Discovery Announces Positive Drilling Results from All Operations at Porcupine Complex
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Discovery Announces Positive Drilling Results from All Operations at
Porcupine Complex
November 6, 2025 , Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF)
(“Discovery” or the “ Company”) today to reported initial results from four key exploration projects at
the Company’s Porcupine Complex, including Hoyle Pond Mine, Borden Mine and Pamour Mine, as
well as at Owl Creek, a high-priority target located approximately three kilometres west of Hoyle Pond.
The results include assays from a combined total of 85 holes1 (27,640 metres (“m”)), completed
between April 2025 and October 2025, which are part of an overall 140,000 m program being
completed. The Company also provided an update on recently initi ated drilling programs at the Dome
Mine and TVZ Zone adjacent to Hoyle Pond, two key growth projects which have the potential to
significantly grow production from the Porcupine Complex.
Key Highlights
Excellent results from resource conversion and expansion drilling2
• Hoyle Pond3: Multiple high-grade intercepts near lower limits of S Zone
o 23.95 gpt over 7.1m
o 9.88 gpt over 11.5m
o 86.09 gpt over 2.1m, including 360.00 gpt over 0.5m
o 150.00 gpt over 3.1m, including 302.00 gpt over 0.4m
o 35.98 gpt over 2.9m; and 11.65 gpt over 2.8m
• Borden3: High-grade intersections along strike to northeast of Main Zone
o 11.48 gpt over 5.2m, including 15.49 gpt over 3.2m
o 9.41 gpt over 12.6m, including 19.29 gpt over 5.2m
o 15.61 gpt over 6.0m
o 13.88 gpt over 6.9m, including 18.99 gpt over 4.8m
• Pamour4: Excellent drill results within and along strike of current resources in all three
phases of pit design, including several holes with multiple intercepts
o Multiple intercepts: 1.44 gpt over 104.6m, 1.07 gpt over 54.5m
2.03 gpt over 25.8m, 2.18 gpt over 20.5m, 1.20 gpt over 37.8m
3.42 gpt over 19.9m, 1.47 gpt over 57.6m
1.85 gpt over 34.6m, 1.35 gpt over 15.5m
o Single intercepts: 48.82 gpt over 5.0m ; 3.40 gpt over 39.8m ;1.51 gpt over 38.3m ;1.78 gpt
over 39.4m; 1.51 gpt over 34.2m; 1.40 gpt over 44.9m; 0.96 gpt over
86.6m; 1.32 gpt over 40.9m; 1.30 gpt over 27.3m
Multiple high-grade intersections at Owl Creek4 in close proximity to Hoyle Pond
o 4.08 gpt over 16.2m, including 9.81 gpt over 3.9m
o 4.14 gpt over 17.5m, including 6.48 over 10.0m
o 5.58 gpt over 5.2m, including 17.63 gpt over 1.1m
o 5.39 gpt over 11.0m
o 5.59 gpt over 6.0m
Drilling programs commenced at Dome and Hoyle Pond TVZ Zone
1. 15 holes (959 m) were abandoned due to excessive deviations from the target.
2. All assays are reported uncut.
3. Intervals are reported using both true widths and core lengths.
4. Intervals are reported using core lengths only.
NEWS RELEASE
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Tony Makuch, Discovery’s CEO, commented: “The drill results announced today support our view that
substantial gold remains to be identified at Discovery’s assets at Porcupine. At Hoyle Pond, drilling has
continued to extend the S Zone to depth and identified new lenses of mineralization to the west of the
existing resource. There also remain numerous attractive targets higher up in the mine to be evaluated
during our current drill program . We are also very encouraged by multiple high-grade intersections at
Owl Creek, approximately 3 km from Hoyle Pond, which highlight the significant potential for
mineralization to extend far to the west. In addition, we recently commenced drilling at TVZ, a large
zone directly adja cent to Hoyle Pond , which we expect will become an important new source of
production. We are targeting approximately 25,000 m of drilling at TVZ by early next year as we work
towards releasing an initial NI 43-101 resource for the project.
“Turning to Borden, drilling has clearly demonstrated the continued extension of the Main Zone and the
potential for expansion to the northwest. Borden includes a massive 1,000 km 2 land position that is
largely unexplored outside of the current mining trend. At Pamour, favourable drill results within and
along strike of resources in all three phases of the pit design highlight the opportunity we have to add
significant new ounces and to grow the project through continued drilling.
