Fully Funded for Discovery in Canada's Highest-Grade Silver Camp

Source: John Newell 02/23/2026

John Newell of John Newell & Associates shares an update on Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB; I90:FSE) to explain why he thinks it is a Speculative Buy.

After a strong run through late 2025, Silver North Resources Ltd. (SNAG:TSX.V; TARSF:OTCQB; I90:FSE) has shifted from “prove it” mode into “expand it” mode.

The company just closed a major brokered financing that effectively funds the next two years of exploration, and it is heading into 2026 with its largest drill plan to date at Haldane in the Keno Hill Silver District of Yukon.

On the chart, the breakout that started in 2025 is still the dominant message, even after a healthy pullback and consolidation. My updated chart (Feb 20, 2026) keeps the bigger roadmap intact, while giving investors a cleaner spot to measure support and risk.

About the Company

Silver North Resources is a Canadian silver-focused explorer with a portfolio of district-scale assets in Yukon and the Yukon BC border region. The core value driver remains the 100 percent-owned Haldane Silver Project, located beside Hecla’s producing Keno Hill operations. Haldane is road accessible and has the right geological setting: high-grade silver, lead, and zinc style veins that resemble the type of ore being mined in the district today.

Silver North also has the Tim Silver Project (under option to Coeur Mining) and the GDR (Veronica) project in the broader Silvertip Midway district. That matters because it gives the company more than one path to success: discovery upside at Haldane, plus optionality from partner-led work and parallel targets elsewhere.

Management

The company is led by Jason Weber, P.Geo., President and CEO, a technical and capital markets operator who has kept the story disciplined while steadily expanding the opportunity. In the January 12 news release, Weber’s comment stood out to me because it was specific: the Main Fault is showing the scale and complexity needed to host high-grade mineralization, and they are still early in revealing its potential.

The company also benefits from an experienced Executive Chair in Mark T. Brown, who emphasized they were selective on financing participants and that the new funds position the company to run larger, more efficient drill programs at Haldane.

Share Structure

In my prior Streetwise update, the share structure (as of December 11, 2025) was:

• Shares outstanding (basic): 74.9M
• Warrants: 32.7M
• Options: 4.5M
• Market cap: ~CA$30 Million

Since my last article on the company, Silver North closed a brokered LIFE financing for CA$11.58M on February 10, 2026. The company issued 4,982,461 units at CA$0.40 and 17,114,286 charity flow-through units at CA$0.56.

That adds 22,096,747 new shares from this financing alone, which implies a pro forma basic share count of roughly 97.0M (before considering any other changes since December). The financing also came with half warrants on those units, plus broker warrants.

The practical takeaway is simple: the share count is higher, but the trade-off is meaningful. This is a junior explorer that is now fully funded for two years, and that tends to change how the market values both the story and the chart.

The news share structure from the company:

• Common shares outstanding: 105,859,178
• Stock options: 3,985,000
• Warrants: 39,452,373
• Finder’s warrants: 2,800,222
• Fully diluted common shares outstanding: 152,096,773
• Market cap: ~CA$30 Million

What Could Move the Market Capitalization Higher in 2026

Silver North’s corporate update has laid out the 2026 plan clearly.

They are gearing up for their largest drill program to date at Haldane, focused on expanding the Main Fault on strike and down dip, while also testing additional targets. Work begins in March with an airborne geophysical survey, setting up drilling and target selection for the main season.

This is the kind of program that can re-rate a company if the geology continues to cooperate. And we know the geology already is.

The Haldane Silver Project

Haldane is where the story becomes real, because the drill results are now too consistent to ignore.

On January 12, Silver North reported a 9.10 metre intersection averaging 428 g/t silver and 0.73 g/t gold, starting at 182.40 metres down hole, including 2.80 metres of 1,069 g/t silver and 1.41 g/t gold.

In the February 19 update, the company reiterated that 2025 drilling delivered the best hole in property history: 818 g/t silver over 13.15 metres (HLD25 31), and that Main Fault mineralization has now been expanded to over 100 metres along strike and 150 metres down dip.

That is exactly what investors want to see at this stage. Not just one great hit, but evidence that the system is growing.

Technical Analysis: Breakout, Then a Healthy Reset

My updated chart (Feb 20, 2026) still tells the same bigger story: Silver North broke above a multi-year ceiling, ran through multiple targets, and is now doing what strong breakout charts often do, pull back to test support before the next leg.

The Point of Recognition around CA$0.18 was the lid for years. The breakout above that level is what changed the trend.

From that breakout, the chart achieved targets in sequence. The first target, CA$0.32, and the second target, CA$0.43, were met and exceeded, and the chart also tagged the CA$0.55 area, which was the third target zone in my work.

The current pullback is constructive because it is landing in a familiar technical place. The chart annotation highlights a pullback to 0.618 support and the expectation of a bounce. With the last close on the chart around CA$0.32, the stock is effectively back at the first target zone, which often becomes support after a major move.

If the shares can base here and reclaim the CA$0.40 area, the next obvious magnets remain CA$0.55, then the CA$0.70 interim level, and finally the big picture target at CA$1.05 that stays active as long as the larger uptrend structure remains intact.

Conclusion: Speculative Buy

Silver North Resources Ltd. has moved into a different category than it was a year ago. It now has a high-grade discovery track at Haldane, a clear plan for its biggest program yet, and most importantly, it has the money to execute without constantly coming back to the market.

From a chart perspective, the breakout is still valid, and the current pullback looks like an opportunity to accumulate shares after a normal share price correction, after the shares hit and exceeded previously established targets. For investors who understand the risks involved in mineral exploration, I continue to view Silver North as a Speculative Buy at current levels of approximately CA$0.30, with upside tied to drill-driven discovery and a chart that still points toward higher targets over time.

Investors who would like to review our previous coverage can read this.

For more information, visit the company’s website here.

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Important Disclosures:

1. Silver North Resources Ltd. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. For this article, the Company has paid Street Smart, an affiliate of Streetwise Reports, between US$2,000.
3. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver North Resources Ltd.
4. Author Certification and Compensation: [John Newell of John Newell and Associates] was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Newell holds a Chartered Investment Management (CIM) designation (2015) and a U.S. Portfolio Manager designation (2015). The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.
5. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
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John Newell Disclaimer

As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it’s advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.

( Companies Mentioned: SNAG:TSX.V; TARSF:OTCQB;I90:FSE, )

Source: https://www.streetwisereports.com/article/2026/02/23/fully-funded-for-discovery-in-canadas-highest-grade-silver-camp.html