Alamos
Project
Alamos
Commodity
Primary: Silver
Secondary: Gold, Copper, Lead, Zinc
Location
Southern Sonora
Nearest City
8 km west of city of Alamos
Nearest Major Mining Projects
45 km northwest of Pan American's Alamo Dorado silver mine
15 km south of Cobre Del Mayo's Piedras Verdes copper mine
Drilling
Initial Inferred Resource Estimate: 55 Moz AgEq grading 320 g/t AgEq
Phase II - 50,000 m resource expansion drill program planned for updated resource in second half of 2026
Geology
Epithermal vein system
Land Package
37,928 has
Exploration Highlights
Hole AL 17-007
8.25 m of 1,760 g/t Ag, 1.6% Cu, 1.5% Pb, and 2.6% Zn incl. 2.2 m of 5,098 g/t Ag, 2.76% Cu, 0.5% Pb, and 1.18% Zn
Hole AL 24-117
36.65 m of 328 g/t AgEq, 152 g/t Ag, 0.29 g/t Au, 0.48% Cu, 1.09% Pb, 2.21% Zn incl. 3.85 m of 1,022 g/t AgEq, 409 g/t Ag, 0.82 g/t Au, 1.82% Cu, 2.82% Pb, 8.48% Zn
Hole AL 17-004
20.15 m of 154 g/t Ag, 0.5% Cu, 2.3% Pb, 6.8% Zn
Hole AL24-107
5.60 m of 368 g/t AqEq, 200 g/t Ag, 0.48 g/t Au, 0.35% Cu, 1.46% Pb, 1.64% Zn
Hole AL24-111
3.00 m of 4,173 g/t AgEq, 3,152 g/t Ag, 3.78 gt Au, 1.11% Cu, 9.02% Pb, 10.62% Zn incl. 1.55 m of 7,780 g/t AgEq, 6,020 g/t Ag, 7.17 g/t Au, 1.84% Cu, 16.28% Pb, 16.36% Zn
which includes 0.50 m of 13,955 g/t AgEq
Hole AL 20-042
3.50 m of 404 g/t Ag, 0.54% Cu, 1.30% Pb, 1.81% Zn incl. 1.15 m of 999 g/t Ag, 1.29% Cu, 2.98% Pb, 2.98% Zn
Hole AL 20-046
5.10 m of 769 g/t Ag, 0.76% Cu incl. 3.10 m of 1,197 g/t Ag, 1.04% Cu
Hole AL 20-047
6.35 m of 356 g/t Ag, 0.39% Cu, 0.42% Pb, 0.57% Zn incl. 0.70 m of 2090 g/t Ag, 1.98% Cu, 2.51% Pb, 2.43% Zn
Hole AL21-099
9.90 m @ 609 g/t Ag; incl. 0.90 m @ 1,145 g/t Ag, 0.50 m @ 2,260 g/t Ag, and 0.50 m @ 2,360 g/t Ag
Access & Infrastructure
Paved and gravel roads, mining labour force, power and water. Permitted through to construction allowing surface exploration and mining production activities.
Project Interest
100% Owned
Project
The 100% owned Alamos silver project has a unique advantage as the only recent permitted silver discovery in Mexico an Environmental Impact Statement ("MIA”) for the development allowing 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. Alamos hosts excellent infrastructure with the central area (Quintera-Promontorio vein zones) permitted from exploration through to production. The project lies 8 km west of the city of Alamos, 45km northwest of Pan American's Alamo Dorado silver mine, and 15 km south of Cobre Del Mayo's Piedras Verdes copper mine. The project is 37,928 hectares.
Alamos hosts an initial inferred resource estimate of 55 million ounces silver equivalent grading 320 g/t silver equivalent (see Minaurum news release dated January 28, 2026 and Resource section above).
It contains a wide, high-grade epithermal vein system hosted by Cretaceous limestone, Laramide batholithic intrusive rocks and Tertiary volcanic rocks. The system 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).
Minaurum has drilled 149 diamond core holes totaling 55,000 m on 19 of the 26 vein zones discovered at the Alamos silver project from 2017 - 2025.
Minaurum also completed preliminary mettalurgical results at the Europa and Promontorio vein zones which returned Silver recoveries ranged from 83.5% to 94.3% and Gold recoveries ranged from 68.9% to 96.5% (please see News Release April 9, 2024).
Next steps are to continue de-risking Alamos towards a tier one silver asset with an Phase II - 50,000 m reosurce expansion drill program targeting an updated resource in second half of 2026.
Opportunity
The Alamos Silver Project ("Alamos") is located in Sonora, Mexico and presents a unique opportunity in that it is a 1) discovery that is 2) permitted for production with an 3) initial inferred resource estimate of 55 million ounces silver equivalent grading 320 g/t silver equivalent (see Minaurum news release dated January 28, 2026 and Resource section above).
The project is permitted or 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.
Minaurum owns Alamos 100%, controlling over 37,000 hectares with over 50,000 meters of diamond core drilling completed with an average silver grade of 221 g/t silver (Ag), copper grade is 0.34%, lead grade is 0.99%, zinc grade is 2.06% and 354 g/t silver equivalent (AgEq) with an average width of 4.80 m. Note: 1) Silver-equivalent grades are based on October 1, 2025, Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/oz, Au $2,646/oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. 2) Based on 45,711 meters and 116 diamond drill core hole intersections from 2017-2024 on Promontorio, Europa-Guadalupe, San Jose, Minas Nuevas, Cotera-Pulpito and Alessandra vein zones 3) Based on vein intercepts above 150 g/t AgEq* on a minimum 1-meter interval.
