Argenta Silver Identifies Potential Second Silver System - Near-Surface - at El Quevar; Mobilizes Third Drill Rig to Test Surface Mineralization

Argenta Silver Corp. (AGAG) reported four new shallow diamond drill holes—QVD-481, -482, -483, and -484—along with QVD-486 from the Mani target, located 700-800 m south of the Yaxtché deposit. All holes were drilled to end-of-hole depths within 46 m.

Assay results from the Mani target, at a stated 30 g/t Ag cut-off, include the following intervals:

• QVD-481: 38.5 m @ 67 g/t Ag from 1.5 m, including 13.50 m @ 111 g/t Ag, which includes 2.0 m @ 326 g/t Ag from 37.0 m. End of hole 46 m.
• QVD-482: 22.0 m @ 249 g/t Ag from 2.0 m, including 2.2 m @ 271 g/t Ag, 13.0 m @ 349 g/t Ag, which includes 4.0 m @ 473 g/t Ag; plus a separate 5.0 m @ 103 g/t Ag from 33.5 m. End of hole 38.5 m, terminated in mineralization.
• QVD-483: 35.0 m @ 67 g/t Ag from 3.0 m, including 3.0 m @ 128 g/t Ag, 6.0 m @ 137 g/t Ag and 1.0 m @ 118 g/t Ag. End of hole 50 m.
• QVD-484: 17.5 m @ 105 g/t Ag from surface (0.0 m), including 6.0 m @ 143 g/t Ag and 4.5 m @ 138 g/t Ag. End of hole 44 m.
• QVD-486: 2.0 m @ 29 g/t Ag from 13.0 m — below the stated 30 g/t cut-off yet still tabled.

Associated metals are negligible, with Au at 0.00-0.01 g/t, Pb at 0.10-0.54%, Zn at 0.00-0.14%, and Cu at 0.00-0.08%. This is an essentially pure silver system with no meaningful by-product credit.

In restated context, previous assays include QVD-433 with 56.0 m @ 710 g/t Ag from surface including 7.5 m @ 4,982 g/t Ag; QVD-444 with 4.0 m @ 1,385 g/t Ag + 0.87% Cu from 271 m (Copan); QVD-419 with 15.0 m @ 45 g/t Ag; and QVD-420 with 4.0 m @ 121 g/t Ag.

Operationally, a third diamond drill rig has been mobilized, dedicated to a systematic 20-hole shallow program at Mani. Two existing rigs continue resource-expansion drilling at Yaxtché, with deeper holes planned to test a Mani-Copan structural connection. The Company frames Mani as a "potential second silver system" separate from, and not included in, the Yaxtché Mineral Resource, which comprises 45.3 moz Ag Indicated @ 482 g/t Ag plus 4.1 moz Ag Inferred @ 417 g/t Ag.

Argenta Silver Corp. (AGAG) remains a pre-revenue explorer with no operating cash flow and no current resource at Mani, meaning materiality must be judged against the company’s equity value rather than the confidence level of the Yaxtché target. The primary benchmark for the Mani target is the QVD-433 intercept reported on 23 February 2026, which returned 56 m @ 710 g/t Ag from surface, totaling 39,760 gram-metres, including a high-grade core of 7.5 m @ 4,982 g/t Ag. The most recent new hole, QVD-482, returned 5,478 gram-metres—approximately 14% of the anchor’s total—at a lower grade of 249 g/t Ag over a comparable-to-shorter apparent width.

The stock is currently trading at its 52-week low of C$0.33 on 22 October 2026, down from C$0.93 in January 2026 and C$0.74 immediately prior to the QVD-433 release. The February release generated an 8% two-day price pop that fully round-tripped, indicating the market is currently pricing dilution, Argentine risk, and a fading silver narrative rather than Mani repetition or scale.

Genuinely new developments include four additional shallow holes establishing silver-from-surface continuity across roughly 250 m of the Mani trend at collar spacing of 50-100 m, supported by a dedicated third rig and a 20-hole shallow program. This activity de-risks the shallow portion of a target that could serve as cheap open-pit feed, but it does not change resource scale, add tonnes as Mani is outside the Mineral Resource Estimate (MRE), or upgrade grade. The next potential catalysts for Mani include the completion of the 20-hole program, the deeper Mani-Copan connection holes, and the inclusion of Mani in the H1 2027 Mineral Resource Estimate update.

Argenta Silver Corp. (TSXV: AGAG; OTCQX: AGAGF; FSE: T1K), a pure-play silver explorer listed on 28 October 2024, is focused on Latin America. The company’s sole material asset is the 100%-owned, 57,000-hectare El Quevar Project in Salta Province, Argentina. The property covers most of the El Quevar Volcanic Complex along the Calama-Olacapato-El Toro structural corridor, located 190 km from Salta city and 8 km from Pocitos.

Mineralisation at the site is silver-rich, high- to intermediate-sulphidation epithermal, hosted in brecciated zones and dacite domes. The deposits are controlled by NW-SE and NE-SW faults, with silver occurring as complex sulphides, sulphosalts, and native silver in silicified breccias and stockworks.

According to an NI 43-101 resource estimate effective 30 September 2024, the Yaxtché deposit contains an Indicated resource of 2.93 Mt @ 482 g/t Ag for 45.3 moz Ag, and an Inferred resource of 0.31 Mt @ 417 g/t Ag for 4.1 moz Ag. The resource is open at depth and along strike. Mani-Copan and Carmen are outside the estimate.

Exploration targets include Yaxtché resource expansion, the Carmen gold-copper deposit (QVD-425 returned 44 m @ 0.57 g/t Au + 0.58% Cu), near-surface silver at Mani-Copan, and the Andrea, Argentina, and Atenea targets. The company also holds more than 20 regional targets across Quevar South, Quevar North, and Azufre.

Infrastructure includes over 60-80 km of internal roads, a fully owned 100-person camp expandable past 200, a 1,250 m underground decline, and a permitted explosives warehouse. A railroad and gas pipeline are 3-4 km away, while a high-voltage line and solar parks are approximately 20 km away. Previous owners invested over C$100 million (inflation-adjusted) in infrastructure.

Argenta has drilled more than 28,000 m since 2024 in the current campaign, compared to 102,914 m by Golden from 2006-2019 and 1,320 m by Barrick from 2020-2024. The declared 2026 program has been upsized to 45,000 m, with 91% of the treasury allocated to exploration.

Financial data sourced from Q2-2026 statements and MD&A shows cash of C$30.1 million and working capital of C$29.6 million, with no debt or credit facilities. H1-2026 results included a net loss of C$15.3 million, an operating cash outflow of C$13.8 million, and exploration and evaluation expenses of C$10.6 million. A going-concern material uncertainty was disclosed. A C$23 million bought deal closed on 22 January 2026 at C$0.80 per share, involving 28.75 million shares plus 1.725 million broker warrants, alongside a warrant issue at C$0.80 and an RSU/PSU/DSU plan authorising up to ~10% of shares outstanding.

Joaquín Marias serves as CEO and President, with management ownership at approximately 2%. Frank Giustra and Eduardo Elsztain are notable backers, both diluted below 10% by the January 2026 financing. The company’s roadmap includes an updated Mineral Resource Estimate in H1 2027, economic and engineering studies from Q4 2028, and a reserves and production timeline for 2029-2030.