VANCOUVER, BC, May 14, 2026 /CNW/ - GoldMining Inc. (TSX: GOLD) (NYSE: GLDG) (the "Company" or "GoldMining") is pleased to announce that shareholder voting at the Company's annual meeting of shareholders (the "Meeting") held on May 14, 2026, has resulted in the election of all of the directors listed as nominees in management's information circular dated March 23, 2026.

A quorum of 27.04% of the votes attached to the outstanding shares of the Company was present in person or by proxy at the Meeting.

Each of the following six nominees proposed by management was elected as a director. The results of such vote were as follows:

In addition, at the Meeting, shareholders approved the appointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants, as the Company's auditor for the ensuing year.

Detailed voting results for the Meeting are available on SEDAR+ at www.sedarplus.ca.

About GoldMining Inc.

The Company is a public mineral exploration company focused on the acquisition and development of gold assets in the Americas. Through its disciplined acquisition strategy, the Company now controls a diversified portfolio of resource-stage gold and gold-copper projects and strategic investments in Canada, U.S.A., Brazil, Colombia, and Peru.

VANCOUVER, BC , May 14, 2026 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) announces that, in connection with the previously announced acquisition by Tincorp Metals Inc. ("Tincorp") (TSXV: TIN) of the Santa Barbara Gold-Copper Project located in southeastern Ecuador (the "Acquisition") disclosed in Tincorp's news release dated February 25, 2026, Silvercorp has acquired beneficial ownership of 15,000,000 Common Shares (as defined below) (the "Consideration Shares") pursuant to a share purchase agreement dated February 24, 2026 among Tincorp, Silvercorp and Silvercorp's wholly-owned subsidiary, Adventus Mining Corporation ("Adventus").

On May 13, 2026, Tincorp announced the issuance of an aggregate of 43,750,000 Common shares (each, a "Common Share") and an aggregate of 21,875,000 Common Share purchase warrants upon conversion (the "Conversion") of the 43,750,000 subscription receipts issued by Tincorp on March 24, 2026.

Prior to the Conversion and the Acquisition, Silvercorp beneficially owned, directly or indirectly, 20,738,699 Common Shares, representing approximately 28.9% of the issued and outstanding Common Shares. Following the Conversion, Silvercorp beneficially owned, directly or indirectly, approximately 17.9% of the issued and outstanding Common Shares.

On May 13, 2026, in connection with the closing of the Acquisition, Tincorp issued the Consideration Shares to Adventus, following which issuance Silvercorp beneficially owned, directly or indirectly, 35,738,699 Common Shares, representing approximately 27.4% of the issued and outstanding Common Shares.

The Consideration Shares were acquired as partial consideration for the Acquisition and for investment purposes. Depending on market and other conditions, Silvercorp may from time to time increase or decrease its direct or indirect beneficial ownership of securities of Tincorp through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise.

Silvercorp will file an early warning report in accordance with applicable Canadian securities laws. The report will be available on the SEDAR+ profile of the Company at www.sedarplus.ca.

About Silvercorp

Silvercorp Metals Inc. is a Canadian mining company producing silver, gold, lead and zinc from the Ying Mining District and the GC Mine in China.  Silvercorp's additional assets include the development-stage Curipamba copper-gold project, containing the El Domo deposit, and the exploration-stage Condor project in Ecuador.

For further information

Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free: 1 (888) 224-1881
Email: investor@silvercorp.ca

Cautionary statement on forward-looking information

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. Such statements include, without limitation, the anticipation that Silvercorp may from time to time increase or decrease its direct or indirect beneficial ownership of securities of Tincorp through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward- looking statements or information, including, but not limited to, risks related to the fact that the Company's management will have broad discretion in determining whether to from time increase or decrease Silvercorp's direct or indirect beneficial ownership of securities of Tincorp through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise; fluctuating commodity prices; recent market events and condition; estimation of mineral resources, mineral reserves and mineralization and metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; climate change; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into existing operations; permits and licences for mining and exploration in China; title to properties; non-controlling interest shareholders; acquisition of commercially mineable mineral rights; financing; competition; operations and political conditions; regulatory environment in China; regulatory environment and political climate in Bolivia and Ecuador; integration and operations of Adventus; environmental risks; natural disasters; dependence on management and key personnel; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; conflicts of interest; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; outcome of current or future litigation or regulatory actions; bringing actions and enforcing judgments under U.S. securities laws; cyber-security risks; public health crises; the Company's investment in New Pacific Metals Corp. and Tincorp; and the other risk factors described in the Company's Annual Information Form and other filings with Canadian and U.S. regulators on www.sedar.com and www.sec.gov.

Although the forward-looking statements contained in this release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward- looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

PERTH, Australia, May 14, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (“Alkane” or the “Company”) is pleased to announce financial results for the third quarter ended 31 March 2026 (the “quarter” or “Q3 2026”).

The Company’s condensed and consolidated interim financial result for the quarter, together with the Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under Alkane’s profile on www.sedarplus.ca, on the Australian Securities Exchange (“ASX”) and on Alkane’s website at www.alkres.com. All currency references in this press release are in Australian dollars except as otherwise indicated.

Third Quarter 2026 Highlights: ^1,2

• Record Revenues: Gold equivalent sales for the third quarter of 43,373 ounces generated revenues of $274 million at an average gold price realised of $6,315/oz and an average antimony price of $34,394/t.
• Record Production: Gold and antimony production was 44,669 ounces and 377 tonnes, respectively; Company is on track to meet 2026 guidance.
• Record Cash Generation: EBITDA was $161 million with Cash Generated from Operating Activities of $161 million.
• Record income earned: Net profit of $93 million or 6.81 cents per share.
• Robust Financial Position: Cash, bullion and listed investment balance of $374 million.
• Conference call and webcast: Management will host a conference call and webcast to discuss the results of Q3 2026 at 8:30pm AWST (Perth time) / 8:30am EDT (Toronto time) on Friday, 15 May 2026. Details are noted below.

Managing Director, Nic Earner, commented: “Alkane has just delivered the strongest quarter in its history. During a period of high gold and antimony prices, the power of our three mine portfolio delivered exceptional operating results as they produced a record 44,669 ounces of gold and 377 tonnes of antimony, which generated record profit after taxes of $93 million. The Company ended the quarter in with cash and bullion of $362 million which will provide the support for Alkane’s growth plans. Given the strong performance to date, we move into the second half of the year with momentum and are on track to meet our production and cost guidance for 2026.”

________________________________
_{¹ Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get ‘total contained value based on market price’ and dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). Average market prices for gold and antimony sourced respectively from LMBA daily PM price (www.lmba.org.uk) and Shanghai Metal Market Price (www.metal.com). Average market prices for the March quarter were A$7,015/oz Au and A$29,449/t Sb. For the December quarter, the average market prices were A$6,299/oz Au and A$30,245/t Sb and for the September quarter were A$5,382/oz Au and A$33,859/t Sb using an AUD: USD exchange rate of 0.6946, 0.6565 and 0.6544 respectively. Gold equivalent ounce, cash operating cost and all-in sustaining cost (AISC) are non-IFRS performance measures with no standard definition under IFRS. For more details refer to the Non-IFRS Performance Measures section at the end of this press release.
² As the merger with Mandalay Resources completed on 5 August 2025, Alkane’s FY2026 statutory reported production reflects production from Costerfield and Björkdal only from that date. See ALK announcement dated 9 Sep 2025 and titled ‘Alkane Announces Financial Year 2026 Guidance’.}

Third Quarter 2026 Financial Highlights

The following table summarises the Company’s consolidated financial results for the three and nine months ended 31 March 2026 and 31 March 2025:

Revenue for Q3 2026 was $274.4 million, compared to $63.2 million in Q3 2025. The increase in revenue was mainly due to increased production and gold sales following the addition of Costerfield and Björkdal to the portfolio, combined with higher realised gold prices.

Operating costs excluding depreciation and amortisation totaled $114.0 million during Q3 2026, compared to $39.3 million in Q3 2025 with the increase mainly reflecting the larger Company following the combination with Mandalay (Costerfield $28.0 million and Björkdal $33.8 million).

Cash operating costs per ounce of gold equivalent produced were $2,037 in Q3 2026 compared to $2,037 in Q3 2025. Tomingley´s cash operating costs per ounce of gold during the quarter were $2,021 compared to $2,037 in Q3 2025, a slight decrease due to increase in produced ounces of gold, this was partly offset by higher operational costs, mainly due to higher processing costs which include the costs for the rental mobile crusher.

Sustaining capital amounted to $24.3 million in Q3 2026, compared to $7.0 million in Q3 2025. The increase in sustaining capital was mainly due the addition of $19.0 million of capital expenditures following the combination with Mandalay (Björkdal and Costerfield at $14.5 million and $4.6 million respectively) of which $7.1 million was underground capital development at Björkdal. Additionally, capital required to maintain stable production at both acquired operations included ongoing equipment replacements totalling $9.5 million.

All-in sustaining costs per ounce of gold equivalent produced were $2,928 in Q3 2026, compared to $2,590 in Q3 2025. The AISC per ounce at Tomingley decreased to $2,444 for the quarter from $2,590 in Q3 2025, mainly due to the aforementioned increased gold production and offsetting increased cash operating costs coupled with lower sustaining capital expenditures.

Total capital expenditure during Q3 2026 of $46.9 million, compared to $13.1 million in Q3 2025. The capital expenditure during the quarter included $10 million investment in growth projects, mainly at Tomingley for the Newell Highway realignment. This project is due for completion in the first half of 2027. The major item of spend in the comparative quarter (Q3 2025) was underground capital development, underground truck refurbishments and a wheel loader replacement at Tomingley. During the quarter, $12.5 million of investment in exploration drilling was made, $6.6 million at Costerfield, $2.8 million at Björkdal and $3.0 million of non-operation exploratory drilling in NSW.

Free cash flow in Q3 2026 was $127.6 million compared to $7.7 million in Q3 2025.

Alkane generated EBITDA of $161.2 million in the third quarter of 2026 compared to $20.8 million in the third quarter of 2025.

Consolidated net profit was $93.0 million for the third quarter of 2026, versus $8.1 million profit in the third quarter of 2025.

Alkane closed the quarter with cash, bullion and liquid investments of $374 million – comprising $328 million in total cash, bullion ($34 million) and liquid investments ($12 million). This increased cash balance was driven by sales of 43,373 gold equivalent ounces at record realised gold price of $6,315/oz (Q2 2026: $5,785/oz) and a realised antimony price of $34,394/t (Q2 2026: $42,488/t) generating $274 million in revenue.

Third Quarter 2026 Operational Summary^1,2

The table below summarises the Company’s production and operational unit costs for the three months ended 31 March 2026, 31 December 2025 and 30 September 2025.

Consolidated gold equivalent production in Q3 2026 was 45,776 ounces compared to 17,657 ounces in Q3 2025, mainly due to the addition of production from Björkdal and Costerfield following the combination with Mandalay in Q1 2026. The Q3 2026 result is based upon 21,652 ounces of gold production from Tomingley, 12,433 ounces of gold production from Björkdal and 11,691 ounces of gold equivalent production (consisting of 10,584 ounces of gold and 377 tonnes of antimony from Costerfield).

Cash operating costs per ounce of gold equivalent produced were $2,037 in Q3 2026 compared to $2,037 in Q3 2025 and All-in sustaining costs per ounce of gold equivalent produced were $2,928 in Q3 2026, compared to $2,590 in Q3 2025.

Tomingley Gold Operations - NSW (Tomingley)
Tomingley Gold Operations Pty Ltd (100%)

The primary source of ore continues to be from Roswell. Underground Ore mined was slightly below plan primarily due to stope performance issues on several stopes requiring rework, however this was off-set by higher development ore tonnages.

Processing continues to perform well with milling exceeding plan primarily as a result of the insertion of a mobile crusher to pre-crush material prior to entering the processing circuit. Mill grade was above plan and recovery was in line with expectations. Pre-crushing of material to different sizes prior to entering the circuit continues and has seen a nominal increase in milling rates to approximately 1.3mtpa, work continues in this area.

A total of 21,652 ounces of gold was produced for the quarter, higher than the comparative quarter (17,657 ounces of gold) due to higher throughput and mill head grades. The increase in processed ore was mainly due to the usage of a mobile crusher which is used to increase crushing capacity resulting in an increased mill throughput. The betterment of the mill head grade was mainly due to the commissioning of the paste plant and process plant (fine grind circuit) growth projects during 2025.

Cash operating costs per ounce of gold during the quarter were $2,021 compared to $2,037 in Q3 2025, a slight decrease due to increase in produced ounces of gold, this was partly offset by higher operational costs, mainly due to higher processing costs which include the costs for the rental mobile crusher.

The AISC per ounce decreased to $2,444 for the quarter from $2,590 in Q3 2025, mainly due to the aforementioned increased gold production and offsetting increased cash operating costs coupled with lower sustaining capital expenditures.

Gold sold for the quarter was 18,949 ounces at an average sales price of $5,096/oz, generating revenue of $96.6 million. Bullion stocks were 8,599 ounces.

Costerfield Gold-Antimony Operations - Victoria (Costerfield)
Mandalay Resources Costerfield Operations Pty Ltd (100%)

Costerfield delivered steady operational performance during the quarter, with both ore mining and milling rates exceeding planned rates. Costerfield had strong mining performance in terms of tonnes mined for the quarter, however grades were different to those aimed for, despite complying reasonably well with forecast mining advance per area each month. Some mined areas did not perform as well as expected in forecast models due to grade variability.

