Prince Silver

Past Producer with attractive near-term development potential

Overview

The Prince Silver Project, located in Nevada, and hosts a significant polymetallic carbonate replacement deposit (CRD) and sediment-hosted gold system with near-term development potential. Historic mining in the district produced approximately 6.7 million tonnes at 6.8% Zn, 135 g/t Ag, 2.9% Pb, and 0.7 g/t Au (~15.9% ZnEq*).

At the Prince Mine specifically, historic production totaled 1.12 million tonnes at 4.5% Zn, 100 g/t Ag, 2.8% Pb, and 0.5 g/t Au (~11.1% ZnEq*), primarily extracted from underground sulphide replacements in limestone and oxidized manganese-bearing ore.

The project features near-surface mineralization with open-pit mining potential and remains open in all directions, indicating strong exploration upside. It presents an attractive opportunity for near-term development and also hosts significant by-product manganese potential.

Exploration Target

OmniGeoX Exploration Consultants (2024) prepared an initial Exploration Target based on the historic and internal block models:

25–43 Mt @ 1.44–1.57% Zn, 0.78–0.87% Pb, 37–40 g/t Ag, 0.28–0.4 g/t Au, 3.62–4.3% Mn

Using mid-point values, the Exploration Target presents potential for over 100 million ounces silver equivalent (AgEq) with infill drilling.
Mineralization remains open in all directions.
Amenable to both open-pit and underground mining methods.

Exploration Target estimates are conceptual in nature and not Mineral Resources as defined by NI 43-101.

Drilling Results

2026 Drill Highlights:

The first five RC drill holes from the expanded 9,000 m drill program encountered multiple thick, well mineralized intersections from reasonably shallow depths, returning excellent silver, gold, and manganese assay results. Initial results shown below with more pending.

PRC-28: 1,331 g/t Ag, 14.17% Mn, 2.19% Pb, 4.45% Zn @ 3.05 m(186-189 m depth)
PRC-27: 4.78 g/t Au, 355 g/t Ag, 2.69% Pb, 4.72% Zn @ 3.05 m (273-276 m depth)
PRC-30: 166.7 g/t Ag, 8.70% Mn, 0.31 g/t Au, 1.14% Zn @ 7.62 m (201-209 m depth)
- Includes 248.2 g/t Ag, 13.24% Mn, 0.52 g/t Au @ 4.57 m
PRC-27: 139.9 g/t Ag, 8.57% Mn, 0.68 g/t Au, 1.48% Pb, 1.06% Zn @ 9.15 m (207-216 m depth)
PRC-26: 59.7 g/t Ag, 10.97% Mn, 1.04% Pb, 2.07% Zn @ 10.67 m (216-232 m depth)

Past Drill Highlights (2014 Drilling):

40.8m @ 0.63 g/t Au, 65 g/t Ag, 1.64% Zn, 3.51% Pb from 26m (UDH-55)
24.4m @ 0.47 g/t Au, 80 g/t Ag, 1.64% Zn, 3.52% Pb from 87m (PRC-11)
3.1m @ 9.5 g/t Au, 47 g/t Ag, 1.65% Pb, 0.29% Zn from 175m (PRC-25)
2.4m @ 11.1 g/t Au, 377 g/t Ag, 26.1% Zn, 4.3% Pb from 14m (UDH-53)

Historical exploration leveraged 129 historical drill holes (16,607m total), confirming widespread mineralization and high-grade zones.

Notably, the Pioche Shale was not assayed in earlier drilling, presenting additional untapped resource potential.

Scout Drilling in Pioche Shale:

61m @ 2.1 g/t Au, 38 g/t Ag from 69m (CDH-36)
41m @ 0.7 g/t Au, 68 g/t Ag, 3.3% Zn, 0.61% Pb from 26m (UDH-55)
71m @ 1.4 g/t Au, 51 g/t Ag from 192m (PRC-10)

Development Opportunity

The Prince Project is positioned as “low-hanging fruit” for near-term advancement:

Known economic mineralization ready for resource conversion to NI 43-101 standards
Potential inclusion in the FAST-41 permitting process, similar to South32’s nearby Hermosa Clarke Project
Significant manganese by-product potential under evaluation for commercial production

*The Exploration Target is not an “inferred”, “indicated” or “measured” mineral resource compliant with National Instrument 43-101 (“NI 43-101”). The potential quantity and grade of the Exploration Target is conceptual in nature. It is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource. * Quoted intersections are historical where holes drilled prior to 2014 lack QAQC data. Holes drilled in 2014 and younger followed QAQC procedures and were analysed at IOS certified laboratories, Skyline Laboratories in Tucson Arizona and Pinnacle Labs in Winnemucca, Nevada.