Titiminas Silver – Packsack Drilling Expands High-Grade Mineralization

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Author: Atrium Research September 24, 2026

Riley Venton | Equity Research Analyst | [email protected] | 705-927-0466

Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314

PLEASE REVIEW THE DISCLOSURES AT THE BOTTOM OF THE PAGE

What you need to know:

  • TITI reported assay results for twelve Packsack holes at the Madre Sierra Project with every hole intersecting mineralized structures.

  • Hole PKS-MSN-26-07 delivered the strongest intercepts, returning 479 g/t AgEq over 1.00m & 578 g/t AgEq over 0.65m.

  • Results expand high-grade mineralization across multiple vein structures and will be included in the maiden MRE on track for mid-2027.

  • TITI will then move to a PEA and FID by year-end 2027, as the Company looks to expedite a restart at the past-producing mine.

This morning, Titiminas Silver Inc. (TITI:TSXV) released assay results for twelve additional Packsack drill holes as part of its Phase 1 drill program at the Madre Sierra Project. Drilling expands high-grade silver mineralization identified in the initial Packsack program across multiple vein structures, which is associated with Au, Cu, Pb, and Zn. Results will be reflected in TITI’s maiden MRE targeted for mid-2027, as the Company looks to fast-track the restart of production at the past-producing mine with a FID anticipated by the end of next year. We are maintaining our BUY rating and target price of $2.50/share on Titiminas.

Every hole intersected mineralized structures. This includes nine diamond drill holes at Madre Sierra Norte (seven from surface & two from underground), along with three surface holes at Madre Sierra. The holes were drilled between August and September 15ᵗʰ with highlights including (true widths):

  • PKS-MSN-26-03: 321 g/t AgEq over 1.60m (218.8 g/t Ag, 0.59 g/t Au, 0.87% Cu, 1.53% Pb)

  • PKS-MSN-26-07: 479 g/t AgEq over 1.00m (201.2 g/t Ag, 1.70 g/t Au, 2.36% Cu, 1.19% Pb, 1.59% Zn) & 578 g/t AgEq over 0.65m (107.8 g/t Ag, 5.32 g/t Au, 2.93% Pb, 12.56% Zn)

  • PKS-MSN-26-05: 418 g/t AgEq over 0.60m (224.1 g/t Ag, 0.96 g/t Au, 1.89% Cu, 1.73% Pb)

  • PKS-MSN-26-04: 381 g/t AgEq over 0.84m (171.6 g/t Ag, 2.71 g/t Au, 1.65% Zn)

  • PKS-MS-SUP-26-03: 433 g/t AgEq over 0.65m (113.5 g/t Ag, 1.71 g/t Au, 3.38% Cu, 0.30% Pb, 0.05% Zn)

While multiple holes intersected >400 g/t AgEq mineralization, Veta NN 17 & 16 yielded the strongest intercepts, with intervals of 479 g/t over 1.00m and 578 g/t over 0.65m, respectively (PKS-MSN-26-07). The highlight intercept outlined above for PKS-MSN-26-05 is only one of seven mineralized intervals the hole delivered, and PKS-MSN-26-04 hit seven named vein structures. Drilling continues to support TITI’s interpretation of a late Ag-Au-Cu event overprinting the principal polymetallic system, which we anticipate will be proven out by further drilling.

Maiden MRE targeted for mid-2027. Management has indicated the estimate is expected to be released at the end of Q2 or early Q3 next year. The resource will incorporate Madre Sierra, Madre Sierra Norte, and Titiminas CRD, including the results released this morning, and be followed by a PEA and FID targeted for Q4 2027. We remain encouraged that TITI’s expedited development timeline is on track, setting the stage for a catalyst-rich next ~12 months.

Catalysts

  • Phase 1 Drilling – Ongoing

  • Revenue From Trucking Ore – Q4/26/Q1/27

  • Initial MRE – Q2/Q3/27

  • PEA & FID – Q4/27

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