Discovery Reports Record Gold Production & Sales, Solid Earnings, Strong Cash Generation in Q3 2026

Tony Makuch, President, CEO & Chairman of Discovery Mining Ltd.

“Q3 2026 was a critical quarter of accomplishment for Discovery, highlighted by record gold production and sales, solid earnings and strong cash flow. Our cash increased 24%, reaching $450.7 million at September 30, 2026. We generated over $200 million of operating cash flow and $87 million of free cash flow during a quarter when we invested close to $120 million of cash for capital expenditures aimed at supporting our growth and business improvements. Our ability to generate cash that enhances our financial position and supports our investment programs is an important competitive strength that will benefit us moving forward.”

Tony Makuch, President, CEO & Chairman of Discovery Mining Ltd.

“Another key competitive strength is our continued exploration success at Porcupine. Last quarter, we discussed the evolving transformation of Pamour, which has been established over a 4 km strike length and where high-grade zones have been identified in multiple target areas. We recently issued additional drill results from Pamour that demonstrated strong continuity of the gold-bearing structures, including in the key area between Pamour and Pamour West. We also recently released encouraging drill results at Dome, which included identifying new areas of mineralization to the north, and extending mineralization to the south by 600 metres. With these results, we now believe Dome is an open-pit project that, like Pamour, has the potential to become substantially larger and more valuable than previously envisioned. Dome remains open to the north, south and west, with potential to extend into the neighbouring Paymaster property. Speaking of Paymaster, through the acquisition of certain mineral properties from McEwen Inc. in October, we now have 100% ownership in Paymaster.”

Tony Makuch, President, CEO & Chairman of Discovery Mining Ltd.

“Q3 2026 was also an important quarter for Cordero, our large-scale silver project in Mexico. We obtained the Change of Land Use permit on September 28, 2026, with approval of the Environmental Impact Assessment (“MIA”) being received on October 5(th). Receiving these approvals completes the Federal environmental permitting process and positions Cordero to advance towards development. We are updating the 2024 feasibility study capital and cost estimates, with an update to be released over the next few months.”

Tony Makuch, President, CEO & Chairman of Discovery Mining Ltd.

“Looking ahead, we are well positioned to end the year with a strong fourth quarter and remain on track to issue an updated technical report for Porcupine early in 2027.”