Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Encouraging Drill Results. Kuya Silver reported strong drilling results from the Umm-Hadid Project in Saudi Arabia, advancing toward a maiden NI 43-101 mineral resource estimate. Highlights include 26.10 meters grading 77.8 grams of silver per tonne and 9.17 meters grading 137.1 grams of silver per tonne, with both intervals containing exceptionally high-grade silver and gold zones. The new Target 01 drill results are part of an ongoing 10,000-meter drill program to define the continuity, geometry, and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying NI 43-101 technical report.
Establishing Continuity. The current resource-definition work is focused on Target 01. High-grade mineralization has been encountered across multiple holes and drill sections, supporting the continuity of the broader silver-gold system. Target 01 covers approximately 4.5 kilometers by 2.5 kilometers, with the latest mineralized intervals occurring at relatively shallow depths averaging about 58 meters below surface.
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New drillhole assays include 26-UH-004 reporting 3,779 g/t silver and 6.35 g/t gold over 0.30 m within a wider zone of 77.8 g/t silver and 0.14 g/t gold over 26.1 m
Hole 26-UH-006 reported 3,656 g/t silver and 1.99 g/t gold over 0.30 m within a wider zone of 137 g/t silver and 0.13 g/t gold over 9.17 m
New results and continued drill program to advance Target 01 toward a maiden NI 43-101 mineral resource estimate
Toronto, Ontario–(Newsfile Corp. – September 2, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report new diamond drill assay results from Targets 01, 02 and 03 at the Umm-Hadid Project in the Kingdom of Saudi Arabia, with the principal results and ongoing resource-definition work focused on Target 01. The Umm Hadid project is owned by Silver Mining LLC, a joint venture between Sumou Holding and Kuya Silver. The results reported in this release are new and were not included in the Company’s December 22, 2025 news release, and include results from the latter part of the 2025 program which were received in 2026, as well as new drilling results completed this year.
The Target 01 new results form part of the ongoing 10,000-metre drill program. The program is designed to define the continuity, geometry and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying National Instrument 43-101 technical report. APEX Geoscience Ltd. (“APEX“) has been appointed to complete the mineral resource estimate and NI 43-101 technical report and is currently providing drilling optimization advice as results are received and interpreted.
Drill Highlights:
Hole 26-UH-004: 26.10 m grading 77.8 g/t silver and 0.14 g/t gold from 64.45 to 90.55 m, including 0.30 m grading 3,779 g/t silver and 6.35 g/t gold; and a separate 2.10 m grading 178.5 g/t silver and 0.51 g/t gold from 152.75 to 154.85 m.
Hole 26-UH-006: 9.17 m grading 137.1 g/t silver and 0.13 g/t gold from 71.00 to 80.17 m, including 1.20 m grading 959.8 g/t silver and 0.54 g/t gold, which includes 0.30 m grading 3,656 g/t silver and 1.99 g/t gold.
Hole 26-UH-002: 12.05 m grading 151.5 g/t silver and 0.26 g/t gold from 70.00 to 82.05 m, including 1.39 m grading 576.0 g/t silver and 0.31 g/t gold, and 0.31 m grading 2,960 g/t silver and 8.23 g/t gold.
Hole 26-UH-009: 2.23 m grading 421.9 g/t silver and 0.95 g/t gold from 36.94 to 39.17 m, including 1.35 m grading 695.8 g/t silver and 1.35 g/t gold, which includes 0.32 m grading 2,635 g/t silver and 4.09 g/t gold.
Hole 25-UH-037: 4.00 m grading 112.9 g/t silver and 1.44 g/t gold from 33.00 to 37.00 m, including 3.00 m grading 134.4 g/t silver and 1.92 g/t gold.
Note: Reported lengths are core lengths and do not necessarily represent true widths.
Summary of Drilling Results
A total of 59 diamond drill holes representing approximately 11,373.5 meters has been drilled up to date. This total comprises 5,135.62 meters in 29 holes previously reported in December 2025 and 6,237.88 meters in 30 additional holes from 25-UH-030 through 26-UH-016A whose new assay results are reported here. The current 10,000-metre Target 01 program remains ongoing; consequently, these results represent an interim dataset and additional drilling and assays are pending.
The current resource-definition work is focused on Target 01. Target 01 covers an approximately 4.5 km by 2.5 km area containing multiple northwest-trending veins and faults with subordinate northeast-trending splays hosted predominantly by granodiorite. Drilling is being progressively refined using geological, structural and assay information, with APEX providing independent resource-focused drilling optimization advice.
The mineralized intervals reported herein occur at depths ranging from approximately 16 to 131 meters below surface, with an average depth of approximately 58 meters.
Osbaldo Zamora, Kuya Silver’s Vice President of Exploration, commented: “These new results confirm that Target 01 hosts multiple high-grade silver-gold structures and demonstrate that higher grades occur across several drill sections rather than in a single isolated intercept. The ongoing program is now focused on establishing continuity and collecting the geological and structural information required for resource modelling. With APEX already engaged and actively advising on drill optimization, we are aligning each new hole with the objective of delivering a robust maiden NI 43-101 mineral resource estimate as the next step in this promising silver-gold discovery.”
