Silver Bullet Mines Corp. Provides Significant Gold Assay Results from Columbia / Gold Queen Complex Including 41.1 G/T Au (1.2 Oz)

Silver Bullet Mines Corp. (SBMI) released a surface sampling and assay update from its Columbia and Gold Queen Complex in Gila County, Arizona. The company clarified that this is not a drill program, noting that no drill holes, from/to intervals, or core lengths were reported.

Steamboat Mine channel chip samples were sent to independent Activation Laboratories. The top three results are as follows: - Sample 1: 3.5 g/t Au, 41.7 g/t Ag, 0.3% Cu, 1.4% Zn, 13.2% Fe - Sample 2: 2.9 g/t Au, 17.1 g/t Ag, 0.2% Cu, 0.1% Zn, 42.3% Fe - Sample 3: 2.7 g/t Au, 19.0 g/t Ag, 0.4% Cu, 1.08% Zn, 19.9% Fe

The remaining five of the eight samples were described only as "anomalous."

Steamboat stockpile samples were assayed in SBMI’s in-house laboratory. The five results are: - 27.43 g/t Au / 3.43 g/t Ag - 27.43 g/t Au / 6.86 g/t Ag - 24.00 g/t Au / 20.57 g/t Ag - 13.71 g/t Au / 113.14 g/t Ag - 10.29 g/t Au / 312.00 g/t Ag

Samples from the Columbia and Gold Queen areas were also analyzed in the in-house lab. Columbia results included 13.71 g/t Au / 54.86 g/t Ag, 27.43 g/t Au / 0.00 g/t Ag, and 41.14 g/t Au / 54.86 g/t Ag. Gold Queen results were 10.87 g/t Au / 113.14 g/t Ag and 10.70 g/t Au / 20.57 g/t Ag. The 41.14 g/t (1.2 oz) Columbia sample was highlighted as the headline result.

Approximately 6,000 lb of concentrate was produced from a stockpile, with a third-party assay pending. A road has been built to Columbia, and the first-ever road to Gold Queen is being completed, which will enable 25-ton haulage.

Geologically, mineralization is present across approximately 400 acres in quartz veins and gossans. The Columbia adit follows a near-vertical fault, with host diabase and quartzite or limestone overhead. "Chimneys" are speculated at fault and vein intersections. Native gold and ruby silver were observed in road-bed panning.

The company cautioned that the samples are random by nature and may not be representative of their location or the Complex generally. Qualified Person Robert G. Komarechka, P.Geo., reviewed and approved the data but was not at the site for collection.

Silver Bullet Mines Corp. (SBMI) released assay results on October 6, 2026, adding data to samples from the Steamboat discovery, approximately four new zones, stockpiles, and a roughly 400-acre mineralized area. The release does not establish a volume, resource estimate, mine plan, or repeatable grade.

The company operates as an emerging micro-cap with a mill, some concentrate production, and a first payment, rather than as a pure grassroots explorer. It currently has no revenue booked in its financials and no defined resource.

The stock has round-tripped from C$0.35 in October 2025 to C$0.12 and sits approximately 10% off its 52-week low of C$0.10. The market is pricing in almost nothing, meaning the usual penalty for results priced for repetition does not apply. However, upside potential remains limited because a genuinely better result must demonstrate improvement in both grade and width; scattered widthless in-house grab samples do not meet that threshold.

Funding context appears to be the primary driver behind the news flow. In the first half of 2026, the company reported a net loss of approximately C$2.92M against cash of only C$365,686. Financing inflows totaled approximately C$2.42M, supported by a steady stream of 12%-coupon debentures and C$0.14 placements. On October 6, the company raised $500,000 at C$0.14 with C$0.18 warrants. The repeated news regarding stockpiles and zones supports this financing cadence. These financials represent prior-period context and were not disclosed in today's release.

Silver Bullet Mines Corp. (TSXV: SBMI, OTCQB: SBMCF), based in Burlington, Ontario, operates a "hub-and-spoke" model centered on a wholly-owned modular mill at Globe, Arizona. This hub is fed by multiple Arizona spokes, including the KT gold mine, which is the main focus, as well as the SC silver mine, King Tut, SuperChamp, and Buckeye. In February 2026, the company acquired 12 BLM claims previously held by Phelps Dodge, adding the Columbia and Gold Queen mines to the portfolio. These acquisitions also include the re-discovered Steamboat mine and approximately four additional zones.

In Idaho, the company holds the Washington Mine, a silver-gold property with antimony, lead, and zinc credits. Drilling at this site was originally planned for spring 2026.

Commercially, Silver Bullet has established a five-year framework with Ocean Partners US Inc. for up to 36,000 tonnes per year of product. A separate one-year direct-ship agreement covers up to 12,000 tonnes of KT and SC material. The company received its first concentrate payments in late 2025 and early 2026.

Regarding prior-period financials, for the six months ended December 31, 2025, the company reported zero revenue and a net loss of approximately C$2.92 million. Selling, general, and administrative expenses were C$329,740, while stock-based compensation totaled C$795,096. Operating cash flow was negative C$2.29 million. The company held C$365,686 in cash, with total assets of C$3.56 million and total liabilities of C$2.16 million, resulting in equity of C$1.40 million. The book value per share was C$0.01, based on approximately 144 million shares, which later increased to around 150 million.