Silver47 Exploration (TSXV:AGA) is a compelling investment story, well-positioned to capitalize on the increasing global demand for silver, gold, copper, zinc, antimony, tin and graphite driven by its vast industrial applications and investment potential. The company wholly owns a diverse portfolio of silver-polymetallic projects across North America, including Red Mountain VMS (Alaska), Adams Plateau (British Columbia) and Michelle (Yukon).
Focused on rapid resource growth and new discoveries, Silver47 is backed by an experienced technical and management team that brings decades of successful experience in mineral exploration. Silver47 has outlined aggressive drill programs to rapidly advance its projects toward development.
The Red Mountain VMS project is Silver47's flagship asset located about 100 kilometers south of Fairbanks, Alaska. Red Mountain is a polymetallic VMS deposit, rich in silver, gold, zinc, copper, and lead. 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 silver equivalent at a grade of 335.7 grams per ton (g/t) silver equivalent. The project is located in a mining-friendly jurisdiction on state managed lands with reasonable access to infrastructure.
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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.
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.
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:
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:
The project benefits from infrastructure, road access and private land ownership, supporting near-term development opportunities.
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:
The project’s combination of high-grade intercepts, extensive targets and strong metallurgical recoveries (97 percent silver, 98 percent gold) underscores its growth potential.
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 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 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 Wallis is an exploration geologist with over 15 years of experience managing international mineral exploration projects.
Chris York is an economic geologist with expertise in narrow vein systems. He was previously the exploration manager at Klondex Gold & Silver.
Giordy Belfiore formerly led IR and capital markets for Summa Silver, helping raise over $50 million since 2020.
Advancing a premier high-grade US silver portfolio
Undrilled silver-rich and polymetallic occurrences are dispersed across a 55 km highly prospective east-west corridor
Silver47 Exploration Corp. (TSXV: AGA,OTC:AAGAF) (OTCQB: AAGAF) ("Silver47" or the "Company") is pleased to provide a review of drill targeting across the highly-prospective Bonnifield District at the Red Mountain project near Fairbanks, Alaska (the "Red Mountain Project").
Highlights:
Galen McNamara, CEO, stated: "Our Red Mountain Project in Alaska is emerging as a premier silver and critical metals asset in the U.S. By leveraging extensive historic data, we've identified dozens of high-potential targets along broadly mineralized trends. The prospectivity of these targets was first identified by past operators, and I agree; the data suggest the likely presence of additional undiscovered and potentially giant VMS deposits on the project. I am unaware of any other domestic mineral projects with similar polymetallic discovery potential. In addition, ongoing drilling at Dry Creek and West Tundra Flats continues to intersect promising sulfide zones, with assays pending, positioning Red Mountain to deliver significant value and strengthen domestic critical mineral supply chains in the future."
*Table 1: Combined Open Pit and Underground Inferred Mineral Resource Estimate for the Red Mountain Project, Alaska
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Figure 1. Plan Map of Red Mountain Project.
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Figure 2. Mineralized core from WT25-38 at the West Tundra Flat Deposit showing disseminated, semi-massive and massive sulfides consisting of pyrite, pyrrhotite, sphalerite, galena and chalcopyrite (172.65 to 180.5m downhole).
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The Targets
Priority volcanogenic massive sulfide (VMS) exploration targets at the Red Mountain Project are dispersed across the highly prospective Bonnifield mining district. The targets vary from zinc-rich to copper-rich and many have associated high-grade silver and local gold mineralization.
Four main target trends are defined and include: Dry Creek Syncline, Keevy Trend, Last Chance Corridor and Wood River trend (Figure 1). Many of the targets across the Dry Creek Syncline area (Figure 1) were known historically, however, numerous high-priority targets across the Keevy and Last Chance areas were more recently identified through regional stream sediment, ridge-spur soil and rock geochemical surveys and project-wide EM geophysical surveys completed by a past project operator. Of the 30 known targets as well as other un-explored EM targets, only eleven targets have been drill tested, five of those with less than three holes each.
The Dry Creek Syncline: The best known targets associated with the Dry Creek Syncline are the Dry Creek and WTF deposits (combined inferred mineral resource of 15.6 million tonnes at 7% ZnEq or 335.7 g/t AgEq, totaling 168.6 million silver equivalent ounces*). Previous drilling at Dry Creek have returned high-grade intercepts, such as 22.3 m at 601 g/t AgEq (150.6 g/t Ag, 0.82 g/t Au, 5.86% Zn, 2.60% Pb, 0.13% Cu, DC24-105) from 18.9 m down hole.
