Slides
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1 TSX:DSV | OTCQX: DSVSFBMO Global Metals, Mining & Critical Minerals Conference | February 22 – 25, 2026 BUILDING VALUE THROUGH GOLD AND SILVER
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2 Forward Looking Statement This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this presentation that address activities, events or developments that Discovery Silver Corp. (“Discovery” or the “Company”) expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company's businesses, operations, plans and other such matters are forward-looking information. When used in this presentation, the words "estimate", "plan", "continue", "anticipate", "might", "expect", "project", "intend", "may", "will", "shall", "should", "could", "would", "predict", "predict", "forecast", "pursue", "potential", "believe" and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Examples of such forward-looking information include information pertaining to, without limitation, statements with respect to: outlooks for the Porcupine Complex and the Cordero Project pertaining to production rates, mining and processing rates, total cash costs, all-in sustaining costs, capital spending, cash flow, operational performance, mine life, value of operations and decreases to costs resulting from the intended mill expansion; intended infrastructure investments in, method of funding for, and timing of completion of the development and construction of the Cordero Project, planned continuation of negotiation of formal agreements with land owners and Mexican authorities with respect to the Cordero Project, as well as other statements and information as to strategy, plans or future financial and operating performance, such as project timelines, production plans, expected sustainable impact improvements, expected exploration programs, costs and budgets, forecasted cash shortfalls and the ability to fund them and other statements that express management’s expectations or estimates of future plans and performance, as well as the anticipated use of proceeds therefrom and the impact thereof on Discovery's financial condition; and the Porcupine Complex, including the assumptions and qualifications contained in the Porcupine Technical Report (as defined herein). Forward-looking statements and forward-looking information are not guarantees of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made, including among other things, the future prices of gold, silver, lead, zinc, and other metals, the price of other commodities such as coal, fuel and electricity, currency exchange rates and interest rates; favourable operating conditions, political stability, timely receipt of governmental approvals, licenses, and permits (and renewals thereof); access to necessary financing; stability of labour markets and in market conditions in general; availability of equipment; the estimation of mineral resource and mineral reserve estimates, and of any metallurgical testing completed to date; estimates of costs and expenditures to complete our programs and goals; the speculative nature of mineral exploration and development in general; there being no significant disruptions affecting the development and operation of the project, including possible pandemic; exchange rate assumptions being approximately consistent with the assumptions in the report; the availability of certain consumables and services and the prices for power and other key supplies being approximately consistent with assumptions in the report; labour and materials costs being approximately consistent with assumptions in the report and assumptions made in mineral resource estimates, including, but not limited to, geological interpretation, grades, metal price assumptions, metallurgical and mining recovery rates, geotechnical and hydrogeological assumptions, capital and operating cost estimates, and general marketing, political, business and economic conditions. Many of these assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies, and other factors that are not within the control of Discovery Silver Corp. and could thus cause actual performance, achievements, actions, events, results or conditions to be materially different from those projected in the forward-looking statements and forward-looking information. Forward-looking information and forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by such statements. In addition to factors already discussed in this document, such risks, uncertainties and other factors include, among others: metal prices, continued access to capital and financing, general economic and market access restrictions or tariffs, changes in U.S. laws and policies regarding regulating international trade, including but not limited to changes to or implementation of tariffs, trade restrictions, or responsive measures of foreign and domestic governments, changes to cost and availability of goods and raw materials, along with supply, logistics and transportation constraints, changes in general economic conditions including market volatility due to uncertain trade policies and tariffs; potential disputes with Indigenous groups in relation to the Porcupine Complex; risks related to unexpected liabilities arising after the Porcupine Acquisition Closing; risks related to the nature of acquisitions; reliance on information about the Porcupine Complex provided by third parties; regulatory risks associated with the Porcupine Acquisition; the risk that the Company will not realize the anticipated benefits of the Porcupine Acquisition; risks related to integrating the Porcupine Complex; reliance on a third party for transitional services for a period of time after the Porcupine Acquisition Closing; litigation; risks associated with exploration, development, and operating risks, risk related to the cyclical nature of the mining business; permitting and license risks; risks related to title to land and the potential acquisition of neighboring land packages and the timing thereof; risks related to requiring a significant supply of water for the Company’s operations and being able to source it; the availability of adequate infrastructure for the Company’s operations; risks related to community relations; environmental risks and hazards and the limitations that environmental regulation poses on the Company; market price volatility of the Company’s common shares; uncertainties with respect to economic conditions; the Company’s mineral exploration activities being subject to extensive laws and regulations and the risk of failing to comply with those laws or obtain required permits; the accuracy of historical and forward-looking operational and financial information estimates provided by Newmont; the Company’s ability to integrate the Porcupine Operations; statements regarding the Porcupine Operations, including the results of technical studies and the anticipated capital and operating costs, sustaining costs , internal rate of return, concession or claim renewal, the projected mine life and other attributes of the Porcupine Operations, including net present value, the timing of any environmental assessment processes, reclamation obligations; risks and uncertainties related to operating in a foreign country, and specifically, risks arising from operating in Mexico; risks posed by health epidemics and other outbreaks; climate change risks, including risks associated with increased frequency of natural disasters such as fire, flood and seismicity; the risk that commodity prices decline; cybersecurity risks; risks of adverse publicity; potential dilution to the common shares; risks associated with contractual agreements and subsidiaries; the potential of future lack of funding; future sales of common shares by existing shareholders; conflicts of interest; reliance on key executives; reliance on internal controls; risks stemming from international conflicts; risks related to changes to tariff and import/export regulations; global financial conditions; currency rate risks; potential enforcement under the Extractive Sector Transparency Measures Act (Canada); and the potential to pay future dividends. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. See the section entitled "Risk Factors" in the prospectus supplement and the accompanying base shelf prospectus, and in the section entitled "Risk Factors" in the Company's annual information form dated as of February 19, 2026 for the financial year ended December 31, 2025, and the Company’s most recently filed interim financial statements and MDA for the period ended December 31, 2025, as filed on SEDAR+ at www.sedarplus.ca. There can be no assurance that such information will prove to be accurate as actual developments or events could cause results to differ materially from those anticipated. These include, among others, the factors described or referred to elsewhere herein, and include unanticipated and/or unusual events. Many of such factors are beyond the Company's ability to predict or control. The forward-looking information included in this presentation is expressly qualified by the foregoing cautionary statements. Readers of this presentation are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, unless required under applicable laws. This forward-looking information should not be relied upon as representing management's views as of any date subsequent to the date of this presentation. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed and are based on the results of a preliminary economic assessment which is preliminary in nature. Please refer to the Cautionary Language set out in Slide 3 and the Footnotes set out in the slide entitled Mineral Resources at the end of this presentation.
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3 Additional Cautionary Language Third Party Information: This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information. No Investment Advice: This presentation is not, and is not intended to be, an advertisement, prospectus or offering memorandum, and is made available on the express understanding that it does not contain all information that may be required to evaluate and will not be used by readers in connection with, the purchase of or investment in any securities of any entity. This presentation accordingly should not be treated as giving investment advice and is not intended to form the basis of any investment decision. It does not, and is not intended to, constitute or form part of, and should not be construed as, any recommendation or commitment by the Company or any of its directors, officers, employees, direct or indirect shareholders, agents, affiliates, advisors or any other person, or as an offer or invitation for the sale or purchase of, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities, businesses and/or assets of any entity, nor shall it or any part of it be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. Readers should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. No Reliance: This presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the transaction or entities described herein. No representation or warranty, express or implied, is given and, so far as is permitted by law and no responsibility or liability is accepted by any person, with respect to the accuracy, fairness or completeness of the presentation or its contents or any oral or written communication in connection with the transaction described herein. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed for any purpose whatsoever on any projections, targets, estimates or forecasts or any other information contained in this presentation. In providing this presentation, the Company does not undertake any obligation to provide any additional information or to update or keep current the information contained in this presentation or any additional information or to correct any inaccuracies which may become apparent. Non-IFRS Measures: The Company uses a variety of financial measures to evaluate its performance including both International Financial Reporting Standards ("IFRS") and certain non-IFRS measures that we believe provide useful information to investors regarding the Company's financial condition and results of operations. Readers are cautioned that non-IFRS measures often do not have any standardized meaning, and therefore, are unlikely to be comparable to similar measures presented by other companies. See the section entitled "Financial Information and non-GAAP Measures" in the Company's Management’s Discussion and Analysis for the three months and six months ended June 30, 2024 (the "MD&A"). In this presentation, such non-IFRS measures include, among others: all-in sustaining costs (AISC) and free cash flow (which are described further in the MD&A). Qualified Persons: The scientific and technical information included in this presentation is derived from the Porcupine technical report dated January 13, 2025, filed on SEDAR+ on January 28, 2025, entitled “Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment” (the “Porcupine Technical Report”), which was prepared by Mr. Eric Kallio, P.Geo., an independent consultant to the Company at the time of preparation, Mr. Pierre Rocque, P.Eng. of Rocque Engineering Inc., and independent consultant to the Company at the time of preparation and Dr. Ryan Barnett, P.Geo. of Resource Modelling Solutions Inc. As of the date hereof, Messrs. Kallio, Rocque are “Qualified Persons” and Mr. Barnett is an independent "Qualified Persons" ("QPs"), as such term is defined in NI 43-101. The QP responsible for the Mineral Resource estimates for Hoyle Pond, Borden and Pamour, as provided in the Porcupine Technical Report is Mr. Kallio. The QP responsible for Mineral Resource estimates for Dome as provided in the Porcupine Technical Report is Mr. Barnett. Mr. Rocque acted as QP for the subset of Mineral Resource estimates used in the 2024 LOM plan provided by the Newmont technical services team in the Porcupine Technical Report. Messrs. Kallio, Rocque and Barnett have reviewed and approved the scientific and technical information included in this presentation. Scientific and technical information in this presentation with respect to the Company’s Cordero project has been prepared and presented based on the technical report entitled “Cordero Silver Project, Technical Report and Feasibility Study” with an effective date of February 16, 2024, as filed on SEDAR+ (the “Feasibility Study”) which was completed by Ausenco Engineering Canada ULC, with support of AGP Mining Consultants Inc., WSP USA Inc. and RedDot3D Inc. The mineral reserve estimate was completed under the supervision of Wille Hamilton, P.Eng. Of AGP and the mineral resource estimate was completed under the supervision of R. Mohan Srivastava, P.Geo, both of whom are independent QPs as such term is defined in NI 43-101. Preliminary Economic Assessment Disclaimer: The Porcupine Technical Report includes the results of a preliminary economic assessment which is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Readers should refer to the full list of footnotes set out in the slide entitled Mineral Resources at the end of this presentation.