Summary of Significant New Intercepts
Hole
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Area
Azimuth
Dip
25-UH-037
33
37
4
112.9
1.44
Target 01
327.14
-61.2
including
34
37
3
134.4
1.92
25-UH-041
19
23
4
125.7
0.14
Target 01
343.84
-51.99
including
22
23
1
452.0
0.50
25-UH-042
70
74
4
22.2
2.97
Target 03
130.25
-69.48
including
73
74
1
62.4
9.44
25-UH-043
16.8
18
1.2
316.3
0.30
Target 01
345
-70.35
25-UH-043
53
56
3
45.1
0.17
Target 01
including
53
53.45
0.45
180.5
0.85
25-UH-043
138
142.35
4.35
35.6
0.32
Target 01
including
141.35
142.35
1
73.5
1.19
26-UH-001
87.7
89
1.3
506.2
1.16
Target 01
342.3
-49.79
including
87.7
88.57
0.87
751.5
1.73
including
88.1
88.57
0.47
1089.0
2.67
26-UH-002
70
82.05
12.05
151.5
0.26
Target 01
345.86
-49.51
including
71.68
73.07
1.39
576.0
0.31
including
75.56
75.87
0.31
2960.0
8.23
26-UH-003
117.64
121.1
3.46
48.3
0.12
Target 01
166.7
-51.17
including
117.64
117.94
0.3
421.0
0.79
26-UH-004
64.45
90.55
26.1
77.8
0.14
Target 01
169.11
-50.5
including
64.45
64.75
0.3
3779.0
6.35
including
66.73
67.94
1.21
419.1
0.83
26-UH-004
152.75
154.85
2.1
178.5
0.51
Target 01
including
153.35
153.85
0.5
731.0
2.14
26-UH-005
92.85
94.18
1.33
93.1
0.28
Target 01
341.57
-50.7
including
93.34
93.74
0.4
231.0
0.74
26-UH-006
71
80.17
9.17
137.1
0.13
Target 01
344.54
-51.12
including
76
77.2
1.2
959.8
0.54
including
76.43
76.73
0.3
3656.0
1.99
26-UH-008
36.5
37.6
1.1
134.4
0.33
Target 01
340.49
-51.26
including
37.28
37.6
0.32
265.0
0.60
26-UH-009
36.94
39.17
2.23
421.9
0.95
Target 01
334.32
-51.18
including
37.82
39.17
1.35
695.8
1.35
including
38.85
39.17
0.32
2635.0
4.09
26-UH-012
263.1
265.4
2.3
56.5
0.30
Target 02
181.12
-46.82
including
264.7
265.4
0.7
129.0
0.86
Table 01. Summary of significant new mineralized intervals. The table presents 14 new Target 01, and significant silver and gold intervals from Targets 02 and 03. Composite grades are length weighted. All reported intervals in this news release are downhole core lengths. True widths of mineralized intervals are not known at this time.
Update To Previously Reported Results
Updated overlimit assays strengthen previously reported results from the December 2025 program. At Target 03, hole 25-UH-029 returned 2.00 m grading 624.0 g/t silver and 0.85 g/t gold from 27.00 to 29.00 m. At Target 02, the previously reported high-grade intercept in hole 25-UH-018 occurs within a broader 12.00 m interval grading 100.7 g/t silver and 0.51 g/t gold from 85.00 to 97.00 m. These are restated results and are not included in the table of new results above.
Figure 1. Map showing geology interpreted from geophysical data and satellite imagery, surface-sample assay results, drillhole collar locations, and identified target areas, with detailed views of recent drilling results from Target 01
The 2026 10,000-metre program is focused primarily on Target 01 and is intended to:
Test strike and dip continuity of the principal silver-gold structures;
Provide sufficient geological, structural, density and assay information to support three-dimensional wireframing and resource estimation;
Identify and close material drilling gaps while avoiding unnecessary duplication;
Improve confidence in the distribution of higher-grade shoots; and
Provide the technical basis for a maiden mineral resource estimate and NI 43-101 technical report
APEX has been appointed as the independent technical consultant for the mineral resource estimate and NI 43-101 technical report. APEX is presently reviewing results and interpretations and providing advice to optimize the remaining drill program for resource-estimation objectives.
Subsequent drilling will remain focused on Target 01 until the drilling required for the maiden resource estimate is completed. Following completion of the Target 01 resource-estimation program, the Company intends to return to Targets 02 and 03 for follow-up drilling and further evaluation of the mineralized structures identified to date.
Quality Assurance / Quality Control (QA/QC)
Drill core (HQ) samples were collected under the supervision of an experienced Silver Mining geologists and transported safely to a core logging facility for detailed logging and sampling. Samples were prepared using half core and securely shipped to Bureau Veritas Laboratories in Jeddah, Kingdom of Saudi Arabia for sample preparation, and analysis.
All samples were analyzed using four-acid digestion ICP-ES (code MA300) with Fire Assay and Gravimetric Finish (cores FA 430 and FA530, respectively) and standard industry procedures.
As part of the Company’s QA/QC protocols, a robust quality control program was implemented, which includes the insertion of certified reference materials (standards), blank samples, and duplicate samples at regular intervals (approximately every 10 samples) throughout the sample stream. All QA/QC control samples returned results within acceptable limits, ensuring the reliability of the assay data.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Osbaldo Zamora, Ph.D., P.Geol., a Qualified Person as defined by National Instrument 43-101. Dr. Zamora is Vice President of Exploration for Kuya Silver and is not independent of the Company.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru, Canada and Saudi Arabia.
