High-Grade Gold, Copper and Silver Rock Chips at Ashes

Group Eleven Intersects 12.0m of 2.30% Cu and 560 g/t Ag, Including 6.4m of 3.72% Cu and 838 g/t Ag, Demonstrating High-Grade Copper and Silver Potential at Ballywire

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce assay results from four new holes from the ongoing drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.

Highlights:

25-3552-31, a 65m step-out hole, intersected two strongly mineralized horizons:
- Cu-Ag horizon (starting at 348.7m downhole)
  - 19.9m of 1.46% Cu and 356 g/t Ag, including
  - 12.0m of 2.30% Cu and 560 g/t Ag, including
  - 6.4m of 3.72% Cu and 838 g/t Ag
- Zn-Pb-Ag horizon (starting at 297.0m downhole)
  - 47.1m of 4.5% Zn+Pb (3.1% Zn and 1.4% Pb) and 22 g/t Ag, including
  - 25.9m of 7.4% Zn+Pb (5.1% Zn and 2.3% Pb) and 35 g/t Ag, including
  - 12.9m of 11.0% Zn+Pb (7.7% Zn and 3.2% Pb) and 57 g/t Ag, including
  - 3.7m of 20.4% Zn+Pb (15.8% Zn and 4.6% Pb) and 151 g/t Ag
Up to 10.45% Cu (over 0.80m) and up to 1,880 g/t Ag (over 0.86m) intersected in the Cu-Ag horizon; to the Company's knowledge, this represents the highest-grade Ag intercept in Ireland over the last >60 years (by any operator) and similarly, one of the highest-grade Cu intercepts
Cu-Ag horizon consists of replacement-style mineralization along the base of the Waulsortian Limestone in proximity to a fault structure; mineralization appears to consist mostly of tennantite-tetrahedrite (detailed mineralogy work to be undertaken in due course)
Noteworthy is the presence of elevated antimony in the Cu-Ag zone, grading 0.27% Sb within the above 6.4m interval (including 0.80m of 10.45% Cu, 1215 g/t Ag and 0.83% Sb)
This hole expands the footprint of the 2.6km long discovery trend by at least 65m down-dip, to a total of at least 170m down-dip along this section (and remains open further down-dip)
Drilling continues at Ballywire with two rigs testing (i) the NE extension and (ii) 1.3km ENE of the Ballywire discovery in the vicinity of the prospective 'D' gravity-high anomaly; a third rig was added this week, testing the deeper Cu-Ag target (below the Waulsortian Limestone)

"Intersecting spectacular copper-silver grades over significant thicknesses is a pivotal moment for the Ballywire discovery," stated Bart Jaworski, CEO. "These results not only strongly point to a stratigraphically deeper Cu-Ag horizon but also represent a proof of concept that substantial grades and thicknesses of copper and silver exist at the discovery, in addition to excellent grades of Zn-Pb. The growing presence of critical minerals at Ballywire, namely, copper, germanium and now potentially antimony, highlights the rising strategic importance of this discovery for Ireland, the EU and our shareholders. With today's Cu-Ag milestone, continued drilling to the NE and along our prospective 6km trend, plus the start of drilling with our third rig, we are poised to further grow shareholder value as the year progresses."

Exhibit 1. Cross-Section Showing New Drilling (25-3552-31) at Ballywire Discovery

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Note: True width of mineralized intervals in 25-3552-31, as a percent of down-hole interval, is estimated to be 50-70%

Exhibit 2. Plan Map Showing New Drilling and Intersected High-Grade Cu-Ag Mineralization

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New Step-Out Holes at Ballywire Discovery

The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, represents the most significant mineral discovery in Ireland in over a decade. First announced in Sept-2022, the discovery has 52 holes drilled and reported by Group Eleven to date, including the most recent four holes (25-3552-30, -31, -32, and -33) reported today (see Exhibits 1 to 7).

High-grade Zn-Pb mineralization from 25-3552-31 (see Page 1 and Exhibits 1 to 4) consists predominantly of sphalerite, galena and pyrite. High-grade Cu-Ag mineralization in this hole consists of suspected tennantite/tetrahedrite, chalcopyrite, sphalerite, galena and pyrite along and/or close to the base of the Waulsortian Limestone (see Exhibit 1). Noteworthy is the presence of elevated antimony within the Cu-Ag zone. For example, the 6.39m interval below, grading 3.72% Cu and 838 g/t Ag, also grades 0.27% Sb (including 0.80m of 10.45% Cu, 1215 g/t Ag and 0.83% Sb).

