Thank you, Operator, and good afternoon everyone. Welcome to Cinda's second quarter 2026 earnings conference call.

Joining me today are Daniel Muñiz Quintanilla, Executive Chairman, and María José Romero, Vice President of Operations. They will be available for your questions following our prepared remarks.

Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements within the meaning of the US federal securities laws. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

Please refer to the cautionary statement included in today's presentation as well as the risk factors contained in the company's quarterly report on Form 10-Q and the final prospectus filed with the SEC, which are available on the company's website and at sec.gov. With that, I'll turn the call over to Daniel Muñiz Quintanilla, Executive Chairman.

Thank you. Good morning, everyone.

I want to welcome you to Cinda's first earnings call. We are proud to share our progress and our vision for the future.

I'll start on slide 5. For those of you who are new to our story, we believe to be one of the world's most significant silver discoveries in recent years.

It is imperative to understand that Cinda is unique in the silver space. We are a premier single-asset focused pure play situated right on one of the most exciting and important silver rushes in Mexico, which is called Guanajuato Sur by our neighbor Fresnillo.

Cinda is a differentiated silver vehicle, meaning that it has a combination of superlatives rich attributes, including grade and scale, quality and quantity, that renders it in the first tier of the silver development space. In a market where high silver grade assets are increasingly scarce, we represent a highly differentiated silver vehicle with concentrated exposure to a Tier 1 asset.

Cinda made its first discovery in 2017 and now has 369 million ounces of silver equivalent of inferred resources, 16 million equivalent ounces of indicated resources, and an additional 452 to 484 million silver equivalent ounces in exploration targets. That's approximately 800 million ounces of potential silver equivalent mineralization, and that's on only 38% of the identified veins.

This district is clearly exciting, and we believe that we are still in the early days, as 74% of our own land position still unexplored. Cinda is the only pure play for investors on what has the potential to be a world-class multi-mine district.

We are already drilling hundreds of thousands of meters to bring this amazing new discovery to production over the coming years. Turning to slide number 6, Cinda is in the heart of Mexico's mining belt, surrounded by large historic and producing mines.

Please look at the expanded box on the right. We are right next to the Fresnillo, Guanajuato, and Pachuca districts, each greater than 1 billion ounce producers.

Together, these three giants have produced more than 4 billion ounces. Now turning to slide number 7, we can look at how Cinda stacks up to be the next giant of this kind.

Cinda lines up well against the top mines in Mexico and Latin America, again, what this chart shows. This is why we believe Cinda will be the next silver giant.

Cinda has the potential to be a 1 billion ounce plus deposit and a multi-mine district based on existing resources and our conceptual exploration targets. And 1 billion ounce deposits are very unusual and rare.

Whilst we are still early in our exploration efforts, we are already approaching the size of these three giants. It's not just about size, as grade in mining is king.

Let me turn to that on the next slide. Moving on to slide number 8, as the top chart shows, our indicated grade is the highest among the highest grade deposits shown here.

Our inferred grade, which is the lion's share of our current resource, starts at 386 gram per ton. As a general rule for vein deposits like Cinda, inferred mineral resource grades are typically lower than measured and indicated grades.

This is primarily a function of drill density. Case in point, studies show that Fresnillo, Sauzito, and Juanicipio all had M&I grades that were on average 37% higher relative to inferred grades.

We fully expect that Cinda's M&I grades will be in line with this trend following further infill drilling. In fact, the early signs are indeed very positive, and María José will cover those in detail in a few minutes.

This brings me to our core strategy. On slide number 9, you can see how we are executing a dual track approach.

This allows to both deliver near-term exploration milestones while building a world-class multi-generational silver district. We are laser-focused on advancing Caracol into production by the end of 2031.

To get there, we are executing on our surface and underground drilling programs. This includes the development of our exploration decline, which will allow us to explore underground and is also sized for production.

