Vancouver, British Columbia--(Newsfile Corp. - November 5, 2026) - Minaurum Silver Inc. (TSXV: MGG) (OTCQX: MMRGF) ("Minaurum" or the "Company") is pleased to announce the completion of its 50,000-metre Phase II resource expansion drill program at the Alamos Silver Project ("Alamos") in Sonora, Mexico. The last holes of the drill program returned additional high-grade silver results from the Europa, San Jose, Promontorio Sur, and the newly discovered Africa vein zone, as well as high-grade gold at Quintera. Results will be incorporated into the Company's updated Phase II mineral resource estimate targeted for release this quarter.

Highlights include:

Africa Vein Zone

• 2.80 m of 751 g/t silver equivalent "AgEq"
  (302 g/t Ag, 0.64 g/t Au, 1.50% Cu, 5.09% Pb, 6.83% Zn)
  including 0.50 m of 1,579 g/t AgEq
  (354 g/t Ag, 1.90 g/t Au, 2.85% Cu, 20.00% Pb, 17.40% Zn) (Hole AL26-274)

Quintera Vein Zone

• 5.30 m of 385 g/t AgEq
  (316 g/t Ag, 0.16 g/t Au, 0.47% Cu, 0.31% Pb, 0.35% Zn)
  including 0.70 m of 1,757 g/t AgEq
  (1,450 g/t Ag, 1.00 g/t Au, 2.01% Cu, 1.24% Pb, 0.89% Zn) (Hole AL26-279)
• 4.40 m of 439 g/t AgEq - High-Grade Gold Interval
  (32 g/t Ag, 4.50 g/t Au, 0.20% Pb)
  including 0.50 m of 1,229 g/t AgEq
  (0.50 m of 188 g/t Ag, 11.45 g/t Au, 0.92% Pb) (Hole AL26-206)

Europa Sur Vein Zone

• 0.50 m of 1,049 g/t AgEq
  (895 g/t Ag, 0.04 g/t Au, 1.52% Cu, 0.28% Pb, 0.62% Zn) (Hole AL26-277)

Promontorio Sur Vein Zone

• 12.20 m of 238 g/t AgEq
  (14 g/t Ag, 0.02 g/t Au, 0.01% Cu, 2.08% Pb, 7.61% Zn)
  including 5.45 m of 336 g/t AgEq
  (21 g/t Ag, 0.02 g/t Au, 0.01% Cu, 2.58% Pb, 10.99% Zn) (Hole AL26-272)

"These latest results complete our 50,000-metre Phase II resource-expansion drill program and set the stage for our upcoming resource update," stated Darrell Rader, President and CEO of Minaurum Silver. "At the newly discovered Africa vein, hole AL26-274 confirms impressive widths of high-grade silver mineralization. The Europa and Promontorio zones remain open along strike and at depth. Quintera continues to deliver strong high-grade silver results, accompanied by a significant pulse of gold mineralization. Overall, the Phase II resource-expansion program has been a significant success, highlighting compelling opportunities to further expand the Alamos resource. We look forward to delivering our updated Phase II resource estimate this quarter, marking another milestone in advancing the Alamos Silver Project."

Phase II Resource-Expansion Drill Program Completion
In January 2026, Minaurum announced an initial inferred resource estimate of 55.2 million ounces "Moz" AgEq, or 34.8 Moz of silver, 35,640 ounces of gold, 51.0 million pounds ("Mlb") of copper, 115 Mlb of lead, and 238 Mlb of zinc. The resource's average grades were 320 g/t AgEq, or 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc, using a cutoff grade of 150 g/t AgEq, contained within 5.37 million tonnes (see news release dated January 28, 2026). The initial resource is defined in just 3 of the 26 vein zones identified at Alamos: Promontorio, the central part of Europa, and Travesia (Figure 1).

The objective of Phase II was to expand the resource by stepping out at roughly 80-m intervals along strike and down dip from the previously identified resources at Europa, Promontorio, and Travesia; and from previous vein intercepts in the Europa Sur, Quintera, Promontorio Sur, and San Jose vein zones. Phase II consisted of 50,356.15 metres in 138 holes (Tables 1 and 2).

Table 1. Minaurum Silver Alamos Project - Summary of Core Drilling.

 

Table 2. Resource Phase II drilling targets by vein zone. Europa includes Europa Sur, Europa Norte, and Africa. Promontorio includes Promontorio Sur.

 

Figure 1. Plan view showing locations of Quintera, Promontorio, Europa, and San Jose vein zones. Click to enlarge.

