Discovery Reports 63,154 Ounces of GOLD Production, $86.8 Million of Free Cash FLOW1 IN Q3 2025
1. Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP
MEASURES” for more information.
2. Site-level AISC includes corporate G&A allocation and excludes remaining corporate G&A,
share-based compensation costs and corporate-level sustaining capital expenditures.
DISCOVERY REPORTS 63,154 OUNCES OF
GOLD PRODUCTION, $86.8 MILLION OF
FREE CASH FLOW1 IN Q3 2025
Cash of $341.5 million at September 30, 2025
November 13, 2025, Toronto, Ontario - Discovery Silver Corp. (TSX: DSV,
OTCQX: DSVSF) (“ Discovery” or the “ Company”) today announced the
Company’s financial and operating results for the third quarter ( “Q3
2025”) and first nine months (“ YTD 2025”) of 202 5. Discovery began
reporting the results of gold production and sales following the
Company’s acquisition (“Acquisition” or “Porcupine Acquisition”) of the
Porcupine Complex (“Porcupine”) in and near Timmins, Ontario on April
15, 2025. The Company’s full financial statements and management
discussion & analysis are available on SEDAR+ at www.sedarplus.ca and
on the Company’s website at www.discoverysilver.com. All dollar
amounts are in US dollars, unless otherwise noted.
Tony Makuch, Discovery’s CEO, commented: “ During Q3 2025, we
generated solid operating and financial results while at the same time
continuing to integrate systems, align policies and procedures, strengthen
management structures and advance investment programs at Porcupine.
A key highlight of the third quarter was cash flow, with net cash from
operating activities of $153.5 mi llion and free cash flow 1 totaling $86.8
million. Strong cash flow resulted from a 56% increase in gold sales, to
66,200 ounces from 42,550 ounces the previous quarter, and an increase
in the average rea lized gold price1, to $3,489 per ounce sold. Driven by
strong cash flow generation, we grew our cash position by 35%, to $341.5
million at September 30, 2025. With our current cash, as well as a new
revolving credit facility for $250 million , plus a $100 million accor dion
feature, Discovery is very well capitalized as it moves forward with
investment plans aimed at growing production, improving costs and
maximizing value creation at Porcupine.
“A key component of the tremendous potential at Porcupine involve s
exploration. Last week, we issued our first exploration update, which
included excellent drill results from resource conversion and expansion
drilling at Hoyle Pond, Borden and Pamour, as well as very encouraging
results at Owl Creek, which confirm the presence of high-grade
mineralization three kilometers to the west of Hoyle Pond. We also
announced the commencement of drilling programs at Dome Mine and
the TVZ Zone. Dome and TVZ have the potential to becom e two new
mining operations that could substantially grow production and value
creation in Timmins. Drilling at Dome and TVZ is being conducted as part
of studies to more thoroughly evaluate the projects, with these studies
targeted for completion in 2026.”
NEWS RELEASE
Q3 2025 NET EARNINGS AND EPS
Net earnings of $42.4M ($0.05/share) versus net
loss of $3.9M ($0.01/share) in Q 3 2024; Adjusted
net earnings1 totaled $61.1 million or $0.08/share.
GOLD PRODUCTION IN Q3 2025
63,154 oz produced compared to 50,552 oz in Q2
2025 (from April 16 – June 30).
OPERATING CASH COSTS IN LINE WITH
EXPECTATIONS
Operating cash costs 1 of $1,339/oz sold versus
$1,341/oz in Q2 2025.
ATTRACTIVE MARGINS DRIVE PROFITABILITY
AND CASH FLOW
All-in sustaining costs (“AISC”) 1 averaged
$1,734/oz sold compared to an average realized
gold price1 of $3,489/oz; Site-level AISC2 averaged
$1,699/oz sold.
STRONG CASH FLOW FROM GOLD SALES
Net cash from operating activities of $153.5M; Free
cash flow1 of $86.8M.
SOLID CASH POSITION TO SUPPORT OPERATIONS
AND GROWTH PLANS
Cash at September 30, 2025 , totaled $ 341.5M,
with working capital of $224.2 million.
NEW REVOLVING CREDIT FACILITY (“RCF”)
PROVIDES INCREASED LIQUIDITY
New RCF will allow Discovery to borrow up to $250
million, with an accordion feature for an additional
$100 million. The agreement is expected to close
in Q4 2025.