Our second track is our long-term value creation engine, which will establish Cinda as a long life multi-mine producer. While we build our first mine, we will continue to explore our land package, including testing the 60% plus of identified vein systems that remain unexplored.

This includes expanding through new discoveries like Don Diego, which could link our two main deposits. Turning now to slide number 10 for a detailed breakdown of the current mineral resource.

To date, we have defined two primary deposit areas: Caracol and Agaves. Together they host an inferred resource of 369 million ounces of silver equivalent at an average grade of 386 grams per ton, as I've mentioned.

It is important to highlight that this resource is based on roughly 230,000 meters of drilling. While this provides a solid foundation, a significant portion of the system remains under-drilled, leaving clear room for lots of expansion.

In addition, SRK has identified between 452 and 484 million ounces of silver equivalent as exploration targets. Areas where mineralization has been intersected along known vein systems, but where additional drilling is required to increase confidence and support formal resource classification.

Overall, this supports our view of a robust, high-grade system with meaningful potential for both growth and resource conversion as drilling continues. Now turning on to slide 11, I want to focus on the truly enormous scale of the opportunity ahead of us.

We currently have almost 1 billion ounces of silver equivalent between the resource base and the exploration targets identified by SRK. What is particular important here is not just the current resource, but the scale of the opportunity.

Again, only 38% of the identified veins have been sufficiently drilled, meaning the majority of the known structures remain under-explored. Furthermore, approximately 74% of the total land package has not been yet drilled at all.

From a geological perspective, for every mapped vein, drilling suggests the presence of approximately four additional blind veins, implying a significant multiplicity of mineral structures not evidenced at surface. We already have a substantial resource base, but the system remains largely open.

Now turning into slide number 12, which highlights the scale of our land package. On the map to the left, the full concession outline is shown with current resource areas highlighted in dark green: Caracol to the northwest and Agaves to the southeast.

The light green areas represent broader exploration targets and near resource exploration zones. Our project has over 6,200 hectares of concessions, and as I've mentioned before, the majority of the land package remains under-explored.

Our current exploration strategy is focusing on key target areas such as Don Diego and Domo, where we see strong potential to expand the system. To support this, our current drilling plan contemplates 345,000 meters of drilling over the next three years, aimed at upgrading and expanding existing resources and step-out exploration targeting new zones.

On slide number 13, we want to highlight one of Cinda's key advantages: its infrastructure. This is not a remote project.

This is a well-connected asset with clear advantages on cost and execution. As you can see, we are located in a region with established access to skilled workforce, power, airports, roads, rail, and supported by an industrial mining and also a touristic hub.

This is a rare advantage for a project of this scale, particularly compared to most projects in Mexico that are in remote areas. This is a real differentiator that will translate into lower capital intensity and more efficient development.

Operations in Mexico are known to be cost competitive, and at Cinda, with the size, the grade, and the team in place, we will not be an exception. Turning to slide number 14, this is a roadmap for unlocking value.

This timeline lays out the key operational and technical milestones over the next few years. Delivering this plan will de-risk the Cinda project and drive our NAV as we advance towards 2030 construction and our 2031 production target.

In terms of technical reports and key development milestones, we are targeting an updated resource estimate by year-end. This would incorporate our current surface drilling, which should increase the categorization as well as the overall size.

Then on the back of those positive results, we'll refresh the resource estimate and incorporate them into an economic study, or PEA, in the second quarter of next year. From there, we'll get deeper into project planning, targeting a PFS by year-end 2028, roughly two years out from today.

We are methodically de-risking the asset all the way to production to unlock the enormous value of our property. Now I'd like to review Cinda's strategic and operational developments during the second quarter.

Please turn to slide 16. We are proud that Cinda began officially trading on the New York Stock Exchange on June 26.

Our IPO and strategic concurrent placement were met with strong investor demand, ultimately securing $331 million in total gross proceeds. The amount includes the proceeds from our initial offering, the exercise of the underwriters' overallotment option, i.e., the greenshoe, and our concurrent private placement with Fresnillo.

