The Silver Letter

Obonga Project: Wishbone Drill Programme Update

(LSE: PALM) Panther Metals Plc announced an update on its Phase 1 diamond drill programme at the Wishbone VMS prospect on the Obonga Project, located on the Obonga Greenstone Belt, Ontario, Canada. The first drill hole (BR26-WB-P1-1) reached a planned downhole depth of 300m, intersecting nine distinct zones of sulphide mineralisation, including 3.45m of pyrrhotite dominated massive sulphide and 9.9m of semi-massive sulphide from 77.75m downhole. The second drill hole (BR26-WB-P1-2) intersected target VMS horizons with a projected end of hole horizontal spacing of circa 170m between inclined holes, with alternating massive and semi-massive sulphide between 63.5m and 78.4m, and 107m and 120m downhole. Previous drilling at Wishbone intersected 3.6 metres grading 3.9% zinc, including 2.0 metres at 6.8% zinc and 4.3 g/t silver, with individual assays up to 11.65% zinc. Panther secured an Exploration Permit in June 2024 valid through 2027 for a 2,000-metre diamond drilling program at Wishbone, and a permit for Awkward West enabling up to 31 drill holes. The company projects that the additional drilling capacity will accelerate exploration past the originally planned 2,000 metre drilling budget.

Colibri Announces Definitive Agreement to Sell Remaining 49% Interest in Pilar for C$3.6 Million While Retaining 1% NSR

(TSXV: CBI) Colibri Resource Corporation has entered into a definitive Arm's Length purchase and sale agreement, dated July 8th, 2026, with Tocvan Ventures Corp. (CSE: TOC), pursuant to which Tocvan has agreed to acquire Colibri's remaining 49% interest in the Pilar Gold & Silver Project located in Sonora, Mexico. Under the terms of the agreement, Colibri will receive total cash consideration of C$3.6 million, comprised of C$2.0 million payable upon closing and C$1.6 million payable twelve months following closing. Colibri will retain a 1.0% Net Smelter Return ("NSR") royalty on the Pilar Project, and Tocvan will retain the right to repurchase the NSR for a one-time cash payment of C$1.0 million. The transaction remains subject to customary closing conditions, including completion of the required Mexican transfer documentation and TSX Venture Exchange approval. Recent drilling at the Plomo Claims within the EP Gold Project returned notable near-surface gold intercepts, including 7.5 metres grading 2.92 g/t gold from 6 metres, and 30.0 metres grading 0.73 g/t gold from 3 metres. The Company recently reported gold mineralization intersected in 18 of 22 holes completed during its Phase 1 drill program across the San Perfecto and Banco de Oro target areas at EP.

Teako Announces Fully Committed Private Placement

(CSE: TMIN) Teako Minerals Corp. announces a non-brokered private placement for the issuance of up to 8,333,333 common shares at a price of $0.06 per Common Share for aggregate gross proceeds of up to $500,000. The Company has received commitments for the full amount of the Offering from its strategic investor group of K.A. Rasmussen AS and anticipates closing the Offering promptly. Closing of the Offering is subject to approval of the Canadian Securities Exchange and the Common Shares will be subject to a four-month and one-day hold period. Teako intends to use the net proceeds of the Offering for anticipated exploration activities as well as general working capital. Teako, within its Norwegian Project Hub, owns over 60 projects 100% and holds a 10% economic interest in four rare earth elements projects owned by Fritzøe Skoger AS and a 10% non-dilutive free carried ownership interest in five copper, gold and silver projects owned by Nordic Minerals AS. The Project Hub includes the Løkken, Venna and Tynset main projects, covering an extensive land package prospective for copper, cobalt, zinc, gold, silver, platinum group elements, uranium, antimony, molybdenum, tungsten and rare-earth-elements. The Company aims to retain exposure to exploration success on non-core assets through securing deals with strong partners, which are intended to potentially bring in capital and/or ongoing cash flow, retain upside exposure, and reduce overall risk.

First Majestic Enters Into Definitive Agreement to Sell Its San Martin Silver Mine for Total Proceeds of US$90 Million

(NYSE: AG) (TSX: AG) First Majestic Silver Corp. has entered into a definitive agreement dated July 6, 2026 to sell its 100%-owned past producing San Martin Silver Mine in Jalisco State, Mexico, to Flextronics Supply and Service, S. de R.L. de C.V for total cash consideration of US$90 million. The transaction includes upfront consideration of US$2.5 million payable upon closing (with US$500,000 already deposited into escrow), and an additional US$87.5 million in future payments. The acquisition also includes the Jalisco Group of Properties, consisting of 5,245 hectares of mining concessions owned by El Pilon, located in the municipalities of Etzatlán and Tototlán, Jalisco. Flextronics will acquire all of the issued and outstanding shares of Minera El Pilon, S.A. de C.V., a wholly-owned subsidiary of First Majestic. The San Martin Silver Mine was placed under care and maintenance by First Majestic in July 2019. First Majestic presently owns and operates four producing underground mines in Mexico and a portfolio of development and exploration assets, including the Jerritt Canyon Gold project in northeastern Nevada, U.S.A. The company anticipates that the transaction will close in the fourth quarter of 2026, subject to customary closing conditions and Mexican Antitrust approval.

