Growth on the Horizon CORPORATE PRESENTATION FEBRUARY 2026 TSX: EDR | NYSE: EXK TSX: EDR | NYSE: EXK 2 edrsilver.com Cautionary Note Non-IFRS Financial Measures The Company has included certain performance measures that are not defined under International Financial Reporting Standards (IFRS). The Company believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of Kolpa. The non-IFRS measu ...

Silver is trading in territory that would have sounded outlandish not long ago. One widely followed 2026 outlook now points to the metal spiking toward $150 per ounce, with a new “floor” projected in the $65 to $70 range. Meanwhile, the March 2026 silver futures (SIH26) contract currently changes hands around $86. That kind of price action has turned silver into a high‑octane way to express views. Into that kind of setup steps a tiny AI‑focused data‑center company that wants to bolt a strategic silver re ...

Core Insights - iShares Silver Trust (SLV) has seen significant institutional investment activity, with multiple firms acquiring new stakes in the fund during the second and third quarters of the year [1][5]. Group 1: Institutional Investment Activity - Center for Financial Planning Inc. purchased a new stake valued at approximately $25,000 in the second quarter [1]. - Addison Advisors LLC acquired a new position worth approximately $31,000 during the same period [1]. - Nexus Investment Management ULC increased its holdings by 50% in the third quarter, now owning 750 shares valued at $32,000 after purchasing an additional 250 shares [1]. - Raleigh Capital Management Inc. and Hopwood Financial Services Inc. also purchased new stakes in the third quarter, valued at approximately $32,000 and $38,000 respectively [1]. Group 2: Stock Performance - iShares Silver Trust stock opened at $76.62, reflecting a 7.9% increase [2]. - The fund has a 52-week low of $26.57 and a high of $109.83, indicating significant price volatility [2]. - The market capitalization of iShares Silver Trust is $42.18 billion, with a P/E ratio of -8.51 and a beta of 0.38, suggesting lower volatility compared to the market [2]. Group 3: Company Profile - iShares Silver Trust owns silver transferred to the Trust in exchange for shares, with each share representing a fractional undivided beneficial interest in its net assets [3]. - The Trust's assets consist of silver held by a custodian, and its activities include issuing shares, selling silver to cover expenses, and delivering silver for share redemptions [3].

Core Viewpoint - Rio Silver Inc. has begun trading on the U.S. OTCID Market, enhancing access for U.S. and global investors to its silver-focused growth strategy [3][5][7] Group 1: Market Access and Liquidity - The OTCID market provides a transparent and regulated platform for U.S. investors to access internationally listed companies, which is expected to improve trading efficiency and expand investor awareness for Rio Silver [5][8] - The uplisting is anticipated to increase participation from U.S.-based retail and institutional investors, thereby enhancing liquidity [5][8] Group 2: Company Strategy and Development - Rio Silver is focused on advancing high-grade, silver-dominant assets in Peru, leveraging its experienced technical and operational team [9] - The company aims to execute a disciplined, capital-efficient development strategy while engaging in direct investor outreach and participating in major industry conferences [6][8] Group 3: Management Commentary - The President and CEO of Rio Silver emphasized that the uplisting to the OTCID market is a significant step forward, facilitating broader access to the company's investment story [7] - Enhanced visibility and liquidity are seen as crucial for building long-term shareholder value as the company progresses with its projects [7]

Core Insights - First Majestic Silver made a significant acquisition of Gatos Silver for $970 million, gaining a 70% interest in the Los Gatos Joint Venture and enhancing its position as a major silver producer [1] - The company achieved record silver production, with an average of 4.2 million ounces in Q4 2024, marking a 77% increase year-over-year, driven by the Los Gatos mine [2] - Financial performance improved dramatically, with record revenues of $285.1 million in Q3, a 95% increase from the previous year, and a record cash position of $568.9 million [4] Production and Performance - First Majestic produced a total of 31.1 million silver equivalent ounces last year, exceeding production guidance due to strong operational results [3] - The Los Gatos mine was a key contributor, producing 1.5 million ounces in Q4, leading to an annual total of 15.4 million ounces, an 84% increase from 2024 [2] Financial Results - The company reported a significant increase in cash flow from operations, rising by $101.6 million to $141.3 million, and free cash flow increased by $67.5 million to a record $98.8 million [4] - The acquisition of Gatos Silver is expected to enhance annual free cash flow, which was initially projected at $70 million but exceeded that in Q3 alone [5] Shareholder Returns - First Majestic plans to increase its dividend from 1% to 2% of net quarterly revenue starting in 2026, contingent on sustained high silver prices [6]

Core Viewpoint - The recent decline in silver prices, marking the worst day since 1980, presents a potential buying opportunity for silver mining stocks [1] Group 1: Silver Market Overview - Silver experienced a significant downturn after a period of substantial gains, indicating volatility in the financial markets [1] - The decline in silver prices is seen as a natural correction following previous increases [1] Group 2: Company Insights - Fresnillo, the world's largest silver miner, is projected to produce 44 million ounces of silver this year, highlighting its significant role in the silver mining industry [1]

