Silver47 Exploration (TSX-V: AGA) (OTCQX: AAGAF) is pleased to announce results from a metallurgical testing program evaluating the potential to reprocess the tailings pile from the historic Belmont mine at the Hughes Project, Tonopah, Nevada.

Key Highlights:

• Strong Metallurgical Extraction: Fine grind agitated cyanide leach testing delivered 80% silver and 77% gold extractions, suggesting low refractory content and further evaluation of conventional processing techniques.
• Consistent Mineralization in Tailings Samplings: 21 auger samples (over an average thickness of 3.3 m) were collected across the tailings pile and composited into representative west and east master composites, with head grades of 0.27 g/t Au, 40.6 g/t Ag and 0.28 g/t Au, 45.4 g/t Ag, respectively.
• Finer Grind Drives Recovery: Grinding from the as-received P80 of 106 µm to 53 µm increased silver extraction by approximately 13 percentage points and gold extraction by 18 percentage points, with extraction still rising at the finest size tested, highlighting further upside through grind and leach optimization.
• Potential Processing Pathway Identified for Evaluation: Metallurgical testing indicates that agitated cyanide leaching, as opposed to heap leaching, is the leading processing approach identified for further evaluation for processing tailings associated with the inferred mineral resource of 1.8 Moz silver and 11 koz gold (44 g/t Ag and 0.3 g/t Au, or 68 g/t AgEq*) within approximately 1.26 Mt¹.
• Potential, Low Disturbance Tailings Reprocessing Opportunity on Private Land: These metallurgical results have delivered key data on extraction rates and process parameters to support further evaluation of technical and economic potential of reprocessing the tailings.

* g/t = grams per tonne; Silver equivalent is calculated using US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag – 90%, Au – 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).

Galen McNamara, CEO, stated: “Showing extraction of 80% silver and 77% gold support further evaluation of the potential to reprocess the historic Belmont tailings using modern processing techniques. With encouraging extraction results and the advantage of a private-land setting, these results provide useful data as we advance our evaluation of the technical and economic potential of reprocessing these historic materials.”

Figure 1: Belmont tailings, Hughes Project – 2026 metallurgical auger sample locations and previous MRE auger holes.

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Metallurgical Test Program Summary

Forte Analytical LLC of Fort Collins, Colorado conducted a staged metallurgical program to characterize the Belmont Mill tailings, quantify gold and silver recovery as a function of grind size, and evaluate agitated leach and heap leach processing options.

Sampling and Head Characterization

Silver47 collected 21 auger samples across the tailings pile, twinning the auger holes used in the 2025 Mineral Resource Estimate¹, from surface to the base of the tailings (1-6 m, averaging 3.3 m). Each sample was assayed for gold (fire assay/AA), silver (4-acid digestion/AA), cyanide-soluble gold and silver, carbon and sulphur speciation (LECO) and multi-element ICP-OES. The 21 samples averaged 0.30 g/t Au and 36.8 g/t Ag, with cyanide-soluble gold and silver averaging approximately 85% and 90% of fire-assay head respectively. Sulphide sulphur averaged 0.50% and organic carbon 0.13%, suggesting low potential for preg-robbing or refractory behaviour.

The 21 samples were combined at Silver47’s direction into two mass-weighted master composites: a West composite (101.2 kg) grading 0.27 g/t Au and 40.6 g/t Ag, and an East composite (137.1 kg) grading 0.28 g/t Au and 45.4 g/t Ag. The as-received material has a P80 of approximately 106 µm (140 mesh).

