Silicon Announces The Ptarmigan Project Preliminary 3D Modelling Results

Executive Summary

• Silicon Metals reports a preliminary LiDAR‑derived volumetric estimate of ~5 million m³ of surface quartzite at the Ptarmigan Project.
• The estimated quartzite has an average SiO₂ purity of 98.49% (samples up to 99.99%) and a density of ~2.6 t/m³, indicating a potential high‑purity silica resource.
• A lab‑scale processing trial has been completed; results are pending and will be disclosed when available.

Key Details

• LiDAR surveying and 3D modelling (Civil3D) of topographic ridges produced an estimated 5,000,000 m³ of quartzite material above grade.
• Sample analyses from June 2024 showed SiO₂ purity up to 99.99%, with an average of 98.49% SiO₂ across collected samples.
• Measured rock density from six laboratory water‑displacement tests averaged 2.6 t/m³ (range typical for quartzite: 2.5–2.8 t/m³).
• The volumetric estimate reflects only surface‑visible material; subsurface quantities are not included.
• No mineral resource or reserve has been defined; the estimate is conceptual and does not meet NI 43‑101 or CIM standards.
• A preliminary lab‑scale processing program (crushing, washing, magnetic separation, sorting, acid bathing) was completed to simulate production of a high‑purity product; assay results are awaited.
• Raymond Wladichuk, P.Geo., Director & COO, qualified person under NI 43‑101, reviewed and verified the scientific data in this release.

Notable Quotes

• “The LiDAR‑derived volumetric estimate underscores the significant silica potential at Ptarmigan, and we look forward to confirming product purity through upcoming lab results.” – Morgan Good, CEO & Director

Materiality Assessment: Material – Positive (the release provides a substantive new quantitative estimate of a high‑purity silica target that could materially affect valuation).