Mr. Galen McNamara reports

SILVER47 DISCOVERS NEW HIGH-GRADE MASSIVE SULFIDE ZONE AT RED MOUNTAIN PROJECT, ALASKA

Silver47 Exploration Corp. has released the results from a property-wide prospecting and rock sampling program from its wholly owned Red Mountain project located in Alaska. The rock sampling program covered a widely dispersed 60-kilometre trend and identified multiple new and undrilled silver-rich, polymetallic occurrences.

Highlights:

• New high-grade massive sulphide discovery: The newly identified Fomo zone exposes undrilled massive sulphide lenses up to five metres wide at surface in areas previously considered unmineralized -- potentially representing the surface expression of a new VMS (volcanogenic massive sulphide) system at the Red Mountain project.
• Exceptional surface grades from the Fomo zone: Grab samples from semi-massive to massive sulphides returned:
  • 1,793 grams per tonne silver equivalent (23.2 per cent zinc, 10.05 per cent lead, 2.54 per cent copper and 74 g/t silver);
  • 1,138 g/t AgEq (9.27 per cent Zn, 11.65 per cent Pb, 2.40 per cent Cu and 54 g/t Ag)
  • 972 g/t AgEq (8.5 per cent Zn, 7.72 per cent Pb, 2.51 per cent Cu and 31 g/t Ag).
• District-scale discovery potential: Property-wide prospecting identified multiple additional undrilled high-grade polymetallic occurrences with semi-massive to massive sulphides at surface, confirming widespread mineralization across the greater-than-60-kilometre prospective trend.
• Multiple targets emerging: Integration of new rock sample results with historic data has defined a robust pipeline of priority, largely undrilled targets for first-pass drilling.
• Aggressive 2026 drill program planned: Silver47 is fully financed and is preparing a significant summer drill campaign to test both the existing resource areas and these exciting new high-priority exploration targets at the Red Mountain project.
• Continuous drilling Across U.S. silver portfolio: Drilling is set to commence in January at the Mogollon project (New Mexico) followed by Hughes (Nevada) starting March -- providing steady news flow and resource expansion across the portfolio ahead of the summer program at Red Mountain (Alaska).

Galen McNamara, chief executive officer, stated: "The discovery of the Fomo zone -- a new, undrilled massive sulphide occurrence in previously untested stratigraphy -- along with multiple high-grade surface showings across the 60-kilometre trend, further highlights the Red Mountain project's potential to host a cluster of world-class VMS deposits. This property-wide prospecting program has delivered a robust pipeline of priority drill targets, while our 2025 drilling has provided key data for an ongoing mineral resource update. With aggressive 2026 programs planned across our three core U.S. projects, Silver47 is well positioned for multiple near-term catalysts and a potentially transformative year ahead."

Gary Thompson, executive chairman, stated: "I'd like to take this opportunity to provide a summary of the past year and some insight into the ensuing year. Silver47 recently celebrated its one-year anniversary as a public company. This past year has been transformative for the company with the at-market merger of Summa Silver, where two $40-million-market-cap companies formed a $202-million company today. Drilling and non-drilling success at Red Mountain, Adams Plateau and Kennedy continue to demonstrate the high-grade silver and gold potential of these assets. As we look to 2026 resource growth and advanced development, it is top of mind. Some milestones for 2026 are as follows: an updated resource at Red Mountain potentially leading into PEA-level [preliminary economic assessment] study; resource growth at Mogollon and Hughes through continued drilling; advance studies on the recovery of silver-gold from tailings at Hughes; further M&A [mergers and acquisitions] to accelerate our mission of becoming a one-billion-ounce-of-silver company. Lastly, I'd like to thank our shareholders for their support. With silver price action in our sails, we are looking forward to another stellar year."

Red Mountain project

Priority VMS exploration targets at the Red Mountain project, 60 miles south of Fairbanks, Alaska, 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 at Red Mountain project: namely, the Dry Creek syncline, the Keevy trend, the Last Chance corridor and the Wood River trend. Of the 30 known targets across these trends (see Aug. 13, 2025, news release) as well as other unexplored EM (electromagnetic) targets, only 11 targets have been drill tested, five of those with less than three holes each.

The most advanced VMS 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 per cent ZnEq or 335.7 g/t AgEq, totalling 168.6 million silver equivalent ounces). Previous drilling at Dry Creek has 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 per cent Zn, 2.60 per cent Pb and 0.13 per cent Cu -- DC24-105) from 18.9 m downhole. VMS targets are also located along both limbs of the syncline, where approximately 40 kilometres of prospective VMS stratigraphy (Totatlanika schist) is well exposed.

