Slide 1: Diablillos – Site Visit Presentation – April 2025
www.abrasilver.com TSX: ABRA OTCQX: ABBRF Diablillos – Site Visit Presentation – April 2025
Slide 2: Advancing a Premier Silver-Gold Project
Advancing a Premier Silver-Gold Project Diablillos: A Premier Silver-Gold Project Exceptional Exploration Growth P&P Reserves(1): 42.3Mt @ 91 g/t Ag & 0.81 g/t Au M&I resources doubled since 2020, at a low 123 M oz Silver & 1.1 M oz Gold (209 M oz AgEq) discovery cost of only US$0.11/oz AgEq (2) M&I
Slide 3: Argentina Update
ARGENTINA UPDATE 3 3
Slide 4: Why Argentina? A Mining-Friendly Jurisdiction
Why Argentina? A Mining-Friendly Jurisdiction 1. Rich in mineral resources: ▹ Argentina shares almost 5,000 km of Andes Mountain Range with Chile, the major copper producer in the world. ▹ Northwestern, western and southern provinces have huge mining potential and host: World class copper projects
Slide 5: Why Argentina? Portfolio of Mining Projects
Why Argentina? Portfolio of Mining Projects 128 National Projects in advanced stages 25 PRODUCTION 7 CONSTRUCTION 10 FEASIBILITY 7 PRE-FEASIBILITY 11 PEA PRELIMINARY ECONOMIC EVALUATION 68 ADVANCED EXPLORATION The portfolio of national projects includes gold, silver, copper, lithium, zinc, lead, ura
Slide 6: Why Argentina? Projected Exports by Mineral
Why Argentina? Projected Exports by Mineral Future Mining Exports By mineral in billions of dollars Exports 2024 USD 4.669 million (5,9% of Argentina´s total exports) Fivefold increase in exports over the next decade Lithium export expected to increase 8-fold in the next 5 years Copper Lithium Gold
Slide 7: Legal Overview
Legal Overview 1. Argentine constitutional organization and mining legal framework: ▹ Federal Country as a difference with Chile and Perú. ▹ Each Province owns the mineral resources located in its territory. ▹ Uniform mining legislation (Federal Mining Code) applicable all over the country. ▹ Nation
Slide 8: Favorable Macro and Policy Tailwinds
Favorable Macro and Policy Tailwinds 1. New government since December 2023: disruptive political change 2. Economic Improvements: ▹ Reduction of public costs ▹ Elimination of fiscal deficit ▹ Deregulation and close down of governmental offices ▹ Reduction of inflation 3. Government prioritizing inve
Slide 9: Favorable Macro and Policy Tailwinds
Favorable Macro and Policy Tailwinds Inflation stabilizing under new economic policies 9 abrasilver.com | TSX: ABRA | OTCQX: ABBRF 9
Slide 10: Favorable Macro and Policy Tailwinds
Favorable Macro and Policy Tailwinds After the fiscal equilibrium achieved in 2024, we expect a similar outcome this year, as increased economic activity will offset the elimination of the PAIS tax. FISCAL BALANCE FISCAL BALANCE (% of GDP) (% of GDP) In 2025, the growth in economic activity will imp
Slide 11: Unlocking Significant Value with RIGI
Unlocking Significant Value with RIGI: Incentive Regime for Large Investments Diablillos is Fully Eligible for RIGI benefits: Projects exceeding $200M qualify for RIGI if they apply by July 2026, and commit 40% of the investment amount within 2 years of approval (by July 2028). 1 Tax Benefits 2 Zero
Slide 12: RIGI (Large Investment Incentive Regime)
RIGI (Large Investment Incentive Regime) 1. Projects that have been approved for RIGI: ▹ Luz de Campo SA/YPF Luz – Project “Parque Solar El Quemado y Anexos” (energy)– USD 211M ▹ VMOS SAU – Project VMOS (oil & gas) – USD 2,486M 2. Mining Projects that have currently applied for RIGI: ▹ Galan Lithium
