Silver Hill

SILVER · GOLD · LEAD · ZINC

Silver Hill

America's First Significant Silver Discovery

Davidson County, North Carolina — 1,300 Acres

250.38 g/t AgEq* SH25-01: 18.17m (67.92 g/t Ag, 1.75 g/t Au, 0.10% Cu, 3.06% Pb, 1.04% Zn)
45.84 g/t AuEq* SH26-07: 12.62m (46.54 g/t Au, 42.32 g/t Ag, 0.12% Cu, 1.39% Pb, 3.26% Zn)
201.19 g/t AuEq* SH26-07: 2.74m Peak Gold Interval (209.14 g/t Au, 93.63 g/t Ag, 0.12% Cu, 0.34% Pb, 1.19% Zn)
13 Drill Holes Completed to Date
Project Map — Silver Hill, Davidson County NC

Phase 1 Drilling

Metalsource’s phase 1 drill program at Silver Hill has delivered significant results, extending high-grade gold-silver-base metal mineralization 195m down dip, with visual confirmation of wide massive sulphide zones continuing both down dip and along strike.

Silver
18.17m of 250.38 g/t AgEq* SH25-01
15.33m of 223.58 g/t AgEq* SH25-02
Gold
12.62m of 45.84 g/t AuEq* SH26-07
2.74m of 201.19 g/t AuEq* SH26-07
Phase 1 Cross-Section Diagram
Program Highlights
  • These intercepts represent previously unrecognized mineralization — historic work indicated only narrow mineralization and did not demonstrate gold grades of this tenor previously
  • The historic workings at the 550 level and previous mapping and modelling projected this mineralization as a much narrower zone
  • Ongoing exploration drilling will work to expand mineralization along strike and down plunge below the 1,000 level

*Equivalent grades calculated using 200-day moving average metal prices as of Feb. 6, 2026 (Au US$124.5/g, Ag US$1.58/g, Cu US$4.9/lb, Pb US$0.90/lb, Zn US$1.11/lb) and metallurgical recovery rates (Au 95.5%, Ag 92.9%, Cu 90.8%, Pb 89.2%, Zn 93.8%) derived from historical metallurgical test work on material from the Silver Hill mine. Recovery rates are based on historical processing data and may not be representative of in-situ mineralization. Equivalent grades are provided for comparative exploration purposes only. Widths reported are core length. See appendix for full results table.

Overview

The Silver Hill Project totals 1,225 acres located in Davidson County, North Carolina. The project area is entirely on privately owned land with no federal, state, or Native American ground, and features on-site roads, power and water.

Metalsource COO Tom Kleeberg and his team bring exceptional expertise on these properties, and their years of groundwork provide us with an invaluable platform for exploration.

Tom Kleeberg at Silver Hill, 1990

Project History

1838 America’s first significant silver discovery, found at a depth of 20 meters.
1898 Samples from the upper 160 ft of the mine (post-closure) averaged 52.7 oz/ton silver and 6.07 oz/ton gold.
1960 Detailed surface/underground drilling and bulk sampling defined new mineralization separate from original mine.
1973 Multiple surface geophysical and geochemical anomalies generated along strike, most still untested.
2023 SRK Consulting 3-D modeled the 1960 program, revealing multiple intact mineralized lenses with significant mineralization and open in several directions.
2024–25 Multi-element assays confirm high-grade silver, gold, and base metals in bedrock and ore stockpiles; early indications of silver-gold-bearing horizons hosting massive sulphide lenses.
Highlight Historical Intercepts*
Hole 5 From 6.10 m — 17.68 m of 54.74 ppm Ag, 0.83 ppm Au, 0.05% Cu, 2.89% Pb, 5.41% Zn
Hole 7 From 1.52 m — 6.4 m of 161.81 ppm Ag, 43.94 ppm Au, 0.45% Cu, 11.83% Pb, 18.46% Zn
Hole 8 From surface — 14.02 m of 84.43 ppm Ag, 19.07 ppm Au, 0.52% Cu, 6.19% Pb, 28.16% Zn
Hole 50 From surface — 7.62 m of 99.92 ppm Ag, 4.2 ppm Au, 0.36% Cu, 17.22% Pb, 13.53% Zn

*Underground diamond drilling. Widths reported are core length; true widths have not been determined. For complete drilling, sampling and analytical methodology, QA/QC procedures, and qualified person information (Darcy Vis), refer to the Company’s news releases filed on SEDAR+ at www.sedarplus.ca.

