Outcrop Silver & Gold (OCG) Precious Metals & Critical Materials Virtual Investor Conference summary

Industry and market context

• Global silver market faces a cumulative deficit exceeding 1 billion ounces, driven by surging industrial demand, especially from solar energy, which grew 64% in 2023.

• Less than a third of global silver production comes from primary silver mines, highlighting the rarity and value of pure silver projects.

• Silver is increasingly viewed as an industrial metal, with expectations for price appreciation as it lags behind gold.

Project highlights and operational progress

• Santa Ana is recognized as one of the highest-grade undeveloped silver resources globally, with an initial estimate of 37 million ounces, 73% of which is silver.

• 2024 strategy focused on testing new targets and expanding the resource base, with successful discovery holes in multiple veins and ongoing drilling in the southern Mangos area.

• Each new vein drilled adds significant high-grade ounces, supporting an internal goal to surpass 100 million ounces.

• Systematic approach to resource expansion aims to add ounces at less than CAD 0.50 per ounce, well below current market valuation.

Technical and economic advantages

• Santa Ana’s mineralogy allows for high recoveries: 96% for silver and 98.5% for gold using flotation and gravity, producing a high-grade concentrate.

• Potential to produce doré directly from concentrate, achieving 98-99% payables and avoiding the need for leaching or cyanide.

• Environmental footprint is minimized, with test work indicating a non-acid generating final product.