Silver Hammer Clarifies Technical Disclosure and Provides Project Updates

Overview

Silver’s longer-term outlook remains positive due to supply deficits, industrial demand from solar power and electrification, and investment demand for precious metals. Silver prices hit a record high in January 2026 and market analysts predict the price of the metal will be over US$70 per ounce by the end of 2026.

Silver Hammer Mining’s portfolio gives the company exposure to potential increases in silver prices. The company’s strategy centers on advancing past-producing assets, where existing infrastructure and historical data may help the company identify and evaluate exploration targets. Its core projects, Silver Strand and Fahey in Idaho, along with Silverton and Eliza in Nevada, are located in regions with long histories of silver production and strong geological potential. In addition to silver, the portfolio offers exposure to gold and copper mineralization.

Surface sampling in 2021 returned high-grade silver results at Silverton and Eliza. At Silverton, rock-chip samples from the western limestone-hosted area returned silver grades ranging from 0.32 to 692 grams per tonne, while surface sampling at Eliza returned individual assays of 1,540 and 1,410 grams per tonne silver.

The company announced acquisitions of Stroud Resources and SilverMark Resources in July 2026. Upon closing, the combined company will be renamed Silver Frontier Resources, creating a new global pure-play silver company with projects across Mexico, the U.S. and Morocco. Concurrently with the acquisitions, Silver Hammer Mining also announced a brokered private placement of up to C$10 million in subscription receipts, priced at C$0.26 each, and expects to close it on or about November 30, 2026.

The Company is expected to have a pro-forma market cap of ~C$33M, a well-funded balance sheet following its concurrent C$10M equity financing, and Eric Sprott as its cornerstone shareholder with a >20% interest.

The company is led by an experienced management team and board that includes silver specialists and former senior geologists from Coeur Mining and Silver Standard (now SSR Mining). Drawing on experience across exploration, operations and financing, the team is well-positioned to unlock additional value from the company’s brownfield assets, where past production and existing infrastructure provide a strong starting point for modern exploration.

Company Highlights

• Stable mining jurisdictions: Operations are concentrated in Nevada and Idaho, with Nevada ranked first globally in the Fraser Institute’s 2025 Investment Attractiveness Index.
• Brownfield portfolio of past-producing silver mines: Assets include the past-producing Silver Strand Mine in Idaho and the Silverton silver-gold project in Nevada, where exploration has identified several high-grade silver results.
• Industry-leading team: The management and technical team has experience in mineral discovery, mine development and capital markets. CEO Peter A. Ball has raised more than C$250 million for resource ventures, while directors and advisors Donald Birak, Michael Willett and Ron Burk bring extensive exploration and development experience, including prior senior roles with Coeur Mining, Centerra, and Silver Standard (now SSR Mining).
• Fully funded 2026 exploration program: The Company completed a C$3.92 million private placement in February 2026 to fund its planned exploration.

Key Projects

Silver Strand Project

The Silver Strand project in Idaho is a past-producing silver mine that operated in the late 1970s and 1980s. It is located within the Revett Formation in the Coeur d’Alene mining district, which has historically produced more than 1.2 billion ounces of silver.

Historical drilling intersected gold-silver mineralization beneath and adjacent to the former mine workings, which extend to approximately 90 metres below surface, highlighting potential for further mineralization at depth.

At present, the wholly-owned project is fully permitted for an initial eight- to ten-hole drill program scheduled for 2026. This program is designed to test mineralization identified by historical drilling and evaluate additional targets.

The company plans an initial five-hole, 750-meter drill program to test mineralization down-strike.

Silverton Silver Mine

Located near Black Rock, the Silverton Project covers a historically high-grade silver mining area with multiple defined drill targets. The company has prioritized zones near and below historic workings from the 1930s and 1950s.

The project lies within Nevada’s “Silver Alley,” a region that hosts several significant deposits. Nearby deposits include the Tonopah silver project, reported to contain 174 million ounces of silver, and the Tybo project, which reportedly produced approximately 100 million silver-equivalent ounces.

Silver Hammer completed Silverton’s Phase 1 preliminary drill program in December 2025.The program comprised six drill holes totalling 738 metres, with grab samples returned grades of up to 581 g/t silver, while drill assays returned up to 361 g/t silver over 1.5 metres.

Eliza Silver Project

Silver Hammer Mining’s wholly-owned Eliza Silver Project spans 5.52 square kilometres in Nevada and includes the past-producing California Mine Patent claim. The property is situated along strike of the historically high-grade Hamilton Mining District, which historically produced 40 million ounces of silver at grades of up to 25,000 grams per ton between 1876 and 1890.

Geological mapping indicates that Eliza hosts high-grade silver mineralization along the same structural trend as Hamilton. Despite this, the project has seen limited exploration over the past 50 years.

CEO Peter A. Ball noted that the California Mine Patent claim allows the Company to initiate Phase 1 work without additional exploration or drilling permits. The Company is currently sourcing a drilling contractor and expects to mobilize once preparations are complete.