Exhibit 3. Summary of Assays from 25-3552-31 at Ballywire

Item	From (m)	To (m)	Int (m)	Zn (%)	Pb (%)	Zn+Pb (%)	Ag (g/t)	Cu (%)
25-3552-31	155.00	155.84	0.84	8.41	1.70	10.11	93.8	-
And	188.89	192.61	3.72	2.34	0.22	2.56	11.9	-
Incl.	190.82	191.75	0.93	4.77	0.45	5.22	25.2	-
And	296.95	344.07	47.12	3.13	1.37	4.50	21.6	-
Incl.	300.76	301.70	0.94	5.21	0.72	5.93	13.9	-
And	309.07	334.96	25.89	5.10	2.27	7.37	35.4	-
Incl.	310.00	322.88	12.88	7.72	3.24	10.95	57.4	-
Incl.	315.49	319.20	3.71	15.81	4.56	20.37	151.1	-
And	347.79	370.42	22.63	0.47	0.51	0.98	315.8	1.30
Incl.	348.71	368.60	19.89	0.49	0.57	1.07	356.5	1.46
Incl.	348.71	360.73	12.02	0.59	0.79	1.38	560.1	2.30
Incl.	353.39	360.73	7.34	0.68	1.27	1.95	768.0	3.36
Incl.	354.34	360.73	6.39	0.65	1.46	2.11	838.0	3.72
Incl.	354.34	355.20	0.86	0.77	0.06	0.83	1880.0	5.73
And	355.20	356.09	0.89	0.09	0.02	0.11	516.0	1.12
And	356.09	357.02	0.93	0.40	8.47	8.87	399.0	1.16
And	357.02	357.98	0.96	0.36	1.15	1.51	128.0	1.19
And	357.98	358.78	0.80	2.44	0.21	2.65	1215.0	10.45
And	358.78	359.84	1.06	0.33	0.06	0.38	979.0	3.92
And	359.84	360.73	0.89	0.45	0.03	0.48	871.0	3.52

Note: True width of the mineralized interval in hole 25-3552-31, as a percentage of the down-hole interval, is estimated to be 50-70%; for photographs of Cu-Ag rich core, see Appendix and www.groupelevenresources.com.

Three other holes released today were drilled in a 150m gap to the NE of 25-3552-31 (25-3552-30, -32 and -33; see Exhibit 2). Hole 25-3552-30 returned nil mineralization, 25-3552-32 returned three intervals of mineralization up to 0.94m of 2.4% Zn+Pb (0.9% Zn and 1.5% Pb) and 8 g/t Ag, and 25-3552-33 returned three intervals of mineralization up to 0.82m of 2.9% Zn+Pb (1.1% Zn and 1.8% Pb) and 7 g/t Ag. These zones of mineralization are narrower and weaker than those at the main discovery trend but generally in line with recent holes drilled further to the ENE (see holes G11-3552-24, -26 and 28 in news release dated 25-Mar-2025). Disseminated copper mineralization, as well as, mineralized veins and fractures, is strengthening towards the north, suggesting massive sulphide mineralization may be present further north (see northern-most purple line in Exhibit 4). A second mineralized trend is also emerging to the south where the interpreted Cu-Ag rich 'feeder' fault pierced by drilling along the main discovery trend appears to correlate with mineralization approx. 350m along strike to the ENE, intersected in G11-3552-08 (see solid and dashed purple lines in Exhibit 4). Drilling is ongoing in the NE area to test the above targets.

Copper-Silver Target

Today's results add to a growing body of evidence that support the interpretation of a Cu-Ag 'feeder' fault parallel to and spatially associated with the main Zn-Pb-Ag discovery at Ballywire (see Exhibit 4). With up to 10.45% Cu and 1,880 g/t Ag in a mineralized horizon near a steeply dipping structure, mineralizing fluids are interpreted to have emanated from deeper in the sedimentary sequence (see Exhibit 5). Meanwhile, the stratigraphy of the region suggests that the Lower Limestone Shale horizon exists approximately 100-200m below the discovery horizon (base of the Waulsortian Limestone). This horizon hosts four well known Cu-Ag historic occurrences in the surrounding area (see Denison, Oola, Gortdrum and Tullacondra in Exhibit 8, located approx. 5km, 9km, 10km and 45km away from Ballywire, respectively).

