The Silver Letter

Silverco Mining Begins Underground Development at Cusi, Restart Remains on Budget and on Schedule

(TSXV: SICO) Silverco Mining Ltd. provided an update on restart activities at its 100% owned Cusi Property in Chihuahua, Mexico, reporting that overall restart progress is approximately 68% complete and the Company remains on budget and schedule to deliver first concentrate in Q4 2026. The Cusi restart capital budget is US$19.2 million, with more than 240 Silverco and contractor personnel working at Cusi and 192,900 exposure hours worked with zero lost time injuries in 2026. Refurbishment of the Mal Paso process plant is over 65% complete, and the crushing circuit is approximately 89% complete. The 2026 PEA outlined average annual silver equivalent production of approximately 2.5 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 and IRR of 94.8% at a silver price of US$44.58/oz, and an after-tax NPV of US$312.2 M and IRR of 186.9% at US$75.00/oz. The payback period is projected at 0.9 years at US$44.58/oz and 0.5 years at US$75.00/oz. The company projects first concentrate production in Q4 2026 and targets becoming a 10 million ounce per year silver equivalent producer within three years. Exploration drilling is ongoing, targeting the high potential San Miguel and San Juan deposits.

Arizona Eagle Mining Corp. Announces the Commencement of Trading on the OTCQB Market Under "AZEMF"

(TSXV: AZEM) (OTCQB: AZEMF) Arizona Eagle Mining Corp. announced that the Company's common shares have commenced trading on the OTCQB Venture Market under the symbol "AZEMF". The Company is currently in the process of applying for DTC Eligibility. Arizona Eagle's principal asset is the Eagle Project, a 4,169-acre property comprised of patented and unpatented claims located near the town of Prescott Valley in Yavapai County, Arizona. The Eagle Project is centered on the past-producing McCabe Mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "AZEM". The Company is focused on advancing the McCabe Gold and Silver Mine and executing strategic silver mine acquisitions. The Company is also in the process of applying for DTC Eligibility.

Grande Portage Resources Announces Acceptance of the New Amalga Gold Project to the Covered Projects FAST-41 Program

(TSXV:GPG, OTCQX:GPTRF) Grande Portage Resources Ltd. announced the acceptance of the New Amalga Gold Project as a "Covered Project" in the Federal Permitting Improvement Steering Council's FAST-41 program on July 30, 2026. The company holds a 100% interest in the New Amalga property, which is situated approximately 25 km north of Juneau, Alaska. The updated NI#43-101 Mineral Resource Estimate (MRE) reports an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes) and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes). The MRE also includes an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes) and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024. The project lies within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold. The company projects advancement of the Project, including the proposed path to production timeline, economics and timing of the Environmental Impact Statement.

Assessment Fee Payments & Indigo Capital Repayment

(AIM: PXC) Phoenix Copper Limited announced that following the completion of the recent fundraise, it has paid the assessment fees of its unpatented mining claims in Idaho, thereby securing the unpatented holdings for another calendar year. The company also confirmed that it has repaid in full the principal amount owed to Indigo Capital LP, discharging all contractual obligations under the convertible loan agreement announced on 4 December 2025. Phoenix Copper Limited holds an 80% ownership stake in the Empire Mine, located in the historic Alder Creek mining district near Mackay, Idaho. In May 2024, the company published its inaugural mineral reserve statement for the Empire Open-Pit Mine, reporting Proven and Probable mineral reserves of 10.1 million tonnes containing 109,487,970 lbs of copper, 104,000 oz of gold, and 4,654,400 oz of silver. The reserve represents a combined 66,467 tonnes of copper equivalent metal and was estimated using assay data from 485 drill holes. The company's land package at Empire spans 8,434 acres (34 sq km). The company projects more operational updates in the coming weeks.

Alma Metals Reports Consistent Copper Mineralisation in First Three Infill Holes at Briggs

(ASX: ALM) Alma Metals has received assays for the first three holes of a major pre-feasibility study infill drilling campaign at its Briggs copper-molybdenum-silver project in central Queensland. The campaign features 41 holes for a total of 12,500 metres alongside 1,250m of exploration drilling, aiming to upgrade a portion of the mineral resource estimate from Inferred to Indicated. Most assays were in the range of 0.15% to 0.2% copper, with some zones demonstrating up to 0.25% copper. Briggs hosts a current resource of 73 million pounds of molybdenum and 16.5 million ounces of silver in the Indicated and Inferred categories. Alma has completed seven holes to date and expects to continue drilling into the first half of 2027 to convert most of the remaining inferred resource to the indicated category. The company has appointed consultants to manage environmental baseline surveys and will be engaging specific consultants to undertake critical components of these surveys. Alma managing director Dr Frazer Tabeart said the first batch of assays is entirely in line with expectations based on grade predictions from the current resource model.

Lumina Metals Reports on 2026 Drilling at Its Three Projects in Poland

(TSX:LMCU) Lumina Metals Corp. announced an update on its 2026 drilling program at the Nowa Sól, Sulmierzyce, and Mozów projects in western Poland. The company has planned approximately 8,200 meters of drilling in four holes at Nowa Sól, with two rigs currently operating and the first hole completed at a target depth of 1,900 meters. At Sulmierzyce, Lumina has completed five drill holes across its 169km 2 exploration concession and validated results from seven historical drill holes, releasing a maiden NI 43-101 Compliant Inferred Mineral Resource of 308 Mt grading 2.09% copper and 31.85 g/t silver, containing 6.4 Mt of copper and 315 Moz of silver. The Mozów concession, located 35 km northwest of Nowa Sól, covers 93km 2 and has six historical drill holes, two by Lumina, with mineralization ranging from 1.10% to 3.86% copper and 8 to 52 g/t silver. Adrian Karolko, P.Geo., has been appointed VP, Exploration, succeeding Leo Hathaway. The company plans to complete one additional hole at Mozów within the upcoming year to expand resource potential. The company projects additional drilling updates and assay results later this year.

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.

AbraSilver Intersects 109 Metres of 221 G/t Silver and 0.72 G/t Gold at Oculto West, Including 14 Metres of 580 G/t Silver

(TSX: ABRA) (OTCQX: ABBRF) AbraSilver Resource Corp. reported new assay results from its ongoing Phase VI drill program at the wholly-owned Diablillos project in Argentina. Hole DDH 26-036 intersected 109.0 metres grading 221.2 g/t silver and 0.72 g/t gold from 114.0 m downhole at Oculto West, including a higher-grade interval of 14.0 m at 580 g/t silver and 0.23 g/t gold. The same hole also encountered 7.6 m of 0.73% copper from 240.5 m and 15.0 m of 0.54% copper from 269.0 m beneath the oxide zone. Hole DDH 26-022 along the JAC-Oculto trend intersected 63.0 m grading 32.8 g/t silver from 60.0 m, including 11.0 m of 101.4 g/t silver. The most recent tank and heap leach Mineral Resource estimate for Diablillos, as of April 30, 2026, shows Measured & Indicated Oxides of 231,981,000 tonnes grading 33 g/t silver and 0.34 g/t gold, containing 248,053,000 oz silver and 2,542,000 oz gold. Following completion of the DFS in June 2026, the Project hosts Proven and Probable Mineral Reserves of 77.9 Mt grading 146 g/t silver equivalent, containing 184 Moz of silver and 1.8 Moz of gold (366 Moz AgEq). The company projects that these results will support expansion of the precious metals Mineral Resources in the oxide zone and will be incorporated into an updated Mineral Resource estimate.

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.

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