Advance Metals Yoquivo Drilling Programme Targets High-Grade Extensions

Advance Metals Accelerates High-Impact Discovery in Mexico

Advance Metals Limited (ASX:AVM) has significantly ramped up exploration activities at its 100%-owned Yoquivo Silver-Gold Project in Mexico, with the Advance Metals Yoquivo drilling program now well underway. The announcement reveals that five diamond holes have been completed across three separate target areas, with all assay results currently pending and expected from mid-January 2026.

The exploration surge comes at an opportune time, with record silver and gold prices driving increased activity across North America's precious metals sector. Furthermore, Advance Metals is targeting extensions to the existing Foreign Estimate at Pertenencia, which currently comprises 17.23 million ounces of silver equivalent at a grade of 570g/t AgEq.

Targeting High-Grade Extensions Below Existing Resources

The Advance Metals Yoquivo drilling program focuses on three key areas, with particular emphasis on down-dip extensional targets at Pertenencia below the current Foreign Estimate. According to the announcement, two deep holes (YQ-25-009 and YQ-25-010) have been completed at this prospect, with hole YQ-25-010 representing a potentially significant development for future resource expansion.

Recent drilling highlights from earlier 2025:

Hole YQ-25-010 specifically targets Pertenencia mineralisation approximately 150 metres below previous intersections. This represents a significant step-out that could substantially expand the resource footprint if successful.

"The new holes follow successful drilling earlier in the year showing the high grade system remains open at depth at Pertenencia"

Exploring New High-Grade Discoveries

Beyond Pertenencia, the company has completed additional holes at the San Francisco Prospect (YQ-25-011 & YQ-25-012) and La Esparanza (YQ-25-013). In addition, the announcement highlights particularly compelling newly identified high-grade vein structures southeast of the Dolar Vein system, which returned surface rock chip samples up to 1,594g/t AgEq.

Multiple holes are planned for early 2026 to test these exceptional surface discoveries. The company reports that additional drilling will also test several regional targets. However, particular focus remains on the high-grade vein structures that demonstrated such exceptional surface grades.

Completed Drilling Program Summary:

Unlocking Value from Historic Data

Advance Metals is simultaneously conducting an extensive program of relogging and assaying previously untested core from Pertenencia. The announcement reveals that the company has now sampled more than 4,000 metres of diamond core, with initial results confirming significant silver and gold upside potential.

The first batch of results from this historic core program demonstrated grades up to 848g/t AgEq. Consequently, this provides validation of the silver and gold upside from previously untested material. Combined with the new drilling program, the announcement states that Advance Metals now has approximately 4,500 samples at the laboratory pending assay results.

This represents one of the most comprehensive exploration programs undertaken at Yoquivo to date. Furthermore, the extensive program of resampling, combined with the new drilling efforts, is designed to feed into an upgraded geological model and new JORC resource for the project.

Understanding Silver Equivalent Grades: What AgEq Means for Investors

Silver equivalent (AgEq) is a crucial metric for evaluating polymetallic precious metals deposits like Yoquivo. This calculation converts all valuable metals in the deposit into a single silver-equivalent figure. For instance, this makes it easier to compare and value different mineralised zones.

Yoquivo's AgEq calculation methodology:

• Based on silver price of $24/oz and gold price of $1,860/oz
• Assumes 85% recovery for both metals based on flotation and leaching test work
• Formula: AgEq g/t = Ag g/t + (Au g/t × Au price/Ag price)

This standardisation allows investors to quickly assess the economic potential of drill intercepts. Moreover, it enables comparison of results across different areas of the project. The calculation methodology was derived based on initial flotation and leaching test work conducted by Golden Minerals in 2022. This provides a technical foundation for the equivalency calculations.

For mining companies, silver equivalent grades provide a simplified way to communicate the total precious metal content of mineralised intersections. This is particularly important for deposits containing both silver and gold mineralisation like Yoquivo.

