Overview

Advancing One of the World's Largest Undeveloped Primary Silver Projects 

The Company's 100%-owned Diablillos Silver-Gold Project, is located in the Salta and Catamarca provinces of Argentina - a well-established mining jurisdiction with excellent infrastructure and strong support for resource development.  Over the past several years, Diablillos has rapidly evolved into one of the most significant undeveloped primary silver projects globally, driven by consistent exploration success and substantial resource growth. 

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

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.

·    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;

·    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.

·    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.   

·    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, 
• Potential future plant throughput expansion to increase annual silver and gold production; and

• Continued exploration success across the broader Diablillos district