VEINSilver Operations
DWG NO. VN-001-HEROREV. C
0m-80m-180m-280m-380m-460mSURFACE GRADEPROCESSING PLANTCAGEVENTAg ZONE 1Ag ZONE 2Ag ZONE 3L200 — STOPE DEVELOPMENTL300 — PRIMARY PRODUCTIONL380 — ACTIVE DRILLINGL460 — EXPLORATION DRIVESTOPESTOPEACTIVEAVG GRADE312 g/t AgPROVEN RES.4.8M ozANN. OUTPUT680k oz/yr
SCALE: NTS — DEPTHS IN METRESSONORA, MEXICO
Active Operations — Shaft 4
VEIN SILVER OPERATIONS

Proven
reserves.
Exact
numbers.

A high-grade underground silver operation in Sonora, Mexico — 72.6M oz total resource, 88.4% plant recovery, first production Q2 2026. Every figure is auditable. Every metre is mapped.

Proven Reserves
4.82M
oz Ag
Avg Grade
312
g/t Ag
Annual Output
680k
oz/yr

Resource estimates comply with NI 43-101 (TSX). All figures prepared by Qualified Person under CIM Definition Standards 2019.

TECHNICAL DISCLOSURE DOCUMENT
FEB 2026 — REV. C
SECTION 01Geology & Resource Estimate
FIG. 1 — LONGITUDINAL CROSS-SECTION
SURFACE−180m−280m−380m−460mZONE 1 — 287 g/t avgZONE 2 — 318 g/t avgZONE 3 — 312 g/t avg ●FAULTFAULTSHAFT
0 — 100m
TABLE 1 — RESOURCE ESTIMATE SUMMARY
Category
Tonnes
Grade (Ag)
Contained
Measured
95% conf.
2,140,000
318 g/t
21.9M oz
Indicated
82% conf.
3,880,000
287 g/t
35.8M oz
Inferred
60% conf.
1,920,000
241 g/t
14.9M oz
TOTAL RESOURCE
~300 g/t avg
72.6M oz
Proven Reserves
4.82M oz
Bankable estimate
Avg Strip Ratio
0.8:1
Waste:ore
Mine Life
18 years
At 680k oz/yr
AISC
$8.40/oz
All-in sustaining
SECTION 02Processing Flowsheet & Recovery
FIG. 2 — PROCESSING FLOWSHEET
ROM ORE FEED2,400 t/dPRIMARY CRUSHINGJaw → ConeSAG / BALL MILLP80 = 75µmFLOTATION CIRCUIT4-stage cleanerTAILINGSCIL LEACH CIRCUIT24h retentionBARREN SOLNELECTROWINNINGCathode harvest999.9 Ag BARS680k oz/yr output94.7%Ag recov.91.3%Ag recov.
TABLE 2 — STAGE RECOVERY PERFORMANCE
Primary CrushingROM Ore
100%% feed
SAG/Ball MillP80 75µm
98.2%% mass
Flotation CircuitAg Concentrate
94.7%% Ag
Leach / CILLoaded Carbon
91.3%% Ag
ElectrowinningCathode Ag
89.8%% overall
Refinery999.9 Ag Bars
88.4%% plant
Overall Ag Recovery
88.4%
Concentrate Grade
4,200 g/t
Throughput
2,400 t/d
Annual Ag Output
680k oz

Recovery figures derived from 18-month pilot plant campaign (2023–2024). Metallurgical testing performed by SGS Minerals Services, Vancouver.

SECTION 03Site Infrastructure & Logistics
FIG. 3 — SITE INFRASTRUCTURE MAP
VEINMINERAIL47kmPORT182km115kV12kmHERMO52kmN50 km
TABLE 3 — LOGISTICS & CONNECTIVITY
Nearest Rail Terminal
Hermosillo Rail Yard
47 km
Port of Export
Puerto Peñasco
182 km
Grid Power Connection
CFE 115kV Substation
12 km
Water Source
Sonora Aquifer (Licensed)
8 km
Nearest City / Labour
Hermosillo Metro
52 km
International Airport
Gen. Pesqueira García
58 km
POWER SUPPLY MIX — 6.4 MW TOTAL
Grid (CFE)4.2 MW (65%)
Solar Array1.6 MW (25%)
Diesel Backup0.6 MW (10%)
Environmental Permit
ISSUED
Water Concession
ISSUED
Mineral Concession
ISSUED
Export License
IN PROCESS
SECTION 04Development Timeline & Capital
FIG. 4 — DEVELOPMENT GANTT (MONTHS)
0
20
40
60
80
100
Feasibility & Permitting
COMPLETE
$4.2M
Site Preparation
COMPLETE
$12.8M
Shaft Sinking (460m)
ACTIVE
$38.5M
Level Development
PLANNED
$22.1M
Plant Construction
PLANNED
$47.3M
Commissioning
PLANNED
$8.4M
First Production
TARGET
—
Spent to Date
$55.5M
42% of total
Committed
$38.5M
29% of total
Remaining
$39.3M
29% of total
TABLE 4 — CAPITAL MILESTONES
Q2 2023
NI 43-101 Resource Report Filed
Q4 2023
Environmental Impact Assessment Approved
Q1 2024
Shaft Sinking Contract Awarded — Redpath Mining
Q3 2024
Level 200 Development Commenced
Q2 2025
Level 300 First Blast — Ore Intersected
Q4 2025
Processing Plant Engineering Complete
Q2 2026
First Concentrate Production — Offtake Delivery
PARTNERSHIP OPPORTUNITY

First-production offtake windows open Q2 2026. Institutional equity rounds close Q3 2025. Equipment procurement RFPs issued Q1 2025.

Full feasibility study, drill logs, and financial model included.