Mr. Michael Power reports

SILVER RANGE PARTNER EXCALIBUR METALS INTERSECTS A BROAD PRECIOUS METALS ZONE, OPEN AT DEPTH AT THE BELLEHELEN PROPERTY

Silver Range Resources Ltd. has released results from a spring drill program conducted by partner Excalibur Metals Corp. at the Bellehelen property in Nye county, Nevada.

Excalibur holds an option to acquire a 100-per-cent interest in the Bellehelen property under an agreement with Silver Range dated Dec. 16, 2022, and most recently amended July 17, 2025. Excalibur can exercise the option by: (i) making $300,000 (U.S.) in cash payments to Silver Range on or before Sept. 18, 2029; (ii) issuing Excalibur common shares with a value equivalent to $225,000 to Silver Range on or before Sept. 18, 2029; (iii) granting Silver Range a 2-per-cent net smelter return royalty interest in future production from the property, with a buyback option on 1 per cent for $1-million (U.S.); and (iv) paying Silver Range $2 (U.S.) per ounce (or the gold equivalent) on any defined resource identified in the property following the exercise of the option. Silver Range will receive advance royalty payments of $10,000 (U.S.) if Excalibur has not identified a defined resources on the property by Sept. 18, 2030. The advance royalty payments will continue indefinitely and will be applied against future royalty payments to Silver Range related to future commercial production from the property.

Excalibur has announced partial drill results from the recently completed maiden drill program at the company's flagship Bellehelen silver-gold project in Nye county, Nevada. The program consisted of 3,122 metres (m) of reverse circulation (RC) drilling across 10 holes at the Spyglass Ridge target, with precious metals results received for the first six holes and four holes still pending. Data from hole BH26001 highlights a significant, newly identified mineralized zone within a previously undrilled silver-gold target.

Drill hole BH26001 highlights: mineralization open at depth and along strike

BH26001, the first drill hole at Spyglass, returned an intercept of 360.0 grams per tonne (g/t) silver (Ag) and 2.03 g/t gold (Au) over 1.52 m contained within a wider mineralized intercept of 16.7 g/t Ag and 0.10 g/t Au over 100.58 m. The hole bottomed in the wider mineralized intercept, indicated the mineralization remains open at depth and suggests the potential for disseminated mineralization adjacent to the interpreted controlling structure. Follow-up drilling will be designed to evaluate the continuity, geometry and grade distribution of the mineralized zone, as well as to test for extensions of higher-grade mineralization. Excalibur plans to conduct additional drilling in late 2026 or early 2027 to further evaluate the potential of Spyglass.

"For a first pass with the drill rig at Spyglass, hitting high-grade silver and gold mineralization is very promising. We are just as excited by the wide halo of elevated gold and silver values -- unquestionably a successful proof of concept. The drill results are very significant in answering the foremost question of whether this 10-plus km system has deep roots and potential for scale -- these first intercepts show the system is very robust and intact," commented John Gilbert, chief executive officer of Excalibur. "And these results confirm Bellehelen's potential, demonstrating that the system extends from surface to at least 300 metres below surface. In these types of systems, the third dimension -- that is, depth -- is perhaps the most critical component for a Tier 1-sized target. We've known the plumbing at Bellehelen is extensive laterally and now we've shown it has deep roots with this drilling success. Considering that Spyglass represents a target area of just over 1 per cent of the larger 10-plus km mineralized trend at Bellehelen, we believe we're just getting started showing the project's potential."

BH26001 and BH26004: anomalous precious metals throughout a vertically extensive boiling zone

BH26001 also encountered multiple zones of anomalous gold mineralization higher up in the hole from the highlight intercept. Notable intervals include 0.14 g/t Au and 8.0 g/t Ag from 205.74 to 208.79 metres and 0.26 g/t Au with 12.2 g/t Ag from 230.12 to 231.65 metres. This shallower gold footprint supports the presence of a mineralized structure extending up-dip to surface that constitutes a target for future stepout drilling along strike and at depth.

Assays from BH26004 also returned anomalous gold results toward the bottom of the hole. Key intercepts included 0.21 g/t Au between 57.91 and 60.96 m, 0.73 g/t Au between 105.16 and 106.68 m, and 0.22 g/t Au from 106.68 to 108.20 m before terminating at a total depth of 116 m/380 feet. Holes BH26002, BH26003, BH26005 and BH26006 primarily returned gold and silver results below detection limit.

These results demonstrate that elevated precious metals are present within the system from the surface to at least 300 m depth, which materially expands the search space for economic mineralization and strengthens the analogy between Bellehelen and epithermal deposits in Nevada with vertically extensive zones of gold-silver mineralization, such as Round Mountain and Arthur.

"We're encouraged to see strongly anomalous gold and silver values at a significant depth below surface. This reinforces our conviction in the scale and strength of the mineralizing system at Bellehelen," said Eli Turner, the Excalibur vice-president of exploration. "We're still in the early days of evaluating and testing this project and are preparing for first-pass drilling of our Rangefront target, as well as a subsequent program at Spyglass to follow-up on these positive results."

Quality assurance/quality control

Matthew Dumala, PEng, an independent consultant to both Excalibur and Silver Range, is a qualified person (QP) as defined by National Instrument 43-101. Mr. Dumala has reviewed and approved the technical information disclosed in this news release.

With respect to data from drilling conducted by Excalibur, the QP has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. The company and the QP do not recognize any factors of sampling that could materially affect the accuracy or reliability of the data disclosed in this news release.

Samples were submitted to MSA Labs, an independent laboratory located in Elko, Nev., where samples underwent standard preparation procedures and Gamma ray analysis for gold and silver by a PhotonAssay instrument. Control samples comprising duplicates, blanks and certified reference materials were systematically inserted and analyzed pursuant to the company's QA/QC protocol. The company's QA/QC results were reviewed by the QP and no significant issues were identified. A secure chain of custody is maintained and documented as samples are collected and transported from the field to the lab.

About Bellehelen

Bellehelen encompasses a district-scale, 10-kilometre-long mineralized trend that historically produced an estimated 311,000 silver-equivalent ounces in the early 1900s. Numerous historic workings are distributed along the entire length of this extensive corridor, highlighting a continuity of mineralization across multiple zones on the property. Historical surface sampling returned high-grade assays of up to 11.25 g/t gold and 3,490 g/t silver, confirming the presence of a fertile precious metal system. In addition, broad soil anomalies and extensive vein networks within the large structural corridor suggest the potential for both high-grade shoots and bulk-tonnage targets, underscoring the exceptional scale and prospectivity of the Bellehelen property. As it relates to adjacent properties disclosed in this news release, such as Round Mountain and Arthur, such mineralization is not necessarily indicative to the mineralization on the project.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in the southwest United States. It currently has a portfolio of 36 properties, 12 of which are presently under option to third parties. Silver Range also retains nine royalty interests on previously vended projects. Silver Range is actively seeking other joint venture partners to explore the precious metals targets in its portfolio.

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