Barrick Gold (GOLD), but as an early-stage explorer focused on gold and silver in Peru.

A junior Newmont (NEM), concentrating on gold and silver discoveries in Peru.

• Mineral Property Acquisition: Acquiring and securing rights to promising mineral properties in Peru.
• Mineral Exploration: Conducting geological surveys and drilling to identify and define gold and silver deposits.
• Mineral Property Evaluation: Assessing the economic potential and feasibility of discovered mineral deposits.

Highlander Silver Corp. (HSLV) is engaged in the acquisition, exploration, and evaluation of mineral properties for gold and silver deposits. As an exploration and evaluation company, it is in the early stages of the mining lifecycle and is not currently producing or selling gold or silver. Therefore, Highlander Silver Corp. does not have major customers in the traditional sense, as it is not yet generating revenue from the sale of minerals.

Daniel Earle, President, CEO & Director

Daniel Earle has over 20 years of experience in the mining sector and capital markets. He most recently served as the President and CEO of Solaris Resources, where he led a team credited with revitalizing a dormant copper discovery in Ecuador and growing it ten-fold. Prior to joining Solaris in 2019, Mr. Earle was a Vice President and Director at TD Securities, covering the mining sector for more than 12 years.

Sunny Lowe, Chief Financial Officer

Sunny Lowe has over 25 years of experience in capital markets, finance, and international accounting, tax, and risk management. She most recently served as the Chief Financial Officer of Solaris Resources. Prior to joining Solaris in 2021, Ms. Lowe was Chief Financial Officer for a South American gold exploration and development company, where she was instrumental in its acquisition by an intermediate gold producer. She also previously served as Vice President, Finance, and Vice President, Internal Audit & Enterprise Risk Management for Kinross Gold.

Sergio Gelcich, Vice President Exploration

Dr. Sergio Gelcich has over 25 years of experience leading the geological and technical aspects of exploration projects globally. He most recently served as the Vice President of Exploration for Cerrado Gold and Ascendant Resources, where he was responsible for overseeing exploratory and Mineral Resource aspects in South America and played a key role in expanding a polymetallic deposit in Portugal. Prior to this, Dr. Gelcich was the Director of Exploration for Hudbay Minerals.

Arun Lamba, Vice President Corporate Development

Arun Lamba has over 15 years of experience in financial services and capital markets covering the mining sector. He most recently served as Vice President Corporate Development for Solaris Resources. Prior to joining Solaris in 2024, Mr. Lamba was a Senior Mining Analyst at TD Cowen, a North American investment bank.

Purni Parikh, Senior Vice President Corporate Affairs

Purni Parikh has over 25 years of public company experience in the mining sector, including corporate affairs and finance, legal and regulatory administration, and governance. She is President of the Augusta Group of Companies and Senior Vice President, Corporate Affairs of its member companies. Ms. Parikh is credited with seeing through various M&A transactions in the Augusta Group, including the acquisitions of Arizona Mining Inc.

The key risks to Highlander Silver Corp. (HSLV) are primarily associated with its status as a pre-revenue exploration company, the inherent uncertainties of mineral exploration and development, and the political and regulatory environment in Peru where its projects are located.

1. Pre-Revenue Status and Funding/Dilution Risk: Highlander Silver is an exploration and development company that consistently reports no operational revenue. This means the company is not cash flow generative and relies on external financing to fund its operations and exploration programs. Consequently, there is a significant risk of future capital raises which could lead to substantial shareholder dilution, a factor that has already impacted the company with a notable increase in shares outstanding.
2. Exploration and Development Uncertainty: As a mineral exploration company, Highlander Silver faces inherent uncertainties regarding the actual results of its exploration activities and the eventual delineation of mineral resources. The success of its business is highly dependent on successful exploration and resource expansion at its San Luis and La Estrella projects. There is no guarantee that exploration efforts will lead to the discovery of economically viable deposits.
3. Political and Regulatory Risks in Peru: Highlander Silver's mineral properties and operations are predominantly located in Peru. This exposes the company to risks associated with the country's political environment, potential regulatory changes, and permitting uncertainties. Delays in obtaining governmental or other necessary approvals, as well as the crucial need to maintain a positive "social license" with local communities, given that its San Luis project occupies community land, are significant concerns.

Highlander Silver Corp. engages in the acquisition, exploration, and evaluation of mineral properties, primarily focusing on gold and silver deposits in Peru. Therefore, the addressable markets for their main products are the gold and silver markets.

