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 May 2026, the Company announced an updated Mineral Resource estimate (“MRE”), which incorporates more than 170,000m of drilling completed to date across the Diablillos district and reflects continued growth across the  Oculto, JAC, Fantasma, Laderas and Sombra deposits.  The MRE includes mineralization amenable to both conventional tank leach and heap leach processing routes, highlighting the Project's scalability and development flexibility.

Key Highlights of the Updated MRE (Combined Tank and Heap Leach):

·         Tank leach MRE: 102 Mt grading 65 g/t Ag and 0.62 g/t Au, containing 213 Moz Ag and 2.04 Moz Au (389 Moz AgEq).

·         Heap leach MRE: 130 Mt grading 8 g/t Ag and 0.12 g/t Au, containing 35 Moz Ag and 503 koz Au (65 Moz AgEq).

o   The heap leach tonnage has increased significantly, reflecting the delineation of a large volume of lower-grade mineralization with strong development potential under a dual-processing approach and improved economics.

·         Total M&I MRE (tank and heap leach): 232 Mt grading 33 g/t Ag and 0.34 g/t Au, containing 248 Moz Ag and 2.54 Moz Au (454 Moz AgEq).

·         Updated MRE use conservative long-term metal prices of US$34.50/oz Ag & $3,200/oz Au.

·         The updated MRE will underpin the upcoming Definitive Feasibility Study (“DFS”) on the proposed tank leach operation and an accompanying Preliminary Economic Assessment (“PEA”) of the additional heap leach option, expected by the end of Q2 2026. 

·         Updated MRE reflects drilling through Dec. 31, 2025, with additional upside from the ongoing Phase VI drill program to be incorporated in the next MRE update, anticipated in Q1 2027.