Core Viewpoint - Silver prices have surged to nearly all-time highs due to geopolitical tensions and supply limitations, making it an attractive investment option for investors seeking security [2][3]. Silver Market Overview - On January 19, 2026, silver peaked at $94.08 per ounce, driven by investor demand amid trade tensions and geopolitical issues [2]. - The following day, silver reached a record high of $95.87 per ounce before closing at $94.38, marking a 32% increase in 2026 and a 147% increase in 2025 [3]. Investment Opportunities in Silver Stocks - A list of the 15 best-performing silver stocks was compiled based on a one-year performance criterion of over 20% returns [5]. - The methodology involved screening silver stocks using Finviz and analyzing hedge fund sentiment data from Insider Monkey [5][6]. Notable Silver Stocks - **Freeport-McMoRan Inc. (NYSE:FCX)**: - Achieved a 54.98% return over the past year, with a price target increase from $58 to $68 by JPMorgan [7][9]. - The company is involved in mining copper, gold, molybdenum, and silver [10]. - **Dolly Varden Silver Corporation (NYSE:DVS)**: - Recorded a 106.20% return over the past year and is involved in a merger with Contango Ore [11][12]. - The company has completed significant exploration programs, focusing on new prospects [13]. - **Wheaton Precious Metals Corp. (NYSE:WPM)**: - Achieved a 144.7% return over the past year, with price targets raised by RBC Capital and Jefferies [14][15]. - The company is recognized for its favorable valuation and anticipated growth in the precious metals sector [16][17].

Core Viewpoint - There is a significant disconnect between the rising price of silver and the performance of silver mining stocks, with the latter underperforming despite a strong rally in silver prices [1][2][5]. Group 1: Silver Price Performance - Silver prices surged by 35% in December, reaching over $76 per ounce, marking the strongest monthly rally since the late 1970s and a year-to-date increase of 154.57% [2][5][6]. - On Tuesday, silver prices increased by over 6% to $76 per ounce, but saw a slight decline of 1.44% to $75.13 per ounce on Wednesday morning [6]. Group 2: Silver Mining Stocks Performance - The Global X Silver Miners ETF (NYSE:SIL) only increased by 11% in December, significantly lagging behind the silver price surge [2][5]. - Notable silver mining stocks have shown underwhelming performance, with year-to-date increases ranging from 89.60% to 444.90%, but month-to-date performances remain low, with most stocks below 15% [5][6]. - The Global X Silver Miners ETF closed at $85.51, up 1.38% on Tuesday, but still reflects a lack of momentum compared to silver prices [7]. Group 3: Investment Opportunities - The disparity between silver prices and mining stocks presents an attractive investment opportunity, as silver stocks are considered to be undervalued following a 14% correction in silver prices [4][5]. - Schiff argues that silver mining stocks should have doubled in value given the recent surge in silver prices, indicating potential for significant upside [2][3].

Core Viewpoint - Silver prices experienced a significant intraday reversal, dropping from $82.5 (~Rs 2,54,000) to $75 (~Rs 2,38,000), primarily due to profit-booking and a decrease in safe-haven demand following an extended rally [1][2]. Price Movement and Market Sentiment - Optimism regarding potential progress in Russia–Ukraine peace talks has reduced geopolitical risk premiums, leading to short-term liquidation in silver [2]. - Speculative traders have reduced long positions due to elevated price levels and silver's substantial 180% year-to-date gains [2]. - A slight recovery in the US dollar and bond yields has negatively impacted market sentiment, although the overall trend for silver remains structurally bullish [2]. Performance Comparison - Despite the recent dip, silver has outperformed most asset classes in 2025, achieving over 160% year-on-year growth, significantly surpassing gold's 70% increase [3]. Factors Driving Silver Prices - The sharp increase in silver prices has been attributed to robust industrial demand, ongoing supply constraints, its recent classification as a U.S. critical mineral, and increased investor interest driven by momentum buying [6]. Investment Channels - Investors are exploring various ways to participate in the silver market, including futures, ETFs, physical bars, and mining stocks [7]. - The largest marketplace for physical silver is London, where major banks like JPMorgan and HSBC store significant bullion reserves [8]. - Silver futures are actively traded on exchanges such as COMEX, MCX, and the Shanghai Futures Exchange, allowing speculation on future prices without physical delivery [9]. - ETFs, such as the iShares Silver Trust, have gained popularity among small investors, with the fund currently holding around 529 million ounces of silver valued at approximately $39 billion [10]. - Physical silver in the form of bars and coins remains a preferred choice for many retail investors, although it involves considerations of storage, purity, and liquidity [11]. - Shares of listed silver mining companies provide another investment route, influenced by both silver price movements and company-specific factors [12].

Core Insights - Honey Badger Silver Inc. has formed a strategic partnership with Monetary Metals, involving a 10,000-ounce silver loan investment that yields a 12% annual return payable in physical silver [1][2] - The silver loan was secured at a price of $52 per ounce and is set to mature on August 8, 2027 [1] - The company aims to eventually distribute silver dividends to shareholders as it scales its operations [2] Company Overview - Honey Badger Silver Inc. is a Canadian silver-focused company with multiple projects in Northern Canada, including the Plata and Clear Lake silver projects in Yukon, and the Sunrise Lake project in the Northwest Territories [3] - The company is also developing a pipeline of royalties, streaming agreements, and strategic silver investments to create long-term income-generating assets [3]