Why Silver47 is the Story to Watch in a Tightening Silver Market

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• Silver47 has a combined resource of 236 million ounces silver-equivalent inferred and 10 million ounces silver-equivalent indicated across three high-grade U.S. districts, with room for expansion and continuous drilling underway.
• Trading at US$0.25-30 cents per ounce in the ground, compared to peers in the $1.50–$3 range, Silver47 is creating a clear re-rate opportunity.
• Fully funded with approximately $27 million in working capital, Silver47 is supporting multiple exploration programs with no immediate dilution pressures.

Silver is moving into a structural supply and demand imbalance. Industrial use continues to rise through solar manufacturing, electric vehicles, semiconductors, and power infrastructure. At the same time, primary mine supply is constrained, permitting timelines are lengthening, and new discoveries are rare.
The Silver Institute estimates the market will face a deficit of roughly 149 million ounces in 2025. With supply unable to keep pace, the industry has been drawing down above-ground inventories held in exchange warehouses, dealer vaults, and strategic reserves. Major banks see this tightening reflected in price forecasts, with UBS and Bank of America projecting silver in the mid-$50 to mid-$60 range over the next 12 to 18 months.

This tightening market environment places a premium on companies advancing high-grade silver projects in secure, mining-friendly jurisdictions. It is here where Silver47 Exploration Corp. (TSXV: AGA | OTCQB: AAGAF) stands out.

The company now controls a combined resource of 236 million ounces silver-equivalent inferred and 10 million ounces silver-equivalent indicated across three U.S.-based projects in Alaska, Nevada, and New Mexico, each with established infrastructure and regulatory certainty. 

“There are very few companies with this combination of grade, jurisdiction, and scale. That is why we see the path to a multi-fold valuation re-rate,” said Giordy Belfiore, the company’s VP of Investor Relations. “Our corporate objective is to increase resources toward one billion ounces of silver, through a combination of drilling and targeted acquisitions,” he said.

With scale, grade, and jurisdictional strength working in its favour, the company is now advancing a clear growth plan built around its three core assets. The portfolio is anchored by the Red Mountain Project in Alaska, supported by the Hughes Project in Nevada, and complemented by the Mogollon Project in New Mexico. Notably, Hughes and Mogollon were added to the portfolio after the merger with Summa Silver in August 2025, and both are now covered by formal NI 43-101 resource estimates.

A quick look at Silver47’s key projects

1) Red Mountain, Alaska

The Red Mountain Project is Silver47’s flagship asset, strategically located in Alaska, 100 km south of Fairbanks.

Red Mountain is a large, high-grade silver-dominant volcanogenic massive sulphide system located in central Alaska. The project sits on state land within a known mineral belt that has historically produced polymetallic deposits. The system is extensive, with multiple mineralized zones identified along a broad trend and strong potential for expansion.

Current resource

• 168.6 million silver-equivalent ounces inferred, at an average grade of 336 g/t AgEq, spanning the Dry Creek and West Tundra Flats zones.​

Latest drilling and technical progress

Recent drilling returned strong step-out intercepts:

• 6.9 m at 640 g/t AgEq, including 3.05 m at 1,341 g/t AgEq
• 3.0 m at 736 g/t AgEq
• 12.8 m at 344 g/t AgEq, including 1.3 m at 646 g/t AgEq
• Remaining assays from the most recent program are pending
• More than 35 mineralized targets identified across a 60 km trend
• Ongoing evaluation of antimony and gallium, which are recognized as U.S. strategic minerals

Catalysts to watch

• Pending assay results from eight holes drilled during the summer 2025 program
• Evaluating the potential for an updated resource estimate in 2026
• Planning for a major follow-up drill program aimed at resource growth

Company perspective
“This is where we see the fastest path to scale. The system remains open, the grades are strong, and the opportunity set grows with each round of drilling.” — Galen McNamara, CEO of Silver47.

2) Hughes Project, Nevada

Drill rig turning in the prolific Tonopah Mining District.

The Hughes Project sits in the heart of the historic Tonopah Mining District and its eastern extension. Tonopah was one of the United States’ most prolific silver camps, and the Hughes Project covers a continuation of the same structural corridor.

