Prince Silver Targets 100 Million Ounce Resource at Historic Nevada Mine in 2026

• Derek Iwanaka, a veteran mining executive with experience at BeMetals and First Mining Gold, took over as CEO three months ago to advance the historic Prince project in Nevada, which produced from 1912-1949
• The company is targeting a 100 million ounce silver equivalent resource estimate in Q3/Q4 20266, leveraging 130 historical drill holes and a current 9,000-meter drilling program that is approximately halfway complete
• Recent drilling has identified significant gold mineralisation below historical workings that was not previously mined or documented in historical records, potentially expanding the project's value proposition beyond silver
• With $8 million in cash, Prince Silver has sufficient capital to complete the current drilling phase and an additional 9,000 meters if needed, providing runway to achieve the initial resource estimate
• The Nevada-based project contains federally recognised critical minerals (silver, zinc, lead, copper) and strategic metals (gold), potentially qualifying for fast-track permitting under U.S. government programs

Prince Silver Corp represents a compelling early-stage exploration story in one of North America's most mining-friendly jurisdictions. With a historic producing asset, recent unexpected discoveries, and experienced leadership, the company is positioning itself to deliver a significant resource estimate this year. For investors seeking exposure to silver and critical minerals in a safe jurisdiction, the Prince project warrants attention as the company advances toward key catalysts in 2026.

New Leadership with Proven Track Record

Derek Iwanaka brings substantial experience to Prince Silver, having recently served at BeMetals, a subsidiary of B2 Gold, where he worked on projects in Zambia, Japan, and Idaho. Prior to that, Iwanaka helped build First Mining Gold, which has since grown to approach a billion-dollar market cap. His earlier career included a role at Uranerz Energy, a uranium producer in Wyoming that was acquired by Energy Fuels, now valued at approximately $5 billion.

Historic Asset with Modern Potential

The Prince project operated as a producing mine from 1912 to 1949, shutting down when silver prices fell to $0.79 per ounce. Despite numerous exploration efforts over subsequent decades, the property was never brought back into production. In 2012, a previous operator drilled below the historical workings and encountered encouraging results, but difficult market conditions prevented continuation of the work.

Prince Silver acquired the project in 2025 and immediately began drilling below the past-producing zones. The results have been revealing: the company has encountered what Iwanaka describes as substantial gold mineralisation that was neither historically mined nor documented in previous exploration records. 

"I'm not going to say it's a gold discovery, but we've certainly hit a lot of gold that wasn't previously mined and wasn't really previously thought to be there." 

This gold component represents a potentially significant value driver beyond the project's original silver-focused thesis, expanding the resource potential and possibly improving project economics.

Accelerated Path to Resource Estimate

Prince Silver is pursuing an aggressive timeline to deliver a maiden resource estimate, targeting completion by Q3 with a fallback to Q4 2026 if additional drilling is required. The company aims to define approximately 100 million ounces of silver equivalent, a substantial target that would position Prince among meaningful junior silver developers.

The strategy relies on leveraging 130 historical drill holes completed by previous operators. While the company does not possess the physical core from these holes, it has access to the assay data and is conducting twinning programs to verify historical results while also infill drilling to increase confidence and add ounces. This approach, according to Iwanaka, allows the company to "skip a couple years of exploration that a company normally would do."

The current drilling program consists of 9,000 meters, with the company approximately halfway through execution. With $8 million in treasury, Prince Silver has sufficient funding to complete this phase and potentially conduct an additional 9,000 meters of drilling if needed to achieve the resource target.

Interview with Derek Iwanaka, CEO, Prince Silver Corp

Metallurgical Pathway and Technical Challenges

A critical technical hurdle for the Prince project involves the metallurgical challenge of liberating silver from manganese. The company is working with the same laboratory used by Aftermath Silver, which spent approximately two years optimising recovery processes for similar mineralisation.

By following an established technical pathway, Prince Silver hopes to accelerate its metallurgical understanding and potentially reduce the time required to develop an optimal recovery process. This work must be completed before advancing to permitting and development stages, making it a key near-term priority alongside the resource drilling program.