These historic Cu-Ag occurrences can be interpreted as the eroded remnants of originally more vertically extensive mineralizing systems, likely representing the roots of stratigraphically higher Zn-Pb-Ag mineralization. At Ballywire, the mineralizing system has the potential to be much larger than its neighbouring occurrences (based on a relatively larger footprint to date); additionally, any Cu-Ag mineralization would notionally be intact below the existing Zn-Pb-Ag mineralization.

Given the compelling nature of this exploration model, Group Eleven added a third rig and began drilling this deeper Cu-Ag target this week.

Exhibit 4. Plan Map Showing Interpreted Cu-Ag 'Feeder' at Ballywire

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Exhibit 5. Cross-Section Showing Hypothesized Cu-Ag Mineralization in the Lower Limestone Shale

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Exhibit 6. Oblique 3D View of Cu-Ag Mineralization at Ballywire

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https://images.newsfilecorp.com/files/5685/251260_exhibit6.jpg

Note: Bodies shown (calcite, Zn-Pb-Ag and Cu-Ag) are not constrained by any grade cut-off and are meant for illustrative purposes only

Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

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Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2024); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in 'Report on Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in 'Report on Mallow Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Exhibit 8. Regional Map of Ballywire Discovery and Surrounding Cu-Ag Historic Occurrences

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Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent 'Qualified Person' as defined under Canadian National Instrument 43-101.

Sampling and Analytical Procedures

All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.42m to 1.3m with the majority of samples in the 0.79m to 0.99m range. The half-core samples are bagged, labelled and sealed at Group Elevens core store facility in Limerick, Ireland. Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample preparation at the ALS facility comprises fine crushing 70%

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials ("CRMs" or "Standards") as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is drilling the most significant mineral discovery in the Republic of Ireland in over a decade. The Company announced the Ballywire discovery in September 2022, demonstrating high grades of zinc, lead, silver, copper, germanium and locally, antimony. Key intercepts to date include:

10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)
12.0m of 1.4% Zn+Pb, 560 g/t Ag, 2.30% Cu and 0.17% Sb (25-3552-31), including
6.4m of 2.1% Zn+Pb, 838 g/t Ag, 3.72% Cu and 0.27% Sb (25-3552-31)

Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit¹, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit². The Company's two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (16.0%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-Looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

APPENDIX - CORE PHOTOS
COPPER-SILVER ZONE IN HOLE 25-3551-31
(With Key Assay Results and Brief Descriptions of Key Mineralogy)

Core Boxes 103-105

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Core Boxes 106-108

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Core Boxes 109-111

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(1) Close-Up Core Photo

Above: Dolomitized Waulsortian Limestone, cross-cut by sulphide bearing veins (suspected tennatite-tetrahedrite, chalcopyrite and/or pyrite)

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(2) Close-Up Core Photo

Above: Suspected tennantite/tetrahedrite (grey), chalcopyrite and pyrite (yellow) and calcite (white)

To view an enhanced version of this graphic, please visit:
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(3) Close-Up Core Photo

Above: Chalcopyrite with some pyrite (yellow) and suspected tennantite/tetrahedrite (grey), calcite (white)

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(4) Close-Up Core Photo

Above: Semi-massive chalcopyrite and pyrite (yellow), galena (reflective grey)

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(5) Close-Up Core Photo

Above: Waulsortian Limestones (grey), calcite (white), pyrite and chalcopyrite (yellow)

To view an enhanced version of this graphic, please visit:
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(6) Close-Up Core Photo

Above: Suspected tennantite and tetrahedrite (dark grey), chalcopyrite (yellow), calcite (white)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/251260_d0b183a384f7ba3f_017full.jpg

(6a) Close-Up Core Photo

Above: Suspected tennantite and tetrahedrite (dark grey), chalcopyrite (yellow), calcite (white)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/251260_d0b183a384f7ba3f_018full.jpg

(7) Close-Up Core Photo

Above: Suspect tennantite and tetrahedrite (dark grey), chalcopyrite (yellow), calcite (white)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/251260_d0b183a384f7ba3f_019full.jpg

(8) Close-Up Core Photo

Above: Chalcopyrite (yellow), suspected tennantite/tetrahedrite (grey), calcite (white)

To view an enhanced version of this graphic, please visit:
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(9) Close-Up Core Photo

Above: Fault zone (juxtaposing sub-Waulsortian lithologies against Waulsortian Limestone)

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Pan American Silver Announces Results of Annual General and Special Meeting

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reported the voting results from its annual general and special meeting of shareholders held on May 7, 2025, in Vancouver, British Columbia (the "Meeting"). Each of the matters voted upon at the Meeting are described in detail in the Company's Management Information Circular dated March 17, 2025, which is available on the Company's website at https://www.panamericansilver.com/invest/financial-reports-and-filings/ .

