Discovery Silver : NBC CEO Mining Conference November 24, 2025 (nbf november 24 2025 pptx november 23 2025)

TSX:DSV | OTCQX: DSVSF

NBC CEO Mining Conference | November 24, 2025

Growing Gold Production in Canada …

A Large-Scale Silver Project in Mexico …

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An Attractive Valuation

Additional Cautionary Language

Third Party Information: This presentation includes market and industry data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying assumptions relied upon by such sources. The Company does not make any representation as to the accuracy of such information.

No Investment Advice: This presentation is not, and is not intended to be, an advertisement, prospectus or offering memorandum, and is made available on the express understanding that it does not contain all information that may be required to evaluate and will not be used by readers in connection with, the purchase of or investment in any securities of any entity. This presentation accordingly should not be treated as giving investment advice and is not intended to form the basis of any investment decision. It does not, and is not intended to, constitute or form part of, and should not be construed as, any recommendation or commitment by the Company or any of its directors, officers, employees, direct or indirect shareholders, agents, affiliates, advisors or any other person, or as an offer or invitation for the sale or purchase of, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities, businesses and/or assets of any entity, nor shall it or any part of it be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

Readers should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters.

No Reliance: This presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the transaction or entities described herein. No representation or warranty, express or implied, is given and, so far as is permitted by law and no responsibility or liability is accepted by any person, with respect to the accuracy, fairness or completeness of the presentation or its contents or any oral or written communication in connection with the transaction described herein. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed for any purpose whatsoever on any projections, targets, estimates or forecasts or any other information contained in this presentation. In providing this presentation, the Company does not undertake any obligation to provide any additional information or to update or keep current the information contained in this presentation or any additional information or to correct any inaccuracies which may become apparent.

Non-IFRS Measures: The Company uses a variety of financial measures to evaluate its performance including both International Financial Reporting Standards ("IFRS") and certain non-IFRS measures that we believe provide useful information to investors regarding the Company's financial condition and results of operations. Readers are cautioned that non-IFRS measures often do not have any standardized meaning, and therefore, are unlikely to be comparable to similar measures presented by other companies. See the section entitled "Financial Information and non-GAAP Measures" in the Company's Management's Discussion and Analysis for the three months and six months ended June 30, 2024 (the "MD&A"). In this presentation, such non-IFRS measures include, among others: all-in sustaining costs (AISC) and free cash flow (which are described further in the MD&A).

Qualified Persons: The scientific and technical information included in this presentation is derived from the Porcupine technical report dated January 13, 2025, filed on SEDAR+ on January 28, 2025, entitled "Porcupine Complex, Ontario, Canada, Technical Report on Preliminary Economic Assessment" (the "Porcupine Technical Report"), which was prepared by Mr. Eric Kallio, P.Geo., an independent consultant to the Company at the time of preparation, Mr. Pierre Rocque, P.Eng. of Rocque Engineering Inc., and independent consultant to the Company at the time of preparation and Dr. Ryan Barnett, P.Geo. of Resource Modelling Solutions Inc. As of the date hereof, Messrs. Kallio, Rocque are "Qualified Persons" and Mr. Barnett is an independent "Qualified Persons" ("QPs"), as such term is defined in NI 43-101. The QP responsible for the Mineral Resource estimates for Hoyle Pond, Borden and Pamour, as provided in the Porcupine Technical Report is Mr. Kallio. The QP responsible for Mineral Resource estimates for Dome as provided in the Porcupine Technical Report is Mr. Barnett. Mr. Rocque acted as QP for the subset of Mineral Resource estimates used in the 2024 LOM plan provided by the Newmont technical services team in the Porcupine Technical Report. Messrs. Kallio, Rocque and Barnett have reviewed and approved the scientific and technical information included in this presentation. Scientific and technical information in this presentation with respect to the Company's Cordero project has been prepared and presented based on the technical report entitled "Cordero Silver Project, Technical Report and Feasibility Study" with an effective date of February 16, 2024, as filed on SEDAR+ (the "Feasibility Study") which was completed by Ausenco Engineering Canada ULC, with support of AGP Mining Consultants Inc., WSP USA Inc. and RedDot3D Inc. The mineral reserve estimate was completed under the supervision of Wille Hamilton, P.Eng. Of AGP and the mineral resource estimate was completed under the supervision of R. Mohan Srivastava, P.Geo, both of whom are independent QPs as such term is defined in NI 43-101.

