence in Q3 2026, including upgrades to existing site infrastructure and camp facilities, advancement of critical path engineering and key project hires.

In parallel, the Company is advancing project financing discussions, final EPCM selection and environmental permitting activities, with project financing targeted for completion by Q4 2026 and a formal FID expected in Q2 2027. Construction of the 1,600-person camp and other enabling infrastructure is expected to commence following the FID.

The Company is completing an incremental Heap Leach PEA, which is expected to demonstrate additional value upside beyond the base case DFS, with results to be announced in Q4/2026. The heap leach option will continue to advance to the next phase of engineering and study concurrent with construction activities. Study work on a potential plant capacity expansion is also expected to commence following the construction decision, with the objective of maximizing the long-term value and production profile of Diablillos.

AbraSilver is also advancing its Phase VI drill program at Diablillos, comprising at least 15,000 metres, targeting the Oculto NE and JAC zones and several peripheral targets including Cerro Blanco and Cerro Viejo. Phase VI results are not reflected in the current Mineral Reserve or Resource estimates; the Company expects successful results to support future resource growth, with an updated estimate to follow program completion.

Non-IFRS Financial Measures

This disclosure contains certain non-IFRS measures, including AISC. AISC includes operating costs, royalties, sustaining capital, closure costs, and corporate G&A and is calculated based on guidance provided by the World Gold Council (“WGC”). WGC is not a regulatory industry organization and does not have the authority to develop accounting standards for disclosure requirements. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company and the results of the DFS. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

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¹ Spot prices: $70.69/oz Ag & $4,338/oz Au closing prices on June 15^th, 2026 (Source: https://www.lbma.org.uk/)
² Please see “Non-IFRS Financial Measures”

Mineral Reserve Estimate – Effective as of May 16, 2026

The following table shows the Proven and Probable Mineral Reserves at Diablillos. The Mineral Reserves were estimated on May 16, 2026 from an open pit optimized using a silver price of $29.50/oz and a gold price of $2,800/oz.

Table 6 – Diablillos Mineral Reserve Estimate (Tank Leach only)

Mineral Reserve (all domains)	Tonnage (000 t)	Au (g/t)	Ag (g/t)	AgEq (g/t)	Contained Ag (koz)	Contained Au (koz)	Contained AgEq (koz)
Proven	36,547	0.71	104	178	122,452	840	209,536
Probable	41,364	0.70	46	118	61,085	925	156,327
Total Proven and Probable	77,911	0.70	73	146	183,537	1,764	365,863

Notes for Mineral Reserve Estimate:

1. The Mineral Reserves have an effective date of May 16, 2026.
2. The Qualified Person for the Mineral Reserves Estimate is Mr. Miguel Fuentealba, P. Eng.
3. The Mineral Reserves were estimated using the Canadian Code of the Canadian Institute of Mining, Metallurgy, and Petroleum (CIM), Definition of Standards for Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
4. The Mineral Reserves are based on a pit design, which is aligned with the ultimate pit selected during the optimization process performed at Whittle.
5. The reserves were estimated at a sale price of US $2,800 per ounce of Au and US $29.50 per ounce of Ag.
6. A variable mining cost per bench and type of material was applied. An average cost of US $2.23/t for all lithologies was applied, except for cover (free dig), where a cost of US $1.81/t was applied.
7. The processing cost for all zones is US $23.84/t.
8. The infrastructure, general, and administrative costs amount to US $6.51/t.
9. The average overall slope pit angles range from 30° to 49.2°, depending on the geotechnical zone domain.
10. The average recovery is estimated at 79.9% for silver and 87.0% for gold.
11. The formula for calculating AgEq is AgEq oz = Ag oz + Au oz x (Au Price/Ag Price) x (Au Recovery/Ag Recovery).
12. Mineral Reserves Estimates were categorized according to CIM Standard definitions (CIM, 2014).
13. A net value per block (NVB) was used to restrict the Mineral Reserves within the pitshell. The NVB is based on “Profit = Revenue - Costs”, being positive, where, Revenue = [(Au Price (US$/oz) - Au Sales Cost (US$/oz) x (Au Grade (g/t)/31.1035))x Au Recovery (%)]+[(Ag Price (US$/oz) - Ag Sales Cost (US$/oz) x (Ag Grade (g/t)/31.1035) x Ag Recovery (%) and cost as, Cost = Mine Cost (US$/t) + Process Cost (US$/t) + Transportation Cost (US$/t) + General and Administrative Costs (US$/t) + [Royalty Cost (%) x Revenue]. The NVB method matches an equivalent cut-off grade of approximately 38 g/t AgEq.

