ABRA Letter from the Chair: Year End 2025 Update
https://www.abrasilver.com/_resources/presentations/Letter-from-the-Chairman.pdf?v=0.408
Dear Shareholders,
I am delighted to issue my first letter to shareholders as the new Chair of AbraSilver. The second half of 2025 has been pivotal for the Company, marked by major advances on all fronts: resource growth, exploration success, engineering and permitting progress, and a rapidly improving investment climate in Argentina. With a strengthened balance sheet, clear momentum, and multiple value-creating catalysts ahead, AbraSilver is entering 2026 from its strongest position to date.
Advancing and Growing Diablillos
In the second half of 2025, the Company has made great strides in advancing Diablillos towards production and enhancing economic value.
In July, we announced an updated Mineral Resource and Mineral Reserve Statement that significantly increased the equivalent silver ounces (AgEq) by more than 35% year-over-year. This continues a remarkable multi-year growth trajectory, where since 2020, ABRA has grown the M&I resources at Diablillos by +170% at an average discovery cost of only US$0.11/oz AgEq.
Building on that success, we continue to advance our 20,000m Phase V drill program to further delineate and grow the resources and reserves. Results released to date demonstrate the strong growth potential of the system, including additional oxide silver mineralization in the JAC zone and oxide-hosted gold mineralization further extending the Oculto deposit to the east. In particular, Oculto East continues to emerge as a high-priority exploration target with meaningful potential for further resource expansion. This exceptional rate of discovery continues to extend mine life potential and supports a materially stronger production profile for the upcoming
Definitive Feasibility Study (“DFS”).
In parallel, the Company continues to advance the DFS and early development engineering to support construction readiness. In November, we formally submitted our application under Argentina’s Large Investment Incentive Regime (“RIGI”). Approval under the RIGI framework, which is designed to attract and accelerate major development projects in Argentina, will significantly increase the project economics and enhance overall investment certainty for Diablillos.
In late October, the Company completed private placement financings resulting in proceeds of over C$48 million.
The financing positions the Company with the strongest balance sheet in its history, and is expected to fully-fund all near-term exploration and early development activities at Diablillos in the coming year.
Argentina: Continuing Positive Developments
Argentina’s economy continues to transition, supported by the reform agenda of President Javier Milei aimed at restoring stability and attracting investments. The administration has pursued a broad economic reform agenda, aimed at creating a more stable, investment-friendly environment for mining, which directly benefits projects like Diablillos. While Argentina still faces economic challenges, the nation recognizes that mining is a key part of the solution.
In October 2025, Argentina held mid-term congressional elections to renew part of the National Congress. The ruling coalition led by President Milei achieved a significant nationwide victory, obtaining the largest share of the vote and winning for the first time in the Province of Buenos Aires, historically a stronghold of the opposition. The results were widely interpreted as a broad endorsement of the government’s reform agenda, strengthening its position in Congress and reducing short-term political uncertainty.
The Year Ahead
Looking forward, 2026 is shaping up to be a breakthrough year for AbraSilver, with several high-impact milestones expected in the months ahead.
Early in the new year, we expect to receive approval of our EIA permit application as well as the RIGI approval to follow soon after.
The Company has been working diligently on the DFS and expect this to be completed, along with the results of our 20,000m drill program to inform an updated Mineral Resource Estimate, in the first half of 2026. These ilestones, along with the key EIA permit and RIGI approval mentioned above, will position the Company to proceed with a well-supported investment decision in the second half of the year.
We won’t be waiting for the formal investment decision in order to advance critical project activities, with early works construction activities to take place throughout the year, with programs for on-site infrastructure, securing of critical long lead items and advanced engineering.
We are entering 2026 with exceptional momentum, a clear plan, and the financial strength to execute. I would like to thank John Miniotis and the entire management team for their tireless execution of the strategy leading to meaningful, significant value creation.
Thank you, our committed shareholders, for your continued support. We wish for you to enjoy a prosperous 2026 and look forward to providing further positive updates as we advance and grow the Diablillos silver-gold project.
Yours truly,
Marie Inkster
Chair
AbraSilver Resource Corp
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