There's no substitute for silver Q 4 Q 4 - - 25 PRESENTATION TSX AG / NYSE AG / FSE FMV FEBRUARY 19, 2026 Forward Looking Statements CAUTIONARY DISCLAIMER This presentation includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include all-in sustaining costs (or "AISC") per silver equivalent ounce, cash costs per silver equivalent ounce and free cash flow. The Company believes that these measures, together with ...

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share for the year 2025, driven by elevated precious metals prices [3][4] - The company ended 2025 with $142.1 million in cash and was completely debt-free, having paid off its credit facility in Q3 [4][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [4][5] Business Line Data and Key Metrics Changes - OR Royalties earned 80,775 gold equivalent ounces (GEOs) in 2025, with 95% of GEOs coming from precious metals, including 65% from gold and 31% from silver [3][9] - The company had 22 producing assets at the end of 2025, with a significant portion of contributions from Tier One mining jurisdictions [9][12] Market Data and Key Metrics Changes - The company expects GEOs earned in 2026 to range between 80,000 and 90,000, with an average cash margin of approximately 97% [24][25] - The 2026 guidance reflects a consensus commodity price ratio of 73-to-1 for gold to silver, with current spot ratios around 64-to-1 [26] Company Strategy and Development Direction - The company emphasized a disciplined approach to capital allocation, prioritizing value over volume in acquisitions, with only $25 million spent on royalty and stream acquisitions in 2025 [6][7] - OR Royalties is targeting assets that contribute to a projected 50% growth trajectory through to 2030, focusing on accretive value creation [34][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, highlighting the strategic advantage of being debt-free and having a strong cash position [4][33] - The company anticipates significant growth in GEOs from various assets, including Canadian Malartic, Island Gold, Dalgaranga, San Gabriel, and Namdini, particularly in 2027 [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to ramp up production and contribute meaningfully to GEOs from 2028 onwards [12][14] - The acquisition of the Gold Fields royalty portfolio is expected to strengthen the company's long-term pipeline and provide immediate cash flow [34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus pricing ratio of 73-to-1 for gold to silver, with potential upside if silver prices stabilize [40][41] Question: Mine ramp-ups and production profile - Management indicated no significant new ramp-ups beyond disclosed assets, with Mantos Blancos being the largest contributor to silver deliveries [42][43] Question: Opportunities for further acquisitions - Management confirmed ongoing exploration of acquisition opportunities, including familiar assets and new portfolios, while maintaining a focus on geography [44][45] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel, with potential additional GEOs from various assets [54] Question: Mantos performance expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [58]

Q4 2025EARNINGS REVIEW CONFERENCE CALL // FEBRUARY 19, 2026 NYSE: PAAS | TSX: PAAS 1 2 CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "adjusted earnings", "attributable revenue", "attributable cash flow from operations", "attributable free cash flow", "basic adjusted earnings per share", "total debt", and "working capi ...

Vancouver, British Columbia--(Newsfile Corp. - February 19, 2026) - Silverco Mining Ltd. (TSXV: SICO) ("Silverco" or the "Company") is pleased to announce that it has closed its previously announced "bought deal" offering (the "Offering") with Velocity Capital Partners ("Velocity") as sole bookrunner and Desjardins Securities Inc. (together with Velocity, the "Lead Underwriters"), as co-lead underwriters, on their own behalf and on behalf of a syndicate of underwriters which included ATB Capital Markets Co ...

 2025 Highlights & 2026 Outlook  High Grade Results: Drilling at Haldane yielded the best hole in property history (HLD25-31) returning 818 g/t silver over 13.15 m. Target Expansion: Successfully expanded Main Fault mineralization to over 100 metres along strike and 150 metres downdip. 2026 Program: Largest drill program to date will focus on expansion of Main Fault target on strike and downdip, test additional targets, with working beginning in March with an airborne geophysical survey.  Strong Financial ...

