In 2026, plant throughput at Terronera is expected to range from 1,950 to 2,050 tonnes per day (tpd), averaging approximately 2,000 tpd, with material sourced from the Terronera vein. Cash costs per ounce1, AISC per ounce1, and direct costs1 on a per-tonne basis are anticipated to be below the consolidated costs, driven by higher metal production and the efficiency of the newer, more sophisticated mine and processing plant. During H1 2026, mining activities will continue to strategically focus on lower-grade areas of the deposit, including mining lower grade stockwork. This approach aligns with the planned production ramp-up and the mine’s transition through various zones. Looking ahead, operations are scheduled to shift into higher-grade areas by H2 2026, which is expected to significantly improve grade averages. The team also remains committed to optimizing and refining plant processes to stabilize throughput and enhance metal recoveries.

Terronera achieved commercial production on October 1, 2025, therefore three months of results are included in the 2025 data below.

¹ These are examples of Non-IFRS Financial Measures. Please refer to the Non-IFRS Measures section of the Company’s Management’s Discussion & Analysis for further information and definitions of these terms.