Taranis Resources completes drilling at Borr

Taranis Resources Inc. (TRO) has completed an initial exploratory drill campaign at the Borr zone, located 1.3 km southeast of the southernmost Broadview zone of the Thor deposit. The program involved 404.83 metres of drilling across eight holes, during which 160 drill core samples were collected.

The company reported that drill hole Thor-260 intercepted native silver, present as wires and flakes, at a depth of 28.2 metres. No grade, from/to interval, width, cutoff, or primary metal assays were provided for this intercept.

Ground and downhole geophysics were completed and will guide targeting once assay results are integrated into modelling of the zone. Assays for all eight holes and all 160 samples remain pending. Management described the significance of the finding as mineralogical, noting it is the first occurrence of native silver in over 22,000 metres of drilling at Thor. The Borr zone, which contains silver, gold, zinc, copper, and indium, is related to Thor but differs from it.

John Gardiner, PGeo, principal of John J. Gardiner & Associates LLC (firm permit 1002256) and President and CEO of Taranis, serves as the Qualified Person for the program.

Taranis updated its share count to 105,620,693 issued shares (122,608,613 fully diluted), up from 103,739,487 at June 30, 2026.

Taranis Resources Inc. (TRO) reported no changes to the geological model for its Borr project, with no new zones, depth extents, or intrusive centers identified, and no resource growth. The conceptual framework remains unchanged from March 2026, when the company stated Borr could be five times the size of the current Thor deposit. No new grade data was published.

The completion of an eight-hole drilling program confirms the presence of a silver-rich fluid system at Borr, allowing definition-scale drilling to proceed. Taranis is a pre-revenue explorer with a FY-2025 net loss of C$644,323, cumulative exploration and evaluation expenditures of approximately C$8.7M, and an NI 43-101 Mineral Resource Estimate of 1.14 Mt Indicated and 0.60 Mt Inferred as of April 2024. At this stage, a first-pass hole can be material if it carries assays that expand or improve the target, but a program-completion note with visual observations does not alter the valuation of the C$11.6M market cap company.

Previous results for Thor-256 and Thor-257 on Borr, published between October 2025 and February 2026, returned 137.6 Ag g·m and 36.9 Ag g·m respectively. The stock peaked at C$0.31 on December 1, 2025, shortly after the Borr discovery and gossan news, before round-tripping to C$0.11, a 65% decline that marks the 52-week low. With no new assays, there is no new grade-and-width substance to compare, making the delta uncomputable.

The release serves as a placeholder that neither measurably grows nor damages the system. Against a price at the 52-week low, the event is not a surprise, and the headline promise exceeds the data provided. A durable 15%+ move on these merits alone is not expected.

Taranis Resources Inc. (TSX-V: TRO) is a pre-revenue junior explorer whose primary asset is the Thor polymetallic epithermal project in the historic Silver Cup mining district of southeastern British Columbia. The property spans approximately 6,469 to 6,613 hectares and hosts silver, gold, lead, zinc, copper, and trace indium, cadmium, and antimony. As of April 2024, the company reported an NI 43-101 mineral resource consisting of 1.14 million tonnes in the Indicated category and 0.60 million tonnes in the Inferred category. This tonnage has not seen material expansion since that reporting date.

The company has conducted 15 years of exploration at Thor, accumulating a database of more than 250 drill holes totaling over 22,000 meters. Recent activity includes the 2025 discovery of the Borr zone across a post-mineral lamprophyre dyke, followed by 2026 exploration of surrounding lamprophyre trends, including the Thor and Five Mile dykes. Exploration also targeted the GUS intrusive/skarn area, as well as the Nortran, One O'Clock, Ajax, Slash, and Abrahamson prospects.

Strategically, Taranis aims to re-report the deposit as a critical-minerals host, focusing on indium, cadmium, antimony, gallium, and germanium. The company plans to complete a permitted 10,000-tonne bulk sample to establish metal recoveries, addressing management’s acknowledgment that many valuable metals are recoverable only as by-products.

Financially, the company reported no revenue for the six months ended June 30, 2026. Selling, general, and administrative expenses were C$82,754, resulting in an operating loss of the same amount. For the fiscal year 2025, the net loss was C$644,323, which included C$452,000 in stock-based compensation. As of the second quarter of 2026, Taranis held C$299,927 in cash and total assets of C$9.09 million, nearly all of which were capitalized exploration costs. Total liabilities stood at C$1.03 million, with total equity of C$8.06 million, equating to a book value of C$0.08 per share. The company reported negative working capital of C$380,734.

Funding activity over the past six months has contributed to a rising share count, which increased from 102.4 million to 105.6 million. This growth followed a C$237,240 financing at C$0.18 in March 2026, a C$220,000 flow-through financing at C$0.20 in August 2026, and a C$197,543 debt settlement at C$0.15 in June 2026.