# CEO LETTER TO SHAREHOLDERS Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ceo-letter-to-shareholders--8bf50801-ed96-460f-9842-c9b148d54e4d Original source: https://money.tmx.com/en/quote/OCG/news/4945863703254239/ceo-letter-to-shareholders Publisher: tmx Original announcement: 2025-12-17T12:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Outcrop Silver - Ticker: OCG - Exchange: TSX - Region: Colombia - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Drill results, Other, Metallurgy - Extracted: 2026-09-16 15:05:38 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Outcrop Silver's 2025 CEO letter highlights a year of execution, including a $23 million financing, graduation to the TSX, and significant high-grade silver drill results at the Santa Ana project in Colombia. The company reported a major step-out at Los Mangos \(DH459\) and confirmed high metallurgical recoveries, positioning the project for a major resource update in 2026. Reasoning: A highly positive year-end CEO letter highlighting successful capital raising, exchange graduation, and significant high-grade silver drill results that validate project scale. - Positive factor: Successful $23M financing - Positive factor: Graduation to TSX - Positive factor: Significant drill results \(DH459\) - Positive factor: High metallurgical recoveries - Positive factor: Expansion of land access Facts used in scoring: 4 ## Classification and evidence **Step-Out Extension** Polarity: positive Story-specific tag Definition: Mineralization extended beyond the previously known limit. Why it applies: Los Mangos delivered the most significant step-out to date with hole DH459. Evidence · text > Los Mangos delivered the most significant step-out to date **Bonanza Intercept** Polarity: positive Story-specific tag Definition: Exceptionally high-grade zone, well above the deposit-type norm. Why it applies: Hole DH459 returned 736 g/t Ag, which is exceptionally high for a silver project. Evidence · text > 736 g/t Ag **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: Technical information reviewed and approved by a Qualified Person \(Guillermo Hernandez\). Evidence · text > The technical information contained in this news release has been reviewed and approved by Mr. Guillermo Hernandez , CPG-AIPG **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Metallurgical test work confirmed exceptional recoveries of 96.3% for silver and 98.5% for gold. Evidence · text > exceptional recoveries of 96.3 percent for silver and 98.5 percent for gold **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Drill Results (2) ### DH459 [Link to this fact](https://atlas-extractions.minestarters.com/news/ceo-letter-to-shareholders--8bf50801-ed96-460f-9842-c9b148d54e4d#fact-drill-facts-0) Santa Ana · silver #### Identity - Hole ID: DH459 - Project: Santa Ana - Commodity: silver - Region: colombia - Reported Region: colombia - Ticker: OCG #### Geometry - Grade: 736 - Grade Unit: g/t - Intercept: 12.03 m - True Width: 12.03 m #### Classification - Sample Type: drill - Group ID: DH459:0-12.03 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-17T00:00:00.000Z Reasoning: High-grade silver intercept in a significant step-out zone. - Positive factor: Exceptional grade - Positive factor: Significant step-out Evidence · text > hole DH459 returning 12.03 metres true width grading 736 g/t Ag #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 12.03 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### DH459 [Link to this fact](https://atlas-extractions.minestarters.com/news/ceo-letter-to-shareholders--8bf50801-ed96-460f-9842-c9b148d54e4d#fact-drill-facts-1) Santa Ana · gold #### Identity - Hole ID: DH459 - Project: Santa Ana - Commodity: gold - Region: colombia - Reported Region: colombia - Ticker: OCG #### Geometry - Grade: 3.41 - Grade Unit: g/t - Intercept: 12.03 m - True Width: 12.03 m #### Classification - Sample Type: drill - Group ID: DH459:0-12.03 #### QA/QC - QP Signed: Yes #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2025-12-17T00:00:00.000Z Reasoning: Significant gold grade within a high-grade silver intercept. - Positive factor: Strong gold grade accompanying silver Evidence · text > 3.41 g/t Au #### Tags used in scoring **True Width Disclosed** Polarity: positive Definition: Actual thickness perpendicular to structure is stated, not just downhole length. Why it applies: true\_width\_m is 12.03 **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ## Metallurgical Results (2) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/ceo-letter-to-shareholders--8bf50801-ed96-460f-9842-c9b148d54e4d#fact-metallurgical-facts-2) Santa Ana · silver #### Identity - Project: Santa Ana - Commodity: silver - Region: colombia - Reported Region: Colombia - Ticker: OCG #### Recovery - Recovery: 96.3 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-17T00:00:00.000Z Reasoning: Very high silver recovery confirmed by test work. - Positive factor: Exceptional recovery Evidence · text > exceptional recoveries of 96.3 percent for silver #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 96.3% is at or above the exceptional band \(90%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/ceo-letter-to-shareholders--8bf50801-ed96-460f-9842-c9b148d54e4d#fact-metallurgical-facts-3) Santa Ana · gold #### Identity - Project: Santa Ana - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: OCG #### Recovery - Recovery: 98.5 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-12-17T00:00:00.000Z Reasoning: Very high gold recovery confirmed by test work. - Positive factor: Exceptional recovery Evidence · text > 98.5 percent for gold #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 98.5% is at or above the exceptional band \(95%\) **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.