Discovery Silver Corp · TSX:DSV
Discovery Silver — Mining Forum Americas 2026
40 slides from Discovery Silver's conference presentation, Sep 27, 2026
Slide 1: Unsurpassed Growth Potential
Mining Forum Americas | September 27 – 30, 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: DSV – Current Operations
DSV – CURRENT OPERATIONS 2026 production guidance: 260 – 300 koz Hoyle Pond 500 – 600 tpd high-grade, underground mine contiguous to Kidd Met Site Borden 2,000 tpd underground mine with substantial upside Pamour 9,000 tpd open-pit mine currently being ramped up to commercial production Hollinger Ope
Slide 6: Potential to Triple Production in Five Years
POTENTIAL TO TRIPLE PRODUCTION IN FIVE YEARS1 Over a five-year period, with additional growth potential longer term Pamour Substantial exploration success resulting in mine re- design to 20 to 40 ktpd Dome Current 11 Moz Inferred Resource1 Mine re-start once Kidd A gold circuit commissioned Borden G
Slide 7: Conceptual Growth Plan – Five-Years (2026–2031)
CONCEPTUAL GROWTH PLAN – FIVE-YEARS (2026 – 2031) Gold Production Potential (Koz)1 500 koz/year 300 Current Re-designed Dome Mine Potential Owl Creek TVZ Production Pamour Mine Production growth at Production Development Borden 1. Example of forward-looking information. See Slide 2 for more informat
Slide 8: Pamour & Dome
PAMOUR & DOME Potential to become two of Canada’s largest open-pit gold mines PAMOUR DOME 1. Example of forward-looking information. See Slide 2 for more information. 8
Slide 9: Kidd Operations
KIDD OPERATIONS KIDD OPERATIONS MILLING CAPACITY & FLEXIBILITY Kidd Creek Mine ▪ New conventional gold circuit to be scaled for growth of Pamour ▪ Opportunity to process Borden material through flotation ▪ Potential to process different ores, including refractory material (TVZ) ▪ Tailings buttressin
Slide 10: Kidd Met Site – Conceptual Plan
KIDD MET SITE – CONCEPTUAL PLAN 10
Slide 11: Timmins Gold Milling Strategy (2026–2031)
TIMMINS GOLD MILLING STRATEGY (2026 – 2031)1 Kidd Met Site Pamour Hoyle Pond A Division (New Gold Circuit) Owl Creek Kidd Creek B Division (Existing Flotation) Borden C Division (Flotation) TVZ D Division (Flotation) Dome Mill Dome Expanded 15 ktpd Gold Circuit 1. Example of forward-looking informat
Slide 12: Conceptual Processing Plan
CONCEPTUAL PROCESSING PLAN Supports production growth to between 500 koz to 1.0 Moz per year Processing capacity provides the Processing Growth 22.4 MTPA 22.4 MTPA ability to grow production from 260- (1.3 MTPA) (~60 ktpd) 300k oz/yr to +550k oz/yr to 21.1 MTPA significantly higher levels 13.6 MTPA
Slide 13: Conceptual Growth Plan – Five-Years (2026–2031)
CONCEPTUAL GROWTH PLAN – FIVE-YEARS (2026 – 2031) Gold Production Potential (Koz)1 500 koz/year 300 Current Re-designed Dome Mine Potential Owl Creek TVZ Production Pamour Mine Production growth at Production Development Borden 1. Example of forward-looking information. See Slide 2 for more informat
Slide 14: 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 • Updating Porcupine technical report • Some increase
Slide 15: Cordero Silver Project – Mexico
CORDERO SILVER PROJECT – MEXICO Positive site visit by SEMARNAT to Cordero on July 24, 2026 One of world’s largest 302 Moz 5.18 Blbs 2.96 Blbs 0.84 Moz undeveloped silver reserves1 Ag Zn Pb Au1 • Environmental impact assessment (“MIA”) awaiting formal approval from SEMARNAT • $90 – $100M budget in 2
Slide 16: Unsurpassed Growth Potential
Mining Forum Americas | September 27 – 30, 2026 TSX:DSV OTCQX: DSVSF Unsurpassed Growth Potential PRODUCING METALS THE WORLD NEEDS
Slide 17: Appendix
TSX:DSV OTCQX:DSVSF APPENDIX 17
Slide 18: Pamour – Large, Growing Deposit
PAMOUR – LARGE, GROWING DEPOSIT 1 Royalites are included in Op. Cash Costs/oz and AISC/oz and are sensitive to gold price. 18
Slide 19: Dome – Drill Results
DOME – DRILL RESULTS 1. Example of forward-looking information. See Slide 2 for more information. 19
Slide 20: Kidd Met Site – Location vs Pamour/HP/TVZ
KIDD MET SITE – LOCATION VS PAMOUR/HP/TVZ 20
Slide 21: Kidd Creek Mine
KIDD CREEK MINE World’s deepest base metals mine Target production (June 1 – Dec. 31, 2026): 10 – 15 KT Zinc, 5 – 7 KT Cu, ~0.4 Moz Ag June 2026: 3,361 tonnes Zn, 1,286 tonnes Cu 21
Slide 22: Investing in Assets for Growth & Optimization
