Step-out drilling continues to expand mineralisation across multiple prospects as Yoquivo advances toward a near-term JORC Resource upgrade

Highlights

• Designed to test the geometry and grade of a recently-identified area with bulk-tonnage potential in the central portion of Pertenencia1, hole YQ-26-018 returned a broad high grade silver and gold zone2 (Figure 1):
  
  YQ-26-018                                 67.88m at 134g/t AgEq – 68g/t Ag & 0.9g/t Au from 305.9m
  (Central Pertenencia)   incl. 23.89m at 257g/t AgEq – 123g/t Ag & 1.7g/t Au from 346.9m

• YQ-26-018 was drilled as a scissor hole in an opposing direction to previous drilling, confirming the scale and continuity of mineralisation in multiple directions
• Shallow extensional drilling 2.7km west of Pertenencia has significantly expanded the Esperanza Prospect, doubling the strike extent of known silver-gold mineralisation, with results including2:
  
  YQ-26-014                                 10.4m at 102g/t AgEq – 69g/t Ag & 0.4g/t Au from 120.6m
  (Esperanza north)                 incl. 2.45m at 204g/t AgEq – 149g/t Ag & 0.7g/t Au from 126.75m
  
  YQ-26-013                                 1.82m at 231g/t AgEq – 20g/t Ag & 2.8g/t Au from 178.73m
  (Esperanza south)                 1.95m at 128g/t AgEq – 97g/t Ag & 0.4g/t Au from 195.65m

• Further encouraging silver and gold mineralisation was also intersected at the northern end of the San Francisco Prospect, located 700 metres west of Pertenencia:
  
  YQ-26-011                                 1.3m at 183g/t AgEq – 82g/t Ag & 1.3g/t Au from 122.4m
  (San Francisco)                        incl. 0.3m at 727g/t AgEq – 355g/t Ag & 4.9g/t Au from 123.4m
  
  YQ-26-012                                 3.85m at 90g/t AgEq – 81g/t Ag & 0.1g/t Au from 199.65m
  (San Francisco)                        incl. 0.3m at 333g/t AgEq – 312g/t Ag & 0.3g/t Au from 200.85m

• Drilling is ongoing at the Yoquivo Project, testing both resource extension and regional targets
• An updated Mineral Resource Estimate for Yoquivo is expected within the next month, with assessment of bulk tonnage open-pittable resource potential in addition to high grade underground resource potential planned

¹ ASX announcement – 6 February 2026 “Historic Core Sampling at Yoquivo Highlights Resource Upside”
² The Yoquivo silver equivalent was derived based on initial flotation and leaching test work conducted by Golden Minerals in 2022. The formula used is AgEq g/t = Ag g/t + (Au g/t * Au price/Ag price), where the assumed $US/oz gold price is $1,840 and the assumed $US/oz silver price is $24. Au and Ag recovery are both assumed at 85% based on this test work. In AVM’s opinion all elements that are included in the metal equivalency calculation have reasonable potential to be recovered and sold (ASX AVM 28 October 2024).

Commenting on the latest results from drilling at Yoquivo, Advance’s Managing Director and CEO Dr Adam McKinnon said:

“These results represent a potential inflection point for Yoquivo. The confirmation of broad, high grade silver-gold mineralisation from opposing drill orientations significantly strengthens our confidence in the emerging resource potential at Pertenencia.”

“Importantly, the scale and continuity now being demonstrated supports a reassessment of development scenarios beyond the original narrow vein underground concept.”

“With drilling continuing across multiple prospects and a resource upgrade expected within weeks, Yoquivo is rapidly evolving into a scalable silver-gold development opportunity with multiple growth pathways.”

Advance Metals Limited (ASX:AVM)(“Advance” or the “Company”) is pleased to report further strong drilling results from its 100%-owned Yoquivo Silver-Gold Project in southwestern Chihuahua, Mexico. Latest results highlight broad high grade intersections, confirming the scale and continuity in the central Pertnencia zone ahead of an updated JORC Mineral Resource Estimate expected next month.

Recent drilling continues to support a potential transition at Yoquivo from an exclusively narrow-vein underground opportunity toward a scalable development scenario potentially incorporating both underground and bulk tonnage open-pit mineralisation.

Following the Company’s extensive program of historic core resampling, exceptionally broad zones of contiguous moderate-grade mineralisation were identified in the central portion of the Pertenencia deposit, including^1,2:

• 144m at 93g/t AgEq in YQ-022-009
• 66.45m at 83g/t AgEq in YQ-022-013
• 83.3m at 69g/t AuEq in YQ-020-010
• 97.63m at 61g/t AgEq in YQ-25-002
• 44.78m at 100g/t AgEq in YQ-25-001

Given the scale of these intersections, the Company identified potential for a higher tonnage/bulk mining deposit, with scissor hole YQ-26-018 (Figures 2 – 4) recently completed to further test this zone2:

YQ-26-018

• 67.88m at 134g/t AgEq – 68g/t Ag & 0.9g/t Au from 305.9m
  • incl. 23.89m at 257g/t AgEq – 123g/t Ag & 1.7g/t Au from 346.9m
• 9.67m at 108g/t AgEq – 87g/t Ag & 0.3g/t Au from 418.13m
  • incl. 2m at 259g/t AgEq – 206g/t Ag & 0.7g/t Au from 427.8m

YQ-26-018 was drilled in the opposite direction to the previous holes in the area (Figures 2 & 3), confirming the scale and continuity of mineralisation in multiple opposing directions. The new results from this hole will provide the Company’s technical team valuable data on grade distribution and orientation, with particular significance to the resource upgrade currently underway for Yoquivo.

