Could you please briefly introduce yourself and AbraSilver?

I have over 20 years of experience in the mining industry, with a career focused on capital markets and the finance side of the business. Throughout my career I’ve worked at Barrick Gold, Lundin Mining and AuRico Metals. From there, I joined as CEO of Aethon Minerals, alongside our Chief Geologist, David O’Connor. During that time, we were evaluating acquisitions and came across the Diablillos project in Salta, then held by AbraPlata. After detailed due diligence, we pursued a merger, which closed in December 2019, forming AbraSilver. From there, we immediately began drilling at Diablillos and have made excellent progress.

Through consistent drilling and resource updates, we have grown the resource to approximately 350 million oz AgEq as of July 2025. That includes about 200 million oz Ag and 1.7 million oz Au. Importantly, we have achieved this at an industry-leading discovery cost of just US$0.11/oz AgEq, added to the measured and indicated category. Each year, we have drilled, announced results, and updated the resource—and we are still drilling now as part of a 20,000-meter Phase 5 program. The project has grown substantially, and exploration success continues to be a strong driver for us.

Could you describe the pre-feasibility study and your next steps toward feasibility?

In December 2024, we published an updated pre-feasibility study using conservative metal prices of US$25.50/oz Ag and US$2,050/oz Au. Even with those assumptions, the project demonstrated a US$747 million after-tax NPV, an approximate 30% after-tax internal rate of return, and a two-year payback period. Now, with the updated resource estimate, we are incorporating new mine plans and updated capital and operating costs as we advance toward a feasibility study, expected in early 2026. We anticipate the economics will improve compared to the pre-feasibility results.

You also have the La Coipita project in San Juan. Could you tell us about that?

La Coipita is an early-stage copper-gold project in San Juan Province. We consolidated over 70,000 hectares of concessions and later partnered with Teck, one of the world’s largest base metals companies. Teck can earn up to an 80% interest in the project if it spends more than US$20 million on exploration and makes certain payments. They are actively drilling and exploring now, targeting a significant copper-gold porphyry discovery. 

Where do things stand with permitting at Diablillos?

We submitted our Environmental Impact Assessment (EIA) in September 2024. Since then, we have maintained constructive dialogue with provincial authorities and held regular community consultations. We expect EIA approval before the end of 2025.

Salta is very supportive of mining. Diablillos is located in the Puna, a high-altitude desert region where other industries such as agriculture or tourism are not prevalent. Mining is the main economic activity, and many community members are directly or indirectly employed in the sector. We have excellent relationships with local stakeholders and government officials, and mining is broadly accepted in the region, which has made community engagement positive and supportive.

How vital has infrastructure been, and what role has Central Puerto played in this regard?

Infrastructure in the area is excellent. We have year-round road access from the city of Salta  to our site and have already secured easements regarding water rights. The final piece is grid power. Central Puerto, our largest shareholder, is planning to extend grid power to our region, which will also benefit nearby lithium projects. 

What is your outlook for the silver and gold market?

The fundamentals for silver and gold remain strong. The scarcity of high-quality primary silver projects makes Diablillos particularly attractive. This is reflected in our share price, which is approaching all-time highs. For AbraSilver, the market backdrop supports financing, investment, and growing shareholder interest.

A recent, C$43.4 million bought deal life private placement we announced underscores this growing interest. We intend to use the net proceeds from the offering to fund early development expenditures, including infrastructure, engineering and exploration programs, supporting Diablillos’ advancement.

What role will the RIGI program play for AbraSilver?

RIGI is very important. It provides a 30-year stability agreement, reducing the corporate tax rate from 35% to 25%, eliminating export duties, and removing foreign exchange restrictions. For a project of our scale, those benefits are worth hundreds of millions of dollars. We plan to apply before the end of 2025, with approval expected in early 2026. Having that certainty will allow us to advance the project without concern over policy changes.