Was Walton Just the Branch? TruSilver Hunts the Silver Trunk Beside the Walton Mine

There are moments when an exploration story is decided. For TruSilver, such a moment is starting now: listing in Toronto on October 27, a secondary listing in Frankfurt on November 10, the rig mobilized, and the first hole into the Sturgis Target planned by the company for November. Behind it stands a team with IAMGOLD, Glencore and Sherritt experience – and a target that, in the company's interpretation, looks like the “trunk” of the historic Walton Mine. Only the drill can show whether mineralization is actually there. That is exactly where attention now turns.

The story begins in 1860 with an outcrop of massive barite. Open-pit mining started in 1941 – according to the company, Walton became one of Canada's major producers with around 4.5 million tonnes of barite. The real surprise came in 1955: a drill hole beneath the barite body hit massive, silver-rich sulphides.

From 1961, silver-bearing lead-zinc-copper ore was mined underground. The historical head grades cited in the presentation range from 350 to 933 g/t silver. Mining reached a depth of 314 metres, and the mine was developed to 503 metres. Then came the water: between 1970 and 1978, flooding halted underground operations, and the mine closed in 1978. This is the core of the TruSilver thesis: the Walton system was never fully explored – not because the mineralization ended, but because the mine flooded.

Massive sulphides are denser than the surrounding sedimentary rock and conduct electricity better. A body that produces both a gravity and a conductivity anomaly is therefore a classic drill target. Geologically, TruSilver classifies the system as an Irish-type carbonate replacement deposit: in this model, Walton would be a higher-level expression and Sturgis the deeper feeder zone.

TruSilver has already drilled. The 557-metre hole ST-23-001 from 2023 intersected two mineralized zones. The host rock is noteworthy: the silver zone lies in the Macumber Formation – the same rock unit that hosted mineralization at the Walton Mine.

In 2026, the team took a cost-efficient route: instead of drilling new holes, two historical holes from 1968 and 1970 were re-entered and deepened. Both reached the Macumber horizon; according to the company, barite, siderite, pyrite, chalcopyrite and galena were logged. 45 core samples are at the laboratory, and assays are still pending.

On October 27, the shares began trading on the TSX Venture Exchange – and on the same day, TruSilver announced that a Logan Drilling diamond rig was mobilizing to the project. “Five years ago, Sturgis was a line on a magnetic map,” said CEO Michael Gross. “Now we find out what's down there.” The first hole, ST-2026-01A, will be collared west of the target and angled east; it is planned at about 700 metres to about 650 metres vertical depth. In total, the 2026/27 program comprises about 3,500 metres in five holes, accompanied by borehole EM, Gravilog, downhole IP and AMT.

Important for investors: the company has announced a news release on the actual start of drilling but had not published it as of Nov 12, 2026; according to media reports, drilling is expected in November. According to the company, laboratory turnaround is four weeks or more, and results are to be released by interval.

Since November 10, 2026, TruSilver has also been listed on the Frankfurt Stock Exchange (XJ10, WKN A42QTR); no new shares were issued. On November 12, 2026, the shares traded at EUR 0.2167 in Frankfurt and C$0.36 on the TSXV. On December 1, CEO Michael Gross will present the project in the Pitch Battle at the Resourcing Tomorrow conference in London.

According to the company, insiders own about 39% of the shares and contributed about C$545,000 in the latest financing round. Past successes of individuals are not an indicator of future exploration success.

Alongside the listing, TruSilver raised C$2,830,090 in gross proceeds (C$0.25 per unit and C$0.30 for flow-through securities). 59% of the shares are subject to escrow or a voluntary three-year hold, and another 12% to other trading restrictions; about 12.2 million shares (29%) are freely tradable. Net of cash of about C$2.5 million reported at listing, the market values the project and team at about C$12.8 million (own calculation).

With a market value of about C$15 million, TruSilver is the second-smallest stock in the group after Silver Hammer. The top of the group consists of companies with a resource (Apollo Silver), in production or development (Kuya Silver, EDM) or with a discovery: Group Eleven, an explorer in the same Irish deposit type that TruSilver refers to, is valued at about C$182 million. That is what makes every exploration stock exciting: the market draws a sharp line between “target” and “hit” – in both directions.

