Advance Metals (ASX: AVM) Expands High-Grade Silver and Gold Portfolio Across Australia and Mexico

Highlights

• Mexican portfolio hosts a combined 116Moz silver equivalent across Yoquivo, Guadalupe y Calvo and Gavilanes.
• Gavilanes hosts an existing Foreign Estimate of 2.83Mt at 246g/t AgEq, containing 22.4Moz AgEq.
• Recent drilling at Gavilanes extended high-grade silver mineralisation and identified broader copper-gold polymetallic potential beneath existing silver zones.
• Guadalupe y Calvo exploration is progressing through mapping, sampling and target generation ahead of a planned maiden drilling campaign.
• Advance Metals is moving towards 100% ownership of the Myrtleford and Beaufort Gold Projects following positive drilling and metallurgical results.
• Pending assays, ongoing drilling and planned resource upgrades are expected to support continued exploration momentum across Advance Metals' key projects.

Advance Metals Limited (ASX:AVM) continues building momentum across its exploration portfolio with significant progress in both Mexico and Australia. While the company is moving towards full ownership of the Myrtleford and Beaufort Gold Projects in Victorian Goldfields, Australia, following encouraging drilling and metallurgical results, exploration activity in Mexico continues to deliver positive outcomes at the Gavilanes and Guadalupe y Calvo projects.

Recent drilling has expanded the high-grade silver system at Gavilanes, while at Guadalupe y Calvo, the company continues advancing through exploration programs designed to unlock one of its largest silver-gold assets.

Together with the Yoquivo Project, these assets form a 116Moz silver equivalent portfolio that continues to grow through systematic exploration.

Gavilanes Drilling Extends High-Grade Silver System

Gavilanes has emerged as one of Advance Metals' most active exploration projects, with recent drilling continuing to expand the known high-grade silver system. The project was acquired by the company in January 2025.

• Gavilanes hosts an existing Foreign Estimate of 83Mt at 246g/t AgEq, containing 22.4Moz AgEq.
• The project spans a 13,500-hectare land package, with only 0.2km² tested to date, highlighting significant potential for future resource growth.
• The project comprises three identified zones—Gavilanes, Central and Western—with the Gavilanes zone covering approximately 15km², while the Central and Western zones remain largely unmapped. The project is hosted within the Sierra Madre Volcanic Belt, Mexico’s premier silver-gold province.
• The project is located 23km east of First Majestic Silver’s San Dimas Tayoltita Mine (~134Moz silver produced).
• Historically, the San Dimas district has produced 745Moz of silver and 11Moz of gold.
• The district hosts significant resources across more than 125 recognised veins.

Advance Metals' current drilling program at Gavilanes aims to:

• Test down-dip extensions of the known high-grade mineralisation.
• Test strike extensions of the existing system.
• Assess priority exploration targets outside the current Foreign Estimate area.

The maiden diamond drill hole, GV-26-001, intersected a broad 33.9 metres grading 220g/t silver from 117.6 metres, including a higher-grade interval of 6.2 metres grading 718g/t silver. The hole also encountered increasing copper, gold, lead and zinc mineralisation at depth alongside higher silver grades, highlighting the broader mineralised system beneath the existing silver zones.

The results supported Advance's strategy of rapidly expanding the current high-grade silver resource while demonstrating the project's polymetallic potential.

Second Drill Hole Confirms Silver-Copper-Gold Potential

The second diamond drill hole continued to build confidence in the scale of the Gavilanes system. Hole GV-26-002 intersected 8.4 metres grading 245g/t silver from 90 metres, including 3 metres grading 523g/t silver, extending high-grade mineralisation to the south.

The hole also delivered the strongest copper interval recorded at the project to date, returning 54.6 metres grading 0.6% copper, 22g/t silver and 0.3g/t gold from 180 metres. Within this interval were higher-grade sections of 12 metres grading 1.1% copper, 42g/t silver and 0.7g/t gold, together with 2.4 metres grading 1.3% copper, 61g/t silver and 1.3g/t gold.

Analysis of nearby historic drilling further identified additional copper-silver-gold mineralisation at depth, supporting the interpretation of a stacked, multi-stage epithermal system.

Assays remain pending for hole GV-26-003, while a fourth hole is currently drilling to test continuity and extensions of the mineralised zones.

The current program is expected to support a planned JORC Resource upgrade targeted for the fourth quarter of calendar year 2026, building on the existing foreign estimate of 22.4Moz silver equivalent grading 246g/t silver equivalent.

Guadalupe y Calvo Emerges as Key Growth Asset

Advance Metals highlights Guadalupe y Calvo as the largest resource opportunity within its Mexican portfolio.

Located in Chihuahua State, the project covers approximately 27.5 square kilometres across 10 mining concessions and hosts a foreign estimate of 60.6Moz silver equivalent grading 198g/t silver equivalent. This includes a higher-grade underground component containing 36.6Moz grading 373g/t silver equivalent.

More than 86,000 metres of historical core drilling has defined a mineralised panel measuring approximately 600 metres by 550 metres at the Rosario structure. Mineralisation remains open along strike and at depth, while multiple additional vein systems have been identified beyond the Rosario-Nankin trend, providing further exploration opportunities across the project.

Target Generation Progresses Ahead of Maiden Drilling

Advance Metals continues preparing Guadalupe y Calvo for its next exploration phase.

The company has completed a LiDAR survey and is progressing geological mapping, sampling and target generation across the project. These activities are refining priority targets ahead of a planned maiden drilling program, subject to the necessary approvals.

The combination of extensive historical drilling, multiple vein systems and open mineralisation provides a solid platform for continued exploration and future resource growth.

Victorian Gold Projects Advance Towards Full Ownership

Alongside its expanding Mexican portfolio, Advance Metals is also progressing its Victorian Gold Projects in Australia.

The company is moving to increase its interest in the Myrtleford and Beaufort Projects to 100% following encouraging drilling results and gravity gold recoveries at the Happy Valley prospect. The amended agreement builds on the joint venture signed in early 2025 to acquire an initial 80% interest in the projects for total consideration of C$3.0 million.

Recent work at Myrtleford delivered additional high-grade gold results from Happy Valley and supported completion of a new 3D geological model. The updated model has improved the company's understanding of the structural controls on gold mineralisation and is expected to guide future drill targeting across Happy Valley and the broader Myrtleford Project.

With exploration programs progressing across both its Mexican and Australian assets, Advance Metals continues advancing multiple projects in parallel. Ongoing drilling and pending assay results at Gavilanes, target generation ahead of maiden drilling at Guadalupe y Calvo, and the move towards full ownership of the Myrtleford and Beaufort Gold Projects are expected to support the company's next phase of exploration across its diversified precious and base metals portfolio.

Shares of AVM last traded at AUD 0.064 on 08 July 2026.