Silver One Provides CEO Update on Its Nevada and Arizona Projects, Southwest USA

On December 2, 2025, Silver One provided a CEO update on its Nevada and Arizona projects. The key development is the decision to advance the Candelaria project study directly to a Pre-Feasibility Study (PFS) level. According to CEO Gregory Crowe, this more detailed study will provide greater confidence than a Preliminary Economic Assessment (PEA) and will allow the company to proceed with a Plan of Operations to update existing permits. The company also stated it continues to enhance the Phoenix Silver project and is planning further drilling and surveys. The release reiterates the Candelaria project's current in-ground resource of 108.18 million ounces of silver equivalent (AgEq) in the Measured and Indicated (M&I) category and 29.46 million ounces AgEq Inferred.

This news is a positive strategic step but falls into the routine category given the context of previous disclosures.

• Progression from PEA to PFS: Throughout 2025, the company consistently guided that a PEA for Candelaria was underway and anticipated for completion by year-end (news from July 14 and Sept 22). The decision to skip the PEA and move directly to a more robust PFS demonstrates management's increased confidence in the project's economics, which is a positive signal. A PFS requires a higher degree of certainty, relying on Measured and Indicated resources, which aligns with the significant resource upgrade announced on May 6, 2025. This de-risks the project from a technical and financial standpoint.

• Timeline Ambiguity (Hidden Negative): The critical point is the timeline. The market was expecting a PEA by the end of 2025. This announcement provides no timeline for the completion of the PFS. The CEO's forward-looking statement about looking forward to a "momentous year in 2026" implies the PFS will be a 2026 event. This represents a delay from previous guidance, even if the final work product (PFS) is of higher quality than the one it replaces (PEA). The lack of a firm delivery date for the PFS is a notable omission.

• Phoenix Silver Update: The update on Phoenix Silver is vague ("planning drilling and surveys," "reporting on survey progress") and lacks substance. News from September 22, 2025, stated that geophysical surveys were underway with an expected completion in November. This release does not confirm the completion of those surveys or provide any results, which is a missed opportunity to add tangible value.

In summary, the upgrade to a PFS is a sign of project maturity and confidence. However, this is tempered by the implicit delay from prior guidance and the lack of concrete updates on the Phoenix Silver exploration front. Therefore, the news is a positive, but incremental, operational update rather than a material, market-moving event.

Silver One Resources Inc. is a Canadian-based silver exploration and development company focused on projects in the USA.

• Flagship Project: The 100%-owned Candelaria Silver Project in Nevada. Candelaria is a past-producing mine that historically produced 68 million ounces of silver. The company published an updated NI 43-101 resource estimate in May 2025, outlining a significant in-ground resource of 108.8 million oz AgEq (M&I), in addition to a previously defined resource on historic leach pads. The company's development strategy is centered on potentially reprocessing the leach pads and developing the in-ground resource, with a key focus on a novel, non-cyanide leach technology that has shown the potential to dramatically increase silver recoveries in lab tests.
• Other Projects: The company also holds the Phoenix Silver Project in Arizona, which has shown evidence of both high-grade, near-surface silver and potential for a large, deeper porphyry copper-silver system.