Fourth diamond hole returns 13.2 metres at 311g/t Ag incl. 6 metres at 612g/t Ag, extending the silver zone more than 50 metres south. All four Advance holes completed to date have now intersected broad zones of high grade silver, with the mineralised system remaining open in every direction.

Highlights:

• With exploration now fully underway, Advance’s 100%-owned Gavilanes Project is emerging as its flagship asset, located in Mexico’s premier mining district just 23 kilometres from First Majestic Silver Corp’s world-class San Dimas Mine1
• The fourth hole of the current program, GV-26-004, has extended the silver mineralised system a further 55m south, intersecting two separate silver zones:
  • GV-26-004
    • 13.2 metres at 311g/t Ag from 123m
      • incl. 6.0 metres at 612g/t Ag from 125.4m
    • 6m at 199g/t Ag from 150.6m
      • incl. 2.4m at 367g/t Ag from 151.8m
• All four holes completed by Advance to date have intersected high-grade silver, building on a continuous mineralised corridor extending over more than 750 metres of strike
• Mineralisation in GV-26-004 is open in every direction — up-dip, down-dip and along strike to the south, with no clear boundaries to the broader system yet defined
• Existing drilling at Gavilanes represents only a tiny fraction of the 136 square km project area, with most of the mapped vein systems on the property yet to be drill tested2
• Previous holes GV-26-002 and GV-26-003 also highlighted a broad copper-gold-silver zone beneath the silver, pointing to a second, potentially larger target beneath the known system3,4
• Assays are pending for GV-26-005 and GV-26-006, representing Advance’s largest southern step-outs drilled to date, more than 100 metres further south
• Results from the ongoing program will feed into a maiden JORC Mineral Resource for Gavilanes, targeted for Q4 CY2026, building on the existing Foreign Estimate* of 22.4 million ounces of silver equivalent at 246g/t AgEq2,5

*The Foreign Estimate of mineralisation mentioned in this announcement is 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.

Commenting on the latest high grade results from Gavilanes Project, Advance’s Managing Director& CEO Dr Adam McKinnon said:

“Four holes into our program at Gavilanes and every single one has hit high-grade silver. GV-26-004 has now extended the high grade mineralised system another 55 metres south and returned six metres at 612 grams per tonne, which ranks among the strongest intersections delivered by our drilling to date.”

“Importantly, we are continuing to expand the system rather than define its limits. The mineralisation is open up-dip, down-dip and along strike. Assays are also still pending from GV-26-005 and GV-26-006, our largest southern step outs drilled to date.”

“What excites me most about Gavilanes is the combination of grade, scale and exploration upside. We have high grade silver mineralisation near surface, an emerging copper-gold-silver system at depth and a 136 square-kilometre project containing multiple mapped vein systems that remain largely untested by modern drilling.”

“Gavilanes is therefore becoming an increasingly important part of Advance’s Mexican growth strategy. Following the successful establishment of a 33Moz AgEq Inferred JORC Mineral Resource at Yoquivo6,7, our focus at Gavilanes is to continue expanding the mineralised footprint, test the wider system and incorporate the current drilling into a maiden JORC Mineral Resource targeted for the fourth quarter of 2026.”

Gavilanes – emerging as Advance’s flagship project

Advance Metals Limited (ASX: AVM) (“Advance” or the “Company”) is pleased to report further high-grade silver results from the ongoing maiden drilling program at its 100%-owned Gavilanes Silver Project in western Durango, Mexico.

The latest results continue the strong start to Advance’s maiden program, with all four diamond holes completed and assayed to date intersecting high grade silver mineralisation.

GV-26-004 has extended the high grade silver system a further 55 metres south, while mineralisation remains open up dip, down dip and along strike. Assays are also pending from GV-26-005 and GV-26-006 (Figures 1 & 2), which represent the largest southern step outs drilled by Advance to date.

Gavilanes sits within the Sierra Madre Occidental Volcanic Belt, which hostsmany of Mexico’s major silver deposits. The project is located 23 kilometres from First Majestic Silver’s San Dimas operation, one of the most prolific silver-gold districts in Mexico, which has produced 745 million ounces of silver and 11 million ounces of gold and still hosts significant resources across more than 125 recognised veins1.

The Gavilanes Project covers 136 square kilometres and hosts a Foreign Estimate* of 2.83 million tonnes at 246g/t silver equivalent, containing 22.4 million ounces AgEq2,5.

