Creating a premier U.S. high-grade silver developer
- With silver demand continuing to outpace mine supply, Silver47 offers leveraged exposure through three high-grade U.S. projects and a fully funded 2026 drill program.
- Silver47 has approximately 236 million ounces silver equivalent inferred and 10 million ounces silver equivalent indicated across projects in Alaska, Nevada, and New Mexico, anchored by the flagship Red Mountain deposit.
- Silver47 heads into 2026 with roughly CAD$55 million in cash reserves, no debt, and the runway to keep drilling and delivering results across its U.S. portfolio, the kind of setup that can move quickly from “undervalued” to “re-rated.”
Disseminated on Behalf of: Silver47 Exploration Corp.
Silver has spent years as the sleepy cousin of gold, moving just enough to stay relevant, never enough to steal the spotlight. That’s changing. Prices are climbing, the narrative is tightening, and the market is starting to treat silver like a metal with its own fundamentals, not just a tag-along trade.
The move has been loud enough that even the cautious forecasters have started updating their tone. Silver gained 143% in 2025, driven by a mix of industrial demand and renewed investment flows, according to Fitch Solutions’ BMI.
GlobalData, a leading intelligence and productivity platform, now expects silver to climb 87% to 135%, to between USD$175 to USD$220 per ounce by the end of 2026, as demand continues to outpace supply and industrial use keeps rising, led by solar and the broader energy transition.
That momentum sets the stage for Silver47 Exploration Corp. (TSXV: AGA | OTCQX: AAGAF), which offers investors torque to the silver tape through a three-asset U.S. portfolio in Alaska, Nevada, and New Mexico, each already at the resource stage and heading into a fully funded, high-tempo 2026 drill campaign.
“Silver prices have been hitting all-time highs, seemingly on a weekly basis… and there’s a long list of industrial drivers that are pushing silver higher, from solar and 5G to EVs and medical devices,” said Giordy Belfiore, the company’s VP of Investor Relations.
At the same time, the market is set up against a backdrop of persistent deficits, as mine output struggles to keep pace with rising use, he said.
According to the Silver Institute, total global demand for silver is roughly 1.12 to 1.16 billion ounces annually, driven by record industrial use, while current global mine production sits around 813 to 835 million ounces, meaning supply still isn’t keeping pace with consumption.
A high-grade platform with scale already on the board
Silver47⤵️
✅ THREE US silver projects
✅ Inferred resource of 236 Moz AgEq¹ at 334 g/t
✅ $55M cash for drilling
✅ EV ~$0.41/oz vs peers @ 3-5x
➡️ Strong setup for growth amid onshoring of US critical minerals #VRIC
Galen McNamara, CEO $AGA.V $AAGAF speaking at… pic.twitter.com/W72pN9kZLo— Silver47 (@Silver47co) January 25, 2026
Silver47’s pitch to the market is to build “America’s next high-grade silver company” by putting ounces, grade, and U.S. jurisdiction under one roof.
Across its three projects, the company reports 236.3 million ounces silver equivalent (AgEq) in the inferred category at 334 g/t AgEq, plus 10.3 million ounces AgEq indicated at 333 g/t AgEq. Those figures represent a remarkably consistent grade profile across categories.
The centrepiece is Red Mountain in Alaska, which carries most of the weight in the story, with 168.6 Moz AgEq inferred at 336 g/t AgEq across 15.6 million tonnes. The other two projects add the kind of optionality investors like in this part of the cycle. Hughes in Nevada, in the historic Tonopah district, brings both indicated and inferred ounces and a district-scale runway, while Mogollon in New Mexico offers a classic high-grade epithermal system where the current resource footprint captures only a small slice of a much larger vein field.
The point for investors is that Silver47 is not built around a single-asset outcome. It is designed as a platform that can be re-rated as drilling expands the ounces.
The strategy takes clearer shape in 2026, with the company deliberately avoiding the loss of momentum that often follows the completion of a program. Instead, an extensive drill calendar has been mapped out to sustain consistent news flow throughout the year.
