Highlights

• Company focused on delivering on a 10 – 12 month estimated timeline for Tecomatlán Plant direct to flotation completion and operation from third-party ore
• Supported by strong economic case, with production the focussed objective
• Securing the Pathway: advancing third-party ore supply contracts to secure antimony concentrate production in short term
• Company leveraging existing infrastructure to fast track this production capability in parallel to permitting for operation.
• First of two permit applications prepared (Informe Preventivo), to be submitted shortly
• Cofradia: High-grade channel assays received, previously reported as pXRF assays, confirming the high-grade intercept:
  • 2.2m @ 5.2% Sb, whilst pXRF reported interval was 5.66% Sb
• Los Lirios Phase 1 drilling results concluded: Drill hole DDH-L2-15-26 confirmed as intersecting a minor CRD unit downhole and not submitted for assaying, meaning all results from drilling have been received and announced.

EV Resources Limited (ASX:EVR) (“EVR”, the “Company”) is pleased to provide shareholders with an update on advances towards targeted short term production readiness at the Tecomatlán plant and completion of all drill results from the Phase 1 drilling program at Los Lirios.

Tecomatlán Production Timeline: 10-12 Months to Full Operation

The flotation-led development strategy at the Tecomatlán plant announced to the ASX on 24 June 2026 combines the Company’s original Stage 1 (gravity-only circuit) and Stage 2 (flotation circuit) plans into a single integrated build using third-party ore secured under non-binding MoUs. EVR has provided a conservative timeline estimate of 10–12 months to completion and operation (see Figure 1), superseding the Company’s earlier end-of-CY2026 guidance for the gravity-only circuit. The incremental extension over the original Stage 1 timeline of approximately 4 months is being undertaken to, as reported in the Company’s announcement of 24 June 2026, implement a materially better recovery outcome and produce a much higher value concentrate, resulting in significantly improved economics based on internal assessments. The Company is working at shortening the time frame, based on Environmental consultant’s advice and advancing works in a timely manner and will keep the market informed of any changes and updates as they are confirmed.

A Hub-and-Spoke Model for Regional Antimony Supply

The Tecomatlán Plant is designed to operate as a hub-and-spoke processing facility, sourcing ore from diversified third-party antimony miners across Puebla, Oaxaca and Guerrero. For these regional miners, the model offers a compelling alternative to distant smelters up to 1,200 kms away, eliminating significant transport costs. For EVR, it generates a targeted pathway to cash flow once the plant is operational. As previously announced on 2 June 2026, EVR has secured non-binding MoUs for such ore, which it is advancing discussions to fully secure. The monthly amounts contemplated from these operations covers over 50% of Tecomatlan nameplate capacity, which is considered by the Company, further to further technical and economic studies, a compelling business case. Additional MOUs are being sought to increase potential throughput.

Metallurgy Confirms the Case for Flotation

The revised flowsheet is a direct result of metallurgical test work on ore from the Chinantla antimony project, a regional, third-party feedstock source held under an executed non-binding MOU (Figure 3). That test work confirmed that a flotation-led route recovers approx. 81% of contained antimony (Sb) and concentrate grades of 42.4% Sb. Gravity concentration test work only recovered 29.25% Sb, with concentrate grades of 20.54% Sb¹. Given the material improvement in recovery and concentrate grade, EVR considers flotation the optimal processing route for treating third-party ore.

In tandem, EVR will continue to advance the gravity circuit, preserving processing optionality across different ore types from the time the plant becomes operational. This also allows Tecomatlán to act as a pilot plant for mixed-state ore from Los Lirios, where gravity-only test work returned recoveries up to 90.8% Sb, and concentrate grades of 22% – 36% Sb. Separate test work on a high-grade sulphide sample from Los Lirios (31.2% Sb) returned 99.2% Sb recovery via flotation².

¹ See EVR ASX Announcement “Flotation Test Work Delivers 81% Antimony Recovery and Confirms Preferred Tecomatlán Processing Route” dated 14 June 2026
² See EVR ASX Announcement “Exceptional Antimony Recovery Confirmed at Los Lirios” dated 16 Dec 2025

Together, this integrated flotation upgrade supports the Company’s near-term production
objective while delivering superior recoveries with minimal additional capital expenditure and
schedule impact.

Lirios 1 – Assay Status Clarification

In the Company’s Exploration Target announcement released on 22 June 2026, the status of drill hole DDH-L2-15-26 (collar location 5557,332mE, 1,956,935mN, 25.05m final depth) is “Pending”.

Following a review of core logging, the Company confirms that DDH-L2-15-26 intersected the CRD unit, however, no visually significant mineralisation was observed. On this basis, the hole has not been submitted for laboratory assaying and the Company does not intend to submit it for assaying at this stage. Shareholders should note DDH-L2-15-26 as concluded, with no forthcoming results for this hole. For purposes of resource modelling, select intervals may be submitted in the future.

