# EDGAR Filing Document

**Accession Number:** 0002067674
**File Stem:** 0001539497-25-002585
**Filing Date:** 2025-10
**Character Count:** 1471301
**Document Hash:** b9e604c57ed2d51e1cdf1563869a0478
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-002585.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001539497-25-002585

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 85

**FILED AS OF DATE**: 20251002

**DATE AS OF CHANGE**: 20251002

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SILVER BOW MINING CORP.
- **CENTRAL INDEX KEY:** 0002067674
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-08539
- **FILM NUMBER:** 251366097

**BUSINESS ADDRESS:**
- **STREET 1:** 1401 IDAHO STREET
- **CITY:** BUTTE
- **STATE:** MT
- **ZIP:** 59702
- **BUSINESS PHONE:** (406) 718-7593

**MAIL ADDRESS:**
- **STREET 1:** 1401 IDAHO STREET
- **CITY:** BUTTE
- **STATE:** MT
- **ZIP:** 59702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SILVER BOW MINNG CORP.
- **DATE OF NAME CHANGE:** 20250509

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**As confidentially submitted to the U.S. Securities and Exchange Commission on October 1, 2025<br> This draft registration statement has not been publicly filed with the U.S. Securities and Exchange Commission and all information herein remains strictly confidential.**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**Form S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

 ****

**SILVER BOW MINING CORP.**

**(Exact name of Registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **British Columbia** | **1040** | **98-1858068** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**Silver Bow Mining Corp.**

**1401 Idaho Street** 

**Butte Montana 59701**

**(406) 718-7593**

**(Address, including zip code and telephone number, including area code, of registrant's principal executive offices)** 

**C T Corporation System**

**1015 15th Street N.W., Suite 1000**

**Washington, DC 20005**

**(202) 572-3100**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

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| | |
|:---|:---|
| **Jason K. Brenkert, Esq.**<br> **Dorsey & Whitney LLP**<br> **1400 Wewatta Street, Suite 400<br> Denver, Colorado 80202<br> (303) 352-1133** | **Mark D. Wood, Esq.**<br> **Elizabeth C. McNichol, Esq.**<br> **Katten Muchin Rosenman LLP**<br> **525 W. Monroe Street**<br> **Chicago, IL 60661-3693**<br> **(312) 902-5493** |

---

Approximate date of commencement of proposed sale to the public: **As soon as practicable after the effective date of this registration statement.** 

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large Accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected to opt out of the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Exchange Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Commission acting pursuant to said Section 8(a), may determine.** 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any state or other jurisdiction where the offer or sale is not permitted.** 

**SUBJECT TO COMPLETION, DATED OCTOBER 1, 2025** 

**PRELIMINARY PROSPECTUS**

![](n_s-1img001.jpg)

**Common Shares**

This is the initial public offering of the common shares of Silver Bow Mining Corp (the "Company", "we", "us". "our" or "Silver Bow Mining"). We are offering common shares (the "common shares").

Prior to this offering, there has been no public market for our common shares. It is currently estimated that the initial public offering price for our common shares will be between $ and $ per share. We intend to apply to list our common shares on the NYSE American ("NYSE American"). We anticipate that our common shares will be trading on the NYSE American; however, there can be no assurance that such an application for trading will be approved. If we do not meet all of the NYSE American's initial listing criteria or our application for listing is not otherwise accepted, we will not complete this offering. The offering price may not reflect the market price of our common shares after this offering. Our common shares are not listed for trading on any exchange or automated quotation system.

We are an "emerging growth company" as defined by the Jumpstart Our Business Startups Act of 2012 and, as such, we have elected to comply with certain reduced public company reporting requirements for this prospectus and future filings. See "Implications of Being an Emerging Growth Company."

**Investing in our securities involves a high degree of risk. Please read "<u>Risk Factors</u>" beginning on page 13 of this prospectus.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

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| | | |
|:---|:---|:---|
|  | **Per common <br> share** | **Total** |
| Initial public offering price | $| $|
| Underwriting discount<sup>(1)</sup> | $| $|
| Proceeds, before expenses, to us | $| $|

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(1) The underwriters and other broker-dealers will receive compensation for
sales of the securities offered hereby at a fixed commission rate consisting of a cash fee equal to %
of the total gross proceeds of the offering. See the section titled "Underwriting" for additional information regarding total
underwriter compensation.

This Offering is being conducted by Cantor Fitzgerald & Co. (the "Representative"), a registered broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"), as representative of the underwriters named in the underwriting agreement, including (collectively with the Representative, the "Underwriters"). To the extent that the Underwriters sell more than common shares, the underwriters have the option exercisable by the Representative to purchase up to an additional shares from us at the initial price to the public per common share, less the underwriting discount, to cover over-allotments, for 30 days after the date of this prospectus. None of the common shares offered are being sold by present security holders of Silver Bow Mining.

In connection with the filing and qualification of the registration statement of Silver Bow Mining on Form S-1 of which this prospectus is a part with the Commission, we are filing a preliminary prospectus (the "Canadian Prospectus") with the securities regulatory authorities in the provinces of British Columbia and Ontario (the "Canadian Jurisdictions"), for the purposes of qualifying this offering in Canada.

The underwriters expect to deliver the common shares to purchasers on or about _________, 2025

**Cantor**

**Prospectus dated , 2025.** 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS AND EXCHANGE RATES](#a_001) | [1](#a_001) |
| [PROSPECTUS SUMMARY](#a_002) | [5](#a_002) |
| [SUMMARY OF CONSOLIDATED FINANCIAL DATA](#a_003) | [12](#a_003) |
| [RISK FACTORS](#a_004) | [13](#a_004) |
| [FORWARD-LOOKING STATEMENTS](#a_005) | [32](#a_005) |
| [CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES](#a_006) | [33](#a_006) |
| [DIVIDEND POLICY](#a_007) | [34](#a_007) |
| [USE OF PROCEEDS](#a_008) | [34](#a_008) |
| [DETERMINATION OF OFFERING PRICE](#a_009) | [35](#a_009) |
| [CAPITALIZATION](#a_010) | [35](#a_010) |
| [DILUTION](#a_011) | [36](#a_011) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_012) | [37](#a_012) |
| [BUSINESS](#a_013) | [44](#a_013) |
| [LEGAL PROCEEDINGS](#a_014) | [55](#a_014) |
| [DESCRIPTION OF PROPERTY](#a_015) | [56](#a_015) |
| [MANAGEMENT](#a_016) | [66](#a_016) |
| [EXECUTIVE COMPENSATION](#a_017) | [72](#a_017) |
| [NON-EMPLOYEE DIRECTOR COMPENSATION](#a_018) | [75](#a_018) |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#a_019) | [79](#a_019) |
| [PRINCIPAL STOCKHOLDERS](#a_020) | [79](#a_020) |
| [DESCRIPTION OF SECURITIES](#a_021) | [82](#a_021) |
| [UNDERWRITING](#a_022) | [88](#a_022) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_023) | [93](#a_023) |
| [MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. RESIDENTS](#a_024) | [95](#a_024) |
| [MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS](#a_025) | [97](#a_025) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_026) | [104](#a_026) |

---

i

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**ABOUT THIS PROSPECTUS AND EXCHANGE RATES**

This prospectus is a part of a registration statement on Form S-1 that we filed with the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"). You should rely only on the information contained in this prospectus or contained in any prospectus supplement or free writing prospectus filed with the SEC. We have not authorized anyone to provide you with additional information or information different from that contained in this prospectus filed with the SEC. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give to you. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus.

For investors outside the United States: we have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the common shares and the distribution of this prospectus outside the United States.

We are Silver Bow Mining Corp., formerly known as Blackjack Silver Corp., a British Columbia corporation, which together with our subsidiaries we refer to as "Silver Bow Mining," the "Company", "Silver Bow Mining", "we", "our", or "us".

Unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to "$" refer to United States dollars. All references to "C$" refer to Canadian dollars. All references to "common shares" and "shares" refer to the common shares in our capital stock, unless otherwise indicated.

Silver Bow Mining Corp., the Silver Bow Mining logo and other trademarks or service marks of Silver Bow Mining appearing in this prospectus are the property of Silver Bow Mining or its subsidiaries. Trade names, trademarks and service marks of other companies appearing in this prospectus are the property of their respective holders.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**GLOSSARY OF MINING TERMS**

**S-K 1300 Definitions**

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| | |
|:---|:---|
| **Development Stage <br> Issuer** <br>| A "development stage issuer" is an issuer that is engaged in the preparation of mineral reserves for extraction on at least one material property. |
| **Development Stage <br> Property** | A "development stage property" is a property that has mineral reserves disclosed, pursuant to this subpart, but no material extraction.<br>|
| **Exploration Stage Issuer** | An "exploration stage issuer" is an issuer that has no material property with mineral reserves disclosed. |
| **Exploration Stage <br> Property** | An "exploration stage property" is a property that has no mineral reserves disclosed. |
| **Indicated Mineral <br> Resource** | An "indicated mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve |
| **Inferred Mineral <br> Resource** | An "inferred mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. |
| **Measured Mineral <br> Resource** | A "measured mineral resource" is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. |
| **Mineral Reserve** | A "mineral reserve" is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted |

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 ****

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

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| | |
|:---|:---|
| **Mineral Resource** | A "mineral resource" is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. |

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| | |
|:---|:---|
| **Modifying Factors** | Modifying factors are the factors that a qualified person must apply to indicated and measured mineral resources and then evaluate in order to establish the economic viability of mineral reserves. A qualified person must apply and evaluate modifying factors to convert measured and indicated mineral resources to proven and probable mineral reserves. These factors include, but are not restricted to: Mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. |
| **Probable Mineral Reserve** | A "probable mineral reserve" is the economically mineable part of an indicated and, in some cases, a measured mineral resource. |
| **Production Stage Issuer** | A "production stage issuer" is an issuer that is engaged in material extraction of mineral reserves on at least one material property. |
| **Production Stage <br> Property** | A "production stage property" is a property with material extraction of mineral reserves. |
| **Proven Mineral Reserve** | A "proven mineral reserve" is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. |

---

 ****

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**ABBREVIATIONS**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Definition** |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;Silver |
| &nbsp;&nbsp;Ag_Eq | &nbsp;&nbsp;Silver Equivalent |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;Gold |
| &nbsp;&nbsp;BQM | &nbsp;&nbsp;Butte Quartz Monzonite |
| &nbsp;&nbsp;BSB | &nbsp;&nbsp;consolidated city-county government of Butte-Silver Bow County |
| &nbsp;&nbsp;C$ | &nbsp;&nbsp;Canadian Dollar |
| &nbsp;&nbsp;CERCLA | &nbsp;&nbsp;Comprehensive Environmental Response, Compensation and Liability Act |
| &nbsp;&nbsp;Cu | &nbsp;&nbsp;Copper |
| &nbsp;&nbsp;DEQ | &nbsp;&nbsp;State of Montana Department of Environmental Quality |
| &nbsp;&nbsp;ft | &nbsp;&nbsp;feet |
| &nbsp;&nbsp;IVD2 | &nbsp;&nbsp;Inverse Distance Squared |
| &nbsp;&nbsp;LLP | &nbsp;&nbsp;Limited Liability Partnership |
| &nbsp;&nbsp;Mn | &nbsp;&nbsp;Manganese |
| &nbsp;&nbsp;NN | &nbsp;&nbsp;Nearest Neighbor |
| &nbsp;&nbsp;NSR | &nbsp;&nbsp;Net Smelter Return Royalty |
| &nbsp;&nbsp;OK | &nbsp;&nbsp;Ordinary Kriging |
| &nbsp;&nbsp;opt | &nbsp;&nbsp;ounce per ton |
| &nbsp;&nbsp;Pb | &nbsp;&nbsp;Lead |
| &nbsp;&nbsp;RC Drilling | &nbsp;&nbsp;Reverse Circulation Drilling |
| &nbsp;&nbsp;RQD | &nbsp;&nbsp;Rock Quality designation |
| &nbsp;&nbsp;tonne | &nbsp;&nbsp;Metric tonne |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;United States Dollar |
| &nbsp;&nbsp;Zn | &nbsp;&nbsp;Zinc |

---

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**PROSPECTUS SUMMARY**

*This summary highlights information contained in other parts of this prospectus. Because it is only a summary, it does not contain all of the information that you should consider before investing in our securities and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus. Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including our financial statements and related notes, before investing in our securities. If any of the following risks materialize, our business, financial condition, operating results and prospects could be materially and adversely affected. In that event, the price of our securities could decline, and you could lose part or all of your investment.*

 

*The information presented in this prospectus assumes (i) an initial public offering price of $ per share and (ii) unless otherwise indicated, that the Underwriters do not exercise their option to purchase additional common shares.*

**Our Company**

**Business Overview**

We were incorporated under the name Blackjack Silver Corp. pursuant to the Ontario Business Corporations Act on August 31, 2020. We changed our name to Silver Bow Mining Corp. pursuant to a certificate of amendment effective February 18, 2025. On May 27, 2025 we continued as a British Columbia corporation under the provisions of the British Columbia Business Corporations Act (the "BCBCA"). We are domiciled in British Columbia, Canada and maintain a head office in Butte, Montana. We have no maximum authorized share capital and no par value.

We are a minerals exploration company focused on silver, zinc, gold, lead, and copper targets in Montana. We own approximately 3,300 acres in patented mineral claims in Silver Bow County, Montana, USA. Our primary mineral claim property is called the "Rainbow Block", which is composed of approximately 878 acres of mineral rights, benefiting from over 100 years of exploration, mining, and metallurgical data. In addition to the Rainbow Block, we have approximately 2,420 acres of mineral concessions in Silver Bow County, represented by the Marget Ann Block, the Goldsmith Block, the Travona Block, and the Emma Block.

This is our initial public offering, and no public market currently exists for our stock. The offering price may not reflect the market price of our stock after this offering. Our common shares are not listed for trading on any exchange or automated quotation system.

We intend to submit an application for listing of our common shares for trading on the NYSE American. We anticipate that our common shares will be traded on the NYSE American; however, there can be no assurance that such an application for trading will be approved. If we do not meet all of the NYSE American's initial listing criteria or our application for listing is not otherwise accepted, we will not complete this offering.

For further information about us, see the section entitled "*Business*" and "*Description of Property*".

**Contact Information**

Our principal executive offices are located at 1401 Idaho Street, Butte, Montana 59701 and our telephone number is (406) 718-7593. Our website is www.silverbowmining.com. The information on our website is not incorporated by reference into this prospectus.

**Organizational Structure**

We have 4 wholly-owned subsidiaries, SBM Montana LLC, (a Delaware limited liability company), SBM Properties LLC (a Montana limited liability company), Ferry Lane Limited (a British Virgin Islands company) and Ferry Lane Management LLC (a Wyoming limited liability company).

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**The Rainbow Block Property**

 ****

The Rainbow Block is situated in the historical Butte Mining District (officially known as the Summit Valley Mining District but referred to herein as the Butte Mining District) in Silver Bow County, Montana, USA, in an area characterized by its distinctive topographic setting along the Continental Divide. Strategically located in the northern part of Butte and encompassing portions of Walkerville, the property lies within a region renowned for its rich mining heritage. The historic Alice Pit occupies the north-central portion of the property, while the Berkeley Pit lies directly southeast of the block. Montana Resources LLP operates the active Continental Pit approximately 1.5 miles east of the Rainbow Block, currently producing copper and molybdenum concentrates.

<br> The property comprising the Rainbow Block encompasses 129 patented mining claims totaling approximately 878 acres, located within Sections 6 and 7, Township 3N, Range 7W, and Sections 1, 11 and 12, Township 3N, Range 8W. We control approximately 299 acres of surface rights within the property boundaries, with the remaining surface rights held by various third parties. These patented claims provide secure, perpetual ownership of the mineral rights without annual maintenance requirements typically associated with unpatented claims.

The Rainbow Block spans a significant elevation range across three distinct topographic zones. Lower Butte, known locally as "the Flats," is located within Summit Valley at approximately 5,500 ft above sea level. Upper Butte, commonly called "Uptown," is situated at approximately 5,700 ft above sea level. The Rainbow Block itself extends upward to elevations of 6,400 ft above sea level.

The mineral rights to the Rainbow Block are held through Ferry Lane Limited, a wholly-owned subsidiary of ours.

We own approximately 299 acres of private surface lands in the Rainbow Block which may be utilized for development of the Rainbow Block. Several small portions of the Rainbow Block surface rights are owned by third parties. We are in the process of identifying the ownership of these parcels for the purpose of acquiring additional private surface land within the claim block.

The Rainbow Block is classified as an exploration stage property under S-K 1300. Based on exploration drilling completed through December 2024, the property hosts an Inferred Mineral Resource of approximately 11.48 million tons grading 14.8 opt Ag-eq (170.0 million ounces Ag-eq). The property does not currently contain any Measured or Indicated Mineral Resources or any Mineral Reserves as defined by S-K 1300.

For a discussion of the Rainbow Block's geology, mineralization, exploration history, and mineral resource estimate, see the *"Description of Property"* section in this prospectus.

**Additional Information**

You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with additional information or information different from that contained in this prospectus filed with the SEC. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, the common shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this document, regardless of the time of delivery of this prospectus or any sale of the common shares. Our business, financial condition, results of operations, and prospects may have changed since the date hereof.

**Implications of Being an Emerging Growth Company**

As a company with less than $1.235 billion in revenues during our last fiscal year, we qualify as an emerging growth company as defined in the Jumpstart Our Business Startups Act, or the JOBS Act, enacted in 2012. As an emerging growth company, we expect to take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

● being permitted to present only two years of audited financial statements, in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure in this prospectus;

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended;

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements;

● exemption from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure; and

● exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

We elected to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under §107 of the JOBS Act. Our election to use the phase-in periods may make it difficult to compare our financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under §107 of the JOBS Act.

We may take advantage of these exemptions for up to five years. However, if certain events occur prior to the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed $1.235 billion or we issue more than $1 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company prior to the end of such five-year period.

To the extent that we continue to qualify as a "smaller reporting company," as such term is defined in Rule 12b-2 under the U.S. Securities Exchange Act of 1934 (the "Exchange Act"), as amended, after we cease to qualify as an emerging growth company, certain of the exemptions available to us as an emerging growth company may continue to be available to us as a smaller reporting company, including: (i) not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes Oxley Act; (ii) scaled executive compensation disclosures; and (iii) the requirement to provide only two years of audited financial statements, instead of three years.

**Implications of Being a Smaller Reporting Company**

Rule 12b-2 of the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

● had a public float of less than $250 million as of the last business day of our most recently completed second fiscal quarter, computed by multiplying the aggregate worldwide number of shares of our voting and non-voting common equity held by non-affiliates by the price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market for the common equity; or

● in the case of an initial registration statement under the Securities Act, or the Exchange Act of 1934, as amended, which we refer to as the Exchange Act, for shares of our common equity, had a public float of less than $250 million as of a date within 30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares included in the registration statement by the estimated initial public offering price of the shares; or

● in the case of an issuer whose public float as calculated under the previous two bullet points was zero or less than $700 million, had annual revenues of less than $100 million during the most recently completed fiscal year for which audited financial statements are available.

We believe that we are a smaller reporting company, and as such that we will not be required and may not include a Compensation Discussion and Analysis section in our proxy statements; we will provide only two years of financial statements; and we need not provide the table of selected financial data. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies. These "scaled" disclosure requirements may make our securities less attractive to potential investors, which could make it more difficult for our security holders to sell their securities.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Summary Risk Factors**

We and our business are subject to material risks, which could cause actual results, performance and achievements to differ materially from those anticipated. See the risk factors set forth in the section entitled "*Risk Factors*" in this prospectus. These risks can be summarized as follows:

*Risks Related to our Company*

● Our reliance on a single material property presents development risks that could adversely affect our financial condition.

● We have no history of mineral production and there can be no guarantee we will achieve mineral production.

● We are an early stage exploration company which presents additional risks to our success.

● Our properties are in the exploration stage and there can be no assurance that our mineral properties will result in reserves.

● As an emerging growth company, our auditor is not required to attest to the effectiveness of our internal controls.

● We expect that we will be considered a smaller reporting company under the Exchange Act and will be exempt from certain disclosure requirements, which could make our common shares less attractive to potential investors.

● We believe that we may be a "passive foreign investment company" for the current taxable year which may result in materially adverse United States federal income tax consequences for United States investors.

● A limited number of our stockholders own a large percentage of our common shares and exercise control over us.

● We do not currently insure against all the risks and hazards of mineral exploration, development and mining operations.

● We may enter into joint ventures and partnerships which will expose us to risks related to third-party performance under these agreements.

● We are subject to risks regarding completing and integrating acquisitions that could adversely affect our business.

● We are reliant on certain key personnel, the loss of which could have a negative impact on our operations.

● Certain of our directors and officers may have conflicts of interest due to affiliations with other companies involved in natural resource exploration.

● We may experience difficulty attracting and retaining qualified management to meet the needs of our anticipated growth, and the failure to manage our growth effectively could have a material adverse effect on our business and financial condition.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Risks Related to the Mining Industry*

● Mining operations generally involve a high degree of risk and there is no certainty that the expenditures to be made by us towards the exploration and evaluation of silver or other minerals will result in discoveries or production of commercial quantities of silver or other minerals.

● Equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyber-attacks or other breaches of network systems or security that affect computer systems within our network could lead to disruptions in our business functions.

● There are uncertainties as to title matters in the mining industry and any defects in title could cause us to lose rights in our mineral properties and jeopardize our business operations.

● Title on mineral properties and mining rights involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties.

● The title to our mineral property interests may be challenged.

● Natural resource properties are largely contractual in nature and there may be instances where we would be forced to take legal action to enforce our contractual rights.

● The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

● Our business is subject to a number of risks and such occurrences may results in damage to mineral properties or production facilities.

● Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.

*Risks Related to our Financial Condition and our Common Shares*

● We have a limited operating history on which to base an evaluation of our business and prospects.

● We have no operating cash flow, a history of losses and there can be no assurance we will ever achieve profitability.

● We will require significant additional capital to fund our business plan.

● Increased costs could affect our financial condition.

● The price of our common shares is likely to be significantly affected by short-term changes in mineral prices or in financial condition or results of operations as reflected in our quarterly earnings reports.

● No dividends on the common shares have been paid by us to date and there can be no guarantee dividends will be paid in the future.

● We may choose to raise capital through acquisitions or equity, resulting in dilution to existing shareholders.

● If we raise additional funds by issuing additional equity securities, such financing may substantially dilute the interests of existing shareholders.

The foregoing is a summary of significant risk factors that we think could cause our actual results to differ materially from expected results. However, there could be additional risk factors besides those listed herein that also could affect us in an adverse manner. You should read the risk factors set forth in the section entitled "*Risk Factors*" beginning on page 13 of this prospectus.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**The Offering** 

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| | |
|:---|:---|
| **Common Shares offered by us** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares, based on a public offering price of $ per common share. |
| **Common Shares to be outstanding after this offering** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common shares. |
| <br> **Option to purchase additional shares of common stock** | <br> We have granted the Underwriters the right to purchase up to additional common shares to be sold in the offering within days after the closing of the offering. |
| **Use of proceeds** | We estimate that the net proceeds to us from the sale of shares of our common shares in this offering will be approximately $ million, assuming an initial public offering price of $ per share as set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We intend to use the net proceeds of this offering to fund our ongoing mining and exploration activities, and for working capital and general corporate purposes. See "Use of Proceeds.<br>|
| **Dividend Policy** | We have paid no dividends on the common shares to date and we do not expect to pay dividends on our common shares in the foreseeable future. |
| **Listed and trading symbol** | Our common shares are not listed for trading on any exchange or automated quotation system. We intend to submit an application for listing of the common shares on the NYSE American. We anticipate that our common shares will be accepted for trading on the NYSE American; however, there can be no assurance that such an application for listing will be approved. If we do not meet all of the NYSE American's initial listing criteria or our application for listing is not otherwise accepted, we will not complete this offering. |
| **Risk Factors** | Investment in our securities involves substantial risks. You should read this prospectus carefully, including the section entitled "Risk Factors" and the financial statements and the related notes to those statements included in this prospectus, before investing in our common shares.<br>|
| **Tax Considerations** | Please read "*Material Federal Income Tax Considerations*". |
| <br> **Underwriter's Commission** | <br> The Underwriters and other broker-dealers will receive compensation for sales of the securities offered hereby at a fixed commission rate consisting of: (i) a cash fee equal to % of the total gross proceeds of the offering; and (ii) Underwriter Warrants exercisable at a price of $ for a period beginning 180 days from the closing date of the Offering and expiring 18 months from the closing date of the Offering to acquire the number of common shares equal to % of the common shares sold during this offering. See "*Underwriting*" in this Prospectus. |

---

The number of common shares to be outstanding after this offering is based on an aggregate of 173,117,089 common shares outstanding as of September 17, 2025. The disclosure above does not include:

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● 70,083,374 common shares issuable upon exercise of outstanding warrants at an average weighted exercise price of $0.49 per common share;

● 1,111,111 common shares issuable upon conversion of $500,000 in convertible notes at a conversion price of $0.45 per share;

● 15,250,000 common shares issuable upon exercise of outstanding options, at a weighted average exercise price of $0.30 per share, of which 14,916,667 shares were vested;

● 637,712 common shares issuable upon settlement of outstanding restricted stock units;

● 14,000,000 common shares issuable upon exercise of an outstanding performance warrant at $0.31 per share; and

● 1,423,996 common shares reserved for future issuance under our stock option plan, plus any future increases in the number of common shares reserved for issuance under our stock option plan pursuant to evergreen provisions.

Except as otherwise indicated herein, all information in this prospectus, including the number of common shares that will be outstanding after this offering does not include the exercise of the Underwriters option to purchase additional common shares or the exercise of Underwriter Warrants.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**SUMMARY OF CONSOLIDATED FINANCIAL DATA**

The following tables set forth a summary of our historical audited consolidated financial data as at and for the fiscal years ended December 31, 2024 and 2023 and for the six month periods ended June 30, 2025 and 2024. The historical summary consolidated financial data set forth in the following tables has been derived from our consolidated financial statements included elsewhere in this prospectus. In our opinion, the unaudited interim consolidated financial statements have been prepared on a basis consistent with our audited consolidated financial statements and, in our opinion, contain all adjustments, consisting only of normal and recurring adjustments, necessary for a fair presentation of such interim financial statements. You should read this data together with Silver Bow Mining's consolidated financial statements and the related notes appearing elsewhere in this prospectus and the information included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations." Silver Bow Mining's historical results are not necessarily indicative of our future results.

**Condensed Consolidated Statements of Operations and Comprehensive Loss:**

*(expressed in United States Dollars)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Unaudited)**<br> **Six months ended<br> June 30,** | **(Unaudited)**<br> **Six months ended<br> June 30,** | **Year ended** <br> **December 31,** | **Year ended** <br> **December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
| Loss before other items | $(7922461) | (2684399) | (4808639) | (1332156) |
| Acquisition Costs |  |  |  |  |
| Net and Comprehensive Loss | (7922461) | (2684399) | (4808639) | (1332156) |
| Net loss per share, basic and diluted | $(0.0502) | $(0.0194) | $(0.0332) | $(0.0155) |
| Weighted average shares to compute net loss per share, basic and diluted | 157714409 | 138632365 | 144776368 | 85314980 |

---

**Selected Consolidated Balance Sheet Data**

*(expressed in United States Dollars)*

---

| | | | |
|:---|:---|:---|:---|
| | **(Unaudited)**<br> **June 30, 2025** | **December 31,** | **December 31,** |
| | **(Unaudited)**<br> **June 30, 2025** | **2024** | **2023** |
| Cash and cash equivalents | $2019204 | $273299 | $15597239 |
| Total current assets | $2150336 | $626932 | $4456018 |
| Total assets | $40725153 | $10422547 | $5415831 |
| Current liabilities | $1433886 | $4481346 | $559209 |
| Total liabilities | $1647575 | $5005423 | $1302054 |
| Total stockholders' equity | $39077578 | $5417124 | $4113777 |
| Total liabilities and stockholder's equity | $40725153 | $10422547 | $5415831 |

---

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**RISK FACTORS**

*Investing in our common shares involves a high degree of risk. You should carefully consider each of the following risks, together with all other information set forth in this prospectus, including the consolidated financial statements and the related notes, before making a decision to buy our common shares. If any of the following risks actually occurs, our business could be harmed. In that case, the trading price of our common shares could decline, and you may lose all or part of your investment.*

 

**<u>Risks Related to Our Financial Condition</u>**

***We have a limited operating history on which to base an evaluation of our business and prospects.***

We are an exploration stage company and have no history of operations, mining or refining mineral products. We are subject to many risks common to such enterprises, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources and lack of revenues. There is no assurance that we will be successful in achieving a return on an investment for investors in the common shares and our likelihood of success must be considered in light of our early stage of operations.

There can be no assurance that the Rainbow Block or any other property will be successfully placed into production, produce minerals in commercial quantities or otherwise generate operating earnings. Advancing projects from the exploration stage into development and commercial production requires significant capital and time and will be subject to the successful completion of further technical studies, permitting requirements and the construction of mines, processing plants, roads and related works and infrastructure. We will continue to incur losses until mining-related operations successfully reach commercial production levels and generate sufficient revenue to fund continuing operations.

***We have no operating cash flow, a history of losses and there can be no assurance we will ever achieve profitability.***

We have no operating cash flow and a history of losses, and we anticipate having no operating cash flow until one of our projects comes into production, which may or may not occur. For the financial year ended December 31, 2024, we had a negative operating cash flow of $2,636,429. We have no source of operating cash flow and there can be no assurance that we will ever achieve revenue or profitability. Accordingly, we are dependent on third party financing to continue exploration activities on our properties, maintain capacity and satisfy contractual obligations. The amount and timing of expenditures will depend on a number of factors, including in material part the progress of ongoing exploration, the results of consultants' analyses and recommendations, the entering into of any strategic partnerships and the acquisition of additional property interests. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of our properties or require us to sell one or more of our properties. These conditions, including other factors described herein, create a material uncertainty regarding our ability to continue as a going concern.

***We will require significant additional capital to fund our business plan.***

We plan to focus on exploring for minerals and will use our working capital to carry out such exploration. We have no source of operating cash flow and no assurance that acceptable additional funding will be available to us for the further exploration and development of our projects. It is likely that the development and exploration of our properties will require substantial additional financing after the completion of this initial public offering. Further exploration and development of the Rainbow Block and/or other properties, including property interests acquired by us in the future, may be dependent upon the ability to obtain acceptable financing through equity or debt, and there can be no assurance that it will be able to obtain adequate financing in the future or that the terms of such financing will be acceptable. Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of our projects and we may become unable to carry out our business objectives.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***Increased costs could affect our financial condition.***

We anticipate that costs at our projects and properties that we may explore or develop, will frequently be subject to variation from one year to the next due to a number of factors, such as changing grade, metallurgy and revisions to mine plans, if any, in response to the geometries and locations of Mineral Resources. In addition, costs are affected by the price of commodities such as fuel, steel, rubber, and electricity. Such commodities are at times subject to volatile price movements, including increases that could make production at certain locations less profitable. A material increase in costs at any significant location could have a significant effect on our profitability.

**<u>Risks Related to our Company</u>**

***Our reliance on a single material property presents development risks that could adversely affect our financial condition.***

The Rainbow Block is our only material property currently being assessed for exploration and, if warranted, development. As a result, unless we acquire additional property interests or seek to assess and develop our other properties, any adverse developments affecting this property would have a material adverse effect upon us and would materially affect our potential mineral production, profitability, financial performance and results of operations. While we may seek to acquire additional mineral properties in accordance with our business objectives, there can be no assurance that we will be able to identify suitable additional mineral properties or, if we do identify suitable properties, that we will have sufficient financial resources to acquire such properties or that such properties will be available on terms acceptable to us, or at all, and that we will be able to successfully develop such properties and bring such properties into commercial production.

There can be no assurance that we will:

● Identify additional properties or assess and develop our other properties with suitable mineralization or development potential;

● Secure sufficient financial resources to acquire or develop such properties;

● Successfully negotiate acquisition terms acceptable to our business needs; or

● Successfully develop any such properties and bring them into commercial production.

Investors should carefully consider the risks associated with our current reliance on a single material property when evaluating an investment in us.

***We have no history of mineral production and there can be no guarantee we will achieve mineral production.***

We have no history of commercial mineral production from the Rainbow Block. Our company has not yet demonstrated the ability to develop a mineral property through to commercial production.

The Rainbow Block represents an exploration-stage venture with inherent uncertainties and risks. Though we have identified an Inferred Mineral Resource on the property, this resource cannot be considered a Mineral Reserve under current regulatory standards as economic viability has not yet been demonstrated through appropriate engineering and economic studies. No Measured or Indicated Mineral Resources have been established to date. Quantities and/or grade described in this prospectus should not be interpreted as assurances of a potential resource or reserve, or of potential future mine life or of the profitability of future operations.

Our ability to achieve commercial production is subject to numerous risks and uncertainties, including:

● The possibility that our exploration programs may not identify commercially viable mineralization

● Technical challenges in designing and constructing efficient mining and processing facilities

● Obtaining necessary permits and regulatory approvals

● Securing adequate financing for development and operational costs

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● Fluctuations in commodity prices that could affect project economics

● Metallurgical, processing, and recovery challenges that could impact profitability

● Environmental, social, and infrastructure considerations that could delay or modify development plans

There is no assurance that our planned expenditures on exploration and development will result in the discovery of mineral deposits that can be economically extracted. Even where significant mineralization is identified, numerous technical and economic factors must be resolved before any property can be brought to the production stage. The exploration and development of mineral deposits involves a high degree of financial risk over a significant period of time. Few properties that are explored are ultimately developed into producing mines and there is no assurance that any of our projects can be mined profitably. Substantial expenditures are required to establish mineral resources and reserves through drilling, to develop metallurgical processes to extract the metal from the ore and in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining. The path from exploration to commercial production involves multiple complex stages, each with its own challenges and capital requirements.

Investors should understand that mineral exploration and development is a highly speculative business with a high risk of failure to achieve commercial production, even following the identification of mineral resources. No assurance can be given that any particular level of recovery of minerals will be realized or that any potential quantities and/or grade will ever qualify as a mineral resource or reserve, or that any such mineral resource or reserve will ever qualify as a commercially mineable (or viable) deposit which can be legally and economically exploited.

Where expenditures on a property have not led to the discovery of mineral resources or reserves, incurred expenditures will generally not be recoverable.

***Our properties are in the exploration stage and there can be no assurance that our mineral properties will result in reserves.***

We have not established that our properties contain any Mineral Reserve according to recognized reserve guidelines, nor can there be any assurance that we will be able to do so. A Mineral Reserve is defined by the SEC in Regulation S-K 1300 as that part of a mineral deposit, which could be economically and legally extracted or produced at the time of the reserve determination. The probability of an individual prospect ever having a "reserve" that meets the requirements of Regulation S-K 1300 is extremely remote; in all probability our mineral properties do not contain any "reserves" and any funds that we spend on exploration could be lost. Even if we do eventually discover a Mineral Reserve on our properties, there can be no assurance that it can be developed into producing mines and extract those minerals. Both mineral exploration and development involve a high degree of risk and few mineral properties which are explored are ultimately developed into producing mines.

The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as a smelter, roads and a point for shipping, government regulation and market prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***The development and exploration plans and costs associated with the Rainbow Block may differ from the estimates in the S-K 1300 Report.***

The S-K 1300 Report contains estimates of future production, development plans, operating and capital costs, financial returns and other economic and technical estimates relating to the Rainbow Block. These estimates are based on a variety of factors and assumptions, and there can be no assurance that such production, plans, costs or other estimates will be achieved. Actual costs and financial returns may vary significantly from the estimates in the S-K 1300 Report depending on a variety of factors, many of which are not within our control, including, but not limited to: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the price of gold and silver; short-term operating revisions to mine plans; equipment failures; industrial accidents; natural phenomena; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages; exchange rate and commodity price fluctuations; shortages of principal supplies needed for development and operations; labor shortages or strikes; high rates of inflation; civil disobedience, protests and acts of civil unrest or terrorism, applicable taxes and restrictions or regulations imposed by governmental or regulatory authorities or other changes in the regulatory environments. Failure to achieve estimates or material increases in costs could have a material adverse impact on our future cash flows, profitability, results of operations and financial condition.

 ****

***As an emerging growth company and a smaller reporting company, our auditor is not required to attest to the effectiveness of our internal controls.***

Our independent auditors are not required to attest to the effectiveness of our internal control over financial reporting while we are an emerging growth company and/or a smaller reporting company. This means that the effectiveness of our financial operations may differ from our peer companies in that they may be required to obtain independent registered public accounting firm attestations as to the effectiveness of their internal controls over financial reporting while we are not. While our management will be required to attest to internal control over financial reporting and we will be required to detail changes to our internal controls on a quarterly basis, we cannot provide assurance that the independent registered public accounting firm's review process in assessing the effectiveness of our internal controls over financial reporting, if obtained, would not find one or more material weaknesses or significant deficiencies. Further, once we cease to be an emerging growth company we will be subject to independent registered public accounting firm attestation regarding the effectiveness of our internal controls over financial reporting unless our public float is less than $75 million and we continue as a smaller reporting company. Even if management finds such controls to be effective, our independent registered public accounting firm may decline to attest to the effectiveness of such internal controls and issue a qualified report.