VMS targets are located along both limbs of the project-scale, east-west trending Dry Creek syncline where approximately 40 km of prospective VMS stratigraphy (Mystic and Sheep Creek members of the Totatlanika schist) is well exposed (Figure 1). Many targets along the syncline are associated with pronounced EM anomalies and have been mostly defined by stream, soil and rock-chip geochemistry and limited ground geophysical surveys (magnetics and CSAMT). High priority targets across the Dry Creek Syncline area include:
Hunter Target: Massive sulfide mineralization at the Hunter target, 5.8 km west of Dry Creek, has been traced for over 500 m within a carbonaceous phyllite that is traced for over 1 km. Rock chip sampling of the discovery Hunter outcrop returned assays up to 616 g/t Ag, 18.6% Zn, 5.4% Pb, 2.5% Cu, and 0.33 g/t Au. Six drill holes in 2018, 2019 and 2021 successfully tested the dip-extent of the massive sulfide lens highlighted by 1.4m of 17.4% Zn, 3.9% Pb, 1.6% Cu, 90 g/t Ag and 0.23 g/t Au (HR18-01)2 and 1.8m of 13.8% Zn, 3.1% Pb, 56 g/t Ag, 0.2 g/t Au and 0.9% Cu (HR18-02)2. VMS-related mineralization at Hunter is therefore open in all directions and further drilling testing of the strike- and dip-extent is warranted.
Glacier Creek: The Glacier Creek suite of targets are approximately 12.3 km northwest of Dry Creek. The ~6 km long target area is primarily underlain by the highly-prospective Totatlanika schists and is defined by numerous EM anomalies and broad km-scale colour anomalies and associated sericite alteration. Rock-chip sampling is sparce and soil-surveys have only been ridge-spur, however, numerous multi-element geochemical anomalies have been defined together with barium enrichment in many samples. Seven holes were drilled across two programs covering a 2 km trend in 1998 and 2019. Additional geological mapping, soil and rock geochemical surveys are clearly warranted to advance the known targets and to define drill targets.
Galleon Target: The Galleon target is approximately 9.0 km north of Dry Creek. Similar to Glacier Creek, the Galleon target is primarily underlain by the Totatlanika schist where numerous showings of VMS-style, high-Pb-Zn-Cu massive sulfide mineralization have been discovered. Importantly, numerous samples from Galleon returned elevated to high-grade Ag and Au mineralization. Rock samples with up to 1,265 g/t Ag, 2.18 g/t Au, 2.4% Zn, 1.656% Pb and 1.7% Cu have been reported. Additional geological mapping, soil and rock geochemical surveys are clearly warranted to advance the known targets, followed by drill testing.
The Keevy Trend: The Keevy VMS trend consists of numerous high-grade VMS targets dispersed along 25 km of favorable Keevy Peak Formation and Healy Schist stratigraphy south of the Dry Creek Syncline area (Figure 1). From east to west the targets comprise Lowrider, Easy Ivan, Jack Frost, Yogi, Kiwi, and Yeti with multiple unexplored EM targets west of Yeti (Figure 1). These targets have massive sulfide occurrences comprised of sphalerite, galena and chalcopyrite with other key VMS indicators such as chert, black barite and broad zones of sericite alteration and strongly anomalous base-metal soil anomalies. Highlights and key indicators of VMS potential from the Keevy VMS trend include:
Kiwi: up to 316 g/t Ag, 16.2% Cu, 10.3% Zn, 1.7% Pb, and 2.8 g/t Au in rock samples
Easy Ivan: up to 87.1 g/t Ag, 6.0% Zn, 12.3% Pb, and 0.45% Cu in rock samples
Jack Frost: up to 285 g/t Ag, 14.0% Zn, 20.0% Pb, and 1.1% Cu in rock samples
Yeti: black barite with elevated silver and strong base metal soil anomalism
Besides sparce ridge-spur and local grid soil surveys, prospecting and rock sampling many of the targets are under-explored and represent priority targets for follow-up. Geological mapping and infill soil geochemical surveys are planned to advance many of the targets along the highly prospective Keevy Trend.
Last Chance Corridor: The Last Chance area of prospective VMS targets is centered approximately 40 km west of the Dry Creek deposit (Figure 1). These targets may represent the western extent of the Keevy Trend. Seven targets have been defined covering a prospective corridor of 15 km primarily underlain by the Healy Schist and include from east to west; Copper Creek, Grapple, Bib West, Bullseye, Ringer, Sheep Creek and Horseshoe. The VMS lenses exposed in outcrop consist of pyrrhotite, pyrite and/or sphalerite, galena and chalcopyrite. Only the Sheep Creek target has been drill tested (1979 program by US Borax1) and all targets are primarily defined based on rock, soil and stream sediment anomalism and airborne and local ground-based geophysical methods. Highlights from previous rock-chip sampling include:
Horseshoe: up to 8.3% Zn, 4.6% Pb, 0.76% Cu, 44 g/t Ag and 3.8 g/t Au in rock samples
Bib: up to 7.3% Zn, 5.1% Pb, 0.3% Cu, 60 g/t Ag and 0.47 g/t Au in rock samples
Grapple: up to 5.1% Zn, 13.2% Pb, 0.79% Cu and 139 g/t Ag in rock samples
Ringer: up to 0.72% Cu, 27 g/t Ag and 1.0 g/t Au in rocks samples
Sheep Creek: up to 306 g/t Ag, 4.3% Zn, 3.98% Pb, and 0.18% Cu in rock samples and 24.5 m of 1.3% Zn,1.0% Pb and 0.127% Sn in historical drilling1
Follow-up geological mapping, infill soil geochemical surveys and additional higher-resolution magnetic surveys are planned to further advance many of the Last Chance targets.
