Discovery Silver Corp · TSX:DSV
Discovery Silver — Mining Forum Europe 2026
30 slides from Discovery Silver's conference presentation, Apr 13, 2026
Slide 1: Unsurpassed Growth Potential
Mining Forum Europe | April 13 - 15, 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 – 750 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 capit
Slide 5: 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 6: Discovery – Valuation Upside
DISCOVERY – VALUATION UPSIDE Kidd Transformational upside as Exploration Processing capacity, infrastructure, Porcupine and Cordero advance TVZ >$50M drill critical minerals, program and DSV unlocks full value Large zone annually exploration upside potential adjacent to Hoyle Pond Dome 11 Moz Inferr
Slide 7: Achieving Upside to Technical Report
ACHIEVING UPSIDE TO TECHNICAL REPORT JAN. 2025 TECHNICAL REPORT – GOLD PRODUCTION (KOZ GOLD)1,2 AND UNIT COSTS ($/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 8: 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 9: 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 Resource1,2 & large milling facility • 3.9 Mtpd milling operation • Resources: Inferred: 11.0 Moz (229 Mt @ 1.49 g/t)1 • Production potential: 200 – 250
Slide 10: 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 11: 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 12: 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 13: 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 14: Exploration – ~280K Metres Planned in 2026
EXPLORATION – ~280K METRES PLANNED IN 2026 Target Metres Hoyle Pond: Resource conversion and expansion drilling in lower S Vein and XMS Zones 75K Drilling to identify new zones in mid & upper mine 35K Borden: Resource conversion and expansion in northeast extension of Main Zone and Far East Zone (FE
Slide 15: Cordero Silver Project – Mexico
CORDERO SILVER PROJECT – MEXICO One of the World’s Largest Undeveloped Silver Projects 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 (grows to $7.2B in Years 4) (FS bas
Slide 16: 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 17: Targeting Substantial Value Creation
TARGETING SUBSTANTIAL VALUE CREATION Opportunity for transformative growth at existing assets 2025 Production Future Opportunity2 234 koz Gold1 500 – 750 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 capit
Slide 18: Discovery Silver Corp. Contact Details
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 19: Appendix
TSX:DSV OTCQX:DSVSF APPENDIX 19
Slide 20: 2026 Guidance
2026 GUIDANCE $410M of cash at December 31, 2025 $250 revolving credit facility (undrawn), $100m accordion feature 260 – 300 koz $1,250 – $1,400 $1,950 – $2,250 Production Op. Cash Costs/oz AISC/oz $25 – $35M $120 – $165M $195 – $235M Royalties1 Sustaining Capital Growth Capital $90 – $100M $55 – $7
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: Kidd – Transaction Terms
KIDD – TRANSACTION TERMS • Discovery to acquire 100% of Glencore’s interest in the Kidd Operations and all of the issued and outstanding shares of Kidd Creek Transaction Timber Ltd. which holds a large land package in the region. • $10 million of equity consideration at closing; • The assumption of
Slide 25: Strong Finish to 2025
STRONG FINISH TO 2025 Partial year of operations at Porcupine generates strong returns FY 2025 1 Q4 2025 Adjusted Net Adjusted Net Revenue Revenue Earnings Earnings $653M $274M $0.29 /share $0.14 /share Free Cash EBITDA Free Cash EBITDA Flow $172M $297M Flow $68M $126M Cash Costs AISC Cash Costs AIS
Slide 26: 2026 Guidance
2026 GUIDANCE Production Op. Cash Costs/oz AISC/oz 260 – 300 koz $1,250 – $1,400 $1,950 – $2,250 Sustaining Royalties (1) Growth Capital Capital $25 – $35M $195 – $235M $120 – $165M Cordero Exploration Corp. G&A $90 – $100M $55 – $75M $35 – $40M 26
Slide 27: 2026 – Quarterly Production and Unit Costs
2026 – QUARTERLY PRODUCTION AND UNIT COSTS 80 2,000 70 60 1,500 50 40 1,000 30 20 500 10 0 0 Q1 Q2 Q3 Q4 Gold Recovered AISC/oz 27
Slide 28: Porcupine – Sustaining and Growth Capital
PORCUPINE – SUSTAINING AND GROWTH CAPITAL Sustaining Capital Growth Capital $120M-$165M $195M-$235M Mobile Other Equip Other Capital Ventilation Development Pre- Stripping(1) Mill/Tailings Mobile Mill/Tailings Equipment 28 (1) Related to Pamour as it ramps up to commercial production
Slide 29: 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 30: Cordero: Large-Scale, Low-Cost Silver Project
CORDERO: LARGE-SCALE, LOW-COST SILVER PROJECT Tier 1 Location with Established Infrastructure and District-Scale Upside 30