Discovery Reports Q1 2022 Financial Results and Update

TORONTO, May 27, 2022 — Discovery Silver Corp. (TSX-V: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) is pleased to announce its financial results for the three months ended March 31, 2022 (“Q1 2022”), and provide a summary of key events for the quarter, and subsequent to quarter-end. All amounts are presented in Canadian dollars (“C$”) unless otherwise stated.

ERIC SPROTT ANNOUNCES HOLDINGS IN DISCOVERY SILVER CORP

TORONTO, May 27, 2022 – Eric Sprott announces that, today, 2176423 Ontario Ltd. (a corporation he
beneficially owns) exercised 9,090,909 common share purchase warrants (Warrants) of Discovery Silver
Corp., at $0.77 per common share (Share) for aggregate consideration of $7,000,000. The exercise of the
Warrants, combined with prior corporate treasury issuances of Shares, resulted in a decrease in holdings of approximately 2.6% of the outstanding Shares on a partially diluted basis since the date of the last early
warning report. Prior to such exercise, Mr. Sprott beneficially owned and controlled 80,440,145 Shares and
14,646,409 Warrants representing approximately 24.1% of the outstanding Shares on a non-diluted basis
and approximately 27.3% on a partially diluted basis assuming the exercise of all such Warrants.

GATOS SILVER PROVIDES BI-WEEKLY STATUS REPORT

Denver, CO — May 27, 2022 — Gatos Silver, Inc. (NYSE/TSX: GATO) (“Gatos Silver” or the “Company”) is providing this bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). In its March 18, 2022 news release (the “Notice”), the Company announced the delay in the filing of its annual report on Form 10-K for the year ended December 31, 2021, which includes its audited consolidated financial statements as at and for the year ended December 31, 2021, together with the auditor’s report thereon and the notes thereto, its management’s discussion and analysis for the year ended December 31, 2021 relating to the audited annual financial statements, and the Chief Executive Officer and Chief Financial Officer certificates relating to its annual filings by the filing deadline of March 31, 2022. In its May 13, 2022 news release, the Company announced the delay in the filing of its interim financial filings on Form 10-Q for the quarterly period ended March 31, 2022, which includes interim financial statements as at and for the quarterly period ended March 31, 2022, together with its management’s discussion and analysis for the quarterly period ended March 31, 2022 relating to the interim financial statements, and the Chief Executive Officer and Chief Financial Officer certificates relating to its interim filings by the filing deadline of May 16, 2022.