Silver Bow Mining Reports Initial Assay Results From Drill Program

BUTTE, Mont.--(BUSINESS WIRE)--Jun 22, 2026--

Silver Bow Mining Corp. (NYSE American: SBMT) (“Silver Bow Mining” or the “Company”) announced today the assay results from the first two drill holes of its 25,000-foot surface diamond drilling program at the Rainbow Block Project in Butte, Montana.

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Drill holes SBM26-01 and SBM26-02 comprise approximately 2,065 feet of diamond core drilling conducted above the water table. The results represent significant step outs from the existing inferred Mineral Resource Estimate as detailed in the Company’s S-K 1300 Technical Report Summary released May 2025 and updated February 2026. Drill hole SBM26-01 intersected mineralization from 640 to 1,980 feet beyond the current inferred Resource boundary along strike, while SBM26-02 extended from 930 to 2,270 feet beyond the boundary. Multiple veins intercepted in both holes lie entirely outside the current inferred Mineral Resource Estimate footprint, and in some cases, represent new veins which were previously unknown.

Highlights

Table 1. Imperial unit drill intercept summary showing the distance along strike to the nearest inferred Mineral Resource Estimate boundary on each vein. N/A indicates a previously unknown vein; opt = troy ounces per ton.

Table 2. Metric unit drill intercept summary showing the distance along strike to the nearest inferred Mineral Resource Estimate boundary on each vein. N/A indicates a previously unknown vein; g/t = grams per metric tonne.

All the reported metals are U.S. government-designated Critical Minerals. Silver, zinc, indium, and lead are featured on the USGS Critical Minerals list, while gold has been designated a Critical Mineral via presidential Executive Order. True widths are estimated at 53-73% of the reported interval widths in SBM26-01 and 60-80% of the reported interval widths in SBM26-02. The results represent intervals greater than the cutoff grade used to calculate the inferred Mineral Resource Estimate in the Company’s S-K 1300 Technical Report Summary released May 2025 and updated February 2026.

"The results from SBM26-01 and SBM26-02 strongly validate our geological model for the Rainbow Block vein system," said Phillip Nickerson, Vice President of Exploration. "Our targeting combines our geologic team’s analysis of over 100 years of historical data with proprietary AI optimization technology from Material Difference to target maximum resource addition per foot of drilling. The holes successfully intercepted multiple modeled veins well outside our current inferred Mineral Resource Estimate, with grades exceeding those of our inferred Mineral Resource Estimate ( 11.48M tons @ 4.28 oz/ton Ag, 0.05 oz/ton Au, 1.25% Pb, and 4.59% Zn ). Notable intercepts include 7.0 feet grading 16.1 oz/t silver in the Silver City Vein, 11.9 feet of 11.23% zinc with 9.38 ppm indium in the Badger Vein, and 3.8 feet of 7.9% Zn and 86.7 ppm indium also in the Badger Vein. These results demonstrate strong precious and base metal enrichment, with indium which potentially adds significant technical and economic upside to the project."

Travis Naugle, Chairman and CEO, stated: “We believe that these strong results represent a major validation of our geological model and significantly de-risk our expansion strategy at the Rainbow Block. These intercepts not only confirm the lateral extension of multiple modeled veins well beyond the current inferred Mineral Resource Estimate but also identify previously unmodeled veins. Importantly, these results highlight the substantial potential to grow our domestic supply of U.S. Government-designated Critical Minerals - silver, zinc, lead, indium, and others essential for semiconductors, photovoltaics, and defense. Buoyed by these early successes, we have immediately mobilized two additional surface diamond drill rigs to accelerate resource expansion along strike.”

These results represent the first set of assays received from the ongoing surface drill campaign. The Company intends to provide regular updates as further drill hole assay results become available.

The Company’s 25,000-foot drilling campaign is expected to continue through 2026 and is regulated by the Montana Department of Environmental Quality pursuant to Exploration License No. 00857.

