Silverco Completes Promontorio Dewatering; Rehabilitation Work Underway

Executive Summary

• Completed dewatering of the underground workings at Promontorio, enabling full access to the initial restart zone.
• Early‑stage rehabilitation (ramp scaling, ground support, infrastructure repairs) has begun, and a Restart Study by JDS Energy & Mining is progressing toward a late Q1 2026 delivery.
• Metallurgical optimization testing by Forte Analytical is near completion; 2025 drill results are expected in early Q1 2026, with the 2026 exploration program slated to start mid‑Q1.

Key Details

• Dewatering Complete: Underground workings at Promontorio fully dewatered, providing safe access for restart activities.
• Site Management Hire: Project manager appointed on‑site; discipline managers being recruited to build out operations team.
• Rehabilitation Works: Ramp scaling, ground support installation, and repair/replacement of underground infrastructure underway.
• Restart Study: Engaged JDS Energy & Mining to produce a Restart Study using the updated Mineral Resource Estimate (MRE); results expected late Q1 2026.
• Metallurgical Optimization: Forte Analytical conducting test work on composites from Promontorio and San Miguel zones; results anticipated shortly.
• Exploration Update: 2025 drill program assays for 26 holes released; results for additional 20 holes to be published early Q1 2026. LiDAR survey data integrated for 2026 target refinement.
• Updated MRE (Dec 9 2025):
• Measured: 0.69 Mt @ 277 g/t Ag, 0.08 g/t Au, 0.37% Pb, 0.42% Zn (AgEq 305 koz)
• Indicated: 4.21 Mt @ 195 g/t Ag, 0.16 g/t Au, 0.78% Pb, 0.93% Zn (AgEq 255 koz)
• Measured + Indicated: 4.89 Mt @ 206 g/t Ag, 0.15 g/t Au, 0.73% Pb, 0.86% Zn (AgEq 262 koz)
• Inferred: 4.07 Mt @ 172 g/t Ag, 0.17 g/t Au, 0.89% Pb, 1.2% Zn (AgEq 243 koz)
• Tier 1 Issuer Application: Silverco plans to apply for graduation to a Tier 1 issuer on the TSX Venture Exchange, reflecting increased scale and asset quality.
• Future Work Schedule:
• Restart Study delivery – late Q1 2026
• Completion of metallurgical test work – shortly (Q1 2026)
• Release of remaining 2025 drill results – early Q1 2026
• Commencement of 2026 field exploration – mid‑Q1 2026

Notable Quotes

• Mark Ayranto, President & CEO: “Completing the dewatering of Promontorio is a critical operational milestone that paves the way for our return to production at Cusi… With silver spot prices hitting all‑time highs, Silverco is positioned to take imminent benefit of the current metal price regime.”