Wood River Trend: Four high-grade VMS targets cover a 24 km trend on the southern limb of a district-scale anticlinal fold that runs parallel to the Dry Creek syncline (Figure 1). The targets are hosted in prospective Healy and Wood River Assemblage schists which host VMS-related mineralization elsewhere in the Bonnifield district. From east to west the targets include West Fork, Cirque, Virginia Creek and Anderson Mountain. Select historical rock-chip sampling and select drilling highlights include:
West Fork: up to 3.5% Zn, 2.5% Pb, 1.2% Cu and 73g/t Ag in rock samples
Cirque: up to 487 g/t Ag, 13.2% Zn, 3.8% Pb, 12.4% Cu and 3.7 g/t Au in rock samples
Virginia Creek: historical drilling, 14.8m at 3.3% Zn, 0.8% Pb, 78 g/t Ag, 0.2g/t Au and 0.5% Cu1 and rock samples up to 2.8% Zn, 0.65% Pb, 74.1 g/t Ag, 1.01 g/t Au and 1.3% Cu
Anderson Mountain: historical drilling, 161 g/t Ag, 0.6 m at 22% Zn, 4.8% Pb and 0.6% Cu1 and up to 151 g/t Ag, 32% Zn, 8.8% Pb and 3.8% Cu in rock samples. The prospective VMS horizon is mapped for over 240 m
Follow-up geological mapping, infill soil geochemical surveys and additional higher-resolution magnetic surveys are warranted to further advance many of the Wood River trend of VMS targets.
Exploration Update
Drilling is ongoing at the Red Mountain Project where nine holes have been completed. Two holes have been completed at Dry Creek and seven holes at WTF. Zones of massive, semi-massive and disseminated sulfide mineralization have been intersected in both infill and step-out holes.
Data Verification
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, re-assaying, 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 ongoing exploration programs.
Qualified Person
The technical content of this news release has been reviewed and approved by Galen McNamara, P. Geo., the CEO of the Company and a qualified person as defined by National Instrument 43-101.
References
Raffle, K, Livingston, C., Proenza, Y. and Black, B., 2024, Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA, NI 43-101 Technical Report, effective date of January 12, 2024, 200 p, sedarplus.ca.
Data reported by White Rock Minerals, WRM ASX announcement August 20th, 2018.
About Silver47 Exploration
Silver47 Exploration Corp. is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The Company is creating a leading high-grade US-focused silver developer with a combined resource totaling 236 Moz AgEq 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 Report and other filings available on SEDAR at www.sedarplus.ca. The Company trades on the TSXV under the ticker symbol AGA and OTCQB under the ticker symbol AAGAF.
For more information about the Company, please visit www.silver47.ca and see the Technical Report filed on SEDAR+ (www.sedarplus.ca) and titled "Technical Report on the Red Mountain VMS Property Bonnifield Mining District, Alaska, USA with an effective date January 12, 2024, and prepared by APEX Geoscience Ltd."
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On Behalf of the Board of Directors,
Mr. Galen McNamara
CEO & Director
For investor relations
Giordy Belfiore
604-288-8004
gbelfiore@silver47.ca
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "upon" "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to: the Company's exploration and development activities and plans. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the ability to close the Offering, including the time and sizing thereof, the insider participation in the Offering and receipt of required regulatory approvals; the use of proceeds not being as anticipated; the Company's ability to implement its business strategies; risks associated with general economic conditions; adverse industry events; stakeholder engagement; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and the additional risks identified in the Company's financial statements and the accompanying management's discussion and analysis and other public disclosures recently filed under its issuer profile on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities regulators. The forward-looking information are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws.
No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
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Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the OTCQB Venture Virtual Investor Conference, held August 7 th are now available for online viewing.
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through August 13 th .
August 7 th
| Presentation | Ticker(s) |
| Surge Copper. Corp | (OTCQB: SRGXF | TSXV: SURG) |
| ReGen III Corp. | (OTCQB: ISRJF | TSXV: GIII) |
| Silver47 Exploration Corp. | (OTCQB: AAGAF | TSXV: AGA,OTC:AAGAF) |
| Nature's Miracle Holding Inc. | (OTCQB: NMHI) |
| Zero Candida Technologies Inc. | (OTCQB: ZCTFF | TSXV: ZCT) |
| NextGen Digital Platforms Inc. | (OTCQB: NXTDF | CSE: NXT) |
| Telo Genomics Corp. | (OTCQB: TDSGF | TSXV: TELO) |
| Zomedica Corp. | (OTCQB: ZOMDF) |
| Metaguest.AI Incorporated | (OTCQB: MGSTF | CSE: METG) |
| Waste Energy Corp. | (OTCQB: WAST) |
| CleanGo Innovations Inc. | (OTCQB: CLGOF | CSE: CGII) |
| Sekur Private Data Ltd. | (OTCQB: SWISF | CSE: SKUR) |
| CyberCatch Holdings, Inc. | (OTCQB: CYBHF | TSXV: CYBE) |
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Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the OTCQB Venture Virtual Investor Conference to be held August 7 th .
Individual investors, institutional investors, advisors, and analysts are invited to attend.
