Highlander Silver (HSLV) Transition period summary

Executive summary

• Completed acquisition of the San Luis Project in Peru and advanced exploration, including a maiden drilling program at the Bonita vein system, yielding high-grade gold-silver results.

• Closed the Bear Creek Transaction, adding the Mercedes Mine (Mexico) and Corani Project (Peru) to the asset portfolio.

• Raised over $120 million through multiple equity financings, including a $94.99 million public offering and a $40 million private placement with Eric Sprott.

• Listed on the TSX in May 2025 and commenced trading on NYSE American in March 2026.

Financial highlights

• Net loss of $16.97 million for the fifteen months ended December 31, 2025, compared to $3.09 million for the twelve months ended September 30, 2024.

• Exploration expenses increased to $9.07 million (15 months) from $1.43 million (12 months prior), driven by San Luis Project activities.

• General and administrative expenses rose to $8.67 million from $1.69 million, reflecting corporate expansion and transaction costs.

• Cash and cash equivalents at year-end were $108.2 million, up from $2.5 million.

• Total assets increased to $121.6 million from $13.8 million.

Outlook and guidance

• Phase 2 exploration at San Luis, including expanded drilling at Bonita, is planned post-rainy season.

• Integration of Corani and Mercedes assets underway, with optimization and exploration plans in development.

• Proceeds from recent financings to fund exploration, project studies, and working capital.