ENCOURAGING EXPLORATION RESULTS
RELEASED SUBSEQUENT TO QUARTER END
Resource conversion and expansion drilling at
Hoyle Pond, Borden and Pamour returns excellent
results; Encouraging dr ill results at Owl Creek
confirm potential for significant high -grade
mineralization west of Hoyle Pond.
2
SUMMARY OF Q3 AND YTD 2025 PERFORMANCE
Three months ended Nine months ended
In $ thousands except per share amounts
September 30,
2025
September 30,
2024
June 30,
2025
September 30,
2025
September 30,
2024
Revenue 236,961 — 142,010 378,971 —
Production costs 106,807 — 54,919 161,726 —
Earnings (loss) before income taxes 71,114 (3,860) 24,510 89,172 (9,503)
Net earnings (loss) 42,439 (3,860) 5,534 41,521 (9,503)
Basic earnings (loss) per share 0.05 (0.01) 0.01 0.06 (0.02)
Diluted earnings (loss) per share 0.05 (0.01) 0.01 0.06 (0.02)
Cash flow from (used in) operating
activities 153,488 (1,192) 67,081 214,492 (12,206)
Cash investment on mine development
and PPE (66,675) (2,280) (39,766) (110,208) (7,723)
(1) Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP MEASURES” for more information.
(2) For Q2 2025, ounces sold and the cash payments in the operating cash costs per ounce sold and AISC per ounce sold calculations that related
to the Franco Royalty arrangement have been excluded. See the section in this press release entitled, “NON -GAAP MEASURES” for more
information.
(3) YTD 2025 results exclude G&A expense, share-based compensation costs and sustaining capital expenditures and lease expense incurred prior
to April 15, 2025, the completion date of the Porcupine Acquisition.
Q3 2025
• Revenue in Q3 2025 totaled $237.0 million that resulted from gold sales of 66,200 ounces at an average
realized gold price1 of $3,489 per ounce.
• EBITDA1,2 of $122.1 million compared to a loss before interest, taxes and depreciation and amortization
of $3.9 million in Q3 2024 and EBITDA of $55.2 million in Q2 2025. The significant improvement in EBITDA
compared to the previous quarter largely reflected the favourable impact on earnings of a 67% increase
in revenue from Q2 2025 and a reduction in corporate G&A costs.
• Net earnings totaled $42.4 million, or $0.05 per basic share , versus a loss of $3.9 million , or $0.01 per
basic share, in Q3 2024 and net earnings of $5.5 million, or $0.01 per basic share, in Q2 2025.
• Adjusted net earnings1 totaled $61.1 million, or $0.08 per basic share, compared to adjusted net loss of
$2.3 million, or $0.01 per basic share, in Q3 2024 and adjusted net earnings of $28.4 million, or $0.04 per
basic share, the previous quarter. The main differences between net earnings and adjusted net earnings
in Q3 2025 related to the exclusion from adjusted net earnings of the after -tax impacts of $18.5 million
of purchase price allocation (“PPA”) adjustments, $3.3 million related to transition services agreement
Three months ended Nine months ended
September 30,
2025
September 30,
2024
June 30
2025
September 30,
2025
September 30,
2024
Tonnes milled 808,688 — 508,791 1,317,480 —
Average Grade (g/t Au) 2.69 — 3.39 2.96 —
Recovery (%) 90.3 — 91.3 90.7 —
Gold produced (oz) 63,154 — 50,552 113,706 —
Gold sold (oz) 66,200 — 42,550 108,750 —
Average realized price ($/oz sold)(1) $ 3,489 $ — $ 3,337 $ 3,430 $ —
Operating cash costs per ounce
sold ($/oz sold)(1)(2) $ 1,339 $ — $ 1,341 $ 1,340 $ —
AISC per ounce sold ($/oz
sold)(1)(2)(3) $ 1,734 $ — $ 2,074 $ 1,863 $ —
Adjusted net earnings(1) $ 61,090 $ (2,336) $ 28,434 $ 86,479 $ (6,414)
Adjusted net earnings per share(1) $ 0.08 $ (0.01) $ 0.04 $ 0.13 $ (0.02)
Free cash flow(1) $ 86,813 $ (3,472) $ 27,315 $ 104,284 $ (19,929)
3
(“TSA”) costs and $1.6 million of transaction-specific business development costs, partially offset by the
exclusion of $9.2 million of foreign exchange gains.