“The re -development of Dome represents a game changer for our Porcupine operations. We are
planning to drill approximately 7,500 m, and conduct further analysis of existing data and mineralization
models, as we prepare to update the existing 11.0 million ounce inferred mineral resource, including
converting a portion of this resource to the Indicated category. We are also working on a new pit design
that w ould not require moving the mill , and would provide access to more than half of the current
resource, supporting well over a decade of mining. A study on Dome is advancing which will establish
a plan to resume open-pit operations and also evaluate the potential for future underground mining.”
Hoyle Pond Mine
Drilling at the Hoyle Pond Mine included a total of 23 holes (5,877m) to test the lower portion of the S
Zone, the largest and highest -grade area of the mine . Of the holes drilled, 10 holes (567 m) were
abandoned due to excessive deviation from the target.
The Hoyle Pond Mine is located approximately 20 km northeast of Timmins and in the east portion of
the Hoyle Pond volcanic belt adjacent to a major northeast trending flexure and the 1060 fault.
Mineralization at the mine occurs in multiple zones of quartz veining between surface and a depth of
2,000 metres along the trend of the main flexure. The S Zone , which is the main focus of the current
drill program, lies in the lower east portion of the mine, just east of the 1060 fault (Figure 1).
The 13 holes being reported are the first phase of an overall 40,000 m drill program which is designed
to convert and expand inferred resources on the lower and west sides of the S Zone between the 2100
and 2295 levels (Figure 2). All drilling was done from a series of platforms located on the 1860 level
and on the north (hanging wall) side of the S Zone.
Drilling to depth includes five new holes near the bottom limit of the inferred resource , with results
demonstrating similar grades , widths and grade continuity to previous drilling . Key intercepts from
drilling include: 23.95 gpt over 7.1m in hole 27682; 9.88 gpt over 11.5m and 86.09 gpt over 2.1m,
including 360.00 gpt over 0.5m, in hole 27701; 150.00 gpt over 1.3m, including 302.00 gpt over 0.4m,
in hole 27657; and 9.55 gpt over 1.54m, including 36.3 gpt over 0.40m, in hole 27664 (Table 1).
Drilling to the west was focused between the 2100 and 2200 levels and resulted in a number of
favourable intercepts that support the potential for new lenses of mineralization to occur west of the
current resource. Key intercepts include: 35.98 gpt over 2.9m in hole 27653; 75.5 gpt over 1.0m and
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11.65 gpt over 2.28m, including 31.30 gpt over 0.4m , in hole 27660 ; and 8.67 gpt over 1.67 m,
including 19.90 gpt over 0.7m, in hole 27654.
The program is continuing with four drills, which are focused on holes to depth and to the west side of
the S Zone. Work is also in progress to develop a strategy for drilling further to the east and to depths
of at least 2,500 m with options under consideration including drilling from a potential new exploration
drift and drill platform near the 2000 level or Navi drilling from the 1860 level.
Borden Mine
Drilling at the Borden Mine included a total of 19 holes (4,360 m) to convert and expand resources in
the northeast portion of the Main Zone which is the host for the majority of gold mineralization at the
mine (Figures 3 and 4).
The Borden Mine is located approximately 190 km southwest of the Dome Mill, near to Chapleau and
in the south portion of the Borden Lake Greenstone Belt. The Main Zone is an east -west trending
structure located along the east - west trending Genesis Deformation Zone (GDZ) adjacent to a major
contact between felsic gneiss and amphibolite. Work to date has traced the zone for a strike length of
over 1.7 km along strike and indicates the zone is closely associated with quartz veining, biotite-garnet
alteration and pyrite.
The holes reported today represent the first phase of a 30,000 m drill program at Borden, including
20,000 m of in-mine drilling designed to cover a 300 m strike length of the Main Zone near the current
northeast limit of inferred resources , as well as 10,000 m of drilling focused on district targets around
the mine. All in-mine drilling is being planned from cut outs located in the east portion of the 585 -
exploration drift, situated in the hanging wall of the zone.
