Latest extensional drilling results return up to 4,120g/t Ag and the highest grade base metal mineralisation encountered at Gavilanes to date, extending the mineralised system

Highlights:

• Exploration continues at Advance’s 100%-owned Gavilanes Project, which is emerging as the Company’s flagship asset, located 23 kilometres from First Majestic Silver Corp’s world-class San Dimas Mine1
• New hole GV-26-008 was drilled below high grade silver mineralisation previously intersected in AVM hole GV-26-0042 (Figure 1), returning:
  GV-26-008     
  • 4.6 metres at 945g/t Ag, 1.4% Zn & 1.0% Pb from 66.7m
    incl. 1.0 metre at 4,120g/t Ag, 5.7% Zn & 4.1% Pb from 66.7m
  • 12.0 metres at 21g/t Ag, 3.8% Zn & 3.7% Pb from 98.5m
    incl. 5.3 metres at 36g/t Ag, 7.7% Zn & 6.3% Pb from 102.7m
• The upper interval includes the highest individual silver assay returned by Advance’s drilling program at Gavilanes to date, while the lower interval in GV-26-008 represents the most significant high grade zinc-lead intersection encountered at the Project.
• GV-26-008 has extended high grade silver mineralisation below GV-26-004, with the mineralised system remaining open at depth and to the southwest.
• Results for the southernmost holes completed to date also demonstrate gold mineralisation to the south of the main high grade silver drilling, with GV-26-005, GV-26-006 & GV-26-007 all returning gold dominant intersections:
  • GV-26-007
    • 2.4 metres at 2.0g/t Au, 21g/t Ag, 1.2% Zn & 2.2% Pb from 14.4m
    • 6.0 metres at 1.4g/t Au & 4g/t Ag from 127.2m
  • GV-26-006
    • 3.6 metres at 0.8g/t Au & 30g/t Ag from 136.8m
  • GV-26-005
    • 1.9 metres at 1.5g/t Au & 16g/t Ag from 109.35m
• Drilling remains ongoing, with assays pending for GV-26-009, which is testing further westerly extensions to the high grade system
• Metallurgical testwork has commenced on silver dominant and polymetallic samples to assess potential recoveries of silver, gold and base metals at the Project.
• Results from the latest drilling and metallurgical 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 AgEq3,4

*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 results from Gavilanes Project, Advance’s Managing Director & CEO

Dr Adam McKinnon said:

“At over 4,000g/t silver, GV-26-008 returned the highest individual silver assay grade in Advance’s program to date and one of the best ever recorded at the project. The hole also returned the highest grade zinc-lead interval encountered at the Project to date, including 5.3 metres at 14% Zn+Pb – highlighting the potential for significant base metal credits as the mineralised footprint grows.”

“GV-26-008 has extended the high grade silver mineralisation below GV_26-004, with the system remaining open at depth and to the southwest. With assays now returned from eight holes and further drilling underway, each new result is improving our understanding of the scale, geometry and metal distribution within the Gavilanes system.”

“The drilling to date has identified high grade silver together with gold, copper, zinc and lead mineralisation, while our work remains concentrated around only a portion of the broader 136 square kilometre project area. Metallurgical test work is now underway and drilling is continuing as we work towards a maiden JORC Mineral Resource at Gavilanes targeted for Q4 2026.”

“Following the establishment of a 33Moz AgEq Inferred JORC Mineral Resource at Yoquivo, Gavilanes is becoming an increasingly important part of Advance’s broader Mexican resource growth strategy.”

High grade mineralisation extended at Gavilanes

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

Diamond hole GV-26-008 was drilled below the high grade silver mineralisation previously intersected in GV-26-004² and returned 4.6 metres at 945g/t Ag, 1.4% Zn and 1.0% Pb from 66.7 metres, including 1.0 metre at 4,120g/t Ag, 5.7% Zn and 4.1% Pb (Figure 1).

A second mineralised interval deeper in the hole returned 12.0 metres at 21g/t Ag, 3.8% Zn and 3.7% Pb from 98.5 metres, including 5.3 metres at 36 g/t Ag, 7.7% Zn and 6.3% Pb from 102.7 metres (Figures 2 & 4).

The upper interval contains the highest individual silver assay returned by Advance’s drilling program at Gavilanes to date, while the deeper interval represents the highest-grade zinc-lead intersection encountered at the Project to date.

GV-26-008 has extended high grade silver mineralisation below hole GV-26-004, with mineralisation remaining open at depth and to the southwest. Drilling remains ongoing with assays pending from GV-26-009, which is targeting further westerly extensions to the high grade system approximately 100 metres to the north of GV-26-008 (Figure 3).

Significant silver system within a major Mexican mining district

Gavilanes sits within the Sierra Madre Occidental Volcanic Belt, which hosts many of Mexico’s major silver deposits. The Project is located 23 kilometres from First Majestic Silver’s San Dimas operation, one of Mexico’s most prolific silver-gold districts, 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 comprises more than 136 square kilometres across eleven concessions and currently hosts a Foreign Estimate* of 2.83 million tonnes at 246g/t silver equivalent, containing 22.4 million ounces AgEq^3,4.

Advance’s maiden program is focused on growing and converting this existing mineralised system while progressively assessing the broader Project area.

