AVM Projects

Guadalupe y Calvo Gold-Silver Project

Chihuahua, Mexico

Investor Highlights

816 Koz AuEq (60.6 Moz AgEq) Foreign Estimate (Indicated + Inferred).
High-grade underground: 494 Koz AuEq at 5.0g/t AuEq (373g/t AgEq).
Historic production: >2Moz gold & 31Moz silver since 1835.
Over 86,000m of drilling completed, mineralisation open along strike and depth.
Located in the Sierra Madre Occidental, mid-way between AVM’s Yoquivo and Gavilanes projects

Project Overview

The Guadalupe y Calvo (“GyC”) Project is a historic high-grade gold-silver district located in the southern Sierra Madre Occidental of Chihuahua, Mexico. The project hosts a significant Foreign Estimate of 816,000 ounces AuEq (60.6 Moz AgEq) across indicated and inferred resources, making it a cornerstone of Advance Metals’ strategy in Mexico.

Mining at GyC dates back to 1835, with historical production estimated at over 2 Moz of gold and 31 Moz of silver. Extensive modern drilling programs by previous operators (over 86,000 metres) have defined a large mineralised panel on the Rosario and Nankin vein systems, with mineralisation open along strike and at depth.

Figure: Schematic surface map at the Guadalupe y Calvo Project in the Rosario Mine area showing the main veins and workings.

Exploration & Resource

Foreign Estimate (2021, Rosario & Nankin veins):
- Total: 9.5 Mt at 65g/t Ag & 1.8g/t Au (198g/t AgEq or 2.7g/t AuEq).
- Contained Metal: 60.6Moz AgEq (816koz AuEq).
- High-grade underground component: 494koz AuEq at 5.0g/t AuEq (373g/t AgEq).
Rosario vein extends 700–800m in strike, up to 60m width, dipping 45–70° SW.
The Nankin vein intersects Rosario at depth, forming a broad sheeted zone with enhanced grades.

Historic Mining

Over 180 years of mining history, with British and North American companies producing ore until WWII.
Mining focused on the Rosario vein system, with grades consistently high across both near-surface and deeper zones.
Recent drilling confirms multiple zones of high-grade gold-silver mineralisation, demonstrating strong potential for expansion.

Location & Access

GyC is located 300 km WSW of Chihuahua City and covers 27.5 km² across ten concessions. The project is accessible year-round via paved and gravel roads. The region has strong infrastructure, grid power, and a skilled mining workforce.

Strategic Significance

Positions Advance Metals as a 100 Moz AgEq silver-gold explorer across three Mexican projects (Yoquivo, Gavilanes, GyC).
Provides significant gold exposure, balancing the silver-dominant portfolio.
Located mid-way between AVM’s Yoquivo Project (245 km north) and Gavilanes Project (240 km south), creating a central hub for operations.

Figure: Location of the Guadalupe y Calvo Project mid-way between Advance’s existing Yoquivo Project in Chihuahua and Gavilanes Project in Durango, Mexico. Other major gold-silver projects in the region are shown in yellow.

Next Steps

Advance is now focused on:

Field evaluation & target confirmation leveraging historic data
Drill permitting
Surface exploration across underexplored vein trends
JORC conversion of the Foreign Estimate and step-out drilling for expansion.
Economic studies on the high-grade underground component

Figure: Cross section and location map showing potential at GyC

Transaction Terms

Four-year earn-in agreement with US$4.0M total consideration, heavily back-ended.
Includes US$1.0M committed in-ground expenditure.
Endeavour Silver retains a 2% NSR royalty post-earn-in.

Yoquivo Silver-Gold Project

Chihuahua, Mexico

Investor Highlights

Foreign Estimate (2023): 17.2Moz AgEq at 570g/t AgEq (2.1g/t Au, 410g/t Ag).
Maiden AVM drilling (2025): 1.11m at 2,063g/t AgEq (1,556g/t Ag & 6.6g/t Au) within 4.9m @ 544g/t AgEq.
Additional hits: 40.6m at 105g/t AgEq (incl. 4.4m at 446g/t AgEq).
Historic Golden Minerals drilling (2020–22): 6.2m at 17.9g/t Au & 2,404g/t Ag, incl. 0.4m at 188.5g/t Au & 21,447g/t Ag.
Multiple epithermal quartz vein systems mapped over 3 km strike; mineralisation remains open

Project Overview

The Yoquivo Project is a high-grade silver-gold exploration project located in the Ocampo district of Chihuahua, Mexico, approximately 210 km west–southwest of the city of Chihuahua. The property lies within the prolific Sierra Madre Occidental volcanic belt, one of Mexico’s most productive precious-metal provinces, and covers 1,975 hectares across seven concessions.

