Silver47 Commences Fully Funded 10,000-Meter Drill Program at the Red Mountain Silver and Critical Minerals Project, Alaska

Executive Summary

• Silver47 Exploration has commenced its fully funded 2026 summer drill program at the Red Mountain Project in Alaska, representing the largest exploration campaign in the property's history.
• The program will utilize three drill rigs to advance at least 10,000 meters of core drilling, targeting expansion of the Dry Creek deposit's inferred resource and systematic evaluation of high-priority, largely undrilled polymetallic massive sulfide targets.
• The company holds approximately C$48 million in working capital, providing a strong financial foundation to execute the planned exploration activities.

Key Details

• Drilling Status & Scale: Core drilling rig is fully operational; all three rigs are expected to be active by the end of June 2026.
• Planned Activity: Minimum 10,000 meters of core drilling scheduled for the 2026 summer program.
• Dry Creek Resource Focus: Program targets expansion of the inferred 168.6 million silver equivalent ounce (AgEq) resource (336 g/t AgEq) and systematic tonnage increase.
• Dry Creek Drilling Strategy: Infill and step-out holes will be drilled down-dip (~3,000 m) to investigate orientation/structural controls on higher-grade VMS mineralization and evaluate open strike/down-dip extents.
• Referenced Historical Intercept: 22.3 m at 601 g/t AgEq* (150.6 g/t Ag, 0.82 g/t Au, 5.86% Zn, 2.60% Pb, 0.13% Cu) in hole DC24-105.
• Discovery Targets: Drilling will test numerous largely undrilled polymetallic massive sulfide occurrences across a 60 km prospective trend. Only 11 known targets have been drill tested, with five having fewer than three holes each.
• Specific Target Areas: High-priority targets identified via recent geochemical sampling include Sheep Creek, Hunter, Glacier, FOMO, and WTF E.
• Exploration Methods: Project-wide geological mapping, grid-based soil geochemical surveys (rocks, soil, talus-fines), and heli-borne hyperspectral surveying for target refinement.
• Financial Position: Fully funded with ~C$48 million in working capital.
• AgEq Calculation Parameters: Metal prices: US$2,750/t Zn, US$2,100/t Pb, US$8,880/t Cu, US$1,850/oz Au, US$23/oz Ag. Metallurgical recoveries: 90% Zn, 75% Pb, 70% Cu, 70% Ag, 80% Au.
• 2024 Dry Creek Resource Estimate: 11.6 million tonnes at 279.4 g/t AgEq, totaling 104.0 million silver equivalent ounces (Inferred).

Notable Quotes

• Galen McNamara, CEO: "With three rigs and 10,000 metres of drilling planned, this marks the largest exploration program ever undertaken at Red Mountain. The program is designed to both expand the existing resource and systematically evaluate several high-priority targets that have seen limited or no previous drilling. Red Mountain continues to demonstrate the characteristics of a large-scale, silver-rich mineralizing system, and we believe this campaign has the potential to significantly enhance the project's value through resource growth and the discovery of additional massive sulphide mineralization along the 60-kilometre prospective trend."