Silver One Resources (SVE) John Tumazos Very Independent Research Virtual Conference summary

Project updates and operational plans

• Flagship Candelaria Silver Mine in Nevada has updated resources: 108M oz silver equivalent measured/indicated, 30M oz inferred, with ongoing drilling and metallurgical testing to support a pre-feasibility study by year-end.

• Recent $32M financing ensures strong treasury for planned programs, including 20,000–25,000m of exploration drilling and pilot testing of new leaching solutions.

• Heap leach pads contain 33M tons of material; new non-cyanide leaching solutions (Extrakt/Bechtel) show recoveries up to 69%, significantly higher than previous cyanide results.

• Geotechnical and auger drilling underway to upgrade resource confidence and support pit expansion; airborne geophysical surveys planned to identify new targets.

• Pre-feasibility study aims to compare economics of new recovery solutions versus cyanide, targeting 15,000 tons/day production and 4–6M oz silver/year over 12+ years.

Market and industry context

• Silver market in deficit for 5–6 years; mine output has declined while industrial and solar demand has surged, tightening the market by 300M oz.

• U.S. considering silver as a critical mineral and potential stockpiling, which could support higher prices; military and data center demand are key growth areas.

• Major new silver mines not expected until 2029, increasing importance of existing and near-term projects.

Technical advancements and exploration

• New Extrakt/Bechtel leaching technology offers non-toxic, higher recovery rates for silver and potentially gold; pilot operations and further testing ongoing.

• Metallurgical testing on fresh mineralization shows up to 66% silver recovery with HPGR grinding and cyanide; Extrakt solutions achieve up to 69% on leach pads.

• Auger and geotechnical drilling support resource upgrades and pit wall expansion; airborne and ground geophysical surveys target porphyry and skarn mineralization.