Discovery Silver Corp · TSX:DSV
Discovery Silver — CIBC Site Visit June 4-5, 2026
45 slides from Discovery Silver's conference presentation, Jun 4, 2026
Slide 1: Unsurpassed Growth Potential
CIBC Site Visit | June 4 – 5, 2026 TSX:DSV OTCQX: DSVSF Unsurpassed Growth Potential PRODUCING METALS THE WORLD NEEDS
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this presentation that address activities, events or developments that Discover
Slide 3: Additional Cautionary Language
ADDITIONAL CAUTIONARY LANGUAGE Third Party Information: This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independen
Slide 4: DSV – Value Proposition
DSV – VALUE PROPOSTION1 Overriding priorities: ONE OF THE BEST GROWTH • Responsible mining: Demonstrated excellence in environmental STORIES IN THE GLOBAL stewardship, responsible operations and community & indigenous GOLD INDUSTRY relations • Financial discipline: Strong financial position, effecti
Slide 5: Targeting Substantial Value Creation
TARGETING SUBSTANTIAL VALUE CREATION Opportunity for transformative growth at existing assets 2025 Production Future Opportunity2 234 koz Gold1 >500 koz/yr Gold Low AISC Critical minerals 3 operating mines Bottom half of (Zn, Cu, Pb) at Porcupine 14 Moz/yr Silver3 global cost curve Invest capital to
Slide 6: Achieving Upside to Technical Report
ACHIEVING UPSIDE TO TECHNICAL REPORT JAN. 2025 TECHNICAL REPORT – GOLD PRODUCTION (KOZ GOLD)1,2 AND UNIT COSTS ($/OZ SOLD)2 800 $1,950 2,000 1,800 700 Actual: $1,781 1,600 600 1,400 $1,300 Improving $1,275 500 1,200 cost Actual: $1,267 performance 400 $1,000 1,000 Guidance 260 – 300 800 Growth at 30
Slide 7: 2026 Guidance
2026 GUIDANCE Production Op. Cash Costs/oz AISC/oz 260 – 300 koz $1,250 – $1,400 $1,950 – $2,250 Royalties(1) Sustaining Capital Growth Capital $25 – $35M $120 – $165M $195 – $235M Cordero Exploration Corp. G&A $90 – $100M $55 – $75M $35 – $40M 1 Royalites are included in Op. Cash Costs/oz and AISC/
Slide 8: Q1 2026 Operating Performance
Q1 2026 OPERATING PERFORMANCE Strong quarter at Hoyle Pond – Higher mining rates – Start of production at Hollinger ▪ Gold production of 60,269 oz Three months ended Porcupine Complex March 31, 2026 December 31, 2025 ▪ Higher production at Hoyle Pond Ore processed (t) 698,984 892,818 (Av. Grade >12
Slide 9: Porcupine – Targeting 260–300 koz in 2026
PORCUPINE – TARGETING 260 – 300 KOZ IN 2026 Hoyle Pond Borden Pamour Hollinger UNDERGROUND UNDERGROUND OPEN PIT OPEN PIT • 4 Moz produced • >600 koz since 2019 • New OP ramping to • Currently resuming @ ~11 g/t Au • 1,000 km2 located 190 km commercial operation operations • Targeting >600 tpd from T
Slide 10: Timmins – Tremendous Growth Potential
TIMMINS – TREMENDOUS GROWTH POTENTIAL Dome and TVZ key near-term projects DOME 11 Moz Inferred Resource1 & large milling facility • 4.3 Mtpa milling operation • Resources: Inferred: 11.0 Moz (229 Mt @ 1.49 g/t)1 • Production potential: 200 – 250 koz/year2 TVZ Large zone adjacent to Hoyle Pond • Deve
Slide 11: 2026 Capital Expenditures