April 2026 Mineral Resource Estimate Statement

Total Diablillos Mineral Resource Summary (Tank & Heap Leach) – As of April 30, 2026.  

	Zone	Category	Tonnes (000 t)	Ag (g/t)	Au (g/t)	AgEq (g/t)	Contained Ag (000 Oz)	Contained Au (000 Oz)	Contained AgEq (000 Oz)
Tank Leach	Oxides	Measured	41,042	100	0.68	159	131,668	896	209,281
		Indicated	60,978	41	0.58	92	81,060	1,143	180,078
		Measured & Indicated	102,021	65	0.62	119	212,728	2,039	389,359
		Inferred	14,400	25	0.57	74	11,468	262	34,187
Heap Leach	Oxides	Measured	25,469	13	0.09	19	10,997	76	15,425
		Indicated	104,491	7	0.13	15	24,328	428	49,342
		Measured & Indicated	129,960	8	0.12	16	35,325	503	64,767
		Inferred	34,947	6	0.14	14	6,939	158	16,153
Total	Oxides	Measured	66,512	67	0.45	105	142,665	971	224,706
		Indicated	165,469	20	0.30	43	105,388	1,570	229,420
		Measured &  Indicated	231,981	33	0.34	61	248,053	2,542	454,127
		Inferred	49,347	12	0.26	32	18,406	420	50,340

Refer to footnotes in Tables below

Diablillos Pit Shell Comparison (2026 vs. 2025) Highlighting Resource Growth

Diablillos Mineral Resource Estimate by Deposit (Tank Leach Material Only) – As of April 30, 2026.  

Deposit	Zone	Category	Tonnes (000 t)	Ag (g/t)	Au (g/t)	AgEq (g/t)	Contained Ag (000 Oz)	Contained Au (000 Oz)	Contained AgEq (000 Oz)
Oculto	Oxides	Measured	31,443	85	0.86	159	85,507	870	160,890
		Indicated	51,617	34	0.66	91	55,745	1,099	150,983
		Measured & Indicated	83,059	53	0.74	117	141,252	1,969	311,872
		Inferred	12,145	17	0.62	71	6,705	244	27,810
JAC	Oxides	Measured	9,600	150	0.08	157	46,161	26	48,392
		Indicated	5,192	115	0.04	118	19,125	7	19,729
		Measured & Indicated	14,792	137	0.07	143	65,286	33	68,120
		Inferred	874	121	0.01	122	3,407	0	3,432
Fantasma	Oxides	Measured	-	-	-	-	-	-	-
		Indicated	1,738	74	0.01	75	4,149	0	4,176
		Measured & Indicated	1,738	74	0.01	75	4,149	0	4,176
		Inferred	337	75	0.01	76	814	0	822
Laderas	Oxides	Measured	-	-	-	-	-	-	-
		Indicated	1,520	15	0.66	72	726	32	3,501
		Measured & Indicated	1,520	15	0.66	72	726	32	3,501
		Inferred	988	14	0.57	63	435	18	2,017
Sombra	Oxides	Measured	-	-	-	-	-	-	-
		Indicated	912	45	0.15	58	1,314	4	1,689
		Measured & Indicated	912	45	0.15	58	1,314	4	1,689
		Inferred	56	59	0.00	59	106	0	106
Total (tank leach)	Oxides	Measured	41,042	100	0.68	159	131,668	896	209,281
		Indicated	60,978	41	0.58	92	81,060	1,143	180,078
		Measured & Indicated	102,021	65	0.62	119	212,728	2,039	389,359
		Inferred	14,400	25	0.57	74	11,468	262	34,187

1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
2. The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).
3. The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains.  The 1m composite grades were capped where appropriate.
4. The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 34.50/oz Ag price, US $3,200/oz Au price, 86.6% process recovery for Au, and 80.9% process recovery for Ag, for the tank leaching and 74.3% process recovery for Au, and 46.8% process recovery for Ag, for the secondary heap leaching.
5. Open pit optimization was constrained using a dual-process approach, with tank leaching as the primary process (total opex of US$32.30/t) and heap leaching as the secondary process (total opex of US$7.00/t).
6. The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).
7. A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income]
8. The Mineral Resource is sub-horizontal with sub-vertical feeders and has a reasonable prospect for eventual economic extraction by open pit methods.
9. In-situ bulk densities were assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.
10. All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.
11. Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.
12. The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an Independent Qualified Person under NI 43-101.
13. Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource.
14. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.