Nevada Jurisdiction and Permitting Advantages

The Prince project benefits from its Nevada location, widely regarded as one of the world's premier mining jurisdictions. Beyond favorable geology and established mining infrastructure, Nevada offers streamlined permitting processes. Standard mining permits in Nevada require approximately three years, but Prince Silver may qualify for expedited treatment due to the presence of federally designated critical minerals including silver, zinc, lead, and copper.

The project also contains gold, classified as a strategic metal in the United States. This combination of critical and strategic minerals could enable the company to pursue fast-track permitting through federal programs designed to accelerate domestic mineral development. Such programs, if accessible, could materially reduce the timeline from resource definition to potential production.

Market Valuation and Peer Comparison

Despite the compelling technical story, Prince Silver currently trades at a market capitalisation below $40 million. Iwanaka points to a significant valuation gap compared to peers that have announced resources of similar size to their target: 

"If you look at kind of peers that have put out a resource of around that size, they're trading well in excess of $100 million market cap."

This discrepancy suggests the market is discounting the company's ability to deliver on its stated timeline and resource target. For investors, this creates potential upside if Prince Silver can execute its drilling program and announce a 100-million-ounce resource estimate as planned. The company's credibility will be tested with upcoming drill results, with nine holes expected to be announced within weeks of the interview.

Growth Potential Beyond Initial Resource

While focused on defining the initial 100-million-ounce target, Prince Silver is also quietly expanding its land position. The company has already doubled its land package in recent months and continues to pursue additional ground acquisitions. Iwanaka suggests the potential for a district-scale play, though he acknowledges this remains highly speculative at present.

The initial resource target focuses on a relatively small portion of the company's property, suggesting meaningful exploration upside if the mineralised system extends beyond currently defined areas. For now, management is appropriately focused on delivering the near-term catalyst rather than promoting longer-term possibilities.

The Investment Thesis for Prince Silver Corp

• Near-Term Catalyst: Resource estimate targeted for Q3 /Q4 provides clear visibility to a major value inflection point within 6-9 months
• Valuation Disconnect: Current sub-$40M market cap represents significant discount to $100M+ valuations typical for peers with 100M oz resources, suggesting 2.5x+ rerating potential upon successful delivery
• Data Leverage: 130 historical drill holes provide substantial existing dataset, reducing execution risk and accelerating timeline to resource definition compared to greenfield projects
• Unexpected Gold Upside: Recent discovery of significant gold mineralisation not historically documented adds incremental value beyond silver-focused thesis and may improve project economics
• Funded to Catalyst: $8M cash position provides adequate capital to complete current 9,000m program plus additional 9,000m if required, eliminating near-term dilution risk before resource announcement
• Safe Jurisdiction Premium: Nevada location provides regulatory certainty, established infrastructure, and access to skilled workforce compared to international alternatives
• Critical Minerals Exposure: Silver, zinc, lead, and copper designations as critical minerals, plus gold as strategic metal, may enable fast-track federal permitting and positions company to benefit from U.S. reshoring initiatives
• Proof Points Upcoming: Nine drill holes expected in coming weeks will provide early validation of thesis and resource potential ahead of formal estimate

Macro Thematic Analysis

The convergence of industrial and monetary demand for silver, combined with U.S. policy emphasis on domestic critical mineral production, creates a favorable macro backdrop for Nevada-based silver projects. Silver's classification as a critical mineral reflects its essential role in solar panels, electronics, and defense applications - including, notably, Tomahawk missiles as recently disclosed. This industrial demand overlay strengthens the traditional monetary demand case for silver, particularly as energy transition initiatives accelerate. 

The presence of zinc, lead, and copper alongside silver at the Prince project positions the company to benefit from federal fast-track permitting programs designed to reduce U.S. dependence on foreign mineral supply chains. Nevada's established mining infrastructure and regulatory framework further enhance the appeal of domestic projects as geopolitical considerations increasingly influence capital allocation in the resources sector.

TL;DR: Executive Summary

Prince Silver Corp offers investors exposure to a historic Nevada silver asset with recent gold discovery, targeting a 100-million-ounce silver equivalent resource in 2026. With $8 million in cash, 130 historical drill holes to leverage, and experienced leadership, the company trades at a sub-$40 million market cap versus $100 million+ peer valuations for similar resources. The Nevada location and critical mineral content provide jurisdiction advantages and potential fast-track permitting, while upcoming drill results will provide near-term validation of the investment thesis.

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