Geology & History
Upper Jurassic–lower Cretaceous limestone is the oldest known lithologic unit in the Alamos district. A late Cretaceous batholithic complex composed of granodiorite, granite, aplite, and dacite porphyry intrudes the limestone, subjecting it to extensive recrystallization and skarn-hornfels alteration. A several hundred metre-thick sequence of Tertiary andesitic lavas and coarse agglomerates overlies the limestone-granodiorite basement package. Bedded pyroclastic rocks overlie the lava/coarse agglomerate group. These are andesitic in the lower part and their upper part is composed of a thick rhyolite ignimbrite. Intermediate to felsic dikes cut the basement and volcanic rocks.
North-northeast/south-southwest faults and fractures dominate the structural grain of the Alamos district. The NNE/SSE faults bound a series of horsts and grabens, form striking topographic linears have hundreds of metres of stratigraphic seperation, and form the host structures for most of the known precious metal-bearing vein zones. These faults form the primary structural control of all of the significant past producing mines. Northwest/southeast-trending faults, which appear to be related to older regional structures (and older than the NNE-SSW faults). Both sets of faults appear to have been periodically reactivated.
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.
Low-sulfidation silver and base-metal mineralization occurs in epithermal veins emplaced along the NNE-SSW striking fault zones and within fault-bounded blocks. Multiple phases of vein emplacement and fault movement are evidenced by cross-cutting veins and breccias. Historically mined high grade mineralization occurs in steeply plunging shoots. Records of the La Quintera mine show that the mined shoot plunged steeply to the southwest for more than 450 m. Its horizontal dimensions were approximately 250 m long along strike and up to 20 m thick (see news release dated 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. Company geologists have identified 26 vein zones in the Alamos district; surface mapping, sampling, and vein zone identification are on-going.
The Phase I program consisted of consolidation of the district, systematic geological mapping and geochemical sampling of the land package, identification of 26 vein zones over a footprint measuring 11 km by 6 km, and a drill program totaling 18,810 m in 40 holes that has tested 19 of the vein zones. Minaurum's strategy was to drill each of the identified vein zones with one to three long (400-600 m) holes drilled at shallow angles across the intervening blocks to maximize chances of cutting the identified zones close to perpendicularly and to maximize the chance of encountering mineralized vein zones in intervening down-dropped fault blocks. The purpose was to prove 'district-scalability' and identify new vein zones outside of the historic area. Thirteen of the nineteen vein zones drilled returned high-grade silver intercepts demonstrating that mineralization occurs throughout the vein system. The Phase I program proved successful in expanding the mineralized zones and returning high grade silver intercepts. Minaurum's exploration team successfully expanded the Alamos district footprint to 11 km x 6 km or 6,600 hectares, which is only 17% of the total concession package with 83% yet to be systematically explored. Phase II drilling commenced in July 2020 and drilled an additional 40 holes totaling 14,099 m in systematic 75-150 m step-outs from Phase I intercepts. Minaurum has drilled 103 diamond core holes totaling 42,317 m from 2017 - 2022. An underground mine rehabilitation work program commenced to gain access to unmined areas and further identify additional target veins.
26 Veins Mapped at the Alamos Project
August 2016: 3 Vein Zones Now: 26+ Vein Zones
Exploration Highlights
Drill Results
Vein System
Known Strike Length (m)
Best Drill Intercept
Minas Nuevas
1500
9.90 m @ 609 g/t Ag; incl. 0.90 m @ 1,145 g/t Ag, 0.50 m @ 2,260 g/t Ag, and 0.50 m @ 2,360 g/t Ag (Hole AL21-099)
Europa-Guadalupe
2500
6.35 m of 356 g/t Ag, 0.39% Cu, 0.42% Pb, 0.57% Zn incl. 0.70 m of 2090 g/t Ag, 1.98% Cu, 2.51% Pb, 2.43% Zn (AL20-047)
3.50 m of 404 g/t Ag, 0.54% Cu, 1.30% Pb, 1.81% Zn incl. 1.15 m of 999 g/t Ag, 1.29% Cu, 2.98% Pb, 4.15% Zn (AL20-042)
3.85 m @ 342 g/t Ag, 0.76% Cu, 1.03% Zn; including 0.80 m @ 1,185 g/t Ag, 2.19% Cu, 1.2% Zn (AL20-054)
3.25 m @ 196 g/t Ag, 178 ppb Au, 0.26% Cu, 0.35% Pb, 1.10% Zn including 0.55 m @ 784 g/t Ag, 552 ppb Au, 1.05% Cu, and 2.49% Zn (AL20-050)
Promontorio
1200
5.1 m of 769 g/t Ag, 0.76% Cu; incl. 3.1 m of 1,197 g/t Ag, 1.04% Cu (AL20-046)
2.9 m of 636 g/t Ag, 495 ppb Au, 1.36% Cu, 3.85% Pb, 7.18% Zn (AL20-044)
1.75 m of 144 g/t Ag, 610 ppb Au, 4.15% Pb, 9.10% Zn (AL20-043)
3.70 m @ 528 g/t Ag, 819 ppb Au, 0.83% Cu, 2.43% Pb, 1.47% Zn, including 1.05 m @ 1,203 g/t Ag, 2.45 g/t Au, 1.42% Cu, 5.08% Pb, 2.80% Zn (AL20-064)
4.00 m @ 161 g/t Ag, 0.5 g/t Au, 0.24% Cu, 2.15% Pb, 5.92% Zn, including 1.00 m @ 327 g/t Ag, 0.9 g/t Au, 0.23% Cu, 2.53% Pb, 6.62% Zn (AL20-069)
Nueva Europa
2100
1.20 m @ 542 g/t Ag, 0.28% Cu, 0.44% Pb, 0.88% Zn (AL17-007)
Amalia
980
1.30 m @ 1.73% Pb, 1.99% Zn (AL18-012)
0.25 m of 113 g/t Ag, 150 ppb Au, 0.29% Cu, 2.60% Pb, and 5.74% Zn (AL19-019)