Gold Market

• Peru: The gold mining market in Peru generated a revenue of USD 22.4 billion in 2025 and is expected to reach USD 34.1 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.23% from 2026 to 2033.
• Global: The global gold precious metal market size was valued at approximately USD 354.004 billion in 2024 and is estimated to grow at a CAGR of 8.9% from 2024 to 2030, projected to reach USD 594.021 billion by 2030. Some reports indicate the global gold market is valued at approximately USD 2.5 trillion, with the total financial physical gold market valued at approximately US$14 trillion.

Silver Market

• Peru: In 2025, Peru exported approximately USD 359 million of silver. Peru's silver production reached about 3,600 tons in 2025, accounting for approximately 13.6% of global silver mine output.
• Global: The global silver market size was valued at USD 95.71 billion in 2025 and is projected to grow from USD 105.15 billion in 2026 to USD 223.11 billion by 2034, at a CAGR of 9.86% during the forecast period.

Highlander Silver Corp. (HSLV) is poised for future revenue growth over the next 2-3 years, primarily driven by its expanded portfolio, which now includes an operating mine and advanced-stage development projects, alongside ongoing exploration success.

Here are 3-5 expected drivers of future revenue growth:

1. Increased Production and Optimization at the Mercedes Gold-Silver Mine: Following the acquisition of Bear Creek Mining in February 2026, Highlander Silver now operates the Mercedes gold-silver mine in Mexico. The company anticipates the Mercedes mine will contribute positively to cash flow, with expectations for significant improvements in worker safety, production, and operating costs in the coming years. Planned initiatives, such as infill and definition drilling, accelerated mine development, and upgrades to critical infrastructure, are aimed at enhancing the mine's performance and thus increasing revenue generation.
2. Advancement and Eventual Production from the Corani Silver Project: The Corani silver project in Peru is described as the largest fully permitted silver deposit globally in development. Highlander Silver is actively engaged in site development, including construction of camp facilities, preliminary earthworks, road development, and substation construction. The company expects the transmission line to commence in August 2026 and plans to complete an updated Feasibility Study based on a staged-development approach by the end of Q3 2026. These advancements position Corani to become a significant revenue generator once it transitions into production.
3. Successful Exploration and Resource Delineation at the San Luis Gold-Silver Project: Highlander Silver continues to advance its bonanza-grade San Luis gold-silver project in Central Peru, which is recognized among the top 10 highest-grade projects globally for both gold and silver. The company initiated its 2024 exploration program at San Luis and has reported exceptional assay results from drilling at the Bonita vein system within the project, including high gold and silver grades. Continued exploration success, leading to increased resource estimates and further de-risking of the project, enhances the long-term potential for future production and revenue.
4. Favorable Precious Metals Prices: As a company focused on gold and silver assets, Highlander Silver's revenue growth is highly sensitive to the market prices of these commodities. The company's CEO noted in November 2025 that the silver cycle remains in its early stages, with expectations for silver to outperform as global growth accelerates. Sustained or increasing prices for gold and silver would directly boost revenue from the operating Mercedes mine and improve the economic viability and attractiveness of developing the Corani and San Luis projects.

Share Issuance

• Highlander Silver issued approximately CAD 80.4 million in common stock for the fiscal year ended September 30, 2025.
• The company issued approximately CAD 9.1 million in common stock for the fiscal year ended September 30, 2024.
• Highlander Silver received CAD 32.2 million in funding on March 11, 2025, through the issuance of 23,000,000 common shares at CAD 1.40 per share.

Outbound Investments

• Highlander Silver completed the acquisition of 100% of the shares of Reliant (San Luis gold-silver project) for approximately CAD 10.6 million during the fiscal year ended September 30, 2024.
• The company completed the acquisition of Bear Creek Mining Corporation for approximately CAD 130 million in February 2026, significantly expanding its portfolio to include the Corani project in Peru and the Mercedes mine in Mexico.

Capital Expenditures

• The carrying amount of the company's Mineral Properties was CAD 12,125,552 as of September 30, 2024.
• Highlander Silver's exploration expenses increased to CAD 4,630,199 for the nine months ended June 30, 2025, primarily due to increased exploration activities, including drilling, at the San Luis Project.
• The company commenced infrastructure programs in May 2025 to support drilling at the San Luis Project and began its maiden drilling program in June 2025. Drilling also commenced at the Corani Silver Project in April 2026, with substation and access road construction underway.