The Silver Letter

Oracle Provides Update on Royalty Portfolio

(TSXV: ORCL) (OTCQB: ORLCF) — Oracle Commodity Holding Corp. announced updates on its royalty and equity portfolio, including holding 42.8 million common shares of CleanTech Vanadium Mining Corp., representing approximately 30% of CleanTech's issued and outstanding shares. Oracle holds a 2% NSR royalty on CleanTech's mineral holdings in the Illinois-Kentucky Fluorspar District, which covers over 17,000 acres and more than a dozen fluorspar deposits, with production expected in 2028. The company also holds a 2% NSR royalty on the Gibellini vanadium project in Nevada, which received a positive EIS Record of Decision from the BLM in October 2023 and spans over 21km in strike. Oracle's royalty income from Silver Elephant's Mongolian coal operation since 2024 is approximately US$450,000, and from the Pulacayo-Paca project in Bolivia since 2023 is approximately US$260,000. The Apuradita project in Bolivia is currently producing approximately 400 tonnes per month, with cumulative royalty income to Oracle since 2025 of approximately US$22,000. The company projects CleanTech's first product delivery from the Illinois-Kentucky Fluorspar District in 2028 and expects to sign its first binding off-take agreement by November 2026. Silver Elephant intends to continue production at Apuradita at a rate of 400 to 650 tonnes per month and to grow silver concentrate sales through the remainder of 2026.

Gold Runner Exploration Announces Commencement of Radiometric and Airborne Magnetic Surveys at Golden Girl Property, Golden Triangle B.C.

(CSE: GRUN) Gold Runner Exploration Inc. announced that radiometric and airborne magnetic surveys for its Golden Girl project in the Golden Triangle of British Columbia have commenced, with data acquisition completed and processing underway. Mobilization for field work is scheduled for July 12, 2026, with field activities beginning on July 13, 2026. The Golden Girl Property covers 8,471 hectares in the Iskut River region of Northwestern British Columbia, located 17 km from the Snip Mine and 14 km from the Bronson Airstrip. Discovery exploration in 2024 identified a gold-silver system measuring 12 km by 7 km, with grab samples assaying up to 11.28 g/t Au, 3,262 g/t Ag, 5.37% Cu, 20% Pb, and 14.15% Zn, and channel cuts assaying up to 3.74 g/t Au, 2,105.45 g/t Ag, 0.88% Cu, 5.48% Pb, and 7.42% Zn. More than 95% of the property has never undergone systematic modern exploration, and recent glacial retreat has exposed new areas for mapping and sampling. The company projects that the initial summer 2026 program will bring about strong results based on initial discovery exploration sampling. Gold Runner holds the option to acquire a 100% interest in the Golden Girl Property and a 10% carried interest in the Cimarron project in Nevada.

BP Silver Commences Phase 2 Drill Program at the Cosuño Silver Project, Bolivia

(TSXV: BPAG) (OTCQB: BPSCF) BP Silver Corp. announced that its 2,000 meter (" m ") Phase 2 drill program commenced on June 30, 2026, at its wholly-owned Cosuño Silver Project located in the Department of Potosí, Bolivia. The Program is expected to comprise approximately 20 to 24 diamond drill holes. Initial drilling is following up on high-grade silver mineralization at the Pocañita Chica target, where discovery drilling returned 5 m grading 600.40 g/t silver, including 1 m grading 1,655 g/t silver. The Phase 2 drilling forms part of a broader ~8,000 m diamond drilling campaign anticipated for 2026. Initial drill testing of the Pocañita Chica target returned 38 m grading 116.39 g/t silver, including 5 m grading 600.40 g/t silver and 1 m grading 1,655 g/t silver. The MAG survey at Cosuño was initially planned to commence in May 2026 but was delayed due to the late arrival of specialized batteries, and is now expected to commence once weather conditions permit. BP Silver continues geological mapping, sampling, and road construction activities across the project area.