Preliminary Economic Assessment Disclaimer: The Porcupine Technical Report includes the results of a preliminary economic assessment which is preliminary in nature. It includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary economic assessment will be realized. Readers should refer to the full list of footnotes set out in the slide in the Appendix of this presentation entitled Mineral Resource.

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DSV - A Growing Canadian Gold Producer

Three operating mines with upside, Projects that could more than double production

Hoyle Pond: One of Canada's highest-grade gold mines

• Acquired Porcupine Complex on April 15, 2025

• Quality gold production in renowned Timmins camp

• Management team largely from Timmins - extensive

  experience operating in the region

• Jan. 2025 technical report included NPV5% of $4.5B (at

  Dome: 17 Moz of production, with large resource base

  
  
  

  $3,800/oz gold price), with substantial upside potential1

• Growth projects with potential to more than double production

• Outstanding exploration potential - multiple near-mine and regional targets

  1. Based on results included in the "Porcupine Technical Report" dated January 13, 2025, which was filed on January 28, 2025, at

  
  
  

  https://www.sedarplus.ca. See Slide 3 and the slide entitled Mineral Resources in the Appendix of this presentation for full footnotes and disclaimers.

  4 NPV calculated based on an assumed $3,800 per ounce gold price.

  DSV - A Large-Scale Silver Project in Mexico One of the world's largest undeveloped silver reserves, +$40/oz silver price with excellent L/T fundamentals

• Cordero located 35 km from Parral, with 400 years of silver mining history

• 2024 FS1 included NPV5% of $2.8B (at $40/oz silver

  price)

• Averages 37 Moz AgEq2/year in first 12 years using FS metal price assumptions (Silver: $22/oz; Gold: $1,600/oz; Zinc: $1.20/lb; Lead: $1.00/lb)

• Significant socio-economic benefits for Mexico

• Cordero heavily discounted in analyst models pending approval of environmental impact assessment

1. Based on results included in the Feasibility Study dated February 16, 2024, as filed on SEDAR+. Readers are referred to Slide 3 for additional disclaimers.

   
   
   

   Cordero: 302 Moz silver reserve in historic silver belt

   
   
   

   Traditional mill flowsheet supports low-risk development

2. Refers to silver equivalent ounces. Refer to the press release entitled, "Positive Feasibility Results Establish Cordero as One of the World's Leading Development-Stage Silver Projects," for information

5 related to the calculation of silver equivalent ounces.

Discovery Value Proposition

Porcupine Technical Report

Valuation

NPV(5%) = US$3.6B using Consensus gold prices1 NPV(5%) = US$4.5B using $3,800/oz gold price2

Share Price (DSV-TSX): C$5.77

Basic Shares O/S: 802M

Market Cap/NPV (Tech Report): 0.7x

Market Cap: US$3.3B

Market Cap/NPV (Tech Report): 0.9x

UPSIDE

			Cordero Valuation upside
		Exploration 140,000m planned
	TVZ Adj. to Hoyle Pond
				Dome 11Moz Inf. Resource
Hoyle Pond, Borden, Pamour

1. Based on results included in the "Porcupine Technical Report" dated January 13, 2025, which was filed on January 28, 2025, at https://www.sedarplus.ca. NPV calculated based on consensus gold price estimates of: 2025 -

$3,337/oz, 2026 - $3,695/oz, 2027 - $3,620/oz, 2028 - $3,490/oz, 2029 - $3,480oz, 2030 - $3,243/oz, 2031 - $3,325/oz, 2032: $3,325/oz, 2033 - $3,250/oz. Gold price held constant at $3,250/oz following 2033.

6 2. NPV calculated based on a fixed gold price of $3,800/oz.