***We expect that we will be considered a smaller reporting company under the Exchange Act and will be exempt from certain disclosure requirements, which could make our common shares less attractive to potential investors.***

Rule 12b-2 of the Exchange Act defines a "smaller reporting company" as an issuer that is not an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that:

● had a public float of less than $250 million as of the last business day of its most recently completed second fiscal quarter, computed by multiplying the aggregate worldwide number of shares of its voting and non-voting common equity held by non-affiliates by the price at which the common equity was last sold, or the average of the bid and asked prices of common equity, in the principal market for the common equity; or

● in the case of an initial registration statement under the Securities Act, or the Exchange Act of 1934, as amended, which we refer to as the Exchange Act, for shares of its common equity, had a public float of less than $250 million as of a date within 30 days of the date of the filing of the registration statement, computed by multiplying the aggregate worldwide number of such shares held by non-affiliates before the registration plus, in the case of a Securities Act registration statement, the number of such shares included in the registration statement by the estimated initial public offering price of the shares; or

● in the case of an issuer whose public float as calculated under the previous two bullet points was zero or less than $700 million, had annual revenues of less than $100 million during the most recently completed fiscal year for which audited financial statements are available.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

We believe that we are a smaller reporting company, and as such that we will not be required and may not include a Compensation Discussion and Analysis section in our proxy statements; we will provide only two years of financial statements; and we need not provide the table of selected financial data. We also will have other "scaled" disclosure requirements that are less comprehensive than issuers that are not smaller reporting companies. These "scaled" disclosure requirements make our securities less attractive to potential investors, which could make it more difficult for our securityholders to sell their securities.

***We believe that we may be a "passive foreign investment company" for the current taxable year which may result in materially adverse United States federal income tax consequences for United States investors.***

We generally will be designated as a "passive foreign investment company" under the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended (a "PFIC") if, for a tax year, (a) 75% or more of our gross income for such year is "passive income" (generally, dividends, interest, rents, royalties, and gains from the disposition of assets producing passive income) or (b) if at least 50% or more of the value of our assets produce, or are held for the production of, passive income, based on the quarterly average of the fair market value of such assets. United States shareholders should be aware that we believe we were classified as a PFIC during our tax year ended December 31, 2024, and based on current business plans and financial expectations, believe that we may be a PFIC for the current and future taxable years. If we are a PFIC for any year during a U.S. Holder's holding period, then such U.S. Holder generally will be required to treat any gain realized upon a disposition of common shares, or any "excess distribution" received on its common shares, as ordinary income, and to pay an interest charge on a portion of such gain or distribution, unless the shareholder makes a timely and effective "qualified electing fund" election ("QEF Election") or a "mark-to-market" election with respect to the common shares. A U.S. Holder who makes a QEF Election generally must report on a current basis its share of our net capital gain and ordinary earnings for any year in which we are a PFIC, whether or not we distribute any amount to our shareholders. A U.S. Holder who makes a mark-to-market election generally must include as ordinary income each year the excess of the fair market value of the common shares over the taxpayer's basis therein. U.S. Holders should be aware that we are not committing to supply U.S. Holders with information that such U.S. Holders require to report under the QEF rules, in the event we are a PFIC and a U.S. Holder wishes to make a QEF Election. Accordingly, U.S. Holders may not be able to make a QEF Election with respect to their common shares. This paragraph is qualified in its entirety by the discussion below under the heading "Certain United States Federal Income Tax Considerations." Each U.S. Holder should consult its own tax advisors regarding the PFIC rules and the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares.

***We may be deemed to be a controlled foreign corporation.***

If a U.S. person is treated as owning (directly, indirectly, or constructively) at least 10% of the value or voting power of our common shares, such person may be treated as a "United States shareholder" with respect to each "controlled foreign corporation" in our group. A United States shareholder of a controlled foreign corporation may be required to report annually and include in its U.S. taxable income its pro rata share of "subpart F income," "net CFC tested income," and investments in U.S. property by controlled foreign corporations, regardless of whether we make any distributions. We are not committing to assist investors in determining whether we or any of our non-U.S. subsidiaries is treated as a controlled foreign corporation or whether any U.S. Holder is treated as a United States shareholder with respect to any such controlled foreign corporation, or to furnish to any U.S. Holders with the information that may be necessary to comply with the aforementioned reporting and tax paying obligations. A U.S. investor should consult its advisors regarding the potential application of these rules to an investment in our common shares.

 **

***A limited number of our stockholders own a large percentage of our common shares and exercise control over us.***

 **

As of September 17, 2025, our officers, directors and three largest stockholders, including our CEO and Chairman, ISLV Partners, LLC, Crescat Capital, and 2176423 Ontario Ltd. hold, directly or indirectly, 82,675,104 common shares, approximately 47.8% of the issued and outstanding common shares prior to this offering, which will be approximately % after this offering (assuming no participation in this offering by any such persons). As a result, these persons have the ability to influence the outcome of matters submitted to the shareholders of Silver Bow Mining for approval, which could include the election and removal of directors, amendments to our corporate governing documents and business combinations. Our interests and those of these persons may at times conflict, and this conflict might be resolved against our interests. The concentration of approximately 47.8% of the issued and outstanding common shares in the hands of these shareholders may discourage an unsolicited bid for the common shares, and this may adversely impact the value and trading price of the common shares.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***We do not currently insure against all the risks and hazards of mineral exploration, development and mining operations.***

Our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment, natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in the ability to undertake exploration, monetary losses and possible legal liability.

Although we may maintain insurance to protect against certain risks in such amounts as it considers to be reasonable, our insurance will not cover all the potential risks associated with our operations. We may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production is not generally available to us or to other companies in the mining industry on acceptable terms. We might also become subject to liability for pollution or other hazards which it may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause us to incur significant costs that could have a material adverse effect upon our financial performance and results of operations.

***We may enter into joint ventures and partnerships which will expose us to risks related to third-party performance under these agreements.***

We may in the future enter into partnerships, option agreements and/or joint ventures as a means of acquiring additional property interests or to fully exploit the exploration and production potential of our assets. The failure of any partner to meet its obligations to us or other third parties, or any disputes with respect to third parties' respective rights and obligations, could have a material adverse effect on our rights under such agreements. We may also be unable to exert direct influence over strategic decisions made in respect of properties that are subject to the terms of these agreements, which may have a materially adverse impact on the strategic value of the underlying mineral claims. Furthermore, in the event we are unable to meet our obligations or share of costs incurred under agreements to which we are a party, we may have our property interests subject to such agreements reduced as a result or face the termination of such agreements.

***We are subject to risks regarding completing and integrating acquisitions that could adversely affect our business.***

From time to time, it can be expected that we will examine opportunities to acquire additional exploration and/or mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, will require significant attention by our management, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in its acquisition activities depends upon our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully. Any acquisitions would be accompanied by risks. In the event that we choose to raise debt capital to finance any such acquisitions, our leverage will be increased. If we choose to use equity as consideration for such acquisitions, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisitions with its existing resources, which would result in the depletion of such resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions, that we would be able to successfully integrate the acquired business into our pre-existing business or that any such acquisition would not have a material and adverse effect on us.

***We are reliant on certain key personnel, the loss of which could have a negative impact on our operations.***

Our development will depend on the efforts of key management and other key personnel, including C. Travis Naugle, our CEO and Chairman and Wade Black, our Chief Financial Officer. Loss of any of these people, particularly to competitors, could have a material adverse effect on our business. Further, with respect to the future development of our projects, it may become necessary to attract both international and local personnel for such development. The marketplace for key skilled personnel in our industry is becoming more competitive, which means the cost of hiring, training and retaining such personnel may increase. Factors outside our control, including competition for human capital and the high level of technical expertise and experience required to execute this development, will affect our ability to employ the specific personnel required. Due to our relatively small size,

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

the failure to retain or attract a sufficient number of key skilled personnel could have a material adverse effect on our business, results of future operations and financial condition. Moreover, we do not intend to take out 'key person' insurance in respect of any directors, officers or other employees.

***Certain of our directors and officers may have conflicts of interest due to affiliations with other companies involved in natural resource exploration.***

Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development and consequently there exists the possibility for such directors and officers to be in a position of conflict. Any decision made by any of such directors and officers involving our business must be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of our business and shareholders.

***Our business is strongly affected by the world market price of silver, zinc, gold and lead, and there can be no assurance we will be able to develop our properties.***

Our business is strongly affected by the world market price of silver, zinc, gold and lead. Global commodity prices fluctuate widely and are affected by numerous factors beyond our control, including global demand and production levels; political and economic conditions; producer hedging activities; speculative activities; inflation; interest rates; central bank lending, sales and purchases of silver, zinc, gold and lead; the strength of, and confidence in, the U.S. dollar, the currency in which the price of silver, zinc, gold and lead is generally quoted; and currency exchange rates.

The price of metals has fluctuated widely in recent years, and future sustained commodity price declines could cause continued development of, and commercial production from, our projects to be uneconomic. Depending on the price of commodities, our cash flow from any mining operations may be insufficient to meet our operating needs and capital expenditures, and as a result we could experience losses and/or may curtail or suspend some or all of our exploration, development, construction and mining activities or otherwise revise our mine plans, and exploration, development and construction plans, and could lose our interest in, or be forced to sell, some or all of our properties. Further, if forced to use significantly lower commodity prices for mineral resource calculations for the Rainbow Block life-of-mine could result in material write-downs in our mining properties and increased amortization, reclamation and closure charges.

In addition to adversely affecting our mineral reserve estimates and our financial condition, declining commodity prices could impact operations by requiring a reassessment of the feasibility of our projects, including Rainbow Block. Such a reassessment may be the result of a management decision or may be required under financing or transactions related to a particular project. Even if such project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays or may interrupt operations until the reassessment can be completed.

***There are significant uncertainties regarding the price of silver and other commodities and the availability of equity financing for the purposes of mineral exploration and development and these economic trends may limit our ability to develop and/or further explore mineral properties.***

There are significant uncertainties regarding the price of silver and the availability of equity financing for the purposes of mineral exploration and development. Our future performance will be largely tied to the operation of Rainbow Block, the development of Rainbow Block, and the commodity and financial markets. Financial markets were volatile throughout 2024, and may continue to be volatile, reflecting ongoing concerns about the stability of the global economy and global growth prospects. These economic trends may limit our ability to develop and/or further explore the mineral properties in which we currently, or may in the future, hold an interest. If these increased levels of volatility and market uncertainty continue, our operations and the price of our common shares could be adversely impacted.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***When required, we may not be able to certify that our internal control over financial reporting is effective, which may negatively impact the market price of our common shares.***

Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported. A control system, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Though we intend to put into place a system of internal controls appropriate for its size, and reflective of its level of operations, there are limited internal controls currently in place. We have a very limited history of operations and have not made any assessment as to the effectiveness of its internal controls. If we identify material weaknesses in our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 of the Sarbanes-Oxley Act in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting when required, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of the common shares could be negatively affected. We also could become subject to investigations by the stock exchange on which the securities are listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.

***We are dependent upon information technology systems, which are subject to disruption, damage, failure and risks associated with implementation and integration.***

We are dependent upon information technology systems in the conduct of our operations. Our information technology systems are subject to disruption, damage or failure from a variety of sources, including, without limitation, computer viruses, security breaches, cyber-attacks, natural disasters and defects in design. Cybersecurity threats, in particular, are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information and the corruption of data. Various measures have been implemented to manage our risks related to information technology systems and network disruptions. However, given the unpredictability of the timing, nature and scope of information technology disruptions, we could potentially be subject to operational delays, the compromising of confidential or otherwise protected information, destruction or corruption of data, security breaches, other manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have a material adverse effect on our cash flows, competitive position, financial condition or results of operations.

**<u>Risks Related to the Mining Industry</u>**

***Mining operations generally involve a high degree of risk and there is no certainty that the expenditures to be made by us towards the exploration and evaluation of silver or other minerals will result in discoveries or production of commercial quantities of silver or other minerals.***

Mining operations generally involve a high degree of risk. Our operations are subject to all the hazards and risks normally encountered in the exploration, development and production of silver and other minerals, including unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage and possible legal liability. The financing, exploration, development and mining of any of our properties is furthermore subject to a number of macroeconomic, legal and social factors, including commodity prices, laws and regulations, political conditions, currency fluctuations, the ability to hire and retain qualified people, the inability to obtain suitable adequate machinery, equipment or labor and obtaining necessary services in jurisdictions in which we operate. Unfavorable changes to these and other factors have the potential to negatively affect our operations and business.

Major expenses may be required to locate and establish mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our operations, financial condition and results of operations. It is impossible to ensure that the exploration or development programs planned by us will result in a profitable commercial mining operation. Whether a silver or other precious or base metal or mineral deposit will be commercially viable depends on a

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

number of factors, some of which are: the particular attributes of the deposit, such as quantity and quality of mineralization and proximity to infrastructure; mineral prices which are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in us not receiving an adequate return on invested capital.

There is no certainty that the expenditures to be made by us towards the exploration and evaluation of silver or other minerals will result in discoveries or production of commercial quantities of silver or other minerals. In addition, once in production, mineral reserves are finite and there can be no assurance that we will be able to locate additional reserves as our existing reserves are depleted.

***Our business is subject to a number of risks and such occurrences may result in damage to mineral properties or production facilities. equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyber-attacks or other breaches of network systems or security that affect computer systems within our network could lead to disruptions in our business functions.***

Equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyber-attacks or other breaches of network systems or security that affect computer systems within our network could disrupt our business functions, including the Company's exploration and any future production activities. We face exposure to natural disasters and severe weather events, including extreme winter conditions, heavy snowfall, ice storms, flooding from rapid snowmelt, wildfires, and severe thunderstorms, any of which could result in prolonged operational shutdowns, damage to critical infrastructure, restricted access to our properties, and significant remediation costs. The mining industry has become increasingly dependent on digital technologies. We rely on digital technologies to conduct certain exploration and other activities. The mining industry faces various security threats, including cyber-security threats. Such attacks are increasing and include malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions to critical systems, unauthorized release of confidential information and corruption of data. A cyber-attack could negatively impact our operations. A corruption of our financial or operational data or an operational disruption could, among other potential impacts, result in: (i) distraction of management; (ii) damage to our reputation or our relationship with customers, vendors employees and joint venture partners; or (iii) events of noncompliance, which events could lead to regulatory fines or penalties. Any of the foregoing could have a material adverse impact on our reputation, results of operations and financial condition.

Additionally, our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment, natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in the ability to undertake exploration, monetary losses and possible legal liability.

***Title on mineral properties and mining rights involves certain inherent risks due to uncertainties as to title matters, the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties.***

There are uncertainties as to title matters in the mining industry. Any defects in title could cause us to lose rights in our mineral properties and jeopardize our business operations.

We will not maintain insurance against title. Title on mineral properties and mining rights involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties. We have, with the assistance of legal counsel, diligently investigated title to our mineral claims; however, this should not be construed as a guarantee of title. We will continue to diligently investigate and seek to confirm title to mineral concessions which we hold either directly or through equity holding interests in our subsidiaries. We cannot give any assurance that title to properties we acquired individually or through historical share acquisitions will not be impugned and cannot guarantee that we will have or acquire valid title to these mining properties. We also may not have, or may not be able to obtain, all necessary surface rights to develop a property. Failure by us to retain

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

title or the necessary surface rights to our properties could have a material adverse effect on Company and the value of the common shares.

There are risks that title to our properties may be challenged or impugned. All of our properties are located in Montana and may be subject to prior unrecorded agreements or transfers or native land claims and title may be affected by undetected defects. There may be valid challenges to the title of such properties which, if successful, could impair development and/or operations.

***The title to our mineral property interests may be challenged.***

There may be challenges to title to the mineral properties in which we hold a material interest. If there are title defects with respect to any properties, we might be required to compensate other persons or perhaps reduce our interest in the affected property. Furthermore, in any such case, the investigation and resolution of these issues would divert our management's time from ongoing exploration and development programs.

***Natural resource properties are largely contractual in nature and there may be instances where we would be forced to take legal action to enforce our contractual rights.***

Parties to contracts do not always honor contractual terms and contracts themselves may be subject to interpretation or technical defects. Accordingly, there may be instances where we would be forced to take legal action to enforce our contractual rights. . Such litigation may be time-consuming and costly and there is no guarantee of success. Any pending proceedings or actions or any decisions determined adversely to us, may have a material and adverse effect on our results of operations, financial condition and the trading price of the common shares.

***The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.***

Mineral resource estimates will be based upon estimates made by our personnel and independent geologists. These estimates are inherently subject to uncertainty and are based on geological interpretations and inferences drawn from drilling results and sampling analyses and may require revisions based on further exploration or development work. The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred resources are resources for which there has been insufficient exploration to define as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The grade of mineralization which may ultimately be mined may differ from that indicated by drilling results and such differences could be material. The quantity and resulting valuation of mineral reserves and mineral resources may also vary depending on, among other things, mineral prices (which may render mineral reserves and mineral resources uneconomic), cut-off grades applied and estimates of future operating costs (which may be inaccurate). Production can be affected by such factors as permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations and work interruptions. Any material change in quantity of mineral resources, mineral reserves, grade, or stripping ratio may also affect the economic viability of any project undertaken by us. In addition, there can be no assurance that mineral recoveries in small scale, and/or pilot laboratory tests will be duplicated in a larger scale test under on-site conditions or during production.

There is no certainty that any of the mineral resources identified on any of our properties will be realized, that any mineral resources will ever be upgraded to mineral reserves, that any anticipated level of recovery of minerals will in fact be realized, or that an identified mineral reserve or mineral resource will ever qualify as a commercially mineable (or viable) deposit which can be legally and economically exploited. Until a deposit is actually mined and processed, the quantity of mineral resources and mineral reserves and grades must be considered as estimates only.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.***

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our operations, financial condition and results of operations.

***We do not have water rights and as a result, we may not have water available in sufficient quantities to meet our future production needs.***

We do not currently own any water rights. All historic water rights were either abandoned or deeded to third parties. As such, water may not be available in sufficient quantities to meet our future production needs and may not prove sufficient to meet our water supply needs. In addition, necessary water rights may not be granted and/or maintained. A reduction in our water supply could materially and adversely affect our business, results of operations and financial condition. We have not yet obtained the water rights to support some of our potential development activities and our inability to obtain those rights could prevent us from pursuing those activities.

***Our mineral resources described in our most recent S-K 1300 compliant Inferred Mineral Resource Report are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized.***

We intend to continue exploration on our properties, and we may or may not acquire additional interests in other mineral properties. The search for mineral deposits as a business is extremely risky. We can provide investors with no assurance that exploration on our current properties, or any other property that we may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. Additional potential problems may prevent us from discovering any mineral deposits. These potential problems include unanticipated problems relating to exploration and additional costs and expenses that may exceed current estimates. If we are unable to establish the presence of viable mineral deposits on our properties, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably, and investors may lose all their investment in our company.

***We are required to disclose mineral resources and mineral reserves in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, or "NI 43-101", and, in connection with the preparation of this prospectus and following the completion of this offering, are and will be subject to analogous disclosure requirements under S-K 1300 rules, which may result in increased compliance costs.***

We have adopted the mining disclosure standards of S-K 1300. We are also subject to Canadian reporting requirements, and, while the S-K 1300 rules are similar to the NI 43-101 rules in Canada, they are not identical. In connection with the Rainbow Block, we have prepared two separate reports under each reporting regime that are materially similar. Any revisions to, or interpretations of, S-K 1300 or NI 43-101 could result in us incurring additional costs associated with compliance with those disclosure obligations, both in the U.S. and in Canada.

**<u>Risks Related to Government Regulation and Disputes</u>**

***Our operations are subject to various health and safety laws and regulations and the costs associated with the compliance with such health and safety laws and regulations may be substantial.***

Our operations are subject to various health and safety laws and regulations that impose various duties on our operations relating to, among other things, worker safety and obligations in respect of surrounding communities. These laws and regulations also grant the relevant authorities broad powers to, among other things, close unsafe operations and order corrective action relating to health and safety matters. The costs associated with compliance with such health and safety laws and regulations may be substantial and any amendments to such laws and regulations, or more stringent implementation thereof, could cause additional expenditure or impose restrictions on, or suspensions of, our operations. We expect to make significant expenditure to comply with the extensive laws and regulations governing the protection of the environment, waste disposal, worker safety, mine development and protection of endangered and other special status species, and, to the extent reasonably practicable, to create social and economic benefit in the surrounding communities near our mineral properties.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations.***

When we commence development and mining operations, our operations will become subject to extensive federal, state and local laws and regulations governing environmental protection and employee health and safety. Environmental legislation is evolving in a manner that is creating stricter standards, while enforcement, fines and penalties for non-compliance are also increasingly stringent. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of operations. Further, any failure by us to comply fully with all applicable laws and regulations could have significant adverse effects on us, including the suspension or cessation of operations. All phases of our operations in Montana will be subject to extensive federal and state environmental regulation, including:

Comprehensive Environmental, Response, Compensation, and Liability Act;

The Federal Resource Conservation and Recovery Act ("RCRA");

The Clean Air Act ("CAA");

The National Environmental Policy Act ("NEPA");

The Clean Water Act ("CWA");

The Safe Drinking Water Act ("SDWA");

The Endangered Species Act ("ESA");

The Mine Safety and Health Act ("MSHA");

The National Historic Preservation Act ("NHPA"); and

Worker Compensation Laws.

<u>U.S. Federal Laws:</u> The Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended ("CERCLA"), and comparable state statutes, impose strict, joint and several liabilities on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The RCRA, and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose liability for clean-up of sites and disposal of substances found on exploration, mining and processing sites long after activities on such sites have been completed.

The CAA, as amended, restricts the emission of air pollutants from many sources, including mining and processing activities. Our mining operations may produce air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources such as trucks and heavy construction equipment, which are subject to review, monitoring and/or control requirements under the Clean Air Act and state air quality laws. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to incur capital costs in order to remain in compliance. In addition, permitting rules may impose limitations on our production levels or result in additional capital expenditures in order to comply with the rules.

The National Environmental Policy Act (NEPA) requires federal agencies to integrate environmental considerations into their decision-making processes by evaluating the environmental impacts of their proposed actions, including issuance of permits to mining facilities, and assessing alternatives to those actions. If a proposed action could significantly affect the environment, the agency must prepare a detailed statement known as an EIS. The EPA, other federal agencies, and any interested third parties will review and comment on the scoping of the EIS and the adequacy of and findings set forth in the Draft and Final EIS. This process can cause delays in issuance of required permits or result in changes to a project to mitigate our potential environmental impacts, which can in turn impact the economic feasibility of a proposed project.

CWA, and comparable state statutes, impose restrictions and controls on the discharge of pollutants into waters of the United States. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The CWA regulates storm water from mining facilities and requires a storm water discharge permit for certain activities. Such a permit requires the regulated facility to monitor and sample storm water run-off from our operations. The CWA and regulations implemented thereunder also prohibit discharges of dredged and fill materials in wetlands and other waters of the United States unless authorized by an appropriately issued permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties for unauthorized discharges of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning up any environmental damage caused by the release and for natural resource damages resulting from the release.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

SDWA and the UIC program promulgated thereunder, regulate the drilling and operation of subsurface injection wells. The EPA directly administers the UIC program in some states and in others the responsibility for the program has been delegated to the state. The program requires that a permit be obtained before drilling a disposal or injection well. Violation of these regulations and/or contamination of groundwater by mining related activities may result in fines, penalties, and remediation costs, among other sanctions and liabilities under the SDWA and state laws. In addition, third party claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

The ESA and comparable state statutes regulate activities that could have an adverse effect on threatened and endangered species, including the habitat and ecosystems upon which they depend. Compliance with ESA requirements can significantly delay, limit, or even prevent the development of projects, including the development of mining claims, and can also result in increased development costs. In addition, the ESA authorizes both civil and criminal penalties for ESA violations and authorizes citizen suits against any person alleged to be in violation of the ESA.

The NHPA protects the presence of historical or archaeological sites on public lands as important public resources. It obliges federal land management agencies to preserve the historic, scientific, commemorative, and cultural values of the archaeological and historic sites and structures on these lands for present and future generations. The law requires that cultural resource surveys be completed on all land prior to disturbance by project activities. Where cultural resources are identified, such resources must be catalogued, and the data adequately recorded by qualified personnel prior to land disturbance. Significant cultural resource finds may require complete avoidance or systematic data recovery and relocation programs.

MSHA works to prevent death, illness, and injury from mining and promote safe and healthful workplaces for U.S. miners. MSHA carries out the provisions of the Federal Mine Safety and Health Act of 1977 (Mine Act) as amended by the Mine Improvement and New Emergency Response (MINER) Act of 2006. The agency develops and enforces safety and health rules for all U.S. mines regardless of size, number of employees, commodity mined, or method of extraction. MSHA also provides technical, educational and other types of assistance to mine operators. MSHA works cooperatively with industry, labor, and other federal and state agencies to improve safety and health conditions for all miners in the United States. Violation of MSHA regulations may result in fines and other penalties.

Workers Compensation laws govern the compensation of employees for work-related injuries. It is possible that the Company may become involved in legal proceedings or be subject to claims arising from the ordinary course of our business.

There is no assurance that future changes in environmental regulation, if any, will not adversely affect our operations. Environmental hazards may exist on the properties on which we hold interests which are unknown to us at present and which have been caused by previous or existing owners or operators of the properties.

We cannot give any assurances that breaches of environmental laws (whether inadvertent or not) or environmental pollution will not materially and adversely affect our financial condition. There is no assurance that any future changes to environmental regulation, if any, will not adversely affect us.

***We may incur significant environmental remediation obligations related to the Butte Priority Soils Operable Unit and Westside Soils Operable Unit which could materially impact our financial condition, results of operations, and cash flows.***

Our Rainbow Block property, located within the Butte Superfund Site in Silver Bow County, Montana, is subject to environmental remediation obligations under the Butte Priority Soils Operable Unit and Westside Soils Operable Unit, pursuant to CERCLA. Based on current assessments and historical agreements, we estimate a remediation obligation of approximately $2,500,000 for the Rainbow Block to address contamination from historical mining activities within these operable units. Additionally, our other properties in Silver Bow County, including the Marget Ann Block, Goldsmith Block, Travona Block, and Emma Block, may require further remediation estimated at approximately $3,000,000 or greater, subject to future Records of Decision (RODs) by the EPA.

These estimated costs are based on existing data, regulatory requirements, and agreements, such as the 2004 Agreement between our subsidiary, Ferry Lane Limited, Arco Environmental Remediation, LLC, and Atlantic Richfield Company (see Exhibit 10.6). However, actual costs could be significantly higher due to:

● Regulatory Changes: The EPA or DEQ may impose stricter standards or additional remediation requirements, particularly as new RODs are issued for the Butte Priority Soils Operable Unit, Westside Soils Operable Unit, or other areas.

● Unforeseen Contamination: Further exploration or development may reveal additional contamination, increasing costs.

● Inflation and Delays: Rising remediation costs or extended timelines could exceed current estimates.

● Liability Disputes: Negotiations or legal challenges with prior owners, third parties including but not limited to other Potentially Responsible Parties identified by EPA under CERCLA, or regulatory agencies could shift additional responsibility to us.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● Superfund Allocation: As part of the Butte Superfund Site, we may face joint and several liability under CERCLA, potentially requiring us to cover costs beyond our proportional share.

Funding these obligations could require substantial capital expenditures, diverting resources from our core exploration and development activities. As an exploration-stage company with no operating revenues, we may lack sufficient liquidity, insurance, or indemnities to cover these costs without raising additional capital. Failure to comply with remediation requirements could result in fines, penalties, operational restrictions, or suspension of our permits, materially impacting our ability to operate. In extreme cases, these obligations could render our properties uneconomical, lead to asset impairments, or limit our ability to secure financing.

 ****

***Land reclamation requirements for our properties may require us to post bonds or other surety to guarantee the cost of post-reclamation mining, which add significant costs to our operations and delays in our projects.***

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mining and exploration companies in order to minimize long term effects of land disturbance, and to re-establish pre-mining or other acceptable land uses. Reclamation may include requirements to:

● control dispersion of potentially deleterious effluents;

● treat ground and surface water to non-degradation standards; and

● reasonably re-establish pre-disturbance landforms and vegetation.

In Montana, the DEQ requires that mining operations on lands subject to our regulation obtain an approved plan of operations subject to environmental impact evaluation. Any significant modifications to the plan of operations may require the completion of an environmental assessment or Environmental Impact Statement prior to approval. Mining companies must post a bond or other surety to guarantee the cost of post-mining reclamation. Cash collateral obligations to secure the bonds are typically required and may be increased by the Surety at any point in time up to the face value of the bond. These requirements could add significant additional cost, adversely affect our financial position and delay any mining project undertaken by us. We plan to set up a provision for our reclamation obligations on Properties, as appropriate, but this provision may not be adequate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected. Our mineral exploration operations are required to be covered by reclamation bonds deemed adequate by regulators to cover these risks. We believe we currently maintain adequate reclamation bonds for our operations.

***We are subject to extensive laws and regulations.***

Mining activities are subject to extensive laws and regulations governing prospecting, development, production, exports, taxes, labor standards, occupational health and safety, water disposal, toxic substances, explosives, management of natural resources, environmental management and protection, mine safety, dealings with native groups, historic and cultural preservation and other matters. Compliance with such laws and regulations increases the costs of planning, designing, drilling, developing, construction, operating and closing mines and other facilities. Compliance with environmental regulations may require significant capital outlays on behalf of our business and may cause material changes or delays in our intended activities. Any breaches of environmental laws could materially and adversely affect us. Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations, requiring corrective measures or other remedial actions, any of which could result in our incurring significant expenditures. We may be subject to potential legal claims which, if determined adversely to us, could have a material effect on us and/or our financial condition. We may be required to compensate persons suffering loss or damage as a result of any infringement of applicable laws or regulations.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

We may also be required to obtain certain other property rights to access, or use, certain of our properties in order to proceed with mining activities. There can be no assurance that all licenses, permits or property rights which we may require for any exploration or development of mining operations will be obtainable on reasonable terms or in a timely manner, or at all, that such terms will not be adversely changed, that required extensions will be granted, or that the issuance of such licenses, permits or property rights will not be challenged by third parties. Delays in obtaining or a failure to obtain such licenses, permits or property rights or extension thereto, challenges to the issuance of such licenses, permits or property rights, whether successful or unsuccessful, changes to the terms of such licenses, permits or property rights, or a failure to comply with the terms of any such licenses, permits or property rights that we have obtained, could have a material adverse effect on us by delaying or preventing or making more expensive exploration, development and/or production.

We have never completed a mining development project. The future development of properties found to be economically feasible will require the construction and operation of mines, processing plants and related infrastructure and we do not have any experience in taking a mining project to production. As a result of these factors, it is difficult to evaluate our prospects, and our future success is more uncertain than if it had a more proven history. In addition, we are and will continue to be subject to all the risks associated with establishing new mining operations, including: the timing and cost, which can be considerable, of the construction of mining and processing facilities; the availability and cost of skilled labor and mining equipment; the need to obtain necessary environmental and other governmental approvals and permits and the timing of the receipt of those approvals and permits; the availability of funds to finance construction and development activities; potential opposition from non-governmental organizations, indigenous peoples, environmental groups or local groups which may delay or prevent development activities; and potential increases in construction and operating costs due to changes in the costs of fuel, power, materials and supplies.

It is common in new mining operations to experience unexpected costs, problems and delays during construction, development and mine start-up. In addition, delays in the early stages of mineral production often occur. Accordingly, we cannot provide assurance that our activities will result in profitable mining operations at our mineral properties.

The CERCLA, and comparable state statutes, impose strict, joint and several liabilities on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The RCRA, and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose liability for clean-up of sites and disposal of substances found on exploration, mining and processing sites long after activities on such sites have been completed

***The proposed CERCLA § 108(b) hardrock mining financial assurance rules may adversely affect our business.***

The EPA has proposed new rules requiring demonstration of financial responsibility applicable to facilities used for hard rock mining assurance. Although the rules are not final and have not been implemented, they could require us to obtain additional financial guarantees beyond our current reclamation requirements for the Rainbow Block and our other projects if placed into production. The rule requires subject facilities to calculate their level of financial responsibility based on a formula included in the rule, secure an instrument or otherwise self-assure for the calculated amount, demonstrate to EPA the proof of the security, and maintain the security until EPA releases facilities from the CERCLA 108(b) regulations. The mining industry is aware of several errors with the rule, including that we believe several of the risks are already covered by existing reclamation obligations. With only a draft rule at this time, the final impacts of this rule to us are unknown; however, an obligation to secure and maintain financial assurance across all of our facilities could have a material adverse impact to our business. If a final rule is implemented, there can be no assurances that the financial assurance products required by the rule will be available or that we will be able to obtain such financial assurances, if available and required.

***We face various regulatory risks that could materially affect our business by restricting our ability to implement planned exploration programs.***

We plan to submit an amendment to our current Exploration License with the Montana Department of Environmental Quality (DEQ) in 2025 to expand the scope of permitted exploration activities on the Rainbow Block. If the DEQ denies, significantly modifies, or delays approval of this amendment, it could materially restrict our ability to implement planned exploration programs, access critical areas of the property, or conduct necessary development activities, which would adversely affect our business strategy, financial condition, and exploration timeline.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***We are required to conduct environmental remediation activities that could adversely affect our operations.***

The Rainbow Block is situated within the Butte Superfund Site where ARCO, as a primary responsible party, is required to conduct environmental remediation activities under the supervision of the United States Environmental Protection Agency, Montana DEQ, and other regulatory agencies. Although these remediation activities typically occur outside our property boundaries, they could nonetheless affect our operations by: (i) imposing access restrictions to certain areas, (ii) creating delays in permitting processes, (iii) requiring additional environmental studies or mitigation measures, or (iv) limiting our operational flexibility through coordination requirements. These factors could potentially delay our exploration and development timeline, increase costs, or require modifications to our planned activities, regardless of our compliance with applicable regulations.

"Superfund" refers to the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (CERCLA), a federal statute administered by the U.S. Environmental Protection Agency (EPA). CERCLA provides for the investigation and remediation of sites contaminated with hazardous substances, including heavy metals commonly associated with mining activities such as zinc and silver extraction. Under CERCLA, the EPA may designate certain contaminated sites as priorities for federal cleanup, known as Superfund sites, and place them on the National Priorities List (NPL). Parties that are current or former owners or operators of a site, or that arranged for the disposal or transport of hazardous substances to a site, may be held strictly, jointly, and severally liable for the full cost of investigation and remediation, regardless of fault or legality at the time of disposal. Given the historical use of tailings, smelters, and waste rock storage in the mining industry, legacy mining properties may be subject to potential Superfund liability.

Environmental indemnification for a substantial portion of the Rainbow Block is governed by an agreement dated July 27, 2004, between Ferry Lane Limited and ARCO (the "ARCO Indemnification Agreement").

The ARCO Indemnification Agreement establishes two primary indemnification obligations:

● ARCO's Indemnification to Ferry Lane:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Covers ARCO's duties and obligations for environmental response
 actions required by applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Encompasses claims, liabilities, obligations, actions, costs, fines, penalties and associated fees.

● Ferry Lane's Indemnification to ARCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Covers mining activities on Ferry Lane properties by any entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Extends to Ferry Lane's use, ownership and development of the properties.

This ARCO Indemnification Agreement forms part of a comprehensive settlement addressing environmental cleanup and remediation requirements at the Silver Bow Creek/Butte Area National Priorities List (NPL) Site. The settlement was negotiated under CERCLA.

***We are subject to anti-corruption and anti-bribery laws and liable for any violations of such laws.***

Our operations are governed by, and involve interactions with, many levels of the United States and Canadian government. It is required to comply with anti-corruption and anti-bribery laws, including the Canadian Criminal Code, and the Canadian *Corruption of Foreign Public Officials Act*, as well as similar laws in the countries in which it conducts our business. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, a company may be found liable for violations by not only our employees, but also by our contractors and third-party agents. Although we will adopt steps to mitigate such risks, including the implementation of training programs, internal monitoring, reviews and audits, and policies to ensure compliance with such laws, such measures may not always be effective in ensuring that we, our employees, contractors or third-party agents will comply strictly with such laws. If we were subject to an enforcement action or is found to be in violation of such laws, this may result in significant penalties, fines and/or sanctions imposed on us that may result in a material adverse effect on our reputation and results of our operations.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***Land reclamation requirements for the properties may be burdensome and expensive.***

In order to carry out reclamation obligations imposed on us in connection with our potential development activities, we must allocate financial resources that might otherwise be spent on further exploration and development programs. We plan to set up a provision for our reclamation obligations on our properties, as appropriate, but this provision may not be adequate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected.

