CHIHUAHUA, MEXICO – November 4, 2025 – Advance Metals (ASX: AVM) has sent ripples through the global silver market with the announcement of exceptionally high-grade silver discoveries at its Yoquivo Project in Chihuahua, Mexico. The recent exploration efforts have not only confirmed the significant potential of the project but have also revealed bonanza-grade silver and gold intercepts, pointing towards a substantial expansion of the existing resource. This development comes at a crucial time for the silver market, which is experiencing a robust bull run driven by escalating industrial demand and persistent supply deficits, positioning Advance Metals as a key player to watch in the precious metals sector.

The discovery, highlighted by individual drill core samples yielding over 2,000 grams per tonne (g/t) silver equivalent (AgEq), underscores the rich geological endowment of the Sierra Madre Occidental volcanic belt. Advance Metals' strategic acquisition of Yoquivo in late 2024 and its subsequent aggressive exploration program are now beginning to bear fruit, promising a significant boost to its asset portfolio and offering investors a compelling exposure to high-grade silver-gold exploration in a tier-one mining jurisdiction. The immediate implications include heightened investor interest in Advance Metals and a reinforcing narrative for the overall bullish sentiment surrounding silver.

Yoquivo's Rich Veins Unveiled: A Detailed Look at the Discovery

The journey to this significant discovery began in October 2024 when Advance Metals (ASX: AVM) acquired a 100% interest in the Yoquivo Project from Golden Minerals (NYSE-A: AUMN, TSX: AUMN) for US$570,000 plus VAT. This strategic move was made against a backdrop of rising silver prices and an existing "Foreign Estimate" for Yoquivo of 937,000 tonnes at an average grade of 570 g/t AgEq (17.23 million ounces AgEq), established by Golden Minerals in March 2023. Advance Metals immediately recognized the project's compelling value proposition and low-cost entry into the silver sector.

Advance Metals commenced its maiden diamond drilling program in May 2025, focusing on high-grade targets within the Pertenencia area. Assay results, first reported in June 2025 and continuing through July and August 2025, were exceptional. Notably, diamond drill hole YQ-25-007 intersected 7.6 meters at 116 g/t AgEq, including a spectacular 1.11 meters at 2,063 g/t AgEq (1,556 g/t Ag & 6.6 g/t Au), extending high-grade mineralization 60-70 meters down-dip. Other significant intercepts included 4.42 meters at 446 g/t AgEq and a broad zone of 40.57 meters at 105 g/t AgEq in hole YQ-25-001.

A crucial "discovery" by Advance Metals in August 2025 involved the identification of over 6,300 meters of previously unsampled drill core from Golden Minerals' historical campaigns (2020-2022). This represented more than 50% of the total drilling in the Pertenencia area. Advance Metals promptly initiated a sampling program for this core, with initial results in late October 2025 confirming significant high-grade mineralization that had been overlooked, such as 2.05 meters at 480 g/t AgEq with a peak of 848 g/t AgEq over 1.1 meters. Further bolstering the project's potential, new regional exploration in September 2025 identified high-grade vein structures in a previously unmapped area southeast of the Dolar Vein system, with surface samples returning up to 1,594 g/t AgEq (20.4 g/t gold and 30 g/t silver). Key stakeholders include Advance Metals' Managing Director Dr. Adam McKinnon and Non-executive Chair Craig Stranger, who have championed the project's potential. Initial market reaction to the acquisition was strongly positive, with Advance Metals' share price jumping nearly 40% following the October 2024 announcement.

Corporate Fortunes: Winners and Losers in the Yoquivo Aftermath

The high-grade silver discovery at Yoquivo has significant implications for Advance Metals (ASX: AVM) and, to a lesser extent, Golden Minerals (NYSE-A: AUMN, TSX: AUMN), the project's former owner, as well as the broader precious metals exploration landscape in Mexico.