The operation continues to work on targeted improvement programs including drill and blast optimisation, capital development optimisation, enhanced operator training, and the transition to emulsion explosives to improve recovery and reduce dilution.

Processing continued to focus on blend control to maximise throughput, recoveries and produced metal. Successful trials occurred during the quarter with respect to pre-crushing ore feed and screening lower grade ore stockpiles to further improve throughput, crusher downtime and blend control. Work will continue in this area in Q4. Processing operations performed reliably, with higher mill throughput supported by successful pre-crushing trials. Continuous optimisation of blending and recovery remains a focus. Work continues to prioritise operational consistency across all aspects of the operation.

A total of 11,691 gold equivalent ounces was produced during the quarter (Q2 2026: 11,686 AuEq oz). The site cash costs for the quarter were $1,597/AuEq oz (Q2 2026: $1,701/AuEq oz) with an AISC of $2,521/AuEq oz (Q2 2026: $2,149/AuEq oz). Gold sold for the quarter was 11,367 ounces at an average sales price of $7,204/oz and antimony sold for the quarter was 280 tonnes (165 tonnes post payability) at an average sales price of $34,394/t, generating revenue of $87.6 million.

Björkdal Gold Operations - Sweden (Björkdal)
Björkdalsgruvan AB (100%)

Björkdal delivered another quarter of consistent mining performance. Resources were allocated to capital development activities in preference to operating development in some areas. Mined grade was in line with planned grades, with a higher mining contribution from below the marble mining area.

Mill throughput increased slightly and recoveries also improved as compared to the previous quarter, albeit in line with increased head grade. During the quarter a trial of processing a parcel of off-site ore from a small mine to the west of Björkdal was successfully conducted.

A total of 12,433 gold ounces was produced during the quarter (Q2 2026: 9,888oz). The site cash costs for the quarter were $2,506/oz (Q2 2026: $2,910/oz) with an AISC of $3,699/oz (Q2 2026: $4,117/oz). Gold sold for the quarter was 12,234 ounces at an average sales price of $7,376/oz, generating revenue of $90.2 million.

FY 2026 Guidance

Given the Company’s strong production, cost management, rate of investments in sustaining and growth capital and exploration expenditures in the first half of the year, Alkane expects to meet FY2026 guidance as outlined below:

Conference Call and Webcast

Alkane’s Managing Director & CEO, Nic Earner, and CFO, James Carter, will host a conference call and webcast for investors and analysts to discuss the Company’s financial and operating results.

Details to participate are as follows:

• The accompanying presentation slides will be available on the Company’s website – HERE.
• A replay of the webcast will be available on the Company’s website – HERE.
• Investors may submit questions for the event by sending their questions to info@alkres.com
  
  

This document has been authorised for release to the market by Nic Earner, Managing Director & CEO.

ABOUT ALKANE

Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.

Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.

Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.

More information available at www.alkres.com

Interactive Analyst Centre™

Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.

Forward-Looking Statements

Certain statements contained in this document constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressly stated or implied by such forward-looking statements. Such factors include, among others, the following: mining industry risks; fluctuations in the market price of mineral commodities; project development; expansion targets and operational delays; environmental risks and hazards; requirement of additional financing; health and safety; uncertainty as to calculations of mineral deposit estimates; marketability; licenses and permits; title matters; governmental regulation of the mining industry; cybersecurity events; current global financial conditions including inflation; currency risk; uninsured risks; competition; repatriation of earnings; properties without known mineral reserves; dependence upon key management personnel and executives; dependence on major customers; infrastructure; litigation; potential volatility of market price of common shares; possible conflicts of interest of directors and officers of the Company; risk of dilution; payment obligations relating to properties; instability of political and economic environments; and integration of acquisitions. Specific reference is made to the Annual Information Form for a discussion of some of the factors underlying forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Non-IFRS Performance Measures

Investors should be aware that financial data in this press release includes Non-IFRS performance measures under Regulatory Guide 230 Disclosing Non-IFRS Financial Information published by the Australian Securities and Investments Commission and Non-GAAP performance measures within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure published by the Canadian Securities Administrators. This press release may contain references to adjusted EBITDA, adjusted net profit, free cash flow, cash operating cost per ounce of gold equivalent produced and all-in sustaining cost all of which are Non-IFRS/Non-GAAP performance measures and do not have standardised meanings under IFRS. Therefore, these measures may not be comparable to similar measures presented by other issuers.

Management uses EBITDA and free cash flow as measures of operating performance to assist in assessing the Company’s ability to generate liquidity through operating cash flow in order to fund future working capital needs and to fund future capital expenditures, as well as in measuring financial performance from period to period on a consistent basis. The Company believes that these measures are used by and are useful to investors and other users of the Company’s financial statements in evaluating the Company’s operating and cash performance because they allow for analysis of its financial results without regard to special, non-cash and other non-core items, which can vary substantially from company to company and over different periods.

The Company defines EBITDA as net profit before interest and finance charges, taxes, amortisation and depreciation. A reconciliation between EBITDA and net profit is included in the MD&A.

The Company defines free cash flow as a measure of the Company’s ability to generate and manage liquidity. It is calculated starting with the net cash flows from operating activities (as per IFRS) and then subtracting capital expenditures and lease payments. Refer to “Non-IFRS Financial Performance Measures” section of the MD&A for a reconciliation between free cash flow and net cash flows from operating activities.

For Costerfield, gold equivalent ounces are calculated by multiplying quantities of gold and antimony in the period by respective average market price of commodities in period, adding the two amounts to get ‘total contained value based on market price’ and dividing that total contained value by the average market price of gold in period. I.e., Gold equivalent = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). The average market price for gold is the average of the daily PM price, sourced from www.lbma.org.uk. and the average market price for antimony is the average Shanghai Metal Market Price sourced from www.metal.com. The cash operating cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense and accretion of reclamation provision. Sustaining capital reflects the capital required to maintain each site’s current level of operations. The site’s all-in sustaining cost per ounce of gold equivalent in a period equals the all-in sustaining cost divided by the equivalent gold ounces produced in the period.

For Björkdal and Tomingley, the total cash operating cost associated with the production of gold ounces produced in the period is then divided by the gold ounces produced to yield the cash operating cost per gold ounce produced. The cash operating cost excludes royalty expenses. Site all-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense and accretion of reclamation provision. Sustaining capital reflects the capital required to maintain each site’s current level of operations. The site’s all-in sustaining cost per ounce of gold in a period equals the all-in sustaining cost divided by the gold ounces produced in the period.

For the Company as a whole, cash operating cost per gold equivalent ounce is calculated by summing the gold equivalent ounces produced by each site and dividing the total by the sum of cash operating costs at the sites. Consolidated cash operating cost excludes royalty and corporate level general and administrative expenses. All-in sustaining cost per ounce gold equivalent in the period equals the sum of cash operating costs associated with the production of gold equivalent ounces at all operating sites in the period plus corporate overhead expense in the period plus sustaining mining capital, royalty expense, and accretion of reclamation provision, divided by the total gold equivalent ounces produced in the period. A reconciliation between cost of sales and cash operating costs, and also cash operating cost to all-in sustaining costs are included in the MD&A.

CONTACT:  NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
INVESTORS & MEDIA:  NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556

Toronto, Ontario--(Newsfile Corp. - May 14, 2026) - Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company"), a growing North American precious metals producer, reports consolidated financial and operational results for the quarter ended March 31, 2026.

This earnings release should be read in conjunction with the Company's Management's Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR+ profile at www.sedarplus.ca, and on its EDGAR profile at www.sec.gov, and which are also available on the Company's website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted.

Highlights

• Record quarterly silver production and sales as the impact of operational improvements and efficiencies continued at the Galena Complex in Idaho while the Cosalá Operations declared commercial production of the high-grade EC120.
  • Record consolidated silver production of approximately 787,000 ounces was realized during the quarter (a 76% increase compared to Q1-2025), or approximately 909,000 silver equivalent¹ ounces, including 1.9 million pounds of lead, 1.0 million pounds of copper, and 137,000 pounds of antimony. Consolidated sales were a record 830,000 ounces.
  • The Galena Complex produced approximately 425,000 ounces of silver (a 35% increase compared to Q1-2025) due to increased tonnage during the period.
  • Silver production at the Cosalá Operations increased by 174% to approximately 362,000 ounces of silver in Q1-2026.
• Significant safety milestones achieved by both the Galena Complex and Cosalá operating teams reaching one full year without a single lost time accident on March 11, 2026, and April 14, 2026, respectively.
• Increase in consolidated revenue due to higher silver production and higher realized prices. Consolidated revenue, including by-product revenue, increased to $67.8 million for Q1-2026 or 187% compared to $23.5 million for Q1-2025, despite lower zinc and lead production.
  • During the quarter, the Company declared commercial production at EC120 at the Cosalá Operations which has predominantly higher-grade silver and copper compared to the silver-zinc-lead San Rafael mine.
• Signed joint venture agreement in February 2026 with United States Antimony to construct and operate an antimony processing facility in Idaho's Silver Valley.
  • The joint venture is 51% owned by the Company and is intended to provide a mine-to-finished antimony production solution to secure the supply chain for this critical mineral within the United States.
• Significant growth in consolidated silver Mineral Resources and grade including a 19% year-over-year increase in Measured and Indicated Mineral Resources and 21% increase in Measured and Indicated grades at Galena (see Americas news release dated March 30, 2026, for more information).
• Released consolidated 2026 production and cost guidance of 3.2 to 3.6 million ounces of silver at an average AISC¹ of $30 to $35 per ounce sold. Consolidated total capital expenditures are targeted to be between $90 to $120 million (including $30 to $40 million at the Crescent Mine), and consolidated exploration capital is targeted to be between $15 to $20 million.
• Cash and cash equivalents balance of $122.4 million and working capital¹ of $66.8 million as at March 31, 2026.
• Cost of sales¹ per silver equivalent ounce sold, cash costs¹ and all-in sustaining costs¹ ("AISC") per silver ounce sold averaged $25.42/oz, $23.57/oz and $34.12/oz, respectively, in Q1-2026.
• Net income of $10.0 million ($0.03 per share) for Q1-2026 (net loss of $19.7 million (($0.08) per share for Q1-2025) primarily attributable to higher net revenue, and higher gain on derivatives, offset in part by higher cost of sales, impact of higher current and forward gold and silver curve prices which increase the unrealized present value of the Company's metals contract liabilities, and higher income tax expense.
• Adjusted earnings¹ for Q1-2026 was $19.9 million or $0.06 per share (adjusted loss for Q1-2025 was $11.5 million or $0.05 per share) and Adjusted EBITDA¹ for Q1-2026 was $33.6 million or $0.10 per share (adjusted EBITDA loss for Q1-2025 was $5.5 million or $0.02 per share) primarily due to higher net revenue from increased silver production and realized prices during the period.

Paul Andre Huet, Chairman and CEO, commented: "I am very proud and encouraged by the safety milestones of zero lost time accidents in over one year at both Galena and Cosalá. I firmly believe that a strong safety culture is the backbone of a strong operating culture as demonstrated by the progress achieved by the Americas team during Q1 2026. This quarter was highlighted by tangible advancements, including record silver production and sales, rising revenue, increases in consolidated Mineral Resources and grade, two major new silver discoveries, and significant progress in our growth strategy. I am pleased to see such strong early results from our collective efforts in developing the top tier operational focus required to drive the business to new heights, unlocking the tremendous value in our asset base for all stakeholders.

At Galena, improved efficiencies, modernized mining methods, fleet upgrades, and infrastructure investments are just the tip of the iceberg with respect to the potential of the entire Galena Complex. I like to remind our stakeholders that the strong progress we have already made across a suite of project areas is just the beginning of a strong growth profile ahead. Similarly, at Cosalá, the successful achievement of commercial production from the high-grade EC 120 mine and a new near-mine high grade discovery at El Alacrán coupled with significant planned step out drilling provide opportunities for further growth.

Looking ahead to the balance of 2026, we are off to an excellent start to achieve our production, cost, and capex guidance, which includes an aggressive plan to undertake the largest drilling campaign in Company history with a total of 64,000 meters to be drilled both as infill and exploration meters. As a reminder, for full year 2026, we expect to achieve consolidated silver production of between 3.2 million and 3.6 million ounces of silver at an AISC range of $30 to $35 per ounce sold.

Overall, I am strongly encouraged by the progress the Americas Gold and Silver team has made in all aspects of the business in simultaneously maintaining a strong safety culture, maximizing near term productivity, executing transformative growth initiatives, and deploying a major drilling campaign. We are also looking forward to progressing our antimony plant construction alongside our JV partners to unlock the additional critical metal value held in the ore we mine every day for our shareholders. I look forward to providing updates on what is clearly a wide range of exciting projects as the year progresses."

Consolidated Production

Consolidated silver production of approximately 787,000 ounces during Q1-2026 was higher than Q1-2025 production of approximately 446,000 ounces due to higher tonnage at the Galena Complex and higher grades at the Cosalá Operations. During the quarter, the Company monetized a portion of the copper and antimony production at the Galena Complex for the first time under the new agreement with Teck Resources and declared commercial production into the silver-copper EC120 orebody at the Cosalá Operations.

Consolidated attributable cash costs and AISC for Q1-2026 were $23.57 per silver ounce and $34.12 per silver ounce, respectively, with AISC being within Company's guidance range for the year.

