Exploration

Opportunity

The 100% owned Alamos Silver Project controlling over 37,000 hectares is located in Sonora, Mexico and presents a unique opportunity in that it is permitted for production with an initial inferred resource estimate of 55 million ounces AgEq grading 320 g/t AgEq (see Minaurum news release dated January 28, 2026 and Resource section above).  Cobre del Mayo’s Piedras Verdes porphyry copper mine lies about 16 km to the NNE of the central part of the Alamos district, along the projection of the main fault trend. 

The project is permitted for production with an Environmental Impact Statement ("MIA”) permit granted by the Mexican Federal Environmental Authority ("SEMARNAT"). The permit allows for surface exploration and mining production activities, including the construction of drill pads, clean-up of preexisting roads, and the rehabilitation and reactivation of historical underground mine workings.  Please see news release dated June, 26, 2023.  Alamos’ mining permit was granted on December 13, 2013 and is valid for a period of 30 years starting on the date of the notice of commencement of Minaurum’s exploration activities to SEMARNAT, the National Commission for Protection of Natural Areas (CONANP), and the Federal Attorney for Environmental Protection (PROFEPA), which occurred on October 18, 2016.

Geology & History

It contains a wide, high-grade epithermal vein system that produced approximately 200 Moz of silver from the time of the first Spanish discovery around 1682 to the 1910-1920 Mexican Revolution from three separate mines. Historical reports indicate mine widths of up to 20m grading in excess of 2,000 g/t silver and 3-4% copper.  In the latter part of the 19th century, silver production from the district supported a mint in the nearby town of Alamos.  Mining activities diminished just before and during the 1910-1920 Mexican Revolution, with the Zambona mine shutting down by 1925.  Various operators attempted to revive the mines during the 20th century, but with only minor production, mostly from the re-working of mine dumps (see 43-101 Technical Report titled Alamos Project - June 8, 2021 on SEDAR). 

Minaurum acquired historical data including mine maps, sections and assay results of 40 holes (6,099 m) drilled in multiple surface and underground exploration campaigns that occurred from the 1960s through the early 1980s.  The exploration programs were focused on the historic Promontorio and Minas Nuevas underground mines that closed in 1898 and 1912, respectively.  The majority of these historical holes cut broad widths of high-grade silver, the best include: Hole U-3 that cut 4.6 m grading 2,838 g/t silver and Hole U-5 that cut 11.3 m of 785 g/t silver.  The drill results indicate that the historically mined deposits included multiple veins that continue both down plunge and along-strike.  At Promontorio, drill holes intersected mineralization over 50 m below the historic mining level and indicate an aggregate 735 m strike length of mineralization. (please see News Release February 6, 2020).

Drill highlights from the Historical Drilling Data at the Promontorio mine include: (only silver and gold were assayed – widths are reported drill thickness)

• 1.2 m of 5,588 g/t Ag (Hole U-1)
• 1.2 m of 1,008 g/t Ag (Hole U -1)
• 4.6 m of 2,838 g/t Ag (Hole U-3)
• 4.6 m of 305 g/t Ag (Hole U-4)
• 1.4 m of 377 g/t Ag (Hole U-4)
• 12.2 m of 710 g/t Ag (Hole U-4)
• 7.6 m of 747 g/t Ag (Hole U-5)
• 11.3 m of 785 g/t Ag (Hole U-5)
• 1 m of 2,177 g/t Ag (Hole U-12)
• 1.2 m of 854 g/t Ag (Hole U-15)

Drill highlights from the historical drilling data at the Minas Nuevas mine include: (only silver was assayed – widths are reported drill thickness)

• 1.7 m of 452 g/t Ag (Hole TP-80-08)
• 2 m of 367 g/t Ag (Hole TP-80-09)
• 1.8 m of 839 g/t Ag (Hole TZ-80-01)

Exploration

Minaurum geologists have covered more than 75 sq km with detailed geological mapping, and the geochemical database has more than 1500 rock samples with over 60,000 m of core drilling in 178 holes resulting in the identification of 26 vein zones in the Alamos district.

The 26 vein zones are spread across a mineral footprint measuring 11 km by 6 km with drilling so far testing 19 of the vein zones.  Thirteen of the nineteen vein zones drilled returned high-grade silver intercepts demonstrating that mineralization occurs throughout the vein system.  Only 15% of the total concession package has been explored so far with 85% with signficiant potential.   

Minaurum currently has a 50,000 m resource expansion drill program to expand the initial inferred resource estimate.

