Cartier Silver Initiates 5,000-Metre Phase Two Diamond Drilling at Bolivia's Chorrillos Project, Completes US$700,000 Option Payment

Advancing Exploration with Second-Phase Drilling at Chorrillos

Cartier Silver’s second-phase diamond drilling at Chorrillos marks a significant progression in its multi-year exploration program, building on the initial drilling completed in mid-2023. Subsequent exploration over the past two years has refined several high-grade silver, lead, and zinc target zones, which the current program is designed to systematically test. This phase transitions from early reconnaissance to a structured effort to delineate and potentially upgrade mineral resources across distinct geological zones.

The Chorrillos Project lies within a historically mined high-grade silver vein system dating back to colonial times. The new drilling aims to expand known mineralisation within this vein system and explore new mineralised structures. Historical underground workings, prior drill intercepts, and channel sampling of artisanal workings at Quimbalete and Hoyada have informed a detailed target inventory guiding the current campaign.

Program Details: Twelve Drill Holes Across Four Geological Zones

The 5,000-metre program includes 12 planned holes, labeled DGL-04 to DGL-13 and DFL-01 to DFL-02, with depths ranging from 150 to 700 metres. These holes cover four main target areas: Ordovician Sedimentary Central South, Ordovician Sedimentary Central North, Tertiary Volcanic Hoyada, and Tertiary Epiclastics-Volcanic Felicidad. Each zone presents unique geological settings, with objectives including extending vein systems to depth, intersecting multiple vein structures, and investigating geophysical and geochemical anomalies.

The deepest hole, DGL-10, targets 700 metres in the Ordovician Sedimentary Central North zone to intersect three vein structures aligned with the Central Vein trend. Holes DFL-01 and DFL-02 at Felicidad are planned to 500 metres to intercept the Felicidad vein trend. The program is scheduled for completion in Q4 2026, with Fujita Drilling Group as the contractor.

Targeting Inferred Mineral Resource Upgrades

A key goal of this drilling phase is to upgrade several exploration-stage targets to "Inferred" mineral resources under National Instrument 43-101 standards. Achieving this classification is critical for advancing project economics and facilitating potential financing. The program also aims to assess the down-dip and lateral extensions of high-grade mineralisation previously identified at Mina Central and through channel sampling at Quimbalete and Hoyada. These zones remain open laterally and vertically, indicating potential for further mineralisation. Drill results from this phase are pending, and resource classification depends on subsequent analysis.

Underground Dewatering at Mina Central to Enable Access

Alongside surface drilling, Cartier Silver plans to begin dewatering the lower eastern workings of the Mina Central underground mine within weeks. The broader underground dewatering and rehabilitation program is expected to start in late August or early September 2026. This initiative aims to provide access to flooded underground areas, enabling geological mapping, sampling, and potential underground drilling currently hindered by water.

The announcement does not disclose the cost or volume of water involved in the dewatering project. However, this milestone is crucial for advancing the Chorrillos Project.

US$700,000 Option Payment Advances 70% Ownership Stake

Cartier Silver’s Bolivian subsidiary, Minera Cartier Bolivia S.R.L., made an additional US$700,000 option payment, bringing total staged payments to US$1,500,000 for a 70% interest in Empresa Minera Segovia S.R.L. and Empresa Minera Gonalbert S.R.L., the project’s title-holding entities. The amended acquisition agreement allows for 100% ownership for US$4,500,000, payable in installments by June 12, 2028. The remaining US$3,000,000 will be paid in stages to secure full ownership.

Qualified Person and Laboratory Procedures

The technical information was reviewed and approved by Dr. Osvaldo Arce, P.Geo., General Manager of Minera Cartier Bolivia S.R.L. and a National Instrument 43-101 Qualified Person with over 35 years of exploration and mining experience in the Americas. Dr. Arce oversees all technical and field operations at Chorrillos.

Drill core samples are analyzed at accredited labs ALS and AHK. Sample preparation occurs in Bolivia, with pulps sent to Lima, Peru, for analysis. Silver, zinc, and lead are measured by Inductively Coupled Plasma Atomic Emission Spectroscopy with four-acid digestion; tin by X-Ray Fluorescence; and gold by fire assay on 50-gram pulps with Atomic Absorption Spectroscopy finish. A rigorous QA/QC program including standards, blanks, duplicates, and check samples ensures data integrity.

Bolivia’s Improving Investment Environment and Resolved Road Blockades

The announcement highlights recent resolution of road blockades in Bolivia through government-labour union agreements, reopening transportation routes and enabling uninterrupted delivery of essential supplies such as diesel fuel. This development supports Cartier Silver’s exploration and the Mina Central dewatering program, which requires fuel for pumping operations.

Bolivia is entering a phase of economic reactivation focused on investment, growth, and private-sector engagement, particularly in mining and energy sectors. Support from the IMF, Inter-American Development Bank, and the Development Bank of Latin America and the Caribbean underpins this recovery. Investors are advised to consider the political, regulatory, and economic risks inherent in Bolivia alongside these positive factors.

Cartier Silver’s Broader Asset Portfolio

Beyond Chorrillos, Cartier Silver holds significant iron ore resources at Gagnon Holdings in Quebec’s Labrador Trough and the Big Easy gold property in Newfoundland and Labrador’s Avalon Zone. Additional claims in Bolivia’s Potosi Department are also held by its subsidiary. No operational updates or timelines were provided for these assets in this announcement.

Program Timeline and Upcoming Milestones

The 5,000-metre diamond drilling program is expected to conclude in Q4 2026, with no specific month indicated. The Mina Central dewatering and rehabilitation program is slated to begin in late August or early September 2026, allowing some overlap with surface drilling activities. Investors will be monitoring assay results as samples are processed by ALS and AHK laboratories. Deeper drill holes may have longer turnaround times. The announcement did not specify when assay results will be released, and the immediate impact on Cartier Silver’s share price was not evident at the time of publication.