Mr. Galen McNamara reports

SILVER47 LAUNCHES DRILLING TO TARGET DEPTH EXTENSIONS OF HIGH-GRADE SILVER AT MOGOLLON SILVER-GOLD PROJECT, NEW MEXICO

Silver47 Exploration Corp. has started a winter drill program at its Mogollon project located near Silver City, New Mexico. The program will consist of holes testing the depth extents of high-grade silver along the Last Chance vein.

Highlights:

• Unlocking new district-scale potential: Success in this winter drill program targeting depth extensions below historical ore shoots on the Last Chance vein may open a vast new search space beneath the old workings at the Mogollon project.
• Data-optimized targets: Drill holes in the program were meticulously planned through comprehensive analysis of historical data, aiming to maximize discovery efficiency and ounces per meter drilled.
• History of the Last Chance mine: The Last Chance mine was historically one of the largest and most continuous producers in the Mogollon district, once supporting a 40-stamp mill and remaining largely unexplored by modern methods.
• Strategic resource expansion: These stepout holes lie outside the current inferred mineral resource of 32.08 million ounces (Moz) silver equivalent (12.12 Moz silver and 0.24 Moz gold) at 367 grams per tonne silver equivalent (139 g/t silver and 2.72 g/t gold) over 2.72 Mt (million tonnes).
• Long-term commitment to the Mogollon district: Silver47 is committed to advancing the Mogollon project, New Mexico's largest historical silver producer, step by step toward potential future production, delivering economic upside for the area and respecting its proud mining tradition.
• Robust 2026 drilling pipeline: After the current Mogollon winter program, substantial drilling is expected to start at the Hughes project in March, followed by an aggressive drilling program at the flagship Red Mountain project expected to commence in June, with a view to delivering ongoing news flow from across the company's United States silver assets through year-end.

Galen McNamara, chief executive officer, stated: "This drilling program at Mogollon targets high-grade extensions below historical ore shoots on the Last Chance vein, one of the Mogollon district's major historical producers that once supported a 40-stamp mill. A successful outcome would open significant unexplored depth potential across the entire Mogollon district, largely dormant since the 1942 wartime shutdown. With silver now designated a critical mineral essential for solar, batteries, electronics and defence, domestic sources are increasingly rare and strategically valuable amid global supply risks. Continuing exploration success and development could contribute meaningfully to U.S. silver security, leveraging our $55-million cash reserve, low 22 cents/oz discovery cost and efficient resource growth outside the existing 32 Moz inferred resource. For investors, Silver47 offers strong leverage in America's push for critical minerals independence. For the region, development could result in economic benefits rooted in a proud mining legacy. We're advancing methodically toward that potential."

Executive chairman Gary R. Thompson stated: "Mogollon represents a tremendous opportunity for shareholder value creation within one of the last remaining underexplored silver districts in the USA. We are excited to be drilling again at Mogollon particularly given the strong demand for silver as a critical mineral."

Mogollon exploration drill program

The Mogollon project, located near Silver City, New Mexico, is host to numerous, epithermal-related high-grade silver-gold targets dispersed across approximately 77 kilometres of near-continuous and complex vein systems. Previous drill programs by Summa Silver Corp., the company's wholly owned subsidiary (Summa), totalling over 9,000 metres across 22 holes, together with 15,000 m of historical drilling, lead to the first inferred mineral resource estimate (the "Mogollon MRE") of 32.08 Moz silver equivalent (12.12 Moz silver and 0.24 Moz gold) at a grade of 367 g/t silver equivalent (139 g/t silver and 2.72 g/t gold) contained within 2.72 Mt. The Mogollon MRE was constrained to only partially covering 2.4 km of the known 77 km of prospective veins and structures found across the Mogollon project -- primarily on the north-south-trending Queen vein.

The exploration drill program is designed to investigate the high-grade, silver-gold potential of the Last Chance vein, a high-priority 2.5-plus km east-west-trending vein near the South Queen target. The drill holes will test the depth extent of mineralization below the historical Last Chance mine centered on Last Chance vein. Mineralization at the Last Chance mine is interpreted to plunge to the east, toward the intersection with the significant Queen vein. Planned drill holes will test the depth extent (for example, down plunge) of high-grade silver-gold mineralization towards the modelled vein intersection. A core drill rig is currently advancing the first drill hole of the program.

Stock option grant

The company also announces that it has granted an aggregate of 5.6 million incentive stock options to certain directors, officers and consultants of the company pursuant to the company's omnibus incentive plan, which vest over a one-year period, with each option exercisable at a price of 99 cents to acquire one common share of the company until Jan. 21, 2031.

Clarification regarding offering

Further to the company's news release dated Jan. 14, 2026, with respect to the closing of the company's bought deal public offering for gross proceeds of $34,500,690, the company wishes to clarify that the 71,427 finders' warrants issued in connection with the offering were issued to Golden Capital Consulting Ltd., an eligible arm's-length party.

Qualified person

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.

About Silver47 Exploration Corp.

Silver47 Exploration is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The company is creating a leading high-grade United States-focused silver developer with a combined resource totalling 236 Moz AgEq (silver equivalent) at 334 g/t AgEq inferred and 10 Moz at 333 g/t AgEq indicated. With operations in Alaska, Nevada and New Mexico, Silver47 is anchored in America's most prolific mining jurisdictions.

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