Silver One Resources Announces Major 25,000-Metre Drill Program at Candelaria

Silver One Resources Inc. has announced a significant expansion of its drilling campaign at the Candelaria Silver Project in Nevada, initiating up to 25,000 metres of reverse-circulation (RC) and potential diamond (DDH) drilling. The program is scheduled to commence with one rig at the end of May 2026, followed by a second rig in mid-July 2026. Key objectives include expanding existing resources, exploring new targets such as porphyry copper-silver-gold systems, and conducting condemnation drilling for infrastructure planning. This follows the completion of core, auger, and ZTEM geophysical surveys earlier in May 2026. The company currently holds a resource base of 108 million ounces AgEq Measured & Indicated and 29 million ounces AgEq Inferred. Management states this program is designed to advance toward an upcoming Pre-Feasibility Study (PFS) targeted for completion in Q4 2026.

The announcement of the 25,000-metre drill program is classified as Routine - Positive rather than a Game Changer or Material Positive event. This drilling campaign represents the execution of capital allocation previously announced during the $32 million private placement financing closed in January 2026. The use of proceeds for that financing explicitly included "Drilling program at the Candelaria Project" and "Preparation of a pre-feasibility study." Consequently, this news confirms progress on an established timeline rather than introducing new, unexpected value drivers. While the scale of drilling (two rigs) is substantial for the company's size, it was anticipated given the Q4 2026 PFS deadline announced in December 2025 and January 2026. The market has already priced in the financing and the subsequent development phase through the rally seen in early 2026. Therefore, this news serves to validate management's execution of their plan but does not materially alter the investment thesis or valuation expectations at this stage.

Silver One Resources is a U.S.-focused silver development company headquartered in Canada (TSX-V: SVE). Its flagship asset is the Candelaria Silver Project, located in Nevada. This is a 100%-owned, past-producing mine with active permits and existing infrastructure (power, water, road access). The project currently holds a NI 43-101 resource of 108.18 million ounces AgEq Measured & Indicated and 29.46 million ounces AgEq Inferred. The company is advancing the project directly to a Pre-Feasibility Study (PFS), bypassing a Preliminary Economic Assessment (PEA). Other assets include the Phoenix Silver Project in Arizona (high-grade vein exploration) and the Cherokee Mine in Nevada (epithermal system).