Millennium Silver Receives Final Acceptance of Private Placement, Advances BLM Permitting and Water Infrastructure Plans; Sets Stage for 2026 Resource Expansion Drilling at Silver Peak

Recent Financing and Permitting Update

• Financing Closure: The company received final acceptance of a private placement announced in January 2026, closing with gross proceeds of $2,888,905.
• Unit Structure: Issued 192,593,667 units at $0.015 per unit, each containing one common share and one non-transferable warrant.
• Warrant Terms: Warrants are exercisable at $0.05 for the first three years (until March 2029) and $0.10 thereafter until May 2031.
• Operational Progress: The company has commenced the Bureau of Land Management (BLM) exploration permit application process for its Silver Peak project in Nevada.
• Infrastructure: Soliciting proposals for water-supply well drilling to support field infrastructure.
• Drilling Plan: Aims to expand the existing Inferred Mineral Resource at the Nivloc Structure, which currently covers less than 20% of the 2,500-metre mapped strike length.

Capital Raise Impact

• The financing was effectively priced in upon the March closing announcement, evidenced by a temporary price spike to $0.03 followed by consolidation at $0.02.
• The May 4 news confirms administrative closure (TSX-V acceptance) rather than new capital inflow, making it incremental rather than transformative.
• Proceeds are allocated to exploration and working capital, which was the stated use of funds in previous announcements; no deviation from expectations.

Project Details

• Flagship Asset: Silver Peak Project located in Nevada, USA.
• Structure: Nivloc Structure is the primary target for resource expansion.
• Resource Estimate (2019): 2,653,000 tonnes grading 96.85 g/t silver and 0.67 g/t gold.
• Contained Metal: Approximately 8,262,000 oz Ag and 57,000 oz Au (12.8 Moz silver-equivalent).
• Coverage: Current resource covers less than 20% of the 2,500-metre mapped strike length.