Initial JORC (2012) Mineral Resource Estimate demonstrates the emerging scale upside of the Yoquivo Silver-Gold Project with broad zones of shallow, contiguous mineralisation indicating potential bulk mining open cut and underground mining scenarios

Highlights:

• Initial JORC (2012) Inferred Mineral Resource Estimate (MRE) reported for the Yoquivo Silver-Gold Project:
  • 8.8Mt at 80g/t Ag & 0.49g/t Au or 120g/t silver-equivalent (AgEq)¹
• MRE contains 23Moz Ag & 140Koz Au for 33Moz AgEq¹
• The Estimate has been reported at a 50g/t AgEq¹ cut-off grade and highlights the potential for both bulk tonnage open cut and/or underground mining scenarios
• MRE is the first for the Yoquivo Project reported in compliance with the JORC Code (2012) and is supported by 99 diamond holes totalling more than 26,000m of drilling, including 21 holes recently completed by Advance Metals^2,3,4
• Advance Metals has established the MRE at Yoquivo at a cost of US$0.10/oz AgEq¹, inclusive of the recent drilling and historic sampling programs, as well as the initial project purchase
• Mineralisation remains open along strike and at depth, and multiple additional high potential zones identified in the broader project area
• Advance Metal’s total Mexico endowment increases to 116Moz AgEq^5,6, underpinning the Company’s resource growth strategy across its three high grade projects
• Zoom Investor Webinar to be held Thursday, 9th April 2026 at 11:00am AEST / 9:00am AWST

¹ 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 $3,910 and the assumed $US/oz silver price is $52. 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).
² ASX Announcement (14 January 2026) – “Exceptional silver-gold grades extend the high grade Yoquivo system at depth”
³ ASX Announcement (5 March 2026) – “Broad Silver-Gold Intersections Confirm Resource Upside Potential at Yoquivo”
⁴ ASX Announcement (19 March 2026) – “Exceptional Silver-Gold Results From Final Drill Holes Ahead of Yoquivo Resource Upgrade”
⁵ Advance’s total endowment includes 33Moz AgEq from the Yoquivo Project (this report), 22.4Moz AgEq from a Foreign Estimate at the Gavilanes Project (ASX AVM 6 January 2025 and disclosures therein) and 60.6Moz AgEq from a Foreign Estimate at GyC as outlined in ASX AVM 22 July 2025 (with disclosures therein). The GyC gold equivalent was derived based on leaching test work conducted by previous owners of the project. The formula used is AuEq g/t = Au g/t + (Ag g/t*Ag price/Au price), where the assumed $US/oz gold price is $1,700 and the assumed silver price is $23. Au and Ag recovery are both assumed at 95% based on this test work. The AgEq value is derived assuming identical price and recovery assumptions, with a gold to silver ratio of 73.91:1. The Gavilanes silver equivalent was derived based on assumed metallurgical recoveries of similar deposits by the author of the NI43-101 technical document Derick Unger. The formula used is AgEq g/t = Ag g/t + Au g/t* 70.175 + Cu ppm*0.00658 + Pb ppm*0.00188 + Zn ppm*0.00188, where assumed recoveries for Ag, Au, Cu, Pb and Zn are 96%, 80%, 50%, 50% & 50% respectively, and prices in USD are $19.00/oz, $1,600/oz, $3.50/lb, $1.00/lb and $1.00/lb respectively. In AVM’s opinion all elements that are included in each metal equivalency calculation have reasonable potential to be recovered and sold.
⁶ Foreign Estimates of mineralisation referenced here are not compliant with the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves (2012 JORC Code) and are “Foreign Estimate”. A Competent Person (under ASX Listing Rules) has not yet done sufficient work to classify the Foreign Estimates 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.

Commenting on initial JORC MRE for the Yoquivo Project, Advance’s Managing Director & CEO Dr Adam McKinnon stated:

“This initial JORC Resource marks a significant milestone for Advance, delivered less than 18 months after acquiring Yoquivo and confirming the scale potential of this emerging large-scale silver-gold system. Importantly, the resource highlights broad zones of shallow, contiguous mineralisation, supporting the potential for bulk mining scenarios that could underpin a lower cost development pathway.”

“With discovery cost of ~US$0.10 per ounce, Yoquivo demonstrates the effectiveness of our exploration strategy and strengthens our growing Mexican portfolio, now totalling 116Moz AgEq. We are now focused on the next phase of drilling to drive further resource growth and advance Yoquivo toward development.”

