Sinda Ltd.

Hello everyone. Thank you for joining us and welcome to CINDA's second quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Luis Barreto, CINDA's Chief Financial Officer. Please go ahead.

Thank you, operator, and good afternoon, everyone. Welcome to CINDA's second quarter 2026 earnings conference call. Joining me today are Daniel Muniz Quintanilla, Executive Chairman, and Maria 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 U.S. 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 Muniz 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 in slide five. 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 was 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 superlative 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 one 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. and Cinda is the only pure play for investors on what has the potential to be a world-class Malta 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 six, 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 one billion ounce producers. Together, these three giants have produced more than four billion ounces. Now turning to slide number seven, we can look at how Cinta stacks up to be the next giant of this kind. Cinta 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. but it's not just about size, as great in mining is king. Let me turn to that on the next slide. So moving on to slide number eight. 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, Saucito, and Juan Ecipio all had M&I grades that were on average 37% higher relative to inferred grades. We fully expect that SINDAs M&I grades will be in line with this trend following further infiltration. In fact, the early signs are indeed very positive. And Maria José will cover those in detail in a few minutes. This brings me to our core strategy. On slide number nine, you can see how we are executing a dual track approach. This allows us to both deliver near-term exploration milestones while building a world-class, multigenerational Silver District. We are laser-focused on advancing caracol into production by the end of 2031. To get there, we are executing on-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 SINDA 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 the 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 onto 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 particularly important here is not just the current resource, but the scale of the opportunity. Again, only 38% of the identified base have been sufficiently drilled, meaning the majority of the known structures remain underexplored. 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. So 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 underexplored. 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 Senda, with the size, the grade, and the team in place, it 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 over allotment option, i.e. the green shoe, and our concurrent private placement with Fresnillo. Fresnillo, as you know, 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 would enable CINDA to aggressively fund their disciplined exploration and development plans for the next two to three years Thank you very much. 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 skillset to develop multi-mine districts, Not just a single mine. And 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 CENDA and put into place Thank you all for joining us today. We are going to talk about 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. and 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. And selective means that if you keep to the rules of good practice, you get things done. These rules or pillars have been long standing in Mexico. Our relative advantage is that we've understood how to deliver this when many have not figured this out. And of course, it all starts with building the right team and the right culture. And you have in the appendix, the bias 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 U.S. capital markets. To start, we completed our Phase I surface drilling program. We also progressed the work to move underground with an exploration decline, with construction planned to commence this year. In addition, we strongly advanced Don Diego as a key near-time 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 SINDA forwarder off 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. And now turn the call to Maria Jose Romero, VP of Operations.