About Silver Mining LLC
Silver Mining, based in the Kingdom of Saudi Arabia, is a private joint venture between majority shareholder, Saudi-based Sumou Holding (https://sumouholding.com), and Kuya Silver. Kuya Silver currently holds a 5% carried interest with an option to acquire an additional 40% participating interest in the company.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 and 1H FY 2026 Financial Performance. Kuya Silver generated Q2 FY 2026 revenue of $1,252,925, compared with $1,163,673 in the prior-year period. The company reported a net loss of $1,529,381, or $(0.01) per share, compared with a net loss of $282,559, or $(0.00) per share, in Q2 of FY 2025. During the 1H of FY 2026, revenue totaled $2,717,922, compared with $1,389,670 during the same period in FY 2025. The 1H net loss increased to $2,766,547, or $(0.01) per share, from $1,631,545, or $(0.01) per share, in the 1H of FY 2025. The greater loss reflected increased activity at the Bethania mine associated with the production ramp-up, as well as higher administrative expenses as Kuya expanded the organizational structure and capabilities required to support its growing operations. Increases in these line items were partially offset by higher revenue from Bethania and lower exploration and evaluation expenses.
Operational Momentum. Kuya continues to add contractors at the Bethania mine to augment its workforce, which is expected to accelerate mine development and underground drilling productivity during the remainder of the year. The mine team has initiated a focused development program and is allocating additional resources to unlock mineralized material for mining later in 2026 and into 2027. Key underground development initiatives, including construction of a new ramp and ore-handling systems to support the Phase 1 expansion to 350 tonnes per day, are progressing and are expected to improve operational stability and long-term production capacity.
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Kuya Silver to hold a conference call webinar on August 17, 2026 to discuss Q2 2026 financial results
Toronto, Ontario–(Newsfile Corp. – August 17, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver”) is pleased to announce financial and operating results for the six months ending June 30, 2026.
The Company maintained a strong cash position of $25.5 million as at June 30, 2026, providing a solid financial foundation to support its exploration program, mine development initiatives including the construction of the new ramp required to support Bethania’s Phase 1 ramp-up to 350 tonnes per day.
The Company’s revenue increased significantly to $2.7 million during the first six months ended June 30, 2026, compared to $1.3 million in the comparable period of 2025, reflecting increased silver production from the Bethania operation in addition to the positive effect higher silver prices. Revenue for the quarter was $1.25 million.
Exploration and evaluation expenditures were $1.0 million during the first six months of 2026, compared to $1.3 million in the comparable period of 2025. Expenditures at Bethania remained broadly consistent year over year, while expenditures at Silver Kings decreased as the Company continues to evaluate low-cost opportunities to unlock the project’s potential. Exploration and evaluation expenditures are expected to increase during the second half of 2026 as the expanded drilling program commences and Bethania advances critical infrastructure development and ramp-up activities.
The Company recorded a net loss of $2.8 million for the six months ended June 30, 2026, compared to $1.35 million in the same period of 2025. The larger net loss primarily reflects expenses related to significantly greater activity levels at Bethania associated with the ramp-up, together with increased administrative expenses as the Company continues to build the organizational structure and capabilities required to support its growing operations. The increase was partially offset by higher revenue from Bethania and lower exploration and evaluation expenditures.
The Company continues to the Company continues to evaluate the proposed acquisition and expects to provide a further update in due course.
Outlook
Kuya Silver continues the process to onboard contractors at the Bethania mine to augment its workforce, which is expected to accelerate both mine development and underground drilling productivity in Q3 2026, continuing for the remainder of the year and into 2027. In the near term, the mine team has initiated a focused development program, allocating additional resources to unlock mineralized material for mining later this year and into 2027.
Upcoming Conference Call Webinar
Kuya Silver will host a conference call webinar taking place on Monday, August 17th at 9:00 am ET / 6:00 am PT. During the event, Kuya management will provide an in-depth overview of Q2 2026 financial results, cover recent news on the Silver Kings project and provide a market update on operations at the Bethania Project. A live Q&A will follow the presentation.
A replay of the webinar will be made available later that day through the same link.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Osbaldo Zamora, PhD., P.Geo., Vice President Exploration with Kuya Silver, Qualified Persons as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Early results are encouraging. Kuya Silver reported encouraging preliminary sampling results from historic stockpiles and tailings at its Silver Kings Project in Northern Ontario, suggesting that previously mined above-ground materials may contain significant recoverable silver and cobalt. The strongest results came from the Kerr Lake Mill crushed stockpile, which returned a master composite grade of 168 g/t silver and 0.365% cobalt (276 g/t silver equivalent), while Frontier tailings returned 75 g/t silver and 0.037% cobalt. These findings support the company’s view that modern processing technologies could unlock value from legacy mining waste.
The program targeted multiple historic sites. The sampling program evaluated seven historic sites, including tailings facilities, blast rock stockpiles, and crushed material left by previous operators. These represent attractive reprocessing targets because historical mining methods were less efficient and often left behind economically valuable mineralization. While the results are preliminary and not representative of entire stockpiles, they demonstrate the potential for recovering silver, cobalt, and, in some cases, copper using modern sorting and processing techniques.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Operating Momentum. Kuya Silver reported another record quarter at its Bethania mine, with mined mineralized material increasing 66% sequentially to 5,097 tonnes. The company also achieved record quarterly silver production of 23,912 ounces or 30,559 silver-equivalent ounces, along with record monthly production in June as underground development, mine sequencing, and production rates continued to improve. Management expects recoveries and grades to continue strengthening as the operation advances toward steady-state production.
Quarterly Financial Highlights. Revenue for the quarter totaled approximately $1.25 million, generated primarily from silver sales, which accounted for 87% of total revenue. Metal sold included 17,450 ounces of silver or 20,006 ounces of silver equivalent. The company realized an average silver selling price of $72 per ounce during the quarter, benefiting from a favorable silver price environment. While quarterly silver sales volumes were lower than the prior year due to the timing of sales, higher realized silver prices supported revenue growth as production continued to ramp toward higher sustainable mining rates. We expect the company to release full second quarter financial and operational results in mid-August.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
All references to dollar amounts are references to U.S. Dollars, unless otherwise stated
Toronto, Ontario–(Newsfile Corp. – July 21, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report record quarterly production and provide an operational update for the second quarter of 2026 at the Bethania silver project, which again delivered record daily and quarterly production rates as the ramp-up continued to show significant progress during the quarter. Although the short-term progress at Bethania is encouraging, preparations are underway for upward step change in production later this year as additional underground development is completed.
