Silver Range Advances the Drum Project in Utah

Drum Project Expansion and Data Acquisition

• Claim Consolidation: Silver Range expanded the Drum Project in Juab County, Utah from 7 to 37 Federal Lode Claims.
• Historical Data Purchase: The company acquired geological, geochemical, geophysical, and drill data from major industry players including Gold Fields Exploration, Newmont Mining, Renaissance Gold Corp., and Troymet Exploration Corp.
• Geological Context: Mineralization is hosted in Cambrian Orr Formation limestone with a geochemical signature comparable to Nevada's Carlin-type deposits.
• Assay History: Historical sampling from November 2025 returned gold values ranging from trace to 1.02 g/t Au and silver values from trace to 15.2 g/t Ag.
• Strategic Intent: The expansion covers the Rattler Breccia and southern showings of core occurrences, preparing for upcoming exploration activities.

Incremental Progression vs. Market Expectations

• Expected Activity: This announcement follows the initial staking of the Drum Project in November 2025 (NewsId: 18421). The expansion to 37 claims and acquisition of historical data is a logical progression of the exploration strategy rather than a surprise discovery.
• Grade Risk: The grab sample results cited (up to 1.02 g/t Au) are indicative but not definitive. Without drill results, the economic potential remains speculative compared to high-grade discoveries elsewhere in the portfolio like Alamo (37.8 g/t Au).
• Market Pricing: The stock price has rallied from $0.15 in January 2026 to a high of $0.19 in April 2026. This news is likely priced into the current valuation as it confirms ongoing management activity without altering the fundamental risk profile.
• No New Capital: The release does not indicate new financing or partnership deals, maintaining the company's self-funded generator model status for this specific asset.

Generator Model in Southwest US

• Strategy: Silver Range operates as a precious-metals prospect generator focusing on Nevada, Arizona, and Utah. The model involves defining targets internally and optioning projects to partners for funding.
• Portfolio: Holds approximately 161 listed properties with over 35 active exploration assets.
• Flagship Projects: East Goldfield (Nevada), Alamo (Arizona), and the newly expanded Drum Project (Utah).
• Revenue Model: Generates revenue through option payments, royalties (NSR), and Defined Resource Payments (DRP) from partner companies like Rush Gold Corp. and Walker Lane Resources Corp.