Phase 1 & Phase 2 Drill Results — As of July 16, 2026

Drill Hole From (m) To (m) Length (m) Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) AgEq (g/t)*
SH25-01 14.32 32.49 18.17 67.92 1.75 0.10 3.06 1.04 250.38
Incl. 24.69 32.49 7.80 66.12 3.22 0.14 3.58 0.87 365.17
Incl. 24.69 27.43 2.74 139.89 4.75 0.27 7.13 1.17 601.03
SH25-02 14.23 29.57 15.33 33.22 2.09 0.05 1.11 1.37 223.58
Incl. 24.66 29.57 4.91 61.47 5.71 0.14 2.70 3.76 580.35
Incl. 26.40 28.13 1.74 68.70 13.15 0.08 2.92 0.47 1,097.88
SH26-05 116.10 117.01 0.91 241 2.16 0.22 16.55 34.62 1,088.43
SH26-07 129.91 142.52 12.62 42.32 46.54 0.12 1.39 3.26 3,611.91
Including 135.58 142.52 6.95 54.75 84.03 0.16 1.13 1.82 6,423.28
And 139.78 142.52 2.74 93.63 209.14 0.12 0.34 1.19 15,853.64
SH26-08 186.05 199 12.95 42.5 1.3 0.2 6.5 13.4 417.21
Including 186.05 191.48 5.43 61.6 1.6 0.2 11.1 23.5 655.79
Including 188.37 191.48 3.11 94.1 2.2 0.3 17.2 36 987.27
And 196.44 199 2.56 74.8 2.1 0.3 8.8 15 562.64
SH25-03 16.92 20.06 3.14 3.2 0.04 0.06 0.7 0.6 60
Incl. 16.92 18.41 1.49 1.4 0.06 0.05 0.5 0.1 67
SH25-04 58.55 60.11 1.55 0.4 0.24 0.01 1.5 2.6 113
Incl. 59.56 60.11 0.55 103 0.7 0.03 3.9 6 279
SH26-10 111.98 116.59 4.60 3.9 0.72 0.1 2.7 6.1 202
Incl. 116.01 116.59 0.58 46.8 1.2 0.36 13.6 17.6 656
SH26-11 138.41 149.05 10.64 27 3.3 0.2 3.3 7.9 434
Incl. 139.96 149.05 9.08 30.3 3.7 0.2 3.7 8.5 488
Incl. 142.98 146.15 3.17 52.4 9.7 0.4 6.5 14.7 1,087
Incl. 142.98 144.51 1.52 192 19.1 0.5 11.7 25.1 2,050
SH26-15 218.66 228.84 10.18 16.4 2.1 0.4 1.5 2.9 257
Incl. 218.66 219.36 0.70 59.5 8.3 0.4 0.4 1.4 1,039
Incl. 226.13 228.84 2.71 1 4.5 0.2 5.3 10.3 594
SH26-16 224.45 233.02 8.56 7.7 0.6 0.09 0.8 2.1 90
Incl. 224.45 224.85 0.40 23.8 11.3 0.1 1.5 6 984
Incl. 232.87 233.02 0.15 146 0.4 0.09 18.8 39.4 951
SH26-17 185.59 185.75 0.15 21.5 0.7 0.5 3.8 10.5 292
SH26-18 199.40 211.23 11.83 34.3 1.4 0.1 2.2 5.4 245
Incl. 199.40 200.80 1.40 19.7 7.3 0.3 1.5 16 833
Incl. 199.40 200.04 0.64 36.8 13.8 0.7 2.7 29.8 1,580
Incl. 208.94 211.23 2.29 52.7 1.7 0.4 9.8 16 636
SH26-19 218.60 224.88 6.28 54 9.9 0.1 3.7 21.7 1,156
Incl. 218.60 222.20 3.60 43.7 16.5 0.1 2.8 32.2 1,789
Incl. 224.00 224.88 0.88 157.3 2.7 0.3 10.8 18.9 762
And 227.93 228.23 0.30 64.6 3.3 0.3 4.2 15.9 609

