Frequently Asked Questions
What does Silver Bow Mining do?
Silver Bow Mining Corp. (NYSE American: SBMT) is an exploration-stage company advancing the Rainbow Block, a silver-zinc-lead-gold property on privately held, patented mineral claims in the historic Butte mining district of Montana. The company completed its initial public offering on May 1, 2026, and is currently drilling from surface and rehabilitating underground workings to explore and expand its mineral resource.
What is the difference between a mineral resource and a mineral reserve?
A mineral resource is a concentration of material in the ground with reasonable prospects for eventual economic extraction: an estimate of what may be there. A mineral reserve is the economically mineable part of a resource, demonstrated by engineering and economic studies. Silver Bow has a mineral resource but no mineral reserves: no economic study has yet demonstrated that the resource can be mined profitably. Resources are not reserves and do not have demonstrated economic viability.
What does "inferred" mean, and why does it matter?
Mineral resources are classified by geological confidence: measured (highest), indicated, and inferred (lowest). Silver Bow’s entire current resource of 170 million silver-equivalent ounces is inferred, meaning it is based on limited drilling and sampling. Geological continuity is implied but not confirmed. There is no certainty that any part of an inferred resource will be upgraded to a higher category or ever be economically extractable. Upgrading confidence is the purpose of the current drill programs.
What are S-K 1300 and NI 43-101?
They are the U.S. and Canadian rules governing how mining companies report technical information. Subpart 1300 of Regulation S-K is the SEC’s disclosure standard; National Instrument 43-101 is the Canadian equivalent. Silver Bow’s resource estimate is documented under both, prepared by an independent Qualified Person. Both reports are available on the Technical Reports page.
Who prepared the resource estimate?
The inferred Mineral Resource estimate (effective December 31, 2024) was prepared by Jacob Anderson, CPG, MAusIMM, of Dahrouge Geological Consulting, an independent Qualified Person as defined under both S-K 1300 and NI 43-101.
What about the historical Anaconda-era figures I have seen?
Figures generated by prior operators (Anaconda, New Butte Mining) are historical estimates. They pre-date modern reporting standards, have not been verified by a Qualified Person, are not current mineral resources, and should not be relied upon. They are context for exploration, nothing more. See Important Notices.
Is the company funded? What will the money be used for?
The IPO closed May 1, 2026: 5,200,000 shares at $11.50 for gross proceeds of approximately $59.8 million (~$54.6 million net). The prospectus allocates net proceeds to surface exploration drilling, underground rehabilitation and exploration tunnels, underground drilling, metallurgical test work, environmental baseline studies, listing fees, and general corporate purposes. Details are in the Use of Proceeds section and the Form 424B4 prospectus.
What permits does the company have?
Exploration activity is authorized under Montana DEQ Exploration License #00857, including the AMD2 Authorization to Proceed granted in May 2026 for the Chief Joseph portal and decline rehabilitation. Future mine development would require additional operating permits, a multi-year process tracked openly on the Permitting & Community dashboard.
What are the main risks?
The principal risks of an exploration-stage mining investment: the inferred resource may not be upgraded or ever mined economically; metallurgical recoveries may differ from assumptions; permits for development may be delayed or denied; commodity prices may fall; and additional financing may be needed, diluting shareholders. The De-Risking Dashboard tracks each of these. The complete risk factors are in the Company’s SEC filings, which govern over any summary here.
How can I stay informed?
All SEC filings appear in the filings feed (sourced from EDGAR), news releases are posted on the News page, and you can subscribe to email alerts. Questions: ir@silverbowmining.com.
Glossary
- AgEq (silver equivalent)
- A way of expressing the combined value of several metals (here silver, gold, lead, zinc) as if it were all silver, using assumed prices and recoveries. Lets a polymetallic deposit be summarized with one number.
- Assay
- A laboratory analysis measuring the concentration of metals in a rock sample.
- Cut-off grade
- The minimum grade of material included in a resource estimate (4 oz/t AgEq for the Rainbow Block). Material below cut-off is excluded.
- Decline
- A sloped underground tunnel providing access for people, equipment, and drilling from underground positions.
- Dilution (share)
- The reduction in existing shareholders’ ownership percentage when new shares are issued or when warrants, options, or RSUs convert into shares.
- Inferred / indicated / measured
- The three confidence categories for mineral resources, lowest to highest. Only indicated and measured resources can support economic studies that convert resources to reserves.
- Intercept
- The length and grade of mineralization encountered by a drill hole, e.g. “3.2 ft at 25 oz/t AgEq.” Reported lengths may differ from true widths.
- Metallurgical recovery
- The percentage of metal actually extracted from mined rock by processing (the Rainbow Block estimate assumes 90%). Confirmed by test work.
- Mineral reserve
- The economically mineable part of a resource, demonstrated by at least a pre-feasibility study. Silver Bow has none yet.
- Mineral resource estimate (MRE)
- A Qualified Person’s estimate of the tonnage and grade of mineralization with reasonable prospects for eventual economic extraction.
- NI 43-101
- Canadian national instrument governing scientific and technical disclosure for mineral projects.
- Over-allotment option
- An option allowing IPO underwriters to buy additional shares (up to 780,000 in Silver Bow’s offering) at the offering price for 30 days to cover over-allocations.
- Patented claim
- A mining claim for which the U.S. government has conveyed full private title to the land and minerals: private property, unlike unpatented claims on federal land.
- Portal
- The surface entrance to an underground mine (e.g. the Chief Joseph portal).
- Qualified Person (QP)
- A credentialed, experienced professional (defined under S-K 1300 and NI 43-101) who takes responsibility for technical disclosure.
- S-K 1300
- Subpart 1300 of SEC Regulation S-K, the U.S. disclosure standard for mining registrants.
- Technical Report Summary (TRS)
- The S-K 1300 report documenting a resource estimate, filed with the SEC.
- Vein
- A sheet-like body of mineralized rock filling a fracture. The Rainbow Block resource is modeled across 42 veins.
This page is a plain-English aid, not a substitute for the Company’s official disclosure. The Company’s SEC filings and the technical reports govern over any summary here. See Important Notices for technical disclosure and forward-looking statement information.