Discovery Silver (DSV) Very Independent Research Virtual Conference summary

Strategic overview and recent developments

• Acquisition of Porcupine Complex from Newmont included three operating mines and significant exploration upside, with $200M paid in cash, $75M in equity, and $150M deferred over four years starting in two years.

• Current production is about 220,000 ounces, expected to rise to 340,000 ounces in the next few years, with a technical report NPV of $4.5B at $3,800 gold.

• Cordero silver project in Mexico is expected to produce 37M ounces of silver equivalent annually for 12 years, with a 20-year mine life and NPV up to $4.5B at $60 silver.

• Strong financial position with $342M cash, $250M revolving credit facility, and no debt; deferred payments expected to be funded from operations.

• Significant value creation potential remains, as current valuation reflects only a portion of asset upside.

Asset and exploration highlights

• Hoyle Pond, Borden, and Pamour mines have strong reserve replacement records and ongoing exploration, with Borden holding a 1,000 sq km land package.

• Dome mine has an 11M ounce open-pittable resource, with plans to access 5–7M ounces over 15+ years without relocating the mill.

• Hollinger and McIntyre mines, with 30M ounces historic production, are being considered for a super pit concept, potentially requiring town infrastructure relocation.

• 140,000 meters of drilling planned by early next year, expanding to over 200,000 meters, with 17 rigs currently operating and productivity exceeding expectations.

• Recent drilling at Hoyle Pond, TVZ, Pamour, Dome, and Owl Creek has yielded strong results, with high hit rates in known structures and extensions.

Operational and development plans

• Dome Mill processing costs targeted for significant reduction by modernizing infrastructure, with plans to expand capacity from 12,000 to 30,000 tons/day.

• Dome mine restart and mill expansion studies underway, aiming for 200,000–250,000 ounces/year, with potential for 400,000+ ounces if additional milling capacity is secured.

• TVZ and Owl Creek zones at Hoyle Pond targeted for resource growth, with 70,000–80,000 meters of drilling planned, focusing on both depth and strike extensions.

• Pamour drilling focuses on pit expansion and resource definition, with consistent grades of 1–2 g/t over broad intervals and significant untested areas.

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