Canadian Mining Co. Finds Massive Timmins Silver Potential

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

On April 23, 2026, Discovery Silver Corp. (DSV:TSX; OTCMKTS:DSVSF) announced results from its ongoing exploration program at the company's Porcupine Operations, which includes Hoyle Pond Mine, Borden Mine, Pamour Mine, and other advanced growth projects at the Dome and TVZ targets. In total, these results encompass 143 holes and 44,740 meters of drilling between Q4 2025 and Q1 2026.

In the release, Tony Makuch, Discovery Silver's CEO, said, "We continue to get excellent results from our ongoing aggressive exploration program at Porcupine. Today's results include additional success with resource conversion and extension drilling at Hoyle Pond, Borden, and Pamour, encouraging results at new targets at or near these operations, and favorable results at our near-term growth projects and key regional targets. At Hoyle Pond, we continued to extend the S Zone to depth, recorded the highest-grade intersection to date at TVZ, and continued to demonstrate TVZ's attractive depth potential, and also had very encouraging results from the Owl Creek and 750 Zone regional targets located along the Hoyle Pond belt."

In regard to results from different targets, Makuch broke them down in turn. Beginning with Borden, he said: "Turning to Borden, we extended mineralization down plunge and to the east in the Main Zone and also recorded encouraging results from the East Lower Zone, a parallel structure to the main mining trend. These latest results, along with wide-spaced surface drilling, provide us with a high level of confidence in the potential for significant resource growth as drilling continues."

Borden highlights include:

Main Zone: Drilling extends mineralization down plunge and to the east of the current resource

• 18.85 gpt over 3.1m; 4.42 gpt over 16.6m, including 7.39 gpt over 6.3m; 10.04 gpt over 13.7m, including 21.01 gpt over 3.8m; 7.14 gpt over 12.3m; 5.54 gpt over 12.6m, including 12.12 gpt over 4.5m; 9.39 gpt over 12.9m; 8.30 gpt over 10.2m; 6.51 gpt over 11.3m; 4.85 gpt over 14.2m; 5.30 gpt over 13.0m  

East Lower Zone: Drilling highlights expansion potential on structure parallel to Main Zone

• 6.87 gpt over 21.0m, including 9.08 gpt over 9.1m; 6.24 gpt over 15.7m, including 7.68 gpt over 7.9m; 7.13 gpt over 10.9m, including 10.79 gpt over 5.8m; 5.35 gpt over 15.1m, including 8.60 gpt over 6.5m

For results at the Pamour target, Makuch said: "At Pamour, we achieve excellent results from ongoing resource conversion and expansion drilling along the three phases of the current pit design. We also generated positive results from drilling at Pamour West, highlighting the potential for new resources west of the current Pamour operations. In addition, we were particularly encouraged by drill results from a large, untested gap in previous drilling at the North Contact Zone, located along a major east-west trending volcanic sedimentary contact directly north of the Phase 2 pit."

Pamour highlights include:

Pamour: Drilling continues to confirm and expand current open-pit resources

• West Pit: 1.35 gpt over 65.7m; 1.35 gpt over 24.5m; 1.34 gpt over 56.1m; 1.29 gpt over 41.4m
• Central Pit: 1.15 gpt over 109m; 5.25 gpt over 19.7m; 2.29 gpt over 45.3m; 1.36 gpt over 54.1m
• East Pit: 1.94 gpt over 28.5m; 4.54 gpt over 12.6m; 2.95 gpt over 12.6m; 1.66 gpt over 31.1m

Pamour West: Continued positive results to the west of the current Pamour resource

• 2.14 gpt over 18.3m; 6.84 gpt over 7.5m; 1.84 gpt over 6.0m; 1.77 gpt over 5.9m; 5.67 gpt over 3.2m; 3.01 gpt over 3.8m; 9.35 gpt over 3.7m and 2.49 gpt over 7.7m

North Contact Zone: Drilling identifies new mineralization north of the phase 2 pit

• 2.52 gpt over 20.0m; 0.78 gpt over 35.5m; 24.11 gpt over 8.0m, including 596.0 gpt over 0.3m; 1.45 gpt over 23.1m; 1.70 gpt over 23.9m, including 20.70m over 1.0m

In a final comment, Makuch discussed results at the Dome target, saying, "Finally, we reported additional positive results from confirmation and extension drilling at Dome in the southwest and northeast portions of the property. Dome is a key potential value generator for Discovery, with an 11.0 million ounce inferred resource, an existing open pit and the Dome Mill located directly adjacent to the pit. Drilling in the northeast part demonstrated a close correlation of geology, with new drilling including similar or better grades and widths compared to historic holes. Drilling in the southwest portion of the property identified new areas of mineralization at shallow depths from surface. With the success we are having, and the additional drilling that is planned, we remain on track to release an updated mineral resource at Dome late this year."

Highlights for Dome include:

Dome: Continued drilling success to the northeast and southwest; Resource update on track for late 2026

• 1.19 gpt over 35.2m; 3.16 gpt over 15.0m; 1.19 gpt over 28.9m; 1.13 gpt over 29.7m; 1.01 gpt over 20.0m; 2.77 gpt over 10.9m; 1.21 gpt over 11.3m; 0.60 gpt over 8.2m and, 3.11gpt over 3.5m

At Hoyle Pond Mine, a total of eight holes (2,814 meters) tested the Lower S Zone. Three holes were abandoned prior to completion due to drilling challenges. Results indicated, "The new drilling was designed to test the lower limits of the zone below the 2,200 level and continued to demonstrate very positive results, including: 13.52 gpt over 9.1m in hole 27700AM; 45.77 gpt over 4.1m, including 133.00 gpt over 0.6m in hole 27713B; 5.69 gpt over 8.5m, including 20.40 gpt over 0.5m and including 45.70 gpt over 0.5m in hole 27712; and 16.70 gpt over 0.6m in hole 27677M."