Advance Metals Limited (ASX:AVM)(“Advance” or the “Company”) is pleased to report an initial JORC (2012) Mineral Resource Estimate (“MRE”) for its 100%-owned Yoquivo Silver-Gold Project in southwestern Chihuahua, Mexico (Figure 1).

The MRE confirms Yoquivo as a large-scale silver-gold system, with mineralisation extending from surface and demonstrating strong continuity across key zones. Importantly, the resource incorporates broader zones of mineralisation beyond historically targeted high-grade veins, highlighting the potential for bulk mining scenarios that may support a lower cost development profile, subject to further technical and economic studies.

Following the acquisition of the project in late 20247, Advance conducted an extensive exploration program at the site that included the completion of 21 diamond holes totalling nearly 7,000m of drilling2,3,4. The Company also assayed more than 5,000 metres of historic diamond core that had been left unsampled, highlighting previously unrecognised extensive zones of contiguous silver-gold mineralisation in certain portions of the Pertenencia system8.

The new MRE has been reported at a 50g/t AgEq cut-off, with an assumed silver price of US$52/oz and an assumed gold price of US$3,910, correlating to the approximate average daily closing price for each metal in the previous 12-month period1. More than 93% of the contained metal in the MRE sits within the Pertenencia deposit in the east, with the remainder at the Esperanza deposit some 2.5km to the west (see Table 1 and Figures 2 & 3).

Table 1. Mineral Resource Estimate for the Yoquivo Silver-Gold Project, Chihuahua, Mexico, reported at a 50g/t AgEq cut-off.

*Resources reported to two significant figures, totals may not sum due to rounding.

The new MRE represents a ~92% increase in contained silver-equivalent ounces when compared to the previous Inferred Foreign Estimate6,7 completed for the Project in 2023 by Golden Minerals. The new MRE has also been delivered at a very low cost of US$0.10/oz of AgEq, inclusive of purchase and operating costs and the recently completed drilling and historic core sampling programs.

⁷ ASX announcement (28 October 2024) – “Advance Metals to acquire Yoquivo High Grade Silver Project in Mexico”
⁸ ASX announcement (6 February 2026) – “Historic Core Sampling Highlight Resource Upside”

The new resources at Pertenencia extend to the surface over a strike of more than 750 metres and in places ranges up to 250 metres in width (Figures 2-4), highlighting the potential for future bulk tonnage open cut mining scenarios in addition to potential high grade underground extraction.

Both the Pertenencia and Esperanza deposits remain open at depth and along strike, with the Company now evaluating further Resource extension and conversion drilling programs for Yoquivo. There is also significant mineralisation identified in drilling and surface mapping at prospects outside of the MRE that will form targets for potential resource expansion in future exploration programs.

Next Steps

• Continued refinement of geological, litho-geochemical and structural models for the Yoquivo Project incorporating the latest drilling and sampling data;
• Technical review to identify high priority resource extension/resource conversion targets for future drilling programs;
• Ongoing mapping and sampling to identify additional regional discovery targets;
• Preliminary review of potential mining and processing scenarios for the project, including bulk mining/open cut scenarios; and
• Drilling expected to commence at the Company’s Gavilanes Project to the south, with the technical team to follow an identical pathway to an upgraded JORC resource including sampling of historic core.

Yoquivo Mineral Resource Estimate Details (ASX Listing Rule 5.8.1)

Geology and Geological Interpretation

The Yoquivo Project is in Chihuahua, Mexico within the Sierra Madre Occidental Volcanic Belt, an arc formed by eastward subduction of the Pacific Plate. The Sierra Madre is a metallogenic terrane well known for its epithermal precious metal deposits, divided into late Cretaceous to early Tertiary calc-alkaline batholiths and equivalent volcano–sedimentary rocks referred to as the “Lower Volcanic Supergroup”, and two periods of major ignimbrite eruption, accompanied by collectively constitute the “Upper Volcanic Supergroup”.

The Lower Volcanic Supergroup is represented in the Yoquivo area by volcanic andesites that are overlain discordantly by rocks of the Upper Volcanic Supergroup. The Upper Volcanic Supergroup is dominated by ignimbrites. Several rhyolitic domes intrude these units.