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4 Significant liquidity available to invest • $410M cash (Dec 31/25) • $250M credit facility + $100M accordion • Substantial FCF generation Targeting Substantial Value Creation Opportunity for transformative growth at existing assets Current production 234 koz gold in 20251 3 operating mines at Porcupine Future Opportunity 500 – 750 koz gold + 14 Moz silver/year2 AISC in lower half of global cost curve 1 operating mine in Mexico Invest capital to deliver shareholder returns • Improve productivity/increase production • Lower costs (Lower half of the cost curve) • Mine expansion/development to extend mine life • Aggressive exploration for new discoveries • Build new mines, increase milling capacity 1. Includes 180,424 ounces produced by Discovery following the closing of the Porcupine acquisition on April 15, 2025, and 54,278 ounces produced in 2025 prior to the April 15, 2025 closing. 2. Average annual silver payable production at Cordero in Years 1 – 10 of the mine life based on the Cordero feasibility study entitled, “Cordero Silver Project, NI 43-101 Technical Report & Feasibility Study, Chihuahua State, Mexico” with an effective date of February 16, 2024. LOM annual payable silver production average of 12 Moz.
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5 High Quality Portfolio 1. See full list of Porcupine mineral resources and footnotes on the Mineral Resources slide later in this presentation. 2. Represents metal recovered in concentrate. 3. On a co-product basis. 4. See Cordero Mineral Reserves slide later in this presentation. Stage (producing / development) Producing Commodity Split (% of LOM Payable Prod.) Gold (100%) Life of Mine (years) 22 Net Present Value (“NPV”) (Fixed $4,500/oz Au) $5.9B Average Annual Production (Years 1 – 10) (koz Au) >285 LOM Average AISC ($/oz Au) $1,504 Total M&I Resources(1) (koz Au) 3,932 Total Inferred Resources(1) (koz Au) 12,494 Key Growth Drivers Dome TVZ Hollinger/McIntyre Exploration upside Porcupine Complex | Ontario, Canada (Based on January 2025 Technical Report) Stage (producing / development) Development Life of Mine (years) 19 NPV (Fixed $75/oz Ag) $5.9B LOM Average Annual Production(2) (In Concentrates) (moz Ag) 13.6 (mlbs Pb) 135 (mlbs Zn) 233 Average AISC (Years 1 - 8)(3) ($/oz AgEq) 12.48 Total Reserves(3) (moz Ag) 302 (blbs Pb) 2.96 (blbs Zn) 5.18 Cordero | Chihuahua, Mexico (Based on February 2024 Feasibility Study) Hoyle Borden Pamour Dome TVZ Hollinger/ McIntyre 1,400 km2 Cordero
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6 Porcupine – Quality Complex in a Tier 1 Gold Camp ~70 Moz produced1 with large resource base and substantial exploration upside Hoyle Pond: One of Canada’s highest-grade gold mines • 4 Moz @ ~11 g/t since 1987 – Excellent track record of replacing reserves • Multiple in-mine and district exploration targets – TVZ & Owl Creek Borden: Previously Newmont’s largest single land position • 1,000 km2 land position, drilling limited to current mining trend • >600 koz since 2019 DSV Site Locations in Timmins Pamour: New open-pit mine currently ramping up • Three-phase pit design with target production of ~150 koz/year • Exploration potential to east, west, north and at depth Dome: 11 Moz Inferred Resource2 & large milling facility • 3.9 Mtpa mill with optimization and expansion potential • Opportunity to resume mining operations with large resource base Hollinger/McIntyre: 30 Moz of historic production • Potential to resume mining at Hollinger Pit • L/T project to create larger mining operation combining both properties 1. Refers to production from the Porcupine Complex since production commenced at Dome in 1910. See full listing of Mineral Resources, with accompanying footnotes as set out in the Appendix of this presentation. 2. Technical Report economic analysis does not include the 11.0 Moz Inferred Mineral Resources at Dome. Please refer to the Mineral Resources slide in the Appendix of this presentation for detailed footnotes related to Mineral Resources.
