Silver North Resources Ltd. press release

VIZSLA SILVER DELIVERS POSITIVE FEASIBILITY STUDY FOR THE PANUCO PROJECT

2025-11-12

TSXV - TSX Venture Exchange · Silver · Gold · Lead · Zinc · Copper · Canada

PR Newswire

NYSE: VZLA TSX: VZLA

After-Tax NPV (5%) of US$1,802 million, After-Tax IRR of 111%, Initial Costs of US$173 million, Average Annual Production of 17.4 million oz AgEq at AISC of US$10.61per oz AgEq

VANCOUVER, BC, Nov. 12, 2025/PRNewswire/ -Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) ("Vizsla" or the "Company") is pleased to announce positive results from its independent Feasibility Study ("FS") on its 100%-owned flagship Panucosilver-gold project ("Panuco") located in Mexico.

The Feasibility Study, completed by Ausenco Engineering Canada ULC ("Ausenco"), supported by Mining Plus Canada Consulting Ltd. ("Mining Plus") and SGS Canada Inc. ("SGS"), provides a robust case for developing the Panucosilver-gold project as a high-margin, underground precious metals mine with low initial capital requirements and rapid payback. The Company is advancing permitting and project financing initiatives, targeting a construction decision upon receipt of required approvals.

_"The strength of the Feasibility Study reflects the technical excellence and commitment of the Vizsla Silver team and all of our consultants," stated Simon Cmrlec, COO of Vizsla Silver. "The engineering and procurement for the project was significantly advanced during the Feasibility Study, which coupled with the actual performance of the ongoing test mine provides confidence in the results of the study. Project CAPEX and OPEX remain in line with the PEA, and the study demonstrates the project will produce more than 20 million silver equivalent ounces annually over the first five years, averaging 17.4 million ounces over the life of the project, significantly exceeding the production profile outlined in the PEA."_

_"We are very pleased to deliver a robust Feasibility Study on the Panucoproject, outlining a high-margin, low CAPEX, silver focused precious metals operation", stated Michael Konnert, President and CEO of Vizsla Silver. "The study builds upon the strong economics outlined in the Panuco PEA, published in the summer of 2024, indicating that Panucocan become the next large-scale silver-primary producer in Mexico. Applying the updated, higher-grade resource estimate published in January 2025, production output in the Feasibility Study has increased significantly in the early years of the mine life relative to the PEA. This, combined with improved commodity price assumptions, demonstrates a base case after tax NPV (5%) of US$1.8 billion, an IRR of 111%, and a seven-month payback period at US$35.50per ounce silver and US$3,100per ounce gold. We expect to continue advancing both our underground and surface exploration proximal to the ongoing test mine to further grow the scale and quality of the deposit. Vizsla Silver would like to thank all its employees, community members and consultants/contractors including Ausenco, Mining Plus, SGS, SACH and PWC for their continued hard work in supporting our project. This very important milestone represents a key inflection point for the Company, the Panucoasset and all of our stakeholders as we advance towards production targeted for the second half of 2027." _

Feasibility Study Webcast

Vizsla Silver will be hosting a webcast to discuss the Panuco Project Feasibility Study at 10:00 am PT(1:00 pm ET) on November 24th. To register, please click here.

Feasibility Study Highlights (Base Case)

3,300 tonnes per day ("tpd") production rate for the first three years, expanding to 4,000 tpd in year 4, producing silver-gold doré with an initial mine life of 9.4 years

High-grade underground mine with Proven and Probable Mineral Reserves1averaging US$337/t NSR value (diluted) comprising:

Copaladeposit with 7.90 Mt averaging 318 g/t Ag and 2.05 g/t Au

Napoleon deposit with 4.91 Mt averaging 139 g/t Ag and 1.95 g/t Au

Life of mine ("LOM") average annual payable production of 17,383 koz AgEq2per year (10,130 koz Ag per year and 83 koz Au per year)

Years 1-5 average annual payable production of 20,078 koz AgEq per year (12,067 koz Ag per year and 92 koz Au per year)

LOM cash costs3of US$8.56/oz payable AgEq on a co-product basis, LOM all-in sustaining costs (AISC4) of US$10.61/oz payable AgEq on a co-product basis

