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Sala

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INTRODUCTION

Sala Project, Sweden

  • Silver - Zink - Lead
  • 9,100 Hectares – 22,486 Acres
  • Bergslagen Region, Sweden

SUMMARY

Property size

9,100 Hectares – 22,486 Acres

Stage

Developed Stage

Country

Sweden

A DATA-RICH, PAST-PRODUCING SILVER-ZINC PROJECT WITH SIGNIFICANT EXPLORATION UPSIDE

Key Investment Case

  • Historically significant European silver producer, with mining dating from at least the 15th century and published reviews citing cumulative historic production of approximately 450t silver and 35kt lead from approximately 5Mt of mined material.[1]
  • Established brownfield setting in Sweden’s Bergslagen mining district, supported by extensive historical data, modern drilling and established regional infrastructure.
  • Historical estimate provides a defined starting point, reporting 9.7 Mt at 3.2% Zn, 47.3 g/t Ag and 0.5% Pb or 214g/t AgEq at a 2.5% ZnEq cut-off, containing approximately 311kt Zn, 14.7Moz Ag and 44.2kt Pb.²
  • Substantial exploration work has already been completed, including more than 28,000 m of modern diamond drilling, geological mapping, geophysics and review of historical data.
  • Multiple opportunities remain to advance the project by verifying the historical estimate, testing extensions of known mineralization and evaluating both brownfields and greenfields targets across the broader property.
  • Definitive path to earn up to 100% ownership provides Medaro with staged exposure to the project’s future advancement.³
Infrastructure at the Sala Silver Mine
Click image to enlarge

Region

 
  • Bergslagen is a world class mining district and one of Europe’s major mining economies.
  • Strong mining history and culture, dating back over 2,000 years.
  • Proximity to end markets and strong government support for mining and resource development.
  • 13 total active mines employing ~11,000 people.
  • Hosts world-class deposits such as Garpenberg, Zinkgruvan & Sala, with established infrastructure, reliable power supply, and a skilled local workforce.

HISTORY

  • The Empire Builder. The former past producing Sala Silver Mine was known as “Svea Rikes Skattkammare” — the Treasure Chamber of the Swedish Realm. For centuries, its silver was a strategic source of wealth for the Swedish Crown, supporting the nation’s monetary system and contributing to Sweden’s rise as a European power.
  • Proven high-grade silver, with significant exploration upside.
  • Previously one of the largest and highest-grade silver mines in Europe.
  • 200Moz of historical silver production averaging 1,244g/t, with grades up to 7,000g/t. [4][5]
  • Existing Inferred Resource of 9.7Mt @ 214g/t AgEq, including 4.5Mt @ 285 g/t AgEq high-grade mineralization. [6]

PAST EXPLORERS

[1] Medaro’s May 13, 2026 Sala Announcement:  https://www.nasdaq.com/press-release/medaro-signs-loi-acquire-100-interest-past-producing-sala-silver-zinc-project-sweden
[2] The historical mineral resource estimate was prepared for Alicanto Minerals Ltd under the JORC Code (2012 Edition), announced July 13, 2022. A qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource, and Medaro is not treating it as a current mineral resource.
[3] Medaro’s August 17, 2026 Definitive Earn-In Announcement: https://www.newsfilecorp.com/release/309836/Medaro-Enters-into-Definitive-EarnIn-Agreement-to-Acquire-up-to-100-Interest-in-the-Sala-SilverZinc-Project-Sweden
[4] Refer Tumi Resources’ TSX announcements dated 1/3/2012
[5 Refer AQI’s ASX announcement dated 07/13/2022
[6] https://www.listcorp.com/asx/sgc/sinclair-gold-ltd/news/high-grade-silver-in-multiple-new-zones-at-sala-2879697.html

A SIZABLE SILVER-ZINC-LEAD OPPORTUNITY WITH SIGNIFICANT EXPLORATION UPSIDE

  • The Sala Silver Mine is a historic, past producing high-grade silver mine located in Sweden’s Bergslagen Mining District, alongside world-class mining operations including Garpenberg and Zinkgruvan, with multiple high-grade silver-zinc structures offering significant exploration upside.

     

  • Significant past investment, historical production and exploration have helped de-risk the project and establish a strong foundation for further growth:
    • Alicanto Minerals made a substantial investment in advancing Sala during its 2021–2025 tenure, including:
      • ~A$10M+ invested in exploration and project development
      • ~28,000+ m of modern diamond drilling
      • ~90,000+ m of historical drill data compiled and reviewed
      • Inferred Resource established, supported by geophysical surveys, geological mapping, surface sampling and historical core re-assaying
  • Multiple near-term catalysts ahead, with high-priority, drill-ready targets and potential for resource expansion and new discoveries.
  • Built on an extensive exploration foundation. Positioned for resource growth and discovery.