The mineralisation on the Yoquivo Project consists of multiple epithermal quartz vein systems. Individual vein systems have been mapped and sampled over >3,000 m strike lengths. The Pertenencia deposit consists of at least seven individual higher-grade veins surrounded by a lower grade halo. The individual higher-grade veins are sub-parallel and strike NNE with a steep ESE dip. The lower grade halo occurs around the higher-grade veins and appears to have some degree of stratigraphic control tending to develop below a low iron unit. This low Fe unit seems to be offset by faulting or shearing and mineralisation is concentrated around the area where this unit is displaced. The Esperanza deposit is essentially a single, relatively planar vein that also strikes NNE with a steep ESE dip.

Mineralised zones comprise quartz veins, vein breccias and stockworks with minor calcite veining and silver/gold-bearing sulphides (pyrite with minor sphalerite and galena). Veins have textures typical of a low-sulphidation epithermal environment, including fine colloform to crustiform banding, bladed calcite textures, and open space filling textures. Narrow haloes of silicification and local argillic alteration are present, grading into weak chloritic alteration distally.

There is minor Holocene overburden/alluvium locally, which is generally thin and discontinuous and was not modelled as part of the MRE. The low sulphidation nature of the Yoquivo mineralisation results in minimal impact from oxidation to the silver-gold mineralisation and as such was not modelled as a part of the MRE.

Drilling and Sampling

The Yoquivo database contains a total of 99 diamond drill holes completed by three Companies between 2007 and 2026, as summarised in Table 2. The majority of the drilling to date has been at the Pertenencia deposit, which accounts for 56 holes totalling 15,826m, with a further 9 holes for 1,852m at Esperanza.

Most drill hole intervals have chemical assays from a certified laboratory, and low default values were inserted into unassayed intervals to avoid smearing grades into unmineralised areas during estimation.

Sampling of the diamond core was conducted by halving with a diamond saw, with sample lengths ranging from 0.13m to 1.4m. Where core was orientated, sampling was consistently conducted on the same side to avoid sampling bias. All samples were then transported by technical staff to the ALS Chihuahua preparation laboratory, where they were weighed and dried, crushed to 70% passing 2 mm, and pulverized to 85% passing -75 µm. Pulps were then assayed at ALS Vancouver. Duplicates, standards and blank samples were inserted into the sample stream in strategic locations with each batch to verify the accuracy of the assay results received from the laboratory.

Table 2. Summary details for diamond drilling at the Yoquivo Project.

Sample Analysis Methods

Silver was assayed four-acid digest with an inductively coupled plasma atomic emission spectrometry (ICP-AES) finish, with a detection range of 0.5–100g/t. Silver samples returning assay values greater than 100g/t were re-assayed with a four-acid digest with and ICP-AES finish with a detection range of 1–1,500g/t. Silver samples returning assays >1,500g/t were re assayed by fire assay with gravimetric finish, with a detection range of 5–10,000g/t.

Gold was assayed by fire assay with an atomic absorption finish, with a detection range of 0.005–10g/t. Gold samples returning assay values >10g/t were re-assayed by fire assay with gravimetric finish, with a detection range of 0.05–10,000g/t.

Estimation Methodology

Samples were composited to nominal 0.6m intervals at Pertenencia and 0.5m intervals at Esperanza for data analysis and resource estimation. Composite length reflects local sample lengths and the scale of mining envisioned. The resource models used a block size of 1.0 x 12.5 x 10m, with blocks rotated 30° clockwise around the Z axis to strike NNE-SSW.

The drill hole spacing is nominally 50 x 50m in the plane of mineralisation in most areas, although locally it is closer to 25 x 25m spacing. The block size is around half the closer hole spacing, which is considered reasonable for ordinary kriging (OK) estimation.

All grade estimates were generated in Datamine Studio RM version 3.0.374.0 software, while variography was performed using GS3M software. Silver and gold grades were estimated by OK, which is considered appropriate because the coefficients of variation are not particularly high and generally below 5.0. Limited grade cutting was applied to estimates for Ag and Au at each deposit:

• Pertenencia: Ag – 2,000 ppm, Au – 15 ppm,
• Esperanza: Ag – 200 ppm, Au – 3 ppm.

A four-pass search strategy was used for the OK grade estimates:

1. 50x50x5.0m search, 12-32 samples, minimum of 4 octants informed,
2. 100x100x10m search, 12-32 samples, minimum of 4 octants informed,
3. 100x100x10m search, 6-32 samples, no octant constraints,
4. 200x200x20m search, 6-32 samples, no octant constraints.