Cofradia: pXRF Results Validated by Laboratory Assays

The Company has received results from two channel samples from the Cofradia zone at Los Lirios, where exploration results from channel sampling were previously reported based on handheld pXRF analysis in the Company’s ASX announcement of 22 June 2026. Certified laboratory assays (Sb-XRF15c method) have been received for the following (see Figure 2):

Both samples were also reported within a weighted average channel result of 2.2m @ 5.66% Sb. Including the laboratory assay results within this interval results return 2.2m @ 5.20% Sb, which is a significant high-grade interval (see Figure 2).

The results indicate that the Company’s handheld pXRF sampling technique, using four pXRF readings per interval, over reported grade relative to certified laboratory assays by a margin of approximately 20% across these two samples. The Company considers this variance reasonable and expected, given pXRF readings are taken directly from the rock face rather than from a pulverised, homogenised sample of the full interval as used in a laboratory assay.

Handheld pXRF is used by the Company solely as an exploration guide, and these results support and validate that use. Where samples are required for higher-level reporting, including any future Mineral Resource estimation, full assaying via a certified laboratory under the Company’s QA/QC protocols is always undertaken (noting the same QA/QC procedure is applied to pXRF sampling).

Cautionary Statement (pXRF Results): The pXRF results reported for Cofradia should be treated as indicative only. Handheld XRF analyses are not a substitute for laboratory assay results, and the values presented may differ materially from certified laboratory assay values. Results will be verified by standard laboratory assay. No resource statement or definitive conclusions regarding grade or continuity should be drawn from pXRF data alone.

This concludes EVR’s Phase 1 drill program at Los Lirios, with results from the program providing critical geological information that is currently being incorporated with the results from the recent channel sampling and geophysics (CSMAT surveys) to vector targets for Phase 2 drilling.

The Company’s recent exploration has confirmed Los Lirios as a very shallow strata-bound Carbonate Replacement Deposit (CRD) unit, materially de-risking the geological modelling. The results have identified high-grade antimony within the CRD unit consistently spatially related to proximity to feeder structures, giving EVR a structural tool to vector toward the highest-grade zones in upcoming resource drilling.

Next Steps

• Presentation of Informe Preventivo
• Complete MIA preparation
• Advance additional metallurgical testing studies
• Advance Feedstock MoUs to definitive Agreements
• Advance Offtake Agreement discussions

This announcement was authorised for release by the Board of EV Resources Ltd.

For further information, please contact:

Mike Brown
Managing Director
Tel: +61 8 6489 0600
E: [email protected]

About EV Resources

EV Resources (ASX: EVR) is a critical minerals exploration and development company
focused on securing the North American antimony supply chain.

We are rapidly transitioning from a diversified explorer to an expected near-term antimony producer. Antimony is a designated critical mineral by the US, EU, and Australia, with applications in energy storage, battery technology, defence, and high-tech applications.

Our asset portfolio is strategically positioned in mining-friendly jurisdictions:

• Tecomatlán Processing Plant, (Mexico). Targeting a near term low CAPEX path to becoming an antimony producer. Refurbishment and installing a gravitational concentrator circuit is underway, providing a low cost highly efficient processing path for antimony, initially processing 3^rd party sourced ore and eventually Los Lirios material.
• Los Lirios Antimony Project (Mexico): Our flagship, high-grade antimony project, 50km from the Tecomatlán plant. First-pass drilling has confirmed a laterally extensive CRD system, with advancement towards a maiden JORC Resource delineation underway.
• US Antimony Projects – Dollar and Milton (Nevada): 100%-owned assets strategically positioned to support the US domestic critical minerals supply chain, aligned with US government antimony designation priorities.

Compliance Statement

This announcement contains an exploration target extracted from an ASX market announcement dated 22 June 2026 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). The competent person for the announcement was Mr Mike Brown. EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

This announcement contains exploration results extracted from ASX market announcements dated 14 June 2026 and 16 December 2025 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (“2012 JORC Code”). The competent person for the announcements was Mr Mike Brown. EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Competent Person Statement

Information in this announcement that relates to the collection and reporting of Exploration Results is based on information compiled by Mr Mike Brown, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Brown is the Managing Director and CEO of EVR. Mr Brown has sufficient experience relevant to the style of mineralisation, and the activity undertaken to qualify as a Competent Person, as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code) 2012 Edition. Mr Brown consents to the inclusion in this announcement of the matters based on the exploration results in the form and context in which they appear.

.

Forward Looking Statements

Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. There can be no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.

These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations,

(ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Source: EV Resources Ltd.
Original Press Release: https://api.investi.com.au/api/announcements/evr/684f9de8-b2c.pdf