Mineral ores and mineral products, including silver ore and products, contain naturally occurring impurities and toxic substances. Although we have implemented procedures that are designed to identify, isolate and safely remove or reduce such impurities and substances, such procedures require strict adherence and no assurance can be given that employees, contractors or others will not be exposed to or be affected by such impurities and toxic substances, which may subject us to liability. Standard operating procedures may not identify, isolate and safely remove or reduce such substances. Even with careful monitoring and effective control, there is still a risk that the presence of impurities or toxic substances in our products may result in such products being rejected by our customers, penalties being imposed due to such impurities or the products being barred from certain markets. Such incidents could require remedial action and could result in curtailment of operations. Legislation requiring manufacturers, importers and downstream users of chemical substances, including metals and minerals, to establish that the substances can be handled and used without negatively affecting health or the environment may impact our operations and markets. These potential compliance costs, litigation expenses, regulatory delays, remediation expenses and operational costs could negatively affect our financial results.

***Climate change and climate change regulations could have an adverse impact on our cost of operations.***

Climate change could have an adverse impact on our cost of operations. The potential physical impacts of climate change on our operations are highly uncertain and would be particular to the geographic circumstances in areas in which it operates. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These changes in climate could have an impact on the cost of development of our properties and adversely affect the financial performance of our operations.

Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business. A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such regulations. Given the emotion, political significance and uncertainty around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in natural resources industry could harm our reputation.

***We may be subject to litigation which may materially affect our business.***

We may become involved in disputes with other parties in the future which may result in litigation. The results of litigation cannot be predicted with certainty. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our ability to carry out our business plan.

***New tariffs and duties imposed by certain governments, including the United States or other trade restrictions could have significant repercussions for Canadian businesses, the broader economy, and on our results of operations.***

In 2025, the Trump administration announced proposed changes to U.S. international trading policies, including the introduction of a new tariff system. Implementation of certain of these tariffs has since been selectively paused pending negotiations, which remain ongoing.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

Any broader "trade war" resulting from the imposition of tariffs could have a significant adverse effect on world trade and the world economy.

The imposition of trade tariffs, particularly those issued by the U.S., or other trade restrictions could have significant repercussions for Canadian and Mexican businesses, and the broader economy. Raw material costs can be impacted by governmental actions, such as tariffs and trade sanctions. For example, the imposition by the U.S. government of tariffs on products imported from certain countries and trade sanctions against certain countries have introduced greater uncertainty with respect to policies affecting trade between the U.S. and other countries and have impacted the cost of certain raw materials.

Additionally, increased costs of goods and services may contribute to inflation. Higher consumer prices could reduce demand for Canadian goods, leading to a decline in exports which could in turn weaken Canadian Gross Domestic Product, slow economic growth, and increase unemployment. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Overall, trade policy restrictions create financial uncertainty for companies, disrupt trade relationships, and put downward pressure on economic growth.

**<u>Risks Related to our Common Shares</u>**

***The price of our common shares is likely to be significantly affected by short-term changes in mineral prices or in our financial condition or results of operations as reflected in our quarterly earnings reports.***

Securities of micro-cap and small-cap companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. These factors include macroeconomic developments in North America and globally and market perceptions of the attractiveness of particular industries. The price of the common shares is also likely to be significantly affected by short-term changes in mineral prices or in our financial condition or results of operations as reflected in our quarterly earnings reports. Other factors unrelated to our performance that may have an effect on the price of the common shares include the following: (i) the extent of analytical coverage available to investors concerning our business may be limited if investment banks with research capabilities do not follow our securities; (ii) lessening in trading volume and general market interest in our securities may affect an investor's ability to trade significant numbers of common shares; (iii) the size of our public float may limit the ability of some institutions to invest in our securities; and (iv) a substantial decline in the price of the common shares that persists for a significant period of time could cause our securities, if listed on an exchange, to be delisted from such exchange, further reducing market liquidity.

***No dividends on the common shares have been paid by us to date and there can be no guarantee dividends will be paid in the future.***

No dividends on the common shares have been paid by us to date. Investors in our securities cannot expect to receive a dividend on their investment in the foreseeable future, if at all. Accordingly, it is unlikely that investors will receive any return on their investment in our securities other than through possible share price appreciation.

***We may choose to raise capital through acquisitions or equity, resulting in dilution to existing shareholders.***

From time to time, it can be expected that we will examine opportunities to acquire additional exploration and/or mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends upon our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our business. Any acquisitions would be accompanied by risks. In the event that we choose to raise debt capital to finance any such acquisitions, our leverage will be increased. If we choose to use equity as consideration for such acquisitions, existing shareholders may suffer dilution. Alternatively, we may choose to finance any such acquisitions with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***If we raise additional funds by issuing additional equity securities, such financing may substantially dilute the interests of existing shareholders.***

While we believe that the Company is adequately financed in the near term, financing our exploration and development plans, and carrying out the development of a mining operation through to production, should feasibility studies show it is recommended, would be expensive and we would require additional capital to fund development and exploration programs and potential acquisitions. We cannot predict the size of future issuances of common shares or the issuance of debt instruments or other securities convertible into common shares. Likewise, we cannot predict the effect, if any, that future issuances and sales of our securities will have on the market price of the common shares. If we raise additional funds by issuing additional equity securities, such financing may substantially dilute the interests of existing shareholders. Sales of substantial numbers of common shares, or the availability of such common shares for sale, could adversely affect prevailing market prices for our securities.

**<u>General Risks</u>**

***Public opinions may change and opposition to mining projects could result in increased operating costs.***

Given the emotion, political significance and uncertainty around the environmental consequences of mining on public land, we cannot predict how public opposition could affect legislation and regulation or how this might affect our financial condition, operating performance and ability to compete. Furthermore, even without such current opposition, increased awareness and any adverse publicity in the global marketplace about potential environmental impacts by us or other companies in the mining industry could harm our reputation. A poor reputation in the mining industry directly affects the ability of any mining company to obtain future permits, renew existing permits and/or obtain bonding instruments for the reclamation of mining projects. These impacts may adversely impact the cost, production and financial performance of our operations.

***Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects.***

Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects. In recent years, there has been ongoing and potentially increasing public concern relating to the effects of resource extraction on the natural landscape, communities and the environment. Certain Non Governmental Organizations (NGOs) who oppose globalization and resource development can be vocal critics of the mining industry and our practices, including the use of cyanide and other hazardous substances in processing activities. In addition, there have been many instances in which local community groups have opposed resource extraction activities, resulting in disruption and delays to the relevant operations. Adverse publicity generated by such NGOs or others related to the mining industry, or to extractive industries generally, could have an adverse effect on our reputation or financial condition and may impact our relationship with the communities in which it operates. While we seek to operate in a socially responsible manner and we believe we have good relationships with local communities in the regions in which we operate, there is no guarantee that our efforts in this respect will mitigate this potential risk. NGOs or local community groups could direct adverse publicity against and/or disrupt our operations in respect of one or more of our properties, despite our successful compliance with social and environmental best practices. Any such actions and the resulting media coverage could have adverse effects on the reputation and financial condition of our business or our relationships with the communities in which it operates, which could have a material adverse effect on our business, financial condition, results of operations, cash flows or prospects.

Our ability to successfully obtain key permits and approvals to explore for, develop and operate mines and to successfully operate in communities around the world will likely depend on our ability to develop, operate and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law. Mining operations should be designed to minimize the negative impact on such communities and the environment, for example, by modifying mining plans and operations or by relocating those affected to an agreed location. The cost of these measures could increase capital and operating costs and therefore could have an adverse impact upon our financial condition and operations. We seek to promote improvements in health and safety, human rights, environmental performance and community relations. However, our ability to operate could be adversely impacted by accidents or events detrimental (or perceived to be detrimental) to the health, safety and well-being of our employees, human rights, the environment or the communities in which we operate.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**FORWARD-LOOKING STATEMENTS**

This prospectus, including the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business," contains forward-looking statements. We may, in some cases, use words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this prospectus include, but are not limited to, statements about:

● our strategies and objectives, both generally and in respect of our specific mineral properties;

● the timing of decisions regarding the strategy and costs of exploration programs with respect to, and the issuance of the necessary permits and authorizations required for, our exploration programs;

● the timing and cost of our planned exploration programs, and the timing of the receipt of results therefrom;

● our future cash requirements;

● general business and economic conditions;

● our ability to meet our financial obligations as they come due, including payments required to maintain our mineral property interests;

● the timing and pricing of proposed financings, if applicable;

● the anticipated use of the proceeds from this offering and any other financings completed us;

● the potential for the expansion of the known mineralized zones; and

● the potential for the amenability of mineralization to respond to proven technologies and methods for recovery of ore.

Although we believe that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, but not limited to, risks related to our inability to negotiate successfully for the acquisition of interests in exploration and evaluation assets, the determination of applicable governmental agencies not to issue the exploration concessions applied for by us or excessive delay by the applicable governmental agencies in connection with any such issuances, our inability to identify one or more economic deposits on our properties, variations in the nature, quality and quantity of any mineral deposits that may be located, our inability to obtain any necessary permits, consents or authorizations required for our activities, to produce minerals from our properties successfully or profitably, to continue our projected growth, to raise the necessary capital, to complete certain financing transactions, or to be fully able to implement our business strategies, and other risks identified herein under "Risk Factors".

We caution investors that any forward-looking statements by us are not guarantees of future performance, and that actual results are likely to differ, and may differ materially, from those expressed or implied by forward-looking statements contained in this S-1. Such statements are based on a number of assumptions which may prove incorrect, including, but not limited to, assumptions about:

● the level and volatility of the prices for precious and base metals;

● general business and economic conditions;

● the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement and carry on our planned exploration programs;

● conditions in the financial markets generally, and with respect to the prospects for junior exploration silver, copper and precious and base metal companies specifically;

● our ability to secure the necessary consulting, drilling and related services and supplies on favorable terms;

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● our ability to attract and retain key staff, and to retain consultants to provide the specialized information and skills involved in understanding the precious and base metal exploration, mining, processing and marketing businesses;

● the nature and location of our mineral exploration projects, and the timing of the ability to commence and complete the planned exploration programs;

● the anticipated terms of the consents, permits and authorizations necessary to carry out the planned exploration programs and our ability to comply with such terms on a cost-effective basis;

● our ongoing relations with government agencies and regulators and our underlying property vendors/optionees; and

● that the metallurgy and recovery characteristics of samples from certain of our mineral properties are reflective of the deposit as a whole.

These forward-looking statements are made as of the date hereof and we do not intend and do not assume any obligation, to update these forward-looking statements, except as required by applicable law. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.

This list is not exhaustive of the factors that might affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the "Risk Factors" sections of this prospectus. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that could cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. **We qualify all of the forward-looking statements contained or incorporated by reference in this prospectus by the foregoing cautionary statements.**

**CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES**

We are subject to the reporting requirements of the Exchange Act. Mineral property disclosures are reported in accordance with S-K 1300 under the Exchange Act.

In the U.S. and in certain other announcements not filed with the SEC, we disclose proven and probable mineral reserves and measured, indicated, and inferred resources, each as defined in S-K 1300. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable mineral reserves; therefore, investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into S-K 1300-compliant reserves. Estimations of inferred resources involve far greater uncertainty as to their existence and economic viability than the estimations of other categories of resources; therefore, it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

These forward-looking statements reflect our management's beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this prospectus and are subject to risks and uncertainties. We discuss many of these risks in greater detail under "Risk Factors." Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in this prospectus by these cautionary statements. Except as required by law, we undertake no

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

**DIVIDEND POLICY**

We do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our common shares. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of directors (the "Board") and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our Board may deem relevant.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds of approximately $ million from the sale of the securities offered by us in this offering, based on an initial offering price of $ per common share, which is the minimum listing price on the NYSE American, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

A $1.00 increase (decrease) in the public offering price of $ per common share would increase (decrease) the net proceeds to us from this offering by approximately $ million, assuming that the number of securities offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Similarly, a 100,000 share increase (decrease) in the number of securities offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the net proceeds to us by approximately $ million, based on an initial public offering price of $ per common share, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to obtain additional capital to support our operations and to facilitate our planned NYSE American listing. We intend to use approximately $ million of the net proceeds from this offering to fund mining and exploration activities. We intend to use the remaining proceeds to fund working capital and general corporate expenditures out of our existing cash reserves. We may also use a portion of the out of our existing cash reserves to in-license, acquire, or invest in complementary businesses, intellectual property, products or assets. However, we have no current commitments or obligations to do so.

Our management will have broad discretion in the application of the net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of those net proceeds. The timing and amount of our actual expenditures will be based on many factors, including cash flows from operations and the anticipated growth of our business.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**DETERMINATION OF OFFERING PRICE**

The initial public offering price will be determined by arm's length negotiations between us and the Underwriter. In determining the initial public offering price, we and the Underwriter expect to consider a number of factors including:

● the information set forth in this prospectus and otherwise available to the representatives;

● our prospects and the history and prospects for the industry in which we compete;

● an assessment of our management;

● the general condition of the securities markets at the time of this offering;

● the recent market prices of, and demand for, publicly traded common shares of generally comparable companies; and

● other factors deemed relevant by the representatives of the Underwriter and us.

Neither we nor the Underwriter can assure investors that an active trading market will develop for the common shares, or that the common shares will trade in the public market at or above the initial public offering price. See "Underwriting" for additional information regarding our arrangement with our Underwriter.

**CAPITALIZATION**

The following table sets forth our cash and capitalization as of June 30, 2025, on:

● an actual basis; and

● an as-adjusted basis to reflect our receipt of the net proceeds from our sale of common shares in this offering at an assumed initial public offering price of $ per share, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The as-adjusted information below is illustrative only, and our capitalization following the closing of this offering will be adjusted based on the actual terms of this offering determined at the time of pricing as well as our actual expenses. You should read this table together with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes appearing elsewhere in this prospectus. The following table sets forth our capitalization assuming the sale of common shares offered for sale by us at $ per share.

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|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** |
|  | **Actual <sup>(1)</sup>** | **As Adjusted** |
| Cash and cash equivalents | $| $|
| Common shares: shares authorized, shares issued and outstanding, actual; shares authorized, shares issued and outstanding, pro forma; shares authorized, issued and outstanding, pro forma as adjusted |  |  |
| Additional paid-in capital | $| $|
| Accumulated other comprehensive loss |  |  |
| Accumulated deficit |  |  |
| Total shareholders' equity | $| $|

---

<sup>(1)</sup> Data is derived from our unaudited financial statements for the period ended June 30, 2025.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**DILUTION** 

Investors purchasing common shares in this offering will experience immediate and substantial dilution in the as adjusted net tangible book value of their common shares. Dilution in as adjusted net tangible book value represents the difference between the public offering price per share and the as adjusted net tangible book value per common share immediately after the offering.

The historical net tangible book value of our common shares as of June 30, 2025 was approximately $39.1 million or $0.23 per share based on 167,083,756 common shares issued and outstanding on June 30, 2025. Historical net tangible book value per common share represents our total tangible assets (total assets less intangible assets) less total liabilities divided by the number of common shares outstanding as of that date.

After giving effect to the sale of common shares and in this offering at the assumed offering price of $ per common share, which is the minimum listing price on the NYSE American, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of March 31, 2025 would have been $ million, or $ per common share. The offering price may not be the final price of the Offering and will be adjusted based on the actual initial public offering price and other terms of our initial public offering determined at pricing. This amount represents an immediate increase in net tangible book value of $ per common share to our existing shareholders and an immediate dilution in net tangible book value of approximately $ per common share to new investors purchasing our common shares in this offering. We determine dilution by subtracting the net tangible book value per common share after the offering from the amount of cash that a new investor paid for a common share.

The following table illustrates this dilution on a per common share basis:

---

| | |
|:---|:---|
| Offering price per common share | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical net tangible book value per common share as of June 30, 2025 | $0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in net tangible book value per common share attributable to Investors | $— |
| Net tangible book value per common share after the offering | $— |
| Dilution per common share to new investors | $— |

---

Each $1.00 increase or decrease in the assumed public offering price of $ per common share would increase or decrease our net tangible book value after this offering by approximately $ million, or approximately $ per common share, and increase or decrease the dilution per common share to new investors by approximately $ per common share, assuming that the number of common shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. An increase or decrease of 100,000 securities in the number of securities offered by us would increase or decrease our net tangible book value after this offering by approximately $ million, or $ per common share, and increase or decrease the dilution per share to new investors by approximately $ per common share, assuming that the assumed public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. The information discussed above is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering determined at pricing.

The table above does not include:

● 71,083,374 common
 shares issuable upon exercise of warrants as of June 30, 2025, at a weighted average exercise price of $0.49 per share;

● 1,111,111 common
 shares issuable upon conversion of $500,000 in convertible notes at a conversion price of $0.45 per share;

● 15,250,000 common
 shares issuable upon exercise of outstanding options as of June 30, 2025, at a weighted average exercise price of $0.30 per share,
 of which 14,916,667 were vested as of such date;

● 637,712 common shares issuable upon settlement of outstanding restricted stock units;

● 14,000,000 common shares issuable upon exercise of an outstanding performance warrant at $0.31 per share; and

● 820,663 common shares
 reserved for future issuance under our stock option plan as of June 30, 2025, plus any future increases in the number of common shares
 reserved for issuance under our stock option plan pursuant to evergreen provisions.

To the extent that outstanding options are exercised, you will experience further dilution. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities may result in further dilution to our shareholders.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*This discussion should be read in conjunction with the condensed interim consolidated financial statements and accompanying notes for the periods ended June 30, 2025 and 2024, and the audited consolidated financial statements for the year ended December 31, 2024 and 2023, and related notes thereto which have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors." We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the time at which this document is declared effective by the SEC.* 

**Our Business**

We were incorporated under the name Blackjack Silver Corp. pursuant to the Ontario Business Corporations Act on August 31, 2020. The Company changed its name to Silver Bow Mining Corp. pursuant to a certificate of amendment effective February 18, 2025. On May 27, 2025, we continued as a British Columbia corporation under the provisions of the British Columbia Business Corporations Act ("BCBCA"). The Company's registered office is located at 1200-750 West Pender St, Vancouver, British Columbia, V6C 2T8, and its corporate headquarters is located at 1401 Idaho Street, Butte, Montana 59701.

We are focused on the exploration of mineral property interests including silver, zinc, gold, lead, and copper targets in the state of Montana, United States. Our land holdings are located in Silver Bow County, Montana. Our current properties include the Rainbow Block, the Marget Ann Block, the Goldsmith Block, the Travona Block, and the Emma Block. Collectively, we refer to these properties as the "Butte Project".

As of June 30, 2025, we are in the exploration stage and have not commenced commercial production or established Mineral Reserves.

**Selected Financial Information**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| <br>**Financial Position** | **$** | **$** |
| &nbsp;&nbsp;Cash | 2019204 | 255630 |
| &nbsp;&nbsp;Working Capital Surplus (Deficiency) | 716450 | (4263668) |
| &nbsp;&nbsp;Mineral Properties | 38261379 | 37254528 |
| &nbsp;&nbsp;Total Assets | 40725153 | 38573865 |

---

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Results of Operations**

***Six months ended June 30, 2025 compared to six months ended June 30, 2024***

The following table summarizes the Company's financial results for the six months ended June 30, 2025, and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30** | **Six Months Ended June 30** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
| &nbsp;&nbsp;Project costs |  |  |  | 82% |
| &nbsp;&nbsp;Depreciation expenses |  |  |  | -49% |
| &nbsp;&nbsp;Management fees |  |  |  | 0% |
| &nbsp;&nbsp;Salaries and Wages |  |  |  | 40% |
| &nbsp;&nbsp;General and administration |  |  |  | 70% |
| &nbsp;&nbsp;Insurance expense |  |  |  | -15% |
| &nbsp;&nbsp;Advertising and Promotion |  |  |  | -9% |
| &nbsp;&nbsp;Professional fees |  |  |  | 24% |
| &nbsp;&nbsp;Stock based compensation |  |  |  | 76% |
| &nbsp;&nbsp;Bad debt expenses |  |  |  | 0% |
| &nbsp;&nbsp;Accretion on decommissioning liability |  |  |  | 100% |
| &nbsp;&nbsp;Operating lease expenses |  |  |  | -26% |
| &nbsp;&nbsp;**Net loss from operations** |  |  |  | 64% |
| &nbsp;&nbsp;**Other income (expenses)** |  |  |  |  |
| &nbsp;&nbsp;Derivative option expense |  |  |  | 100% |
| &nbsp;&nbsp;Lease income |  |  |  | -118% |
| &nbsp;&nbsp;Interest expense |  |  |  | 54% |
| &nbsp;&nbsp;Foreign exchange gain (loss) |  |  |  | 349% |
| &nbsp;&nbsp;Interest income |  |  |  | -100% |
| &nbsp;&nbsp;Other income |  |  |  | 100% |
| &nbsp;&nbsp;Total other income (expenses) |  |  |  | 905% |
| &nbsp;&nbsp;Net loss |  |  |  | 187% |

---

The following is an analysis of our operations for the six months ended June 30, 2025 and 2024. Significant items contributing to the loss incurred during such period were as follows:

● Salaries and management fees of $595,563 and nil respectively ($358,682 and $216,494 respectively for the six months ended June 30, 2024). This primarily reflects the change in management compensation from consulting-based management to salaried management during 2025.

● Stock based compensation expense of $5,969,918 (compared to $1,441,310 for the six months ended June 30, 2024). This represents the fair value of stock options and other equity-based awards granted to officers, directors, and employees as the Company implemented its equity compensation programs.

● Professional fees totaling $632,514 for the six months ended June 30, 2025 (compared to $479,254 for the six months ended June 30, 2024) primarily consisting of legal and consulting fees.

● Foreign exchange loss of $(32,356) for the six months ended June 30, 2025 (compared to $80,513 for the six months ended June 30, 2024) due to the fluctuation of foreign exchange rates on US currency cash balances. We are subject to fluctuating foreign exchange rates as a result of our Canadian dollar transactions.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● Exploration, property evaluation and holding costs, including fixed costs and project programs, was $339,351 (compared to $61,791 during the six months ended 2024).

*Management Outlook and Trends* 

The overall increase in net loss of $5,028,155 is primarily attributable to the non-cash share-based compensation expense, which management views as a one-time cost associated with establishing appropriate equity incentive programs for employees, officers, and directors.

Management expects the cost structure to evolve significantly in 2025 and 2026 with:

● Increased Exploration Spending: Substantial increases in exploration expenditures as we commence underground access and drilling on the Rainbow Block

● Higher Professional Fees: Continued elevated professional fees through the pre-IPO process and initial public company compliance

● Stable Personnel Costs: Salaries and benefits expected to remain elevated as the Company maintains its expanded team to support growth initiatives

The Company believes this investment in personnel and exploration activities positions it well for value creation through systematic exploration and potential resource development at its material properties.

***Year ended December 31, 2024 compared to year ended December 31, 2023***

The following financial data are derived from, and should be read in conjunction with, our audited annual consolidated financial statements for the years ended December 31, 2024 and 2023.

A summary of our operating results for the years ended December 31, 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31** | **Year Ended December 31** | | |
|  | **2024** | **2023** | **Change**<br>**Amount** |<br>**Percentage** |
| &nbsp;&nbsp;Project costs |  |  |  | 100% |
| &nbsp;&nbsp;Amortization and depreciation |  |  |  | 44% |
| &nbsp;&nbsp;Management fees |  |  |  | 0% |
| &nbsp;&nbsp;Salaries and wages |  |  |  | 84% |
| &nbsp;&nbsp;Directors' fees |  |  |  | 66% |
| &nbsp;&nbsp;General and administrative |  |  |  | 0% |
| &nbsp;&nbsp;Insurance |  |  |  | 35% |
| &nbsp;&nbsp;Advertising and promotions |  |  |  | 0% |
| &nbsp;&nbsp;Advisory fees |  |  |  | 100% |
| &nbsp;&nbsp;Professional fees |  |  |  | 52% |
| &nbsp;&nbsp;Stock based compensation |  |  |  | 100% |
| &nbsp;&nbsp;Accretion on decommissioning liability |  |  |  | 100% |
| &nbsp;&nbsp;Operating lease expenses |  |  |  | 1% |
| &nbsp;&nbsp;Total operating expense |  |  |  | 294% |
| &nbsp;&nbsp;Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;Share of loss in associate |  |  |  | -100% |
| &nbsp;&nbsp;Sub- lease income |  |  |  | 7% |
| &nbsp;&nbsp;Foreign exchange (gain) loss |  |  |  | -6% |
| &nbsp;&nbsp;Interest income |  |  |  | 56% |
| &nbsp;&nbsp;Interest expense |  |  |  | 100% |
| &nbsp;&nbsp;Other income |  |  |  | 100% |
| &nbsp;&nbsp;Total other income (expense) |  |  |  | 108% |
| &nbsp;&nbsp;Net loss |  |  |  | 73% |

---

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

The following is an analysis of our operations for the years ended December 31, 2024 and 2023. Significant items contributing to the loss incurred during such period were as follows:

● Salaries and management fees of $1,386,558 and $342,986 respectively ($222,572 and $344,819 respectively for the year ended December 31, 2023). This primarily related to increased payments for separation agreements with former management, and bonus payments accrued.

● Stock based compensation expense of $1,509,464 (nil for the year ended December 31, 2023). This related to options and RSUs granted to officers, directors, and employees.

● Professional fees totaling $513,955 for the year ended December 31, 2024 (compared to $244,636 for the year ended December 31, 2023), primarily consisting of legal fees relating to the acquisition of our Ferry Lane Ltd. subsidiary and settlement of legal claims.

● Advisory fees totaling $468,732 for the year ended December 31, 2024 (compared to nil for the year ended December 31, 2023), primarily consisting of fees and the fair value of warrants paid to an investment bank for corporate advisory services.

● Foreign exchange loss of $(96,628) for the year ended December 31, 2024 (compared to $(101,978) for the year ended December 31, 2023) due to the fluctuation of foreign exchange rates on US currency cash balances. We are subject to fluctuating foreign exchange rates as a result of our Canadian dollar transactions.

● Exploration, property evaluation and holding costs, including fixed costs and project programs, were $254,184 and nil during the years ended December 31, 2024 and 2023, respectively. In 2023, these costs were incurred as a "share of loss in associate" prior to the acquisition of our subsidiary, Butte Blackjack Operating, LLC (now known as SBM Montana LLC).

● General and administrative expenses of $101,318 for the year ended December 31, 2024 (compared to $101,272 for the year ended December 31, 2023).

**Financial Position, Liquidity and Capital Resources**

A summary and discussion of our cash inflows and outflows for the six months ended June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended June 30** | **Six Months Ended June 30** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **Amount** |
| &nbsp;&nbsp;Cash Flows Provided by (Used In): |  |  |  |
| &nbsp;&nbsp;Operating Activities |  |  |  |
| &nbsp;&nbsp;Investment Activities |  |  |  |
| &nbsp;&nbsp;Financing Activities |  |  |  |
| &nbsp;&nbsp;Net Increase (Decrease) in Cash |  |  |  |

---

From January through March 2025, we completed private placements, raising $1,942,850 from the issuance of equity units priced at $0.45 per unit, each unit consisting of one common share and one-half warrant to purchase a common share at $0.60 per share for two years from each closing.

In February 2025, we issued 10,126,219 common shares pursuant to warrant exercises at a price of $0.35 per share, raising $3,544,177.

Subsequent to the period end, in August 2025, we issued 1,000,000 common shares pursuant to warrant exercises at a price of $0.60, raising $600,000.

 

*Cash Resources and Going Concern*

We have no revenue generating operations from which we can internally generate funds. To date, our ongoing operations have been financed by the sale of our equity securities by way of private placements. We believe that we will be able to secure additional private placements and public financings in the future, although we cannot

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

predict the size or pricing of any such financings. This situation is unlikely to change until such time as we can develop a bankable feasibility study on one of our projects. When acquiring an interest in mineral properties through purchase or option, we will sometimes issue common shares to the vendor or optionee of the property as partial or full consideration for the property interest in order to conserve our cash. If adequate financing is not available or cannot be obtained on a timely basis, we may be required to delay, reduce the scope of, or eliminate one or more of its exploration programs. The above factors represent material uncertainties that cast substantial doubt on our ability to continue as a going concern.

The Company considers available cash, cash equivalents, and any short-term investments to be its primary measure of liquidity. Our cash liquidity position as of June 30 2025, comprised of cash and cash equivalents of $2,019,204 reflected a net increase of $1,763,574 (December 31, 2024 – $255,630). At June 30, 2025, we had working capital of $716,450 compared to $(4,263,668) at December 31, 2024. Our continuing operations are dependent upon obtaining necessary financing to meet our commitments as they come due and to finance future exploration and development of mineral interests, secure and maintain title to properties and upon future profitable production.

We anticipate that the proceeds of this offering will fund our capital requirements for the next 24 months. See, "*Use of Proceeds*." We expect that we will operate at a loss for the foreseeable future and believe the current cash and cash equivalents will be sufficient for it to maintain our currently held properties, and fund our currently anticipated general and administrative costs. In any event, we will be required to raise additional funds, again through public or private equity financings in the future in order to continue in business. Should such financing not be available in that time-frame, we will be required to reduce our activities.

Despite our success to date in raising capital to fund our operations, there is significant uncertainty that we will be able to secure any additional financing in the current or future equity markets. See "*Risk Factors*". Failure to obtain additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue as a going concern. The quantity of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes.

**Mineral Property Obligations**

We hold our property rights via patented mining claims, which have no material maintenance requirements outside of local property tax assessments, which we estimate to be approximately $16,000 per year. Our exploration license, issued by the Montana Department of Environmental Quality, requires a reclamation bond of $225,788, and we estimate the reclamation liability to be $214,000.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**Significant Accounting Policies**

A summary of our significant accounting policies is presented in Note 2 of the financial statements. The financial statements and notes are representations of our management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles under US GAAP and have been consistently applied in the preparation of financial statements.

***Basis of Presentation and Consolidation***

The accompanying audited annual consolidated financial statements have been prepared in accordance with US GAAP.

The accompanying audited annual consolidated financial statements have been prepared on an accrual basis, and are based on historical costs, except for financial instruments measured at fair value.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***Basis of Consolidation***

The accompanying audited annual consolidated financial statements include our accounts from January 1, 2023 until December 31, 2024. All significant intercompany accounts and transactions between us and our subsidiary have been eliminated upon consolidation.

***Use of Estimates***

The preparation of financial statements in accordance with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions and could have a material effect on the reported amounts of our financial position and results of operations.

***Financial Instruments***

We classify our financial instruments in the following categories: at fair value through profit and loss ("**FVTPL**"), at fair value through other comprehensive income (loss) ("**FVTOCI**"), or at amortized cost. We determine the classification of financial assets at initial recognition. The classification of debt instruments is driven by our business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition we can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives).

An 'expected credit loss' impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset's original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period. In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

***Foreign Currency***

 ****

Transactions in currencies other than the functional currency are recorded at the rate of exchange prevailing on the dates of transactions. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign currency translation differences are recognized in profit or loss, except for differences on the retranslation of available-for-sale instruments, which are recognized in other comprehensive loss.

***Mineral Property Interests***

Expenditures on mineral exploration or evaluation incurred in respect of a property before the acquisition of a license to explore are expensed as incurred, to general exploration. Once the legal rights to explore a specific area have been obtained, expenditures on exploration and evaluation activities are capitalized as exploration and evaluation assets. Mineral property acquisition costs are included in exploration and evaluation and include any cash consideration and advance royalties paid, and the fair market value of shares issued, if any, on the acquisition of the mineral property interest. Properties acquired under option agreements, whereby payments are made at our sole discretion, are recorded in the accounts when the payments are made.

Exploration expenditures relate to the initial search for deposits with economic potential and to detailed assessments of deposits or other projects that have been identified as having economic potential. All capitalized exploration and evaluation expenditures are monitored for indications of impairment. Where a potential

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

impairment is indicated, assessments are performed for each area of interest, as described in Impairment of non-current assets, below. Once an economically viable reserve has been determined for an area and the decision to proceed with development has been approved, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to property, plant and equipment.

Although we have taken steps to verify title to mineral properties in which we have an interest, these procedures do not guarantee our title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects.

***Impairment of Non-current Assets***

At each reporting period, management reviews mineral interest and property, plant and equipment for indicators of impairment. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction. In assessing value in use, the estimated future cash flows are discounted to their present value. If the recoverable amount of the asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for that period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which that asset belongs.

Past impairments are also considered at each reporting period and where there is an indication that an impairment loss may have decreased, the recoverable amount is calculated as outlined above to determine the extent of the recovery. If the recoverable amount of the asset is more than its carrying amount, the carrying amount of the asset is increased to its recoverable amount and the impairment loss is reversed in the profit or loss for that period. The increased carrying amount due to reversal will not be more than what the depreciated historical cost would have been if the impairment had not been recognized.

**Critical Accounting Estimates**

The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, and contingent liabilities at the date of the financial statements, as well as reported amounts of income and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes may differ from these estimates.

Judgments, estimates, and assumptions where there is a significant risk of material adjustments to assets and liabilities in future accounting periods are outlined below:

● **Intangible Assets:** We have determined that intangible asset costs incurred, which were capitalized, have future economic benefits and will be recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits, including anticipated cash flows and estimated economic life. The amortization expense related to intangible assets is determined using estimates of the useful life of the intangible asset.

● **Functional Currency:** The functional currency for us and our subsidiaries is the currency of the primary economic environment in which the entity operates. Determining the functional currency involves judgment to determine the primary economic environment. We reassess the functional currency of our entities if there is a change in events and conditions that affect the primary economic environment. We have determined that our functional currency is the United States dollar.

● **Fair Value of Financial Instruments:** The evaluation of the fair value of financial instruments, including warrants and options to purchase common shares, requires judgment in selecting the appropriate methodologies and models, as well as evaluating ranges of assumptions and financial inputs to calculate estimates of fair value.

● **Going Concern**: These consolidated financial statements have been prepared on a going concern basis, which assumes that we will continue to operate for the foreseeable future and will be able to realize our assets and discharge our liabilities in the normal course of operations. In assessing whether this assumption is appropriate,

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

management considers all available information about the future, which is at least, but not limited to, 12 months from the end of the reporting period. This assessment is based on planned actions that may or may not occur due to various factors, including our own resources and external market conditions.

**BUSINESS**

**Business Objectives and Operations**

We were incorporated under the name Blackjack Silver Corp. pursuant to the Ontario Business Corporations Act on August 31, 2020. We changed our name to Silver Bow Mining Corp. pursuant to a certificate of amendment effective February 18, 2025. On May 27, 2025, we continued as a British Columbia corporation under the provisions of the BCBA. We are domiciled in British Columbia, Canada and maintain a head office in Butte, Montana. We have no maximum authorized share capital and no par value. We have no maximum authorized share capital and our common shares have no par value.

We are a minerals exploration company focused on silver, zinc, gold, lead, and copper targets in Montana. We own approximately 3,300 acres in patented mineral claims in Silver Bow County, Montana, USA. Our primary mineral claim property is called the "Rainbow Block", which is composed of approximately 878 acres of mineral rights, benefiting from over 100 years of exploration, mining, and metallurgical data. Our business currently depends primarily on the Rainbow Block, which is our only material property under active exploration and development. Our current operational focus and near-term exploration plans center on the Rainbow Block. In addition to Rainbow Block, we have approximately 2,420 acres of mineral rights in Silver Bow County, represented by the Marget Ann Block, the Goldsmith Block, the Travona Block and the Emma Block.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Block** | &nbsp;&nbsp;**Mineral Rights** | &nbsp;&nbsp;**Surface Rights** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;Rainbow Block | &nbsp;&nbsp;887 acres | &nbsp;&nbsp;299 acres | &nbsp;&nbsp;Mineral Resource Estimate complete above water table |
| &nbsp;&nbsp;Marget Ann Block | &nbsp;&nbsp;Included in total | &nbsp;&nbsp;144 acres | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;Goldsmith Block | &nbsp;&nbsp;Included in total | &nbsp;&nbsp;330 acres | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;Travona Block | &nbsp;&nbsp;Included in total | &nbsp;&nbsp;— | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;Emma Block | &nbsp;&nbsp;Included in total | &nbsp;&nbsp;— | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;**Total District Holdings** | &nbsp;&nbsp;**3,300 acres** | &nbsp;&nbsp;**773 acres** |  |

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This is our initial public offering, and no public market currently exists for our stock. The offering price may not reflect the market price of our stock after this offering. Our common shares are not listed for trading on any exchange or automated quotation system.

We intend to submit an application for listing our common shares for trading on the NYSE American. We anticipate that our common shares will be traded on the NYSE American; however, there can be no assurance that such an application for trading will be approved. If we do not meet all of the NYSE American's initial listing criteria or our application for listing is not otherwise accepted, we will not complete this offering.

For further information about our properties, see the section entitled "*Description of Property*".

**General Corporate Information**

Our principal executive offices are located at 1401 Idaho Street, Butte, Montana 59701 and our telephone number is (406) 718-7593. Our website is www.silverbowmining.com. The information on our website is not incorporated by reference into this prospectus.

**Organizational Structure**

Silver Bow Mining Corp. has four wholly-owned subsidiaries, SBM Properties LLC, a Montana limited liability company, SBM Montana LLC, a Delaware limited liability company, Ferry Lane Limited, a British Virgin Islands company and Ferry Lane Management LLC, a Wyoming limited liability company.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Corporate History**

We are advancing the historic silver-zinc vein systems in Butte, Montana, a district with over a century of mining heritage. Since 2022, our focus has been the Rainbow Block, an 878-acre property in North Butte and Walkerville with rich mineralization potential. The property was previously operated by Anaconda Company ("Anaconda") and contains several significant vein structures including the Rainbow, State, Chief Joseph, and Lexington Veins.