Updated Tank Leach Mineral Resource Demonstrates Strong Growth at Core Deposits

The updated tank leach MRE reflects continued expansion across the core Oculto and JAC deposits, supported by recent drilling that has improved both scale and confidence in the resource.

• Oculto: M&I MRE tonnage increased by 45%, with contained silver up 15% and gold up 31%.   This substantial increase was driven by infill drilling to connect gaps in the MRE blocks and drilling to expand the margins of the resource.
• JAC: M&I MRE increased by 13% in tonnage, with contained silver rising 12% and contained gold up 20%.  This increase was also driven by infill drilling to connect gaps in resource blocks and drilling to expand the margins of the mineralization.
• Fantasma, Laderas and Sombra:   All satellite deposits recorded meaningful increases in tonnage and contained metal, supported by a combination of additional drilling and updated economic assumptions.

Comparison of the April 2026 Tank Leach M&I MRE to the July 2025 Prior Estimate.

Deposit		Category	Tonnes (000 t)	Ag (g/t)	Au (g/t)	Contained Ag (k oz Ag)	Contained Au (k oz Au)
Oculto	Current Resource	Measured & Indicated	83,059	53	0.74	141,252	1,969
	Prior Resource	Measured & Indicated	57,382	67	0.82	123,321	1,505
	Variance (%)		45%	-21%	-10%	15%	31%
JAC	Current Resource	Measured & Indicated	14,792	137	0.07	65,286	33
	Prior Resource	Measured & Indicated	13,134	139	0.06	58,492	27
	Variance (%)		13%	-1%	7%	12%	20%
Fantasma	Current Resource	Measured & Indicated	1,738	74	0.01	4,149	-
	Prior Resource	Measured & Indicated	1,049	72	-	2,436	-
	Variance (%)		66%	3%	-	70%	-
Laderas	Current Resource	Measured & Indicated	1,520	15	0.66	726	32
	Prior Resource	Measured & Indicated	806	17	0.67	428	17
	Variance (%)		88%	-10%	-3%	70%	84%
Sombra	Current Resource	Measured & Indicated	912	45	0.15	1,314	4
	Prior Resource	Measured & Indicated	758	54	0.12	1,317	3
	Variance (%)		20%	-17%	18%	0%	42%
All deposits (tank leach only)	Current Resource	Measured & Indicated	102,021	65	0.62	212,728	2,039
	Prior Resource	Measured & Indicated	73,129	79	0.66	185,994	1,553
	Variance (%)		40%	-18%	-6%	14%	31%

Notes to Mineral Comparison Table

1. Key Assumptions in April 2026 MRE:

• Ag price: $ 34.50/oz & Au price: $3,200/oz.
• Average recovery rates (tank leach): 80.9% Ag and 86.6% Au.
• Cut-off grade: based on Net Value per Block, with an average cut-off grade equivalent to ~39 g/t AgEq.
• Open pit optimization parameters: Mining cost; $2.23/t; Processing cost; $23.84/t; G&A cost $6.51/t.

2. Key Assumptions in July 2025 MRE:

• Ag price: $ 27.50/oz & Au price: $2,400/oz
• Average recovery rates (tank leach): 82.6% Ag and 86.5% Au
• Cut-off grade: based on Net Value per Block, with an average cut-off grade equivalent to ~41 g/t AgEq.
• Open pit optimization parameters: Mining cost; $1.94/t; Processing cost; $22.97/t; G&A cost $3.32/t
• For additional details, please refer to “NI 43-101 Technical Report, Mineral Resource Estimate, Diablillos Ag-Au Project” with an effective date of July 29, 2025 and available on the Company’s profile on www.sedarplus.ca.