Lancaster Resources Provides Exploration Update for Lake Cargelligo and Corporate Update

(CSE: LCR) Lancaster Resources Inc. has completed the additional land acquisition at Lake Cargelligo, adding an additional ~33,400ha of land base immediately adjacent to the original property, bringing the total combined claims to ~62,300ha. The company is advancing exploration at both the Lake Cargelligo Gold & Silver project in Australia and the Lac Iris polymetallic project in Quebec, with historical rock chips showing grades of up to 204 g/t Au and 273 g/t Ag and recent assays up to 31.5 g/t Au and 114 g/t Ag. Approximately 75 km of prospective granite-sedimentary contact occurs within Lancaster's tenure, with much of this zone unexplored. The company has designed an induced polarization (IP) survey over the Greater Josephine Moulder prospect, covering >500 ha and >3 km of prospective contact, including the 400m long Josephine Moulder vein-breccia outcrop. Drone magnetics over both the Greater Josephine Moulder and Greater Avoca prospects would collectively cover >4,000ha and allow drill targeting over >12km of highly prospective strike. The company has received subscription agreements and funds for an initial tranche of the private placement and expects financial and audit work to be completed in mid July. The company projects that its initial drill campaign at Lake Cargelligo will include follow up drilling of historical results at Josephine Moulder and first pass tests of new targets expected to be defined by proposed geophysical surveying.

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.

Metalero Discusses the Geological Similarities Between the San Cristobal East and San Cristobal South Projects With the Known Mineralization of the San Cristobal Region

(TSXV: MLO) Metalero Mining Corp. announced further geological context for its recently announced project acquisitions in Bolivia near the San Cristobal Silver-Lead-Zinc Mine. Metalero has applied for 230 square kilometers (km 2 or 23,000 hectares) of exploration concessions known as the San Cristobal East (SCE) and San Cristobal South (SCS) projects in western Bolivia. The SCE Project covers ~140 square kilometers (km 2 or 14,000 hectares) and lies approximately 5 km east of the San Cristobal Mine, while the SCS Project covers ~90 square kilometers (km 2 or 9,000 hectares) and is about 40 km southwest of the San Cristobal Mine. The San Cristobal Mine has been producing silver, lead and zinc since August 2007 and is currently producing ~38 million silver equivalent ounces per year with all-in production costs of ~$17USD/ounce (silver equivalent). Aggressive exploration at the San Cristobal Mine with up to 14 drill rigs over the last two years has yielded 12-13 years of additional sulphide mineralization with the potential to expand out 25 years to 2050. The company projects that the potential future development of stockpiled oxide material containing ~200 million ounces of silver could provide an additional 12-13 year mine life. Metalero Mining Corp. is also advancing its 173 square kilometre, road-accessible Benson Project in northern British Columbia, which hosts five prospects containing copper and gold within porphyry-related mineralized systems.

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.

Silverco Mining Intersects High-Grade Silver at Cusi, Including 1,100 G/t Ag Over 10.3 Metres

(TSXV: SICO) Silverco Mining Ltd. reported additional underground assay results and initial surface assay results from its 100%-owned Cusi Property in Chihuahua, Mexico, as part of its 2026 30,000 metre diamond drill program. The program includes 10,000 metres of underground drilling and 20,000 metres of surface drilling, with results from the Promontorio zone showing headline hole UGCU26-08 intersecting 1,100 g/t Ag, 1.61 g/t Au, 0.80% Pb, and 0.52% Zn or 1,080 g/t AgEq over 10.3 metres, including 6,452 g/t AgEq over 0.7 metres. The Cusi project PEA 1 outlines average annual silver equivalent production of 2.47 Moz at site all-in-sustaining costs of US$26.75/oz payable AgEq from 2028 to 2032, with an after-tax NPV of US$104.1 M at US$44.58/oz silver and US$312.2 M at US$75.00/oz silver, and upfront capital of US$19.2 million. Underground rehabilitation work at Cusi is complete, and contractor mobilization began in June 2026, with initial concentrate production planned for late 2026. The company was approved for graduation from Tier 2 to Tier 1 issuer status on the TSX Venture Exchange effective March 30, 2026. Silverco owns 100% of the producing La Negra Mine in Querétaro and the past-producing Cusi Silver Complex in Chihuahua. The company projects restarting Cusi in H2 2026 and aims to become a 10 million ounce per year silver equivalent producer within three years.