Our exploration strategy targets mineralized zones above the current water table, where we've identified potentially substantial untapped mineralization of silver, zinc, gold, lead and other metals. We've completed comprehensive digital modelling of the extensive underground workings—part of Butte's mining complex with its estimated 10,000 miles of historic tunnels. This modelling integrates historical data with modern exploration techniques to guide our exploration plans.

In 2024, we commissioned an independent technical report for the Rainbow Block to determine a mineral resource estimate covering 42 distinct veins identified to date. The report was prepared pursuant to S-K 1300 and is entitled "Technical Report Summary, Rainbow Block, Butte Mining District, Silver Bow County, Montana, USA" with an effective date of December 31, 2024 and an issue date of May 27, 2025 (the "Rainbow Block Technical Report") This assessment, completed by Dahrouge Geological Consulting in compliance with S-K 1300, established an initial Inferred Mineral Resource of 11.48 million tons grading 14.8 opt (507.4 grams / tonne) silver equivalent, containing metal of 170.0 million ounces silver equivalent. We continue to expand our understanding of this Mineral Resource through ongoing exploration while developing plans for environmentally responsible extraction methods in this historically significant mining district.

**Markets**

 

***Markets Overview***

 

The Rainbow Block has historically produced significant quantities of silver, zinc, gold, lead, and copper throughout its operating history. The polymetallic nature of our deposits provides exposure to both precious and base metals markets, including zinc, which the U.S. Government has designated as a Critical Mineral essential for economic and national security. This diversification offers potential resilience against individual metal price fluctuations.

 

After market analysis explores the performance of important metals copper, silver, zinc, and gold (as well as lead as a potential byproduct), all of which have been historically mined by previous owners of the Rainbow Block.

 

Management expects mining within the United States to show growth in the next few years, particularly in metals present within the Rainbow Block. Further exploration of the property will be key to the development of the Rainbow Block and determining what potential resources and reserves will be present on these claims.

 

*Commodity Price Projections*

The following information was reviewed and reported on between the dates of November 6th and November 9th, 2024. Any information which may have been published after these dates may not be captured in this prospectus. Analysis of these metals includes statements from current market analysts as a possible interpretation of a current market opinion which may give perspective for the logistics of furthering the exploration of the Rainbow Block claims. No information here should be taken as a forward-looking statement.

*Silver*

 

The Rainbow Block hosts significant silver mineralization, predominantly as native silver, electrum and primary and secondary silver sulfides within the veins of the intermediate and peripheral zones. Historical mining by Anaconda focused primarily on the copper-rich central zone, leaving substantial silver-rich veins in the intermediate and peripheral areas that were less developed. These veins, documented in Anaconda's 1978 Ore Reserves and Resources report, extend to great depths and represent a significant exploration target. The Peripheral Zone, which contains the highest silver grades, encompasses approximately 70% of the Rainbow Block claims currently controlled by us.

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

Silver shows more price volatility than base metals like copper and zinc, being influenced by both industrial demand and investment sentiment. During the 2020 pandemic-related market disruption, silver prices reached nearly $30 USD/ounce, approaching levels last seen in 2013. Since then, prices have fluctuated in a range between $20 to $40 USD/ounce, as shown in the chart below, responding to both industrial and investment demand factors.

 

Unlike gold, which is primarily driven by investment demand, silver maintains a significant industrial demand component. Over 50% of annual silver consumption comes from industrial applications including:

 

● Electronics and electrical contacts

 

● Photovoltaic cells for solar energy

 

● Medical devices and antimicrobial applications

 

● Automotive sensors and electrical systems

 

● Photography and specialized optical equipment

 

This dual role as both an industrial metal and an investment vehicle contributes to silver's price dynamics and potential value to the Rainbow Block.

 

![](n_s-1img002.jpg)

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

![](n_s-1img003.jpg)

Figure: Silver Commodity Price January 31, 2014, to July 31, 2025 (IMF, 2025)

 

Investment demand significantly influences silver prices, particularly during periods of dollar weakness and low interest rates, when the opportunity cost of holding non-yielding assets decreases. During inflationary periods, investors often turn to silver as an alternative to fiat currency (Newman et al., 2023). Market analysts project continued upward price momentum, with actual price in July 2025 reaching $37.67 and forecasts ranging up to $50 USD/ounce for 2025 (PR, 2024; Beauchamp, 2024). These projections reflect several macro factors:

 

● Ongoing geopolitical tensions

 

● Anticipated U.S. monetary policy changes

 

● Evolving international trade policies

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

Supply constraints are also supporting higher silver prices. Global silver production has declined in recent years, while U.S. production has remained relatively flat. Secondary supply from recycling provides some market balance, with approximately 1,100 tons recovered from new and old scrap materials in 2023 (USGS, 2024). However, recycling volumes have not offset the decline in mine production.

 

The silver market outlook suggests continued price strength with volatility linked to global political and economic conditions. While precise price forecasts are inherently uncertain, the fundamental supply-demand dynamics appear supportive of prices above historical averages. The Rainbow Block's significant silver mineralization, documented but largely unmined by previous operators, positions Rainbow Block to potentially help address market supply constraints while benefiting from favorable price conditions.

 

*Zinc*

 

Historical production reports 2,226,396 total tonnes of zinc material mined from the district. While mainly mined as a by-product of more lucrative metals copper and silver, the material abundance of zinc is still significant.

 

Zinc's main use is in the steel industry in galvanized steel coated and bonded with zinc. This chemical process protects the metal from corrosion - leading to a longer lifespan of the material with a low environmental impact (Wood, 2024). Because of this, the zinc demand is heavily tied to rapid industrialization, urban expansion, and infrastructure ventures. Aside from this, consumer goods, automobiles, electronics, and green energy solutions such as solar panels, wind turbines, and evolution of zinc-ion batteries require significant supply of zinc. Previously, zinc has seen relatively stable prices nearing $2,000 to $2,500 USD/ton, with few periods of spikes and downturns most often related to changes in geopolitical climate and times of highs and lows in the industrial building and construction sector.

Figure: Zinc Commodity Price January 1, 2014 to July 31, 2025 (IMF, 2025)

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

China is a key driver in the zinc market, particularly with its new stimulus measures to begin rebuilding its failing property sector. These measures would require a large demand for construction material and galvanized steel. General predictions of the market project a small, positive rebound of the metal price following this rebuilding, succeeded by a continued downtrend in the long term (Belder, 2024).

 

Several points contributed to the recent downturn of zinc's price and demand. Overall, zinc is currently in oversupply, with production from the U.S., Australia, China, India and Peru continuing to saturate the market for the metal (USGS, 2024). The metal is recyclable, with several significant recycling companies currently establishing themselves in the industry. Zinc is also easily substituted by other available metals such as aluminum and magnesium (ChemAnalyst, 2024). With demand low, and stock of material high and consistent, smelters are also experiencing a difficult time holding their treatment charges for metal refining at a level where profit margins are met (Wulandari, 2024).

 

It is most likely, as stated by market analysts, that zinc prices will remain relatively constant with a slight downward trend over time for the next few years, with dependence on demand and the status of total supply (Home, 2024).

 

*Lead*

 

Production of lead on the Rainbow Block was historically much lower than zinc, coming in at only 427,400 tonnes total during all past production operations. However, it is still worth noting as a potential metal as a lead concentrate will likely be considered in future processing studies.

 

The lead market has been dominated by the battery and automotive industries, with 86% of total lead consumption going to producing lead-acid batteries used in motorized vehicles, storage of energy generated by photovoltaic cells and wind turbines, and backup power supply (FMI, 2024). The metal also has high demand from the construction and plumbing industries, as well as minor uses in various home products, ammunition, and electronics.

 

In recent years, hesitancy to use lead has increased due to its high toxicity and polluting nature (Sazzini, 2024). In the past, the metal has shown regularly fluctuating high and low values related to demand in the battery industry, with some influence from industrial expansion.

![](n_s-1img005.jpg)

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

Figure: Lead Commodity Price January 1, 2014 to July 31, 2025 (IMF, 2025)

 

Lead has recently recovered from a significant oversupply from 2016 to 2017 and has now seen more equilibrium between supply and demand (Home, 2024). Similar to zinc, lead treatment charges have recently dropped to the point where smelters are struggling to make return.

 

Overall, with the price at July 31, 2025 being $1,993.17, the consensus among market analyst groups is that lead will remain consistent and stable at market prices of $1,800 to $2,400 USD/ton with some potential for a modest increase related to demand within the battery storage industry associated with the shift to green energy (Kaitwade, 2024).

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Gold*

 

While gold is not a main commodity of the Rainbow Block, the precious metal has a significant presence. Historical gold production in the Rainbow Block district totalled 2.92 million ounces. However, this production figure may not represent the full gold potential of Rainbow Block, as Anaconda did not routinely include gold in its regular assaying program. Gold assays were typically performed only when visible gold was noted or in specific areas known to carry higher gold values. This limited sampling approach was economically rational at the time, given that gold prices were fixed at $20 per ounce until 1934, and then at $35 per ounce until 1971. With gold prices exceeding $3,341 per ounce as of July 31, 2025, zones that were historically uneconomic or untested for gold may now represent significant value.

 

Some of the vein-hosted, peripheral mineralization present at the deposit may have the potential for high-grade gold occurrences. This potential remains largely untested, as historical sampling practices focused primarily on silver, zinc, copper, and lead. Modern exploration, with comprehensive multi-element analyses, will be required to fully evaluate the gold potential across Rainbow Block.

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

![](n_s-1img008.jpg)

Figure: Gold Commodity Price January 31, 2014, to July 31, 2025 (IMF, 2025)

 

Market analyst predictions expect the value of gold to continue with an upward trend as rising inflation and increase in the number of investors diversifying portfolios into gold (Goldman Sachs, 2024).

 

**Competitive Conditions**

The mining business is competitive in all phases of exploration, development and production. We compete with a number of other exploration and mining companies in the search for and acquisition of, mineral properties, many of whom have greater financial resources. As a result of this competition, we may be unable to acquire attractive mineral properties in the future on terms we consider acceptable. We also compete for financing with other resource companies, many of whom have greater financial resources and/or more advanced properties. There can be no assurance that additional capital or other types of financing will be available if needed or that, if available, the terms of such financing will be favorable to us.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

Our ability to acquire properties largely depends on our success in exploring and developing our present properties and on our ability to select, acquire and bring to production suitable properties or prospects for mineral exploration and development. We may compete with other exploration and mining companies for the procurement of equipment and for the availability of skilled labor. Factors beyond our control may affect the marketability of minerals mined or discovered by us. See "Risk Factors" in this prospectus.

**Raw Materials**

 

We use critical components such as water, electrical power, and propane/natural gas in our business, all of which are readily available in Butte.

**Employees and Contractors**

As of March 31, 2025, we have engaged two contractors and eight employees. One contractor serves us full-time and one contractor serves us part-time. These contractors provide management, technical, administrative, accounting and legal services to us. We believe the contractors are an efficient use of our resources, providing us greater flexibility in our cost structure as we commence exploration programs. However, there are risks associated with our planned reliance upon third parties for substantial parts of our activities.

**Seasonality**

 

The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. In recent years, the significant demand for minerals in some countries has driven increased commodity process. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If global conditions weaken and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of the Rainbow Block and the other properties.

**Government Regulation**

The exploration and development of a mining prospect is subject to regulation by a number of federal and state government authorities. These include the United States Environmental Protection Agency ("EPA"), the United States Bureau of Land Management ("BLM"), and the United States Forest Service as well as the various state environmental protection agencies. The regulations address many environmental issues relating to air, soil and water contamination and apply to many mining related activities including exploration, mine construction, mineral extraction, ore milling, water use, waste disposal and use of toxic substances. In addition, we are subject to regulations relating to labor standards, occupational health and safety, mine safety, general land use, export of minerals and taxation. Many of the regulations require permits or licenses to be obtained and the filing of "Notices to Conduct Mineral Exploration Activities" (Notice level permit) and Plans of Operations, the absence of which or inability to obtain will adversely affect the ability for us to conduct our exploration, development and operation activities. The failure to comply with the regulations and terms of permits and licenses may result in fines or other penalties or in revocation of a permit or license or loss of a prospect.

If our future mine wastes, if any, were treated as hazardous waste or such wastes resulted in operations being designated as a "Superfund" site under CERCLA ("Superfund") for cleanup, material expenditures would be required for the construction of additional waste disposal facilities or for other remediation expenditures. Under CERCLA, any present owner or operator of a Superfund site or an owner or operator at the time of its contamination generally may be held liable and may be forced to undertake remedial cleanup action or to pay for the government's cleanup efforts. Such owner or operator may also be liable to governmental entities for the cost of damages to natural resources, which may be substantial. Additional regulations or requirements may also be imposed upon our future tailings and waste disposal, if any, in Montana under the CWA and state law counterparts. We have reviewed and considered current federal legislation relating to climate change and we do not believe it to have a material effect on our operations. Additional regulation or requirements under any of these laws and regulations could have a materially adverse effect upon our results of operations.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Montana*

Mining activities on patented lands in Montana are primarily regulated by the Montana Department of Environmental Quality (DEQ) under the Metal Mine Reclamation Act and associated administrative rules. While patented mining claims constitute private property with secure mineral rights, all mining operations remain subject to comprehensive state environmental regulations regardless of surface ownership status.

The DEQ administers several key permits relevant to mining operations on patented lands:

Exploration License: Required for all exploration activities that physically disturb the surface. The license application must include detailed maps, proposed exploration methods, and reclamation plans. Exploration activities typically require posting a reclamation bond based on the extent of planned disturbance. Exploration licenses are issued for one year and must be renewed annually until reclamation is completed and approved.

Operating Permit: Required for mining operations exceeding 5 acres of surface disturbance or removing more than 36,500 tons of material annually. The operating permit application process requires detailed environmental baseline studies, operating plans, and comprehensive reclamation planning. The DEQ conducts an environmental review under the Montana Environmental Policy Act, which may require preparation of an Environmental Assessment (EA) or Environmental Impact Statement (EIS) depending on the potential impacts.

Water Quality Permits: Mining operations affecting water resources require Montana Pollutant Discharge Elimination System permits for any discharges to surface waters, and may require groundwater permits depending on potential impacts to aquifers.

Air Quality Permits: Required for operations that may generate significant air emissions, including dust from mining activities or emissions from processing facilities.

The DEQ coordinates with other state agencies including the Department of Natural Resources and Conservation for water rights, and may consult with the Montana State Historic Preservation Office regarding cultural resources impacts. For operations that may affect state-listed threatened or endangered species, coordination with Montana Fish, Wildlife & Parks may be required.

Mining operations on patented lands adjacent to public lands may also trigger additional review by federal agencies if there are potential impacts to federal resources, even though BLM or Forest Service permits would not be required for activities confined to patented claims.

All mining operations in Montana, regardless of land status, must comply with state-specific reclamation standards, which typically require contemporaneous reclamation, post-closure water quality protection measures, and financial assurance mechanisms adequate to complete reclamation if the operator fails to do so.

**Environmental Regulation**

Our exploration and development activities, as well as any current or future operations, are subject to extensive governmental regulations for the protection of the environment, including regulations relating to air and water quality, mine reclamation, solid and hazardous waste handling and disposal and the promotion of occupational health and safety, which may adversely affect us or require us to expend significant funds in order to comply with such regulations. There is also a risk that environmental and other laws and regulations may become more onerous, making it more costly for us to remain in compliance with such laws and regulations, which could result in the incurrence of additional costs and operational delays or the failure of our business.

All phases of our operations in Montana will be subject to extensive federal and state environmental regulation, including:

● The CERCLA;

● The RCRA;

● The CAA;

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

● The NEPA;

● The CWA;

● The SDWA;

● The MSHA;

● The ESA;

● The NHPA; and

● Workers Compensation Laws.

These environmental regulations require us to obtain various operating approvals and licenses and also impose standards and controls relating to exploration, development and production activities. Montana state statutes and regulations also establish reclamation and financial assurance requirements for mining operations and require that mining projects in Montana obtain a reclamation permit. Mining projects are required to prepare a reclamation plan and provide financial assurance to ensure that the reclamation plan is implemented upon completion of operations. Compliance with federal and state regulations could result in delays in beginning or expanding operations, incurring additional costs for cleanup of hazardous substances, payment of penalties for discharge of pollutants, and post-mining reclamation and bonding, all of which could have an adverse impact on Silver Bow Mining's financial performance and results of operations. See "Risk Factors". We maintain, and anticipate continuing to maintain, a policy of operating our business in compliance with all environmental laws and regulations.

**LEGAL PROCEEDINGS**

From time to time, we or our subsidiaries may become involved in ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party, or of which any of our property is the subject. However, as of the date of this registration statement, we are not involved in any material pending legal or governmental proceedings.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**DESCRIPTION OF PROPERTY**

**Summary** 

Our primary Property is the Rainbow Block in Silver Bow County, Montana, and is the focus of our exploration efforts.

![](n_s-1img009.jpg)

Figure 1: Rainbow Block - Location Map

**Qualified Person**

 ****

The disclosure in this prospectus of scientific and technical information regarding exploration results for the Rainbow Block has been reviewed and approved by Jacob Anderson, who is a qualified person under S-K 1300. Mr. Anderson is a licensed Certified Professional Geologist under the association of the American Institute of Professional Geologists.

 

**The Rainbow Block**

 ****

*Technical Report Summary*

 

The Rainbow Block Technical Report (as defined above) was prepared pursuant to S-K 1300 and has an effective date of December 31, 2024 and an issue date of December 31, 2024 and an issue date of May 27, 2025 (the "Rainbow Block Technical Report").

 ****

The Rainbow Block Technical Report was prepared by Dahrouge Geological Consulting, a QP firm, in compliance with S-K 1300. The following disclosure is taken from parts of the Rainbow Block Technical Report or summarizes sections contained therein and has been prepared in accordance with the requirements of S-K 1300.

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Property Description*

 

The Rainbow Block, which consists of 129 patented mining claims totaling approximately 889 acres, located within Sections 6 and 7, Township 3N, Range 7W, and Sections 1, 11 and 12, Township 3N, Range 8W, in the Butte Mining District, Silver Bow County, Montana, USA.

![](n_s-1img010.jpg)

Figure 2: Rainbow Block Mineral Tenure Map

 

*Location* 

 

The Rainbow Block is located in the Butte Mining District, Silver Bow County, Montana, USA. This block of claims is located in the northern part of Butte and within a portion of Walkerville. In the north central part of the Rainbow Block is the historic Alice Pit, and directly southeast of the block is the historic Berkeley Pit. Montana Resources LLP ("Montana Resources") operates the active mine at the Continental Pit, producing copper and molybdenum concentrates east of the Rainbow Block.

*Significant Minerals*

 

The Rainbow Block contains, or is believed to contain, critical minerals including copper, manganese, germanium, indium, and gallium. These minerals are important to our exploration and development plans and represent key targets for potential extraction. We desire to explore and develop these minerals, which are subject to various risks including exploration uncertainties, market demand fluctuations, and regulatory factors.

*Project Stage*

 

The Rainbow Block is an exploration stage project. There are no known mineral reserves on the Rainbow Block at this time. There has been insufficient exploration on the Rainbow Block to estimate a mineral reserve. It is uncertain if further exploration will result in the estimation of a mineral reserve. Historical exploration has been conducted on the property. We currently consider this location material to our operations.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Accessibility, Local Resources and Infrastructure*

 

Silver Bow County, located in southwestern Montana, is home to the unified government of Butte-Silver Bow, formed in 1977 when the city of Butte consolidated with Silver Bow County. As of the 2020 census, the county has a population of 34,494 residents, making Butte-Silver Bow the fifth-largest population center in Montana, covering 718 square miles.

Rainbow Block benefits from excellent transportation infrastructure. The Rainbow Block site is located just 2 miles from the intersection of two major interstate highways: Interstate 90, which runs east-west, and Interstate 15, which runs north-south. This strategic location provides efficient road access for both personnel and equipment.

Within the boundaries of Butte-Silver Bow lies Walkerville, a self-administered incorporated town considered a suburb of Butte. As of the 2020 census, Walkerville had a population of 639 residents.

Rail access is provided by two major lines that service the area. The Port of Montana railyard, situated 7 miles west of Butte, offers comprehensive logistics support including transload operations, distribution services, warehousing, and storage facilities. Both Union Pacific Railroad and BNSF Railway serve the Port, providing direct connections to West Coast shipping terminals. This rail service extends to within 1.5 miles of the Rainbow Block in Butte.

Air access is facilitated by Bert Mooney Airport on the southeast edge of Butte. The airport features modern terminal facilities and maintains regular domestic flight service through both Delta and United Airlines. The combination of highway, rail, and air transportation infrastructure positions the Rainbow Block advantageously for future development activities

The local business community provides comprehensive support services for mining operations. Industrial services include welding, metal fabrication, and machine shops. Equipment support is readily available through rental companies, parts suppliers, and heavy equipment contractors. Professional and technical services such as drilling contractors, engineering and environmental firms maintain local offices. The consumable products sector supported by vendors of mine and office materials, industrial parts, petroleum products, and explosives.

Butte hosts several institutions critical to mining sector development. Montana Technological University offers programs in geological, mining, environmental, metallurgical, and other engineering disciplines. The city is also home to the Montana Bureau of Mines and Geology and the Center for Advanced Materials Processing.

While Butte provides most essential services locally, additional support is available in nearby cities. Bozeman lies 90 miles to the east, Helena 65 miles to the north, and Missoula 120 miles to the west.

Rainbow Block benefits from proximity to significant power generation facilities. The Basin Creek natural gas power plant, with 54 MW capacity, is located 9 miles south of the site, and the Dave Gates natural gas power plant, 204 MW capacity, is situated 24 miles to the west.

The Rainbow Block features established infrastructure including a network of paved and unpaved roads, high-voltage power distribution systems, and water service infrastructure. Historical mine workings throughout the property could potentially be used for future development, including ventilation pathways, hoisting systems, and emergency egress routes.

The local workforce is well-experienced in open-pit operations, though underground mining expertise is currently limited. However, recruitment opportunities exist within a 4-hour drive along Interstate 90 east or west of Butte, where several major underground operations maintain experienced workforces.

This infrastructure foundation, combined with local technical expertise and educational resources, positions the Rainbow Block favorably for potential future development.

*Ownership*

 

We own the mineral interests in the Rainbow Block, which consists of 129 patented mining claims located within Sections 6 and 7, Township 3N, Range 7W, and Sections 1, 11 and 12, Township 3N, Range 8W. In many cases the surface interests have been severed from the mineral interests.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

Title to the mineral rights for the Rainbow Block is held directly by Ferry Lane Limited, a wholly owned subsidiary of Silver Bow Mining Corp.

*Geology, Mineralization and Deposit*

 

The Butte porphyry copper-molybdenum deposit is hosted within the Late Cretaceous Butte Quartz Monzonite (BQM), which is part of the Boulder Batholith in Silver Bow County, Montana. The BQM classifies as a biotite-hornblende granite, dated at approximately 76.5 Ma.

The Boulder Batholith comprises the Butte Granite and various satellite plutons emplaced into older Mesoproterozoic to Mesozoic sedimentary units and possibly coeval Elkhorn Mountains Volcanics. The batholith is elongated NNE–SSW, bounded by the Lewis and Clark Line to the north and a major East–West fault to the south that delineates the transition to Archean basement. Magmatism in the region is attributed to the subduction of the Farallon Plate, initially producing Elkhorn Volcanics and followed by emplacement of multiple intrusive phases ranging from mafic to felsic. Mineralization at Butte is hosted entirely within the BQM and associated quartz porphyry dikes. These dikes, characterized by orthoclase phenocrysts and quartz eyes, predate the Pre-Main Stage porphyry Cu-Mo mineralization.

Two stages of mineralization occurred in this deposit; the earlier "Pre-Main Stage" mineralization is currently being mined at the adjacent Montana Resources' Continental Open Pit Mine. The later "Main Stage" mineralization created wide mineralized veins that have historically been mined both underground and open pit methods. These polymetallic veins are rich in copper, zinc, manganese, lead, silver, and gold bearing minerals. The vein systems were accessed through the thousands of miles of historical underground workings.

Main Stage mineralization in the Butte Mining District is concentrically zoned with copper-dominated veins located closest to the Anaconda porphyry core (Central Zone). These veins transition to copper-zinc veins within the Intermediate Zone and then to silver-zinc-lead-manganese-gold dominated veins in the Peripheral Zone.

Our mineral claims cover a significant portion of the Peripheral Zone and part of the Intermediate zone mineralization, and include some of the most persistent vein systems in the Butte Mining District.

Faulting throughout the Butte Mining District occurred in conjunction with and after vein formation as veins often display varying degrees of syn- and post-mineralization shearing and faulting. Vein offset due to faulting are generally minimal and usually do not significantly impact vein continuity.

*Exploration History*

 

The Butte Mining District is a well-known mining district, historically mined economically for an extensive period. Mining operations within the Rainbow Block generated extensive channel sample data and drill hole information some of which has been utilized for the compilation of the vein geological models and the estimation of the mineral resource.

New Butte Mining commenced a drilling program in late 1987, drilling a total of 33 reverse circulation drillholes from December 1987 through January 1988, for a total of 4,734 ft drilled. The RC drilling was focused on the Rainbow vein system. A diamond drill coring program commenced at the end of 1987 and continued through 1990, with holes collared from both surface and underground stations. Surface drilling concluded in January 1989 after completing 46 drillholes totaling 21,687 ft. Surface drilling targeted multiple veins, including the Lexington, State, Chief Joseph, Grey Rock and Rainbow. Drillholes ranged from -45° to -80° in dip, at various azimuths. Underground drilling commenced in June 1988 and continued through June 1990. Forty-four underground diamond drill core holes were completed at dips of -70° to 30° and with varying azimuths, for a total of 10,969 ft. Underground drilling targeted the Missoula, the Lexington Horsetails and the Chief Joseph and Grey Rock veins.

The most recent mineral resource estimate available that in part included the Rainbow Block was completed by the Anaconda Mining Company in 1978 following ARCO's acquisition. Anaconda recommended "extraction by present day mining technology: open pit mining, large scale block cave mining, highly mechanized bulk underground mining, and selective underground mining employing proven Butte mining practices" (Miller, 1978).

Historical production in the Butte Mining District dating from 1881 resulted in levels of production to make it one of the top silver, zinc, and copper producers in the world.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Permitting and Licensing* 

 

The State of Montana requires an Exploration License for all exploration activities on Rainbow Block. The application must include detailed surface maps and proposed prospecting activity including exploration methods. A reclamation and re-vegetation bond must be posted before the license is issued. The license is renewed annually and remains active until a full bond release is granted following a formal reclamation inspection by the Department of Environmental Quality. Annual renewals require documentation of completed work and planned activities for the upcoming year.

Licenses and permits in place are the Exploration License, Stormwater Pollution Prevention Plan, Butte-Silver Bow County Business License. These are currently renewed annually and are currently valid.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Permit / License** | **Reference No.** | **Issued By** | **Date Granted** | **Validity** |
| Exploration License | 000857 | DEQ | 10/05/2021 | Annual |
| Stormwater Pollution Prevention Plan (SWPPP) | 109160 | DEQ | 09/18/2021 | Annual |
| Butte-Silver Bow County Business License | 3497 | BSB | 01/11/2021 | Annual |

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We obtained an Exploration License from the Montana Department of Environmental Quality (DEQ) for the Rainbow Block in 2021. This License is valid through December 31, 2025. Under Montana's Metal Mine Reclamation Act, exploration licenses are valid for one year from the date of issuance and require annual renewal. An amendment application is currently being prepared by the Company for review by the DEQ, with approval anticipated in 2025.

We hold Exploration License No. 000857 issued by the Montana Department of Environmental Quality (DEQ) in October 2021. The current license authorizes:

● Surface Drilling Program:

○ Up to 10 diamond drill pads

○ 35 diamond drill holes

○ Up to 1500 feet below surface

○ Total drilling of 29,300 ft

○ Associated surface disturbance and access

Underground Rehabilitation:

● Rehabilitation of the Chief Joseph portal and decline

● Repair of underground workings

● Installation of required ground support

● Extraction of up to 10,000 tons of mineralized material for testing purposes only

● Ventilation system upgrades

We are submitting an amendment application to the DEQ to expand the scope of permitted activities to include:

● Development of a new exploration decline

● Additional underground exploration drill stations

● Associated surface support infrastructure

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

*Surface Rights*

We own approximately 299 acres of private surface lands in the Rainbow Block which may be utilized for development of the Rainbow Block, with remaining portions of Rainbow Block's surface rights being owned by third parties. Aside from this, there are no known risk factors that should prevent mineral exploration activities from taking place, and additional development if warranted.

*Water Rights*

We do not currently own any water rights. All historic water rights were either abandoned or deeded to third parties. Water needed for exploration activities is available for purchase from Butte-Silver Bow Water Utility Division at an existing onsite hydrant. We may eventually secure additional water rights for project development purposes.

*Government Mining Taxes, Levies and Royalties*

We have granted a NSR of 2% from all products (including precious metals, copper, zinc, lead, manganese, molybdenum, rare earth elements, and other metallic products) produced and sold from Rainbow Block. We have the exclusive right to buy out the full NSR for $7,500,000, with this price remaining fixed until 2035, after which it will be adjusted based on published inflation rates. There are no other known third-party royalties, payments, or other agreements or encumbrances subject to the findings of an updated title report for the claims.

*Drilling*

 

Drilling occurred on Rainbow Block starting in 1959 with a RC and both underground and surface diamond drilling and a drilling program in 2021 to 2022 after a pause in exploration drilling in the area.

Eight diamond drill holes totaling 4,780.5 ft were completed by us, from October 2021 to January 2022, to confirm historical high-grade intercepts, provide infill data, and determine the extent of vein systems.

Core recovery from all eight BJS21 holes averaged 89%.

 

Our drilling results from the 2021-2022 program that targeted the Rainbow-Alice and Lexington-Missoula veins reveal several notable intervals. These intercept intervals include 43.5 feet in the Rainbow-Alice vein in hole BJS21-03, averaging 3.60 opt Ag 1.7% lead and 2.6% zinc from 410.5 to 454.0 feet, with a 1.4-foot interval yielding 13.27 opt silver and 36.5 opt silver equivalent from 445.5 to 446.9 feet. Other significant intercepts include 46 feet in Rainbow-Alice hole BJS21-23, which averaged 2.32 opt silver and 8.5 opt silver equivalent from 419.0 to 465.0 feet, and a Lexington-Missoula hole BJS21-31, which intersected 7.1 feet averaging 4.31 opt silver and 10.8 opt silver equivalent from 309.5 to 316.6 feet. These intervals display variable yet noteworthy gold, silver, and base metal contents, especially in higher-grade zones with significant silver equivalent values.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

See full results in Table 1.

Table 1: Significant Drill Intersections Our 2021 – 2022 drilling program.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein Intercept** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** | &nbsp;&nbsp;**Interval** | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**Ag Eq** |
| &nbsp;&nbsp;**Vein Intercept** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**(deg)** | &nbsp;&nbsp;**(deg)** | &nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**(opt)** | &nbsp;&nbsp;**(opt)** | &nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**(opt)** |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-03 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;160 | &nbsp;&nbsp;410.5 | &nbsp;&nbsp;454.0 | &nbsp;&nbsp;43.5 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;445.5 | &nbsp;&nbsp;446.9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.045 | &nbsp;&nbsp;13.27 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;36.5 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-23 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;0 | &nbsp;&nbsp;419.0 | &nbsp;&nbsp;465.0 | &nbsp;&nbsp;46.0 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;425.0 | &nbsp;&nbsp;430.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;Badger-State | &nbsp;&nbsp;BJS21-24 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;180 | &nbsp;&nbsp;225.5 | &nbsp;&nbsp;238.5 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;4.34 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;Badger-State | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;230.0 | &nbsp;&nbsp;235.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;7.20 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-25 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;350 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;33.5 | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;5.31 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-26 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;180 | &nbsp;&nbsp;97 | &nbsp;&nbsp;110.0 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;3.03 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;97.0 | &nbsp;&nbsp;102.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;12.7 |
| &nbsp;&nbsp;Lexington-Missoula | &nbsp;&nbsp;BJS21-31 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;325 | &nbsp;&nbsp;309.5 | &nbsp;&nbsp;316.6 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;Lexington-Missoula | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;311.5 | &nbsp;&nbsp;315.2 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.041 | &nbsp;&nbsp;8.20 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;20.0 |

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*Sampling, Analysis and Data Verification**<sup>17</sup>***

 ****

<u>Anaconda Copper Mining Channel Sampling</u>

Channel sampling carried out by Anaconda Copper Mining during the mining process was meticulously documented and described. Sampling was conducted to control mining operations, estimate ore reserves, differentiate ore from waste, determine grade and quantity of material, reduce waste and determine shipping grade. Each sample was examined to ensure it accurately represents the material's grade and composition. All mineralized faces and sides must be sampled, excluding those parallel to the structure to obtain a representative sample. Samples were taken horizontally at breast height, regardless of vein dip, while noting the true width. Geologists took caution to sample veins with varying hardness to not take too much softer material and not enough harder wall rock.

These samples were assayed for copper, lead, zinc and/or silver using the following procedures. A copper vein containing zinc or vice versa was assayed for both metals. Copper only stopes were only measured for copper unless noticeable zinc or silver were noticed in average or greater quantities. The same process was completed for zinc. However, when zinc appeared in low grade quantities and more silver or lead were reported to be in economic quantities lead and silver would be assayed for as well. All development samples were sampled for silver unless the sampling geologist indicates otherwise. Geologists were encouraged to make a grade estimate while sampling and compare them to the assay results. This helped to identify any assaying issues so the area could be resampled and ran again.

A rigorous chain of custody system was implemented to maintain sample integrity throughout the sampling process. All sampling data, including diamond drill holes, vein and waste descriptions, and supplementary geological observations, was consolidated through the senior sampler. Each sample bag was systematically tagged with critical tracking information: date, shift, working place number, number of cars sampled, and car size classification. To ensure accountability, sample tags were submitted to the timekeeper before the conclusion of each shift, and strict protocols required all samples to be transported out of the mine by shift end.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

<u>Historic Drill Core Re-Sampling</u>

Historical core drilled by New Butte Mining from 1988 to 1990, housed in the Badger Hoist House, was selectively resampled by us. The approach and purpose of this undertaking was to verify assays of vein intervals originally sampled by New Butte Mining, sample wall rock adjacent to veins and sample previously unsampled veins along with adjacent mineralized wall rock. The approach to sampling historical drill core was tailored to both the size of drill core and the fraction of drill core remaining (whole, half, or quarter).

Sampling of historical drill core was carried out in two phases: 1) a vein interval resampling program and 2) a comprehensive sampling program. During the re-sampling program, which took place during summer and fall of 2021, previously sampled vein intercepts were resampled to provide confirmation of existing assay data.

<u>Drill Core Sampling</u>

Sample intervals were determined by geologists during the logging process, with intervals generally centered between structural, mineralization and or alteration contacts. Samples were typically no more than 5 feet. Where drill core was to be sampled, reference lines were drawn along the core axis to ensure a representative splitting of a vein or disseminated mineralization. Cut lines were drawn to bisect masses or pods of mineralization or vein apexes, so minerals were relatively evenly distributed throughout each half of split core. Orange flagging tape was used to demarcate sample intervals and sample tags were stapled to the core boxes. These tags contain the sample ID, drill hole number and sample intervals. The drill core was subsequently photographed and then sampled. Halving of the drill core was accomplished using a hydraulic splitter, with half of the split core bagged and secured for shipment to the laboratory, and the other half retained in the core boxes for future reference. The drill core splitter was thoroughly cleaned with brushes, compressed air and vacuuming between samples.

<u>Laboratory Analysis</u>

All channel samples collected by Anaconda were sent and processed at an onsite laboratory for analysis. In subsequent drilling programs conducted by us and New Butte Mining, samples were sent to independent certified laboratories. The following section discusses our history of the laboratories utilized throughout the 2021 - 2022 period.

We employed the services of SGS Minerals ("SGS") in Burnaby, BC for the initial historical resampling and for the first shipment of samples from the 2021 drilling program. The shipment of historical samples contained 177 drill core and QC samples and shipped on July 6, 2021. The second shipment to SGS, transported on November 9, 2021 consisted of samples from drill holes BJS21-23, BJS21-24 and BJS21-26, and a range of QC samples.

SGS was utilized as our primary assay laboratory from July 7, 2021 to December 3, 2021, at which time the decision was made to switch to American Analytical Services Inc. ("AAS").

We transitioned to using the laboratory services of AAS in Osburn, Idaho for the next batch of samples from the 2021 drilling project, and for the continuation of re-sampling and gap infill sampling of the historical drill core. The first batch of continued historical drill core gap and re-sampling (BJS_123021-F&AA) was shipped to AAS on December 30, 2021, and contained 46 samples of historical drill core and QC samples. Batch BJS_011422-F&AA, consisting of 132 samples from drill holes BJS21-25, BJS21-01 and BJS21-03, and various QC samples, was sent to AAS on January 10, 2022. Umpire samples (five pulp samples) from SGS batch BBM21-14653 were also sent to AAS for check assaying. A third batch, containing 263 historical drill core and QC samples, were sent to AAS, but not processed. We later chose to utilize AAS for umpire/duplicate sample analysis of SGS and Paragon lab results and, therefore, has not reported any AAS data in our assay database.