2026 CAPITAL EXPENDITURES Sustaining Capital1: $120M – $165M ($20.7M in Q1 2026) ▪ Mobile equipment, capital development and infrastructure at Hoyle Pond and Borden ▪ Mill investments focused on solution circuit (CIP replacement, Leach tank repairs) to support improved throughput and recoveries ▪ Ta
Slide 12: Q1 2026 Liquidity
Q1 2026 LIQUIDITY Continued strong liquidity of $635M1, despite expected outflows for taxes and capital 86.6 150.1 410.7 21.6 71.2 384.9 3.5 $250.0 $634.9M $384.9 Q1 2026 Operating cash 2025 cash 2026 Cash Capital/ Financing Q1 2026 Opening Cash flow (excluding taxes Tax Installment Investing activi
Slide 13: Growth
TSX:DSV OTCQX:DSVSF GROWTH 13
Slide 14: Targeting Significant Five-Year Growth
TARGETING SIGNIFICANT FIVE-YEAR GROWTH JAN. 2025 TECHNICAL REPORT – GOLD PRODUCTION (KOZ GOLD)1,2 AND UNIT COSTS ($/OZ SOLD)2 800 $1,950 2,000 1,800 700 Actual: $1,781 1,600 600 Dome & TVZ 1,400 $1,275 500 1,200 Growth at 400 1,000 existing operations Guidance 800 300 338 260 – 300 320 335 300 600 2
Slide 15: TVZ
TVZ Large Zone located adjacent to Hoyle Pond Discovered in 2009 in sediments (different host) immediately adjacent to Hoyle Pond Previous work completed by Goldcorp: ▸ Access: Four exploration drifts ▸ Drilling: 172,000 m in 437 drill holes from 2008 – 2016 ▸ Metallurgy: Flotation & POX testwork (9
Slide 16: Kidd Met Site – Location vs Pamour/HP/TVZ
KIDD MET SITE – LOCATION VS PAMOUR/HP/TVZ 16
Slide 17: Kidd Met Site – Conceptual Plan
KIDD MET SITE – CONCEPTUAL PLAN 17
Slide 18: Dome Open Pit
DOME OPEN PIT 11 Moz of Inferred Resource situated adjacent to existing infrastructure • ~17Moz mined historically (predominantly underground)1 • Positive drill results included multiple zone of mineralization within and outside current resource • Study on Dome Mine and Mill targeted for completion
Slide 19: Conceptual Production Outlook
CONCEPTUAL PRODUCTION OUTLOOK1,2 The path to >500 koz of annual gold production Asset Annual Production Potential (koz) Hoyle Pond 60 – 80 Borden 110 – 140 Pamour 140 – 200 Dome 200 – 250 Additional potential from: (no current resources) TVZ Hollinger/McIntyre Paymaster Kidd (copper, zinc, silver) T
Slide 20: Kidd – Transaction Rationale
KIDD – TRANSACTION RATIONALE KIDD – TRANSACTION RATIONALE INFRASTRUCTURE • Delivers valuable, well-maintained infrastructure, including Kidd Metallurgical Site 90 MW power supply and freshwater access Four-circuit processing facility – to support Discovery’s • Large land position contiguous to Hoyle
Slide 21: Processing Capacity – Key to Growth Plans
PROCESSING CAPACITY – KEY TO GROWTH PLANS Growing Processing Capacity • Targeting new conventional gold circuit and gold flotation capability at Kidd Met Site1 • Potential to grow Dome Mill - dedicate facility to processing Dome Mine material1 Dome Mill Kidd Met Site Targeting lower costs & Configur
Slide 22: Discovery Kidd Metallurgical Site
DISCOVERY KIDD METALLURGICAL SITE 22
Slide 23: Kidd Metallurgical Site – Flowsheet & Site Layout
KIDD METALLURGICAL SITE – FLOWSHEET & SITE LAYOUT Ore Feed Crushing 1 Cu Flotation 3 Zn Flotation Zn Tailings Grinding 2 4 1 Thickening 2 1 3 4 4 5 2 Filtering 3 4 4 Cu Conc to Horne Drying Zn Conc to CEZ 5 5 5 ONR Gondolas CN Gondolas Grinding/Flotation has 2 parallel divisions Active/Permitted tai