San Jose
2500
9.60 m @ 198 g/t Ag, 0.22% Pb, 0.88 % Zn (AL18-015)
4.45 m @ 314 g/t Ag, 0.27% Cu, 0.19% Pb, 0.20% Zn (AL20-066)
2.15 m @ 460 g/t Ag, 0.15% Cu, 0.47% Pb, 0.85% Zn (AL20-075)
Tigre
1000
0.90 m @ 391 g/t Ag, 0.42% Pb, 0.29% Zn (AL18-012)
Ana
3400
2.85 m @ 25 g/t Ag, 2.29% Pb, 10.58% Zn (AL18-011)
Travesia
880
9.60 m @ 88 g/t Ag, 0.24% Cu, 0.37% Pb, 0.33% Zn (AL17-008)
El Creston
1900
0.20 m @ 20 g/t Ag, 0.85% Cu (AL18-014)
Europa Sur
1000
0.95 m @ 425 g/t Ag, 0.32% Cu, 3.17% Pb 1.31% Zn, including 0.50-m @ 719 g/t Ag, 172 ppb Au, 0.57% Cu, 5.91% Pb, and 2.37% Zn (AL19-018)
Promontorio Sur
1300
31.70 m mineralized zone containing 0.20m interval assaying 304 g/t Ag, 352 ppb Au, 1.41% Cu, 2.5% Pb, 3.36% Zn (AL19-020)
Azulacas
400
12.25 m averaging 122 g/t Ag, 0.21% Cu and 1.37% Zn (AL19-023)
La Quintera
1400
0.50 m of 124 g/t Ag, 0.26% Cu (AL19-017)
Cotera
800
7.60 m @ 155 g/t Ag incl. 2.15 m @ 451 g/t Ag (AL19-035)
Alessandra
1100
6.60 m @ 3.89% combined Cu, Pb, and Zn (AL19-038)
Pulpito
1000
0.20 m @ 367 g/t Ag, 6.75 g/t Au, 1.35% Cu, 0.59% Pb, 0.56% Zn (AL 19-035)
Exploration focus has been largely refined to discover brand new vein systems outside of the historical mined areas. Minaurum has now shifted back into these areas for high-grade silver mineralization that could have been potentially been leftover from historic production. Minaurum completed partial mine rehabilitation work at the historic Promontorio mine which historically produced 70 Moz, was left in mineralization, and remains significantly underexplored. Historical records indicate that the Promontorio Mine closed in 1896 and remained abandoned until the 1960s. Material was processed from surface dumps and underground backfill, along with underground drilling and mapping at Promontorio. The 1960s effort included the clearing of the main haulage level and access to lower levels of the Promontorio Mine and to the northernmost part of it. Nineteen underground diamond holes were drilled during the 1960s and several of them intersected significant widths of high-grade mineralization (see Minaurum Historical Data news release dated February 6, 2020 and section above for drill results). This mineralization was left untouched and Minaurum successfully cut extensions of it with surface drilling.
See Promontorio Mine Vein and Drill Plan Map above for reference. The Promontorio underground workings consist of a haulage level that measures approximately 1.2 km long, at least one lower level, 4 surface shafts (two of which are still open at the surface), 2 internal shafts, and several stopes.
Note that the northwest-trending fault with the southwest side down-dropped with respect to northeast side cuts the Las Guijas vein. Minaurum intersected high-grade silver mineralization 25 m below the haulage level in hole AL19-025, and about 120 m below the haulage level in hole AL19-034, both on the southwest side of the fault. Minaurum geologists believe that the faulted Las Guijas vein likely continues in the southwest block (the Promontorio South vein zone), and potentially includes high-grade shoots.
Below is a summary of the Minaurum drill intersections that also drilled several meters below the haulage level indicating high-grade at depth, see below drill highlights and plan view map:
- 3.80 m of 415 g/t Ag, 2.68 g/t Au, 1.37% Cu, 6.20% Pb, 9.19% Zn, including 0.95 m of 1,566 g/t Ag, 6.72 g/t Au, 4.48% Cu, 9.27% Pb, 10.08% Zn (Hole AL19-025)
- 1.10 m of 729 g/t Ag, 1.73 g/t Au, 3.05% Pb, 5.73% Zn (Hole AL19-034)
- 5.1 m of 769 g/t Ag, 0.76% Cu; including 3.1 m of 1,197 g/t Ag, 1.38% Cu (Hole AL20-046)
- 2.9 m of 636 g/t Ag, 1.36% Cu, 3.85% Pb, 7.18% Zn (Hole AL20-044)
- 1.75 m of 144 g/t Ag, 4.15% Pb, 9.10% Zn (Hole AL20-043)
Underground rehabilitation accessed 600 metres of an estimated 1.2 kilometres of workings. This led to the discovery of several historical underground drill collars, confirming historical reports from the 1960s. Five service holes were drilled to provide air, water, and electricity to facilitate underground rehabilitation efforts. Three of the service holes intercepted the Promontorio vein at its highest levels returning high-grade base metal mineralization including 7.9% zinc, 3.6% lead, 0.34% copper and 0.48 g/t gold (Hole AL22-100) and 5.5% zinc, 3.1% lead, and 0.24% copper (Hole AL22-101), confirming the continuity of the vein zone and variability of grade and thickness along it.
Approximately 200 tonnes of ballast and 50 tonnes of backfill have been removed from the first 300 m of the haulage level and stockpiled outside the mine entrance. Sampling and mapping of dumps at Promontorio also revealed a boulder of massive sulfide vein assaying 3,320 g/t Ag, 54.7 g/t Au, 25% Cu, 6.5% Pb, and 1.1% Zn. The boulder, measuring roughly a meter across, is an indication of the type of grades exploited by early miners at Promontorio. Thirty-seven samples were taken from backfill material and loose rock debris in the first 600 m of the Promontorio adit. Assays for the samples returned significant values with 58% of the samples between 100 g/t to 308 g/t silver and 64% of the samples between 0.20 g/t to 5.74 g/t gold (see Minaurum news release dated March 2, 2023).
