The Silver Letter

Bayhorse Silver Underground Drilling Operations to Recommence After Wildfire Contained

(TSXV: BHS) (OTCQB: BHSIF) Bayhorse Silver Inc. announced that the drilling program, which was suspended on the afternoon of Friday July 24th due to a wildfire at Fox Creek, 7 miles north of the Bayhorse Mine, will recommence now that the wildfire in the Bayhorse Mine area has been extinguished. The company holds a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA, with a National Instrument 43-101 inferred resource of 292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver. The Bayhorse Mine is capable of processing at a mining rate of up to 200 tons/day and includes a state of the art 40 ton per hour Steinert Ore-Sorter that reduces waste rock entering the processing stream by up to 85%. The company has established an up to 60 ton/day mill and standard flotation processing facility in nearby Payette County, Idaho, USA, with an offtake agreement in place with Ocean Partners UK Limited. The wildfire started 7 miles (11 km) north of the Bayhorse Mine on Thursday and grew to 7,000 acres, with winds shifting and advancing the fire to overrun the Mine and threaten the town of Huntington. The company prepared for the possibility of a wildfire by extending the minimum 100 ft clearance required by US Mine Safety & Health regulation (MSHA) to 200 ft. The company projects that drilling operations will recommence immediately.

Lion Copper & Gold Announces Management Transition

(CSE: LEO) (OTCQB: LCGMF) Lion Copper & Gold Corp. announced that Douglas Stiles has transitioned from his executive management role with the Company and will continue to support Lion as a strategic advisor. Mr. Stiles has accepted the position of President of Silver Bow Mining Corp. The Company acknowledged Mr. Stiles' significant contributions to the advancement of the Yerington Copper Project. John Banning, Chief Executive Officer, stated that Doug has played an important role in advancing the Yerington Copper Project over the last three years. Under Doug's direction, the Company assembled a permitting team of high-caliber contractors and consultants with extensive, direct experience permitting mining projects in Nevada. The permitting program continues on schedule and without interruption. Mr. Stiles will continue to provide limited advisory support to the Company on strategic permitting, environmental and project development matters.

Minaurum Engages Dr. Paula Montoya and Launches Down-Hole Imagery Program to Enhance Geological Modeling of the Alamos Silver Project

(TSXV: MGG) (OTCQX: MMRGF) Minaurum Silver Inc. announced two complementary initiatives to advance its geological understanding of the high-grade Alamos Silver Project in Sonora, Mexico. The company has engaged Dr. Paula Montoya, Senior Economic Geologist and Research Fellow at the University of Tasmania's Centre for Ore Deposit and Earth Sciences (CODES), to undertake a comprehensive geological study of the Alamos district. Minaurum has also contracted PROINFRA Sistemas e Ingeniería of Hermosillo, Sonora, to conduct a down-hole optical televiewer survey on selected drill holes from the ongoing resource expansion drilling program. The down-hole imaging program is expected to examine approximately 20 drill holes totaling 7,000 metres, with emphasis on the Europa, La Quintera, and Travesia vein zones. The company is conducting an ongoing Phase II 50,000 m resource expansion drill program and anticipates completion of an updated resource estimate in the second half of 2026. Minaurum's Alamos project is described as 100% owned and production-permitted, and the company also holds the Lone Mountain CRD Project in Nevada, USA.

Glenstar Provides Review and Update of the Wildhorse Project Following Completion of Phase 1 Drill Program

(CSE: GSTR, OTCQB: GSTRF) Glenstar Minerals Inc. provided an update on exploration activities at its Wildhorse Project in Mineral County, Nevada, including the completion of multiple exploration programs and the submission of 860 drill samples for assay analysis. The company increased its land position at Wildhorse from 45 claims covering approximately 900 acres to 89 claims representing 720 hectares (1,780 acres). Initial rock chip sampling assay results returned 11.2 g/t of gold, 11.35 g/t of silver, and multi-percent copper up to 39%. The trenching program at the Coca Cola Zone involved two trenches exposing four bedrock cuts, with fourteen chip channel samples collected, each measuring ~1.5 metres per sample. The Phase 1 reverse circulation drill program included six holes at the Rattlesnake Zone and four at the Coca Cola Zone, with the total drill program expanded from 1,067 metres (3,500 feet) to approximately 1,311 metres (4,300 feet). The company expects to receive assay results in early August, subject to laboratory turnaround times. Management states that results to date continue to support their belief that Wildhorse may host a mineralized system with significant exploration potential.

