Minaurum Completes 50,000-Metre Resource-Expansion Drill Program at the Alamos Silver Project, Drills More High-Grade Silver: 751 g/t AgEq over 2.80 m at Africa, 385 g/t AgEq over 5.30 m at Quintera, and 238 g/t AgEq over 12.20 m at Promontorio Sur

Minaurum Silver Inc. (MGG) has completed its Phase II drilling programme at the Alamos project, adding 138 holes for 50,356.15 metres to the campaign. This brings the program-wide total to 291 holes and 104,170.75 metres. The release reports final holes across five vein zones, with the updated Phase II resource estimate due in the fourth quarter of 2026.

Highlights from the company-stated true widths include:

• Africa: AL26-274, 2.80 m @ 751 g/t AgEq (302 g/t Ag, 0.64 g/t Au, 1.50% Cu, 5.09% Pb, 6.83% Zn) from 199.75 m, true width 2.65 m; incl. 0.50 m @ 1,579 g/t AgEq (TW 0.50 m) and 0.70 m @ 1,061 g/t AgEq (TW 0.65 m). AL26-270: 0.55 m @ 101 g/t AgEq. AL26-280: 0.90 m @ 6 g/t AgEq. AL26-282: 0.65 m @ 6 g/t AgEq.
• Quintera: AL26-279, 5.30 m @ 385 g/t AgEq (316 g/t Ag) from 363.25 m, TW 4.00 m; incl. 2.25 m @ 771 and 0.70 m @ 1,757 g/t AgEq. Same hole, hanging wall: 1.70 m @ 288 g/t AgEq from 197.20 m, TW 1.30 m. AL26-273: 0.60 m @ 151 and 0.80 m @ 118. AL26-283: 0.50 m @ 306, 0.60 m @ 404, 0.55 m @ 172.
• Quintera footwall gold: AL26-206, 4.40 m @ 4.50 g/t Au + 32 g/t Ag (439 g/t AgEq) from 330.00 m, TW 3.55 m; incl. 0.50 m @ 11.45 g/t Au (1,229 g/t AgEq), TW 0.40 m.
• Europa Sur: AL26-277, 0.50 m @ 1,049 g/t AgEq (895 g/t Ag) from 138.00 m, TW 0.45 m. AL26-274: 2.00 m @ 113 g/t AgEq (TW 1.90 m). Marginal intervals at 25, 84, 90, 112-165 g/t AgEq.
• Promontorio Sur: AL26-272, 12.20 m @ 238 g/t AgEq (14 g/t Ag, 2.08% Pb, 7.61% Zn) from 302.80 m, TW 8.60 m; incl. 5.45 m @ 336 g/t AgEq (TW 3.85 m). Same hole up-section: 2.10 m @ 152, 5.95 m @ 234, 1.25 m @ 153. AL26-278: 2.25 m @ 229 (incl. 0.50 m @ 677). AL26-281: 3.35 m @ 129. AL26-284: 3.55 m @ 136. Intercepts are ~300 m below surface.
• San Jose: AL26-276, 0.50 m @ 156 g/t AgEq (147 g/t Ag); 0.50 m @ 101 g/t AgEq.

Minaurum Silver Inc. (MGG) is a pre-production explorer with a maiden inferred resource at Alamos, defined by 5.37 million tonnes at 320 grams per tonne silver-equivalent for 55.2 million ounces silver-equivalent at a 150 g/t AgEq cutoff. This resource was derived from 104 holes totaling 35,888 meters, defined in only three of the 26 identified veins. The company holds a C$129 million market capitalization, has no revenue, and reported C$12.9 million in cash as of July 31, 2026, against approximately C$7.1 million in quarterly operating cash burn and an explicit going-concern note citing a C$92.4 million accumulated deficit. At this stage and size, drill results are judged on whether they change perceived scale, grade, or odds rather than bankability.

The program’s headline results previously drove the stock from C$0.28 in November 2025 to C$0.60 on January 23, 2026, and supported a second run to approximately C$0.41 in late August. Those results included February 10 (AL25-163, 12.35 m @ 408 g/t AgEq, 5,038 g.m), July 8 (AL26-215, 5.95 m @ 1,117 g/t AgEq, 6,646 g.m), and August 25 (AL26-230, 26.30 m @ 369 g/t AgEq, 9,705 g.m).

The stock is currently trading at C$0.25, which is 58% below its January high, within 25% of its 52-week low of C$0.20, and has been making lower highs since April. The market is no longer paying for repetition of the earlier hits, and the de-rated price suggests the bar for a positive surprise is lower.

The best new intercept from Promontorio Sur, totaling 2,904 g.m mostly zinc, is roughly 30% of the August Quintera hole and 44% of the July Quintera hole on gram-metres. Quintera hole AL26-279 returned 2,041 g.m, which is about half of AL26-215 on gram-metres at roughly one-third the grade, though it is an infill hole inside a known panel rather than a step-out test. The Africa zone represents the best Africa intercept by gram-metres to date at 2,103 g.m compared to 1,372 g.m for AL26-268, marking a 150 m step-out south that extends a blind vein discovery not included in any resource. Additionally, the Quintera footwall gold zone is a new, assayed, previously unrecognised lens with 3.55 m true width.

These results add a fourth potentially resource-grade zone at Africa and a gold overprint at Quintera, while removing execution risk on the program. The deposit-scale story remains unchanged, with the swing factor being the Q4 2026 estimate that will incorporate 138 new holes over an area that previously carried 104. This adds incremental value to an equity that has already round-tripped.

Minaurum Silver Inc. (MGG) is an Americas-focused explorer whose flagship asset is the 100%-owned, production-permitted Alamos silver project in southern Sonora, Mexico. The project comprises 14 concessions covering 37,828.69 hectares per the NI 43-101 report, though the company’s presentation cites a 95,498-hectare district portfolio. Located 8 km from the town of Alamos, the site features paved access, nearby 115 kV grid power, and water availability. Permitting represents a key component of the asset, including a 30-year MIA underground mining permit and 29-year extendable community agreements. Existing underground infrastructure includes 600 m of the Promontorio haulage level and a 55 m Balvanera shaft.

The project holds an inferred resource of 5.37 Mt @ 320 g/t AgEq for 55.2 moz AgEq at a 150 g/t AgEq cutoff. This resource is divided into 34.8 moz Ag, 35.6 koz Au, 51.0 Mlb Cu, 115 Mlb Pb, and 238 Mlb Zn. The resource is split between the Promontorio/Travesia area, which accounts for 28.7 moz AgEq, and Europa, which holds 26.5 moz AgEq. The company’s presentation claims PEA-level economics with a 35% after-tax IRR and characterizes the asset as "stand-alone tier-one," but discloses no NPV, capex, or AISC.

Minaurum Silver also holds other assets, including the Lone Mountain CRD in Nevada, which had a 2019 PEA showing an NPV of US$43.2M, 3.26 Mt @ 7.57% Zn and 0.70% Pb. Additional holdings include Aurifero, Taviche, and Adelita (1% NSR), Santa Marta (permit applied), Aurena, and Biricu. The company’s management team includes Darrell Rader (ex-MAG Silver, K92), Stephen Maynard (ex-Teck, BHP), and Dr. Peter Megaw (MAG Silver co-founder) serving as senior consulting geologist. Sprott holds approximately 25% of the company, while U.S. Global Investors' precious-metals funds hold approximately 20%.