The Silver Letter

Minaurum Extends High-Grade Quintera Vein at Depth With 5.95 M of 1,117 G/t Silver Equivalent; Europa Sur Returns 3.65 M of 888 G/t AgEq

(TSXV: MGG) (OTCQX: MMRGF) Minaurum Silver Inc. reported continued high-grade and wide-vein drill results from the Europa, Quintera, Travesia, and San Jose Vein Zones as part of its ongoing Phase II, 50,000-metre resource-expansion program at the Alamos Silver Project in Sonora, Mexico. Highlights include 5.95 m of 1,117 g/t silver equivalent (AgEq) at Quintera Vein Zone, including 2.40 m of 2,557 g/t AgEq (Hole AL26-215), and 3.65 m of 888 g/t AgEq at Europa Sur Vein Zone (Hole AL26-207). The historic Quintera mine produced an estimated 100 million ounces of silver with development reaching 16 levels to a depth of 500 m. The Europa vein inferred resource constitutes 26.5 Moz AgEq of the total (Europa + Promontorio + Travesia) resource of 55.2 Moz AgEq (34.8 Moz Ag, 35.6 Koz Au, 50.99 Mlbs Cu, 114.77 Mlbs Pb, and 237.80 Mlbs Zn). Drilling at San Jose intersected mineralization across a wide width of 8.5 m in Hole AL26-200 returning 111 g/t AgEq. The company projects further drilling of the Quintera and Travesia zones will include continually targeting down-plunge projections of the southwest-plunging shoots, and further drilling at San Jose will continue to define the resource potential along strike.

Trinity One Metals Provides Project and Corporate Update

(TSXV: TOM) (OTC: TOMXF) Trinity One Metals Ltd. announced an update on the Silver-1 Mine in Ecuador, including the establishment of a local project office in San Bartolomé to support community engagement, field logistics, technical coordination, sample handling, and planning for upcoming work programs. The company is preparing for a planned tailings sampling program, currently expected to commence in August 2026, and is in the process of selecting a contractor for this program. Trinity One has selected a contractor to complete a planned drone magnetic survey at Silver-1, with mobilisation expected within the next fortnight. The company also announced that its common shares will commence trading on the OTC Basic Market under the ticker symbol "TOMXF" effective July 9, 2026, replacing the previous symbol "ARJNF". Trinity One adopted a new equity incentive plan, approved by shareholders at the Annual General and Special Meeting held on June 18, 2026, which supersedes the previous 10% rolling stock option plan and allows for the issuance of various share units. The aggregate number of common shares reserved for issuance in respect of restricted share units, performance share units, and deferred share units granted under the compensation plan will not exceed 6,723,487 common shares, representing 10% of the total number of issued and outstanding common shares.

Glenstar Completes Shear-Wave Seismic Survey at Green Monster Project

(CSE: GSTR) (OTCQB: GSTRF) Glenstar Minerals Inc. announced the completion of the Terēan Shear-Wave Seismic Geophysical Survey at its Green Monster Project in Clark County, Nevada. The survey consisted of four (4) shear-wave velocity structure cross sections collected along 2,400 ft long arrays, extending from the surface to a 600 foot cross section depth. The Phase 2 program included six (6) holes drilled to depths from 500 feet to 585 feet, totaling ~3,320 feet of drilling across three (3) drill pads. Channel sampling across the exposed back of a raise off the main shaft returned 1.18 meters of 3.77% Cu, 3.06% Ni, 0.21% Co, and 6.83% Zn. Sampling of oxide and sulfide bearing boulders confirmed the presence of very high zinc (>10%) and silver (>200ppm), as well as copper, uranium, and lead. The Green Monster Property is comprised of 35 federal lode claims covering ~700 acres and is approximately 40 miles southwest of Las Vegas. The company projects that the results of the Terēan survey will allow for a better understanding of the geological structures and inform the next phase of drilling and exploration.

EraNova Metals Advances 2026 Exploration Program at Ruby Creek

(TSXV:NOVA) (OTCQB:STXPF) EraNova Metals Inc. announced that its 2026 summer exploration program is now underway at its 100%-owned, 29,700-hectare Ruby Creek Property near Atlin, British Columbia. The program includes geological mapping, prospecting, soil geochemical surveys, and ground geophysical surveys across priority target areas. The exploration builds upon recent discoveries at the Lakeview Gold-Silver System, Ruffner Copper-Gold Porphyry, and Silver Surprise Zone. The Adanac Molybdenum Project is advancing toward a NI 43-101 compliant Preliminary Economic Assessment. EraNova also holds the Big Ledge Zinc-Lead Project, located 57 km south of Revelstoke, BC, and the South Thompson Nickel Project in west-central Manitoba. The company projects further updates as results from the 2026 exploration program become available.

North Peak Secures On-Site Water Supply and Installs Pump, Clearing the Way for Diamond Drilling of the Prospect Mountain Sulphide Anomaly

(TSXV: NPR) (OTCQB: NPRLF) North Peak Resources Ltd. announced the installation of a water supply pump at its 100%-owned Prospect Mountain Mine Complex in Eureka County, Nevada, securing a reliable on-site source of water for its upcoming exploration drill program. The water rights lease allows the Company to extract approximately 4 million gallons per year, with the right to materially increase the amount of water leased as required for future programs and development. The upcoming exploration program will combine reverse circulation (RC) and diamond core drilling, targeting a previously identified 2 km sulphide anomaly. A maiden test hole drilled into the anomaly in December 2023 confirmed that sulphides are the most likely source of the approximately 2 km magnetotelluric (MT) anomaly mapped across the Property. The Plan of Operations covers part of the Property and entitles an operator to pursue surface exploration totaling 189 acres and underground mining of up to 365,000 tons per annum. The water well was drilled by the Erickson family in 2019 and is held under a Water Rights Lease with Solarljos, LLC, a company controlled by the Erickson family, which is a significant shareholder of North Peak (10%+ shareholder). The Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the lease is not more than 25% of the Company's market capitalization. The company projects that the secured water supply and newly installed pump will enable deeper diamond core drilling now being planned.

