Palisades’ Second Largest Position Delivers First Silver Pour

We are pleased to share exciting news from one of our flagship holdings: Silver Storm Mining Ltd. (TSX.V: SVRS | OTCQX: SVRSF | FSE: SVR) successfully poured its first silver-gold doré bar at the La Parrilla Silver Mine Complex on June 11, 2026.

This marks a major operational milestone—the restart of production at La Parrilla, a fully-permitted past-producing asset with 34 million ounces of historic production.

The initial doré pour was produced through the recently commissioned oxide processing circuit, representing the first step in Silver Storm’s broader restart strategy at La Parrilla. Looking ahead, the commissioning of the sulfide processing circuit is expected in the near term, providing a potentially meaningful catalyst as the company advances toward full-scale operations.  

Silver Storm has also recently secured permits to conduct surface drilling at La Parrilla, enabling the company to execute its 2026 exploration program and further evaluate the district’s resource potential.

As Silver Storm moves forward on both the production and exploration fronts, the company also benefits from the backing of a strong institutional shareholder base, including First Majestic Silver (19%) and Eric Sprott (12%).

Silver Storm remains one of our largest holdings. It is our biggest position by number of warrants and, aside from New Found Gold Corp., our largest by valuation. Palisades holds a 6.7% partially-diluted stake, consisting of 57,630,692 warrants with a volume-weighted average exercise price of $0.23.

Silver’s Strategic Significance 

Silver stands out as both a premier precious metal and a critical industrial input, driven by solar, electronics, and high-tech applications. Silver equities have historically delivered some of the strongest leverage to rising metal prices in the resource sector—often outperforming the commodity and broader mining indices in bull markets.

With declining grades at many existing mines and a thin pipeline of new projects globally, high-quality silver assets like La Parrilla are becoming increasingly scarce and valuable. This aligns perfectly with Palisades’ strategy of building concentrated exposure to tier-one silver opportunities across our portfolio.

With Silver Storm’s advancement toward full-scale production and continued aggressive exploration, we believe it is exceptionally well-positioned to generate substantial shareholder value in a supportive silver market—and leveraged through our significant warrant position, Palisades is right there alongside it.

We will continue to update you promptly on further developments from Silver Storm and the rest of our portfolio.

Sincerely, 

The Palisades Team