The Silver Letter

Greenx Metals Limited Npv Di — Quarterly Activities Report June 2026

(ASX:GRX, LSE:GRX) GreenX Metals Limited announced its Quarterly Activities Report for the period ending and subsequent to 30 June 2026, highlighting the estimation of an Exploration Target at the Tannenberg Copper Project in Germany. The Exploration Target is estimated at 144 to 279 Mt at 0.9% to 1.4% Cu and 15 to 21 g/t Ag, for 1.3 to 3.9 Mt Cu and 69 to 188 Moz Ag. Historical extraction at Tannenberg produced 416,500 tonnes of copper and 33.7 million ounces of silver, predominantly during the 1930's to 50's. The mineralogy study, completed by SGS Lakefield on ten drill core samples, confirms that copper is predominantly hosted in chalcocite with additional bornite, chalcopyrite and covellite. At KGHM's operations in Poland, 30 Mtpa is processed at 1.6% Cu and 45 g/t Ag, achieving 89% copper and 86% silver aggregate recovery. The company reports that fieldwork is currently underway at the Eleonore North Project, targeting gold, tungsten and antimony mineralisation. The company projects that advances in processing technologies will be investigated, with potential to improve liberation and recovery of fine-grained copper sulphides relative to legacy flowsheets.

Impact Minerals Continues Lake Hope HPA Pilot Work as Silica Hill Discovery Grows

(ASX: IPT) Impact Minerals advanced its 80%-owned Lake Hope High Purity Alumina Project toward a definitive feasibility study during the June quarter after completing key processing optimisation work and starting its pilot plant program at Edith Cowan University. The company ended June with A$2.08 million cash after spending A$742,000 on exploration and evaluation and A$540,000 on corporate and administration activities. The pre-feasibility study outlined annual production of 10,000 tonnes of high purity alumina over a 33-year mine life, with a post-tax net present value at a 10% discount rate of A$1.165 billion, a 47.5% internal rate of return and pre-production capital of A$259m. The Kumarl prospect has an Exploration Target of 3.8 million tonnes to 4.3 million tonnes of sulphate clay containing 1.4 million tonnes to 1.7 million tonnes of sulphate of potash, with a September-quarter scoping study based on nominal annual production of 50,000 tonnes of sulphate of potash. Joint venture partner Kuniko (ASX: KNI) intersected mineralisation in all six holes of its first drilling program at the Commonwealth–Silica Hill gold–silver project and made a new discovery about 100m beyond the known Silica Hill deposit. The two deposits have existing inferred resources containing 88,800 ounces of gold and 3.3 million ounces of silver, plus zinc and lead, within about 250m of surface and remain open at depth and along strike. The company projects a maiden mineral resource estimate (MRE) for Salmon Gums later in 2026 and an MRE upgrade for Silica Hill targeted for December.

Mithril Silver and Gold Upgrades Copalquin Resource With Expanded District Drilling

(ASX: MTH) Mithril Silver and Gold has upgraded the Target 1 mineral resource estimate (MRE) at its Copalquin project in Mexico, increasing Indicated gold and silver content by 196%. The constrained and diluted Indicated MRE now contains 343,000 ounces of gold and 8.479Moz silver, or 464,000oz gold equivalent (AuEq), with a further 151,000oz AuEq classified as Inferred. Mithril finished June with A$7.3 million cash, is debt free, and has fully funded the remaining 12,000m of its 2026 drilling program. The Indicated MRE comprises 3.391 million tonnes grading 3.15 grams per tonne gold and 77.8g/t silver, while the Inferred component totals 1.436Mt at 2.23g/t gold and 73.6g/t silver. Exploration expenditure totalled A$3.4m during the quarter, and Mexican value added tax refunds contributed about A$940,000. The company retains an option to acquire the remaining 50% of Copalquin for US$10m before 7 August 2028. The company projects further drilling, economic assessment, and de-risking work for Target 1, as well as advancing initial drilling plans and permitting for the nearby La Dura property.

Broken Hill Mines Lifts Silver Output as New Ore Sources Gather Pace

(ASX:BHM) Broken Hill Mines lifted June-quarter silver production by 21.8% and zinc production by 7.0% as higher-grade Main Lode ore joined the established Western Min feed at its Rasp mine. The operation processed 119,320 tonnes, its highest quarterly volume since June 2020, while silver output reached 95,787 ounces, zinc output rose to 3,331t, and lead production eased 3.9% to 2,376t. The quarter generated A$9.1 million of operational cash flow from A$40.2m in customer receipts, leaving Broken Hill Mines with A$53m in total liquidity including A$34m cash. Rasp recorded 17 of the 20 highest ore-throughput days in its history during the quarter, then processed a record 50,075t in June to produce 49,700oz silver, 1,075t lead, and 1,380t zinc. The historical mineral resource estimate (MRE) for Pinnacles totals 6.0 million tonnes grading 13.5% ZnEq and 374g/t silver equivalent (AgEq), while its planned year-end update will incorporate about 31,000m of completed drilling. The Tailings Dewatering Plant remains on schedule for commissioning in early 2027, completing the three-project growth program supporting the ramp-up towards Rasp’s 750,000t annual processing capacity. The company projects a staged ramp-up of the Pinnacles mine through the remainder of 2026 and a planned expansion into the Consols South, Fishers, Rope Shaft, and Junction areas.

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.

Gold is Down 26%. Silver is Down 51%. What Does the Stacker Do Now?

Gold has experienced a significant decline of 26% from its January 2026 peak, while silver has plummeted by 51%. Despite this sharp pullback, the structural fundamentals supporting gold remain intact, highlighted by substantial central bank activity with 863 tonnes of gold purchased recently. This level of demand from central banks underscores a continued commitment to gold as a reserve asset, which should provide a floor for prices in the long term. Additionally, the gold-silver ratio is currently above its long-run average, indicating that silver may be undervalued relative to gold, which could attract investors looking for value. The ongoing silver deficits, now at six consecutive years, further suggest that supply constraints could support higher prices in the future. Investors should consider dollar-cost averaging as a strategy to mitigate volatility, allowing them to accumulate positions over time rather than attempting to time the market. This approach can be particularly advantageous in a fluctuating market environment. As we navigate these price movements, it is essential to remain focused on the underlying demand dynamics and macroeconomic factors that influence gold. Overall, while the current price action may seem discouraging, the structural case for gold remains robust, suggesting potential for recovery as market conditions evolve.

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.

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