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It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1x1 meetings with management.
"Now in its seventh year, the OTCQB Venture Investor Conference has become the go-to platform for innovative early-stage companies to connect directly with investors," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "It offers a unique window into the momentum and vision driving the next generation of public companies."
August 7 th
| Eastern Time (ET) | Presentation | Ticker(s) |
| 9:30 AM ET | Sparc AI Inc. | (OTCQB: SPAIF | CSE: SPAI) |
| 10:00 AM ET | Surge Copper. Corp | (OTCQB: SRGXF | TSXV: SURG) |
| 10:30 AM ET | ReGen III Corp. | (OTCQB: ISRJF | TSXV: GIII) |
| 11:00 AM ET | Silver47 Exploration Corp. | (OTCQB: AAGAF | TSXV: AGA,OTC:AAGAF) |
| 11:30 AM ET | Nature's Miracle Holding Inc. | (OTCQB: NMHI) |
| 12:00 PM ET | Zero Candida Technologies Inc. | (OTCQB: ZCTFF | TSXV: ZCT) |
| 12:30 PM ET | Oncotelic Therapeutics, Inc. | (OTCQB: OTLC) |
| 1:00 PM ET | Telo Genomics Corp. | (OTCQB: TDSGF | TSXV: TELO) |
| 1:30 PM ET | Zomedica Corp. | (OTCQB: ZOMDF) |
| 2:00 PM ET | Metaguest.AI Incorporated | (OTCQB: MGSTF | CSE: METG) |
| 2:30 PM ET | Waste Energy Corp. | (OTCQB: WAST) |
| 3:00 PM ET | CleanGo Innovations Inc. | (OTCQB: CLGOF | CSE: CGII) |
| 3:30 PM ET | Sekur Private Data Ltd. | (OTCQB: SWISF | CSE: SKUR) |
| 4:00 PM ET | CyberCatch Holdings, Inc. | (OTCQB: CYBHF | TSXV: CYBE) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
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OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
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Exchanged for Securities of Silver47 Exploration Corp. Pursuant to the Plan of Arrangement
Eric Sprott announces that, on August 1, 2025, 2176423 Ontario Ltd. (a corporation beneficially owned by him) acquired 10,383,434 common shares of Silver47 Exploration Corp., (Silver47 Shares) and 1,525,000 Silver47 Share purchase warrants (Silver47 Warrants) upon the closing a statutory plan of arrangement (Arrangement), pursuant to which Silver47 Exploration acquired all the outstanding common shares of Summa Silver Corp (Summa Silver Shares). Pursuant to the Arrangement, among other things, holders of Summa Silver Shares received 0.452 of a Silver47 Share for every Summa Silver Share they held. Mr. Sprott now beneficially owns over 10% of the outstanding Silver47 Shares.
Summa Silver holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 22,972,200 Summa Silver Shares and 3,375,000 Summa Silver Share purchase warrants, representing approximately 15.3% of the outstanding Summa Silver Shares on a non-diluted basis, and approximately 17.2% on a partially diluted basis assuming exercise of such warrants. As a result of the Arrangement, Mr. Sprott no longer holds any securities of Summa Silver, and Mr. Sprott (as well as 2176423 Ontario Ltd.) ceased to be insiders of Summa Silver.
Silver47 Exploration holdings: Prior to the Arrangement, Mr. Sprott beneficially owned 5,500,000 Silver47 Shares and 750,000 Silver47 Warrants, representing approximately 7.8% of the outstanding Silver47 Shares on a non-diluted basis, and approximately 8.8% on a partially diluted basis assuming exercise of such warrants. As a result of the Arrangement, Mr. Sprott now beneficially owns 15,883,424 Silver47 Shares and 2,275,000 Silver 47 Warrants representing approximately 11.5% of the outstanding Silver47 Shares on a non-diluted basis, and approximately 12.9% on a partially diluted basis assuming exercise of such warrants
Mr. Sprott has a long-term view of the investment in Silver47 Exploration securities and may acquire additional securities of Silver47 Exploration including on the open market or through private acquisitions or sell securities including on the open market or through private dispositions, in the future, depending on market conditions, reformulation of plans and/or other relevant factors.
Summa Silver is located at 918-1030 West Georgia St., Vancouver, British Columbia, V6E 2Y3. Silver47 Exploration is located at 551-409 Granville St., Vancouver, British Columbia, V6C 1T2 A copy of the relevant early warning report with respect to the foregoing will appear on Summa Silver's or Silver47 Exploration's profile, as applicable, on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, Ontario, M5C 3C5).
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Silver47 Exploration Corp. (TSXV: AGA,OTC:AAGAF) (OTCQB: AAGAF) ("Silver47") and Summa Silver Corp. (TSXV: SSVR) (OTCQX: SSVRF) ("Summa") (together, the "Companies") are pleased to announce the completion of their previously announced at-market merger (the "Transaction") by way of a court-approved plan of arrangement (the "Arrangement"). The combined company (the "Combined Company") will continue under the name "Silver47 Exploration Corp.".
