Leaning into Silver - Initiating Sinda at Overweight

Research evidence excerpt

Leaning into Silver - Initiating Sinda at Overweight

FoundationM

Management aims to unlock this opportunity through a strategic multi-phase infill

drilling program to expand and de-risk the Project. Sinda's infill program targets higher

Mineral Resource confidence by converting portions of Inferred into Measured and

Indicated Mineral Resources, while exploration drilling targets new mineralized structures

( Exhibit 25 ). Alongside ongoing technical studies and metallurgical work, the program is

expected to support updated Mineral Resource estimates and future economic studies,

including an Initial Assessment in 2Q27, Preliminary Feasibility Study (PFS) in 4Q28, and

ultimately a Feasibility Study (FS) in 1Q30.

Phase 1 Surface Drill Program recently completed in 2Q26… consisted of ~61,000

meters across 88 drill holes focused primarily on the Dolores vein system within the

Caracol Area. This phase combines infill drilling to improve Mineral Resource confidence

and exploration drilling to expand the mineralized footprint. The Exploration Drilling

program will include initial drilling at the Don Diego area, which may represent a link

between the Caracol and Agaves vein systems ( Exhibit26 ).

… and Phase 2 Surface Drill Program completion expected in 4Q27 which includes

~122,000 meters across an additional 189 drill holes. The Phase 2 Program supports

ongoing resource definition and future mine development. Additionally, the company has

secured final permits to construct an underground decline at Caracol (5.5m x 5.5m), and

management expects decline development to begin in 2H26 alongside underground

drilling, with completion targeted between 2028 and 2030.

Exhibit 24: Sinda has a strong track record of resource growth...

Source: Company Disclosure