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Silver47 is an exploration company focused on advancing its flagship Red Mountain polymetallic project in Alaska, alongside earlier-stage projects in British Columbia and Yukon. Led by geologist and CEO Gary Thompson, the company aims to grow its current inferred resource through a fully funded 2025 drill campaign. The publication explores management’s track record, capital structure, insider alignment, exploration strategy, and ambitions for scale—while highlighting the technical, permitting, and financing challenges and opportunities.
TL;DR
- 1. Silver47’s flagship Red Mountain project hosts an inferred resource of 15.6 Mt at 336 g/t AgEq.
- 2. The company plans to spend up to $10 million in 2025—mostly on drilling—but expects another $20–30 million will be required to reach PEA-stage scale.
- 3. Only inferred resources exist today, with significant reliance on infill and step-out drilling to convert and grow tonnage.
- 4. Insider ownership is around 17%.
- 5. The company is exploring M&A options to achieve scale, but no concrete plans or counterparties have been disclosed as of yet.
Who is Gary Thompson, and what is his track record?
Gary Thompson is a geologist by training and the CEO of Silver47. He is also the co-founder and CEO of Brixton Metals.
According to Thompson, Silver47 is his fourth public company. His first was a geothermal power company founded in 2006 and sold in 2010. He also co-founded Gold 79 Mines, which recently merged with Bullet to become West Point Gold. Thompson no longer holds a management role there but remains a shareholder. He says each of these ventures generated shareholder value.
Silver47, launched privately in 2021 during the post-silver squeeze enthusiasm, went public in late 2024. Thompson describes his core strength as identifying undervalued or overlooked projects in politically stable jurisdictions and acquiring them at low cost.
How is Thompson’s time divided between his companies?
Thompson confirmed that he splits his time 50/50 between Brixton Metals and Silver47. He acknowledged the challenge of managing two companies and noted efforts are underway to bring in additional support to reduce his operational burden.
What is insider ownership, and how much stock does Thompson own?
According to Thompson, insider ownership at Silver47 is approximately 17–18%, with his personal stake at around 15%. He confirmed that management participated in the latest financing, contributing roughly $400,000. He also stated that he holds founder shares and has purchased shares on the open market in the $0.50–$0.60 range.
Regarding stock options and RSUs, he stated these are part of management compensation and emphasized they are worthless unless the share price increases. He dismissed the Black-Scholes valuation method as “bunk,” asserting that options only have value when exercised above market.
What other incentives or potential conflicts of interest exist?
Thompson said there are no royalties or side deals held by insiders on any of the company’s projects. He characterized the company’s structure as clean and free of hidden incentives.
Why does Silver47 hold three separate projects?
Silver47 holds three polymetallic projects in Alaska, British Columbia, and Yukon, all targeting silver, zinc, lead, copper, and gold. The projects are:
- – Red Mountain (Alaska): Now the flagship asset, with a historical JORC-compliant resource and 2024 43-101 inferred resource of 15.6 Mt at 336 g/t AgEq.
- – Adams Plateau (British Columbia): A VMS-style project assembled via staking and acquisition.
- – Michelle Project (Yukon): An early-stage, sediment-hosted (SEDEX/MVT-type) silver-lead-zinc project.
Thompson said the original strategy was to focus on Michelle, but permitting delays led them to acquire Adams Plateau and then Red Mountain. The Red Mountain acquisition was opportunistic; the seller, White Rock Minerals (Australia), was in financial distress. Silver47 acquired the asset for US$400,000 cash and 10 million shares.
Thompson views these projects as part of a flexible portfolio strategy: some assets may be advanced internally, while others could be farmed out or sold.
Why did the company go public?
Silver47 raised approximately $5 million privately before listing. According to Thompson, going public was necessary to access a broader pool of capital. He acknowledged that while staying private would have been simpler operationally, early shareholders expected an eventual public listing to enable liquidity.
Are early shareholders still in the stock?
Some are. According to Thompson, strategic investors like Crescat Capital remain significant shareholders and participated in the latest financing. Eric Sprott is also a shareholder. However, Thompson acknowledged that since going public in November 2024, Silver47 has traded ~23 million shares out of 50 million outstanding, suggesting significant churn.
Does Silver47 have a shareholder registry strategy?
