New Risk • Mar 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.6m (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$13m free cash flow). Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (216% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$135.6m market cap, or US$98.7m). Recent Insider Transactions Derivative • Jan 22
Executive Chairman exercised options to buy CA$239k worth of stock. On the 14th of January, Gary Thompson exercised options to buy 225k shares at a strike price of around CA$0.93, costing a total of CA$209k. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. Since March 2025, Gary's direct individual holding has increased from 9.62m shares to 9.85m. Company insiders have collectively bought CA$427k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jan 21
Silver47 Exploration Corp. Launches Drilling to Target Depth Extensions of High-Grade Silver At Mogollon Silver-Gold Project, New Mexico Silver47 Exploration Corp. announced the start of a winter drill program at its Mogollon Project located near Silver City, New Mexico. The program will consist of holes testing the depth extents of high-grade silver along the Last Chance Vein. The Mogollon Project, located near Silver City, New Mexico, is host to numerous, epithermal-related high-grade silver-gold targets dispersed across ~77 km of near-continuous and complex vein-systems. Previous drill programs by Summa Silver Corp., the Company's wholly-owned subsidiary ("Summa"), totaling over 9,000 m across 22 holes, together with 15,000 m of historical drilling, lead to the first inferred mineral resource estimate (the "Mogollon MRE") of 32.08 Moz silver equivalent (12.12 Moz silver and 0.24 Moz gold) at a grade of 367 g/t silver equivalent (139 g/t silver and 2.72 g/t gold) contained within 2.72 Mt. The Mogollon MRE was constrained to only partially covering 2.4 km of the known 77 km of prospective veins and structures found across the Mogollon Project - primarily on the north-south trending Queen Vein. The exploration drill program is designed to investigate the high-grade, silver-gold potential of the Last Chance Vein, a high-priority +2.5 km east-west trending vein near the South Queen Target. The drill holes will test the depth extent of mineralization below the historical Last Chance Mine centered on Last Chance Vein. Mineralization at the Last Chance Mine is interpreted to plunge to the east, towards the intersection with the significant Queen Vein. Planned drill holes will test the depth extent (e.g., down plunge) of high-grade silver-gold mineralization towards the modelled vein intersection. A core drill rig is currently advancing the first drill hole of the program. 
