Zacatecas Silver Announces 21% Increase in High-Grade Heap-Leach Updated Gold Mineral Resource at the Esperanza Gold Project to 1.15 Moz AuEq from 45.4 Mt at 0.79 g/t – Grades Above Global Heap-Leach Average & Highest Grades at Surface

Resource growth is real, but economic upside remains unproven and years away.

Risk flags

• ●Operational risk is high: The project is still at the resource definition stage, with no completed PEA, feasibility study, or construction decision. This means there is no visibility on whether the project can be built or operated profitably.
• ●Financial risk is significant: There is no disclosure of capital requirements, funding sources, or project economics. Investors face the risk that future studies could reveal high costs or marginal economics, requiring substantial equity dilution or debt.
• ●Disclosure risk is present: While the resource data is detailed, the company omits any discussion of project timelines, permitting, or financing, leaving investors in the dark about key development hurdles.
• ●Pattern-based risk: The announcement follows a classic junior mining playbook—emphasize resource growth, hint at low-cost development, but defer hard questions about execution. This pattern often precedes long periods of inactivity or disappointing economic studies.
• ●Timeline/execution risk: The majority of the company's claims are forward-looking, with value realization dependent on successful completion of multiple future milestones (PEA, permitting, financing, construction). Each step introduces new risks and potential delays.
• ●Geographic risk: The project is located in Mexico, which can present permitting, social, and security challenges that are not addressed in the announcement. Investors should be aware that jurisdictional risk is material in this region.
• ●Resource conversion risk: The company claims that Inferred resources could be upgraded with further drilling, but there is no guarantee that future work will confirm grade, continuity, or economic viability.
• ●Management risk: While the CEO and Chief Geologist are named, there is no mention of outside institutional investors or strategic partners, which may signal limited external validation or support at this stage.

Bottom line

For investors, this announcement means that Zacatecas Silver Corp. has materially increased the size and grade of its resource base at the Esperanza Gold Project, which is a necessary but not sufficient step toward value creation. The resource growth is real and well-supported by the disclosed drill data and grade breakdowns, but the leap from resource to economic project remains entirely unproven. There are no cost estimates, no project economics, and no timeline to production—only the initiation of a PEA, which is itself a preliminary and non-binding study. The absence of institutional investors or strategic partners in the announcement suggests that external validation is still lacking. To change this assessment, the company would need to deliver a completed PEA or feasibility study with robust economic metrics (NPV, IRR, capex, opex), clear timelines, and evidence of financing or permitting progress. Investors should watch for the results of the PEA, any updates on permitting or financing, and whether the company can attract credible partners or investors. At this stage, the signal is worth monitoring but not acting on: the resource growth is a positive data point, but the investment case is still speculative and long-dated. The single most important takeaway is that while the resource update is a real achievement, the path to monetization is unproven and will require multiple years and successful execution of several high-risk milestones.

Announcement summary

(TSXV: ZAC | OTCQB: ZCTSF) Zacatecas Silver Corp. announced an increase in the updated Mineral Resource Estimate at the Esperanza Gold Project, effective April 6, 2026. The updated Pit-Constrained Measured & Indicated Mineral Resource is 45.4 Mt @ 0.79 g/t AuEq (0.76 g/t gold and 8.5 g/t silver) for 1.15 Moz AuEq (1.11 million ounces gold and 12.37 million ounces silver), representing a 21% increase in M&I AuEq ounces and a 49% increase in M&I tonnes versus the December 2022 MRE. The Inferred Mineral Resource is 11.2 Mt @ 0.57 g/t AuEq (0.53 g/t gold and 11.2 g/t silver) for 206 koz AuEq (190 thousand ounces gold and 4.02 million ounces silver), with tonnes up 28% versus the prior MRE. The Measured Mineral Resource category is 12.85 Mt @ 0.89 g/t Au, representing the most densely drilled and near-surface material. Metallurgical work supports 75% gold and 25% silver recoveries via heap leach, with a low 0.13 g/t AuEq cut-off. The company projects that the PEA will aim to quantify a low-capex and lower-cost operation, with mineralization remaining open at depth and along strike.

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