Agitated Cyanide Leach Testing

Each composite was leached at three grind sizes – as received (P80 106 µm), P80 74 µm (200 mesh) and P80 53 µm (270 mesh) – for 48 hours at 40% solids, 1,000 ppm NaCN and pH 10.5. Both composites showed a consistent, near-linear improvement in gold and silver extraction with finer grinding. At the finest grind tested (P80 53 µm), the West composite returned 76.5% gold and 80.7% silver extraction with residues of 0.099 g/t Au and 10.4 g/t Ag, and the East composite returned 77.3% gold and 80.0% silver with residues of 0.084 g/t Au and 11.1 g/t Ag. Relative to the as-received grind, this represents an improvement of approximately 18 percentage points for gold and 11-16 percentage points for silver, with extraction still increasing at the finest size tested. Sodium cyanide consumption at P80 53 µm was 1.7-2.1 kg/t and lime addition 0.5-0.7 kg/t. Extractions are reported on a calculated-head basis; calculated heads for the agitated leach tests exceeded measured heads, and head-grade reconciliation will form part of the next phase of work.

Heap Leach Evaluation

Agglomeration and compacted permeability testing (ASTM D2434) was conducted on both composites at cement additions of 10, 15 and 20 lb/ton. The tailings are 100% fines with no coarse fraction, and the agglomerates formed were friable, broke down on saturation and consolidated into a low-permeability cake under staged compressive loading. All six tests failed to sustain permeability. Forte concluded that the tested conditions were insufficient to produce mechanically stable agglomerates and that substantial additional work on particle size distribution and binder would be required for heap leaching to be viable.

Processing Direction and Next Steps

The program supports further evaluation of agitated cyanide leaching with carbon adsorption as a potential processing route for the Belmont tailings and provides the recovery, reagent and residue data required to scope subsequent work. Priorities for a next phase of metallurgical testing have been identified and include grind-size optimization beyond P80 53 µm, trade-off between carbon-in-leach and leach carbon-in-pulp, carbon concentration and loading kinetics, reagent consumption at optimized conditions, and head-grade reconciliation, together with preliminary process engineering to evaluate the technical and economic potential of reprocessing the tailings.

Investor Relations Services

The Company has entered into a service agreement with CDMG, Inc., for the provision of certain marketing and advertising services. The campaign is expected to commence in January 2027 and continue to the end of 2027. Under the terms of the Agreement, CDMG will execute a customized marketing and advertising campaign focused on increasing investor awareness through online platforms and physical marketing, including direct mail. In consideration for the services provided by CDMG, the Company paid CDMG US$1,514,578.

Based in Nashville, Tennessee, where its principal place of business is located, CDMG specializes in marketing, advertising, and public awareness across various sectors, including mining and metals. CDMG is principally owned by Craig Huey and is an arm’s length party to the Company. To the Company’s knowledge, CDMG and the principals of CDMG have no direct or indirect interest in the Company or its securities and no right or intention to acquire such an interest.

The Agreement remains subject to the approval of the TSX Venture Exchange.

Qualified Person

The technical and scientific content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a “qualified person” as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects.

References

1. Bourque S and Bickell J (2025). Technical Report and Mineral Resource Estimate for the Hughes Silver-Gold Property, Tonopah District, Nye County, Nevada. 43-101 Technical Report available at www.sedarplus.ca (the “Technical Report”). The information contained herein in respect of inferred mineral resources in the Hughes Property is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report.

About Silver47 Exploration

Silver47 Exploration Corp is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The Company is creating a leading high-grade US-focused silver developer with a combined resource totaling 236 Moz AgEq at 334 g/t AgEq inferred and 10 Moz at 333 g/t AgEq Indicated. With operations in Alaska, Nevada and New Mexico, Silver47 Exploration is anchored in America’s most prolific mining jurisdictions. For detailed information regarding the resource estimates, assumptions, and technical reports, please refer to the NI 43-101 Technical Reports and other filings available on SEDAR+ (www.sedarplus.ca). The Company trades on the TSXV under the ticker symbol AGA and OTCQX under the ticker symbol AAGAF.

For more information about the Company, please visit silver-47.com and see the Technical Reports filed on SEDAR+ (www.sedarplus.ca).

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On Behalf of the Board of Directors

Mr. Galen McNamara
CEO & Director