Pre-production capital expenditures ("CAPEX") of US$238.7M

After-tax NPV(5%) of US$1,802 millionand 111% IRR at US$3,100/oz Au and US$35.50/oz Ag

After-tax payback period of 7 months

| 1. | Underground Proven and Probable Mineral Reserve Estimate contains only Measured and Indicated Resources | | 2. | AgEq oz = Ag oz + Au oz x (US$3,100/oz Au ÷ US$35.50/oz Ag) | | 3. | Total cash costs consist of operating cash costs plus royalties and offsite (refining & transport) charges | | 4. | AISC consist of total cash costs plus sustaining capital and closure costs |

Feasibility Study Overview

The 2025 Panuco Feasibility Study considers two contiguous underground mines, the Copala Mine and the Napoleon Mine, with on-site treatment of the mined material processed through a 3-stage crushing-grinding circuit, along with a leach and Merrill Crowe circuit to produce silver-gold doré bars. The mines will be contractor-operated, utilizing ramp-access and a combination of long-hole stoping and drift-and-fill mining methods.

The processing throughput capacity of 3,300 tonnes per day for the first 3 years, expanding to 4,000 tonnes per day in year 4, results in an initial mine life of 9.4 years. The Feasibility Study leverages the Panucodistrict's existing infrastructure in a well-established mining jurisdiction, including all-weather access roads, high-voltage power, and an abundance of water and skilled labour.

The Feasibility Study is derived using the Company's updated NI 43-101 Mineral Resource Estimate (dated February 20, 2025). The effective date of the Feasibility Study is November 4th, 2025, and an NI 43-101 compliant technical report on the Feasibility Study (the "Technical Report") will be filed on the Company's website and SEDAR+ within 45 days of this disclosure.

| General | LOM Total / Avg. | | Gold Price (US$/oz) | 3,100 | | Silver Price (US$/oz) | 35.50 | | Mine Life (Years) | 9.4 | | Total Processed Feed Tonnes (kt) | 12,809 | | Total Waste Tonnes (kt) | 6,284 | | Production | LOM Total / Avg. | | Head Grade – Ag (g/t) | 249 | | Head Grade – Au (g/t) | 2.01 | | Recovery Rate – Ag (%) to doré | 92.3 | | Recovery Rate – Au (%) to doré | 93.8 | | Total Metal Payable – Ag (koz) | 94,725 | | Total Metal Payable – Au (koz) | 776 | | Average Annual Payable Production – Ag (koz) | 10,130 | | Average Annual Payable Production – Au (koz) | 83 | | Average Annual Payable Production – AgEq. (koz) | 17,382 | | Average Annual Payable Production (Yrs 1-5) – AgEq. (koz) | 20,078 | | Operating Costs | LOM Total / Avg. | | Mining Cost (US$/t Processed) | 53.31 | | Processing Cost (US$/t Processed) (incl. TSF) | 24.84 | | G&A Cost (US$/t Processed) | 6.96 | | Total Operating Costs (US$/t Processed) | 85.11 | | Cash Costs1(Co-Product Basis) (US$/oz AgEq2) | 8.56 | | AISC3(Co-Product Basis) (US$/oz AgEq2) | 10.61 | | Capital Costs | LOM Total / Avg. | | Initial Capital (US$M) | 238.7 | | Preproduction Revenue (US$M)4 | -127.7 | | Preproduction Costs (US$M)5 | 62.0 | | Initial Costs (Initial Capital + Preproduction Revenue & Costs) (US$M) | 173.0 | | Sustaining Capital (US$M) | 287.3 | | Closure Capital (US$M) | 37.5 | | Salvage Value (US$M) | -9.6 | | Financials | Pre-Tax | | NPV (5%) (US$M) | 2,842 | | IRR (%) | 159 | | Payback (Years) | 0.4 | | Financials | Post-Tax | | NPV (5%) (US$M) | 1,802 | | IRR (%) | 111 | | Payback (Years) | 0.6 | | Post-Tax NPV/Initial Capital | 7.5 |