• Solid operating performance in Q3 2025:
o Production of 63,154 ounces compared to 50,552 ounces the previous quarter (76 days from
April 16, 2025 to June 30, 2025)
o Gold sales of 66,200 ounces versus 42,550 ounces in Q2 2025
o Production costs of $106.8 million compared to $54.9 million the previous quarter (Q3 2025
production costs included the $18.5 million of PPA adjustments ($nil in Q2 2025) and $3.3
million of TSA costs ($2.4 million in Q2 2025).
o Operating cash costs 1 averaged $1,339 per ounce sold versus $1,341 per ounce sold in Q2
2025
o All-in sustaining co sts1 (“AISC”) averaged $1,734 per ounce sold compared to $2,074 per
ounce sold the previous quarter; Site-level AISC in Q3 2025 averaged $1,699 per ounce sold
versus $1,849 per ounce sold in Q2 2025. See the Operating cash costs and AISC tables in the
Non-GAAP Measures section near the end of this press release for more information.
• Cash flows included net cash from operating activities of $153.5 million, which compared to net cash used
in operating activities of $1.2 million in Q3 2024 and net cash from operating activities of $67.1 million
the previous quarter.
• Free cash flow1 totaled $86.8 million versus free cash flow of ($3.5) million in Q3 2024 and $27.3 million
in Q2 2025.
• Capital expenditures1 in Q3 2025 totaled $65.2 million, with an additional $1.4 million of finance leases.
Of the $65.2 million, $20.8 million related to sustaining capital expenditures 1, while $44.4 million were
growth capital expenditures 1. Sustaining capital expenditures were largely focused on capital
development at Hoyle Pond and Borden and construction work to raise and buttress the No. 6 tailings
management area (“TMA6”) at the Dome property. Growth capital expenditures primarily related to pre-
stripping at Pamour and longer-term investments at the TMA6.
• Cash at September 30, 2025, totaled $341.5 million compared to $252.5 million at June 30, 2025, with
the increase in cash mainly resulting from the $86.8 million of free cash flow generated during Q3 2025.
• Working capital1 at September 30, 2025 totaled $224.2 million as compared to working capital of $17.0
million at December 31, 2024 and $225.9 million at June 30, 2025. The 35% increase in cash during Q3
2025 was offset by lower inventory levels as well as higher current tax payable, employee-related benefits
and other current liabilities in accounting for the change in working capital compared to June 30, 2025.
4
(1) Represents cash capital expenditures incurred during Q3 2025
YTD 2025
Discovery did not generate revenue or earnings from mine operations in YTD 2024 or Q1 2025.
• Gold production totaled 113,706 ounces, while gold sales totaled 108,750 ounces. Revenue of $379.0
million resulted from gold sales and an average realized price of $3,430 per ounce. Production costs
totaled $161.7 million. Operating cash costs averag ed $1,340 per ounce sold, while AISC per ounce sold
averaged $1,863.
• EBITDA was $171.0 million versus a loss before interest, taxes and depreciation and amortization of $9.5
million in YTD 2024, with earnings generated following the Porcupine Acquisition in Q2 2025 mainly
accounting for the significant improvement in EBITDA performance.
• Net earnings totaled $41.5 million, or $0.06 per basic share, versus net loss of $9.5 million, or $0.02 per
basic share, in YTD 2024, with the prior year net loss largely resulting from corporate G&A costs, share -
based compensation expense and foreign exchange losses during YTD 2024.
• Average basic shares outstanding were 648.0 million shares versus 399.5 million shares for the same
period a year earlier, with the increase mainly due to the impact of the 401.8 million shares issued during
Q2 2025 in relation to the Porcupine Acquisition and the Company's Financing Package.
• Adjusted net earnings were $86.5 million, or $0.13 per basic share, respectively, compared to adjusted
net loss of $6.4 million, or $0.02 per share, in YTD 2024. The difference between net earnings and adjusted
net earnings in YTD 2025 mainly reflected the exclusion from adjusted net earnings of the after -tax
impacts of $21.8 million of transaction -specific business development expenses primarily related to the
Porcupine Acquisition, the $18.5 million of PPA adjustments and $5.7 million of TSA costs.
• Net cash from operating activities in YTD 2025 totaled $214.5 million, while free cash flow totaled $104.3
million.
