Slide 1: Discovery Reports Record Revenue, Strong Year-Over-Year Earnings Growth in Q2 2026
NEWS RELEASE DISCOVERY REPORTS RECORD REVENUE, STRONG YEAR-OVER-YEAR EARNINGS GROWTH IN Q2 2026 August 13, 2026, Toronto, Ontario – Discovery Mining Ltd. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced financial and operating results for the second quarter (“Q2 2026”) and fir
Slide 2: Summary of Q2 and YTD 2026 Performance
Discovery began reporting the results of gold production and sales following the Company’s acquisition (“Porcupine Acquisition”) of the Porcupine Complex (“Porcupine”) in and near Timmins, Ontario on April 15, 2025. The Company’s full financial statements and management discussion & analysis are ava
Slide 3: Q2 2026
Q2 2026 • Revenue of $319.1 million more than doubled from Q2 2025, reflecting increases of 55% and 34% in gold sold and the average realized gold price(1), respectively; Revenue increased 11% from Q1 2026 as higher gold sales more than offset a reduction in the average realized gold price. • EBITDA
Slide 4: YTD 2026
YTD 2026 • Gold production totaled 127,578 ounces compared to 50,552 ounces in YTD 2025. Revenue totaled $604.1 million ($574.5 million from Porcupine Operations), which compared to $142.0 million in YTD 2025 representing revenue generated from the closing of the Porcupine Acquisition on April 15, 2
Slide 5: Income Statement Summary
Income Statement Summary Three months ended Six months ended June 30, June 30, March 31, June 30, June 30, (in thousands except per share amounts) 2026 2025 2026 2026 2025 Revenue $ 319,094 $ 142,010 $ 285,035 $ 604,129 $ 142,010 Production costs 108,609 54,919 76,184 184,793 54,919 Depreciation and
Slide 6: Porcupine Operations Review
PORCUPINE OPERATIONS REVIEW Three months ended Six months ended Porcupine Complex June 30, 2026 June 30, 2025 March 31, 2026 June 30, 2026 June 30, 2025 Revenue (in thousands) $ 289,423 $ 142,010 $ 285,035 $ 574,458 $ 142,010 Production costs (in thousands) $ 89,694 $ 54,919 $ 76,184 $ 165,878 $ 54,
Slide 7: Kidd Operations Review
For YTD 2026, a total of 127,578 ounces of gold were produced, which resulted from 1,603,228 tonnes being processed at an average grade of 2.74 g/t, with recovery rates averaging 90.4%. Total mill operating costs were $36.9 million for YTD 2026, for an average of $23.01 per tonne processed. Producti
Slide 8: Cordero Overview
pound sold. Silver sales, which are treated as by-product credits attributable to copper, totaled $5.3 million for the period. The concentrate payment process operates on specified time intervals based on the terms of off-take agreements. For the Kidd Operations, existing off-take terms result in lo
Slide 9: 2026 Guidance
2026 GUIDANCE (in $ millions, unless otherwise stated) Total Gold produced (koz) 260 — 300 Gold operating cash costs per ounce sold ($/oz sold)(1)(2)(3) $ 1,250 — 1,400 Gold AISC per ounce sold ($/oz sold)(1)(2)(3)(4) $ 1,950 — 2,250 Royalties(2) $ 25 — 35 Sustaining capital(1)(5) $ 120 — 165 Porcup
Slide 10: Sustaining Capital Expenditures
Sustaining Capital Expenditures Sustaining capital expenditures for 2026 are projected to be $120 – $165 million, with $57.2 million incurred YTD 2026. Expenditures during the year are primarily focused on work to buttress the TMA6 at the Dome property, as well as ongoing investment in capital impro
Slide 11: Exploration drilling and Corporate G&A
Owl Creek: Two surface drills – Drilling focused on infill and extension of mineralization at both the Owl Creek and the 750 Zones. Borden: Five drills (three underground and two surface) – Three drill rigs involved in infill and expansion drilling targeting the Main (Deep) Zone to the northeast, wi
Slide 12: Qualified Person and Non-GAAP Measures
QUALIFIED PERSON The scientific and technical information in this press release was reviewed and approved by Johannes (Gertjan) Bekkers, P.Eng, the Vice President, Technical Services for the Company and Eric Kallio, the Senior Vice President, Exploration and Growth for the Company, both of whom are
Slide 13: Capital Expenditures and Operating Cash Costs
Three months ended Six months ended June 30, June 30, March 31, June 30, June 30, $ Thousands 2026 2025 2026 2026 2025 Sustaining capital $ 36,538 $ 16,122 $ 20,689 $ 57,227 $ 16,158 Growth capital(1) 49,911 28,053 49,215 99,126 31,145 Total capital expenditures 86,449 44,211 69,904 156,353 48,074 W
Slide 14: Production Costs and AISC Reconciliation
Three months ended June 30, 2026 $ Thousands unless otherwise stated Gold (Porcupine) Corporate Gold Consolidated Production costs 89,694 — 89,694 Royalty expense 5,625 — 5,625 TSA(1) (5,709) — (5,709) PPA inventory(2) (1,858) — (1,858) Gold operating cash costs 87,752 — 87,752 General and administr
Slide 15: Production Costs and AISC, March 31, 2026
Three months ended March 31, 2026 $ Thousands unless otherwise stated Gold (Porcupine) Corporate Gold Consolidated Production costs 76,184 — 76,184 Royalty expense 7,058 — 7,058 TSA(1) (2,577) — (2,577) Gold operating cash costs 80,665 — 80,665 General and administrative(2) 2,059 7,650 9,709 Accreti
Slide 16: Copper and Zinc Operating Cash Costs
Three months ended June 30, 2026 $ Thousands unless otherwise stated Copper (Kidd) Zinc (Kidd) Production costs 11,610 7,305 PPA inventory(1) (2,851) (1,794) By-product offsets (silver credit) (5,267) — Operating cash costs 3,492 5,511 Metal sold (tonnes) 1,230 2,967 Operating cash costs per pound s
Slide 17: Adjusted Net Earnings Reconciliation
Three months ended Six months ended June 30, June 30, March 31, June 30, June 30, $ Thousands unless otherwise stated 2026 2025 2026 2026 2025 Net earnings $ 52,149 $ 5,534 $ 81,679 $ 133,828 $ (918) Business development expenses 2,703 16,619 — 2,704 20,153 Foreign exchange loss (gain) 1,369 6,821 (
Slide 18: Forward-Looking Statements
amounts in the Consolidated Statements of Financial Position as follows: June 30, December 31, $ Thousands 2026 2025 Current assets $ 552,883 $ 526,807 Current liabilities 282,152 284,631 Working capital $ 270,731 $ 242,176 FORWARD-LOOKING STATEMENTS Except for statements of historical fact, informa
Slide 19: Forward-Looking Statements (continued)
controls; risks stemming from international conflicts; risks related to changes to tariff and import/ export regulations; global financial conditions; currency rate risks; potential enforcement under the Extractive Sector Transparency Measures Act (Canada); and the potential to pay future dividends.