Gary R. Thompson, Executive Chairman of Silver47, stated: "We are excited to have reached this transformative milestone which begins our rapid growth phase to become a large high-grade USA-focused silver company. I'm looking forward to unlocking the value of these assets."
Galen McNamara, Chief Executive Officer of Silver47, stated: "Silver47 now emerges as a premier United States-focused high-grade silver explorer and developer. Uniting projects in Alaska, Nevada, and New Mexico cumulatively hosting well over 200 million silver equivalent ounces with clear upside potential, we're poised to benefit from a renewed interest in United States mineral development at a time when the importance of domestic production has returned to the national spotlight. With a talented team, strong cash position, and support from our shareholders, we plan to aggressively drive exploration, growth, and development. This combination enhances our scale and visibility in an emerging silver and critical metals market, positioning us to advance our vision and deliver ongoing value to shareholders."
Following the Transaction, the Combined Company is a premier high-grade silver focused explorer and developer with a portfolio of silver-rich mineral resource staged projects in the United States (Alaska, Nevada and New Mexico). Collectively, the Companies' mineral resources equal approximately 10 Moz AgEq at 333 g/t AgEq of indicated mineral resources and 236 Moz AgEq at 334 g/t AgEq inferred mineral resources (see mineral resource table below for full details) with substantial upside and a shared vision for significant additional silver discovery and consolidation.
Under the terms of the Transaction, Summa shareholders received 0.452 common shares of Silver47 (each whole share, a "Silver47 Share") in exchange for each Summa common share (each a "Summa Share) held (the "Exchange Ratio").
As a result of the Transaction, Summa has become a wholly-owned subsidiary of Silver47 and the Summa Shares are anticipated to be delisted from the TSX Venture Exchange at market close on or about August 5, 2025. Following the delisting, Summa intends to apply to cease to be a reporting issuer under applicable Canadian securities laws.
Strategic Rationale for Transaction
Benefits to Silver47 and Summa Shareholders
Combined Silver Mineral Resource Summary
| Classification | Company | Project | Tonnes | Ag | Au | Zn | Pb | Cu | AgEq | Ag | Au | Zn | Pb | Cu | AgEq |
| (Mt) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | (Moz) | (koz) | (kt) | (kt) | (kt) | (Moz) | |||
| Inferred | Silver47 | Red Mountain | 15.6 | 71 | 0.4 | 3.4 | 1.4 | 0.2 | 336 | 36.0 | 214 | 532 | 216 | 26 | 168.6 |
| Indicated | Summa | Hughes | 1.0 | 188 | 1.6 | - | - | - | 333 | 5.8 | 49 | - | - | - | 10.3 |
| Inferred | Summa | Hughes (In Situ) | 2.4 | 204 | 2.4 | - | - | - | 421 | 15.9 | 188 | - | - | - | 32.9 |
| Inferred | Summa | Hughes (Tailings) | 1.3 | 44 | 0.3 | - | - | - | 68 | 1.8 | 11 | - | - | - | 2.7 |
| Inferred | Summa | Mogollon | 2.7 | 139 | 2.7 | - | - | - | 367 | 12.1 | 238 | - | - | - | 32.1 |
| Total Indicated Mineral Resources | 1.0 | 188 | 1.6 | - | - | - | 333 | 5.8 | 49 | - | - | - | 10.3 | ||
| Total Inferred Mineral Resources | 22.0 | 92 | 0.9 | 2.4 | 1.0 | 0.1 | 334 | 65.8 | 651 | 532 | 216 | 26 | 236.3 | ||
Notes to Silver47 Mineral Resources:
1. The 2024 Red Mountain mineral resource estimate ("MRE") was estimated and classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" dated November 29, 2019, and the CIM "Definition Standards for Mineral Resources and Mineral Reserves" dated May 10, 2014.
2. Mr. Warren Black, M.Sc., P.Geo. of APEX Geoscience Ltd., a "qualified person" ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), is responsible for completing the MRE, effective January 12, 2024.
3. Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have been calculated for Red Mountain. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
4. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
5. The quantity and grade of reported inferred mineral resources is uncertain, and there has not been sufficient work to define the inferred mineral resource as an indicated or measured mineral resource.
6. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Reported grades are undiluted.
7. A standard density of 2.94 g/cm³ is assumed for mineralized material and waste rock. Overburden density is set at 1.8 g/cm³. For mineralized material blocks with iron assays close enough to estimate an iron value for the block, density is calculated using the formula: density (g/cm³) = 0.0553 * Fe (%) + 2.5426.
8. Metal prices are US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz Au, and US$23/oz Ag.
9. Recoveries are 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.
10. ZnEQ (%) = [Zn (%) x 1] + [Pb (%) x 0.6364] + [Cu (%) x 2.4889] + [Ag (ppm) x 0.0209] + [Au (ppm) x 1.923]
11. AgEQ (ppm) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (ppm) x 1] + [Au (ppm) x 91.93]
12. Open-pit resource economic assumptions are US$3/tonne for mining mineralized and waste material, US$19/tonne for processing, and 48° pit slopes.
13. Underground resource economic assumptions are US$50/tonne for mining mineralized and waste material and US$19/tonne for processing.