Thompson described an ideal shareholder mix as 50% retail and 50% institutional/strategic. He noted that being below a $100 million market cap limits institutional interest. Achieving scale—through drilling or M&A—is a key objective to unlock access to larger funds and index inclusion.
Is Silver47 looking to be acquired or to acquire others?
Yes to both. Thompson said the company is open to acquiring new assets, monetizing its non-core assets, or participating in mergers. The primary objective, according to him, is to achieve scale, which he views as critical to attracting institutional capital.
What is the primary focus for 2025?
Drilling Red Mountain. While Thompson said budget discussions are ongoing, he expects ~70% of the (up to) $10 million financing to go toward drilling. The remaining budget includes marketing, G&A, and a cash buffer.
The target is to publish an updated resource in early 2026. A revised PEA could follow in 2027 if resource growth continues.
Why was the financing upsized from $3M to $10M?
Initially, Silver47 sought to raise $3 million but upsized the raise after strong demand, aided by silver price momentum. The round was priced at $0.50, despite the stock trading as high as $0.72 during the raise. Thompson said the company had always hoped to raise closer to $10 million but launched with a conservative figure due to market conditions.
What is the expected drill cost and meterage?
Drilling in Alaska is expensive. Thompson said prior costs were north of $1,000/m due to reliance on helicopters and third-party camps. The company hopes to reduce costs in 2025 by using winter roads and possibly permitting its own airstrip. Thompson estimates the 2025 program could achieve 6,000–8,000 meters.
Is Red Mountain fully permitted for the upcoming drill program?
Yes. The project is located on State of Alaska land and has received the necessary exploration permits. Thompson emphasized that Alaska is mining-friendly and that no Indigenous consultations are required at this time.
When will drilling start, and when will results be released?
Drilling is expected to begin by late May 2025. If timelines hold, initial assay results could be released by late June, assuming lab turnaround times improve.
Is the 2025 drilling focused on infill or step-outs?
Both. The current 43-101 resource is inferred and widely spaced, with some holes 400–500 m apart. Infill will target “donut holes” within the known resource. Step-outs will test down-dip extensions and untested targets along strike.
Additionally, Thompson said 10–15% of the budget would go toward new target testing within the district.
What is the exploration target?
The company’s website references an exploration target of 50–75 Mt at 300–400 g/t AgEq, implying 500 Moz AgEq. Asked about the rationale, Thompson pointed to historical JORC resources of ~270 Moz AgEq that were later downgraded to 170 Moz AgEq under NI 43-101. He said recapturing that 100 Moz delta, plus new discoveries, could support the high-end target.
Internally, the company believes that 30–36 Mt could support a 2,500–5,000 tpd operation. Thompson estimates another 20,000–30,000 meters of drilling—costing $20–30 million—may be required to reach that scale.
Is the grade sufficient to justify development?
According to the current resource, Red Mountain contains 15.6 Mt grading 336 g/t AgEq. Precious metals (silver and gold) make up 33% of the AgEq, with the rest from base metals. Thompson said the 2024 drilling demonstrated better core recovery and higher precious metal grades than historic work, particularly gold. The company hopes to raise the precious-to-base metal ratio to ~50% over time.
He stated that 300+ g/t AgEq is a workable grade for Alaska, particularly with support from AIDEA (Alaska Industrial Development and Export Authority) for infrastructure. However, full economic viability remains unproven without a PEA.
What about metallurgy?
Current recoveries range from 70–90%, based on historic test work. Thompson said the company plans to update metallurgical studies in 2025, including new work on antimony, which was recently found in notable concentrations. The company hopes antimony could add value, but it is not yet included in AgEq calculations.
Will there be another financing in 2025?
Not likely, according to Thompson. If the full $10 million is raised, the company expects to be fully funded through 2025, with a cash cushion remaining at year-end.
What is Silver47’s marketing strategy?
The company plans to focus on U.S. marketing, given the location of its flagship asset and recent OTCQB listing. Thompson said the company will attend selective conferences (e.g., MIF, PDAC, Roundup) and use digital platforms, Twitter, and retail investor engagement. A budget of ~$500,000 is planned for marketing in 2025.
More at: www.silver47.com
Silver47 CEO Interview With Gary Thompson
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