Silver Hammer Provides Exploration and Corporate Update

Silver Hammer Mining Corp. (CSE: HAMR,OTC:HAMRF) (OTCQB: HAMRF) (FSE: 7BW0) (the "Company" or "Silver Hammer") is pleased to provide the following update on its projects in Nevada and Idaho, as well as its recent corporate developments.

Peter A. Ball, President and CEO of Silver Hammer Mining Corp., commented "We continue to advance our silver projects in Nevada and Idaho, with rock and soil sampling programs completed at Eliza and Silver Strand with assays pending, and a potential geophysical survey under evaluation for Fahey, both of which will assist in guiding our upcoming drill programs. Our proposed acquisitions of Stroud and SilverMark are progressing, with strong shareholder approval secured and the closing is still targeted for the fourth quarter of 2026. We continue to see strong interest in the concurrent private placement and have extended the expected closing date to November 30, 2026, to allow additional time for investor participation. In parallel, we are preparing to advance an expanded portfolio of silver projects across the U.S., Mexico and Morocco."

Eliza Project, Nevada

The Eliza Silver Project is a 100%-owned silver exploration project located in the historic Hamilton Mining District of White Pine County, Nevada.

Silver Hammer completed its summer field exploration program at the Eliza Silver Project in late August 2026. The program included geological mapping and rock and soil sampling designed to further define existing anomalies and refine targets for a planned drill program following receipt of required permits.

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.

Mapping and sampling at Passayank were also undertaken to evaluate the potential extension of the mineralized zone to the southwest. The work is intended to prioritize drill targets and advance Eliza toward the next phase of exploration.

Silver Strand Project, Idaho

Silver Strand is a 100%-owned past-producing silver mine located in Kootenai County, Idaho, approximately 39 kilometres (24 miles) east of Coeur d'Alene, Idaho, and is accessible by new and historic U.S. Forest Service ("USFS") roads.

The Company recently completed geological mapping, prospecting and a rock and soil sampling program as part of its fall exploration and ground-truthing program at Silver Strand. Samples have been shipped to Bureau Veritas for analysis, and all pending assay results from this program, once received, will be reviewed by the Company before any drilling program is commenced. The results will help inform the Company's assessment of the project and guide subsequent exploration activities.

Silver Hammer is planning an initial five-hole, 750-metre drill program at Silver Strand, as previously announced on September 14, 2026, subject to weather conditions, contractor availability, and review of the pending assay results. The proposed drilling is designed to test mineralization down strike from the historical Silver Strand underground workings, as well as several previously identified geophysical anomalies that have the potential to define new zones of mineralization.

The permitted Plan of Operations allows the program to be expanded to up to eight holes and 2,438 metres (8,000 feet) of drilling, if warranted. The Company intends to use the results of its ongoing geological work, sampling program, and previous ground and airborne geophysical surveys to help refine and prioritize future exploration targets.

Fahey Silver Project, Idaho

The Fahey Silver Project is an exploration-stage project located in the heart of the Silver Belt within Idaho's prolific Coeur d'Alene Mining District. Silver Hammer entered into an option agreement in October 2025 to earn up to a 100% interest in the property. Following a surface reconnaissance 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.

The property sits immediately to the SW of the Galena mine complex and to the SSE of the Sunshine property. Fahey hosts known mineralized vein systems and exposures of the favourable Upper Revett Formation at surface. The Company's recent geological work has focused on confirming the location of the Upper Revett Formation across the property's fault blocks and reviewing mineralization associated with historical adits and numerous vein exposures. If undertaken, the proposed geophysical survey would complement this work by helping to define subsurface geological structures and identify potential chargeability and resistivity anomalies associated with mineralization. The results of the geophysical program would be used to refine and prioritize targets for a future drill program.

Morocco

In September 2026, members of Silver Hammer's management team and Board visited multiple projects in Morocco, including the historic Akka Polymetallic Mine ("Akka"), in which the Company is expected to acquire an indirect interest through the proposed transaction with SilverMark Resources Inc. ("SilverMark").

Located within a known silver district, Akka hosts polymetallic vein systems exposed at surface along a ridge extending approximately 7 kilometres in length by 2.5 kilometres in width. Multiple vein sets have been identified across the property, including structures measuring up to 20 metres in width, highlighting the project's exploration potential (Photos 1 and 2).

Photo 1: Akka Polymetallic Mine atop the ridge in the distance

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Photo 2: Silver Hammer team at the Akka Polymetallic Mine

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The site visit provided the Company with a first-hand view of the scale of the mineralized system and reinforced management's view of the geological upside at Akka. The team also inspected an existing flotation-gravity processing facility with a capacity of approximately 200 tonnes per day, available for purchase by the Company (Photo 3), as well as nearby mineralized stockpiles, providing further insight into the existing infrastructure.