Results of the program have been extremely positive and include: 11.48 gpt over 5.2m, including 15.49
gpt over 3.2 m, in 585-00099; 9.41 gpt over 12.6 m, including 19.29 gpt over 5.2 m, in 585-00102;
13.88 gpt over 6.9m, including 18.99 gpt over 4.8 m, in 585-00159; 6.15 gpt over 23.1 m, including
13.21 gpt over 7.8m, in 585-00127; and 8.47 gpt over 8.2m, including 11.52 gpt over 4.6 m, in 585-
00126 (Table 2).
From current interpretations, the Main Zone continues to track as planned with grades and widths that
are similar to, or better than, the current resource model. These results, along with ongoing wide-spaced
surface drilling, located up to 1.2 km to the northeast, establish the potential for further growth as drilling
continues.
The program is continuing with three drills working to convert and extend resources. Planning is also in
the final stages for a further extension of the exploration drift to the northeast , as well as for the
mobilization of a surface drill to the gap between the end of the exploration drift and the wide -spaced
surface holes to the northeast.
Pamour
Drilling at the Pamour Mine included a total of 32 holes (10,144 m) to test areas within and surrounding
the large open-pit resource at the property , which includes 6.48 million tonnes grading 1.30 gpt (2.70
million ounces) in the Indicated category and 2.33 million tonnes grading 1.34 gpt (1.00 million ounces)
in the Inferred category (Figure 5).
The Pamour Mine is located approximately 20 km east of Timmins on the north side of the Destor
Porcupine Fault Zone and straddles the unconformity between Tisdale Group volcanics and
Timiskaming sediments. Mineralization at the mine is closely associated with quartz veining, which can
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occur in single veins, vein arrays, stockworks as well as pyrite both along the unconformity and in
volcanics to the north.
The holes drilled represent the first phase of a 40,000 m drill program designed to convert and extend
inferred resources over the full strike length of the resource pit, which currently stands at approximately
2.3 km. Results from the program to date have been very positive (Table 3).
Significant results in the central portion, which overlie the phase 1 pit, include: 1.44 gpt over 104.6m
and 1.07 gpt over 54.5 m in PAM25-0012: 2.03 gpt over 25.8 m, 2.18 gpt over 20.5 m and 1.20 gpt
over 37.8m in PAM25-0009; and 48.82 gpt over 5.0m in PAM25-0041.
Results to the west, which lie within the phase 2 pit, include: 3.40 gpt over 39.8m in PAM25-0025; 3.42
gpt over 19.9m and 1.47 gpt over 57.6m in PAM25-0018, 1.51 gpt over 38.3m in PAM25-0038; 1.78
gpt over 39.4m in PAM25-36; and 1.85 gpt over 34.6m and 1.35 gpt over 15.5m in PAM25-0024.
Results to the east portion, which overlie the phase 3 pit, include: 1.51 gpt over 34.2m in PAM25-0010,
1.40 gpt over 44.9 m in PAM25-0005, 0.96 gpt over 86.6 m in PAM25-0068, 1.30 gpt over 27.3m in
PAM25-0031 and 1.32 gpt over 40.90m in PAM25-0011.
The drill program is continuing with three drills focusing on the east, west and central areas of the
current pit. Planning is also in progress for new exploration drilling along strike, to the east and west ,
and to depth. Exploration to the west will focus on Broulan and Keora Trends west of the phase 2 pit ,
while exploration to the east will focus on the AAA Trend which follows the Timiskaming unconformity
to east of the phase 3 pit and the historic Hoyle Shaft. Exploration to depth will test various areas along
the strike length of the mine, with the focus mainly on areas near the historic Broulan Porcupine pit and
the Hoyle shafts, where mining or exploration below the 300 m levels has been limited.
Owl Creek
Drilling at the Owl Creek Project included a total of 11 holes (6,689 m) designed to test for potential
strike and depth extensions of mineralization near the former Owl Creek Open Pit (Figure 6). Of the 11
holes drilled, five holes (392 m) were abandoned due to excessive deviation.
The Owl Creek Open Pit is located approximately three kilometres west of the Hoyle Pond Mine and
along the south side of the Hoyle Pond belt near the contact between metasedimentary and
metavolcanic rocks. The pi t, as well as two underground ramps below it , were developed by
Falconbridge Gold in the 1980's and were utilized to recover approximately 237,000 ounces of gold at
an average grade of 3.75 gpt.
Holes included in the drill results released today represent the first phase of a 15,000 m regional drill
program targeting the potential down -plunge extension of mineralization east of the historic open pit .