Access to the underground workings will allow for future potential underground drilling.
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 silver equivalent grading 320 g/t silver equivalent (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.
Infill Drill Results Confirm Continuity of High-Grade and Wide-Vein Mineralization
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)
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).
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 titled Alamos Project - June 8, 2021 on SEDAR
Alamos Silver Project – Inferred Mineral Resource Estimate Summary (150 g/t AgEq cut-off)
Notes:
- The Mineral Resource estimate conforms to the requirements of NI 43-101 – Standards of Disclosure for Mineral Projects and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The Mineral Resource estimate is entirely classified as Inferred Mineral Resources. Inferred Mineral Resources have been estimated from geological evidence and limited sampling and have a lower level of confidence than Measured and Indicated Mineral Resources and must not be converted to Mineral Reserves. There is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources.
- Weight-averaged silver-equivalent (“AgEq”) grades are based on the October 1, 2025 long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast, using metal prices of US$29.73/oz Ag, US$2,646/oz Au, US$4.34/lb Cu, US$0.92/lb Pb, and US$1.21/lb Zn. Metal recovery assumptions, based on comparable projects, are 88.3% Ag, 75.0% Au, 75.5% Cu, 83.1% Pb, and 75.5% Zn. Assumed refinery payables are 95% Ag, 95% Au, 96.5% Cu, 95% Pb, and 85% Zn.
- The Mineral Resource is reported at a cut-off grade of 150 g/t AgEq.
- Bulk density values applied are 2.72 t/m³ for the Promontorio and Travesía zone veins and 2.65 t/m³ for the Europa zone veins.
- The Mineral Resource estimate is reported on a 100% project basis and reflects reasonable prospects for eventual economic extraction.
- The effective date of the Mineral Resource estimate is January 8, 2026.
- There are no known legal, political, environmental, or other risks that, to the knowledge of the Qualified Persons, could materially affect the potential development of the Mineral Resources.
- All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum exactly due to rounding.
Alamos Silver Project – Inferred Mineral Resource Estimate Sensitivity Table
The Resource Estimate, completed by Independent Mining Consultants, Inc., is based on a total database of 104 drill holes, totaling 35,888.15 metres and 10,194 samples. The Resource Estimate is classified as an Inferred Mineral Resource in accordance with CIM Definition Standards, with an effective date of January 8, 2026.
Drill hole spacing within the modeled vein domains averages approximately 80 metres, with locally tighter spacing in higher-grade portions of the Promontorio vein zone. Most of the resource occurs in unmined zones, with partially mined-out areas in the Promontorio vein zone. Interpreted void volumes associated with historical mining have been deducted from the Resource Estimate based on interpretations of historical longitudinal sections, mine maps, and drill hole data. The resource remains open in along strike and down dip on both the Promontorio and Europa vein zones. Multiple other veins in the district have high-grade intercepts that await potential resource definition.
The Alamos Project Resource Estimate is based on the following key assumptions and parameters: specific gravity values of 2.72 for the Promontorio and Travesia veins and 2.63 for the Europa vein, derived from Minaurum’s test work based on 151 wax-coated density measurements; vein domains were modelled to reflect the interpreted vein geology, including vein continuity, thickness, and structural controls; all assays were composited to 1 metre, and grade capping was applied on a vein-by-vein basis, with silver grades capped at up to 3,000 g/t; a 5 m along strike × 1 m across strike × 2.5 m high block size was selected based on geological constraints and potential future mining methods; and block grades for gold, silver, copper, lead, and zinc were estimated using inverse distance squared interpolation; mineral resources were classified as Inferred in accordance with CIM Definition Standards, based on geological confidence, drill hole spacing, sample support, and search criteria. Additional details of the estimation methodology and classification criteria will be provided in the supporting technical report to be filed on the Company’s profile on SEDAR+. A technical report prepared by IMC in accordance with NI 43-101 will be filed on the Company’s profile at www.sedarplus.ca within 45 days of the date of this press release.
Figure 1. Alamos Silver Project Vein Zones – 55.2 Moz AgEq grading 320 g/t AgEq lies on Promontorio, Travesia, and Europa vein zones located within the black boxed outlines.
Figure 2. Travesia-Promontorio vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 28.7 Moz AgEq grading 276 g/t AgEq.
Figure 3. Europa vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 26.5 Moz AgEq grading 386 g/t AgEq.
A technical report prepared by IMC in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") will be filed on SEDAR at www.sedar.com within 45 days.
Qualified Assurance Program and Quality Control Measures ("QA/QC"): Minaurum has implemented QA/QC protocols including insertion of duplicate, blank and standard samples in all drill holes and underground sampling. Ninety-two percent of drill samples were submitted directly to the ALS Chemex in Hermosillo, Mexico, for preparation and sent to ALS Chemex in North Vancouver, BC, Canada, for analysis. During 2024, the Company sent drill samples to ActLabs’ facility in Zacatecas, Mexico, for preparation and analysis there, amounting to 8% of the total drill samples. Additional duplicate test work has been conducted on mineralized samples to assess variability of coarse reject and pulp samples. An IMC independent qualified person visited the Alamos project on 2 occasions, the 3-5th of September 2024, and the 18th of November 2025. IMC has reviewed the QA/QC work completed by Minaurum and believes the database is reliable for estimating Mineral Resources.
Qualified Person: The Mineral Resources for the Alamos Project disclosed in this news release have been estimated by Michael G. Hester, FAusIMMVice President of Independent Mining Consultants, Inc. and independent of Minaurum. Mr. Hester is a Qualified Person as defined in NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by CIM council, as amended. Mr. Hester has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimate.
