Silver47 Drills Massive Sulfide at the New Second Chance Zone: 74 m of Visually Observed Semi-Massive to Massive Sulfide Intervals Within 197 m of Continuous Sulfide Mineralization, Red Mountain Project, Alaska

Silver47 Exploration Corp. (AGA) has completed its 2026 summer drill program at the Red Mountain property in Alaska, drilling 4,136 meters across 14 holes. The company provided a visual-only update, noting that assay results for the Red Mountain holes are pending.

At the Second Chance zone, located 43 km west of Dry Creek, drilling targeted a new area outside the existing resource footprint. Hole SC26-003 intersected 196.9 meters of visually observed continuous sulfide mineralization from 48.8 meters to 245.7 meters core length, including a cumulative 74 meters of semi-massive to massive sulfide intervals. Several intervals were visually estimated at up to 70% pyrite, 25% sphalerite, and 2% galena. Hole SC26-001 intersected 66.8 meters of disseminated to banded pyrite-sphalerite, including 10.7 meters of intermittent to massive sulfide banding and a discrete massive sulfide unit from 139.9 meters to 145.2 meters. Hole SC26-002 intersected an upper 41.6-meter zone and a lower 25.1-meter zone of semi-massive to massive sulfide. Hole SC26-005 intersected 96.0 meters of sulfide-bearing silicified gray quartzite with multiple semi-massive to massive sulfide intervals. Hole SC26-004 crossed a fault and did not intersect the target horizon. Four of the five holes intersected the sulfide horizon over an initial 200-meter strike and 150 meters down-dip. Mapping has traced the horizon at surface over 3 km, open in both directions.

Dry Creek infill and step-out drilling returned up to 50.6 meters of visually observed continuous sulfide mineralization in hole DC26-118. This interval included about 34 meters of massive to semi-massive sulfide and a 12.8-meter massive sulfide horizon containing pyrite, sphalerite, galena, and chalcopyrite. Other Red Mountain targets, including Hunter, WTF East, and FOMO, returned local visual sulfide intervals, but no assay data is available.

At the Mogollon Project in New Mexico, assays were reported for two winter holes below the Last Chance mine:

• MOG26-23: 0.3 m at 117 g/t Ag, 2.31 g/t Au and 303 g/t AgEq from 418.80 m.
• MOG26-24: 1.7 m at 73.8 g/t Ag, 1.20 g/t Au and 169 g/t AgEq from 395.03 m.

All Red Mountain assays remain pending unless otherwise stated. The release includes detailed QA/QC methods and notes that visual observations are preliminary and not necessarily indicative of grade, continuity, or resource potential.

Silver47 Exploration Corp. (AGA) is a pre-revenue junior explorer with an existing resource base and a pending merger with Bunker Hill. The company’s most recent release does not yet change the resource, the thesis, or the recoverable metal inventory because the Red Mountain assays are pending.

The equity context matters. The stock re-rated from about C$0.67 to C$0.78 on 2026-08-21 following the merger announcement, and has since consolidated between roughly C$0.74 and C$0.80. Before the merger announcement, the stock had fallen from C$1.18 in late 2025 to a low of C$0.56 in June 2026. The current price is therefore strongly influenced by the merger and existing resources, not by this new drill release.

The new Second Chance zone could become important if assays confirm high-grade zinc-silver-lead values over meaningful true widths. That would be a genuine step-out discovery 43 km west of Dry Creek. However, this release contains no grade, no true width and no cutoff.

The Mogollon assay results are modest and do not materially change the Mogollon resource or the company's value.

Silver47 Exploration Corp. (TSXV: AGA; OTCQX: AAGAF) is a U.S.-focused silver and critical minerals explorer. The company’s portfolio includes the Red Mountain project in Alaska, a silver-rich volcanogenic massive sulfide (VMS) property with a combined inferred resource of 15.6 million tonnes at 336 grams per tonne silver-equivalent (AgEq), totaling 168.6 million ounces of AgEq. Key zones within Red Mountain include Dry Creek and West Tundra Flats. The 2026 exploration program drilled 4,136 meters across 14 holes, including the new Second Chance target.

In Nevada, the Hughes Project is a high-grade silver-gold asset in the Tonopah district, holding indicated resources of 10.3 million ounces of AgEq, inferred resources of 32.9 million ounces of AgEq, and a Belmont tailings inferred resource of 2.74 million ounces of AgEq. The company also holds the Mogollon Project in New Mexico, a high-grade epithermal silver-gold deposit with an inferred resource of 32.08 million ounces of AgEq at 367 grams per tonne AgEq. Additionally, Silver47 manages the Kennedy Project in Nevada, an earlier-stage high-grade gold-silver vein target expanded to 6,150 acres, and the Adams Plateau in British Columbia, an earlier-stage polymetallic target.

Financially, the company reported no revenue and a net loss of C$8.15 million for the first quarter of 2026. The Q1-2026 balance sheet showed cash of C$25.1 million, total assets of C$102.6 million, total equity of C$101.1 million, and no debt. In January 2026, the company completed a C$34.5 million bought deal.

On August 21, 2026, Bunker Hill Mining and Silver47 announced an all-share merger to create Bunker Hill Silver Corp. Under the terms, Silver47 shareholders will receive 0.1724 Bunker Hill shares for each Silver47 share, with Silver47 shareholders expected to own approximately 43% of the combined company. Completion of the transaction is subject to shareholder, court, and exchange approvals and is targeted for November 15, 2026.