Table 1: Panuco Feasibility Study Detailed Parameters and Outputs

| 1. | Total cash costs consist of operating cash costs plus royalties and offsite (refining & transport) charges | | 2. | AgEq oz = Ag oz + Au oz x (US$3,100/oz Au ÷ US$35.50/oz Ag) | | 3. | AISC consist of total cash costs plus sustaining capital and closure costs | | 4. | Preproduction revenue includes revenue until the start of commercial production, which is defined as 60 days after mill start | | 5. | Preproduction costs include: mining, processing and G&A operating costs, offsite charges, and royalties until the start of commercial production, which is defined as 60 days after mill start |

The economic analysis assumes metal prices of US$35.50/oz Ag and US$3,100/oz Au and is based on Mineral Reserves only. The Feasibility Study excludes inferred Mineral Resources.

The Feasibility Study demonstrates strong economic resilience, with post-tax NPV(5%) and IRR remaining positive under 20% variations in all key capital and operating assumptions, and notably still positive under 50% reductions in metal prices. After-tax economic sensitivities are presented in Table(s) 2, 3 and 4 below. Additional project sensitivities will be presented in the Technical Report.

| Inputs | Post-Tax Sensitivity to Metal Prices | | | | | | | (50.0 %) | (25.0 %) | Base Case | 25.0 % | 50.0 % | | Ag (US$/oz) | $17.75 | $26.63 | $35.50 | $44.38 | $53.25 | | Au (US$/oz) | $1,550 | $2,325 | $3,100 | $3,875 | $4,650 | | Post-Tax NPV(5%) (US$M) | $461 | $1,132 | $1,802 | $2,471 | $3,139 | | Post-Tax IRR (%) | 42.4 % | 79.4 % | 111.1 % | 139.7 % | 165.4 % |

Table 2: Sensitivity Summary Post Tax NPV 5% (US$M) & IRR to Metal Prices

| Inputs | Sensitivity Summary Post-Tax NPV 5% (US$M) | | | | | | | (20.0 %) | (10.0 %) | Base Case | 10.0 % | 20.0 % | | Head Grade (+/-%) | $1,262 | $1,534 | $1,802 | $2,072 | $2,324 | | Recovery (+/-%) | $1,271 | $1,536 | $1,802 | $1,995 | $2,003 | | Operating Costs (+/%) | $1,915 | $1,859 | $1,802 | $1,745 | $1,689 | | Initial Capex (+/-%) | $1,848 | $1,825 | $1,802 | $1,779 | $1,756 |

Table 3: Sensitivity Summary Post Tax NPV 5% (US$M)

| Inputs | Sensitivity Summary Post-Tax IRR (%) | | | | | | | (20.0 %) | (10.0 %) | Base Case | 10.0 % | 20.0 % | | Head Grade (+/-%) | 85.8 % | 98.7 % | 111.1 % | 123.0 % | 134.2 % | | Recovery (+/-%) | 86.3 % | 98.9 % | 111.1 % | 119.5 % | 119.8 % | | Operating Costs (+/-%) | 117.6 % | 114.3 % | 111.1 % | 107.8 % | 104.6 % | | Initial Capex (+/-%) | 132.5 % | 120.8 % | 111.1 % | 102.7 % | 95.5 % |

Table 4: Sensitivity Summary Post Tax IRR (%)

Mineral Reserves

The Proven and Probable Mineral Reserve for the Panucoproject is estimated at 12.81 Mt at an average grade of 249 g/t Ag and 2.01 g/t Au or 416 g/t AgEq, as summarized in Table 5.

The initial Mineral Reserve estimate was prepared by Jason Blais, P.Eng., Principal Mining Consultant of Mining Plus with an effective date of November 4th, 2025.

