Porcupine Complex

100%-owned Porcupine Complex in Timmins, Ontario (Abitibi greenstone belt), acquired by Discovery Silver from Newmont (Goldcorp Canada) in 2025. The complex hosts the Borden underground mine, the Hoyle Pond underground mine, the Pamour open pit, the suspended past-producing Hollinger open pit and the Dome process plant (permitted 15,000 t/d; 2024 PEA assumes 12,000 t/d at ~3.9 Mt/a). Borden ore is trucked 190 km to Dome plant; Pamour 13 km; Hoyle Pond 17 km. The 2024 PEA (effective Dec 3, 2024) covers a 22-year LOM 2025-2047 producing 4,919 koz payable gold at an after-tax NPV5 of US$1,239M (long-term gold US$2,150/oz), with LOM capex US$2,385M incl. closure US$722M, AISC US$1,504/oz and total cash cost US$1,152/oz. Process recovery ~92% Au. Mineralization classed under 2014 CIM Definition Standards.