Investor overview · NYSE American: SBMT · Butte, Montana

Exploring the Richest Hill on Earth.

Silver Bow Mining is an NYSE American-listed exploration company re-opening the underground silver-zinc-gold-lead veins of the Butte Mining District. It holds 4,210 acres of private patented claims, a 170 Moz AgEq inferred resource on the Rainbow Block, US$55.8M of cash at June 30, 2026, and a signed US$88M term sheet with Ocean Partners.

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170 Moz
AgEq inferred resource, Rainbow Block (Dec 31, 2024)
507 g/t
Average AgEq grade across 42 modeled veins
4,210 ac
Patented mineral claims in the Butte District
$55.8M
Cash at June 30, 2026 (IPO raised $59.8M gross)
US$88M
Ocean Partners funding & credit term sheet
The opportunity

A century of data, a new drill program.

Three things the October 2026 corporate presentation makes clear.

High grade, and already defined

The Rainbow Block inferred resource is 10.4 Mt at 507 g/t AgEq above the mine water table, built from 15,000 Anaconda channel samples and 180 drill holes. Phase 1 drilling in 2026 has hit every vein it targeted, including 2.3 m at 1,586 g/t AgEq on the Badger Vein.

Private land in a producing district

Butte produced 715 Moz of silver and 21.5 Blb of copper between 1880 and 2004. Silver Bow's claims are patented private land under Montana state permitting, with a DEQ Authorization to Proceed for surface and underground work granted in May 2026.

A path from drilling to processing

Underground access was re-established at the Chief Joseph Portal in August 2026. The Jefferson County Metallurgical Complex, 55 miles away with 15,000-tpd and 1,000-tpd circuits, had its initial closing in September; Ocean Partners' package would fund bonds, prepayment and offtake.

From the deck

The key slides, with the takeaway.

A few pages from the corporate presentation that carry the story. Download the full deck →

Inferred resource: 170 Moz AgEq
Inferred resource: 170 Moz AgEq
10.4 Mt at 507.4 g/t AgEq above the water table; 146.7 g/t Ag, 1.7 g/t Au, 4.59% Zn, 1.25% Pb.
Phase 1 drilling highlights
Phase 1 drilling highlights
SBM26-03 Badger Vein: 4.0 m at 994 g/t AgEq, including 2.3 m at 1,586 g/t AgEq.
Copper-dominant at depth
Copper-dominant at depth
SBM26-09: 0.82 m at 8.20% CuEq of massive sulfide on the Black Rock Copper Vein.
Jefferson County Metallurgical Complex
Jefferson County Metallurgical Complex
15,000-tpd and 1,000-tpd circuits plus tailings and 5,000 acres, 55 miles from Rainbow Block.
US$88M Ocean Partners term sheet
US$88M Ocean Partners term sheet
Surety bond support, US$40M concentrate prepayment, US$5M bridge and equity lead; Q4 2026 target close.
Share structure
Share structure
29.6M shares, 33.7M fully diluted, US$234M market cap at September 16, 2026.
The deal

A US$88M funding package, not an equity raise.

There is no live equity financing. The capital event in front of the company is the non-binding term sheet signed with Ocean Partners on September 21, 2026, as described in the October 2026 presentation and the company's 8-K filings.

Counterparty
Ocean Partners (trader and offtaker)
Package size
Up to US$88M funding and credit support
Surety bond support
Up to US$43.1M, expected to release ~US$40.9M of cash collateral
Concentrate prepayment
US$40M in three tranches, US$10M on closing
Bridge note
US$5M secured note, funded October 2, 2026
Equity
Ocean Partners to lead a future US$5M equity round
Offtake
10-year Zn and Pb concentrate agreements
Targeted close
Q4 2026, subject to definitive agreements
Use of proceeds
  • Release of reclamation cash collateral at Jefferson County and Rainbow Block~US$42M
  • Completion of the Jefferson County Metallurgical Complex acquisitionFinal closing
  • Rainbow Block drilling and underground developmentOngoing
  • Working capital and liquidityBalance
Silver Bow Mining is listed on NYSE American under SBMT. Nothing on this page is an offer of securities. The Ocean Partners term sheet is non-binding and the Jefferson County final closing is subject to shareholder and NYSE American approval; there can be no assurance either will close on the terms described, or at all.
Who's running it

The team and their track record.

TN
Travis Naugle
Chairman & CEO

Licensed mining engineer; began at Montana's Stillwater Complex, brokered joint ventures with Freeport-McMoRan and Rio Tinto (Nuton), founder and executive chairman of Falcon Copper. BS Montana Tech, MBA Chicago Booth.

DS
Doug Stiles
President

25+ years in Montana mine permitting; former Director of Environmental Operations at Hecla and GM at Revett Silver, where his team secured the Troy Mine Record of Decision and advanced Rock Creek and Montanore.

KS
Kevin Shiell
Chief Operating Officer

30+ years in underground operations; 15 years at Stillwater Mining rising to VP Mining, then mine manager at i-80 Gold's Ruby Hill, with senior roles at Americas Gold and Silver and Hecla.

WB
Wade Black
Chief Financial Officer

Co-founded Leeb Brokerage (CFO) and Scarsdale Equities (COO), principal at R.F. Lafferty & Co., former director of U.S. Silver Corp. MBA Columbia.

PN
Phil Nickerson, PhD
VP Exploration

Economic geologist; US Exploration Manager at Rio Tinto leading copper programs and supporting the Nuton venture, previously Senior Geologist at EMX Royalty. PhD University of Arizona.

QH
Quinton Hennigh, PhD
Director

25+ years at Homestake, Newcrest and Newmont; credited with the ~5 Moz Springpole gold discovery; chairman and president of Novo Resources, former CEO of San Cristobal Mining.