Fresnillo, as is the industry's global leader and our neighbor in the Guanajuato Sur district, and their investment is a powerful validation of the Cinda project. We also had a strategic anchor investment from Franco-Nevada, the premier precious metals royalty company.

Our healthy capital position and industry endorsement will enable Cinda to aggressively fund our disciplined exploration and development plans for the next two to three years, systematically de-risk the project, and advance Cinda up the value chain. With our successful IPO, Cinda puts a spotlight on one of the most important silver-gold discoveries in Mexico, and that is essentially in the world.

On the slide 17, and in order just to recap the core of our execution model, you see a simple graphic that captures the essential elements of this execution model that has delivered considerable success over the course of my career. You can call this the Mexican paradigm in mining.

It's a paradigm because it works. In Mexico, there are five pillars to success in mining that need managing in a way that is nuanced when compared to other countries.

These five pillars are shown here: community, environment, security, technical, and permitting. Let me touch on the nuances that are absolutely key to get right in Mexico.

In community, it's not just about winning passive social license, it's about generating active community sponsorship. That is a very different objective.

In environment, it goes beyond basic protections, extending in our case to becoming a net contributor of water, not a consumer, in an arid region like ours. In security, it means making sure you have the necessary toolkit in place to deal with the aspects of security that are particular to Mexico.

As I've shown throughout my career, done right, security is a manageable risk. In technical, it means having the skill set to develop multi-mine districts, not just a single mine.

With permitting, it's about using all of the above, especially community and institutional relationships, to accelerate your path along the way to production. I've picked out a few examples of the more subtle, but critical, drivers of success in mining in Mexico.

There's a lot more behind each of these five pillars. This execution model is already in place at Cinda, and put into place brick by brick by this management team over the past five years.

It's not theoretical, it's very practical. Let me share with you the most recent example of success that flows from getting all this right.

This example is that we received the environmental impact assessment permit for the construction of the decline on March this year. We received this nine months after submission, when the average time it takes for successful submissions is well over two years.

It was the same with our previous drilling permits, received in months rather than years. This points to something people often get wrong about mining in Mexico.

They think it is restrictive. That is wrong.

It is not restrictive. It is selective.

Selective means that if you keep to the rules of good practice, you get things done. These rules or pillars have been longstanding in Mexico.

Our relative advantage is that we've understood how to deliver this when many have not figured this out. Of course, it all starts with building the right team and the right culture, and you have in the appendix the bios and details of the team that Cinda has assembled to deliver this success to our shareholders.

Slide 18 shows the operational highlights of the second quarter. The events of this past quarter demonstrate our thorough execution of the strategic plan we outlined when we entered the US capital markets.

To start, we completed our Phase 1 surface drilling program. We also progress the work to move underground with an exploration decline, with construction planned to commence this year.

In addition, we strongly advance Don Diego as a key near-term exploration focus. We are greatly encouraged by our initial findings, where drilling has revealed a potential connection between our Caracol and our Agaves deposits.

Very important is to mention that Don Diego is not included in either our current inferred and indicated mineral resource estimates, nor in the previously defined incremental exploration targets. That is, that Don Diego is not part of the 800 million ounces that we've mentioned before.

We believe that our exploration campaign has only begun to define the full extent of this district's potential. Our near-term priorities are to take Cinda further up the value chain, advance engineering and permitting to develop this incredibly rich district, and support an updated mineral resource estimate targeted to year-end 2026.

Now turn the call to María José Romero, VP of Operations.

Thank you, Daniel. Please turn to slide 19 for our Phase 1 drilling program.

I am pleased to report this initial fully funded campaign concluded successfully on schedule. We completed nearly 61,000 meters of drilling between last October and June, scaling up our active drill fleet from 6 to 15 rigs to establish strong operational momentum across the district.

