Dear Fellow Shareholders, As we close 2025, Outcrop Silver holds a rare asset: a true high-grade primary silver project in Colombia, a category with very few peers globally against a backdrop of prolonged supply constraints and growing demand. Assets like Santa Ana require patience, discipline, and a long-term mindset, because when handled correctly they have the potential to create exceptional value over time. At the end of 2023, Outcrop Silver had a defined resource at Santa Ana and a strong conviction that the district was far larger than what had been captured in the model-but we still had to prove it. In 2024, we began doing exactly that by stepping out along the broader trend, securing the access required to drill new areas, and converting early targets into multiple new discoveries ...