Discovery Reports Record Gold Production & Sales, Solid Earnings, Strong Cash Generation in Q3 2026

(TSX:DSV, OTCQX:DSVSF) Discovery Mining Ltd. reported its financial and operating results for Q3 2026 and the first nine months of 2026, including the first full quarter of results from the Kidd Operations acquired on June 1, 2026. Cash at September 30, 2026, increased 24% to $450.7 million. The company generated over $200 million of operating cash flow and $87 million of free cash flow in Q3 2026, while investing close to $120 million in capital expenditures. Q3 2026 revenue was $371.4 million, with $299.1 million from gold sales at Porcupine Operations and the remainder from Kidd Operations concentrate sales. Net earnings for Q3 2026 were $58.4 million ($0.07 per basic share), compared to $42.4 million ($0.05 per basic share) in Q3 2025 and $52.1 million ($0.06 per basic share) in the previous quarter. Adjusted net earnings for Q3 2026 were $83.0 million ($0.10 per basic share), versus $61.1 million ($0.08 per basic share) in Q3 2025 and $92.3 million ($0.11 per basic share) in the previous quarter. EBITDA for Q3 2026 was $181.4 million, up 49% from $122.1 million in Q3 2025 and 7% higher than $170 million in the previous quarter. Gold production in Q3 2026 reached a record 70,564 ounces, a 12% increase from Q3 2025, and gold sold was 71,200 ounces. The average realized gold price was $4,283 per ounce sold, with gold operating cash costs at $1,470 per ounce sold and gold AISC at $2,293 per ounce sold. Capital expenditures in Q3 2026 totaled $139.1 million, including $42.0 million in sustaining capital and $97.1 million in growth capital. Net cash from operating activities in Q3 2026 was $203.3 million, and free cash flow was $86.9 million. Working capital at September 30, 2026, was $265.0 million. For the first nine months of 2026, gold production totaled 198,142 ounces, gold sales were 196,714 ounces, and revenue was $975.5 million. YTD 2026 net earnings were $192.3 million ($0.24 per basic share), and adjusted net earnings were $258.1 million ($0.32 per basic share). YTD 2026 EBITDA was $529.3 million, and net cash from operating activities was $320.2 million. Total capital expenditures for YTD 2026 were $295.4 million, with $99.0 million in sustaining capital and $196.4 million in growth capital. The company obtained the Change of Land Use permit for the Cordero project in Mexico on September 28, 2026, and received approval of the Environmental Impact Assessment on October 5, 2026, completing the Federal environmental permitting process for Cordero. Discovery Mining Ltd. now has 100% ownership of the Paymaster property in Ontario following the acquisition of mineral properties from McEwen Inc. in October 2026. The company is updating the 2024 feasibility study capital and cost estimates for Cordero, with an update expected in the coming months. An updated technical report for Porcupine is on track for early 2027.

Discovery Announces Details of Third Quarter 2026 Results Conference Call and Webcast

(TSX:DSV, OTCQX:DSVSF) Discovery Mining Ltd. announced it will release its financial and operating results for the third quarter of 2026 prior to the market open on Tuesday, November 10, 2026, Eastern Time. The company will host a conference call to review the results at 11:00 am ET on the same day. The call can be accessed via Canada Local at +1 365-657-4084, Canada Toll-Free at +1 833 769 6440, and USA Toll-Free at +1 833 461 5787. Additional international dial-in numbers are available at the provided Q4 Inc. link. The webcast will be available live and as a replay at https://events.q4inc.com/attendee/962148934. Discovery Mining Ltd. is a precious metals company focused on gold, silver, and other critical minerals. The company is advancing plans to more than double annual gold production through investment in its Porcupine assets. These assets include multiple operations, growth projects, and exploration opportunities in and near Timmins, Ontario. In June 2026, Discovery acquired the Kidd Operations, which increased its land position in the camp and provided infrastructure to support its gold business. The Kidd acquisition also added critical minerals to Discovery's production profile. Discovery's silver exposure is primarily from the 100%-owned Cordero project, described as one of the world's largest undeveloped silver deposits. The Cordero project is located in Chihuahua State, Mexico, close to infrastructure in a prolific mining belt. Tony Makuch, P. Eng, serves as President, CEO & Chairman of Discovery Mining Ltd. The company states that its Porcupine assets and the Kidd Operations are key to its growth strategy. The Cordero project is highlighted as a significant silver asset for the company. The company emphasizes its presence in renowned gold camps and its focus on stakeholder value creation.