A total of 248,138,835 common shares were represented at the meeting, being 68.52% of the Company's issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the Meeting, including setting the number of directors at nine, the election of management's nominees as directors, the appointment of auditors for the ensuing year, and the acceptance of the Company's approach to executive compensation, known as "say-on-pay".

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Vertex Minerals Limited Appointment of Joint Chief Financial Officers

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce the appointment of Vince Fayad and Kurt Laney as Joint Chief Financial Officers (CFO) of the Company.

HIGHLIGHTS:

- Appointment of Vince Fayad and Kurt Laney as Joint Chief Financial Officers

- Both bring extensive experience in the public company sector, with a strong focus on the mining industry

- Focus on processes and controls to support the growth and development of the Company

- Based in Sydney

Vince and Kurt bring a wealth of experience in both the mining and public company sectors. Their combined experience, together with their broader expertise in handling larger trading entities, will be invaluable as the Company progresses towards its next stage of production. Vince and Kurt will work alongside the management team at Hill End, with a particular focus on supporting the evolution of the Company's processes and controls across the accounting, finance and treasury functions as Vertex transitions to production.

Both Kurt and Vince are Chartered Accountants and their experience includes:

- Vince has over 40 years' experience in corporate finance, international M&A, accounting and other advisory related services in Sydney-based mid-tier accounting firms. His experience ranges from provision of corporate, accounting and secretarial services, together with strong commercial acumen particularly, in the planning and execution and of development strategies for projects as well as acquisition skills.

- Kurt is an experienced Chartered Accountant with over ten years of experience specialising in the provision of accounting for publicly listed companies, taxation, and corporate secretarial services.

Vince brings extensive public company experience, including his current role as Executive Director and Joint Company Secretary of Astute Metals NL (ASX:ASE). Kurt also serves as CFO and Joint Company Secretary of ASE. Over the past decade, both Vince and Kurt have held Joint CFO and Company Secretary roles across several other ASX-listed companies.

Executive Chairman Roger Jackson commented, "I am delighted with the appointment of Vince and Kurt. They bring not only a strong degree of financial acumen, but also have extensive public company experience and, being Sydney-based, will integrate well with our project team and operations. These skills will be invaluable as the Company moves forward. I look forward to working with Vince and Kurt".

About Vertex Minerals Limited:

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.

Source:
Vertex Minerals Limited

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*Number of Directors*
Resolution	Votes For	Votes Against
Resolution to set the size of the Board of Directors to nine directors	246,926,144 (99.51%)	1,209,794 (0.49%)

*Election of Directors*
Director Nominee	Votes For	Votes Withheld
John Begeman	210,529,352 (98.35%)	3,537,518 (1.65%)
Neil de Gelder	172,635,326 (80.65%)	41,431,544 (19.35%)
Chantal Gosselin	212,837,785 (99.43%)	1,229,087 (0.57%)
Charles Jeannes	208,668,354 (97.48%)	5,398,516 (2.52%)
Kimberly Keating	212,981,263 (99.49%)	1,085,607 (0.51%)
Jennifer Maki	210,371,231 (98.27%)	3,695,638 (1.73%)
Kathleen Sendall	212,987,985 (99.50%)	1,078,885 (0.50%)
Michael Steinmann	213,524,644 (99.75%)	542,227 (0.25%)
Gillian Winckler	213,396,113 (99.69%)	670,758 (0.31%)

*Appointment of Auditor*
Resolution	Votes For	Votes Withheld
Resolution to appoint Deloitte LLP as auditors of the Company until its next annual general meeting and to authorize the directors of the Company to fix the remuneration to be paid to the auditors Company	223,262,957 (89.98%)	24,872,980 (10.02%)

*Say-on-Pay*
Resolution	Votes For	Votes Against
Advisory resolution to approve the Company's approach to executive compensation	204,185,486 (95.38%)	9,881,377 (4.62%)

