New Risk • May 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$6.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.5m free cash flow). Earnings have declined by 3.7% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$45.3m market cap, or US$32.8m). Announcement • Apr 17
Aztec Minerals Corp Reports Drilling Results At Tombstone Project Arizona Aztec Minerals Corp. announced the results from 14 drill holes from its reverse circulation portion of the 2025-2026 drilling program at the Tombstone Property in Southeastern Arizona. Step out drilling in the Westside target area of the property has discovered additional strong, wide, shallow oxide gold-silver intersections. The mineralized zone has been further extended to 0.4km of width into the Westside area, with the Contention Au/Ag zone from the northern property limit to over 1km N-S on strike. Pending drill results include additional Westside area drill targets as well as several step out targets drilled in the immediate, westerly and deeper extensions of the Main Contention zone. The 17,000m 2025-2026 drilling program has now completed 59 RC and 6 core drill holes. Highlights from the RC drilling reported for the Contention and the Westside targets include: Hole TR26-14 encountered multiple zones of oxide mineralization in the Bisbee sediments, including 10.6m averaging 0.195 gpt Au and 13.0 gpt Ag from surface, 107.9m averaging 0.618 gpt Au and 24.8 gpt Ag from 39.5m, 48.6m averaging 0.091 gpt Au and 8.106 gpt Ag from 176.3m, and ending in 9.1m averaging 0.121 gpt Au and 10.17 gpt Ag from 234.1m. TR26-14 demonstrated that the entire width of the Westside anticline has potential to host oxidized precious metal mineralization. TR26-14 drilled across the upper portion of the Westside anticline towards the southwest from north of TC25-03. Hole TR26-01 drilled to test the Westside anticline. The drill hole intersected at depth two zones of oxidized mineralization with historic mine workings, from 51.7m to 74.5m depth for 22.8m averaging 0.038 gpt Au and 11.87 gpt Ag and then from 86.6 m to 110.9 m for 24.3 meters averaging 0.039 gpt Au and 13.37 gpt Ag. TR26-01 demonstrated the location of the historic Westside mine workings and the surrounding area of low grade, oxidized precious metal mineralization in the Westside anticline. Holes TR26-05 and TR26-06 are collared on the western limits of the central Contention area, drilling towards the east to test the western limits and to depth the Contention mineralization. The drill holes intersected multiple zones of mineralization, TD’d in mineralization at over 250m depth and have confirmed the Contention mineralization continues to depth and that it has expansive widths. The intersections include in TR26-05 50.2m averaging 0.112 gpt Au and 4.90 gpt Ag and in TR26-06 59.3m averaging 0.104 gpt Au and 4.96 gpt Ag. Hole TR26-07 is collared in the central portion of the Contention mineralization and expanded it to 239.3m depth intercepting three mineralized zones, including 112.5m averaging 0.479 gpt Au and 12.64 gpt Ag. Holes TR26-11 and TR26-12 are collared in western limits of the central Contention area, drilling towards the east to test the western limits and to depth the Contention mineralization. Combined they expanded the Contention Target mineralization 50 to 70 meters further west and to depth. TR26-11 intercepting 100.3m averaging 0.173 gpt Au and 11.46 gpt Ag and in TR26-12 intercepting 48.6m averaging 0.172 gpt Au and 18.04 gpt Ag. All of the fourteen RC drillholes reported herein intersected Au-Ag mineralization and joined portions of and also expanded the Contention and Westside target areas to the west and to depth. The intercepts show broad continuity of mineralization. All reported intersection lengths are apparent widths of mineralization, not true widths, which can range at the property from 30% to 100% of apparent widths. The core drilling portion of the program in 2026 continues with drilling ongoing in the 7th attempted core hole in the program TC26-03 targeting the central portion of the Contention mineralization of the property. Drill hole TC25-04 targeting the large, southern NSAMT target was recently completed at 831.7 m depth; however, was terminated by drillhole caving above the planned total depth of 1000m. TC25-04 encountered mild to moderate strength retrograde exoskarns in the hornfels of the lower Cretaceous basal Bisbee siliciclastic sediments at 575 m depth and it continued for the rest of the drillhole. The skarns are typified by epidote and chlorite with associated hematite staining. The skarns are accompanied by several silicified hydrothermal breccia dikes with occasional Qfp clasts and with evidence of potential “B-type” porphyry veinlets over that thickness. The core rig was then moved to drill TC26-01 to test to the west and below of TR21-12 but due to poor ground conditions and the completion of the RC precollar for TC26-02 the core rig was moved onto TC26-02 and it was completed at 861.9 m depth to test the southwestern NSAMT target. TC26-02 has intercepted skarning and sulfides recently as well. Aztec has previously identified several large, strong, conductive bodies, underneath the historic gold-silver district through NSAMT (natural-source audio-frequency magneto-telluric surveys) anomalies. The continued, successful drilling of the Contention pit area was supported by Aztec’s 3D geologic and underground workings model that was constructed to assist in targeting potential expansion of the Contention system. The overall Contention system has yet to be defined and marks the confluence of other mineralized zones including the Westside Anticline. Detailed Drillhole Summary Highlights: Hole TR26-01 – Collared above the northwestern portion of the Westside anticline to test across the anticline. It was drilled northeasterly and to a depth of 117.4 meters. The drill hole intersected at depth two zones of oxidized mineralization, from 51.7m to 72.9m depth for 22.8m averaging 0.038 gpt Au and 11.87 gpt Ag and then from 86.6m to 110.9m for 24.3 meters averaging 0.039 gpt Au and 13.37 gpt Ag. The drillhole intersected mine workings at 71.5-73 m (Historic 2nd level) and at ended at 111-117m (Historic 4th level stope). TR26-01 demonstrated the location of the historic Westside mine workings and the surrounding area of low grade, oxidized precious metal mineralization in the Westside anticline. Hole TR26-05 - Collared in the western limits of the central Contention area, south of TC25-08, drilling towards the east to test the western limits and to depth the Contention mineralization. It was drilled to a depth of 256.1 meters. The drill hole intersected seven zones of mineralization, it TD’d in mineralization and confirmed the Contention mineralization continues to depth and that it has expansive widths. The drillhole ends in mineralization and leaves the mineralization open to depth and to the west, east, south and north. Hole TR26-08 – Collared in the central portion of the Westside area mineralization. Drilled northeasterly to test for mineralization in the Bisbee sediments with the Boss dike and its workings. 
