Arizona Gold-Silver Explorer Opens New Oxide Zone With First North Extension Step-Outs Ahead of Q4/26 Maiden Resource
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Disclosures for Red Cloud, Aztec Minerals Corp., August 6, 2026

Alina Islam | Mining Analyst Shikhar Sarpal | Associate Mining Analyst Alex Riazanov, CFA | Associate Mining Analyst Rushi Dokhale | Research Associate Red Cloud Securities Inc. 120 Adelaide Street West, Suite 1400 Toronto ON, M5H 1T1 [email protected] www.redcloudresearch.com Disclosure Statement Updated August 6, 2026 Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report.

Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Aztec Minerals Inc. TSXV:AZT 3 1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is compensated by the issuer to provide liquidity support and may trade as principal in the issuer’s securities. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. 10. A major shareholder of Red Cloud Mining Capital (the parent company of Red Cloud Securities Inc.), serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • HOLD – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, HOLD or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon.

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On August 6, 2026, Alina Islam of Red Cloud Securities Inc. maintained a BUY rating and a CA$0.60 per share target price on Aztec Minerals Corp. (AZT:TSX.V; AZZTF:OTCQB), implying a 103% return from the closing price of CA$0.30, following assay results from nine reverse circulation (RC) holes at the company's 85%-owned Tombstone gold-silver project in southern Arizona, including the first two holes ever drilled at the recently acquired North Extension zone.

North Extension delivers two-for-two on first-pass holes

The ~22,000m drill program at Tombstone is targeting shallow silver-gold oxide mineralization and deeper carbonate replacement deposit (CRD) sulphide mineralization. Both maiden holes at North Extension intersected gold-silver oxide mineralization on previously untested ground. The standout, TR26-39, returned 1.42 g/t Au and 14.58 g/t Ag over 88.4m from 10.7m, including a high-grade interval of 12.23 g/t Au and 56.28 g/t Ag over 6.1m. The second hole, TR26-33, returned 1.50 g/t Au and 23.56 g/t Ag over 13.7m. A further standout came from the core of the Contention pit, where TR26-38 returned 1.06 g/t Au and 16.08 g/t Ag over 97.5m from surface, including 12.17 g/t Au and 69.08 g/t Ag over 6.1m, with near-continuous mineralization extending to 211.8m. Islam noted that "These two holes rank among the best holes drilled at Tombstone since 2020," adding that this is "a positive update, and arguably the most significant result Aztec has reported in over a year."

A genuinely new zone after a run of thin step-outs

Almost all of Tombstone's historical growth had come from the Contention zone, with peripheral step-outs repeatedly returning thin intercepts. The analyst wrote that the North Extension results change that picture, "as it is the first genuinely new, oxide zone that the company has opened since the Westside discovery in early 2025." Additional assays from holes drilled further north into the new zone are anticipated, though with only two holes completed to date, continuity and extent remain to be proven. Results from the Contention pit are viewed as a positive read-through for the upcoming resource estimate.

Reading past the headline grades

Islam cautioned that the wide headline intervals reported are carried by narrow, high-grade cores rather than uniform bulk grade. Stripping out the high-grade zones, the surrounding oxide halos grade closer to approximately 0.25–0.6 g/t Au — still potentially leach-economic at current gold prices, but well below the headline numbers.

Program status and upcoming catalysts

Ninety RC holes have been completed within the ongoing 22,000m program, with assays pending from 11 holes, including further step-outs at North Extension drilled to confirm continuity. Drill results are expected to inform a maiden mineral resource estimate (MRE) at Tombstone, slated for Q4/26. Near-term catalysts identified are ongoing Tombstone RC and core drill results and the Tombstone MRE in Q4/26.

Valuation and financial position

The CA$0.60 target is based on a probability-weighted valuation methodology; as an exploration-stage company, Aztec is expected to be driven by drill results and further expansion of mineralized areas. Aztec has 188.8M basic and 235.8M diluted shares outstanding, a market capitalization of CA$55.7MM, and an enterprise value of CA$51.2MM, against a peer group average enterprise value of CA$153.1MM. The company holds CA$4.5MM in cash and cash equivalents with no debt. Shares have traded between CA$0.17 and CA$0.44 over the past 52 weeks.

Aztec Minerals Corp., incorporated in 2007 and headquartered in Vancouver, is focused on two emerging North American discoveries: the Cervantes porphyry gold-copper project in Sonora, Mexico, and the Tombstone gold-silver project in southern Arizona, which also carries high-grade CRD silver-lead-zinc potential. Red Cloud Securities disclosed that it has performed investment banking services for the issuer in the 12 months preceding the report's issuance.