Galena Complex

During Q1-2026, the Company continued to make significant advances at the Galena Complex and is on-track with its operational growth plan. The Galena Complex produced approximately 425,000 ounces of silver in Q1-2026 compared to approximately 314,000 ounces of silver in Q1-2025 (a 35% increase in silver production) driven by higher tonnage at slightly lower grades during the period. The mine also produced 1.9 million pounds of lead in Q1-2026 along with 0.2 million pounds of copper and 0.1 million pounds of antimony. Lead by product production levels may vary in the short term as mining activities focus on the transition to higher-silver grade, tetrahydrate ore and supporting development continues to be advanced. Cash costs per ounce of silver sold decreased to $22.12/oz in Q1-2026 from $28.19/oz in Q1-2025, primarily due to increases in silver sold and higher by-product credits during the period.

During Q1-2026, the Company continued to make significant progress at the Galena Complex and remained on track with its operational growth plan in the areas of underground development and long-hole stoping; upgrading the underground fleet; advancing the shaft upgrades; and mine modernization, and communication. Please see Americas news release dated April 27, 2026 for a comprehensive update on project development activities at Galena.

Mine development activities advanced steadily supported by improved efficiencies in muck handling. A key contributor to these improvements was the successful extraction of an eighth long-hole panel at the Galena 49-360 stope, bringing the total panels mined to date to 10. Remote mucking operations demonstrated a significant increase in productivity, with approximately 200 tonnes moved per shift compared to approximately 50 tonnes per shift using traditional underhand and overhand mining methods. To date, long-hole panels mined have been successful in achieving planned mining widths, leading to planned diluted in line with underhand cut and fill mining - a strong achievement. Three additional long-hole stopes are currently in development and are scheduled for mining in Q2 and Q3 of 2026.

Cosalá Operations

Silver production increased in Q1-2026 by 174% to approximately 362,000 ounces of silver compared to approximately 132,000 ounces of silver in Q1-2025, primarily due to higher grades and silver recoveries over lower tonnages during the period. Effective January 1, 2026, commercial production was declared for EC120, which has higher silver grades and silver recoveries based on its mineralogy compared to the zinc-lead-silver San Rafael mine orebody. Mining has ceased at the San Rafael Main Central orebody which caused base metals production of zinc and lead to drop in Q1-2026. Silver sold was over 20% greater than silver produced due to the timing of shipments in late December and early January

Cash costs per silver ounce sold increased during Q1-2026 to $24.85 per ounce from $17.17 per ounce in Q1-2025, due primarily to the cessation of zinc and lead production resulting in lower by-product credits during the period.

Outlook

Americas' consolidated production guidance for 2026 is a range between 3.2 million and 3.6 million ounces of silver at an AISC range of $30 to $35 per ounce sold. The Company remains on track to deliver on its planned production guidance.

Table 1 - 2026 GUIDANCE

Notes to Table 1

1. The Company's guidance assumes targeted mining rates and costs, availability of personnel, contractors, equipment and supplies, the receipt on a timely basis of required permits and licenses, cash availability for capital investments from cash balances, cash flow from operations, or from a third-party debt financing source on terms acceptable to the Company, no significant events which impact operations, an MXN$ to US$ exchange rate of 18 : 1. Assumptions used for the purposes of guidance may prove to be incorrect and actual results may differ from those anticipated. See below "Cautionary Statement Concerning Forward-Looking Statements".
2. Non-IFRS: the definition and reconciliation of these measures are included in the Non-IFRS Measures section of Americas Gold and Silver's MD&A for the period ended December 31, 2025.
3. By-product metals production is treated as a credit that is reflected in AISC.
4. AISC calculations are for the operations only, and exclude non-cash share-based payments expense, and derivative settlements.

Americas' 2026 guidance incorporates the mine and development plans across its operations. At the Galena Complex in Idaho, guidance includes planned growth capital expenditures of $30 - $40 million at the Crescent Mine and planned mine development and shaft upgrades at the Galena Mine, required to incrementally increase production levels as the year progresses. The capital guidance includes further equipment additions at both the Galena Complex, and Cosalá and other growth-related expenditures. By the end of 2026, the Company expects the Galena Complex to reach substantially and sustainably higher production rates. In addition, consolidated exploration capital is targeted to be between $15 to $20 million.

Conference Call Details

Date: May 15, 2026
Time: 10:00 am ET / 7:00 am PT.
Webcast link: https://www.gowebcasting.com/14708
Live dial in - North American callers please dial: 1-800-715-9871
Live dial in - International callers please dial: 1-647-932-3411

A recording of the conference call will be available for replay through the above webcast link and on the events page of Americas website, or for a one-week period beginning at approximately 1:00 p.m. (Eastern Time) on May 15, 2026, through the following dial in numbers:

Replay dial in - North American callers please dial: 1-800-770-2030; Playback ID: 4755531#

Replay dial in - International callers please dial: 1-647-362-9199; Playback ID: 4755531#

About Americas Gold and Silver Corporation

Americas Gold and Silver is a rapidly growing North American mining company producing silver, copper, lead, and antimony from high-grade operations in the U.S. and Mexico. In December 2024, Americas acquired 100% ownership of the Galena Complex (Idaho) in a transaction with Eric Sprott, former 40% Galena owner, becoming Americas' largest shareholder. This transaction consolidated Galena as a cornerstone U.S. silver asset and the nation's largest antimony mine. In December 2025, Americas acquired the fully permitted, past-producing Crescent Silver Mine (9 miles from Galena) with the world's 3rd highest-grade silver resource, creating significant potential future synergies through shared infrastructure and processing. In February 2026, Americas formed a 51/49 joint venture with US Antimony to build a new antimony processing hub at Galena, creating a U.S. "mine-to-finished product" antimony solution. Americas also owns and operates the Cosalá Operations in Sinaloa, Mexico. Americas is fully funded to aggressively grow production at the Galena Complex, Crescent and in Mexico with an aim to be a leading North American silver producer and a key source of U.S.-produced antimony.

Technical Information and Qualified Persons

The scientific and technical information relating to the Company's material mining properties contained herein has been reviewed and approved by Rick Streiff, Executive Vice President - Geology of the Company. Mr. Streiff is a "qualified person" for the purposes of NI 43-101. The Company's current Annual Information Form and the NI 43-101 Technical Reports for its mineral properties, all of which are available on SEDAR+ at www.sedarplus.ca, and EDGAR at www.sec.gov, contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company's material mineral properties, including a breakdown by category.

All mining terms used herein have the meanings set forth in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), as required by Canadian securities regulatory authorities. These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under-SEC standards. Accordingly, information contained in this news release may not be comparable to similar information made public by companies subject to the SEC's reporting and disclosure requirements.

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas' expectations, intentions, plans, assumptions and beliefs with respect to, among other things, estimated and targeted production rates and results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; production from the Galena Complex, including the Crescent Mine and Cosalá Operations, including the expected number of producing stopes and production levels; the expected timing and completion of required development and the expected operational and production results therefrom, including the anticipated improvements to production rates and cash costs per silver ounce and all-in sustaining costs per silver ounce; statements relating to Americas' EC120 Project; and statements relating to implementation of, and the impact of new management on, the planned recapitalization of Galena Complex. Guidance and outlook references contained in this press release were prepared based on current mine plan assumptions with respect to production, development, costs and capital expenditures, the metal price assumptions disclosed herein, and assumes no further adverse impacts to the Cosalá Operations from blockades or work stoppages, and completion of the shaft repair and shaft rehab work at the Galena Complex on its expected schedule and budget, the realization of the anticipated benefits therefrom, and is subject to the risks and uncertainties outlined below. The ability to maintain cash flow positive production at the Cosalá Operations, which includes the EC120 Project, through meeting production targets and at the Galena Complex through implementing the Galena Recapitalization Plan, including the completion of the Galena shaft repair and shaft rehab work on its expected schedule and budget, allowing the Company to generate sufficient operating cash flows while facing market fluctuations in commodity prices and inflationary pressures, are significant judgments in the consolidated financial statements with respect to the Company's liquidity. Should the Company experience negative operating cash flows in future periods, the Company may need to raise additional funds through the issuance of equity or debt securities. Often, but not always, forward-looking information can be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "potential', "estimate", "may", "assume", "would", "could", "seek", "propose" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors beyond the Company's ability to control or predict that may cause the actual results, level of activity, performance, or achievements of Americas or developments in the Company's business or in its industry to be materially different from those expressed or implied by such forward-looking information. With respect to the business of Americas, these risks and uncertainties include risks relating to widespread interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; potential litigation; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company's projects; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access or regular operations without interruption, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments, risks associated with generally elevated inflation and inflationary pressures, risks related to changing global economic conditions, and market volatility, risks relating to geopolitical instability, political unrest, war, and other global conflicts may result in adverse effects on macroeconomic conditions including volatility in financial markets, adverse changes in trade policies, inflation, supply chain disruptions and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Americas' filings with the Canadian Securities Administrators on SEDAR+ and with the SEC. Americas does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Americas does not give any assurance (1) that Americas will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward‐looking information concerning Americas are expressly qualified in their entirety by the cautionary statements above.

Non-GAAP and Other Financial Measures

The Company has included certain non-GAAP financial and other measures to supplement the Company's consolidated financial statements, which are presented in accordance with IFRS, including the following:

• average realized silver, zinc and lead prices;
• cost of sales/Ag Eq oz produced;
• cash costs/Ag oz produced;
• all-in sustaining costs/Ag oz produced;
• working capital;
• EBITDA, adjusted EBITDA, and adjusted earnings; and
• silver equivalent production (Ag Eq).

Management uses these measures, together with measures determined in accordance with IFRS, internally to better assess performance trends and understands that a number of investors, and others who follow the Company's performance, also assess performance in this manner. These non-GAAP and other financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-GAAP and other financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may differ from methods used by other companies with similar descriptions. Management's determination of the components of non-GAAP financial measures and other financial measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

Average Realized Silver, Copper, Lead, Zinc and Antimony Prices

The Company uses the financial measures "average realized price" because it understands that in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's performance vis-à-vis average market prices of metals for the period. The presentation of average realized metal prices is not meant to be a substitute for the revenue information presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.

Average realized metal prices represent the sale price of the underlying metal excluding unrealized mark-to-market gains and losses on provisional pricing and concentrate treatment and refining charges. Average realized silver, copper, lead, zinc and antimony prices are calculated as the revenue related to each of the metals sold, e.g. revenue from sales of silver divided by the quantity of ounces sold.

Reconciliation of Average Realized Silver, Copper, Lead, Zinc and Antimony Prices¹

1 Excludes EC120 pre-production silver ounces and copper pounds sold from the Cosalá Operations in fiscal 2025.

Cost of Sales/Ag Eq Oz Sold

The Company uses the financial measure "Cost of Sales/Ag Eq Oz Sold" because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's underlying cost of operations. Silver equivalent sold is based on all metals sold at average realized silver, copper, lead, zinc, and antimony prices during each respective period, except as otherwise noted.

Reconciliation of Consolidated Cost of Sales/AgEq Oz Sold

Reconciliation of Cosalá Operations Cost of Sales/Ag Eq Oz Sold

Reconciliation of Galena Complex Cost of Sales/Ag Eq Oz Sold

¹ Throughout this news release, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent produced and sold, and cost per ounce measurements during fiscal 2025 include EC120 pre-production from the Cosalá Operations.

Cash Costs and Cash Costs/Ag Oz Sold

The Company uses the financial measures "Cash Costs" and "Cash Costs/Ag Oz Sold" in accordance with measures widely reported in the silver mining industry, as developed by the World Gold Council, as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's underlying cash costs of operations. However, there is no assurance that the Company's reporting of these non-GAAP measures are similar to those reported by other mining companies.

Cash costs are determined on a mine-by-mine basis and include mine site operating costs such as: mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Non-cash charges and other indirect mining costs consist of adjustments to non-cash related charges to cost of sales including non-cash remuneration incurred during the period.

Reconciliation of Consolidated Cash Costs/Ag Oz Sold

Reconciliation of Cosalá Operations Cash Costs/Ag Oz Sold

Reconciliation of Galena Complex Cash Costs/Ag Oz Sold

¹ Throughout this news release, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent produced and sold, and cost per ounce measurements during fiscal 2025 include EC120 pre-production from the Cosalá Operations.

All-In Sustaining Costs and All-In Sustaining Costs/Ag Oz Sold

The Company uses the financial measures "All-In Sustaining Costs" and "All-In Sustaining Costs/Ag Oz Sold" in accordance with measures widely reported in the silver mining industry, as developed by the World Gold Council, as a benchmark for performance measurement and because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's total costs of producing silver from operations. However, there is no assurance that the Company's reporting of these non-GAAP measures are similar to those reported by other mining companies.

All-in sustaining costs is cash costs plus all sustaining development, capital expenditures, and exploration spending, excluding costs not related to current operations and corporate general and administrative costs.

Reconciliation of Consolidated All-In Sustaining Costs/Ag Oz Sold

Reconciliation of Cosalá Operations All-In Sustaining Costs/Ag Oz Sold

Reconciliation of Galena Complex All-In Sustaining Costs/Ag Oz Sold

¹ Throughout this news release, tonnes milled, silver grade and recovery, silver production and sales, silver equivalent produced and sold, and cost per ounce measurements during fiscal 2025 include EC120 pre-production from the Cosalá Operations.

² Capital expenditures exclude growth capital from the Galena Complex and Cosalá Operations, including capital spend on EC120.

Working Capital

The Company uses the financial measure "working capital" because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company's liquidity, operational efficiency, and short-term financial health.

Working capital is the excess of current assets over current liabilities.

