Advance Metals Yoquivo Project Delivers 33Moz Silver Resource

Advance Metals Delivers Exceptional 33Moz Silver Resource at Yoquivo Project

Advance Metals Limited (ASX:AVM) has released its inaugural JORC-compliant Mineral Resource Estimate for the Advance Metals Yoquivo Project, establishing a substantial 33 million ounce silver equivalent resource that positions the company as a significant player in Mexico's precious metals sector.

The initial JORC (2012) Mineral Resource Estimate demonstrates the impressive scale of the Advance Metals Yoquivo Project, with 8.8 million tonnes at 80g/t silver and 0.49g/t gold, equivalent to 120g/t silver equivalent. This translates to 23 million ounces of silver and 140,000 ounces of gold, establishing the project as a large-scale precious metals system with compelling development potential.

Key Resource Highlights

The resource has been reported at a 50g/t AgEq cut-off grade, highlighting potential for both bulk tonnage open-cut and underground mining scenarios. Importantly, 93% of contained metals sit within the Pertenencia deposit, with the remainder at the Esperanza deposit located 2.5km to the west.

Furthermore, the exceptional discovery cost demonstrates the value creation potential of the Advance Metals Yoquivo Project. This achievement underscores the company's strategic acquisition approach and technical expertise in developing Mexican precious metals assets.

Management Commentary:

"This initial JORC Resource marks a significant milestone for Advance, delivered less than 18 months after acquiring Yoquivo and confirming the scale potential of this emerging large-scale silver-gold system. Importantly, the resource highlights broad zones of shallow, contiguous mineralisation, supporting the potential for bulk mining scenarios that could underpin a lower cost development pathway." – Dr Adam McKinnon, Managing Director & CEO

Understanding JORC Mineral Resource Estimates

A JORC Mineral Resource Estimate represents a formal assessment of mineralisation compiled in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. This internationally recognised standard provides investors with confidence in resource calculations through rigorous geological interpretation, sampling protocols, and statistical analysis.

Why JORC Matters for Investors:

• Provides standardised, internationally accepted resource reporting
• Ensures transparency and accuracy in mineral resource calculations
• Forms the foundation for future feasibility studies and development decisions
• Enables meaningful comparison with other mining projects globally

The resource at the Advance Metals Yoquivo Project falls under the "Inferred" category, representing mineralisation where geological continuity is implied but not confirmed through detailed drilling. This classification typically precedes "Indicated" and "Measured" categories as projects advance toward development.

Resource Categories Explained:

• Inferred Resources: Geological continuity is assumed based on limited drilling and geological evidence
• Indicated Resources: Higher confidence level with reasonable geological and grade continuity
• Measured Resources: Highest confidence level with detailed drilling and geological understanding

Exceptional Value Creation Through Strategic Acquisition

Advance Metals has achieved remarkable value creation since acquiring the project in late 2024. The company established this 33Moz AgEq resource at a discovery cost of just US$0.10 per ounce, inclusive of the recent drilling programme, historic core sampling, and initial project purchase costs.

This represents a 92% increase in contained silver-equivalent ounces compared to the previous Foreign Estimate completed in 2023, demonstrating the effectiveness of Advance's exploration strategy and technical approach.

Resource Distribution by Deposit:

The Pertenencia deposit dominates the resource base, accounting for over 90% of contained metals and demonstrating superior grade characteristics compared to Esperanza. This concentration provides operational advantages for future development scenarios.

Consequently, the resource distribution enhances the development pathway by concentrating the majority of mineralisation within a single, well-defined deposit. This configuration supports efficient mining operations and reduces infrastructure requirements.

Growing Mexican Portfolio Reaches 116Moz AgEq

With the resource now established, Advance Metals' total Mexican endowment increases to 116 million ounces silver equivalent across three high-grade projects:

• Yoquivo Project: 33Moz AgEq (JORC-compliant)
• Gavilanes Project: 22.4Moz AgEq (Foreign Estimate)
• GyC Project: 60.6Moz AgEq (Foreign Estimate)

This substantial resource base underpins the company's growth strategy and positions Advance as a significant consolidator in Mexico's prolific precious metals sector. The diversified portfolio provides multiple development pathways and reduces project-specific risk exposure.

