Silver47 Achieves 80% Silver and 77% Gold Extraction from Belmont Tailings at the Hughes Project, Nevada

Silver47 Exploration Corp. (AGA) reported successful metallurgical testing on historic Belmont mine tailings at its Hughes Project in Nevada. Fine grind agitated cyanide leach testing achieved 80% silver and 77% gold extraction rates, confirming low refractory content and validating a conventional processing pathway over heap leaching.

Grinding optimization from P80 106 µm to 53 µm improved silver extraction by ~13 percentage points and gold extraction by ~18 percentage points. The company identified a processing route for an inferred mineral resource of 1.8 moz silver and 11 koz gold (~1.26 million tonnes) averaging 68 g/t AgEq.

Heap leach evaluation failed due to friable agglomerates and poor permeability, ruling out low-cost heap leaching without significant additional binder/particle size work.

The company entered into a $1,514,578 marketing and advertising service agreement with CDMG, Inc., effective January 2027 through year-end 2027.

Next steps include grind-size optimization, Carbon-in-Leach (CIL) vs. Carbon-in-Pulp (CIP) trade-off analysis, and preliminary process engineering to evaluate technical and economic potential.

Silver47 Exploration Corp. (AGA) reported metallurgical results consistent with prior diagnostic leaching data, which showed 79–87% cyanide-soluble silver in February 2026. The 80% silver recovery validates the processing pathway but does not exceed prior expectations. The shift from heap leaching to agitated cyanide leach increases processing complexity and capital requirements, though it remains a conventional, well-understood method for Nevada operations.

The company entered a $1.5M marketing agreement, a minor operational expense relative to its ~$25M cash balance that does not materially impact the balance sheet or near-term cash burn. In the context of the announced merger with Bunker Hill Mining (valued at ~$163M), this news serves as incremental validation of the Hughes Project's tailings component. It supports the broader thesis but does not alter the merger valuation or timeline.

Silver47 Exploration Corp. (AGA) is a U.S.-focused silver and critical minerals exploration company with projects in Nevada, Alaska, New Mexico, and British Columbia. Its flagship Red Mountain Project in Alaska hosts an inferred resource of 15.6 Mt at 336 g/t AgEq (168.6 moz AgEq), dominated by high-grade VMS massive sulfides at Dry Creek and West Tundra Flats. The Hughes Project in Nevada features high-grade silver-gold veins at the Ruby, Sapphire, and Emerald targets, as well as the Belmont tailings resource of approximately 2.74 moz AgEq.

The company is currently merging with Bunker Hill Mining Corp. to form Bunker Hill Silver Corp., combining Bunker Hill's operational mine in Idaho with Silver47's exploration portfolio. The combined entity targets a pro forma market cap of approximately $326M CAD.