To view an enhanced version of this graphic, please visit:
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Africa Vein
The recently discovered Africa vein lies approximately 50 m into the footwall of the Europa Sur vein zone and has been tested by extending Europa Sur-targeted holes. Hole AL26-274 cut 2.80 m of 751 g/t AgEq (302 g/t Ag, 0.64 g/t Au, 1.50% Cu, 5.09% Pb, 6.83% Zn), about 150 m south of the intersection reported in hole AL26-268 (2.05 m of 669 g/t AgEq (270 g/t Ag, 0.87 g/t Au, 1.55% Cu, 2.80% Pb, 5.62% Zn) (Figures 1 and 2; Table 3; see news release dated October 22, 2026)

Figure 2. Longitudinal section of Africa vein zone, showing intersections. Click to enlarge.

To view an enhanced version of this graphic, please visit:
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Table 3. Assay highlights for Africa vein. True widths are based on current interpretation of mineralized structures. Weight-averaged silver-equivalent grades (AgEq g/t) are based on the October 1, 2025 Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. Metallurgical recovery assumption: 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, 75% for Zn.

 

Quintera - Travesia Vein Zones
Gold Mineralization in the Quintera Footwall
Hole AL26-206 intersected a gold-rich interval associated with quartz-pyrite veinlets roughly 35 m into the footwall of the Quintera vein, returning 4.40 metres grading 4.50 g/t Au and 32 g/t Ag (439 g/t AgEq), including 0.50 metre of 11.45 g/t Au and 188 g/t Ag (1,229 g/t AgEq) (Table 4). Additional drilling is planned to test the lateral and vertical continuity of this newly identified gold-bearing zone.

Figure 3. Cross section of Travesia and Quintera vein zones, showing relationship of holes AL26-279 and AL26-283 to historical workings and previously reported holes. Click to enlarge.

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Hole AL26-279 returned 1.70 m of 288 g/t AgEq (230 g/t Ag, 0.05 g/t Au, 0.39% Cu, 0.81% Pb, 0.17% Zn) in a vein in the hanging wall of the main Quintera vein zone, and 5.30 m of 385 g/t AgEq (316 g/t Ag, 0.16 g/t Au, 0.47% Cu, 0.31% Pb, 0.35% Zn) including 0.70 m of 1,757 g/t AgEq (1,450 g/t Ag, 1.00 g/t Au, 2.01% Cu, 1.24% Pb, 0.89% Zn) in the main Quintera zone (Table 4, Figure 3). AL26-279 intersected the Quintera vein approximately 30 m below and to the south of AL26-188's intersection which cut 5.80 m of 669 g/t AgEq (581 g/t Ag) and 90 m above the AL26-215 intersection which cut 5.95 m of 1,117 g/t AgEq (953 g/t Ag) including 2.40 m of 2,557 g/t AgEq: (2,204 g/t Ag) (see news releases dated March 31 and July 8, 2026).

Table 4. Assay highlights for Quintera vein. True widths are based on current interpretation of mineralized structures. Weight-averaged silver-equivalent grades (AgEq g/t) are based on the October 1, 2025 Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. Metallurgical recovery assumption: 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, 75% for Zn.

 

Europa - Europa Sur Vein Zones
Hole AL26-277 cut 0.50 m of 1,049 g/t AgEq (895 g/t Ag, 0.04 g/t Au, 1.52% Cu, 0.28% Pb, 0.62% Zn) in the northern part of the Europa Sur zone in hanging-wall veins of the Europa Sur zone with mineralization intersected in the remaining holes (Table 5, Figures 4 & 5).

Figure 4. Longitudinal section of Europa-Europa Sur vein zone, showing locations of highlighted mineralized intersections. Click to enlarge.

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Figure 5. Cross section of Europa-Europa Sur vein zone, showing relationship of Europa Sur and Africa mineralized intervals in hole AL26-274. Click to enlarge

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3455/321940_figure%205.jpg

Table 5. Assay highlights for Europa Sur vein zone. True widths are based on current interpretation of mineralized structures. Weight-averaged silver-equivalent grades (AgEq g/t) are based on the October 1, 2025 Long-term CIBC Global Mining Group Analyst Consensus Commodity Price Forecast: Ag $29.73/tr oz, Au $2,646/tr oz, Cu $4.34/lb, Pb $0.92/lb, Zn $1.21/lb. Metallurgical recovery assumption: 88.3% for Ag, 88.5% for Au, 75.5% for Cu, 83% for Pb, 75% for Zn.