Maverick Springs

Nevada: A Premier Mining Jurisdiction

Nevada is one of the world’s most attractive mining jurisdictions, consistently ranking at the top of the Fraser Institute’s Annual Mining Survey. The state’s well-established mining infrastructure, clear permitting process, and supportive regulatory environment make it an ideal location for resource development. Nevada consistently ranks within the top 3 for globally mining investment attractiveness in the Fraser Institute’s survey, highlighting its stability, mineral potential, and low-risk profile for exploration and development.

The state is home to some of the world’s most significant gold and silver mining operations, including those along the Carlin Trend, which has produced more than 100 million ounces of gold. With its rich geological endowment and pro-mining policies, Nevada continues to be a preferred destination for mining investment and development.

Overview

The Maverick Springs Project, wholly owned by Sun Silver Limited (ASX: SS1), is a premier silver-gold deposit located in northeast Nevada, about half-way between Elko and Ely. The project sits on the northwest flank of the Maverick Springs Range, straddling the border of Elko County and White Pine County, just off the southeast end of the Carlin Trend belt of gold-silver deposits. Access is via a 40-kilometre gravel road from the town of Ruby Valley. With a JORC Inferred Mineral Resource Estimate of 539Moz silver equivalent (AgEq) at 71g/t AgEq, Maverick Springs is the largest pre-production primary silver deposit on the ASX and within the US.

Q4 2025 Resource Expansion JORC 2012 Inferred Mineral Resource:
539Moz AgEq at 71g/t AgEq, including 347.5Moz Ag at 45.5g/t Ag and 2.25Moz gold at 0.30g/t Au.

Infill Drilling Ongoing: Infill drilling ongoing targeting H2 2026 resource classifcation upgrade into Indicated
‍Near-Surface Potential: Historical drilling reveals mineralisation at or near surface, offering new development opportunities.
Open in All Directions: The deposit remains open along strike and at depth, with significant upside potential.
‍Further Resource Potential: High-grade mineralisation remains open, particularly in the northwest and southern portions of the deposit, with additional targets identified for future drilling.

Figure 1 – Oblique Long Section Line A showing the Mineral Resource extent, near-surface mineralisation not included in this Mineral Resource upgrade (NAD83)

Figure 2 – Oblique Long Section Line B showing the Mineral Resource extensions, near-surface mineralisation not included in this Mineral Resource upgrade (NAD83)

Figure 3 – Plan View of drilling and mineralisation model

Geology & Mining Potential

The Maverick Springs deposit is hosted within Permian sedimentary rocks, primarily limestone and dolomite, with mineralisation associated with intense fracturing, brecciation, and silicification. The deposit is structurally controlled and shares characteristics of Carlin-style and low-sulfidation epithermal deposits, with silver and gold occurring as finely disseminated particles within carbonate host rocks.

Alteration includes pervasive decalcification, silicification, and weak argillization, with key mineral associations including pyrite, stibnite, acanthite, and arsenic sulfides. The mineralisation is modelled as a large, continuous, sub-horizontal antiform, with a thickened hinge zone running north-south. Near-surface mineralisation has been identified in historical drilling, providing potential for shallow resource expansion and cost-effective mining.

These geological features make Maverick Springs well-suited for potential bulk-tonnage, open-pit mining, while Nevada’s world-class mining jurisdiction enhances the project’s development prospects.

Advancing Maverick Springs: Key Activities Planned and in Progress

Sun Silver is executing a focused program to advance the Maverick Springs Project through its next phases of technical, permitting, and strategic development.

Resource Growth & Technical Studies: Advancing geological modelling and progressing drilling designed to convert resources to higher confidence categories and expand the overall mineralised footprint.
‍Metallurgical Testwork Program: Ongoing metallurgical testwork, including variability and flowsheet optimisation, to support process design criteria for future economic studies.
Geotechnical, Hydrogeological & Infrastructure Studies: Initiating baseline geotechnical and hydrological investigations, refining site layout, and advancing early-stage infrastructure planning including power, water, and tailings concepts.
‍Preliminary Economic Analysis Inputs: Compiling and integrating technical datasets to underpin the next stage of project economics, including updated mining scenarios and processing pathways.
‍Environmental & Permitting Pathway Advancement: Continuing environmental baseline studies, refining the permitting strategy, and advancing community and stakeholder engagement.
‍Antimony Evaluation Program: Further evaluating antimony distribution within the deposit, working towards a potential maiden mineral resource.
‍Strategic Funding & Partnerships: Actively engaging with U.S. government programs and industry partners to secure critical mineral funding, including DPA Title III, supported by silver’s designation as a U.S. strategic mineral.