Historic wide-spaced drilling in this area obtained multiple significant intercepts of gold mineralization
between surface and the 750 m level. Significant results from the historic holes include: 10.50 gpt over
8.8m, including 42.83 gpt over 1.6m, in OC10889; 6.26 gpt over 2.6m, 4.07 gpt over 6.3m, including
10.74 gpt over 1.4m, 4.33 gpt over 12.9m, including 15.03 gpt over 1.0m and 96.78 gpt over 3.0m,
in OC10927; and 4.3 gpt over 10.1m , including 6.89 gpt over 7.1m , including 14.2 gpt over 1.5m ,
which tested the zone below the 550 m level.
The new drilling was designed to follow up and extend mineralization from the historic results along
strike and to depth. Results from the new holes were highly positive, with intersections including: 4.08
gpt over 16.3 m, including 9.81 gpt over 3.9 m, and 4.14 gpt over 17.5m, including 6.48 gpt over
10.0m, in OC25-001; 5.58 gpt over 5.2m, including 17.63 gpt over 1.1m, and 5.39 gpt over 11.0m,
in OC25-006; and 5.59 gpt over 6.0m in OC25-005B (Table 4).
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While the r eview and interpretation of drilling is still in progress, initial results indicate that the most
significant mineralization in both new and historic drill holes occurs near the tip of an easterly plunging
wedge of mafic volcanics , which remains open to depth , with holes OC25-005B and OC25-006
representing two of the deepest and farthest east holes drilled along the trend to date.
The program is continuing with three drills that will target both zones near surface and at depth. Planning
is also in progress for drilling to test the 750 Zone which is located approximately 850 m to the east of
the current target area.
Dome Mine Project
Drilling commenced at the Dome Mine Project at the end of September (Figure 7). Dome is among the
largest historic gold producers in Canada, with total production of 16.7 million ounces from both
underground and open pit sources between 1910 and 2017.
Geologically, the mine is located on the south limb of the Porcupine Syncline and just north of the Destor
Porcupine Fault , with mineralization in multiple zones extending from surface to a depth of
approximately 1,600 m.
The current mineral resource at Dome includes 222.3 million tonnes with an average grade of 1.49 g/t
for a total of 11.0 million ounces in the Inferred category. The resource assumes a large-scale open-pit
concept to expand the historic pit along strike and to depth.
The current drill program involves approximately 7,500 m of drilling being completed in preparation for
a new mineral resource estimate and involves drilling in areas surrounding and below the historic pit .
The work program also in cludes further evaluations of data and mineralization models to upgrade
portions of the resource to the Indicated resource category and also to evaluate the potential for future
underground mining at Dome.
There is presently one drill active at Dome which is focused on two areas on the south side of the
current pit that lie within the target area for a first phase pit expansion. Work is also in progress to
evaluate additional drill targets to the north, south and below the current pit.
TVZ Project
Drilling commenced at the TVZ Project at the end of October. TVZ is a significant zone of gold
mineralization located between the 800 and 1800 m levels in the southeast portion of the Hoyle Pond
Mine (Figure 8).
Geologically, TVZ lies in the Porcupine sediments south of the Hoyle Pond Volcanic Belt , just east of
the 1060 fault. Gold mineralization is closely associated with a northeast trending steeply dipping shear
zone with local splay veins , which plunge moderately to the northeast. The bulk of the mineralization
identified to date occurs within a panel measuring approximately 600 m long by 200 m in height ,
extending from the 850 level to just below the 1410 level, with the best grades typically having a strong
correlation with increased amounts of quartz veining, pyrite and arsenopyrite.
Past work at the project includes 437 holes (172,319 m) of wide -spaced drilling from three main
platforms on the 900, 1210 and 14 10 levels, as well as limited development, mapping, chip sampling
and metallurgical test work on the 1210 level. Results from the drilling, mapping and chip sampling have
been positive and indicate multiple holes with grades exceeding 5 .0 gpt over widths of 5 to 10 m. The
results also indicate positive results from the two deepest holes to test the zone to date , holes 21009
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and 21094, with returned values of 6.29 gpt over 5.3m and 4.98 gpt over 4.0m, respectively, between
the 1550 and 1610 levels. As a result, the potential to extend the zone to greater depths is considered
excellent.
