The Silver Letter

Metalsource Mining Extends Strike Length of Mineralization at Silver Hill With 65m South Step Out From SH26-19

(CSE: MSM) (OTCQB: MSMMF) Metalsource Mining Inc. announced that drill hole SH26-27 has intersected approximately 15 metres (core length) of polymetallic mineralization, extending the known Silver Hill system approximately 65 metres south of Hole SH26-19 and representing the southernmost drill intercept reported by the Company to date. The target horizon comprises approximately 15 metres of widespread sphalerite and galena dominant polymetallic mineralization, including an internal interval of approximately 3.5 metres of semi-massive to massive sulphides. Laboratory assays remain pending for SH26-27 and several additional drill holes completed as part of the Company's ongoing exploration program. The Silver Hill property is 1,225 acres located in Davidson County, North Carolina, and currently known mineralization extends to 550m from surface. Metal recoveries used in the AgEq calculation are Au: 95.5%, Ag: 92.9%, Pb: 89.2%, Zn: 93.8% and Cu 90.8%, with metal values from the 200-day moving average values from 2/6/2026: PAu= $124.5/g, PAg= $1.58/g, PCu= $4.9/lbs, PPb=$0.90/lbs, PZn=$1.11/lbs. The company targets an inaugural mineral resource estimate currently targeted for early 2027. Mobilization of the Company's second drill rig remains on schedule, and Metalsource is assessing opportunities to expand its land position in prospective areas identified through geological and geophysical analysis.

First Majestic Announces Q2 2026 Financial Results and Quarterly Dividend Payment

(NYSE: AG) (TSX: AG) First Majestic Silver Corp. announced its unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2026, reporting revenues up 57% year-over-year to $415.5 million. Net earnings for the quarter were $109.4 million, with earnings per share ("EPS") of $0.22, and free cash flow of $194.6 million after paying $46.8 million in cash income taxes. The company ended the quarter with $1,252.7 million in treasury, a 34% increase compared to $937.7 million at the end of 2025, including $159.4 million held in restricted cash. Silver and gold production increased by 3% and 2% respectively, to 3,799,823 silver ounces and 34,660 gold ounces, while finished goods inventory included 1,007,450 silver ounces and 4,730 gold ounces valued at $78.0 million. Cash costs and All-in Sustaining Costs ("AISC") per attributable payable AgEq ounce for the quarter were $18.06 and $25.68, respectively, both below guidance. The company declared a cash dividend of $0.0152 per common share for the second quarter of 2026, a 217% increase year-over-year, and purchased and cancelled 1,200,000 common shares for US$22.7 million at an average price of CAD$26.18 per share. The company projects continued operational efficiency and margin expansion, with management targeting further improvements in production and financial performance.

Eureka Completes First Comprehensive Exploration Program at Cabin Lake With Assays Pending

(CSE: ERKA) (OTCQB: UREKF) Eureka Metals Corp. announced the successful completion of its 2026 geological mapping, prospecting and soil sampling program at its 100%-optioned Cabin Lake Silver-Lead-Zinc-Gold Project in central British Columbia. The program was completed between July 3 and July 14, 2026, and included the collection of 622 soil samples and 96 rock samples for laboratory analysis. Field observations documented widespread epithermal-style veining, hydrothermal alteration, and favourable structural settings across priority target areas. The company clarified that 250,000 common shares have now been issued as part of the option agreement for the KM98 Project, with an aggregate share consideration of 1,750,000 common shares required to earn the initial 50% interest in the KM98 Project. Assay results, updated geological maps, and a refined geological interpretation are expected following completion of laboratory analysis. The company also intends to complete an induced polarization ("IP") survey later this year, with results expected to further refine drill target selection. Eureka Metals Corp. holds a 100% interest in the Tyee Titanium Project in Québec and an option to acquire a 100% interest in the Cabin Lake Polymetallic Project in British Columbia.

T2 Metals Commences Drilling at Aurora Gold-Silver Project, Yukon, Canada

(TSXV: TWO) (OTCQB: TWOSF) T2 Metals Corp. announced that drilling has commenced at its Aurora Gold-Silver Project in the Yukon's Tombstone Gold Belt, one of North America's most prolific gold regions. This is the Company's first drill program in the Yukon and the first drilling at Aurora in over 15 years. Approximately 20 holes for 1,400 m are planned in this initial phase, targeting multiple shallow zones in the vicinity of three known mineralized areas: TK, JC, and Rainbow (the Anaconda prospect). Aurora covers a district-scale 76 km² land package in the Yukon's Dawson Mining District, first staked by Shawn Ryan in 2004. The project has seen less than 3,000 m of historical drilling in total. Drill cuttings are being analyzed in the field using a portable XRF unit, and a downhole viewer is being used to assess structural controls on mineralization. The company projects that the commencement of this program represents a significant and long-awaited step to unlock the Project's exploration potential.