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General & Historic
Europa Guadalupe Vein Zone
Promontorio, Quintera, Travesia Vein Zones
Minas Nuevas Vein Zone
Pulpito, San Jose, and Cotera Vein Zones
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Historic
Drilling & Core
Geology
Infrastructure
Community & Environmental
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Interview with Ruben Molina, Project Manager for Alamos Silver Project
PDAC 2025 - Minaurum Gold Coreshack Talk - Part I
PDAC 2025 - Minaurum Gold Coreshack Talk - Part II
PDAC 2025 - Minaurum Gold Coreshack Talk - Part III
Alamos Silver Project - Infrastructure
Promontorio Mine Rehabilitation Program, Alamos Silver Project, Sonora, Mexico
Alamos Phase II Drill Program Presentation with Steve Maynard, VP Exploration
PDAC 2020 Core Shack with Stephen Maynard, VP Exploration, Minaurum Gold Inc.
PDAC 2020 Core Shack with Dr. Peter Megaw, Co-founder & Director, Minaurum Gold Inc.
Webcast on Historical Data and Exploration Update at the Alamos Silver Project
Dr. Peter Megaw, Minaurum Gold Inc. - "Proof of Concept at the Alamos Silver Project"
Stephen Maynard, Minaurum Gold Inc. - "More Drill Core from the Alamos Silver Project"
Dr. Peter Megaw, Co-founder & Director of Minaurum Gold Inc. - "The Alamos Silver Project"
Dr. Peter Megaw, Minaurum Gold Inc. - "Drill Core from the Alamos Silver Project"
ESG Focus Series - Bat Colony Education
| Project | Alamos |
| Commodity | Primary: Silver Secondary: Gold, Copper, Lead, Zinc |
| Location | Southern Sonora |
| Nearest City | 8 km west of city of Alamos |
| Nearest Major Mining Projects | 45 km northwest of Pan American's Alamo Dorado silver mine 15 km south of Cobre Del Mayo's Piedras Verdes copper mine |
| Drilling |
Initial Inferred Resource Estimate: 55 Moz AgEq grading 320 g/t AgEq Phase II - 50,000 m resource expansion drill program planned for updated resource in second half of 2026 |
| Geology | Epithermal vein system |
| Land Package | 37,928 has |
| Exploration Highlights |
Hole AL 17-007 Hole AL 24-117 Hole AL 17-004 5.60 m of 368 g/t AqEq, 200 g/t Ag, 0.48 g/t Au, 0.35% Cu, 1.46% Pb, 1.64% Zn Hole AL24-111 Hole AL 20-042 Hole AL 20-046 Hole AL 20-047 Hole AL21-099 |
| Access & Infrastructure | Paved and gravel roads, mining labour force, power and water. Permitted through to construction allowing surface exploration and mining production activities. |
| Project Interest | 100% Owned |
Project
The 100% owned Alamos silver project has a unique advantage as the only recent permitted silver discovery in Mexico an Environmental Impact Statement ("MIA”) for the development allowing 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. Alamos hosts excellent infrastructure with the central area (Quintera-Promontorio vein zones) permitted from exploration through to production. The project lies 8 km west of the city of Alamos, 45km northwest of Pan American's Alamo Dorado silver mine, and 15 km south of Cobre Del Mayo's Piedras Verdes copper mine. The project is 37,928 hectares.
Alamos hosts an initial inferred resource estimate of 55 million ounces silver equivalent grading 320 g/t silver equivalent (see Minaurum news release dated January 28, 2026 and Resource section above).
It contains a wide, high-grade epithermal vein system hosted by Cretaceous limestone, Laramide batholithic intrusive rocks and Tertiary volcanic rocks. The system 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).
Minaurum has drilled 149 diamond core holes totaling 55,000 m on 19 of the 26 vein zones discovered at the Alamos silver project from 2017 - 2025.
Minaurum also completed preliminary mettalurgical results at the Europa and Promontorio vein zones which returned Silver recoveries ranged from 83.5% to 94.3% and Gold recoveries ranged from 68.9% to 96.5% (please see News Release April 9, 2024).
Next steps are to continue de-risking Alamos towards a tier one silver asset with an Phase II - 50,000 m reosurce expansion drill program targeting an updated resource in second half of 2026.
Opportunity
The Alamos Silver Project ("Alamos") is located in Sonora, Mexico and presents a unique opportunity in that it is a 1) discovery that is 2) permitted for production with an 3) initial inferred resource estimate of 55 million ounces silver equivalent grading 320 g/t silver equivalent (see Minaurum news release dated January 28, 2026 and Resource section above).
The project is permitted or 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.
Minaurum owns Alamos 100%, controlling over 37,000 hectares with over 50,000 meters of diamond core drilling completed with an average silver grade of 221 g/t silver (Ag), copper grade is 0.34%, lead grade is 0.99%, zinc grade is 2.06% and 354 g/t silver equivalent (AgEq) with an average width of 4.80 m. Note: 1) Silver-equivalent grades are based on October 1, 2025, Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/oz, Au $2,646/oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. 2) Based on 45,711 meters and 116 diamond drill core hole intersections from 2017-2024 on Promontorio, Europa-Guadalupe, San Jose, Minas Nuevas, Cotera-Pulpito and Alessandra vein zones 3) Based on vein intercepts above 150 g/t AgEq* on a minimum 1-meter interval.
Geology & History
Upper Jurassic–lower Cretaceous limestone is the oldest known lithologic unit in the Alamos district. A late Cretaceous batholithic complex composed of granodiorite, granite, aplite, and dacite porphyry intrudes the limestone, subjecting it to extensive recrystallization and skarn-hornfels alteration. A several hundred metre-thick sequence of Tertiary andesitic lavas and coarse agglomerates overlies the limestone-granodiorite basement package. Bedded pyroclastic rocks overlie the lava/coarse agglomerate group. These are andesitic in the lower part and their upper part is composed of a thick rhyolite ignimbrite. Intermediate to felsic dikes cut the basement and volcanic rocks.
