Gary Thompson, CEO of Silver47 Exploration Corp, together with Steve Darling from Proactive, announced a significant development: Silver47 and Summa Silver Corp have reached a definitive agreement to merge the two companies through a court-approved plan of arrangement. Upon completion of the merger, the combined company will retain the name Silver47 Exploration Corp, creating a unified brand based on a strategic vision for silver exploration and development.

Thompson emphasized that the merger provides the company with better access to capital markets, stronger operational capabilities, and increased visibility for investors. The newly merged company will have an impressive portfolio of high-grade, silver-rich projects in premier mining jurisdictions in the USA, including Alaska, Nevada, and New Mexico.

In total, the companies have an estimated 10 million ounces of silver equivalent (AgEq) in indicated resources with an average grade of 333 g/t AgEq and 236 million ounces AgEq in inferred resources with an average grade of 334 g/t AgEq. Thanks to the strong geological potential, the merged company is well-positioned to pursue significant resource expansions and future consolidation opportunities within the sector.
In connection with the transaction, Summa and Silver47 have also entered into an agreement with Research Capital Corporation and Haywood Securities to conduct a brokered private placement. The offering aims to raise gross proceeds of up to CAD 5 million to further support the growth and exploration plans of the merged company.

The proceeds will be used for the Red Mountain project in Alaska. This flagship project currently has 168.00 million ounces of silver equivalent, and Thompson emphasized the company’s plans to expand this resource through a new drilling campaign.

Thompson described the transaction as a “transformative step forward”, aligning the goals of both companies to become a leading silver exploration and development company in North America.