14. Open-pit resources comprise blocks constrained by the pit shell resulting from the pseudoflow optimization using the open-pit economic assumptions.
15. Underground resources comprise blocks below the open-pit shell that form minable shapes. They must be contained in domains of a minimum width of 1.5 m at Dry Creek or 3 m height at West Tundra Flats. Resources not meeting these size criteria are included if, once diluted to the required size, maintain a grade above the cutoff.
Notes to Summa Mineral Resources:
1. Silver Equivalent (AgEq) cut-off grade for the Hughes Project in situ Mineral Resources is based on a silver price of $25/oz, recovery of 90% Ag, and cost assumptions including: USD$88.2/t average mining cost for approximately 70% longhole stoping and 30% cut and fill mining, USD$36.3/t processing cost, USD$9.7/t G&A cost, USD$0.20/oz Ag refining cost for a total mining, processing and G&A cost of USD$134.2/tonne. A 3% royalty has also been applied to the cut-off grade determination.
2. Silver Equivalent (AgEq) cut-off grade for the Hughes Project tailings Mineral Resources is contained within an optimized pit and based on a silver price of $25/oz, recovery of 90% Ag, and cost assumptions including: USD$2.25/t mining cost, USD$21.0/t processing cost, USD$9/t G&A cost, USD$0.50/oz Ag refining cost for a total mining, processing and G&A cost of USD$33.34/tonne. A 3% royalty has also been applied to the cut-off grade determination.
3. Silver Equivalent (AgEq) cut-off grade for the Mogollon Project Mineral Resources is based on a silver price of $25/oz, recovery of 97% Ag, and cost assumptions including: USD$83/t mining cost for longhole stoping, USD$36.3/t processing cost, USD$9.7/t G&A cost, USD$0.20/oz Ag refining cost for a total mining, processing and G&A cost of USD$129/tonne A 3% royalty has also been applied to the cut-off grade determination.
4. AgEq is based on silver and gold prices of $25/oz and $2100/oz respectively, and recoveries for silver and gold of 90% and 97%, respectively for the Hughes Project, and 97% and 97%, respectively, for the Mogollon Project. AgEq Factor= (Ag Price / Au Price) x (Ag Rec / Au Rec); g AgEq/t = g Ag/t + (g Au/t / AgEq Factor).
5. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
6. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves. The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred mineral resources as Indicated mineral resources. It is uncertain if further exploration will result in upgrading them to the Indicated mineral resources category.
7. The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
8. There are no known environmental, permitting, legal, or other factors which could materially affect the MREs.
Management Team and Board of Directors
Silver47 will be led by Gary R. Thompson as Executive Chairman, Galen McNamara as Chief Executive Officer and Martin Bajic as Chief Financial Officer. Galen McNamara and Thomas O'Neill have been appointed to Silver47's board of directors, joining Gary R. Thompson and Ryan Goodman.
Subscription Receipt Financing
Prior to the completion of the Transaction, the 27,600,000 Subscription Receipts issued by Summa pursuant to its previously announced subscription receipt financing (the "Subscription Receipt Financing") automatically converted into units of Summa, which units have been exchanged, adjusted, or converted into securities of Silver47 at the Exchange Ratio, resulting in the issuance of an aggregate of 12,475,400 Silver47 Shares, and warrants entitling the holders to acquire an additional 6,237,600 Silver47 Shares at an exercise price of $0.796 per Silver47 Share.
The Subscription Receipt Financing was led by Research Capital Corporation, as co-lead agent and sole bookrunner, and together with Haywood Securities Inc., as co-lead agent, on behalf of a syndicate of agents, including Eventus Capital Corp.
Additional Issuances
Upon the closing of the Transaction, Haywood Securities Inc. and Eventus Capital Corp. were each issued 723,325 units of Silver47 (the "Advisory Units") in consideration of financial advisory services provided to Silver47 and Summa, respectively, in connection with the Transaction. The Advisory Units were issued at a deemed price of $0.553 per unit.
Each Advisory Unit is comprised of one Silver47 Share and one-half of one Silver47 share purchase warrant with each whole warrant exercisable to acquire one Silver47 Share at an exercise price of $0.796 for a period of 24 months from issuance.
Information for Registered Summa Shareholders
In order to receive Silver47 Shares in exchange for Summa Shares, registered shareholders of Summa must complete, sign, date and return the letter of transmittal that was mailed to each Summa shareholder prior to closing. The letter of transmittal is also available under Summa's profile on SEDAR+ at www.sedarplus.ca. For those shareholders of Summa whose Summa Shares are registered in the name of a broker, investment dealer, bank, trust company, trust or other intermediary or nominee, they should contact such nominee for assistance in depositing their Summa Shares and should follow the instructions of such intermediary or nominee.
Convertible Securities
Summa Options
Pursuant to the Arrangement, each Summa option (a "Summa Option"), whether vested or unvested, has been transferred to Silver47, with the holder thereof receiving as consideration an option to purchase from Silver47 such number of Silver47 Shares equal to the Exchange Ratio multiplied by the number of Summa Shares subject to the Summa Option, at an exercise price per Silver47 Share equal to the current Summa Option exercise price divided by the Exchange Ratio, exercisable until the original expiry date of such Summa Option and otherwise governed by the terms of the Summa stock option plan.
