Discovery Silver Corp · TSX:DSV
Discovery Silver — Raymond James London Silver Conference 2026
39 slides from Discovery Silver's conference presentation, May 27, 2026
Slide 1: Unsurpassed Growth Potential
Raymond James London Silver Conference | May 27, 2026 TSX:DSV OTCQX: DSVSF Unsurpassed Growth Potential PRODUCING METALS THE WORLD NEEDS
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this presentation that address activities, events or developments that Discover
Slide 3: Additional Cautionary Language
ADDITIONAL CAUTIONARY LANGUAGE Third Party Information: This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independen
Slide 4: Targeting Substantial Value Creation
TARGETING SUBSTANTIAL VALUE CREATION Opportunity for transformative growth at existing assets 2025 Production Future Opportunity2 234 koz Gold1 >500 koz/yr Gold Low AISC Critical minerals 3 operating mines Bottom half of (Zn, Cu, Pb) at Porcupine 14 Moz/yr Silver3 global cost curve Invest capital to
Slide 5: Discovery – Valuation Upside
DISCOVERY – VALUATION UPSIDE Kidd Transformational upside as Exploration Processing capacity, infrastructure, Porcupine and Cordero advance TVZ >$50M drill critical minerals, program and DSV unlocks full value Large zone annually exploration upside potential adjacent to Hoyle Pond Dome 11 Moz Inferr
Slide 6: High Quality Portfolio
HIGH QUALITY PORTFOLIO PORCUPINE COMPLEX | Ontario, Canada CORDERO | Chihuahua, Mexico (Based on January 2025 Technical Report) PORCUPINE COMPLEX (Based on February 2024 Feasibility Study) Tenure 1,400 km 2 Stage Producing • Hoyle Stage Development • Borden Gold – 100% of LOM Commodities Silver, Lea
Slide 7: Cordero: Large-Scale, Low-Cost Silver Project
CORDERO: LARGE-SCALE, LOW-COST SILVER PROJECT Tier 1 Location with Established Infrastructure and District-Scale Upside 7
Slide 8: Cordero Silver Project – Mexico
CORDERO SILVER PROJECT – MEXICO $90M – $100M 2026 guidance mainly relates Land Use Fee payable following MIA approval One of world’s largest 302 Moz 5.18 Blbs 2.96 Blbs 0.84 Moz undeveloped silver reserves Ag Zn Pb Au1 FEASIBILITY STUDY RESULTS February 2024 • NPV $4.6B at a $60/oz silver price (gro
Slide 9: Cordero – Permitting Support
CORDERO – PERMITTING SUPPORT Path to development Generational socio-economic benefits • Environmental impact assessment (“MIA”) awaiting formal approval from SEMARNAT >2,500 >1,000 Jobs created during Jobs created during • $90 – $100M budget in 2026 mainly related to construction operations payment
Slide 10: Achieving Upside to Technical Report
ACHIEVING UPSIDE TO TECHNICAL REPORT JAN. 2025 TECHNICAL REPORT – GOLD PRODUCTION (KOZ GOLD)1,2 AND UNIT COSTS ($/OZ SOLD)2 800 $1,950 2,000 Dome & TVZ 1,800 700 Actual: $1,781 1,600 600 1,400 $1,300 $1,275 500 1,200 Improving cost Actual: $1,267 $1,000 400 1,000 performance Guidance 300 260 – 300 8
Slide 11: Timmins – Quality Complex in a Tier 1 Gold Camp
TIMMINS – QUALITY COMPLEX IN A TIER 1 GOLD CAMP ~70 Moz produced1 with large resource base and substantial exploration upside HOYLE POND One of Canada’s highest-grade gold mines • Excellent track record for replacing reserves (4 Moz since 1987) • Resources: M&I: 404 koz (1.1Mt @ 12.9 g/t)2 Inferred:
Slide 12: Timmins – Quality Complex in a Tier 1 Gold Camp
TIMMINS – QUALITY COMPLEX IN A TIER 1 GOLD CAMP ~70 Moz produced1 with large resource base and substantial exploration upside DOME 11 Moz Inferred Resource2 & large milling facility • 3.9 Mtpd milling operation • Resources: Inferred: 11.0 Moz (229 Mt @ 1.49 g/t)1 • Production potential: 200 – 250 ko
Slide 13: Kidd – Transaction Rationale
KIDD – TRANSACTION RATIONALE KIDD – TRANSACTION RATIONALE INFRASTRUCTURE • Delivers valuable, well-maintained infrastructure, including Kidd Metallurgical Site 90 MW power supply and freshwater access Four-circuit processing facility – to support Discovery’s • Large land position contiguous to Hoyle
Slide 14: Processing Capacity – Key to Growth Plans
PROCESSING CAPACITY – KEY TO GROWTH PLANS Growing Processing Capacity • Targeting new conventional gold circuit and gold flotation capability at Kidd Met Site1 • Potential to grow Dome Mill - dedicate facility to processing Dome Mine material1 Dome Mill Kidd Met Site Targeting lower costs & Configur
Slide 15: Kidd Met Site – Conceptual Plan
KIDD MET SITE – CONCEPTUAL PLAN 3 ~1Mtpa Circuits 15
Slide 16: Near-Term Catalysts
NEAR-TERM CATALYSTS1 Exploration Studies Cordero Targeting 280k metres of drilling Completing studies to evaluate Update capital and costs included in in 2026 for: and advance: February 2024 Feasibility Study: • Resource conversion and expansion • Resuming mining at Dome • Some increase anticipated
Slide 17: Exploration – Continued Outstanding Results
EXPLORATION – CONTINUED OUTSTANDING RESULTS Excellent results from resource conversion & extensive drilling at all operations New targets near current operations • Owl Creek & 750 Zone (Hoyle Pond) • East Lower Zone (Borden) • North Contact Zone (Pamour) Dome: Confirmation of historic drilling, new
Slide 18: Targeting Substantial Value Creation
TARGETING SUBSTANTIAL VALUE CREATION Opportunity for transformative growth at existing assets 2025 Production Future Opportunity2 234 koz Gold1 >500 koz/yr Gold Low AISC Critical minerals 3 operating mines Bottom half of (Zn, Cu, Pb) at Porcupine 14 Moz/yr Silver3 global cost curve Invest capital to
Slide 19: Discovery Silver Corp.
