Tecomatlán refurbishment on track for 2H2026, geophysics campaign commenced and maiden drilling well advanced

Highlights

• CSAMT and ground magnetics surveys have commenced over the Lirios 1 and Lirios 2 to provide mineralisation and structural targeting to inform high-priority zones and regional target generation for future drill testing.
• 11 diamond drill holes successfully completed and submitted for assays at Los Lirios Antimony Project. The first quantified intercepts from a system with surface grade up to 30.2% Sb.
• Previously unrecognised San Miguel vein structure uncovered (2m wide, shallow depth) at Lirios 1 Target, highlighting near-surface potential of the project area and providing additional drill targets. Assays are pending.
• 90% of Los Lirios Project area remains unexplored, with nearly 5km of the Lirios Fault Zone (LFZ) yet to be tested, providing significant exploration upside.
• Tecomatlán Plant grinding circuit refurbishment underway with key steel fabrication works commenced – on track to meet the 5-week delivery schedule.
• Tecomatlán Plant operational readiness on track for 2H2026, a cornerstone of EVR’s near-term production strategy. This strategy involves processing ore from artisanal miners whilst Los Lirios advances.

EV Resources Limited (ASX: EVR) (“EVR” or the “Company”) is pleased to provide a report on significant multi-front operations and an exploration update on its Mexico Antimony Hub, comprising the Tecomatlán Processing Plant in Puebla and the 70%-owned Los Lirios Antimony Project. The Company has executed a decisive shift from planning to execution across all pillars of EVR’s near-term antimony production strategy with plant refurbishment underway, maiden drilling well advanced and geophysical surveys having commenced.

EV Resources CEO, Mike Brown, commented: “The commencement of geophysical surveys is a big step in unlocking the antimony potential of Los Lirios. CSAMT has been chosen as the most appropriate method given presence of stibnite as the dominant sulphide associated with mainly quartz. We are expecting the detailed survey over the initial high-priority prospects to provide an extremely valuable tool.

Combining findings from the survey with results from current drilling will allow us to calibrate results and establish a fingerprint we can use in immediate drill targeting, as well as establishing it as an ideal exploration tool. With nearly 5km of the highly prospective LFZ still to be tested in any detail outside of the current drilling prospects, as well as 90% of the property unexplored, this could unlock an extremely efficient and useful tool for drill targeting and antimony discovery at Lirios. Activities at Tecomatlán are progressing, which is very pleasing given the plant’s importance to our strategy of reaching near-term production.”

Geophysics Commenced to Systematically Unlock Property-Scale Potential

The Company has commenced a geophysical survey at the Los Lirios Antimony Project designed to provide systematic, property-scale mineralisation and structural data for target delineation and drill planning.

The program comprises a Controlled-Source-Audio-frequency Magnetotellurics (CSAMT) survey of 13 line kilometres (5km at Lirios 1 and 8 km over the Hormiguero and Lirios 2 areas), and a ground magnetics survey over Lirios 1 to define the structural controls governing the hydrothermal system (see Figure 1). CSAMT has been selected as the most appropriate method given the presence of stibnite as the dominant sulphide associated with quartz gangue.

The survey will cover around 1.3km of strike length over the regional LFZ, which is at least 6km in length and considered by the Company as a critical control over antimony mineralisation within a significant hydrothermal system (see Figure 1).

The program is designed to test the responsiveness of mineralisation to this technique, with incorporation of the drilling undertaken to date allowing the Company to create a geophysical fingerprint for the antimony mineralisation at Los Lirios.

The survey will be used to establish immediate priority targets and controls at Lirios 1 and 2, and, as a scalable exploration tool deployable across the full property, significantly improving interpretation quality and exploration efficiency going forward.

More than 90% of the property remains unexplored, with nearly 5km of the highly prospective Lirios Fault Zone yet to be systematically tested, alongside multiple N-S fault systems beyond the main structure hosting Lirios 1, Lirios 2 and Hormiguero. The geophysical program is expected to materially expand the drill-ready target inventory across the project.

Combined with first pass drilling, CSAMT is expected to provide a fundamental exploration and targeting tool as EVR advances towards a maiden JORC Mineral Resource Estimate.

Drilling Progress at Lirios 1 – First Systematic Assay Results Pending

The Company has successfully completed 11 holes of the current campaign at the Lirios 1 prospect, the first systematic drill campaign at Los Lirios. The drill rig has now advanced to the Hormiguero prospect to continue the broader Los Lirios program.

The technical team is focussed on systematic core logging, cutting, and sampling at the Company’s dedicated processing facilities. Initial core observations are providing important geological data on the hydrothermal system, specifically testing Carbonate Replacement deposit (CRD) horizons and the potential of vertical conduit structures, which have significant implications for understanding deposit geometry and volume.

