Titiminas Silver Commences Drill Program at the Madre Sierra Silver Mine, Peru

Executive Summary

• Titiminas Silver has commenced a dual-phase underground drilling program at its Madre Sierra Silver Mine in Peru, consisting of a 4,000-metre Packsack program and a concurrent 15,500-metre HQ core program.
• The drilling will systematically test three principal target zones (Madre Sierra, Madre Sierra Norte, and Titiminas CRD) to generate modern data for a maiden NI 43-101 Mineral Resource Estimate.
• The program aims to support a Preliminary Economic Assessment (PEA) and Final Investment Decision (FID, targeted for Q4 2027) as part of a phased development strategy under Peru's small-mining regime.

Key Details

• Phase 1 – Packsack Drilling: 4,000-metre underground diamond drilling program utilizing two compact, man-portable rigs within existing mine workings; expected to run for ~12 months targeting high-grade vein structures from prior channel sampling.
• Phase 2 – HQ Core Drilling: 15,500-metre underground core drill program running concurrently with Phase 1, focused on delineating the ~5 km mineralized corridor.
• Target Zone 1 (Madre Sierra): Primary resource delineation target; hosts a historical underground resource previously mined on a small scale; drilling will convert historical estimates into a modern NI 43-101 compliant resource.
• Target Zone 2 (Madre Sierra Norte): Newly identified Ag-Cu-Au vein system at ~4,470 m a.s.l.; historical channel sampling returned 0.40 m @ 73.99 oz/t Ag, 0.40 m @ 14.53% Cu, and 0.40 m @ 18.92 g/t Au.
• Target Zone 3 (Titiminas CRD): Past-producing Carbonate Replacement Deposit with >1 km of existing underground development; channel sampling at the Chambará limestone–dacite contact returned 8.20 m @ 7.69 oz/t Ag, 10.18% Pb, and 18.46% Zn.
• Contractor: GC Drillers EIRL contracted to execute both drilling phases.
• Timeline & Milestones:
• Packsack program duration: ~12 months
• Maiden NI 43-101 Mineral Resource Estimate: Targeted Q2/Q3 2027
• Preliminary Economic Assessment (PEA) & Final Investment Decision (FID): Targeted Q4 2027
• Data Release Strategy: Drill results will be released on a rolling basis as assays are received; results will directly inform drill collar locations and target prioritization for the HQ core program.
• Project Context: The company is pursuing a phased development strategy to fast-track production at Madre Sierra while exploring the broader district for potential Cu–Mo porphyry systems at depth.

Notable Quotes

• "The start of drilling at Madre Sierra marks a defining milestone for Titiminas. We have two programs running simultaneously: a 4,000-metre Packsack program within the existing underground workings, and a 15,500-metre HQ core drill program that will systematically test our three target zones. Together, they are designed to deliver a maiden resource estimate and put us firmly on the path to a Final Investment Decision by end of 2027. We have the right contractor, the right community relationships, and a multi-target mineral system." – Luis Goyzueta, Chairman and Chief Executive Officer, Titiminas Silver Inc.