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7 37 74 115 141 144 157 166 61 66 51 57 68 53 73 124 120 104 103 108 125 99 2025 2026 2027 2028 2029 2030 2031 Pamour Hoyle Pond Borden Achieving Upside to Technical Report Targeting growth in production and mine life and lower unit costs Annual Gold Production (koz Au)1 222 259 270 300 320 335 338 2 1. Based on recovered ounces. 2. 2025 production estimates presented on a full-year, 100% owned basis. Discovery acquired Porcupine on April 15, 2025. Actual FY 2025 Production 234 koz 2026 Guidance Production 260 – 300 koz
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2026 Guidance 8 Production 260 – 300 koz Op. Cash Costs/oz $1,250 – $1,400 AISC/oz $1,950 – $2,250 Royalties $25 – $30M Sustaining Capital $120 – $165M Growth Capital $195 – $235M Cordero $90 – $100M Exploration $55 – $75M Corp. G&A $35 – $40M
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9 Pamour: Resource conversion and expansion within pit phases 1, 2 and 3 Drilling for new zones along strike and to depth Exploration – 2026 Hoyle Pond: Resource conversion and expansion in lower S Vein and XMS Zones Drill for new zones in mid & upper mine TVZ: Establish NI 43-101 resource Targeting drilling between 900L and 1800L; metallurgical sampling Dome: Upgrade and add confidence to inferred resources located on the edges and below the historic pit Borden: Resource conversion and expansion in NE extension of Main Zone and Far East Zone (FEZ) of Pamour Regional: Timmins: Paymaster, Hollinger – McIntyre, Broulan Trend, Owl Creek Borden: NE extensions of Main Zone and other district targets
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10 Cordero Silver Project – Mexico One of the World’s largest undeveloped silver projects • One of world’s largest undeveloped silver reserves • Feasibility study results released in February 20241 o NPV $5.9B at a $75/oz silver price (grows to $7.2B in Years 4) (FS base case NPV of $1.2B using $22/oz silver, grows to $2.2B in Year 4) o 14Moz annual silver production (Years 1 – 10) o AISC3 <$12.50/oz per year (Years 1 – 8) based on FS assumptions o Low capital intensity (NPV to initial capital ratio of 2:1) o 19-year production life o Significant socio-economic benefits for Mexico • $90 – $100M budget in 2026 mainly related to payment of Change of Land Use (“CUS”) fee following Environmental impact assessment (“MIA”) approval • New CUS fee structure under review 1. Details of the Cordero feasibility study are available in the technical report entitled, “Cordero Silver Project, NI 43-101 Technical Report & Feasibility Study, Chihuahua State, Mexico” with an effective date of February 16, 2024, available at www.discoverysilver.com and on SEDAR+ at www.sedarplus.ca. 2. Refers to silver equivalent ounces. 3. Example of Non-IFRS Measure. See Slide 3 for more information.
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11 Significant liquidity available to invest • $410M cash (Dec 31/25) • $250M credit facility + $100M accordion • Substantial FCF generation Targeting Substantial Value Creation Opportunity for transformative growth at existing assets Current production 234 koz gold in 20251 3 operating mines at Porcupine Future Opportunity 500 – 750 koz gold + 14 Moz silver/year2 AISC in lower half of global cost curve 1 operating mine in Mexico Invest capital to deliver shareholder returns • Improve productivity/increase production • Lower costs (Lower half of the cost curve) • Mine expansion/development to extend mine life • Aggressive exploration for new discoveries • Build new mines, increase milling capacity 1. Includes 180,424 ounces produced by Discovery following the closing of the Porcupine acquisition on April 15, 2025, and 54,278 ounces produced in 2025 prior to the April 15, 2025 closing. 2. Average annual silver payable production at Cordero in Years 1 – 10 of the mine life based on the Cordero feasibility study entitled, “Cordero Silver Project, NI 43-101 Technical Report & Feasibility Study, Chihuahua State, Mexico” with an effective date of February 16, 2024. LOM annual payable silver production average of 12 Moz.
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APPENDIX
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13 2026 Guidance 2026 Guidance $ Million unless otherwise indicated Gold production (koz) 260 – 300 Operating cash costs/oz sold ($/oz)1 $ 1,250 – 1,400 AISC/oz sold ($/oz)1 $ $1,950 – $2,250 Royalties2 $ 25 – 35 Sustaining capital expenditures1 $ 120 – 165 Growth capital expenditures1 $ 195 – 235 Cordero – Fees and capital $ 90 – 100 Exploration (capital & expensed) $ 55 – 75 Corporate G&A3 $ 35 – 40 (1) Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP MEASURES” for more information. (2) Royalty expense is included in operating cash cost and AISC per ounce sold. Royalty expense does not include costs related to the Franco Nevada Royalties. (3) Corporate G&A excludes share-based compensation. (4) Based on, where applicable, a USD/CAD exchange rate of 1.36 and a USD/MXN$ exchange rate of 18.0.
