55 Million-Ounce Silver Resource Set for Major Update

Minaurum Silver Inc. (MGG:TSXV; MMRGF:OTCQX) announced that it has engaged SGS Metallurgy and Consulting Geological Services (SGS) to update the mineral resource estimate for its Alamos Silver Project in Sonora, Mexico. According to the company, SGS has completed resource estimates at projects including Vizsla Silver Corp.'s (VZLA:TSX.V; VZLA:NYSE) Panuco Project and Endeavor Silver's (NYSE: EXK) Pitarrilla Project.

"SGS is an industry leader in geological, mining, and metallurgical services, including the evaluation of mineral resources," President and CEO Darrell Rader said. "Our project-management and resource-modeling team has had extensive experience working with SGS at SilverCrest's Las Chispas deposit, making this a natural and highly effective collaboration. We look forward to working with SGS as we complete the updated mineral resource estimate."

The company noted that its inaugural mineral resource estimate, announced in January 2026, totaled 5.37 million tonnes containing 55.2 million ounces of silver equivalent grading 320 g/t silver equivalent, or 202 g/t silver, 0.21 g/t gold, 0.43% copper, 0.97% lead, and 2.01% zinc. The resource included 34.8 million ounces of silver, 35,640 ounces of gold, 51.0 million pounds of copper, 115 million pounds of lead, and 238 million pounds of zinc. The supporting NI 43-101 technical report, filed on Feb. 27, 2026, incorporated 104 drill holes totaling 35,888.15 meters and 10,194 samples.

Minaurum said it launched a 50,000-meter, six-rig core drilling campaign in December 2025 as part of its resource expansion program targeting the Europa, Promontorio, and Travesia vein zones while testing their extensions along strike and down plunge. The program also includes drilling at the Promontorio Sur and Europa Sur extensions, together with initial resource drill testing at the Quintera and San Jose vein zones. According to the company, numerous high-grade intercepts have been reported from Quintera, Europa Sur, and San Jose.

The updated mineral resource estimate will incorporate new data from the Europa, Promontorio and Travesia vein zones, along with additional vein zones including Europa Sur, Quintera and San Jose, expanding the scope of the previous historical estimate. The company said the updated estimate is expected later in 2026.

Precious and Base Metals Markets Reflect Shifting Supply and Demand

Market conditions shifted in the following days. Mining.com reported on July 21 that copper prices had climbed to their highest level in more than a month as evidence of a tightening physical market in China increased and traders rebuilt expectations that the United States could impose a tariff on refined copper imports.

Mining.com also reported that deliverable copper inventories monitored by the Shanghai Futures Exchange had fallen 82% since early May, while London Metal Exchange inventories had declined 28% over the same period. According to ING commodities strategist Ewa Manthey, "Copper is being pulled higher by a tightening Chinese market," adding that "the rally will need continued evidence of physical tightness to extend much further." The publication also noted that the London Metal Exchange cash-to-three-month spread had narrowed close to backwardation, which it described as a sign of tightening near-term availability.

According to a July 23 report from Kitco News, the gold market had continued "to base-build at key long-term support levels" after the European Central Bank left interest rates unchanged. Kitco reported that the ECB maintained its key interest rates while providing little forward guidance as the global economy continued to navigate renewed military actions in the Middle East. In its monetary policy statement, the ECB said, "Uncertainty remains high and the full inflationary impact of the energy shock has yet to play out," adding that it remained committed to ensuring inflation stabilized at its 2% target over the medium term. Kitco also reported that spot gold last traded at US$4,074.50 per ounce.

CNBC reported on July 23 that spot silver traded at US$59.47 per ounce, up about 6.3% from the end of the previous week, while spot gold also posted gains. According to ING commodities strategists Warren Patterson and Ewa Manthey, the recent move reflected "bargain hunting after recent weakness" rather than "a material shift in the geopolitical or macroeconomic backdrop." The strategists also wrote that silver "could continue to outperform if strength in industrial metals persists alongside safe-haven demand," adding that "Silver's performance reflects not only its safe-haven appeal but also support from improving sentiment across the industrial metals complex, particularly copper." CNBC also reported that UBS strategist Dominic Schnider said, "Silver faces a top-down backdrop that offers investors little impetus to increase long positions. With investment demand patchy, silver prices have yet to find a solid floor."

Writing for Kitco News on July 22, Neils Christensen reported that WisdomTree Head of Commodities and Macroeconomic Research Nitesh Shah viewed silver's correction as a reset for the market following January's record highs. Shah wrote, "Silver's exuberance in January 2026 is now clearly in the rear-view mirror," adding, "We therefore see silver rising towards US$70/oz, but view this as a fundamentally supported move rather than a repeat of January's speculative spike." He also said, "Silver is a smaller market than gold and has a significant degree of retail participation. As a result, it is more prone to speculative episodes." Christensen reported that Shah also emphasized silver's industrial role, noting that lower prices were beneficial for manufacturers facing higher input costs and stating that bringing prices back to more sustainable levels helped protect one of silver's key sources of demand.

High-Grade Drill Results Supported Continued Resource Growth Expectations

In the July 22 edition of Silver Stock, analyst Peter Krauth discussed Minaurum Silver's latest drill results from its 50,000-meter Phase II resource expansion program at the Alamos Silver Project. Krauth wrote that the company had reported "another strong set of drill results" with "high-grade mineralization continuing to expand the Quintera, Europa Sur, Travesia, and San Jose vein zones." He highlighted Quintera as delivering "some of the best intercepts," including 5.95 meters grading 1,117 g/t silver equivalent, and noted that "the historic high-grade vein remains open both at depth and along strike, reinforcing its potential to become a major driver of future resource growth."

