Announcement • 17h
Silver47 Exploration Confirms 2.74 Moz Silver Equivalent Tailings Resource at Surface at Hughes Project in Nevada Silver47 Exploration announced results from a 21-hole auger drill program testing the tailings pile from the historic Belmont mine at the Hughes Project, Tonopah, Nevada. All 21 auger holes returned silver-gold mineralization continuously from surface to the base of the tailings, over an average thickness of 3.3 m. The fine-grained Belmont tailings host an inferred mineral resource of 1.8 Moz silver and 11 koz gold (44 g/t Ag and 0.3 g/t Au, or 68 g/t AgEq*) within approximately 1.26 Mt. The tailings sit on patented mining claims covering approximately 1,200 m by 280 m (84 acres), immediately adjacent to US Highway 6 with established infrastructure nearby. Modern metallurgical testing is ongoing, including agitated cyanide leach tests at current grind size, regrinding to two finer sizes with kinetic sampling, and CIL testing at the optimal grind to evaluate recovery, carbon loading, and process efficiency. These results are expected to provide the recovery and process parameters needed to evaluate the technical and economic feasibility of reprocessing the tailings into potential low-cost domestic silver production. The 21-hole auger drill program, totalling approximately 68.6 meters, was designed to collect fresh samples from across the entire tailings impoundment. Holes ranged in depth from 1.05 to 5.75 meters and systematically targeted both the western and eastern zones, with many collared within one meter of visible previous holes from 2019-2020 programs for comparative accuracy. Sample collection employed a hand auger, with material recovered directly into sealed, labelled 2-gallon buckets for shallower holes (=2 meters) or 5-gallon buckets for deeper ones, requiring tamping to fit; all featured locking lids and internal flagging for secure transport. This effort provides comprehensive coverage of the inferred mineral resource, supporting a modern assessment of silver and gold distribution. Holes were drilled at a vertical orientation and at approximate spacings of 100 to 150 m between holes. Samples were collected at systematic intervals which ranged from 0.25 to 1 m. Each hole was sampled from top to bottom. Holes were terminated at the bottom of the tailings pile as indicated by the presence of ground soil or bedrock. Head assay results demonstrate silver and gold values consistent with the inferred mineral resource and enables systematic assessment of silver and gold distribution across the tailings impoundment. Results from ongoing metallurgical test work, which includes agitated cyanide leach tests at current grind size, regrinding to two finer sizes with kinetic sampling, and CIL testing at the optimal grind to evaluate recovery, carbon loading, and process efficiency will inform feasibility for low-impact reprocessing on the Company's patented private land. Samples were sent to Florin Analytical Laboratories in Reno, Nevada (part of Kappes, Cassiday & Associates laboratory facilities) for preparation and analysis. Samples were dried, crushed and pulverized using standard preparation procedures. Samples were analysed for gold via a 30 gram fire assays with an AAS (Atomic Absorption Spectroscopy) finish. Samples were analysed for silver following a 4-acid digestion with an AAS (Atomic Absorption Spectroscopy) finish. Florin inserts certified standards into the analytical stream. The standards used by Florin are considered appropriate and the results are acceptable. 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. 