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14 2026 Guidance Production: 260 – 300 koz ▪ Production weighted to second half of 2026 ▪ Increased production from Hoyle Pond and Borden (vs. Jan. 2025 technical report) ▪ Production ramps up at Hollinger Operating cash costs - $1,250/oz – $1,400/oz ▪ Unit costs near top end of ranges in H1 2026 ▪ Significantly lower in H2, ending year below target range AISC – $1,950/oz – $2,250/oz ▪ AISC includes higher sustaining capital vs 2025, which is weighted to first half of the year ▪ Full-year site-level AISC to be better than technical report estimate of $1,945/oz
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15 2026 Guidance – Capital In Line with Q4 2025 Run Rate Sustaining Capital: $120M – $165M ▪ Mobile equipment, capital development and infrastructure at Hoyle Pond and Borden ▪ Mill investments focused on solution circuit (CIP replacement, Leach tank repairs) to support improved throughput and recoveries ▪ Tailings project to raise and buttress No. 6 dam Growth Capital: $195M – $235M ▪ New deposition plan at TMA6 – dividing No. 6 dam into cells – increases capacity, supports progressive rehabilitation ▪ Pre-stripping at Pamour ▪ New ventilation raise and fans at Borden
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16 2026 Guidance – Capital In Line with Q4 2025 Run Rate Cordero: Fees and Capital of $90M – $100M ▪ Most of budget relates to Change of Land Use fee – Dependent on receiving MIA Approval ▪ Remainder mainly involves engineering/test work for power and water Exploration: $55M – $75M ▪ ~280k metres of drilling planned ▪ Continuing resource and expansion drilling at Hoyle Pond, Borden, Pamour ▪ Drilling at TVZ and Dome ▪ District targets – Owl Creek, Broulan, others
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17 Porcupine - Mineral Resources Notes: 1. Mineral Resources are reported insitu, using the 2014 CIM Definition Standards. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 2. Mineral Resources have an effective date of 3 December, 2024. The Qualified Person for the Borden, Hoyle Pond and Pamour estimates is Mr. Eric Kallio, P.Geo., an independent Qualified Person. The Qualified Person for the Dome estimate is Dr. Ryan Barnett, P.Geo., an employee of Resource Modelling Solutions. 3. Mineral Resources that are considered amenable to underground mining methods at Borden are constrained within conceptual mineable shapes that use the following input parameters: gold price of US$2,000/oz Au, mining costs of US$120.08/t mined, process costs of US$18.30/t processed, general and administrative costs of US$31.58/t processed, variable metallurgical recoveries by mining zone ranging from 81.08–93.64%, refining costs of US$0.98/oz Au, dilution percentages that vary by mining zone, ranging from 18–25%, and a 4.6% royalty. Mineral Resources are reported at varying cut-off grades by mining zone, ranging from 3.3–4.2 g/t Au. 4. Mineral Resources that are considered amenable to open pit mining methods at Dome are constrained within a pit shell that uses the following input parameters: gold price of US$2,000/oz Au, mining costs of US$3.85/t mined, process costs of US$18.75/t processed, general and administrative costs of US$3.86/t processed, average 91% metallurgical recovery, refining costs of US$0.94/oz Au, and pit slope angles of 45º. Mineral Resources are reported above a 0.40 g/t Au cut-off. 5. Mineral Resources that are considered amenable to underground mining methods at Hoyle Pond are constrained within conceptual stope designs that use the following input parameters: gold price of US$2,000/oz Au, mining costs of US$371.55/t mined assuming longitudinal long-hole retreat methods and US$277.33/t mined assuming underhand cut-and-fill methods, process costs of US$45.01/t processed, general and administrative costs of US$47.05/t processed, average 94.3% metallurgical recovery, refining costs of US$0.98/oz Au, dilution percentages that vary by zone and mining method, ranging from 12–194%, and a royalty of 8.0%. The Mineral Resource estimate is reported at a cut-off grade of 12.3 g/t Au in the stopes assumed to be mined using longitudinal long- hole retreat methods and 6.05 g/t Au in the stopes assumed to be mined using underhand cut-and- fill. 6. Mineral Resources that are considered amenable to open pit mining methods at Pamour are constrained within a pit shell that uses the following input parameters: gold price of US$2,000/oz Au, mining costs of US$5.50/t mined, process costs of US$23.70/t processed, general and administrative costs of US$10.47/t processed, average 91% metallurgical recovery, refining costs of US$0.94/oz Au, and pit slope angles of 25º in overburden and 45º in rock. Mineral Resources are reported above a 0.53 g/t Au cut-off. 7. Estimates have been rounded. Grades and contained metal content are presented as weighted averages. 