Transition Metals Commences 2026 Exploration Program at Pike Warden Epithermal Gold-Silver and Porphyry Copper Project, Yukon

(TSXV: XTM) Transition Metals Corp. announces the resumption of field activities at its Pike Warden Project, a district-scale epithermal gold-silver and porphyry copper property located in southern Yukon. The Project covers approximately 41 square kilometres and is situated along the northern margin of the Bennett Lake Caldera Complex, one of Canada's largest collapsed volcanic centres. Previous sampling at the Saddles epithermal Au-Ag system targets returned values including 44.5 g/t Au, 491 g/t Ag, 59.6% Pb, 0.61% Cu, 0.35% Zn, and 59.66 ppm Mo. Exploration activities to date have included the collection of 2,380 rock and soil samples and the discovery of 33 polymetallic showings, with standout assays such as 48.1 g/t Au, 11,270 g/t Ag, 7.49% Cu, and 2.37% Mo. In October 2025, Transition completed two diamond drill holes at Copper Junction totaling 504 m, though no significant mineralization was encountered. Maiden drilling at the ERT Zone in 2022 returned percussion samples with highest values up to 468 g/t Ag, 0.19 g/t Au, 163.5 ppm Cu, and 1,150 ppm Zn over 1.5 metres. The company plans to refine drill targets for a planned RC program and follow up with petrographic analysis and additional core sampling activities.

Sunshine Silver Mining & Refining Announces Second Quarter 2026 Earnings Call

(NYSE: SSMR) Sunshine Silver Mining & Refining Company announced that it will report its unaudited second quarter 2026 financial results after market close on August 12, 2026. The Company plans to host a conference call and webcast on August 13, 2026 at 10:00 a.m. ET. Sunshine Silver Mining & Refining Company is advancing toward silver production from the Sunshine Mine in Idaho's Silver Valley. The Sunshine Mine is described as North America's highest-grade primary silver resource and is located in the most prolific silver district in U.S. history. Sunshine is the largest holder of mineral rights in the Silver Valley and controls a consolidated land position with significant exploration potential. The company is also evaluating additional value opportunities through silver/copper refining and antimony production. The live webcast and presentation slides will be available at www.sunshinesilvermining.com/investors/.

Pacifica Silver Identifies New High-Grade Aguilarena Mineralized Shoot at Claudia Project; Provides Exploration Update

(CSE: PSIL) (OTCQB: PAGFF) Pacifica Silver Corp. announced assay results from 14 additional holes in its ongoing Phase II 20,000-metre diamond drilling program at the 100% owned Claudia Silver-Gold Project in Durango State, Mexico. Highlights include 4.44 m @ 8.00 g/t Au and 65 g/t Ag (754 g/t AgEq) from 65.85 m in Hole 26CLAU115D, and 2.54 m @ 1.41 g/t Au and 866 g/t Ag (987 g/t AgEq) from 99.65 m in Hole 26CLAU112D. As of July 27, 16,278 m have been drilled in 71 holes, with the deepest hole reaching a vertical depth of 402 m. The Phase II program commenced in mid-January 2026 and is on track for completion in the third quarter of 2026. The company has increased the number of active drill rigs from two to three following restoration of water availability at the Project. The Claudia Project spans 11,876 hectares and encompasses most of the historic El Papantón Mining District, with only 10% of over 30 kilometres of known veins drilled to date. The company projects significant resource expansion potential, with mineralization open along strike and at depth, and plans further drilling and structural interpretation in the second half of 2026.