Hole ID	X	Y	Z	Azi	Dip	Depth (m)	From (m)	To (m)	Interval (m)	Cu (%)	Ag (g/t)	Au (g/t)	AuEq (g/t)
LDR-25-06	549560	5525483	375	215	-51	474.0	Pending Assays
LDR-25-07	549453	5525313	375	215	-55	261.0	Pending Assays
LDR-25-08	549524	5525441	375	246	-57	516.0	405.6	413.1	7.4	0.9	5.6	4.6	5.7
						including	409.0	412.1	3.1	1.6	10.0	7.4	9.6
							463.8	466.7	2.9	1.4	3.3	8.3	10.2
						including	463.8	465.2	1.4	2.3	5.7	15.8	18.9
						including	464.2	464.6	0.4	7.2	18.0	51.3	60.8
LDR-25-09	549445	5525319	375	238	-54	252.0	Pending Assays
LDR-25-10	549489	5525229	375	220	-60	237.0	Pending Assays

David Southam Executive Chair T: +61 8 6118 1627 E: info@cygnusmetals.com	Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com	Media: Paul Armstrong Read Corporate T: +61 8 9388 1474

Deposit	Category	Tonnes (k)	Cu Grade (%)	Au Grade (g/t)	Cu Metal (kt)	Au Metal (koz)	CuEq Grade (%)
Corner Bay (2022)	Indicated	2,700	2.7	0.3	71	22	2.9
Corner Bay (2022)	Inferred	5,900	3.4	0.3	201	51	3.6
Devlin (2022)	Measured	120	2.7	0.3	3	1	2.9
	Indicated	660	2.1	0.2	14	4	2.3
	Measured & Indicated	780	2.2	0.2	17	5	2.4
	Inferred	480	1.8	0.2	9	3	2.0
Joe Mann (2022)	Inferred	610	0.2	6.8	1	133	5.5
Cedar Bay (2018)	Indicated	130	1.6	9.4	2	39	8.9
Cedar Bay (2018)	Inferred	230	2.1	8.3	5	61	8.5
Total	Measured & Indicated	3,600	2.5	0.6	90	66	3.0
Total	Inferred	7,200	3.0	1.1	216	248	3.8

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting. All Cygnus drilling reported is NQ size (47.8 mm diameter).
	Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used.	All sample collection, core logging, and specific gravity determinations were completed by Cygnus Metals under the supervision of a professionally qualified registered geologist. NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. QA/QC is done in house by Cygnus Metals geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed. The samples are then placed in bags for shipment to the offsite laboratory's facility. The remaining half of the core is retained and incorporated into Cygnus's secure, core library located on the property.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database. Sampling practice is considered to be appropriate to the geology and style of mineralisation.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory. Drilling was conducted using NQ core size. Directional surveys have been taken at 50m intervals.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval. Overall, the core recoveries are excellent in the Chibougamau area. As a result, no bias exists.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Geological logging of core is qualitative and descriptive in nature.
	The total length and percentage of the relevant intersections logged.	100% of the core has been logged.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	The NQ diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist. Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries. This sampling technique is industry standard and deemed appropriate. Samples sizes are considered appropriate to grain size of the materials being sampled.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd ("BV") in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C. Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm. Samples are fire assayed for gold (Au) (50 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples with visible gold or likely to have gold grains are analysed with metallic screen fire assay. Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 50 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	None used.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	At Bureau Veritas, laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Verification of sampling was made by Cygnus Metals and other professional consultant geologists.
	The use of twinned holes.	No hole is twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All logging data was completed, core marked up, logging and sampling data was entered directly into the database. The logged data is stored on the site server directly.
	Discuss any adjustment to assay data.	There was no adjustment to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	The location of the drill holes and the aiming points for the orientation of the drill holes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model "GPSmap 62s" (4m accuracy). Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole.
	Specification of the grid system used.	The grid system used is UTM NAD83 (Zone 18).
	Quality and adequacy of topographic control.	A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes, which is considered to provide an adequate level of topographic control.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	The drill spacing for recent drilling is considered appropriate for this type of exploration. Due to the historic nature and mix of underground and surface drilling the drill hole spacing for historic drill results is highly variable.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	No resource estimation is made.
	Whether sample compositing has been applied.	No sample compositing has been applied.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Recent drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation. Due to the historic nature of the drilling the drill hole orientation for historic drill results is highly variable.
Orientation of data in relation to geological structure	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No bias is considered to have been introduced by the existing sampling orientation.
Sample security	The measures taken to ensure sample security.	Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	No audits or reviews of sampling techniques or data have been undertaken, therefore information on audits or reviews is not yet available.

