Candelaria Project, Nevada USA - OVERVIEW
The Company continues to advance its flagship Candelaria past producing mine in Nevada, with the aim of advancing it to the development stage. In May 2025 (see News Release of May 6, 2025) an in-ground mineral resource was announced and in August 2026 upgrading of the heap leach pad resources to Measured and Indicated was completed and reported in a technical report dated July 29, 2026, view HERE. The property now hosts 126.6 million ounces of silver equivalent (120.7 Moz Ag and 242 koz Au) in the Measured and Indicated categories and 13.4 million ounces of silver equivalent (12.6 Moz Ag and 33.8 koz Au) in the Inferred category (see News Release of August 27, 2026 for complete technical details on the resource or click HERE). The mineralization is open down-dip and along strike, and continued drilling could potentially identify additional zones of mineralization.
The above resource was used to commence mine planning, production scheduling and economic evaluation. Mine planning and production schedules, preliminary engineering and costing have been mostly completed. The Company was moving towards the completion of a Preliminary Economic Assessment (“PEA”) by late 2025. However, Silver One will now proceed directly to a Pre-Feasibility (“PFS”) level study as confirmed by our study Qualified Persons (“QP’s”). Additional metallurgical testing is needed to optimize gold and silver recoveries and validate previous results. This will result in a more accurate study and will allow for the Company to proceed with a Plan of Operations (“PoO”), which will be required to update existing permits.
