Cusi Mining Complex

The Company's flagship silver-gold-lead-zinc underground project in Mexico, comprising epithermal vein systems modelled across 63 three-dimensional resource models. An updated NI 43-101 mineral resource estimate (effective October 20, 2025; SGS Geological Services, QP Ben Eggers, peer-reviewed by Allan Armitage) draws on drilling and channel sampling totalling 48,786 metres completed between 2013 and 2023 and is exclusive of mined-out material. The project is supported by a preliminary economic assessment contemplating an 8.3-year mine life; the Company is targeting a concentrate production restart in late 2026, including selecting an underground mining contractor, and is advancing a 2026 30,000-metre drill programme (building on a 2025 15,000-metre programme) to add and upgrade resources, enhance the production profile and extend mine life. Resources are not reserves.