• Total capital expenditures totaled $112.5 million, with an additional $2.2 million of finance leases. Of
the $112.5 million of capital expenditures, $37.0 million related to sustaining capital expenditures and
$75.5 million were growth capital expenditures. Porcupine accounted for $70.8 million of growth capital
252.5
153.5
(4.3)
5.3 1.2 341.5
(66.7)
0
50
100
150
200
250
300
350
400
450
Change in Cash (June 30, 2025 - September 30, 2025)
$ Millions
5
expenditures in YTD 2025 , mainly reflecting pre -stripping at Pamour and TMA 6 expenditures. Growth
capital expenditures at Cordero totaled $4.7 million, which largely related to land acquisition.
(1) Example of Non-GAAP measure. See the section of this press release entitled, “NON-GAAP MEASURES” for more information.
(2) Refers to earnings before interest, taxes and depreciation and amortization.
Income Statement Summary
PORCUPINE OPERATIONS REVIEW
Discovery’s Porcupine Operations cover approximately 1,400 km 2 in and near Timmins, Ontario. Porcupine
consists of the Hoyle Pond, Pamour and Hollinger mine properties, the Dome mine property and milling
facility, and numerous near -mine and regional exploration targets. The Complex also includes the Borden
mine property and large land position near Chapleau, Ontario. Current operations include the Hoyle Pond
and Borden underground mines, with the Pamour open-pit project currently ramping up towards commercial
levels of production. All mineralization is processed at the Dome, including mineralization from Borden,
which is trucked 190 km to the mill. The Dome Mill is a 12,000 tonne-per-day processing facility that in recent
years has operated at rates well below optimal levels. Through investment programs launched following the
closing of the Porcupine Acquisition, the Company is targeting a return to full capacity operations by 2028 or
sooner.
Three months ended Nine months ended
September 30,
2025
September 30,
2024
June 30,
2025
September 30
2025
September 30,
2024
Revenue $ 236,961 $ - $ 142,010 $ 378,971 $ -
Production costs 106,807 - 54,919 161,726 -
Depreciation and amortization 35,826 - 16,384 52,210 -
Royalties 3,619 - 1,916 5,535 -
Earnings from mining operations 90,709 - 68,791 159,500 -
Expenses
General and administration 6,661 2,017 22,877 35,012 5,658
Exploration 5,972 158 830 6,827 375
Impairment 2,140 — — 2,140 —
Share-based compensation 1,398 676 1,953 4,518 2,022
Earnings from operations 74,538 (2,851) 43,131 111,003 (8,055)
Other
Other income (loss) 9,301 (1,327) (6,879) 2,611 (2,778)
Finance Items
Finance expense, net (12,725) 318 (11,742) (24,442) 1,330
Earnings before taxes 71,114 (3,860) 24,510 89,172 (9,503)
Income taxes expense 28,675 - 18,976 47,651 -
Net (loss) earnings $ 42,439 $ (3,860) $ 5,534 $ 41,521 $ (9,503)
Basic earnings per share $ 0.05 $ (0.01) $ 0.01 $ 0.06 $ (0.02)
Diluted earnings per share $ 0.05 $ (0.01) $ 0.01 $ 0.06 $ (0.02)
Weighted average number of common shares
outstanding (in 000’s)
Basic 802,837 397,696 735,616 647,997 399,538
Diluted 825,798 397,696 762,923 670,958 399,538
6
Three months ended Nine months ended
Porcupine Complex September 30,
2025
June 30,
2025
September 30,
2025
Ore processed (t) 808,688 508,791 1,317,480
Average Grade (g/t Au) 2.69 3.39 2.96
Recovery (%) 90.3 % 91.3 % 90.7 %
Gold produced (oz)1 63,154 50,552 113,706
Gold poured (oz)1 65,978 46,608 112,586
Gold sold (oz)1 66,200 42,550 108,750
Milling operating costs ($ Millions) $ 17,107 $ 12,861 $ 29,968
Operating costs per tonne processed ($/tonne) $ 21.2 $ 25.4 $ 22.7
Production costs 106,807 54,919 161,726
Operating cash costs per ounce sold2,3 1,339 1,341 1,340
AISC per ounce sold2,3 1,699 1,849 1,756
Total capital expenditures2,3 (in thousands) 65,976 41,632 107,608
(1) Includes gold production, poured and sold from Hoyle Pond, Borden and Pamour.