Advance Metals (ASX: AVM) stands as the clear winner. The company's share price surged by approximately 71% intra-day following the initial acquisition announcement in October 2024, reflecting strong investor confidence. The confirmed high-grade nature of Yoquivo, coupled with the potential for substantial resource expansion through both new drilling and the cost-effective re-sampling of historical core, significantly enhances Advance Metals' financial outlook. The company successfully completed a A$13 million capital raising in October 2025, demonstrating improved access to funding for its accelerated exploration programs in Mexico and Australia. Operationally, Yoquivo has become a cornerstone asset, consolidating Advance Metals' Mexican portfolio, which now includes the Guadalupe y Calvo Gold-Silver Project and the Gavilanes Project, positioning the company for a potential dual listing in North America and a possible transition from explorer to developer. The project's high-grade potential makes Advance Metals an attractive investment opportunity and a potential acquisition target for larger mining companies.

Golden Minerals (NYSE-A: AUMN, TSX: AUMN), by selling Yoquivo, has strategically exited the project. While it received a cash injection of US$570,000, it foregoes the direct upside from this high-grade discovery. Golden Minerals' concessions at Yoquivo are subject to capped net smelter return royalties, meaning it could still receive some limited revenue if the project goes into production. The sale allows Golden Minerals to focus on its other projects and streamline its portfolio, especially in light of its recent delisting from NYSE American. However, the company has missed out on the substantial value appreciation that Advance Metals is now experiencing from the Yoquivo success.

For other silver mining companies and explorers in the Sierra Madre Occidental region, Advance Metals' discovery creates a "halo effect." Increased investor and exploration interest in the prolific belt could lead to higher valuations for companies with promising assets in the vicinity. Companies like Sierra Madre Gold & Silver (TSXV: SM, OTCQX: SMDRF), focused on Mexican silver and gold assets, might benefit from renewed attention on the region. However, this could also lead to increased competition for land acquisitions, skilled labor, and exploration services, potentially driving up costs for other players. Companies with less prospective projects might find themselves at a comparative disadvantage as capital flows towards higher-grade discoveries.

Broader Implications: Yoquivo's Place in the Silver Narrative

The high-grade silver discovery at Yoquivo aligns perfectly with several broader industry trends, amplifying its significance beyond Advance Metals' immediate corporate success. The global silver market is currently in a strong bullish phase, driven by a confluence of factors that make new, quality discoveries exceptionally valuable.

Global silver demand is experiencing unprecedented growth, primarily fueled by its critical role in green technologies. The solar industry, particularly photovoltaic cells, and the rapidly expanding electric vehicle (EV) sector, along with electronics (5G, AI, IoT), are consuming increasing amounts of silver due to its unparalleled conductivity. This industrial appetite, combined with traditional investment demand as a safe-haven asset amidst geopolitical uncertainties and inflationary pressures, has propelled silver prices to multi-year highs, with many analysts forecasting sustained increases well into 2025 and beyond, potentially exceeding $40 per ounce. The market has been in a persistent supply deficit for several years, making new discoveries crucial.

In terms of exploration trends, while overall activity was somewhat subdued in 2024, the need for new high-grade deposits to meet the escalating demand is undeniable. Yoquivo's confirmed high-grade mineralization and the significant potential of previously unsampled core represent a valuable contribution to global silver resources. The project's location in Mexico's Sierra Madre Occidental, a historically prolific silver belt, reinforces the continued importance of exploring established regions with modern techniques. This discovery could also stimulate further mergers and acquisitions (M&A) in the precious metals sector, as larger players seek to secure future supply and expand their reserves by acquiring promising junior explorers like Advance Metals.

However, the regulatory landscape in Mexico, the world's leading silver producer, presents a complex backdrop. Recent comprehensive overhauls of Mexico's mining law in May 2023 include stricter environmental and social requirements, new concession rules (now through public bidding), reduced concession terms, and a moratorium on new concession approvals as of June 2025. While Advance Metals acquired Yoquivo under previous agreements, its ongoing operations and future expansion will be subject to these evolving regulations, particularly regarding environmental scrutiny and community consultation. Historically, high-grade precious metal discoveries, such as those in Potosí and Zacatecas during the colonial era, have had profound impacts, shaping economies and driving significant population shifts. While the scale of such societal transformations is unlikely today, Yoquivo's discovery in the context of a supply-constrained and high-demand market still holds substantial economic significance, echoing the historical importance of finding critical mineral resources.