Resource status

• Formal maiden NI 43-101 mineral resource estimate delivered in 2025: 10.3 Moz AgEq indicated (333 g/t AgEq), 32.9 Moz AgEq inferred (421 g/t AgEq); and 2.74 Moz AgEq tailings (68 g/t AgEq)
• Multiple high-grade vein systems mapped over a 4 km structural corridor
• Modern exploration confirms continuity and grade potential

Recent results and technical progress

• Drilling has returned 400–500+ g/t AgEq intercepts in several zones
• Structural analysis is now guiding drilling toward the main feeder system
• Road access, power corridor proximity, and district-scale land position provide capital efficiency

Catalysts to watch

• Targeted drilling to vector on the primary high-grade vein
• Maiden resource delivered; further infill and step-out drilling in progress
• Structural modelling to refine additional drill pads

Company perspective
“Located in the heart of the prolific Tonopah Mining District and covering 4km of its eastern extension, the Hughes project represents a unique opportunity to both revitalize a historic district and make new discoveries in the shadows of the headframes of some of America’s great historic silver producers.” — Galen McNamara, CEO of Silver47.

3) Mogollon, New Mexico

Drill turning at the high-grade silver-gold Mogollon Project, Southwest New Mexico.

Mogollon is located in southwestern New Mexico within a historic high-grade silver and gold-producing district. The system hosts broad vein structures with known mineralization along strike and at depth.

Resource status

• Formal maiden resource (2025): 32.08 Moz AgEq inferred at 367 g/t AgEq
• High-grade intercepts over meaningful widths from both historic and recent drilling
• Vein system has district-scale dimensions with multiple untested targets

Latest results and technical positioning

• Previous drilling has confirmed intervals >400 g/t AgEq across significant widths
• Structural interpretation suggests strong down-dip continuation
• Planning and permitting are underway for a winter drill program to test lateral and vertical extensions

Catalysts to watch

• Winter drill program results
• Step-outs along vein corridors
• Integration of past production data into new geological models

Company perspective
“The Mogollon district presents a very rare discovery opportunity, and for good reason. It is my strong belief that the district has the potential to be one of the great remaining vein fields still left in the United States.” — Galen McNamara, CEO of Silver47.

Undervalued and ready for a multi-fold re-rate
Across its core U.S. projects, Silver47 now reports a total combined resource of 236 million ounces silver-equivalent inferred and 10 million ounces silver-equivalent indicated. Independent analyst coverage highlights this positioning, noting that Silver47 trades at approximately 25 to 30 cents per silver-equivalent ounce in the ground, while similar U.S.-based high-grade silver companies often trade in a range of $1.50 to more than $3 per ounce. That spread represents a significant valuation gap and points to the potential for a multi-fold re-rate if the company continues to deliver resource growth and high-grade drill results.

This view aligns with the conclusions of an analysis by Research Capital Corp. that initiated coverage on Silver47 with a Speculative Buy and a $2.00 price target. The report highlights that Silver47 “trades at a 73% discount to a select group of peers focused on silver-bearing mineral projects, implying upside to $2.70 per share if the stock were to trade in line.”

Analysts also point to the company’s strong financial footing, with about $27 million in working capital, which provides flexibility to advance each of its project areas without immediate dilution pressure. “That capital allows Silver47 to drill through seasonal windows in Alaska, then carry momentum into Nevada and New Mexico, supporting continuous news flow,” said Belfiore.

Looking ahead, Belfiore said Silver47 (AGA.VN) (AAGAF) is positioned for a steady stream of catalysts that will continue to define the scale and direction of the company. Assays are pending from the remaining drill holes at Red Mountain, where step-outs have already confirmed high-grade mineralization beyond the current resource footprint. Field programs are advancing at Mogollon, with winter drilling set to test lateral and down-dip extensions along the main vein corridors. At Hughes, structural targeting work is underway to vector in on the primary feeder system that historically powered one of America’s most prolific silver camps.

To learn more about Silver47, visit their website. For the latest updates, follow Silver47 on social media: X and LinkedIn.

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