(2) Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP MEASURES” for more information.
(3) 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.
During Q3 2025, a total of 808,688 tonnes were processed at Porcupine Complex at an average grade of 2.69
g/t, with recovery rates averaging 90.3%, which compared to 508,791 tonnes at an average grade of 3.39 g/t
and recovery rates averaging 91.3% for the 76 days from April 16, 2025 to June 30, 2025 in Q2 2025. A total
of 63,154 ounces of gold were produced over this period, with total gold poured of 65,978 ounces, compared
to 50,552 and 46,608 ounces produced and poured respectively, in the previous quarter. Higher production
in Q3 2025 mainly reflected the favourable impact of increased mining rates and higher average grades at
both Borden and Pamour, partially offset by a reduction in mining rates and average grades at Hoyle Pond.
During Q3 2025, production at Hoyle Pond was impacted by ventilation constraints during a period of high
temperatures, which limited access to higher-grade area of the S Zone Deep.
Availability rates at the Dome Mill during Q3 2025 were impacted by a scheduled five -day maintenance
shutdown in July for the purpose of replacing the discharge head and shell of B Rod Mill, rebuild of the tertiary
crusher, and feeder repairs at the coarse ore stockpile. The Company used the occasion of the shutdown to
advance multiple other projects, primarily in the grinding water system, repair to the mill reclaim water pond
and carbon handling circuits. Based on operating days during Q3 2025, mill throu ghput averaged
approximately 9,295 tonnes per day. Mill operating costs during Q3 2025 totaled $17.1 million for an average
of $21.15 per tonne processed, which compared to $12.9 million and an average of $25.4 per tonne,
respectively, the previous quarter, with the improvement in operating costs per tonne resulting from the 59%
increase in tonnes processed. Mill costs are allocated to the mine operations based on a proportion of total
tonnes processed.
For YTD 2025 a total of 1,317,480 tonnes were processed at Dome Mill at an average grade of 2.96 g/t, with
recovery rates averaging 90.7%. A total of 113,706 ounces of gold were produced over this period, with total
gold poured of 112,586 ounces. Total mill operating costs were $30.0 million for YTD 2025, for an average of
$22.75 per tonne processed. The mill costs are allocated to the mine operations based on a proportion of
total tonnes processed.
Production costs, including mining and processing costs, in Q3 2025 totaled $106.8 million ver sus $54.9
million in the previous quarter. Operating cash costs 1 averaged $1,339 compared to $1,341 in the previous
quarter. Site-level AISC1,2 averaged $1,699 per ounce sold compared to $1,849 in Q2 2025. Included in Q3
2025 AISC was $22.1 million of sustaining capital expenditures 1, mainly related to capital development
activities and capital expenditures related to the TMA6, which increased from $14.8 million in Q2 2025. The
7
improvement in AISC was due to a 63% increase in ounces of gold sold, lower accretion and amortization of
site closure provisions, partially offset by higher sustaining capital expenditures.
For YTD 2025, production costs totaled $161.7 million, with operating cash costs averaging $1,340 per ounce
sold and AISC averaging $1,756 per ounce sold. Included in AISC were $36.8 million of sustaining capital
expenditures related to capital development and expenditures related to the TMA6.
(1) Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP MEASURES” for more information.
(2) Site-level AISC includes corporate G&A allocation and excludes remaining G&A, share -based compensation costs and corporate -level
sustaining capital expenditures.
CORDERO OVERVIEW
The Cordero Project was acquired by Discovery in 2019. Since that time, the Company has invested over
$100.0 million in Mexico, conducting significant exploration drilling and technical analysis, leading to the
release of multiple studies, most recently th e feasibility study (“FS”) dated February 16, 2024 and filed on
SEDAR+ (www.sedarplus.ca) on March 28, 2024. The results of the FS confirmed Cordero to be one of the
world’s largest undeveloped silver deposits, with the potential for large -scale production at low unit costs
and that is capable of generating substantial free cash flow and attractive economic returns.
