Latest drilling extends high grade silver mineralisation and intersects a broad silver-gold-copper zone that remains open along strike and at depth

Highlights:

• Advance’s third diamond hole at its 100%-owned Gavilanes Project has intersected two shallow zones of high grade silver mineralisation at the southern end of the deposit:
  
  GV-26-003            15.6m at 309g/t Ag from 24m
  incl. 3.4m at 569g/t Ag from 32.6m
  
  6m at 204g/t Ag from 58.8m
  incl. 1.2m at 548g/t Ag from 63.6m
  
• A very broad polymetallic zone was intersected deeper in the hole, representing the strongest combined silver-gold-copper interval reported at Gavilanes to date:
  
  GV-26-003            37.5m at 83g/t Ag, 0.8g/t Au, 0.6% Cu, 0.6% Zn & 0.3% Pb from 205.8m to EOH
  incl. 4.5m at 141g/t Ag, 0.5g/t Au, 0.8% Cu, 3.0% Zn & 1.9% Pb from 205.8m
  and 5.5m at 160g/t Ag, 2.3g/t Au & 1.5% Cu from 217.2m
  and 9.2m at 118g/t Ag, 0.3g/t Au & 0.3% Cu from 234m to EOH

• GV-26-003 provides further evidence of a multi-stage epithermal mineralising system with geological similarities to the nearby world-class San Dimas district, located east of Gavilanes1,2
• The latest results build on GV-26-002, which included an exceptionally broad interval of 54.6m at 0.6% Cu, 22g/t Ag & 0.3g/t3, together suggesting the potential for a significant polymetallic discovery at Gavilanes
• Assays are pending for GV-26-004 and a fifth hole is in progress testing a significant step-out to the south
• Drilling is advancing towards a planned JORC Mineral Resource upgrade targeted for Q4 CY2026, building on the current Foreign Estimate4 of 22.4Moz AgEq at 246g/t AgEq5,6
• The Gavilanes program is an important part of Advance’s broader strategy of rapid conversion and resource growth across its high grade portfolio of projects in Mexico

¹ Montoya-Lopera, P., Levresse, G., Ferrari, L., et al. (2020). New geological, geochronological and geochemical characterization of the San Dimas mineral system. Ore Geology Reviews, 118, 103195.
² The comparison to San Dimas relates to the interpreted style of mineralisation and geological setting only and is not intended to imply that Gavilanes contains mineralisation of similar size, grade or economic potential.
³ ASX announcement – 1 July 2026 “Second Drill Hole Confirms Expanding High Grade Silver and Intersects Broad Copper-Gold Zone at Depth at Gavilanes”
⁴ The Foreign Estimate 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.
⁵ ASX announcement – 6 January 2025 “Advance Metals to Acquire High Grade Gold Project in Victoria and High Grade Silver Project in Mexico”
⁶ 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 the metal equivalency calculation have reasonable potential to be recovered and sold.

Commenting on the new high grade results from AVM’s drilling program at Gavilanes, Advance’s

Managing Director & CEO Dr Adam McKinnon said:

“GV-26-003 is an important result for Advance, returning two shallow high grade silver zones together with the strongest polymetallic interval reported at Gavilanes to date. The 37.5 metre lower zone contains significant silver, gold and copper mineralisation and continues to the end of the hole, leaving the lower zone completely open and providing a clear target for follow-up drilling.”

“Together with the broad copper-silver-gold interval intersected in GV-26-002, the latest results strengthen our interpretation of a vertically stacked system, with shallow silver-dominant mineralisation and increasing copper and gold at depth. Additional drilling is required to establish the continuity and geometry of these zones, but a consistent pattern is beginning to emerge across the southern end of the system.”

“With assays pending from GV-26-004 and our largest southern step-out now underway with GV-26-005, I am excited to see how the scale of the system could expand in the near-term. These results will be incorporated into the evolving geological model ahead of the planned JORC Mineral Resource upgrade in early Q4 2026.”

Advance Metals Limited (ASX:AVM) (“Advance”) or the (“Company”) is pleased to provide an update on drilling progress and assay results from the maiden program at its 100%-owned Gavilanes Silver Project in western Durango, Mexico.