8. The preliminary assessment is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Mineral Resources Tonnes Gold Grade Contained Ounces (kt) (g/t Au) (koz Au) Hoyle Pond - - - Borden 1,471 6.17 292 Pamour - - - Dome - - - Total Measured Resources 1,471 6.17 292.0 Hoyle Pond 1,167 12.90 484 Borden 2,274 6.15 449 Pamour 64,755 1.30 2,704 Dome - - - Total Indicated Resources 68,196 1.66 3,640.0 Hoyle Pond 1,167 12.90 484 Borden 3,745 6.16 741 Pamour 64,755 1.30 2,704 Dome - - - Total Measured & Indicated Resources 69,667 1.76 3,931.9 Hoyle Pond 578 15.24 283 Borden 1,372 5.22 230 Pamour 23,264 1.34 1,002 Dome 229,284 1.49 10,978 Total Inferred Resources 254,499 1.53 12,493.5
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18 Cordero - Mineral Resources MATERIAL CLASS TONNES GRADE CONTAINED METAL Ag Au Pb Zn AgEq Ag Au Pb Zn AgEq (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (koz) (Mlb) (Mlb) (Moz) OXIDE Measured 29 29 0.07 0.23 0.27 49 27 67 148 171 45 Indicated 37 24 0.06 0.25 0.29 44 28 74 207 241 53 M&I 66 26 0.07 0.24 0.28 46 55 142 355 412 99 Inferred 32 19 0.03 0.26 0.33 42 20 35 188 234 43 SULPHIDE Measured 324 24 0.07 0.34 0.63 57 247 745 2,413 4,473 598 Indicated 329 18 0.04 0.28 0.58 48 190 416 2,045 4,215 506 M&I 653 21 0.06 0.31 0.60 53 437 1,161 4,458 8,687 1,104 Inferred 116 12 0.02 0.16 0.35 30 45 86 418 906 111 TOTAL Measured 353 24 0.07 0.33 0.60 57 274 812 2,561 4,644 643 Indicated 366 19 0.04 0.28 0.55 47 218 490 2,252 4,456 559 M&I 719 21 0.06 0.30 0.57 52 493 1,303 4,813 9,099 1,202 Inferred 149 14 0.03 0.18 0.35 32 65 121 606 1,140 155 Mineral Resource Estimates are inclusive of Reserves Net Smelter Return (NSR cut-off) • NSR – Net revenue less treatment costs & refining charges • Oxide & Sulphide resource cut-off: $7.25/t Pit constraint assumptions • Ag - $24.00/oz, Au - $1,800/oz, Pb - $1.10/lb, Zn - $1.20/lb • Recovery assumptions: Ag – 87%, Au – 18%, Pb – 89% and Zn – 88%. AgEq for sulphide mineralization and Ag – 59%, Au – 18%, Pb - 37% and Zn - 85% for oxide mineralization • Operating costs: Mining costs of $1.59/t for ore and waste, Processing costs of $5.22/t and G&A costs: $0.86/t
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19 Cordero - Mineral Reserves Material Class Tonnes Grade Contained Metal Ag Au Pb Zn Ag Au Pb Zn (Mt) (g/t) (g/t) (%) (%) (Moz) (Moz) (Blb) (Blb) Oxide Proven 10 46 0.08 0.35 0.38 15 0.03 0.08 0.09 Probable 10 40 0.09 0.40 0.42 13 0.03 0.09 0.09 Total P&P 20 43 0.08 0.37 0.40 28 0.05 0.17 0.18 Sulphide Proven 212 29 0.09 0.42 0.74 199 0.61 1.96 3.48 Probable 95 24 0.06 0.40 0.73 74 0.18 0.83 1.53 Total P&P 307 28 0.08 0.41 0.74 274 0.78 2.79 5.00 TOTAL Proven 223 30 0.09 0.42 0.73 214 0.64 2.04 3.57 Probable 104 26 0.06 0.40 0.70 87 0.20 0.91 1.62 Total P&P 327 29 0.08 0.41 0.72 302 0.84 2.96 5.18 Supporting Technical Disclosure for Reserves • This mineral reserve estimate has an effective date of February 16, 2024, and is based on the mineral resource estimate, for Discovery Silver by RedDot that has an effective date of August 31, 2023. • The Mineral Reserve estimate was completed under the supervision of Willie Hamilton, P.Eng. of AGP, who is a Qualified Person as defined under NI 43-101. • Mineral Reserves are stated within the final pit designs based on a US$20.00/oz silver price, US$1,600/oz gold price, US$0.95/lb lead price and US$1.20/lb zinc price. • An NSR cut-off of US$10.00/t was used to estimate reserves. The life-of-mine mining cost averaged US$2.35/t mined. Processing, G&A and closure costs were US$7.28/t ore. The metallurgical recoveries were varied according to head grade and concentrate grades. Lead concentrate recoveries for sulphide material were approximately 87.5%, 73.9% and 12.6% for lead, silver and gold respectively. Zinc concentrate recoveries for sulphide material were approximately 95.0%, 14.3% and 9.5% for zinc, silver and gold respectively. Oxide recoveries to zinc concentrates were 85%, 9% and 8% for zinc, silver, and gold respectively. Oxide recoveries to lead concentrates were 37%, 50% and 10% for lead, silver, and gold respectively.