Reconciliation of Working Capital

EBITDA, Adjusted EBITDA, and Adjusted Earnings

The Company uses the financial measures "EBITDA", "adjusted EBITDA" and "adjusted earnings" as indicators of the Company's ability to generate operating cash flows to fund working capital needs, service debt obligations, and fund exploration and evaluation, and capital expenditures. These financial measures exclude the impact of certain items and therefore is not necessarily indicative of operating profit or cash flows from operating activities as determined under IFRS. Other companies may calculate these financial measures differently.

EBITDA is net income (loss) under IFRS before depletion and amortization, interest and financing expense, and income taxes. Adjusted EBITDA further excludes other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.

Reconciliation of EBITDA and Adjusted EBITDA

Adjusted earnings is net income (loss) under IFRS excluding other non-cash items such as accretion expenses, impairment charges, and other fair value gains and losses.

Reconciliation of Adjusted Earnings

Supplementary Financial Measures

The Company references certain supplementary financial measures that are not defined terms under IFRS to assess performance because it believes they provide useful supplemental information to investors.

Silver Equivalent Produced and Sold

References to silver equivalent produced and sold are based on all metals produced and sold on a gross payable basis at average realized silver, copper, lead, zinc, and antimony prices during each respective period, except as otherwise noted.

¹ This is a supplementary or non-GAAP financial measure or ratio. See "Non-GAAP and Other Financial Measures" section for further information.

MONTREAL, May 14, 2026 (GLOBE NEWSWIRE) -- Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the “Corporation”) today announced its financial and operational results for the first quarter ended March 31, 2026. All amounts are in U.S. dollars unless otherwise noted.

Q1 2026 Highlights

Financial Highlights

• Revenue of $117M, up 247% year-over-year ("YoY") and up 56% quarter-over-quarter ("QoQ"), driven by higher average net realized silver equivalent ("AgEq") prices and more AgEq ounces sold, totaling 1.4M.
• Average net realized silver equivalent price of $82.22/oz, up 158% YoY and 41% QoQ.
• Net income of $49M (basic EPS of $0.34 and diluted EPS of $0.33), up 600% YoY from net income of $7M (basic and diluted EPS of $0.05) in Q1-2025 and from $18M (basic EPS of $0.13 and diluted EPS of 0.12) in Q4-2025.
• Operating cash flow of $70M, up 785% YoY and up 107% QoQ, driven by higher AgEq pricing and lower cash costs.
• Cash and cash equivalents of $172M supporting the development of the Boumadine Project ("Boumadine")¹.

Operational Highlights

• Consolidated production of 1.5 Moz AgEq, up 40% YoY, including 1.3 Moz Ag and 0.2 Moz AgEq² respectively from Zgounder and Boumadine pyrite reclaim operation³. Production at Zgounder was down 8% QoQ, as a result of weather-related disruptions, which reduced milling rates and recovery at Zgounder. Production has since normalized.
• Cash costs⁴ of $18.40/oz AgEq down 8% QoQ driven by a lower strip ratio, reflecting a focus on ore-rich zones in response to weather conditions and ongoing TSF construction.
• Silver recovery averaged 89.4% during the quarter and is expected to stabilize in Q2.
• Record open-pit and underground and mining rate totaling 4,575 tonnes per day ("tpd").

Development and Exploration

• Drilling program update: Completed approximately 42,827 metres ("m") of drilling at Boumadine and 5,838m at Zgounder in Q1-2026. At Boumadine, drilling confirmed continuity along the Main Trend and identified a new parallel mineralized structure, highlighting expansion potential. At Zgounder, near-mine drilling delivered high-grade silver results and confirmed extensions of mineralization beyond current resource boundaries.

Board Renewal

• Following previously announced Board retirements, Aya proposed the appointment of current director Ms. Ghislane Guedira as Chair of the Board, a seasoned mining executive based in Morocco, and nominated Ms. Krystal Ramsden, BASc, and Mr. Yves Bonin, FCPA, FCA, as independent directors subject to their election at the upcoming annual general meeting of shareholders.

“Our exceptional financial performance in Q1 reflects both the strength of disciplined execution and market conditions. We delivered record margins, supported by higher precious metal prices and lower cash costs,” said Benoit La Salle, President & CEO. “Despite challenging weather conditions we delivered strong production, record mining rates and cash flow, highlighting the strength and resilience of our operations.

“Importantly, this performance translated into expanded margins and significant cash flow generation, strengthening our balance sheet and supporting the advancement of our district-scale project Boumadine, where feasibility work is progressing well alongside an updated PEA expected midyear.

“We were also pleased to complete our recent Nasdaq listing, a significant milestone that enhances our visibility and access to global capital markets as we advance into our next phase of growth. We remain confident in our outlook, reiterate our full-year guidance with momentum into Q2 and a strong H2 2026."

Financial Review

Revenue totaled $117M in Q1-2026, up 247% YoY, driven by higher average net realized price of $82.22/oz AgEq (up 158%), and increased consolidated ounces sold, of 1.4 Moz AgEq (up 34%). Revenue increased 56% QoQ, driven primarily by higher realized prices and more ounces sold.

Net income of $49M (basic EPS of $0.34 and diluted EPS of $0.33) increased from $7M (basic and diluted EPS of $0.05) in the prior year, which included an FX gain of approximately $10M. The increase was driven by stronger operating income, partly offset by a higher effective tax rate. Net income increased 165% QoQ from $18M in Q4-2025 (basic EPS of $0.13 and diluted EPS of $0.12).

Aya generated $70M in cash flow from operating activities in the first quarter including $64M before changes in working capital. Exploration expenditures of $14M were focused on infill drilling program to support the Boumadine feasibility study, and $4M was invested in capital projects at Zgounder.

The quarter ended in a strong financial position, including $172M in cash and cash equivalents and total debt of $98M down from $112M as at December 31, 2025, following the first principal repayment of the Corporation's European Bank for Reconstruction and Development ("EBRD") Zgounder loan.

Financial Highlights (in thousands of US$, except per share amounts)

Operational Review

Consolidated silver equivalent production reached 1.5 Moz AgEq, up 40% YoY, and included 1.3 Moz of silver from Zgounder and 0.2 Moz AgEq from the Boumadine stockpile reclaim operation launched in Q4-2025. Consolidated production was down 3% QoQ, with cash costs averaging $18.40/oz AgEq sold.

Zgounder Silver Mine

Zgounder produced 1.3 Moz of silver in Q1-2026, an increase of 18% YoY reflecting the expansion of mining and milling operations. Silver production decreased 8% QoQ due to weather-related disruptions that slowed crushing operations, and reduced throughput. Production has since normalized.

Cash costs averaged $18.64/oz AgEq sold, down 9% QoQ driven by a lower strip ratio as discussed further.

The mill processed 0.3 million tonnes ("Mt") of ore (3,633 tpd) in Q1-2025, up 31% YoY, at an average grade of 140 g/t Ag. While mill availability remained strong at 99%, severe winter conditions, including heavy precipitation, impacted crushing operations for much of the period. Despite intermittent milling disruptions, metallurgical performance remained within expectations, with silver recovery of 89.4% for the quarter. To mitigate the lower crushing rate, a temporary crushing contractor was mobilized, resulting in observable improvement in the second quarter to date.

Mining operations achieved a record quarter in Q1-2026, with an average mining rate of 4,575 tpd at 135 g/t Ag, reflecting strong performance across both underground and open-pit operations. Open-pit mining reached 2,967 tpd at a strip ratio of 9, while underground contributed 1,608 tpd. During the quarter, a portion of open-pit waste was redirected to support construction of the tailings storage facility (TSF). Given longer haul distances and heavy rain and snow, mining was optimized by focusing on ore-rich zones, leading to a low strip ratio of 9. The construction of the second phase of the TSF is expected to be completed in Q3-2026, supporting a return to normal open-pit operations and a gradual increase in strip ratios toward the annual mine plan ratio of 16.

The stockpile increased by 44% QoQ to 280,824 t, in line with the Corporation's objective of building a three-months inventory.

Boumadine

In late 2025, Aya commenced the reclaiming and sale of its historical pyrite stockpile at the Boumadine site. During Q1-2026, the operation produced 227,802 oz AgEq (Ag:Au ratio of 57:1), up 32% QoQ. Material reclaimed and crushed totaled 21,814 t at average grades of 181 g/t Ag and 2.50 g/t Au.

While tonnage increased 62% QoQ, the operation is still in ramp-up phase and has not yet reached its estimated steady-state capacity of 10,000 t per month. Additionally, during the quarter, heavy rainfall and flooding in northern Morocco temporarily disrupted logistics, including port access and shipping activities. Pyrite transport is expected to accelerate in Q2-2026, with steady-state operations anticipated in H2-2026.

The reclamation and sale of the historical pyrite stockpile at Boumadine is expected to last 20 to 24 months. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production.

Operational Highlights

* Revenues / Silver Equivalent Sold Consolidated (oz)

2026 Development and Exploration

Zgounder

• In Q1-2026, 5,838m of near-mine drilling was completed at Zgounder, with results confirming continuity of high-grade silver mineralization beyond current resource boundaries and highlighting potential for further resource expansion across multiple zones. Regional drilling and target testing are expected to commence in Q2-2026 following ongoing geological mapping and target generation activities. The 2026 exploration program includes 30,000m of drilling focused on extending near-mine high-grade mineralization, supporting future resource updates and testing regional satellite targets to identify additional growth opportunities.

Boumadine

• 42,827m of drilling was completed in Q1-2026, confirming continuity along the 5.4 km Main Trend. A new, parallel mineralized structure, was discovered highlighting the potential to expand the mineralized system. The 2026 program targets 200,000m of drilling, including 180,000m focused on converting inferred resources into measured and indicated categories and 20,000m dedicated to regional exploration.

Board Renewal

Aya recognizes the final year of service of two long-standing directors whose leadership has been instrumental to the Corporation’s transformation: Mr. Robert Taub, Chair since 2020, and Dr. Jürgen Hambrecht, director since 2019 and Lead Independent Director. Aya thanks them for their dedicated service.

To support continued governance and operational oversight, the Corporation is pleased to announce its intention to appoint Ms. Ghislane Guedira as Chair of the Board, subject to her election at the upcoming annual general meeting of shareholders. Ms. Guedira is a seasoned mining executive with extensive experience in Morocco. She is currently the CEO of A.P. Moller Capital Morocco and has previously served as CFO of OCP Group, a leading global phosphate producer based in Morocco. She brings audit, financial, operational, and governance expertise.

Aya has also nominated Ms. Krystal Ramsden, BASc, and Mr. Yves Bonin, FCPA, FCA, for election to the Board of Directors. Ms. Ramsden is a mining engineer and investment professional with 20 years of experience in the metals, mining, and energy sectors. She has extensive experience in deal sourcing and structuring across public and private equity investments, and in evaluating opportunities across commodities and jurisdictions through a technical, financial, and geopolitical risk lens. Mr. Yves Bonin is a seasoned audit and finance executive with more than 30 years of experience in assurance, financial reporting, and corporate advisory roles. He brings extensive expertise in financial reporting, including International Financial Reporting Standards (IFRS), audit, merger and acquisitions, and corporate governance, including as a former PwC Partner. Mr. Bonin has been a Chartered Professional Accountant (CPA) since 1988, and a Fellow of the Ordre des CPA du Québec (FCPA) since 2019.

2026 Operation Outlook

2026 guidance remains unchanged from the outlook disclosed in the Corporation’s March 31, 2026 news release.

With the ramp-up of the Zgounder silver mine complete, Aya's focus has shifted toward operational optimization. Aya is targeting sustained plant throughput of 3,650 tpd and evaluating the potential to increase throughput up to 3,850 tpd. Optimization initiatives currently under evaluation includes the addition of a crushing unit within the existing circuit to support higher throughput rates. In addition, construction of the second phase of the TSF is progressing well and is expected to be completed in Q3-2026.

Following the positive Preliminary Economic Assessment (“PEA”) for the Boumadine project, Aya remains focused on advancing feasibility work on an accelerated timeline. Since the beginning of the year, Aya has selected and engaged independent consulting firms across multiple workstreams, and initiated feasibility-level work related to metallurgical testing, energy, water supply, logistics scenarios and TSF location assessment. An updated PEA, including updated mineral resources, is planned for the second half of the year. The PEA and exploration work completed to date continue to highlight Boumadine’s potential scale and significant resource expansion upside.

Supported by a strong balance sheet and a supportive price environment, Aya is well positioned to invest in its future through strong cash flow generation, disciplined capital allocation and continued exploration investment, with a continued focus on delivering long-term value for all stakeholders.

Q1-2026 Conference Call Details

Aya will release first quarter 2026 results on Thursday, May 14, 2026, before market opens. Management will host a conference call on the same day at 10 a.m. ET to discuss the Corporation’s financial and operational results.

Participants may join the conference call via webcast or by dialing-in as follows: https://edge.media-server.com/mmc/p/x8mnaba5

Webcast link: Instructions for obtaining conference call dial-in numbers:

1. Click on the following call link and complete the online registration form
   https://register-conf.media-server.com/register/BIf70fdb46f4c14e288d0ae74e84006b00
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call Me” for an immediate callback from the system. The call will come from a US number.

Qualified Person

The technical information contained in this press release has been reviewed and approved by David Lalonde, B. Sc, Vice-President, Exploration, and by Raphael Beaudoin, P. Eng, Vice-President, Operations, both of whom are each a “Qualified Person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), for accuracy and compliance with NI 43-101.

The NI 43-101 technical reports referenced herein are available under the Corporation’s profile on SEDAR+, on EDGAR, and on the Corporation’s website.

About Aya Gold & Silver Inc.