Table 3. Drill hole orientation and collar location. Coordinates are in WGS84 UTM 12N.

Technical Information

All drilling and sampling were conducted under the supervision of qualified personnel. Samples were submitted to ALS Global in Elko, NV, an independent analytical laboratory, and analyzed using standard industry methods. Quality assurance and quality control procedures include the insertion of blanks, standards, and duplicates at regular intervals.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Phillip Nickerson, PhD, CPG, Vice President of Exploration of Silver Bow Mining Corp., who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Nickerson has verified the data disclosed, including the sampling, analytic and test data underlying the disclosure, through visits to drill sites, oversight of sample preparation protocols and review of the QA/QC procedures applied to analytical results received from ALS Global. No limitations or failures to verify were identified that could materially affect the results.

About Silver Bow Mining Corp.

Silver Bow Mining Corp. is a minerals exploration company advancing the Butte Mining District of Montana, targeting a broad suite of U.S.-designated Critical Minerals - including silver, copper, zinc, lead, manganese, germanium, gallium, antimony, bismuth, and indium - alongside gold. The Company holds approximately 4,193 acres of patented mineral claims and approximately 1,410 acres of surface lands across multiple claim blocks in this historically prolific district, including the flagship Rainbow Block.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, included in this news release that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements and forward-looking information. These forward-looking statements and forward-looking information include, but are not limited to statements regarding the Company’s exploration plans and activities at the Rainbow Block Project; the ongoing 25,000-foot surface drilling program the timing, scope and results of future drilling and assay results; additional drill rig mobilization and increased drilling capacity; geological modeling, interpretation and continuity of mineralized vein systems; the potential for resource expansion, including along strike, at depth and above the water table, and to increase or update the Company’s Mineral Resource Estimate; the Company’s continued exploration activities targeting U.S.-designated Critical Minerals, including the presence, grade, continuity, recoverability and economic significance of silver, zinc, lead, indium, gold and other U.S.-designated Critical Minerals; the potential technical or economic upside of the project; and expectations regarding future permitting, regulatory approvals, and project advancement; and the Company’s ability to raise capital and continue its exploration activities.

When used in this news release or elsewhere, the words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “project,” “target,” “will,” “could,” “should,” and similar expressions, or statements that certain actions, events or results “may,” “could,” “would,” “should,” “might” or “will” occur or be achieved, often, but not always, identify forward-looking statements and forward-looking information. These statements are based on the Company’s current expectations, estimates, assumptions and beliefs as of the date of this news release, including assumptions regarding the availability of personnel, equipment, permits, services and financing; the accuracy of geological models and historical data; the reliability of sampling, analytical and quality assurance/quality control procedures; continuity of mineralization; commodity prices; regulatory requirements; and general business, market and economic conditions.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied by such statements. Such factors include, among others, uncertainty of resource estimates, risks that exploration activities may not result in the definition of mineral resources or support further technical or economic studies; risks that drilling, sampling, metallurgical testing or geological interpretations may not produce the results currently anticipated by management; uncertainty regarding the presence, grade, continuity, recoverability or economic significance of critical minerals, including critical minerals such as copper, manganese, germanium, gallium, indium, antimony and bismuth; uncertainty as to the Company’s future capital costs, operating costs, non-operating costs, and ability to raise capital on terms acceptable to the Company or at all; risks relating to the Company’s exploration activities in Butte, Montana; risks related to the Company’s mineral claims, including the validity, title and maintenance of mineral claims and property rights; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies, labor and services; risks relating to fluctuations in the price of commodities and market conditions; risks in obtaining maintaining or amending permits, licenses and future permitting and regulatory approvals, including matters relating to Exploration License No. 00857; risks of delays resulting in timelines disclosed in this news release not being met; risks relating to reliance on key personnel and third-party contractors and consultants; the risk that the Rainbow Block project may not advance beyond the exploration stage or be developed into a commercially viable mining operation; the inherently hazardous nature of mining-related activities and other operational and environmental risks inherent in mineral exploration and mining-related activities.