Following the decision to transition from AAS to Paragon, we requested all pulp samples and coarse rejects from AAS (batches BJS_123021-F&AA and BJS_011422-F&AA), and the third batch of unprocessed historical samples, be sent to Paragon for analysis. The third batch of 50 historical drill core and QC samples were also sent directly from us to Paragon for analysis. A batch consisting of four coarse reject samples and a single CRM from SGS batch BBM21-14653 were sent to Paragon for umpire duplicate analysis.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

We utilized ALS as another umpire laboratory, and for wax-impregnated bulk density analysis.

<u>Security</u>

 

Throughout our 2021 - 2022 drilling campaign, drill core was picked up from the drill sites at a minimum of once per shift and always picked up by our staff prior to a drill crew leaving for the day or commencing days off. Prior to drill core logging and sampling, all drill core was securely housed by us inside the Missoula Mine Yard, which houses both our office and drill core processing facilities. Drill core samples taken from select intervals were placed in heavy weight canvas sample bags and stored in a plastic-lined wood shipping crate inside the building. The storage and logging premises remained locked overnight and are surrounded by a barbed wire fence with lockable gate.

Samples were subsequently sent by us to the assay labs. Samples were shipped with the ground freight transportation companies Manitoulin Transportation when shipping samples to SGS in Canada and Old Dominion Freight Line Inc., when shipping samples within the United States to Paragon and, ALS in Nevada and AAS in Osburn, Idaho.

*Quality Assurance and Quality Control*

 

We commenced drilling at the Rainbow Block in 2021 and, from this time, implemented a QA/QC program that included the routine insertion of CRMs and blanks into the sample stream sent for geochemical analysis. This includes all samples from the 2021 drilling program, the historical resampling program, and the umpire assaying carried out on the 2021 drill core.

Commencing in 2021, we implemented protocol for QC sample insertion, whereby CRMs were inserted every 20 samples utilizing six CRMs from Canadian Resource Laboratories of Langley, BC ("CRL"). Two types of blanks were used as part of QC protocol. These barren samples included Virginia City Gneiss and the BQM wall rock. Blanks were inserted at a rate of one every 20 samples.

Field duplicates were not taken during the 2021 to- 2022 program. However, duplicate pulp samples from a primary lab were sent for check assaying at an umpire lab.

 

We currently monitor laboratory assay performance of all CRM and blank material as results are received. Deviations greater than ±3 standard deviations from the expected certified mean value of each CRM are followed up with the lab in a timely manner and samples are re-assayed as required.

 

*Mineral Resources*

 

We engaged Dahrouge Geological Consulting to prepare an initial assessment of the Mineral Resource for the Rainbow Block from the database collated from drilling program and historical underground channel sampling. The channel sampling was digitized by our geologists from historical channel mapping and sampling, combined with the drill hole database. Our geologists used the channel sampling and the historical drilling to produce the geological wireframe models of the veins.

Dahrouge Geological Consulting utilized the wireframe boundaries to domain the combined drill-hole and channel sampling database into the veins and compiled an estimate for individual metals within each vein. The metals estimated were Silver (Ag), Gold (Au), Lead (Pb) and Zinc (Zn), with the main result of the estimate being a calculated Silver Equivalent (AgEq) reported for the Mineral Resources of the Rainbow Block. The Silver Equivalent estimate was calculated per block based on the individual metal estimates within each block. The Mineral Resource was reported by accumulating these results within the block model volume.

The complexity of the estimate is aligned within the well constrained Geological wireframe model of the veins. The estimated metal contents were estimated within the hard boundaries modelled by Rangefront Mining Services and our geologists, and the results followed their guidance.

The effective date of this Mineral Resource estimate is the 31<sup>st</sup> of December 2024.

The results for the Rainbow Block estimation have been classified as Inferred Mineral Resources. The results of the AgEq estimate is based on 4 metal variables. The classification of the combined estimates have been classified

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

as inferred, as all of the metal variables could not be classified with equal confidence based on their sampling and estimation method within the constrained geological model.

 

According to §229.1300 (Item 1300) Definitions, an Inferred Mineral Resource is defined as that part of a Mineral Resource for which quantity and grade, or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geologic and grade continuity.

 

An inferred mineral resource has the lowest level of geological confidence, preventing the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

 

The Mineral Resource estimate was constrained within the geological modelling of veins, the topographic surface and the basement limit aligned with the water table, all within the Rainbow Block areal limits. The Mineral Resource estimate has considered the break-even cut-off grade of 4 opt for silver equivalent. Assumptions of metal price and individual metal recovery have been utilized for the Silver Equivalent (AgEq) calculation. No further cost analysis and infrastructure limitations have been considered.

The recovery factor applied to Silver Equivalent is 80%.

**Rainbow Block Silver Equivalent Mineral Resource Estimate as of December 31, 2024 at $28.00/oz.**

The following tables show our estimates of Mineral Resources as defined in S-K 1300 as of December 31, 2024 for our Rainbow Block. We have not estimated Mineral Resources or Mineral Reserves on our other properties.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Vein | &nbsp;&nbsp;Silver Equivalent (Ag-Eq) | &nbsp;&nbsp;Silver Equivalent (Ag-Eq) | &nbsp;&nbsp;Silver Equivalent (Ag-Eq) |
|  | &nbsp;&nbsp;M ton | &nbsp;&nbsp;M oz | &nbsp;&nbsp;oz per ton | &nbsp;&nbsp;g/tonne |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;11.48 | &nbsp;&nbsp;170.0 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;507.4 |
|  | &nbsp;&nbsp;11.48 | &nbsp;&nbsp;170.0 | &nbsp;&nbsp;14.8 | &nbsp;&nbsp;507.4 |

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Average individual metal grades and contained metal for the individual metals included in the AgEq calculation within the AgEq Mineral Resource for the Rainbow Block are shown in the table below using a cut-off grade of 4 opt AgEq. Cut-off grades for individual metals have not been applied in determining average grade and contained metal.

**Average Grade by Metal and Contained Metal in the AgEq Mineral Resource Statement as of December 31, 2024 for the Rainbow Block**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the AgEq Mineral Resource |
| &nbsp;&nbsp;Vein <br> Material | &nbsp;&nbsp;Ag <br> (Silver) | &nbsp;&nbsp;Ag <br> (Silver) | &nbsp;&nbsp;Au <br> (Gold) | &nbsp;&nbsp;Au <br> (Gold) | &nbsp;&nbsp;Pb <br> (Lead) | &nbsp;&nbsp;Pb <br> (Lead) | &nbsp;&nbsp;Zn <br> (Zinc) | &nbsp;&nbsp;Zn <br> (Zinc) |
| &nbsp;&nbsp;Tons (M) | &nbsp;&nbsp;Ounces | &nbsp;&nbsp;(opt) | &nbsp;&nbsp;Ounces | &nbsp;&nbsp;(opt) | &nbsp;&nbsp;lbs (M) | &nbsp;&nbsp;% | &nbsp;&nbsp;lbs (M) | &nbsp;&nbsp;% |
| &nbsp;&nbsp;11.48 | &nbsp;&nbsp;49155194 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;553549 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;287 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;1053 | &nbsp;&nbsp;4.59 |

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*Planned Work*

 

We intend to amend our current Exploration License in 2025. We will further detail the surface exploration drilling plan and adding provisions for construction and excavation of a new exploration decline. The detailed planning of execution and subsequent development of work packages to be sent out to contractors for bids is a high priority for the Butte operations team.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**MANAGEMENT** 

The following table provides information regarding our executive officers and directors as of September 17, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position(s)** | **Start Date** |
| *Executive Officers:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Travis Naugle | 48 | Chairman, President and Chief Executive Officer | May 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wade Black | 51 | Chief Financial Officer | February 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillip Nickerson | 40 | Vice President of Exploration | April 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ruth Chun | 46 | Corporate Secretary | [●] 2025 |
| *Non-Employee Directors:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quinton Hennigh, M.Sc./Ph.D. | 58 | Director | February 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David McMullin | 55 | Director | February 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steve Durbin | 46 | Director | [●] 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andy Holloway | 57 | Director | January 2025 |

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The following is a biographical summary of the experience of our executive officers, other senior management and directors. There are no family relationships among any of our executive officers, other senior management or directors.

**Executive Officers**

*C. Travis Naugle, Chief Executive Officer and Chairman, 48*

 

Mr. Naugle is a mining executive with over 25 years of experience in developing copper, zinc, silver, gold and other strategic metals projects vital to global industry and technology advancement. With deep expertise in critical minerals development, he has successfully championed resource development while forging crucial international partnerships across North America, Russia, and Eurasia.

 

A licensed Professional Engineer in the State of Montana, Travis holds an MBA from the University of Chicago Booth School of Business, a bachelor's degree in mining engineering from Montana Tech, and is a Qualified Person in Mine Valuation & Finance.

 

Mr. Naugle has been CEO of Silver Bow Mining since May 2024 and our Chairman since January 2025. Since 2021, Mr. Naugle has acted as Chairman and CEO of Falcon Butte Minerals Corp and our CEO and Chairman. Since 2022, Mr. Naugle has been a director of Lion Copper and Gold Corp. (OTC:LCGMF) and acted as its CEO between May 2021 to May 2024. Since 2019, Mr. Naugle has acted as managing partner of Redhill Global, a boutique advisory firm.

 

*Wade Black, Chief Financial Officer, 51*

 

Mr. Black, has a career spanning 31 years on Wall Street, starting at Brimberg & Co. in 1994. He co-founded Leeb Brokerage Services, Inc. (1998-2003) as its Chief Financial Officer and founded Scarsdale Equities LLC (2005-2020) as COO. He served on boards of mining companies including U.S. Silver Corporation from 2009-2011 and was recently a Principal at R.F. Lafferty & Co. Inc. from 2020-2025. He holds a BA in Economics and Philosophy from Columbia University, 1999 and an MBA from Columbia University, 2005. Mr Black has been with the Company since February 2025.

 

*Phil Nickerson, Vice President of Exploration, 40*

 

Dr. Phil Nickerson is an economic geologist with extensive experience in base and precious metals exploration in the United States. Raised in Wyoming, Phil went on to study economic geology and the University of Arizona and has published influential papers on the copper deposits of the Southwestern United States. Beginning in 2012, Phil served as a Senior Geologist at EMX Royalty Corp before joining Rio Tinto in 2019 as a Principal Geologist focused on copper exploration in North America and technical geologic support for Rio Tinto's Nuton venture. Immediately prior to joining us, Phil held the position Exploration Manager – USA at Rio Tinto. Phil holds a B.S.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

degree in Geology and Geophysics from the University of Wyoming, M.S. and Ph.D. degrees in Geoscience from the University of Arizona and is a Past-President of the Wyoming Geological Association.

 

*Ruth Chun, Corporate Secretary, 46*

 

Ms. Chun is an experienced lawyer, executive and independent director admitted to practice law in Ontario, New York, and Namibia. Ms. Chun has brought her strategic and solutions-focused approach to mergers and acquisitions, financings, go public transactions, commercial agreements, and governance matters in various industries including mining, renewable energy, and consumer packaged goods. For over 20 years she has also served as a board member for a diverse range of public and private companies and charities, including as past chair of Rio Tinto's Rössing Uranium pension fund and SAVIS of Halton. A trusted advisor to start-ups and large organizations alike, Ruth has established a reputation as a practical problem-solver and known for her reasoned approach to complex issues. She is the founder of Chun Law Professional Corporation, (2019 to present) which specializes in corporate commercial and securities law, and was a partner at Africa's largest law firm. She holds an honours BA from Trinity College, Toronto an MA from the University of Toronto, a JD from Queens University of Canada and holds the ICD.D designation (Valedictorian, Institute of Corporate Directors).

 

**Non-Employee Directors**

*Quinton Hennigh, M.Sc./Ph.D., Director, 58*

 

Dr. Hennigh is an economic geologist with 25+ years of experience at companies including Homestake Mining, Newcrest Mining, and Newmont Mining. His discoveries include the 5-million-oz Springpole gold deposit. Currently Chairman and President of Novo Resources (which he helped found in 2010), adviser to Eskay Mining and Lion One Metals, and, since 2020, has been CEO of San Cristobal Mining Inc. San Cristobal Mining focuses on sustainable practices and technology for minimal environmental impact while extracting gold, copper, and rare earth elements. Dr. Hennigh holds a B.S. from the University of Missouri and M.Sc./Ph.D. from Colorado School of Mines. He is a P.Geo member of the Society of Economic Geologists and the Mining and Metallurgical Society of America.

*David McMullin, Director, 55*

 

Mr. McMullin is a senior executive with over 30 years of experience in various sectors, including mining, banking, retail, and leadership training. He has a proven track record in organizational improvement, employee development, and project management. David has raised over $300 million in equity financing and has held key management roles in multiple mining and resource companies. He is also a board member of several philanthropic entities and companies. Since 2019, Mr. McMullin has been a director and CEO of JEX Technologies Corporation and President and CEO of Black Icon LLC. From 2018 to 2024, Mr. McMullin was vice-president at Altair Resources Inc. and Chief Procurement Officer at NewGenRNG from 2019 to 2023. Mr. McMullin holds BSc / BA from Southern Utah University.

 

*Steve Durbin, Director,* 46

 

Mr. Durbin has built his career in financial services with extensive cross-industry investment experience. He founded Quail Bend Capital Partners, a boutique private equity firm, in 2010, where he is President and oversees investments including four mining sector portfolio companies. His previous roles include Senior Managing Director at The Watley Group, Principal at Red Mountain Capital Partners (activist hedge fund), and positions at Oak Hill Capital Partners and JP Morgan. Steve holds an AB in Economics from Harvard and serves on the boards of SaveDaily Holdings Corp, Electric Metals, and us.

 

*Andy Holloway, Director, 57*

 

Mr. Holloway is a mining professional with 35+ years of experience, including 20+ in ownership roles. As a metallurgical engineer, he specializes in plant operations, design, and project management for base and precious metals globally. He has served on the Halyard/Micon Group Board since 2022 and was previously project manager & vice-president metallurgy at Foran Mining Corp. from 2018 to 2021 and was vice-president engineering at Blue Coast Research from 2020 until 2021. Throughout his career he has held leadership positions at multiple firms, co-founded a Toronto engineering consultancy, and has worked extensively across Africa, Asia, and the Americas.

 

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Significant Employees**

*John Marjerison, Project Manager, 55*

 

As the Project Manager for our Butte Property, Mr. Marjerison is responsible for overseeing and coordinating various critical functions, including Health and Safety, Permitting, Engineering and Design, Land and Mineral Title Management, Budgeting, Vendor and Contractor Management, and Administrative Operations.

**Involvement in Certain Legal Proceedings**

***Corporate Cease Trade Orders***

To our knowledge, no director or executive officer of us is, as of the date hereof, or was within ten years before the date hereof, a director, chief executive officer or chief financial officer of any company (including us), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

***Bankruptcies and Other Proceedings***

To our knowledge, no director or executive officer of us, or a shareholder holding a sufficient number of our securities to affect materially the control of us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as of the date hereof, or has been within the ten years before the date hereof, a director or executive officer of any company (including us) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold our assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the ten years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

***Penalties or Sanctions***

To our knowledge, no director or executive officer of us has been subject to any legal proceeding or other event described in Item 401(f) of Regulation S-K during the past ten years.

**Arrangements between Officers and Directors**

To our knowledge, there is no arrangement or understanding between any of our officers and any other person, including directors, pursuant to which the officer was selected to serve as an officer.

**Family Relationships Disclosure**

None of our directors are related by blood, marriage, or adoption to any other director, executive officer, or other key employees.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Ethical Business Conduct**

The Board monitors our ethical conduct and ensures that we comply with the applicable legal and regulatory requirements of relevant securities commissions and stock exchanges. We have a Code of Conduct and Business Ethics for members of the Board. Each of which can be found on our website at www.silverbowming.com.

In general, the Board has found that the fiduciary duties placed on individual directors by our governing corporate legislation and the common law, as well as the restrictions placed by applicable corporate legislation on the individual director's participation in decisions of the Board in which the director has an interest, have been sufficient to ensure that the Board operates independently of management and in our best interests.

**Complaints Procedures**

We have also adopted specific procedures to receive complaints and submissions relating to accounting matters (the "Whistleblower Policy"), which outline complaint procedures for financial concerns and other corporate issues. Under the Whistleblower Policy, complaints and submissions can be made regarding accounting, internal accounting controls or auditing matters or issues of concern regarding accounting or auditing matters to their direct supervisor, the Chief Financial Officer or any other executive officer of the Company with whom they feel comfortable speaking. If the employee does not feel comfortable reporting with the executive structure of the Company, complaints can also be made directly to the Chair of the Audit Committee. The Whistleblower Policy also provides for confidential and anonymous reporting through a third-party service provider.

Excluding complaints or submissions made directly pursuant to the procedures above under the Whistleblower Policy, regarding financial, accounting or auditing matters, the Board does not formally monitor compliance with the Code of Conduct and Business Ethics. Management is responsible for reporting to the Corporate Governance and Nominations Committee when they become aware of any breaches or alleged breaches of the Code of Conduct and Business Ethics and complaints made by suppliers or employees against us or any director, employee or officer. In the event of a violation of the Code of Conduct and Business Ethics, the applicable committee of the Board will investigate the breach or alleged breach and, if appropriate, recommend corrective disciplinary action, including, if warranted, termination of employment. In the event that a breach or alleged breach relates to financial, accounting or auditing issues, the Audit Committee will have responsibility to investigate the matter.

At the date of this prospectus, there has been no conduct by a director or executive officer that constitutes a departure from the Codes and the Complaints Officer has received no complaints under the Whistleblower Policy.

**Nomination of Directors**

The Board does not have a formal process for identifying new candidates for Board nomination. When required, the Board collaborates with management to identify potential candidates to consider their suitability for membership on the Board.

**Director Independence**

The Board evaluates the independence of each nominee for election as a director of our Company in accordance with the listing rules of the NYSE American set forth in the NYSE American Company Guide. Pursuant to these rules, a majority of our Board must be "independent directors" within the meaning of the NYSE American Company Guide, and all directors who sit on our Audit Committee, Nominating Committee and Compensation Committee must also be independent directors.

The NYSE American definition of "independence" includes a series of objective tests, such as the director or director nominee is not, and was not during the last three years, an employee of us or our subsidiaries and has not received certain payments from, or engaged in various types of business dealings with us. In addition, as further required by the NYSE American, the Board has made a subjective determination as to each independent director that no relationships exist, which, in the opinion of the Board, would interfere with such individual's exercise of independent judgment in carrying out his or her responsibilities as a director. In making these determinations, the Board reviewed and discussed information provided by the directors with regard to each director's business and personal activities as they may relate to us and our management.

As a result, the Board has affirmatively determined that each of Quinton Hennigh, Steve Durbin, David McMullin, and Andy Holloway are independent in accordance with the NYSE American listing rules. The Board has also affirmatively determined that all members of our Audit Committee, Nominating Committee and Compensation Committee are independent directors.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Committees of the Board**

Our Board has an audit committee, a compensation committee and a corporate governance and nominating committee, each of which, pursuant to its respective charter, will have the composition and responsibilities described below upon the completion of this offering. Following the completion of this offering, copies of the charters for each committee will be available on the investor relations portion of our website. Members serve on these committees until their resignation or until otherwise determined by our Board.

***Audit Committee***

 

Our audit committee is composed Steve Durbin, David McMullin and Quinton Hennigh. Mr. Durbin is the Chair of our audit committee. Each of the members of our audit committee meet the independence requirements under the NYSE American and SEC rules. All are considered to be "independent" as that term is defined in applicable securities legislation. Each member of our audit committee is financially literate. In addition, our Board has determined that Mr Durbin is an "audit committee financial expert" as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. This designation does not, however, impose on him or her any supplemental duties, obligations, or liabilities beyond those that are generally applicable to the other members of our audit committee and Board.

The primary function of the audit committee is to assist the Board in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by our senior management to regulatory authorities and shareholders, our systems of internal controls regarding finance and accounting, and our auditing, accounting and financial reporting processes. Consistent with this function, the audit committee will encourage continuous improvement of, and should foster adherence to, our policies, procedures and practices at all levels.

The audit committee's primary duties and responsibilities are to:

● serve as an independent and objective party to oversee our accounting and financial reporting processes and internal control system;

● review our financial statements and management's discussion and analysis;

● oversee the audit of our financial statements;

● oversee our compliance with legal and regulatory requirements as they relate to accounting and financial controls and anti-corruption and bribery issues;

● oversee, review and appraise the independence and the performance of our external auditors; and

● provide an open avenue of communication among our auditors, senior management and the Board.

***Compensation Committee***

 ****

Our compensation committee is composed of Quinton Hennigh and David McMullin. Quinton Hennigh is the chair of our compensation committee. The members of our compensation committee meet the independence requirements under the NYSE American and SEC rules. Each member of this committee is also a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act.

The compensation committee has been established by our Board to carry out the responsibilities delegated by the Board relating to the review and determination of a compensation plan that is both motivational and competitive for executive officers and other members of senior management (collectively "Executive Management") so that it will attract, hold and inspire performance of Executive Management of a quality and nature that will enhance our reputation, operational success and growth. The compensation committee will assist the Board in fulfilling its responsibilities relating to human resources and compensation issues.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

***Corporate Governance and Nominating Committee***

The Board has established a Corporate Governance and Nominating Committee that is comprised entirely of independent directors; this committee is charged with the responsibility of identifying new candidates for Board nomination, among other things. The current members of the Corporate Governance and Nominating Committee are: Quinton Hennigh, David McMullin, Steve Durbin.

The main purpose of the governance and nominating committee is to provide a focus on governance that will enhance our performance, to assess and make recommendations regarding the Board's effectiveness and to establish and lead the process for identifying, recruiting, appointing, re-appointing and providing ongoing development for directors.

While a formal process has not yet been developed, it is expected that Board candidates will be identified through industry contacts and search firms.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers currently serves, or in the past year has served, as a member of the Board or compensation committee of any entity that has one or more executive officers serving on our Board.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**EXECUTIVE COMPENSATION**

**Overview**

The following discussion contains forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. The actual amount and form of compensation and the compensation policies and practices that we adopt in the future may differ materially from currently planned programs as summarized in this discussion.

As an "emerging growth company," we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies," as such term is defined in the rules promulgated under the Securities Act of 1933. This section provides an overview of the compensation awarded to, earned by, or paid to each individual who served as our principal executive officer during fiscal years 2023 and 2024, and our next two most highly compensated executive officers in respect of their service to our company for fiscal years 2023 and 2024. We refer to these individuals as our "NEOs".

**Summary Compensation Table** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and principal position** | &nbsp;&nbsp; **Fiscal year** | &nbsp;&nbsp; **Salary & Consulting ($)** | &nbsp;&nbsp; **Share- based awards ($)<sup>(1)</sup>** | &nbsp;&nbsp; **Option-<br> based awards<br> ($)<sup>(2)</sup>** | &nbsp;&nbsp; **Non-equity incentive plan compensation ($)** | &nbsp;&nbsp; **Non-equity incentive plan compensation ($)** | &nbsp;&nbsp; **Pension<br> value ($)** | &nbsp;&nbsp; **All other compensation ($)** | &nbsp;&nbsp; **Total compensation ($)** |
| **Name and principal position** | &nbsp;&nbsp; **Fiscal year** | &nbsp;&nbsp; **Salary & Consulting ($)** | &nbsp;&nbsp; **Share- based awards ($)<sup>(1)</sup>** | &nbsp;&nbsp; **Option-<br> based awards<br> ($)<sup>(2)</sup>** | &nbsp;&nbsp; **Annual incentive plans** | &nbsp;&nbsp; **Long-term incentive plans** | &nbsp;&nbsp; **Pension<br> value ($)** | &nbsp;&nbsp; **All other compensation ($)** | &nbsp;&nbsp; **Total compensation ($)** |
| C. Travis Naugle, CEO | &nbsp;&nbsp;2024 | &nbsp;&nbsp;157500 |  | &nbsp;&nbsp;237300<sup>(3)</sup> | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;394800 |
|  | &nbsp;&nbsp;2023 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Carl Hansen, former CEO, former President | &nbsp;&nbsp;2024 | &nbsp;&nbsp;107310 | &nbsp;&nbsp;120000<sup>(4)</sup> | &nbsp;&nbsp;237300<sup>(5)</sup> | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;464610 |
|  | &nbsp;&nbsp;2023 | &nbsp;&nbsp;261000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;261000 |
| Julio DiGirolamo, former CFO | &nbsp;&nbsp;2024 | &nbsp;&nbsp;132247 | &nbsp;&nbsp;37500<sup>(6)</sup> | &nbsp;&nbsp;88988<sup>(7)</sup> | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;258735 |
|  | &nbsp;&nbsp;2023 | &nbsp;&nbsp;89010 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;89010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The amounts in this column represent the dollar amounts for the aggregate
grant-date fair value of RSUs granted pursuant to the Stock Option Plan, computed in accordance with FASB ASC Topic 718. See Note 11 to
the Company's audited annual financial statements for the years ended December 31, 2024 and 2023 for further details on the calculation
and underlying assumptionss used in calculating the grant-date fair value of RSUs..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The amounts in this column represent the dollar amounts for the aggregate
grant-date fair value of Options granted pursuant to the Stock Option Plan, computed in accordance with FASB ASC Topic 718. See Note 11
to the Company's audited annual financial statements for the years ended December 31, 2024 and 2023 for further details on the calculation
and underlying assumptionss used in calculating the grant-date fair value of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of 1,000,000 stock options expiring April 18, 2029, with an exercise price of $0.30. The stock options vested immediately upon
the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists of 400,000 RSUs issued April 18, 2024. The RSUs vested on April 18, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of 1,000,000 stock options expiring April 18, 2029, with an exercise price of $0.30. The stock options vested immediately upon
the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of 125,000 RSUs issued April 18, 2024. The RSUs vested on April 18, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of 375,000 stock options expiring April 18, 2029, with an exercise price of $0.30. The stock options vested immediately upon
the date of grant.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Executive Employment Agreements**

The following are descriptions of the employment agreements with our NEOs and current executive officers. For a discussion of the severance pay and other benefits to be provided in connection with a termination of employment and/or a change in control under the arrangements with our NEOs and current executive officers, please see "Non-Employee Director Compensation—Termination and Change of Control Benefits" below.

*C. Travis Naugle*

We entered into an executive employment agreement with C. Travis Naugle, our Chief Executive Officer, and Butte Blackjack Operating, LLC (subsequently renamed SBM Montana LLC) on May 1, 2024 (the "Naugle Agreement"). The Naugle Agreement provides for a term expiring on May 1, 2029. Mr. Naugle is entitled to an annualized gross base salary of $252,000 with the potential to receive an annual performance bonus each fiscal year. The performance bonus may range from 75% to 150% of Mr. Naugle's base salary, based on performance metrics established and evaluated by the Board on an annual basis. Mr. Naugle received 1,000,000 fully vested restricted stock units as of April 1, 2025 and 146,812 restricted stock units which vest upon a liquidity event. Mr. Naugle also received 14,000,000 performance warrants in January 2025 which vest upon meeting certain performance metrics. The Board may also grant Mr. Naugle an annual discretionary bonus based on metrics determined by the Board. Mr. Naugle is also eligible to receive performance warrants pursuant to a performance warrant agreement in the following situations: (a) upon the Company completing this offering, (b) upon completion of planned surface drilling, (c) upon an updated resource estimate within the first year of his employment, (d) at the start of underground development, and (e) if there is an economic study.

*Wade Black*

We entered into an executive employment agreement with Wade Black, our Chief Financial Officer, and Butte Blackjack Operating, LLC (subsequently renamed SBM Montana LLC) on February 1, 2025 (the "Black Agreement"). The Black Agreement provides for a term expiring on February 1, 2028. Mr. Black is entitled to an annualized gross base salary of $200,000 with the potential to receive an annual performance bonus each fiscal year of up to 50% of Mr. Black's base salary, paid in cash, options, or a combination thereof. The amount of the performance bonus will be based on performance metrics established and evaluated by the CEO on an annual basis. Mr. Black also received 500,000 stock options expiring on March 3, 2030, one third of which vested upon grant, one third of which will vest on the one-year anniversary of grant and the remaining one third of which will vest on the second year anniversary of grant.

*Phillip Nickerson*

The Company entered into an executive employment agreement with Phillip Nickerson, our Vice President of Exploration, and SBM Montana LLC on April 14, 2025 (the "**Nickerson Agreement**"). The Nickerson Agreement provides for a term expiring on April 14, 2028. Mr. Nickerson is entitled to an annualized gross base salary of $150,000 with the potential to receive an annual performance bonus each fiscal year up to 50% of Mr. Nickerson's base salary, paid in cash, options, or a combination thereof. The amount of the performance bonus will be based on performance metrics established and evaluated by the CEO on an annual basis. Mr. Nickerson also received 600,000 stock options which vested upon the date of grant.

*Carl Hansen*

Carl Hansen, through Swansea Holding Inc. ("Swansea"), was contracted to provide services of President and Chief Executive Officer from January 1, 2023, through May 2024 and the services of President from May 2024 through January 27, 2025. Under the terms thereof, Swansea received C$150,000 + 13% GST paid on February 28, 2025, in respect of wages due for 2024. Additionally, Swansea received a one-time cash termination payment of $150,000 + 13% GST, paid on April 29, 2025. We entered into an advisory agreement (the "Advisory Agreement") with Mr. Hansen as of April 25, 2025, which will expire on December 31, 2027, during which will pay Mr. Hansen an hourly rate of C$250. Mr. Hansen received 400,000 fully vested restricted stock units as of April 18, 2024. Mr. Hansen also received 1,000,000 stock options expiring April 18, 2029, which vested immediately upon grant.

*Julio DiGirolamo*

On August 21, 2024, we entered into a resignation agreement and mutual release with Front Street Management Inc. and Julio DiGirolamo (the "DiGirolamo Termination Agreement"). Pursuant to the DiGirolamo Termination Agreement we agreed to pay Mr. DiGirolamo (i) any outstanding wages earned as of the date of termination, (ii)

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

accrued and unused vacation pay owed to DiGirolamo, and (iii) a lump sum payment of $90,000. Additionally, we have entered into a consulting agreement with Front Street Management Inc. (initial one year terms with three automatic one-year extensions), owned by Mr. DiGirolamo, such that Mr. DiGirolamo has retained all Company stock options granted and vested prior to the effective date of the agreement. Mr. DiGirolamo received 375,000 fully vested restricted stock units as of April 18, 2024. Mr. DiGirolamo also received 375,000 stock options expiring April 18, 2029, which vested immediately upon grant.

**Outstanding Equity Awards at Fiscal Year-End**

The following table presents information regarding outstanding equity awards held by our NEOs as of December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** |
| **Name** | &nbsp;&nbsp;**Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Options**<br> **(#)**<br> **Exercisable** | &nbsp;&nbsp;**Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Options**<br> **(#)**<br> **Unexercisable** | &nbsp;&nbsp;**Equity**<br> **Incentive**<br> **Plan**<br> **Awards:**<br> **Number of**<br> **Securities**<br> **Underlying**<br> **Unexercised**<br> **Unearned**<br> **Options**<br> **(#)** | &nbsp;&nbsp;**Option**<br> **Exercise**<br> **Price**<br> **(U.S.$)** | &nbsp;&nbsp;**Option**<br> **Expiration**<br> **Date** |
| C. Travis Naugle | &nbsp;&nbsp;1000000 |  |  | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;4/18/2029 |

---

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**NON-EMPLOYEE DIRECTOR COMPENSATION**

The following table provides information regarding the total compensation that was earned by or paid to each of our non-employee directors during fiscal years 2023 and 2024.

Director compensation is limited strictly to non-employee directors. Our director compensation philosophy is as follows:

● To provide a compensation level that will attract exceptionally experienced and skilled candidates and encourage them to play an active role in our strategic development;

● To compensate for work on the Board and work on the committees of the Board; and

● To provide share-based compensation to align director compensation with increases in long-term shareholder value.

The following table sets forth the total compensation for our non-employee directors for the fiscal year ended December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;**Non-equity incentive<br> plan compensation** <br> **($)** | &nbsp;&nbsp;**Non-equity incentive<br> plan compensation** <br> **($)** | | | |
| <br>**Name** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Share-<br> based<br> awards<br> ($)** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Option-based<br> awards ($)(1)** | **Annual<br> incentive<br> plans** | **Long-<br> term<br> incentive<br> plans** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Pension<br> value<br> ($)** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**All other<br> compensation<br> ($)** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Total<br> compensation<br> ($)** |
| David Richards &nbsp;&nbsp;nil |  | &nbsp;&nbsp;83055<sup>(2)</sup> |  |  |  |  | &nbsp;&nbsp;83055 |
| David McMullin &nbsp;&nbsp;nil |  | &nbsp;&nbsp;83055<sup>(3)</sup> |  |  |  |  | &nbsp;&nbsp;83055 |
| James Macintosh &nbsp;&nbsp;nil | &nbsp;&nbsp;&nbsp;&nbsp;30000<sup>(4)</sup> | &nbsp;&nbsp;71190<sup>(5)</sup> |  |  |  |  | &nbsp;&nbsp;101190 |
| Quinton Hennigh, M.Sc./Ph.D. &nbsp;&nbsp;nil |  | &nbsp;&nbsp;100853<sup>(6)</sup> |  |  |  |  | &nbsp;&nbsp;100853 |

---

(1) The amounts in this column represent the dollar amounts for the aggregate grant-date fair value of Options
granted pursuant to the Stock Option Plan, computed in accordance with FASB ASC Topic 718.

(2) Consists of 350,000 Options to purchase common shares expiring April 18, 2029, with an exercise price of $0.30. The stock options vested
immediately upon the date of grant.

(3) Consists of 350,000 Options to purchase common stock expiring April 18, 2029, with an exercise price of $0.30. The stock options vested
immediately upon the date of grant.

(4) Consists of 100,000 RSUs granted April 18, 2024. The RSUs vested on April 18, 2024.

(5) Consists of 300,000 Options to purchase common stock expiring April 18, 2029, with an exercise price of $0.30. The stock options vested
immediately upon the date of grant.

(6) Consists of 425,000 Options to purchase common stock expiring April 18, 2029, with an exercise price of $0.30. The stock options vested
immediately upon the date of grant.

**Pension and Other Retirement Benefits**

We do not have a defined benefit plan, a deferred contribution plan, a deferred compensation plan or a pension plan.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Termination and Change of Control Benefits**

***Chief Executive Officer***

 

Pursuant to the Naugle Agreement:

 

*Change of Control*

 

In the event we complete a Change of Control (as defined below), during his employment or within six months of his separation from employment, we must pay Mr. Naugle a Change of Control Payment equal to three times his annualized base salary. Additionally, upon the Change of Control, any unvested stock options or grants under our compensation plans will immediately vest.

*Termination For Cause or Without Good Reason*

If Mr. Naugle's employment is terminated by us with Cause or if Mr. Naugle resigns without Good Reason, he will be entitled to receive: (a) any accrued but unpaid base salary and accrued but unused paid time off which shall be paid on the date of such termination; (b) any earned but unpaid bonus with respect to any completed calendar year immediately preceding the date of such termination; and (c) reimbursement for unreimbursed business expenses properly incurred by Mr. Naugle.

*Termination without Cause or Resignation with Good Reason*

If Mr. Naugle's employment is terminated by us without Cause or if Mr. Naugle resigns with Good Reason, we will provide him the following severance benefits (collectively, the "Severance Benefits"): (a) a paid lump-sum severance pay in a gross amount, before applicable withholdings, equal to twelve (12) months of his ending base salary, which shall be paid within three (3) weeks following the date of his termination of employment; (b) an amount equal to his accrued, but unused, paid time off; (c) if, after his employment with us ends, he continues his ending health, dental, and vision coverage for himself and his family (whether pursuant to applicable COBRA/continuation laws or otherwise) we will pay on his behalf or reimburse him for the premiums for such coverage for a period of twelve (12) months; (d) all unvested stock options and restricted stock units granted to Mr. Naugle shall immediately vest and become exercisable as of the date of termination; and (e) we shall reimburse him for any unreimbursed business expenses properly incurred by Executive prior to the date of termination, subject to our expense reimbursement policies and procedures. We shall take all necessary actions to ensure that stock options remain exercisable for the entire original period set forth in the applicable grant agreement, notwithstanding the termination of his employment.

***Chief Financial Officer***

 

Pursuant to the Black Agreement:

 

*Change of Control*

In the event we complete a Change of Control (as defined below), during his employment or within six months of his separation from employment, we must pay Mr. Black a Change of Control Payment equal to two times his annualized base salary. Additionally, upon the Change of Control, any unvested stock options or grants under our compensation plans will immediately vest.

*Termination For Cause or Without Good Reason*

If Mr. Black's employment is terminated by us with Cause or if Mr. Black resigns without Good Reason, he shall be entitled to receive: (a) any accrued but unpaid base salary and accrued but unused paid time off which shall be paid on the date of such termination; (b) any earned but unpaid bonus with respect to any completed calendar year immediately preceding the date of such termination; and (c) reimbursement for unreimbursed business expenses properly incurred by Mr. Black.