Summa Warrants
Pursuant to the Arrangement, each Summa warrant to purchase common shares (a "Summa Warrant") will, upon the exercise of such rights, entitle the holder thereof to be issued and receive for the same aggregate consideration, upon such exercise, in lieu of the number of Summa Shares to which such holder was theretofore entitled upon exercise of such Summa Warrants, the kind and aggregate number of Silver47 Shares that such holder would have been entitled to be issued and receive if, immediately prior to the effective time of the Arrangement, such holder had been the registered holder of the number of Summa Shares to which such holder was theretofore entitled upon exercise of such Summa Warrants. All other terms governing the warrants, including, but not limited to, the expiry date, exercise price and the conditions to and the manner of exercise, will be the same as the terms that were in effect immediately prior to the effective time of the Arrangement, and shall be governed by the terms of the applicable warrant instruments.
Further information about the Transaction is set forth in the materials prepared by Summa in respect of the special meeting of the shareholders of Summa which were mailed to Summa shareholders and filed under Summa's profile on SEDAR+ at www.sedarplus.ca.
Early Warning Disclosure
Prior to the Transaction, Silver47 held nil Summa Shares. Following the completion of the Transaction, Silver47 holds all of the issued and outstanding Summa Shares. An early warning report will be filed by Silver47 under Summa's SEDAR+ profile at www.sedarplus.ca in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Martin Bajic at mbajic@silver47.ca.
Advisors and Counsel
Haywood Securities Inc. acted as exclusive financial advisor to Silver47. Fasken Martineau DuMoulin LLP acted as Canadian legal advisor to Silver47.
Eventus Capital Corp. acted as exclusive financial advisor to Summa. Forooghian + Company Law Corporation acted as Canadian legal advisor to Summa.
Technical Disclosure and Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Galen McNamara, P. Geo., Chief Executive Officer of Silver47, a QP as defined by NI 43-101.
About Silver47
Silver47 Exploration Corp. is a Canadian-based exploration company that wholly-owns six silver and critical metals (polymetallic) exploration projects in Canada and the US. These projects include the Red Mountain Project in southcentral Alaska, a silver-gold-zinc-copper-lead-antimony-gallium VMS-SEDEX project. The Red Mountain Project hosts an inferred mineral resource estimate of 15.6 million tonnes at 7% ZnEq or 335.7 g/t AgEq, totaling 168.6 million ounces of silver equivalent, as reported in the NI 43-101 Technical Report dated January 12, 2024. Silver47 also owns a 100% interest in the Hughes Project located in central Nevada and the Mogollon Project located in southwestern New Mexico. The high-grade past-producing Belmont Mine, one of the most prolific silver producers in the United States between 1903 and 1929, is located on the Hughes Project. The Mogollon Project is the largest historic silver producer in New Mexico. Both projects have remained inactive since commercial production ceased and neither have seen modern exploration prior to Summa's involvement.
Silver47 Contact Information
Gary R. Thompson
Executive Chairman
gthompson@silver47.ca
Galen McNamara
Chief Executive Officer
gmcnamara@silver47.ca
Silver47 Investor Relations Contact:
Giordy Belfiore
gbelfiore@silver47.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking and other cautionary statements
Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and applicable United States securities laws (referred to herein as forward‐looking statements). Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the potential benefits to be derived from the Transaction; the future financial or operating performance of Silver47 and Silver47's mineral properties and project portfolios; Silver47's intended use of the net proceeds from the sale of Subscription Receipts; the results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of Silver47's mineral properties and project portfolios; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future development plans.
Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the integration of the Companies, and realization of benefits therefrom; Silver47's ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render mineral properties economic; Silver47's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: risks related to the Transaction, including, but not limited to, integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties and management's ability to anticipate and manage the foregoing factors and risks. Although Silver47 has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Silver47's management's discussion and analysis for the three and six months ended April 30, 2025 and 2024, and Summa's annual information form dated December 20, 2024 for the fiscal year ended August 31, 2024.
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Silver47 undertakes no obligation to update forward‐looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding Silver47's plans, objectives and goals and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements. This news release also contains or references certain market, industry and peer group data, which is based upon information from independent industry publications, market research, analyst reports, surveys, continuous disclosure filings and other publicly available sources. Although Silver47 believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. Silver47 has not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.
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Unlike gold, however, silver also saw gains as industrial demand strained overall supply.
The quarter opened with the price of silver sinking from US$33.77 per ounce on April 2 to US$29.57 on April 4. However, the metal quickly found momentum and climbed back above the US$30 mark on April 9.
Silver continued upward through much of April, peaking at US$33.63 on April 23.
Volatility was the story through the end of April and into May, with silver fluctuating between a low of US$32.05 on May 2 and a high of US$33.46 on May 23.
Silver price, April 1 to July 17, 2025.
Chart via Trading Economics.
At the start of June, the price of silver soared to 14 year highs, opening the month at US$32.99 and rising to US$36.76 by June 9. Ultimately, the metal reached a year-to-date high of US$37.12 on June 17. Although the price has eased slightly from its high, it has remained in the US$36 to US$37 range to the end of the quarter and into July.
