• 2.39Mt @ 977 g/t silver equivalent (“AgEq”) for 75.0 Moz AgEq . The zinc equivalent is 26.32% ZnEq.
• Attractive mining thicknesses ranging from 5 to 49 meters and widths ranging from 25 to 70 meters over a strike length of 495 meters.
• All-in discovery rate of 3198 AgEq ozs/meter drilled.
• Robust resource that is relatively insensitive up to a cut-off grade up to 600 g/t AgEq.
• Significant zinc component adds important critical minerals potential.

Table 1. Waterpump Creek Sulfide Zone Inferred Mineral Resource Summary (200 g/t AgEq cut-off)

1. The effective date of the Mineral Resource is February 20, 2024. The QPs for the Mineral Resource are Dr. Bruce Davis FAusIMM and Susan Lomas, P. Geo of Lions Gate Geological Consulting Inc (LGGC).
2. CIM Definition Standards were used for mineral resource classification and in accordance with CIM MRMR Best Practice Guidelines. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. It is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
3. AgEq reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, 70% Pb, and 84% Zn and metal prices of US$24.00/oz Ag, US$1.00/lb Pb, and US$1.30/lb Zn and cost inputs suitable for underground extraction method.
4. The AgEq and ZnEq grade calculations used in the table above are based on the same metal prices (as point #3 above) and are not subject to recovery.

• This Initial Inferred Mineral Resource Estimate is merely a beginning and demonstrates the high-grade nature of the mineralized system and that more exploration is fully warranted.
• High-Grade: The resource silver equivalent grade compares well with the most successful high grade silver projects in production or development over the last decade including Silver Crest (Las Chispas), MAG Silver (Juanicipio), Adriatic (Vares), and now Vizsla Silver (Copala).
• Under-Drilled: Substantial discovery rate in just 23,450 meters of drilling (15,550 meters of drilling was completed by WAM and 7,900 meters was completed by Anaconda and NovaGold).
• Expansion Potential: The 2023 WAM 3D IP survey results demonstrate significant exploration potential both immediately north of WPC resource and south along the 7.5 km LH trend. In addition, the geophysics support a major new target, the Warm Springs target, which further connects the WPC/LH trend with the historic Illinois Creek mine gossan oxide Au/Ag deposit.
• Existing NI 43-101 compliant Au-Ag oxide resource estimate: The past-producing Illinois Creek oxide Au-Ag mine, located approximately 7.5 km to the SE of WPC has an indicated estimate of 253 Koz Au, 9.5Moz Ag and an inferred estimate of 104Koz Au, 3.8Moz Ag.

Table 2. Sensitivity table showing Waterpump Creek Sulfide Inferred Resources at various AgEq cut-off grades.