Silver 47, a company listed on the Canadian stock market, is embarking on a groundbreaking development initiative while comprehensively expanding its key mining assets within US territory. By simultaneously advancing three fronts—the fulfillment of annual payment obligations for the Mogollon project located in New Mexico, and the aggressive development of the Hughes and Kennedy projects in the state of Nevada—the company's growth strategy is becoming increasingly visible. Industry experts suggest that these multi-faceted movements indicate that 2026 will be the turning point for the company's substantial growth.
The company announced that it would officially proceed with the fifth payment of the tenth year regarding the modified mining lease agreement conditions for the Mogollon project near Silver City, New Mexico. This payment will be made by issuing 56,902 common shares, with a per-share valuation of $0.6855 based on the volume-weighted average price of the last 20 trading days. The total annual cash payment amount translates to approximately $99,679, equivalent to about 146.36 million won. Of this amount, up to $27,180 is structured to be replaceable by share issuance linked to changes in the Producer Price Index. However, the final procedure must necessarily pass through the approval of the Canadian Toronto Stock Exchange Venture Exchange.
In the Hughes project near Tonopah, Nevada, a 2026 drilling campaign of at least 7,000 meters has been initiated, targeting high-grade silver reserves with precision. This exploration program is focusing intensively on the eastern extension of the high-grade silver deposits in the Tonopah area, with initial work concentrating on target areas named Ruby, Sapphire, and Emerald. In particular, the Ruby section will adopt a method of arranging inclined drill holes in a row to meticulously check ore continuity and the possibility of deep extension. The company explained that this drilling aims for new discovery points more than 1.3 to 4 kilometers east of the existing historical mine boundaries. While previous drilling operations recorded a silver equivalent grade of 1,450 grams per ton in a 3-meter interval, the work will proceed concurrently using RC and diamond drilling. Operating capital of approximately $54 million has been secured, which is assessed as sufficient for adjusting the exploration scope and expanding follow-up programs.
Metallurgical tests have also been initiated at the Hughes project site to verify the reprocessing potential of tailings from the former Belmont mine. These 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, along with analysis of grinding conditions and process variables. The core focus is on the feasibility of reprocessing through low-impact methods. At the laboratory stage, the program includes agitation cyanide leaching, tests under various particle size conditions, 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 are structured without royalty burdens. The expanded project has grown to a scale that exceeds 15 kilometers of known lode extensions, and surface sample analysis confirmed gold grades of 44.5 grams per ton and silver grades in the hundreds of grams per ton range. The company explained that multi-disciplinary exploration programs and drilling operations are already underway, which is interpreted as a strategy to strengthen the asset portfolio in 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 estimated resources presented by the company amount to 32.08 million ounces of silver equivalent, including 12.12 million ounces of silver and 240,000 ounces of gold, with an average grade of 367 grams per ton of silver equivalent and a total resource volume of 2.72 million tons. Silver 47 emphasized that the discovery cost is as low as $0.22 per ounce, indicating 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 aimed at diversifying the supply chain of critical minerals needed for the battery, semiconductor, defense, and aerospace industries.
Silver 47 secured momentum for simultaneous increases in financial strength and external evaluation by being named to the TSX Venture 50 list announced on February 20 for 2026. This evaluation was based on market cap growth, stock price appreciation, trading volume, and other factors, and the company explained that this selection demonstrates that its performance has surpassed that of TSX Venture listed companies in general. In reality, the average stock price appreciation rate for companies added to the 2026 TSX Venture 50 reached 431%, and the total market cap exceeded $21.5 billion. At the annual general meeting held earlier this year, all agenda items were passed smoothly, and approval was granted for maintaining the board composition, appointing auditors, and introducing an omnibus plan containing a compensation plan within a 10% range of issued shares.