Drilling at Dome Continues to Confirm Large-Scale, Open-Pit Potential; New, High-Grade Intersections Extend Mineralization 600 Metres to South

(TSX:DSV, OTCQX:DSVSF) Discovery Mining Ltd. reported results from ongoing exploration at its advanced stage growth project at Dome. The company disclosed assays from a combined total of 36 holes, totaling 16,365.4 meters, which continued to expand mineralization and showed strong correlation of widths and grades to previous drilling. Tony Makuch, President, CEO and Chairman, stated that the high-grade intersections further demonstrate the potential for Dome Mine to resume operations as a large-scale, long-life open-pit mining operation, with new areas of mineralization identified that could expand the open pit and significantly grow the resource base. High-grade intersections were reported up to 600 meters south of the current resource pit, and mineralized zones remain open to the west along the Dome Fault, which extends through the neighbouring Paymaster property. Shallow intersections in new zones were also identified to the north of the main mineralization. The company is re-evaluating future plans for the Dome Mill and considering establishing a large, central milling facility at the Kidd Metallurgical site to process ore from all operations. Work to update the current 11.0 million ounce inferred mineral resource at Dome is progressing and remains on track for release as part of a technical report for the Porcupine operations in early 2027. The 36 holes reported were from two main areas: the north side of the current mineral resource pit and the south side near the former Preston and New York Porcupine properties. Dome has produced 16.7 million ounces of gold from 1910 to 2017. The current open-pit resource extends from surface to a maximum depth of approximately 730 meters, with additional mineralization in multiple zones extending to a further depth of approximately 1,600 meters. The current mineral resource at Dome includes 222.3 million tonnes at an average grade of 1.49 gpt for a total of 11.0 million ounces in the Inferred resource category. The 2026 drilling program aims to complete a new mineral resource estimate for release in early 2027 and to upgrade portions of the resource to the Indicated category, as well as evaluate potential for future underground mining. Drilling on the south side included 22 holes (7,188.0 meters) and on the north side 14 holes (9,177.4 meters). Significant intercepts include: 3.41 gpt over 17.3m, 1.42 gpt over 17.0m, 1.71 gpt over 19.1m, 11.41 gpt over 1.7m, 1.15 gpt over 12.9m, 3.56 gpt over 21.0m, 2.29 gpt over 4.0m, 2.53 gpt over 6.0m, 2310.00 gpt over 1.0m, 2.09 gpt over 9.3m, 3.16 gpt over 3.7m, 6.52 gpt over 4.2m, 2.01 gpt over 14.0m, 195.00 gpt over 0.6m, 46.20 gpt over 1.0m, 0.81 gpt over 14.6m, 1.98 gpt over 18.7m, 11.31 gpt over 6.7m, 214.00 gpt over 0.3m, 6.80 gpt over 5.0m, 3.75 gpt over 5.0m, 56.50 gpt over 1.1m, 3.93 gpt over 5.0m, 1.48 gpt over 22.0m, 1.75 gpt over 14.9m, 1.40 gpt over 7.5m, 4.44 gpt over 3.0m, 11.63 gpt over 9.0m, and 93.40 gpt over 1.0m. The Paymaster #2 and #3 shaft area, recently acquired from McEwen Mining Inc., is located on the Paymaster joint venture property. Drilling at the project is continuing with two drills, and work is ongoing to evaluate additional drill targets to the north, south, and west sides of the pit. The project remains on track for the planned resource update in early 2027. Discovery’s exploration programs at the Porcupine Operations are supervised by Eric Kallio, P.Geo., Executive Vice President, Exploration and Growth; Kara Byrnes, P.Geo., Vice President, Exploration and Geology – Porcupine; and Steve Harding, P.Geo., Senior Geologist – Exploration Growth Projects. The current technical report is titled “Porcupine Complex, Ontario, Canada NI 43-101 Report on Preliminary Assessment” with an effective date of January 13, 2025. Discovery’s silver exposure comes mainly from the 100%-owned Cordero project in Chihuahua State, Mexico.

Discovery Enters into Asset Purchase Agreement to Acquire Certain Timmins Mineral Properties from McEwen Inc.

(TSX:DSV, OTCQX:DSVSF) Discovery Mining Ltd. announced that its wholly owned subsidiary has entered into an asset purchase agreement to acquire certain mineral properties adjacent to the Dome Mine, including the Fuller project, and a 60% interest in the Paymaster Joint Venture from wholly-owned subsidiaries of McEwen Inc. for total consideration of $55 million. The consideration will be paid as $50 million in common shares of Discovery Mining Ltd. and $5 million in cash. The acquired land is intended to provide an ideal location for potential new processing and tailings facilities to support large-scale production from the Dome Mine. The Dome Mine has an 11 million ounce inferred resource, and Discovery is working on plans to resume operations over the next five years using the existing Dome Mill for processing. Longer-term, the company plans to operate the mine at a significantly higher level of production using a new processing facility to be located at the adjacent Purchased Assets. Discovery also entered into a royalty purchase agreement with Franco-Nevada, amending the royalty agreement dated April 15, 2025, to extend Franco-Nevada’s royalty interest to include the Purchased Assets in exchange for $8 million payable to Discovery. The transaction is anticipated to close in October 2026, subject to conditions including the transfer of property and claims, extinguishment of the existing NPI royalty on the Fuller project, and regulatory approvals including approval from the Toronto Stock Exchange for the issuance of common shares as consideration. Discovery’s silver exposure comes mainly from the 100%-owned Cordero project in Chihuahua State, Mexico. The acquisition of the Kidd Operations in June 2026 further increased Discovery’s land position in the Timmins Camp and added critical minerals to its production profile. Tony Makuch is the Chairman, President, CEO & Director of Discovery Mining Ltd. Mark Utting is EVP Investor Relations & Communications.