Aya Gold & Silver is a precious metals mining company anchored in Morocco and active across the full mining value chain. The Corporation has established an exploration track record through a systematic, technology-led, data-driven approach and is focused on expanding its resource base and land package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-friendly regions.

Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility. Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is underway. The project hosts a substantial mineral resource, an extensive mineralized footprint, and significant potential for further discovery.

Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is committed to delivering sustainable value for shareholders, employees and host communities.

For additional information, please visit Aya’s website at www.ayagoldsilver.com.

Or contact

Forward-Looking Statements

This press release contains “forward-looking statements” or “forward looking information” within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are included to provide information about management’s current expectations, estimates and projections regarding Aya’s future growth and business prospects (including the timing and development of deposits and the success of exploration activities) and other opportunities as of the date of this press release.

All statements, other than statements of historical fact included in this press release, regarding the Corporation’s strategy, future operations, technical assessments, prospects, plans and objectives of management are forward-looking statements that involve risks and uncertainties. Wherever possible, words such as “aim”, “anticipate”, “assume”, “believe”, “estimate”, “expect”, "goal", “guidance”, “intend”, “objective”, “plan”, "potential", “strategy”, "target", and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Corporation's assets development and expansion potential; the Corporation's 2026 guidance, processing targets, throughput and mining rate; the Preliminary Economic Assessment for the Boumadine project (PEA); the 2026 Corporation's operation outlook, targets and objectives, including, for Zgounder: expectation that silver recovery will stabilize in Q2, the timing for construction of the second phase of the TSF, return to normal open-pit operations, gradual increase in strip ratios, and building three-months of inventory, and for Boumadine: estimated steady-state capacity of 10,000 t per month, acceleration of pyrite transport, anticipation with respect to steady-state operations, and duration of the reclamation and sale of the historical pyrite stock pile initiative; the 2026 development and exploration program, targets and objectives at Zgounder and Boumadine; operational optimization; addition of new equipment; timeline for completion of the Boumadine feasibility study; the potential for scale and resource expansion of the Corporation's mining assets; the Corporation's positioning to deliver long-term value through disciplined capital allocation and continued exploration investment; the Corporation's strategy, objectives and projections with regards to its mining assets; the commodities price environment, including silver price; allocation of the Corporation's capital; and the Corporation’s future operating results, economic performance, and objectives.

Forward-looking information is based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such information or statements. There can be no assurance that such information or statements will prove to be accurate. Key assumptions upon which the Corporation’s forward-looking information is based include without limitation, assumptions regarding development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Corporation’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Forward-looking statements are also subject to risks and uncertainties facing the Corporation’s business, any of which could have a material adverse effect on the Corporation’s business, financial condition, results of operations and growth prospects. Some of the risks the Corporation faces and the uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements include, among others: Aya’s ability to execute plans relating to its Zgounder Project and Boumadine Project, including the timing thereof; risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in Morocco; the speculative nature of mineral exploration and development; diminishing quantities or grades of mineral reserves as properties are mined; the inability to determine, with certainty, the production of metals and cost estimates, or the prices to be received before mineral reserves or mineral resources are actually mined; inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas, fuel, and oil; restrictions on mining in the jurisdictions in which Aya operates; change of laws and regulations governing our operation, exploration, and development activities, including international laws and legal norms, such as those relating to Indigenous peoples and human rights; the Corporation’s ability to mitigate the risks pertaining to fund repatriation; expectations with respect to any future pandemics on our operations, and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors; Aya’s ability to obtain and renew necessary permits and licenses; inherent risks associated with tailings facilities and heap leach operations, including failure or leakages; Aya’s growth strategy; Aya’s ability to obtain and maintain insurance; occupational health and safety risks; adverse publicity risks; third party risks; disruptions to Aya’s business operations; Aya’s reliance on technology and information systems; litigation risks; interest and exchange rates risks; tax risks; unforeseen expenses; public health crises; climate change; weather disruptions; general economic conditions; commodity prices and exchange rate risks; gold and silver demand; volatility of share price; public company obligations; competition risk; policies and legislation; force majeure; climate risks; the effectiveness of our internal control over financial reporting; risks related to competition in the mining industry; changes in technology; asset impairment (or reversal) potential, being consistent with the Corporation’s current expectations; the inherent risks involved in exploration and development of mineral properties; and other risks described in the Corporation’s documents filed with Canadian and U.S. securities regulatory authorities.

In addition, readers are directed to carefully review the detailed risk discussion in the Corporation’s Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a fuller understanding of the risks and uncertainties that affect the Corporation’s business and operations.

Although the Corporation believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. As such, these risks are not exhaustive; however, they should be considered carefully. If any of these risks or uncertainties materialize, actual results may vary materially from those anticipated in the forward-looking statements found herein. Due to the risks, uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue reliance on forward-looking statements.

Forward-looking statements contained herein are presented for the purpose of assisting investors in understanding the Corporation’s business plans, financial performance and condition and may not be appropriate for other purposes.

The forward-looking statements contained herein are made only as of the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. The Corporation qualifies all of its forward-looking statements by these cautionary statements.

Non-GAAP Measures

The Corporation has included certain non-GAAP financial measures and non-GAAP ratios in this press release, including “Cash costs per silver equivalent ounce sold" (“AgEq ounce”), and “Production cost per tonne”, to supplement its unaudited condensed interim consolidated financial statements, which are prepared in accordance with IFRS. The terms IFRS and generally accepted accounting principles (“GAAP”) are used interchangeably throughout Aya's materials.

The Corporation believes that these measures, together with IFRS measures, provide investors with enhanced transparency and a better ability to evaluate the Corporation’s underlying operating performance and liquidity. Cash cost per silver equivalent ounce sold and Production cost per tonne are widely used in the mining industry as performance benchmarks. However, Aya's non-GAAP measures do not have standardized meanings prescribed under IFRS and may not be comparable to similar measures reported by other companies. Accordingly, they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Silver Equivalent Ounces Sold (“AgEq”)

Silver equivalent ounces are calculated by converting gold production into silver ounces using relative metal prices for the applicable reporting period. AgEq ounces allow the Corporation to present consolidated production and cost metrics on a comparable basis, as its operations may produce more than one metal.

AgEq ounces are provided for additional information purposes only.

Cash Costs per AgEq Ounce Sold and Production Cost per Tonne

Cash costs per AgEq ounce sold and production cost per tonne are non-GAAP measures used by management to monitor and evaluate operating performance at both the mine and consolidated levels, in conjunction with the most directly comparable IFRS measures where applicable.

These metrics are widely reported in the mining industry as benchmarks for cost performance. Management and investors use them to assess the Corporation’s cost structure and operating efficiency, to compare operating performance with industry peers, and to evaluate the performance of individual mining operations within the Corporation’s portfolio.

Where applicable, cost metrics are calculated in a manner consistent with the guidelines published by the World Gold Council (“WGC”).

Cash Costs per AgEq Ounce Sold

Cash costs per AgEq ounce sold are calculated by:

• Starting with cost of sales as reported in the consolidated statements of comprehensive income (IFRS measure):
  • Excluding non-cash items of share-based compensation expense, depreciation and depletion included in cost of sales as these items do not reflect current period cash expenditures;
  • Adding treatment, smelting and refining costs as management believes these costs provide a more comprehensive representation of total cash costs associated with production; and
• Dividing the resulting amount by the total AgEq ounces sold during the period.

Cash costs per AgEq ounce sold are intended to reflect the cash expenditures directly associated with production during the period and are used by management to evaluate the Corporation’s operating efficiency and cost performance.

Production Cost per Tonne

Production cost per tonne is calculated by:

• Starting with cost of sales (IFRS measure), less cost of sales of Boumadine since no ore mined; and
• Dividing total production costs by the total tonnes mined during the period.

Production cost per tonne is used by management to assess processing efficiency, cost control relative to throughput levels, and overall operational performance.

1. The overall Boumadine polymetallic project remains at the exploration and evaluation stage and is not in commercial production. For additional details on Aya's PEA, refer to the Corporation’s press releases dated November 4, 2025 and December 18, 2025.
2. Silver-to-gold ratio of 57:1. Cash costs per AgEq ounce sold at Boumadine were negatively impacted by changes in the gold-to-silver ratio during the quarter. As commodity prices increased, the gold-to-silver ratio compressed, reducing reported AgEq ounces and increasing unit costs on an AgEq basis. The Corporation’s AgEq ounces for 2026 guidance at Boumadine are calculated using an 80:1 Au:Ag ratio and assumed commodity prices of $50.00/oz silver and $4,000/oz gold, compared to an average realized ratio of approximately 57:1 during Q1-2026. Had the 80:1 ratio been applied during Q1-2026, reported AgEq production would have been approximately 40,167 ounces higher. This had no impact on Zgounder cash costs per AgEq ounce sold, as Zgounder production is entirely comprised of silver.
3. Announced on November 19, 2025, the Boumadine pyrite reclaim operation is expected to be a limited duration of 20 to 24 months.
4. Cash cost per AgEq ounce sold and production cost per tonne are non-IFRS financial measures and do not have standardized meanings under IFRS and may not be comparable to similar measures used by other issuers. Refer to the "Non-GAAP Measures" section in this press release for reconciliations and detailed descriptions of these measures.
5. Non-GAAP Measures, consisting of current assets of $256,947 less current liabilities of $115,568 (December 31, 2025, current assets of $232,450 less current liabilities of $120,050 and March 31, 2025, current assets of $73,268 less current liabilities of $71,516).
6. As per note 12 of the FS for the total cost of sales.
7. As per note 11 of the FS for treatment, smelting and refining costs reported as net of sales.

TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) (“Allied” or the “Company”) herein provides its financial and operational results for the first quarter of 2026. The Company produced 96,016 ounces of gold in the first quarter of 2026. Performance was in line with expectations and operating plans, representing a 14% increase over the prior year's first quarter production. All-in Sustaining Costs (“AISC”)⁽¹⁾ for the quarter were $2,264 per ounce sold, in line with expectations.

FIRST QUARTER HIGHLIGHTS

Financial Results Highlights

• Earnings:
  • First quarter net loss of $58.3 million or $(0.47) per share.
  • First quarter adjusted earnings⁽¹⁾ of $48.6 million or $0.39 per share.
    
    
• Cash Flows and EBITDA:
  
  
  • Net cash generated from operating activities for the quarter was $57.3 million.
  • Operating cash flows before income tax paid and movements in working capital were a strong inflow of $162.7 million.
  • EBITDA⁽¹⁾ and Adjusted EBITDA⁽¹⁾ for the three months ended March 31, 2026, were $77.7 million and $173.3 million, respectively.

• Strong Financial Position: As of March 31, 2026, the Company had cash and cash equivalents of $424.2 million.

Operational Highlights

• First Quarter Production: The Company produced 96,016 ounces of gold in the first quarter, in line with plan and annual guidance for its operating mines, and representing a 14% increase over the prior year comparable period.

• First Quarter Sales: Sales of 99,878 gold ounces, slightly higher than production due to the timing of shipments of production and the sale of end-of-year inventory.

• Performance by Asset:
  
  
  • At Sadiola, production of 44,104 ounces in the first quarter was aligned with the production plan. Sequential increases in production are expected in the next quarters, driven by higher grades and throughput.
  • At Bonikro, production of 29,011 ounces in the first quarter was substantially higher than the first quarter of the previous year, due to mine sequencing and a standout performance in relation to the production plan.
  • At Agbaou, production of 22,901 ounces in the first quarter was in line with the plan and driven by higher throughput.

• Costs In Line with Plan: AISC⁽¹⁾ of $2,264 per gold ounce sold on a consolidated basis for the first quarter were in line with plan. The estimated impact on the first quarter AISC⁽¹⁾ as a result of higher royalties due to higher average gold prices of approximately $4,775 per ounce versus initial cost guidance at $4,250 per ounce amounts to approximately $80 per ounce.
  
  
• Exploration: First quarter activities reflect a continuation of the programs initiated in prior periods, with the objective of translating drilling and technical work into tangible mine life extensions and improvements to mine plans. The results to date provide a solid foundation, and the expectation is to provide an update for CDI by mid-year and for Sadiola and Kurmuk in the second half of 2026.

Advancement of Key Growth Initiatives

• Kurmuk: The project execution is progressing well, with the key focus during the quarter being on the logistics for the remaining equipment and materials to the site, the continued advancement of steel and mechanical erection activities, as well as the ramp-up of the electrical, control and instrumentation (“EC&I”) contractor, including the installation of medium-voltage cable, electrical-racking and lighting placement. Mining activities continue to advance toward building at least three months' worth of ore stockpiles to support the start of operations in mid-2026. The Ethiopian Electrical Power Company is advancing the power line construction, which is expected to be completed before commissioning. Pre-commissioning activities are planned to begin during the second quarter, with the first gold expected in mid-2026.
  
  
• Sadiola Phased Expansion: On December 21, 2025, the Company announced that it began processing ore through the new fresh-ore comminution circuit installed as part of the Phase 1 expansion, marking a significant milestone in the transformational growth strategy for this long-life asset. The Phase 1 expansion is the first step in the Company’s strategy to increase production, reduce costs, and materially increase cash flows through a progressive expansion approach. The Phase 1 mill ramped up in the first quarter of 2026, alongside the completion of ancillary systems and power-supply upgrades. Further optimizations to the processing circuit, including instrumentation and automation upgrades, are advancing this year. Together, these initiatives are expected to improve operating performance, enhance overall processing rates, and reduce operating costs. As previously disclosed, the Company decided to begin the engineering and design work for a pre-leach thickener in late 2025 in order to improve the operational flexibility and the capacity to treat fresh ore. Project execution activities began in the first quarter, with the aim of fully commissioning this addition to the circuit in the first quarter of 2027.