We executed two parallel work streams to the risk the asset. First, we completed over 33,000 meters of infill drilling at our primary Dolores deposit to tighten our spacing to a 50 by 50 meter grid.

This program was a resounding success, consistently returning bonanza-grade intercepts that will support our upcoming resource conversion. In parallel, we drilled nearly 28,000 meters of step-out exploration to prove our district-scale potential.

This included nearly 17,000 meters at the Don Diego corridor and close to 11,000 meters testing regional structures like Domo. With Phase 1 complete, our focus is on processing the final assays to feed into our upcoming year-end resource update.

Moving to slide 20, to date, we've completed approximately 33,000 meters of infill drilling at the Dolores vein system within the Caracol deposit. The good news is that our results confirm continuity, validate grade distribution, and reinforce our geological interpretation.

Importantly, multiple intercepts have returned high grades, with most veins assaying over 500 grams per ton, and some reaching up to 14 kilos per ton silver equivalent. These results also demonstrate consistent continuity across the deposit.

Moving to slide 21, as mentioned earlier, Don Diego is also becoming increasingly encouraging. We are seeing high-grade mineralization, including intercepts above 4,000 grams per ton silver equivalent.

The corridor also shows broader mineralized intervals like in drill hole 63, which is shown in this table, rather than simply an isolated narrow high-grade intercepts. Slide 22, for additional color on Don Diego, this is a highly prospective 4-kilometer corridor that lies directly between the Caracol and Agaves deposits.

We're advancing drilling from Caracol to the south and from Agaves to the north, with encouraging mineralized intercepts returned from both ends of Don Diego. This provides us increasing confidence in the continuity and district-scale potential of this emerging target.

We are in the early stages of unlocking Don Diego, and we believe our systematic drilling will help us confirm mineralization and lay the groundwork for a future mineral resource. In slide 23, the latest drilling demonstrates structural continuity, supporting our interpretation of Don Diego as a major district-scale link.

This is exciting because it could unlock a much larger integrated mineralized system. One of the key intercepts, which is shown in the table to the bottom of the slide, returned just over 3 meters grading approximately 727 grams per ton silver equivalent, including half a meter grading more than 3,200 grams per ton silver equivalent.

These intercepts occur within the Agaves extension and at the targeted elevations. This strongly supports the development of a significant new mineralized corridor.

Slide 24 shows that systematic drilling continues to validate the Don Diego thesis, delivering a powerful combination of bonanza-grade veins and robust mineable widths. These results demonstrate both high-grade potential and physical continuity, proving that our dual strategy of resource expansion and new discoveries is working.

While these early results are exceptional, these observations remain early stage. Additional assays are pending, and we will continue to explore the area to define a mineral resource at Don Diego.

Please turn to slide 25. Our Phase 2 drilling program will maintain a balanced approach, continuing infill drilling at Caracol, initiating infill drilling at Agaves, and advancing step-out exploration drilling across the property's highest priority targets in order to support both resource conversion and continued resource growth.

This represents a significant, untapped exploration upside extending well beyond our current resource footprint. We are aggressively accelerating our exploration pace in the second half of this year, where we have planned a highly aggressive drilling plan close to 67,000 meters.

Together with Phase 1, we expect to deliver nearly 128,000 meters of total drilling by year-end. Ultimately, the results of this drilling effort will serve as the foundation for the initial assessment and subsequent pre-feasibility study that will define our path to production.

Finally, let's turn to slide 26 to discuss the exploration decline. We received environmental impact authorization for the decline in March this year, only nine months after submission.

The decline enables Cinda to transition from surface exploration to underground development. It represents a critical step in Cinda's resource development strategy, providing underground access for infill drilling and accelerating resource conversion.

Importantly, the decline is being sized and designed to support potential future production as the project advances. It is a critical path to the risking Cinda, and we expect construction to start in the second half of this year.

With that, I will now turn the call over to Daniel.

