Minaurum Resource Step-Out Drilling Returns: 3.40 m of 397 g/t AgEq at Europa Sur, 1.90 m of 323 g/t AgEq at Quintera, and 0.90 m of 1469 g/t AgEq at San Jose in Alamos Silver Project

Minaurum Silver Inc. (MGG) released assay highlights from Phase II resource-expansion drilling on four vein systems at the Alamos Silver Project in Sonora, Mexico. The results include significant intercepts across the Europa Sur, Quintera, Travesia, San Jose, and Promontorio Sur zones.

Key assay highlights from the release are as follows:

• Europa Sur, AL26-233: 1.60 m @ 412 g/t AgEq (TW 1.36 m), incl. 0.40 m @ 708 g/t AgEq (TW 0.34 m); plus narrow footwall hits of 0.45 m @ 335, 0.90 m @ 177, 0.30 m @ 528, 0.30 m @ 686, 0.30 m @ 194, 0.30 m @ 566.
• Europa Sur, AL26-246: 3.40 m @ 397 g/t AgEq (TW 2.50 m), incl. 0.30 m @ 1,433 g/t AgEq (TW 0.20 m) and 1.30 m @ 530 g/t AgEq; plus 1.75 m @ 223 g/t AgEq near surface.
• Europa Sur, AL26-239: 2.70 m @ 179 g/t AgEq (TW 2.30 m), incl. 0.30 m @ 734 g/t AgEq.
• Europa Sur, AL26-253: 3.15 m @ 180 g/t AgEq (TW 2.80 m), incl. 0.55 m @ 298 g/t AgEq.
• Europa Sur, AL26-232: 1.80 m @ 133 g/t AgEq (TW 1.62 m), incl. 0.30 m @ 341 g/t AgEq.
• Quintera, AL26-250: 0.50 m @ 1,559 g/t AgEq (TW 0.40 m) — reported as ~100 m down-dip of AL26-215 (5.95 m @ 1,117 g/t AgEq, 8 Jul 2026).
• Quintera, AL26-236: 0.65 m @ 318 g/t AgEq (TW 0.50 m) — ~80 m north and 20 m above AL26-250.
• Travesia, AL26-243: 1.90 m @ 323 g/t AgEq (TW 1.35 m), incl. 0.50 m @ 715 g/t AgEq.
• San Jose, AL26-249: 0.90 m @ 1,469 g/t AgEq (TW 0.85 m), incl. 0.50 m @ 2,425 g/t AgEq (TW 0.48 m).
• Promontorio Sur, AL26-248: 0.45 m @ 386 g/t AgEq (TW 0.40 m) within a 2.10 m interval averaging 121 g/t AgEq (TW 1.90 m) — first step-out hole in the zone, ~200 m south of the NW fault.

The Europa Sur and Quintera zones were excluded from the maiden resource released on 28 January 2026 and are scheduled for inclusion in the H2 2026 update. Assays for Promontorio Sur remain pending as drilling continues. The release does not specify the total number of Phase II holes drilled versus those reported; the tables represent a selection of highlights, with approximately 25 holes carrying at least one listed interval.

Minaurum Silver Inc. (MGG) released drill results that fall below previous high-grade intercepts on its key zones. The company’s best previously reported intercepts include Quintera AL26-230 (25 Aug 2026), which returned 26.30 m @ 369 g/t AgEq, roughly 17.10 m estimated true width ≈ 6,310 g.m TW (9,705 g.m interval); Quintera AL26-215 (8 Jul 2026), which returned 5.95 m @ 1,117 g/t AgEq, ~2.90 m TW ≈ 3,240 g.m TW (6,646 g.m); Europa Sur AL26-207 (8 Jul 2026), which returned 3.65 m @ 888 g/t AgEq ≈ 3,241 g.m; Europa Sur AL26-224 (25 Aug 2026), which returned 3.40 m @ 589 g/t AgEq ≈ 2,003 g.m; Europa Sur AL26-196 (27 May 2026), which returned 3.20 m @ 882 g/t AgEq ≈ 2,822 g.m; and Promontorio AL25-138 (16 Oct 2025), which returned 21.45 m @ 220 g/t AgEq ≈ 4,719 g.m.

The stock closed C$0.40 on 25 Aug 2026, the day of the 26.30 m @ 369 g/t hole, and C$0.33 on 23 Sep 2026, having faded approximately 18% since the anchor release. The last significant price movement occurred from November 2025 to February 2026, when the stock rose from approximately C$0.28 to C$0.60, driven by the maiden 55.2 moz AgEq resource and completed C$25M financing. Current pricing is approximately 45% below the 52-week high and 18% above the 52-week low.

Today’s best interval, AL26-246, returned 1,350 g.m on an interval basis and 993 g.m on true width. The best true-width g.m of the release was AL26-249 at 1,249 g.m on a 0.85 m width. These figures are materially weaker than the anchor intercepts, which ranged from 2,000 to 9,700 g.m and 5.95 to 26.30 m intervals. The grade on the widest holes was 180-410 g/t AgEq, compared to 589-1,117 g/t AgEq in the anchors, indicating degraded grade and width simultaneously. The new holes tested pinches above and below the best swells and the Quintera down-dip extension, representing legitimate extension work that does not reproduce the previous anchor results.

