Mr. Galen McNamara reports

SILVER47 SET TO COMMENCE FULLY FUNDED 10,000-METER DRILL PROGRAM AT THE RED MOUNTAIN SILVER AND CRITICAL MINERALS PROJECT, ALASKA

Silver47 Exploration Corp. has provided its plans for the coming summer drill program across the high-grade silver and critical minerals Red Mountain project in Alaska.

Key highlights:

• Transformational drill program: A fully financed 10,000-metre, three-rig summer campaign at Red Mountain is set to aggressively expand the existing resource while unlocking high-impact, underexplored polymetallic massive sulphide targets.
• Targeting resource growth at Dry Creek: The program will focus on expanding the inferred 168.6-million-silver-equivalent-ounce resource (336 grams per tonne AgEq), while systematically increasing tonnage at the Dry Creek deposit.
• Discovery drilling at district-scale targets: Drilling is set to test numerous largely undrilled polymetallic massive sulphide occurrences across the 60-kilometre prospective trend where expert multifaceted data analysis indicates the highest degree of prospectivity.
• U.S. silver and critical mineral focus: The summer drill program at Red Mountain will target U.S. silver and critical minerals, positioning the project as a strategic American source of high-demand materials.
• Drilling set to commence: Preparations are under way for the first core rig to be fully operational imminently, with all three expected to be active by the end of the month.

Galen McNamara, chief executive officer, stated: "Our upcoming drill program at Red Mountain represents a pivotal step as we aggressively advance our understanding of the size and scale of this silver-rich VMS [volcanogenic massive sulphide] system. The success achieved in 2025 provided an early glimpse of its strong potential and will help guide this transformative phase of drilling. By integrating historic data sets with last year's prospecting results, we have identified numerous massive sulphide occurrences along broad mineralized trends, pointing to the potential for a district-scale VMS system on the project. In addition, continued drilling at Dry Creek will further delineate the high-grade resource base already established in this prospective Alaskan district."

Gary Thompson, executive chairman, stated: "This summer's program at Red Mountain represents the most comprehensive exploration campaign ever undertaken on the project. We are combining aggressive drilling with systematic exploration to unlock the scale potential of this highly prospective district. Our technical team has developed a program designed to expand known mineralization, test new high-priority targets and further demonstrate Red Mountain's potential to become a significant silver-rich polymetallic system."

The drill program

The 2026 exploration drill program at the Red Mountain project, 60 miles south of Fairbanks, Alaska, will consist of at least 10,000 metres of core drilling focused on deposit expansion and discovery.

Priority volcanogenic massive sulphide (VMS) exploration targets at Red Mountain are dispersed across the highly prospective Bonnifield mining district. Four main target trends are defined at Red Mountain, namely the Dry Creek syncline, the Keevy trend, the Last Chance corridor and the Wood River trend. The trends comprise at least 60 kilometres of stratigraphy considered highly prospective for VMS mineralization.

Drill program objectives include:

