Outcrop Silver (TSX:OCG) - Moves Towards PEA with Resource Estimate Increase at Santa Ana

Interview with Rob Bruggeman, Director & CEO of Outcrop Silver

Our previous interview: https://www.cruxinvestor.com/posts/outcrop-silver-gold-tsxvocg-12m-drilling-to-expand-high-grade-silver-resource-7129

Recording date: 16th September 2026

Outcrop Silver & Gold Corporation (TSX:OCG) has repositioned its investment case around a more rigorously classified, and larger, mineral resource at its 100%-owned Santa Ana project in Tolima, Colombia. The September 14, 2026 Updated Mineral Resource Estimate reports 29.9 million ounces silver-equivalent (AgEq) Indicated at 518.7 g/t, plus 27.9 million ounces AgEq Inferred at 368.5 g/t - a combined 57.8 million ounces across 13 vein systems, built on 130,006 metres of drilling. Despite total drilling nearly tripling since the 2023 maiden estimate, Indicated ounces grew a comparatively modest 23.5%, because the company applied a stricter classification standard requiring minimum drill-hole support - evidence, management argues, of a more defensible resource rather than a diluted one.

The update comes under new leadership. Rob Bruggeman, an equities analyst by background who previously chaired Aberra Silver through its growth from under $10 million to over $2 billion in market capitalisation, became President and CEO roughly five months ago. He has been explicit that he prioritised a realistic resource over headline size, and has brought in Colombia-based geologist Carlos Torres as Vice President of Exploration.

Grade remains Santa Ana's standout feature: at 518.7 g/t AgEq Indicated, it compares favourably to publicly disclosed primary silver peers, with individual veins - Las Maras, El Dorado, Paraiso and Guadual - running from roughly 590 to 855 g/t AgEq. Metallurgical recoveries of 96.3% silver and 98.5% gold, from a simple gravity-plus-flotation flowsheet, support management's view that initial capital costs can stay low, aided by existing highway, power and water infrastructure at the site.

The next catalyst is a Preliminary Economic Assessment, starting end of September 2026 and expected in early 2027. Management has sized a preliminary target of roughly 800-1,000 tonnes per day, built from combined Indicated and Inferred resources, with a minimum mining width of one metre reflecting Colombia's cost-effective, labour-intensive cut-and-fill mining methods. A pilot plant, estimated at approximately C$5 million, is planned as an execution proof point ahead of any larger build decision.

Exploration upside remains material: twelve known vein systems are not yet included in the resource, and the 17-kilometre mineralized corridor remains open at both ends. At the company's historical drilling productivity of roughly 445 ounces AgEq added per metre, reaching a stated 100 million ounce target would require an estimated 95,000 further metres of drilling - about two-and-a-half years at the current 35,000 metre annual pace.

Ownership and financing support the story: