Highlander Silver Provides Update; Drilling Commences at Corani Silver Project

Highlander Silver released an update on April 7 2026 reporting an unaudited cash balance of roughly US$100 million (no debt) and a forecasted year‑end cash balance of about US$60 million. The company outlined near‑term work at its flagship Corani silver project, including commencement of earthworks on internal roads/platforms, camp/facility upgrades, long‑lead equipment orders slated for late Q2 2026, substation construction and powerline installation to start late Q2 2026, access‑road rehabilitation with new road construction also beginning late Q2 2026. An updated feasibility study (staged‑development approach) is targeted for completion by end of Q3 2026, with consultants MINSYS Mining Systems, Ausenco Engineering and contractors ApuCorp, Xplomine, CumbrEx appointed. Exploration activities are underway: a 620 km airborne magnetic survey completed, 54 km of a planned 60 km induced‑polarisation (IP) survey finished (expanded to 96 km), and the first drilling campaign in over a decade launched with four rigs targeting high‑impact exploration, resource growth, infill, oxide and technical drilling. Senior appointments were made: Carlos Ojeda as VP & GM for Corani (ex‑Anglo American) and Orlando Chumpitaz as VP & GM for Mercedes mine (ex‑Lundin Gold, Endeavour Mining, Minera Volcan, Fortuna Mining). The Mercedes mine is being recapitalised – excessive gold stream extinguished, debt settled, working capital restored, overdue payables settled, minor tax liabilities addressed and union agreements finalized. Forward‑looking statements include forecasts for cash balance, exploration updates later this quarter, equipment orders, powerline construction, feasibility study completion and free‑cash‑flow generation at Mercedes.

The April 7 update is largely operational progress that was anticipated after the Bear Creek Mining combination (completed Feb 26) and the Eric Sprott strategic investment (closed Jan 30). While it reinforces confidence in liquidity and shows tangible steps toward advancing Corani, it does not introduce new, unexpected information that would materially shift valuation beyond what investors already priced in from the combination financing and NYSE listing news. Hence the news is routine‑positive: it confirms execution on previously disclosed plans but lacks a game‑changing element.

Highlander Silver Corp. is a precious metals miner focused on silver and gold assets in Peru. Its flagship project is the Corani silver project, a large‑scale, open‑pit amenable deposit located in the Puno region. Corani hosts significant measured and indicated silver resources (historical estimates > 200 Moz Ag) and is advancing toward a feasibility study with a staged‑development approach. The company also operates the Mercedes gold‑silver mine (formerly Bear Creek’s asset), which is being recapitalised to generate free cash flow after debt settlement and stream extinguishment.