CONSOLIDATED RESULTS
	Three months ended March 31, 2025		Three months ended March 31, 2024
Weighted average shares during period		362,408		364,486
Shares outstanding end of period		362,190		362,940

	Three months ended M arch 31,
		2025		2024
FINANCIAL
Revenue	$	773.2	$	601.4
Cost of Sales ⁽¹⁾	$	522.4	$	530.4
Mine operating earnings	$	250.8	$	71.0
Net earnings (loss)	$	169.3	$	(30.8	)
Basic earnings (loss) per share ⁽²⁾	$	0.47	$	(0.08	)
Adjusted earnings ⁽³⁾	$	153.0	$	4.7
Basic adjusted earnings per share ⁽²⁾⁽³⁾	$	0.42	$	0.01
Net cash generated from operating activities	$	174.8	$	61.1
Net cash generated from operating activities before changes in working capital ⁽³⁾	$	240.1	$	127.1
Sustaining capital expenditures ⁽³⁾	$	62.2	$	65.7
Project capital expenditures ⁽³⁾⁽⁴⁾	$	18.6	$	30.9
Cash dividend paid per share	$	0.10	$	0.10
PRODUCTION
Silver (thousand ounces)		5,003		5,009
Gold (thousand ounces)		182.2		222.9
Zinc (thousand tonnes)		14.0		9.8
Lead (thousand tonnes)		6.7		4.6
Copper (thousand tonnes)		0.6		1.7
AISC ⁽³⁾ ($/ounce)
Silver Segment		13.94		16.63
Gold Segment		1,485		1,499
AVERAGE REALIZED PRICES ⁽⁵⁾
Silver ($/ounce)		31.25		22.61
Gold ($/ounce)		2,868		2,078
Zinc ($/tonne)		2,819		2,424
Lead ($/tonne)		1,974		2,063
Copper ($/tonne)		9,287		8,373

(1)	Cost of Sales includes production costs, depreciation and amortization and royalties.
(2)	Per share amounts are based on basic weighted average common shares.
(3)	Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. The AISC are excluding NRV inventory adjustments.
(4)	Project capital relates to expenditures at the La Colorada mine, the La Colorada Skarn, and the Huaron, Timmins and Jacobina mines.
(5)	Metal prices stated are inclusive of final settlement adjustments on concentrate sales.

Q1 2025 OPERATING PERFORMANCE
	Silver Production ( thousand ounces)	Gold Production ( thousand ounces)	AISC ( $ per ounce) ⁽¹⁾
Silver Segment
La Colorada (Mexico)	1,389	1.2	19.72
Cerro Moro (Argentina)	545	20.6	(4.40)
Huaron (Peru)	951	--	13.09
San Vicente (Bolivia) ⁽²⁾	643	--	19.70
Total Silver Segment ⁽³⁾	3,528	21.7	13.94
Gold Segment
Jacobina (Brazil)	1	45.1	1,243
El Peñon (Chile)	945	28.2	1,214
Timmins (Canada)	4	28.5	2,124
Shahuindo (Peru)	65	29.5	1,440
Minera Florida (Chile)	112	15.2	2,445
Dolores (Mexico)	349	14.0	569
Total Gold Segment ⁽³⁾	1,476	160.5	1,485
Total Consolidated ⁽³⁾	5,003	182.2

(1)	Non-GAAP measure; please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures. The AISC are excluding NRV inventory adjustments.
(2)	San Vicente data represents Pan American's 95.0% interest in the mine's production.
(3)	Totals may not add due to rounding.

