The new formula – How Silver Viper is opening an exciting new chapter with strategic partners and an operational focus

Strategic realignment: More than just a new chairman

The recent transformation of Silver Viper Minerals (Silver Viper) is no coincidence, but the result of strategic personnel decisions. The appointment of Adam Cegielski as Chairman of the Board in October 2025 marked the start of an aggressive growth phase. Cegielski, a name with a track record of success in the industry, joined at what can be described as the perfect time: a rising silver price, renewed investor interest, and a company whose projects are ready for the next step.

His mission is clearly stated. Silver Viper is to become the most exciting exploration company in Mexico. To this end, he brought other heavyweights on board. In January 2026, the board gained Jeff Couch, a capital markets veteran whose experience ranges from senior investment banking roles in Europe to leading development companies. At the same time, two key figures from Discovery Silver, Andreas L'Abbé as financial advisor and Gernot Wober as technical advisor, joined the advisory team. This Company itself has mastered the remarkable journey from explorer to producer. This refreshed team combines exactly the skills needed for the coming phase: capital markets expertise, operational discipline, and deep geological know-how, especially in Mexico.

The centerpiece: La Virginia and the two-pronged attack

While the management team was being formed, drills were already running at full speed at the flagship La Virginia project in the state of Sonora. In October 2025, the Company launched an ambitious 5,000 m diamond drilling program, which is pursuing a two-pronged approach and is being carried out by Globexplore Drilling Corp.

The program has two specific objectives:

1. New discovery at El Molino: Here, 8 to 9 drill holes will initially be drilled in an area that has hardly been explored to date. Geophysical surveys had previously identified high-priority anomalies, making this target area a pure discovery story with potentially high leverage.

2. Resource expansion at El Rubi: Following the work at El Molino, the program will focus on the advanced El Rubi zone. Here, near-surface drilling will update the existing resource model and extend known mineralization along strike and at depth.

This approach skillfully balances the potential for a groundbreaking new discovery with the systematic development of an already established resource. Management emphasizes that visual assessment of the first drill cores from El Molino is promising, but at the same time points out that only the final laboratory results will be conclusive. These assay results are eagerly awaited and will be incorporated into an updated resource estimate for La Virginia, which is planned for 2026.

The game changer: Partnership with Fresnillo and the Coneto project

Parallel to its operational work in Sonora, Silver Viper executed a strategic coup that fundamentally changed the Company's profile. In October 2025, Silver Viper signed an agreement to acquire 100% of the Coneto silver-gold project in Durango. The seller? None other than Fresnillo plc, the world's largest primary silver producer, together with Orex Minerals Inc.

The terms of this transaction are significant:

• Pure stock swap: Silver Viper valued the project at USD 15 million (approximately CAD 21 million) and is paying not with cash but with newly issued shares of its own stock.

• Strategic major shareholder: Upon completion of the deal, Fresnillo is expected to become Silver Viper's largest single shareholder with approximately 17% of the shares. Orex Minerals would hold a further 11%.

• Long-term commitment: The agreement provides for customary anti-dilution rights for Fresnillo, indicating a long-term partnership.

For Fresnillo, this is a smart strategy to outsource exploration risks while remaining involved in a potentially large discovery. For Silver Viper, it is a huge vote of confidence. "The acquisition of Coneto is a decisive step in Silver Viper's growth strategy," Chairman Cegielski sums it up. The Company is acquiring a "mature" exploration property with over 40 known epithermal quartz veins in a historic mining district that already has a historical resource of 538,000 gold equivalent ounces, and can now apply its own aggressive exploration philosophy.

The financial basis: Capital strength for ambitious plans

Silver Viper requires significant financial resources to fund parallel exploration at La Virginia and the rapid development of Coneto following the completion of the acquisition. The Company delivered an impressive performance in this regard in December 2025. A private placement of up to CAD 12 million was planned. Due to strong institutional interest, the final result significantly exceeded expectations. A total of CAD 17 million was raised through the issuance of share units at CAD 0.80 each.

The funds are primarily intended for continued surface exploration and the preparation of future drilling campaigns at La Virginia, as well as for working capital. Also noteworthy is the participation of insiders and the continued support of prominent resource investor Eric Sprott, who already holds a significant position. This solid financial backing gives management the breathing room it needs to implement its exploration plans without the constant pressure of acute capital raising – a decisive advantage in a cyclical business.

The big picture: A compelling investment thesis

Taken together, these developments form an exceptionally coherent investment story for risk-aware investors who want to participate in the early value chain in the commodities sector.

1. Diversification without dilution: With La Virginia (gold-silver), Coneto (silver-gold), and the Cimarron copper-gold project, Silver Viper has a diversified portfolio in first-class jurisdictions. This spreads the project-specific risk without spreading the activities too thinly. Both flagship projects have historical resources and are located in established mining regions with excellent infrastructure.

2. Partnership with industrial credibility: Fresnillo's entry is more than just financing. It is a seal of quality that no investment banker can buy. It brings mining expertise and local networks and signals to the market that a major player recognizes the potential of the assets and the team.

3. Operational momentum and clear milestones: The ongoing drilling program at La Virginia generates a continuous flow of news. The next 12-18 months are peppered with potentially value-enhancing events: assay results from El Molino and El Rubi, the updated resource for La Virginia, the final closing of the Coneto acquisition, and the start of drilling there.

4. Experienced team with "skin in the game": The newly formed management and board combine Mexican operational expertise with capital market experience. The fact that insiders are participating in financing rounds and strategic investors such as Fresnillo are involved for the long term ensures that their interests are aligned with those of shareholders.

The stock has already jumped and is currently trading at CAD 1.95.

Silver Viper Minerals has quickly transformed itself from a single project explorer into a strategically managed multi-asset company with major backing. The combination of an active drilling program in its flagship project, the acquisition of a second significant asset through a partnership with Fresnillo, and a robust capital base forms a rare and coherent foundation. For investors who are convinced of a sustained precious metals bull market and are looking for potential for substantial resource growth in one of the world's best mining regions, this constellation offers a focused and well-structured opportunity. The upcoming drill results will put the thesis to the ultimate test.