Thank you, María José. Before we pass it over to operator and Q&A, I want to once again thank you and thank our shareholders for their support of what we believe is one of the most significant silver discoveries in recent years.

To recap, Cinda has a rare combination of attributes that set us apart on a global basis. First, the quality, scale, and location of the asset, and the upside remains immense.

Second, we're executing a fully funded development program and advancing at pace. Third, we are backed by some of the most respected capital in the sector and led by the best-in-class team with a proven track record of execution.

Finally, Cinda offers investors unhedged exposure to primary silver at a pivotal time as structural demand continues to grow against a backdrop of scarce supply. Going public in June was not the finish line.

It was merely the beginning of our next chapter, and we are just getting started. Thank you very much for your time and continued interest in Cinda.

With that, we conclude today's presentation. Please, operator, can we open the forum for questions?

Good morning, everyone. Thanks for the call and congratulations on the IPO process.

I have three three questions. The first one is maybe, María José, you can give us a little bit more color on the decline, particularly on the timing, when do you expect to be completed, maybe the progress that you are expecting to do in the coming months or quarters, and maybe the CapEx deployment, how should we plan to include that in the model?

Any might be a little bit early on, but any pending permits that you are trying to get that you need to secure in order to keep advancing the exploration, the decline, and potentially being in a position to have the Caracol into production? Then lastly, maybe, I don't know who is this, maybe Daniel or Luis, can you talk about how do you see the exploration expenses and SG&A expenses flowing into the P&L in the coming quarters just to make sure that we have the latest views there and the model is up to date?

Thank you.

Thank you, Carlos. Let me just start real quick with the permits.

I'll pass it over to María José on the decline and to the expenses to Luis Barreto, as our CFO. It was great to secure the permits, the environmental impact assessment for the decline.

This also includes permits for drilling. We did, as you recall, on record time.

We need no further permits today. We have all the permits we need for the next two to three years together with all the capital we need for the next two to three years.

We are just laser-focused on execution, executing, executing, executing, and no permits needed today, Carlos. The next permit will be just on the construction of the mine itself and the operating facilities.

With that, I'll pass it over to María José. Can you please comment on the timing and what you're seeing and the process and all the advances that you've done with the decline, please, and then pass it over to Luis?

Thank you, Daniel. Yes, Carlos, on the update of the decline, we initiated the tender process in May.

We had several companies interested in working with us to complete this development. We have already received the quotes.

They are in the range that we were expecting them, like we had included in the budget. We are currently evaluating their offers, and we will run a couple more tests before finally defining the selected contractor.

We're still aiming for the second half of this year to begin with the underground development.

Carlos, to pick up your question about how the exploration expenses will flow through the P&L, obviously they'll flow as you see them occur and as we undertake those works. You can see our plans for our Phase 2 surface exploration program as they are detailed on slide 25 of this presentation, and you also have our expectations of budget on that as part of our Form S-1.

I think you have all the information. We expect to see them flow through the P&L just as they occur.

Carlos, I'll chime

in there, Carlos, and the exploration expenses compared to others, it's extremely low. As we have 15 rigs in the premises.

We are getting three more, we're going to get 18 rigs there, and the exact number is around $230 per meter, $234 to be exact.

All right. Sounds good.

The cadence, I don't know if you have already planned should we accelerate more in early 2027 or the pace should increase only after you finish the decline, or should we already expect an acceleration in exploration expenses in the second half of the year above the almost $7.7 million that you had in the third in the second quarter?

Luis?

No, look, I think you can expect us to accelerate that a little bit. As on that slide 25, and if you recall on our post-IPO surface drilling program, we're doing 122,000 meters in total, but one of the things we're proud of, we've been able to accelerate that to do 67,000 meters this year.

That we would expect to move at a faster pace if you were kind of just timing it through the whole period. We're doing more than half of that surface exploration during the next two quarters.

All right. Perfect.

Thank you.

Thank you, Carlos.

