Drill Bit Hits High-Grade Silver, Gold in Stepouts
Research Report

1. AbraSilver Resource Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Raymond James, AbraSilver Resource Corp., March 11, 2025

IMPORTANT INVESTOR DISCLOSURES Unless otherwise specified, the term “Raymond James” shall denote, where appropriate, Raymond James & Associates, Inc. (RJA), Raymond James Ltd. (RJL), and their affiliates, subsidiaries and related entities. Analyst Information Analyst Compensation: Research analysts and associates at Raymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including: i) research quality, ii) team productivity, iii) client feedback, iv) rating accuracy, v) overall revenue and profitability levels of the department and firm (a portion of which is generated by investment banking activities) and vi) compensation levels for comparable research analysts at competing firms. Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of, or associated with, RJA are not registered/qualified as research analysts under FINRA rules and are not subject to FINRA Rule 2241 restrictions on communications with covered companies, trading securities held by a research analyst account, and obligations related to identifying and managing conflicts of interest. This global disclosure considers all entities of Raymond James and its affiliates. The jurisdiction where the analyst(s) is registered will determine what is permitted. For example, if the persons responsible for the content of this report are not licensed as research analysts in accordance with applicable rules promulgated by the regulatory organization(s) where this report is distributed, any client wishing to effect trades in any security should contact their Raymond James representative. The analyst Craig Stanley, primarily responsible for the preparation of this research report, attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and (2) that no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. Craig Stanley of Raymond James Ltd. is a non-US Analyst Company Specific Disclosures Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors, including an assessment of industry size, structure, business trends, and overall attractiveness; management effectiveness; competition; visibility; financial condition; and expected total return, among other factors. Collectively, these factors are subject to change depending on overall economic conditions or industry- or company-specific occurrences. Target Prices: The information below indicates Raymond James’ target price and rating changes for any subject companies over the past three years.

Valuation Methodology AbraSilver Resource Corp. Our target price is based on the NPV of the Diablillos Project and net financial assets. General Risk Factors Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product/service pricing could change and adversely impact expected revenues and earnings; (2) issues relating to major competitors or market shares or new product expectations could change investor attitude toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation. Company Specific Risk Factors AbraSilver Resource Corp. Volatility in metal prices, foreign exchange markets and investor interest in mining equities could affect financing, capital spending and exploration decisions that may impact the company’s valuation and subject shares to price volatility. Financing risk: ABRA does not generate cash flow and is dependent on outside sources of financing. In the future, the company may not be able to raise money due to market conditions or may do so at a price that is dilutive to existing shareholders. Technical risk: Mining is risky and unforeseen issues could materially impact tonnes, grades, recoveries, and costs as outlined in the 2024 PFS study. Future commodity prices, costs, and technical studies may not prove resources or reserves economic. Political and regulatory risk: Changes in government and/or policies could lead to revised mining laws and taxes. Legislative elections are scheduled to be held in Argentina in October 2025 in which half of the seats in the Chamber of Deputies and a third of the seats in the Senate will be elected. The next presidential election is scheduled for 2027. Employee/personnel risk: If the market becomes more favourable to mining and the demand for skilled personnel materially increases, the company may not be able to retain key employees and contractors. Liquidity and volatility risk: ABRA’s shares are relatively illiquid compared to large-cap equities and even minor changes in precious metal prices would likely result in price volatility. Climate Change Risk: The physical risks of climate change, such as extreme weather events, could adversely impact operations. As well, concerns around climate change may affect the share price if investors divest interests in industries that are perceived to have environmental impacts. Relationship Disclosures The person(s) responsible for the production of this report declare(s) that, as far as they are aware, there are no relationships or circumstances (including conflicts of interest) that may in any way impair the objectivity of this recommendation directly or indirectly. This statement applies equally to any persons closely associated with him or her. However, it is possible that persons making communications in relation to a security may have a holding in that security and this will be disclosed. As stated, Raymond James has controls in place to manage such risks. In the event that this is a compendium report (i.e., covers six or more subject companies), Raymond James may choose to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to: raymondjames.bluematrix.com/sellside/ Disclosures.action or call toll free at 1.800.237.5643 in the United States or 1.800.667.2899 in Canada. In other jurisdictions, please contact your local Raymond James’ representative.

