Savanna Shareholders Approve Pivot to North American Silver Corp.

By George Flores

TORONTO, ON – May 22, 2026 – Savanna Capital Corp. (TSX-V: SAC.P) has received overwhelming shareholder approval for a series of resolutions that pave the way for its transformation from a capital pool company into a focused precious metals entity. The results of the annual general and special meeting held on May 21, 2026, signal a critical step towards completing a qualifying transaction and rebranding as “North American Silver Corp.”

Shareholders voted decisively in favour of all proposed matters, including the re-approval of the company’s stock option plan and the reappointment of McGovern Hurley LLP as auditors. More significantly, the vote greenlights a name change and the conditional election of a new slate of directors with deep mining industry experience, all contingent on the closing of a planned business combination with a private entity, 1000090242 Ontario Inc.

This move marks the culmination of a multi-year process for Savanna, a Capital Pool Company (CPC) designed specifically to identify and merge with a promising business to take it public. The shareholder mandate effectively endorses the company’s strategic pivot towards the silver sector, a market currently characterized by high prices and a persistent supply deficit.

The San Luis de Cordero Project

The target of the business combination is 1000090242 Ontario Inc., a private company that wholly owns the San Luis de Cordero silver-copper project in Durango, Mexico. The transaction, structured as a three-cornered amalgamation, will see Savanna acquire the entity and its primary asset, positioning the newly minted North American Silver Corp. as a silver exploration and development player.

The San Luis de Cordero project covers over 1,200 hectares and features silver-copper veins that were subject to mining activities in the 1970s. The property’s geology includes a skarn system that has been drill-tested along a 750-meter strike length, with geological analysis suggesting the potential for mineralization to extend up to 3.5 kilometers. This historical data and geological potential form the basis of the asset's valuation and the strategic rationale for the acquisition.

To fund the combined entity's future operations and exploration activities at the project, the private target company has been undertaking a non-brokered private placement to raise approximately C$2.5 million. The successful completion of this financing is a key condition for the transaction, which, after several extensions, is now anticipated to close in the second quarter of 2026.

New Leadership for a New Venture

Underscoring the shift in strategy is the conditional election of three seasoned mining executives to the board of directors, effective upon the closing of the business combination. The new board members—Scott Moore, Peter Tagliamonte, and Anthony Milewski—bring a wealth of experience in mine development, operations, and resource financing that aligns directly with the company's new focus.

• Scott Moore, the former CEO of Euro Sun Mining, has extensive experience advancing large-scale resource projects and has held executive roles at Sulliden Mining Capital and Dacha Strategic Metals. His recent appointment as President and CEO of O2Gold Inc. further cements his active role in the junior resource sector.

• Peter Tagliamonte is a professional mining engineer with a decorated career building and operating mines across the globe. His track record includes leadership roles at Sulliden Gold Corp., Central Sun Mining, and Desert Sun Mining, where he was instrumental in developing major projects in South America. His operational expertise, particularly in underground and open-pit development, will be invaluable for advancing the San Luis de Cordero project.

• Anthony Milewski is a well-known investor and financier in the commodities space, particularly in metals critical to the energy transition. As the former CEO of Cobalt 27 and current Chairman of Nickel 28, Milewski has a proven ability to raise significant capital and structure deals in the battery and precious metals sectors. His expertise will be crucial for navigating capital markets and financing future growth.

This new leadership team, combined with existing directors Fred Leigh, Alexandros Tzilios, and Brent Lokash, is designed to give investors confidence in the company's ability to execute its silver-focused strategy.

Navigating a Volatile Silver Market

The company’s transition comes at a pivotal time for the silver market. After a dramatic price run-up in 2025, silver prices in 2026 remain elevated, trading around $76 per ounce. Analysts point to a structural deficit—where demand has outstripped supply for six consecutive years—as a key driver. This deficit is forecast to continue, drawing down global inventories and supporting higher prices.

While industrial demand, particularly from the solar panel sector, has seen some softening due to thrifting and substitution, silver remains an indispensable metal for electrification, 5G technology, and AI infrastructure. This is balanced by a surge in physical investment demand from Western buyers seeking a hedge against macroeconomic uncertainty.

By entering the market now, North American Silver Corp. aims to capitalize on these strong fundamentals. However, it will also face the challenges of a junior developer, including the need for further financing, navigating the permitting process in Mexico, and successfully delineating a resource that can attract further market interest and valuation.

The Capital Pool Company Journey

Savanna's path is a classic example of the TSX Venture Exchange's Capital Pool Company program, which provides a structured, two-step process for private companies to go public. The shareholder meeting represents one of the final, crucial milestones in completing its "Qualifying Transaction." The program has been a popular vehicle for company creation on the TSX-V, with a high success rate for CPCs completing their acquisitions.

With shareholder approval secured, the final hurdles for Savanna include receiving final acceptance from the TSX Venture Exchange for the transaction and the name change, and the successful closing of the concurrent financing. Trading in Savanna’s shares remains halted pending these final approvals. Upon completion, the company will graduate from its shell status and begin its new life as an operating silver company, tasked with proving the potential of its Mexican asset to a market hungry for new precious metals discoveries.