Advance Metals extends Gavilanes silver system 55m south with fourth straight high grade hit

11 August 2026 – Perth, WA | Advance Metals (ASX: AVM) has extended high grade silver mineralisation at its 100% owned Gavilanes Project in Mexico a further 55 metres south, with its fourth diamond hole returning 13.2 metres at 311g/t silver including 6 metres at 612g/t, strengthening evidence of continuity across a mineralised corridor extending for more than 750 metres of strike.

The result from hole GV-26-004 continues a consistent start to Advance’s maiden drilling program at Gavilanes, with all four holes completed and assayed by the company to date intersecting high grade silver mineralisation.

GV-26-004 was drilled 55 metres south of the previous two holes to test whether the known silver system continued beyond the existing drilling. It intersected two significant silver zones from 123 metres, led by 13.2 metres at 311g/t silver, including 6 metres at 612g/t, as well as a second interval of 6 metres at 199g/t silver, including 2.4 metres at 367g/t.

The significance for investors is the repeatability of the mineralisation across successive drill positions rather than any single intersection. Advance’s first three holes returned 33.9 metres at 220g/t silver, 8.4 metres at 245g/t silver and 15.6 metres at 309g/t silver respectively, with the latest hole extending the known system rather than closing it off. Reported intersections are downhole widths and true widths are not yet known.

Advance Managing Director and CEO Dr Adam McKinnon said:

“Four holes into our program at Gavilanes and every single one has hit high-grade silver. GV-26-004 has now extended the high grade mineralised system another 55 metres south and returned six metres at 612 grams per tonne, which ranks among the strongest intersections delivered by our drilling to date.

Importantly, we are continuing to expand the system rather than define its limits. The mineralisation is open up-dip, down-dip and along strike. Assays are also still pending from GV-26-005 and GV-26-006, our largest southern step outs drilled to date.

What excites me most about Gavilanes is the combination of grade, scale and exploration upside. We have high grade silver mineralisation near surface, an emerging copper-gold-silver system at depth and a 136 square-kilometre project containing multiple mapped vein systems that remain largely untested by modern drilling.

Gavilanes is therefore becoming an increasingly important part of Advance’s Mexican growth strategy. Following the successful establishment of a 33Moz AgEq Inferred JORC Mineral Resource at Yoquivo, our focus at Gavilanes is to continue expanding the mineralised footprint, test the wider system and incorporate the current drilling into a maiden JORC Mineral Resource targeted for the fourth quarter of 2026.”

The latest drilling also adds to evidence that Gavilanes may contain more than the near surface silver system currently being tested. Earlier holes GV-26-002 and GV-26-003 intersected broader copper, gold and silver mineralisation at depth, including 54.6 metres at 0.6% copper, 22g/t silver and 0.3g/t gold in GV-26-002 and 37.5 metres at 0.6% copper, 83g/t silver and 0.8g/t gold in GV-26-003. Advance interprets these results as a vertically stacked system, with silver rich mineralisation nearer surface and a more polymetallic association at depth.

Gavilanes covers 136 square kilometres in Mexico’s Sierra Madre Occidental volcanic belt, which hosts a number of the country’s major silver deposits. It lies 23 kilometres from First Majestic Silver’s San Dimas operation, a district that has produced 745 million ounces of silver and 11 million ounces of gold. Much of Gavilanes remains lightly explored, with several mapped vein systems yet to be tested by drilling.

The project currently has a Foreign Estimate of 2.83 million tonnes at 246g/t silver equivalent for 22.4 million ounces of silver equivalent. That estimate is not compliant with the 2012 JORC Code and has not been classified as a Mineral Resource or Ore Reserve under Australian reporting standards.

Attention now turns to assays from GV-26-005 and GV-26-006, which are Advance’s largest southern step outs so far and were drilled more than 100 metres further south. The company also plans to continue testing up to 500 metres of the Descubridora structure and commence drilling at additional targets including San Nicolas, El Nopal and La Cruz/La Tuna.

Results from the current drilling program and selected historic core sampling are planned to feed into a maiden JORC Mineral Resource for Gavilanes targeted for the fourth quarter of 2026.