Investment Highlights
- Combined resource of 246 million oz AgEq at an average of 334 g/t AgEq – spread across three high-grade silver-gold projects in the USA
- Flagship project Red Mountain (Alaska): District-scale VMS system with significant expansion potential and exploration target of up to 900 million oz AgEq
- Other core projects Hughes (Nevada) and Mogollon (New Mexico): Historically productive districts with newly defined high-grade mineral resources
- Strong capital base: Approximately US$27 million in liquid assets (as of October 2025) enable aggressive drilling programs
- Experienced management team: Leading geologists and capital market experts with proven success in exploration, project development, and financing
- Strategic focus on critical raw materials: In addition to silver and gold, metals such as zinc, antimony, and gallium are becoming increasingly important geopolitically
Company Strategy
Silver47 Exploration Corp. (TSXV: AGA, OTCQB: AAGAF) is a growth-oriented exploration company focused on the development of high-grade silver and gold projects in the USA. The company was formed in 2025 from the merger of Silver47 and Summa Silver and aims to build a leading US silver developer.
The company has a combined resource of 236 million ounces of silver equivalent (AgEq) in the Inferred category with an average grade of 334 g/t AgEq and 10 million ounces of AgEq in the Indicated category (333 g/t AgEq). With this base, Silver47 is pursuing the long-term goal of establishing a total resource of 1 billion ounces of AgEq in the most productive mining regions of the United States.
The strategy focuses on three pillars:
- Resource growth through systematic exploration and expansion drilling in existing zones.
- Development perspective through targeted technical work, metallurgical studies, and initial development planning.
- Capital market focus with increased visibility and liquidity to facilitate institutional investors’ access to US silver projects.
Market Environment
Silver and Critical Metals in the Geopolitical Context
Silver is at the heart of the energy transition and industrial production – particularly through its use in photovoltaics, electronics, and battery technologies. The market for high-grade silver projects in politically stable jurisdictions is highly competitive, while new primary production projects in North America are scarce.
In addition, Silver47’s project portfolio has a high proportion of zinc, antimony, and gallium – metals that are classified as critical by the US government. Securing national supply chains for these raw materials gives projects in the USA strategic value.
Location Advantage USA
With projects in Alaska, Nevada, and New Mexico, Silver47 operates exclusively in mining-friendly regions with well-developed infrastructure and clear approval processes. This geographical diversification reduces project risks and provides access to qualified workers and existing energy and transport logistics.
Project Portfolio
Red Mountain Project – Alaska, USA
Fig. 1: Location of the Red Mountain Project in Alaska
The Red Mountain Project is Silver47’s flagship and comprises approximately 620 km² on state-managed land, free of federal or indigenous claims. It is a polymetallic VMS system (zinc, lead, copper, silver, gold) with excellent infrastructure in the immediate vicinity – only 100 km south of Fairbanks and 30–80 km away from roads, rail, and power supply.
The current mineral resource (as of January 2024) corresponds to approximately 1 million tonnes of zinc equivalent at 7% ZnEq, which corresponds to a silver equivalent of approximately 168.6 million oz AgEq (336 g/t) in the Dry Creek and West Tundra Flats zones.
Exploration Geology
Extensive drilling programs have been carried out since the first discovery of a sulfide outcrop in 1975. The most recent 2025 campaign comprised 15 boreholes (8 Dry Creek, 7 West Tundra Flats) and repeatedly encountered massive and semi-massive sulfides, indicating significant expansion potential.
- Dry Creek Zone: DC18-79: 6.0 m with 2,155 g/t AgEq (including 5.38 g/t Au, 1.21% Cu, 23.3% Zn+Pb)
- West Tundra Flats Zone: WTF82-08: 7.3 m with 619 g/t AgEq
The exploration target is 50–75 million tonnes with 300–400 g/t AgEq, which could correspond to 500–900 million oz AgEq. Over 5,000 drill sites have already been approved, and numerous geochemical anomalies remain untested.
Critical Metals
In addition to precious and base metals, metallurgical investigations show high concentrations of antimony (Sb) and gallium (Ga) – both of which are considered strategic metals for defense and high-tech applications. In the long term, these accompanying metals could open up an additional economic dimension.
