Exploration Co. Proposes 1,200 m Sill Lake Silver Drill Program Amid Higher Prices

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Tartisan Nickel were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-11 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-11 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Tartisan Nickel Corp. (TN:CSE; TTSRF:OTCQB; 8TA:FSE) has proposed an initial 1,200 m (meter) diamond drill program at its Sill Lake Silver Project near Sault Ste. Marie, Ontario, targeting historic workings and a 2 km structural extension in a silver price environment that reached approximately US$51.82 per troy ounce on November 6, 2026.

Key Investor Takeaways

• Tartisan proposes a 1,200 m initial drill program at Sill Lake Silver to test beneath historic Prace Mine workings and along a 2 km (kilometer) interpreted extension.
• The program benefits from an existing Early Exploration Permit and a signed Test Drilling Agreement with the participating First Nation.
• Parallel advancement at the Kenbridge nickel-copper-cobalt project includes a proposed ~5,000 m Phase 2 drill program announced November 3, 2026.
• Expansion of the Sill Lake program to ~2,400 m remains subject to results, financing, and approvals; samples from recent site visits are pending assay.

A Project Update and Drill Plan

On November 10, 2026, the company announced the drill plan through its wholly owned subsidiary Canadian Arrow Mines Ltd. The program comprises seven planned holes from five pads, with target depths of 60 to 160 m below surface. One hole is planned to twin a 2008 drill hole, while borehole electromagnetic surveys are planned in two deeper holes. Subject to results, financing, and approvals, the program could expand to approximately 2,400 m. Tartisan holds Early Exploration Permit PR-26-000145 and has signed a Test Drilling Agreement with the participating First Nation. Recent site visits with First Nation representatives included a sample collection now pending assay.

Sill Lake includes the historic Prace Mine with exploration dating to the 1890s and limited underground development and milling in the 1970s and 1980s. Silver-lead-zinc mineralization occurs in quartz-carbonate veins. A 2023 airborne magnetic survey interpreted a potential two-kilometer southeast structural extension now targeted by the proposed drilling.

Higher Silver Prices and Exploration Context

The November 10 announcement explicitly referenced the supportive current silver price environment. Kitco quoted silver at approximately US$51.82 per troy ounce on November 6, 2026. This backdrop aligns with Tartisan's renewed exploration focus alongside its primary Kenbridge Nickel-Copper-Cobalt Project, where a separate Phase 2 drilling proposal of approximately 5,000 m was announced on November 3, 2026.

"This program will test beneath the historic Prace Mine workings and along the interpreted southeast extension," said Mark Appleby, President and CEO of Tartisan. "Sill Lake's mining history, geological setting, and the current silver price environment support renewed exploration, alongside continued engagement with First Nations."

However, silver prices are currently volatile following their significant gains earlier in 2026. During early U.S. trading on November 12, spot silver was approximately US$50.19 per troy ounce, down 2.80% on the session, according to Kitco. The decline came amid persistent U.S. inflation, a stronger U.S. dollar, and increased expectations for additional Federal Reserve interest-rate increases, which can weigh on precious metals by raising the opportunity cost of holding non-yielding assets.

Beyond its role as a precious metal, silver is used in solar panels, electric vehicles, electronics, AI-related technologies, and other electrical applications. However, industrial demand faces some headwinds. The Silver Institute's World Silver Survey 2026, produced by Metals Focus, forecasts a sixth consecutive annual market deficit of 46.3 million ounces in 2026. At the same time, it projected industrial demand to decline 3% to 639.6 million ounces, with photovoltaic demand expected to fall 19% to 151 million ounces as manufacturers reduce silver usage and pursue substitution technologies.

On the supply side, the Silver Institute forecast global mine production to edge down 0.3% to 844.1 million ounces in 2026, while recycling was expected to increase 7% to 211.3 million ounces. The projected supply-demand imbalance reflects the continued importance of investment demand and other consumption categories in absorbing available metal.

However, the outlook is not without risks. In a November 11 report discussed by Kitco News, BMO Capital Markets analysts George Heppel and Helen Amos warned that solar manufacturers' efforts to reduce silver consumption and substitute other materials could weaken a major source of industrial demand. BMO expects those changes could eventually reverse recent market deficits, although that remains an analyst forecast rather than an established outcome.

Analyst Looks Forward to Project

Couloir Capital analyst Ron Wortel initiated coverage of Tartisan Nickel in a July 3, 2026, research report with a "Buy" rating and a price target of CA$0.95. Wortel cited the Kenbridge Nickel-Copper Project's existing infrastructure, resource expansion potential, and the company's diversified project portfolio as key valuation drivers. He noted that the existing shaft and underground workings could reduce development costs, while ongoing drilling could support an expanded resource estimate. Wortel wrote that the company's current valuation "materially understates the company's intrinsic and strategic value" and said he was "very excited about the flagship project and, importantly, the silver project." He also identified the planned 2026 drilling program and an updated mineral resource estimate expected in Q1 2027 as important potential catalysts for a market re-rating.

In a November 3, 2026, update, Couloir Capital shared its view on Tartisan's proposed 5,000-meter Phase 2 diamond drilling program, stating that "Site preparation, access road improvements, and drill pad construction have been completed, while the mobilization schedule remains to be confirmed."

Kenbridge Nickel Project Parallel Progress

In a November 12, 2026, update, Tartisan Nickel reported continued progress at its Kenbridge Nickel-Copper-Cobalt Project in northwestern Ontario, with environmental baseline studies, hydrological assessments, infrastructure improvements, and project planning advancing alongside preparations for Phase 2 drilling. The company is targeting January 2027 to release an updated Kenbridge Project Plan building on its 2008 report and incorporating information on the mineral resource, metallurgy, development concepts, infrastructure, environmental studies, and permitting status.

The plan is expected to identify outstanding technical work and establish priorities as the company evaluates the pathway toward advanced exploration and a potential future prefeasibility study (PFS). Tartisan also said baseline and hydrology work will inform a proposed new Permit to Take Water application for dewatering the project's 623-meter, three-compartment shaft. No decision to undertake a PFS has been made; that decision will depend on drilling results, updated resource information, further technical and economic evaluation, and available financing. 

The company has also obtained a permit for further upgrades and realignment at the Aitikwa River crossing, an important part of its ongoing infrastructure planning.

Common Questions from Investors

What does the proposed Sill Lake drill program target?

The program targets the silver-lead-zinc vein system beneath the historic Prace Mine workings and along an interpreted 2 km southeast structural extension identified by 2023 airborne magnetics.

How does the high silver price environment factor into Tartisan's plans?

The November 10, 2026, press release states that the current silver price environment supports renewed exploration at Sill Lake, with silver quoted at approximately US$51.82 per ounce on November 6, 2026.

What is the status of Tartisan's Kenbridge nickel project?

Tartisan is preparing for a proposed approximately 5,000 m Phase 2 drilling program to test depth extensions and a modeled BHEM target. In its November 12, 2026, update, the company also outlined ongoing environmental baseline studies, hydrological assessments, and infrastructure improvements, and targeted January 2027 for an updated Kenbridge Project Plan.