Silver One Reports Completion of Core and Auger Drilling, and ZTEM Survey

• Silver One Resources completed core drilling (1,873.7m), auger drilling (1,414m), and ZTEM survey at Candelaria Project in Nevada on May 12, 2026.
• Geotechnical drilling informs pit-slope-stability analysis for the Pre-Feasibility Study (PFS).
• Metallurgical drilling targets cyanide-leach bottle-roll testing by KCA.
• Auger drilling aims to upgrade heap leach resources from Inferred to Measured and Indicated categories.
• RC drilling scheduled to begin late May with a second rig arriving in July for resource expansion.
• ZTEM survey interpretations expected by end of June 2026.

• The news confirms operational progress on schedule, validating the financing plan announced in January/February 2026.
• No new resource estimates or PFS results are disclosed; this is a procedural update rather than a value-accretive milestone.
• Market reaction has been muted relative to the January financing hype (stock dropped from $0.86 to ~$0.56), suggesting the market views this as expected execution.
• The completion of drilling reduces technical risk for the PFS but does not de-risk commercial viability or permitting timelines immediately.
• Rating is Routine - Positive because it confirms management's stated plan without introducing new catalysts that would materially alter valuation at this stage.

• Flagship Project: Candelaria Silver Project, Nevada (100% owned).
• Status: Development stage; past-producing mine with active permits.
• Resources: 108.18 Moz AgEq Measured & Indicated; 29.46 Moz AgEq Inferred (NI 43-101 effective April 2025).
• Secondary Projects: Phoenix Silver Project (Arizona) and Cherokee Mine (Nevada) for exploration upside.
• Strategy: Advance Candelaria to production via PFS; leverage financing for drilling and metallurgical testing.