Porcupine - Quality Complex in a Tier 1 Gold Camp ~70 Moz produced1 with large resource base and substantial exploration upside

Hoyle Pond: One of Canada's highest-grade gold mines

• 4 Moz @ ~11 g/t since 1987 - Excellent track record of replacing reserves

• Multiple in-mine and district exploration targets - TVZ & Owl Creek

DSV Site Locations in Timmins

Borden: Previously Newmont's largest single land position

• 1,000 km2 land position, drilling limited to current mining trend

• >600 koz since 2019

Pamour: New open-pit mine currently ramping up

• Three-phase pit design with target production of ~150 koz/year

• Exploration potential to east, west, north and at depth

Dome: 11 Moz Inferred Resource2 & large milling facility

• 3.9 Mtpa mill with optimization and expansion potential

• Opportunity to resume mining operations with large resource base

  Hollinger/McIntyre: 30 Moz of historic production

• Potential to resume mining at Hollinger Pit

• L/T project to create larger mining operation combining both properties

  1. Refers to production from the Porcupine Complex since production commenced at Dome in 1910. See full listing of Mineral Resources, with accompanying footnotes as set out in the Appendix of this presentation.

     
     
     

  2. Technical Report economic analysis does not include the 11.0 Moz Inferred Mineral Resources at Dome. Please refer to the Mineral Resources slide in the Appendix of this presentation for detailed footnotes related to Mineral

7 Resources.

Technical Report - Base Case with Attractive Upside Base Case includes over 285 koz/year for the next 10 years, 22-year total mine life

Targeting production growth, lower costs and mine life extensions Annual Gold Production (koz Au)1,2

222

259 270

300

320 335 338 334

277

218

169 164 174

134 134

164 168

140

171 182

204

149

93

1. Based on recovered ounces.

8 2. 2025 production estimates presented on a full-year, 100% owned basis.. Discovery acquired Porcupine on April 15, 2025.

Combination of Growth and Conversion Targets

Exploration Program 140,000 meters of drilling planned by early 2026

Hoyle Pond

Borden

Pamour

Dome

Hollinger/ McIntyre

Paymaster

Discovered in 1979 with 60 kozs resource

>4Moz mined since 1987

• TVZ

• Upper S Veins

• XMS Zone

• S Zone Deep and Deep Extension

• Owl Creek

• 350 & 950 zones

  Mineral Resources

  Indicated: 1,197kt@12.90g/t, 484 koz

  Inferred:

  578 kt @ 15.24 g/t, 283 koz

  1,000 km2 land position

  Drilling mainly along existing mine trend

• Borden Deep Zones

• Borden North (Conglomerate)

• Borden North

  Mineral Resources

  Measured: 1,471kt@6.17g/t, 292koz

  Indicated: 2,274kt@6.15g/t, 449 koz Inferred: 1,372kt@5.22g/t, 230 koz

  5.5Moz of production since 1911

  Potential to north, east, west, to depth

• Phase 2 and 3 pits

• Pamour West

• Pamour Deep

• Pamour North

  Extension

• Pamour East Extension / AAA

• Keora

  Mineral Resources

  Indicated: 64,755kt@1.30g/t, 2,704

  koz Inferred:

  23,264kt@1.34 g/t, 1,002

  koz

  17Moz produced since

  1910

  11 Moz Inferred Resource

  Majority of resource does not impact mill

  • Preston Area

  • North Wall

  • NE Extension

  Mineral Resources

  Inferred: 222,284kt@1.49g/t, 10,978koz

  30Moz produced since 1910

  2 ops combine at depth

  Exploration planning in progress

• Coniaurum

• Pearl Lake Porphyry

1.2Moz of production

Located SW of Dome

Exploration planning in progress

• 3c Zone

9 1. Please refer to the Technical Report disclaimer on Slide 3 and the Mineral Resources estimates as set out in the Technical Report as further set out in the Mineral Resources slide in the Appendix of this presentation.

Hoyle Pond Mine1 UG mine with substantial exploration potential

• 4 Moz produced @ average grade of ~11 g/t since 1987

• Current mining rate ~550 tpd, hoisting capacity of 2,200 tpd

• Mined material trucked 17 km to Dome Mill

• Targeting increased production and extended mine life

• Opportunities: Ventilation upgrades

  
  
  

  Material handling Backfill systems Increase automation Exploration

  Resources2	Tonnes	Grade	Ounces
  	(kt)	(Au g/t)	(koz Au)
  Measured	-	-	-

  Indicated	1,167	12.90	484
  Total M&I	1,167	12.90	484
  Inferred	578	15.24	283

  1. Please refer to the Preliminary Economic Assessment Disclaimer on Slide 3.

  2. Please refer to the Mineral Resources slide in the Appendix of this presentation for detailed footnotes related to Mineral Resources.

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