Hughes Project – Nevada, USA
Fig. 2: Overview of the Hughes Project in the Tonopah District, Nevada
The Hughes Project is located in the historic Tonopah Mining District, which produced approximately 175 million ounces of silver and 1.86 million ounces of gold between 1900 and 1950. Silver47 controls an approximately 5 km long strike zone here with a further 5 km of exploration potential in the eastern part of the district.
Geology and Resource
The project lies in a classic epithermal quartz-adularia-argentite vein system that is rich in silver and gold. The geological structures are similar to those of significant mines such as San Dimas or Guanajuato.
The resource estimate (Indicated Inferred) is based on a cutoff of 190 g/t AgEq (in-situ) and 45 g/t AgEq (Tailings). The metallurgical parameters take into account silver and gold prices of USD 25/oz and USD 2,100/oz with high yields (Ag 90%, Au 97%).
Infrastructure
The area is easily accessible: U.S. Highway 6 runs directly over the concession area, supplemented by numerous roads and power lines. These location advantages enable cost-efficient exploration and later development.
Mogollon Project – New Mexico, USA
Fig. 3: Geographical location of the Mogollon Project
The Mogollon Project is located 120 km from Silver City and extends over a large epithermal silver-gold vein system. Between 1904 and 1925, the district produced approximately 13.1 million ounces of silver and 271,000 ounces of gold from 1.39 million tonnes of rock – mining was discontinued in 1942 as part of the War Economy Act.
Silver47 now owns the rights to a large part of the historic mines and veins and sees considerable potential to redevelop the district using modern methods.
Resource Estimation
The current Inferred Resources were calculated with a cutoff of 175 g/t AgEq. The basis is silver and gold prices of USD 25/oz and USD 2,100/oz, respectively, with yields of 97%. The geological data suggest that Mogollon could be one of the last undeveloped vein field systems in the USA.
Outlook
Silver47 is planning a significant expansion of exploration activities on all core projects for 2026. While the drilling results from Red Mountain are still pending, a drilling program is planned on Mogollon in the fourth quarter of 2025 and on Hughes in early 2026.
With USD 27 million in cash, the company has the necessary financial base to significantly increase the resource level and drive metallurgical studies in parallel.
The management is also working on a possible feasibility study for Red Mountain in order to define an initial development strategy and prepare the transition from the exploration to the development phase.
Management
Gary R. Thompson – Executive Chairman
Geologist with many years of experience in building exploration companies. Currently CEO of Brixton Metals and former founder of Sierra Geothermal Power (sold in 2010).
Galen McNamara – CEO Director
Geologist with 20 years of experience in exploration and capital markets. Co-founder of Goldshore Resources and Sanu Gold, formerly Senior Project Manager at NexGen Energy. Winner of the PDAC Bill Dennis Prospector of the Year Award.
Martin Bajic – CFO
Chartered Professional Accountant with a focus on the commodities sector and over a decade of experience as CFO of publicly traded companies on the TSX Venture Exchange.
Giordy Belfiore – VP Investor Relations
Experienced communications and capital markets professional, responsible for over USD 50 million in capital raisings since the company was founded.
Chris York – VP Operations
Economic geologist with 20 years of experience in sedimentary and epithermal deposits, formerly Head of Exploration at Klondex Gold and Silver.
The Supervisory Board is supplemented by Ryan Goodman (VP Legal, Orezone Gold) and Thomas O’Neill (Financial Expert, O’Neill Group Global) – both bring strategic and legal expertise that are crucial for the next development phase.
Conclusion
Silver47 Exploration Corp. is positioning itself as a leading developer of high-grade silver projects in the USA. With three advanced projects in Alaska, Nevada, and New Mexico, a strong financial position, and an experienced management team, the company offers a balanced mix of geological potential, location advantages, and capital market maturity.
The combination of an extensive resource base, strategic metals, and exploratory growth scope makes Silver47 an interesting investment vehicle in the North American silver sector. As the company heads towards new drilling results and resource expansions, the focus remains clear: building a billion-ounce silver equivalent base in safe, resource-friendly US jurisdictions – a goal that could make Silver47 a significant player in the global silver market in the long term.
