Drummond Ventures files QT filing statement

• Drummond Ventures Corp. filed a Qualifying Transaction (QT) statement on April 15, 2026, regarding its proposed business combination with Toro Silver Corp.
• The transaction is scheduled to close on or about April 17, 2026, with trading expected to commence under the new ticker MACK on April 24, 2026.
• A technical report for the Comstock mining project in Nevada (effective November 1, 2025) was included in the filings.
• This filing follows the closure of a $60.28 million USD financing announced and completed in early April 2026.
• The resulting issuer will be renamed Mackay Gold & Silver Corp., with a reconstituted board and management team led by Darwin Green (CEO) and Aris Morfopoulos (CFO).

• Context of History: The merger was initially announced in December 2025, followed by a financing target announcement in March 2026 ($60M), which closed on April 2, 2026.
• Incremental Nature: The April 16 filing confirms the administrative completion of the previously announced financing and merger conditions. It does not introduce new financial terms or asset valuations beyond what was disclosed in the March/April financing announcements.
• Market Expectation: Given the financing closed on April 2, the market likely priced in the successful closing of the transaction upon that date. The filing serves as a procedural confirmation rather than a value-accretive surprise.
• Risk Mitigation: The filing removes execution risk regarding the merger completion and validates the asset base (Comstock) via the included technical report. However, this was anticipated following the financing close.
• Conclusion: While significant for the company's existence as an operating entity, the news is a follow-up to the material financing event earlier in April. It confirms the path forward but does not alter the fundamental investment thesis established by the $60M raise.

• Pre-Merger Entity: Drummond Ventures Corp. (Shell company/Capital Pool Company).
• Post-Merger Entity: Mackay Gold & Silver Corp. (Tier-2 mining issuer on TSX-V).
• Flagship Asset: Comstock Mining Project located in Nevada, USA.
• Project Status: Technical report effective November 1, 2025, included in the QT filing. Proceeds are designated for mineral exploration expenditures at this property.
• Management Change: Board reconstituted with five directors nominated by Toro Silver Corp., including Darwin Green as CEO and Aris Morfopoulos as CFO/Corporate Secretary.