GV-26-003 was drilled on the same southern section as GV-26-002 and collared approximately 60 metres to the east. The hole was designed to test the southern extension of the shallow high grade Descubridora structure, including the continuity and geometry of the shallow high grade silver mineralisation and deeper copper-silver-gold zone intersected in GV-26-002 (Figure 1).

The latest hole intersected two substantial zones of shallow high grade silver mineralisation, followed by a broad polymetallic zone containing silver, gold, copper, lead and zinc at depth.

Importantly, the lower mineralised interval continued to the end of the hole at 243.2 metres. A small void prevented GV-26-003 from reaching its planned depth of 350 metres, meaning the lower mineralised zone was not closed off by drilling and remains open to the east, along strike to the south and at depth.

Gavilanes Project

Gavilanes hosts an existing Foreign Estimate4 of 2.83Mt at 246g/t AgEq, containing 22.4Moz AgEq5,6.

The Project is located 23km east of First Majestic Silver’s world-class San Dimas Mine, one of Mexico’s most prolific silver-gold districts. San Dimas has produced 745Moz of silver and 11Moz of gold over its history and hosts significant resources in more than 125 recognised veins7.

Building on the nearby high grade mineralisation recently reported3 in GV-26-002, GV-26-003 has further extended the known high grade silver system and intersected a broad silver-gold-copper zone at depth, strengthening the potential for a larger polymetallic system at Gavilanes.

Advance’s current drilling program at Gavilanes is focused on testing down dip and strike extensions to the known high grade system, while also assessing priority targets outside the current Foreign Estimate area.

GV-26-003 Drilling Results

The latest results are from GV-26-003, which was completed to a depth of 243.2 metres as part of Advance’s maiden drilling program at Gavilanes. The program is expected to comprise 15 to 18 diamond holes for up to 4,500 metres of drilling and is initially focused on testing the Descubridora structure.

Advance’s initial drilling has now confirmed shallow, high grade silver mineralisation over a significant strike extent, while also identifying an increased association of base metals and gold at depth (Figure 2). Drilling is progressively building confidence in the continuity of the high grade silver system while refining the Company’s understanding of the broader mineralisation trends.

Previous holes GV-26-001 and GV-26-002 returned significant intersections, including3,8:

GV-26-001
33.9m at 220g/t Ag from 117.6m,
incl. 6.2m at 718g/t Ag from 133m
3.3 metres at 270g/t Ag, 0.2g/t Au, 0.7% Cu, 1.1% Zn & 0.7% Pb from 164.6m

GV-26-002
8.4 metres at 245g/t Ag from 90m,
incl. 3 metres at 523g/t Ag from 90m
54.6 metres at 0.6% Cu, 22g/t Ag & 0.3g/t Au from 180m,
incl. 12 metres at 1.1% Cu, 42g/t Ag & 0.7g/t Au from 184.8m

⁷ First Majestic Silver Corp., San Dimas Silver/Gold Mine NI 43-101 Technical Report on Mineral Resource and Mineral Reserve Estimates, effective date 31 December 2024 (report dated 24 September 2025).
⁸ ASX announcement – 4 June 2026 “First Gavilanes drill hole intersects broad high grade silver zone”

GV-26-003 was collared approximately 60 metres to the east of GV-26-002 and completed to a depth of 243.2 metres. The hole ended in mineralisation, leaving the deeper polymetallic zone open and providing a priority target for follow-up drilling.