Pass 4 was used to produce potential exploration targets and is not reported as part of the MRE.

Dynamic interpolation was used at Pertenencia with the local orientation of the search ellipsoid derived from the wireframe models of the veins. Estimates were constrained to each vein, with an additional external domain to capture the lower grade halo. Estimates for Esperanza used a flattening process for samples and blocks, based on the centre plane of the vein, and only the vein was estimated. Dry bulk density was assigned using nominal average values for each deposit.

The maximum extrapolation distance was around the maximum MRE search radius of 100m for both deposits. The resource is extrapolated to these limits based on the geological continuity of mineralisation seen within the project and in the region. The Company considers 26% of the total Inferred MRE tonnage to be extrapolated, which includes 24% of the tonnage at Pertenencia (Figure 5) and 42% of the tonnage at Esperanza (Figure 6).

The new model was validated by visual comparison of block and drill hole grades, statistical analysis, and examination of grade-tonnage data. All the validation checks indicate that the grade estimates are reasonable when compared to the composite grades, allowing for data clustering.

This is the first MRE for the Yoquivo project reported under the JORC Code. There was a 2023 estimate produced under NI 43-101 by Golden Minerals Company, but this focussed exclusively on narrow, high-grade vein mineralisation for underground mining. AVM has since discovered substantial lower-grade mineralisation surrounding the high-grade veins at Pertenencia, which has the potential to be mined by open-pit. Therefore, the current MRE is not directly comparable to the 2023 estimate because the Company is targeting broader mineralisation with open-pit potential. The current MRE takes appropriate account of the previous estimate to the extent possible given the different methodology and potential mining scenarios.

Cut-off Grade and Other Mining and Metallurgical Assumptions

The cut-off grade used for the MRE is 50g/t silver equivalent (AgEq). The AgEq value is based on estimated silver and gold grades, accounting for assumed metal prices and metallurgical recoveries as shown in Table 3.

Table 3. Summary of metal price and recovery assumptions used for the Yoquivo MRE.

Metals price assumptions were derived from an approximate average daily closing price for each metal in the preceding 12-month period. Metallurgical recoveries are 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). In AVM’s opinion all elements that are included in the metal equivalency calculation have reasonable potential to be recovered and sold.

Given the geometry and depth profile of the new MRE, the Company considers a cut-off of 50g/t AgEq is likely economic for both open cut and conventional underground mining, or a combination of both.

Resource Classification Criteria

The classification scheme is based on the estimation search pass, with passes 1 to 3 classified as Inferred Mineral Resources. Pass 4 was used to produce potential exploration targets and is not reported as part of the MRE.

As the Company considers a cut-off grade of 50 g/t AgEq likely to be economic for both open-pit and underground mining scenarios, the MRE has not been divided into open-pit or underground resources based on elevation or other criteria.

This scheme is considered to take appropriate account of all relevant factors, including the relative confidence in tonnage and grade estimates, confidence in the continuity of geology and metal values, and the quality, quantity and distribution of the data, and appropriately reflects the Competent Person’s view of the deposit.

Investor Webinar

Advanced Metals invites investors to an Investor Webinar with Dr Adam McKinnon, Managing Director and CEO to discuss the MRE results.

Date and Time: 9th April 2026, 11:00am AEST / 9:00am AWST

Register: https://janemorganmanagement-au.zoom.us/webinar/register/4317755341967/WN_mx7oY0GSSdS990FBhBcvhg

For further information:

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

Competent Person’s Statement

The information in this report concerning exploration and drilling data, assay validation and geological interpretations for the Mineral Resource Estimate was compiled and reviewed by Mr. Joel Sidoruk of Tectonica Exploration, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) who is currently contracted by Advance to provide technical advice and serve as regional manager LATAM. Mr. Sidoruk 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 Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Sidoruk has approved the inclusion of this information in the report in the form and context in which it appears.

The information in this ASX release that relates to the Mineral Resource Estimate is based on information compiled by Arnold van der Heyden, a Member and Chartered Professional (Geology) of the Australian Institute of Mining and Metallurgy (AusIMM). Mr van der Heyden is a full-time employee of H&S Consultants Pty Ltd. Mr van der Heyden has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr van der Heyden consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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.

Source: Advance Metals Limited
Original Press Release: https://app.sharelinktechnologies.com/announcement-preview/asx/b671eb32b94684fb932a89ee9582dd57