Slide 13: Political Outlook and Upcoming Elections
Political Outlook and Upcoming Elections 1. Congressional elections (mid-term) are scheduled for Sunday, October 26, 2025, on which date Argentinians will elect 127 national representatives (1/2 of the House of Representatives members) and 24 senators (1/3 of the Senate members). 2. Milei’s party do
Slide 14: Pre-Feasibility Study Update / Exploration Update
PRE-FEASIBILITY STUDY UPDATE EXPLORATION UPDATE 14 14
Slide 15: Salta Ranked #1 for Investment Attractiveness in Latin America
Salta Ranked #1 for Investment Attractiveness in Latin America in 20231 Salta: Consistently ranked as one of the most attractive mining jurisdictions in Latin America 15 (1) Based on 2023 Fraser Institute Mining Survey abrasilver.com | TSX: ABRA | OTCQX: ABBRF 15
Slide 16: Consistently Transforming Exploration Into Value
Consistently Transforming Exploration Into Value Since 2020, ABRA has grown Diablillos’ M&I resource by ~100% at an average discovery cost of only US$0.11/oz AgEq Fully-funded 20,000m Phase V Diablillos Resource Growth Since Acquisition (M&I Contained)(1)(2) Program Underway Updated +20% Resource es
Slide 17: Diablillos Projected Mine Site Layout
Diablillos Projected Mine Site Layout Oculto 46.8 74 g/t 0.88 145 g/t (M&I) Mt Ag g/t Au AgEq JAC 5.3 202 g/t 0.13 g/t 212 g/t (M&I) Mt Ag Au AgEq Notes: Current Mineral Resources effective as of Nov. 22, 2023. abrasilver.com | TSX: ABRA | OTCQX: ABBRF 17 17
Slide 18: Oculto Geological Model
Oculto Geological Model Epithermal Ag-Au Deposit with Cu-Au Porphyry Intrusive Diablillos property has multiple epithermal and porphyry targets Oculto Zone contains majority of the resources and has over 120,000 m of drilling, but only down to a depth of ~400 m Past drilling focused on the high sulp
Slide 19: Phase IV Drilling Summary
PHASE IV DRILLING SUMMARY EXPAND HIGH GRADE ZONES TO Total Holes Phase IV AUGMENT RESOURCES FOR DFS PORPHYRY CAMP JAC TARGET ALPACA-JAC CONECTION JAC-OCULTO CONECTION OCULTO-FANTASMA CONECTION JASPEROID OCULTO NORTHEAST 540m LADERAS OCULTO-OCULTO EAST EXPLORE POTENTIAL FOR ADDITIONAL EPITHERMAL RESO
Slide 20: Location of Phase IV Holes
Location of Phase IV Holes LADERAS Wells drilled in phase IV OCULTO in OCULTO NORTHEAST FANTASMA OCULTO EAST OCULTO ALPACA JAC 20 abrasilver.com | TSX: ABRA | OTCQX: ABBRF 20
Slide 21: Resource Estimate Update
Resource Estimate Update OCULTO EAST An updated Mineral Resource Estimate is expected to be completed OCULTO in mid-2025, incorporating all Phase IV SOMBRA drill results. JAC Increase in Cost and economic viability data resources Extraction costs 75m Market prices of minerals Operation costs Cut-off
Slide 22: Recent JAC Drilling Beyond Conceptual Pit
RECENT JAC DRILLING BEYOND CONCEPTUAL PIT 22 22
Slide 23: Phase V Exploration Program
PHASE V EXPLORATION PROGRAM PRE-FEASIBILITY STUDY UPDATE 23 23
Slide 24: Phase V Program – Targeting Expansion of High-Grade Silver-Gold Mineralization
Phase V Program – Targeting Expansion of High-Grade Silver-Gold Mineralization Fully-funded 20,000 m program will primarily utilize three diamond drill rigs to drill approximately 90 holes and is expected to be completed by December 2025; Combination of infill and step-out drilling to further expand