• Further delineation and expansion of the Dry Creek deposit (inferred mineral resource of 11.6 million tonnes at 279.4 grams per tonne silver equivalent, totalling 104.0 million silver equivalent ounces, Table 1) through a series of infill and stepout holes downdip, approximately 3,000 m, designed to investigate the orientation and structural controls on higher-grade VMS mineralization (for example, 22.3 m at 601 g/t AgEq (150.6 g/t silver, 0.82 g/t gold, 5.86 per cent zinc, 2.60 per cent lead and 0.13 per cent copper) in DC24-105); drilling will also evaluate the downdip and strike extents of these higher-grade zones where mineralization remains open;
• New discovery by evaluating the high-grade mineralization potential of numerous VMS targets identified across the Dry Creek syncline and the Last Chance corridor; of the known exploration targets (see Aug. 13, 2025, and Dec. 30, 2025, news releases), only 11 targets have been drill tested, five of those with less than three holes each; based on these limited historical drill data, together with results from recent project-wide geochemical sampling (rocks, soil and talus fines), numerous high-priority targets have been identified (for example, Sheep Creek, Hunter, Glacier, FOMO and WTF E); approximately 7,000 m of discovery-focused drilling will include:
  • Drilling at the Hunter target, 5.8 km west of the Dry Creek deposit will target silver-rich massive sulphide mineralization, which has been traced for over 500 m; rock-chip sampling of the discovery outcrop returned assays up to 616 g/t Ag, 18.6 per cent Zn, 5.4 per cent Pb, 2.5 per cent Cu and 0.33 g/t Au; six drill holes in 2018, 2019 and 2021 successfully tested the dip extent of the massive sulphide horizon highlighted by 1.4 m of 17.4 per cent Zn, 3.9 per cent Pb, 1.6 per cent Cu, 90 g/t Ag and 0.23 g/t Au (HR18-01) and 1.8 m of 13.8 per cent Zn, 3.1 per cent Pb, 56 g/t Ag, 0.2 g/t Au and 0.9 per cent Cu (HR18-02)2:
    • Silver47's technical team has re-evaluated the historic data and believes the Hunter target has significant untapped potential; the 2026 program will aggressively step out to properly test the full extent of this high-grade, silver-rich system, which remains open in all directions;
  • Drilling at the WTF East target, 5.0 km northeast of the Dry Creek deposit, will evaluate the potential eastern faulted offset of the West Tundra Flats deposit (inferred mineral resource of 4.0 million tonnes at 496.9 g/t AgEq, totalling 64.6 million silver equivalent ounces, Table 1); drill holes are planned to evaluate the VMS-related mineralization potential of a concealed and previously untested EM (electromagnetic) anomaly:
    • Silver47's technical team has identified WTF East as a high-priority target based on structural interpretation and the presence of a strong, untested EM conductor in a position consistent with a faulted offset of the known West Tundra Flats mineralization; the 2026 program will drill this target to test for additional high-grade silver-rich massive sulphide mineralization east of the existing resource;
  • Drilling at the Glacier Creek suite of targets, 12.3 km northwest of the Dry Creek deposit, will evaluate numerous untested EM anomalies associated with multielement soil and rock geochemical anomalies; drill holes are designed to test for VMS-related mineralization hosted along six km of highly prospective Totatlanika schists on the northern limb of the Dry Creek syncline:
    • Silver47's exploration team has prioritized these targets based on the integration of geophysical geochemical data sets; the 2026 program will aggressively drill these conductors to determine whether Glacier Creek hosts a new cluster of high-grade massive sulphide mineralization within the broader mineralized corridor;
  • Drilling at the FOMO target, 10 km west of the Dry Creek deposit, will evaluate the extent of semi-massive to massive sulphide mineralization discovered in 2025 (see Dec. 30, 2025 news release); mineralization is hosted in the Sheep Creek member of the Totatlanika schist, toward the centre of the Dry Creek syncline; sulphides consisting of sphalerite-galena-chalcopyrite-pyrite occur across 0.5-metre- to five-metre-wide zones; sample highlights from FOMO include 1,792 g/t AgEq (74 g/t Ag, 2.54 per cent Cu, 10.05 per cent Pb and 23.20 per cent Zn, sample F0033147);
  • Drilling at the Sheep Creek target will focus on the main massive sulphide occurrence, which covers a footprint of approximately 200 m by 100 m and forms part of a three-kilometre-long east-west-trending target horizon; massive and disseminated pyrite, sphalerite, chalcopyrite and galena at the Sheep Creek target, hosted in metasediments, has seen limited drilling (for example, 24.5 m of 1.3 per cent Zn, 1.0 per cent Pb and 0.127 per cent tin, 1979 drilling by U.S. Borax); historical sampling of the main target returned up to 306 g/t Ag, 4.3 per cent Zn, 3.98 per cent Pb and 0.18 per cent Cu in rock samples; sampling 150 m north of the main Sheep Creek target in 2025 returned strong polymetallic mineralization such as nine g/t Ag, 409 parts per million Cu, 597 ppm Pb and 22.60 per cent Zn (sample F0033193) and eight g/t Ag, 0.14 per cent Cu, 642 ppm Pb and 15.75 per cent Zn (sample F0033192); mineralization is interpreted to have affinities with either VMS or CD (clastic-dominated) sedex-type (sedimentary-exhalative) deposits; drill holes at sheep creek are planned to evaluate the expansion potential of the target area by systematically testing the strike extent of mineralization;
• Target refinement and new target identification through project-wide exploration activities, including geological mapping, grid-based soil geochemical surveys and project-wide helicopter-borne hyperspectral surveying.

Next steps

Mobilization of field crews for the drilling program is under way. Two drill rigs have been secured with Dorado Drilling and one drill rig with NISS Global. The first drill rig is on site and two are currently being mobilized. The three drill rigs will be in operation throughout the summer drill program.

Table 1: Combined open-pit and underground inferred mineral resource estimate for the Red Mountain project, Alaska

Qualified person and technical disclosure

The technical and scientific content of this news release has been reviewed and approved by Galen McNamara, PGeo, the chief executive officer and a director of the company and a qualified person as defined by National Instrument 43-101.

All scientific and technical information relating to the 2024 Red Mountain mineral resource estimate is derived from the technical report dated June 27, 2024 (with an effective date of Jan. 12, 2024), titled "Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA," prepared by Kristopher J. Raffle, BSc, PGeo, Christopher W. Livingstone, BSc, PGeo, Yulian R. Proenza, MEng, PGeo, and Warren Black, MSc, PGeo. The information contained herein in respect of such mineral resource estimate 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, a copy of which has been filed with the applicable securities regulators and is available under the company's profile on SEDAR+.

Historical data referenced herein, including, but not limited to assay results, drill intercepts and geological interpretations from previous exploration activities, have been sourced from publicly available records, archived reports and third party databases believed to be reliable. However, Silver47 has not independently verified this historical data through resampling, reassaying or other confirmatory methods due to the remote locations of the original samples or sites. As such, the company cautions that this historical information may not conform to current NI 43-101 standards and should not be relied upon.

No new data verification procedures were undertaken specifically for this release beyond a review of available documentation. The company plans to conduct future verification work, including drilling and sampling, to confirm and update these historical findings as part of continuing exploration programs.

About Silver47 Exploration Corp.

Silver47 Exploration is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The company is creating a leading high-grade, U.S.-focused silver developer with a combined resource totalling 236 million ounces AgEq at 334 g/t AgEq inferred and 10 million ounces 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+. The company trades on the TSX Venture Exchange under the ticker symbol AGA and the OTCQX under the ticker symbol AAGAF.

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