Minaurum is a pre-development explorer with a maiden INFERRED resource of 5.37 Mt @ 320 g/t AgEq, totaling 55.2 moz AgEq. The company has no reserves, no Preliminary Economic Assessment for Alamos, and a 30-year MIA underground permit submitted in August 2023 that remains pending. A going-concern flag was disclosed in the latest MD&A. At approximately C$170M market cap, the market is paying roughly C$3 per in-situ AgEq ounce for an entirely inferred, uneconomic resource. The implied bar for drill news is to grow the resource toward the 100 moz AgEq pathway, and none of these intercepts individually changes that trajectory. The primary catalyst remains the H2 2026 resource update.

This is not an earnings release, so no financial results are assessed here. Prior-period context, not disclosed in today's release, includes a Q1 FY2026 (three months to 31 Jul 2026) net loss of C$7,725,932 on C$7,259,014 of exploration and evaluation spend. The company held C$12,946,402 in cash and C$11,897,271 in working capital, with no debt. The accumulated deficit exceeds C$92.4M, and going-concern uncertainty was disclosed. There are 516,661,660 shares outstanding.

Minaurum Silver Inc. (formerly Minaurum Gold Inc.), trading on the TSXV under ticker MGG, OTCQX as MMRGF, and FSE as 78M0, is an exploration-stage company with no revenue. The company is led by President and CEO Darrell Rader, with Stephen R. Maynard serving as VP of Exploration and Dr. Peter Megaw as Founder and Advisor.

The company’s flagship asset is the 100%-owned Alamos Silver Project in Sonora, Mexico. The project holds a production-permitted status with a 30-year mining concession agreement (MIA) for underground operations submitted in August 2023, alongside 29-year extendable community agreements. The concession package comprises 14 concessions covering 37,828.69 hectares within the Alamos municipality. The site features paved-road access located 8 km west of Alamos town, is adjacent to the Piedras Verdes mine, sits approximately 50 km from Obregon airport, and has access to a 115 kV power grid.

On January 8, 2026, Minaurum reported a maiden inferred resource effective for filing on February 27, 2026. The estimate utilized a 150 g/t AgEq cut-off based on 104 holes totaling 35,888.15 meters and 10,194 samples, with approximately 80-meter spacing. The resource totals 5.37 million tonnes at 320 g/t AgEq, equating to 55.2 million ounces of AgEq. This comprises 34.8 million ounces of silver, 35,640 ounces of gold, 51.0 million pounds of copper, 115 million pounds of lead, and 238 million pounds of zinc.

The resource is divided into two primary zones: * Promontorio/Travesia: 3,231 kt @ 276 g/t AgEq (28.7 moz AgEq) * Europa: 2,135 kt @ 386 g/t AgEq (26.5 moz AgEq)

The metal value mix consists of 63% silver, 13% zinc, 12% copper, 6% lead, and 6% gold. The company notes that sensitivity remains robust between 125 and 175 g/t AgEq cut-offs.

While the technical report covers the 37,828.69-hectare Alamos concession package, a September 2026 investor deck cites a broader 95,498-hectare district portfolio. This larger portfolio includes non-core projects such as Santa Marta (Cu), Aurena (Au), Taviche (Ag), Aurifero (Au), and Adelita (Cu), which carries a 1% NSR. The company distinguishes between the two areas and does not conflate them.

In Nevada, Minaurum holds the Lone Mountain CRD Project, which contains a historic inferred resource of 3,257,000 tonnes at 7.57% zinc and 0.70% lead. A 2019 preliminary economic assessment (PEA) indicated an after-tax NPV of US$43.2 million and a 35% internal rate of return (IRR). The project currently holds no reserves. Presentation materials note an intention to monetize or spin out non-core assets, including the Adelita 1% NSR.

The company’s exploration program completed Phase I, consisting of 10,000 meters of infill drilling, in November 2025. Phase II was expanded from 25,000 meters to 50,000 meters by December 2025. The program utilizes six rigs across 263 permitted pads, targeting 26 identified vein zones. Thirteen of the 19 drilled zones have returned high-grade intercepts. SGS was engaged in July 2026 to conduct the updated resource estimate, while Dr. Paula Montoya and PROINFRA were engaged in July 2026 for district geology and down-hole structural imaging.

Financially, the company reported a net loss of C$7,725,932 for the first quarter of fiscal year 2026, covering the three months ended July 31, 2026. Exploration and evaluation expenses totaled C$7,259,014. As of that date, the company held C$12,946,402 in cash against total assets of C$19,714,881 and total liabilities of C$1,760,423, resulting in equity of C$17,954,458. The company reported no debt and an operating cash outflow of C$7,081,364. For the full fiscal year 2026, ending April 30, 2026, the net loss was C$17,479,425, accompanied by C$34,133,610 in financing inflow. There were 516,661,660 shares outstanding as of July 31, 2026, yielding a book value of approximately C$0.03 per share.

Ownership is held by institutional silver and gold funds, which account for approximately 70% of shares. Major holders include Sprott, U.S. Global Investors, Paragon, Phoenix Gold Fund, L1 Capital, Libra, and BMO National Bank Investments. Retail investors hold approximately 5%.