Krauth also wrote that Europa Sur had "continued to validate the company's stacked-vein exploration model," while Travesia and San Jose had returned additional mineralized intercepts. He noted that assays remained pending from additional Quintera drilling and that the company planned to continue testing down-plunge and along-strike extensions across the four vein systems as it worked to expand the Alamos resource.

Commenting on the results, Krauth wrote, "I remain impressed by the continuous high-grade silver intercepts over significant widths and over more zones." He added, "I'm quite confident the overall resource will reach 100Moz AgEq before long, with a fully financed 50,000m drill program." Krauth also stated, "This resource has a lot of growth ahead, and I expect a re-rate with the next resource estimate, especially since the project is fully permitted. I am glad to maintain my shareholding."

Resource Expansion Activities Continue Across Multiple Vein Zones

The company's 50,000-meter Phase II resource expansion drill program is underway with six drill rigs and includes infill and step-out definition drilling. According to the July 2026 presentation, the program began with three advanced vein zones and followed approximately 65,000 meters drilled in 188 holes at Alamos, with additional assays pending.

The presentation states that the updated resource is targeted for the second half of 2026 and identifies the Promontorio, Europa, and Travesia vein zones as the initial focus of the expanded resource work. It also notes that drilling has been directed toward Promontorio Sur, Europa Sur, Quintera, and San Jose as additional target areas.

According to the presentation, high-grade mineralization has been identified through drilling in multiple additional vein zones during the Phase II program. It states that the Minas Nuevas, Alessandra, San Jose, and Pulpito-Cotera vein zones are ready for systematic infill drilling and expansion for incorporation into potential near-future resources, while the Quintera, Animas, and Promontorio Sur vein zones remain open along strike and at depth.

Ownership and Share Structure¹

About 60% of the company is owned by high-net-worth investors, about 20% is retail, about 15% by precious metal funds, and about 5% by management.

Streetwise Ownership Overview*

Minaurum Silver Inc. (MGG:TSXV;MMRGF:OTCQX)

Restructures

Date	Old Symbol	Old Shares	New Symbol	New Shares
11/20/09	CHA:TSXV	1	MGG:TSXV	1
12/12/05	GXE.H:TSXV	1	CHA:TSXV	1
06/16/05	USV.H:TSXV	5	GXE.H:TSXV	1
12/29/03	USV:TSXV	1	USV.H:TSXV	1

^*Share Structure as of 7/24/2026

The company has a market capitalization of approximately CA$180 million, with 513.23 million shares outstanding. The stock has traded in a 52-week range of CA$0.22 to CA$0.65.

Frequently Asked Questions

What is Minaurum Silver?

Minaurum Silver Inc. is a mineral exploration company focused on the Alamos Silver Project in Sonora, Mexico. The company announced that SGS has been engaged to complete an updated mineral resource estimate for the project.

What is the Alamos Silver Project?

The Alamos Silver Project is a high-grade silver project in Sonora, Mexico. According to the company, the project's inaugural mineral resource estimate totaled 5.37 million tonnes containing 55.2 million ounces of silver equivalent.

Why did Minaurum hire SGS?

Minaurum announced that it engaged SGS Metallurgy and Consulting Geological Services to prepare an updated mineral resource estimate incorporating new drilling data from multiple vein zones at the Alamos Silver Project.

What is the current mineral resource at the Alamos Silver Project?

The January 2026 inaugural mineral resource estimate reported 5.37 million tonnes containing 55.2 million ounces of silver equivalent grading 320 g/t silver equivalent. The resource included silver, gold, copper, lead, and zinc.

What metals are found at the Alamos Silver Project?

According to the company's resource estimate, the project contains silver, gold, copper, lead, and zinc. The resource includes 34.8 million ounces of silver, 35,640 ounces of gold, 51.0 million pounds of copper, 115 million pounds of lead, and 238 million pounds of zinc.

What is silver equivalent (AgEq)?

Silver equivalent, or AgEq, is a reporting metric that expresses the combined value of multiple metals as an equivalent amount of silver using specified metal prices and recovery assumptions.

Where is the Alamos Silver Project located?

The Alamos Silver Project is located in Sonora, Mexico.

What drilling program is underway at Minaurum's Alamos project?

The company said it is conducting a 50,000-meter, six-rig core drilling program focused on expanding mineralization at the Europa, Promontorio, Travesia, Promontorio Sur, Europa Sur, Quintera, and San Jose vein zones.

When will Minaurum release its updated mineral resource estimate?

The company said the updated mineral resource estimate is expected later in 2026.

What is SGS Metallurgy and Consulting Geological Services?

SGS is a geological, mining, and metallurgical consulting firm that provides mineral resource estimation and technical services for mining projects.

Is Minaurum Silver listed on the TSX Venture Exchange?

Yes. Minaurum Silver trades on the TSX Venture Exchange under the ticker MGG and on the OTCQX under the ticker MMRGF.

What makes the Alamos Silver Project important?

According to the company, the updated resource estimate will include new drilling from the Europa, Promontorio, Travesia, Europa Sur, Quintera, and San Jose vein zones, expanding on the inaugural mineral resource announced in January 2026.

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