Key highlights of the FS include:
• Average annual production of 37.0 million silver equivalent ounces 1(“AgEq”) over the first 12 years
with a total project life of 19 years;
• AISC2 averaging below $12.50 per AgEq ounce in Years 1 – 8;
• Base-case after-tax net present value (“NPV”) of $1.2 billion (Base-case metal prices: Silver – $22.00
per ounce; Gold – $1,600 per ounce; Zinc – $1.20 per ounce; Lead – $1.00 per ounce);
• Initial capital expenditures2 of $606.0 million (resulting in a NPV to capital ratio of 2:1);
• Large-scale Mineral Reserve totaling 302.0 million ounces of silver, 840,000 ounces of gold, 5.2 billion
pounds of zinc and 3.0 billion pounds of lead;
• Important socio -economic contribution to Mexico, including an initial investment of over $600
million, the creation of 2,500 jobs during development, and over 1,000 jobs during operations, $4.0
billion in total procurement, all to remain within Mexico, and , assuming a fixed $35.00 per ounce
silver price, total tax contributions within Mexico of $2.4 billion over the project life; and,
• High levels of environmental responsibility and a commitment to contributing to the management
of key social issues such as carbon reduction and water quality and availability.
Third Quarter 2025 Highlights
During Q3 2025, Discovery continued work on key initiatives to further de-risk the project, including:
• Assessing the potential to use natural gas power sources versus the grid power supply expected to
complete in Q4;
• Advancing geotechnical (completed in early Q4) and other work related to the planned upgrade of
the local water treatment plant;
• Evaluating the potential to establish solar farms around the project site to contribute to the power
supply required for mine development and operation; and,
• Participation in ongoing discussions with the various governmental bodies involved in issuing the
permits for the project.
8
(1) AgEq produced is metal recovered in concentrate. AgEq is calculated as Ag + (Au x 72.7) + (Pb x 45.5) + (Zn x 54.6); these factors are
based on metal prices of Ag - $22/oz, Au - $1,600/oz, PB - $1,00/lb and Zn - $1.20/lb use in the February 2024 FS.
(2) Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP MEASURES” for more information.
OUTLOOK
With the closing of the Porcupine Acquisition on April 15, 2025, Discovery was transformed into a diversified
North American-focused precious metals producer combining growing gold production in Northern Ontario,
Canada, with one of the world’s largest silver development projects in Chihuahua State, Mexico.
Key priorities for the Porcupine Operations in 2025 continue to include:
• Implementing investment plans aimed at growing mining rates, increasing production levels and
lowering unit costs at Hoyle Pond and Borden;
• Ensuring the successful ramp up of production at Pamour;
• Advancing studies on the TVZ zone, Dome Mine project and Dome Mill expansion; and,
• Advancing numerous exploration opportunities at each of site, as well as at regional targets.
The Company is currently executing a 140,000-metre drill program, which is expected to be completed early
in 2026. The goals for the drilling program include resource conversion and expansion at Hoyle Pond, Borden
and Pamour, in support of an updated technical report, to be issued in 2026, as well as the evaluation of
district level targets, including Owl Creek, located approximately three kilomet ers west of Hoyle Pond. In
addition, drilling is also being conducted at both Dome Mine and the TVZ Zone as part of studies to further
advance and evaluate these high-potential targets.
With $341.5 million of cash at September 30, 2025, and the $250 million RCF, the Company is well capitalized
to fund growth and optimization plans for Porcupine and current expenditure plans at Cordero.
In Mexico, the Company plans to further advance and de -risk the Cordero project, with key areas of focus
being power, water availability and management, permitting, and the continuation of ESG and community
outreach programs.
Following the completion of the land acquisition program in March 2025, the next major milestone for
Cordero will be approval of the Company’s Environmental Impact Assessment or MIA by SEMARNAT, which
was submitted in August 2023. The MIA passed SEMARNAT’s legal review soon after its submission and was
advanced for technical review. As of the date of this press release, the Company had completed the technical
review process and was awaiting approval of the MIA. The Company remains confident that Cordero wil l
receive MIA approval.
ABOUT DISCOVERY
Discovery is a growing North American -focused precious metals company. The Company has exposure to
silver through its first asset, the 100%-owned Cordero project, one of the world’s largest undeveloped silver
deposits, which is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. On April
15, 2025, Discovery completed the acquisition of the Porcupine Complex from Newmont Corporation,
transforming the Company into a new Canadian gold producer with multiple operations in one of the world’s
most renowned gold camps in and near Timmins, Ontario. Discovery owns a dominant land position within
the camp, with a large base of Mineral Resources remaining and substantial growth and exploration upside.