Brixton Metals has secured an option to acquire 100% of the Silvergruvan polymetallic exploration property in central Sweden, committing approximately €3.05 million through staged share payments and exploration expenditure. The agreement became effective on 21 October 2026 following approval by the TSX Venture Exchange.
The 1,460-hectare property is located in Hällefors Municipality, Örebro County, within the historic Bergslagen mining district. It is prospective for silver, gold, lead, zinc, antimony and indium, but has no modern mineral resource estimate or feasibility study.
Staged Investment and Royalty Terms
Under the agreement with McKnight Resources AB, Brixton will provide approximately €954,000 in shares and €2.10 million in exploration expenditure across three stages. The commitments range from an initial €191,000 in exploration spending to €1.27 million in the third stage, followed by a final share issuance valued at approximately €381,000 to exercise the option.
Brixton will operate the property during the option period. McKnight will retain a 2% net smelter returns royalty, which Brixton can reduce to 1% through an additional payment or qualifying share issuance equivalent to approximately €954,000.
Historical Mining and Sampling Results
Mining at Silvergruvan dates to approximately 1635. Historical records refer to around 9,000 tonnes of mined material, reportedly averaging 1,560 grams of silver per tonne, alongside substantial lead and zinc grades. These figures have not been verified to modern reporting standards.
Recent sampling of 16 rock-grab samples from historical mine-waste dumps returned silver grades of up to 800 grams per tonne, lead concentrations of up to 18.4% and zinc grades reaching 20.9%. Gold results peaked at 1.8 grams per tonne, while antimony reached 1,480 parts per million and indium 188 parts per million.
The samples indicate metal-bearing material but cannot establish the grade, continuity or economic viability of underground mineralisation. Brixton’s qualified person visited the site in August 2026 and recommended further exploration. No compliant mineral resource has been declared.
Bergslagen Infrastructure and Critical-Minerals Potential
The property lies within a region that hosts established operations including Boliden’s Garpenberg mine and Zinkgruvan. Boliden’s 2025 reporting showed silver accounted for approximately 47% of Garpenberg’s reported metal revenue, followed by zinc at 32%, gold at 11% and lead at 10%.
Silvergruvan benefits from year-round road access, proximity to the national electricity grid and access to a regional mining workforce. However, exploration permits do not authorise mine construction, which would require further technical, environmental and regulatory approvals.
Brixton’s immediate priorities include reviewing historical mine plans, conducting geological and geophysical investigations, identifying drilling targets and establishing whether the property warrants systematic drilling and a modern resource estimate.