Group Eleven Drills 6.9m of 18.3% Zn+Pb and 86 G/t Ag in 50m Step-Out, Plus 4.7m of 67 G/t Ag and 0.88% Cu in 275m Step-Out Testing Deeper Cu-Ag Mineralization

(TSXV: ZNG) (OTCQB: GRLVF) Group Eleven Resources Corp. announced assay results from four new holes at its 100%-owned PG West Project in Ireland, including 45.0m of 6.0% Zn+Pb (3.7% Zn and 2.3% Pb) and 28 g/t Ag from hole 26-3552-60. Hole 26-3552-54 intersected several Cu-Ag zones, including 4.7m of 67 g/t Ag, 0.88% Cu and 0.10% Sb, with a highlight of 0.8m of 254 g/t Ag, 3.41% Cu and 0.46% Sb. Hole 26-468-23 returned 21.2m of 6.4% Zn+Pb (2.7% Zn and 3.7% Pb), 50 g/t Ag, and up to 2.6m of 14.2% Zn+Pb (1.9% Zn and 12.3% Pb), 195 g/t Ag, 0.22% Cu. The company completed a $12m financing in March, increasing funded drilling from 20,000m to approximately 67,000-75,000m. The strike length of pierced Deeper Cu-Ag mineralization increased from 430m to approximately 700m, and the Ballywire discovery is currently known to span 3.2km along a 6km prospective trend. Four rigs are active at Ballywire, with an additional rig at the adjacent 77.64%-interest Stonepark Project. The company projects follow-up drilling shortly and aims to continue unlocking the discovery's full potential.

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.

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.

Anteros Mobilizes to Havens Steady Copper-Gold-Silver Target and Provides Multi-Property Exploration Update

(CSE: ANT) Anteros Metals Inc. announced updates on exploration activities and corporate developments across its project portfolio, including the Seagull Project in Ontario and the Havens Steady, Knob Lake, and Strickland properties in Newfoundland and Labrador. At the Seagull Project, diamond drilling was completed with drill hole WM00-05EXT reaching a final depth of 1,449m, and WM08-27EXT was deepened to 1,200m, intersecting up to 0.558 g/t combined platinum and palladium over 1.0 metre, including 290 ppm copper and 1,655 ppm nickel. Trenching and channel sampling are underway at the 100%-owned Havens Steady property, where grab samples returned up to 2.17% copper, 21.3 g/t silver, and 0.22 g/t gold from mineralized float. At Knob Lake, historical iron resource estimates comprise 5.08 million tonnes grading 54.71% Fe (Measured and Indicated) and 643,800 tonnes grading 51.78% Fe (Inferred), while historical manganese resources are 588,000 tonnes grading 5.33% Mn (Measured and Indicated) and 127,000 tonnes grading 4.80% Mn (Inferred). The Strickland property hosts historical mineral inventories including 260,000 tonnes grading 195 g/t silver and 5.25% combined lead-zinc at the Main Zone, 15,000 tonnes grading 480 g/t silver and 2.0% combined lead-zinc at the Silver Hill Zone, and 750,000 tonnes grading 2.0% combined lead-zinc at the Main Extension Zone. The company projects that ongoing technical work, including geological modelling, geophysical inversion, and sampling, will refine exploration targets and support future drill targeting across its portfolio.