TSX:DSV OTCQX:DSVSF DISCOVERY SILVER CORP. Head Office #2410, 79 Wellington St W Toronto, ON, Canada M5K 1E7 Email info@discoverysilver.com Phone 416 613-9410 DISCOVERY PORCUPINE 4315 Gold Mine Road South Porcupine, ON, Canada P0N 1H0 Email Community.feedback@domemine.ca Phone 1 844 302-8648 DISCOVE
Slide 20: Appendix
TSX:DSV OTCQX:DSVSF APPENDIX 20
Slide 21: Porcupine – Mineral Resources
PORCUPINE – MINERAL RESOURCES Mineral Resources Tonnes Gold Grade Contained Ounces Notes: 1. Mineral Resources are reported insitu, using the 2014 CIM Definition Standards. Mineral Resources (kt) (g/t Au) (koz Au) that are not Mineral Reserves do not have demonstrated economic viability. 2. Mineral
Slide 22: Cordero – Mineral Resources
CORDERO – MINERAL RESOURCES GRADE CONTAINED METAL TONNES MATERIAL CLASS Ag Au Pb Zn AgEq Ag Au Pb Zn AgEq (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (koz) (Mlb) (Mlb) (Moz) Measured 29 29 0.07 0.23 0.27 49 27 67 148 171 45 Indicated 37 24 0.06 0.25 0.29 44 28 74 207 241 53 OXIDE M&I 66 26 0.07 0.24 0.28 4
Slide 23: Cordero – Mineral Reserves
CORDERO – MINERAL RESERVES Grade Contained Metal Tonnes Material Class Ag Au Pb Zn Ag Au Pb Zn (Mt) (g/t) (g/t) (%) (%) (Moz) (Moz) (Blb) (Blb) Proven 10 46 0.08 0.35 0.38 15 0.03 0.08 0.09 Oxide Probable 10 40 0.09 0.40 0.42 13 0.03 0.09 0.09 Total P&P 20 43 0.08 0.37 0.40 28 0.05 0.17 0.18 Proven
Slide 24: Porcupine – Upside at Current Operations
PORCUPINE – UPSIDE AT CURRENT OPERATIONS Hoyle Pond Borden Pamour Hollinger UNDERGROUND UNDERGROUND OPEN PIT OPEN PIT • 4 Moz produced • >600 koz since 2019 • New OP ramping to • Currently resuming @ ~11 g/t Au • 1,000 km2 located 190 km commercial operation operations • Targeting >600 tpd from Timm
Slide 25: Dome Open Pit
DOME OPEN PIT 11 Moz of Inferred Resource situated adjacent to existing infrastructure • ~17Moz mined historically (predominantly underground)1 • Positive drill results included multiple zone of mineralization within and outside current resource • Study on Dome Mine and Mill targeted for completion
Slide 26: TVZ
TVZ Large Zone located adjacent to Hoyle Pond Discovered in 2009 in sediments (different host) immediately adjacent to Hoyle Pond Previous work completed by Goldcorp: ▸ Access: Four exploration drifts ▸ Drilling: 172,000 m in 437 drill holes from 2008 – 2016 ▸ Metallurgy: Flotation & POX testwork (9
Slide 27: 2026 Guidance
2026 GUIDANCE Production Op. Cash Costs/oz AISC/oz 260 – 300 koz $1,250 – $1,400 $1,950 – $2,250 Royalties(1) Sustaining Capital Growth Capital $25 – $35M $120 – $165M $195 – $235M Cordero Exploration Corp. G&A $90 – $100M $55 – $75M $35 – $40M 1 Royalites are included in Op. Cash Costs/oz and AISC/
Slide 28: Q1 2026 Comparatives
Q1 2026 COMPARATIVES Revenue Cash Cost1 AISC1 $274M $285M $1,417 $2,034 $2,041 $1,339 $1,925 $237M $1,185 Q3 2025 Q4 2025 Q1 2026 Q3 2025 Q4 2025 Q1 2026 Q3 2025 Q4 2025 Q1 2026 EBITDA Adjusted FCF Adjusted EPS $178M $87M $0.14 $68M $122M $126M $63M Place photo here $0.10 $0.08 Q3 2025 Q4 2025 Q1 20
Slide 29: Financial Metrics