(g/t) | Au

(g/t) | AgEq

(g/t) | Ag

(k oz) | Au

(k oz) | AgEq

(k oz) | | | Proven | 1,948 | 308 | 2.35 | 502 | 19,264 | 147 | 31,424 | | Probable | 10,854 | 239 | 1.95 | 400 | 83,351 | 681 | 139,687 | | Planned Stockpile

Proven | 4 | 330 | 3.70 | 635 | 41 | 0.5 | 82 | | Probable | 3 | 318 | 2.90 | 558 | 34 | 0.3 | 54 | | Total Proven + Probable | 12,809 | 249 | 2.01 | 416 | 102,689 | 829 | 171,246 |

Table 5: Mineral Reserve Estimate

| 1. | The Mineral Reserve is estimated using the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves. | | 2. | Mineral Reserves are based on Measured and Indicated Mineral Resource Classifications only. | | 3. | The Mineral Reserve was calculated using long-term metal prices of US$28.50/oz Ag, US$ 2,300/oz Au. | | 4. | The block model NSR value was calculated on an individual block basis using interim Phase 2 process recovery formulas for each zone. Copala/Tajitos Ag process recovery calculated as 1.56*ln(Ag g/t) + 83.9)/100 and Copala/Tajitos Au process recovery calculated as 1.96*ln(Au g/t) + 91.4)/100. Napoleon/Luisa Ag process recovery calculated as 8.8*ln(Ag g/t) + 44)/100 and Napoleon/Luisa Au process recovery calculated as 1.7*ln(Au g/t) + 93.7)/100. | | 5. | The Mineral Reserve is estimated using three NSR cut-off values (COV). A Fully Costed COV was calculated at US$105.72 for Long Hole Stoping (LHS) and US$129.33/t for Drift and Fill (DAF), an Incremental COV of US$ 87.00 /t for LHS and US$ 110.00 /t for DAF and a Marginal COV of US$33.00/t applied to development that must be mined to access production areas. | | 6. | The Planned Stockpile is anticipated to be mined from the Copala orebody as part of the ongoing Test Mine bulk sample activities prior to the start of the Feasibility Study mine schedule. | | 7. | Royalty rates of 3.5% and 2.0% were applied to the deposit based on royalty boundaries. The 2.0% royalty boundary only affects a portion of the Napoleon deposit. | | 8. | AgEq (g/t) = (Ag(g/t) + 82.54*Au(g/t)) for Copala & Tajitos and AgEq = (Ag(g/t) + 82.97*Au(g/t)) for Napoleon & Luisa at 3.5% royalty and AgEq = (Ag(g/t) + 82.97*Au(g/t)) for Napoleon at 2% royalty. AgEq is expressed based on a number of revenue factors. See Table 6 for a complete list of inputs used to calculate NSR and AgEq factors. | | 9. | Mining recovery between 90% to 100% is applied to the estimate depending on the mining method and is reduced in some areas based on geotechnical guidelines or mining sequence. Mining recovery averages 96% for the overall project. | | 10. | The Mineral Reserve includes both planned and unplanned dilution. Unplanned dilution includes dilution from overbreak, backfill and material handling. Dilution within Stope Optimizer (SO) outputs was estimated at 36% and additional unplanned dilution of 2% was added for backfill dilution in longhole stopes. Internal dilution in DAF mining within the mining shape was estimated at 31% and additional backfill dilution in DAF was estimated at 5%. | | 11. | For LHS, a minimum mining width of 1.5 meters was used excluding overbreak and unplanned dilution, and for DAF, a minimum mining width of 5.0 meters was used. | | 12. | The economic viability of the Mineral Reserve is demonstrated using a discounted cash flow model. | | 13. | The independent and qualified person responsible for the Mineral Reserve, as defined by NI 43-101, is Mr. Jason Blais, P.Eng., Principal Mining Consultant for Mining Plus Canada Consulting Ltd. | | 14. | The effective date of the Mineral Reserve Estimate is November 4th, 2025. | | 15. | Totals may not add up due to rounding. |

| Metal | Unit | Copala & Tajitos

(3.5% Royalty) | Napoleon & Luisa (3.5% Royalty) | Napoleon

(2% Royalty) | | Ag Price | USD/oz | 28.5 | 28.5 | 28.5 | | Au Price | USD/oz | 2,300 | 2,300 | 2,300 | | Average Ag Process Recovery | % | 92.8 | 94.4 | 94.4 | | Average Au Process Recovery | % | 93.2 | 95.3 | 95.3 | | Ag Payable | % | 99.9 | 99.9 | 99.9 | | Au Payable | % | 99.85 | 99.85 | 99.85 | | Product Freight | USD/t | 3,000 | 3,000 | 3,000 | | Ag Refining | USD/oz | 0.50 | 0.50 | 0.50 | | Au Refining | USD/oz | 5.00 | 5.00 | 5.00 | | Royalty | % | 3.50 % | 3.50 % | 2 % | | Ag Multiplier | USD/g | 0.8027 | 0.8162 | 0.8289 | | Au Multiplier | USD/g | 66.2536 | 67.7202 | 68.7728 | | Ag Equivalence | g Ag/g Au | 82.538 | 82.970 | 82.969 |