Additional risk factors are discussed under the headings “Forward-Looking Statements” and “Risk Factors” in the Company’s Registration Statement on Form S-1, as amended, filed with the U.S. Securities and Exchange Commission on April 24, 2026, the Company’s Canadian prospectus dated April 29, 2026 filed on SEDAR+, and in other documents filed by the Company with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking statements and forward-looking information, which speak only as of the date of this news release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

Figure 4. Schematic 2-D cross section showing the intercepts from SBM26-01 and SBM26-02 through the geologic model of the Badger vein. Areas of the Badger vein outside the inferred Mineral Resource Estimate and historic stopes represent targets for ongoing mineral resource expansion.

Figure 3. Cross section of mineralized intercepts in SBM26-02.

Figure 2. Cross section of mineralized intercepts in SBM26-01.

Figure 1. Map and inset of drill hole traces of SBM26-01 and SBM26-02 with surface projections of modeled veins and the inferred Mineral Resource Estimate.

LONDON (AP) — British Prime Minister Keir Starmer said Monday he will resign, forced out by his own party after missteps and mistakes soured voters’ goodwill following a landslide election victory two years ago on a promise of steady leadership and economic growth.

Starmer says he will remain caretaker prime minister until his Labour Party chooses a new leader — with expectations growing that it will be former Greater Manchester Mayor Andy Burnham.

Burnham confirmed on social media that “I will put myself forward as part of this process.” Former Health Secretary Wes Streeting, who was considered his main rival for the top job, said he will back Burnham.

It was Burnham's victory in a special parliamentary election last week that triggered Starmer's decision to resign. After nearly a decade out of Parliament as the mayor of Greater Manchester, Burnham returns to Westminster and will be sworn in as a lawmaker later on Monday.

Only members of Parliament can stand for the party leadership.

Streeting's statement makes it more likely that Burnham will be selected without a leadership contest.

Starmer is the sixth prime minister in a decade to stand outside No. 10 Downing St., and announce a premature departure. His statement came the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still roils the country’s economy and politics.

After weeks of insisting he would fight to keep his job, Starmer conceded to growing pressure to hand over to a new leader who can try and revive the government’s flagging fortunes. He led Labour to a landslide election victory in July 2024, but since then his popularity and that of the party have plummeted.

Starmer made the announcement outside his official residence, where he delivered his first speech as prime minister two years ago. His voice choked with emotion near the end of the brief statement, which was watched by his staff, Cabinet ministers and scores of journalists.

“The question my party is asking now is whether I am best placed to lead us into the next general election,” Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.”

He said he spoke to King Charles III, Britain's constitutional monarch, to inform him of the decision.

Starmer spent the weekend pondering his future following Burnham's special election victory.

It’s unclear whether Burnham, who is due to be sworn in as a member of Parliament later Monday, will now face a coronation or a challenge. Starmer said nominations for a leadership contest will open July 9, and the new leader will be in place by the time Parliament returns from its summer break on Sept. 1.

If Burnham is the only candidate, the change could come by mid-July.

Starmer has struggled to deliver promised economic growth, repair tattered public services and ease the cost of living. He has been hamstrung by repeated missteps, including his decision to appoint Peter Mandelson, a scandal-tarnished friend of Jeffrey Epstein, as U.K. ambassador to the United States.

Labour is losing liberal voters to the growing Green Party and facing a rising Reform UK, the Nigel Farage -led anti-immigration party that consistently leads in nationwide opinion polls.

U.S. President Donald Trump weighed in even before an announcement, linking Starmer’s exit to two of the Republican leader's recurring grievances: immigration and renewable energy.

