Open desert road under blue Nevada sky, the Silver State

Americore
Resources Corp.

TSXV: AMCO.V
Trinity Silver Project, Nevada, USA
“Drilling Value in the Silver State”
Corporate Presentation  |  Q2 2026
PRIVATE & CONFIDENTIAL
Drilling value in the Silver State
Investment Highlights

/ Why Trinity, Why Now

A district-scale silver opportunity in America’s premier mining jurisdiction

Nevada Focus

Advancing a silver project in one of the most mining-friendly, infrastructure-rich jurisdictions in the U.S.

District-Scale Land

Optioned from Newmont for 100%. Option on 100% of two sections plus a lease across 21 sections: surface and mineral rights spanning ~22,700 acres.

Historical Resource Base

Historical inventory of 36.1 Moz AgEq plus a 782.8 koz silver stockpile ready for processing.

Defined Work Plan

Phase 1 data compilation complete, followed by resource-expansion drilling, metallurgy and economic assessment.

36.1 Moz
Historical AgEq resource
782.8 koz
1989 stockpile silver
22,700 acres
District-scale land position
100%
Optioned from Newmont for 100%

*Historical estimates are not being treated as current Resources by the Company.

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Drilling value in the Silver State
Macro Backdrop

/ Why Silver, Why Nevada

A strategic metal, a strategic jurisdiction

Federal Support

Mining matters to U.S. energy independence and strengthens the case for domestic critical-mineral development.

National Security

Silver supports defense technologies and infrastructure tied to national security objectives.

Renewable Energy

Silver is essential in solar (photovoltaic) applications and other electrification-linked technologies.

Operational Advantage

Nevada offers established infrastructure, a robust supplier base and a proven mining jurisdiction.

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Drilling value in the Silver State
Silver Market Outlook

/ Silver Supply & Demand: Forecast to 2030

A structural deficit, driven by industrial and solar demand
Total demand (Moz) Total supply (Moz) Market deficit
  • Five consecutive deficits. 2025 is forecast to mark the fifth straight year of structural silver deficit, with cumulative 2021–2025 shortfalls exceeding 800 Moz.
  • Record industrial demand. Industrial use hit a record 680.5 Moz in 2024, led by photovoltaics, electrification, grid build-out and AI-related electronics.
  • Supply cannot keep pace. 2024 mine production of 819.7 Moz rose just ~1%; recycling reached a 12-year high yet total supply still trailed demand.
  • Demand resilience to 2030. Total demand is projected to hold near 1.1–1.2 billion oz/yr, with industrial & green-energy uses the primary growth engine.
Sources: The Silver Institute / Metals Focus, World Silver Survey 2025 & Silver Institute press releases (2024 actuals: total demand 1.16 Bn oz; industrial demand record 680.5 Moz; mine production 819.7 Moz; recycling 193.9 Moz). Deficit history and 2025 fifth-consecutive-deficit outlook per Silver Institute / Metals Focus. Forecast figures are directional and forward-looking; actual results may differ materially. Verified June 2026.
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Drilling value in the Silver State
The Asset

/ Trinity Silver Project, Nevada, USA

A consolidated, district-scale land package in Western Nevada’s silver belt
Trinity Silver Project pit, Nevada
  • Optioned from Newmont for 100%. Option on 100% of two sections plus a lease across 21 sections: surface and mineral rights spanning ~22,700 acres.
  • District context: located in Nevada with access to established mining infrastructure and service capacity.
  • Resource base: historical resource plus stockpile provide a defined starting point for renewed exploration.
  • Major exploration upside: only about 5% of the property has been drilled to date, with numerous untested anomalies across the land package.
26.22 Mt
Historical tonnage
~5%
Of property drilled to date

Trinity Silver Project, the historic pit and surrounding district-scale land package in Western Nevada.

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Drilling value in the Silver State
Resource Base

/ Historical Resource Base

Silver grade shells along the Trinity fault trend, open in multiple directions
36,123,759 oz
Total historical AgEq resource
782,769 oz Ag
1989 stockpile ready for processing
  • AgEq calculated using $28.41/oz Ag, $1.02 Pb/lb, $0.96 Zn/lb, consistent with the prices used to quote the AgEq resource.
  • Silver-lead-zinc-copper zonation is permissive of additional mineralization east and south of current drilling.
  • Grade-thickness modelling suggests the deposit is open to the SE, E and potentially NE.
  • Tertiary rhyolitic tuffs & flows extensively altered, with an alteration halo extending 1.6 miles beyond the main mineralized area.
  • Only ~5% of the property has been drilled, leaving numerous untested anomalies across the land package and substantial exploration upside.
Silver grade shells along Trinity fault trend with drillholes

*Historical estimates are not being treated as current Resources by the Company.