Slide 25: Key Target Areas
Key Target Areas 25 abrasilver.com | TSX-V: ABRA | OTCQX: ABBRF 25
Slide 26: Oculto – JAC Epithermal District
Oculto – JAC Epithermal District OCULTO NORTHEAST LADERAS FANTASMA OCULTO EAST Phase IV finish OCULTO february JAC 26 abrasilver.com | TSX: ABRA | OTCQX: ABBRF 26
Slide 27: Oculto East
OCULTO EAST At Oculto Este, 600m from the pitshell, gold values were confirmed in contact with the basement rocks. This area has a high potential for high-grade gold mineralization since it is located in a lithological contact with different changes in rock conditions that favored mineralization. In
Slide 28: Drilling at Oculto East
DRILLING AT OCULTO EAST abrasilver.com | TSX: ABRA | OTCQX: ABBRF
Slide 29: Sombra
SOMBRA Silver values at Sombra, on a magnetic geophysical anomaly, indicate the presence of silver mineralization near surface. It is possibly a structure parallel to Main Breccia with connection to Oculto Este. The sigmoidal mineralization system at Oculto indicates that it is possibly in a zone of
Slide 30: Oculto Northeast
OCULTO NORTHEAST The northeast hidden area has a high potential due to its continuity towards Main Breccia. It coincides with the main structure and the historical wells have yielded significant gold values greater than 3g/t. The area presents a lithological change in the basement and this contact i
Slide 31: Cerro Viejo Epithermal Zone
CERRO VIEJO EPITHERMAL ZONE A major epithermal system exists at Cerro Viejo. Silicified zones extend for about 1 kilometer from Cerro Viejo East to Pedernales, with gold in historical surface sampling and in DDH 24-056, (36m @ 1.91g/t Au). The Epithermal zone has granitic basement rocks intruded by
Slide 32: Cerro Viejo Epithermal Zone
CERRO VIEJO EPITHERMAL ZONE The Cerro Viejo epithermal zone has an east-west gold mineralized (1-3 ppm Au) structural system. The summits of Cerro Viejo Oeste and Cerro Morro ECO have a complex oxidized stockwork with gold mineralization 32 abrasilver.com | TSX: ABRA | OTCQX: ABBRF 32
Slide 33: Cerro Viejo Pics
CERRO VIEJO PICS PARALLEL SETS OF SILICA VEINING AT CERRO VIEJO WEST (SNOW COVERED OCULTO HILL BEHIND) CERRO VIEJO WEST: SILICIFIED RIDGES WITH HISTORICAL DRILL HOLE 33 33
Slide 34: Porphyry Target
PORPHYRY TARGET The porphyry system in the area is defined as tabular Gold-Copper with a SW-NE trend and a NW dip direction. Drill hole DDH-24-056, at 200m, intercepted the dacitic porphyry for 10m, with Cu and Mo mineralization. DDH-24-081 Big Black DDH-24-059 Breccia DDH-24-056 Dacitic Porphyry DD
Slide 35: EIA Permitting Update & Community Support
EIA PERMITTING UPDATE & COMMUNITY SUPPORT 35 35
Slide 36: Environmental Framework
ENVIRONMENTAL FRAMEWORK 1. Environmental requirements are set out in the Environmental General Protection Act N° 25,675 and Law No. 24,585 incorporated into the Mining Code. 2. LAW Nr. 24,585 ▹ Individuals or entities seeking to conduct prospection, exploration, or exploitation activities over a cer
Slide 37: Permitting
PERMITTING 1. EXPLORATION PERMITS ▹ Salta: Bi-annual EIA renewal approved in July/2024. ▹ Catamarca: Exploration EIA approved in September/2024. ▹ Hazardous Waste Generator ▹ Water Permits ▹ Municipal Authorizations 2. EXPLOITATION PERMITS ▹ Salta/Catamarca: EIA was submitted in both provinces in Se
Slide 38: Salta/Catamarca Cooperation Area