Operational Highlights
5,097 metric tonnes of mineralized material mined at Bethania, a 66% increase quarter over quarter.
Record 23,912 oz silver (30,559 silver equivalent) processed during the quarter.
Record monthly production in June of 13,273 silver equivalent ounces as grades improved toward the end of the quarter.
Continued strong underground development with record 437 meters advanced while drilling and blasting 1,535 metric tonnes of development material to support the expansion of underground mining operations.
Silver production was 87% of the quarterly revenue from Bethania in Q2 with an average selling price of $72/oz.
The Company continued to develop partnerships with local contractors to accelerate our exploration and mine development objectives.
Kuya Silver Delivers Steady Progress at Bethania in Q2
Production of mineralized material at the Bethania Project totalled 5,097 metric tonnes, another quarterly record and a 66% improvement over Q1 2026 as production continues to steadily ramp up. Development activities achieved total of 437 metres of underground advancement and 1,535 tonnes of development material in the quarter. Kuya Silver achieved a record daily production of 124 tonnes and a record monthly production of 2,040 tonnes (68 tpd) in Q2, as well as a monthly record for silver production (13,273 oz Ag eq.) demonstrating that the Company’s methodical ramp-up process is generating positive results.
Silver recoveries averaged 79.7% during Q2 2026, directly reflecting the lower-grade development material and stope scheduling early in the quarter, which resulted in an average grade of 5.9 oz/t silver (8.8 oz/t or 274 g/t Ag equivalent). Mine sequencing optimizations implemented by the Kuya Silver team began delivering positive results mid-quarter. By June, silver grades increased to 6.66 oz/t exceeding management’s expectations, and silver recoveries improved to approximately 82%. Kuya Silver has previously achieved silver recoveries exceeding 90% when processing higher-grade batches, the Company expects recoveries to continue improving toward these levels as the mine reaches steady-state production. Furthermore, Kuya Silver has launched a metallurgical testing campaign to further optimize recoveries.
In addition, Kuya Silver approved the installation of a dual-car hoisting winch system at Bethania, expected to be commissioned in October 2026. This infrastructure upgrade is expected to improve efficiency of the mine’s ore extraction by enabling simultaneous haulage of two ore cars. This improvement will support the ongoing production ramp-up and provide flexibility and redundancy to materials handling as the Company advances the underground ramp project.
David Stein, Kuya Silver’s President and CEO, stated, “The ramp up strategy to produce at the Bethania mine while taking on ambitious mine development to expand production to our Phase 1 target of 350 tpd has allowed the Company to generate significant revenue and reduce our burn rate. The revenue from mining operations on top of the Company’s already strong balance sheet puts Kuya Silver in an excellent position, for the first time in our history, to deliver on its near-term production targets while at the same time expanding our exploration efforts to delineate more silver at the Bethania mine and the six other silver veins systems we control in the Bethania district.”
Table 1: Production highlights from the Bethania silver mine
(1)Information has been revised from amounts previously disclosed in the Company’s press release dated April 22, 2026. The revisions relate primarily to the correction of previously reported production metrics.
(2)prices for silver equivalent calculations use period ending spot prices and are as follows: June 30, 2026 $61/oz, lead $1,877/tonne, zinc$3,552/tonne Mar. 31 2026 silver $74/oz, lead $1,909/tonne, zinc$3,230/tonne June 30, 2025 $36/oz, lead $2,205/tonne, zinc$2,764/tonne Mar. 31 2026 silver $74/oz, lead $1,909/tonne Mar. 31, 2025 period; silver $34/oz, gold $3122.80/oz, lead $2,002/tonne, zinc $2,829/tonne.
(3)includes only payable recovery i.e. lead in the silver- lead concentrate and zinc in the zinc concentrate and silver in both concentrates.
(4)may include provisional settlements at the end of the period, net of treatment and refining costs.
Developing Partnerships with Local Mining and Exploration Contractors
As part of its strategy to sustain production growth and expand exploration efforts at the Bethania project, Kuya Silver is in the process of onboarding up to three specialized contractors to support development, drilling and operations at the project. The underground drilling contract to operate three drill rigs at Bethania has been formally awarded to Safasermin S.A.C., an experienced Peruvian drilling and exploration contractor, pending the finalization of contract details. All three rigs are initially planned to operate underground at the Bethania mine; however, surface drilling is expected to be added and become a significant component of the drilling program during the second half of 2026.
Following a competitive bidding process, comprehensive site visits and final negotiations, Kuya Silver has issued a formal Letter of Award to Minera Tauro S.A.C. to perform additional underground development at the Bethania mine. The contractor has officially confirmed its acceptance. Pending final execution of the contract, Minera Tauro is expected to mobilize in the coming weeks to accelerate underground development. This partnership will allow Kuya Silver’s in-house operations staff to focus on achieving greater production levels as the ramp-up continues.
Kuya Silver has also commenced portal development for the new internal ramp project and advanced a rigorous, competitive bidding process to shift the majority of the ramp development to a specialized mining contractor. Following comprehensive site visits and detailed evaluations of the project’s technical data and Terms of Reference, Kuya Silver has finalized the receipt of complete technical and economic proposals from four highly respected mining contractors. The Company is currently evaluating the final submissions and expects to formally award the contract and mobilize the selected contractor shortly.
