Outcrop Silver & Gold (OCG) investor relations material

Market outlook and project positioning

• Silver market remains in deficit, with strong prices expected due to limited primary mine supply and growing demand from new technologies like EV batteries and AI data centers.

• Primary silver mines are scarce and highly valued, making high-grade projects particularly attractive.

• Santa Ana project is located in a historic mining district in Colombia with strong local and regional government support.

Resource growth and project development

• Current mineral resource estimate (2023) is 24M oz indicated and 13.5M oz inferred silver equivalent, with a significant update expected in September based on more than double the drilling.

• Average indicated grade is 614 g/t silver equivalent, with 73% of value from silver, outperforming peers in grade and purity.

• Metallurgical testing shows 96% silver recovery and high-value concentrate, supporting robust project economics.

• Mining plan targets high-grade veins near surface, enabling a phased, small-scale underground operation with lower CapEx and faster permitting.

Financials, backing, and corporate structure

• Strong financial backing from Eric Sprott (20% ownership) and Jupiter Asset Management (9%), with recent investments totaling nearly CAD 20M.

• Well-financed with CAD 18M in cash and a market cap under CAD 150M; management and insiders hold 3%.

• Share price has lagged silver recently due to team changes and resource estimate delay, but new leadership expects a re-rating post-resource update.