FINANCIAL METRICS Revenue and EBITDA Continue to Grow each Quarter of Operation 274 285 163 153 237 130 178 142 87 122 126 67 68 63 55 27 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026* Denoted in $US millions Revenue EBITDA Operating cash flow Free cash flow 29 *In Q1 2026, operati
Slide 30: Q1 2026 Liquidity
Q1 2026 LIQUIDITY Continued strong liquidity of $635M, despite expected outflows for taxes and capital 86.6 150.1 410.7 21.6 71.2 384.9 3.5 $250.0 $634.9 million $384.9 Q1 2026 Operating cash 2025 cash 2026 Cash Capital/ Financing Q1 2026 Opening Cash flow (excluding taxes Tax Installment Investing
Slide 31: Q1 2026 Operating Performance
Q1 2026 OPERATING PERFORMANCE Strong quarter at Hoyle Pond – Higher mining rates – Start of production at Hollinger ▪ Gold production of 60,269 oz Three months ended Porcupine Complex March 31, 2026 December 31, 2025 ▪ Higher production at Hoyle Pond Ore processed (t) 698,984 892,818 (Av. Grade >12
Slide 32: Legend L
1860mL Exploration Drift 1900mL Bottom Limit of Mining 2020mL 2050mL 2200mL 27679A 27700AM 2350mL 13.52gpt / 9.1m 27677M 27712 16.70gpt / 0.6m 27713B 5.69gpt / 8.5m 45.77gpt / 4.1m Incl. 20.40gpt/0.5m Incl. 133.00gpt/0.6m 45.70gpt/0.5m 2500mL Vertical Section Looking South Legend Completed Holes Ind
Slide 33: TVZ Zone View to the South
Shaft Winze 900mL 1210mL 1410mL 1680mL LEGEND Existing Infrastructure TVZ1 Target Model TVZ Development Splay Vein Target Models Current TVZ Drilling TVZ Zone Planned Drilling View to the South 33
Slide 34: 2026 Q1 Exploration Summary
2026 Q1 Exploration Summary | Discovery Silver 34
Slide 35: Owl Creek Fault 750 Zone
Owl Creek Fault OC26-030 OC26-029A 2.42gpt / 1.8m 4.11gpt / 30.0m 4.59gpt / 3.3m (incl 9.04gpt / 3.0m & (Partial results) OC26-037A 7.17gpt / 3.0m & 4.13gpt / 13.8m 5.24gpt / 10.1m) OC25-028A 5.82gpt / 1.0m (incl 7.53gpt / 7.0m) 1.84gpt / 11.2m (incl 2.93gpt / 3.0m) 4.54gpt / 2.2m 2.36gpt / 4.4m OC2
Slide 36: Borden Mine
Ramp Portal N BL10-01098W (2019) Far West Zone (FWZ) 3.10gpt / 5.7m (1530m depth from surface) East Lower Zone (ELZ) Deep Zone 2 Deep Zone 1 Current Drilling 225m strike length (585 Level) Current Drilling 300m strike length (585 Level) LEGEND Conversion Drilling Inferred Stopes Drill Intercept from
Slide 37: Keora Geology
Historic Drilling Historic Drilling 0181 Hole # gpt / m Hole # gpt / m 0164 0159 0175 19093 1.95 / 23.0 0153 0150 0180 0165 19150 3.37 / 36.1 0030 0183LR 0179 0075 19093 2.69 / 15.6 19144 2.85 / 37.4 0151 0178 0170 0094 0184 0078 19039 1.45 / 14.8 0173 0123A 0116 0047 0049 0105 0168 0186 0172 19039
Slide 38: Dome Current Pit Limits
DOM25-037 DOM25-032 DOM26-002 1.13gpt / 29.7m 0.62gpt / 27.5m 0.73gpt / 15.2m Existing 0.46gpt / 6.4m DOM26-003 Current Primary 1.19gpt / 28.9m Pit Limits Crusher DOM26-004 3.16gpt / 15.0m Secondary DOM26-001 & Tertiary 4.20gpt / 3.0m Crushers 1.01gpt / 20.0m DOM25-033 0.75gpt / 20.7m Existing 0.79g
Slide 39: Kidd Met Site – Location vs Pamour/HP/TVZ
KIDD MET SITE – LOCATION VS PAMOUR/HP/TVZ 39
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