Kuya Silver (KUYA) investor relations material

Introduction and agenda

• Panel featured executives from four mining companies discussing metals prices and their impact on mining securities.

• The agenda included a loose structure for conversation, company project highlights, and some audience commentary integration.

Current industry trends

• Gold is just under CAD 4,000, silver in the CAD 50s, copper near all-time highs, and tungsten has surged due to Chinese export restrictions.

• Defense spending is driving demand for metals like silver, copper, gold, and especially tungsten, with global military expenditure at CAD 2.8 trillion in 2025.

• Tungsten prices have skyrocketed, with no current U.S. domestic production and import bans from China, Russia, and North Korea effective by 2027.

• Copper market is structurally deficient, with long lead times for new mines and increasing demand from AI and electrification trends.

• Silver's industrial demand remains strong, especially for defense, despite price corrections; supply deficits persist.

Challenges and overcoming obstacles

• Mining projects face long permitting timelines, community relations, and technical hurdles, especially for copper.

• U.S. tungsten projects must rebuild from zero, requiring years of environmental studies and government support.

• Silver and gold miners must manage operational discipline amid volatile prices, focusing on geology and balance sheet strength.