Numerous mapped vein systems occur throughout the Gavilanes landholding, with key veins extending for hundreds of metres at surface³. Advance’s drilling to date has been focused predominantly around the Descubridora structure (Figures 3 & 6), leaving much of the broader area yet to be tested by the Company.

Previous drilling has also identified a changing metal association with depth. In addition to near-surface high grade silver mineralisation, GV-26-002 and GV-26-003 intersected broad zones containing copper, gold and silver, including 54.6 metres at 0.6% Cu, 22g/t Ag and 0.3 g/t Au in GV-26-002⁸, and 37.5 metres at 83g/t Ag, 0.8 g/t Au, 0.6% Cu, 0.6% Zn and 0.3% Pb in GV-26-003⁹.

The latest results from GV-26-008 add strong zinc and lead mineralisation to the emerging polymetallic picture at Gavilanes. Further drilling and metallurgical test work are required to establish the continuity, geometry and metallurgical characteristics of the various mineralised zones.

Latest drilling results

Hole GV-26-008 was drilled beneath the strong mineralisation encountered in GV-26-004 and intersected a very high grade zone, followed by a strong zinc-lead-silver polymetallic zone at greater depth (Figures 1 – 6):

• GV-26-008
  • 4.6 metres at 945g/t Ag, 1.4% Zn & 1.0% Pb from 66.7m
    incl. 1.0 metre at 4,120g/t Ag, 5.7% Zn & 4.1% Pb from 66.7m
  • 2.1 metres at 1.1g/t Au & 4g/t Ag from 94.1m
  • 12.0 metres at 21g/t Ag, 3.8% Zn & 3.7% Pb from 98.5m
    incl. 5.3 metres at 36g/t Ag, 7.7% Zn & 6.3% Pb from 102.7m

The upper interval in GV-26-008 contains the highest individual silver say returned by Advance’s drilling program at Gavilanes to date, while the lower interval contains the highest grade zinc-lead intersection encountered at the Project to date (Figures 1, 2 & 4). Metallurgical test work has commenced to assess potential recoveries of silver, gold, copper, zinc and lead from both silver-dominant and polymetallic mineralisation.

*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.

Gold mineralisation intersected to the south

Results for holes GV-26-005, GV-26-006 & GV-26-007, completed to the south of GV-26-008 (Figures 3 & 6), highlight additional potential for gold at Gavilanes, with all three returning gold-dominant intersections:

• GV-26-007
  • 2.4 metres at 2.0g/t Au, 21g/t Ag, 1.2% Zn & 2.2% Pb from 14.4m
  • 6.0 metres at 1.4g/t Au & 4g/t Ag from 127.2m
    incl. 2.4 metres 2.3g/t Au & 3g/t Ag from 128.4m

• GV-26-006
  • 3.6 metres at 0.8g/t Au & 30g/t Ag from 136.8m
    incl. 1.2 metres 2.2g/t Au & 15g/t Ag from 139.2m

• GV-26-005
  • 1.9 metres at 1.5g/t Au & 16g/t Ag from 109.35m

Together with recent surface mapping, assay results from GV-26-004 to GV-26-008 suggest the high grade silver structure in the Descubridora area trends further to the southwest as the elevation of drilling decreases along strike (Figure 3 & 6).

Drilling remains ongoing and is currently testing potential extensions to the west and at depth, with assays from hole GV-26-009 pending.

Consistent high grade silver results from Advance drilling

The latest results build on high grade silver mineralisation previously returned from Advance’s drilling at Gavilanes^2,7,8,9:

• 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

• 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

These results demonstrate repeated high grade hits across Advance’s drilling to date while the Company continues to test extensions to the known mineralised system.

Metallurgical test work underway

Metallurgical test work has also commenced on silver-dominant and polymetallic samples from the initial drilling at Gavilanes.

The program will assess the potential recovery of silver, gold, copper, zinc and lead, providing additional information on the metallurgical characteristics of the mineralisation ahead of the planned maiden JORC Mineral Resource.

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-26-009 and continue drilling targets to the west and at depth on the known system
• Continue systematic testing of the Descubridora structure, over up to 500 metres of strike.
• Commence drilling of additional priority targets including San Nicolas
• Integrate new lithological, structural, geochemical and assay data into the updated Gavilanes geological model.
• Complete metallurgical testwork, to assess potential recoveries of silver, gold, copper, zinc and lead.
• Incorporate results from ongoing drilling and metallurgical test work into a planned maiden JORC Mineral Resource, 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 – 11 August 2026 “Gavilanes Emerges as Advance’s Flagship Project with New High Grade Silver Intersections”

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

4: 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.

5: 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”

6: 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.

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

8: ASX announcement – 1 July 2026 “Second Drill Hole Confirms Expanding High Grade Silver and Intersects Broad Copper-Gold Zone at Depth at Gavilanes”

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

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.

Table 1. Details for Advance Metals’ recent diamond drill holes reported in this release (coordinates WGS84/UTM Zone 13N).

Table 2. Significant intersections for recent holes GV-26-005 to 008. Intervals are defined based on a nominal cut-off grade of 25g/t Ag and/or 0.25g/t Au and/or 0.25% Cu and/or 1.5% Pb+Zn.

^* Interval lengths are downhole; true widths not reported in source.

*Downhole width, true width currently unknown.

Source: Advance Metals Ltd.
Original Press Release: https://app.sharelinktechnologies.com/announcement-preview/asx/8cb487e6db672f85c3bf853786fc5d83