Silver Range Commences Airborne Survey and Ground Exploration Program at the East Goldfield Property, Nevada

On October 17, 2025, Silver Range Resources announced the commencement of a fall exploration program at its East Goldfield Property in Nevada. The program includes an airborne magnetic and radiometric survey covering 269 line-kilometres, which is set to begin shortly. Additionally, a surface exploration program has been completed, during which a promising 5-metre exposure of vuggy quartz with disseminated pyrite was discovered 380 metres from the historic Tom Keane Mine shaft. Assay results for this discovery are pending. Following this work, the company plans to begin a shallow diamond drilling program in November 2025.

This news is a Routine - Positive development. It demonstrates methodical progress on what the company has identified as a key asset, the East Goldfield property.

The announcement directly follows up on the April 9, 2025 news release where Silver Range defined a conceptual exploration target of 55,000 to 72,500 ounces of gold near the Tom Keane Mine. Commencing geophysical surveys and identifying new surface targets are logical and necessary next steps to de-risk and define drill targets within that conceptual area.

The plan to begin drilling in November is a significant positive, providing a clear, near-term catalyst for the company. However, this release itself is not material as it contains no new assay or drill results. The market impact will depend entirely on the pending results from the surface sampling and, more importantly, the upcoming drill program.

While positive, this is an expected operational update for an exploration company advancing its flagship project. It confirms that the company is deploying its capital as anticipated. The strong financial position reported in the August 21, 2025 financials (Q2) with over C$3.1 million in cash and short-term investments provides confidence that they can complete this program without needing to raise capital immediately.

Silver Range Resources Ltd. operates as a prospect generator. Its business model involves acquiring and exploring early-stage precious metals properties, primarily in Nevada and Arizona, and then optioning them to partner companies. In return, Silver Range receives cash, shares in the partner company, and retains a net smelter royalty (NSR). This model minimizes shareholder dilution and exploration risk by having partners fund the capital-intensive drilling stages.

The company's flagship project appears to be the East Goldfield Property in Nevada, which it is advancing itself. This project is located 14 km east of the historic Goldfield mining district. On April 9, 2025, the company defined a conceptual exploration target at the property of 2.26 to 6.60 million tonnes grading between 0.34 to 0.62 g/t Au, for a potential of 55,000 to 72,500 contained ounces of gold. This target is conceptual and not a NI 43-101 compliant resource.