Heap Leach Mineral Resource Estimate

The updated MRE includes a significantly expanded heap leach component, representing a large inventory of lower-grade mineralization that was not previously fully captured within the block model. The increase in heap leach mineralization reflects a combination of:

• Higher long-term gold and silver price assumptions, improving economic cut-off thresholds.
• Improved geological continuity within broader mineralized domains.
• Updated processing assumptions incorporating a dual-flow sheet approach.

A potential secondary heap leach processing circuit will be evaluated under a PEA and presented with the DFS results by the end of Q2. The heap leach project will be an expansion to the tank leach operation and will be evaluated based on potential construction after the tank leach circuit is operational. The heap leach operation has the potential to convert some of the open pit waste into payable mineralization and effectively lower the future strip ratio.  The company intends to present the PEA within the same NI 43-101 Technical Report as the DFS.

Table 4 – Diablillos Mineral Resource Estimate (Heap Leach Material Only) – As of April 30, 2026. 

Deposit		Category	Tonnes (000 t)	Ag (g/t)	Au (g/t)	Contained Ag (k oz Ag)	Contained Au (k oz Au)
All deposits (Heap leach only)	Current Resource	Measured & Indicated	129,960	8	0.12	34,854	503
	Prior Resource	Measured & Indicated	30,774	13	0.16	12,649	162
	Variance (%)		322%	-38%	-25%	176%	210%

Notes for July 2026 MRE (Heap Leach Material):

1. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability.
2. The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).
3. The Mineral Resource model was populated using Ordinary Kriging grade estimation within a three-dimensional block model and mineralized zones defined by wireframed solids, which are a combination of lithology and alteration domains.  The 1m composite grades were capped where appropriate.
4. The Mineral Resource is reported inside a conceptual Whittle open pit shell derived using US$ 34.50/oz Ag price, US $3,200/oz Au price, 86.6% process recovery for Au, and 80.9% process recovery for Ag, for the primary process tank leaching and 74.3% process recovery for Au, and 46.8% process recovery for Ag, for the secondary process heap leaching.
5. Open pit optimization was constrained using a dual-process approach, with tank leaching as the primary process (total opex of US$32.30/t) and heap leaching as the secondary process (total opex of US$7.00/t).
6. The MRE has been categorized in accordance with the CIM Definition Standards (CIM, 2014).
7. A Net Value per block [NVB] calculation was used to constrain the Mineral Resource, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income].
8. The Mineral Resource is sub-horizontal with sub-vertical feeders and a reasonable prospect for eventual economic extraction by open pit methods.
9. In-situ bulk density was assigned to each model domain, according to samples averages for each lithology domain, separated by alteration zones and subset by oxidation.
10. All tonnages reported are dry metric tonnes and ounces of contained gold are troy ounces.
11. Mining recovery and dilution factors have not been applied to the Mineral Resource estimates.
12. The Mineral Resource was estimated by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an Independent Qualified Person under NI 43-101.
13. Mr. Peralta is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the potential development of the Mineral Resource.
14. All figures are rounded to reflect the relative accuracy of the estimates. Minor discrepancies may occur due to rounding to appropriate significant figures.

Significant Exploration Upside Remains  

Diablillos continues to demonstrate strong potential for further Mineral Resource growth, both within and beyond the current footprint.  Key target areas include:

• Oculto East: based on recent drill results, the robust gold-dominant mineralization at Oculto East within which there are higher grade zones, extends well beyond the conceptual open pit margin. This remains the top priority target area for further expanding Mineral Resources.
• Oculto-JAC connection: recent drilling has shown that there is potential to expand the high-grade silver mineralization in the Oculto-JAC area, as well as potential for additional mineralized zones north of the JAC zone, extending southwest from Oculto.
• Sombra: the Mineral Resource at the Sombra zone has potential to continue north-eastwards along a magnetic anomaly zone to connect with the Oculto deposit and be incorporated in the Oculto conceptual open pit.
• Cerro Viejo: a major zone hosting gold bearing silicified rock extends for over 1 km westwards from the previously drilled area at Cerro Viejo. Channel sampling with anomalous to high grade gold values will be followed up by reconnaissance drilling aimed at defining a shallow epithermal gold resource.

The fully funded Phase VI drill program includes approximately 15,000 m of drilling, with results expected to support a future Mineral Resource update in early 2027.  

Mineral Resource Estimate Methodology

• The tank leach open pit constrained updated MRE for Diablillos is based on a Net Value per Block methodology that results in an approximate cut-off grade of 39 g/t AgEq, derived from assumptions regarding specified metal prices and estimated operating costs for mining, processing and G&A.
• The heap leach updated MRE has also employed a Net Value per Block method that results in a cut-off grade of approximately 15 g/t AgEq.  This is based on a lower cost heap leaching metal recovery process for lower-grade mineralisation within the conceptual open pit, complementing the primary tank leaching process.
• The updated MRE was prepared by Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo), an INSA Consultora Managing Principal Geologist, and an independent Qualified Person under National Instrument NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards incorporated, by reference, and in compliance with NI 43-101 and has been reviewed internally by AbraSilver.
• The updated MRE incorporates 170,368 m of drilling from 790 drill holes (both historical and current).
• The updated MRE is based on the Oculto, JAC, Fantasma, Laderas and Sombra deposits within the broader Diablillos property, reported within a constraining Whittle open pit shell.  The cut-off grade was determined using a Net Value per Block calculation, factoring in the economic parameters outlined in the Supporting Technical Disclosure section below.
• Gold and silver grades were estimated into the block model using RC and Diamond Drill Holes (DDH), including drilling completed up to December 31, 2025. Industry-standard estimation methodologies were applied, including Ordinary Kriging (OK) and validation against an Inverse Distance squared estimate (ID2). Drill hole intervals were composited to a length of 1 m, which is the average sampling length for core sampling.
• Grade capping was applied to composited grade intervals on a case-by-case basis for each estimation domain. Domains were defined by a combination of lithology, alteration, and oxide / sulphides state, resulting in a total of 35 estimation domains for gold and silver.

Supporting Technical Disclosure

• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The tank leach and heap leach updated MREs are constrained by the same optimized Whittle open pit and incorporate identical geological and structural constraints; the tank leach updated MRE contains 102 Mt of M&I within a total of 705 Mt of waste, while the heap leach updated MRE reclassifies part of this waste as sufficiently mineralized to meet reasonable prospects for eventual economic extraction, resulting in 130 Mt of M&I.
• Individual metals are reported at 100% of in-situ grades.
• The effective date of the updated MRE is April 30, 2026, and is based on drilling through December 31, 2025.
• There are no known legal, political, environmental, or other risks that could materially affect the potential development of the updated MRE.
• Key Assumptions are outlined below (all figures are in US dollars unless otherwise noted):
  • Commodity prices used were $ 34.50/oz Ag price and $3,200/oz Au price
  • Note: Commodity price assumptions were guided by the NI 43-101 requirement for the updated MRE to have 'reasonable prospects' of eventual economic extraction. 
• Metallurgical recoveries: tank leach metallurgical recoveries applied to the updated MRE were obtained from a geo-metallurgical model that has been built, based on metallurgical testwork performed at SGS Canada. This model incorporates five domains applied to the block model, using a master composite for each, based on approximately 15 samples per domain. A fixed value of metallurgical recovery has been applied to each domain. Overall average of these five domains is 86.6% for gold and 80.9% for silver, respectively.
• Metallurgical recoveries: heap leach metallurgical recoveries were obtained from a preliminary bottle roll test work campaign on the lower grade mineralization, based on the same geo-metallurgical domains used for the tank leaching process. Recovery assumptions of 74.4% for gold and 46.8% for silver were used.
• Operating cost assumptions used in the Whittle open pit optimization: mining costs of $2.23/t; tank leach processing costs of $23.84/t and G&A costs of $6.51/t. For the heap leach an overall processing cost of $7.00/t has been estimated.
• Open pit slopes: Open pit shell slope angles applied are based on 2024 geotechnical drilling and modelling. Eight geotechnical sectors have been defined with the average overall angle for the open pit shell optimization being 44 degrees.
• A Net Value per block [NVB] calculation was used to constrain the updated MRE, determine the "Benefits = Income-Cost", where, Income = [(Au Selling Price (US$/oz) - Au Selling Cost (USD/Oz)) x (Au grade (g/t)/31.1035)) x Au Recovery (%)] + [(Ag Selling Price (US$/oz) - Ag Selling Cost (USD/Oz)) x (Ag grade (g/t)/31.1035)) x Ag Recovery (%)] and Cost = Mining Cost (US$/t) + Process Cost (US$/t) + Transport Cost (US$/t) + G&A Cost (US$/t) + [Royalty Cost (%) x Income].
• The formula for calculating AgEq is as follows: Silver Eq Oz = Silver Oz + Gold Oz x (Gold Price/Silver Price) x (Gold Recovery/Silver Recovery).