Independence Gold Discovers New Dixie Vein Returning 2.8 G/t Gold and 12.54 G/t Silver Over 11.40 Metres at the 3Ts Project, BC

(TSXV: IGO) (OTCQB: IEGCF) Independence Gold Corp. announced the discovery of the Dixie Vein, a previously unknown blind epithermal vein system at its wholly owned 3Ts Gold and Silver Project in British Columbia. The 3Ts Project comprises thirty-one mineral claims covering approximately 35,486 hectares in the Nechako Plateau region, situated approximately 185 kilometres southwest of Prince George, British Columbia. Discovery hole 3TS-26-29 intersected 11.40 metres grading 2.80 grams per tonne gold and 12.54 grams per tonne silver, including 1.99 metres grading 6.94 grams per tonne gold and 25.13 grams per tonne silver. The lower polymetallic zone returned 14.19 metres grading 0.43% lead and 1.37% zinc, including 1.31 metres grading 3.05% lead and 13.15% zinc. A significant update to the mineral resource estimate for the 3Ts Gold and Silver Project was completed in the fourth quarter of 2025, reporting a total indicated resource of 2,794,000 tonnes at 3.18 g/t gold and 82.35 g/t silver, and a total inferred resource of 2,962,000 tonnes at 3.14 g/t gold and 73.27 g/t silver. Approximately 10,000 metres of diamond drilling have been completed in the 2026 spring exploration program, with assays still pending from several additional holes. The company plans a summer exploration program followed by a fall drill program.

Meridian Mining Plc — Smelter Tests Return High-Quality Blister Copper

(LSE: MNO) Meridian Mining plc announced that laboratory-scale smelting and converting tests of Cabaçal copper sulphide produced high-quality blister copper grading 98.9% Cu, 95.2 g/t Au, and 387.6 g/t Ag. The blister copper was produced from concentrate samples from the Cabaçal copper-gold-silver project in Mato Grosso, Brazil, and processed at Kingston Process Metallurgy in Ontario, Canada. The smelting tests demonstrated very low minor-element impurity levels, outperforming typical industry anode copper, and achieved high recoveries of copper, gold, and silver. The Pre-feasibility Study technical report dated March 31, 2025, outlines a base case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248 million, with capital repayment in 17 months. Cabaçal's Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper, and 1.64g/t silver. The company projects a low All-in-Sustaining-Cost of USD 742 per ounce gold equivalent and a production profile of 141,000 ounces of gold equivalent life of mine. Meridian continues to engage in off-take discussions with a range of potential counterparties and is advancing Cabaçal's DFS towards completion and project finance preparation.

Alien Metals Limited Npv Di — Elizabeth Hill Diamond Drilling Complete

(AIM: UFO) Alien Metals Limited, a minerals exploration and development company, announced the successful completion of 14 diamond drill holes totaling 2,015.7m at the Elizabeth Hill Silver Project in the Pilbara region of Western Australia. The program tested deeper targets beneath the mine, completed follow-up drilling north and west of the current Mineral Resource Estimate (MRE), and undertook infill drilling within the Elizabeth Hill MRE block model released April 2026. Previously reported diamond core assays included significant silver intercepts of 3m @ 524g/t Ag from 183m, including 1.5m @ 1,039g/t Ag from 184.5m in 26WCDD029. Alien holds a 30% interest in Elizabeth Hill and 30.5 million shares in West Coast Silver, representing an approximate 8.7% interest in the issued share capital of West Coast Silver. All assay results are expected to be returned in August 2026, and results will support an updated JORC (2012) Mineral Resource Estimate and provide the basis for economic studies to evaluate potential development options. Further diamond drilling is planned for H2 2026. Alien's principal iron ore focus is the advancement and development of its 90%-owned Hancock Iron Ore Project in the central Pilbara region of Western Australia, which contains a JORC-compliant resource of 8.4Mt at 60% Fe and is targeted to deliver a mining operation of 2Mtpa for 10 years.

Barton Gold Extends Tunkillia Resource Upgrade With Broad Gold Assays

(ASX: BGD) (OTCQB: BGDFF) Barton Gold has reported further broad gold intersections from Phase 2 resource upgrade drilling at its Tunkillia gold project in South Australia, with results infilling Area 223 North and the southern end of the main Area 223 optimised open pit. The expanded reverse circulation program is about 40,000 metres and is nearing completion, with a large number of assays still pending. Reported results include 29m at 1.24 grams per tonne gold from 48m with 4m at 4.08g/t, 22m at 0.93g/t gold from 44m with 4m at 2.82g/t, 16m at 0.84g/t gold from 183m, 20m at 1.24g/t from 205m with 3m at 3.87g/t, 19m at 1.34g/t gold from 149m including 4m at 2.85g/t, and 16m at 1.15g/t from 134m. The May 2025 Optimised Scoping Study (OSS) outlined annual production of about 120,000 ounces of gold and 250,000oz silver, with total life-of-mine operating cash of about A$2.7 billion on an unlevered, pre-tax basis. The S1 and S2 pits were modelled to produce 365,000oz gold and 923,000 oz silver during the first 27 months, generating about A$1.3bn in operating free cash at assumed gold and silver prices of A$5,000 and A$50/oz. Barton expects the completed program to support gold and silver Mineral Resource upgrades ahead of a pre-feasibility study (PFS) targeted for the first quarter of calendar 2027. Work supporting the PFS includes resource upgrade and diamond drilling, environmental and cultural heritage surveys, geotechnical and metallurgical analysis, and studies covering tailings storage, other infrastructure and potential renewable energy options.

