Drummond Ventures closes QT with Toro Silver

• Drummond Ventures Corp. completed a business combination with Toro Silver Corp. via a three-cornered amalgamation on April 17, 2026.
• The company has been renamed Mackay Gold & Silver Corp. and will trade under the symbol "MACK" starting approximately April 24, 2026.
• A concurrent non-brokered private placement raised $60.3 million USD in gross proceeds at a price of $1.40 USD per subscription receipt.
• Total treasury is estimated at $62 million USD to fund multiyear exploration at the Comstock district property in Nevada.
• Common shares were consolidated on a 1:3 basis (one post-consolidation share for every three pre-consolidation shares).
• Outstanding shares total 85,597,960 Mackay shares following consolidation and issuance.
• Management reconstituted with Darwin Green as CEO and Aris Morfopoulos as CFO/Corporate Secretary.
• Finder's compensation included $987,821.94 cash, 350,094 non-transferable warrants (exercisable at $2.00 USD until April 2028), and 197,070 shares.
• Stock options granted: 2.7 million new options at $1.40 USD exercise price with a two-year vesting schedule; 2.775 million assumed from Toro Silver Corp.

• The closing of the Qualifying Transaction (QT) confirms the execution of the previously announced financing and merger structure, removing uncertainty regarding the company's transition from a Capital Pool Company to an operating mining issuer.
• While positive, this news is largely expected given the financing closed on April 2, 2026 (NewsId 97620), which already disclosed the $60M raise and merger conditions.
• The confirmation of $62 million USD in treasury provides significant runway for exploration but does not represent new capital beyond what was priced into the market during the financing announcement.
• Share consolidation reduces share count, potentially improving liquidity per share, though it does not change total equity value immediately.
• The transaction establishes a clear baseline valuation at $1.40 USD per share, which will serve as a reference point for future trading levels.

• Company: Mackay Gold & Silver Corp. (formerly Drummond Ventures Corp.).
• Flagship Project: Comstock mining property located in Nevada's historic Comstock district.
• Project Status: Exploration stage; proceeds earmarked for mineral exploration expenditures, salaries, consulting fees, and holding costs.
• Jurisdiction: Nevada, USA (Tier-2 mining issuer listing on TSX-V).
• Management: Darwin Green (CEO), Aris Morfopoulos (CFO); Board includes Jeffrey Pontius, Ron Ho, Michael Gray, Ronald Largent.