SS1 maps potential extension 2km north of its 539M ounce silver equivalent resource

Our US silver and antimony Investment Sun Silver (ASX: SS1 | OTCQX: SSLVF) has just completed an airborne survey at its largest pre-production primary silver project in the USA.

SS1's Maverick project in Nevada already hosts a 539Moz silver equivalent JORC resource, and the deposit remains open along strike and at depth.

SS1 just completed a high-resolution airborne magnetic and radiometric geophysical survey across the entire project, including the new ground added to the north earlier this year.

Already SS1 has a new Northern Trend target - a 2km arsenic-antimony anomaly on the newly acquired northern ground.

Plus there are also Western targets, not far from the existing resource area.

These anomalies show the same "pathfinder" geochemical signatures as SS1's 539Moz deposit (which we will say again is open along strike, with drilling needed to test it of course)

(source)

SS1 will now interpret the data to firm up new drill targets.

Antimony keeps showing up at Maverick.

Earlier this month SS1 hit 50.3m at 0.11% antimony alongside silver, outside its current resource (see our note on that here).

SS1 has recently flagged it is working toward a maiden antimony resource, which we think could unlock US government funding pathways for the project (we wrote this a bit over 12 months ago and it appears to be playing out.

SS1 MD Andrew Dornan recently presented at Digger & Dealers and in his presentation he mentioned the antimony (comparing it Perpetua which is lower grade) and that drilling is to continue right through the year.

Sun Silver - Andrew Dornan, Managing Director - Diggers & Dealers Mining Forum

Silver and antimony are BOTH on the US critical minerals list, and the US government has been fast tracking and funding domestic critical minerals projects via executive orders.

(~US$4.4BN Perpetua Resources and its US$2.9BN EXIM loan has been the biggest potential parallel here - though no guarantees SS1 secures anything similar).

In the background, SS1 still has four rigs turning at Maverick, feeding a maiden Scoping Study due Q4 2026.

Read our most recent SS1 deep dive here: SS1: Giant USA silver resource. NEW: metwork demonstrates conventional processing and excellent recoveries

The US criticals macro is gaining momentum and SS1 has antimony

On Friday US time, President Trump held a mining roundtable with some established miners and out of that came over US$2BN in deals with mining/refining companies.

(source)

Leading up to this, within the last 30 days the US has announced:

• On the ~19th of July - Trump tells America to go make magnets in an interview - A speech urging defence contractors and "brilliant minds" to pivot into manufacturing high-performance permanent magnets. This is a direct quote: "I'll Tell You How To Make Money: Do Magnets"
• 20th July - EXECUTIVE ORDER #1 - “Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials”.
• And there's a hard deadline bolted onto it: 1 January 2027. A ban on foreign imports of critical minerals for US military use. That's five months away.
• 24th July - US Trade Representative Jamieson Greer said China's rare earth exports still fall short of its May summit commitments.
• 27th July - Reuters and Bloomberg report that the administration is weighing extending Chinese rare earth magnet access PAST its own 1 Jan 2027 cutoff. Why? Because Pentagon suppliers including MP Materials, USA Rare Earth and Lynas have admitted domestic processing and magnet capacity won't be ready in time
• 29th July - The US Army awarded Lockheed Martin US$5.86BN - the largest-ever PAC-3 Patriot deal - as part of a US$59BN push to "urgently" build thousands more missiles. 
• 29th July. The US fighter fleet is already below Congress's 1,145 primary aircraft floor, and shrinks to about 3,000 total jets by 2029.
• 30th July - EXECUTIVE ORDER #2 - Trump restricts EXPORTS of recovered and recycled critical minerals - e-waste, black mass and magnets - under Defense Production Act authority.

And, in the last 18 months we have seen the following deals get done:

(source - we used AI to put this list together)

But it's the last few Executive Orders and announcements from the US government that are showing a lot more urgency/intent.

Especially that one from back in July "Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials"...

We covered the US critical minerals macro that has been heating up, particularly in the past couple of weeks here: Trump hosts mining roundtable - announces over $2BN in investments. Here’s how we are positioned.

What's next for SS1?

🔄 Drill results from the current program

With four rigs turning, we should see a steady flow of results.

The infill drilling for the resource upgrade and the one we are looking out for the most - the extensional drilling to the north-west of the existing resource:

(source)

🔲 Scoping study - Q4 2026/Q1 2027

The maiden scoping study will pull together the resource, met testwork, and mine planning into an economic picture.

This is the one we think could change the way the market views SS1’s projects (finally giving it some project economics context)

Recently SS1 confirmed Ausenco (a global engineering company) will be used as lead engineering consultant who will help run studies for the Scoping Study/Preliminary Economic Assessment due by the end of the year.

🔲 Maybe a maiden antimony resource?

We have written in the past about how SS1’s deposit may also host a giant antimony resource to go with the silver.

IF a maiden antimony resource can be defined, we think it would be a game changer for SS1’s deposit AND could open up US government funding pathways for developing its project.

See our deep dive on the antimony potential here: Antimony could unlock government funding for SS1