Mercado Minerals Intersects 0.80 Metres of 675 G/t Silver Equivalent Within 3.40 Metres of 403 G/t Silver Equivalent at El Pilar Vein Copalito Project

(CSE: MERC) (OTCQB: MRMNF) Mercado Minerals Ltd. announced drill results from its inaugural 3,000 metre diamond drill program at the Copalito Project in Sinaloa, Mexico. Highlight results include 0.80 metres of 9 g/t silver, 5.37 g/t gold, 1.65% lead and 10.05% zinc (675 g/t silver equivalent) within a wider 3.40 metre interval of 11 g/t silver, 3.53 g/t gold, 1.45% lead and 4.41% zinc (403 g/t silver equivalent) from 118.00 metres. Step-out drilling at the El Pilar Vein returned the two best mineralized intercepts at the target to date, with the vein defined by drilling over a strike length of 1,250 metres and a higher-grade area measuring approximately 400 metres in strike length by 200 metres down the dip plane. COP-26-023 intersected 8.00 metres of 103 g/t silver, 1.11 g/t gold, 0.18% lead, and 0.86% zinc (200 g/t silver equivalent). The four target veins have a mapped cumulative strike length of over 1,900 metres, with only seven drill holes to date testing the targets. Mercado Minerals Ltd. is a silver-focused exploration company targeting discoveries in Mexico's emerging Western Silver Belt, part of the Sierra Madre Occidental mining district. The company is advancing multiple projects across more than 3,000 hectares. The company projects future drill programs will focus on expanding higher-grade areas and vectoring towards potentially higher grades of mineralization.

Element 29 Receives Upgraded Five-Year Drill Permit Supporting Advancement of the Elida Porphyry Cu-Mo-Ag Project, Peru

(TSXV: ECU) (OTCQB: EMTRF) (BVL: ECU) Element 29 Resources Inc. announced that it has received an upgraded Permiso de Inicio de Actividades (PIA) drill permit from the Peruvian Ministerio de Energía y Minas (MINEM) for its ongoing diamond drilling program at the Elida Porphyry Copper-Molybdenum-Silver Deposit in central Perú. The new PIA drill permit authorizes up to 40 drill platforms over a five-year period, with recent regulatory changes providing a pathway to increase the permitted drilling capacity to up to 60 drill platforms through a DIA amendment. Drilling at Elida continues to progress, with two drill rigs currently operating and more than 4,885 metres completed as part of the planned 10,000-metre diamond drilling program. The Elida project has an initial pit-constrained inferred Mineral Resource Estimate of 321.7 million tonnes grading 0.32% Cu, 0.03% Mo and 2.61 g/t Ag at a 0.2% Cu cutoff grade. The company has also executed a five-year community Access Agreement. Element 29 has three early stage porphyry Cu projects in Perú, including the Flor de Cobre prospect situated 26 km from the Cerro Verde copper mine, as well as the Paka and Pahuay prospects. The company projects that the additional authorized drill platforms will allow it to expand its drilling footprint and systematically evaluate a cluster of five porphyry targets, supporting continued Mineral Resource growth.

Selkirk Copper Announces Upgrade to the OTCQX Best Market

(TSXV: SCMI, OTCQX: SKRKF) Selkirk Copper Mines Inc. announced that effective July 28, 2026, it has qualified to upgrade from the OTCQB® Venture Market to the OTCQX® Best Market. The Company's common shares will continue to trade under the OTCQX ticker symbol "SKRKF" and on the TSX Venture Exchange in Canada under the symbol "SCMI". Selkirk Copper controls 26,850 hectares of prospective mineral claims located in the Minto-Carmacks copper belt, as well as significant open-pit and underground infrastructure, a 4,100 tonne per day processing plant, and a 400-person full-rotation camp. Selkirk First Nation owns 4,740 square kilometers of Settlement Land, including 2,408 square kilometers where they own both the surface and subsurface, and indirectly holds a controlling equity stake in Selkirk Copper. The company is advancing the Minto copper-gold-silver mine toward a restart decision in 2027 and is completing a thorough exploration drilling campaign and a restart and redevelopment plan. The company projects integrating results from the remainder of its drill program into ongoing trade-off studies and implementing its business plans and objectives. Selkirk Copper's mineral tenure, operation infrastructure, access roads and powerline are located on or adjacent to Lands of the Selkirk First Nation in Yukon, Canada.

