Silver Bullet Mines Corp. has started processing operations and shipped its first loads of mineralized material from the Columbia and Gold Queen complex in Arizona to its wholly-owned mill in Globe, Arizona.

The operations form part of the company's hub-and-spoke business model, which utilizes the Globe facility as its central processing hub. Silver Bullet Mines shifted its production focus to the Columbia and Gold Queen operations after field work across approximately two quarters demonstrated that the complex can consistently generate the tonnage needed to fulfill its supply obligations. Under a five-year framework agreement entered into in March 2026, the company is committed to supplying up to 36,000 tons of mineralized material and concentrates per annum to Ocean Partners USA Inc. from its Arizona mines.

To facilitate efficient transport, Silver Bullet Mines constructed a local road connecting the Columbia mine to a highway leading directly to the Globe mill. Road construction encountered weather-related delays and governmental processing hurdles related to permits, but the route is now established, and further work is underway to link the road to the past-producing Gold Queen mine. Road construction also intercepted four additional high-grade gold zones, with initial internal sampling indicating elevated gold, silver, copper, and iron values.

The company is currently opening an adit into the complex to extract direct ship ore intended for processing under the Ocean Partners contract. Approximately 80 tons of mineralized material are currently on the ground at the mill, and processing into concentrate has commenced to aid in optimizing recovery rates and evaluating material quality.

The extended field work led the company to conclude that its other mines are currently unable to deliver the required tonnage despite their strong grades, prompting management to concentrate capital deployment on the Columbia and Gold Queen complex until revenue generation is established.

To fund ongoing development across the complex and support general working capital, Silver Bullet Mines intends to complete a $670,000 convertible debenture financing subject to regulatory approval. The debenture carries a 12% annual interest rate, payable in cash or treasury shares, and a three-year term with a conversion price of $0.12 per share. The financing includes 6,700,000 warrants exercisable at $0.16 over a three-year term.

Read the full announcement: Silver Bullet Mines Corp. Commences Processing Operations at Columbia / Gold Queen