Transaction with Zijin Gold

The Company is advancing the transaction with Zijin Gold International Company Limited ("Zijin Gold") after entering into a definitive agreement (the "Arrangement Agreement" or the "Agreement") as previously disclosed. Zijin Gold, a public company listed on the Hong Kong Stock Exchange, agreed to acquire all of the issued and outstanding shares of Allied Gold at a price of C$44 per share (the “Offer Price”) in cash, pursuant to the terms of a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). The Company's Board of Directors determined that the Arrangement immediately achieved fair value realization while mitigating business risks, particularly in highly volatile markets, and Zijin Gold had demonstrated a strong track record of long-term asset stewardship and consequently, there was a suspension of the other strategic opportunities. The transaction value of the Arrangement is approximately C$5.5 billion, realizing a significant, certain and immediate value for Allied Gold shareholders. Further details on the benefits of the Arrangement can be found in the Company's previous public disclosure filed on SEDAR+.

As previously disclosed, all requisite shareholder and court approvals have been obtained.

The Company and Zijin Gold are in continuous dialogue, planning for an orderly transition on completion of the Arrangement. Both companies continue to engage diligently and cooperatively with regulatory bodies pursuant to previously filed applications for regulatory approvals necessary to complete the Arrangement with the objective of closing in a timely manner within the timeframe set out in the Arrangement Agreement. The Arrangement Agreement provides for an outside date for closing of May 29, 2026, subject to extension by the parties if by that date any regulatory approvals or other conditions precedent are still in progress. Both companies continue to demonstrate a strong commitment to complete the transaction in accordance with the Arrangement Agreement.

Sustainability, Health and Safety Highlights

• The Company did not report any significant Environmental Incidents for the three months ended March 31, 2026.
• The Company’s Total Recordable Injury Rate (“TRIR”) for the three months ended March 31, 2026 was 1.80, compared to 1.21 for the 12 months ended December 31, 2025.
• The Company reported three Lost Time Injuries, resulting in Lost Time Injury Rate (LTIR) of 0.45 for the three months ended March 31, 2026, compared to a LTIR of 0.29 for the 12 months ended December 31, 2025.

OPERATING RESULTS SUMMARY

^{*Average revenue per ounce sold differs from average revenue per ounce for at-market sales predominantly due to hedge settlements and sales made under streams. For the first quarter, the impact of hedge settlements was $646/ounce (first quarter of 2025 - $18/ounce) and the impact of stream, in-kind dividends and IFRS 15 adjustments was $193/per ounce (first quarter of 2025 - $15/ounce).}

Gold production of 96,016 ounces during the three months ended March 31, 2026, compared to 84,040 ounces during the comparative prior period. The increase was predominantly driven by production growth at Bonikro and Agbaou in the first quarter of 2026, resulting from the benefits of stripping work executed in prior quarters, as anticipated.

Total cost of sales⁽⁴⁾ of $2,235 for the three months ended March 31, 2026 compared to $1,838 during the comparative prior period. Cash costs⁽¹⁾ on a per gold ounce sold basis of $2,048 for the three months ended March 31, 2026, compared to $1,656 during the comparative prior period. AISC⁽¹⁾ for the current quarter of $2,264 compared to the comparative period AISC⁽¹⁾ of $1,811 per gold ounce. For the quarter, unit costs per ounce sold on a consolidated basis for the first quarter, and were in line with plan. The estimated gold price impact on first quarter AISC⁽¹⁾ as a result of higher royalties due to average gold prices of approximately $4,775 versus initial cost guidance at $4,250 amounts to approximately $80 per ounce.

Sadiola (80% interest), Mali

Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud open pit gold mine (65% interest), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola is retained by the Government of Mali.

For the three months ended March 31, 2026, Sadiola produced 44,104 ounces of gold, compared to the 45,232 ounces produced in the comparative prior year quarter and aligned with the production plan. Production is expected to increase sequentially in the next quarter as result of increased grades and throughput. Sadiola remains on track to deliver in excess of 200,000 ounces of production.

Production in the first quarter of 2026 reflects the feed of transitional ore and oxide material from the Sadiola main pit and Sekekoto, supplemented by other oxide opportunities identified in late 2025. In parallel, the Phase 1 plant ramp-up progressed throughout the quarter, supported by the installation of new mill liners, instrumentation upgrades, improved process control, and other optimization initiatives.

With the continued ramp-up of mining capacity, ongoing processing optimization initiatives, and the flexibility to treat increased volumes of fresh ore, the operation is entering a phase of greater consistency and efficiency. These improvements are expected to translate into stronger throughput, improved feed grades and enhanced margin performance through the remainder of 2026.

Total cost of sales⁽⁴⁾ and AISC⁽¹⁾ for the quarter were $2,647 and $2,642, respectively, per ounce sold on a consolidated basis for the first quarter, and were in line with plan. The estimated gold price impact on first quarter AISC⁽¹⁾ as a result of higher royalties due to average gold prices of approximately $4,775 versus initial cost guidance at $4,250 amounts to approximately $80 per ounce. With quarterly production tracking in line with guidance and near-term increases in throughput and feed grade planned for the next quarters, costs for the balance of the year are expected to decline, consistent with the anticipated transition from mining and feeding predominantly oxide ores to a blend dominated by higher-grade fresh mineralization. As part of the quarterly production plan, various blending strategies were progressively deployed to support the implementation of new operational practices, automation improvements, and enhanced process controls aimed at consolidating CIL circuit performance with increased fresh ore feed. This required increased ore rehandling and related expenditures during the quarter, compared to previous periods, which is expected to materially decrease going forward. Furthermore, the output of the Stage 1 crushing plant is expected to increase in the next quarter, allowing Sadiola to minimize reliance on contract crushing and rehandling, thereby reducing operating costs. As noted above, with the progressive implementation of these initiatives and other operational improvements paired with increased feed grades and throughput, a corresponding reduction of unit costs is expected over subsequent quarters.

Gold sales for the current quarter were slightly higher than production, with small differences attributable to the timing of shipments.

As disclosed in the Company's press release dated April 28, 2026, in light of recent events in Mali involving the conflicts between government and insurgent groups, the Company continues to monitor the situation and take precautions to ensure the safety and wellbeing of persons employed by the Company in the country.

Sadiola Expansion Project

As previously disclosed, the Company decided to begin engineering and design work for a pre-leach thickener in late 2025 in order to improve the operational flexibility and the capacity to treat fresh ore. Project execution activities began in the first quarter, with the aim of fully commissioning this addition to the circuit in the first quarter of 2027.

Allied concluded in the fourth quarter of 2025 that the best execution strategy for expansion at Sadiola is to progressively optimize, develop, and expand the current processing plant and ancillary infrastructure, rather than to build a new processing plant to treat fresh ore. This organic growth strategy allows for more efficient deployment of capital and management of execution risks, and it enables the same ultimate throughput of over 9 Mt/y of ore processed as defined in the previous studies, but with interim, organic steps at 7 Mt/y and 8 Mt/y. This strategy also enables the recovery improvement project and the energy program to be implemented progressively as throughput capacity expands, thereby improving capital efficiency and returns. For 2026, the Company will advance the engineering to a feasibility study level, as well as detailed engineering of the early works required for the 7 Mt/y step. In addition to this, Allied will continue advancing studies to increase recoveries for fresh ore, including test work and engineering for the Albion process, as well as new tailings dam construction, solar farm earthworks and mobilization, and further upgrades to the plant instrumentation and control systems.

Sadiola Energy Program

Along with the advancement of the growth strategy for Sadiola, the Company is advancing its energy program for the asset and is undertaking a staged and scalable approach, having initially installed additional diesel generators and control systems to support the start of operations of the first phase expansion, followed by the implementation of a hybrid power solution, with the deployment of medium-speed thermal units and a photovoltaic plant with battery energy storage systems (“BESS”) sufficient to meet the power requirements of the Phase 1 expansion at reduced costs and providing the base for a scalable system capable of satisfying the energy needs of the next phase expansion, thereby providing Sadiola with a flexible power solution capable of meeting its ultimate power needs and reducing its emissions, while being self-reliant, efficient and cost-effective.

Sadiola Exploration

During the first quarter of 2026, exploratory and resource drilling programs were conducted on the Sadiola license with a total of 138 holes drilled comprising 19,174 metres utilizing five exploration core and RC drill rigs. Resource and exploratory drilling programs continued and were expanded at Tambali and along the FE2 Trend during the first quarter.

At Tambali North, a program was designed to follow-up on historic oxide gold mineralization and test a model that suggests that the Tambali Deposit mineralization continued to the north into the Sadiola Main pit. This program initially comprised six short drill lines spaced 200 metres apart. Results to date have been positive and the Company will advance infill drilling at a 100-metre line spacing at Tambali North. As of the end of the first quarter of 2026, 83 holes, comprising 9,375 metres, had been completed with drilling continuing past the end of the quarter.

Drilling continued at Sadiola Main during the quarter with 10 drill holes, totalling 7,975 metres. These holes are designed to test the southern strike extensions of the deposit and to test below previous drilling to begin to support an expansion of the reserve pit at depth and to evaluate Sadiola's underground potential. Additional holes are being planned with a goal to demonstrate depth extensions to the northern end of the Sadiola Main Zone and the northeast-trending cross-structures while gathering additional geological data to define bedding-parallel mineralization across the entire deposit area.

Drilling was completed at the north end of the FE2 Trend with 16 infill holes totalling 1,566 metres completed at FE2N and 24 RC holes totalling 2,552 metres completed at FE1 (located at the north end of the FE2 Trend). Next steps will be determined after a review of all of the results from these two target areas. Drilling tested a 2.3-kilometre limestone/clastic sediment contact with wide-spaced drill fences that is open to the north with a goal to exhibit short-term potential for shallow oxide gold resources.

Induced polarization geophysical surveys commenced over the S12 deposit area as part of a survey to test the Sekekoto West mineralized trend. S12 is a high-grade mineralized zone that has been subject to karsting, and one goal of the IP survey is to model the karsting and associated karst geological facies to support 3D modelling of this high-grade zone.

For the remainder of 2026, Sadiola will see continued efforts with four to five drills dedicated to continue testing for, and extending, the gold mineralized structures at Sadiola Main, Tambali North, FE2 Trend, Sekekoto Trend, FE3/FE4, TK1, Mandakoto and Kouloukan. The exploration is focused on both oxide and shallow fresh mineralization with a preference for oxide gold mineralization in the near term. Oxide ore is favoured in the short term as it provides the plant with relatively inexpensive, high-quality ounces. The horizontal and down-dip/down-plunge limits of these systems are still open and as such, expectations of new discoveries and additions to the mineral inventory are high.

Bonikro (89.89% interest), Côte d’Ivoire

The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d’Ivoire (“Bonikro” or “Bonikro Mine”). The remaining ownership is split between the Government of Côte d’Ivoire (10%) and a local minority shareholder (0.11%).

Bonikro is contiguous to Agbaou, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and potential synergies for the future.

Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation.

Bonikro produced 29,011 ounces of gold during the three months ended March 31, 2026, compared with 19,671 ounces produced in the comparable quarter of the previous year. For the first quarter, ore mined and total material mined were higher than plan, with higher grades obtained due to slight optimizations to the mining sequence.

Bonikro AISC⁽¹⁾ for the first quarter were in line with plan and include capitalized stripping at PB5 incurred during 2024 and 2025, which is being amortized in 2026 and 2027. This represents approximately $135 per ounce of gold sold in the cost structure.

Hiré Exploration

In the first quarter of 2026, drilling at Hiré focused on testing for oxides along the eastern extension of the Chapelle orebody and two more holes into the west end of the Akissi So Deposit. In total 32 holes comprising 3,315 metres were drilled with the bulk of the holes completed with an RC drill.

Drone magnetic surveying commenced in the first quarter with a plan to cover the northern part of the property package including the area north and east of the Bonikro Mine to the northernmost extents of the property. This survey is designed to better define the structural zones that are associated with the gold zones to improve targeting success. As well, a secondary goal of the magnetic survey is to identify additional Bonikro Mine-type porphyritic felsic intrusions, which have been demonstrated to host significant gold zones.

Oumé Exploration

Following the successful Oumé exploration program, which resulted in the declaration of initial Proven and Probable Mineral Reserves containing approximately 585,000 ounces of gold, Allied expanded its exploration efforts to test for extensions to the Oumé gold system. In the first quarter of 2026, exploration resumed over the projected eastern extent of the Oumé mineralized system, with 86 holes totalling 2,679 metres completed. Wide-spaced drill fences were designed to follow-up Au-in-soil anomalies, historic drill results, prospecting sample results and geological mapping. Approximately 233 scout holes are planned in this first pass program with additional holes pending results. Additional holes planned to test the southwestern extent of the mineralized system are scheduled for later in the second and third quarters of 2026.

Agbaou (85% interest), Côte d’Ivoire

Agbaou is an open pit gold mine, located in the Oumé region of Côte d’Ivoire. The remaining ownership is split between the Government of Côte d’Ivoire (10%) and the SODEMI development agency (5%).

Agbaou is contiguous to Bonikro, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and significant synergies for the future.

Agbaou produced 22,901 ounces of gold during the three months ended March 31, 2026, compared to 19,137 ounces in the corresponding quarter of the previous year and was aligned with the plan. Production in the first quarter focused primarily on ore from sources in the North extension area. Waste stripping in WP8 is underway with target access to higher-grade ore in the second quarter.