Litchfield Minerals Advances Belt-Scale Harts Range Copper-Nickel Model

(ASX: LMS) Litchfield Minerals advanced a belt-scale copper-nickel exploration model across the Harts Range after June quarter technical work linked a deep conductor beneath Blackadder-Baldrick with wider regional structures and mineralising pathways. The BHP Xplor Program integrated high-resolution magnetotelluric (MT), seismic reflection, gravity, structural and isotopic datasets to reframe the corridor into a district-scale mineral system. At Oonagalabi, 11 reverse circulation holes totalling 1,772 metres and three diamond holes totalling 1,218m confirmed broad copper-zinc mineralisation in the Main Zone. Litchfield reported $4.603 million cash at 30 June and spent $1.116m on exploration during the quarter, including $1.032m at Oonagalabi, $70,000 at Silver Valley, and $14,000 on general exploration activities. Phase 3 drilling at Oonagalabi returned a standout interval of 68.26m at 0.62% copper, 1.44% zinc, and 4.3 grams per tonne silver from 10m, including 19.66m at 0.66% copper, 2.58% zinc, and 5.6g/t silver from the same depth. The company projects completion of a combined MT and gravity survey near Oonagalabi in mid-to-late August, supported by up to $100,000 in Northern Territory Geological Survey co-funding. Rock chip sampling at Silver Valley returned up to 378g/t silver, 0.91g/t gold, 5.04% copper, and 44.9% lead.

Zacatecas Silver Closes the First Tranche of Non-Brokered Private Placement

(TSXV: ZAC | OTCQB: ZCTSF) Zacatecas Silver Corp. has closed the first tranche of its previously announced non-brokered private placement by issuing 21,074,201 Units at $0.07 per Unit for gross proceeds of $1,475,194.07. Each Unit consists of one common share and one Common Share purchase warrant, with each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.09 for a period of two years from the closing date. The Company paid total finders fee of $66,933.58 and issued a total of 956,194 nontransferable share purchase warrants to finders, each exercisable at $0.09 for two years. Proceeds of the Offering will be used to fund the Company’s planned maiden drill program at the Oso Negro project in Sonora, Mexico, and continued exploration across the Company’s six-project Mexican portfolio. Zacatecas Silver holds 7,826 hectares of ground prospective for low-sulphidation and intermediate-sulphidation silver-base metal mineralization, and a Mineral Resource Estimate at the Panuco deposit comprises 3.41 million tonnes at 187 g/t AgEq for 20.5 million ounces AgEq. At Esperanza, the Company announced a Measured and Indicated Mineral Resource Estimate of 45.4 million tonnes at 0.79 g/t AuEq for 1.15 million ounces AuEq, and an Inferred Mineral Resource estimate of 11.2 million tonnes at 0.57 g/t AuEq for 208 thousand ounces AuEq. The company projects that a Preliminary Economic Assessment has commenced for the Esperanza Gold Project which will provide further information as to economic projections and assumptions related to the project.

J2 Metals Reports Fiscal 2026 Year-End Financial Results and Provides Corporate Update

(TSXV: JTWO) (OTCQB: JTWOF) J2 Metals Inc. reported its audited financial results for the fiscal year ended March 31, 2026, with cash of $3,902,131 and working capital of $3,764,993 as at March 31, 2026. The company raised aggregate gross proceeds of approximately $4.76 million through private placements during the fiscal year, including an upsized $3.8 million private placement that closed in two tranches on February 5 and 6, 2026, and a flow-through offering that closed on May 14, 2026. J2 Metals' total assets were $7,838,077 and total shareholders' equity was $7,415,880 as at March 31, 2026, compared to $4,081,079 and $3,675,279 respectively as at March 31, 2025. The company reported a net loss of $1,804,309 ($0.08 per share) for the year ended March 31, 2026, compared to a net loss of $715,400 ($0.11 per share) for the year ended March 31, 2025. At the Sierra Plata Project in Mexico, grab samples returned silver equivalent grades of up to 3,868 g/t AgEq and up to 845.4 g/t AgEq, with a high-resolution UAV drone magnetometer survey covering approximately 1,885 hectares mobilized on July 8, 2026. The company completed the spin-out of its Twenty Mile Property in British Columbia into Twenty Mile Metals Inc. on April 20, 2026, with shareholders receiving 0.21921 of a Twenty Mile Metals common share for each J2 common share held on the record date of April 27, 2026. The company anticipates identifying a large number of high-priority targets for drill evaluation and is advancing drill permitting at Sierra Plata.

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.

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.

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.

Share this edition

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

© 2026 The Silver Letter