Widths reported are core length, as additional data is needed to estimate the true width of intercepts at this stage of the project. AgEq (silver equivalent) and AuEq (gold equivalent) are calculated using 200-day moving average metal prices as of Feb. 6, 2026 (Au US$124.5/g, Ag US$1.58/g, Cu US$4.9/lb, Pb US$0.90/lb, Zn US$1.11/lb) and metallurgical recovery rates (Au 95.5%, Ag 92.9%, Cu 90.8%, Pb 89.2%, Zn 93.8%) derived from historical metallurgical test work on material from the Silver Hill mine. Recovery rates are based on historical processing data and may not be representative of in-situ mineralization. Equivalent grades are provided for comparative exploration purposes only and should not be interpreted as representing recoverable metal or economic value. Drill core samples were prepared and analyzed by ALS Geochemistry (Reno, NV) and ALS Canada (Vancouver, BC). The entire sample is crushed to 70% passing 2mm mesh, with a 250g split pulverized to 85% passing minus 75 microns. Gold was determined by fire assay; base metals by four-acid digestion with ICP-AES and ICP-MS finish. QA/QC protocols included certified reference standards, blanks, and duplicates inserted at regular intervals throughout the sample stream. The exploration results described herein are preliminary in nature and are insufficient to define a mineral resource. Further drilling is required to determine the continuity, geometry, and grade distribution of mineralization.

Next Steps

Building on Phase 1 drilling results and the recently completed Phase 2 IP survey, Metalsource is now aggressively advancing exploration at Silver Hill with plans to increase drilling capacity and systematically test newly identified high-priority targets.

This survey represents a major step forward in our understanding of the Silver Hill district. What excites us most is not simply the number of targets identified, but the quality of those targets. These targets exhibit geophysical characteristics analogous to the corridor where we've already delivered some of our strongest drill results. While these are exploration targets, not drill results, they provide us with a compelling pipeline of opportunities that we intend to begin testing as we continue to accelerate exploration. With plans to increase drilling capacity, our strategy is straightforward. One drill program will continue systematically expanding the known Silver Hill deposit, while additional drilling evaluates these newly identified high priority targets.

– Joe Cullen, CEO

Accelerating Exploration

Management is advancing plans to increase drilling capacity to simultaneously expand the known Silver Hill deposit while systematically testing newly identified priority targets.

Testing New Discovery Targets

Follow-up drilling will prioritize the highest ranking IP anomalies exhibiting characteristics analogous to the Company's successful drilling, with approximately 2.4 kilometres of prospective strike length identified across two primary target areas.

Multiple Assays Pending

Results remain outstanding from several completed drill holes, providing continued exploration catalysts as the current drill program advances.

Expanding the Geological Model

Ongoing drilling, IP surveys and geological interpretation will continue refining management's understanding of the Silver Hill district while evaluating opportunities to extend mineralization along strike, down dip and beyond the historic mine footprint. Current geological model suggests Silver Hill may comprise multiple mineralized occurrences rather than a single historic deposit.

Land Package Expansion

On July 2, 2026, Metalsource announced a strategic expansion of its Silver Hill land package through the execution of option agreements covering three additional properties totaling approximately 141 acres. This acquisition increases the Company's consolidated land position to approximately 1,300 acres and secures prospective areas interpreted to be along strike and down dip of known mineralization.

The newly acquired ground is part of the evolving Silver Hill geological model and supports the Company's objective of evaluating the broader district-scale potential beyond the historic mine footprint.

Management continues to evaluate strategic land acquisition opportunities that align with its evolving geological model, strengthening the Company's ability to systematically explore and unlock the broader potential of Silver Hill.

This is a strategic acquisition we've been working toward for some time. As drilling, geophysics and geological interpretation have continued to improve our understanding of the Silver Hill system, it became increasingly important to secure these highly prospective properties while the opportunity was available. We're grateful to the families who have owned this land for generations and appreciate the trust they've placed in our team. Every successful drill hole has strengthened our confidence in the broader district and helped define where we believe the next phase of exploration should be focused. These newly acquired properties provide access to compelling exploration targets that we look forward to advancing in the near term as we continue expanding the known mineralized footprint at Silver Hill.