Photo 3: Flotation-Gravity Processing Facility, Morocco

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Members of the Silver Hammer team met with Mr. Abdellatif El Asri, President of Morocco's National Association of Mining Companies (ANSM), and SilverMark's joint venture partner, to review mining opportunities and potential partnerships in Morocco.

Transaction with Stroud and SilverMark

On September 28, 2026, shareholders of Silver Hammer and Stroud Resources Ltd. ("Stroud") overwhelmingly approved the previously announced amalgamations (the "Amalgamations") involving Silver Hammer, Stroud and SilverMark. SilverMark shareholders approved the Amalgamations prior to September 28, 2026. The parties subsequently entered into amendments to the respective business combination agreements to extend, from November 30, 2026 to January 31, 2027, the date after which either party may elect to terminate those agreements if the Amalgamations have not yet closed.

Concurrent with the Amalgamations, the Company announced a brokered private placement (the "Offering") of subscription receipts of SilverMark (the "Subscription Receipts") led by Red Cloud Securities Inc. (the "Lead Agent"), acting as lead agent and sole bookrunner on behalf of a syndicate of agents, for minimum gross proceeds of C$7.0 million and maximum gross proceeds of C$10.0 million.

The Company and the Lead Agent continue to advance the Offering, which has generated considerable interest from prospective subscribers, and expect it to close on or about November 30, 2026. As the Offering is a condition to closing of the Amalgamations, the timing of the Amalgamations remains dependent on the closing of the Offering. The parties continue to target closing of the Amalgamations in the fourth quarter of 2026. The Subscription Receipts will be subject to an escrow release deadline of January 31, 2027.

Concurrently with the amendment to the agreement with Stroud, Silver Hammer agreed to advance C$200,000 to Stroud on an interest-free basis. The advance is not repayable if the Transaction does not close by January 31, 2027, unless the failure to close by that date is attributable to Stroud, in which case Stroud must repay the advance in full.

For further details regarding the Amalgamations, please refer to the Company's news release dated July 20, 2026, and for further details regarding the Offering, please refer to the Company's news release dated August 26, 2026, each available on SEDAR+ at www.sedarplus.ca.

Qualified Person

The scientific and technical information in this press release has been reviewed and approved by Donald J. Birak, Registered Member of SME, Fellow of AusIMM, an independent director of Silver Hammer Mining Corp. and a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a mineral exploration and development company focused on acquiring, exploring and advancing precious metals projects in the United States. Silver Hammer holds a 100% interest in three exploration-stage silver properties: the Silver Strand Project in Idaho, and the Eliza Silver Project and the Silverton Silver Mine Project in Nevada. Silver Hammer also holds an option to acquire a 100% interest in the Fahey Silver Project in the Silver Belt portion of the Coeur d'Alene Mining District, Idaho. Upon completion of the Amalgamations, Silver Hammer's portfolio will expand to include the advanced Santo Domingo Silver-Gold Project in Jalisco State, Mexico, and an indirect interest in multiple Moroccan projects, including the Akka Silver and Polymetallic Project, together with mining and exploitation licences and research (exploration) permits.

On Behalf of the Board of Silver Hammer Mining Corp.

Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com

For Investor Relations inquiries, contact:

Andrew Gillin
VP Corporate Development & Investor Relations
C: 416.846.3581
E: andrew@silverhammermining.com

Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to: the Company's planned and proposed exploration activities, plans, strategies and objectives, including the planned drill program at the Eliza Silver Project following receipt of required permits, the planned fall exploration program and initial drill program at the Silver Strand Project, the potential expansion of drilling at Silver Strand to up to eight holes and 2,438 metres, the potential completion of a TITAN 24 DCIP & MT geophysical survey at the Fahey Silver Project, and the potential for a near-term processing opportunity at the Akka Polymetallic Mine; the proposed completion of the Amalgamations and the expected timing thereof, including the target of closing in the fourth quarter of 2026; the completion of the Offering for minimum gross proceeds of C$7.0 million, the interest generated by the Offering from prospective subscribers, the expected closing date of the Offering on or about November 30, 2026, and the Subscription Receipts escrow release deadline of January 31, 2027; the anticipated expansion of the Company's project portfolio upon completion of the Amalgamations; and other statements that are not historical facts. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, the speculative nature of mineral exploration and development, commodity prices, market conditions, general economic factors, the ability to obtain necessary permits and regulatory approvals, the ability to satisfy conditions to closing of the Amalgamations and the Offering, the availability of financing, management's ability to manage and to operate the business and to explore and develop the projects of the Company, and the equity markets generally. For a more complete discussion of the risks and uncertainties applicable to the Company, readers are referred to the risk factors described in the Company's public filings available under its profile on SEDAR+ at www.sedarplus.ca. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of the Company may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

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Silver Hammer Mining

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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

Map illustrates fault lines and Silver Hammer Mining's Silver Strand Mine.

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.

Map depicting Silver Hammer Mining's Silverton Project area with labels for various mines and historical silver production sites.

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.

Map of Silver Hammer Mining's Eliza Silver Project

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.