Congratulations to you and the entire Cinda team on the IPO and your first quarterly report as a public company. Appreciate the detail provided so far.

Maybe just to take a step back, could you characterize the nature of your dialogue and relationship with Fresnillo beyond the 5% investment? I guess specifically, do you see technical collaboration, sharing of geological insights given their proximity in this Guanajuato Sur district?

I know they've outlined targeted production from their asset recently also in the early 2030s. Do you think there's opportunities here for shared development or tying in local infrastructure together?

Thank you very much, Harrison. This is a great question, and thank you for allowing me to expand a bit on Fresnillo.

We've have a very deep relationship, as you know. For Fresnillo, a priori of theirs is what they call Guanajuato Sur.

We are next door to each other, same mineralization. As you saw in our presentation, we have the quote of their head of geology today.

They've discovered their asset based on the Dr. Buchanan's model, which as you know is Electrum's head geo and has been for a long time.

We share, of course, what is the most exciting district in the world, I think, today. We are, of course, partners and neighbors and on the same belt, to speak.

The relationship couldn't be better. We do have sharing of information agreement.

We do have technical collaboration. We, obviously, Cinda is independent, but their investment just validates.

They've done thorough due diligence, and this is just a win-win situation for both of us. This is, as in Mexico's silver belt, there was the Fresnillo district, the Pachuca district, and the Guanajuato district.

This district is just starting to being developed. We are totally aligned and we are totally focused, both of us, on this part of Mexico.

This again a priority for them and a lot of collaboration. I don't know if that answers your question, Harrison.

You want me to expand?

No, that's perfect. Just one one follow-up on Don Diego.

It's shown to be a great target, and currently outside the resource and I think the exploration target as well. Could you talk about the balance of stepping out on this target versus infill drilling it, and when do you think this could be demonstrated in a resource or target, and obviously it's very, very early days, but what do you think the magnitude of this resource could be if continuity is confirmed?

This is excellent. Thank you again, because as I've said in the presentation, very clear it's important to make that Don Diego is not part of the 800 million ounces that we've identified today.

This is, again, going back is a ore body that it's between our two already drilled ore bodies. María José, would you want to expand and give a lot more details?

I think this is just incredibly amazing what we're finding here, the results we're getting, and again as we've said, this is a multi-mine district, and just over to you, María José, I don't want to steal your thunder.

Thank you, Daniel. Yes, Harrison, it's a very interesting target.

It's an area that was very obvious from a geological perspective, we can say that could be the connection or the linking area between our two known systems, Caracol and Agaves. As we started drilling this area from February this year, and to date we've had extremely good results.

It's very encouraging. We have been drilling from Agaves to the north as well from Caracol to the south, following the extension of the known veins into the Don Diego corridor, and all of them have been returning good mineralization, and we have received very good looking assays, we can say.

As you can see, some of them in the table that we're showing in this presentation. We still have a lot more assays to be processed in the lab, but from looking at the core, we can see that this is very promising.

About the area and how much we can get out of it, it would be a very early stage to have an idea of the dimension of this, but we're talking about 4 kilometers between both of this ore bodies, this is something that can be massive. The timing, well, as we're working on an MRE towards the end of this year.

We are trying to incorporate some of this information into probably exploration targets that we will be adding into our report. The balance that we have for the exploration that's going to be happening in this Phase 2, we're talking about a 60 infill drilling, 40% of exploration, so that would be the balance.

I don't know if that answers your question.

That's great. Really really incredible detail.

Very exciting, very exciting stuff. Congratulations again, and really looking forward to the continued progress.

Thank you, Harrison.

There are no more questions. Thank you.

Thank you for your time. We know we extended a little bit.

It was our first one, and we want to make sure that we could put out there the Cinda story. We are extremely excited.

We're laser-focused on developing this asset, and we'll look forward to the next quarter, and we'll keep on presenting press releases on the developments of all this infill and exploration campaign. Thank you very much.

Thank you.