AbraSilver Resource (ABRA) investor relations material

Project overview and resource growth

• Diablillos is a premier silver-gold project with 104 Mt at 59 g/t Ag and 0.51 g/t Au, totaling 199 Moz silver and 1.7 Moz gold (350 Moz AgEq) as of July 2025, with resources up 170% since 2020 at a discovery cost of $0.11/oz AgEq.

• The next resource estimate and a Definitive Feasibility Study (DFS) are scheduled for Q2 2026.

• Proven and probable reserves as of March 2024 total 42.3 Mt at 0.81 g/t Au and 91 g/t Ag, containing 1.1 Moz gold and 123 Moz silver.

• The project is fully funded to final investment decision, targeted for H2 2026, with approximately C$60M in cash.

• Diablillos is positioned to become one of the top 10 primary silver mines globally once commissioned.

Financial metrics and economics

• At consensus prices ($42.83/oz Ag, $3,319/oz Au), NPV5% is US$2,242M (C$3,139M), IRR is 59%, and payback is 0.9 years; at spot prices, NPV5% exceeds C$8B.

• PFS base case (Dec 2024) at $25.50/oz Ag and $2,050/oz Au yields NPV5% of US$747M, IRR of 28%, and a 2-year payback.

• Average annual production is 13.4 Moz AgEq (7.6 Moz Ag, 72 koz Au) with AISC of $12.67/oz AgEq.

• Initial capital cost is $544M, with $77M sustaining capital and $26M closure costs.

• Each 10% increase in silver and gold prices boosts NPV5% by ~30%.

Exploration and development upside

• Phase VI drilling (15,000m) is underway, targeting resource extensions, with recent intercepts at Oculto East showing high-grade gold and silver.

• DFS led by Worley Ltd. will include grid power connection (estimated $60M capex reduction), tailings optimization ($90M LOM savings), and mine plan improvements.

• Heap leach PEA and throughput expansion to 18 ktpd are being evaluated for future growth.

• The project has significant exploration potential in both oxide and sulphide zones, with porphyry copper-gold targets at depth.