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Investment Considerations
- America’s First Silver Mine — Rediscovered: Discovered in 1838 and opened in 1839, Silver Hill is being re-examined nearly 200 years later using modern exploration technologies to investigate opportunities beyond its historic underground workings.
- Exceptional High-Grade Gold and Silver: Modern drilling has returned standout gold- and silver-equivalent grades within a polymetallic system containing gold, silver, lead, zinc and copper.
- Potential for a Much Larger System: Geological interpretation and geophysical surveys have identified multiple priority exploration targets across an approximately 2.4-kilometer prospective trend extending beyond the historic mine.
- Aggressive Exploration and Major Stepouts: With two drills operating, Metalsource is advancing exploration along strike and at depth while testing substantially greater distances from known mineralization.
- Strategic Investor Backing and Critical Minerals Exposure: Renowned resource investor Eric Sprott holds a publicly reported approximately 16.7%–16.8% ownership position, while silver, copper, lead and zinc are included on the U.S. critical minerals list.
- Strategic U.S. Location and Private-Land Advantage: The approximately 1,300-acre Silver Hill land position, including optioned additions, is situated on private land in North Carolina, with established road access, power and water.
Metalsource Mining Inc. (CSE: MSM) (OTCQB: MSMMF) (FSE: E9Z) is a mineral exploration company focused on advancing the historic Silver Hill precious and base metals project in Davidson County, North Carolina.
Combining nearly 200 years of mining history with modern exploration, the Company is investigating the extent of a high-grade polymetallic system that has seen limited systematic exploration using contemporary technologies. Its strategy is focused on building geological understanding through drilling, geophysics and historical data integration while pursuing opportunities for discovery beyond the original mine.
The central question is no longer simply what Silver Hill produced historically, but how large the system could ultimately prove to be.
Silver Hill: Nearly 200 Years of American Mining History
Silver was discovered at Silver Hill in 1838, with mining commencing in 1839 at what became America’s first significant silver mine. The operation produced silver, lead and zinc, with historical records documenting shipments to Philadelphia for refining and delivery of precious metals to the U.S. Mint, including silver reportedly used in early American coinage from domestic sources. Despite extensive underground workings, mining ultimately ceased amid metallurgical, financial and legal challenges rather than following a comprehensive modern evaluation of the surrounding mineralized system.
Subsequent exploration identified additional mineralization beyond the historic workings. In 2023, SRK Consulting completed three-dimensional modeling of historical exploration data, identifying multiple mineralized lenses and providing an important geological foundation for renewed exploration.
High-Grade Gold, Silver and Base Metal Results
Modern drilling at Silver Hill has delivered exceptional grades within a polymetallic system containing gold, silver, lead, zinc and copper. Reported high-grade drill results include:
- SH26-07: Intersected 48.04 g/t gold equivalent (AuEq) over 12.62 meters, including 210.72 g/t AuEq over 2.74 meters.
- SH26-19: Returned 6.28 meters grading 1,156 g/t silver equivalent (AgEq), including 3.6 meters grading 1,789 g/t AgEq.
- SH26-11: Intersected 434 g/t silver equivalent (AgEq) over 10.64 meters, including 2,050 g/t AgEq over 1.52 meters.
Successive stepouts have also encountered mineralization beyond previously drilled areas. On October 22, 2026, Metalsource announced that drill hole SH26-45 visually intersected approximately 22 meters of polymetallic mineralization on an 80-meter southern stepout, with laboratory assays pending.
These results are contributing to an evolving geological model that is guiding the Company’s exploration of mineralized horizons along strike and at depth.
Beyond the Historic Mine: Testing the Scale of Silver Hill
Metalsource has identified an approximately 2.4-kilometer prospective trend incorporating multiple geophysical targets beyond the original mine footprint. Induced polarization (IP) surveys, combined with surface sampling, drilling and historical geological information, are helping the Company prioritize areas for further investigation.
With two drills operating, Metalsource is advancing exploration around known mineralization while pursuing larger stepouts to the north and south, including targets approximately 1.1 kilometers north of Silver Hill proper. These more distant targets remain untested, and their mineralization potential must be established through drilling.
Silver Hill’s high grades have attracted attention. Its potential scale is now the central exploration question.
A Strategic American Critical Minerals Opportunity
The United States is increasingly focused on strengthening domestic supply chains for minerals essential to manufacturing, electrification, infrastructure and national security. In November 2025, the U.S. Geological Survey’s updated critical minerals list included silver, copper, lead and zinc — all metals associated with Silver Hill’s polymetallic mineralization.
Beyond its monetary and investment appeal, silver is widely used in electronics, electrical infrastructure and solar technologies. Copper is fundamental to power transmission and electrification, while zinc and lead remain important to industrial manufacturing, infrastructure and energy-storage applications. Silver Hill therefore offers exposure to both precious metals and minerals considered strategically important to U.S. supply chains.
The property’s private-land setting provides an additional practical advantage. Its approximately 1,300-acre land position, including optioned additions, benefits from existing road access, power and water, with no federal or Native American land included in the reported project area. Private ownership can reduce certain land-access and permitting complexities associated with exploration on public lands, although applicable regulatory approvals remain necessary.
Market Opportunity: Precious Metals, Monetary Uncertainty and Domestic Supply
Gold and silver are attracting renewed attention amid mounting fiscal pressures and monetary uncertainty. With U.S. federal debt exceeding $40 trillion in October 2026, investors continue to evaluate precious metals as potential stores of value against long-term currency and inflation risks.
According to J.P. Morgan Global Research, silver prices rose more than 130% in 2025, supported by tight physical markets and gold’s rally. The firm forecasts silver averaging $70 per ounce in 2026 and $63 in 2027. Meanwhile, Grand View Research projects the global gold mining market will grow from $432.7 billion in 2026 to $616.4 billion by 2033, representing a 5.3% compound annual growth rate.
Leadership Team
Joseph Cullen, Chief Executive Officer, President & Director, brings more than 11 years of public-market experience, primarily in the resource and technology sectors, with expertise in investor relations, corporate finance and business development. His background includes experience with Deloitte and VMware, as well as co-founding and managing private ventures in financial services, environmental consulting and technology.
Tom Kleeberg, Chief Operating Officer, is a geologist with more than four decades of precious-metals exploration and development experience in the Carolinas. He has worked with major and junior resource companies, financial institutions, corporate landowners and government agencies, including NASA and the USGS. He was involved in the historic Haile Gold Mine’s rediscovery and early development, bringing valuable regional geological knowledge and operational experience to Silver Hill.
Dale Moore, Project Geologist, supports Silver Hill’s exploration and geological interpretation programs, including evaluating drill results, refining the geological model and identifying priority exploration targets.
Brandon Schwabe, Chief Financial Officer, is a Chartered Professional Accountant and management consultant specializing in corporate finance services for public and private companies. He holds a Bachelor of Technology in Accounting from the British Columbia Institute of Technology.
Adam Falkoff, Director, brings experience in government relations, public policy, technology and strategic advisory services. His career includes work with two U.S. senators and a U.S. vice president, service as a U.S. Public Diplomacy Envoy, and leadership roles at CapitalKeys, Amazon and Microsoft. He leads RARE and holds degrees from Duke University and Thunderbird.
Technical disclosure: Reported drill intervals represent core lengths; true widths have not been established. Gold-equivalent and silver-equivalent grades are calculated measures subject to the metal-price and recovery assumptions disclosed in the Company’s applicable news releases. Visual observations of mineralization do not establish grades or economic significance. Exploration targets and results do not establish mineral resources or economic viability.