August 2016: 3 Vein Zones                              Now: 26+ Vein Zones

Drill Results Highlights

Robust Preliminary Metallurgical Testing Results

• Confirms high-grade silver and gold recoveries, even with low-grade material exhibiting impressive recoveries from flotation

• Six separate composites from Europa and Promontorio vein zones were tested

• Silver recoveries ranged from 83.5% to 94.3% for 5 of the 6 core composites

• Gold recoveries ranged from 68.9% to 96.5% in 5 composites with detectable gold

• Two separate independent labs conducted the tests

See April 9, 2024 news release.

Maiden Resource

Alamos hosts an initial inferred resource estimate of 55 million ounces AgEq grading 320 g/t AgEq (see Minaurum news release dated January 28, 2026 and Resource section above) from just 3 of the 26 vein zones namely: Promontorio, Europa, and Travesia vein targets.  

Resource Expansion Drill Program Results

Promontorio

Promontorio Vein Zone averages a width of mineralization of 5.4 m (weighted average), average grade of 170 g/t Ag, 0.4% Cu, 1% Pb, and 2% Zn, or 338 g/t AgEq.  The most significant results include: AL24-105 that intersected 0.70 m of 2,976 g/t AgEq, AL24-107 that returned 5.60 m of 368 g/t AgEq and 2.55 m of 621 g/t AgEq and AL24-108 that returned 8.45 m of 336 g/t AgEq (See Minaurum news release dated September 19, 2024).  Exceptional intercepts including: 3.00 m of 4,173 g/t AgEq (AL24-111); 6.35 m of 380 g/t AgEq (AL24-110); and 5.75 m of 189 g/t AgEq (AL24-112).   Hole AL24-111 intersected a significant high-grade sub interval returning 1.55 m of 7,780 AgEq*, which includes 0.50 m of 13,995 g/t AgEq and 1.05 m of 4,839 g/t AgEq (See Minaurum news release dated February 13, 2025).  A significantly wide intercept of 36.65 m of 328 g/t AgEq including 3.85 m of 1,022 g/t AgEq (AL24-117), 4.40 m of 241 g/t AgEq including 0.90 m of 385 g/t AgEq (AL24-115), and 4.95 m of 272 g/t AgEq including 0.90 m of 513 g/t AgEq (AL24-116), and further demonstrate the high-grade continuity (See Minaurum news release dated Febrary 27, 2025). 

Hole AL25-138 intersected a significant wide zone of skarn/CRD lead- and zinc-sulfide mineralization including silver and gold values: 21.45 m of 220 g/t AgEq including 1.00 m of 497 g/t AgEq and 1.20 m of 1,377 g/t AgEq (440 g/t Ag, 1.499 g/t Au, 9.089% Pb, 18.783% Zn)

Europa

The Europa Vein Zone has an average width of mineralization at 3.1 m, and average grade of 358 g/t Ag, 0.5% Cu, 0.6% Pb, and 1.2% Zn, or 454 g/t AgEq.  Significant mineralization was intersected in Hole AL25-135 which returned 5.85 m of 476 g/t AgEq including 0.70 m of 2,601 g/t AgEq (2,180 g/t Ag); and hole AL25-139 returned 2.40 m of 499 g/t AgEq including 0.50 m of 1,366 g/t AgEq (851 g/t Ag).

 (Weight-averaged silver-equivalent grades are based on October 1, 2025 Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb).

Minaurum extended the Europa vein zone by 250 meters in step-out hole that intersected a significant wide interval of 12.35 m zone averaging 408 g/t AgEq, including 3.20 m of 1,277 g/t AgEq (1,032 g/t Ag, 0.278 g/t Au, 0.692% Cu, 5.477% Pb, 2.379% Zn).  Hole AL25-154 returned 1.05 m of 231 g/t AgEq, including 0.25 m of 700 g/t AgEq (355 g/t Ag, 1.86 g/t Au, 1.45% Cu, 0.77% Pb, 1.89% Zn).  These holes confirms the continuity of high-grade silver mineralization well beyond the current inferred resource in the Europa Vein Zone.

Surface-Access Agreements

The Alamos project is situated on land belonging to the ejidos of La Aduana and Tetajiosa and the community of Minas Nuevas. Surface-access agreements are in place with all three along with annual rental payments to maintain the agreements. 

Part of the Alamos project lies within the Sierra de Alamos – Río Cuchujaqui Reserve, which overlaps ejido lands. Authorization was received from the National Commission of Natural Protected Areas (CONANP) to explore in the Reserve Area. The reserve area land inside the project area is categorized as an “area of sustainable exploitation of natural resources”, which is defined in the reserve area management plan as use that does not negatively affect future generations. A coordination agreement between the Protected Area authorities and SEMARNAT was established in July of 2013 and is valid for the life of the project.

Please refer to the 43-101 Technical Report Alamos Project - June 8, 2021 and 43-101 Technical Report Mineral Resource Estimate February 17, 2026 on SEDAR