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Drilling value in the Silver State
Exploration Upside

/ Selected Drill Results

Broad intervals with strong internal grades. Many historic holes ended in mineralization
Long section looking NW showing silver grade shells, oxide/sulfide zones and mine pit
HoleIntervalGrade (Ag)
S-133105 ft (280–385 ft)390.69 g/t
S-113260 ft (120–380 ft)149.69 g/t
   incl.55 ft (265–320 ft)455 g/t
SR-24.58 m570.43 g/t
SA-2112.85 m55.43 g/t
S-4594.00 m110.98 g/t
SR-1077.78 m104.59 g/t

Long section looking NW: oxide vs. sulfide zones, mine-pit outline and silver-grade intervals. Several holes (e.g. S-133, S-113) ended in mineralization, supporting depth and step-out expansion.

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Drilling value in the Silver State
The Focus Going Forward

/ New Exploration Targets at Trinity

Phase 1 data compilation has defined the priority targets that will drive the go-forward exploration program

On June 2, 2026, Americore announced that integrated drone-magnetometer and hyperspectral-satellite work has highlighted anomalous zones outside of the current historical resource area. With only about 5% of the property drilled and the deposit interpreted as open in multiple directions, these newly defined targets frame the next phase of exploration.

Zone 1
Structural complexity east of the pit

An anomalous zone coincident with a historic grab sample reported at 1,690 g/t Ag and 4.33 g/t Au, sitting outside the current historical resource area.

Zone 2
Targets southwest of the pit

Additional geophysical and alteration anomalies identified immediately southwest of the current pit, expanding the prospective footprint along trend.

Zone 3
Flanking targets to the east

A cluster of flanking anomalies to the east, consistent with the structurally controlled silver mineralization observed across the project.

How the targets were defined
  • 350 line-km drone magnetometer survey (Campbell & Walker Geophysics), interpreted with first vertical derivative, tilt derivative, multiscale edge detection and Centre for Exploration Targeting (CET) grid analysis.
  • Hyperspectral satellite imagery (30 cm and 3.7 m SWIR Maxar WorldView 3, via Apollo Mapping) mapping 12 alteration patterns including opal/chalcedony, alunite, kaolinite, sericite, jarosite and iron-oxide gossans.
  • Targets sit within the Tertiary volcanic package in Pershing County, Nevada, with structure controlling the silver mineralization.
Management

“The detailed evaluation of the drone survey has provided us with valuable structural and regional geological information and has highlighted anomalous zones outside of the current historical resource area.”

Jeff Poloni, Chief Executive Officer

Source: Americore Resources Corp. news release, “Americore Resources Identifies New Targets at Trinity Silver Project,” June 2, 2026 (Newsfile). Exploration targets are conceptual in nature; there has been insufficient exploration to define a mineral resource on these targets and it is uncertain whether further exploration will result in their delineation as a mineral resource.

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Drilling value in the Silver State
Path Forward

/ Exploration Roadmap

A staged, value-accretive plan from data compilation to 43-101 compliance and monetization
COMPLETE

01

Data & Compilation

Data review, historical compilation, AI analysis, satellite imagery and airborne geophysical surveys. This work has now defined the new exploration targets that set the focus going forward.

NEXT

02

Mineral Resource Estimate

Complete a current Mineral Resource Estimate. With a much higher silver price it is anticipated that a lower cut-off grade can be used. Along with an exploration program that is designed to expand the currently known mineralized zone and to identify new mineralized zones, the use of a lower COG can potentially lead to a significantly expanded mineral resource.

FOLLOW-ON

03

Stockpile Monetization

Ready the 1989 stockpile of 782.8 koz Ag for monetization, providing a path to future non-dilutive funding for the Company.

Aerial imagery showing drill collar locations at Trinity

Phase 1 deliverables include AI-assisted target generation over historic drill-collar data.

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Drilling value in the Silver State
Relative Valuation

/ Peer Comparison: Silver Explorers

Exploration-stage silver companies in the Americas
CompanyMkt Cap (US$M)EV (US$M)Key AssetStageAgEq (Moz)% AgEV/oz (US$/oz)
Blackrock Silver327298Tonopah WestPEA92.557%3.22
Honey Badger Silver185174PC SilverExploration800.849%0.22
Southern Silver118109Cerro Las MinitasPEA184.863%0.59
Viscount4140Silver CliffAdv. Exploration24.5100%1.63
Average, All Peers––––275.667%1.41
Americore Resources86TrinityExploration36.186%0.17
~$0.17
Americore EV/oz AgEq vs. $1.41 peer avg
86%
Silver purity (pure-play) vs. 67% peer avg
$1.63
Viscount, closest resource-size/grade comp
Source: Canaccord Genuity Investment Banking, Americore Resources Corp. Discussion Notes (public disclosure, S&P Capital IQ). AgEq calculated using spot metal prices as of late-May 2026. Americore EV/oz is calculated on the full 36.1 Moz AgEq historical resource (~US$6M EV / 36.1 Moz). Historical estimates are not being treated as current Mineral Resources by the Company. Figures shown for illustrative peer-context purposes only.
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Drilling value in the Silver State
The Opportunity