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.

Trilogy Metals Reports Second Quarter Fiscal 2026 Results and Provides Update on Federal Permitting Progress and Project Advancement

(TSX: TMQ) Trilogy Metals Inc. announced its financial results for the second quarter ended May 31, 2026, reporting a strong cash balance of $38.8 million and adjusted working capital of $38.3 million. The company recorded a net loss of $6.3 million for the three-month period ended May 31, 2026, and a net loss of $13.4 million for the six-month period ended May 31, 2026. The Arctic Project was accepted as a "Covered Project" under Title 41 of the FAST-41 federal permitting program on May 15, 2026, and federal permitting commenced with a Clean Water Act Section 404 permit application filed in April 2026. The 2026 summer field program at the Upper Kobuk Mineral Projects (UKMP) began on June 9, 2026, with two diamond drill rigs and plans for approximately 40 drill holes totaling a minimum of 5,400 meters. The company has a 2026 fiscal year budget totaling $22.5 million, including $5.0 million for corporate activities and $17.5 million for project activities at Ambler Metals. A strategic investment of approximately $35.6 million from the U.S. Department of War (DOW) was extended to July 31, 2026, and upon closing, the DOW would hold approximately 10% of Trilogy Metals' outstanding Common Shares. The company projects that the advancement of the Arctic Project under a coordinated federal permitting framework and an active field season positions Arctic to advance toward a potential construction decision.

Guardian Exploration Mobilizes Crews for 2026 Exploration Program at Mount Cameron Project, Yukon

(TSXV: GX) (OTCQB: GXUSF) Guardian Exploration Inc. announced that it has commenced mobilization for its 2026 exploration program at the Company's 100%-owned Mount Cameron Project, an exploration-stage silver-lead-zinc project located in the Mayo Mining District of central Yukon, Canada. The 2026 exploration program is officially underway, with crews and equipment mobilizing from Calgary to the Mount Cameron Project and field camp construction commencing immediately upon arrival. The project comprises 154 Yukon quartz mining claims covering approximately 3,017 hectares and is described as hosting both structurally controlled silver-lead-zinc vein mineralization and carbonate replacement (CRD) style mineralization. Historical drill results reported by Bullion Mountain Mining Ltd. (1974) for the Cameron occurrence include intersections such as 6.1 metres grading 286.99 g/t silver, 5.78% lead, and 26.5% zinc. Since acquiring the Project in 2021, Guardian has confirmed strong multi-element geochemical anomalies, expanded the known geochemical footprint, and identified additional prospective targets. The company expects camp construction and site preparations to continue throughout the coming weeks, after which exploration activities will ramp up across the property, including a planned 2026 diamond drilling program.

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.

Defiance Silver Completes Final Option Payment to Secure 100% Ownership of San Acacio

(TSXV: DEF) Defiance Silver Corp. has successfully completed the final option payment for the San Acacio mining concessions, securing a 100% interest in the San Acacio property at its Zacatecas Silver Project in Mexico. The final acquisition obligations were fulfilled through a concluding payment of US$2,300,000 (plus applicable taxes) to the local vendor. The San Acacio property covers the historic, silver-rich Veta Grande vein system, with numerous historic surface and underground workings along a 2 km strike length and exploration potential at depth to at least 335 metres. The company is currently completing a 10,000-metre drill program at the Zacatecas Project, and historic data includes 10,234.6 metres drilled in 44 holes and 233 trench and chip samples, with a further 10,000-plus metres in 32 holes completed between 2014 and 2019. Defiance has also acquired two additional surface land parcels within the concession area, totaling approximately 24 hectares. The vendor retains a 2.5% Net Smelter Returns (NSR) on the property, with a buy-back provision allowing Defiance to purchase the full 2.5% NSR for US$2,500,000. The company projects delivering an updated Mineral Resource Estimate at San Acacio and is assessing underground mining potential and base metals as an additional consideration.

Torex Gold Releases Results of Los Reyes Preliminary Economic Assessment

(TSX: TXG) (OTCQX: TORXF) Torex Gold Resources Inc. has released the results of a preliminary economic assessment (PEA) for its Los Reyes project in Sinaloa, Mexico, with an estimated after-tax IRR of 37.3% and after-tax NPV (5%) of $1,491 million, assuming long-term consensus metal prices of $3,600/oz gold and $50/oz silver. The PEA outlines a mine life of 14.4 years, with total mineralized material processed of 26,074 kt and average annual production of 134 koz AuEq, including 93 koz Au and 2,992 koz Ag. Initial capital expenditures are estimated at $515 million, with sustaining capital expenditures of $579 million and closure-related expenditures of $35 million. Average annual revenue is projected at $482 million and average annual EBITDA at $308 million, with a payback period of 1.9 years. The project is forecast to have average all-in sustaining costs (AISC) of $1,617 per oz AuEq sold and total cash costs (TCC) of $1,299 per oz AuEq sold. Construction is expected to commence in 2029 with first production in 2031, and the company intends to progress Los Reyes through a prefeasibility study in 2027 and feasibility study in 2028.

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.

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.

Share this edition

You received this because you subscribed to The Silver Letter. • thesilverletter.com • Unsubscribe

© 2026 The Silver Letter