Silver One Advances Key Candelaria Project with New Drilling Campaign

Silver One Resources launches core drilling at Candelaria to support mine design, funded by a $32M raise. The work advances the project toward a Pre-Feasibility Study amid a supportive long-term silver market.

Silver One Resources is intensifying development efforts at its flagship Candelaria silver project. A newly launched core drilling program is designed to provide the technical groundwork for a planned resumption of production. As the broader silver market contends with volatility, the company is focusing on refining recovery methods and advancing toward a formal feasibility study.

Strategic Importance and Market Context

The operational progress comes amid a mixed backdrop for silver. The metal's price has corrected from record highs seen in January, pressured by macroeconomic factors including U.S. interest rate policy and inflation expectations. This environment is reflected in Silver One's share price, which currently trades at €0.29, representing a decline of approximately seven percent.

However, the long-term fundamentals for silver explorers remain constructive. The U.S. government's recent inclusion of silver on its critical minerals list underscores the metal's growing strategic importance. Furthermore, the physical market continues to face a multi-year structural supply deficit, supporting positive long-term prospects.

Technical Drilling for Mine Design

The company's immediate focus is a targeted nine-hole core drilling campaign totaling roughly 1,900 meters. These drill holes are strategically positioned along the planned margins of the future open pit. The primary objective is to collect geotechnical data to optimize slope design, thereby enhancing both the efficiency and the safety of the future mining operation.

This work builds upon previous drilling aimed at upgrading the resource classification within existing leach pads. The collective data from these programs is essential for the project's transition to a Pre-Feasibility Study (PFS).

Metallurgical Testing and Project Funding

Concurrently, Silver One is conducting metallurgical test work. The company is evaluating innovative, cyanide-free processing solutions that could optimize silver recovery rates. Success here could accelerate the path to production for Candelaria, a historically producing mine.

The company is financially equipped to execute these studies. A financing round completed in early 2026, which raised $32 million, provides full funding for the current technical work and exploration activities.

Upcoming Catalysts for Investors

Market participants are now looking ahead to several key milestones. Silver One is scheduled to release its next quarterly report on April 22, 2026. Later in the year, the market anticipates initial drill results from the company's Phoenix Silver Project located in Arizona. These events are expected to provide further insight into the company's growth trajectory across its portfolio.