Minaurum Discovers Blind Silver Vein Grading 669 g/t AgEq Over 2.05 Metres, Highlighting Potential for Additional Blind Veins of Scale; Resource Expansion Drilling Returns 367 g/t AgEq Over 2.65 Metres at Europa Sur at the Alamos Silver Project

Minaurum Silver Inc. (MGG) has announced the discovery of a previously unrecognised "blind" Africa vein located approximately 50 metres in the footwall (west) of the Europa Sur vein. The company also released step-out and resource-expansion assay results from the Europa Sur, Quintera, Promontorio Sur, and San Jose deposits.

The Africa vein results include AL26-257, which returned 1.30 metres at 592 g/t AgEq (true width 1.10 metres) from 164.80 to 166.10 metres, and AL26-268, which returned 2.05 metres at 669 g/t AgEq (true width 1.75 metres) from 238.40 to 240.45 metres. AL26-270 returned 0.55 metres at 101 g/t AgEq from 464.55 to 465.10 metres, described as near-blank. A second low-grade hit in AL26-257 returned 0.80 metres at 108 g/t AgEq.

Assays from the Europa Sur deposit include AL26-261, which returned 0.60 metres at 1,140 g/t AgEq (including 0.30 metres at 2,181 g/t AgEq); AL26-266, which returned 2.65 metres at 367 g/t AgEq (including 1.35 metres at 596 g/t AgEq, which itself includes 0.30 metres at 1,257 g/t AgEq); AL26-268, which returned 1.90 metres at 416 g/t AgEq; AL26-260, which returned 1.95 metres at 180 g/t AgEq; and AL26-264, which returned 4.05 metres at 125 g/t AgEq.

At Quintera, AL26-259 returned 3.20 metres at 253 g/t AgEq (including 1.50 metres at 462 g/t AgEq, which includes 0.30 metres at 1,540 g/t AgEq).

Promontorio Sur assays include AL26-263, which returned 3.95 metres at 160 g/t AgEq (including 1.20 metres at 301 g/t AgEq), and AL26-265, which returned 0.40 metres at 691 g/t AgEq and 1.90 metres at 239 g/t AgEq.

At San Jose, AL26-267 returned 0.30 metres at 782 g/t AgEq, plus 0.95 metres at 253 g/t AgEq and 0.75 metres at 190 g/t AgEq.

These results are part of the Phase II 50,000 metre program. An updated inferred resource estimate is still guided for the second half of 2026, with Quintera and San Jose expected to be added to the update. Assays for Promontorio Sur are pending.

Minaurum Silver Inc. (MGG) remains in the post-maiden-resource explorer and developer stage, holding a 55.2 moz AgEq inferred resource at 320 g/t AgEq as of December 2025. The company holds a 30-year Mining Impact Assessment (MIA) permit, with a Preliminary Economic Assessment (PEA) not expected until the second half of 2027. While the stock peaked at approximately $0.60 in January 2026 on the maiden resource and early Phase II results, it has since round-tripped to roughly $0.26, marking a 57% decline and a fresh 52-week low.

The latest drilling identified a new blind vein, adding to the geological inventory and suggesting potential parallel-vein upside. However, this discovery does not alter the grade, scale, or the 55.2 moz resource thesis on its own. On a gram-metre ranking basis, the new find sits in the middle of the pack compared to the company’s 2026 output metrics. Specific intercepts include Quintera at 26.30 m @ 369 g/t AgEq (9,700 g·m), Quintera at 5.95 m @ 1,117 g/t AgEq (6,650 g·m), and Europa at 12.35 m @ 408 g/t AgEq (5,040 g·m).

At a market capitalization of approximately C$134M carrying the 55 moz resource, a 2 m vein at 669 g/t AgEq represents a modest positive rather than a significant value change. Financial context remains critical; prior-period data not included in today’s release shows a Q1 FY2026 net loss of approximately $7.7M, cash holdings of $12.9M, and an exploration and evaluation burn rate of $7.3M per quarter. With a going-concern note in place, the company is expected to need financing again within roughly two quarters, which influences how the market weighs individual drill results.

Minaurum Silver Inc. (TSXV: MGG; OTCQX: MMRGF; FSE: 78M0), a Vancouver-based explorer focused on the Americas, is led by CEO Darrell Rader and VP Exploration/Qualified Person Stephen Maynard, with co-founder Dr. Peter Megaw serving as senior advisor. The company’s flagship asset is the 100%-owned Alamos silver project in Sonora, Mexico, which holds production permits including a 30-year Mining Investment Agreement and 29-year community agreements. The project encompasses a district-scale epithermal-to-CRD silver system covering approximately 37,829 hectares as defined in the technical report, or roughly 95,498 hectares across the portfolio per the presentation. It is located near the historically productive La Quintera mine, which produced approximately 100 million ounces of silver.

A maiden inferred resource, effective January 8, 2026, with a 150 g/t AgEq cutoff, identified 5.37 million tonnes grading 320 g/t AgEq for 55.2 million ounces of silver equivalent. This includes 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 Promontorio/Travesía area accounts for 28.7 million ounces of AgEq, while Europa holds 26.5 million ounces of AgEq.

The company’s pipeline includes the Lone Mountain CRD project in Nevada, a zinc-lead-silver deposit that had a 2019 preliminary economic assessment indicating an after-tax net present value of US$43.2 million and a 35% internal rate of return. Other assets in the portfolio include Santa Marta, Aurena, Taviche, Aurifero, Adelita (subject to a 1% net smelter return), and Biricu. No preliminary economic assessment has been completed for Alamos, which is guided for the second half of 2027.

According to a presentation dated approximately October 13, 2026, the company’s capital structure consists of approximately 517 million shares, cash of roughly C$11 million, options priced between C$0.15 and $0.52, warrants priced between C$0.18 and $0.50, and outstanding restricted stock units. Major holders include Sprott, U.S. Global, Pala, Muddy Waters, L1, and others.