Silver47 Exploration

Investor Insight

Following its business combination with Summa Silver, Silver47 Exploration is now uniquely positioned as a leading US-focused silver explorer and developer. With a diversified portfolio of high-grade silver projects in Alaska, Nevada and New Mexico, and an inferred resource base of over 236 million ounces of silver equivalent, the company offers significant exposure to rising silver demand amid a projected global supply deficit.

Overview

Silver47 Exploration (TSXV:AGA,OTCQB:AAGAF) is a US-centric silver company with a portfolio of high-grade assets located in mining-friendly jurisdictions. Silver47 recently underwent a transformative merger with Summa Silver (TSXV:SSVR), positioning the combined entity as a premier US-focused high-grade silver explorer and developer.

This strategic consolidation brings together Silver47's flagship Red Mountain VMS project in Alaska with Summa's high-grade Hughes project in Nevada and Mogollon project in New Mexico.

The merger, announced on May 13, 2025, is structured as an at-market transaction, wherein Summa shareholders will receive 0.452 common shares of Silver47 for each Summa share held. Post-transaction, existing Silver47 and Summa shareholders will own approximately 56 percent and 44 percent of the combined company, respectively. The unified company will continue under the name "Silver47 Exploration Corp." and will be led by an experienced management team, including Gary R. Thompson as executive chairman, and Galen McNamara as CEO.

This merger significantly enhances Silver47's resource base, consolidating approximately 10 million ounces (Moz) of indicated silver equivalent (AgEq) resources at an average grade of 333 grams per ton (g/t) AgEq and 236 Moz of inferred AgEq resources at 334 g/t AgEq across its US projects. The combined entity is well-capitalized, with approximately C$10 million in cash and a concurrent C$5 million private placement underway, positioning it to aggressively advance its exploration and development programs.

Silver47's strategy is focused on aggressive drilling to expand resources, updating economic studies, and pursuing accretive M&A opportunities to build toward its long-term vision of a 1 billion ounce AgEq resource platform.

Company Highlights

• Silver47 Exploration is focused on developing a portfolio of US-based high-grade silver projects: Red Mountain (Alaska), Hughes (Nevada) and Mogollon (New Mexico).
• Pro forma company created via May 2025 business combination with Summa Silver, with a combined inferred resource base of 236 Moz AgEq and an indicated resource of 10 Moz AgEq.
• Aggressive drill programs and updated resource estimates underway to support near-term growth catalysts.
• The Red Mountain VMS project hosts 168.6 Moz AgEq in inferred resources (15.6 Mt @ 336 g/t AgEq) with an exploration target of 50 to 75 Mt @ 300 to 400 g/t AgEq.
• Hughes and Mogollon projects contribute an additional 68.7 Moz AgEq inferred and 10.3 Moz AgEq indicated, focused on epithermal silver-gold mineralization in premier US jurisdictions.
• Post-merger company is well capitalized with approximately C$10 million in cash and a concurrent C$5 million private placement underway.

Key Projects

Red Mountain VMS Project (Alaska):

The Red Mountain VMS project is the company’s flagship asset, located approximately 100 kilometers south of Fairbanks, Alaska. This project is a polymetallic VMS deposit, rich in silver, gold, zinc, copper and lead. As of January 2024, Red Mountain holds an NI 43-101 inferred resource of 15.6 million tonnes (Mt) at 7 percent zinc equivalent, or 168.6 Moz of AgEq at a grade of 335.7 g/t AgEq. The project is located in a mining-friendly jurisdiction on state-managed lands with reasonable access to infrastructure.

The project’s scale is significant with defined mineralization over a 60 km trend, and exploration upside is robust with an additional target of 50 to 75 Mt @ 300 to 400 g/t AgEq (equivalent to over 500 Moz AgEq).

Recent 2024 drilling at the Dry Creek and West Tundra Flats zones intersected high-grade mineralization, including:

• 24.5m @ 486 g/t AgEq (including 2.5m @ 2,939 g/t AgEq)
• 22m @ 177 g/t AgEq (including 2.9m @ 1,079 g/t AgEq)

Hughes Project (Nevada)

Located in the historic Tonopah silver district, the Hughes project covers 5,500 acres along the prolific Walker Lane trend. The project hosts both indicated (10.3 Moz AgEq @ 333 g/t) and inferred (32.9 Moz AgEq @ 421 g/t in situ; 2.7 Moz AgEq @ 68 g/t from tailings) resources.

Drill results include:

• 2.8m @ 3,971 g/t AgEq (SUM21-30)
• 18.5m @ 536 g/t AgEq (SUM20-06)

The project benefits from infrastructure, road access and private land ownership, supporting near-term development opportunities.

Mogollon Project (New Mexico)

The Mogollon project is a large, underexplored vein field in Catron County, New Mexico. Inferred resources total 32.1 Moz AgEq @ 367 g/t from only 2.7 Mt, covering a small portion of the 77 km of known vein strike length.

Drilling has returned intercepts such as:

• 31m @ 448 g/t AgEq (MOG22-05)
• 7.4m @ 393 g/t AgEq (MOG23-20)

The project’s combination of high-grade intercepts, extensive targets and strong metallurgical recoveries (97 percent silver, 98 percent gold) underscores its growth potential.

Management Team

Galen McNamara – Chief Executive Officer & Director

Galen McNamara is the co-founder of Summa Silver, with 20 years of exploration and capital markets experience. He is a former senior project manager at NexGen Energy and PDAC Bill Dennis Prospector of the Year Award recipient.

Gary R. Thompson – Executive Chairman

Gary Thompson is a veteran geologist and company builder. He is the chairman and CEO of Brixton Metals, and previously led Sierra Geothermal Power to a successful acquisition.

Martin Bajic – Chief Financial Officer

Martin Bajic is a CPA with more than a decade of financial leadership experience, serving as director, CFO or consultant to numerous public companies trading on the TSX venture with a focus in the natural resource sector.

Alex S. Wallis – VP Exploration

Alex Wallis is an exploration geologist with over 15 years of experience managing international mineral exploration projects.

Chris York – VP Operations

Chris York is an economic geologist with expertise in narrow vein systems. He was previously the exploration manager at Klondex Gold & Silver.

Giordy Belfiore – VP Investor Relations

Giordy Belfiore formerly led IR and capital markets for Summa Silver, helping raise over $50 million since 2020.