Slide 24: Discovery Kidd Mill Operations – Current Status
DISCOVERY KIDD MILL OPERATIONS Current Status • Operating two grinding float Divisions - production rate is 1.25 Mt/yr ore grading 1.28% Cu, 3.95% Zn, 39 g/t Ag. • Excess mill capacity vs mine production (50%) • Mature plant with a significant amount of original (1966) technology • Investments have
Slide 25: Discovery Kidd Mill Operations – Current Concentrator Layout
DISCOVERY KIDD MILL OPERATIONS Current Concentrator Layout 25
Slide 26: Borden Processing Through Kidd
BORDEN PROCESSING THROUGH KIDD 26
Slide 27: Kidd Met Site – Conceptual Plan
KIDD MET SITE – CONCEPTUAL PLAN 27
Slide 28: Kidd Met Site – Location vs Pamour/HP/TVZ
KIDD MET SITE – LOCATION VS PAMOUR/HP/TVZ 28
Slide 29: Dome Mill – Flowsheet – 12,000 tpd
DOME MILL – FLOWSHEET – 12,000 TPD Ore Feed Ore Bin Secondary & 4 1 2 3 Screen House Tertiary Crushers Primary Conveyor Crusher ~2 KM Apron Feeders 2 Ore Bin 1 Thickener 5 A B Gold in Rod Mill 7 Leaching Solution 6 8 Gold in Carbon 3 Carbon in Pulp Ball Mill 4 9 Wash for Elution Carbon Gravity 6 5 1
Slide 30: Future Milling Potential
FUTURE MILLING POTENTIAL Addition of Kidd Met Site creates opportunity for significant new milling capacity Dome Mill Targeting 15,000 tpd from Dome Mine Required: Primary crushing at mine sites Truck dump Coarse ore bin feeding secondary crusher Larger motor for B rod mill Switch current leach tank
Slide 31: Kidd Creek Mine
KIDD CREEK MINE World’s deepest base metals mine Target production (June 1 – Dec. 31, 2026): 10 – 15 KT Zinc, 5 – 7 KT Cu, ~0.4 Moz Ag 31
Slide 32: Near-Term Catalysts
NEAR-TERM CATALYSTS1 Exploration Studies Cordero Targeting 280k metres of drilling Completing studies to evaluate Update capital and costs included in in 2026 for: and advance: February 2024 Feasibility Study: • Resource conversion and expansion • Resuming mining at Dome • Some increase anticipated
Slide 33: Exploration – Continued Outstanding Results
EXPLORATION – CONTINUED OUTSTANDING RESULTS Excellent results from resource conversion & extensive drilling at all operations New targets near current operations • Owl Creek & 750 Zone (Hoyle Pond) • East Lower Zone (Borden) • North Contact Zone (Pamour) Dome: Confirmation of historic drilling, new
Slide 34: Hoyle Pond – S Zone Deep
ae HOYLE POND - S ZONE DEEP 1860mL Exploration Drift 1900mL Bottom Limit of Mining 2020mL © Holes Lower grade Assays 2050mL 2200mL 2350mL a azzechM 27677M 13.52gpt/ 9.1m 27712 16.70gpt / 0.6m 277138 5.69gpt / 8.5m. 48.77gpt/ 4.1m Incl. 20.40gpt/0.5m Incl. 133.00gpt/0.6m. 45.70gpt/0.5m 2500mL Plunge
Slide 35: TVZ
LEGEND Existing Infrastructure — TVZDevelopment Current TVZ Drilling Planned Drilling oO TVZ1 Target Model Splay Vein Target Models DISCOVERY TVZ Zone View to the South DISCOVERY 35
Slide 36: TVZ
DISCOVERY 27886 72.A6gpt/ 3.8m (incl 770.0gpt / 0.3m) 3.27gpt/13.8m (incl 5.24gpt / 5.0m) 3.18gpt/ 9.0m (incl §.50gpt / 3.2m) 27885 27.91gpt /0.9m 6.77¢pt/ 6.8m, 27847 27884 38.30gpt 0.3m 6.sgpts1.2m 27854 4.78gpt/2.2m ‘4.10gpt/ 30.1 4.32gpt /19.0m (incl 7.32gpt/ 6.0m) {Inct5.60gpt /3.5m & 5.37gpt/