	2025 Annual Guidance
Silver Production (million ounces)	20.00 - 21.00
Gold Production (thousand ounces)	735 - 800
Silver Segment AISC ⁽¹⁾ ($ per ounce)	16.25 - 18.25
Gold Segment AISC ⁽¹⁾ ($ per ounce)	1,525 - 1,625
Sustaining Capital Expenditures ($ millions)	270.0 - 285.0
Project Capital Expenditures ($ millions)	90.0 - 100.0

Hole_ID	Target	From	To	Au g/t	Length	Composite
HML25-003	New Millennium	18	20	1.78	2	2.0 m of 1.78 g/t Au
And	New Millennium	41	47	1.05	6	6.0 m of 1.05 g/t Au
And	New Millennium	71	74	1.77	3	3.0 m of 1.77 g/t Au
HML25-004	New Millennium	38	42	0.77	4	4.0 m of 0.77 g/t Au
HML25-006	New Millennium	52	65	0.23	13	13.0 m of 0.23 g/t Au
HML25-007	New Millennium	62.5	70.6	0.78	8.1	8.1 m of 0.78 g/t Au

Hole ID	From (m)	To (m)	Interval (m)	Mineral 1	%	Mineral 2	%	Mineral 3	%	Visible Gold (%)	Total Sulphide (%)
LDR-25-09	74.3	74.7	0.4	Pyrite	0.1	Chalcopyrite	0.1				0.2
LDR-25-09	152.65	157.1	4.45	Pyrite	2						2
LDR-25-09	158.5	159.15	0.65	Pyrite	2	Chalcopyrite	0.1	Sphalerite	0.1		2.2
LDR-25-09	159.15	159.75	0.6	Chalcopyrite	0.2	Pyrite	0.1	Sphalerite	0.1		0.4
LDR-25-09	168.85	169.45	0.6	Pyrite	2	Chalcopyrite	0.1				2.1
LDR-25-09	169.45	170.5	1.05	Pyrite	10	Chalcopyrite	0.2				10.2
LDR-25-09	174.15	174.85	0.7	Pyrite	5	Chalcopyrite	1				6
LDR-25-09	174.85	175.25	0.4	Chalcopyrite	1.5	Pyrite	0.1				1.6
LDR-25-09	177	177.5	0.5	Chalcopyrite	1	Pyrite	0.1				1.1
LDR-25-09	188.9	189.3	0.4	Chalcopyrite	3	Pyrite	0.1				3.1
LDR-25-09	190.3	190.7	0.4	Chalcopyrite	0.5	Pyrite	0.1				0.6
LDR-25-09	193.5	194.1	0.6	Chalcopyrite	5	Pyrite	0.1				5.1
LDR-25-09	197.5	198	0.5	Chalcopyrite	1						1
LDR-25-09	204	204.4	0.4	Chalcopyrite	0.5						0.5
LDR-25-09	204.4	204.9	0.5	Chalcopyrite	0.2	Pyrite	0.2	Sphalerite	0.1		0.5
LDR-25-09	204.9	205.4	0.5	Pyrite	10	Chalcopyrite	0.1				10.1
LDR-25-09	205.4	205.9	0.5	Pyrite	5	Chalcopyrite	0.1	Sphalerite	0.1		5.2
LDR-25-09	205.9	206.55	0.65	Chalcopyrite	3	Pyrite	1	Sphalerite	0.1		4.1
LDR-25-09	208.55	209	0.45	Chalcopyrite	0.5	Pyrite	0.1				0.6
LDR-25-09	209	209.6	0.6	Chalcopyrite	2	Sphalerite	0.2				2.2
LDR-25-09	209.6	210	0.4	Chalcopyrite	7						7
LDR-25-09	210	210.7	0.7	Chalcopyrite	20	Pyrite	20			0.1	40
LDR-25-09	210.7	211.5	0.8	Pyrite	25	Chalcopyrite	2	Stibnite	1		28
LDR-25-09	211.5	212	0.5	Pyrite	2	Chalcopyrite	0.1	Sphalerite	0.1		2.2
LDR-25-09	212	212.9	0.9	Pyrite	4	Chalcopyrite	2	Sphalerite	0.1		6.1
LDR-25-09	214	215	1	Chalcopyrite	0.5	Pyrite	0.2				0.7
LDR-25-09	215	215.8	0.8	Pyrite	4	Chalcopyrite	0.1				4.1
LDR-25-09	220.6	221.3	0.7	Chalcopyrite	1	Pyrite	0.1				1.1
LDR-25-09	222.75	223.3	0.55	Chalcopyrite	3	Pyrite	0.1				3.1
LDR-25-09	226.5	227.1	0.6	Pyrite	2	Chalcopyrite	1				3
LDR-25-09	227.1	228	0.9	Pyrite	20	Chalcopyrite	0.5				20.5
LDR-25-09	228	228.5	0.5	Pyrite	20	Chalcopyrite	8				28
LDR-25-09	228.5	229	0.5	Pyrite	5	Chalcopyrite	0.1				5.1

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