Impact Silver Outlines Capire Gold Opportunity and Plomosas Operating and Exploration Update

IMPACT Silver Corp. (IPT) announced on October 13, 2026, that it has commenced a program to upgrade and restart the 200 tpd Capire mill, located 16 km southwest of the Guadalupe complex. The facility is intended to treat underground feed from the Noche Buena Complex, specifically the Carlos Pacheco, San Juan, and San Francisco veins. When combined with the 500 tpd Guadalupe mill, total processing capacity would reach almost 700 tpd, with processing scheduled to begin in the second half of 2027. The company stated it would fund the initiative through working capital, with no new debt or equity mentioned.

This plan supersedes the previously contemplated restart of the adjacent Capire open pit, which has been deprioritized. However, the release provided no capital expenditure figures, tonnage estimates, head grades, recovery assumptions, unit costs, NPV/IRR calculations, mine life projections, or resource estimates for the contemplated feed. Management listed several conditions for the project, including the completion of technical and commercial evaluations, confirmation of onsite infrastructure and applicable authorizations, and capital approval and execution. While metallurgy is described as supportive, further testing and engineering are still required, and concentrate sales terms remain under negotiation.

In a separate development regarding the Plomosas mine, IMPACT Silver reported that as of September 30, 2026, there were no third-party feed arrangements in place that could economically support ongoing production. Consequently, the plant is moving to care and maintenance. The company expects a non-cash impairment of approximately $4.3 million to hit third-quarter 2026 property, plant, and equipment (PP&E), with the final amount to be confirmed in the Q3 statements. This follows a suspension of production at the mine in March 2026.

Impact Silver Corp. (IPT) announced that its Plomosas plant has moved to full care and maintenance, eliminating the toll-processing revenue and third-party feed optionality that management had previously promoted as a solution for the asset. The company also recorded a second impairment of approximately $4.3 million at Plomosas. Additionally, the Capire plan has been re-scoped to target gold-dominant underground feed rather than the Capire open pit, with a stated start date in the second half of 2027.

The Plomosas outcome directly contradicts language from the August 2026 deck, which indicated a restart was expected in the coming quarters and that advanced-stage discussions were underway. The Capire open-pit restart, previously described in the investor presentation with a 2016 Inferred resource of 1.786 Mt at 79 g/t Ag, 1.22% Zn, and 0.54% Pb, is now subordinated to an un-resourced, un-costed underground feed concept.

The $4.3 million impairment represents roughly 4.4% of the current ~$98 million market capitalization and about 14% of the $31.4 million PP&E balance at June 30, 2026. While small in absolute terms, it is the second charge on the same asset, signaling that the carrying value may still exceed recoverable value.

The offsetting positive regarding Capire does not constitute investable information at this time. There is no capital estimate, no economics, no permit confirmations, and no offtake terms. The start date is roughly 12 months out and subject to four explicit conditions precedent.

The stock closed at $0.33 on September 3, 2026, and $0.28 on October 9, 2026, its lowest level since March. The market has been de-rating the name for nine months. This release removes an optionality story regarding Plomosas feed and replaces it with a conditional 2027 promise.

IMPACT Silver Corp. (TSXV: IPT, OTCQB: ISVLF, FSE: IKL), headquartered in Vancouver, is a Mexico-focused producer-explorer that has been producing since 2006. Its flagship asset, Royal Mines of Zacualpan, is 100% owned and spans more than 200 km² in central Mexico. The operation includes four producing underground mines and one open pit feeding the central 500 tpd Guadalupe processing plant. Over 20 years, the site has produced approximately 14 million ounces of silver, generating more than $322 million in cumulative revenue. Silver accounts for 92% of Q3 2025 revenue, with additional value derived from zinc and lead credits, while the high-grade Kena vein serves as the recent primary driver for grade.

The Noche Buena Complex, located within the Zacualpan district approximately 4 km southwest of Guadalupe, was restarted in late 2025. It hosts the Noche Buena silver vein and the Carlos Pacheco gold-silver-copper vein system, serving as the designated feed source for the Capire upgrade. The Capire Project is situated approximately 16 km southwest of Guadalupe and features a 200 tpd pilot plant adjacent to a dormant open-pit silver mine that has been on care and maintenance since 2014. This release indicates a shift in strategy, redirecting the plant to underground Noche Buena feed rather than open-pit ore.

In Chihuahua, northern Mexico, the Plomosas property is a 3,019-hectare carbonate replacement deposit (CRD) zinc-lead-silver site. It includes a plant capable of processing up to 225 tpd on a 6 km structure, along with untested copper-gold surface targets. Underground mining at Plomosas was suspended in March 2026, and the plant is now on care and maintenance.

Management includes President and CEO Frederick W. Davidson, a director with approximately 35 years of mining experience; CFO Fernando Montoya; COO Armando Alexandri, who has 40 years of experience; VP Exploration and Director George Gorzynski, a NI 43-101 Qualified Person; and VP Finance Jerry Huang. The board of directors comprises Victor Tanaka, Richard Mazur, Audit Chair Janet Meiklejohn, Robert W. Lishman, and Jose Olmedo. No management changes were disclosed in this release.