Figure: Property map the Yoquivo project in Chihuahua

Yoquivo is a low-sulphidation epithermal vein system, with mineralisation hosted in multiple quartz vein systems—Esperanza, Dolar, San Francisco, and Pertenencia—mapped over strike lengths exceeding 3 km. Historic production in the district highlights its mining pedigree, while modern exploration has confirmed the presence of bonanza-grade silver and gold.

Exploration & Drilling

Advance Metals recently completed its maiden diamond drilling program at Yoquivo (3,111m across eight holes). The campaign successfully confirmed and extended high-grade mineralisation in the Pertenencia vein system:

YQ-25-001: 40.6m at 105g/t AgEq (86g/t Ag & 0.2g/t Au) from 176m, including 4.42m at 446g/t AgEq.
YQ-25-007: 4.87m at 544g/t AgEq (411g/t Ag & 1.8g/t Au) from 310.8m, including 1.11m at 2,063g/t AgEq (1,556g/t Ag & 6.6g/t Au).
YQ-25-002: 8.84m at 140g/t AgEq and 16.37m at 104g/t AgEq.
Additional step-out holes (YQ-25-005, 006, 008) intersected multiple narrow, high-grade structures, including 0.9m at 418g/t AgEq and 0.56m at 645g/t AgEq.

These results extend mineralisation 60–70 metres below the existing Foreign Estimate, highlighting significant potential for future Resource growth.

Figure: Cut portion of diamond core from YQ-25-001 at ~126.6 metres down hole. The interval forms part of the lower Pertenencia Vein intersection and comprises a breccia infilled by silver-bearing sulphide mineralisation (black), grading 0.13m at 2,250g/t Ag & 17.2g/t Au (3,569g/t AuEq)

Figure: Schematic cross section cut parallel to the orientation of YQ-25-001 (oblique ±10m, looking NE) showing previous drilling and the approximate outline of the existing Foreign Estimate, along with significant down hole intersections for YQ-25-001

Historic drilling by Golden Minerals (2020–2022) also returned multiple bonanza-grade hits, including:

6.2m at 17.2g/t Au & 2,403g/t Ag (6,990g/t AgEq) from 64.8m, including 0.4m at 188.5g/t Au & 21,447g/t Ag.
1.5m at 4.0g/t Au & 1,473g/t Ag from 100.2m.
2.6m at 7.1g/t Au & 2,058g/t Ag from 64.2m, including 0.8m at 19.5g/t Au & 5,844g/t Ag.

Current Resource

A Foreign Estimate (NI 43-101, 2023) reported:
937kt at 570g/t AgEq (2.1g/t Au, 410g/t Ag) for 17.23Moz AgEq.

Advance is working towards an updated JORC-compliant Mineral Resource Estimate incorporating new drilling and re-assayed historical core.

Location & Access

The project lies 3 km south of San Francisco de Yoquivo Ejido, accessible by dirt roads and logging tracks. The nearest town is Basaseachi (24 km NW). Exploration can be conducted year-round due to favorable climate and infrastructure.

Strategic Significance

Yoquivo positions Advance Metals (ASX: AVM) in a tier-one silver jurisdiction. With record silver prices and growing industrial demand (renewable energy, electronics, EVs), Yoquivo provides shareholders exposure to a highly prospective, high-grade silver-gold system with strong growth potential.

Next Steps

With the maiden drill program complete, Advance Metals will now:

Re-assay unsampled historical core where significant gaps have been identified
Rebuild the geological model to incorporate new drilling
Work towards an updated JORC Resource Estimate
Advance regional exploration targets identified across the broader concession package

Gavilanes Silver Project

Durango, Mexico

Investor Highlights

Foreign Estimate (2021): 22.4Moz AgEq at 246g/t AgEq (207g/t Ag, 0.15g/t Au)
Landholding of 13,500 ha (11 concessions) in the prolific San Dimas mining district (Durango, Mexico) which has historically produced over 748 Moz silver and 11 Moz gold
Multiple mineralised zones (Gavilanes, Central, Western) with just 0.2 km² drilled out of a 15 km² vein field.
Located 23 km NE of First Majestic’s San Dimas Mine

The Gavilanes Project is a high-grade silver system located in the prolific San Dimas mining district of Durango, Mexico, approximately 23 km northeast of First Majestic’s San Dimas mine. Covering 135 km² across multiple concessions, Gavilanes is a low to intermediate-sulphidation epithermal vein system with district-scale potential.

The project hosts a Foreign Estimate of 22.4Moz AgEq at 246g/t AgEq, based on 47 HQ diamond drillholes (9,624 m) completed by Santacruz Silver (2012–2013). Mineralisation has been defined across several vein zones but remains open along strike and at depth, with copper and gold grades increasing with depth.