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20 ▪ 4 Moz produced @ average grade of ~11 g/t since 1987 ▪ Current mining rate ~550 tpd, hoisting capacity of 2,200 tpd ▪ Mined material trucked 17 km to Dome Mill ▪ Targeting increased production and extended mine life ▪ Opportunities: Ventilation upgrades Material handling Backfill systems Increase automation Exploration Hoyle Pond Mine1 1. Please refer to the Preliminary Economic Assessment Disclaimer on Slide 3. 2. Please refer to the Mineral Resources slide in the Appendix of this presentation for detailed footnotes related to Mineral Resources. Resources2 Tonnes Grade Ounces (kt) (Au g/t) (koz Au) Measured - - - Indicated 1,167 12.90 484 Total M&I 1,167 12.90 484 Inferred 578 15.24 283 UG mine with substantial exploration potential
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21 Hoyle Pond – Both In-Mine and District Exploration Upside Substantial potential to continue Hoyle Pond’s track record for replacing reserves
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22 Exploration – Owl Creek Owl Creek: Drill results confirm presence of high-grade mineralization 3 km west of HP
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23 Pamour Open-Pit Mine1 Open-pit mine with significant exploration upside ▪ Involves layback of existing open pit located 15 km from Dome Mill ▪ To provide feed to Dome Mill through to 2047 ▪ Key priority to advancing to commercial production, pursuing opportunities to increase mining rates, lower costs ▪ Opportunities: Reduce/eliminate waste rock rehandling Evaluating potential alternatives to replace truck haulage to the Dome Mill Resources2 Tonnes Grade Ounces (kt) (Au g/t) (koz Au) Measured -- -- -- Indicated 64,755 1.30 2,704 Total M&I 64,755 1.30 2,704 Inferred 23,264 1.34 1,002 1. Please refer to the Preliminary Economic Assessment Disclaimer on Slide 3. 2. Please refer to the Mineral Resources slide in the Appendix of this presentation for detailed footnotes related to Mineral Resources.
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24 Exploration – Pamour Favourable drill results within and along strike of resources in all 3 phases of pit design 0001 0.81/11.3 0.92/26.6 0.96/9.2 0002 0.80/22.5 0.71/12.9 1.56/16.0 0003 0.89/10.0 0006ALR 0.75/8.4 1.68/13.2 0006LR 0.68/20.0 0.81/15.4 0008 1.05/8.4 0.83/5.9 0012 1.07/54.5 1.44/104.6 0009 0.96/6.4 0.61/13.2 2.03/25.8 2.18/20.5 0.99/8.2 1.20/37.8 0014 0.74/21.4 0020 0.91/5.4 0.61/6.1 0.80/5.8 0.89/22.8 1.91/6.2 1.04/24.0 0029 0.68/31.5 0.73/28.0 0033 0.82/5.5 2.52/7.0 0041 48.82/5.0 0013 0.79/12.0 0016 0.63/17.2 0018 3.42/19.9 0.49/11.8 1.47/57.6 0021 2.08/8.9 1.37/6.6 0.87/5.1 1.43/5.5 0.74/21.8 1.02/28.0 0024 1.35/15.5 3.15/7.0 1.85/34.6 1.20/17.0 0025 3.46/7.4 3.40/39.8 1.48/7.5 0038 1.51/38.3 0044 0.93/37.1 1.16/49.3 0028 2.48/15.3 0.97/60.5 0054 0.89/7.0 0.88/20.0 0007 0.87/44.7 4.14/6.0 0010 1.51/34.2 0031 1.30/27.3 0019 1.74/37.0 0.50/19.8 0068 0.96/86.6 0011 1.32/40.9 0.69/7.0 2.18/7.5 0005 1.40/44.9 0034 9.61/8.5 0.82/19.8 2.68/6.3 0036 1.11/16.1 0.67/27.8 1.78/39.4
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25 Borden Mine1 Underground mine in highly prospective area with camp potential Resources2 Tonnes Grade Ounces (kt) (Au g/t) (koz Au) Measured 1,471 6.17 292 Indicated 2,274 6.15 449 Total M&I 3,745 6.16 741 Inferred 1,372 5.22 230 ▪ UG mine 20 km from Chapleau, Ontario ▪ Commercial operations commenced in 2019 ▪ Long hole mining method with current mining rate of 2,000 tpd ▪ Targeting increased production and extended mine life ▪ Opportunities: Optimize workforce Upgrade haulage fleet Increase automation and electrification Improve ground support and back fill systems Upgrade ventilation 1. Please refer to the Preliminary Economic Assessment Disclaimer on Slide 3. 2. Please refer to the Mineral Resources slide in the Appendix of this presentation for detailed footnotes related to Mineral Resources.