Results of the past metallurgical work indicate a strong correlation of gold with arsenopyrite and variable
recoveries, but with the potential for improvement using enhanced processing.
The current work program is designed to infill and expand the TVZ Zone in preparation for an initial NI
43-101 mineral resource. The program is targeted to include a minimum of 25,000 m of new drilling
from the 900, 1210, 1410 and 1680 levels by the end of the first quarter of 2026.
Drilling is being conducted using one drill located on the 1680 level , which is testing the projected
extension of the TVZ Zone down plunge from the 1410 level. Two additional drills are in the process of
being mobilized on the 1210 level that will conduct infill and expansion drilling near the mid-point of the
historic work.
QUALIFIED PERSONS
Discovery’s exploration programs at the Porcupine operations are conducted under the supervision of
Eric Kallio, P.Geo., Senior Vice President, Exploration, Kara Byrnes, P.Geo, Vice President, Exploration
and Geology – Porcupine and Craig Yuill, P.Geo., Exploration Manager. Mr. Kallio, Ms. Byrnes and Mr.
Yuill are “qualified persons” for the purpose of National Instrument 43-101, Standards of Disclosure for
Mineral Projects, of the Canadian Securities Administrators, and have reviewed and approved the
scientific and technical information in this news release.
Readers are referred to the mineral resource estimate as set out in the Company’s current technical
report entitled “Porcupine Complex, Ontario, Canada NI 43 -101 Report on Preliminary Assessment”
with an effective date of January 13, 2025, which is available under the Company’s issuer profile on
SEDAR+ at www.sedarplus.ca. Statements concerning mineral resource estimates may also be
deemed to constitute forward looking information to the extent that they involve estimates of the
mineralization that will be encountered if the property is developed. The 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.
QA/QC CONTROLS
The Company follows a quality assurance and control (“QA/QC”) program to ensure that sampling and
analysis of all exploration work is conducted in accordance with best practices.
At Borden, samples are logged and sampled in a secure facility in Chapleau, Ontario and under
supervision of Qualified Geologists. NQ sized core is predominantly sawn in half with one half of the
core prepared for shipment, the other half of core retained for future assay verification. Certified
reference material (CRM) standards, coarse blank material and duplicates are inserted every 20
samples. Core samples are picked up by Activation Laboratories and tracked via a chain of custody
from site to the certified off-site analytical laboratory for preparation and assaying.
At Pamour, core is logged and sampled in a secure facility at the Hoyle Pond mine site and under
supervision of Qualified Geologists. The NQ sized core is predominantly whole core sampled with
select holes being sawn in half for future verification. CRM s tandards, coarse blank material and
duplicates are inserted every 20 samples. Samples are picked up by Activation Laboratories and
tracked via a chain of custody from site to the lab for preparation and assaying.
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At Hoyle Pond, core is logged and sampled in a secure facility at the Hoyle Pond mine site and under
supervision of Qualified Geologists. The NQ sized drill core is predominantly sawn in half with one half
of the core prepared for shipment, the other half of core retained for future assay verification. CRM
standards, coarse blank material and duplicates are inserted every 20 samples. Core samples are
picked up by Activation Laboratories at the Hoyle Pond facility and tracked via a chain of custody from
site to the lab for preparation and assaying.
At Owl Creek, all new drill core collected by Discovery is logged and sampled in a secure facility at the
Hoyle Pond mine site and under supervision of Qualified Geologists. The NQ sized drill core is
predominantly sawn in half with one half of the core prepared for shipment, the other half of core
retained for future assay verification. CRM standards, coarse blank material and duplicates are inserted
every 20 samples. Core samples are picked up by Activation Laboratories at the Hoyle Pond facility
and tracked via a chain of custody from site to the lab for preparation and assaying.
Procedures for historic drill core from Owl Creek varied with time and is poorly documented due to the
long history and varied ownership. Past owners include: Inco (1969 to 1979), Falconbridge (1979 to
1989), Kinross (1993 -2002), P orcupine Joint Venture and Goldcorp (2002-2019) and Newmont
Corporation (2019 to 2025). For holes from prior to 2006, the drill core was logged onto paper logs and
sampling was by whole core methods . Logging of most holes after 1993 was captured electronically,
but sampling was still done using whole core methods. Details regarding labs used for assaying, sample
security and QAQC are unavailable for most holes prior to 200 2 and it appears that the only checks
carried out for most assaying was done internally by the Labs themselves. Drill core from 1993 to 2002
was processed mainly at Swasitka Laboratories with portions going to the Macassa Mine and the Bell
Creek Mine Laboratories using fire assaying and again relying mostly on internal protocols for QAQC.