*Termination without Cause or Resignation with Good Reason*

If Mr. Black's employment is terminated by us without Cause or if Mr. Black resigns with Good Reason, we shall provide him the following severance benefits (collectively, the "Severance Benefits"): (a) a paid lump-sum severance pay in a gross amount, before applicable withholdings, equal to twelve (12) months of his ending base salary, which shall be paid within three (3) weeks following the date of his termination of employment; (b) pro-rated bonus for the current year; (c) if, after his employment with us ends, he continues his ending health, dental, and vision coverage for himself and his family (whether pursuant to applicable COBRA/continuation laws or otherwise) we will pay on his behalf or reimburse him for the premiums for such coverage for a period of twelve (12) months; (d) all unvested stock options and restricted stock units granted to Mr. Black shall immediately vest and become exercisable as of the date of termination; and (ewe shall reimburse him for any unreimbursed business

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

expenses properly incurred by Executive prior to the date of termination, subject to our expense reimbursement policies and procedures.

***Vice President of Exploration Agreement***

 

Pursuant to the Nickerson Agreement:

 

*Change of Control*

In the event we complete a Change of Control (as defined below), during his employment or within six months of his separation from employment, we must pay Mr. Nickerson a Change of Control Payment equal to two times his annualized base salary. Additionally, upon the Change of Control, any unvested stock options or grants under our compensation plans will immediately vest.

*Termination For Cause or Without Good Reason*

If Mr. Nickerson's employment is terminated by us with Cause or if Mr. Nickerson resigns without Good Reason, he shall be entitled to receive: (a) any accrued but unpaid base salary and accrued but unused paid time off which shall be paid on the date of such termination; (b) any earned but unpaid bonus with respect to any completed calendar year immediately preceding the date of such termination; and (c) reimbursement for unreimbursed business expenses properly incurred by Mr. Nickerson.

*Termination without Cause or Resignation with Good Reason*

If Mr. Nickerson's employment is terminated by us without Cause or if Mr. Nickerson resigns with Good Reason, we shall provide him the following severance benefits (collectively, the "Severance Benefits"): (a) a paid lump-sum severance pay in a gross amount, before applicable withholdings, equal to twelve (12) months of his ending base salary, which shall be paid within three (3) weeks following the date of his termination of employment; (b) pro-rated bonus for the current year; (c) if, after his employment with us ends, he continues his ending health, dental, and vision coverage for himself and his family (whether pursuant to applicable COBRA/continuation laws or otherwise) we will pay on his behalf or reimburse him for the premiums for such coverage for a period of twelve (12) months; (d) all unvested stock options and restricted stock units granted to Mr. Nickerson shall immediately vest and become exercisable as of the date of termination; and (e) we shall reimburse him for any unreimbursed business expenses properly incurred by Executive prior to the date of termination, subject to our expense reimbursement policies and procedures.

For purposes of the summary of the termination and change of control benefits described above:

"Change of Control" will be deemed to have occurred if any of the following occurs:(a) a combination (or a plan of arrangement in connection with any of the foregoing), other than solely involving us and any one or more of our affiliates, with respect to which all or substantially all of the persons who were the beneficial owners of the common shares and other securities of us immediately prior to such consolidation, reorganization, amalgamation, merger, acquisition, business combination or plan of arrangement do not, following the completion of such consolidation, reorganization, amalgamation, merger, acquisition, business combination or plan of arrangement, beneficially own, directly or indirectly, more than 50% of the resulting voting rights (on a fully-diluted basis) of us or our successor; (b) the sale, transfer, or other disposition of more than 50% interest in the Butte Project to a person other than an affiliate of us; (c) a resolution is adopted to wind-up, dissolve or liquidate us; (d) The acquisition by any person or entity, including a "group" as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, of beneficial ownership of more than 50% of the voting power of our outstanding securities; (e) a change in the composition of the Board, which occurs at a single meeting of the shareholders of us or upon the execution of a shareholders' resolution, such that individuals who are members of the Board immediately prior to such meeting or resolution cease to constitute a majority of the Board, without the Board, as constituted immediately prior to such meeting or resolution, having approved of such change.

"Cause" means the occurrence of any of the following: (a) Executive's material breach of this Agreement that is not cured by Executive, or is not capable of being cured by Executive, within thirty (30) days after we, by way of resolution adopted by an affirmative vote of the Board, deliver written notice of such Cause to Executive; or (b) intentional conduct by Executive which is demonstrably injurious to us that is not cured by Executive, or is not capable of being cured by Executive, within thirty (30) days after we deliver written notice of such Cause to Executive; or (c) fraud, misappropriation or embezzlement by Executive; or (d) Executive's conviction of a felony

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

crime or a crime of moral turpitude; or (e) Executive's death; or (f) Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's position with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred eighty (180) consecutive days.

"Good Reason" means the occurrence of any of the following without Executive's express written consent: (a) a reduction in Executive's Base Salary without the Executive's written consent; (b) a material breach of this Agreement by us; (c) our failure to obtain an agreement from any successor to us to assume and agree to perform this Agreement in the same manner and to the same extent that we would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; or (d) a diminution or other adverse change in Executive's title, authority, duties, or responsibilities in connection with out business (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law).

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

Except compensation arrangements for our directors and executive officers, which are described elsewhere in this prospectus, there have been no related party transactions in our two most recently completed financial years that required disclosure under any applicable Canadian or U.S. securities laws.

**Policies and Procedures for Transactions with Related Persons**

We have adopted a written policy in our audit committee charter that our executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of any class of our common shares and any members of the immediate family of any of the foregoing persons are not permitted to enter into a related person transaction with us without the approval or ratification of our audit committee. Any request for us to enter into a transaction with an executive officer, director, nominee for election as a director, beneficial owner of more than 5% of any class of our common shares, or any member of the immediate family of any of the foregoing persons, in which the amount involved exceeds $120,000 and such person would have a direct or indirect interest, must be presented to our audit committee for review, consideration and approval. In approving or rejecting any such proposal, our audit committee is to consider the material facts of the transaction, including whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person's interest in the transaction.

**PRINCIPAL STOCKHOLDERS**

The table below sets forth information known to us regarding the beneficial ownership of our common shares as of September 17, 2025 for:

● each person we believe beneficially holds more than 5% of our outstanding common shares;

● each of our directors and NEOs; and

● all our directors and executive officers as a group.

The number of common shares beneficially owned by a person includes shares subject to options held by that person that are currently exercisable or that become exercisable within 60 days of September 17, 2025. Percentage calculations assume, for each person and group, that all common shares that may be acquired by such person or group pursuant to options currently exercisable or that become exercisable within 60 days of September 17, 2025 are outstanding for the purpose of computing the percentage of common shares owned by such person or group. However, such unissued common shares described above are not deemed to be outstanding for calculating the percentage of common shares owned by any other person.

Except as otherwise indicated, the persons in the table below have sole voting and investment power with respect to all common shares shown as beneficially owned by them, subject to community property laws where applicable. We do not know of any arrangement, the operation of which may at a subsequent date result in a change in control of us.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Ownership by Management**

The following table sets forth certain information regarding beneficial ownership, control or direction, directly or indirectly, of the common shares, as of September 17, 2025, by (i) each of the Corporation's executive officers and directors individually; and (ii) our executive officers and directors, as a group.

---

| | | |
|:---|:---|:---|
| **Name and Position <sup>(1)</sup>** | **Common Shares**<br> **Beneficially** **Owned** | **Percentage** **of Class <sup>(2)</sup>** |
| C. Travis Naugle: *Chief Executive Officer* | 13750000<sup>(3)</sup> | 7.4% |
| Wade Black: *Chief Financial Officer* | 491666 <sup>(4)</sup> | \* |
| Phil Nickerson: *Vice President of Exploration* | 820000<sup>(5)</sup> | \* |
| Steve Durbin: *Director* | 1925662<sup>(6)</sup> | 1.1% |
| David McMullin: *Director* | 2436678 <sup>(7)</sup> | 1.4% |
| Andy Holloway: *Director* | 500000<sup>(8)</sup> | \* |
| Quinton Hennigh: *Director* | 3821916 <sup>(9)</sup> | 2.2% |
| **All executive officers and directors as a group (7 persons)** | **23745922** | **12.3%** |

---

\* Represents less than 1% of the outstanding Common Shares.

<sup>(1)</sup> The address of each of the persons listed is c/o Silver Bow Mining., 81401 Idaho Street, Butte Montana 597012.

<sup>(2)</sup> In accordance with Rule 13d-3(d)(1) under the Exchange Act, the applicable percentage of ownership for each person is based on 173,117,089 common shares outstanding as of September 17, 2025.

<sup>(3)</sup> Includes 1,000,000 common sharesand 2,750,000 vested stock options exercisable for common shares and 10,000,000 common shares issuable upon exercise of performance warrants to vest within 60 days of September 17, 2025. Does not include 146,812 unvested restricted stock units or 4,000,000 unvested performance warrants.

<sup>(4)</sup> Includes 225,000 common shares, 266,666 vested stock options exercisable for common shares. Does not include 333,333 unvested stock options.

<sup>(5)</sup> Includes 220,000 common shares and 600,000 vested stock options exercisable for common shares.

<sup>(6)</sup> Includes 175,662 common shares and 1,750,000 vested stock options exercisable for common shares. Does not include 146,812 unvested restricted stock units.

<sup>(7)</sup> Includes 653,344 common shares, 283,334 warrants exercisable for common shares, and 1,500,000 vested stock options exercisable for common shares. Does not include 114,696 unvested restricted stock units.

<sup>(8)</sup> Includes 500, 0000 vested stock options exercisable for common shares. Does not include 114,696 unvested restricted stock units.

<sup>(9)</sup> Includes 1,846,916 common shares, 50,000 warrants exercisable to acquire common shares and 1,925,000 vested stock options exercisable to acquire common shares. Does not include 114,696 unvested restricted stock units..

**Ownership by Principal Shareholders**

The following table sets forth certain information regarding the ownership of the common shares as at September 17, 2025 by each shareholder known to the Corporation to beneficially own or control or direct, directly or indirectly, more than five percent of the outstanding Common Shares based on such person's most recently available Schedule 13G filed with the SEC.

---

| | |
|:---|:---|
| **Name and Address** | **Percentage** <br> **of Class<sup>(1)</sup>** |
| 2176423 Ontario Ltd.<br> B1 Level, 1 First Canadian Place, Toronto, ON M5X 1H3<br>13086900<sup>(2)</sup> | 7.3% |
| Bruce Reid<br> 56 Humber Trail, Toronto, ON M6S 4C1<br>15028791<sup>(3)</sup> | 8.7% |
| Crescat Portfolio Management LLC <br> 44 Cook Street, Denver, Colorado 80206<br>23900331<sup>(4)</sup> | 13.5% |
| ISLV Partners LLC <br> 6824 Perimeter Loop Road, S 145, Dublin, OH 43017 <br>74444343<sup>(5)</sup> | 37.8% |
| <br> Haywood Securities Inc.<br> 700-200 Burrard Street Vancouver, BC V6C 3L6<br>22194134<sup>(6)</sup> | <br> 12% |

---

<sup>(1)</sup> In accordance with Rule 13d-3(d)(1) under the Exchange Act, the applicable percentage of ownership of each Shareholder is based on 173,117,089 common shares outstanding as of September [●], 2025.

<sup>(2)</sup> Shares are held by BMO Nesbitt Burns ITF 2176423 Ontario Ltd. Eric Sprott the [●] of 2176423 Ontario Ltd. exercises voting and dispositive control over the common shares. Includes 4,362,300 warrants exercisable for common shares held by 2176423 Ontario Ltd.

<sup>(3)</sup> Includes 15,028,791 common shares.

<sup>(4)</sup> Includes an aggregate of 11,499,298 common shares and 2,202,120 warrants exercisable for common shares held by entities managed by Crescat Portfolio Management LLC ("Crescat") and referred to as the "Crescat Funds" which consist of Crescat Global Macro Master Fund Ltd (5,928,257 common shares and 1,514,441 warrants exercisable for common shares) Crescat Institutional Commodity Master Fund Ltd (664,560 common shares and 151,166 warrants exercisable for common shares), Crescat Institutional Macro Maset Fund (415,286 common shares and 175,389 warrants exercisable for common shares), Crescat Long/Short Master Fund Ltd. (880,821 common shares and 468,993 warrants exercisable for common shares) and Crescat Precious Metals Master Fund Ltd. (11,499,298 common shares and 2,202,120 warrants exercisable for common shares). Kevin Smith as the manager of Crescat Portfolio Management LLC exercise voting and dispositive control over the common shares.

<sup>(5)</sup> Includes 50,441,360 common shares and 24,002,983 warrants exercisable for common shares held by ISLV Partners LLC. [●] the [●] of ISLV Partners LLC exercises voting and dispositive control over the common shares.

<sup>(6)</sup> Includes 11,085,956 common shares and 11,108,178 warrants exercisable to acquire common shares held by Haywood Securities Inc. and entities and persons managed by Haywood Securities Inc. [●] the [●] of Haywood Securities Inc. exercises voting and dispositive control over the common shares.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**DESCRIPTION OF SECURITIES**

We are authorized to issue an unlimited number of common shares, no par value. As of September 17, 2025, 173,117,089 common shares were issued and outstanding.

**Common Shares**

Holders of common shares are entitled to one vote for each common share on all matters submitted to a shareholder vote. Holders of common shares do not have cumulative voting rights. Therefore, holders of a majority of the common shares voting for the election of directors can elect all of the directors. A single holder of the common shares of the voting power of the capital stock issued, outstanding and entitled to vote, represented in person or by proxy, are necessary to constitute a quorum at any meeting of holders of common shares. A vote by two-thirds of the votes cast on a resolution are required to effectuate certain special resolutions at our annual general meeting. Holders of the common shares have no pre-emptive rights, no conversion rights and there are no redemption provisions applicable to the common shares. There are no provisions for sinking or purchase funds, for permitting or restricting the issuance of additional securities and any other material restrictions, and for requiring a holder of common shares to contribute additional capital.

Holders of common shares are entitled to share in all dividends that the Board, in its discretion, declares from legally available funds. In the event of a liquidation, dissolution or winding up, each outstanding common share entitles its holder to participate *pro rata* in all assets that remain after payment of liabilities and after providing for each class of stock, if any outstanding at such time, having preference over the common shares.

**Recent Sales of Unregistered Equity Securities**

Set forth below are recent sales of unregistered securities:

On January 12, 2022, we entered into subscription agreements with certain beneficial purchasers for 2,772,000 units consisting of one common share and one common share purchase warrant for a price of $0.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.75 with an expiration of January 31, 2025. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act. Subsequently, we repriced these warrants to an exercise price of $0.35 per common share and extended them to February 15, 2025.

From January through February 2022, we closed 3 tranches of a unit offering for an aggregate of 8,100,000 units for a total purchase price of $4,050,000. Each unit was priced at $0.50 and consisted of one common share and one common share purchase warrant, each warrant exercisable at $0.75 for two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On August 5, 2022, we entered into subscription agreements with certain beneficial purchasers for 20,000 units consisting of one common share and one common share purchase warrant for a price of $0.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.75 with an expiration of August 5, 2024. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On April 19, 2023, we issued 1,275,000 common shares to an investor in consideration of the investor's efforts in negotiating a promissory note transaction. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

On August 29, 2023, we entered into a Securities Exchange Agreement with ISLV Partners, LLC ("ISLV") whereby we issued 50,441,360 common shares to ISLV and 35,215,106 warrants to purchase common shares as described below:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise<br> Currency** | &nbsp;&nbsp;**Exercise<br> Price** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;96022 | &nbsp;&nbsp;C$ | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;September 10, 2023 |
| &nbsp;&nbsp;6401440 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;October 26, 2023 |
| &nbsp;&nbsp;2458473 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;December 4, 2025 |
| &nbsp;&nbsp;6575489 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;2566497 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;December 30, 2025 |
| &nbsp;&nbsp;5197617 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;January 28, 2026 |
| &nbsp;&nbsp;3708034 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;February 21, 2026 |
| &nbsp;&nbsp;96278 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;864194 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;March 24, 2026 |
| &nbsp;&nbsp;886599 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;March 23, 2026 |
| &nbsp;&nbsp;1073672 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;March 29, 2026 |
| &nbsp;&nbsp;576130 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.50 | &nbsp;&nbsp;August 3, 2026 |
| &nbsp;&nbsp;2218099 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;January 12, 2024 |
| &nbsp;&nbsp;1200270 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;February 15, 2024 |
| &nbsp;&nbsp;1280288 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;March 15, 2024 |
| &nbsp;&nbsp;16004 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;August 5, 2024 |
| &nbsp;&nbsp;**35215106** |  |  |  |

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From August through November 2023, we entered into subscription agreements with certain beneficial purchasers for 3,275,000 units consisting of one common share and one common share purchase warrant for a price of $0.40 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.60 for a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On October 11, 2023, we issued 563,945 common shares and 563,945 warrants to purchase common shares with an exercise price of $0.60 per share as settlement of amounts owing to our then-CEO, valued at $0.40 per share. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act

On December 5, 2023, we issued 14,258,117 common shares pursuant to warrant exercises by certain warrant holders at a price of $0.25 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On December 29, 2023, we issued 150,000 common shares and 75,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of December 29, 2025. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act

In March 2024, we entered into subscription agreements with certain beneficial purchasers for 5,300,000 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $0.25 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.40 with a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In March 2024, we entered into subscription agreements with certain beneficial purchasers for 222,222 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $0.45 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.60 with a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In April 2024, we issued 850,000 restricted share units to employees of the Company, which vested immediately. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In April 2024, we closed a financing, raising $2,768,650 by issuing 11,074,600 common sharesand 5,537,300 common share purchase warrants with an exercise price of $0.40 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 522,875 compensation warrants with an exercise price of $0.25 with an expiry date of April 29, 2026.. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

In April 2024, we closed a financing, raising $402,300 by issuing 894,000 common shares and 447,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of May 1, 2026. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

From December 2024 through January 2025, we entered into subscription agreements with certain beneficial purchasers for 1,140,000 common shares at a price of $0.25 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

From December 2024 through March 2025, we entered into subscription agreements with certain beneficial purchasers for 4,750,777 units for a price of $0.45 per unit. Each unit consisted of one of our common shares and one-half (1/2) common share purchase warrant. Each warrant entitled the holder to acquire one common share at a price of $0.60 with a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In January 2025, we issued 14,000,000 performance warrants to our chief executive officer pursuant to his executive employment agreement. The vesting of these warrants is subject to severa lperformance milestones. The warrants are exercisable into common stock at $0.31 per share and expire January 27, 2035. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

In February 2025, we granted 500,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $0.31 per share and expire on February 1, 2030. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

In February 2025, we issued 10,126,219 shares pursuant to warrant exercises by certain warrant holders at a price of $0.35 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In February 1, 2025, we granted 1,000,000 restricted stock units to our chief executive officer and in April 2025, we issued 1,000,000 shares pursuant to the settlement of such restricted stock units granted under our Long Term Incentive Plan to our Chief Executive Officer. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In March 2025, we granted 7,500,000 options to directors, officers, and employees. The options have an exercise price of $0.31 per share and expire on March 3, 2030. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In March 2025, we granted 318,856 restricted stock units to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In April 14, 2025, we granted 600,000 options to our vice president of exploration. The options have an exercise price of $0.31 per share and expire on April 14, 2030. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On June 30, 2025, we issued 318,856 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On July 1, 2025, we issued 5,033,333 common shares pursuant to the Asset Purchase and Release Agreement with Lane F Holdings, LLC. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

In August 2025, we issued 1,000,000 common shares pursuant to warrant exercises by certain warrant holders at a price of $0.60 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

**Transfer Agent and Registrar**

The transfer agent and registrar for our common shares is Odyssey Trust Company with its principal office at 702 – 67 Yonge Street Toronto ON M5E 1J8, Canada.

**Holders**

As of September 17, 2025, we had 237 registered holders of our common shares.

Upon completion of this offering, assuming the stated amount of shares of common shares offered in this offering are sold, there will be shares of our common shares outstanding.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Securities Authorized for Issuance Under Equity Compensation Plans**

The following table provides details of compensation plans under which our equity securities are authorized for issuance as of the date of this prospectus. A description of the significant terms of each of our equity compensation plans follows the table below:

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| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be**<br> **issued upon exercise of**<br> **outstanding options**<br> **(b)** | **Weighted-average exercise**<br> **price of outstanding options (a)** | **Number of securities**<br> **remaining available for**<br> **future issuance under equity**<br> **compensation plans**<br> **(excluding securities**<br> **reflected in column (a))** |
| Equity compensation plans approved by security holders | 8000000 | $0.28 | 8708376 |
| Equity compensation plans not approved by security holders |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** | 8000000 | $0.28 | 8708376 |

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**Stock Option Plans and Other Incentive Plans**

We have adopted a Long-Term Incentive Plan, effective March 7, 2022 (the "LTIP"). The LTIP authorizes our Board, or a committee established by our Board (the "Committee"), to issue a variety of equity-based awards that provide different types of incentives to be granted to executives, employees, and consultants, including an incentive share purchase option granted pursuant to the LTIP entitling the a holder an option to purchase common shares (an "Option"), and rights awarded to holders to receive a payment in common shares (a "Restricted Share Unit" or "RSU"). The LTIP facilitates the granting of Options representing the right to receive a number of common shares set determined by the Board, or Committee, (and in the case of RSUs, one common share) in accordance with the terms of the LTIP. The following summary of the material terms of the LTIP does not purport to be complete and is qualified in its entirety by reference to the LTIP. All capitalized terms not defined herein shall have the meaning set forth in the LTIP.

As at the date of this prospectus, there are 15,250,000 Options outstanding and 637,712 RSUs outstanding.

<u>Eligible Participants</u>. Options and RSUs may be granted to (i) our (or our Subsidiary's) directors or officers ("Executives"), (ii) an individual (a) who works full-time or part-time for us or any Subsidiary and such other individual as may, from time to time, be permitted by applicable Regulatory Rules to be granted Options or RSUs as an employee or as an equivalent thereto; or (b) who works for us or any Subsidiary either full-time or on a continuing and regular basis for a minimum amount of time per week providing services normally provided by an employee and who is subject to the same control and direction by us or any Subsidiary over the details and methods of work as our employee or an employee of any Subsidiary, but for whom income tax deductions are not made at source (an "Employee"), or (iii) an individual that: (a) is engaged to provide, on an ongoing bona fide basis, consulting, technical, management or other services to us or any Subsidiary other than services provided in relation to a "distribution" (as that term is described in the Securities Act); (b) provides the services under a written contract between us or any Subsidiary and the individual or a Consultant Entity; (c) in our reasonable opinion, spends or will spend a significant amount of time and attention on the affairs and business of us or any Subsidiary; and (d) has a relationship with us or any Subsidiary that enables the individual to be knowledgeable about our business and affairs or is otherwise permitted by applicable Regulatory Rules to be granted Options as a consultant or as an equivalent thereof (a "Consultant").

<u>Number of Shares Reserved.</u> The maximum number of common shares reserved for issuance under the LTIP will be 10% of our total issued and outstanding common shares. The maximum number of options to be granted to any one holder under the LTIP within any one-year period shall be 5% of our total issued and outstanding common shares or such other number as may be approved by a recognized exchange and our shareholders from time to time. The maximum number of options to be granted to any consultant under the LTIP within any one-year period shall be 2% of our total issued and outstanding common shares. The maximum number of options which may be

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

granted within any one-year period to employees or consultants engaged in investor relations activities must not exceed 2% of our total issued and outstanding common shares. The total number of common shares issuable pursuant to RSUs under the LTIP shall not exceed 5.0% of our total issued and outstanding common shares.

<u>Exercise Price.</u> The exercise price of an Option shall be determined by the Board, or Committee, and shall not be less than the market value of our common shares on the date of the grant (the "Grant Date"). The market value of our common shares shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. for each organized trading facility on which the common shares are listed, the closing trading price of the common shares on the day immediately preceding the Grant Date, and may be less than this price if it is within the discounts permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if the common shares are listed on more than one organized trading facility, as determined in accordance with subparagraph (a) above for the primary organized trading facility on which the common shares are listed, as determined by the Board or Committee, subject to any adjustments as may be required to secure all necessary approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. if the common shares are listed on one or more organized trading facilities but have not traded during the ten trading days immediately preceding the Grant Date, then, subject to any adjustments as may be required to secure all necessary approvals, such value as is determined by the Board or Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. if the common shares are not listed on any organized trading facility, subject to any adjustments as may be required to secure all necessary approvals, such value as is determined by the Board or Committee to be the fair value of the common shares, taking into consideration all factors that the Board or Committee deems appropriate, including, without limitation, recent sale and offer prices of the common shares in private transactions negotiated at arm's length.

<u>Term.</u> An Option shall be exercisable during a period established by the Board or Committee, which shall commence on the date of the grant.

<u>Vesting.</u> The LTIP provides that the Board or Committee must determine the vesting schedule for an option. The Board or Committee may elect at any time, to accelerate the vesting schedule of the Options. All RSUs will vest and become payable by the issuance of the common shares at the end of the Restriction Period if all applicable restrictions have lapsed, as such restrictions may be specified in the Award Agreement.

<u>Termination.</u>

With respect to RSUs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In the case of Employees or Consultants, employment is terminated for cause, or consulting contract, terminated as a result of the Consultant's breach, all RSUs granted under the LTIP will immediately terminate without payment, be forfeited and cancelled and shall be of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the case of Employees or Consultants, an employment or consulting contract is terminated without cause, by voluntary termination or due to Retirement, all RSUs granted under the LTIP that have not vested will, unless the otherwise provided, and subject to the provisions of the LTIP, immediately terminate without payment, be forfeited and cancelled and shall be of no further force or effect, provided, that any RSUs granted prior to the termination without cause, voluntary termination or retirement, had vested will accrue in accordance with Section 8.9 of the LTIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Upon termination of employment or upon termination of a Consultant's contract, eligibility to receive further RUS grants under the LTIP shall cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In the event that the holder ceases to hold the position of Executive, Employee or Consultant for which the RSU was originally granted, but comes to hold a different position as an Executive, Employee or Consultant prior to the expiry of the RSU, the Board or Committee may, in its sole discretion, choose to permit the RSU to stay in place.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

With respect to Options and subject to such other terms or conditions that may be attached to Options granted under the LTIP, a holder may exercise an Option in whole or in part at any time and from time to time during the Exercise Period. Any Option or part thereof not exercised within the Exercise Period shall terminate and become null, void and of no effect as of the Expiry Time on the Expiry Date. The Expiry Date of an Option shall be the earlier of the date so fixed by the Board or Committee at the time the Option is granted as set out in the Option Certificate and the date established, if applicable, in paragraphs (a) or (b) below or sections 6.2, 6.3, 6.4, or 12.4 of the LTIP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Ceasing to Hold Office* - In the event that the holder holds his or her Option as an Executive and ceases to hold such position other than by reason of death or Disability, the Expiry Date of the Option shall be, unless otherwise determined by the Board or Committee and expressly provided for in the Option Certificate, the 90th day following the date the holder ceases to hold such position unless the holder ceases to hold such position as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ceasing to meet the qualifications set forth in our corporate legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a special resolution having been passed by our shareholders removing the holder as a director of us or any subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. an order made by any Regulatory Authority having jurisdiction to so order;

in which case the Expiry Date shall be the date the holder ceases to hold such position, and in no event shall the Expiry Date of the Option shall be later than the first anniversary of the date the holder ceases to hold such position; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Ceasing to be Employed or Engaged* - In the event that the holder holds his or her Option as an Employee or Consultant and such holder ceases to hold such position other than by reason of death or Disability, the Expiry Date of the Option shall be, unless otherwise determined by the Board or Committee and expressly provided for in the Option Certificate, the 90th day following the date the holder ceases to hold such position, unless the holder ceases to hold such position as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. termination for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. resigning their position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. an order made by any Regulatory Authority having jurisdiction to so order;

in which case the Expiry Date shall be the date the holder ceases to hold such position, and in no event shall the Expiry Date of the Option shall be later than the first anniversary of the date the holder ceases to hold such position.

In the event that the Holder ceases to hold the position of Executive, Employee or Consultant for which the Option was originally granted, but comes to hold a different position as an Executive, Employee or Consultant prior to the expiry of the Option, the Board or Committee may, in its sole discretion, choose to permit the Option to stay in place for that Holder with such Option then to be treated as being held by that Option Holder in his or her new position and such will not be considered to be an amendment to the Option in question requiring the consent of the Option Holder under section 10.2 of the LTIP. Notwithstanding anything else contained herein, in no case will an Option be exercisable later than the Expiry Date of the Option.

<u>Exercise.</u> An Option or RSU may be exercised only by the holder or the Personal Representative of any holder. A Holder may exercise an Option or RSU in whole or in part at any time and from time to time during the Exercise Period up to the Expiry Time on the Expiry Date by delivering to the Administrator the required Exercise Notice, and if applicable, the applicable Option Certificate and a certified cheque or bank draft payable to us in an amount equal to the aggregate Exercise Price of the Shares then being purchased pursuant to the exercise of the Option. Notwithstanding anything else contained herein, Options and RSUs may not be exercised during Black-Out unless the Committee determines otherwise.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Exchange Controls**

There are no governmental laws, decrees or regulations in Canada that restrict the export or import of capital, including foreign exchange controls, or that affect the remittance of dividends, interest or other payments to non-resident holders of our securities, other than Canadian withholding tax. See "Certain Canadian Federal Income Tax Considerations for U.S. Residents" below.

**Material Canadian Federal Income Tax Consideration for U.S. Residents**

For a detailed discussion of Canadian federal income tax considerations for U.S. Residents, please see "Material Canadian Federal Income Tax Considerations for U.S. Residents" beginning on page [●] above. U.S. Resident Holders of our Common Shares are urged to consult their own tax advisors regarding the tax consequences of the Offering.

**UNDERWRITING** 

Subject to the terms and conditions set forth in the underwriting agreement, dated , 2025, between us and Cantor Fitzgerald & Co., as the underwriter, we have agreed to sell to the underwriter, and the underwriter has agreed to purchase from us, common shares.

The underwriting agreement provides that the obligations of the underwriter are subject to certain conditions precedent such as the receipt by the underwriter of officers' certificates and legal opinions and the approval of certain legal matters by their counsel. The underwriting agreement provides for a firm commitment underwriting. The underwriter has advised us that it proposes to offer the common shares to the public at the initial public offering price set forth on the cover page of this prospectus.

The underwriter is offering the common shares subject to its acceptance of the common shares from us. The underwriter reserves the right to withdraw, cancel or modify offers to the public, and to reject orders in whole or in part. In addition, the underwriter has advised us that it does not intend to confirm sales to any account over which it exercises discretionary authority.

We have agreed to indemnify the underwriter and certain of its affiliates and controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriter may be required to make in respect of those liabilities.

This offering is being made concurrently in the United States and in each of the provinces and territories in Canada[, other than Quebec]. The underwriter is not registered as an investment dealer in any Canadian jurisdiction

and, accordingly, will only sell the common shares in connection with this offering in the United States, and will not, directly or indirectly, sell or solicit offers to purchase any common shares in Canada. Cantor Fitzgerald Canada Corporation will act as an agent of Cantor Fitzgerald & Co. for sales of the common shares, if any, in Canada. Cantor Fitzgerald Canada Corporation is not a broker-dealer registered with the SEC and, therefore, may not make any sales of the common shares in the United States or to U.S. persons. Cantor Fitzgerald Canada Corporation is an affiliate of Cantor Fitzgerald & Co.

Subject to applicable law, the underwriter, or such other registered dealers or other entities outside the United States and Canada that are affiliates of the underwriter as may be designated by the underwriter, may offer our common shares outside of the United States and Canada. In Canada, the common shares are to be taken up by Cantor Fitzgerald Canada Corporation, if at all, on or before a date not later than 42 days after the date of this prospectus.

**Option to Purchase Additional Common Shares** 

We have granted to the underwriter an option, exercisable for a period of [●] days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of [●] additional common shares from us at the initial public offering price set forth on the cover page of this prospectus, less underwriting discounts and commissions.

**Discounts and Commissions and Expenses** 

The underwriter has advised us that it proposes to offer our common shares to the public at the initial public offering price set forth on the cover page of this prospectus, and to certain dealers, which may include the underwriter, at that price less a concession not in excess of $ per common share. The underwriter may allow, and certain dealers may reallow, a discount from the concession not in excess of $ per common share to certain brokers and dealers.

The following table shows the public offering price, the underwriting discounts and commissions that we will pay to the underwriter, and the proceeds to us, before expenses, in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriter's option to purchase additional common shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Common Share** | **Per Common Share** | **Total** | **Total** |
|  | **No Exercise of<br> Option to<br> Purchase<br> Additional**<br> **Common Shares** | **Full Exercise of<br> Option to<br> Purchase<br> Additional**<br> **Common Shares** | **No Exercise of<br> Option to<br> Purchase<br> Additional**<br> **Common Shares** | **Full Exercise of<br> Option to<br> Purchase<br> Additional**<br> **Common Shares** |
| Public offering price | $| $| $| $|
| Underwriting discounts and commissions(1) | $| $| $| $|
| Proceeds to us, before expenses | $| $| $| $|

---

(1) The underwriting discounts and commissions reflected in this table do not include the reimbursement by us of certain expenses as described below.

We estimate expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be approximately $. We have also agreed to reimburse the underwriter up to $ for certain of their out-of-pocket expenses reasonably incurred in connection with this offering, including up to $ of the reasonable and documented fees of its legal counsels, which reimbursed fees are deemed by FINRA to be underwriting compensation for this offering.

**Determination of Offering Price and Warrant Exercise Price**

Prior to this offering, there has been no U.S. public market for our common shares. The initial public offering price per common share was negotiated between us and the underwriter based on, among other things, our history and prospects, the stage of development of our business, our strategic plans for the future, an assessment of our management team and its experience in the mining industry, our capital structure, general conditions of the securities markets at the time of this offering, and other factors that we and the underwriter deemed relevant.

**No Sales of Similar Securities** 

We, each of our directors and executives, and each of our shareholders that beneficially owns at least 5% of our outstanding common shares immediately prior to this offering, have agreed, subject to certain specified exceptions, not to, (i) for a period of [●] days following the date of this prospectus in the case of our directors and executives, and our shareholders that beneficially own at least 5% of our outstanding common shares immediately prior to this offering, and (ii) for a period of [●] days following the date of this prospectus in the case of our Company, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;● offer, sell, contract or grant any option to sell (including any short sale), issue (in the case of our Company), pledge, transfer, establish an open "put equivalent position" within the meaning of Rule 16a-l(h) under the Exchange Act, or otherwise dispose of, any common shares, options or warrants to acquire common shares, or securities exchangeable or exercisable for or convertible into common shares currently or hereafter owned either of record or beneficially;

&nbsp;&nbsp;&nbsp;&nbsp;● enter into any swap, hedge or other agreement or transaction that transfers,
 in whole or in part, the economic consequence of ownership of common shares, or securities exchangeable or exercisable for or convertible
 into common shares; or

● publicly announce an intention to do any of the foregoing, without the prior written consent of the underwriter.

In addition, we and each such person subject to the foregoing lock-up restrictions (which we refer to as a "Locked-up Person") agreed that, without the prior written consent of the underwriter, we or such other Locked-up Person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any common shares or any security exercisable or exchangeable for or convertible into common shares.

The restrictions in the immediately preceding paragraphs do not apply in certain circumstances, including:

(a) in the case of our directors and executives, and our shareholders that beneficially own at least 5% of our outstanding common shares immediately prior to this offering, subject to certain exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;● transfers in connection with bona fide gifts or bona fide estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;● transfers to immediate family members, related trusts or legal entities;

&nbsp;&nbsp;&nbsp;&nbsp;● transfers to any fund or other entity controlling or controlled by such Locked-up Person or by his, her or its affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;● if such Locked-up Person is a corporation, partnership, limited liability company, trust or other business entity, transfers to another legal entity that is an affiliate of such Locked-up Person or as a distribution to general or limited partners or stockholders or other equity holders of such Locked-up Person;

&nbsp;&nbsp;&nbsp;&nbsp;● if such Locked-up Person is a trust, transfers to beneficiaries of such trust;

&nbsp;&nbsp;&nbsp;&nbsp;● transfers by operation of law, including pursuant to a qualified domestic order or in connection with a divorce settlement, divorce decree or separation agreement;

&nbsp;&nbsp;&nbsp;&nbsp;● transfers by will or intestate succession upon the death of such Locked-up Person;

&nbsp;&nbsp;&nbsp;&nbsp;● transfers of any common shares acquired in the open market after the closing of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;● exercises of outstanding options or settlements of equity awards pursuant to our long term incentive plan or other similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;● exercises, vestings or settlements of options, deferred share units, warrants or other rights to purchase or acquire any common shares;

&nbsp;&nbsp;&nbsp;&nbsp;● transfers in connection with bona fide third-party tender offers, mergers, consolidations, or other similar transactions that are approved by our board of directors, offered to all our shareholders, and involve a change of control in our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;● the establishment of, but not sales under, Rule 10b5-1 trading plans; and

(b) in the case of our Company, in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;● certain issuances of our common shares or related securities in connection with our long term incentive plan or other similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;● issuances of our common shares upon the exercise of warrants outstanding as of the date of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;● issuances of up to 10% of our common shares outstanding as of immediately following the completion of this offering in connection with certain acquisitions, joint ventures, and similar strategic transactions by our Company; and

&nbsp;&nbsp;&nbsp;&nbsp;● the filing of any Registration Statements on Form S-8.

