At PDAC 2026, I sat down with Peter Clausi of Silver Bullet Mines Corp. (TSXV: SBMI), to get an update on operations and exploration activities. The company has been moving quickly over the past year, and the tone of the conversation reflected that pace.
Clausi walked through activity in Arizona, where the King Tut and Super Champ mines are both producing. The company’s mill sits at the center of those operations. The model is simple, but it allows flexibility in what gets processed and when.
Arizona operations and revenue approach
Silver Bullet runs a hub and spoke setup in Arizona. The mill processes material from nearby mines, and management can adjust feed based on grade. That control matters. It helps manage costs and timing.
At the same time, the company is using two revenue paths. Concentrate is produced and sold to buyers. There appears to be no shortage of demand. However, the more interesting piece is direct shipping ore.
DSO removes the need for processing. Material is crushed and shipped. Costs stay low. Margins tend to be higher, assuming grades meet buyer requirements. Clausi pointed to silver grades in ounces per ton, which is not typical for juniors.
Growth pipeline and Idaho focus
The company recently added the Gold Queen and Columbia mines in Arizona. Both sit within trucking distance of the mill. As a result, they could become additional feed sources over time.
Meanwhile, work continues at the Washington Mine in Idaho. The plan is to extract a bulk sample and send it to a third-party mill. Development work is already underway, including new access and rehabilitation of old workings.
Clausi also noted potential for additional metals like tungsten and antimony. That work is still early. However, it adds another layer to the project beyond silver and gold.
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