Mogollon kicks things off first, running from January into late February. From there, activity ramps up at Hughes, with drilling planned from early March through to summer. And then the focus shifts to the biggest catalyst of the year—the flagship Red Mountain program in Alaska.
“The sequencing is intentional. It keeps the market fed with results while building toward the main event,” said Belfiore.
“Quality, high-grade silver assets are rare to start with. Ones like that in good jurisdictions, such as the United States, are very few and far between. We have three of these assets.” — Giordy Belfiore, VP Investor Relations, Silver47 Exploration Corp. |
A financing that clears the runway for 2026 execution
Silver47 took a major step toward de-risking its 2026 plan in January, closing a CAD$34.5 million bought deal public offering at $1.05 per unit, including the full exercise of the over-allotment option. Each unit included one common share and one-half of one warrant, with each full warrant exercisable at $1.40 until January 14, 2029.
The company said the proceeds will be used to accelerate and expand planned drill programs across its portfolio, while also supporting working capital and general corporate needs.
With roughly CAD$55 million in cash reserves and no debt, Silver47 goes into 2026 with the kind of treasury that lets it execute aggressively instead of picking its spots.
“Right now, it’s really a great time to be following our stock, as we have a really strong cash position… This money will allow us to really have aggressive drilling now for all of 2026,” said Belfiore.
A jurisdiction-first silver strategy
One reason Silver47 is landing on more screens right now is that the market is starting to pay up for something that used to be treated as a footnote in the silver space. Jurisdiction matters again, shaping how investors assess and underwrite risk.
“Quality, high-grade silver assets are rare to start with. Ones like that in good jurisdictions, such as the United States, are very few and far between. We have three of these assets,” said Belfiore.
That U.S. footprint is not just a flag on a map. It ties directly into how quickly a company can execute and how clean the permitting path looks from the start.
At Red Mountain in Alaska, Silver47 points out that the project sits entirely on state-managed land, which can reduce exposure to slower federal processes.
In Nevada, the company leans on the same argument from a different angle, pointing to Tonopah and the Walker Lane as one of the most workable operating environments in North American mining.
The jurisdiction story doesn’t end in Alaska and Nevada. It extends to New Mexico, where Silver47 is advancing its Mogollon Project in a historic high-grade silver district. The Mogollon mining district presents a very rare discovery opportunity and has the potential to be one of the last great remaining vein fields in the United States.
Why analysts see room for a re-rate
Third-party coverage is now starting to frame Silver47 as the kind of silver name that can re-rate quickly if execution matches the setup. Research Capital recently initiated coverage with a Speculative Buy rating and a $2.00 price target, calling the company a “silver-rich, polymetallic play at deep discount to peers.”
The analyst’s case is built around valuation and positioning. Research Capital notes Silver47 is trading at a 73% discount to a select peer group and suggests the company’s combination of high-grade resources across multiple jurisdictions could attract a broader investor base as drilling advances and the story becomes better understood.
Silver47 argues that part of that discount is simply a function of how new the story still is.
“Silver47 was only listed in November 2024… so it’s still a pretty fresh story to a lot of people,” said Belfiore. “I think the market still needs to just wake up a little bit to our story. And I think that part of the discounting comes from that as well.”
Research Capital also points to project-level attributes that support the upside argument, including open-ended mineralization, conventional metallurgy, and the advantage of the flagship Red Mountain project being located entirely on Alaska state ground, which could help streamline development pathways as the project continues to be de-risked.
The bottom line
Silver is no longer behaving like gold’s quiet understudy. It is trading like a metal with its own fundamentals, and a market that still looks tight when you stack demand against supply.
For investors, Silver47 is a clean way to play silver’s return as a standalone theme. The company already has scale on the board, high-grade U.S. ounces, and a fully funded 2026 drill calendar built to keep results flowing.
If silver prices remain strong, as many forecasts suggest, and Silver47 delivers across Alaska, Nevada, and New Mexico, this is the kind of setup that can move quickly from “undervalued” to “re-rated” in a market that rewards momentum and punishes hesitation.
To learn more about Silver47, visit its website. For the latest updates, follow Silver47 on social media: X and LinkedIn.
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