Star Gold Corp. Finalizes Summer 2026 Drill Program at Longstreet, Advancing Nevada Gold-Silver Project Toward Permitting and Development

(OTCQB: SRGZ) Star Gold Corp. announced it has finalized the design of its summer 2026 drill campaign at the wholly owned Longstreet Gold-Silver Project in Nye County, Nevada, and that earthwork to establish drill site access is underway. The campaign consists of a single 11-hole HQ core program intended to advance exploration, metallurgy, hydrology, and permitting simultaneously. The first hole is a vertical exploration water production well collared at the bottom of the canyon below the Main resource, and is the first water production well at Longstreet. Eight angled holes at -45 degrees will focus on resource definition and expansion within and adjacent to Main, and will also generate metallurgical test material. The remaining two are vertical holes near Main to be completed as monitor wells with piezometers, one of which will be drilled to a total depth of 800 feet and will represent the Company's first test of the Opal Ridge target at depth. The Longstreet Project spans approximately 2,600 acres, comprising 137 unpatented mining claims and 5 additional unpatented claims held under lease with an option to purchase. All recovered core will be logged, cut and stored in secure facilities in Tonopah, Nevada, with one quarter of each sampled interval bagged and transported directly from Tonopah to ALS Global in Reno for assay.

Exchange of Eureka for Rachaite and El Salto

(LSE/AIM:AJAX) Ajax Resources PLC announced that its wholly owned Argentine subsidiary, Ajax Salta S.A., has entered into a binding preliminary agreement with Madero Minerals S.A. for the proposed exchange of the Company's Puna Metals S.A. portfolio, including the Eureka Project and the recently expanded La Escondida 1 and La Escondida 2 exploration licences, for the Rachaite Prospect in the Province of Jujuy and the El Salto Project in the Province of Salta, Argentina. The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company's capital for exploration, resource definition and project advancement. The agreement includes a 90-day mutual due diligence period and a 120-day binding exclusivity period, which is extendable by mutual agreement. Historical technical reports for El Salto identified surface copper-silver mineralisation with rock-chip assay results of up to 3.53% Cu and 33.2 g/t Ag, and outlined an initial 750-metre diamond drilling programme. The original transaction for Rachaite contemplated the issue of US$20,000 of ordinary shares for the option, US$380,000 in cash upon exercise, a minimum exploration commitment of US$200,000, and a 1% Net Smelter Return royalty, which could be repurchased for US$250,000, representing an aggregate potential financial commitment of up to US$850,000. The Company has secured environmental approvals for Eureka, drilled the property for the first time in its history, expanded the licence package, and commenced permitting for a proposed alluvial gold operation. The Company projects that the Proposed Transaction may allow a greater proportion of available capital to be directed toward drilling, geophysics, geological modelling, resource definition, metallurgy, permitting and other value-generating technical programmes.

Iltani Resources Reports High-Grade Assays at Orient East Silver-Indium Target

(ASX: ILT) Iltani Resources has delivered high-grade assays for four reverse circulation holes at the Orient East target as part of a 110-hole campaign at its Orient silver-indium project. The best results included 9 metres at 66 grams per tonne silver, 12g/t indium, 1.7% lead, and 1.7% zinc (215g/t AgEq) from 61m, including 5m at 104g/t silver, 21g/t indium, 2.6% lead, and 2.5% zinc (334g/t AgEq) from 63m. Another intercept was 40m at 20g/t silver, 1g/t indium, 0.5% lead, and 0.6% zinc (66g/t AgEq) from 26m, including 11m at 31g/t silver, 2g/t indium, 0.7% lead, and 1% zinc (106g/t AgEq) from 35m. At Orient West, two drill holes returned a best result of 7m at 25g/t silver, 11g/t indium, 0.7% lead and 1% zinc (103g/t AgEq) from 20m. Iltani has completed 81 holes for a total of 15,485m at Orient East and Orient West. The company projects a strong flow of results in the coming months, with about eight weeks of drilling to complete and further exploration planned pending results of extension drilling and testing of other targets.

