Discovery Mining (DSV) Very Independent Research Virtual Conference summary

Strategic overview and asset acquisition

• Acquired Porcupine Complex from Newmont for $200M cash, $75M equity, and $150M deferred, gaining three operating mines and significant exploration upside.

• Current production is 220,000 ounces, expected to rise to 340,000 ounces in coming years, with technical reports showing strong economic returns at $3,800 gold.

• Cordero silver project in Mexico is projected to produce 37M oz silver equivalent annually for 12 years, with a 20-year mine life and high NPV at current silver prices.

• Significant upside remains unaccounted for in current valuation, including Dome, TVZ, and exploration potential.

• Strong financial position with $342M cash, $250M credit facility, and no current debt.

Exploration and development plans

• Extensive exploration program underway, targeting over 200,000 meters of drilling next year across multiple assets.

• Hoyle Pond, Borden, and Pamour mines have multiple high-potential targets, with ongoing drilling yielding strong results.

• Dome project holds an 11M oz open-pittable resource, with plans to access 5–7M oz over 15+ years without relocating the mill.

• Mill expansion studies at Dome aim to increase throughput from 12,000 to 30,000 tons/day, reducing processing costs and enabling higher production.

• Hollinger and McIntyre mines present long-term super pit potential, with continuous geology and millions of ounces possible.

Geological and operational highlights

• Timmins camp sits in the Abitibi Greenstone Belt, with favorable geology and major structures supporting large-scale gold mineralization.

• Hoyle Pond’s S Zone and TVZ are key exploration targets, with plans to double drilling and expand resources at depth and along strike.

• Pamour drilling shows consistent grades of 1–2 g/t over wide intervals, with expansion potential to the west and at depth.

• Dome’s underground potential includes stockwork and vein arrays, with future studies considering block caving and selective mining.

• Borden mine exploration is extending high-grade zones eastward, with recent drilling showing grades double the current mine average.