Slide 1: Building Value Through Gold and Silver
Fourth Quarter 2025 Conference Call & Webcast | February 19, 2026 TSX:DSV | OTCQX: DSVSF BUILDING VALUE THROUGH GOLD AND SILVER 1
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: Q4 2025 – Strong Operating Results
Q4 2025 – Strong Operating Results Solid growth in gold production and sales and a significantly higher gold price Ounces Produced: 66,718 oz Ounces Sold: 64,479 oz Cash costs1: $1,185/oz AISC1: $2,034/oz (1) Example of Non-GAAP measure. See Slide 3 for Non-GAAP measures disclosures. 4
Slide 5: Q4 2025 – Solid Earnings Performance
Q4 2025 – Solid Earnings Performance Adjusted EPS of $0.14/share vs $0.08/share in Q3 2025 Revenue: $274M EBITDA1,2: $126M EPS: $0.08 Adjusted EPS1: $0.14 (1) Example of Non-GAAP measure. See Slide 3 for Non-GAAP measures disclosures. (2) Refers to earnings before interest, taxes and depreciation an
Slide 6: Q4 2025 – Strong Cash and Cash Flow
Q4 2025 – Strong Cash and Cash Flow $660M of total liquidity, plus a $100M Accordion Op. Cash flow: $163M Free cash flow1: $68M ` Cash2,3: $411M Liquidity4: $660M (1) Example of Non-GAAP measure. See Slide 3 for Non-GAAP measures disclosures. (2) As at December 31, 2025. (3) Cash tax payments for FY
Slide 7: Q4 2025 Capital Expenditures
Q4 2025 Capital Expenditures ▪ Capital expenditures: Totaled $106 million ($34M of sustaining, $66M of growth, $6M of leases) ▪ Tailings Management Area: Buttressing No. 6 Dam ▪ Pamour: Growth capital largely related to pre-stripping and mobile equipment ▪ Hoyle Pond: Sustaining capital mainly relat
Slide 8: Exploration: New Results Released February 10, 2026
Exploration: New Results Released February 10, 2026 Hoyle Pond: Multiple high-grade intercepts highlight potential to extend S Zone to depth and to east and west TVZ: Encouraging results from infill drilling north of main target zone Owl Creek: New drilling 3 km west of Hoyle Pond confirms and expan
Slide 9: 2026 Guidance
2026 Guidance 2026 Guidance $ Million unless otherwise indicated Gold production (koz) 260 – 300 Operating cash costs/oz sold ($/oz)1 $ 1,250 – 1,400 AISC/oz sold ($/oz)1 $ $1,950 – $2,250 Royalties2 $ 25 – 35 Sustaining capital expenditures1 $ 120 – 165 Growth capital expenditures1 $ 195 – 235 Cord
Slide 10: 2026 Guidance
2026 Guidance Production: 260 – 300 koz ▪ Production weighted to second half of 2026 ▪ Increased production from Hoyle Pond and Borden (vs. Jan. 2025 technical report) ▪ Production ramps up at Hollinger Operating cash costs - $1,250/oz – $1,400/oz ▪ Unit costs near top end of ranges in H1 2026 ▪ Sig
Slide 11: 2026 Guidance – Capital In Line with Q4 2025 Run Rate
2026 Guidance – Capital In Line with Q4 2025 Run Rate Sustaining Capital: $120M – $165M ▪ Mobile equipment, capital development and infrastructure at Hoyle Pond and Borden ▪ Mill investments focused on solution circuit (CIP replacement, Leach tank repairs) to support improved throughput and recoveri
Slide 12: 2026 Guidance – Capital In Line with Q4 2025 Run Rate
2026 Guidance – Capital In Line with Q4 2025 Run Rate Cordero: Fees and Capital of $90M – $100M ▪ Most of budget relates to Change of Land Use fee – Dependent on receiving MIA Approval ▪ Remainder mainly involves engineering/test work for power and water Exploration: $55M – $75M ▪ ~280k metres of dr
Slide 13: Q4 2025 Performance Remained Strong, similar to Prior Periods
Q4 2025 Performance Remained Strong, similar to Prior Periods Adjusted Net Revenue Free Cash Flow Earnings $274M $68M $0.14 /share Cash Flow From EBITDA AISC Operations $126M $2,034/oz sold $163M Avg Realized Cash and Cash Net Income Gold Price Equivalents $65M $4,157/oz $411M 13
Slide 14: Q4 2025 Adjusted Net Earnings - Up 75%
Q4 2025 Adjusted Net Earnings - Up 75% $0.01 $0.14 $0.01 $0.04 $0.08 Q4 EPS Discount Rate Change – TTN Resource Other Q4 Adjusted EPS Reclamation expense Development Agreement Denoted in $US/per share Q4 2025 Adjusted Net Earnings of $113.5 million or $0.14/per share, demonstrating strengthened prof
Slide 15: 2025 EBITDA and Free Cash Flow Remain Strong
