Silver One Resources Announces Mobilization of RC Drill at Candelaria

Silver One Resources Inc. (SVE) issued an operations update on October 1, 2026, detailing the mobilization of its drilling fleet to accelerate its 25,000-metre exploration program. The company expects to complete the program in the first quarter of 2027 as three rigs come online. National Drilling mobilized a reverse-circulation (RC) rig to the Candelaria project in September 2026, with drilling scheduled to begin immediately. Major Drilling America is set to resume RC drilling in the second half of October 2026, while Evolve Drilling will mobilize a third rig capable of both RC and core drilling during the same period.

The drilling program focuses on resource expansion through step-outs and down-dip drilling, testing new geophysical and geochemical targets, and drilling condemnation holes for infrastructure planning. The release also restated assay results from September 17, 2026. These results identified a 9.14-metre interval averaging 472 g/t Ag, 0.60 g/t Au, 0.87% Pb, and 1.10% Zn, equating to 540 g/t AgEq. This interval sits within a broader 25.91-metre zone averaging 215 g/t Ag, 0.33 g/t Au, 0.43% Pb, and 0.55% Zn, equating to 250 g/t AgEq. Mineralization began at a depth of 542.55 metres, with a true width estimated at approximately 94% of the intercept. The mineralization is located roughly 400 metres down-dip beyond the current open-pit resource.

Silver Equivalents (AgEq) were calculated using metal prices of $42/oz for silver (77% recovery), $3,170/oz for gold (82% recovery), $0.9/lb for lead (50% recovery), and $1.2/lb for zinc (37% recovery). Copper was excluded from the calculation. Regarding project development, Silver One Resources Inc. targets a Preliminary Feasibility Study (PFS) by the end of 2026 and a construction decision by late 2027. Robert M. Cann, P.Geo., serves as the Qualified Person for the technical information. The release confirms that no new estimates of rock, tonnes, grade, or recovery are included.

Silver One Resources Inc. (SVE) provided prior-period context for the three months ended March 31, 2026, reporting a net loss of C$876,870. The company held C$8.85M in cash, C$37.96M in total current assets, and C$35.42M in working capital, with total equity standing at C$77.57M. The book value was C$0.22 per share based on 353,027,340 shares outstanding. The MD&A noted no revenue, no debt, and continued dependence on equity markets.

As a junior developer with a large but low-grade resource base rather than a producer, the company’s recent activities mark a shift in execution. A rig mobilization is considered mildly positive for an explorer-developer as it increases the rate of assay news flow and demonstrates operational restart following a contractor failure in May 2026 that left zero holes completed, and the subsequent restart in July 2026.

The release does not alter the resource, grade, recovery, PFS inputs, mine plan, or cash position. It serves as incremental news flow rather than a change in fundamental data.

The expectation anchor for the stock is based on the September 17, 2026 drill results:

• 9.14 m @ 472 g/t Ag (540 g/t AgEq) within 25.91 m @ 215 g/t Ag (250 g/t AgEq)
• 3.05 m @ 454 g/t Ag in SOC26-197

The stock closed at C$0.42 on September 16, rose to C$0.46 on September 17 (+9.5%), and fell to C$0.41 on September 18, giving back the entire move the next session. At C$0.47 on September 30, the stock sits approximately 55% below its 52-week high of C$0.86 set in January 2026 and below the C$0.58 placement price from February 2026. The market has not priced in the September result, meaning this release is not a case of an expensive stock failing to clear an embedded bar.

Because there are no new assays in this release, there is no delta to apply. An eventual confirmation hole at similar grade and width would represent a genuine positive rather than a priced expectation, but that pertains to future releases. This announcement is considered routine and expected, reflecting execution and accelerated news flow without changing the underlying investment thesis.

Silver One Resources Inc. (SVE) holds a portfolio of silver-focused assets, anchored by its flagship Candelaria project in Nevada. The 100%-owned past-producing mine was historically Nevada’s highest-grade silver producer, averaging over 1,200 g/t Ag with more than 68 moz of historical production. Open-pit mining operated from the 1980s through 1998, leaving leach pads incompletely leached. As of July 29, 2026, current project resources total 126.6 moz AgEq Measured and Indicated (M&I) and 13.4 moz AgEq Inferred, comprising in-ground material plus leach pad and stockpile ounces. The in-ground M&I resource consists of 22.07 Mt @ 94 g/t Ag and 0.20 g/t Au (66.75 moz Ag). Leach pads average ~43-45 g/t Ag with field/column recoveries of 25-40% Ag.

In Arizona, the company owns the Phoenix Silver prospect, a 6,104 ha 100%-owned site in the Arizona Silver Belt adjacent to Globe. Surface rock sampling returned up to 6.97% Cu and 5,007 g/t Ag. 2024 drilling hit 3,800 g/t Ag and 0.97% Cu over 0.35 m, though it did not locate the source of large native silver fragments, including a 190 kg specimen. The site also holds porphyry Cu-Ag potential in the south.

The Cherokee project in Nevada is a 100%-owned property hosting 636 lode claims and five patented claims. It contains multiple silver-copper-gold vein systems traced over 11 km of strike, with exploration currently in early stages.

The company has no revenue and no reserves, with a Preliminary Feasibility Study (PFS) targeted for end-2026. Silver One Resources Inc. has 353,027,340 shares outstanding. Major holders include Eric Sprott (~15.6-16%), Jupiter Fund Management (~4%), Commodity Capital (~3.6%), and Libra Advisors (~3.47%), with directors and management holding ~2%. A C$32M placement closed in February 2026 at C$0.58, accompanied by half-warrants at C$0.80.