Discovery Silver (DSV) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Strategic vision and operational focus

• Aims to transform Porcupine into a tier one asset with annual production of 500,000–750,000 ounces and all-in sustaining costs below $1,400 per ounce, targeting long mine life and cost leadership.

• Focus on building value through gold and silver, with growing gold production in Canada and a large-scale silver project in Mexico.

• Significant investments planned in capital, equipment, and infrastructure to modernize operations, improve productivity, and lower costs.

• No plans for dividends or share buybacks through 2030; focus remains on reinvestment and growth.

• Aggressive exploration and mine expansion planned to extend mine life and increase productivity.

Production and growth outlook

• 2024 production guidance set at 260,000–300,000 ounces, with operating cash costs of $1,250–$1,400 and all-in sustaining costs of $1,950–$2,250.

• Porcupine Complex in Ontario: 22-year mine life, $5.9B NPV at $4,500/oz gold, >285 koz annual gold production (Years 1–10), and 3,932 koz total M&I resources.

• Cordero Project in Mexico: 19-year mine life, $5.9B NPV at $75/oz silver, 13.6–14 Moz average annual silver production, and 302 Moz total reserves.

• Pamour open pit to enter commercial production in 2027, expected to produce 110,000–140,000 ounces annually, with potential for further expansion.

• Dome mine offers potential for 225,000–400,000 ounces per year depending on mill upgrades, with a resource base of 11–20 million ounces.

Exploration and resource development

• 2026 exploration targets resource conversion and expansion at Hoyle Pond, Borden, Pamour, Dome, and TVZ, with ~280,000 metres of drilling planned.

• Extensive exploration underway at Hoyle Pond, targeting deeper zones and new mineralization such as TVZ, with infrastructure expansion to support growth.

• Pamour drilling demonstrates potential to double pit size and resource base, with production life extending to at least 2047.

• Dome redevelopment and Borden resource conversion drilling show strong results, supporting future production increases.

• Regional exploration in Timmins camp continues to identify new targets and support long-term growth.