Silver Bullet Mines Corp. Provides Exciting Update on Columbia / Gold Queen Complex

Silver Bullet Mines Corp. (SBMI) issued an operational update regarding its Columbia/Gold Queen Complex in Arizona, revealing the discovery of a previously unknown past-producing mine, the Steamboat Mine, alongside new high-grade gold zones and large surface stockpiles of mineralized material. Management has pivoted its near-term strategy from underground mining to harvesting these surface stockpiles, citing lower costs and a faster time-to-revenue. This material is intended to fulfill existing offtake contracts with Ocean Partners USA Inc. for 12,000 tons of concentrate and 36,000 tons of direct ship ore.

To support further development of the Columbia/Gold Queen Complex and provide general working capital, the company announced a private financing of up to $500,000 through the issuance of 3,571,428 units. Each unit consists of one common share and one warrant, priced at $0.14 per share. The warrants are exercisable at $0.18 per share and carry a three-year term with no acceleration clause. A related party has indicated participation in the financing, which relies on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101.

The financing was necessitated by unexpected permitting delays related to road construction, which have impacted production timelines and revenue generation. Management noted that assay results from the stockpiles and a newly discovered prospective zone are currently pending from a third-party lab.

Silver Bullet Mines Corp. (SBMI) has pivoted to surface stockpile harvesting, a move the company describes as a cost-saving measure designed to minimize capital expenditure and accelerate cash flow. This operational adjustment follows prior releases in August and September 2026, which highlighted permitting delays, infrastructure upgrades, and the need for working capital. The company has secured $500,000 in financing to address cash flow shortfalls resulting from these permitting delays. While this funding provides immediate liquidity, it is dilutive and reflects the company's reliance on frequent, small-scale capital raises.

The discovery of the Steamboat Mine and surface stockpiles is viewed as positive but expected, consistent with the company's historical focus on past-producing assets. The financial impact of these developments remains unproven until third-party assays confirm grade and recoverability.

Silver Bullet Mines Corp. operates a "hub-and-spoke" business model centered on its wholly-owned modular mill in Globe, Arizona. Its flagship assets include the Columbia/Gold Queen Complex and the KT Mine in Arizona, along with the Washington Mine in Idaho. The company focuses on extracting gold, silver, copper, and antimony, primarily through processing surface material and historical stockpiles to minimize capital expenditure. A five-year framework agreement with Ocean Partners USA Inc. provides a guaranteed market for up to 36,000 tons of product annually, supporting near-term revenue generation. The company transitioned to semi-annual financial reporting in May 2026 to reduce administrative burdens.