Achieved a 52% increase in attributable silver production in 2025, driven by record output at Cosala and successful ramp-up of the EC120 mine.

Transitioned Galena to modern mining methods, moving from zero to nine long-hole stope panels to improve productivity and safety.

Realized the best silver grades at Galena in 20 years by utilizing surgical long-hole stoping, which maintained high grades despite increased mechanization.

Implemented a 200% improvement in mucking operations at Galena, increasing ore movement from 50 to 200 tonnes per shift through remote control technology.

Strategic acquisition of the Crescent Mine and integration into the Galena complex provides a larger, higher-grade resource base for long-term growth.

Established a landmark joint venture for a new antimony facility, positioning the company as a key player in the U.S. critical minerals supply chain.

Negotiated new offtake agreements that allow the company to begin receiving revenue from antimony and copper byproducts as of January 2026.

Projecting a further 30% increase in consolidated silver production for 2026, targeting a range of 3.2 million to 3.6 million ounces.

Guidance assumes a 70-30 split between long-hole stoping and underhand cut-and-fill mining to drive higher productivity and lower medium-term costs.

Planned infrastructure upgrades include a 160% increase in hoisting capacity at Galena's #3 shaft and the commissioning of a new surface paste fill plant in Q4.

Capital allocation of $90 million to $120 million focuses on Crescent development and essential Galena infrastructure to support historical production levels.

Launched the largest exploration program in company history with 64,000 meters planned to follow up on 10 new high-grade vein discoveries.

2026 production cadence includes a planned 12-day shutdown in April for critical shaft upgrades and a significant outage in Q4 for the paste plant tie-in.

The Crescent Mine requires a secondary egress and ramp connection, expected in Q3, before full-scale stoping production can commence.

The company reported a net loss of $87 million in 2025, while simultaneously closing a $133 million financing deal to fund the cash portion of the Crescent acquisition.

Installation of fiber optic communication at Galena is underway to enable real-time remote monitoring and automated dispatch for the first time in the mine's history.

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Galena is expected to produce 2.2 million to 2.6 million ounces, while Cosala will contribute 1.2 million to 1.4 million ounces.

Production will be back-end weighted due to the Q4 commissioning of the paste plant, which reduces stope filling time from 8 days to 36 hours.

Management is conducting an internal study led by the COO to evaluate the resource and potential for high-grade material similar to the Hollister mine.

The company is receiving inbound interest but will not divest the asset prematurely, as it requires higher metal prices to unlock full value.

Management confirmed that narrow-vein long-hole stoping (down to 1 meter) has matched the dilution levels of conventional mining while increasing speed.

Recent drilling at the 34 and 149 veins has identified high-grade intercepts that are expected to support grade increases in future resource updates.

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