Most Silver Isn’t Mined by Anyone Looking for Silver. We Are.

For five years running, 2021 through 2025, the world wanted more silver than every mine and every ounce of recycling put together could supply.² Five years. Five shortfalls.

You can run a cupboard down for a while, but not forever.

Here’s why that matters to us.

Only about a quarter of the silver dug up each year comes from mines built to produce silver.² The rest comes along as a by-product of mining copper, lead, and zinc.

At those mines, the silver price isn’t the main driver. Copper, lead, or zinc economics drive the production decision, with silver coming along for the ride.

If the market needs silver supply that can respond directly to silver economics, it needs mines built for silver on purpose.

That’s why we’re drilling for silver on purpose.

The average silver price jumped 42% in 2025.² If mine supply were quick to respond to silver prices, you’d expect a move like that to show up in the supply forecast. Instead, 2026 mine production is forecast about flat.²

Washington changed how it classifies silver. In November 2025, after modelling more than 1,200 trade-disruption scenarios across 84 commodities and more than 400 industries, the United States added silver to its critical minerals list for the first time.^{4, 5} That’s the list the United States uses for minerals it considers essential and vulnerable to supply disruption. USGS put U.S. net import reliance at 77% of apparent silver consumption that year.³

The established silver miners went shopping. In eight months, three announced major acquisitions. First Majestic and Gatos: US$970 million. Coeur and SilverCrest: US$1.7 billion. Pan American and MAG: US$2.1 billion.⁶

Together: US$4.77 billion in combined announced deal value, adding major silver assets.

They gave their own reasons: scale, grade, and cash flow. We won’t put words in their mouths.

Solar manufacturers started trying to use less of it. Silver got expensive enough that solar makers are redesigning their cells around it. Analysts at Heraeus, cited by Reuters, put silver paste at about 30% of what a solar cell costs to build.⁷ LONGi, one of the largest panel makers, is moving to copper. AIKO is already selling a silver-free cell.⁸

A government planning around supply risk. Miners adding major silver assets. Manufacturers trying to use less silver. Different incentives, all changing their behaviour around silver.

None of that says a word about the rock under our feet.

It doesn’t have to.

It tells you why we care that ours is primary silver ground.

Factories are using silver more sparingly. Solar makers are designing around it. Recyclers are pulling more of it back, and recycling hit a 12-year high in 2025.² Industrial demand actually fell about 3% that year, and it’s forecast to slip again in 2026.²

And even after all of that, the market was still forecast to come up short on silver for a sixth straight year in 2026.²

That’s a harder thing to wave away than a promise that demand only goes up.

Next door to us sat the old Walton Mine. It began taking on water in 1970, but kept operating as it progressively flooded until 1978. It stopped for reasons that had nothing to do with running out of silver. Its historic production grades ran from 350 to 933 grams per tonne.⁹

Those Walton numbers are historic. They predate modern reporting, no Qualified Person has verified them, and some of the old core is gone.⁹

Now the part that isn’t historic. In 2023 we drilled the same rock on our side of the line, and the core came back carrying both silver and copper.¹

We own the ground outright, free of any royalty. We’re already permitted to drill it, good to March 2028.¹ Public academic work says the deep target has to be drilled. No one has drilled it yet.¹

We haven’t defined an ounce you can bank on. We’re still just an exploration company with a theory and a permit, not a mine.

What we do have is primary silver ground in an exploration-friendly jurisdiction, owned free and clear, permitted, with the deep target still untested.

The next number that matters will come from a hole we haven’t drilled yet.