Strategic Timeline for Resource Growth

The announcement outlines a clear pathway to resource expansion and development at Yoquivo. Significantly increased exploration activities in North America resulting from record silver and gold prices have slowed assay turnaround times. However, the company expects the majority of pending assay results from mid-January 2026.

Immediate priorities for Q1 2026:

• Assay results from current 5-hole program expected mid-January
• Additional drilling along strike at Pertenencia (north and south)
• Multiple holes targeting 1,594g/t AgEq surface discoveries

Near-term development milestones:

• Upgraded JORC Resource Estimate targeted for early 2026
• High-resolution airborne LiDAR survey data processing completion
• Updated geological model incorporating all new data

The company has also completed a high-resolution airborne LiDAR survey, with processed data expected to be available shortly. This survey data is intended to enhance geological understanding and target generation across the broader project area.

Results from the resampling work will feed into an upgraded JORC Resource Estimate for Yoquivo. Combined with the Advance Metals Yoquivo drilling program results, this is targeted for early 2026 as part of the company's fully funded Mexican silver-gold growth strategy.

Investment Thesis: Leveraging Mexico's Silver Endowment

Advance Metals is strategically positioned in one of the world's premier silver jurisdictions. The Yoquivo project is located in southwestern Chihuahua, Mexico and demonstrates several compelling investment characteristics that distinguish it within the precious metals exploration sector.

Resource foundation: The existing Foreign Estimate of 17.23 million ounces AgEq at 570g/t provides a substantial foundation. Furthermore, this offers potential expansion through the current drilling program.

Grade quality: Recent intercepts averaging 200-550g/t AgEq demonstrate exceptional grade continuity. The system remains open at depth at Pertenencia.

Exploration upside: Multiple untested targets and 4,000+ metres of unsampled historic core offer significant discovery potential. This extends beyond the current resource base.

Market timing: Record silver and gold prices provide optimal market conditions for advancing precious metals projects. This coincides with increased activity across North America's precious metals sector.

Why Investors Should Track Advance Metals' Progress

The convergence of multiple factors positions Advance Metals for potential significant value creation over the coming months. The company's fully funded exploration program removes financing risk while targeting high-impact extensions to an already substantial resource base.

With approximately 4,500 samples pending results and an upgraded JORC Resource Estimate targeted for early 2026, investors have multiple near-term catalysts to monitor. The combination of deep drilling below existing resources provides both expansion and discovery potential. In addition, testing of exceptional surface discoveries up to 1,594g/t AgEq offers further upside.

The strategic focus on Mexico's proven silver endowment creates a compelling proposition for precious metals investors. Combined with exceptional grades and systematic exploration approach, this positions the company to benefit from continued strength in silver and gold markets.

Advance Metals has positioned itself to capitalise on record precious metals prices with a systematic, fully funded exploration program targeting both resource expansion and new discoveries at its high-grade Yoquivo project. With assay results expected from mid-January 2026 and an upgraded resource estimate planned for early 2026, the company offers multiple near-term catalysts for potential value creation.

The timing of the comprehensive Advance Metals Yoquivo drilling program aligns with record precious metals prices and increased activity across North America's mining sector. Consequently, this provides an optimal backdrop for advancing the Yoquivo project through this critical phase of resource definition and expansion.

Could Advance Metals Be Your Next Precious Metals Investment?

With record silver and gold prices driving unprecedented activity across North America's mining sector, Advance Metals presents a compelling opportunity for investors seeking exposure to high-grade precious metals development. The company's systematic approach to expanding the substantial 17.23 million ounce silver equivalent resource at Yoquivo, combined with exceptional surface discoveries up to 1,594g/t AgEq, positions it uniquely in Mexico's premier silver jurisdiction. As approximately 4,500 samples await assay results and an upgraded JORC Resource Estimate targets early 2026, multiple near-term catalysts could drive significant value creation. Discover how Advance Metals' fully funded exploration strategy and strategic focus on Mexico's proven silver endowment could benefit your portfolio by visiting their investor hub for comprehensive company information, project updates, and investment details.