INFERRED MINERAL RESOURCE ESTIMATE

A 9.7 MT HISTORICAL ESTIMATE — THE STARTING POINT FOR SALA’S NEXT PHASE

Key Resource Highlights

  • Substantial historical estimate: Historical Inferred estimate of 9.7 Mt at 3.2% Zn, 47.3 g/t Ag and 0.5% Pb, reported at a >2.5% ZnEq cut-off.¹
  • Multi-metal inventory: At the highlighted >2.5% ZnEq cut-off, the historical estimate reports approximately 311 kt zinc, 14.7 Moz silver and 44 kt lead.¹
  • Tonnage–grade sensitivity: Alternative reporting cases range from 4.5 Mt at 6.0% ZnEq to 15.5 Mt at 3.6% ZnEq.
  • Next step: Complete the technical work required to assess whether the historical estimate can be supported as a current Mineral Resource.
Sala Silver Mine - A Legacy of Swedish Mining
Click image to enlarge

INFERRED MINERAL RESOURCE ESTIMATE

Independent JORC 2012 Inferred Resource Estimate at selected lower cut-off grades at the Sala Total Zn-Ag-Pb Project [3][4]

MINERAL RESOURCE SENSITIVITY
(AgEq Cut-OFF Grade)

Click to Enlarge

[1] Equivalents were calculated using the following formula: ZnEq = Zn% + Zn% x [(727,345.29 x 0.82 x Ag%) + (2,259.07 x 0.899 x Pb%)]/(2,976.24 x 0.9380 x Zn%) It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. Reporting cases are based on alternative ZnEq cut-offs and are not additive.
[2] Refer Tumi Resources’ TSX announcements dated 1/3/2012
[3] https://www.listcorp.com/asx/sgc/sinclair-gold-ltd/news/high-grade-silver-in-multiple-new-zones-at-sala-2879697.html

RESOURCE GROWTH & DISCOVERY

Target

  • Integrate historical drilling, geophysics, mapping and sampling to identify and rank the highest-priority targets.

Drill

  • Focused diamond drilling to test extensions of known mineralization and untested targets.

Grow & Discover

  • Expand the Inferred Resource while testing the broader Sala system for new mineralized zones and discoveries

SIGNIFICANT UPSIDE FROM RESOURCE GROWTH AND NEW DISCOVERIES

  • Sala provides multiple pathways to grow the existing resource and discover new mineralization.
  • Known mineralization can be expanded, with the Resource remaining open along strike and at depth.
  • The existing Resource can be upgraded, with the potential to convert portions of the Inferred Resource to Indicated.
  • The Resource can be grown through step-out drilling targeting extensions of known mineralization.
  • New mineralization can be discovered, with multiple high-priority silver-zinc targets outside the current Resource remaining untested.
  • The system remains open for expansion in multiple directions.
Plan view of the Sala Zinc-Silver Project showing the underlying target limestone, Inferred Mineral Resource, historic mines and the exploration targets
Click image to enlarge

World Renowned Mining Region – Bergslagen Belt

  • Bergslagen is recognised for its strong mineral endowment. It is part of the geological structure known as the Fennoscandian Shield which covers most of Scandinavia. It is host to a large number of iron oxide and base metal sulphide deposits, some of which contain significant amounts of gold and silver.
  • These include both the Garpenberg mine and the Zinkgruvan mine (operated by Boliden AB).
  • The Bergslagen district in south-central Sweden is one of the world’s oldest mining districts.
  • Recent acquisition by Boliden of the Zinkgruvan mine operated by Lundin Mining
  • C$13M joint venture between Boliden and District Metals
  • A$9.8M joint venture between BHP and Ragnar Metals

Alicanto Metals

Click image to enlarge

SALA & GARPENBERG:
SAME MINING DISTRICT, SIMILAR GEOLOGY, PROVEN MINING ENVIRONMENT

 SALA PROJECT GARPENBERG MINE
Region Central Sweden Central Sweden
Mining District Bergslagen Bergslagen
Distance ~50 km from Garpenberg
Deposit Style Polymetallic Zn-Pb-Ag skarn / stratabound system Polymetallic Zn-Pb-Ag-(Cu-Au) system
Host Rocks Dolomite marble, skarn & felsic volcanic rocks Dolomite marble, skarn & felsic volcanic rocks
Mineralization Silver, zinc & lead Zinc, silver, lead + copper & gold
Silver Historic production reportedly averaged ~1,244 g/t Ag ~85–90 g/t Ag in current resource base
Zinc 3.2% Zn ~2.5–2.6% Zn
Current Scale 9.7 Mt Inferred Resource @ 214 g/t AgEq 100+ Mt resource/reserve base
Workforce / Infrastructure Established mining region with access to skilled workforce & infrastructure ~500 employees; established underground mining & processing infrastructure
Investor Analogy Historic high-grade system with modern exploration upside Proven, long-life Bergslagen polymetallic mine
Click image to enlarge

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