Table 6: Inputs Used to Calculate NSR for Gold & Silver

Mineral Resources

% | Zn

% | AgEq (g/t) | Au (koz) | Ag (koz) | Pb (Mlbs) | Zn (Mlbs) | AgEq (koz) | | | | | Copala | Measured | 1.88 | 3.09 | 442 | 0.08 | 0.15 | 684 | 187 | 26,744 | 3.2 | 6.3 | 41,418 | | Indicated | 4.29 | 2.50 | 402 | 0.09 | 0.17 | 600 | 345 | 55,374 | 8.4 | 15.8 | 82,781 | | | M+I | 6.17 | 2.68 | 414 | 0.09 | 0.16 | 626 | 532 | 82,118 | 11.6 | 22.1 | 124,199 | | | Inferred | 2.32 | 1.83 | 322 | 0.16 | 0.27 | 476 | 137 | 24,014 | 8.3 | 13.8 | 35,452 | | | Tajitos | Indicated | 0.72 | 2.34 | 380 | 0.14 | 0.25 | 571 | 55 | 8,833 | 2.2 | 4.0 | 13,277 | | Inferred | 0.89 | 2.08 | 346 | 0.27 | 0.43 | 527 | 60 | 9,936 | 5.2 | 8.5 | 15,132 | | | Cristiano | Indicated | 0.36 | 3.67 | 610 | 0.25 | 0.45 | 912 | 43 | 7,102 | 2.0 | 3.6 | 10,614 | | Inferred | 0.34 | 2.49 | 460 | 0.16 | 0.31 | 665 | 27 | 4,959 | 1.2 | 2.3 | 7,168 | | | Total | Measured | 1.88 | 3.09 | 442 | 0.08 | 0.15 | 684 | 187 | 26,744 | 3.2 | 6.3 | 41,418 | | Indicated | 5.37 | 2.56 | 413 | 0.11 | 0.20 | 617 | 443 | 71,309 | 13 | 23 | 106,672 | | | M+I | 7.26 | 2.70 | 420 | 0.10 | 0.19 | 635 | 630 | 98,053 | 16 | 30 | 148,090 | | | Inferred | 3.55 | 1.96 | 341 | 0.19 | 0.31 | 507 | 224 | 38,909 | 15 | 25 | 57,752 | |

% | Zn

% | AgEq (g/t) | Au (koz) | Ag (koz) | Pb (Mlbs) | Zn (Mlbs) | AgEq (koz) | | | | | La Luisa | Indicated | 0.49 | 2.12 | 143 | 0.31 | 1.44 | 364 | 33 | 2,238 | 3.3 | 15.4 | 5,693 | | Inferred | 2.83 | 2.24 | 132 | 0.28 | 1.24 | 355 | 204 | 12,049 | 17.8 | 77.5 | 32,307 | | | Cruz Negra | Indicated | 0.03 | 2.01 | 145 | 0.38 | 2.01 | 380 | 2 | 154 | 0.3 | 1.5 | 403 | | Inferred | 0.35 | 3.58 | 171 | 0.30 | 1.64 | 510 | 40 | 1,907 | 2.3 | 12.5 | 5,676 | | | Josephine | Indicated | 0.06 | 2.54 | 230 | 0.38 | 1.09 | 473 | 5 | 452 | 0.5 | 1.5 | 928 | | Inferred | 0.21 | 1.81 | 176 | 0.34 | 1.01 | 360 | 12 | 1,180 | 1.6 | 4.6 | 2,406 | | | Napoleon

HW(4) | Indicated | 0.99 | 2.09 | 217 | 0.47 | 1.64 | 448 | 66 | 6,885 | 10.2 | 35.7 | 14,206 | | Inferred | 0.59 | 2.12 | 202 | 0.64 | 2.15 | 458 | 40 | 3,800 | 8.2 | 27.7 | 8,619 | | | Napoleon