Agbaou AISC⁽¹⁾ for the first quarter were in line with plan. Optimization initiatives and operational enhancements are in progress, with Bonikro serving as the benchmark. Agbaou is expected to follow as these measures are implemented and scaled, targeting reduced costs in the next quarters.

In addition to operational factors, the waste removal performed in 2025 allows for less reliance on short-term mineral resource conversion to support production levels in 2026, creating a bridge to focus additional exploration spending at Agbaou on more transformational targets aimed to add ounces and with an objective to increase mine life at Agbaou by four to six years, with the completion of the first stage exploration program in 2026.

Agbaou Exploration

At Agbaou, Allied is actively pursuing opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. In the first quarter of 2026, Allied completed 45 holes totalling 9,014 metres with up to five drills operating. These holes tested the down-dip extensions of known gold-bearing ore bodies and new gold zones. This sustained effort, which commenced in July 2025, comprises a minimum of 162 holes totalling 33,400 metres with a goal of adding to mine life. This work program is approximately 84% completed and scheduled to finish early in the second quarter of 2026. Modelling and resource estimation, in advance of updated Mineral Reserves, are in progress at the WP7 Agbaou Pit, which was the largest of the mineralized areas being subject to infill drilling with a goal to convert Inferred Mineral Resources to Indicated Mineral Resources. An updated mineral resource estimate will be completed after all assays have been received and interpreted, likely near mid-year 2026.

Looking forward in 2026, continued testing of the known zones to depth will continue along with testing for oxide gold zones along strike of known deposits and new targets outside of the compensation boundaries.

Kurmuk

The project continues to track well against plan, both in terms of physical completion and spend, while achieving key milestones and progress during the first quarter of 2026.

The project execution is progressing well, with the key focus during the quarter being on the logistics for the remaining equipment and materials to the site, the continued advancement of steel and mechanical erection activities, as well as the ramp-up of the electrical, control and instrumentation (“EC&I”) contractor, including the installation of medium-voltage cable, electrical-racking and lighting placement. Mining activities continue to advance toward building at least three months' worth of ore stockpiles to support the start of operations in mid-2026. The Ethiopian Electrical Power Company is advancing the power line construction, which is expected to be completed before commissioning. Pre-commissioning activities are planned to begin during the second quarter, with the first gold expected in mid-2026.

The key focus beyond the first quarter, and for the remainder of the project to first gold in mid-2026 is on construction completion and operational readiness. All remaining mechanical and electrical equipment is expected on site during the second quarter, and the earthworks and civil contractor is expected to commence demobilization. Construction handovers are due to commence in the second quarter, with pre-commissioning activities commencing thereafter in the quarter. The tailings storage facility and haul road are due for completion towards the end of the second quarter. Mining activities are expected to continue to ramp up in line with the production schedule, supporting the build-up of run-of-mine stockpiles and ensuring operational readiness for plant commissioning. The crushing circuit remains on track for early completion, which is critical to ensuring sufficient ore availability to support the targeted mid-year first gold milestone. Focus will be placed on achieving mechanical completion, testing, and handover of the crushing facilities to enable timely integration into the overall commissioning sequence.

Beyond the first gold expected for mid-year and a partial production year in 2026, the Company expects Kurmuk to produce an average of 290,000 ounces per year for the first four years and 240,000 ounces per year on average for the mine’s life, with AISC⁽¹⁾ below $950 per ounce.

Along with the advancement of the project and as previously disclosed, the Company completed a review of the capacity of the processing plant in consideration of the ore inventory and the exploration progress at Dish Mountain, Ashashire and Tsenge. Allied made a strategic decision to maximize the operational flexibility for Kurmuk since the start of operations, and is now targeting an average processing capacity of up to 6.4 Mt/y. This increased flexibility has been incorporated into the project execution plan, with subsequent optimizations to the leaching circuit expected to be deployed in the future years to increase fresh ore recoveries. The enhancements and optimizations are expected to make Kurmuk a stronger, de-risked operation upon commencement of production, providing upside and operational flexibility, aligning with the Company’s long-term strategy of maximizing value at each of the Company's assets.

Kurmuk Project Exploration

At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized system remaining open. At Tsenge, near-term exploration is focused on defining the extent of higher-grade zones and updating the mineralization models with a medium-term exploration goal of evaluating the entire 9-kilometre strike length of the gold-in-soil anomalies at Tsenge. A significant amount of highly successful trenching continues to be carried out at Tsenge, confirming the bedrock expression of the mineralized lenses that are coincident and proximal to the gold-in-soil anomalies aligned along this 9 km long trend. A second-pass drill program completed over the Urchin Prospect, located adjacent to the Ashashire haul road, yielded positive results that will require follow-up drilling.

Summary of Capital Expenditures

All expenditures associated with Kurmuk for the period are classified as Expansionary in nature, including exploration activities.

FINANCIAL SUMMARY AND KEY STATISTICS

Key financial operating statistics for the first quarter 2026 are outlined in the following tables.

Net cash generated from operating activities for the three months ended March 31, 2026 was $57.3 million. This compares to $121.1 million in the prior year comparative quarter. Current period cash was positively impacted by strong gold sales and record high realized gold prices. Prior year cash flows were positively impacted by the sale of Korali inventory in the first quarter of 2025 from 2024 which significantly increased sales quantities, while positively impacting working capital due to the sale. Working capital impact for the first quarter is related to normal course movements in inventory (including stockpiles), timing of accounts payable, and payment of year-end accruals.

Operating cash flows before income tax paid and movements in working capital for the three months ended March 31, 2026 increased significantly, at an inflow of $162.7 million compared with the prior year comparative quarter inflow of $100.8 million. This was due to higher realized gold prices. The impact of higher prices was partially offset by lower ounces sold in the current period in association with the sale of Korali inventory in the first quarter of 2025.

As at March 31, 2026, the Company had cash and cash equivalents of $424.2 million, compared with $479.8 million as at December 31, 2025.

ALLIED GOLD
CONDENSED CONSOLIDATED INTERIM STATEMENT OF (LOSS) EARNINGS (UNAUDITED)

ALLIED GOLD
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)

ALLIED GOLD
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

Qualified Persons

Except as otherwise disclosed, all scientific and technical information contained in this press release has been reviewed and approved by Sébastien Bernier, P.Geo (Senior Vice President, Technical Services). Mr. Bernier is an employee of Allied and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Allied Gold Corporation

Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d'Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.

For further information, please contact:

Allied Gold Corporation
Royal Bank Plaza, North Tower
200 Bay Street, Suite 2200
Toronto, Ontario M5J 2J3 Canada

Email: ir@alliedgold.com

END NOTES

NON-GAAP FINANCIAL PERFORMANCE MEASURES

The Company has included certain non-GAAP financial performance measures and ratios to supplement its Condensed Consolidated Interim Financial Statements, which are presented in accordance with IFRS, including the following:

• Cash costs per gold ounce sold;
• AISC per gold ounce sold;
• Gross profit excluding DDA;
• Sustaining, Expansionary and Exploration Capital Expenditures;
• Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share; and
• EBITDA and Adjusted EBITDA

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.

Non-GAAP financial performance measures, including cash costs, AISC, Adjusted AISC, Gross profit excluding DA, Sustaining, Expansionary and Exploration Capital Expenditures, Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share, EBITDA and Adjusted EBITDA, do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.

Management’s determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are described and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a Company’s ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure.

CASH COSTS PER GOLD OUNCE SOLD

Cash costs⁽¹⁾ include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude DDA, exploration costs, accretion and amortization of reclamation and remediation, and capital, development and exploration spend. Cash costs include only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure.

The Company discloses cash costs because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS and, therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.

Cash costs are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold.

AISC PER GOLD OUNCE SOLD

AISC figures are calculated generally in accordance with a standard developed by the World Gold Council (“WGC”), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies. The Company is not a member of the WGC at this time.

AISC include cash costs (as defined above), mine sustaining capital expenditures (including stripping), sustaining mine-site exploration and evaluation expensed and capitalized, and accretion and amortization of reclamation and remediation. AISC exclude capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, DA, income tax payments, borrowing costs and dividend payments. AISC includes only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. As a result, Total AISC represent the weighted average of the three operating mines, and not a consolidated total for the Company. Consequently, this measure is not representative of all of the Company’s cash expenditures.

Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature, such as the Sadiola Phased Expansion and the construction and development of Kurmuk. Exploration capital expenditures represent exploration spend that has met criteria for capitalization under IFRS.

The Company discloses AISC, as it believes that the measure provides useful information and assists investors in understanding total sustaining expenditures of producing and selling gold from current operations, and evaluating the Company’s operating performance and its ability to generate cash flow. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.

AISC are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold.

The following tables provide detailed reconciliations from total costs of sales to cash costs and AISC. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.

GROSS PROFIT EXCLUDING DDA

The Company uses the financial measure “Gross Profit excluding DDA” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance.

Gross profit excluding DDA is calculated as Gross Profit plus DDA.

The Company discloses Gross Profit excluding DDA because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is Gross Profit. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.

The reconciliation of Gross Profit to Gross Profit Excluding DDA can be found on pages 4, 7, and 9 of this press release.

ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) PER SHARE

The Company uses the non-GAAP financial measures “Adjusted Net Earnings (Loss)” and the non-GAAP ratio “Adjusted Net Earnings (Loss) per share” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance.

Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are calculated as Net Earnings (Loss) attributable to Shareholders of the Company, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements.

• Gains (losses) related to the reverse takeover transaction events and other items,
• Gains (losses) on the revaluation of historical call and put options,
• Unrealized Gains (losses) on financial instruments and embedded derivatives,
• Write-offs (reversals) on mineral interest, exploration and evaluation and other assets,
• Gains (losses) on sale of assets,
• Unrealized foreign exchange gains (losses),
• Share-based (expense) and other share-based compensation,
• Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items,
• Deferred income tax recovery (expense) on the translation of foreign currency inter-corporate debt,
• One-time tax adjustments to historical deferred income tax balances relating to changes in enacted tax rates,
• Non-recurring provisions,
• Any other non-recurring adjustments and the tax impact of any of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment.

Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance.

Management uses these measures for internal valuation of the core mining performance for the period and to assist with planning and forecasting of future operations. Management believes that the presentation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company’s profitability from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted Net Earnings (Loss)⁽¹⁾ and Adjusted Net Earnings (Loss)⁽¹⁾ per share, which are otherwise included in the determination of Net Earnings (Loss) and Net Earnings (Loss) per share prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company’s past financial performance or the future prospects and may hinder a comparison of its period-to-period profitability.

The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.

The reconciliation of Net (Loss) Earnings to attributable to Shareholders of the Company to Adjusted Net Earnings can be found on page 13 of this press release and in the Company's MD&A in Section 1: Highlights and Relevant Updates, under the Summary of Financial Results.

EBITDA AND ADJUSTED EBITDA

The Company uses the financial measures “EBITDA” and "Adjusted EBITDA” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance.

EBITDA is calculated as Net Earnings (Loss), plus Finance Costs, DDA, Current income tax expense and Deferred income tax expense. Adjusted EBITDA calculated is further calculated as EBITDA, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements.

• Gains (losses) on the revaluation of historical call and put options,
• Unrealized Gains (losses) on financial instruments and embedded derivatives,
• Write-offs (reversals) on mineral interest, exploration and evaluation and other assets,
• Gains (losses) on sale of assets,
• Unrealized foreign exchange gains (losses),
• Share-based (expense) and other share-based compensation,
• Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items,
• Non-recurring provisions,
• Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance.

Management uses these measures for internal valuation of the cash flow generation ability of the period and to assist with planning and forecasting of future operations. Management believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company’s cash flow from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted EBITDA, which are otherwise included in the determination of Net Earnings (Loss) prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company’s past financial performance or the future prospects and may hinder a comparison of its period-to-period performance comparisons.

The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release contains “forward-looking information” including "future oriented financial information" and "financial outlook" under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to:

• the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met;
• the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties
• the Company’s expectations relating to the performance of its mineral properties, including improved operating performance expected to continue in 2026 and beyond;
• Kurmuk remaining on schedule and on budget, with operations expected to commence in mid-2026;
• the Ethiopian Electrical Power Company advancing power line construction, which is expected to be completed before commissioning at Kurmuk, with pre-commissioning activities planned to begin at the start of the second quarter, with the first gold expected in mid-2026;
• progress and expectations with respect to the Company's expansion plans at Sadiola;
• the estimation of Mineral Reserves and Mineral Resources;
• the conversion of Mineral Resources to Mineral Reserves;
• opportunities to further increase the Mineral Resources in Mali, Côte d'Ivoire and Ethiopia to meet long term resource goals;
• the Company’s key focus for 2026 is to continue implementing its optimization plans to capture incremental production gains and reduce operating costs across its portfolio, thereby increasing margins and cash flows;
• the Company's key strategic priority to complete construction and the commencement of operations at the Kurmuk Project, expected in mid-2026, while continuing exploration efforts to extend mine life, and enhance operational flexibility across its operations;
• the timing and amount of estimated future production in 2026 and beyond;
• the Company’s exploration plans and proposed budget for its mineral properties;
• the estimation of the life of mine of the Company’s projects;
• the timing and amount of estimated future capital and operating costs;
• the costs and timing of exploration and development activities;
• the Arrangement with Zijin Gold, including the benefits, timing and expectations in connection with completion and an orderly transition of the Company;
• the Company’s expectation regarding the timing of mining studies;

Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with obtaining all remaining regulatory approvals to complete the Arrangement with Zijin Gold; in a timely manner or at all, risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber-attacks; as well as those risk factors discussed or referred to herein and in the Company's most recent Annual Information Form, annual report on Form 40-F and management’s discussion and analysis and other public disclosure available under the Company's profile at www.sedarplus.ca and www.sec.gov. 