QA/QC and Core Sampling Protocols

AbraSilver applies industry standard exploration methodologies and techniques, and all drill core samples are collected under the supervision of the Company’s geologists in accordance with industry best practices. Drill core is transported from the drill platform to the logging facility where drill data is compared and verified with the core in the trays. Thereafter, it is logged, photographed, and split by diamond saw prior to being sampled. Samples are then bagged, and quality control materials are inserted at regular intervals at site; these include blanks and certified reference materials as well as duplicate core samples which are collected to assess sampling precision and reproducibility. Groups of samples are then placed in large bags which are sealed with numbered tags to maintain a chain-of-custody during the transport of the samples from the project site to the laboratory.

All samples are received by the ASA (Alex Stewart Argentina) preparation laboratory in Salta, where they are prepared, then the pulp sachet is directly dispatched to its facility in Mendoza, Argentina, where they are analyzed. All samples are analyzed using a multi-element technique consisting of a four-acid digestion followed by ICP/AES detection, and gold is analyzed by 50g Fire Assay with an AAS finish. Silver results greater than 100g/t are re-analyzed using four acid digestions with an ore grade AAS finish.

Qualified Persons and Technical Information

The site visit, review of various geological aspects including sampling techniques, drill core, logging, assay laboratory, secondary laboratory check samples and updated MRE estimate was done by Mr. Luis Rodrigo Peralta, B.Sc., FAusIMM CP (Geo). Mr. Peralta is an INSA Consultora Managing Principal Geologist, and an independent Qualified Person as defined by NI 43-101. Mr. Peralta has reviewed and approved the technical content of this news release.

The full Technical Report in respect of the updated MRE estimate is being prepared in accordance with NI 43-101 and will be available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile.

Significant Exploration Upside Potential  

There remains substantial potential to further expand the Diablillos Mineral Resource estimate within the existing deposits, particularly at Oculto East.  Ongoing and planned drilling is aimed at both step-out exploration and defining new high-grade zones to extend the current Mineral Resources.   The Company is advancing its fully-funded Phase V drill program, which includes an additional 20,000 metres of drilling scheduled for completion by early 2026. 

Existing Deposits:

• Oculto: Ongoing exploration is focused on extending known zones of mineralization, particularly towards the northeast, where Oculto East represents a key growth opportunity.   Results from recently announced hole DDH 25-024, with 31m @ 9.96g/t Au and 16.2g/t Ag, show the very high-grade gold potential of the Oculto East area, and follow up drilling is underway with three rigs. Geological interpretation has identified several structures in the area with high-grade gold potential.
• JAC: Upcoming drilling will test the margins of the conceptual constraining open pit where mineralization remains open.
• Sombra: An initial Mineral Resource has now been established, and additional drilling is planned to expand this new discovery.  The mineralized zone is very shallow, covered by unconsolidated colluvium, and is open along strike. Drilling was postponed here following the high-grade gold intercept at Oculto East, which became the priority exploration area.

Diablillos Porphyry Complex:

• Cerro Viejo:   The shallow intercept of 36.0m at 1.91 g/t gold in hole DDH 24-056 in the root zone of epithermal mineralization at Cerro Viejo is scheduled for follow-up drilling later this year. Mapping has shown that gold mineralized silicified zones extend significantly towards the west of hole DDH 24-056.
• Cerro Blanco: This is the highest priority area for porphyry style mineralization based on shallow historical Reverse Circulation (“RC”) drill results and surface rock chip sampling of a mineralized breccia zone. The area has been mapped in detail and surface sampling completed in preparation for a deeper drilling program expected to commence before the end of August 2025.

Over  170,000 meters of drilling has been completed at Diablillos to date, supporting the rapid growth of the Project into one of the world's largest undeveloped primary silver resources.

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