Mexico's Mining Advantages:

• Established mining jurisdiction with supportive regulatory framework
• Existing infrastructure and skilled labour force
• Proximity to North American markets
• Competitive operating cost environment

In addition, Mexico's political stability and mining-friendly policies create an attractive environment for international investors and mining companies seeking to develop precious metals projects.

Technical Resource Details and Geology

The announcement reveals that mineralisation at the project consists of multiple epithermal quartz vein systems within the Sierra Madre Occidental volcanic belt. The Pertenencia deposit comprises at least seven individual higher-grade veins surrounded by a lower-grade halo, while Esperanza represents a single, relatively planar vein system.

Geological Characteristics:

• Deposit Type: Low-sulphidation epithermal silver-gold systems
• Mineralogy: Quartz veins with silver/gold-bearing sulphides
• Structural Control: NNE-striking veins with steep ESE dip
• Host Rocks: Volcanic andesites and ignimbrites

The resource model utilised 99 diamond drill holes totalling more than 26,000 metres, including 21 holes recently completed by Advance Metals. The drilling programme incorporated both new holes and comprehensive sampling of previously unsampled historic core.

Resource Estimation Parameters:

• Cut-off Grade: 50g/t AgEq
• Block Size: 1.0 x 12.5 x 10 metres
• Estimation Method: Ordinary kriging with four-pass search strategy
• Price Assumptions: US$52/oz silver, US$3,910/oz gold
• Recovery Assumptions: 85% for both silver and gold

Furthermore, the geological setting of the Advance Metals Yoquivo Project within the Sierra Madre Occidental indicates significant potential for additional discoveries. This world-class mineral district hosts numerous large-scale silver-gold deposits.

What Makes This Resource Estimate Significant?

The JORC-compliant resource estimate represents a pivotal milestone for several key reasons:

Technical Significance:

• Establishes geological continuity across multiple vein systems
• Confirms grade consistency throughout the deposit envelope
• Validates the low-sulphidation epithermal model
• Provides foundation for engineering studies

Economic Implications:

• Demonstrates scale necessary for commercial development
• Supports multiple mining scenarios and processing options
• Validates acquisition strategy and technical approach
• Creates platform for additional resource growth

However, investors should note that Inferred Resources represent the initial classification level and require additional drilling to advance toward higher confidence categories. The company has outlined plans to systematically convert portions of the resource through continued exploration.

Future Development Pathway and Catalysts

The announcement outlines several immediate priorities for advancing the project toward development:

Immediate Priorities:

1. Resource Extension Drilling: Target expansion of mineralisation along strike and at depth
2. Resource Conversion: Advance portions of Inferred resources toward Indicated category
3. Mining Studies: Preliminary assessment of bulk mining and processing scenarios
4. Gavilanes Development: Commence drilling programme following identical technical pathway

Strategic Advantages:

• Shallow Mineralisation: Resource extends from surface with broad, contiguous zones
• Multiple Mining Scenarios: Potential for both open-cut and underground extraction
• Established Infrastructure: Located in mining-friendly jurisdiction with existing access
• Exploration Upside: Mineralisation remains open along strike and at depth

The Pertenencia deposit demonstrates particularly compelling development potential, with resources extending over 750 metres of strike and ranging up to 250 metres in width. This geometry supports potential bulk tonnage mining scenarios that could deliver lower-cost development profiles.

For instance, the broad mineralised zones could support large-scale open-pit operations in the upper portions of the deposit, transitioning to underground methods at depth. This flexibility provides operational advantages and cost optimisation opportunities.

Investment Thesis: Why This Project Matters

Scale and Quality:

• 33Moz AgEq resource established at exceptional discovery cost
• 120g/t AgEq grade demonstrates high-quality mineralisation
• Multiple mining scenarios provide development flexibility

Strategic Position:

• Located in Sierra Madre Occidental, Mexico's premier precious metals province
• Mining-friendly jurisdiction with established infrastructure
• Proximity to processing facilities and transportation networks

Growth Platform:

• Open mineralisation provides significant exploration upside
• Additional prospects identified across broader project area
• Technical team following proven development pathway

The combination of substantial resource scale, attractive grades, and strategic location positions the project as a cornerstone asset for Advance Metals' Mexican portfolio development.

