Since 2025, the Company has completed 43 drill holes totaling 7,015 metres on the La Luz system and 10 drill holes totaling 1,904 metres targeting the Terronera vein. This marks the first exploration drilling campaign at the Terronera mine since 2020. The program is designed to expand and better define mineralization along strike and at depth within the Terronera vein system. At La Luz, drilling has focused on defining the limits of mineralization adjacent to historical workings and testing the down-dip extension of the system to support mine design and long-term planning. Key highlights from this program include:

  • LL-43: 574 g/t Ag, 23.92 g/t Au for 2,607 g/t AgEq over 1.06 metres true width

     
  • LL-77: 1,271 g/t Ag, 0.81 g/t Au for 1,340 g/t AgEq over 0.94 metres true width

     
  • TRU-001: 282 g/t Ag, 1.80 g/t Au for 435 g//t AgEq over 8.11 metres true width

     
  • TRU-003: 150 g/t Ag, 6.30 g/t Au for 686 g/t AgEq over 5.32 metres true width

     

"These results demonstrate the exploration potential that exists beyond the current Terronera mine plan," said Luis Castro, Chief Operating Officer. "At both Terronera and La Luz, drilling has successfully extended mineralization along strike and at depth while supporting the continuity of high-grade silver and gold zones. By advancing mine development, we are better positioned to establish underground drill platforms that allow us to efficiently test priority targets and quickly improve our understanding of the district vein systems. We believe these results highlight the opportunity to grow resources, extend mine life and unlock additional value across the broader Terronera property."

At La Luz, drilling highlights were holes LL-43 LL-77 which underscore the presence of high-grade precious metal mineralization. Holes LL-68, LL-69, LL-75, LL-76, L-77 are all below the published resource extending mineralization along strike and to depth, which continues to remain open. La Luz holes were drilled from 500 metres of the access ramp developed in 2025. The program is designed to better define historical workings to improve the mine design of the La Luz deposit. Management expects the mining of the high grade La Luz deposit will commence in 2027 through a combination of long hole and cut and fill mining methods.

Drilling of the Terronera structure continues to return high-grade mineralization, highlighted by hole TRU-001 and hole TRU-003. These results support the presence of robust mineralized zones with both strong grades and meaningful widths, further supporting the continuity and quality of mineralization within the Terronera system. The Terronera holes extend mineralized vein continuity along strike and to depth. TRU-006 is the deepest high-grade intercept in this zone, while TRU-10 demonstrates the structure continues at depth. Terronera remains open along strike and at depth.

Two drill rigs are currently operating at Terronera and are expected to continue testing the extension of mineralization along strike and at depth through the middle of the fourth quarter. The program is designed to further define the continuity and potential expansion of the Terronera vein system, supporting future resource growth and mine planning initiatives.