In parallel, Kuya Silver has completed a geomechanical assessment and ground-support design study for the ramp project, characterizing rock-mass conditions and establishing the optimal reinforcement system for each section of the planned corridor. This engineering work enables the Company to move directly from contractor award to mobilization without delay. The preparatory work is expected to provide greater confidence in both the execution timeline and the cost profile of this critical infrastructure investment.
Christian Aramayo, Kuya Silver’s Chief Operating Officer, remarked, “At Bethania, our development decisions are driven by geology, not short-term price volatility. We are partnering with elite contractors and expanding our team to optimize development ahead of completing our Phase 1 ramp-up. We are committing to disciplined, high-return infrastructure, such as advancing our new internal ramp project, to unlock the deeper, and higher-grade vein structures within the Bethania system. Our strong balance sheet allows us to build our infrastructure the right way, ensuring we develop a safe and flexible operation, capable of maximizing the margin of every ounce we mine.”
Camila Plant Update
Kuya Silver continues to process its mineralized material at the Camila Plant. The Company announced an LOI on January 27, 2026 (see press release) and plans to make a separate announcement.
Support for Local Districts and Earthquake Relief Efforts
While Kuya Silver’s Bethania mine and infrastructure reported no measurable impact from the July 19th 5.5 magnitude earthquake in the Junin region, we recognize the severe toll this seismic event has taken on the surrounding towns and districts, particularly in the district of Chongos Bajo and the highly affected area of Chupuro. Kuya Silver extends its deepest sympathies to the people of Junin and is actively working to support recovery efforts.
As part of our commitment to our local workforce and neighboring populations, Kuya Silver is providing direct assistance to our employees who have family members in the affected areas. Furthermore, the Company is making direct donations to support the local emergency relief efforts.
For our partners, contractors, and stakeholders who wish to join these relief efforts, local institutions have established official donation reception centers to support the victims. Donations of drinking water, non-perishable food, warm clothing, and essential medicines are currently being received at the following collection point: Municipalidad Distrital de Chongos Bajo: Main municipal offices.
Quality Assurance and Quality Control
Quality assurance and quality control include two sampling procedures. Underground vein material from stopes are sampled to confirm vein grades and to reconcile against the mine model; and sampling of freshly mined material in stockpiles to determine dilution and the head grade that is sent to the processing plant.
Underground vein sampling was conducted systematically every 4 meters along the galleries. This involved excavating a narrow and continuous channel either parallel to the vein or perpendicular to its orientation. The entire volume of material excavated from the channel was collected as a sample.
Freshly mined material in the stockpiles and concentrate stockpiles were sampled using trenching, a method involving the excavation of narrow trenches perpendicular to the major axis of the pile. Trenches were systematically dug at regular intervals across all depths of the pile. The location of each trench was referenced to a topographic control point and recorded in the sampling log.
All material was carefully collected on plastic sheets, then pulverized at the mine site. The pulverized material was quartered, and one quarter was labeled and secured in vinyl sample bags. The samples were then transported to Dmtri I. Mendelejeff laboratory in Huancayo for processing using fire assay followed by atomic absorption spectroscopy (AAS).
All concentrate assay results are cross-checked against independent analyses conducted by the buyer. Furthermore, sample security protocols include sealed trucks for transporting run-of-mine (ROM) material and concentrate trucks with tamper-proof devices with safety seals, and a documented custody chain overseen by the mine superintendent (Bethania).
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
First-quarter 2026 Financial Performance.Kuya Silver generated first-quarter revenue of $1,464,997 compared to $225,997 during the first quarter of 2025. The company reported a loss of $1,237,166, or $(0.01) per share, compared to a loss of $1,348,986, or $(0.01) per share, during the prior year period. We have adjusted our 2026 estimates to reflect lower production than previously estimated due to a modestly slower ramp-up in production and expected variability in grade and recoveries. The company expects to produce between 150.0 thousand and 200.0 thousand silver equivalent ounces in 2026, and we think 2027 production could be in the range of 1.0 million and 1.5 million silver equivalent ounces.
Operational Momentum. The company remains focused on ramping up production at the Bethania project, with production expected to accelerate later in the year. Key underground development initiatives, including the construction of a new ramp and ore handling systems to support Phase 1 expansion to 350 tonnes per day, are progressing and are expected to improve operational stability and long-term production capacity. KuyaSilveris also advancing due diligence on the proposed Camila plant acquisition, which would give the company full control over processing schedules and ore blend strategies, eliminate future toll-milling costs, and improve costs and margins as production from the Bethania mine increases.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Significant progress in 2025. Kuya reported its financial and operational results for the fourth quarter and FY 2025, while also announcing key leadership appointments to strengthen its operations in Peru. Edgardo Orderique was named General Manager for Peru, bringing senior-level experience from major mining operations, and will oversee mining and processing at the Bethania Silver Project. He is supported by Jesus Palomino as Operations Manager and German Minaya as Finance and Administration Manager. These additions are intended to enhance execution as the company transitions from early-stage production to scaled operations with higher throughput.
Operational momentum. The company made steady progress, achieving record processing volumes and improved production consistency. Production reached approximately 100 tonnes per day in March, with a target of 350 tonnes per day by the end of 2026 under its Phase One expansion plan. This growth is supported by investments in underground development, infrastructure, and workforce training, along with modernization efforts to improve efficiency. Kuya increased its exploration program to 20,000 meters of drilling in 2026.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Toronto, Ontario–(Newsfile Corp. – April 24, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “KuyaSilver“) is pleased to announce financial and operating results for the three months and full year ending December 31, 2025, while also announcing a significant strengthening of its in-country leadership – appointing Edgardo Orderique, former General Manager of MMG’s Las Bambas mine, as General Manager, Peru, alongside a seasoned operational and finance team.