SALTA/CATAMARCA COOPERATION AREA 1. LAND TENURE ▹ Diablillos lies in an overlapping area between Salta and Catamarca where the border is not yet defined. ▹ AbraSilver holds mining concessions in both Provinces. 2. JURISDICTION – AGREEMENT BETWEEN SALTA AND CATAMARCA ▹ Salta and Catamarca have recent
Slide 39: CSR/Social License
CSR/SOCIAL LICENSE 1. COMMUNITIES: ▹ San Antonio De Los Cobres ▹ Santa Rosa de Pastos Grandes ▹ Estación Pocitos ▹ La Redonda ▹ Antofagasta De Las Sierras 39 abrasilver.com | TSX: ABRA | OTCQX: ABBRF 39
Slide 40: CSR/Social License
CSR/SOCIAL LICENSE 1. Development of Local Suppliers. 2. Strength and Articulate Relationships with Communities and “Puesteros” (smallholder farmers): ▹ Regular meetings, transparency ▹ Door open project ▹ Respecting their values and culture ▹ Active participation in social and cultural events 3. He
Slide 41: Economic Studies
ECONCOMIC STUDIES 41 41
Slide 42: Robust PFS Results – With Significant Upside
Robust PFS Results – With Significant Upside December 2024 PFS Study – Operation Metrics Mine Life / Throughput 14 years (9,000 tpd) Initial Capital Expenditures (Incl. contingency) US$544 million Avg Annual Production – First 5 years 11.7 M oz silver, 59 koz gold (16.4 Moz AgEq) @ AISC: US$11.23/oz
Slide 43: Attractive Production Profile With High Grades Upfront
Attractive Production Profile With High Grades Upfront New mine plan increases NPV by +$60M by improving mine sequencing Avg annual production in first five years of 16.4 Moz AgEq with peak of 20.8 Moz AgEq (Year 2) Avg grade in first five years of +201 g/t AgEq (246 g/t AgEq in Year 2) Avg after-ta
Slide 44: DFS Update: Key Opportunity 1: Power Supply
DFS Update: Key Opportunity 1: Power Supply PFS Assumption • Power is supplied from self-generation power plant with a mix of diesel-photovoltaic generators and is part of the project scope • CAPEX of ~$60M (including contingency and indirects) • OPEX of ~$34M annual at current fuel prices (almost $
Slide 45: DFS Update: Key Opportunity 2: Contract Mining
DFS Update: Key Opportunity 2: Contract Mining PFS Assumption • 100% Owner owned and operated fleet • CAPEX of $74M DFS Opportunity • Contract waste movement to a third party – only ore movement by Owner • Potential to reduce initial haulage fleet to only 8 trucks from 26 • CAPEX reduction of ~$56M
Slide 46: DFS Update: Key Opportunity 3: Co-Disposal of Waste Rock with Tailings
DFS Update: Key Opportunity 3: Co-Disposal of Waste Rock with Tailings PFS Assumption • Separate Waste Rock Dump and TSF • NPC5 of $431M (Life of Mine) DFS Opportunity • Build the TSF dam with Waste Rock and eliminate the WRD • TSF impoundment area has sufficient capacity for 100% of tailings and wa
Slide 47: Heap-Leach Evaluation
Heap-Leach Evaluation • The current mine plan includes ~45Mt of marginal grade material that may be suitable to Heap Leaching • Presently, this material is treated as waste and hauled to the Waste Rock Dump • Preliminary conceptual-level study results indicate that a business case for Heap Leaching
Slide 48: Key Catalysts Over Next 12 Months
Key Catalysts Over Next 12 Months Upcoming Key Milestones – Clear Path to Production Aggressive Exploration & Resource Growth - Ongoing drilling to expand resource size, enhance grade and unlock further upside potential. Fast-Track Permitting - Expecting EIA permit approval by year-end to move