Advance’s current program is focused on growing and converting this existing mineralised system while progressively testing the wider project for the first time.

Large system barely tested

Despite the long history of silver mining throughout the surrounding district, Gavilanes has received relatively little modern exploration.

Historic work by previous owners focused on a limited area around a small number of veins. Advance’s review of the historical exploration data indicates that the strike and depth extents of the known outcropping vein systems have not been fully defined by drilling, while several mapped vein systems remain undrilled. This provides Advance with a substantial exploration opportunity beyond the areas currently being explored.

*The Foreign Estimate of mineralisation mentioned in this announcement is 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.

The project contains numerous mapped vein systems across its 136 square kilometre landholding2, with key veins extending for hundreds of metres at surface (Figure 2). Advance’s drilling to date has focused predominantly on extensions to the known high grade system around the Descubridora structure.

Drilling has also demonstrated that the mineralised system may be evolving with depth. Beneath the near-surface silver mineralisation, holes GV-26-002 and GV-26-003 intersected broad zones containing copper, gold and silver, including 54.6 metres at 0.6% copper, 22g/t silver and 0.3g/t gold in GV-26-0023, and 37.5 metres at 0.6% copper, 83g/t silver and 0.8g/t gold, which continued to the end of the hole in GV-26-0034.

Together, these results support the interpretation of a vertically stacked mineralised system, with silver-rich mineralisation near surface and an increasing polymetallic association at depth. This emerging deeper zone provides a second, potentially larger exploration target beneath the silver system drilled to date.

The latest results

Hole GV-26-004 was drilled 55m south of GV-26-002 and GV-26-003, to test the continuation of the silver mineralisation intersected in previous drilling. The hole successfully intersected two significant silver zones from 123 metres, interpreted to represent the southern extension of the Descubridora structure (Figures 2 – 4):

• GV-26-004
  • 13.2 metres at 311g/t Ag from 123m
    • incl. 6.0 metres at 612g/t Ag from 125.4m
  • 6 metres at 199g/t Ag from 150.6m
    • incl. 2.4 metres at 367g/t Ag from 151.8m

holes and results at the southern end of the high grade system.

The latest results complement Advance’s previous three holes at the site3,4,8, with each returning high grade silver mineralisation (Figure 3):

• GV-26-001
  • 33.9 metres at 220g/t Ag from 117.6m, incl. 6.2 metres at 718g/t Ag from 133m
• 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
• GV-26-003
  • 15.6 metres at 309g/t Ag from 24m, incl. 3.4 metres at 569g/t Ag from 32.6m
  • 37.5 metres at 83g/t Ag, 0.8g/t Au, 0.6% Cu, 0.6% Zn & 0.3% Pb from 205.8m to EOH

Collectively, the first four holes drilled by Advance demonstrate strong silver mineralisation across successive drill positions while continuing to expand the known footprint of the system. The broad copper, gold and silver intervals intersected at depth in GV-26-002 and GV-26-003 also continue to highlight the potential for a larger polymetallic system beneath the near surface silver mineralisation.

Full drill hole details and results are set out in Tables 1 and 2. Reported intervals are downhole widths; true widths are not yet known.

Next Steps

• Receive and interpret assays from GV-26-005 and GV-26-006, which tested the continuity and potential extension of the mineralised system further south of GV-26-004.
• 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 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. Notes and References

1: 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).

2: ASX announcement – 6 January 2025 “Advance Metals to Acquire High Grade Gold Project in Victoria and High Grade Silver Project in Mexico”

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: ASX announcement – 14 July 2026 “Gavilanes Delivers Strongest Polymetallic Interval to Date Below High Grade Near-Surface Silver Mineralisation”

5: 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.

6: Details for the Yoquivo MRE can be found in ASX announcement – 8 April 2025 “33Moz Silver Equivalent JORC Mineral Resource Confirms Large-Scale System at Yoquivo”

7: The Yoquivo silver equivalent was derived based on initial flotation and leaching test work conducted by Golden Minerals in 2022 (ASX AVM 28 October 2024). 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.

8: ASX announcement – 4 June 2026 “First Gavilanes drill hole intersects broad high grade silver zone”

Competent Persons’ 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.

The information in this report concerning exploration and drilling data, assay validation and geological interpretations for the Mineral Resource Estimate for Yoquivo 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 for Yoquivo 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.

Cautionary Statement on Foreign Estimates

The Foreign Estimate of mineralisation mentioned in this announcement is 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/bdea068b2db38033c32e58bcf345fefa