Drill core from 2002 to 2025 was processed at several laboratories including X-RAL Laboratories, ALS
Laboratories and AGAT and the Dome Mine Laboratory using the fire assaying and enhanced protocols
for QAQC with insertion of independent blanks and standards.
Discovery utilizes the accredited external lab Activation Laboratories to manage its core analysis.
ActLabs is certified by the Standards Council of Canada (SCC) which conforms with ASB -RG Mineral
Analysis Laboratory for the Accreditation of Mineral Analys is Testing Laboratories and CAN -P-4E
ISO/IEC 17025: General Requirements for the Competence of Testing and Calibration Laboratories.
Sample preparation includes crushing drill core up to 80% passing 2 mm, riffle splitting 500 grams and
pulverizing to 95% passing 105 µm followed by both scheduled and specifically requested silica sand
cleaning. Gold Analysis involves Fire Assay – Atomic Absorption (AA) technique from a 50 -gram pulp
sample with grade ranges between 5 to 10,000 ppb. Samples greater than 10,000 ppb are analyzed
with a gravimetric finish. Selected high grade samples are also analyzed using the screen metallics
procedure.
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 St ate,
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 o f 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.
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On Behalf of the Board of Directors,
Tony Makuch, P. Eng
President, CEO & Director
For further information contact:
Mark Utting, CFA
SVP Investor Relations
Phone: 416-806-6298
Email: [email protected]
Website: www.discoverysilver.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All
statements within this news release, other than statements of historical fact, are to be considered forward looking.
Although Discovery belie ves the expectations expressed in such forward -looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual results or
developments may differ materially from those described in forward -looking statements. Statements include but
are not limited to the resource conversion and expansion drilling at Hoyle Pond, Borden and Pamour mine sites,
the high -grade mineralization potential from Owl Creek, located within close proximity to Hoyle Pond; the
anticipated results and timing associated with the updated exploration program at the Porcupine Complex; the
ability to make new discoveries across the broader property; the ability to complete and the anticipated benefits
associated from the development of the Dome and TVZ work programs; the timing associated with a new mineral
resource update planned in 2026 and the anticipated benefits thereof; the ability to convert and extend mineral
resources at Pamour; the development of the Porcupine Operations and its attractive economics and significant
exploration upside; construction decision and development, the results of the Technical Report and the anticipated
capital and operating costs, sustaining costs, net present value, internal rate of return, the method of mining the
Porcupine Operations, payback period, process capacity, average annual metal production, average process
recoveries, concession renewal, permitting of the assets, anticipated mining and processing methods, feasibility
study production schedul e and metal production profile, anticipated construction period, anticipated mine life,
expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact
studies, the completion of key de -risking items, including the timing of receipt permits, availability of water and
power, availability of labour, job creation and other local economic benefits, tax rates and commodity prices that
would support development of the Project, and other statements that express managem ent's expectations or
estimates of future performance, operational, geological or financial results Information concerning mineral
resource/reserve estimates and the economic analysis thereof contained in the results of the feasibility study are
also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered,
and the results of mining, if a mineral deposit were developed and mined. Forward -looking statements are
statements that are not historical facts which address events, results, outcomes or developments that the
Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the
Company’s management on the date the statements are made and they involve a number of r isks and
uncertainties.
Factors that could cause actual results to differ materially from those described in forward -looking statements
include the completion of the drill programs and the results thereon, the ability to complete the required drilling on
a timely basis and the impact of the completion of such drill programs on the ability for the Company to prepare
an updated resource estimate in 2026; fluctuations in market prices, including metal prices, continued availability
of capital and financing, and general economic, mark et 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 governm ents, 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, , the actual
results of current and future exploration activities; changes to current estimates of mineral reserves and mineral
resources; conclusions of economic and geological evaluations; changes in project parameters as plans continue
to be refined; the speculative na ture of mineral exploration and development; risks in obtaining and maintaining
necessary licenses, permits and authorizations for the Company’s development stage and operating assets; the