The fourth quarter marked another period of meaningful progress at the Bethania Silver Project in Peru, highlighted by record tonnes processed, significant upgrades to infrastructure, and a strengthened balance sheet, which was further bolstered in Q1 2026. As disclosed more recently in the Kuya Silver Press Release dated April 22, 2026, Kuya Silver has achieved sustained production of approximately 100 tonnes per day (“tpd“) and is advancing toward its Phase 1 target of approximately 350 tpd by the end of 2026.
Strengthens Peru Management Team Including New High Profile General Manager
Kuya Silver is also pleased to announce the appointment of three senior managers to lead its operations in Peru, as the Company advances the production ramp-up at its Bethania silver mine. These appointments are intended to strengthen operational, financial, and administrative execution as production increases. With Mr. Orderique’s appointment, a leader who ran a 150,000 tonne-per-day mine with 8,800 personnel, a significant addition enhancing the operating team in Peru as the Company ramps up production at the Bethania project to 350 tpd.
David Stein, President and Chief Executive Officer of Kuya Silver, remarked: “As we advance the Bethania mine toward higher, steady-state production levels, it is important that our operational and financial leadership is aligned with that growth. The addition of experienced senior leaders in Peru strengthens our ability to execute safely, efficiently, and in accordance with our development plans.”
Edgardo Orderique – General Manager, Peru
Mr. Orderique has been appointed General Manager, Peru, with responsibility for all Peruvian operations, including both mining and future processing business units. He is a senior mining executive with extensive experience managing large-scale operations in Peru.
Mr. Orderique previously served as General Manager of Minera Crespo, part of the Apucorp Group, where he led the construction of the industrial processing facilities and the development of the mining operation. He also served at MMG’s Las Bambas copper operation, where he oversaw approximately 2,800 employees and 6,000 contractors, improved throughput from 140,000 tpd to 150,000 tpd, reduced unit operating costs, and maintained a low total recordable injury frequency rate (TRIFR).
Prior to Las Bambas, he served as General Manager of Glencore’s Antapaccay mine, where he led a capital expansion program, improved operating performance, and managed community and stakeholder relations without disruption to operations.
He has held various leadership roles within Peru’s mining sector, including President of the XV National Mining Congress (2024), President of the Sustainability Forum at the XVI National Mining Congress (2026), and current Director of the Mining Engineering Institute of Peru (IIMP).
Jesus Palomino – Operations Manager
Mr. Palomino is a mining engineer with over 14 years of experience in underground mining operations in Peru and internationally. Most recently, he served as Underground Mine Manager at Calibre Mining Corp. in Nicaragua, overseeing mine planning, safety, cost control, and underground mining methods.
Previously, Mr. Palomino was General Manager of Glencore’s Sinchi Wayra operation in Bolivia and held senior operational roles at Glencore Antapaccay, Hochschild Mining, and Minera Santa Luisa. At Santa Luisa, he oversaw a production increase from approximately 800 tpd to 2,000 tpd while reducing operating costs.
German Minaya – Finance & Administration Manager
Mr. Minaya is a finance executive with an MSc in Finance and an MBA, with experience across mining operations in Peru, Chile, Argentina, Brazil, and Zambia. He most recently served as Finance Director at Tumi Technology & Innovation.
Prior roles include Regional Risk Manager and financial subject matter expert for copper projects at Glencore, where he implemented risk governance frameworks for large capital projects, and Chief of Finance and Risk Management at Minsur, where he led financial initiatives related to tax exposure mitigation and cash flow generation. Mr. Minaya has also held senior finance roles at Chinalco, Anglo American, and Newmont, and is currently completing the Emerging CFO Programme at The Wharton School.
Edgardo Orderique, General Manager, Peru, added: “Bethania is transitioning from early production into a period of operational scaling. My focus will be on execution discipline, safety performance, and stable operating results as the Company advances its production objectives.”
Q4 2025 and Full Year Financial Highlights
For the three months and year ended December 31, 2025, the Company recorded revenue of $307,331 from Bethania concentrate sales, compared to $150,129 revenue in the prior-year quarter (Q4 2024). Production costs totaled $680,669 – which is expected during the pre-steady-state ramp-up phase, as the company continued to develop multiple underground faces, expand ventilation and haulage infrastructure, and train personnel. Importantly, these costs are investments in future production capacity, and cash operating costs per tonne are expected to decline meaningfully as throughput increases toward 350 tpd.
The Company recorded a net loss of $428,930 for Q4 2025, significantly improved from a net loss of $1,878,279 in Q4 2024 primarily due to increased revenue and lower exploration costs, the latter reflecting the impact of a VAT of $1,361,530 recovery recognized in 2025.
For the full year ended December 31, 2025, Kuya Silver recorded a net loss of $3,584,373, a 41% improvement over the $6,047,203 net loss in the same period of 2024. The improvement reflects improved revenue generation from Bethania due to increasing production and higher silver prices and reduced exploration spending as the operation moved further into development and ramp-up and significantly less was spent on the Silver Kings project compared to 2024.
1 In periods when the Company has a loss, diluted loss per share is the same as basic loss per share.
Year End Overview – Strong Financial Position
Kuya Silver ended the year with a significantly strengthened balance sheet. Cash at the end of 2025 increased to $9,339,023, and net working capital surplus of $9,862,354, compared to a working capital deficit of $677,145 at December 31, 2024.