The Road Ahead: Navigating Yoquivo's Future

The high-grade silver discovery at Yoquivo places Advance Metals (ASX: AVM) at a critical juncture, with a clear path forward but also significant opportunities and challenges. The immediate future will be dominated by systematic resource definition and expansion, while the long-term outlook involves potential project development and strategic growth.

In the short term, Advance Metals is focused on delivering a maiden JORC-compliant Mineral Resource Estimate (MRE) for Yoquivo. This involves integrating results from its recently completed maiden drilling campaign and, crucially, the assay results from the over 6,300 meters of previously unsampled historical drill core, which were anticipated in late October 2025. These results are expected to significantly increase the known mineralization without incurring extensive new drilling costs. The company also plans to recommence diamond drilling within November-December 2025 to test extensional targets in the Pertenencia area and explore new zones. The A$13 million capital raise completed in October 2025 provides the necessary funding to accelerate these exploration and resource definition activities.

Long-term possibilities for Yoquivo include advancing the project through the typical mining lifecycle stages: Preliminary Economic Assessments (PEA), Pre-Feasibility Studies (PFS), and Feasibility Studies (FS), which are essential steps towards securing financing for construction and eventual production. Given the capital-intensive nature of mine development, Advance Metals may consider strategic partnerships or joint ventures with larger mining companies to de-risk the project and leverage expertise. Alternatively, a significant, high-grade project like Yoquivo could make Advance Metals an attractive acquisition target for a major miner looking to replenish reserves. The company is also pursuing a dual listing in North America to broaden its investor base and enhance liquidity.

Market opportunities are substantial, driven by the bullish outlook for silver prices, fueled by insatiable industrial demand from green technologies and electronics, persistent supply deficits, and its role as an inflation hedge. However, challenges remain, notably the evolving regulatory environment in Mexico. The new mining laws, with stricter environmental and social requirements and a moratorium on new concessions, will require careful navigation and robust community engagement strategies. The inherent risks of junior mining, including capital intensity and project volatility, also persist. Nevertheless, the high-grade nature of Yoquivo positions Advance Metals favorably to capitalize on the strong silver market, provided it can successfully manage these operational and regulatory hurdles.

Yoquivo's Enduring Legacy: A Concluding Assessment

Advance Metals' high-grade silver discovery at the Yoquivo Project marks a significant milestone, not just for the company but for the broader precious metals industry. The consistent reporting of bonanza-grade silver and gold intercepts, coupled with the strategic re-evaluation of historical data, underscores the immense potential of this Mexican asset. This event has firmly placed Advance Metals (ASX: AVM) on the radar of investors seeking exposure to quality silver-gold opportunities in a market characterized by strong demand and supply constraints.

Moving forward, the silver market appears poised for continued strength. The confluence of surging industrial demand from the green energy transition, persistent global supply deficits, and renewed investor interest positions silver as a compelling commodity. Yoquivo, with its proven high-grade mineralization and significant exploration upside, is well-placed to contribute to future silver supply and capitalize on this bullish market environment. The ability to unlock substantial value through the cost-effective re-sampling of previously overlooked historical drill core is a testament to Advance Metals' prudent exploration strategy and could significantly accelerate the project's development timeline.

The lasting impact of Yoquivo could be multifaceted: it may elevate Advance Metals into a more prominent position within the global mining sector, potentially attracting further investment or even a strategic acquisition. It also reinforces the prospectivity of Mexico's Sierra Madre Occidental belt, potentially spurring renewed exploration efforts by other companies in the region. For investors, the coming months will be critical. Key catalysts to watch for include the full assay results from the historical core sampling, the recommencement of diamond drilling at Yoquivo, and, most importantly, the delivery of a maiden JORC-compliant Mineral Resource Estimate. Further exploration news from Advance Metals' other Mexican assets (Guadalupe y Calvo and Gavilanes) will also provide additional insights into the company's overall growth trajectory. Successful execution on these fronts will be paramount for Advance Metals to fully realize the value of its high-grade Yoquivo discovery and solidify its position as a significant player in the booming silver market.

This content is intended for informational purposes only and is not financial advice