The underwriter may, in its sole discretion and at any time or from time to time before the end of the (i) [●]-day period in the case of our directors and executives, and our shareholders that beneficially own at least 5% of our outstanding common shares immediately prior to this offering, and (ii) [●]-day period in the case of our Company, release all or any portion of the securities subject to lock-up agreements.

**Market Making, Stabilization and Other Transactions** 

The underwriter may make a market in our common shares as permitted by applicable laws and regulations. However, the underwriter is not obligated to do so, and the underwriter may discontinue any market-making activities at any time in its sole discretion without notice. Accordingly, no assurance can be given as to the liquidity of the trading market for our subordinate voting, that you will be able to sell any of the common shares held by you at a particular time, or that the prices that you receive when you sell will be favorable.

The underwriter has advised us that they may engage, pursuant to Regulation M under the Exchange Act, in short sale transactions, stabilizing transactions, syndicate covering transactions, or the imposition of penalty bids in connection with this offering. These activities may have the effect of stabilizing or maintaining the market price of our common shares at a level above that which might otherwise prevail in the open market. Establishing short sales positions may involve "covered" short sales, which are sales made in an amount not greater than the underwriter's option to purchase additional common shares in this offering. The underwriter may close out any covered short position by either exercising their option to purchase additional common shares or purchasing common shares s in the open market. In determining the source of common shares to close out the covered short position, the underwriter will consider, among other things, the price of our common shares available for purchase in the open market as compared to the price at which it may purchase our common shares through the option to purchase additional common shares.

A stabilizing bid is a bid for the purchase of common shares on behalf of the underwriter for the purpose of fixing or maintaining the price of the common shares. A syndicate covering transaction is the bid for, or the purchase of, common shares on behalf of the underwriter to reduce a short position incurred by the underwriter in connection with the offering. Similar to other purchase transactions, the underwriter's purchases to cover syndicate short sales may have the effect of raising or maintaining the market price of our common shares or preventing or retarding a decline in the market price of our common shares. As a result, the price of our common shares may be higher than the price that might otherwise exist in the open market. A penalty bid is an arrangement permitting the underwriter to reclaim the selling concession otherwise accruing to a syndicate member in connection with the

offering if the common shares originally sold by such syndicate member are purchased in a syndicate covering transaction and therefore have not been effectively placed by such syndicate member.

Neither we nor the underwriter make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common shares. The underwriter is not obligated to engage in any of these activities and, if commenced, may end any of these activities at any time..

**Electronic Distribution** 

A prospectus in electronic format may be made available by e-mail or on web sites or through online services maintained by the underwriter, selling group members (if any), or their respective affiliates. The underwriter may agree with us to allocate a specific number of common shares sold as part of the common shares for sale to online brokerage account holders. Other than the prospectus in electronic format, the information on the underwriter's website and any information contained in any other web sites maintained by the underwriter is not part of this prospectus, has not been approved and/or endorsed by us or the underwriter and should not be relied upon by investors.

**Other Activities and Relationships** 

The underwriter and certain of its affiliates are full service financial institutions engaged in a wide range of activities for their own accounts and the accounts of their customers, which may include, among other things, corporate finance, mergers and acquisitions, merchant banking, equity and fixed income sales, trading and research, derivatives, foreign exchange, futures, asset management, custody, clearance, and securities lending. The underwriter and certain of its affiliates [have performed, and] may in the future perform, from time to time, various investment banking and financial advisory services for us and our affiliates, for which the underwriter and its affiliates [received or] will receive customary fees and expenses.

In addition, in the ordinary course of their respective businesses, the underwriter and its affiliates may, directly or indirectly, hold long or short positions, trade and otherwise conduct such activities in or with respect to debt or equity securities and/or bank debt of, and/or derivative products. Such investment and securities activities may involve our securities and instruments. The underwriter and its affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities or instruments.

**Notice to Investors** 

This prospectus does not constitute an offer to sell to, or a solicitation of an offer to buy from, anyone in any country or jurisdiction (i) in which any such an offer or solicitation is not authorized, (ii) in which any person making any such offer or solicitation is not qualified to do so, or (iii) in which any such offer or solicitation would otherwise be unlawful. No action has been taken that would, or is intended to, permit a public offer of the securities or possession or distribution of this prospectus or any other offering or publicity material relating to the securities in any country or jurisdiction (other than the United States and Canada) where any such action for that purpose is required. Accordingly, the underwriter has undertaken that it will not, directly or indirectly, offer or sell any securities or have in its possession, distribute or publish any prospectus, form of application, advertisement, or other document or information in any country or jurisdiction except under circumstances that will, to the best of its knowledge and belief, result in compliance with any applicable laws and regulations, and that all offers and sales of securities by it will be made on the same terms.

**SHARES ELIGIBLE FOR FUTURE SALE**

Our common shares are not listed for trading on any exchange or automated quotation system. We intend to submit an application to list our common shares for trading on the NYSE American. We anticipate that our common shares will be listed for trading on the NYSE American; however, there can be no assurance that such an application for listing will be approved.

Future sales of our common shares in the public market, including common shares issued upon exercise of outstanding options or warrants, or the availability of such common shares for sale in the public market, could adversely affect the trading price of our common shares. Certain shares of common shares that are issued and outstanding are "restricted securities" under Rule 144 and certain shares of common shares are subject to lock up agreements.

Sales of our common shares in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the trading price of our common shares at such time and our ability to raise equity capital in the future. Although we intend to apply to list our common shares for trading on the NYSE American and anticipate that they will be accepted for trading on the NYSE American, we cannot assure you that there will be an active public market for our common shares.

Based on the number of our common shares outstanding as of December 31, 2024, upon the closing of this offering we will have outstanding an aggregate of [●] common shares.

All of the common shares sold in this Offering by us will be freely tradable, except that any common shares purchased in this Offering by our "affiliates," as that term is defined in Rule 144 under the Securities Act, generally may be sold in the public market only in compliance with Rule 144 under the Securities Act.

**Unrestricted Future Sales of common shares**

In the future, we may offer and sell common shares (or we have in the past) pursuant to exemptions from registration under the Securities Act, such as under Section 4(a)(2) of the Securities Act, Regulation D or Rule 701, which will be deemed restricted securities. Shares of common shares that are deemed "restricted securities" as that term is defined in Rule 144 under the Securities Act will be eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 under the Securities Act, which are summarized below.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

In accordance with the foregoing, and subject to Rule 144 and Rule 701 or escrow restrictions, common shares will be available for sale in the public market as follows:

---

| | |
|:---|:---|
| **Date** | **Number of Shares** |
| On the date of this prospectus |  |
| Between 90 and 180 days after the date of this prospectus | |
| At various times beginning more than 180 days after the date of this prospectus | |

---

**Rule 144**

***Affiliate Resales of Restricted Securities***

In general, under Rule 144 under the Securities Act, as in effect on the effective date of the registration statement of which this prospectus is a part, a person who is one of our affiliates and has beneficially owned shares of our common shares for at least six months would be entitled to sell in "broker's transactions" or certain "riskless principal transactions" or to market makers, a number of common shares within any three-month period, beginning on the date 90 days after the date of this prospectus, that does not exceed the greater of:

● 1.0% of the number of common shares of common shares then outstanding, which will equal approximately ● common shares immediately after the closing of this Offering; or

● the average weekly trading volume of our common shares on the NYSE American during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales under Rule 144 by our affiliates or persons selling common shares on behalf of our affiliates are also subject to a certain manner of sale provisions and notice requirements and to the availability of current public information about us. In addition, if the number of common shares being sold under Rule 144 by an affiliate during any three-month period exceeds 5,000 common shares or has an aggregate sale price in excess of $50,000, the seller must file a notice on Form 144 with the Commission concurrently with either the placing of a sale order with the broker or the execution of a sale directly with a market maker.

***Non-Affiliate Resales of Restricted Securities***

In general, under Rule 144 under the Securities Act, as in effect on the date of this prospectus, a person who is not an affiliate of ours at the time of sale, and has not been an affiliate at any time during the three months preceding a sale, and who has beneficially owned the common shares proposed to be sold for at least six months but less than a year, including the holding period of any prior owner other than an affiliate, is entitled to sell the common shares beginning on the 91st day after we have become subject to the reporting requirements of the Exchange Act without complying with the manner of sale, volume limitation or notice provisions of Rule 144, and will be subject only to the current public information requirements of Rule 144. If such person has beneficially owned the common shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then such person is entitled to sell such common shares under Rule 144(b)(1) without regard to any Rule 144 restrictions, including the public company requirement and the current public information requirement.

**Rule 701**

Any of our employees, officers, directors, consultants or advisors who purchased shares under a written compensatory stock or option plan or other written contract may be entitled to sell such common shares in reliance upon exemptions from registration. Rule 701 permits affiliates to sell their Rule 701 common shares under Rule 144 without complying with the holding period requirements of Rule 144. Rule 701 further provides that non-affiliates may sell these common shares in reliance on Rule 144 without complying with the holding period, public information, volume limitation or notice provisions of Rule 144. All holders of Rule 701 common shares are required to wait until 90 days after we have become subject to the reporting requirements of the Exchange Act before selling those common shares.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Lock-Up Agreements**

We have agreed to cause our executive officers and directors to enter into a 180-day "lock-up" from the closing date of the Offering relating to our common shares that they beneficially own. This means that, for a period of 180 days following the closing date of this Offering, such persons may not, with limited exceptions, sell or agree to sell any common shares or securities or other financial instruments convertible into or having the right to acquire common shares or enter into any agreement or arrangement to transfer to another, in whole or in part, any of the economic consequences of ownership of common shares, without the prior written consent of the Lead Underwriter on behalf of the Underwriters pursuant to the terms of the lock-up agreements.

**MATERIAL Canadian Federal Income Tax Considerations FOR U.S. RESIDENTS**

The following generally summarizes certain Canadian federal income tax consequences generally applicable under the *Income Tax Act* (Canada) and the regulations enacted thereunder (collectively, the "**Canadian Tax Act**") and the *Canada-United States Tax Convention* (1980) (the "**Convention**") to the holding and disposition of common shares of the Company.

Comment is restricted to holders of common shares of the Company each of whom, at all material times for the purposes of the Canadian Tax Act and the Convention, (i) is resident solely in the United States for tax purposes, (ii) is a "qualifying person" under and entitled to the benefits of the Convention, (iii) holds all common shares of the Company as capital property, (iv) deals at arm's length with and is not affiliated with the Company, (v) does not and is not deemed to use or hold any common shares of the Company in a business carried on in Canada, (vi) is not an insurer that carries on business in Canada and elsewhere, (vii) is not an "authorized foreign bank" (as defined in the Canadian Tax Act), and (viii) has not entered into a "derivative forward agreement" (as defined in the Canadian Tax Act) with respect to the common shares of the Company (each such holder, a "**U.S. Resident Holder**").

Certain U.S.-resident entities that are fiscally transparent for United States federal income tax purposes (including limited liability companies) may not in all circumstances be entitled to the benefits of the Convention. Members of or holders of an interest in such an entity that holds common shares of the Company should consult their own tax advisers regarding the extent, if any, to which the benefits of the Convention will apply to the entity in respect of its common shares of the Company.

Generally, a U.S. Resident Holder's common shares of the Company will be considered to be capital property of such holder provided that such holder is not a trader or dealer in securities, did not acquire, hold, or dispose of the common shares of the Company in one or more transactions considered to be an adventure or concern in the nature of trade, and does not hold the common shares of the Company in the course of carrying on a business.

This summary is based on the current provisions of the Canadian Tax Act and the Convention in effect as of the date prior to the date hereof, all specific proposals to amend the Canadian Tax Act and the Convention publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof, and the current published administrative policies and assessing practices of the Canada Revenue Agency (the "**CRA**"). It is assumed that all such amendments will be enacted as currently proposed, and that there will be no other material change to any applicable law or administrative policy or assessing practice, whether by way of judicial, legislative, or governmental decision or action, although no assurance can be given in these respects. This summary is not exhaustive of all possible Canadian federal income tax considerations. Except as otherwise expressly provided, this summary does not take into account any provincial, territorial, or foreign tax considerations, which may differ materially from those set out herein.

**This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations, and is not intended to be and should not be construed to be legal or tax advice to any particular U.S. Resident Holder. The tax consequences of holding and disposing of common shares of the Company will vary according to the U.S. Resident Holder's particular circumstances. U.S. Resident Holders are urged to consult their own tax advisers for advice with respect to their particular circumstances. The discussion below is qualified accordingly.**

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

A U.S. Resident Holder will not be subject to tax under the Canadian Tax Act in respect of any capital gain realized on a disposition or deemed disposition of a common share of the Company unless the common share is "taxable Canadian property" of the U.S. Resident Holder for the purposes of the Canadian Tax Act at the time of disposition and the U.S. Resident Holder is not entitled to an exemption under the Convention. In addition, capital losses arising on a disposition or deemed disposition of a common share of the Company will not be recognized under the Canadian Tax Act, unless the common share constitutes "taxable Canadian property" (as defined in the Canadian Tax Act) at the time of disposition and the U.S. Resident Holder is not entitled to relief under the Convention.

Generally, a U.S. Resident Holder's common shares of the Company will not constitute "taxable Canadian property" of such holder at a particular time at which the common shares are listed on a "designated stock exchange" (which currently includes the NYSE American) unless, at any time during the 60-month period that ends at the particular time, both of the following conditions are concurrently met:

&nbsp;&nbsp;&nbsp;&nbsp;i. 25% or more of the issued shares of any class of the capital stock of the Company were owned by or belonged
to one or any combination of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the U.S. Resident Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. persons with whom the U.S. Resident Holder did not deal at arm's length;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. partnerships in which the U.S. Resident Holder or a person referred to in clause (b) holds a membership
interest directly or indirectly through one or more partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;ii. more than 50% of the fair market value of the common shares of the Company was derived directly or indirectly
from one or any combination of real or immovable property situated in Canada, "Canadian resource properties" (as defined in
the Canadian Tax Act), "timber resource properties" (as defined in the Canadian Tax Act), or options in respect of, or interests
in any of the foregoing, whether or not the property exists.

Notwithstanding the foregoing, common shares of the Company may also be deemed to be "taxable Canadian property" in certain circumstances set out in the Canadian Tax Act.

A U.S. Resident Holder to whom the Company pays or credits or is deemed to pay or credit a dividend on such holder's common shares of the Company will be subject to Canadian withholding tax, and the Company will be required to withhold the tax from the dividend and remit it to the CRA for the holder's account. The rate of withholding tax under the Canadian Tax Act is 25% of the gross amount of the dividend, but should generally be reduced under the Convention to 15% (or, if the U.S. Resident Holder is a company which is the beneficial owner of at least 10% of the voting stock of the Company, 5%) of the gross amount of the dividend. For this purpose, a company that is a resident of the United States for purposes of the Canadian Tax Act and the Convention and is entitled to the benefits of the Convention shall be considered to own the voting stock of the Company owned by an entity that is considered fiscally transparent under the laws of the United States and that is not a resident of Canada, in proportion to such company's ownership interest in that entity.

Generally, a U.S. Resident Holder's common shares of ours will not constitute "taxable Canadian property" of such holder at a particular time at which the common shares are listed on a "designated stock exchange" (which currently includes the NYSE American) unless, at any time during the 60-month period that ends at the particular time, both of the following conditions are concurrently met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 25% or more of the issued shares of any class of the capital stock of ours were owned by or belonged to one or any combination of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the U.S. Resident Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. persons with whom the U.S. Resident Holder did not deal at arm's length;

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. partnerships in which the U.S. Resident Holder or a person referred to in clause (b) holds a membership interest directly or indirectly through one or more partnerships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. more than 50% of the fair market value of our common shares was derived directly or indirectly from one or any combination of real or immovable property situated in Canada, "Canadian resource properties" (as defined in the Canadian Tax Act), "timber resource properties" (as defined in the Canadian Tax Act), or options in respect of, or interests in any of the foregoing, whether or not the property exists.

Notwithstanding the foregoing, our common shares may also be deemed to be "taxable Canadian property" in certain circumstances set out in the Canadian Tax Act.

A U.S. Resident Holder to whom we pay or credit or is deemed to pay or credit a dividend on such holder's common shares will be subject to Canadian withholding tax, and we will be required to withhold the tax from the dividend and remit it to the CRA for the holder's account. The rate of withholding tax under the Canadian Tax Act is 25% of the gross amount of the dividend, but should generally be reduced under the Convention to 15% (or, if the U.S. Resident Holder is a company which is the beneficial owner of at least 10% of our voting stock, 5%) of the gross amount of the dividend. For this purpose, a company that is a resident of the United States for purposes of the Canadian Tax Act and the Convention and is entitled to the benefits of the Convention shall be considered to own the voting stock of ours owned by an entity that is considered fiscally transparent under the laws of the United States and that is not a resident of Canada, in proportion to such company's ownership interest in that entity.

**MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS**

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership, and disposition of our common shares. This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from or relating to the acquisition, ownership, and disposition of common shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable income tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder. This summary does not address the U.S. federal net investment income tax, U.S. federal alternative minimum tax, U.S. federal estate and gift tax, U.S. state and local tax, and non-U.S. tax consequences to U.S. Holders of the acquisition, ownership, and disposition of common shares. In addition, except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common shares.

No legal opinion from U.S. counsel or ruling from the Internal Revenue Service (the "IRS") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, or contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

This summary is based on the United States Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations (whether final, temporary, or proposed) promulgated thereunder, published rulings of the IRS, published administrative positions of the IRS, the Canada-U.S. Tax Convention, and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this document. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**U.S. Holders**

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of common shares that is for U.S. federal income tax purposes:

● an individual citizen or resident of the U.S.;

● a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S., any state thereof, or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (1) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

**Non-U.S. Holders**

For purposes of this summary, a "non-U.S. Holder" is a beneficial owner of common shares that is not a U.S. Holder or is a partnership. This summary does not address the U.S. federal income tax consequences to non-U.S. Holders arising from and relating to the acquisition, ownership, and disposition of common shares. Accordingly, a non-U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences (including the potential application of and operation of any income tax treaties) relating to the acquisition, ownership, and disposition of common shares.

**U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed**

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders that: (a) are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) have a "functional currency" other than the U.S. dollar; (e) own common shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (f) acquire common shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) are subject to special tax accounting rules; (i) are partnerships and other pass-through entities (and investors in such partnerships and entities); (j) are S corporations (and shareholders or investors in such S corporations); (k) own, have owned or will own (directly, indirectly, or by attribution) 10% or more of the total combined voting power or value of our outstanding shares; (l) are U.S. expatriates, former citizens, or former long-term residents of the U.S.; or (m) hold common shares in connection with a trade or business, permanent establishment, or fixed base outside the U.S. U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of common shares.

If an entity or arrangement that is classified as a partnership (or other "pass-through" entity) for U.S. federal income tax purposes holds common shares, the U.S. federal income tax consequences to such partnership and the partners (or owners) of such partnership generally will depend on the activities of the partnership and the status of such partners (or owners). This summary does not address the tax consequences to any such partnership or partner (or owner). Partners (or owners) of entities or arrangements that are classified as partnerships or as "pass-through" entities for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of common shares.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Passive Foreign Investment Company Rules**

<u>Our PFIC Status</u>

If we were to constitute a "passive foreign investment company" within the meaning of Section 1297(a) of the Code (a "PFIC") for any year during a U.S. Holder's holding period, then certain different and potentially adverse rules will affect the U.S. federal income tax consequences to a U.S. Holder resulting from the acquisition, ownership and disposition of common shares. We believe that we were classified as a PFIC for our most recently completed tax year, and based on current business plans and financial expectations, believe that we may be a PFIC for our current tax year and for the foreseeable future. No opinion of legal counsel or ruling from the IRS concerning our status as a PFIC has been obtained or is currently planned to be requested. The determination of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations. In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of each such tax year and, as a result, cannot be predicted with certainty as of the date of this document. Accordingly, there can be no assurance that the IRS will not challenge any determination made by us (or any of our subsidiaries) concerning our (or their) PFIC status. Each U.S. Holder should consult its own tax advisor regarding the PFIC status of us and each of our subsidiaries.

In any year in which we are classified as a PFIC, a U.S. Holder will be required to file an annual report with the IRS containing such information as Treasury Regulations or other IRS guidance may require. A failure to satisfy such reporting requirements may result in an extension of the time period during which the IRS can assess a tax. U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file an IRS Form 8621 annually.

We generally will be a PFIC if, for a tax year, (a) 75% or more of our gross income is passive income (the " PFIC income test"), or (b) 50% or more of the value of our assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the "PFIC asset test"). "Gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and "passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all (85% or more) of a foreign corporation's commodities are stock in trade of such foreign corporation or other property of a kind which would properly be included in inventory of such foreign corporation, or property held by such foreign corporation primarily for sale to customers in the ordinary course of business and certain other requirements are satisfied.

For purposes of the PFIC income test and PFIC asset test described above, if we own, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, we will be treated as if we (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation. In addition, for purposes of the PFIC income test and the PFIC asset test described above, and assuming certain other requirements are met, "passive income" does not include certain interest, dividends, rents, or royalties that are received or accrued by us from certain "related persons" (as defined in Section 954(d)(3) of the Code), to the extent such items are properly allocable to the income of such related person that is not passive income.

Under certain attribution rules, if we are a PFIC, U.S. Holders will be deemed to own their proportionate share of the stock of any of our subsidiaries that is also a PFIC, (a "Subsidiary PFIC"), and will generally be subject to U.S. federal income tax on their proportionate share of (a) any "excess distributions", as described below, on the stock of a Subsidiary PFIC, and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by us, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of common shares. Accordingly, U.S. Holders should be aware that they could be subject to tax under the PFIC rules even if no distributions are received and no redemptions or other dispositions of common shares are made.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

<u>Default PFIC Rules Under Section 1291 of the Code</u>

If we are a PFIC for any tax year during which a U.S. Holder owns common shares, the U.S. federal income tax consequences to a U.S. Holder of the acquisition, ownership, and disposition of common shares will depend on whether such U.S. Holder makes an election to treat us and each Subsidiary PFIC, if any, as a "qualified electing fund", or "QEF", under Section 1295 of the Code (a "QEF Election"), or makes a mark-to-market election under Section 1296 of the Code with respect to the common shares (a "Mark-to-Market Election"). A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will be referred to in this summary as a "Non-Electing U.S. Holder".

A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code (described below) with respect to, (a) any gain recognized on the sale or other taxable disposition of common shares, and (b) any "excess distribution" received on the common shares. A distribution generally will be an "excess distribution" to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder's holding period for the common shares, if shorter).

Under Section 1291 of the Code, any gain recognized on the sale or other taxable disposition of common shares (including an indirect disposition of the stock of any Subsidiary PFIC), and any "excess distribution" received on common shares, must be rateably allocated to each day in a Non-Electing U.S. Holder's holding period for the respective common shares. The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income. The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year. A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as "personal interest", which is not deductible.

If we are a PFIC for any tax year during which a Non-Electing U.S. Holder holds common shares, we will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether we cease to be a PFIC in one or more subsequent tax years. A Non-Electing U.S. Holder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above), but not loss, as if such common shares were sold on the last day of the last tax year for which we were a PFIC.

<u>QEF Election</u>

A U.S. Holder that makes a timely and effective QEF Election for the first tax year in which its holding period of its common shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its common shares. A U.S. Holder that makes a timely and effective QEF Election will be subject to U.S. federal income tax on such U.S. Holder's pro rata share of, (a) our net capital gain, which will be taxed as long-term capital gain to such U.S. Holder, and (b) our ordinary earnings, which will be taxed as ordinary income to such U.S. Holder. Generally, "net capital gain" is the excess of (i) net long-term capital gain over (ii) net short-term capital loss, and "ordinary earnings" are the excess of (x) "earnings and profits" over (y) net capital gain. A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each tax year in which we are a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by us. However, for any tax year in which we are a PFIC and have no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election. If a U.S. Holder that made a QEF Election has an income inclusion, such U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge. If such U.S. Holder is not a corporation, any such interest paid will be treated as "personal interest", which is not deductible.

A U.S. Holder that makes a timely and effective QEF Election with respect to us generally, (a) may receive a tax-free distribution from us to the extent that such distribution represents our "earnings and profits" that were previously included in income by the U.S. Holder because of such QEF Election, and (b) will adjust such U.S. Holder's tax basis in the common shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election. In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of common shares.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

U.S. Holders should be aware that we are not committing to supply U.S. Holders with information that such U.S. Holders require to report under the QEF rules, in the event that the Company is a PFIC and a U.S. Holder wishes to make a QEF Election. If we do not provide the required information with regard to us or any of our Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a QEF Election.

<u>Mark-to-Market Election</u>

A U.S. Holder may make a Mark-to-Market Election if the common shares are marketable stock. The common shares generally will be "marketable stock" if the common shares are regularly traded on, (a) a national securities exchange that is registered with the SEC, (b) the national market system established pursuant to section 11A of the U.S. Exchange Act, or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that, (i) such foreign exchange has trading volume, listing, financial disclosure, and meets other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced, and (ii) the rules of such foreign exchange ensure active trading of listed stocks. If the common shares are traded on such a qualified exchange or other market, the common shares generally will be "regularly traded" for any calendar year during which the common shares are traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. U.S. Holders should consult their own tax advisors regarding the marketable stock rules.

A U.S. Holder that makes a Mark-to-Market Election with respect to its common shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such common shares. However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder's holding period for the common shares or such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the common shares.

A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which we are a PFIC, an amount equal to the excess, if any, of (i) the fair market value of the common shares, as of the close of such tax year over (ii) such U.S. Holder's tax basis in such common shares. A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (i) such U.S. Holder's adjusted tax basis in the common shares, over (ii) the fair market value of such common shares (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years).

A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder's tax basis in the common shares to reflect the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election. In addition, upon a sale or other taxable disposition of common shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (i) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (ii) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years).

A U.S. Holder makes a Mark-to-Market Election by attaching a completed IRS Form 8621 to a timely filed U.S. federal income tax return. A Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the common shares cease to be "marketable stock" or the IRS consents to revocation of such election. Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election.

Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the common shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning, because such stock is not marketable. Hence, the Mark-to-Market Election will not be effective to

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

eliminate the application of the default rules of Section 1291 of the Code described above with respect to deemed dispositions of Subsidiary PFIC stock or distributions from a Subsidiary PFIC to its shareholder.

<u>Other PFIC Rules</u>

Under Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that would impact certain consequences of the application of the PFIC regime to U.S. Holders. Among other consequences, and subject to certain exceptions, such proposed Treasury Regulations would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss) upon certain transfers of common shares that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations). However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which such common shares are transferred.

If finalized in their current form, the proposed Treasury Regulations applicable to PFICs would be effective for transactions occurring on or after April 1, 1992. Because the proposed Treasury Regulations have not yet been adopted in final form, they are not currently effective, and there is no assurance that they will be adopted in the form and with the effective date proposed. Nevertheless, the IRS has announced that, in the absence of final Treasury Regulations, taxpayers may apply reasonable interpretations of the Code provisions applicable to PFICs and that it considers the rules set forth in the proposed Treasury Regulations to be reasonable interpretations of those Code provisions. The PFIC rules are complex, and the implementation of certain aspects of the PFIC rules requires the issuance of Treasury Regulations which in many instances have not been promulgated and which, when promulgated, may have retroactive effect. U.S. Holders should consult their own tax advisors about the potential applicability of the proposed Treasury Regulations.

Certain additional adverse rules may apply with respect to a U.S. Holder if we are a PFIC, regardless of whether such U.S. Holder makes a QEF Election. For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses common shares as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such common shares.

In addition, a U.S. Holder who acquires common shares from a decedent will not receive a "step up" in tax basis of such common shares to fair market value unless such decedent had a timely and effective QEF Election in place.

Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC. Subject to such special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit. The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with their own tax advisor regarding the availability of the foreign tax credit with respect to distributions by a PFIC.

The PFIC rules are complex, and each U.S. Holder should consult its own tax advisor regarding the PFIC rules (including the applicability and advisability of a QEF Election and Mark-to-Market Election) and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares.

**Ownership and Disposition of Common Shares**

The following discussion is subject in its entirety to the rules described above under the heading "Passive Foreign Investment Company Rules".

<u>Distributions on Common Shares</u>

Subject to the PFIC rules discussed above, a U.S. Holder that receives a distribution, including a constructive distribution, with respect to our common shares will be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of the current or accumulated "earnings and profits" of the Company, as computed for U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated "earnings and profits" of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in our common shares and thereafter as gain from the sale or exchange of such common shares. See "Sale or Other Taxable Disposition of Common Shares" below. However, the Company may not maintain the calculations of earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

should therefore assume that any distribution by the Company with respect to our common shares will constitute ordinary dividend income. Dividends received on common shares generally will not be eligible for the "dividends received deduction". Subject to applicable limitations and provided the Company is eligible for the benefits of the Canada-U.S. Tax Convention or the common shares are readily tradable on a United States securities market, dividends paid by the Company to non-corporate U.S. Holders may be eligible for the preferential tax rates applicable to long-term capital gains for dividends, but will not be eligible for reduced income tax rates, and instead will be taxable at ordinary income tax rates, if the Company is a PFIC in the tax year of distribution or in the preceding tax year. The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

<u>Sale or Other Taxable Disposition of Common Shares</u>

Upon the sale or other taxable disposition of common shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount of cash plus the fair market value of any property received and such U.S. Holder's adjusted tax basis in such common shares sold or otherwise disposed of. Subject to the PFIC rules discussed above, gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time of the sale or other disposition, the common shares have been held for more than one year.

Preferential tax rates apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

**Additional Considerations**

<u>Receipt of Foreign Currency</u>

The amount of any distribution paid to a U.S. Holder in foreign currency, or on the sale, exchange or other taxable disposition of common shares, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt or, if applicable, the date of settlement if the common shares are traded on an established securities market (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method with respect to foreign currency. Each U.S. Holder should consult its own U.S. tax advisors regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

<u>Foreign Tax Credit</u>

Dividends paid on the common shares will be treated as foreign source income, and generally will be treated as "passive category income" or "general category income" for U.S. foreign tax credit purposes. Any gain or loss recognized on a sale or other disposition of common shares generally will be U.S. source gain or loss. Certain U.S. Holders that are eligible for the benefits of the Canada-U.S. Tax Convention may elect to treat such gain or loss as Canadian source gain or loss for U.S. foreign tax credit purposes. The Code applies various complex limitations on the amount of foreign taxes that may be claimed as a credit by U.S. taxpayers. In addition, Treasury Regulations that apply to foreign taxes paid or accrued (the "Foreign Tax Credit Regulations") impose additional requirements for non-U.S. withholding taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. The Treasury Department has released guidance temporarily pausing the application of certain of the Foreign Tax Credit Regulations.

Subject to the PFIC rules and the Foreign Tax Credit Regulations, each as discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the common shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income that is subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year. The foreign tax credit rules are complex and

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

involve the application of rules that depend on a U.S. Holder's particular circumstances. Accordingly, each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.

<u>Backup Withholding and Information Reporting</u>

Under U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation. For example, U.S. return disclosure obligations (and related penalties) are imposed on individuals who are U.S. Holders that hold certain specified foreign financial assets in excess of certain threshold amounts. The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity. U.S. Holders may be subject to these reporting requirements unless their common shares are held in an account at certain financial institutions. Penalties for failure to file certain of these information returns are substantial. U.S. Holders should consult with their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.

Payments made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, common shares will generally be subject to information reporting and backup withholding tax, currently at the rate of 24%, if a U.S. Holder, (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on IRS Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.

The discussion of reporting requirements set forth above is not intended to constitute a complete description of all reporting requirements that may apply to a U.S. Holder. A failure to satisfy certain reporting requirements may result in an extension of the time period during which the IRS can assess a tax, and under certain circumstances, such an extension may apply to assessments of amounts unrelated to any unsatisfied reporting requirement. Each U.S. Holder should consult its own tax advisors regarding the information reporting and backup withholding rules.

**THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS OF ALL TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH RESPECT TO THE ACQUISITION, OWNERSHIP, AND DISPOSITION OF THE COMMON SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR OWN PARTICULAR CIRCUMSTANCES.**

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the common shares offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our common shares, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is <u>www.sec.gov</u>.