Slide 37: Owl Creek
ae OWL CREEK DISCOVERY 499900 soz 490500 «90760 Owl Creek Fault. -~ = x ° 1 0026-030 0626-0298 2.42gpt /1.8m 4.11 gpt /30.0m 4.59gpt /3.3m {incl 9.04gpt /3.0m& | (Partial results) | 9626-0378 7.17gpt/3.0m & OGiE Olan 4.13gpt/13.8m 5.24gpt/10.1m) 5.82got /1.0m (inct 7.53gpt/ 7.0m) 1.84gpt /11.2m (inc
Slide 38: Borden
ae BORDEN DISCOVERY t | Ramp Portal Ni } East Lower Zone (ELZ) 225m strike lengthy: (585 Level) BL10-01098W (2019) 3.10gpt/ 5.7m (1530m depth from surface) Current Dritting 300m strike length (685 Level) stunge 30 ‘amet 009 © 500 1090 "800 LEGEND — Conversion Drilling — Expansion Drilling %* Complet
Slide 39: Pamour
——_— PAMOUR DISCOVERY Histor bane stereo Tet Holes | ati soo | asi os Diabase fl Timiskaming Metaconglomerates| IH Triskoming Metoseeiments Porcine Metasedinerts HB Nate uetavicanice Unramti Metavoleanie LEGEND ori Hole Trace and Collar —oPreviously Reported Dri Hole |= Assay Intercept [git / mi] Hi
Slide 40: Dome
DISCOVERY Dom25-037 DoM25-032 5) 00m26-002 1.13gpt/ 29.7m 62gpt/27.5m 0.73gpt/15.2m 0.46gpt / 6.4m. DoM26-003 1.19gpt/28.9m DOM26-004 3.16gpt/15.0m_ Secondary 4 & Tertiary As 4,20gpt/ 3.0m. Crushers ° 4.01gpt/20.0m. Dom25-033 aaa 0.75¢pt /20.7m Existing - ie . GH 0.7220 /6.7m Process = ‘ P pores em
Slide 41: Targeting Substantial Value Creation
TARGETING SUBSTANTIAL VALUE CREATION Opportunity for transformative growth at existing assets 2025 Production Future Opportunity2 234 koz Gold1 >500 koz/yr Gold Low AISC Critical minerals 3 operating mines Bottom half of (Zn, Cu, Pb) at Porcupine 14 Moz/yr Silver3 global cost curve Invest capital to
Slide 42: Discovery Silver Corp. Contact Details
TSX:DSV OTCQX:DSVSF DISCOVERY SILVER CORP. Head Office #2410, 79 Wellington St W Toronto, ON, Canada M5K 1E7 Email [email protected] Phone 416 613-9410 DISCOVERY PORCUPINE 4315 Gold Mine Road South Porcupine, ON, Canada P0N 1H0 Email [email protected] Phone 1 844 302-8648 DISCOVE
Slide 43: Porcupine – Mineral Resources
PORCUPINE – MINERAL RESOURCES Mineral Resources Tonnes Gold Grade Contained Ounces Notes: 1. Mineral Resources are reported insitu, using the 2014 CIM Definition Standards. Mineral Resources (kt) (g/t Au) (koz Au) that are not Mineral Reserves do not have demonstrated economic viability. 2. Mineral
Slide 44: Cordero – Mineral Resources
CORDERO – MINERAL RESOURCES GRADE CONTAINED METAL TONNES MATERIAL CLASS Ag Au Pb Zn AgEq Ag Au Pb Zn AgEq (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (koz) (Mlb) (Mlb) (Moz) Measured 29 29 0.07 0.23 0.27 49 27 67 148 171 45 Indicated 37 24 0.06 0.25 0.29 44 28 74 207 241 53 OXIDE M&I 66 26 0.07 0.24 0.28 4
Slide 45: Cordero – Mineral Reserves
CORDERO – MINERAL RESERVES Grade Contained Metal Tonnes Material Class Ag Au Pb Zn Ag Au Pb Zn (Mt) (g/t) (g/t) (%) (%) (Moz) (Moz) (Blb) (Blb) Proven 10 46 0.08 0.35 0.38 15 0.03 0.08 0.09 Oxide Probable 10 40 0.09 0.40 0.42 13 0.03 0.09 0.09 Total P&P 20 43 0.08 0.37 0.40 28 0.05 0.17 0.18 Proven