Importantly, the original Foreign Estimate at Yoquivo was based on a 200g/t AgEq cut-off3,4, under a narrow vein underground assumption. With materially higher prevailing silver and gold prices, the Company’s technical team will assess a range of cut-off grade and mining scenario sensitives as a part of the upcoming JORC mineral resource update.

³ The Foreign Estimates of mineralisation mentioned in this announcement are not compliant with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and is a “Foreign Estimate”. A Competent Person (under ASX Listing Rules) has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code. It is uncertain that following evaluation and/or further exploration work the Foreign Estimate will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code 2012.
⁴ ASX announcement – 28 October 2024 “Advance Metals to acquire Yoquivo High Grade Silver Project in Mexico”

Strong results have also recently been returned from drilling outside of the immediate Pertenencia area at Yoquivo. New drill holes have extended the known strike of mineralisation at the Esperanza Prospect, located approximately 2.7km west of Pertenencia (Figures 2 & 5), in both directions2:

YQ-26-014                         

• 10.4m at 102g/t AgEq – 69g/t Ag & 0.4g/t Au from 120.6m
  • incl. 2.45m at 204g/t AgEq – 149g/t Ag & 0.7g/t Au from 126.75m

YQ-26-013                         

• 1.82m at 231g/t AgEq – 20g/t Ag & 2.8g/t Au from 178.73m
  • 1.95m at 128g/t AgEq – 97g/t Ag & 0.4g/t Au from 195.65m

The coherent zone of in 10.4m at 102g/t AgEq2 in YQ-25-014 at Esperanza is considered particularly significant, with the interval ~75 metres north of the previous northernmost intersections at the prospect (Figure 5). High grade mineralisation at the prospect remains fully open along strike to the north and south and at depth, highlighting strong resource extension potential with future drilling.

The Company also intersected encouraging high grade (albeit narrower) intervals in the two holes drilled at the San Francisco Prospect (Figure 2), located approximately 700m west of Pertenencia2:

YQ-26-011                        

• 1.3m at 183g/t AgEq – 82g/t Ag & 1.3g/t Au from 122.4m
  • incl. 0.3m at 727g/t AgEq – 355g/t Ag & 4.9g/t Au from 123.4m

YQ-26-012

• 3.85m at 90g/t AgEq – 81g/t Ag & 0.1g/t Au from 199.65m
  • incl. 0.3m at 333g/t AgEq – 312g/t Ag & 0.3g/t Au from 200.85m

Diamond drilling is ongoing at Yoquivo, with assays pending for multiple holes at Pertenencia and across the broader project area. Drill hole collar details and significant intersections for recent drilling at Yoquivo are provided in Tables 1 & 2, respectively.

Next Steps

• Updated JORC Mineral Resource Estimate – expected late March 2026
• Continued drilling results from Pertenencia and regional targets
• Assessment of bulk tonnage open pittable resource potential
• Ongoing regional exploration targeting additional vein systems

For further information:

Dr Adam McKinnon
Managing Director and CEO
Advance Metals Limited
+61 (0) 411 028 958
[email protected]
www.advancemetals.com.au

Jane Morgan
Investor & Media Relations Manager
Advance Metals Limited
+ 61 (0) 405 555 618
[email protected]

This announcement has been authorised for release by the Board of Advance Metals Limited.

Competent Person’s Statement

The information in this report concerning data and exploration results has been compiled by Dr. Adam McKinnon, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Dr. McKinnon is the Managing Director of Advance Metals Limited and possesses the relevant expertise in the style of mineralisation, type of deposit under evaluation, and the associated activities, qualifying him as a Competent Person under the guidelines of the 2012 Edition of the ‘Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ Dr. McKinnon has approved the inclusion of this information in the report in the form and context in which it appears.

With regard to references to prior announcements of Foreign Estimates and in particular the ASX announcement dated 28 October 2024, “Advance Metals to acquire Yoquivo High Grade Silver Project in Mexico”, the Competent Person for the information and data contained in that Announcement was Mr Steve Lynn and JORC Table 1 disclosures are contained therein.

The Company is not aware of any new information or data that materially affects the information and data included in the Announcement. In addition, all material assumptions and technical parameters underpinning the estimates in the Announcement have not changed. The Company confirms that the form and context in which the Competent Person findings are presented have not been materially modified from the original market announcement.

Cautionary Statement on Foreign Estimates

The Foreign Estimates of mineralisation mentioned in this announcement are not compliant with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and is a “Foreign Estimate”. A Competent Person (under ASX Listing Rules) has not yet done sufficient work to classify the Foreign Estimate as Mineral Resources or Ore Reserves in accordance with the 2012 JORC Code. It is uncertain that following evaluation and/or further exploration work the Foreign Estimate will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code 2012.

Forward-Looking Statements

Certain statements in this announcement relate to the future, including forward-looking statements relating to the Company and its business (including its projects). Forward-looking statements include, but are not limited to, statements concerning Advance Metals Limited planned exploration program(s) and other statements that are not historical facts. When used in this document, words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may”, “potential,” “should,” and similar expressions are forward looking statements.

These forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Neither the Company, its officers nor any other person gives any representation, assurance or guarantee that the events or other matters expressed or implied in any forward-looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

Table 1. Details diamond drill holes reported as a part of this release (UTM WSG84 Zone 12N).

Table 2. Significant intersections for recently drilled holes YQ-25-011 to 018. Significant intervals have been defined at a cut-off grade of 15g/t AgEq1 with up to ten metres internal dilution. Note intervals listed are down hole widths a not currently known.

Original Article: https://app.sharelinktechnologies.com/announcement-preview/asx/55fb5bdfd935d72aa45761eeb2e01352