TORONTO, Ontario — February 19, 2026 — Leads & Copy —
Silver Mountain Resources Inc. has initiated a 7,000-metre underground infill drilling program at its Reliquias mine in Huancavelica, Peru. The company announced the high-impact program, designed to upgrade mineral resources and expand the existing inventory. It also aims to delineate high-grade zones to enhance early production feed and strengthen the long-term mine plan as Silver Mountain advances toward its planned restart.
The drilling campaign focuses on near-term catalysts, including upgrading inferred resources to indicated to increase confidence and reduce technical risk. It also seeks to expand the mineral resource base through tighter drill spacing and improved structural interpretation and to expand the existing inventory through drilling near known mineralized zones along the vein’s strike.
The program also aims to delineate high-grade shoots to support grade optimization and stronger early production sequencing, strengthen the geological model and improve mine planning precision, and support mine life growth and future operational scalability.
Alvaro Espinoza, CEO of Silver Mountain, stated that the drill program is designed to materially strengthen Reliquias ahead of production. He emphasized the focus on converting resources, growing inventory, and defining high-grade zones to improve the quality of early mine feed and reinforce the longer-term production profile. Espinoza described Reliquias as a cornerstone asset with meaningful upside, with the program representing a step toward unlocking that potential for shareholders.
The program will be completed from underground drill platforms, enabling high-precision targeting of mineralized structures and efficient execution within the mine infrastructure. The company will concentrate on the Sacasipuedes, Ayayay, and Perseguida veins to improve confidence in mineralized continuity and generate data to support mine planning, production sequencing, and future resource updates.
Underground development and refurbishment activities are underway to support the planned restart, with production currently targeted to commence in the third quarter of 2026. The company anticipates that advancing resource confidence and identifying high-grade zones can provide meaningful benefits to restart readiness and operational planning.
The company will provide updates as drilling progresses and assay results become available.
Antonio Cruz Bermudez, P. Geo., Registered Member FAIG, reviewed and approved the scientific and technical disclosure in the release.
The company also announced that it has issued class A common shares to the company directors pursuant to its security based compensation arrangements with the directors. For the period ended September 30, 2025, a total of 27,252 common shares were issued at a deemed price of C$3.09 per common share, and with respect to the period ended December 31, 2025, a total of 17,693 common shares were issued at a deemed price of C$3.92 per common share.
Silver Mountain Resources Inc. is a Canadian mining company focused on the exploration and development of silver projects in Peru. The Company’s principal asset is the Reliquias Project, a past-producing silver mine located in the Castrovirreyna district of Huancavelica. Silver Mountain is committed to creating long-term value for its shareholders through responsible mining, strong community engagement, and sustainable development practices.
Source: Silver Mountain Resources Inc.