SD
Steve Durbin
Director, Audit Chair

President of Quail Bend Capital Partners (founded 2010); previously senior managing director at The Watley Group and roles at Red Mountain Capital, Oak Hill Capital and J.P. Morgan.

DM
David McMullin
Director

30+ years across mining, banking and retail; CEO of JEX Technologies and Black Icon, with more than US$300M of equity financings raised.

AH
Andy Holloway
Director

Metallurgical engineer with 35+ years in plant operations and design; former VP Metallurgy at Foran Mining and VP Engineering at Blue Coast Research; director of Sasquatch Resources.

Partners & backers
Crescat Portfolio Management (8.7%)Eric Sprott (7.3%)Concept Capital Management (5.7%)Ocean PartnersDahrouge Geological ConsultingCantor Fitzgerald (coverage)Roth Capital Partners (coverage)
Catalysts

What happens next.

  • Apr 30, 2026
    NYSE American IPO completed
    5.2M shares at $11.50; US$59.8M gross, US$55.1M net
  • May 2026
    Montana DEQ Authorization to Proceed (AMD2)
    Surface and underground work, including a 10,000-ton bulk sample
  • Jun 22, 2026
    First Phase 1 assays
    Multiple veins in every hole; Badger Vein extended 455 m east of the resource
  • Aug 19, 2026
    Chief Joseph Portal rehabilitation complete
    Underground access re-established; Rainbow Portal started
  • Sep 8, 2026
    Jefferson County Metallurgical Complex initial closing
    Bankruptcy court approved the sale on Sep 4; ~US$28.6M of creditor obligations funded
  • Sep 21, 2026
    Black Rock Copper Vein intersected
    SBM26-09: 0.82 m at 8.20% CuEq, 30 m below an unmined Anaconda copper-silver block
  • Sep 21, 2026
    US$88M Ocean Partners term sheet
    US$5M bridge note funded Oct 2, 2026
  • Q4 2026
    Ocean Partners definitive agreements and close
    Releases ~US$42M of reclamation collateral; starts prepayment facility
  • Q4 2026
    Jefferson County final closing
    Needs shareholder approval of the CVRs at a special meeting (date TBA) and NYSE American approval
  • Mid-Nov 2026
    Q3 2026 Form 10-Q
    Updated cash, share count and transaction status
  • 2027
    Underground drilling from Chief Joseph decline
    Drill stations on the 400-ft and 800-ft levels; 10,000-ton bulk sample for metallurgy
  • H1 2027
    Updated Mineral Resource estimate
    Incorporates Phase 1 results and historical underground sampling
Capital snapshot

Where the cap table stands.

29.5M
Basic shares outstanding (Aug 12, 2026)
33.7M
Fully diluted (options, RSUs, warrants)
$234M
Market cap (Sep 16, 2026)
$55.8M
Cash (Jun 30, 2026); $4.0M debt
6.2%
Officers & directors; 35.4% institutional
83,300
20-day average volume (Sep 2026)

Shares and cash per the Q2 2026 Form 10-Q (filed Aug 13, 2026); market cap, ownership and volume per the October 2026 corporate presentation (as of September 2026). Not pro forma for the 3.5M CVRs issuable at the Jefferson County final closing, up to 11.5M milestone CVRs, or up to 2.0M performance warrants pending shareholder approval.

Documents

Do your diligence.

PDFCorporate presentation, October 2026PDFInvestor deck, July 202643-101NI 43-101 Technical Report, Rainbow Block (Feb 2026)S-KS-K 1300 Technical Report Summary (Feb 2026)SECSEC filings (10-Q, 8-K, 13D/G)PDFShareholder letter, June 3, 2026WEBInvestor FAQWEBDrilling results and field log
Key considerations

The questions investors ask, and where each stands.

  • Resource confidence — All 170 Moz AgEq is in the inferred category, confined above the water table, with no reserves or economic study.Where it standsPhase 1 drilling has intersected every targeted vein, extended the Badger Vein 455 m east of the resource, and an updated Mineral Resource estimate is targeted for H1 2027 with underground drilling to follow.
  • Pending transactions — The Ocean Partners term sheet is non-binding and the Jefferson County final closing needs shareholder and NYSE American approval.Where it standsThe bankruptcy court approved the Jefferson County sale (Sep 4, 2026) and the initial closing is done; Ocean Partners funded a US$5M secured bridge note on October 2, 2026, with definitive agreements targeted for Q4 2026.
  • Dilution — 3.5M CVRs at final closing, up to 11.5M milestone CVRs and up to 2.0M performance warrants against 29.5M basic shares.Where it standsThe 11.5M milestone CVRs only vest on an M-Pit construction decision and commercial production; performance warrants need shareholder approval; the Ocean Partners package is structured as bonds, prepayment and offtake rather than equity.
  • Funding runway — No revenue; operating cash outflow was US$8.1M in the first half of 2026.Where it standsUS$55.8M of cash at June 30, 2026 with US$4.0M of debt; the Ocean Partners bonds are expected to release ~US$42M of reclamation collateral back to the company.
  • Jurisdiction and trading — Butte is a federally regulated CERCLA site, and the stock trades about 83,300 shares a day.Where it standsClaims are private patented land under Montana state permitting with a DEQ Authorization to Proceed; the company states it has no designated Berkeley Pit liability; Crescat, Eric Sprott and Concept Capital hold over 20% combined, with Cantor Fitzgerald and Roth covering the stock.
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Investor contact
Investor Relations
Silver Bow Mining Corp. · 1401 Idaho Street, Butte, MT 59701 · +1 (406) 718-7593
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