Kuya Silver (KUYA) Noble Capital Markets Virtual Equity Investor Conference summary

Portfolio and positioning

• Three primary silver assets: producing Bethania in Peru, Silver Kings in Ontario and the Umm Hadid joint venture in Saudi Arabia; silver accounts for 90% of revenue.

• Cash of ~$25 million and no debt; current capital is expected to fund the project build, with no near-term financing need.

• Production, permits and a mining-friendly jurisdiction are presented as de-risking factors; a premium valuation is expected as the business advances over the next 6–12 months.

Bethania ramp-up and expansion

• A 4 m by 4 m ramp is underway to ease the ore-cart bottleneck, modernize mine access and support production above 350 tons per day over time.

• Targeting 350 tons per day over the next few quarters, equivalent to a little over 1 million oz of annualized silver production; expected to support significant pre-tax cash flow or EBITDA.

• 2027 priorities include commercial production, positive cash flow and a Bethania plant build; the year is expected to start with at least $20 million on the balance sheet, with cash flow also funding construction.

• Ramp development has begun internally; a contractor is expected to join soon, and a design adjustment may enable earlier ore access, with production updates possible in Q4 and Q1.

Exploration and resource growth

• A 20,000 m drill program has started; three rigs are planned, with two targeting deeper veins below current workings and a third drilling east toward Hilltop.

• Most drilling is expected before year-end 2026, with some extending into Q1 2027; initial results may arrive later in November, subject to assay timing.

• An updated resource estimate is targeted for mid-2027, with drill results expected every few months; the current 14 million oz silver-equivalent resource is five years old.

• Six additional vein systems lie within 4 km of the planned plant across a 5,600-hectare property; the aim is to develop several over the next few years and potentially reach 3–5 million oz of annual production.

• The CEO personally sees potential for more than 100 million oz across the district, explicitly characterizing this as an opinion rather than a forecast or 43-101-compliant estimate.