Barton Gold Reports Productive Quarter of Work Across South Australian Portfolio

(ASX: BGD) (OTCQB: BGDFF) Barton Gold reported a productive three months to the end of June, focusing on continued progress across its South Australian gold portfolio. Drilling at the Challenger project confirmed new mineralisation grading up to 170 grams per tonne gold at the main historic pit and up to 60g/t gold at Challenger West, with new open-pittable mineralisation discovered at Challenger South-Southwest and Challenger 3 targets. A definitive feasibility study (DFS) targeting an initial four-year Stage 1 ‘baseline’ operation showed the existing Challenger mill to be suitable for recommissioning and will incorporate a mineral resource estimate update, with release expected during the first quarter of 2027. At the Tunkillia gold project, a Phase 2 upgrade drilling campaign returned the highest-grade assays to date from the Area 51 and southern Area 223 zones, and the reverse circulation component was expanded to 40,000 metres during the quarter, alongside a 3,000m dual-rig diamond drilling campaign. Results are pending from 3,700m of follow-up drilling at the Tolmer high-grade silver discovery, where preliminary metallurgical trials yielded concentrates grading more than 100,000g/t (or 10%) silver from a simple gravity process. At end June, Barton had $31.9 million in cash, plus $4.5m in interest-bearing deposits posted as security for rehabilitation performance bond guarantee facilities, and spent $5.7m on exploration primarily focused on Tunkillia and Challenger resource upgrade drilling, feasibility programs, and analysis of the Tolmer discovery. The company increased its strategic diesel reserve to more than 250,000 litres—sufficient to meet all budgeted FY27 field programs and site requirements.

Bayhorse Silver Underground Drilling Operations Suspended Due to Wildfires

This announcement signals a material operational halt at Bayhorse Silver Inc.'s flagship mine due to a major wildfire, but omits any financial or production impact assessment. The company provides detailed operational and resource data, but no numbers on revenue, costs, or cash flow, leaving investors unable to gauge the severity of the disruption. The only forward-looking statement is a procedural update about site access, with no timeline for resuming drilling or production. Without disclosure of financial resilience or contingency planning, the investment relevance of this update is limited. Investors should treat this as a factual status report, not a signal of value creation or deterioration. The most important takeaway is the lack of visibility on operational and financial consequences from the wildfire, pending further updates.

Americas Gold and Silver Corporation Announces Second Quarter Production

(TSX: USA) Americas Gold and Silver Corporation announced consolidated silver production of 665,000 ounces for the second quarter of 2026. The Company sold 624,000 ounces of silver during the quarter, with consolidated lead production at 2.3 million pounds, copper production at 850,000 pounds, and antimony production at 97,000 pounds. The unaudited consolidated cash balance as at June 30, 2026 was US$89 million. The No. 3 Shaft upgrades at the Galena Complex increased total hoisting capacity by approximately 150% and skipping payloads by 40%. During the second quarter, the Company eliminated over US$85 million in variable future debt obligations. The company projects full-year 2026 silver guidance of between 3.2 to 3.6 million ounces at all-in sustaining costs of US$30-US$35 per ounce, with production weighted to the second half of the year and associated lower costs.

Silver Acadia Reports Additional High-Grade Silver-Gold Results and Completed a Geological Study for Future Drill Targets

(CSE: SLA) Silver Acadia Exploration Inc. announced additional high-grade assay results from the Phase 1 drill program at the Hachey Zone on its flagship Nicholas-Denys Project. The company reported assay highlights including 0.95 m @ 1,210.1 g/t Ag, 4.6 g/t Au, 4.82% Zn and 5.38% Pb (0.95 m @ 1,426.9 g/t AgEq) in hole ND26-007A, and 3.85 m @ 71.4 g/t Ag, 0.2 g/t Au, 2.24% Zn and 0.91% Pb in hole ND26-009. The structural study by Terrane Geoscience Inc. identified a mineralized corridor extending approximately 3 kilometres, with multiple connected zones grading over 100 g/t Ag, and confirmed that the principal silver-gold-zinc mineralization is structurally controlled. The company controls more than 250 km² of prospective mineral claims in New Brunswick, Canada, and the drilling campaign at the Hachey Zone commenced in January 2026. The company projects that additional drilling and geological work are required to confirm the continuity and extent of the mineralized corridor and to better understand and target higher-grade gold mineralization across the Hachey system. The study also identifies a potential third and younger gold-bearing mineralization event that may overprint the two earlier silver-rich systems. All assay values are uncut, and intervals reflect drilled intercept lengths; true widths have not been determined as the mineralized body remains open in all directions.