North-northeast/south-southwest faults and fractures dominate the structural grain of the Alamos district. The NNE/SSE faults bound a series of horsts and grabens, form striking topographic linears have hundreds of metres of stratigraphic seperation, and form the host structures for most of the known precious metal-bearing vein zones. These faults form the primary structural control of all of the significant past producing mines. Northwest/southeast-trending faults, which appear to be related to older regional structures (and older than the NNE-SSW faults). Both sets of faults appear to have been periodically reactivated.
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.
Low-sulfidation silver and base-metal mineralization occurs in epithermal veins emplaced along the NNE-SSW striking fault zones and within fault-bounded blocks. Multiple phases of vein emplacement and fault movement are evidenced by cross-cutting veins and breccias. Historically mined high grade mineralization occurs in steeply plunging shoots. Records of the La Quintera mine show that the mined shoot plunged steeply to the southwest for more than 450 m. Its horizontal dimensions were approximately 250 m long along strike and up to 20 m thick (see news release dated 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. Company geologists have identified 26 vein zones in the Alamos district; surface mapping, sampling, and vein zone identification are on-going.
The Phase I program consisted of consolidation of the district, systematic geological mapping and geochemical sampling of the land package, identification of 26 vein zones over a footprint measuring 11 km by 6 km, and a drill program totaling 18,810 m in 40 holes that has tested 19 of the vein zones. Minaurum's strategy was to drill each of the identified vein zones with one to three long (400-600 m) holes drilled at shallow angles across the intervening blocks to maximize chances of cutting the identified zones close to perpendicularly and to maximize the chance of encountering mineralized vein zones in intervening down-dropped fault blocks. The purpose was to prove 'district-scalability' and identify new vein zones outside of the historic area. Thirteen of the nineteen vein zones drilled returned high-grade silver intercepts demonstrating that mineralization occurs throughout the vein system. The Phase I program proved successful in expanding the mineralized zones and returning high grade silver intercepts. Minaurum's exploration team successfully expanded the Alamos district footprint to 11 km x 6 km or 6,600 hectares, which is only 17% of the total concession package with 83% yet to be systematically explored. Phase II drilling commenced in July 2020 and drilled an additional 40 holes totaling 14,099 m in systematic 75-150 m step-outs from Phase I intercepts. Minaurum has drilled 103 diamond core holes totaling 42,317 m from 2017 - 2022. An underground mine rehabilitation work program commenced to gain access to unmined areas and further identify additional target veins.
26 Veins Mapped at the Alamos Project
August 2016: 3 Vein Zones Now: 26+ Vein Zones
Exploration Highlights
| Drill Results | ||
|---|---|---|
| Vein System | Known Strike Length (m) | Best Drill Intercept |
| Minas Nuevas | 1500 | 9.90 m @ 609 g/t Ag; incl. 0.90 m @ 1,145 g/t Ag, 0.50 m @ 2,260 g/t Ag, and 0.50 m @ 2,360 g/t Ag (Hole AL21-099) |
| Europa-Guadalupe | 2500 |
6.35 m of 356 g/t Ag, 0.39% Cu, 0.42% Pb, 0.57% Zn incl. 0.70 m of 2090 g/t Ag, 1.98% Cu, 2.51% Pb, 2.43% Zn (AL20-047) 3.50 m of 404 g/t Ag, 0.54% Cu, 1.30% Pb, 1.81% Zn incl. 1.15 m of 999 g/t Ag, 1.29% Cu, 2.98% Pb, 4.15% Zn (AL20-042) 3.85 m @ 342 g/t Ag, 0.76% Cu, 1.03% Zn; including 0.80 m @ 1,185 g/t Ag, 2.19% Cu, 1.2% Zn (AL20-054) 3.25 m @ 196 g/t Ag, 178 ppb Au, 0.26% Cu, 0.35% Pb, 1.10% Zn including 0.55 m @ 784 g/t Ag, 552 ppb Au, 1.05% Cu, and 2.49% Zn (AL20-050) |
| Promontorio | 1200 |
5.1 m of 769 g/t Ag, 0.76% Cu; incl. 3.1 m of 1,197 g/t Ag, 1.04% Cu (AL20-046) 3.70 m @ 528 g/t Ag, 819 ppb Au, 0.83% Cu, 2.43% Pb, 1.47% Zn, including 1.05 m @ 1,203 g/t Ag, 2.45 g/t Au, 1.42% Cu, 5.08% Pb, 2.80% Zn (AL20-064) 4.00 m @ 161 g/t Ag, 0.5 g/t Au, 0.24% Cu, 2.15% Pb, 5.92% Zn, including 1.00 m @ 327 g/t Ag, 0.9 g/t Au, 0.23% Cu, 2.53% Pb, 6.62% Zn (AL20-069) |
| Nueva Europa | 2100 | 1.20 m @ 542 g/t Ag, 0.28% Cu, 0.44% Pb, 0.88% Zn (AL17-007) |
| Amalia | 980 |
1.30 m @ 1.73% Pb, 1.99% Zn (AL18-012)
|
| San Jose | 2500 |
9.60 m @ 198 g/t Ag, 0.22% Pb, 0.88 % Zn (AL18-015) 4.45 m @ 314 g/t Ag, 0.27% Cu, 0.19% Pb, 0.20% Zn (AL20-066) 2.15 m @ 460 g/t Ag, 0.15% Cu, 0.47% Pb, 0.85% Zn (AL20-075) |
| Tigre | 1000 | 0.90 m @ 391 g/t Ag, 0.42% Pb, 0.29% Zn (AL18-012) |
| Ana | 3400 | 2.85 m @ 25 g/t Ag, 2.29% Pb, 10.58% Zn (AL18-011) |
| Travesia | 880 | 9.60 m @ 88 g/t Ag, 0.24% Cu, 0.37% Pb, 0.33% Zn (AL17-008) |
| El Creston | 1900 | 0.20 m @ 20 g/t Ag, 0.85% Cu (AL18-014) |
| Europa Sur | 1000 | 0.95 m @ 425 g/t Ag, 0.32% Cu, 3.17% Pb 1.31% Zn, including 0.50-m @ 719 g/t Ag, 172 ppb Au, 0.57% Cu, 5.91% Pb, and 2.37% Zn (AL19-018) |
| Promontorio Sur | 1300 | 31.70 m mineralized zone containing 0.20m interval assaying 304 g/t Ag, 352 ppb Au, 1.41% Cu, 2.5% Pb, 3.36% Zn (AL19-020) |
| Azulacas | 400 | 12.25 m averaging 122 g/t Ag, 0.21% Cu and 1.37% Zn (AL19-023) |