The upper portions of the GV-26-003 intersected several shallow, silver-dominant intervals (Figures 3), including:

GV-26-003
15.6m at 309g/t Ag from 24m,
incl. 3.4m at 569g/t Ag from 32.6m
6m at 204g/t Ag from 58.8m,
incl. 1.2m at 548g/t Ag from 63.6m

The deeper portions of GV-26-003 intersected increasing copper and gold grades (Figures 3 – 4), including a broad polymetallic zone commencing at 205.8m and continuing to the end of hole (EOH):

GV-26-003
1.2m at 77g/t Ag, 0.4g/t Au & 1.2% Cu from 192.3m
37.5m at 83g/t Ag, 0.8g/t Au, 0.6% Cu, 0.6% Zn & 0.3% Pb from 205.8m to EOH
incl. 4.5m at 141g/t Ag, 0.5g/t Au, 0.8% Cu, 3.0% Zn & 1.9% Pb from 205.8m
and 5.5m at 160g/t Ag, 2.3g/t Au & 1.5% Cu from 217.2m
and 9.2m at 118g/t Ag, 0.3g/t Au & 0.3% Cu from 234m to EOH

The lower zone in GV-26-003 now represents the most significant polymetallic mineralisation intersected at the project to date. Together with the results from nearby GV-26-002, the latest assays support the Company’s interpretation that copper and gold mineralisation may increase to the south and at depth.

While additional drilling is required to confirm the continuity, geometry and the scale of the mineralisation, the results strengthen the potential for a large-scale polymetallic system beneath the shallow high grade silver zones at Gavilanes.

The latest results provide further evidence that Gavilanes may represent a multi-stage telescoped mineralising system with geological similarities to the nearby San Dimas district. At San Dimas, mineralisation is interpreted to reflect several superimposed events, including an early Cretaceous copper-gold porphyry event overprinted by later silver-dominant and then gold-dominant epithermal vein systems2,3. The comparison relates to the interpreted geological setting and style of mineralisation only and does not imply comparable size, grade or economic potential.

Ongoing Drilling

Assays are currently pending for diamond hole GV-26-004, which tested the mineralised system approximately 50 metres further south than GV-26-003 (Figures 1 & 4). Diamond hole GV-26-005 is currently underway more than 120 metres south of GV-26-003 (Figure 1), representing Advance’s largest step-out along the Descubridora structure to date.

Further drilling will focus on systematically testing and expanding the Descubridora structure over up to 500 metres of strike. Follow-up drilling is also planned across additional high priority targets, including San Nicolas, El Nopal, and La Cruz/La Tuna targets (Figure 1), as the Company continues to assess the broader scale potential of the Gavilanes Project.

Results from the current drilling campaign, together with ongoing geological interpretation, historical data validation and selected core sampling, are expected to support the planned JORC Mineral Resource update for Gavilanes, targeted for Q4 CY2026.

Next Steps

• Receive and interpret assays from GV-26-004, which tested the continuity of the mineralised system further south of GV-26-003.
• Complete GV-26-005, Advance’s largest southern step-out along the Descubridora structure to date.
• Continue systematic testing of the Descubridora structure, over up to 500 metres of strike.
• Commence drilling of additional priority targets, including San Nicolas, El Nopal and La Cruz/La Tuna.
• Integrate new lithological, structural, geochemical and assay data into the updated Gavilanes geological model.
• Review and sample selected historic drill core, providing a low-cost opportunity to generate additional geological and assay data.
• Incorporate results from new drilling and historic core sampling into a planned JORC Mineral Resource upgrade, targeted for early Q4 CY2026.

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 Statements

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 6 January 2025, “Advance Metals to Acquire High Grade Gold Project in Victoria and High Grade Silver Project in Mexico”, the Competent Person for the information and data contained in that Announcement was Mr Joel Sidoruk and JORC Table 1 disclosures are contained therein.

In accordance with Listing Rule 5.13.2, the Company confirms that it is not in possession of any new information or data relating to the Foreign Estimate that materially impacts on the reliability of the estimate, or on the Company’s ability to verify the Foreign Estimate as mineral resources or ore reserves in accordance with Appendix 5A (the JORC Code 2012). In accordance with Listing Rule 5.13.3, the Company confirms that the supporting information provided in its initial market announcement dated 6 January 2025, “Advance Metals to Acquire High Grade Gold Project in Victoria and High Grade Silver Project in Mexico”, continues to apply and has not materially 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.

Source: Advance Metals Limited
Original Press Release: https://app.sharelinktechnologies.com/announcement-preview/asx/af194f1ec124f203f21d5c3806bffa07