Silver 47, a Canadian-listed company, is making a bold move to comprehensively expand its core mining assets within US territory. The company is spinning on three fronts simultaneously: completing the annual payment schedule for the Mogollon project in New Mexico, and aggressively developing the Hughes and Kennedy projects in Nevada, making the company's growth strategy visible. Industry experts suggest that this multi-pronged approach indicates that 2026 will be the turning point for the company's substantial growth.
The company announced it is officially proceeding with the fifth payment of the tenth year for the Mogollon project near Silver City, New Mexico, under amended mining lease agreement terms. This payment will be made by issuing 56,902 common shares, with a per-share price of $0.6855 based on the average transaction volume-weighted price over the last 20 trading days. The total annual cash payment translates to approximately $99,674, or about 146.36 million KRW. Up to $27,180 of this amount is structured to be replaceable with stock issuance linked to fluctuations in the Producer Price Index. However, the final procedure must be approved by the Canadian Toronto Stock Exchange Venture Exchange.
At the Hughes project near Tonopah, Nevada, a 2026 drilling campaign targeting at least 7,000 meters has commenced, focusing on high-grade silver reserves. This exploration program targets the eastern extension of the high-grade silver deposit in the Tonopah area, with initial work focused on target zones named Ruby, Sapphire, and Emerald. In particular, the Ruby section will adopt a method of placing inclined drill holes in a row to closely examine ore continuity and deep extension potential. The company explained that this drilling aims to find new discovery points more than 1.3 to 4 kilometers east of existing historic mine boundaries. Previous drilling work recorded a silver equivalent grade of 1,450 grams per ton in a 3-meter interval, and the project is proceeding with both RC and Diamond Drill techniques. Operating capital of approximately $54 million has been secured, providing sufficient room for adjusting the exploration scope and expanding follow-up programs.
Metallurgical testing has also commenced at the Hughes project site to confirm the viability of reprocessing tailings from the former Belmont mine. The tailings contain an estimated 1.8 million ounces of silver and 11,300 ounces of gold based on resource estimates, totaling approximately 1.26 million tons. The company has secured about 150 kilograms of samples through 21 auger drill holes, and will proceed with recovery tests centered on CIL, grinding conditions, and process variable analysis. The core focus is whether reprocessing is feasible through low-impact methods. Laboratory phases will include agitation cyanide leaching, various particle size condition tests, reaction rate sampling, and bench-scale CIL tests, which are expected to serve as foundational data for assessing future technical and economic viability.
The Nevada Kennedy gold-silver project has tripled in size through the acquisition of additional claims. Silver 47 stated that it has staked approximately 4,150 acres, expanding the total area to about 6,150 acres. The newly acquired claims are 100% owned by a subsidiary and carry no royalty burden. The expanded project has grown to exceed 15 kilometers of known lode extension, and surface sample analysis has confirmed gold grades of 44.5 grams per ton and silver grades in the hundreds of grams per ton range. The company explained that a multidisciplinary exploration program and drilling work are already underway. This is interpreted as a strategy to strengthen the asset portfolio within Nevada alongside the Hughes project.
At the Mogollon project, a winter drilling program targeting the deep extension of the Last Chance lode has also fully commenced. The company estimates resources of 32.08 million ounces silver equivalent, including 12.12 million ounces of silver and 240,000 ounces of gold, with an average grade of 367 grams per ton silver equivalent and a total resource volume of 2.72 million tons. Silver 47 emphasized that discovery costs are as low as $0.22 per ounce, suggesting very high initial exploration efficiency. Alongside this, Silver 47 Exploration has joined the Critical Minerals Forum, launched with support from the US Defense Advanced Research Projects Agency on March 26, to participate in a public-private network for diversifying the supply chain of critical minerals needed for the battery, semiconductor, defense, and aerospace industries.
Silver 47 made the list of the TSX Venture's Top 50 for 2026, announced on February 20, securing momentum with both financial strength and external evaluation. This assessment was based on market cap growth, stock price appreciation, and trading volume, and the company explained that this selection demonstrates that its performance has overwhelmed other TSX Venture-listed companies. In fact, the average stock price appreciation of the 50 companies included in the 2026 TSX Venture list reached 431%, and the total market cap exceeded $21.5 billion. At the annual general meeting earlier this year, all agenda items were passed smoothly, and approval was granted for maintaining the board composition, appointing an auditor, and introducing an omnibus plan containing a compensation plan within the range of 10% of issued shares.