Silver Hammer completed field exploration at Eliza in August 2026. A total of 454 samples were collected, including 396 soil samples across the New Western Au-Ag Anomaly area and 58 rock samples from the Belmont, Passayank, California, New Western Au-Ag and Commodore showings. Samples have been submitted to Bureau Veritas for analysis, and assay results will be reported once received and reviewed. The geochemical work and geological mapping will help the company refine and prioritize drill targets as it prepares a Plan of Operations and advances the project toward permitting.

Fahey Project

Silver Hammer has entered into an option agreement to acquire the Fahey Group Property, with the ability to earn a 100 percent interest through a US$50,000 cash payment and C$450,000 in company shares. Completion is expected by the end of 2030.

Held by the same family for more than 60 years, the Fahey property is now being evaluated using modern exploration techniques using modern exploration techniques. It is located in Idaho’s Silver Valley near producing and past-producing operations, including the Galena Mine, which has produced more than 240 million ounces of silver. The project consists of 18 unpatented claims and more than 20 veins have been identified at Fahey.

The Company is undertaking a surface exploration program at the Fahey Property during the 2026 exploration season, including geological reconnaissance, mapping and sampling, with the objective of advancing the project toward a future drill program and potential submission of a Plan of Operations to the US Forest Service (“USFS”), subject to exploration results and operational planning. Following this program, the Company has requested a proposal for a TITAN 24 Direct Current Induced Polarization (DCIP) and Magnetotelluric (MT) geophysical survey and is evaluating the potential to undertake the program.

Management Team

Peter A. Ball – President, CEO and Director

Mr. Ball brings a progressive track record of proven leadership experience covering more than thirty years in the mining and finance sectors. He has demonstrated competencies in the resource industry on an international level, and held various senior management roles with precious and base metals mining companies in mine engineering, corporate finance, securities trading, business development, corporate communications, public relations and marketing functions. Mr. Ball began his career in the late 1980s working as a mining engineer at Sherritt Gordon Mines, Hudson Bay Mining and Smelting and Echo Bay Mines. Commencing in the 1990s, he held various management and senior executive and corporate roles for numerous companies, including Eldorado Gold, RBC Dominion Securities, Adriana Resources, Century Mining, Argentex Mining, Columbus Gold, Redstar Gold, NV Gold, and most recently Noram Lithium. Mr. Ball has led and assisted in raising over $250 million in capital in the resource sector, and is a member of CIMM. Mr. Ball is also an independent director of Big Gold Inc. (BG:CSE).

Alnesh Mohan – Chief Financial Officer, Corporate Secretary and Director

Alnesh Mohan is a finance executive with over 20 years of experience providing advisory services to a wide array of clients. He has been a partner at Quantum Advisory Partners LLP, a professional services firm focused on providing Chief Financial Officer and full-cycle accounting services to private and public companies, since 2005. Acting on behalf of several public companies, Alnesh has acquired considerable experience in financial reporting, corporate governance and regulatory compliance. He holds a Bachelor of Business Administration from Simon Fraser University, a Master’s of Science in Taxation from Golden Gate University and is a Chartered Professional Accountant (CPA, CA).

Andrew Gillin - Vice President Corporate Development & Investor Relations

Mr. Gillin is a seasoned investment banking and corporate development professional with over 15 years of experience in the metals and mining sector. Most recently, he served as Director, Investment Banking at Echelon Wealth Partners (now Ventum Financial), where he completed transactions with an aggregate value exceeding C$1.2 billion. Prior to Echelon, Mr. Gillin held senior investment banking roles at Eight Capital, where he was a member of the firm’s founding partnership group, and Dundee Capital Markets. Earlier in his career, he worked at Paradigm Capital and also gained international private equity experience at an Abu Dhabi-based asset manager. Mr. Gillin holds a Bachelor of Commerce degree from McGill University and an MBA from the University of Cambridge.

Donald J. Birak – Director

Donald Birak is a veteran exploration geologist with a career spanning over 40 years in mineral exploration and mining operations. He has held senior leadership roles at companies including Coeur Mining, AngloGold North America and Freeport-McMoRan. He is recognized for his role in multiple deposit discoveries, including work in Manitoba’s Flin Flon–Snow Lake region, for which he received the PDAC Bill Dennis Prospector of the Year Award. His technical contributions also extend to published work on deposit geology, geostatistics and exploration best practices.

Michael Willett – Director

Michael Willett is a mining engineer with more than four decades of experience in project development, operations and asset evaluation. He has held senior executive roles across the sector, including serving as Vice President of Operations and Projects at Battle North Gold, where he contributed to the company’s C$343 million acquisition by Evolution Mining in 2021. In addition to executive roles, Willett has spent over 20 years advising on mine restart strategies for companies such as Battle North Gold and Hudbay Minerals.

Ron Burk – Senior Technical Board Advisor

Ron Burk is an exploration geologist with over 30 years of experience focused on identifying and advancing mineral targets. He has held senior exploration roles with Centerra Gold and Silver Standard Resources, where he served as Vice President of Exploration and Chief Geologist. His work has contributed to several significant discoveries, including the Pitarrilla silver project in Mexico.