J2 Metals Mobilizes UAV Drone Mag Survey at Sierra Plata Silver-Gold-Antimony Project, Zacualpan-Taxco District, Mexico

(TSXV: JTWO) (OTCQB: JTWOF) — J2 Metals Inc. announced that crews have been mobilized to complete a high-resolution unmanned aerial vehicle (UAV) drone magnetometer geophysical survey across its Sierra Plata silver-gold-antimony project in the Zacualpan-Taxco district of Guerrero State, Mexico. The survey will cover approximately 1,885 hectares of the Sierra Plata Project area for a total of 562 line-kilometres, including tie lines, with line spacing of 50 metres and tie-line spacing of 500 metres. The airborne magnetic survey will be carried out by JM Geoconsultores of Querétaro, Mexico, and will officially commence field activities July 8, 2026. Recent sampling of waste dumps at Sierra Plata returned grades of up to 3,932 g/t AgEq across five past-producing silver-gold mines. At the Miniac Project in Québec's Abitibi Greenstone Belt, a newly completed 41-kilometre OreVision™ IP survey has identified prospective anomalies, supporting a planned Phase II drill program of up to 5,000 metres across a 7-kilometre conductive horizon. At the Napoleon Project in Alaska, rock-chip samples have returned up to 596 g/t gold, with historical drilling by Teck and Kennecott reporting intercepts of 8.9 g/t gold over 3 metres and 0.9 g/t gold over 79 metres. The company anticipates identifying a large number of high-priority targets for drill evaluation.

Aya Gold & Silver Reports Record Q2-2026 Silver Production

(TSX: AYA; NASDAQ: AYA) Aya Gold & Silver Inc. announced record consolidated production of 1.68 million silver equivalent ounces (Moz AgEq) for the three-month period ended June 30, 2026, up 61% year-over-year and 12% quarter-over-quarter. The Zgounder Silver Mine produced 1.49 Moz Ag in Q2-2026, representing a 43% increase YoY and 18% QoQ, with a record processing rate averaging 3,889 tonnes per day and a record mining rate averaging 4,880 tpd. Silver recovery averaged 91.2% during the quarter, and mill availability remained strong at 97%. The Boumadine pyrite reclaim operation contributed 0.19 Moz AgEq, with 17,153 tonnes processed at average grades of 179 g/t Ag and 2.43 g/t Au. The stockpile at Zgounder increased by 33% QoQ to 373,884 tonnes, aligning with the company's objective of building a three-month inventory. The construction of the second phase of the tailings storage facility is expected to be completed in early Q3-2026, as planned. The company projects that the introduction of bulk shipping at Boumadine, alongside ongoing containerized shipments, is expected to significantly increase pyrite shipping capacity in H2-2026.

Tudor Gold Discovers Higher-Grade Silver Breccia Within CBS Zone at Treaty Creek

(TSXV: TUD) Tudor Gold Corp. reported results from the first two drillholes (CBS-26-08 and 09) completed at the CBS Zone as part of the 2026 Exploration Drill Program at its 80%-owned Treaty Creek Project, located in the heart of the Golden Triangle of Northwestern British Columbia. Drill hole CBS-26-08 intersected 61.28 g/t silver and 0.09 g/t gold over 34.15 m starting 264.00 meters downhole, including 201.84 g/t silver and 0.07 g/t gold over 7.20 m starting 280.00 meters downhole. Hole CBS-26-08 also intersected 2.57 g/t gold and 0.39 g/t silver over 3.00 m starting 6.00 meters downhole, and 0.53 g/t gold and 9.81 g/t silver over 20.60 m starting 61.90 meters downhole, including 0.92 g/t gold and 16.99 g/t silver over 9.30 m starting 73.20 meters downhole. Hole CBS-26-09 intersected 0.79 g/t gold and 4.71 g/t silver over 47.00 m starting 153.00 meters downhole, including 1.04 g/t gold and 1.49 g/t silver over 24.50 m starting 153.00 meters downhole. The Treaty Creek Goldstorm Deposit hosts Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver and 3.048 billion pounds of copper (912.3 million tonnes grading 0.85 g/t gold, 5.07 g/t silver and 0.15% copper) and Inferred Mineral Resources of 2.6 million ounces of gold, 7.2 million ounces of silver and 67.9 million pounds of copper (21.8 million tonnes grading 3.64 g/t gold, 10.22 g/t silver and 0.14% copper). The company has filed a permit application for approval to construct an underground ramp for access to drill the high-grade gold SC-1 Zone. A Preliminary Economic Assessment on placing the Goldstorm Deposit in production as an underground mine is now underway. The company plans to follow up on the higher-grade silver intercept later in the Program after completing drilling at the Perfectstorm Zone.