/ The Valuation-Gap & Re-Rating Thesis

A discounted entry point with a clear, catalyst-driven path to re-rate
  • On the full 36.1 Moz AgEq historical resource, Americore trades at roughly $0.17/oz EV/oz AgEq (~$6M EV), an even steeper discount to the exploration peer average of $1.41/oz than previously framed, pointing to strong re-rating potential.
  • Against Viscount ($1.63/oz, the closest comparable by resource size and grade), the implied gap is roughly an order of magnitude, underscoring meaningful re-rating potential as Trinity advances.
  • Grade is the key de-risking lever: demonstrating higher-grade intercepts and resource expansion is the essential catalyst.
  • Pure-play exposure: 86% silver purity vs. ~67% peer average offers investors clean silver exposure in a largely polymetallic universe.
Development-stage re-rating reference
$3.86/oz EV/MI&I

De-risking through technical studies (PEA / PFS / FS) is the clearest re-rating catalyst. Development-stage silver peers trade at a meaningful premium, $3.86/oz vs. $2.36/oz for resource-stage names, illustrating the value created as a project advances along the Exploration Roadmap.

Source: Canaccord Genuity Investment Banking, Discussion Notes (public disclosure, S&P Capital IQ). Illustrative; not a price target, recommendation or solicitation. Re-rating potential is not assured.
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Drilling value in the Silver State
Capital Structure

/ Capital Structure

A tight share register with leverage to exploration success
23.06 M
Common shares issued & outstanding
4.27 M
Warrants outstanding (aggregate)
2.15 M
Stock options outstanding
30.25 M
Fully diluted shares
SecurityAmountStrike(s) C$
Common shares23.06 M–
Warrants (aggregate)4.27 M0.10 / 0.15 / 0.35
Stock options2.15 M0.30 / 0.81
Fully diluted30.25 M–

Capital structure per Company source table dated March 5, 2026.

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Drilling value in the Silver State
Leadership

/ Management Team

Decades of exploration, capital-markets and corporate-governance experience
Jeff Poloni
CEO & President

30 years in mineral exploration and corporate management across South, Central and North America. Has held director and senior-officer roles at TSXV-listed companies. President of JCMP Management Corp. and Auranita Resources Corp.

Chris Healey, P.Geo
Chief Geologist & Director (Qualified Person)

BSc Geology, University of Wales (1968); licensed professional geologist. Began with International Nickel Company (now Vale), later Cameco Corp. Former President & CEO of Titan Uranium Inc. (Tier One TSXV).

Brian Morrison
CFO & Director

BComm, University of Northern British Columbia (2004); Canadian Securities Course (2006). Public-company administration consultant since 2008, serving as director/CFO of various publicly traded issuers.

Kosta Tsoutsis
Director

20+ years in finance and capital markets. Currently CEO of M3 Metals Corp.; formerly investment advisor at Mackie Research, Jordan Capital Markets and Canaccord Capital. Specialist in developing, restructuring and financing venture companies.

Dr. Andreas Rompel
Technical Advisor

Provides technical guidance to support project advancement.

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Drilling value in the Silver State
Get In Touch

/ Thank You

For additional information, please contact:
Kosta Tsoutsis
Director
kosta@americoreresources.com
1455 Bellevue, Suite 300
West Vancouver, BC  V7T 1C3

Technical information reviewed and approved by Chris Healey, P.Geo, a Qualified Person under National Instrument 43-101.

PRIVATE & CONFIDENTIAL
Drilling value in the Silver State
Important Information

/ Cautionary Note & Disclaimer

Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of applicable U.S. and Canadian securities laws. Such statements include expectations regarding future mineral prices or demand, the accuracy of exploration activity, the existence of reserves or resources, regulatory requirements or approvals, and continued access to mineral properties or infrastructure.

Forward-looking statements are subject to risks and uncertainties. Actual results may differ materially due to economic conditions, competition, political developments, market fluctuations, changes in governmental regulation, exploration risk, title or access issues, currency movements, and disputes with stakeholders.

Historical Estimates. Historical resource estimates referenced herein are not being treated as current Mineral Resources by the Company. A Qualified Person has not done sufficient work to classify the historical estimates as current Mineral Resources, and the Company is not treating them as current.

No Offer. This material is for information purposes only and does not constitute an offer or solicitation to buy or sell any security. The Company makes no representation or warranty as to the accuracy, reliability or completeness of the information contained herein. Readers should consult their own professional advisors.

Qualified Person. The technical information contained in this presentation has been reviewed and approved by Chris Healey, P.Geo, a Qualified Person as that term is defined in National Instrument 43-101.

Market-data sources: The Silver Institute / Metals Focus (World Silver Survey 2025 and Silver Institute press releases); Canaccord Genuity Investment Banking Discussion Notes (public disclosure, S&P Capital IQ). Third-party data is presented for context and has not been independently verified by the Company.

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Drilling value in the Silver State