Bonanza Grade Resource

• Indicated resource: 356 koz Au @ 24.4 g/t Au, 8.4 Moz Ag @ 579 g/t Ag with growth potential¹
• Ranks among the 10 highest grade projects globally in both gold and silver categories².
• Property-wide exploration never completed

Location

• 230 km² property, 100%-owned, with multiple styles and episodes of mineralization, largely open for growth and discovery

Mining District

• Peru – World’s #3 Silver Producer³
• Central region more favourable context than Southern Peru Copper Belt
• Recent inbound investment from Mexican miners
• Adjacent to Pierina closure (left opening in regional economy)

San Luis Future Targets

Schematic Section – Stacked boiling zones

History

• Bonanza Grade Resource within Epithermal Vein Field Offering Exceptional Growth Potential
• Sat largely dormant for the past decade as SSR Mining Inc. shifts focus
• Highlander Silver acquires the San Luis Project from SSR Mining Inc. in May 2024 for US$5M, an additional US$37.5M in contingent cash consideration and a 4% NSR (2% buy back for US$15M prior to construction)
• • US$1.25M in each of 2025/2026;
  • US$5M on the completion of a feasibility study
  • US$30M over three years on start of commercial production;

Notes

1. See the corresponding technical report entitled “Technical Report for the San Luis Property” with an effective date of January 15, 2025, prepared by independent qualified person, Martin Mount, MSc MCSM FGS CGeol FIMMM Ceng and available on SEDAR+ under the Company’s profile.
2. S&P Global rankings including the San Luis gold-silver project.
3. United States Geological Survey (2024).

Ayelen outcrop.

Detailed image of outcrop illustrating both lattice bladed and cockade quartz textures indicative of overlapping hydrothermal episodes and potential stacked boiling zones.

Cerro Colorado’s 3.5 x 2.5 km alteration zone. Shallow drilling intersected polymetallic mineralization (e.g., 13.5m of 14% Pb/Zn, 0.3% Cu, and 175 g/t Ag) requiring follow-up while two deeper holes intersected low-grade porphyry. Replacement target potential untested.