Company Name Disclosure AbraSilver Resource Corp. Raymond James Ltd. has managed or co-managed a public offering of securities within the last 12 months with respect to the issuer. AbraSilver Resource Corp. Raymond James Ltd. has provided investment banking services within the last 12 months with respect to the issuer. AbraSilver Resource Corp. Raymond James Ltd. has received compensation for investment banking services within the past 12 months with respect to the issuer.

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AbraSilver Resource Corp. (ABRA:TSX; ABBRF:OTCQX) announced drill assays from the phase four exploration program at its Diablillos project in Argentina, reported Raymond James Analyst Craig Stanley in a March 11 research note.

"The results will be incorporated [into] an updated resource estimate scheduled for mid-2025," Stanley wrote.

60% Return Implied

The silver company was trading at the time of the report at about CA$3.13 per share, and Raymond James' target price on it is CA$5 per share. Thus, the return to target is 60%.

AbraSilver remains rated Outperform.

The company has 128.7 million shares outstanding. Its market cap is CA$403 million (CA$403M). Its 52-week range is CA$1.43–$3.58 per share.

Phase Four Results

Stanley presented highlights of the latest batch of phase four stepout drill results as well as some previously reported intercepts, all from three zones at Diablillos. The campaign encompassed 106 holes for 21,172 meters (21,172m).

Sombra, about 250m south of the proposed Oculto pit:

• New: 17m of 101 grams per ton silver (101 g/t Ag) from 38m downhole, including 7m of 205 g/t Ag, in hole DDH 24-069
• Previous: 23m at 55 g/t Ag from 40m downhole, in hole DDH 24-062

"Only five holes have been drilled to date at Sombra, where mineralization is covered by only approximately 40m of unconsolidated colluvium," noted Stanley.

Oculto Northeast, next to the proposed Oculto pit, which showed silver and gold mineralization:

• New: 17m of 39 g/t Ag plus 1.8 g/t gold (Au) from 151m downhole, in hole DDH 24-070  
• Previous: 9m of 52 g/t Ag + 2.1 g/t Au from 162.5m in transition material, in hole DDH24-040
• Previous: 15m of 496 g/t Ag + 0.28 g/t Au from 152m, including 5.7m of 1,151 g/t Ag plus 0.22 g/t Au, oxide material, in hole DDH24-031

JAC Extension, south and southwest of the proposed JAC open pit:

• New: 22m of 168 g/t Ag at 102m downhole, in hole DDH 24-072
• New: 35.5m of 56 g/t Ag at 105m downhole, in hole DDH 24-073
• New 30m of 237 g/t Ag at 125.5m downhole, in hole DDH 24-075
• Previous: 37m of 152 g/t Ag at 92m downhole, in hole DDH 24-044
• Previous: 62m of 175 g/t Ag at 85m downhole, in hole DDH 24-038
• Previous: 50m of 250 g/t Ag at 110m, including 5m of 1,036 g/t Ag, in hole DDH 24-033

Proposed Mining Operation

Stanley reviewed the findings of the updated prefeasibility study of Diablillos, announced last December. It showed an operation producing an average of 13,400,000 ounces of silver equivalent (13.4 Moz of Ag eq) per year at an all-in sustaining cost (AISC) of US$12.67 per Ag eq oz over a 14-year mine life.

In years one through five, average production would be higher, at 16 Moz of Ag eq (11.7 Moz of Ag plus 59,000 ounces pf Au) per year. AISC would be lower, at US$11.23 per Ag eq oz. Pre-production capex is estimated at US$544M.

What To Watch For

The analyst presented key future catalysts for AbraSilver, all pertaining to Diablillos.

In the near term, completion of the phase five, 20,000m drill program, now underway, and subsequent results are expected. Also, an updated resource estimate, to include results of the phase four drill program, is slated for the middle of this year. Environmental impact assessment approval is anticipated in Q4/25.

The feasibility study is due out in Q1/26. According to Raymond James estimates, construction would start in Q3/26, and production would begin in Q3/29.