“Keir Starmer will resign as Prime Minister of The United Kingdom. He failed badly on two very important subjects- IMMIGRATION AND ENERGY (OPEN NORTH SEA OIL!). I wish him well! President DJT,” Trump posted on his social media platform.

Starmer’s initially warm relationship with Trump has soured in recent months over issues including the Iran war, which the U.K. didn’t join.

In contrast to missteps domestically, Starmer has won praise for his international role, notably in rallying European support for Ukraine in its fight against Russia’s invasion, and working to mitigate the economic and political turmoil unleashed by the Iran conflict.

A NATO summit in Turkey next month may be his last foray on the world stage as Britain's leader.

Ukrainian President Volodymyr Zelenskyy, posting on X, thanked Starmer for his support and cooperation “that have helped make our Europe and our protection of life stronger.”

European Commission President Ursula von der Leyen praised Starmer’s legacy.

“It can take many leaders years to grow into the statesman you became in just two years,” she said on X. “European and Ukrainian security is stronger because of you. Thank you, dear Keir.”

While many Labour lawmakers have rallied behind Burnham, some have said that Starmer had been treated unfairly. London legislator Neil Coyle railed on X against “the prospect of an utter stitch-up & the media circus being rewarded."

Burnham is the front-runner to succeed Starmer because many people see him as the best person to defeat the anti-immigration Reform Party at the next election, said Olivia O’Sullivan, an analyst at London's Chatham House think tank.

Burnham appeals to Labour Party lawmakers who were frustrated by the way Starmer has governed, O’Sullivan said. Many hope that he will set out a “clearer vision” and connect with voters in parts of the country that are in danger of turning to Reform.

Still, O'Sullivan cautioned that may not translate into genuine change.

“It’s absolutely correct that that is not the same thing as offering a radically different set of policies or even a particularly clear policy program,” she said.

Associated Press writers Danica Kirka in London and Sam McNeil in Brussels contributed.

FILE - Labour candidate Andy Burnham gestures, surrounded by supporters at the Stubshaw Cross Community and Sports Club as voting is underway in the Makerfield by-election, in Ashton-in-Makerfield, England, Thursday, June 18, 2026. (Peter Byrne/PA via AP, file)

FILE - Britain's Prime Minister Keir Starmer talks with members of the audience after delivering a speech at Horntye Park Sports Complex in St Leonards-on-Sea, East Sussex, England, Feb. 5, 2026. (Peter Nicholls/Pool Photo via AP, File)

Britain's Prime Minister Keir Starmer announces his resignation to the media outside 10 Downing Street in London, Monday, June 22, 2026. (AP Photo/Kin Cheung)

FILE - British Prime Minister Keir Starmer speaks to members of the media in Rome, Sept. 16, 2024. (Phil Noble/Pool Photo via AP, File)

FILE - Britain's Prime Minister Keir Starmer visits a community centre in Welwyn Garden City, England, Tuesday Feb. 10, 2026. (Suzanne Plunkett/Pool Photo via AP, File)

Members of the public watch as Britain's Prime Minister Keir Starmer steps out to speak to the media outside 10 Downing Street in London, Monday, June 22, 2026.(AP Photo/Alastair Grant)

Britain's Prime Minister Keir Starmer and wife Victoria step out to speak to the media outside 10 Downing Street in London, Monday, June 22, 2026.(AP Photo/Kin Cheung)

Britain's Prime Minister Keir Starmer and wife Victoria stand in front of 10 Downing Street door after speaking to the media in London, Monday, June 22, 2026.(AP Photo/Kin Cheung)

FILE - Britain's Prime Minister Keir Starmer leaves 10 Downing Street in London, Monday, April 20, 2026 to face a showdown in Parliament over the appointment of Peter Mandelson as ambassador to Washington. (AP Photo/Alastair Grant, File)

Britain's Prime Minister Keir Starmer walks, as he visits a housing development in north London, Friday, June 19, 2026. (Peter Macdiarmid/Pool Photo via AP)