2023 Corporate Highlights

Advanced project investigations:

• Released Mineral Resource Estimate (“MRE”) on May 2, 2023, based on year end 2022 drilling, outlining:
  • 1.47 million Indicated gold-equivalent (“AuEq”) ounces at a 1.68 grams per tonne (“gpt”) average grade, comprised of 1.0 million ounces of gold at 1.16 gpt and 35 million ounces of silver at 40.4 gpt.
  • 0.73 million Inferred AuEq ounces at a 1.26 gpt average grade, comprised of 0.5 million ounces of gold at 0.85 gpt and 18.4 million ounces of silver at 31.5 gpt.
• Completed 58,896 metres (“m”) of drilling over 184 holes following success-based exploration program; 162 drill holes intercepted mineralization above approximately 0.2 gpt Au cutoff.
• Expanded high-grade mineralization at Z-T by 350 m along strike and multiple high-grade shoots by several hundred metres down dip.
• Grew the mineralized grade shells at Central and Guadalupe Trends, where we have discovered several new high-grade antithetic veins.
• Continued to develop generative targets, with particular success at Las Primas, as well as several other zones including Fresnillo, Mina, Mariposa and the 300 Trend.
• Advanced our metallurgical, geochemical, geotechnical and project understanding through testwork and field studies.

Strengthened Management Team and Board:

• Appointed Indi Gopinathan as VP Capital Markets and Business Development in April 2023.
• Appointed Advisor Kerry Sparkes to Board of Directors in August 2023.
• Completed internal management transition in late 2023, culminating in January 2024 appointment of Scott Hicks as CEO.

Ended year in strong financial position:

• Held approximately C$33 million in cash at December 31, following receipt of C$28 million from successful warrant acceleration program in May 2023.

Demonstrated commitment to Environment, Social and Corporate Governance:

• Released inaugural ESG report in April 2023.
• Social and community engagement activities, including agreement to double active work areas.
• Graduated from the TSX Venture Exchange to the TSX main board.

Z-T Drill Highlights – Additional New Discovery Strike Extent Down Dip and Below MRE:

• 6.19 gpt AuEq (3.33 gpt Au and 220.9 gpt Ag) over 11.6 m etw in hole 23TA-64 in Tahonitas, including:
  • 41.92 gpt AuEq (24.0 gpt Au and 1,385.0 gpt Ag) over 1.0 m etw.
• 4.86 gpt AuEq (3.80 gpt Au and 82.0 gpt Ag) over 13.3 m etw in hole 23TA-69, located 100 m below the MRE resource pit, including:
  • 9.30 gpt AuEq (8.15 gpt Au and 89.2 gpt Ag) over 3.7 m etw.
• 3.87 gpt AuEq (3.16 gpt Au and 54.9 gpt Ag) over 20.5 m etw in hole 23TA-71, located 220 m down dip and below the MRE resource pit, including:
  • 8.72 gpt AuEq (7.63 gpt Au and 84.0 gpt Ag) over 5.5 m etw.
• 2.09 gpt AuEq (1.26 gpt Au and 63.9 gpt Ag) over 11.6 m etw in hole 23TA-90, including:
  • 3.83 gpt AuEq (2.61 gpt Au and 94.5 gpt Ag) over 2.2 m etw.

Significant SE Strike Extension Potential at Tahonitas:

• 3.74 gpt AuEq (0.99 gpt Au and 212.5 gpt Ag) over 5.7 m etw in hole 23TA-100, located 350m along strike to the SE from the MRE pit crest, including:
  • 10.94 gpt AuEq (2.97 gpt Au and 616.0 gpt Ag) over 1.3 m etw.
• 2.33 gpt AuEq (0.83 gpt Au and 115.9 gpt Ag) over 7.1 m etw in hole 23TA-91, located 150m along strike to the SE from the MRE pit crest.

Mariposa, a generative target northwest of Z-T, returned strong gold grades:

• 3.3 gpt AuEq (3.11 gpt Au and 14.8 gpt Ag) over 2.2 m etw downhole in new hole 23MA-11*

Guadalupe East – High Grade Gold and Silver

• 13.51 gpt AuEq (10.10 gpt Au and 263.8 gpt Ag) over 2.2 m etw in hole 23GE-142 at Guadalupe East, including:
  • 23.46 gpt AuEq (17.80 gpt Au and 437.0 gpt Ag) over 1.2 m etw; and,
  • 44.39 gpt AuEq (18.20 gpt Au and 2,024.0 gpt Ag) over 1.0 m etw
• 15.06 gpt AuEq (5.46 gpt Au and 742.0 gpt Ag) over 0.8 m etw in hole 23GE-136.
• 17.95 gpt AuEq (9.69 gpt Au and 638.55 gpt Ag) over 31.25 m etw in hole 23GE-147, including;
  • 52.67 gpt AuEq (29.41 gpt Au and 1,797.3 gpt Ag) over 6.45 m etw, and including,
  • 80.57 gpt AuEq (45.34 gpt Au and 2,722.6 gpt Ag) over 3.90 m etw.
• 27.56 gpt AuEq (8.17 gpt Au and 1,498.0 gpt Ag) over 0.6 m etw in new hole 23GE-144*

