Silver One begins drilling at Candelaria

Executive Summary

• Silver One Resources Inc. has initiated a new drilling campaign at its Candelaria project in Nevada to upgrade leach pad mineral resources from inferred to measured and indicated categories.
• The program aims to generate bulk samples for metallurgical pilot testing to refine processing assumptions, specifically validating silver recoveries using Extrakt/Bechtel non-cyanide solutions.
• The updated resources will be incorporated into a prefeasibility study (PFS) currently in progress, with the goal of advancing the project toward development and potential near-term production.

Key Details

• Drilling Campaign Scope:
  • Total length: 1,400 metres.
  • Method: Eight-inch-diameter hollow stem auger.
  • Planned holes: 56 holes.
  • Target areas: LP1 and LP2 leach pads.
• Current Leach Pad Resources (as of release):
  • Indicated Category:
    • Tonnes: 22.18 million tonnes.
    • Grade: 42.1 g/t silver and 0.074 g/t gold.
    • Silver Content: 30.02 million ounces.
    • Gold Content: 52,000 ounces.
  • Inferred Category:
    • Tonnes: 11.45 million tonnes.
    • Grade: 41.8 g/t silver and 0.10 g/t gold.
    • Silver Content: 15.4 million ounces.
    • Gold Content: 36,700 ounces.
  • Silver Equivalent (AgEq) Totals:
    • Indicated: 30.8 million ounces.
    • Inferred: 16.1 million ounces.
• Total Project Resources:
  • Measured and Indicated: 108.18 million ounces of silver equivalent (including in-ground, leach pad, and stockpile material).
  • Inferred: 29.46 million ounces of silver equivalent.
• Strategic Objectives:
  • Upgrade resource classification to support economic modeling.
  • Conduct pilot metallurgical testing to validate non-cyanide processing solutions.
  • Support the completion of a prefeasibility study (PFS) expected later in 2026.
• Historical Context:
  • Candelaria was historically the highest-grade silver producer in Nevada, averaging over 1,200 g/t silver.
  • Open-pit mining occurred from the 1980s through 1998; leaching of historic pads was not completed, leaving substantial unrecovered silver.
  • Estimated historical production: Over 68 million ounces of silver.

Notable Quotes

• "This upcoming drilling and sampling program is designed to enhance confidence in these substantial leach pad resources while providing the metallurgical data needed to support ongoing project advancement. Pilot testing will potentially validate the increased silver recoveries using Extrakt/Bechtel non-cyanide solutions and pave the way towards what is hoped to be a robust PFS later in 2026." — Gregory Crowe, President and CEO