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aktiencheck.de AG was commissioned by TruSilver Metals Corp. (the issuer) to prepare and distribute this equity report and receives total compensation of EUR 10,000 directly from the issuer for this (disclosure also within the meaning of Section 17(b) of the U.S. Securities Act of 1933). This results in a significant conflict of interest: aktiencheck.de AG has an economic interest in a positive portrayal of the issuer and in further engagements. The publication is therefore not independent. In addition, the issuer or persons related to it may have engaged other service providers for investor relations and marketing (according to the company, including Oak Hill Financial as capital markets advisor and Independent Trading Group as market maker); the distribution of this and other publications may temporarily affect the share price. Especially for shares with low market capitalization and low liquidity, price increases following promotional distribution can quickly be lost again. At the time of preparation, aktiencheck.de AG, its Management Board, its employees and the persons involved in preparation hold no shares or derivatives of the issuer and do not intend to enter into positions within ten trading days after publication. The issuer does not hold 5% or more of aktiencheck.de AG. aktiencheck.de AG is neither a market maker nor a liquidity provider in the issuer's securities, has not been involved in placing the issuer's securities in the last twelve months and has no investment banking relationship with it other than this engagement. The report was submitted to the issuer prior to publication for review of factual statements; following comments from its Qualified Person, technical information (location of and distance to the Sturgis Target, Mr. Rees’s role) and the Qualified Person section were amended. Evaluative statements were not changed. The issuer provided company information, the presentation, the fact sheet and image material.

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5. Risk warnings
Shares of exploration companies are highly speculative. A total loss of the capital invested is possible. TruSilver generates no revenue, has no mineral resource or reserve and depends on further financing, which may lead to dilution. The shares have only traded since October 27, 2026 (TSXV) and November 10, 2026 (Frankfurt) and are highly volatile and illiquid. Investments in foreign currency (CAD) are subject to exchange-rate risk. Investors should only invest funds they can afford to lose and should make investment decisions only after their own review, in particular of the documents filed on SEDAR+ (Filing Statement dated October 15, 2026; Technical Report effective October 7, 2026). No mineral resource or reserve has been estimated on the project. Information on the Walton Mine (including production, grades, 5,754 g/t Ag over 12.8 m in DDH 174) is historical, has not been verified by a Qualified Person and is not indicative of mineralization on the project; the Walton Mine is not owned by the issuer. 2023 results are drilled lengths; true widths are unknown; no formal QA/QC was applied. 2026 information consists of visual estimates and is not a substitute for assays. Geophysical targets are interpretations; no tonnage or grade is implied. Comparisons with Rio Tinto, Irish deposits and other companies serve only as context; Rio Tinto has no interest in the issuer.

6. Qualified Person and technical information
The scientific and technical information in this report has been reviewed and approved by Matt Rees, M.Sc., P.Geo., a director of TruSilver Metals Corp. and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Rees is not independent of the issuer. Further information on the project is contained in the technical report entitled “Technical Report on The Sturgis-Walton Silver Project, Hants County, Nova Scotia, Canada for NI 43-101”, dated and effective October 7, 2026, prepared by David Murray, P.Geo., of Resourceful Geoscience Solutions, an independent Qualified Person, and filed on SEDAR+ (www.sedarplus.ca) under the issuer's profile.

7. Forward-looking statements
This report contains forward-looking statements, including on the drill program, timelines, laboratory results, financing and business plans. They are based on assumptions and expectations of the issuer and aktiencheck.de AG and are subject to risks and uncertainties; actual results may differ materially. There is no obligation to update.

8. Sources, date and updates
Sources: issuer's investor presentation and fact sheet (October 2026), trusilvermetals.com, news releases of Apr 29, Jun 2, Aug 18, Sep 15, Oct 9, Oct 15, Oct 23, Oct 26 (Newsfile), Oct 27 and Nov 10, 2026, Canadian Mining Journal (Nov 10, 2026), stockanalysis.com, Investing.com, TradingView, Kitco, Fortune; Frankfurt price per client. The sources are believed to be reliable; no warranty is given for accuracy or completeness. Price and market data: as of November 12, 2026 (TSXV partly intraday). Completed: November 13, 2026, 2:00 p.m. CET. First dissemination: November 16, 2026, 8:00 a.m. CET. No update is planned. This is the first publication by aktiencheck.de AG on the issuer within the last twelve months.

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