Silver47 Begins Metallurgical Testwork to Confirm Reprocessing Potential of Historic Mine Tailings at Hughes, Nevada

The news release dated February 19, 2026, announces that Silver47 has initiated a metallurgical test program for the Belmont tailings deposit at its Hughes property in Nevada. This follows a 21-hole auger drill program to collect samples from the historic site. The deposit contains an inferred mineral resource of 1.8 million ounces of silver and 11,000 ounces of gold. The company is performing cyanide leach and carbon-in-leach (CIL) testing to determine if modern processing can economically recover metals that were ignored during previous evaluations in the 1970s when silver prices were significantly lower.

This update is categorized as Routine - Positive. While the prospect of reprocessing tailings offers a potential path to near-term cash flow and provides an ESG benefit through site rehabilitation, its scale is relatively small compared to the company’s primary exploration targets. - Fundamental Scale: The 1.8 Moz silver resource in the tailings is a fraction of the company's total inferred resource base (236 Moz AgEq). - Strategic Shift: It indicates management is looking for "low-hanging fruit" to maximize the value of the assets acquired in the Summa Silver merger. - Validation: This is a direct follow-through on the 2026 milestones mentioned in the December 2025 update. However, until metallurgical recovery rates are confirmed, the economic viability remains speculative.

Silver47 is a U.S.-focused silver explorer formed through the August 2025 merger of Silver47 and Summa Silver. - Flagship Project: Red Mountain (Alaska). This is a VMS-SEDEX project with an inferred resource of 168.6 Moz AgEq at 336 g/t. It is characterized by high-grade silver, gold, and critical base metals (zinc, copper, lead, antimony, gallium). - Secondary Assets: The Hughes Project (Nevada) and the Mogollon Project (New Mexico) provide additional high-grade silver-gold vein targets.