– Joe Cullen, CEO

Phase 2 IP Survey — July 2026

A recently completed induced polarization (IP) survey has identified approximately 2.4 kilometres of prospective strike length across two primary target areas at Silver Hill, including:

  • 1.8 kilometre anomaly in the southern portion of the project area, in the immediate vicinity of Silver Hill
  • 600 metre IP anomaly in the northeast corner of the property

High-priority drill targets display geophysical characteristics analogous to the mineralized corridor defined by recent drilling. The combination of IP chargeability and resistivity data provides two complementary signals: elevated chargeability values (greater than 20 milliseconds) are interpreted to potentially reflect the presence of metallic sulphide minerals, while resistivity distinguishes the silicified host of the mineralization (1,500 to 4,000 ohm-m) from both the conductive weathered saprolite at surface and the highly resistive volcanic package.

Targets remain open north and south of the historic mine, significantly expanding the Company's exploration pipeline. Results strengthen management's evolving geological model that Silver Hill may comprise multiple mineralized occurrences rather than a single historic deposit.

IP Survey Highlights

  • Phase 2 IP survey identifies approximately 2.4 kilometres of prospective target areas across the Silver Hill district
  • High priority drill targets display geophysical characteristics analogous to the mineralized corridor defined by recent drilling
  • Targets remain open north and south of the historic mine, significantly expanding the Company's exploration pipeline
  • Results strengthen management's evolving geological model that Silver Hill may comprise multiple mineralized occurrences
  • Company advancing plans to increase drilling capacity to simultaneously expand known mineralization and systematically test newly identified targets

Next Steps

Metalsource has confirmed a significant expansion of its exploration program at Silver Hill, adding a second diamond drill rig and a dedicated night shift expected to effectively triple the Company's current drilling capacity. The second rig is anticipated to mobilize in early August 2026, enabling a dual-track strategy that simultaneously advances the known high-grade polymetallic system and tests newly identified high-priority IP targets across the broader district.

This marks an important milestone for Metalsource and reflects how significantly our understanding of the Silver Hill district has evolved. Through drilling, geophysics and structural interpretation, we've developed a growing pipeline of high priority exploration targets, many exhibiting characteristics analogous to the corridor where we've already delivered some of our strongest drill results. By increasing our drilling capacity, we'll be able to advance two complementary objectives simultaneously: systematically expanding the known high grade polymetallic system toward an inaugural resource estimate while testing compelling new targets with the potential for additional discoveries across the broader district. This is exactly where we wanted to be. We now have more high quality opportunities than a single drill rig can efficiently test. For the first time in the Company's history, we'll be able to further define the known, while pursuing new discoveries at the same time. We believe that's a transformational step for Silver Hill and one that has the potential to meaningfully accelerate value creation for our shareholders.

– Joe Cullen, CEO

Second Drill Rig — Early August Mobilization

A second diamond drill rig and additional drilling crew are expected to mobilize in early August, marking one of the largest expansions of exploration activity undertaken at Silver Hill in recent history. Together with a dedicated night shift, these additions are expected to effectively triple the Company's current drilling capacity.

Testing New Discovery Targets

The second drill rig will focus on testing newly identified high-priority exploration targets generated through the recently completed property-scale IP survey, including targets exhibiting geophysical characteristics analogous to the corridor where Metalsource has already intersected significant silver, gold, lead, zinc and copper mineralization.

Inaugural Mineral Resource Estimate — Early 2027

The existing drill program will continue systematically expanding the known high-grade polymetallic system at Silver Hill through step-out drilling along strike and down plunge, in support of an inaugural mineral resource estimate currently targeted for early 2027.

Multiple Assays Pending

Multiple assays remain pending from the ongoing exploration program, providing a continued pipeline of exploration catalysts as drilling advances across the district.

Expanding the Geological Model

Ongoing drilling, IP surveys and geological interpretation will continue refining management's understanding of the Silver Hill district while evaluating opportunities to extend mineralization along strike, down dip and beyond the historic mine footprint. Current geological model suggests Silver Hill may comprise multiple mineralized occurrences rather than a single historic deposit.

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