Moreover, the exceptional discovery cost of US$0.10 per ounce demonstrates the value creation potential inherent in the company's acquisition and exploration strategy. This cost efficiency provides a competitive advantage in project development economics.

Metallurgical Considerations and Processing Potential

The announcement references preliminary metallurgical testwork conducted by Golden Minerals in 2022, which demonstrated encouraging recovery characteristics for both flotation and cyanide leaching processing routes.

Metallurgical Highlights:

• Gold Recovery: 81.8% to 92.4% via cyanide leaching
• Silver Recovery: 77.6% to 92.5% via cyanide leaching
• Flotation Results: Gold 84-95%, Silver 82-89%
• Processing Assumption: 85% recovery for both metals in resource calculation

The low-sulphidation epithermal nature of the mineralisation typically results in favourable metallurgical characteristics, minimising complex processing requirements and supporting conventional extraction methods.

Consequently, the relatively straightforward metallurgy reduces technical risk and supports conventional processing approaches. This characteristic enhances project economics by avoiding complex and costly treatment methods required for refractory ores.

Regional Context and Exploration Potential

The Advance Metals Yoquivo Project benefits from its location within Mexico's premier precious metals province, where numerous world-class deposits demonstrate the region's mineralisation potential.

Regional Mining Activity:

• Multiple operating mines within 100km radius
• Established mining services and infrastructure
• Skilled local workforce availability
• Proven geological prospectivity

The project area contains additional prospects that remain largely unexplored, providing significant blue-sky potential beyond the current resource base. Early-stage mapping and sampling have identified multiple target areas for future drilling programmes.

Exploration Upside:

• Strike Extensions: Mineralisation open along strike at both deposits
• Depth Potential: Limited deep drilling to date
• Parallel Structures: Additional vein systems identified
• Regional Targets: Multiple prospects across broader land package

Why Investors Should Monitor Advance Metals

Advance Metals has demonstrated exceptional execution in building a substantial Mexican precious metals portfolio within an accelerated timeframe. The company's technical approach, combining strategic acquisitions with focused exploration, has delivered outstanding value creation through the Advance Metals Yoquivo Project.

Key Tracking Points:

• Resource expansion through systematic drilling programmes
• Development studies advancing toward production scenarios
• Portfolio growth across multiple high-grade Mexican projects
• Strategic partnerships or development arrangements

Investment Monitoring Framework:

1. Quarterly exploration updates and drilling results
2. Resource conversion progress from Inferred to higher categories
3. Development milestone achievements and study completions
4. Financial position and funding arrangements

Investment Takeaway:

Advance Metals has positioned itself as a major player in Mexico's precious metals sector, with significant upside potential driven by its 116Moz AgEq resource base and proven exploration capabilities. With upcoming drilling at Gavilanes and continued development at Yoquivo, investors should closely monitor this emerging precious metals consolidator.

The company will host an Investor Webinar on 9th April 2026 at 11:00am AEST to discuss the resource estimate results and future development plans.

Investor Webinar Details:

• Date: 9th April 2026
• Time: 11:00am AEST / 9:00am AWST
• Registration: Available through company website

In conclusion, the inaugural JORC resource estimate marks a transformational milestone for Advance Metals, establishing the Advance Metals Yoquivo Project as a substantial precious metals asset with compelling development potential. The combination of scale, grade, and strategic location positions this project as a cornerstone asset within the company's growing Mexican portfolio.

Could Advance Metals Be Your Next Precious Metals Investment Opportunity?

With a newly established 33 million ounce silver equivalent resource at Yoquivo and a total Mexican portfolio of 116 million ounces, Advance Metals has rapidly positioned itself as a significant player in Mexico's precious metals sector. The exceptional discovery cost of just US$0.10 per ounce demonstrates the company's value creation potential and strategic acquisition approach. As the company advances resource conversion drilling and prepares development studies, investors seeking exposure to high-grade precious metals projects in mining-friendly jurisdictions should explore Advance Metals' complete portfolio and upcoming catalysts. Discover more about Advance Metals' projects and investment opportunity.