A Clear Path To Transformational Growth www.avino.com February 2026 TSX: ASM NYSE American: ASM TSX: ASM NYSE American: ASM Cautionary Note This presentation contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including the mineral resource estimate for the Company's Avino Property, including La Preciosa, located near Durang ...

Silver Storm Mining, a Canadian exploration and resource company, has sold the non-core capped production gross royalty related to the Springer Mine & Mill property in Nevada, US. The sale generated C$2.18m ($1.59m) in cash proceeds. The Springer royalty was originally acquired through Silver Storm's purchase of Till Capital in 2025. At the time of acquisition, Till's portfolio included four mining royalties, with the Springer royalty capped at $2.5m. Silver Storm Mining president and CEO Greg McKenzi ...

VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports fourth quarter ("Q4 2025") financial results and audited financial results for the year ended December 31, 2025 ("FY 2025"). The Company will host a conference call and webcast on February 19, 2026 to discuss the results; details provided further in this news release. "Pan American delivered record financial results across the board in 2025, reflecting stron. ...

Shares in Hecla Mining (NYSE: HL) shot higher by 10.8% at 11 a.m. this morning as the market digested the company's fourth quarter earnings report. It's no secret that silver prices surged in 2025, but they have retracted somewhat this year as the unsustainable rally lost ground. Still, if you are a silver bull looking to buy in on the dip -- not least as AI data centers are contributing to silver demand -- then Hecla's earnings report and strategic positioning have given you great reason to do so, and man ...

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.4 billion, net income applicable to shareholders of $321 million ($0.49 per share), and record Adjusted EBITDA of $670 million [7][12] - Total debt decreased to $276 million, with a gross debt to Adjusted EBITDA ratio of 0.4 times [7][12] - Operating cash flow was $563 million, resulting in $310 million in free cash flow, with each mine generating positive free cash flow [7][12] Business Line Data and Key Metrics Changes - Silver production guidance was met with 17 million ounces produced, while gold production exceeded guidance with 150,000 ounces [8] - Lucky Friday produced a record 5.3 million ounces of silver, a nearly 50% increase from 2021 [8] - Keno Hill achieved over 3 million ounces of silver production, marking its first year of profitability under Hecla's ownership [8] Market Data and Key Metrics Changes - The realized silver price in Q4 was nearly $70 per ounce, exceeding the quarterly average by over $14 per ounce [14] - The all-in sustaining cost for silver was $18.11 per ounce, resulting in a silver margin of $51 per ounce or 74% of the realized price [14] Company Strategy and Development Direction - The company aims to be recognized as the premier silver company in North America, focusing on silver as the strategic anchor of its business [4][5] - The pending sale of Casa Berardi is part of a strategy to optimize the portfolio and redirect capital towards silver assets [9][10] - The company is committed to operational excellence, investment discipline, and organic growth through disciplined exploration programs [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a debt-free balance sheet by 2026, with a focus on financial strength and growth [12] - The company anticipates silver production of 15.1-16.5 million ounces in 2026, with a credible pathway to 20 million ounces over the medium term [28][30] - Management highlighted the importance of safety and environmental excellence as foundational to operational success [16][18] Other Important Information - The company reported a 13% reduction in total reportable injury frequency rate, reflecting a commitment to safety culture [18] - Significant exploration results were reported at Midas, with high-grade mineralization supporting potential near-term production [25][26] Q&A Session Summary Question: Exploration at Keno Hill - Management noted intercepting a new high-grade ore shoot and plans to focus on expanding this area, with a budget of $13 million for exploration [35][36] Question: Accounting Treatment for Casa Berardi - Management clarified that cash flows from Casa will continue through the closing date, with potential accounting impacts expected in Q1 [45][50] Question: Strategy for Silver Production Growth - Management emphasized the need to grow the silver portfolio and mentioned plans for a new project generation group to identify new silver districts [61][62]