2025 EBITDA and Free Cash Flow Remain Strong 130 122 126 90 FCF 120 EBITDA 80 110 100 70 90 60 80 50 EBITDA 70 FCF 60 55 40 50 40 30 30 20 20 10 10 0 0 Q2 2025 Q3 2025 Q4 2025 Denoted in $US millions EBITDA and Free Cash Flow has been robust the last three quarters, supported by strong operating res
Slide 16: 2025 Capital Re-Investment in the Business
2025 Capital Re-Investment in the Business +53% Growth Sustaining 99,859 65,150 66,054 44,175 44,351 28,053 33,805 16,122 20,799 Denoted in $US thousands Q2 2025 Q3 2025 Q4 2025 Increased capital expenditures provide needed investment for the Porcupine operations to achieve full value potential 16
Slide 17: Q4 Consolidated Cash Costs Lower
Q4 Consolidated Cash Costs Lower Royalty 10% Inventory Change 2,034 -1% Site Admin 12% 633 Cash Cost Mining 53% 1,339 26% 1,185 300 Milling 637 145 633 122 Other Site Admin 223 7% 7% 258 73 Milling 15% 300 180 Sustaining Capital 524 26% 145 209 AISC 55 122 -15 -15 28 Cash cost Q3 Cash cost Q4 AISC Q
Slide 18: $13M Increase in Sustaining Capital Impacting AISC
$13M Increase in Sustaining Capital Impacting AISC +17% 34 28 64 54 81 20 42 126 2,034 196 222 1,734 Q3 AISC Sustaining G&A/SBC ARO Royalty Volume Milling Leases Mining Site Admin Inventory Q4 AISC Denoted in $US per oz Capital Impact Change Sustaining capital increased in the latter part of the yea
Slide 19: 20% Increase in Cash Balance & Available Liquidity of $661M
20% Increase in Cash Balance & Available Liquidity of $661M Cash Movement Liquidity +20% 95.2 163.2 1.2 410.7 $250.0 341.5 $660.7 million $410.7 Q4 2025 Operating Additions Financing Q4 2025 Opening Cash Flow to MI & PPE Activities/FX Closing Cash Cash Revolver Cash Denoted in $US millions 19
Slide 20: Porcupine – Q4 2025
Porcupine – Q4 2025 Solid Production Growth -- Stable Unit Costs – Increased Capex as Programs Ramp Up ▪ Gold production of 66,718 oz Three months ended Year ended Porcupine Complex December 31, 2025 September December 31, ▪ Higher production at both Hoyle Pond 30, 2025 2025 and Pamour Tonnes proces
Slide 21: Timmins Geology
Timmins Geology 21 ‘5375000 5370000 t 5365000 L ao = = DISCOVERY
Slide 22: Exploration – Positive Results at all Operations
Exploration – Positive Results at all Operations Hoyle Pond: Excellent results from resource conversion and expansion drilling 22
Slide 23: Exploration – Hoyle Pond S Zone Deep
Exploration – Hoyle Pond S Zone Deep Hoyle Pond: Drilling extended S Zone to depth and identified new lenses of mineralization 23
Slide 24: Exploration – TVZ
Exploration – TVZ Large mineralized zone adjacent to Hoyle Pond 24
Slide 25: Exploration – Owl Creek
Exploration – Owl Creek Owl Creek: Drill results confirm presence of high-grade mineralization 3 km west of HP 25
Slide 26: Exploration – Borden Resource Conversion Drilling
Exploration – Borden Resource Conversion Drilling Borden: Excellent results from resource conversion and expansion drilling 26
Slide 27: Exploration – Pamour
Exploration – Pamour Favourable drill results within and along strike of resources in all 3 phases of pit design 27
Slide 28: Exploration – Dome
Exploration – Dome Re-development of Dome is a potential game changer for Discovery 28
Slide 29: Exploration – 2026
Exploration – 2026 ▪ Hoyle Pond: Resource conversion and expansion in lower S Vein and XMX Zones; drill to identify new zones in mid & upper mine ▪ Borden: Resource conversion and expansion in northeast extension of Main Zone and Far East Zone (FEZ) ▪ Pamour: Resource conversion and expansion within
Slide 30: Cordero
Cordero One of world’s largest silver development projects ▪ Environmental impact assessment (“MIA”) submitted in August 2023, awaiting ruling from SEMARNAT ▪ Encouraging developments in Mexico o Increased dialogue with senior levels of government o Recent permit approvals are encouraging sign ▪ Add
Slide 31: Discovery: Sightline to >500k Oz Au Per Year
Discovery: Sightline to >500k Oz Au Per Year ▪ Continued strong operating and financial performance in Q4 2025 ▪ Investing for future growth, value creation ▪ Achieving excellent exploration success at all targets ▪ Substantial financial strength, solid cash flow generation 31