Toogood Gold Provides Phase 1 Exploration Update at Table Mountain Gold-Silver Project, Nevada

(TSXV: TGC) (OTCQB: TGGCF) Toogood Gold Corp. announced the completion of several key components of its Phase 1 exploration program at the Table Mountain Gold-Silver Project. The company collected 6,260 soil samples on a northwest-southeast oriented grid at 100 m line spacing and 25 m sample spacing, completed a ground gravity survey with 1,688 stations on a 100 m by 100 m grid, and conducted a UAV magnetic survey totalling approximately 780 line-kilometres flown at 25 m line spacing. A LiDAR survey was completed covering approximately 15.4 km², and 88 rock samples were collected during Phase 1 prospecting and rock sampling. The company entered into a six-month agreement with ATH Media for a total fee of CAD$100,000 to provide a digital marketing and investor relations campaign. Initial soil and rock assays, as well as final processed and interpreted geophysical and LiDAR products, are expected in the coming weeks. The company projects that Phase 2 exploration will include approximately 20 line-kilometres of controlled-source audio-frequency magnetotellurics (CSAMT), targeted follow-up mapping and sampling, refinement of priority drill targets, and preparations for a planned maiden drill program, subject to receipt of required permits and approvals.

Advanced Gold Exploration Reports High Grade Results From 2026 Silver Belle Mapping and Reconnaissance Program

(CSE: AUEX, OTCQB: AUHIF) Advanced Gold Exploration Inc. announced assay results from its spring mapping and sampling reconnaissance program at its 100% owned Silver Belle project in Nevada. Highlights include 257 g/t Ag over 0.7 meters at the Pixie mine, 192 g/t Ag, >10% Pb, 2.3% Zn and 0.1% Cu over 1 meter at the Phillipsburg mine, and 189 g/t Ag and 7.4% Zn at the Mammoth mine. The Silver Belle project covers about 2,000 acres within the Diamond Mining District located 55 km north of the Eureka district. Historic intermittent production from 1936-1955 is recorded at 851,898 oz Ag, 755,100 lbs Pb, and 184,520 lbs Zn, with a 1937 smelter shipment of 21 tons returning approximately 1,611 g/t silver, 34 per cent lead, 9 per cent zinc, 1 per cent copper and 0.3 per cent antimony. Gold assays are pending, and the primary purpose of the sampling program was to re-establish and validate historic mineralization as part of a NI 43-101 Technical Report. The company projects additional more-detailed exploration work in several areas is warranted in advance of a planned maiden drill program.

NewPeak Metals Confirms Large-Scale Gold-Zinc-Silver Discovery at Las Opeñas

(ASX:NPM) NewPeak Metals has confirmed the discovery of a large-scale gold-zinc-silver system with the first hole of its 2026 diamond drilling program at the 100%-owned Las Opeñas project in San Juan Province, Argentina. Assay results from discovery hole 26-LODH-023 returned 663 metres at 0.41 grams per tonne gold equivalent from surface to the end of hole, including 0.16g/t gold, 0.65% zinc, and 4.53g/t silver. Hole 26-LODH-023 was collared about 5m south of the historical hole 12-LODH-03 Genesis Minerals (ASX: GMD) completed in 2012, which returned 115m at 0.58g/t gold, 0.65% zinc, 3.5g/t silver, and 0.24% lead from 18m to the end of hole. NewPeak has completed 2,464m of diamond drilling across six holes and expects to report the remaining 1,802m of assays from five holes within the next three to six weeks. Las Opeñas contains a reinterpreted 800m by 600m breccia zone that had previously only been tested to relatively shallow depths. Permitting is already in place to recommence drilling up to another 7,500m, and the company believes favourable results from the remaining holes could support a push towards a maiden resource.

ICG Silver & Gold Commences 3,000-Meter Phase 1 Drill Program at the Tuscarora District, Nevada

(CSE: ICG) ICG Silver & Gold Ltd. announced that it has commenced its Phase 1, 3,000-meter reverse circulation "RC" Drill Program at the Tuscarora District in Elko County, Nevada. The program will focus on six priority target areas: Silica, Battle Mountain, King's Vein, Grand Prize, East Pediment, and Modoc. Drilling commenced at the Silica target on July 2, 2026, and the company expects to announce initial assay results in August. ICG controls 100% of the approximately 10,000-acre land package in the district. Major Drilling International Inc. has been hired to perform drilling services. The program is designed to test geological interpretations, evaluate the continuity and extent of mineralization, and generate new geological and assay data. The company projects that Phase 1 drilling will allow it to test multiple shallow silver-gold targets while collecting geological data to refine its district-scale model.

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