Selected preliminary targets

The focus of the 2025 project-wide mapping and sampling program across the Red Mountain project was to verify VMS-related mineralization potential of many of the key target areas along the Dry Creek syncline and Last Chance corridor trend. Over 230 rock samples were collected and, together with results from historical sampling programs, three priority targets are now defined, including:

• Fomo: Semi-massive to massive sulphide mineralization was discovered in 2025 in the Sheep Creek member of the Totatlanika schist, toward the centre of the Dry Creek syncline. Sulphides consisting of sphalerite-galena-chalcopyrite-pyrite occur across 0.5-metre-to-five-metre-wide zones. Sample highlights from Fomo include (Table 1):
  • 1,792 g/t AgEq (74 g/t Ag, 2.54 per cent Cu, 10.05 per cent Pb and 23.20 per cent Zn -- sample F0033147);
  • 1,138 g/t AgEq (53 g/t Ag, 2.40 per cent Cu, 11.65 per cent Pb and 9.27 per cent Zn -- sample F0033130);
  • 971 g/t AgEq (31 g/t Ag, 2.51 per cent Cu, 7.72 per cent Pb and 8.50 per cent Zn -- sample F0033129);
  • 920 g/t AgEq (31 g/t Ag, 2.08 per cent Cu, 8.74 per cent Pb and 7.84 per cent Zn -- sample F0033128);

Further mapping, rock and soil geochemical sampling are warranted at Fomo to evaluate the size potential of the target area:

• Sheep Creek: The highest-priority target along the Last Chance corridor covers a footprint of approximately 200 metres by 100 metres and forms part of a three-kilometre-long east-west-trending target horizon. Massive and disseminated pyrite, sphalerite, chalcopyrite and galena at the Sheep Creek target, hosted in metasediments, have seen limited drilling (1979 program by U.S. Borax). Drilling in 1979 resulted in strong intercepts, including 24.5 m of 1.3 per cent Zn, 1.0 per cent Pb and 0.127 per cent Sn (tin). Historical sampling of the main target returned up to 306 g/t Ag, 4.3 per cent Zn, 3.98 per cent Pb and 0.18 per cent Cu in rock samples. Mineralization is interpreted to have affinities with either VMS or CD (clastic-dominated) sedex-type (sedimentary exhalative) deposits. Sampling 150 m north of the main Sheep Creek target in 2025 returned up to 1,100 g/t AgEq (nine g/t Ag, 409 parts per million Cu, 597 ppm Pb and 22.60 per cent Zn -- sample F0033193) and 782 g/t AgEq (eight g/t Ag, 0.14 per cent Cu, 642 ppm Pb, and 15.75 per cent Zn -- sample F0033192). These results demonstrate the expansion potential of the target area and drill testing the strike extent are warranted.

Next steps

Planning is under way for a multidisciplinary project-scale exploration program at the Red Mountain project in 2026. Work is anticipated to include geological mapping, soil and rock geochemical surveys, and possible ground geophysical surveys to advance high-priority drill targets, which may also be drill tested.

Geological modelling from the recently completed drill program at the Dry Creek and West Tundra Flats targets (see Nov. 24, 2025, news release) is continuing and planning is also under way for a significant drill program in 2026.

Quality assurance and quality control

Rock samples were bagged, sealed and delivered directly to ALS Minerals in Fairbanks, Alaska, for transport to the ALS Minerals Laboratories labs in North Vancouver, B.C. ALS Minerals Laboratories is registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Core samples were analyzed at ALS Minerals' laboratory facilities in North Vancouver using four-acid digestion with an ICP-MS finish (ME-MS61). Gold analysis was by fire assay with atomic absorption finish (Au-ICP21). Overlimits for silver, zinc, copper and lead were analyzed using ore-grade four-acid digestion (MEOG-62).

No standards or blanks were inserted by Silver47 with the rock samples. ALS routinely inserts certified standards, blanks and pulp duplicates into the analytical stream. The standards, blanks and duplicate samples used by ALS are considered appropriate and the results are acceptable.

Technical disclosure

The technical and scientific content of this news release has been reviewed and approved by Galen McNamara, PGeo, the chief executive officer and a director of the company and a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. McNamara is not independent of the company.

The historical drill results reported herein are from work conducted by previous operators. The company has not verified the historical data, and such data should not be relied upon. The company encourages readers to exercise appropriate caution when evaluating these data and/or results.

About Silver47 Exploration Corp.

Silver47 is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The company is creating a leading high-grade U.S.-focused silver developer with a combined resource totalling 236 million ounces AgEq at 334 g/t AgEq inferred and 10 million ounces at 333 g/t AgEq indicated. With operations in Alaska, Nevada and New Mexico, Silver47 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 Reports and other filings available on SEDAR+. The company trades on the TSX Venture Exchange under the symbol AGA and the OTCQX under the symbol AAGAF.

For more information about the company, please visit Silver47's website and see the technical report filed on SEDAR+ and titled "Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA," with an effective date of Jan. 12, 2024, and prepared by Apex Geoscience Ltd.

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