The improvement was primarily driven by the Company’s Q3 2025 financing, in which it issued raised gross proceeds of $6,566,000 (CAD $9,070,000) as well as warrant exercises in the quarter that raised an additional $4,875,539. These funds provided the near-term capital required to support the ongoing production ramp-up at Bethania and other growth initiatives such as exploration. Also in Q3 2025, the Company completed an early settlement of its remaining convertible debentures, further strengthening the working capital position.
Subsequent to quarter-end, 5,674,353 warrants have been exercised for proceeds of CAD $2,132,136 in addition to the previously disclosed January 2026 equity financing (gross proceeds of CAD $25.5 million).
As a result, Kuya Silver held approximately $27.0 million in cash as of March 31, 2026 – fully funding the current expectations for investment in the Phase 1 ramp-up to 350 tpd, the Camila plant acquisition, and the expanded 20,000-metre exploration program in 2026. The Company does not expect to require additional financing to achieve these milestones.
Outlook
Kuya Silver’s primary near-term objective remains maintaining stable production of 100 tpd at the Bethania Silver Project as a pathway to advancing production growth and development to reach its phase one production target of 350 tpd in 2026. Kuya Silver is also implementing a modernization program focused on improving underground haulage and material handling efficiency to support higher and more consistent throughput.
The Company increased its exploration program to target 20,000 metres of drilling in 2026, combining underground and surface diamond drilling. Underground drilling will be focused on the Santa Elena concession to enhance geological understanding at depth and assist with future mine planning. Surface program is designed to expand known mineralized structures near existing operations and test high-priority regional silver vein systems within trucking distance to the Bethania mine.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based mineral exploration and development company with a focus on acquiring, exploring, and advancing precious metals assets in Peru and Canada.
For further information, please contact: David Stein, President & Chief Executive Officer Telephone: (604) 398-4493 Email: [email protected] Website: www.kuyasilver.com
Reader Advisory
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong operational start in 2026. Kuya Silver’s first-quarter 2026 results represented a clear inflection point in the ramp-up of its Bethania Silver Project, with record production of 3,076 tonnes and throughput of 100 tonnes per day achieved at the end of March and into early April 2026. Increased mining volumes, along with continued underground development, suggest the operation is scaling efficiently with the buildout of infrastructure needed to support future growth.
Meaningful improvement in grades and recovery rates. Higher grades and improved recovery rates supported a revenue profile heavily weighted to silver, while the planned acquisition of the Camila plant is expected to enhance processing control and efficiency. A cash position of approximately $27 million further strengthens the company’s ability to fund ongoing growth initiatives.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Exits Q1 with 100 Metric Tonnes Per Day Production and Confirms Plan to Achieve 350 Metric Tonnes Per Day by the End of 2026
Kuya Silver to Report Q4/Year End Financial Results Prior to Market Open on Friday, April 24 and Hold a Conference Call Webinar on April 28, 2026 to Update Investors
All references to dollar amounts are references to U.S. Dollars, unless otherwise stated
Toronto, Ontario–(Newsfile Corp. – April 22, 2026) – Kuya Silver Corporation (CSE: KUYA) (OTCQB: KUYAF) (FSE: 6MR1) (the “Company” or “Kuya Silver“) is pleased to report record quarterly production and provide an operational update for the first quarter of 2026 at the Bethania silver project, which delivered record daily and quarterly production rates as the ramp-up continued to track higher during the three month period. In light of the significant progress to date, the Company continues to expect the completion of its Phase 1 ramp-up, achieving 350 metric tonnes per day (“tpd“) production, by the end of the year.
Operational Highlights
3,076 metric tonnes of mineralized material mined at Bethania, a significant improvement over Q4 2025
Milestone 100 tonne per day (tpd) throughput achieved at the end of March and early April, 2026
Continued strong underground development with record 398 meters advanced and 1,967 metric tonnes of development material moved to continue expansion of underground mining operations
91% of record quarterly revenue from Bethania came from silver in the quarter with an average selling price of $82/oz.
Announcement of fully funded letter of intent to acquire the Camila plant to improve silver recoveries and operational control of material processing
Cash position at the end of Q1 2026 of approximately $27 million
Kuya Silver On Track To Achieve 350 tpd Production Rate At Bethania By The End of 2026
Given the successful mine development to date, and strong financial position, Kuya Silver expects to complete its Phase 1 ramp-up at the Bethania silver project by the end of this year. The Company plans to keep the market informed of the progress and will continue to provide details on the production growth on a timely basis.
Christian Aramayo, Kuya Silver’s Chief Operating Officer commented, “Another pivotal quarter for Kuya Silver. We achieved 100 tpd in March and have sustained it into April — a clear proof point in our ramp-up. With continued investment in development, we have direct line-of-sight to completing Phase 1 at 350 tpd by year-end. Beyond that, integrating the Camila Plant gives us full operational control over processing, while our expanded drilling program continues to unlock district-scale upside. Bethania is not just ramping up — it represents a clear growth platform with potential upside from production, exploration, and operational efficiency.”
Mining Operations Continue To Improve In Q1 2026
Production of mineralized material at the Bethania Project totalled 3,076 metric tonnes, another quarterly record as production continues to steadily ramp up. Developing activities focused on driving drifts and a crosscut to access more mineralization material achieving 398 m of development. Importantly, Kuya Silver achieved a 100 tpd production rate at the end of March 2026 and this has been largely sustained in April. Modest increases in daily throughput are expected in Q2 and Q3 of 2026, with a more significant increase anticipated once the new 4.5 m x 4.5 m ramp has been deepened to the 640 level production level by Q4.
