Discovery Silver Corp · TSX:DSV
Discovery Silver — Q1 2026 Earnings Presentation
30 slides from Discovery Silver's earnings presentation, May 14, 2026
Slide 1: Producing Metals the World Needs
First Quarter 2026 Investor Call | May 14, 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: Q1 2026 – Key Developments Supporting Growth
Q1 2026 – KEY DEVELOPMENTS SUPPORTING GROWTH Agreement to Acquire Kidd Operations Additional exploration success Continued investment in operations 5
Slide 6: 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 7: Kidd Met Site – Conceptual Plan
KIDD MET SITE – CONCEPTUAL PLAN 3 ~1Mtpa Circuits 7
Slide 8: 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 9: Investing in Assets for Growth & Optimization
INVESTING IN ASSETS FOR GROWTH & OPTIMIZATION Total capital expenditures of $69.9M1 in Q1 2026 Sustaining Capex1: $20.7M Porcupine Growth Capex1:$39.6M Cordero: $2.5M Capitalized Exploration: $7.1M 1. Example of Non-IFRS Measure. See Slide 3 for more information. 99
Slide 10: Q1 2026 Operating Performance
Q1 2026 OPERATING PERFORMANCE 2026 production weighted to second half of year Ounces produced: 60,269 oz Ounces sold: 56,927 oz Cash costs1: $1,417/oz AISC1: $2,041/oz 1. Example of Non-IFRS Measure. See Slide 3 for more information. 10
Slide 11: Dome Mill – Crushing Circuit
DOME MILL – CRUSHNG CIRCUIT 11
Slide 12: 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 13: 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 14: 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 14 *In Q1 2026, operati
Slide 15: 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 16: 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 17: Hoyle Pond Vertical Section
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 18: 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 18
Slide 19: 2026 Q1 Exploration Summary
2026 Q1 Exploration Summary | Discovery Silver 19
Slide 20: Owl Creek Fault and 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 21: 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 22: 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 23: 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 24: 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 reserves1 Ag Zn Pb Au1 • Environmental impact assessment (“MIA”) awaiting formal approval from SEMARNAT
Slide 25: 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 26: Additional Slides (Optional)
>$50M drill program ADDITIONAL SLIDES (OPTIONAL) annually 11 Moz Inferred Resource (Apr. 10/26) 26
Slide 27: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS Q1 2026 Performance Remained Robust, Consistent with Prior Quarters Adjusted FCF Adjusted Net Revenue Earnings $285M $63M $0.10/share Adj. Cash Flow From EBITDA AISC Operations $178M $2,041/oz sold $130M Place photo here Avg Realized Cash and Cash Adjusted Net Gold Price Equivalen
Slide 28: Summary of Performance
SUMMARY OF PERFORMANCE Continued strong cash flow generation supported by revenue growth Q1 2026 Q1 2025 Q4 2025 Gold Produced (oz) 60,269 - 66,718 Gold Sold (oz) 56,927 - 64,479 Q1 Revenue: $285M Realized Gold Price ($/oz) 4,908 - 4,157 Increased 4% from Q4 2025 Cash Cost/Oz Sold ($/oz) 1,417 - 1,1
Slide 29: Q1 2026 AISC
Q1 2026 AISC AISC Remained Comparable Quarter over Quarter 0% 105 12 114 239 23 30 73 110 2,034 2,041 203 Q4 2025 AISC Volume Impact Mining Site Admin Royalty Other Milling G&A/SBC Inventory Sustaining Q1 2026 AISC Change Capital Highlights Q1 2026 AISC of $2,041 per ounce sold remained comparable t
Slide 30: Q1 Consolidated Cash Cost & AISC
Q1 CONSOLIDATED CASH COST & AISC Higher mining rates drove increased cash costs, while AISC remained comparable to Q4 2025 2,041 By-product Royalty -1% 9% Inventory Change -10% 846 +20% Mining 60% Cash Cost 21% Site Admin 1,417 1,185 22% 306 846 Milling 633 Leases Royalty 141 Sustaining Capital 1% 6