Discovery Silver (DSV) Mining Forum Europe 2026 summary

Strategic positioning and portfolio overview

• Focused on North American precious metals, with major gold growth in Ontario and silver development in Mexico through the Porcupine and Cordero projects.

• Targeting production increase from 234,000 ounces to 500,000–750,000 ounces of gold annually in 3–5 years, plus 14 million ounces of silver from Cordero.

• All production expected to remain in the lowest half of the industry cost curve, with ongoing efforts to further reduce costs.

• Ended 2025 with over $400 million in cash, no debt, and significant credit facilities, supporting growth plans.

• Recent acquisition of Glencore's Kidd assets enhances infrastructure, milling capacity, and optionality for future expansion.

Project updates and operational highlights

• Porcupine assets acquired from Newmont include Hoyle Pond, Borden, and Pamour, with ongoing drilling and reserve replacement.

• Dome and TVZ projects are critical to achieving the upper end of gold production targets, with Dome considered a potential game changer.

• Kidd acquisition brings a large processing facility, tailings capacity, and additional mining assets, supporting production and cost efficiency.

• Studies underway to optimize milling strategy, including expanding Dome Mill and repurposing Kidd Met Site circuits.

• Exploration budget of $55–$75 million for 2024, with 280,000 meters of drilling planned and positive early results.

Financial and technical outlook

• Technical reports show NPVs over $4.5 billion for both Porcupine (at $4,000 gold) and Cordero (at $60 silver), with further upside from ongoing improvements.

• Top-performing stock on the Toronto Stock Exchange last year, with share price not yet fully reflecting asset value.

• Ongoing studies at Dome, Dome Mill, Kidd Met Site, and TVZ expected to conclude by year-end, informing multi-year guidance.

• First multi-year production and capital guidance to be released in February next year, with further guidance in early 2027.

• 2025 Porcupine operations generated $653M revenue, $297M EBITDA, and $172M free cash flow, with cash costs of $1,267/oz and AISC of $1,925/oz.