Q1-2026 Board of Directors Update
Following the approval by shareholders at the January 10, 2025 General and Special Meeting of Shareholders, the Board of Directors (Board) of Horn Silver Mines, Inc. (Horn Silver, or the Corporation) has been working to wind down operations, liquidate assets, and distribute proceeds to shareholders. This letter summarizes the current status of that effort.
Mining Properties & Exploration Activity
Horn Silver’s 240 patented mining claims in Beaver County, Utah are a primary asset that remain under active exploration and lease agreements while the Corporation pursues their sale. Two companies, Hawk Resources and Opal Resources, are actively engaged in exploration programs. The Board is regular contact with those groups, and remains committed to maximizing value for shareholders through this process.
Evaluating All Reasonable Paths
The Board is evaluating every reasonable path to improve the Corporation’s value as it works to complete the wind-down process. Options include the direct sale of mining assets, the return of capital from existing cash reserves, as well as the possibility of a merger with an entity that has shares trading on a listed exchange. Shareholders will be notified as these paths advance.
Cash Position & Share Valuation
The Corporation currently holds approximately $980,000.00 in cash and cash equivalents (including silver bullion). The Board intends to distribute a significant portion of these funds to shareholders in the short term while retaining a reasonable reserve for property taxes, operating costs, and other anticipated expenses.
While Horn Silver Mines is a public company, its shares have not actively traded since the SEC revoked the Corporation’s registration in 2009. As a result, Horn Silver cannot provide a current market valuation of its shares. Shareholders are invited to use the information contained in this letter—including cash on hand, asset descriptions, and ongoing exploration activity—to form their own assessment of the Corporation’s value. Horn Silver is exploring the possibility of instituting a stock buy-back program. Such a program would allow the Corporation to repurchase some or all of a shareholder’s stock under certain conditions. Please contact Page Blakemore, president of Horn Silver, via e-mail for more information at page@hornsilvermines.com.
Action Required: Tax ID Information
In order to receive any distribution not subject to a 24% backup withholding, all shareholders need to ensure that they have a valid Tax ID number on file with our transfer agent. Failure to provide this information to Pacific Stock Transfer prior to any distribution may result in an inability of the Corporation to distribute funds, or withholding on amounts paid.
Pacific Stock Transfer Contact:
Abigail Rodriguez — Transfer Agent
Pacific Stock Transfer Company
6725 Via Austi Parkway
Suite 300
Las Vegas, Nevada 89119
(800) 785-7782
We appreciate your continued patience as the Board continues to work diligently to maximize returns for all shareholders.
