Maverick Springs Resource Grows 59Moz AgEq to 539Moz at 71g/t Silver Equivalent

Resource Growth and Exploration Momentum

Sun Silver Limited (ASX, SS1) has delivered a significant boost to its flagship Maverick Springs Silver-Gold Project in Nevada, USA, with an updated inferred mineral resource estimate increasing by 59 million ounces silver equivalent (AgEq) to a total of 539 million ounces at an enhanced grade of 71 grams per tonne (g/t) AgEq. This latest upgrade, driven by the 2025 drilling campaign and an extensive re-assay program of historical samples, marks the third resource increase in less than two years, reflecting robust technical progress and continuous value creation.

The silver-only component of the resource now stands at 347.2 million ounces at 45.5 g/t, representing gains in both contained ounces and grade. The project’s mineralisation remains open in all directions, with recent drilling delivering some of the widest intercepts at the resource boundary, setting the stage for further expansion.

Strategic Importance Amid Global Supply Shifts

Sun Silver’s Managing Director, Andrew Dornan, emphasised the growing strategic relevance of Maverick Springs, particularly in light of silver’s recent inclusion on the 2025 U.S. Department of the Interior Critical Minerals List. This designation underscores the metal’s essential role in clean energy, electronics, defense, and economic security applications. Concurrently, China’s introduction of silver export controls and tax changes signals a global pivot toward resource sovereignty, elevating the importance of secure Western silver supply chains.

Located near Nevada’s prolific Carlin Trend, Maverick Springs exhibits geological characteristics akin to Carlin-style deposits, known for their large-scale, low-grade, bulk-tonnage potential amenable to cost-effective open-pit mining. The deposit’s mineralisation is hosted within carbonate sedimentary rocks and displays consistent grade continuity, supporting the project’s long-term viability.

Enhanced Assay Methods and Resource Confidence

The resource update incorporates improved assay methodologies, including a four-acid digest technique and gravimetric fire assay for high-grade samples, which have revealed that previous silver grades were underestimated by over 20%. This methodological refinement, combined with new drilling data, has contributed to the increased resource size and grade.

Despite these advances, the resource remains classified as inferred under JORC standards, reflecting a lower confidence level that necessitates further infill drilling and metallurgical testing. Sun Silver has outlined plans to continue expanding and upgrading the resource, with ongoing assays and drilling results expected in the coming months.

Outlook and Market Implications

With the Maverick Springs Project positioned as one of the largest undeveloped primary silver assets on the ASX and within the United States, Sun Silver is well placed to capitalize on shifting geopolitical dynamics and growing demand for critical minerals. The company’s strategic exploration efforts and resource growth trajectory suggest a promising path toward establishing a secure and significant Western silver supply source.