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.

CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.

NOTES ON MINERAL RESERVES AND MINERAL RESOURCES

Mineral Resources are stated effective as at December 31, 2025, reported at a 0.5 g/t cut-off grade, constrained within an $1,800/ounce pit shell and estimated in accordance with the 2014 CIM Standards and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Mineral Reserves are stated effective as at December 31, 2025 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves:

• are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate;
• reflect that portion of the Mineral Resources which can be economically extracted by open pit methods;
• consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project;
• include an allowance for mining dilution and ore loss.

Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 35% of Korali-Sud, 10.1% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete.

The Mineral Resource and Mineral Reserve estimates for each of the Company’s mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below:

Mineral Reserves (Proven and Probable)

The following table sets forth the Mineral Reserve estimates for the Company’s mineral properties at December 31, 2025.

Notes:

• Mineral Reserves are stated effective as at December 31, 2024 and estimated in accordance with CIM Standards and NI 43-101.
• Shown on a 100% basis.
• Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods.
• Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca. 

Sadiola Mine:

• Includes an allowance for mining dilution at 8% and ore loss at 3%
• A base gold price of $1700/oz was used for the pit optimization with $1800/oz for Korali Sud
• The cut-off grades used for Mineral Reserves reporting were informed by a $1700/oz gold price and vary from 0.31 g/t to 0.78 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. 

Kurmuk Project:

• Includes an allowance for mining dilution at 18% and ore loss at 2%
• A base gold price of $1500/oz was used for the pit optimization, with the selected pit shells using values of $1320/oz (revenue factor 0.88) for Ashashire and $1440/oz (revenue factor 0.96) for Dish Mountain.
• The cut-off grades used for Mineral Reserves reporting were informed by a $1500/oz gold price and vary from 0.30 g/t to 0.45 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage.

Bonikro Mine:

• Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore loss at 1%
• A base gold price of $1800/oz was used for the Mineral Reserves for the Bonikro pit:
  • With the selected pit shell using a value of $1800/oz (revenue factor 1.00).
  • Cut-off grades vary from 0.57 to 0.63 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage.
• A base gold price of $1800/oz was used for the Mineral Reserves for the Agbalé pit:
  • With the selected pit shell using a value of $1800/oz (revenue factor 1.00).
  • Cut-off grades vary from 0.67 to 0.78 g/t Au for different ore types to the Agbaou processing plant due to differences in recoveries, costs for ore processing and ore haulage

Agbaou Mine:

• Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore at 1%
• A base gold price of $1800/oz was used for the Mineral Reserves for the:
  • Pit designs (revenue factor 1.00)
  • Cut-off grades which range from 0.41 to 0.63 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage.

Mineral Resources (Measured, Indicated, Inferred)

The following table set forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) and for the Company’s mineral properties at December 31, 2025.

The following table set forth the Inferred Mineral Resource estimates and for the Company’s mineral properties at December 31, 2025.

Notes:

• Mineral Resources are estimated in accordance with CIM Standards and NI 43-101.
• Shown on a 100% basis.
• Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The Sadiola, Korali Sud, Bonikro, and Agbaou Mineral Resource Estimates are listed at 0.5 g/t Au cut-off grade, constrained within an $2000/oz pit shell and depleted to 31 December 2024
• The Kurmuk Mineral Resource Estimate is listed at 0.5 g/t Au cut-off grade, constrained within an $1800/oz pit shell.
• Rounding of numbers may lead to discrepancies when summing columns
• Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca. 

• 25% INCREASE IN NET EARNINGS
  • Net earnings $81.7M or $0.10/share vs $65.3M or $0.08/share in Q4 2025; Adjusted net earnings⁽¹⁾ of $82.7M or $0.10/share versus $113.5M or $0.14/share in Q4 2025 ($0.05/share earnings contribution in Q4 2025 from income tax recovery)
• 41% GROWTH IN EBITDA⁽¹⁾
  • $177.9M vs $126.0M in Q4 2025 (following a $45.0 million one-time reclamation expense)
• 4% INCREASE IN REVENUE
  • $285.0M vs $274.2M in Q4 2025, reflecting average realized price of $4,908/oz in Q1 2026
• PRODUCTION TO RAMP UP
  • Gold production of 60,269 oz, with production to be weighted to the second half of the year
• UNIT COSTS IN LINE WITH GUIDANCE RANGE⁽¹⁾
  • All in sustaining costs (“AISC”)/oz⁽¹⁾⁽²⁾ averaged $2,041; Site-level AISC/oz⁽³⁾ averaged $1,875/oz
• INVESTING TO IMPROVE AND GROW PORCUPINE
  • Sustaining capital expenditures⁽¹⁾ of $20.7M, with Porcupine growth capital expenditures of $39.6M
• STRONG FINANCIAL POSITION
  • Total liquidity of $634.9M at March 31, 2026 (including $384.9M of cash and an undrawn $250M revolving credit facility)
• EXPLORATION SUCCESS AT ALL TARGETS
  • Exploration expenditures of $13.9M; Excellent drill results from resource conversion and expansion drilling, at new targets near current operations and at key near-term growth projects (Dome and TVZ)
• ADVANCEMENT OF CORDERO 
  
  • Work progressed on updating the Feb. 2024 feasibility study capital and operating cost estimates
• ON TRACK TO ACHIEVE 2026 GUIDANCE
  • 2026 guidance includes back-half weighted production of 260 – 300 koz; front-end weighted operating cash costs/oz of $1,250 – $1,400 and AISC/oz of $1,950 – $2,250; sustaining capital expenditures of $120M – $165M and growth capital expenditures of $195M – $235M

(1)   Non-GAAP measure. For more information, see the section entitled, “NON-GAAP MEASURES.”
(2)   AISC excludes share-based compensation costs.
(3)   Site-level AISC includes corporate G&A allocation and excludes remaining corporate G&A, share-based compensation costs and corporate-level sustaining capital expenditures.
(4)   Excludes the $86.8 million 2025 cash income tax payment.

TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced financial and operating results for the first quarter of 2026 (“Q1 2026”). Discovery began reporting the results of gold production and sales following the Company’s acquisition (“Porcupine Acquisition”) of the Porcupine Complex (“Porcupine”) in and near Timmins, Ontario on April 15, 2025. All dollar amounts are in US dollars, unless otherwise noted.

Tony Makuch, Discovery’s CEO, commented: “Discovery has a vision to more than double gold production, to over 500,000 ounces per year. This growth will come from investing in our Porcupine assets, which include numerous current and past-producing sites in the historic Timmins Camp. During Q1 2026, we made important progress towards achieving our growth objectives.

“First, we announced an agreement to acquire Glencore’s Kidd operations. This acquisition is a major development and provides an opportunity to substantially grow our processing capacity. In addition, the transaction will add extremely valuable land and infrastructure capable of supporting the future expansion of Hoyle Pond and Pamour; deliver important cost synergies; provide exposure to critical minerals; and include attractive exploration upside. The acquisition is expected to close soon.

“Also during Q1 2026, we continued to generate outstanding exploration results, including additional success from resource conversion and extension drilling at all operations, encouraging results at new targets along the western extension of Hoyle Pond, at Borden and at Pamour, and favourable results at both Dome and TVZ.

“We also continued to make progress with our investment programs to grow and optimize our current operations. Capital development and other infrastructure work at Hoyle Pond and Borden, as well as pre-stripping at Pamour, remained on track. Our total sustaining capital expenditures were below planned levels, largely reflecting revised timing for delivery of new mobile equipment to the second and third quarters.

“Turning to our operating performance, as previously reported, production is expected to be weighted to the second half of 2026 with unit costs to improve as production increases. Improved results will be driven by higher processing volumes, largely resulting from increased reliability in the mill, the ramp up of production from the Hollinger open pit and the benefit of investments at our current operations. 

“Looking ahead, we remain on track to meet our production, cost and capital expenditure guidance for 2026. In addition, upon closing the Kidd acquisition, we plan to release targets for the remainder of 2026 for copper, zinc and silver production at Kidd Creek Mine, and for anticipated investments in exploration and infrastructure at the Kidd assets.”

The Company’s full financial statements and management discussion & analysis are available on SEDAR+ at www.sedarplus.ca, and on the Company’s website at www.discoverysilver.com.

SUMMARY OF Q1 2026 PERFORMANCE

(1)  The difference between ounces produced and ounces sold largely reflects the delivery of in-kind ounces under the Franco-Nevada royalty arrangement.
(2)  Example of Non-GAAP measure. See the section in this press release entitled, “NON-GAAP MEASURES” for more information.
(3)  2025 results exclude G&A expense, share-based compensation costs and sustaining capital expenditures and lease expense incurred prior to April 15, 2025, the completion date of the Porcupine Acquisition.

Q1 2026

• Revenue increased 4% from the previous quarter to $285.0 million, reflecting an increase of 18% in the average realized gold price, to $4,908 per ounce.

• EBITDA⁽¹⁾⁽²⁾ totaled $177.9 million compared to net loss before interest, taxes, and depreciation and amortization of $6.3 million in Q1 2025 and EBITDA of $126.0 million in Q4 2025 (Q4 2025 reduced by a one-time $45.0 million reclamation expense for non-operating sites).
• Net earnings totaled $81.7 million, or $0.10 per basic share, compared to net loss of $6.5 million, or $0.02 per basic share, in Q1 2025, and net earnings of $65.3 million, or $0.08 per basic share, the previous quarter.
• Adjusted net earnings⁽¹⁾ totaled $82.7 million, or $0.10 per basic share, which compared to adjusted net loss of $3.0 million, or $0.01 per basic share, in Q1 2025, and adjusted net earnings of $113.5 million, or $0.14 per basic share, the previous quarter (Q4 2025 adjusted net earnings included a $0.05 per basic share benefit in earnings from a deferred tax recovery related to revised reclamation cash flow projections).

• Key operating results:
  • Gold production of 60,269 ounces compared to 66,718 ounces in Q4 2025, mainly reflecting a planned reduction in tonnes processed, partially offset by a 15% improvement in average grade and higher average recoveries.
  • Gold sold⁽³⁾ of 56,927 ounces compared to 64,479 ounces the previous quarter.
  • Total production costs of $76.2 million versus $73.8 million in Q4 2025.
  • Operating cash costs⁽¹⁾ of $1,417 per ounce sold compared to $1,185 per ounce sold the previous quarter.
  • Site-level AISC^(1)(4)(5) of $1,875 per ounce sold versus $1,824 per ounce sold in Q4 2025.
  • AISC⁽¹⁾⁽⁵⁾ of $2,041 per ounce sold compared to AISC of $2,034 per ounce sold the previous quarter.
• Cash flows included net cash flow from operating activities of $43.0 million ($129.8 million before the impact of a $86.8 million income tax payment relating to the 2025 tax year); Adjusted free cash flow⁽¹⁾ of $62.7 million compared to adjusted free cash outflow of ($9.8) million in Q1 2025 and adjusted free cash inflow of $67.9 million in Q4 2025.
• Capital expenditures⁽¹⁾ totaled $69.9 million, including $20.7 million of sustaining capital expenditures⁽¹⁾ and $49.2 million of growth capital expenditures⁽¹⁾ (includes growth capital expenditures for Porcupine and Cordero, as well as capitalized exploration expenditures). Sustaining capital expenditures in Q1 2026 were largely focused on capital development at Hoyle Pond and Borden, combined with construction work to buttress the No. 6 tailings management area (“TMA6”) at the Dome property. Growth capital expenditures primarily related to pre-stripping at Pamour and longer-term investments at the TMA6.
• Cash at March 31, 2026, totaled $384.9 million compared to $410.7 million at December 31, 2025, with the change in cash mainly resulting from a $86.8 million income tax payment related to the 2025 tax year made during Q1 2026, the impact of which more than offset the benefit of cash flows from operations generated during the quarter.
• Working capital⁽¹⁾ at March 31, 2026, totaled $288.2 million as compared to working capital of $242.2 million at December 31, 2025. The 19% increase in working capital mainly reflected the reduction in current tax payable following the $86.8 million 2025 income tax payment.

(1)   Example of Non-GAAP measure. For more information, see the section in this press release entitled, “NON-GAAP MEASURES”.
(2)   Refers to earnings before interest, taxes and depreciation and amortization costs.
(3)   The difference between ounces produced and ounces sold largely reflects the delivery of in-kind ounces under the Franco-Nevada royalty arrangement.
(4)   Site-level AISC includes corporate G&A allocation and excludes remaining corporate G&A, share-based compensation and corporate-level sustaining capital expenditures.
(5)   AISC does not include share-based compensation costs.

Income Statement Summary

PORCUPINE OPERATIONS REVIEW

Discovery’s Porcupine Operations consist of the Hoyle Pond, Pamour and Hollinger mine properties, the Dome mine property and milling facility, and numerous near-mine and regional exploration targets. The Porcupine Operations also includes the Borden mine property and large land position near Chapleau, Ontario. Current operations include the Hoyle Pond and Borden underground mines, and Pamour and Hollinger open-pit mines. All mineralization is processed at Dome, including mineralization from Borden, which is trucked 190 km to the Dome Mill. The Dome Mill is a 12,000 tonne-per-day processing facility that in recent years has operated at rates well below optimal levels. Through investment programs launched following the closing of the Porcupine Acquisition in 2025, the Company is targeting a return to sustained nameplate capacity by 2027 or sooner.