Sunrise Resources: New Copper-Silver-Gold Project, Nevada

(LSE: SRES) Sunrise Resources Plc announced it has established a new copper-silver-gold project in Nevada, USA, named the Lake Copper-Silver-Gold Project, after securing a lease & option to purchase agreement over a mining claim and staking a further ten adjacent mining claims. Drill intersections include 50m grading 0.73% copper, 31g/t silver and 0.2g/t gold from surface, with company surface samples assaying up to 198g/t silver, 0.13% copper and 0.3g/t gold. The project is located at the south-west end of the Humboldt Range, 98km east-northeast of Reno, with access from Interstate Highway I-80 and Highway 95. The lease/option agreement includes a 7-year term (extendable to 21 years), a nominal payment of US$100 on signing, annual payments starting at US$5,000 and rising to $20,000, a 2% NSR royalty (buyable for US$500,000), and an option to purchase the claim for $150,000. Fourteen shallow holes (mainly <100m deep, max 150m) were drilled in the claim area by Utah International in the 1980s, with significant intersections including hole MH-4. The company is targeting an intrusion related copper-precious metals deposit and plans next steps including geophysical surveying and follow up drilling as resources allow. Management states that the path forward for this project is clear with the next steps already defined.

Orestone Advances Exploration at Tom East and Kelly Gold Zones on the Francisca Gold Silver Property in Salta Province Argentina

(TSXV: ORS) Orestone Mining Corp. announced that follow-up exploration is underway at the recently discovered Tom East and Kelly gold zones along the Francisca Gold Trend. The Francisca Gold-Silver Project covers 23 square kilometres and is located in Salta Province, northwestern Argentina, approximately 80 kilometres northwest of the city of Salta. The Francisca Gold Trend now covers a northwest strike length of 1500 metres, with a 1700 metre long by 500 to 700 meter wide induced polarization (IP) chargeability anomaly of 7.9 mV/V. During the recent Phase I exploration program, hand trench sampling at Tom East yielded 4.45 g/t gold over 21 metres in Trench 6B. At the Kelly Gold Zone, mapping and sampling defined a 50 metre wide quartz-limonite vein stockwork zone grading 0.37 g/t gold and 2.15 g/t silver. The Captain Gold-Copper Project in British Columbia, Canada is 100 percent owned by the company and is permitted for 79 drill locations. The company projects that its near-term objective on the Francisca Gold Project is to define an oxide gold deposit mineable by open pit methods.

Mexican Gold Mining Corp. and Alcon Silver Corp. Complete Arrangement to Create Platauro Metals Corp., a Diversified Precious Metals Exploration Company

(TSXV: PURO) Platauro Metals Corp. announced the successful completion of its plan of arrangement, acquiring all issued and outstanding common shares of Alcon Silver Corp. in exchange for Platauro shares, resulting in former Alcon shareholders holding approximately 53% of Platauro on a non-diluted basis. A total of 40,797,830 Consideration Shares were issued to Alcon shareholders at a deemed price of approximately $0.27 per share, for aggregate deemed consideration of approximately $10,879,640. The company completed a consolidation of its outstanding common shares on a 1.6667-for-one basis and changed its name from "Mexican Gold Mining Corp." to "Platauro Metals Corp.". Platauro also completed a non-brokered private placement of 11,495,000 subscription receipts at a price of $0.20 per Subscription Receipt for aggregate gross proceeds of $2,299,000. Each Warrant issued in the financing entitles the holder to acquire one common share at an exercise price of $0.30 per share for a period of thirty (30) months following the closing date. The net proceeds of the Concurrent Financing will be used for exploration of the Princesa project, exploration of the Rowdy claim at Tatatila, legal fees associated with the Las Minas claims dispute, and for general corporate and working capital purposes. The company projects growth, development and exploration activities at the Las Minas and Princesa projects.

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