Orito Sur, a generative target north of Guadalupe East, returned strong gold and silver grades:

• 5.3 gpt AuEq (2.70 gpt Au and 200.5 gpt Ag) over 2.4 m etw in new hole 23OS-01*

Mina, a generative target northeast of Guadalupe East, also returned strong grades:

• 4.24 gpt AuEq (2.54 gpt Au and 131.3 gpt Ag) over 4.9 m downhole in new hole 23MINA-13*

Central – High Grade, Near-Surface Material at Noche Buena

• 4.99 gpt AuEq (4.11 gpt Au and 67.9 gpt Ag) over 9.1 m etw in hole 23NB-46, located 150 m along strike from the bottom of the MRE pit, including:
  • 37.48 gpt AuEq (31.40 gpt Au and 470.0 gpt Ag) over 1.1 m etw.
• 1.50 gpt AuEq (1.23 gpt Au and 20.5 gpt Ag) over 14.0 m etw in hole 23NB-39, located immediately adjacent to the MRE pit, including:
  • 5.17 gpt AuEq (4.19 gpt Au and 76.0 gpt Ag) over 2.0 m etw.
• 2.43 gpt AuEq (0.91 gpt Au and 117.3 gpt Ag) over 6.5 m etw in new hole 23NB-59*

Noche Buena and San Miguel East – Drilling to Fill the Gap Returns Strong Silver Values

• 4.49 gpt AuEq (1.48 gpt Au and 232.6 gpt Ag) over 5.0 m etw in hole 23NB-51, including:
  • 8.00 gpt AuEq (2.70 gpt Au and 409.4 gpt Ag) over 2.6 m etw and;
  • 3.51 gpt AuEq (3.36 gpt Au and 11.9 gpt Ag) over 1.2 m etw.
• 3.81 gpt AuEq (1.62 gpt Au and 169.2 gpt Ag) over 2.6 m etw in hole 23NB-53, including:
  • 8.21 gpt AuEq (2.77 gpt Au and 420.0 gpt Ag) over 1.0 m etw;
• 1.33 gpt AuEq (0.55 gpt Au and 60.1 gpt Ag) over 4.4 m etw in hole 23SME-37, including:
  • 2.65 gpt AuEq (2.03 gpt Au and 48.2 gpt Ag) over 0.7 m etw;
• 2.23 gpt AuEq (0.99 gpt Au and 95.9 gpt Ag) over 1.4 m etw in hole 23SME-34, located on the north-east side of San Miguel East.

Las Primas Area – Prime Discovery:

• 15.63 gpt AuEq (11.60 gpt Au and 311.1 gpt Ag) over 4.5 m etw in hole 23LP-18, including:
  • 27.52 gpt AuEq (20.39 gpt Au and 550.8 gpt Ag) over 2.5 m etw, and including,
  • 56.28 gpt AuEq (41.90 gpt Au and 1,111.0 gpt Ag) over 1.1 m etw;
• 12.34 gpt AuEq (10.85 gpt Au and 114.9 gpt Ag) over 2.5 m etw in hole 23LP-14 at Las Primas, including:
  • 17.50 gpt AuEq (15.40 gpt Au and 162.2 gpt Ag) over 1.7 m etw.
• 1.73 gpt AuEq (1.70 gpt Au and 2.3 gpt Ag) over 9.6 m etw in hole 23LP-06, including:
  • 4.94 gpt AuEq (4.88 gpt Au and 4.7 gpt Ag) over 3.0 m etw.
• 1.20 gpt AuEq (0.87 gpt Au and 25.8 gpt Ag) over 14.6 m etw in hole 23LP-07, starting just below surface.

Fresnillo – Prime Original Discovery

• 1.67 gpt AuEq (1.44 gpt Au and 17.6 gpt Ag) over 15.8 m etw in hole 22FRE-09, including:
  • 5.36 gpt AuEq (4.73 gpt Au and 48.4 gpt Ag) over 2.9 m etw.
• 1.65 gpt AuEq (1.06 gpt Au and 45.2 gpt Ag) over 10.9 m etw in hole 23FRE-19, including:
  • 12.30 gpt AuEq (6.63 gpt Au and 438.0 gpt Ag) over 0.85 m etw.