A High-Leverage Silver Story at the Ground Floor

Americore Resources (TSXV: AMCO) is a Nevada-focused silver explorer advancing the past-producing Trinity Silver Project under an option agreement with Newmont. With a sub-C$6m market cap, a tight structure and a historic ~28Moz silver resource, the company offers high leverage to any exploration success in a strengthening silver market.

We initiate coverage with a Speculative BUY rating and a C$1.00 price target, reflecting the asymmetric upside potential from upcoming drilling and renewed interest in silver explorers.

Why Americore?

• Nevada silver focus – Tier-1 jurisdiction, past production, clear exploration upside.
• Micro-cap leverage – ~C$5.3m market cap on ~19m shares.
• Newmont option – De-risks access to a quality asset with strong geological history.
• Silver tailwinds – Rising industrial demand and tight supply support the thesis.

Upcoming catalysts

• Maiden drill program at Trinity
• First assay results
• Updated NI 43-101 resource
• Ongoing silver price momentum

Americore Investor Presentation

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