INVESTING IN ASSETS FOR GROWTH & OPTIMIZATION Total capital expenditures of $86.4M1 in Q2 2026 Q2 2026 YTD 2026 Sustaining Capex1: $36.3M $57.0M Growth Capex1: $43.3M $83.1M Cordero: $0.1M $2.4M Capitalized Exploration: $6.7M $13.9M 1. Example of Non-IFRS Measure. See Slide 3 for more information. 2
Slide 23: Record Quarterly Production in Q2 2026
RECORD QUARTERLY PRODUCTION IN Q2 2026 2026 production to be weighted to second half of year Q2 2026 YTD 2026 Ounces produced (oz): 67,309 127,578 Ounces sold1 (oz): 66,068 125,513 Cash costs2,3 ($/oz sold) $1,387 $1,401 AISC2,3,4($/oz sold) $2,154 $2,101 1. Includes ounces delivered in kind under t
Slide 24: 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 24 1 Royalites are included in Op. Cash Costs/oz and AI
Slide 25: Financial Highlights
FINANCIAL HIGHLIGHTS Revenue Cash Cost1 AISC1 $319M $1,417 $1,387 $2,074 $2,154 $1,341 $1,339 $2,034 $2,041 $274M $285M $1,925 $1,185 $237M $142M Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 EBITDA Free Cash Flow Adjusted EPS
Slide 26: Q2 2026 Adjusted Net Earnings
Q2 2026 ADJUSTED NET EARNINGS Adjusted EPS of $0.11, Up 11% Quarter-over-Quarter $0.01 $0.11 $0.01 $0.01 $0.02 $0.06 Place photo here Q2 EPS Deferred tax - TSA/One-time PPA FV Inventory bump Other Q2 Adjusted EPS Kidd reclamation* *Deferred tax adjustment arose from a one-time discount rate change u
Slide 27: Capital Priorities
CAPITAL PRIORITIES Investing to Drive Future Growth Strengthening the Balance Sheet Investment in growth, organically and through acquisition, with the June 2026 purchase of the Kidd Mine and Mill bringing copper, zinc and silver production Net liquidity position of over into the portfolio $600M as
Slide 28: Q2 2026 Liquidity
Q2 2026 LIQUIDITY Continued strong liquidity of $607.8M, while Investing to Drive Future Growth 130.1 (56.1) 384.9 0.8 364.3 (85.4) (10.0) $607.8 million Q2 2026 Operating Working Capital MI/PPE Capital Purchase of Financing Q2 2026 Opening Cash Cash Flow Adjustments Expenditures Investments activit
Slide 29: Record Gold Production in Q2 2026
RECORD GOLD PRODUCTION IN Q2 2026 Strong growth in mining and processing rates, Q2 unit costs in line with guidance ▪ Gold production of 67,309 oz, up 33% Porcupine Q2 2026 Q1 2026 Q2 2025 YTD 2026 from Q2 2025, 12% from Q1 2026 Ore processed (t) 904,244 698,984 508,791 1,603,228 ▪ Higher tonnes mor
Slide 30: Kidd: First Month of Copper and Zinc Production
KIDD: FIRST MONTH OF COPPER AND ZINC PRODUCTION Profitable operations in first month after acquisition Kidd Operations YTD 2026 ▪ Production largely as planned Revenue ($ ‘000s) 29,671 o Copper produced: 1,286 tonnes Production costs ($ ‘000s) 18,915 o Zinc produced: 3,361 tonnes Earnings from minin
Slide 31: 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 32: 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 33: 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 34: Discovery – Excellent Progress – Attractive Outlook
DISCOVERY – EXCELLENT PROGRESS – ATTRACTIVE OUTLOOK COMPLETED ACQUISITION OF KIDD OUTSTANDING EXPLORATION RESULTS INVESTMENT PROGRAMS RAMPING UP RECORD PRODUCTION & REVENUE IN Q2 2026 SOLID GROWTH IN ADJUSTED EARNINGS ON TRACK FOR A STRONG SECOND HALF OF 2026 1. Example of forward-looking informatio
Slide 35: TVZ – Adjacent to Hoyle Pond – Drill Results (1)
TVZ – ADJACENT TO HOYLE POND – DRILL RESULTS (1) 1. Example of forward-looking information. See Slide 2 for more information. 35
Slide 36: TVZ – Adjacent to Hoyle Pond – Drill Results (2)
TVZ – ADJACENT TO HOYLE POND – DRILL RESULTS (2) 1. Example of forward-looking information. See Slide 2 for more information. 36
Slide 37: Owl Creek – Plan View
OWL CREEK – PLAN VIEW 1. Example of forward-looking information. See Slide 2 for more information. 37
Slide 38: Borden - Extending the Main Zone
BORDEN - EXTENDING THE MAIN ZONE 1. Example of forward-looking information. See Slide 2 for more information. 38
Slide 39: Borden – Drill Results in Main Zone Deep
BORDEN – DRILL RESULTS IN MAIN ZONE DEEP 1. Example of forward-looking information. See Slide 2 for more information. 39
Slide 40: Borden – Drill Results in East Lower Zone
BORDEN – DRILL RESULTS IN EAST LOWER ZONE 1. Example of forward-looking information. See Slide 2 for more information. 40