Juggernaut 10,000 Meter Inaugural Drill Program Commenced on New District Scale High-Grade Gold Silver Copper Rich Discovery at 100% Controlled Big One Property, Golden Triangle, B.C

(TSX-V:JUGR, OTCPK:JUGRF) Juggernaut Exploration Ltd announced that drilling has commenced on the newly discovered district scale gold, silver, copper rich system on the 100% controlled Big One property in the Golden Triangle, British Columbia. The fully funded 2026 inaugural drill program will consist of ~10,000 meters of drilling with two drill rigs designed to test the largest and most extensive veins hosted within the 22 km2 Eldorado zone. Surface samples from the Eldorado zone assayed up to 263.70 g/t AuEq or 8.48 oz/t AuEq, and channel cuts assayed up to 4.89 g/t AuEq over 5.21 m from more than 400 mineralized veins. The Whopper Vein returned grab samples assaying up to 43.94 g/t AuEq and channel sampling of 6.89 g/t AuEq over 4.00 meters, while the Big Mac Vein produced grab samples up to 113.92 g/t AuEq and a channel cut of 4.89 g/t AuEq over 5.21 meters. The Gold Dome Zone's XXXL Vein system delivered grab samples up to 139.21 g/t AuEq and channel cuts of 5.86 g/t AuEq over 3.00 meters. The company has granted 2,200,000 stock options to directors, officers and consultants at an exercise price of $1.61 for a ten-year period. The 5-year drill permit is valid until March 31, 2031, and the Canadian government committed $20 M to extend/improve the Galore Creek Road to within 15 km of the Big One property.

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

(CSE:ICG) ICG Silver & Gold Ltd. announced that Major Drilling International Inc. has arrived on site with the Schramm T455 track mounted Reverse Circulation drill rig and crew for the Tuscarora District in Elko County, Nevada. The company is preparing for its upcoming 3,000-meter Phase 1 Drill Program, with final site preparations underway over the next several days. Steven Sirbovan, President, CEO and Director, stated that drilling is on track to begin in the days ahead and initial assay results are anticipated in August. ICG controls 100% of the approximately 10,000-acre land package in the Tuscarora District, where extensive rock chip sampling, thousands of meters of reverse circulation and core drilling, and tens of kilometers of CSAMT geophysics have been completed. The Phase 1 Drill Program is designed to evaluate multiple priority targets identified through recent district-scale geological modeling, historical data compilation, and field review. The company's operational planning included access preparation, drill logistics, water sourcing, and site readiness ahead of mobilization. ICG's strategy is centered on advancing the Tuscarora District through systematic exploration and technical studies, building a district-scale geological model, and progressing the project toward resource definition and future development.

Mackay Gold & Silver Kicks-off Inaugural 20,000 Metre Program With Drilling Now Underway at the Comstock District, Nevada

(TSXV: MACK) (OTCQB: MKGSF) Mackay Gold & Silver Corp. announced that the first drill rig has been mobilized to site and the Company's initial 20,000-metre drill program has commenced at its 100%-owned Comstock District property in Nevada. The Phase 1 drill program consists of approximately 15,000 metres of Reverse Circulation ("RC") drilling and 5,000 metres diamond core drilling, with the RC drill rig arriving on site June 17th and the core drill rig scheduled to arrive in early August. The program is planned for between 80 to 100 drill holes with capacity to expand, including shallow RC drilling over a 1,000 m x 400 m area at Occidental South and deeper core drilling to test the depth projection of the Occidental-Brunswick Lode near the historic Sutro Dewatering Tunnel. The Occidental-Brunswick Lode is described as a 3-mile-long mineralized structure, with the historic Comstock district having produced an estimated 8.2 million ounces of gold and 192 million ounces of silver between 1859 and 1926 from lodes that averaged 35 g/t gold and 726 g/t silver. Majority of the RC drilling is planned with hole depths from 100 m to 250 m, and initial core drilling is designed to test at 100 m spacing. The company projects reporting of first assay results for late summer and looks forward to providing results and ongoing updates as the program advances.

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