Operator: Advance Metals Limited
Metal(s): Silver

Technical Report

2% NSR on early stage silver property in prolific San Dimas mining district

Key Facts

Location: San Dimas mining district, Durango State, Mexico
Status: Early stage exploration

Geology and Mineralization

Low-sulphidation epithermal deposit located in the San Dimas mining district of Durango, Mexico, ~23 km northeast of the San Dimas mine owned and operated by First Majestic Silver Corp.

Updated Mineral Resource Estimate

The updated mineral resource estimate of 22.4 million ounces (“oz”) of silver equivalent (“AgEg”) at 245.6 g/t AgEq (see Exhibit 1 in the May 18, 2021 press release) is comprised of the following metals:

  • 18.9 million oz of silver (“Ag”) at 207 g/t Ag
  • 13,700 oz of gold (“Au”) at 0.15 g/t Au
  • 7.8 million pounds (“lbs”) of copper (“Cu”) at 0.12% Cu
  • 37.9 million lbs of lead (“Pb”) at 0.61% Pb
  • 27.2 million lbs of zinc (“Zn”) at 0.43% Zn

Estimated Underground Inferred Resource (Effective Date: April 1, 2021) (1)

Gavilanes Silver Property Table2
1. See press release dated May 18, 2021 for more details, including important disclosures, regarding the updated mineral resource.

More than 84% of the AgEq mineral resource estimate is Ag only

The resource is all within 330 meters (“m”) of surface and remains open along strike and at depth.

For more information please see Sailfish news release dated Aug. 11, 2025.