| La Quintera | 1400 | 0.50 m of 124 g/t Ag, 0.26% Cu (AL19-017) |
| Cotera | 800 | 7.60 m @ 155 g/t Ag incl. 2.15 m @ 451 g/t Ag (AL19-035) |
| Alessandra | 1100 | 6.60 m @ 3.89% combined Cu, Pb, and Zn (AL19-038) |
| Pulpito | 1000 | 0.20 m @ 367 g/t Ag, 6.75 g/t Au, 1.35% Cu, 0.59% Pb, 0.56% Zn (AL 19-035) |
Exploration focus has been largely refined to discover brand new vein systems outside of the historical mined areas. Minaurum has now shifted back into these areas for high-grade silver mineralization that could have been potentially been leftover from historic production. Minaurum completed partial mine rehabilitation work at the historic Promontorio mine which historically produced 70 Moz, was left in mineralization, and remains significantly underexplored. Historical records indicate that the Promontorio Mine closed in 1896 and remained abandoned until the 1960s. Material was processed from surface dumps and underground backfill, along with underground drilling and mapping at Promontorio. The 1960s effort included the clearing of the main haulage level and access to lower levels of the Promontorio Mine and to the northernmost part of it. Nineteen underground diamond holes were drilled during the 1960s and several of them intersected significant widths of high-grade mineralization (see Minaurum Historical Data news release dated February 6, 2020 and section above for drill results). This mineralization was left untouched and Minaurum successfully cut extensions of it with surface drilling.
See Promontorio Mine Vein and Drill Plan Map above for reference. The Promontorio underground workings consist of a haulage level that measures approximately 1.2 km long, at least one lower level, 4 surface shafts (two of which are still open at the surface), 2 internal shafts, and several stopes.
Note that the northwest-trending fault with the southwest side down-dropped with respect to northeast side cuts the Las Guijas vein. Minaurum intersected high-grade silver mineralization 25 m below the haulage level in hole AL19-025, and about 120 m below the haulage level in hole AL19-034, both on the southwest side of the fault. Minaurum geologists believe that the faulted Las Guijas vein likely continues in the southwest block (the Promontorio South vein zone), and potentially includes high-grade shoots.
Below is a summary of the Minaurum drill intersections that also drilled several meters below the haulage level indicating high-grade at depth, see below drill highlights and plan view map:
- 3.80 m of 415 g/t Ag, 2.68 g/t Au, 1.37% Cu, 6.20% Pb, 9.19% Zn, including 0.95 m of 1,566 g/t Ag, 6.72 g/t Au, 4.48% Cu, 9.27% Pb, 10.08% Zn (Hole AL19-025)
- 1.10 m of 729 g/t Ag, 1.73 g/t Au, 3.05% Pb, 5.73% Zn (Hole AL19-034)
- 5.1 m of 769 g/t Ag, 0.76% Cu; including 3.1 m of 1,197 g/t Ag, 1.38% Cu (Hole AL20-046)
- 2.9 m of 636 g/t Ag, 1.36% Cu, 3.85% Pb, 7.18% Zn (Hole AL20-044)
- 1.75 m of 144 g/t Ag, 4.15% Pb, 9.10% Zn (Hole AL20-043)
Underground rehabilitation accessed 600 metres of an estimated 1.2 kilometres of workings. This led to the discovery of several historical underground drill collars, confirming historical reports from the 1960s. Five service holes were drilled to provide air, water, and electricity to facilitate underground rehabilitation efforts. Three of the service holes intercepted the Promontorio vein at its highest levels returning high-grade base metal mineralization including 7.9% zinc, 3.6% lead, 0.34% copper and 0.48 g/t gold (Hole AL22-100) and 5.5% zinc, 3.1% lead, and 0.24% copper (Hole AL22-101), confirming the continuity of the vein zone and variability of grade and thickness along it.
Approximately 200 tonnes of ballast and 50 tonnes of backfill have been removed from the first 300 m of the haulage level and stockpiled outside the mine entrance. Sampling and mapping of dumps at Promontorio also revealed a boulder of massive sulfide vein assaying 3,320 g/t Ag, 54.7 g/t Au, 25% Cu, 6.5% Pb, and 1.1% Zn. The boulder, measuring roughly a meter across, is an indication of the type of grades exploited by early miners at Promontorio. Thirty-seven samples were taken from backfill material and loose rock debris in the first 600 m of the Promontorio adit. Assays for the samples returned significant values with 58% of the samples between 100 g/t to 308 g/t silver and 64% of the samples between 0.20 g/t to 5.74 g/t gold (see Minaurum news release dated March 2, 2023).
Access to the underground workings will allow for future potential underground drilling.
Robust Preliminary Metallurgical Testing Results
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Confirms high-grade silver and gold recoveries, even with low-grade material exhibiting impressive recoveries from flotation
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Six separate composites from Europa and Promontorio vein zones were tested
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Silver recoveries ranged from 83.5% to 94.3% for 5 of the 6 core composites
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Gold recoveries ranged from 68.9% to 96.5% in 5 composites with detectable gold
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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 silver equivalent grading 320 g/t silver equivalent (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.
