The Silver Letter

Silver Pony Announces Investor Relations and Market Awareness Engagements and Appointment of VP of Exploration

(CSE:PONY) Silver Pony Resources Corp. announced the completion of its previously announced transaction with Silver Pony Trout Lake Resources Corp. and the engagement of various investor relations and market awareness service providers. The Company entered into consulting agreements dated July 23, 2026, with Hudson Good ($6,500 per month + GST for three months, extendable) and Darwin Ritchie ($5,000 per month + GST for three months, extendable) for investor relations services. Additional agreements include Stewart Hemingson ($2,000 per month plus $35 per hour for out-of-scope work for twelve months, auto-renewing), Robert Sinn (one-time fee of USD$20,000.00 for six months), and Triple Bull Consulting Inc. ($1,500.00 per month + GST, month-to-month). The Company appointed Chris Furey as Vice President of Exploration, who brings over 13 years of mineral exploration experience across North America and internationally. Silver Pony Resources Corp. is focused on its 100% owned, approximately 37,000-hectare, fully drill permitted Silver Pony Project located in the area of Trout Lake, B.C. The Company is listed on the CSE under the symbol "PONY", on the OTC Market under the symbol "CCCFD", and the Frankfurt Exchange under the ticker "BJ4". The company projects that the investor relations activities and proposed services are subject to the acceptance of the Canadian Securities Exchange (the "CSE").

Silver Pony Announces Final CSE Approval, Resumption of Trading, and the Official Launch of 2026 Drilling Having Commenced at the Company's Primary High-Grade Silver Targets

(CSE:PONY, OTC:CCCFD) Silver Pony Resources Corp. has acquired all of the issued and outstanding shares of Silver Pony Trout Lake Resources Corp. pursuant to a three-cornered amalgamation in accordance with Section 269 of the Business Corporations Act (British Columbia). The Company issued an aggregate of 49,447,040 Shares to the former shareholders of SPTLR, representing approximately 65% of the issued and outstanding Shares of the Company following completion of the Transaction. The Company expects to pay aggregate finder's fees to certain arm's length finders comprised of $110,000 in cash and 2,200,000 Shares at a deemed price of $0.20 per Share. The common shares of the Company are anticipated to commence trading on the Canadian Securities Exchange on July 24th, 2026, under the symbol "PONY". The Company has disposed of its interests in the Quesnel Gold Project and the Nicola East Project for nil consideration. The Silver Pony Project comprises 37 contiguous mineral tenures totaling 37,022.88 hectares in southeastern British Columbia, within the Slocan Mining District and Revelstoke Mining District. The Company has launched a redesigned website and updated corporate investor presentation.

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.

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.

Y’all Street Physical Gold and Silver ETFs Begin Trading on Nasdaq With Texas Precious Metals as Sole Custodian

The launch of the Y’all Street Physical Gold ETF and the Y’all Street Physical Silver ETF on Nasdaq marks a significant development in the gold market, as these are the first physically-backed bullion ETFs to store 100% of their assets on American soil. This move could enhance investor confidence in the security and accessibility of their gold holdings, potentially driving increased demand for gold as a safe-haven asset. With Texas Precious Metals as the sole custodian, the emphasis on domestic custody may appeal to investors concerned about geopolitical risks and the stability of foreign custodians. As these ETFs begin trading, we may see shifts in ETF flows, which have historically been a key driver of gold prices. Increased participation in these new funds could lead to upward pressure on gold prices, especially if they attract significant inflows from both retail and institutional investors. Furthermore, the establishment of these ETFs could signal a broader trend towards physical gold investment, reinforcing gold's role as a hedge against inflation and currency fluctuations. Investors should closely monitor how these developments influence market sentiment and overall demand dynamics. The interplay between rising ETF interest and prevailing macroeconomic factors, such as interest rates and inflation, will be crucial in determining gold's price trajectory in the coming months. Overall, the introduction of these ETFs could be a pivotal moment for gold, potentially reshaping the landscape of gold investment in the U.S.

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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