The TVZ target saw a total of 17 holes (5,803 meters) drilled, from the 1210 level and 1680 level exploration drifts to confirm and expand the TVZ Zone, which has shown significant gold mineralization between 800-1800-meter levels in the southeast portion of Hoyle Pond. The release said that ". . . the bulk of the mineralization identified to date occurs within a panel measuring approximately 600 m long by 200 m in height, extending from the 850 level to just below the 1410 level, with the best grades typically having a strong correlation with increased amounts of quartz veining, pyrite and arsenopyrite."

Drilling at TVZ is currently ongoing with two drills in operation at the 1210 and 1410 levels.

The Owl Creek project saw a total of 12 holes drilled in order to confirm and expand mineralization near the former open pit, as well as the 750 Zone. The open pit was originally operate in the 1980s and recovered approximately 237,000 ounces of gold at an average grade of 3.75 gpt. Results at Owl Creek were as follows: "4.11 gpt over 30.0m, including 9.04 gpt over 3.0m, 7.17 gpt over 3.0m and 5.24 gpt over 10.1m, in hole OC26-029A;7.34 gpt over 1.4m, 2.38 gpt over 35.5m, including 4.97 gpt over 2.1m and 6.05 gpt over 3.2m in hole OC26-035; 4.13 gpt over 13.8m, including 7.53 gpt over 7.0m, in hole OC26-37A; and 1.84 gpt over 11.2m, including 2.93 gpt over 3.0m and 4.54 gpt over 2.2m, in hole OC26-028A."

Discovery Silver Corp. is an exploration mining company focused on underdeveloped silver projects — its flagship being located in Chihuahua state in Mexico. The Porcupine property is located in Timmins, Ontario, and that is where current efforts are focused.   

Silver Bullish in Q1 2026

Despite conflict in the Middle East and uncertainty surrounding inflation risks, silver has remained in a bullish market. In his April 29 article, Krauth wrote, "I expect silver prices to remain high and think the US$60 -US$70 will become the new floor. Demand is simply too robust and continues to outpace supply. Price has to adjust to reflect this reality." He continued, writing, "Persistent inflation continues to erode purchasing power. Global debt levels remain elevated. And confidence in fiat currencies is gradually being questioned — not abruptly, but steadily. Historically, these are the kinds of conditions that have pushed investors toward hard assets."

Neils Christensen wrote about silver's bull market in an April 28, 2026, article for Kitco, noting that ". . . prices jumped 55% in the first three months of the year compared to the final quarter of 2025. The analysts noted that the overall precious metals price index has increased by 84% compared to the first quarter of last year."

On April 30, gold and silver both rose in value as the U.S. dollar weakened. June gold futures were trading at US$4,658, while May silver futures were up US$2.10 at US$73.67. Jim Wyckoff for Kitco reported that, "May silver futures see the next upside price objective for the bulls is closing prices above solid technical resistance at the April high of US$83.245. The next downside price objective for the bears is closing prices below solid support at US$70.00. First resistance is seen at US$75.00 and then at this week's high of US$76.555. Next support is seen at this week's low of US$70.885 and then at US$70.00."

Experts 'Glad to Own Stock'

According to Factset:

• Craig Stanley of Raymond James gave the company an 'Overweight' rating on April 27, 2026, with a price target of CA$13.00.
• Nicolas Dion of ATB Cormark Capital Markets gave the company a 'Buy' rating on April 27, 2026, with a price target of CA$15.00.
• Kevin O'Halloran of BMO Capital Markets gave the company a 'Buy' rating on April 24, 2026, with a price target of CA$12.00.
• Cosmos Chiu of CIBC Capital Markets gave the company a 'Buy' rating on April 23, 2026, with a price target of CA$15.00.
• Rabi Nizami of National Bank Financial gave the company a 'Buy' rating on April 15, 2026, with a price target of CA$12.50.
• Brandom Gaspar of SCP Equity Research gave the company a 'Buy' rating on February 19, 2026, with a price target of CA$11.50.

On April 29, 2026, Peter Krauth of The Gold Advisor discussed Discovery Silver's press release on the Porcupine property, noting, "Excellent progress and production results and growth from Porcupine. Overall, management emphasized that the latest results continue to demonstrate meaningful resource conversion, expansion potential, and multiple near-term growth opportunities across the Porcupine portfolio, positioning the company well for further resource growth if drilling success continues. These are great reasons why I am glad I own the stock, but the massive Cordero Silver Project in Mexico is a trophy asset too, which is a very big reason I continue to hold the stock."

Catalysts for Discovery Silver in 2026

The company's investor presentation lists late 2026 catalysts as including resuming and optimizing drilling at Dome, releasing a NI 43-101 mineral resource estimate (MRE), and planning for the Kidd Met Site and Kidd Creek Mine.

The company also plans to update capital and costs for Cordero, expecting some increase and addressing change in scope for power.

Ownership & Share Information¹

Discovery Silver Corp. has a market cap of CA$6.74 billion, with 810.75 million shares outstanding. The company's 52-week range is CA$2.36-CA$12.48.

Institutions own 36.21% of shares, while Strategic Investors own 33.16%.

Management & Insiders own 2.33% of shares, and the remaining 22.3% of shares are held by Retail.