Infill Drill Results Confirm Continuity of High-Grade and Wide-Vein Mineralization
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)
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).
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 titled Alamos Project - June 8, 2021 on SEDAR
Alamos Silver Project – Inferred Mineral Resource Estimate Summary (150 g/t AgEq cut-off)
Notes:
- The Mineral Resource estimate conforms to the requirements of NI 43-101 – Standards of Disclosure for Mineral Projects and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014). The Mineral Resource estimate is entirely classified as Inferred Mineral Resources. Inferred Mineral Resources have been estimated from geological evidence and limited sampling and have a lower level of confidence than Measured and Indicated Mineral Resources and must not be converted to Mineral Reserves. There is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources.
- Weight-averaged silver-equivalent (“AgEq”) grades are based on the October 1, 2025 long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast, using metal prices of US$29.73/oz Ag, US$2,646/oz Au, US$4.34/lb Cu, US$0.92/lb Pb, and US$1.21/lb Zn. Metal recovery assumptions, based on comparable projects, are 88.3% Ag, 75.0% Au, 75.5% Cu, 83.1% Pb, and 75.5% Zn. Assumed refinery payables are 95% Ag, 95% Au, 96.5% Cu, 95% Pb, and 85% Zn.
- The Mineral Resource is reported at a cut-off grade of 150 g/t AgEq.
- Bulk density values applied are 2.72 t/m³ for the Promontorio and Travesía zone veins and 2.65 t/m³ for the Europa zone veins.
- The Mineral Resource estimate is reported on a 100% project basis and reflects reasonable prospects for eventual economic extraction.
- The effective date of the Mineral Resource estimate is January 8, 2026.
- There are no known legal, political, environmental, or other risks that, to the knowledge of the Qualified Persons, could materially affect the potential development of the Mineral Resources.
- All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum exactly due to rounding.
Alamos Silver Project – Inferred Mineral Resource Estimate Sensitivity Table
The Resource Estimate, completed by Independent Mining Consultants, Inc., is based on a total database of 104 drill holes, totaling 35,888.15 metres and 10,194 samples. The Resource Estimate is classified as an Inferred Mineral Resource in accordance with CIM Definition Standards, with an effective date of January 8, 2026.
Drill hole spacing within the modeled vein domains averages approximately 80 metres, with locally tighter spacing in higher-grade portions of the Promontorio vein zone. Most of the resource occurs in unmined zones, with partially mined-out areas in the Promontorio vein zone. Interpreted void volumes associated with historical mining have been deducted from the Resource Estimate based on interpretations of historical longitudinal sections, mine maps, and drill hole data. The resource remains open in along strike and down dip on both the Promontorio and Europa vein zones. Multiple other veins in the district have high-grade intercepts that await potential resource definition.
The Alamos Project Resource Estimate is based on the following key assumptions and parameters: specific gravity values of 2.72 for the Promontorio and Travesia veins and 2.63 for the Europa vein, derived from Minaurum’s test work based on 151 wax-coated density measurements; vein domains were modelled to reflect the interpreted vein geology, including vein continuity, thickness, and structural controls; all assays were composited to 1 metre, and grade capping was applied on a vein-by-vein basis, with silver grades capped at up to 3,000 g/t; a 5 m along strike × 1 m across strike × 2.5 m high block size was selected based on geological constraints and potential future mining methods; and block grades for gold, silver, copper, lead, and zinc were estimated using inverse distance squared interpolation; mineral resources were classified as Inferred in accordance with CIM Definition Standards, based on geological confidence, drill hole spacing, sample support, and search criteria. Additional details of the estimation methodology and classification criteria will be provided in the supporting technical report to be filed on the Company’s profile on SEDAR+. A technical report prepared by IMC in accordance with NI 43-101 will be filed on the Company’s profile at www.sedarplus.ca within 45 days of the date of this press release.
Figure 1. Alamos Silver Project Vein Zones – 55.2 Moz AgEq grading 320 g/t AgEq lies on Promontorio, Travesia, and Europa vein zones located within the black boxed outlines.
Figure 2. Travesia-Promontorio vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 28.7 Moz AgEq grading 276 g/t AgEq.
Figure 3. Europa vein zone longitudinal section. Dotted line indicates the outline of the geological model used in calculating resources. This vein zone comprises 26.5 Moz AgEq grading 386 g/t AgEq.
Qualified Assurance Program and Quality Control Measures ("QA/QC"): Minaurum has implemented QA/QC protocols including insertion of duplicate, blank and standard samples in all drill holes and underground sampling. Ninety-two percent of drill samples were submitted directly to the ALS Chemex in Hermosillo, Mexico, for preparation and sent to ALS Chemex in North Vancouver, BC, Canada, for analysis. During 2024, the Company sent drill samples to ActLabs’ facility in Zacatecas, Mexico, for preparation and analysis there, amounting to 8% of the total drill samples. Additional duplicate test work has been conducted on mineralized samples to assess variability of coarse reject and pulp samples. An IMC independent qualified person visited the Alamos project on 2 occasions, the 3-5th of September 2024, and the 18th of November 2025. IMC has reviewed the QA/QC work completed by Minaurum and believes the database is reliable for estimating Mineral Resources.
Qualified Person: The Mineral Resources for the Alamos Project disclosed in this news release have been estimated by Michael G. Hester, FAusIMMVice President of Independent Mining Consultants, Inc. and independent of Minaurum. Mr. Hester is a Qualified Person as defined in NI 43-101. The Mineral Resources have been classified in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves, adopted by CIM council, as amended. Mr. Hester has read and approved the contents of this press release as it pertains to the disclosed mineral resource estimate.