Grades improved to 7.53 oz/t during Q1 2026 even as development material — typically lower grade — contributed to throughput. Grades are expected to increase as the mine reaches a steady-state of production later this year and in the meantime grades will reflect a blend of ongoing development and run-of-mine stoping . Silver recoveries improved to 79.2% in Q1 2026 from 73.3% in Q4 2025, due to higher grade being processed during the quarter and a reduction of the lower-grade oxidized material (from historical stockpiles) processed in Q4 2025. Kuya Silver has previously achieved 90+% silver recoveries on specific mineralized batches, reflecting not only higher head grades but also favorable metallurgical composition and tighter moisture controls in the processing circuit. Leveraging that recent experience, the Company has implemented targeted adjustments to the Camila Plant’s operating parameters – including semi real-time monitoring of feed characteristics and moisture levels. Early results in April 2026 are encouraging, and management expects recoveries to continue improving as silver grades increase and operational refinements take full effect.
David Stein, Kuya Silver’s President and CEO remarked, “The first quarter of 2026 marked an important achievement with our ramp-up process, with the mine producing 100 tpd in March and sustaining that rate into April. While there is still significant underground development planned for the remainder of 2026 this new level of production, combined with our strong cash position, significantly improves the Company’s financial flexibility to continue growing silver production and aggressively exploring our now-5,600 ha land package in the Bethania district of Peru.”
Table 1: Production highlights from the Bethania silver mine
(1)prices for silver equivalent calculations use period ending spot prices and are as follows: Mar. 31 2026 silver $74./oz, lead $1,909/tonne, zinc$ 3,230/tonne Dec. 30, 2025 silver $70.13/oz, gold $4,326/oz, lead $2,005/tonne, zinc$ 3,122/tonne Mar. 31, 2025 period; silver $34.46/oz, gold $3122.80/oz, lead $2002/tonne, zinc $2829/tonne, and Dec. 31, 2024 period; silver $28.90/oz, gold $2606.72/oz, lead $1921.50/tonne, zinc $2974/tonne. (2)includes only payable recovery i.e. lead in the silver- lead concentrate and zinc in the zinc concentrate and silver in both concentrates. (3)may include provisional settlements at the end of the period, net of treatment and refining costs.
Camila Plant Acquisition Update
Kuya Silver continues to progress with due diligence and definitive documentation with regards to the Camila Plant acquisition announced on January 27, 2026 and expects to complete the transaction in due course.
Upcoming Conference Call Webinar
Kuya Silver will host a conference call webinar taking place on Tuesday, April 28th at 3 pm ET / 12 pm PT. The Company plans to cover the Q1 2026 production progress and 2025 year end financial reporting. A live Q&A will follow the presentation.
Quality assurance and quality control include two sampling procedures. Underground vein material from stopes are sampled to confirm vein grades and to reconcile against the mine model; and sampling of freshly mined material in stockpiles to determine dilution and the head grade that is sent to the processing plant.
Underground vein sampling was conducted systematically every 4 meters along the galleries. This involved excavating a narrow and continuous channel either parallel to the vein or perpendicular to its orientation. The entire volume of material excavated from the channel was collected as a sample.
Freshly mined material in the stockpiles and concentrate stockpiles were sampled using trenching, a method involving the excavation of narrow trenches perpendicular to the major axis of the pile. Trenches were systematically dug at regular intervals across all depths of the pile. The location of each trench was referenced to a topographic control point and recorded in the sampling log.
All material was carefully collected on plastic sheets, then pulverized at the mine site. The pulverized material was quartered, and one quarter was labeled and secured in vinyl sample bags. The samples were then transported to Dmtri I. Mendelejeff laboratory in Huancayo for processing using fire assay followed by atomic absorption spectroscopy (AAS).
All concentrate assay results are cross-checked against independent analyses conducted by the buyer. Furthermore, sample security protocols include sealed trucks for transporting run-of-mine (ROM) material and concentrate trucks with tamper-proof devices with safety seals, and a documented custody chain overseen by the mine superintendent (Bethania).
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Kevin J. O’Connell, P.E., Independent Technical Advisor to of Kuya Silver and a Qualified Person as defined by National Instrument 43-101.
About Kuya Silver Corporation
Kuya Silver is a Canadian‐based, growth-oriented mining company with a focus on silver. Kuya Silver operates the Bethania silver mine in Peru, while developing district-scale silver projects in mining-friendly jurisdictions including Peru and Canada.
This news release contains statements that constitute “forward-looking information,” including statements regarding the plans, intentions, beliefs, and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “must,” “next,” “propose,” “new,” “potential,” “prospective,” “target,” “future,” “verge,” “favorable,” “implications,” and “ongoing,” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking information. Investors are cautioned that statements including forward-looking information are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those described in the forward-looking information as a result of various factors, including but not limited to fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing, and general economic, market, and business conditions. There can be no assurances that such forward-looking information will prove accurate, and therefore, readers are advised to rely on their own evaluation of the risks and uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Kuya Silver is significantly scaling its exploration efforts at Bethania. The company has expanded its fully funded 2026 drill program to approximately 20,000 meters, making it the largest drilling campaign in the project’s history. By combining 10,000 meters of surface and 10,000 meters of underground drilling, Kuya seeks to extend known mineralization near existing operations and test new district scale targets, positioning the project for meaningful resource growth.
High-grade regional targets highlight strong expansion potential. Exploration has identified multiple vein systems beyond the current mine area, with high priority prospects such as Millococha, Tito PH, and Carmelitas demonstrating encouraging grades and geological continuity. These areas, supported by historic artisanal mining and recent sampling, suggest the presence of a broader mineralized system that could materially increase the overall resource base.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
