Mr. Galen McNamara reports

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

Silver47 Exploration Corp.'s fully financed 2026 summer drill program has commenced across the high-grade silver and critical minerals Red Mountain project, Alaska.

Key highlights:

• Drilling under way: A core drilling rig is now fully operational at Red Mountain, actively advancing the first hole of the 2026 summer exploration program. All three drill rigs are expected to be active at the end of the month.
• 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 will test numerous largely undrilled polymetallic massive sulfide occurrences across the 60-kilometre prospective trend where expert multifaceted data analysis indicates the highest degree of prospectivity.
• United States 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.
• Fully financed: The company holds approximately $48-million in working capital, providing a strong financial position to execute the planned program.

Galen McNamara, chief executive officer, stated: "With three rigs and 10,000 metres of drilling planned, this marks the largest exploration program ever undertaken at Red Mountain. The program is designed to both expand the existing resource and systematically evaluate several high-priority targets that have seen limited or no previous drilling. Red Mountain continues to demonstrate the characteristics of a large-scale, silver-rich mineralizing system, and we believe this campaign has the potential to significantly enhance the project's value through resource growth and the discovery of additional massive sulphide mineralization along the 60-kilometre prospective trend."

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 (see June 4, 2026, news release).

Priority volcanogenic massive sulphide (VMS) exploration targets at Red Mountain are dispersed across the highly prospective Bonnifield mining district which comprises at least 60 km of stratigraphy considered favourable 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 g/t AgEq, totalling 104.0 million silver equivalent ounces, Table 1) through a series of infill and stepout holes down dip, approximately 3,000 metres, 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 Ag, 0.82 g/t Au, 5.86 per cent Zn (zinc), 2.60 per cent Pb (lead), 0.13 per cent Cu (copper)) in DC24-105). Drilling will also evaluate the down dip 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 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).
• Target refinement and new target identification through project-wide exploration activities including geological mapping, grid-based soil geochemical surveys and project-wide heli-borne hyperspectral surveying.

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 National Instrument 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 United States-focused silver developer with a combined resource totalling 236 Moz (million ounces) AgEq (silver equivalent) 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+. The company trades on the TSX-V under the ticker symbol AGA and OTCQX under the ticker symbol AAGAF.

We seek Safe Harbor.