Various factors impacted silver in the second quarter of the year, but industrial demand was a primary driver in both upward and downward movements. Over the past several years, silver has been increasingly utilized in industrial sectors, particularly in the production of photovoltaics. In fact, according to the Silver Institute’s latest World Silver Survey, released on April 16, demand for the metal reached a record 680.5 million ounces in 2024.
Artificial intelligence, vehicle electrification and grid infrastructure all contributed to demand growth
At the same time, mine supply has failed to keep up, with the institute reporting a 148.9 million ounce production shortfall. This marked the fourth consecutive year of structural deficit in the silver market.
In a June 11 interview with the Investing News Network (INN), Peter Krauth, editor of Silver Stock Investor and Silver Advisor, said deficits are likely to get worse in the coming years as aboveground stockpiles are chipped away.
“(We have) flat supply, growing demand — demand that’s nearly 20 percent above supply," he said. "And our ability to meet those deficits is shrinking because we’re tapping into these aboveground stockpiles that have shrunk by about 800 million ounces in the last four years, which is equivalent to an entire year’s mine supply. So it’s the perfect storm."
But industrial demand can send the silver price in either direction.
The chaos caused by Trump’s on-again, off-again tariffs has caused some consternation among investors.
While gold and silver have traditionally both been viewed as safe-haven assets, silver’s increasing industrial demand has decoupled it slightly from that aspect. When Trump announced his "Liberation Day" tariffs on April 2, silver was impacted due to fears that a recession could cause demand for the metal to slip.
Although the dip in silver was short-lived, it was one of its steepest falls in recent years.
In an email to INN, Julia Khandoshko, CEO of Mind Money, said a recession could have consequences for silver, but she wouldn't expect them to last long:
“If a global recession really starts, silver will most likely nosedive momentarily. In terms of its 2025 performance, silver growth has been largely bolstered by consolidated precious metals group appreciation, additionally beefed up by relative USD weakness."
Adding to the tailwinds is a growing east-west divide. Due to its usage in industrial components, particularly those related to the military and energy sectors, and its role as a safe haven, silver is being influenced by geopolitics.
June’s price rally came alongside growing speculation that Israel was preparing to attack Iranian nuclear sites. Investors became concerned that war could disrupt international trade and oil movements in the region.
Ultimately, their concerns were proven right, and Israel launched attacks on June 12; the US then bombed key nuclear facilities on June 21. While the escalation is new, the underlying politics have been simmering for years.
Sanctions against Russia have strengthened support among the BRICS nations, which have been working to reduce their reliance on US dollar assets, such as treasuries, and increase trade in their own currencies.
But they may also be working to separate themselves from western commodities markets. In October 2024, Russia floated the idea of creating a precious metals exchange to its BRICS counterparts. If established, it could shake up pricing for commodities like silver, allowing Russia to circumvent sanctions and trade with its bloc partners.
While the exchange is still just an idea, a bifurcated world is not. While the US has targeted most nations with tariffs, it has singled out China. Much of the first half of the year saw the world’s two largest economies escalate import fees with one another, with China even restricting the export of rare earth elements to the US.
Discussions on national security and critical minerals have been at the forefront for the last several years. Still, they have become even more pronounced with the US and China on tense footing.
In a July 9 interview with INN, economist and author Dr. Nomi Prins suggested that national security demands are likely to offset the impact of any economic downturn on the broader economy.
“Even if that’s going to happen, industrial use value — building infrastructure, building national security, national energy priorities — needs a lot of silver, and there just simply isn’t enough supply out of the ground to meet the demand. That’s long-term demand above the ground. This has been a thing, but right now, because of these geopolitical forces and realignments, silver is going to drop more into that industrial role,” she said.
Overall, the expectation is that without new mine supply and dwindling aboveground stockpiles, silver is likely to remain in deficit for some time. Other factors, like Trump tariffs and geopolitics, aren’t likely to disappear either.
Demand could ease off if a global recession were to materialize, but safe-haven investing could offset declines.
For his part, Krauth thinks the silver price is likely to remain above the US$35 mark, but it could fluctuate and he suggested a rally in the US dollar could push the silver price down. However, he also sees some pressure easing on the recession side of the equation if the US signs tariff deals that would eliminate some uncertainty.
“US$40, let’s say by the end of this year," he said, adding, "Frankly, I could see something really realistically above that, maybe an additional 10 percent if the scenario plays out right."
He doesn’t think that’s the end. In the longer term, Krauth sees silver going even higher. He pointed to the current gold-silver ratio, which is around 92:1, compared to an average of 60:1 over the last 50 years.
“So we could go to, who knows, somewhere like maybe 40 or 30 to one in the ratio. That would be tremendous for silver — that could bring silver above US$100. I’m not saying that’s happening tomorrow, but in the next couple of years I would say that’s certainly something that could easily be in the cards,” Krauth said.
Fundamentals and geopolitics aligned for silver in the first half of 2025, and barring a recession, they are likely to provide tailwinds in the second half. Whether the price climbs or continues to find support at US$35 is yet to be seen.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