Discovery Reports New, High-Grade Intersections at Pamour that Further Extend Mineralization Along Strike, to the North, and to Depth

(TSX:DSV, OTCQX:DSVSF) Discovery Mining Ltd. reported results from ongoing exploration at the Pamour Mine in Ontario, Canada, as part of its 255,000–285,000 metre 2026 exploration program. The company released results from 52 holes totaling 16,827.4 metres, confirming and expanding mineral resources in all three phases of the current open-pit mine plan and returning high-grade intersections at multiple targets near the existing resource. The Pamour open-pit resource includes 64.8 million tonnes grading 1.30 gpt (2.70 million ounces) in the Indicated Resource category and 23.3 million tonnes grading 1.34 gpt (1.00 million ounces) in the Inferred Resource category. Drilling focused on four main areas: Pamour Pit (East and West), Pamour West (Broulan #5 Pit), and the North Contact Zone. At the Pamour pit, 24 holes (9,071.7 m) targeted the east and west limits of the current resource, with significant results including 1.80 gpt over 29.0m, 4.58 gpt over 20.7m, and 7.39 gpt over 18.0m in hole PAM26-0297, and 42.37 gpt over 5.1m in PAM26-0263. In the west portion, notable intercepts included 1.79 gpt over 14.5m in PAM26-270A, 3.64 gpt over 9.8m in PAM25-0122, and 40.64 gpt over 5.4m in PAM25-0138. Drilling at Pamour West comprised 18 holes (4,671.7 m), with highlights such as 4.08 gpt over 11.3m in PAM26-0286LR and 5.04 gpt over 10.0m in PAM26-0299. The North Contact Zone was tested with 10 holes (3,084 m), returning results like 1.43 gpt over 23.7m in PAM26-0265 and 4.36 gpt over 6.0m in PAM26-0271. The program, which began in Q2 2025, aims to convert and extend resources for an updated mineral resource estimate in early 2027. The Pamour Mine is located approximately 20 km east of Timmins, Ontario, on the north side of the Destor Porcupine Fault Zone. The company’s exploration programs are supervised by Eric Kallio, P.Geo., Executive Vice President, Exploration and Growth; Kara Byrnes, P.Geo., Vice President, Exploration and Geology – Porcupine; and Kristie Rioux, P.Geo., Senior Geologist. Discovery follows a QA/QC program with core logged and sampled at the Dome mine site, and samples analyzed by Activation Laboratories, which is accredited by the Standards Council of Canada. The company refers readers to its current technical report, "Porcupine Complex, Ontario, Canada NI 43-101 Report on Preliminary Assessment," effective January 13, 2025, available on SEDAR+.

Discovery Announces Continued Exploration Success at Borden, Extends Main Zone Over Half a Kilometre

(TSX: DSV, OTCQX: DSVSF) Discovery Mining Ltd. reported results from ongoing exploration at the Company’s Borden Mine, as part of the Company’s 255,000 – 285,000 m 2026 exploration program. The results include 21 holes (7,036 m) and continued to confirm and expand mineral resources and also significantly extended mineralization in the Main Zone, the primary source of current production at the Borden operation.

Discovery Announces Increase and Extension of Revolving Credit Facility

(TSX: DSV, OTCQX: DSVSF) Discovery Mining Ltd. announced an amendment to its senior secured revolving credit facility, increasing total commitments to $400 million from $250 million. The maturity date of the Credit Facility has been extended to July 30, 2030 from September 15, 2028, and the $100 million accordion feature remains unchanged. The applicable interest rate is now set at the Secured Overnight Financing Rate (Term SOFR) plus a credit spread adjustment of 0.10% per annum, with an applicable margin ranging from 1.875% to 3.00% per annum, based on the Company’s total net leverage ratio. Standby fees for the undrawn portion of the Credit Facility have been reduced to a range of 0.422% to 0.675% per annum, compared to 0.563% to 0.788% per annum previously. The amended Facility increases the maximum total net leverage ratio covenant and removes the minimum liquidity covenant. Discovery Mining Ltd. acquired the Kidd Operations in June 2026, further increasing its land position and infrastructure in Timmins, Ontario, and its silver exposure comes mainly from the 100%-owned Cordero project in Chihuahua State, Mexico. The company projects more than doubling gold production at its Porcupine assets to over half a million ounces per year and plans to invest in expanding the Kidd Metallurgical Site to process multiple metals.

