Company on track to achieve full-year 2026 guidance of 260,000 – 300,000 ounces

Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) announced that the Company’s Porcupine operations produced 60,269 ounces of gold in the first quarter of 2026. The Company remains on track for total gold production in 2026 of 260,000 – 300,000 ounces. As previously reported, quarterly gold production in 2026 is expected to increase as the year progresses reflecting the ramp up of mill throughput and production at the Hollinger open pit, as well as the favourable impact of investments to optimize the Company’s current mining operations. All dollar amounts are in US dollars, unless otherwise noted.

Q1 2026 Key Highlights

• Gold production of 60,269 ounces, resulting from 700,000 tonnes processed at an average grade of 2.96 grams per tonne and average recoveries of 90.6%
• Gold sold of 59,445 ounces¹ at an average realized gold price of $4,908 per ounce sold²
• Announced the acquisition of Glencore’s Kidd operations in Timmins, including the Kidd Metallurgical Site and tailings management area and the Kidd Creek Mine, adding valuable processing, tailings and other infrastructure, cost synergies, exposure to critical minerals and significant exploration upside³
• Released excellent exploration results from resource conversion and expansion drilling at all Porcupine Operations, from district drilling at Owl Creek and the Broulan Pit, as well as from initial drilling at Dome and TVZ⁴

Tony Makuch, Discovery’s President and CEO, commented: “We are off to a solid start in 2026, highlighted by a 44% increase in production at Hoyle Pond compared to last quarter, driven by a significant increase in the average grade. This increase was offset by the impact of lower planned grades at Borden, largely due to mine sequencing, and reduced processing from stockpiles. At Dome Mill, the average grade increased 15%, average recoveries were higher, and we continued to improve the mill’s operating capabilities, while at the same time managing reduced availability rates in our primary and secondary crushing circuits, which we are working towards replacing. During the quarter, daily throughput exceeded 11,000 tonnes per day on 26 days, including 10 days when the mill achieved the operating capacity of over 12,000 tonnes per day. We had stockpiles totaling approximately 1.3 million tonnes at quarter end, which will assist us in managing throughput levels and grades over the balance of the year. Also in Q1 2026, we completed the required work to resume mining operations at the Hollinger open pit and ended the quarter with the mining rate exceeding 2,000 tpd. Gold production at Hollinger will ramp up over the next few months. Looking ahead, we expect quarterly production levels to increase and remain well positioned to achieve our full-year 2026 production guidance of 260,000 to 300,000 ounces.”

“Turning to other key developments, we announced the acquisition of Glencore’s Kidd Operations in early March. The addition of these assets will deliver many benefits to Discovery, including providing opportunities to significantly increase processing and tailings capacity and add extremely valuable infrastructure that can facilitate the development of TVZ and support the future expansion of Hoyle Pond and Pamour. In addition, we will gain important cost synergies and tremendous exploration upside on a very large and highly prospective parcel of land. Adding Kidd also provides access to a highly-skilled workforce that we plan to utilize as we move our growth plans forward.

“Finally, we continued to achieve excellent exploration results during Q1 2026 from all our Porcupine Operations. Resource conversion and expansion drilling at Hoyle Pond, Borden and Pamour continued to highlight the potential that exists to extend mineralization and grow resources at all three operations. In addition, we achieved excellent results at district targets such as Owl Creek, near Hoyle Pond, and the Broulan Pit, 1.5 km from Pamour. Initial drill results from TVZ and Dome were also very encouraging, with our first hole at TVZ intersecting a wide, high-grade zone of mineralization, and results at Dome including multiple significant intercepts from both within and surrounding the current pit resource.”

Discovery also announced today that due to personal commitments, Jeffrey Parr, Director, will not be standing for re-election to the Board at the Company’s Annual and Special Meeting of Shareholders, to be held on June 22, 2026. Mr. Parr has served as a Director of the Company since 2017 and has been an integral member of the board, both in his capacity as the Chair of the Audit Committee and in his ability to assist the Company through its period of rapid growth and transformation. The Board and management would like to express their gratitude to Mr. Parr for his invaluable contributions to the Company and wish him ongoing success in the future. Following the AGM, Mr. Hodgkinson will be appointed as Chair of the Audit Committee.

1. Includes 2,518 “in kind” ounces related to royalty arrangements with Franco-Nevada Corporation.
2. Non-GAAP Measure. See section in this press release entitled “Non-GAAP Measures” for more information.
3. See press release dated March 2, 2026.
4. See press release dated February 10, 2026.

ABOUT DISCOVERY

Discovery is a growing precious metals company that is creating value for stakeholders through exposure to both gold and silver. The Company’s silver exposure comes from its first asset, the 100%-owned Cordero project, one of the world’s largest undeveloped silver deposits, which is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. On April 15, 2025, Discovery completed the acquisition of the Porcupine Complex, transforming the Company into a new Canadian gold producer with multiple operations in one of the world’s most renowned gold camps in and near Timmins, Ontario. Discovery owns a dominant land position within the camp, with a large base of Mineral Resources remaining and substantial growth and exploration upside.