Silver North begins geophysical survey at Veronica

• Most Recent Activity: On May 14, 2026, Silver North Resources commenced an airborne magnetics and VTEM geophysical survey at its Veronica project in the Yukon. The program covers 253 line-kilometres using Geotech Ltd., designed to map stratigraphy and identify Carbonate Replacement Deposit (CRD) targets.
• Historical Context: This follows a completed SkyTEM survey at the flagship Haldane project (April 28, 2026) and a $11.6M financing closed in February 2026 which funded exploration for two years.
• Asset Ownership Change: In late April 2026, Coeur Mining terminated its option agreement on the Tim Property, allowing Silver North to retain full (100%) ownership of the asset effective May 24, 2026.
• Exploration Progress: The company is integrating Veronica data with adjacent Tim property datasets to understand a larger mineralizing system. Haldane drilling has returned world-class grades (e.g., 818 g/t Ag over 13.15m), while Veronica shows high-grade float samples (2,860 g/t Ag).
• Reporting Change: The company adopted semi-annual financial reporting in April 2026 to reduce disclosure burden, eliminating Q1 and Q3 interim reports.

• Survey Commencement: The Veronica geophysical survey is an execution step of the previously announced 2026 exploration plan (announced March/April). It does not introduce new discovery data or financing terms. Consequently, it lacks immediate market-moving potential relative to company size.
• Coeur Termination Impact: While occurring in April, the retention of full ownership on Tim is a structural change that removes partner validation but eliminates earn-in obligations. This increases Silver North's risk exposure but also its upside potential if mineralization is proven. It does not materially alter the immediate cash flow or exploration budget funded by the Feb 2026 raise.
• Price Action: The stock price declined from $0.30 to $0.25 on May 14, indicating the market views this survey commencement as non-catalytic given the recent downtrend since January highs ($0.49).
• Capital Position: With $11.6M raised in Feb 2026 plus prior financings, capital risk is mitigated for approximately two years. This supports the "Routine" classification rather than a financing-driven rating.
• Overall Materiality: The news confirms management execution of the funded plan but offers no new valuation drivers (e.g., resource estimate, drill results). It is consistent with expectations set in prior months.

• Company: Silver North Resources Ltd. (TSX-V: SNAG).
• Flagship Project: Haldane Silver Property in the Keno Hill Silver District, Yukon. Adjacent to Hecla Mining's Keno Hill Mine.
• Project Type: Carbonate Replacement Deposit (CRD) style silver-lead-zinc-gold mineralization.
• Key Assets:
  • Haldane: 8,579 hectares, road-accessible. Recent drilling shows high-grade Main Fault mineralization (>1,000 g/t Ag intervals).
  • Veronica (GDR Project): Silvertip-Midway district. Early stage exploration with high-grade float samples (2,860 g/t Ag).
  • Tim Property: Now 100% owned by Silver North following Coeur exit. Adjacent to Veronica.
• Development Stage: Exploration and Drilling. No defined resource estimate publicly disclosed in the provided news history.