The Los Lirios system has returned channel samples of up to 30.2% Sb¹ at surface, with exceptional recovery characteristics confirmed in metallurgical testwork (>90% via gravity processing; 99% in initial flotation tests²).

Results from the initial program will provide the first quantified subsurface intercepts from this high-grade antimony system and are expected to materially advance EVR’s understanding of the deposit, informing the path to maiden JORC Mineral Resource Estimate targeted for Q3 CY2026. Results will be released to the market following receipt by the Company.

San Miguel Vein – Near-Surface Mineralisation Confirmed

A previously unrecognised, 2m wide vein structure (designated San Miguel) was uncovered adjacent to Pit 5 at Lirios 1. The field team identified signs of alteration and brecciation in overlying calcrete (see Figure 2) and subsequent excavation exposed the structure, confirming new near-surface antimony mineralisation at a location with no prior historical exploitation or identification. The shallow depth of the San Miguel discovery underscores the untapped potential of the Los Lirios project area and provides a drill-ready additional target.

A handheld XRF unit (pXRF) was used to support visual observations of antimony mineralisation, principally cervantite. Cervantite is a white crystalline oxide of stibnite, often directly pseudomorphing the stibnite crystals in-situ. Results are summarised in Table 1 below.

Five channel samples (856875-856879) have been submitted to the CHEMEX laboratory in Zacatecas for formal assay, with pulps to be dispatched to ALS Vancouver for verification.

1. ASX Announcement “Exceptional Channel Sampling Results up to 30.2% Sb”, 24 February, 2026
2. ASX Announcement “Exceptional Antimony Recovery Confirmed at Los Lirios”, 16 December, 2025

Table 1: pXRF Results-San Miguel Vein (see Appendix A)

Cautionary Statement: The company cautions that estimates of mineral abundance from pXRF results should not be considered a proxy or substitute for laboratory assay results where concentrations or grades are the factor for principal economic interest. Laboratory assay results are required to determine the grade of the mineralisation and any interval widths reported. Significant variation from the results presented in this announcement would be expected from laboratory analysis. The pXRF results support the visual estimates, validating the identification of cervantite being present as an antimony oxide.

Tecomatlán Refurbishment Update – Production Path on Track

The Tecomatlán Processing Plant is the cornerstone of EVR’s near-term production strategy, providing a gravity-based antimony concentrator at low capital cost, eliminating the need to build processing infrastructure from scratch and dramatically compressing the timeline and capital requirement to first antimony production. Located just 50km from the Los Lirios Project in the Oaxaca region, Tecomatlán provides a dedicated, low-cost processing hub for EVR’s North American antimony supply strategy.

The refurbishment contractor has commenced a 5-week program to commission the critical grinding circuit, rehabilitating three previously installed, but never used, ball mills ahead of dry commissioning. Machining and assembly of steel formwork and frames is underway and the electrical circuitry and 440V backbone are being assembled for installation. The program is advancing on track, with EVR targeting operational readiness during 2H2026.

The milestone-based payment structure underpinning the plant agreement continues to align EVR’s capital deployment with value delivery — a disciplined approach that protects shareholder capital at every step of the refurbishment.

Upcoming High Catalyst News Flow

• Completion of Geophysical survey and compilation of results and interpretation
• Plant advance updates
• Lirios 1 Drilling results
• Execute 3rd party supply agreements

Next Steps

• Processing and interpretation of geophysical surveys
• Grinding circuit refurbishment
• Commence soil sampling programs at Nevada projects
• Receipt of assays from drilling: 4-10 weeks.
• US Government Agencies: Commence engagement strategy and plan.

– ENDS –

For further information, please contact:

Mike Brown
Managing Director & CEO
Tel: +61 466 856 061
E: [email protected]

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

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 a near-term producer. Our strategy is centred on antimony, a critical mineral designated by the US, EU, and Australia as essential for energy storage, battery technology, defence, and high-tech applications.

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

• Tecomatlán Processing Plant, (Mexico). Provides 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 project. We are fast-tracking Los Lirios to production, with Tecomatlán plant just 50km away.
• US Antimony Projects (Nevada): We hold a 100% interest in the Dollar and Milton Canyon antimony projects, key assets in our strategy to build a secure, domestic critical minerals supply chain for the United States.

Competent Person Statement

The information in this release that relates to Metallurgical Results is based on information compiled by Mr Mike Brown who is a Member of the Australian Institute of Geoscientists (MAIG). Mr Brown is the Managing Director and CEO of EVR. Mr Brown has suFicient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking 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 Brown consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

Compliance Statement

This announcement contains information exploration results extracted from ASX market announcement dated 24 February 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”). EVR confirms that it is not aware of any new information or data that materially aFects the information included in the original ASX market announcement.

This announcement contains information on metallurgical test work extracted from ASX market announcement dated 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

Forward Looking Statement

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/18934e32-08c.pdf