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26 Borden Mine – Deep Zone
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27 Borden Mine Area Borden North Electric Bear North Conglomerate North Limb Northern Granulite GDZ East Borden West Roswell-Day West LeBlanc 585 Drift Northwest Trend
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Q4 2025 Adjusted Net Earnings - Up 75% Denoted in $US/per share $0.08 $0.14 $0.04 $0.01 $0.01 Q4 EPS TTN Resource Development Agreement Other Q4 Adjusted EPS 28 Discount Rate Change – Reclamation expense Q4 2025 Adjusted Net Earnings of $113.5 million or $0.14/per share, demonstrating strengthened profitability
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2025 EBITDA and Free Cash Flow Remain Strong 55 122 126 0 10 20 30 40 50 60 70 80 90 100 110 120 130 0 10 20 30 40 50 60 70 80 90 EBITDA FCF Q2 2025 Q3 2025 Q4 2025 FCF EBITDA Denoted in $US millions 29 EBITDA and Free Cash Flow has been robust the last three quarters, supported by strong operating results
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2025 Capital Re-Investment in the Business 16,122 20,799 33,805 28,053 44,351 66,054 Q2 2025 Q3 2025 Q4 2025 44,175 65,150 99,859 +53% Growth Sustaining Denoted in $US thousands 30 Increased capital expenditures provide needed investment for the Porcupine operations to achieve full value potential
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AISC Cash Cost Q4 Consolidated Cash Costs Lower Denoted in $US per oz 122 209 145 524 180 300 73258 633 223 637 122 145 300 633 55 Cash cost Q3 -15 Cash cost Q4 -15 28 AISC Q4 1,339 1,185 2,034 Mining Milling Site Admin Inventory change Royalty G&A/SBC ARO Sustaining Capital Sustaining Leases* 10% 12% 26% 53% Royalty -1% Inventory Change Site Admin Milling Mining 7% 15% 31% 4% 11% 26% 7% Site Admin Milling Mining ARO G&A/SBC Sustaining Capital Other 31
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$13M Increase in Sustaining Capital Impacting AISC 1,734 2,034 196 126 81 64 54 34 28 20 42 222 MillingVolume Impact RoyaltyAROG&A/SBCSustaining Capital Q3 AISC Inventory Change Q4 AISCMiningLeases Site Admin +17% Denoted in $US per oz Sustaining capital increased in the latter part of the year to support operational optimization and long-term value creation 32
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$660.7 million 20% Increase in Cash Balance & Available Liquidity of $661M Denoted in $US millions Cash Revolver $410.7 $250.0 341.5 410.7163.2 95.2 1.2 Q4 2025 Opening Cash Operating Cash Flow Additions to MI & PPE Financing Activities/FX Q4 2025 Closing Cash +20% 33 LiquidityCash Movement
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34 Porcupine – Q4 2025 Solid Production Growth -- Stable Unit Costs – Increased Capex as Programs Ramp Up ▪ Gold production of 66,718 oz ▪ Higher production at both Hoyle Pond and Pamour ▪ Hoyle Pond grades improved as ventilation constraints eased ▪ Operating cash1 averaged $1,185/oz sold, 12% lower than Q3 2025 ▪ Site-level AISC1 averaged $1,824/oz sold at the site level, increase reflected higher sustaining capital ▪ Total site-level capital expenditures1 of $97M, largely focused on TMA, Pamour pre-stripping and investments in mobile equipment/capital development at Hoyle Pond and Borden (1) Example of Non-GAAP measure. See Slide 3 for Non-GAAP measures disclosures. (1) Includes gold production, poured and sold from Hoyle Pond, Borden and Pamour. (2) The difference between ounces produced and ounces sold largely reflects the delivery of in-kind ounces under the Franco-Nevada royalty. (3) Example of Non-GAAP measure. See Slide 8 for information on NON-GAAP MEASURES.” (4) Operating cash costs per ounce sold, AISC per ounce sold and total capital expenditures are site level and exclude remaining corporate G&A, share-based compensation costs and corporate-level sustaining capital expenditures. Three months ended Year ended Porcupine Complex December 31, 2025 September 30, 2025 December 31, 2025 Tonnes processed (t) 892,818 808,688 2,2 10,297 Average Grade (g/t Au) 2.58 2.69 2.80 Recovery (%) 90.2 % 90.3 % 90.5 % Gold produced (oz)(1) 66,718 63,154 180,424 Gold poured (oz)(1) 67,010 65,978 179,605 Gold sold (oz)(1)(2) 64,479 66,200 173,229 Milling costs ($ thousands) 19,354 17,107 49,351 Milling costs per tonne processed ($/tonne) 21.7 21.2 22.3 Production costs ($ thousands) 73,814 106,807 235,540 Operating cash costs per ounce sold ($/oz)(3)(4) 1,185 1,339 1,267 AISC per ounce sold ($/oz)(3)(4) 1,824 1,699 1,781 Total capital expenditures(3)(4) ($ thousands) 96,581 65,976 204,189
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35 Timmins Geology
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36 Exploration – Positive Results at all Operations Hoyle Pond: Excellent results from resource conversion and expansion drilling
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37 Exploration – Hoyle Pond S Zone Deep Hoyle Pond: Drilling extended S Zone to depth and identified new lenses of mineralization
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38 Exploration – TVZ Large mineralized zone adjacent to Hoyle Pond
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39 Exploration – Owl Creek Owl Creek: Drill results confirm presence of high-grade mineralization 3 km west of HP
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40 Exploration – Borden Resource Conversion Drilling Borden: Excellent results from resource conversion and expansion drilling
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41 Exploration – Pamour Favourable drill results within and along strike of resources in all 3 phases of pit design
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42 Exploration – Dome Re-development of Dome is a potential game changer for Discovery
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43 US$5.6n 1 Tax revenue paid to gov’ts in Mexico Environmental impact assessment (“MIA”) submitted in August 2023, awaiting ruling from SEMARNAT Project benefits from: • Use of treated wastewater as primary water source • Location in a mining-friendly jurisdiction • Strong community support • Major socio-economic benefits Cordero – Permitting Support 1. Based on fixed $75/oz silver price LOM. Cordero permitting status >2,500 Jobs created during construction US$1.4Bn Total investment life-of- mine US$4Bn Local purchasing; indirect jobs/supply chains Generational socio-economic benefits >1,000 Jobs created during operations