Highlights

  • The company also reports broad antimony intersections, such as 50.3 metres at about 0.11 per cent in MR25-233.
  • Independent Metallurgical Operations, a subsidiary of SGS, tested composites from 242 half-core intervals of oxide and transitional mineralisation.
  • The company is evaluating tank-leach and heap-leach routes, and says tank leaching may offer flexibility for possible antimony recovery.
  • A helicopter magnetic and radiometric survey has been completed, with data to be used for target refinement.

Sun Silver (ASX:SS1) has released its quarterly report for the three months to 30 September 2026, detailing drilling, metallurgical and permitting progress at the Maverick Silver Project in Nevada and a quarter-end cash position of about $16.6 million.

The Project And Its Resource

Maverick lies about 85 kilometres from Elko, near the Carlin Trend. The company's JORC Inferred Mineral Resource is 237.3 million tonnes at 71 grams per tonne silver equivalent, containing 347.2 million ounces of silver and 2.25 million ounces of gold, using a 30 g/t cut-off. The silver equivalent calculation assumes gold at US$2,433 an ounce, silver at US$28.50 an ounce and 85 per cent recoveries for both metals.

Because the resource is Inferred, it carries the lowest geological confidence category. Sun Silver says the deposit remains open along strike and at depth.

2026 Drilling

Drilling restarted on 1 April 2026 with three aims: infill drilling to support conversion to Indicated classification, step-out drilling to the north-west, and diamond core for metallurgical testwork. These are exploration results, not Mineral Resources.

Reported intersections include 103.3 metres at 55 g/t silver equivalent in hole MR26-240, within which 28.2 metres averaged 80 g/t, and 98.3 metres at 120.3 g/t in MR25-235, including 47.6 metres at 200.6 g/t. Hole MV-0004 returned 89 metres at 70 g/t. A hole logged MV-0001 shows mineralisation from surface, which the company says lies outside the current resource and could support starter pits or staged mining.

The company also reports broad antimony intersections, such as 50.3 metres at about 0.11 per cent in MR25-233. It likens these to grades quoted by another developer, Perpetua Resources, drawing on that company's own presentation; the comparison has not been independently verified in the report.

Metallurgy

Independent Metallurgical Operations, a subsidiary of SGS, tested composites from 242 half-core intervals of oxide and transitional mineralisation. Cyanide leach tests delivered 84.5 per cent silver and 83.6 per cent gold recovery in one sample, and 87.7 per cent silver and 87.5 per cent gold in another using a lower-reagent regime. The company is evaluating tank-leach and heap-leach routes, and says tank leaching may offer flexibility for possible antimony recovery. Earlier testwork in March 2026 reported somewhat lower recoveries, including 74 per cent for gold and 77 per cent for silver in one test.

Permitting And Other Work

A helicopter magnetic and radiometric survey has been completed, with data to be used for target refinement. Nevada's Division of Water Resources has granted a permit for 50 acre-feet a year of groundwater, about 62 million litres.

Sun Silver says it is engaging with United States Government bodies, including the Department of Commerce and the Permitting Council, about Maverick's possible role in domestic silver and critical mineral supply. The report does not state that any support has been confirmed.

Finances

Cash at 30 September 2026 was about $16.603 million. Exploration payments in the quarter were $6.229 million, and payments for directors' fees, salaries and consulting fees were $165,000, described as related-party payments on arm's-length terms. No mining production or development activity occurred.

Milestones And Risks

The company targets a scoping study in early 2027, subject to progress with the 2026 drilling and conversion of resource to Indicated, and a pre-feasibility study in 2027. Other workstreams include environmental baseline studies, permitting, mine design and further metallurgical work.

Key caveats are that the resource is Inferred, that exploration intersections do not guarantee conversion to resources, that recoveries come from laboratory testwork, and that comparisons with other Nevada operations are limited by differences in metallurgy and costs.