Silver47 Launches Drilling to Target Depth Extensions of High-Grade Silver at Mogollon Silver-Gold Project, New Mexico

Vancouver, British Columbia--(Newsfile Corp. - January 21, 2026) - Silver47 Exploration Corp. (TSXV: AGA) (OTCQX: AAGAF) ("Silver47" or the "Company") is pleased to announce the start of a winter drill program at its Mogollon Project located near Silver City, New Mexico (the "Mogollon Project"). The program will consist of holes testing the depth extents of high-grade silver along the Last Chance Vein.

Highlights:

• Unlocking New District-Scale Potential: Success in this winter drill program targeting depth extensions below historical ore shoots on the Last Chance Vein may open a vast new search space beneath the old workings at the Mogollon Project.

• Data-Optimized Targets: Drill holes in the program were meticulously planned through comprehensive analysis of historical data, aiming to maximize discovery efficiency and ounces per meter drilled.

• History of the Last Chance Mine: The Last Chance Mine was historically one of the largest and most continuous producers in the Mogollon District, once supporting a 40-stamp mill and remaining largely unexplored by modern methods.

• Strategic Resource Expansion: These step-out holes lie outside the current Inferred Mineral Resource of 32.08 Moz silver equivalent (12.12 Moz silver and 0.24 Moz gold) at 367 g/t silver equivalent* (139 g/t silver and 2.72 g/t gold) over 2.72 Mt¹.

• Long-Term Commitment to the Mogollon District: Silver47 is committed to advancing the Mogollon Project, New Mexico's largest historical silver producer, step by step toward potential future production, delivering economic upside for the area and respecting its proud mining tradition.

• Robust 2026 Drilling Pipeline: After the current Mogollon winter program, substantial drilling is expected to start at the Hughes Project in March, followed by an aggressive drilling program at the flagship Red Mountain Project expected to commence in June, with a view to delivering ongoing news flow from across the Company's U.S. silver assets through year-end.

* g/t = grams per tonne; Silver equivalent is calculated using ratios with metal prices of US$20/oz Ag, US$1,800/oz Au with metallurgical recoveries of Ag - 90%, Au - 95%. AgEq = (Ag grade x Ag recovery)+((Au grade x Au recovery) x (Au price / Ag price)).