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Kuya Silver (KUYAF) – Thoughts on Recent Drilling at the Umm-Hadid Project

Basic Materials
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Thursday, September 03, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Encouraging Drill Results. Kuya Silver reported strong drilling results from the Umm-Hadid Project in Saudi Arabia, advancing toward a maiden NI 43-101 mineral resource estimate. Highlights include 26.10 meters grading 77.8 grams of silver per tonne and 9.17 meters grading 137.1 grams of silver per tonne, with both intervals containing exceptionally high-grade silver and gold zones. The new Target 01 drill results are part of an ongoing 10,000-meter drill program to define the continuity, geometry, and grade distribution of the silver-gold vein system and support delivery of a maiden mineral resource estimate and accompanying NI 43-101 technical report. 

Establishing Continuity. The current resource-definition work is focused on Target 01. High-grade mineralization has been encountered across multiple holes and drill sections, supporting the continuity of the broader silver-gold system. Target 01 covers approximately 4.5 kilometers by 2.5 kilometers, with the latest mineralized intervals occurring at relatively shallow depths averaging about 58 meters below surface.


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