Figure: High grade silver mineralisation (black) from historic drill hole SCHN 008, grading 876g/t Ag

Exploration & Drilling

Drilling has tested just 0.17 km² of the main zone, while another 0.28 km² of mapped veins remain untested and over 130 km² of concessions are yet to be systematically explored. Multiple vein structures have been mapped over 2 km strike length, with drill coverage limited to less than 900 m.

Figure: Gavilanes Silver Project mapped veins and rock chip samples

Historic drilling highlights include:

SCGP-22: 3.3m @ 2,540 g/t Ag from 109.8m.
SCHN-12: 6.3m @ 2,016 g/t Ag from 77.2m; and 4.3m @ 1,279 g/t Ag from 109.3m.
SCHN-05: 3.8m @ 988 g/t Ag from 57.7m.
SCHN-04: 2.0m @ 842 g/t Ag from 113.9m.

These bonanza-grade intervals demonstrate the exceptional high-grade nature of the system and provide strong vectors for follow-up drilling.

Current Resource

Foreign Estimate (NI 43-101, 2021):
2.83Mt at 246g/t AgEq for 22.4Moz AgEq (100g/t AgEq cut-off).

Advance is now progressing towards a JORC-compliant Mineral Resource Estimate through confirmatory drilling and validation of historical data.

Location & Access

The project is accessed via paved logging roads from the Mazatlán-Durango highway to the town of San Miguel de Cruzes and gravel road from San Miguel to Gavilanes. Infrastructure in the district is excellent, with power, water, and skilled labour available from long-standing mining operations.

Figure: Gavilanes Silver Project location

Strategic Significance

Consolidates Advance’s three high-grade silver–gold projects in Mexico — Gavilanes (Durango), Guadalupe y Calvo (Chihuahua), and Yoquivo (Chihuahua).
Collectively, the portfolio provides exposure to over 100 Moz AgEq in Foreign Estimates across established mining districts.
Offers a strong balance of silver-dominant systems (Gavilanes, Yoquivo) and a gold-rich system (GyC), diversifying metal exposure.
All projects lie within the Sierra Madre Occidental belt, close to major producers such as First Majestic and Pan American Silver, positioning AVM in one of the world’s premier silver provinces.

Next Steps

Advance will now focus on:

Surface mapping and geochemistry to prioritise untested vein systems.
Step-out drilling along strike and depth to expand the Foreign Estimate.
JORC conversion of the Foreign Estimate as a base for future development.

Transaction Terms

Acquired from Sailfish Royalty Corp. (TSX-V: FISH) via 100% purchase of subsidiary.
Consideration: US$50,000 cash + 16.8M AVM shares + performance rights (milestones at 30 Moz and 60 Moz AgEq JORC @ 300 g/t AgEq).
Royalties: 2% NSR to Sailfish, plus legacy NSRs of 2–3% on certain concessions.

Myrtleford and Beaufort Projects

Victoria, Australia

Myrtleford Project

The Myrtleford Gold Project encompasses a 472km² historic gold mining district in northeastern Victoria, located 290 km from Melbourne. The project hosts 70+ past-producing high grade underground gold mines, historically limited to shallow depths and leaving significant potential for deeper, high grade mineralisation. Previous drilling has confirmed the potential, with results including 11.5m at 160.4g/t Au (including 0.6m at 2,430g/t Au) & 5.9m at 66.2g/t Au (ASX AVM 6 January 2025).

Advance Metals commenced a high-impact initial diamond drilling program in mid-February 2025, targeting multiple high-potential zones at Happy Valley and in the Twist Creek Trend at Myrtleford.

High grade assay results received for all four of AVM’s initial holes at Happy Valley (ASX AVM 31 March, 17 April 2025, 5 May 2025):

2 metres at 22.4g/t Au, incl. 3.4 metres at 52.7g/t Au (AMD001)
9 metres at 6.7g/t Au, incl. 0.5 metres at 36.6g/t Au (AMD002)
5 metres at 47.9g/t Au, incl. 1.3 metres at 271.6g/t Au (AMD003)
1 metres at 3.5g/t Au, incl. 1.1 metres at 18.2g/t Au (AMD004)

Drilling is also underway at Twist Creek to follow-up previous encouraging shallow intersections including 0.6m at 43.0g/t Au (ASX AVM 6 January 2025).

Beaufort Project

The Beaufort Project is a ~120km² tenement located 145km west of Melbourne in Victoria. Strategically located near other world-class goldfields like Bendigo (22Moz gold) and Fosterville (8Moz gold), the project covers a highly prospective trend of some 20km strike that was historically extensively mined for alluvial gold, with the area producing over 1.1Moz of gold. The project area has had almost no modern exploration and presents a significant opportunity to uncover large-scale, high grade deposits.