Discovery Announces Details of Second Quarter 2026 Results Conference Call and Webcast

(TSX: DSV, OTCQX: DSVSF) Discovery Mining Ltd. announced that the Company will release its financial and operating results for the second quarter of 2026 prior to the market open on Thursday, August 13, 2026, Eastern Time. The Company will host a conference call to review the results at 10:00 am ET the same day, with dial-in numbers provided for Canada and the USA. Discovery Mining Ltd. is advancing plans to more than double annual gold production through investment in the Company’s Porcupine assets, which include multiple operations and growth projects in and near Timmins, Ontario. In June 2026, Discovery acquired the Kidd Operations, increasing its land position and adding critical minerals to its production profile. Discovery’s silver exposure comes mainly from the 100%-owned Cordero project, located in Chihuahua State, Mexico, which is described as one of the world’s largest undeveloped silver deposits. The company projects more than doubling annual gold production through these investments. The Kidd Operations acquisition in June 2026 provided valuable infrastructure to support the Company’s growing gold business.

Discovery Announces Management Changes

(TSX: DSV) Discovery Silver Corp. announced the closing of its acquisition of Glencore Canada Corporation’s Kidd Operations and several management appointments. The company appointed Dawid Myburgh as Senior Vice President, Timmins Operations; Harold Bird as Vice President, Mineral Processing; and Gertjan Bekkers as Vice President, Technical Services. Dawid Myburgh brings over 25 years of experience and was most recently General Manager of Kidd Operations at Glencore Inc. from 2023 to the present, overseeing the Kidd Creek Mine and the Kidd Metallurgical Site. Harold Bird has nearly twenty years of experience at the Kidd Met Site and was most recently Manager, Concentrator Site Operations, Kidd Met Site, with Glencore Inc. Gertjan Bekkers has over 25 years of experience in mine technical services, most recently as Vice President, Mine Technical Services at Torex Gold Resources, and previously held roles at Newmont’s Porcupine Operations from 2015 to 2021 and Glencore’s Kidd Mine in Timmins. In April 2025, Discovery acquired the Porcupine Complex, transforming the company into a new Canadian gold producer, and in June 2026, the acquisition of the Kidd Operations further increased Discovery’s land position and provided infrastructure to support efforts to more than double annual gold production. The company projects that the Kidd Operations acquisition will support efforts to more than double annual gold production.

Discovery Completes Acquisition of Kidd Operations

(TSX: DSV, OTCQX: DSVSF) Discovery Silver Corp. announced the completion of the acquisition of Glencore Canada Corporation’s 100% interest in the Kidd operations in Timmins, Ontario, with consideration including $10 million paid through the issuance of 1,679,171 Discovery common shares. The Kidd Operations include the Kidd Metallurgical Site, Kidd Creek copper, zinc and silver mine, and the Kidd Creek Timber Ltd. exploration land package. The Kidd Creek Mine has produced over 772 million pounds of copper, 2.1 billion pounds of zinc, and 400 million ounces of silver over the last 60 years, and current production for the remainder of 2026 is estimated at 10 – 15 thousand tonnes of zinc, 5 – 7 thousand tonnes of copper, and approximately 0.4 million ounces of silver. The Kidd Met Site is a large, fully permitted processing facility with four independent processing circuits and an operating capacity of approximately 6,000 tonnes per day, with 90 MW of available power. Additional consideration includes the assumption of all financial assurances and environmental and rehabilitation obligations, offtake arrangements, a 1.0% net smelter return royalty on future mineral production from certain land, and reimbursement of certain costs up to $75 million. The company projects more than doubling gold production in the Timmins Camp to over half a million ounces per year and is evaluating the construction of a new conventional gold circuit at the Kidd Met Site. All regulatory approvals required for the transaction, including those from the Toronto Stock Exchange and under the Competition Act (Canada), have been received.

Discovery Announces Details of First Quarter 2026 Results Conference Call and Webcast

Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) announced it will release its financial and operating results for the first quarter of 2026 prior to the market open on Thursday, May 14, 2026. The company will host a conference call to review the results at 2:00 pm ET on the same day. Discovery is a growing precious metals company with exposure to both gold and silver, owning the 100%-owned Cordero project in Mexico and the recently acquired Porcupine Complex in Ontario. The Porcupine Complex acquisition in April 2025 transformed Discovery into a new Canadian gold producer with multiple operations. The company maintains a dominant land position within the Timmins gold camp, with a large base of Mineral Resources and substantial growth and exploration upside.