+Splays | Measured | 0.36 | 2.34 | 161 | 0.51 | 1.41 | 404 | 27 | 1,853 | 4.0 | 11.1 | 4,638 | | Indicated | 3.78 | 2.25 | 150 | 0.52 | 1.78 | 399 | 273 | 18,184 | 42.9 | 148.2 | 48,404 | | | M+I | 4.13 | 2.26 | 151 | 0.51 | 1.75 | 399 | 300 | 20,037 | 47 | 159 | 53,042 | | | Inferred | 2.28 | 1.46 | 159 | 0.44 | 1.63 | 340 | 107 | 11,637 | 21.9 | 81.8 | 24,941 | | | Total | Measured | 0.36 | 2.34 | 161 | 0.51 | 1.41 | 404 | 27 | 1,853 | 4.0 | 11.1 | 4,638 | | Indicated | 5.34 | 2.21 | 163 | 0.49 | 1.72 | 405 | 379 | 27,913 | 57 | 202 | 69,634 | | | M +I | 5.70 | 2.22 | 162 | 0.49 | 1.70 | 405 | 406 | 29,766 | 61 | 213 | 74,272 | | | Inferred | 6.25 | 2.00 | 152 | 0.38 | 1.48 | 368 | 403 | 30,573 | 52 | 204 | 73,949 | |

Table 7: Mineral Resources for Copalaand Napoleon Deposits (effective September 9, 2024)

| 1. | The classification of the current Mineral Resource Estimate into Indicated and Inferred is consistent with current 2014 CIM Definition Standards - For Mineral Resources and Mineral Reserves. | | 2. | Tables presented include only the Copala and Napoleon deposits, which inform the Feasibility Study mine plan. The complete project-wide Mineral Resource Estimate will be available in the Technical Report. | | 3. | All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. | | 4. | All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction. | | 5. | Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. | | 6. | It is envisioned that the Panuco Project deposits may be mined using underground mining methods including longhole stoping (LHS) and/or drift-and-fill (DAF). Mineral resources are reported at a base case cut-off grade of 150 g/t AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes. | | 7. | Based on the size, shape, general thickness and orientation of the majority of the mineralized zones within the project area, it is envisioned that the deposits may be mined using a combination of underground mining methods including longhole stoping (LHS) and/or drift-and-fill (DAF). | | 8. | The base-case AgEq Cut-off grade considers metal prices of $26.00/oz Ag, $1,975/oz Au, $1.10/lb Pb and $1.35/lb Zn and considers metal recoveries of 93% for Ag, 90% for Au, 94% for Pb and 94% for Zn. | | 9. | The base case cut-off grade of 150 g/t AgEq considers a mining cost of US$45.00/t and processing, treatment, refining, and transportation cost of USD$30.00/t and G&A cost of US$20.00/t of mineralized material. | | 10. | The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. | | 11. | Mineral Resources are inclusive of Mineral Reserves. | | 12. | The independent and qualified person responsible for the Mineral Resource, as defined by NI 43-101, is Allan Armitage, Ph.D, P.Geo., of SGS . | | 13. | The effective date of the Mineral Resource Estimate is September 9, 2024. |

VIZSLA SILVER DELIVERS POSITIVE FEASIBILITY STUDY FOR THE PANUCO PROJECT

NYSE: VZLA TSX: VZLA

Feasibility Study Webcast

Feasibility Study Highlights (Base Case)

Feasibility Study Overview

Table 1: Panuco Feasibility Study Detailed Parameters and Outputs

Table 2: Sensitivity Summary Post Tax NPV 5% (US$M) & IRR to Metal Prices

Table 3: Sensitivity Summary Post Tax NPV 5% (US$M)

Table 4: Sensitivity Summary Post Tax IRR (%)

Mineral Reserves

Table 5: Mineral Reserve Estimate

Table 6: Inputs Used to Calculate NSR for Gold & Silver

Mineral Resources

Table 7: Mineral Resources for Copalaand Napoleon Deposits (effective September 9, 2024)

Earlier from Silver North Resources Ltd.