On the closing of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements and other information with the SEC.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**SILVER BOW MINING CORP.**

**(Expressed in U.S. Dollars)**

**June 30, 2025 and December 31, 2024**

---

| | |
|:---|:---|
| **INDEX TO FINANCIAL STATEMENTS** | **Page** |
| &nbsp;&nbsp;[Condensed Interim Consolidated Balance Sheets for the Quarter Ended June 30, 2025](#b_001) | [F-3](#b_001) |
| &nbsp;&nbsp;[Condensed Interim Consolidated Statements of Operations](#b_002) | [F-4](#b_002) |
| &nbsp;&nbsp;[Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](#b_003) | [F-5](#b_003) |
| &nbsp;&nbsp;[Condensed Interim Consolidated Statements of Cash Flows](#b_004) | [F-6](#b_004) |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#b_005) | [F-19](#b_005) |
| &nbsp;&nbsp;Audited Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023 |  |
| &nbsp;&nbsp;[Consolidated Balance Sheets as of December 31, 2024 and 2023](#b_006) | [F-21](#b_006) |
| &nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023](#b_007) | [F-22](#b_007) |
| &nbsp;&nbsp;[Consolidated Statements of Shareholders' Equity for the years ended December 31, 2024 and 2023](#b_008) | [F-23](#b_008) |
| &nbsp;&nbsp;[Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023](#b_009) | [F-24](#b_009) |
| &nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#b_010) | [F-25](#b_010) |

---

**SILVER BOW MINING CORP.**

**(Formerly BLACKJACK SILVER CORP.)**

**Condensed Interim Consolidated Financial Statements**

**(Unaudited)**

**For the three and six months ended June 30, 2025 and 2024**

**(Expressed in United States Dollars)**

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Condensed Interim Consolidated Balance Sheets**

**As at June 30, 2025, and December 31, 2024**<br> Unaudited *(Expressed in United States dollars)*

 

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** |<br>**June 30, 2025** | **(Audited)**<br>**December 31, 2024** |
| **ASSETS** |  | | |
| ***Current Assets*** |  | | |
| Cash and cash equivalents |  | $**2019204** | $255630 |
| Amounts receivable, net |  | **60364** | 33745 |
| Prepaid expenses |  | **19983** | 89652 |
| Deferred lease asset |  | **—** | 1273 |
| Other current assets |  | **50785** | 39587 |
|  |  | **2150336** | 419887 |
| ***Non-current assets*** |  |  |  |
| Property and equipment, net | 5 | **87650** | 99641 |
| Reclamation deposit | 7 | **225788** | 225788 |
| Mineral properties | 4 | **38261379** | 37254528 |
| Right-of-use asset | 13 | **—** | 574021 |
| **TOTAL ASSETS** |  | $**40725153** | $38573865 |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current Liabilities** |  |  |  |
| Accounts payable and accrued liabilities |  | **388948** | 912364 |
| Legal settlement payable |  | **512491** | 2716630 |
| Option liability on legal settlement |  | **—** | 322076 |
| Convertible loan | 12 | **532447** | 516339 |
| Lease liabilities | 13 | **—** | 216146 |
|  |  | **1433886** | 4683555 |
| **Non-Current liabilities** |  |  |  |
| Decommissioning provision | 7 | **213689** | 213139 |
| Long term lease liabilities | 13 | **—** | 368305 |
| **Total Liabilities** |  | **1647575** | 5264999 |
| **Equity** |  |  |  |
| Share capital | 10 | **40495762** | 35179387 |
| Warrants | 10 | **9055807** | 8916704 |
| Additional paid-in capital | 10 | **8873981** | 2903286 |
| Shares to be issued | 10 | **2265000** |  |
| Accumulated deficit | 10 | **(21612972)** | (13690511) |
|  |  | **39077578** | 33308866 |
| **TOTAL LIABILITIES AND EQUITY** |  | $**40725153** | $38573865 |

---

**Nature of Operations and Going Concern *(Note 1)*<br> Subsequent events *(Note 15)***

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Condensed Interim Consolidated Statements of Operations**

**For the three and six months ended June 30, 2025 and 2024**<br> Unaudited *(Expressed in United States dollars)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three Months Ended <br> June 30,** | **Three Months Ended <br> June 30,** | **Six Months Ended <br> June 30,** | **Six Months Ended <br> June 30,** |
|  | <br>**Notes** | **2025** | **2024** | **2025** | **2024** |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;Project costs |  | $135481 | $35863 | $339351 | $61791 |
| &nbsp;&nbsp;Amortization and depreciation expenses | 5 | 5996 | 7625 | 11992 | 17820 |
| &nbsp;&nbsp;Management fees |  |  | 115611 |  | 216494 |
| &nbsp;&nbsp;Salaries and wages |  | 355287 | 198926 | 595563 | 358682 |
| &nbsp;&nbsp;General and administration |  | 73536 | 17344 | 130692 | 38729 |
| &nbsp;&nbsp;Insurance expense |  | 11590 | 13840 | 24092 | 27708 |
| &nbsp;&nbsp;Advertising and Promotion |  | 13757 | 82457 | 80482 | 87704 |
| &nbsp;&nbsp;Professional fees |  | 541112 | 426966 | 632514 | 479254 |
| &nbsp;&nbsp;Stock based compensation | 11 | 265465 | 1441310 | 5969918 | 1441310 |
| &nbsp;&nbsp;Bad debt expenses |  | 9662 |  | 9662 |  |
| &nbsp;&nbsp;Accretion on decommissioning liability | 7 | 275 |  | 550 |  |
| &nbsp;&nbsp;Operating lease expenses | 13 | 35361 | 70568 | 104444 | 141613 |
| **Net loss from operations** |  | $1447522 | $2410511 | $7899260 | $2871105 |
| **Other income (expenses)** |  |  |  |  |  |
| &nbsp;&nbsp;Derivative option expense |  | (21556) |  | (26294) |  |
| &nbsp;&nbsp;Lease income | 13 | 10033 | 40606 | 51952 | 113291 |
| &nbsp;&nbsp;Interest expense |  | (20546) | (8081) | (28757) | (13231) |
| &nbsp;&nbsp;Foreign exchange gain (loss) |  | (40399) | 98503 | (32356) | 80513 |
| &nbsp;&nbsp;Interest income |  |  | 6133 |  | 6133 |
| &nbsp;&nbsp;Other income |  | 4775 |  | 12254 |  |
| Total other income (expenses) |  | (67693) | 137161 | (23201) | 186706 |
| **Net loss and comprehensive loss** |  | $1515215 | $2273350 | $7922461 | $2684399 |
| **Net loss per share, basic and diluted** |  | $(0.0102) | $(0.0174) | $(0.0502) | $(0.0194) |
| **Weighted average shares used to compute loss per share, basic and diluted** |  | <br>148252070 | 130506605 | 157714409 | 138632365 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements*

 

 

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Condensed Interim Consolidated Statements of Changes in Shareholders Equity**

**For the three and six months ended June 30, 2025 and June 30, 2024**<br> Unaudited (*Expressed in United States dollars)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notes** | **Number of <br> shares** | **Share capital** | **Warrants** | **Additional paid-in capital** | **Shares to Be Issued** | **Accumulated <br> deficit** | **Total** |
| **Balance at December 31, 2023** |  | **131725938** | $**30385674** | $**8302671** | $**1648822** | $**—** | $**(8881872)** | $**31455295** |
| Issue of share capital - private placements |  | 5522222 | 1425000 |  |  |  |  | 1425000 |
| Fair value of warrants issued |  |  | (1011316) | 1011316 |  |  |  |  |
| Extension and repricing of warrants |  |  | (701892) | 701892 |  |  |  |  |
| Share issuance cost |  |  | (340) |  |  |  |  | (340) |
| Warrants expired |  |  |  | (646766) | 646766 |  |  |  |
| Net loss for the period |  |  |  |  |  |  | (411049) | (411049) |
| **Balance at March 31, 2024** |  | **137248160** | $**30097126** | $**9369113** | $**2295588** | $**—** | $**(9292921)** | $**32468906** |
| Issue of share capital - private placements |  | 12818660 | 3425950 |  |  |  |  | $3425950 |
| Fair value of warrants issued |  |  | (739201) | 739201 |  |  |  |  |
| Options exercise | 11 | 850000 | 255000 |  | 1186310 |  |  | 1441310 |
| Share issuance cost |  |  | (2375) |  |  |  |  | (2375) |
| Net loss for the period |  |  |  |  |  |  | (2273350) | (2273350) |
| **Balance at June 30, 2024** |  | **150916820** | $**33036500** | $**10108314** | $**3481898** | $**—** | $**(11566271)** | $**35060441** |
| **Balance at December 31, 2024** |  | **151340093** | $**35179387** | $**8916704** | $**2903286** | $**—** | $**(13690511)** | $**33308866** |
| Issue of share capital - private placements |  | 4617444 | 1942850 |  |  |  |  | 1942850 |
| Fair value of warrants issued |  |  | (449880) | 449880 |  |  |  |  |
| Issue of shares – warrant exercise |  | 10126219 | 3544177 | (297711) | 297711 |  |  | 3544177 |
| Share-based payments | 11 |  |  |  | 5702173 |  |  | 5702173 |
| Share issuance cost |  |  | (30772) |  |  |  |  | (30772) |
| RSU exercise |  | 1000000 | 310000 |  | (310000) |  |  |  |
| Warrants expired |  |  |  | (13066) | 13066 |  |  |  |
| Net loss for the period |  |  |  |  |  |  | (6407246) | (6407246) |
| **Balance at March 31, 2025** |  | **167083756** | $**40495762** | $**9055807** | $**8606236** | $**—** | $**(20097757)** | $**38060048** |
| Share-based payments |  |  |  |  | 267745 |  |  | 267745 |
| Share to be issued |  |  |  |  |  | 2265000 |  | 2265000 |
| Net loss for the period |  |  |  |  |  |  | (1515215) | (1515215) |
| **Balance at June 30, 2025** |  | **167083756** | $**40495762** | $**9055807** | $**8873981** | $**2265000** | $**(21612972)** | $**39077578** |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Condensed Interim Consolidated Statements of Cash Flows**

**For the six months ended June 30, 2025 and 2024**<br> Unaudited *(Expressed in United States dollars)*

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **CASH PROVIDED BY (USED IN):** |  |  |
| Net loss for year | $**(7922461)** | $(2684399) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Stock based compensation | **5969918** | 1441310 |
| Accretion of decommissioning provision | **550** | 549 |
| Depreciation | **11992** | 17820 |
| Deferred lease asset | **(10430)** | 7225 |
| Net change in non-cash working capital balances: |  |  |
| Amounts receivable | **(26619)** | (84522) |
| Prepaid expenses | **69669** | 118872 |
| Accounts payable and accrued liabilities (Note 4) | **(462556)** | (231353) |
| Option liability | **(22076)** |  |
| Net change in operating lease assets and liabilities | **—** | (30232) |
| Other assets | **(9925)** | (14908) |
| **Net Cash Used in Operating Activities** | **(2401938)** | (1459638) |
| **INVESTING ACTIVITIES** |  |  |
| Acquisition cost | **(1006851)** | (3504020) |
| Ferry Lane purchase *(Note 4)* | **(300000)** |  |
| Acquisition of property and equipment | **—** | (550) |
| **Net Cash Used in Investing Activities** | **(1306851)** | (3504570) |
| **FINANCING ACTIVITIES** |  |  |
| Proceeds from issuance of shares and units | **5482727** | 4714461 |
| Proceeds of issuance of convertible loan | **16108** | 513231 |
| Exercise of stock options | **—** | 255000 |
| Share issue costs | **(26472)** | (2715) |
| **Net Cash Provided by Financing Activities** | **5472363** | 5479977 |
| **Net increase (decrease) in cash** | **1763574** | 515769 |
| **Cash, Beginning of Period** | **255630** | 1590770 |
| **Cash, End of Period** | $**2019204** | $2106539 |

---

*Supplemental Disclosure of Non-Cash Transactions*

*a) Please refer to Note 4. On April 30, 2025, Lane F elected to receive $750,000 in cash, and 5,033,333 common shares valued at $0.45, which were classified as "shares to be issued". The amounts disclosed above include $250,000 paid during the period towards the $750,000 cash portion.*

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

 

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

**1.** **Nature of Operations and Going Concern** 

Silver Bow Mining Corp. (the "Company" or "Silver Bow") was incorporated on August 31, 2020 under the laws of the province of Ontario, Canada, under the name Blackjack Silver Corp. On February 18, 2025, the Company's name was changed to Silver Bow Mining Corp., and on May 27, 2025 it continued its incorporation to the province of British Columbia. The Company's registered office is located at 1200-750 West Pender Street, Vancouver, BC V6C 2T8, and its corporate headquarters is located at 1401 Idaho Street, Butte, Montana 59701.

The Company is engaged in the acquisition, exploration, and development of mineral resource properties in Butte, Montana, USA. The Company's primary business objective is to identify and evaluate prospective properties with the potential for future extraction and commercialization.

As of June 30, 2025, the Company is in the exploration stage and has not commenced commercial production or established mineral reserves.

The Company acquires its mineral properties through leases and ownership of patented mining claims and capitalizes acquisition costs related to the properties. The underlying value of the amounts recorded as mineral properties does not reflect current or future values. The Company's continued existence depends on discovering economically recoverable mineral reserves and obtaining the necessary funding to advance these properties.

These interim consolidated financial statements ("Financial Statements") are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from the date of approval of these Financial Statements by the Board of Directors. During the six months ended June 30, 2025, the Company incurred a loss of $7,922461(2024 - $2,684,399) and an accumulated deficit of $21,612,972 (December 31, 2024 - $13,690,511). As of June 30, 2025, the Company had cash and cash equivalents of $2,019,204 (December 31, 2024 - $255,630), working capital of $716,450 (December 31, 2024 – working capital deficiency $4,263,668).

The Company has no source of revenue and has specific requirements to maintain its mineral property interests and meet its obligations as they come due. Although the Company has raised funds in the past through debt, equity and strategic investors, there is no assurance that such financing will be available. If adequate financing is not available or cannot be obtained on a timely basis, the Company may be required to delay, reduce the scope of, or eliminate one or more of its exploration programs. The above factors represent material uncertainties that cast substantial doubt on the Company's ability to continue as a going concern.

If the going concern assumptions were not appropriate for these Financial Statements, adjustments would be necessary to the carrying values of assets, liabilities, the reported expenses, and the consolidated balance sheet classifications used. Such adjustments could be material.

Certain prior year amounts have been reclassified for consistency with the current period presentation.

The Financial Statements of the Company for the three and six months ended June 30, 2025 and 2024 were authorized for issue in accordance with a resolution of the directors dated September 16, 2025.

**2.** **Basis of Presentation** 

These interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in United States dollars, unless otherwise indicated.

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

The accompanying Financial Statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024. The interim periods do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year.

These Financial Statements include the accounts of the Company and following wholly owned subsidiaries:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Entity name** | &nbsp;&nbsp;**Organized in** | &nbsp;&nbsp;**With Effect From** |
| &nbsp;&nbsp;SBM Montana LLC <br> (formerly known as Butte <br> Blackjack Operating, LLC) | &nbsp;&nbsp;Delaware, USA | &nbsp;&nbsp;August 29, 2023 |
| &nbsp;&nbsp;Ferry Lane Limited | &nbsp;&nbsp;British Virgin Islands | &nbsp;&nbsp;March 21, 2024 |
| &nbsp;&nbsp;Ferry Lane Management LLC | &nbsp;&nbsp;Wyoming, USA | &nbsp;&nbsp;May 24, 2024 |
| &nbsp;&nbsp;SBM Properties LLC | &nbsp;&nbsp;Montana, USA | &nbsp;&nbsp;February 13, 2025 |

---

The Company consolidates entities over which it has a controlling financial interest, generally through ownership of a majority of the voting interests, in accordance with Accounting Standards Codification ("ASC") 810, *Consolidation*.

**3.** **Significant Accounting Policies** 

The significant accounting policies applied in the preparation of these Financial Statements are consistent with the accounting policies disclosed in Note 2 of the Company's audited consolidated financial statements for the year ended December 31, 2024.

In preparing these Financial Statements, management has made judgements, estimates and assumptions that affect the applicability of the Company's accounting policies. In preparing these interim financial statements, the significant estimates and critical judgments were the same as those applied to the audited consolidated financial statements as at and for the year ended December 31, 2024.

Judgments, estimates, and assumptions where there is a significant risk of material adjustments to assets and liabilities in future accounting periods are outlined below:

● **Fair Value of Financial Instruments:** The evaluation of the fair value of financial instruments, including warrants and options to purchase common shares, requires judgment in selecting the appropriate methodologies and models, as well as evaluating ranges of assumptions and financial inputs to calculate estimates of fair value.

● **Going Concern**: These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. In assessing whether this assumption is appropriate, management considers all available information about the future, which is at least, but not limited to, 12 months from the end of the reporting period. This assessment is based on planned actions that may or may not occur due to various factors, including the Company's own resources and external market conditions.

● **Impairment** 

The Company assesses the carrying costs of the capitalized mineral properties for impairment indicators under ASC 360-10, "Impairment of long-lived assets". If impairment indicators are identified, the Company evaluates its carrying value under ASC 930-360, "Extractive Activities - Mining". An impairment is recognized if the sum of the expected undiscounted future cash flows is less than the carrying amount of mineral properties. Impairment losses, if any, are measured as the excess of the

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

carrying amount of mineral properties over its estimated fair value. Based on the Company's assessment, no impairment indicators were identified on the mineral properties for the years ended December 31, 2024, and 2023.

● **Asset acquisition Vs Business combination** 

Significant judgment is required to determine whether a transaction represents an asset acquisition or a business combination, as this decision impacts initial measurement, recognition, and subsequent accounting.

Both for asset acquisitions and business combinations, the allocation of the purchase price requires estimates of the fair value of identifiable assets and liabilities. Management must use assumptions based on market data and, where unavailable, unobservable inputs reflecting the entity's best estimates, which could lead to material changes if these estimates are revised.

*New Accounting Standard*

The Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, in July 2025. This ASU adds a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life of the related accounts receivable or contract assets. This ASU also permits an entity that elects to utilize the practical expedient for these asset items to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses. For non-public entities such as the Company, this update is effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adoption of this ASU on the Company and its Financial Statements.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

---

| | |
|:---|:---|
| **4. Asset** | **Acquisitions** |

---

In September 2023, the Company entered into a Definitive Agreement (the "FL Acquisition Agreement"), amended November 15, 2023 and January 15, 2024, for the acquisition of all of the outstanding shares of Ferry Lane Limited ("FL"), a British Virgin Islands ("BVI") corporation. At December 31, 2023, the Company had advanced $2,500,000 towards the total purchase price of $6,000,000. This acquisition was completed March 21, 2024.

Subsequent to the FL Acquisition Agreement, several disagreements and legal actions arose in relation to the acquisition. In order to settle these claims, the Company entered into an Asset Purchase and Release Agreement with Lane F Holdings LLC ("Lane F") (the "Lane F Agreement") on September 19, 2024. As a result of these agreements, all pending litigation and arbitration actions were dismissed, and the Company got a clear title to the mineral and surface properties.

The total consideration for the acquisitions of Ferry Lane amounted to $9,232,603, which consisted of cash payments of $6,000,000 as consideration for the FL Acquisition Agreement and the accrual for payments of $3,065,000 for the Lane F Agreement, of which at least $50,000 is to be paid in cash as reimbursement for costs incurred by Lane F or its agents and the remaining $3,015,000 is payable in cash or shares at the option of Lane F. On April 30, 2025 Lane F elected to receive $750,000 in cash and the remaining balance in shares to be issued valued at $0.45 per share. These shares were issued on July 1, 2025, and final payment of the cash component was made July 14, 2025.

As the acquisition of Ferry Lane did not qualify as a business combination under FASB ASC Topic 805, *Business Combinations*, it was accounted for as an asset acquisition. The purchase price was allocated based on the estimated fair value of the acquired assets and liabilities as follows:

---

| | |
|:---|:---|
| **Consideration** | **Amount ($)** |
| Cash | $6000000 |
| Promissory note | $750000 |
| Obligation to issue shares | $2265000 |
| Transaction costs | $808859 |
| **Total consideration value** | $9823859 |
| **Net assets acquired** | **Amount ($)** |
| Mineral properties | $9823859 |
| **Total net assets acquired** | $9823859 |

---

**5.** **Property & Equipment, (net)** 

Property and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| Computers, fixtures and office equipment | $65042 | $65042 |
| Vehicles | 39233 | 39233 |
| Leasehold improvements | 67146 | 67146 |
| Software | 46978 | 46978 |
| **Total Property and Equipment** | $218399 | 218399 |
| **Less: Accumulated Depreciation** | (130749) | (118758) |
| **Total Property and Equipment (net)** | $87650 | 99641 |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

Depreciation expense was $5,996 and $11,992 for the three and six months ended June 30, 2025 and $7,625 and $17,820 for the three and six months ended June 30, 2024, and is included in the depreciation expense in the consolidated statements of operations and comprehensive loss.

**6.** **Mineral Rights and Properties** 

As of December 31, 2024, the Company held patented mineral and surface rights in Montana, USA. These mineral and surface rights were acquired through asset acquisitions referred to in Notes 3 and 4. The Company is required to make annual property tax payments of approximately $17,000 to maintain these properties.

In February 2025, the Company closed a purchase from a third party for certain patented mining claims known as the Goldsmith Block, for a purchase price of $1,006,851.

As of June 30, 2025 and December 31, 2024, the activity of these mineral rights and properties was as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| Balance, December 31, 2023 | $27430669 |
| Additions during the year | $9823859 |
| Divestiture during the year |  |
| Balance, December 31, 2024 | $37254528 |
| Additions during the period | $1006851 |
| Divestiture during the period |  |
| **Balance, June 30, 2025** | $38261379 |

---

Project Locations and Status

● The Butte Project, consisting of the Rainbow Block, Emma Block, Travona Block, Goldsmith Block, and Marget Ann Block, is located in Silver Bow County, Montana. This project is currently in the exploration stage. At June 30, 2025 the Company has capitalized $38,261,379 in mineral rights and property, at of December 31, 2024, the Company has capitalized $37,254,528 in mineral rights and property for this project. These properties are held as patented mineral and surface rights, consisting of approximately 3300 acres of mineral rights, and approximately 770 acres of surface rights.

● The Butte Project is valued at its acquisition cost, and as the mineral and surface rights are privately owned.

The Rainbow Block, using an independent valuer, has calculated a Mineral Resource Estimate of approximately 170 million ounces of silver equivalent.

**7.** **Decommissioning Provision and Reclamation Bond** 

The Company's decommissioning liability is a result of an application for an exploration license by SBM Montana LLC (formerly known as Butte Blackjack Operating LLC). The Company estimated its decommissioning liability at December 31, 2023 based on a risk-free discount rate of 3.17% and an inflation rate of 3.30%. The expected undiscounted future obligations allowing for inflation are $247,484 and based on management's best estimate the decommissioning is expected to occur over the next 5 years. On June 30, 2025, the estimated fair value of the liability is $213,689 (December 31, 2024 - $213,139). Changes in the provision during the six months ended June 30, 2025 and December 31, 2024 are as follows:

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| Decommissioning liability, beginning of year | $**213139** | $212040 |
| Accretion for the year | **550** | 1099 |
| Decommissioning liability, end of year | $**213689** | $213139 |

---

As required by the Montana Department of Environmental Quality, the Company was required to provide a bond for reclamation related to the exploration license. The Company paid $225,788, which amount is held on deposit by the Montana Department of Environmental Quality.

**8.** **Commitments and Contingencies** 

*General Legal Matters*

Other than routine litigation incidental to our business, or as described below, the Company is not currently a party to any material pending legal proceedings that management believes would be likely to have a material adverse effect on our financial position, results of operations, or cash flows.

**9.** **Risk Management** 

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist of cash. The Company manages its credit risk relating to cash by dealing only with high-rated financial institutions as determined by rating agencies. As a result, credit risk is considered insignificant. The Company does not consider any of its financial assets to be impaired.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company manages liquidity risk by maintaining sufficient cash balances to enable settlement of transactions on the due date. The Company is exposed to liquidity risk. The Company addresses its liquidity by raising capital through the issuance of equity and warrants. While the Company has been successful in securing financings in the past, there is no assurance that it will be able to do so in the future.

Foreign Currency Risk

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar and the U.S. dollar will affect the Company's operations and financial results. The operating results and financial position of the Company are reported in U.S. dollars. As of June 30, 2025, the Company held the following amounts of financial assets and liabilities denominated in Canadian dollars:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| | **CAD amount** | **USD value** | **CAD amount** | **USD value** |
| Cash | 63358 | 46401 | 47832 | 33244 |
| Accounts receivable | 86589 | 63470 | 111816 | 77712 |
| Accounts payable | 97536 | 71494 | 107846 | 74953 |

---

Other Risks

Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest rate risk and commodity price risk arising from financial instruments.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

**10.** **Stockholders' Equity** 

The authorized common stock of the Company consists of an unlimited number of common shares without par value. The Company's common stock has no par value. All proceeds received for the issuance of common stock are attributed to common stock on the Company's consolidated balance sheets.

On March 22, 2024, the Company closed a financing, raising $175,000 by issuing 700,000 common shares and 350,000 common share purchase warrants with an exercise price of $0.40 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed a financing, raising $1,150,000 by issuing 4,600,000 common shares and 2,300,000 common share purchase warrants with an exercise price of $0.40 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed a financing, raising $100,000 by issuing 222,222 common shares and 111,109 common share purchase warrants with an exercise price of $0.60 with an expiry date of March 28, 2026.

On April 18, 2024, the Company issued 850,000 restricted share units ("RSUs") to officer, directors, and employees of the Company. The RSUs vested immediately and were exercised.

On April 23, 2024, the Company closed a financing, raising $2,768,650 by issuing 11,074,600 common shares and 5,537,300 common share purchase warrants with an exercise price of $0.40 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 522,875 compensation warrants with an exercise price of $0.25 with an expiry date of April 29, 2026.

On April 30, 2024, the Company closed a financing, raising $402,300 by issuing 894,000 common shares and 447,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of May 1, 2026.

On December 31, 2024, the Company closed a financing, raising $210,000 by issuing 840,000 common shares.

On December 31, 2024, the Company closed a financing, raising $195,000 by issuing 433,333 common shares and 216,668 common share purchase warrants with an exercise price of $0.60 with an expiry date of December 31, 2026.

On December 31, 2024, the Company repriced 10,570,657 warrants that had had their expiration previously extended to January 31, 2025, from $0.75 to $0.35. 10,126,219 of those warrants were subsequently exercised in February 2025, raising $3,544,177 in equity.

On January 6, 2025, the Company closed a financing, raising $101,250 by issuing 225,000 common shares and 112,500 common share purchase warrants with an exercise price of $0.60 with an expiry date of January 6, 2027.

On January 14, 2025, the Company closed a financing, raising $75,000 by issuing 300,000 common shares.

On January 22, 2025, the Company closed a financing, raising $90,000 by issuing 200,000 common shares and 100,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of January 22, 2027.

On February 10, 2025, the Company closed a financing, raising $136,500 by issuing 303,333 common shares and 151,667 common share purchase warrants with an exercise price of $0.60 with an expiry date of February 10, 2027.

On February 20, 2025, the Company closed a financing, raising $687,600 by issuing 1,527,999 common shares and 763,999 common share purchase warrants with an exercise price of $0.60 with an expiry date of February 20, 2027.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

On March 10, 2025, the Company closed a financing, raising $927,500 by issuing 2,061,112 common shares and 1,030,556 common share purchase warrants with an exercise price of $0.60 with an expiry date of March 10, 2027.

On January 27, 2025, the Company issued 14,000,000 Performance Warrants to our chief executive officer pursuant to his executive employment agreement. The vesting of these warrants is subject to several performance milestones. The warrants are exercisable into common stock at $0.31 per share and expire January 27, 2035.

On February 1, 2025, the Company granted 500,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $0.31 per share and expire on February 1, 2030.

On February 1, 2025, the Company granted 1,000,000 RSUs to our chief executive officer. These RSUs were subsequently exercised on April 1, 2025.

On March 3, 2025, the Company granted 7,500,000 options to directors, officers, and employees. The options have an exercise price of $0.31 per share and expire on March 3, 2030.

On March 3, 2025, the Company granted 318,856 RSUs to our directors.

On April 14, 2025, the Company granted 600,000 options to our vice president of exploration. The options have an exercise price of $0.31 per share and expire on April 14, 2030.

On June 30, 2025, we issued 318,856 RSUs to our directors.

***Share Purchase Warrants***

The following summarizes the status of the Company's warrants at June 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Weighted Average <br> exercise price** |
| &nbsp;&nbsp;**Balance, December 31, 2023** | &nbsp;&nbsp;**70046361** | &nbsp;&nbsp;**0.54** |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;**9484952** | &nbsp;&nbsp;**0.41** |
| &nbsp;&nbsp;Exercised | &nbsp;&nbsp;**—** | &nbsp;&nbsp;**—** |
| &nbsp;&nbsp;Expired | &nbsp;&nbsp;**(36004)** | &nbsp;&nbsp;**0.75** |
| &nbsp;&nbsp;**Balance, December 31, 2024** | &nbsp;&nbsp;**79495309** | &nbsp;&nbsp;**0.47** |
| &nbsp;&nbsp;Issued | &nbsp;&nbsp;**2158722** | &nbsp;&nbsp;**0.60** |
| &nbsp;&nbsp;Exercised | &nbsp;&nbsp;**10126219** | &nbsp;&nbsp;**0.35** |
| &nbsp;&nbsp;Expired | &nbsp;&nbsp;**(444438)** | &nbsp;&nbsp;**0.35** |
| &nbsp;&nbsp;**Balance, June 30, 2025** | &nbsp;&nbsp;**71083374** | &nbsp;&nbsp;**0.49** |

---

As at June 30, 2025, there were 71,083,374 warrants outstanding, with each warrant entitling the holder to acquire one common share of the Company at the prices noted below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise Currency** | &nbsp;&nbsp;**Exercise Price** | &nbsp;&nbsp;**Remaining Contractual <br> Life in Years** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;August 29, 2025 |
| &nbsp;&nbsp;875000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;September 18, 2025 |
| &nbsp;&nbsp;563945 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;October 11, 2025 |
| &nbsp;&nbsp;1400000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;November 2, 2025 |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)<br> Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024** ****<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 5530873 | US$ | $0.50 | 0.43 | December 4, 2025 |
| 14058489 | US$ | $0.50 | 0.46 | December 16, 2025 |
| 724512 | US$ | $0.50 | 0.46 | December 16, 2025 |
| 724512 | US$ | $0.25 | 0.46 | December 16, 2025 (1) |
| 75000 | US$ | $0.60 | 0.50 | December 29, 2025 |
| 5548697 | US$ | $0.50 | 0.50 | December 30, 2025 |
| 225200 | US$ | $0.50 | 0.50 | December 30, 2025 |
| 225200 | US$ | $0.25 | 0.50 | December 30, 2025 (1) |
| 11224617 | US$ | $0.50 | 0.58 | January 29, 2026 |
| 468560 | US$ | $0.25 | 0.58 | January 29, 2026 (2) |
| 468560 | US$ | $0.50 | 0.58 | January 29, 2026 |
| 8451112 | US$ | $0.50 | 0.65 | February 24, 2026 |
| 107520 | US$ | $0.25 | 0.65 | February 24, 2026 (2) |
| 107520 | US$ | $0.50 | 0.65 | February 24, 2026 |
| 2650000 | US$ | $0.40 | 0.72 | March 20, 2026 |
| 864194 | US$ | $0.50 | 0.73 | March 23, 2026 |
| 3303371 | US$ | $0.50 | 0.73 | March 24, 2026 |
| 2186588 | US$ | $0.50 | 0.75 | March 29, 2026 |
| 5537300 | US$ | $0.40 | 0.83 | April 28, 2026 |
| 522875 | US$ | $0.25 | 0.83 | April 29, 2026 |
| 447000 | US$ | $0.60 | 0.84 | May 1, 2026 |
| 1296130 | US$ | $0.50 | 1.09 | August 3, 2026 |
| 216668 | US$ | $0.60 | 1.50 | December 31, 2026 |
| 112500 | US$ | $0.60 | 1.52 | January 6, 2027 |
| 100000 | US$ | $0.60 | 1.56 | January 22, 2027 |
| 151667 | US$ | $0.60 | 1.62 | February 10, 2027 |
| 763999 | US$ | $0.60 | 1.64 | February 20, 2027 |
| 1030556 | US$ | $0.60 | 1.69 | March 10, 2027 |
| **71083374** |  | **$0.49** | **0.62** |  |

---

(1) These
 compensation options entitle the holder to acquire a unit at a price of $0.25 per unit. Each
 unit is comprised of one common share and one warrant which can be exercised to acquire one
 additional common share at a price of $0.50 for a period of 60 months.

(2) These
 compensation warrants entitle the holder to acquire a unit at a price of $0.25 per unit.
 Each unit is comprised of one common share and one warrant which can be exercised to acquire
 one additional common share at a price of $0.50 for a period of 60 months.

Also, as part of financings concluded during the six months ended June 30, 2025, the following warrants were issued:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Exercise <br> Currency** | &nbsp;&nbsp;**Exercise <br> Price** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;112500 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;January 6, 2027 |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;January 22, 2027 |
| &nbsp;&nbsp;151667 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;February 10, 2027 |
| &nbsp;&nbsp;763999 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;February 20, 2027 |
| &nbsp;&nbsp;1030556 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;March 10, 2027 |
| &nbsp;&nbsp;**2158722** |  |  |  |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model for warrants issued during the six months ended June 30, 2025 and the year ended December 31, 2024 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Risk Free Rate** | &nbsp;&nbsp;**Expected Life <br> (Years)** | &nbsp;&nbsp;**Expected <br> Volatility** | &nbsp;&nbsp;**Estimated <br> Share Price** |
| &nbsp;&nbsp;March 28, 2024 | &nbsp;&nbsp;4.59% | &nbsp;&nbsp;2 | &nbsp;&nbsp;125% | &nbsp;&nbsp;$0.27 |
| &nbsp;&nbsp;March 28, 2024 | &nbsp;&nbsp;4.59% | &nbsp;&nbsp;2 | &nbsp;&nbsp;125% | &nbsp;&nbsp;$0.27 |
| &nbsp;&nbsp;April 23, 2024 | &nbsp;&nbsp;4.86% | &nbsp;&nbsp;2 | &nbsp;&nbsp;125% | &nbsp;&nbsp;$0.27 |
| &nbsp;&nbsp;April 30, 2024 | &nbsp;&nbsp;5.04% | &nbsp;&nbsp;2 | &nbsp;&nbsp;126% | &nbsp;&nbsp;$0.27 |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;4.25% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$0.27 |
| &nbsp;&nbsp;January 6, 2025 | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$0.35 |
| &nbsp;&nbsp;January 22, 2025 | &nbsp;&nbsp;4.27% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$0.35 |
| &nbsp;&nbsp;February 10, 2025 | &nbsp;&nbsp;3.89% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$0.35 |
| &nbsp;&nbsp;February 20, 2025 | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$0.35 |
| &nbsp;&nbsp;March 10, 2025 | &nbsp;&nbsp;3.89% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$0.35 |

---

**11.** **Share-based Compensation** 

The Company adopted a Long-Term Incentive Plan (the "LTIP") under which it is authorized to grant options to officers, directors, employees, and consultants, enabling them to acquire common shares of the Company. The number of shares reserved for issuance under the Existing Plan cannot exceed 10% of the outstanding common shares at the time of the grant. The options granted have a maximum term of five years and vest as determined by the Board of Directors.

On April 18, 2024, the Company issued 5,000,000 incentive stock options to officers, directors, consultants, and employees of the Company. The incentive stock options vested immediately, have a 5-year term, and an exercise price of US$0.30. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 4.65%; expected life of 5 years; expected volatility 136%; and estimated share price $0.27.

On November 18, 2024, the Company issued 300,000 incentive stock options to an employee of the Company. The incentive stock options vested immediately, have a 5-year term, and an exercise price of US$0.30. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 4.28%; expected life of 5 years; expected volatility 124%; and estimated share price $0.27.

During 2024, 1,650,000 options granted to former employees expired unexercised.

On February 1, 2025, the Company issued 500,000 incentive stock options to our chief financial officer. The incentive stock options vest one-third immediately, and one-third at each February 1, 2026 and 2027, have a 5-year term, and an exercise price of US$0.31. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 4.35%; expected life of 5 years; expected volatility 141%; and estimated share price $0.31.

On March 3, 2025, the Company granted 7,500,000 options to directors, officers, and employees. The incentive stock options vested immediately, have a 5-year term, and an exercise price of US$0.31. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 3.97%; expected life of 5 years; expected volatility 141%; and estimated share price $0.31.

A continuity schedule of outstanding stock options as of June 30, 2025, and the changes during the periods is as follows:

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and six months ended June 30, 2025 and 2024**<br> *Unaudited (Expressed in United States dollars unless otherwise indicated)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of Stock**<br>&nbsp;&nbsp;**Options Outstanding** | &nbsp;&nbsp;**Exercise Price**<br>&nbsp;&nbsp;**($)** |
| &nbsp;&nbsp;**Balance, December 31, 2023** | &nbsp;&nbsp;**3000000** | &nbsp;&nbsp;**0.25** |
| &nbsp;&nbsp;Granted | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;Expired/ Forfeited | &nbsp;&nbsp;(1650000) | &nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;**Balance, December 31, 2024** | &nbsp;&nbsp;**6650000** | &nbsp;&nbsp;**0.28** |
| &nbsp;&nbsp;Granted | &nbsp;&nbsp;**8600000** | &nbsp;&nbsp;**0.31** |
| &nbsp;&nbsp;Expired/Forfeited | &nbsp;&nbsp;**—** | &nbsp;&nbsp;**—** |
| &nbsp;&nbsp;**Balance, June 30, 2025** | &nbsp;&nbsp;**15250000** | &nbsp;&nbsp;**0.30** |

---

**12.** **Convertible loan** 

On February 2, 2024, the Company entered into a Convertible Loan Agreement with several parties, including the then-current CEO, whereby it borrowed $500,000, bearing interest at 6.5% per annum, convertible into common shares at the option of the lenders at a conversion price of $0.45 per share. The loan matures on February 2, 2026, and is subject to repayment at the option of the lenders under certain conditions including a change of control or initial public offering.

**13.** **Operating Leases** 

On June 20, 2025, the Company received notice of the termination of its lease at 401 Bay Street, pursuant to the liquidation proceedings of its landlord, Hudson's Bay Company ULC, in the Ontario Superior Court of Justice. The Company has vacated the premises and has no further obligations under its commercial lease. Pursuant to the cancellation of the head lease the Company's sub leases were also cancelled.

**14.** **Related Party Transactions** 

Related parties include the Board of Directors, close family members, other key management individuals and enterprises that are controlled by these individuals as well as certain persons performing similar functions.

The Group incurred the following charges with directors and/or officers of the Group and/or companies controlled by them for the six months ended June 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2024** |
|  | &nbsp;&nbsp;**($)** | &nbsp;&nbsp;**($)** |
| &nbsp;&nbsp;Stock-based compensation – Officers and Directors | &nbsp;&nbsp;5969918 | &nbsp;&nbsp;1509464 |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;— | &nbsp;&nbsp;111611 |
|  | &nbsp;&nbsp;$5969918 | &nbsp;&nbsp;$1621075 |

---

**15.** **Subsequent Events** 

**Equity transactions**

On July 1, 2025, the Company issued 5,033,333 common shares in satisfaction of the share amounts due under the Lane F Agreement. The company paid $250,000 on April 30, 2025 and $500,000 plus $12,500 in interest on July 14, 2025.

On August 11, 2025, the Company issued 875,000 common shares upon the exercise of certain warrants for gross proceeds of $525,000.

On August 18, 2025, the Company issued 125,000 common shares upon the exercise of certain warrants for gross proceeds of $75,000.

**SILVER BOW MINING CORP.**

**(Formerly BLACKJACK SILVER CORP.)**

**Annual Audited Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

**(Expressed in United States Dollars)**

![](n_s-1img011.jpg)

**Report of Independent Registered Public Accounting Firm**

To the board of directors and shareholders of Sliver Bow Mining Corp. (formerly Blackjack Silver Corp.):

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Sliver Bow Mining Corp. and its subsidiaries (the 'Company') as of December 31, 2024 and 2023, and the related consolidated statements of operations, consolidated changes in shareholder's equity, and consolidated statements of cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as, the 'consolidated financial statements'). In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial positions of the Company as of December 31, 2024, and 2023 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern Uncertainty**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred losses from operations since inception, negative cash flows from operating activities and has net current liabilities as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans regarding these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matter communicated below is a matter arising from the current and comparative period audits of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:

&nbsp;&nbsp;PKF Antares is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separate and independent legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s).

![](n_s-1img012.jpg)

(1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which they relate.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Accounting for the Acquisition of Mineral and Surface Rights (refer Notes 3,4,6)** | &nbsp;&nbsp;**Audit procedures** |
| &nbsp;&nbsp;As discussed in Note 3, 4 and 6 of the consolidated financial statements for the years ended December 31, 2024, and 2023, the Company acquired a portfolio of mineral rights and surface rights for a cumulative amount of $37,254,528. Management was required to determine whether each acquisition should be accounted for as an asset acquisition or a business combination in accordance with ASC 805, Business Combinations. This determination involved significant management judgment, particularly in evaluating whether the acquired set of activities and assets constituted a business.<br> In addition, the Company issued equity instruments (common shares and warrants) as consideration for the acquisitions. Management determined the fair value of these instruments using valuation techniques involving significant estimates and assumptions, including market comparable, and share volatility. The accounting classification impacted on the recognition and measurement of acquired assets, the treatment of transaction costs, and related disclosures.<br> We identified the accounting for these acquisitions as a critical audit matter due to the complexity of applying the guidance in ASC 805, the significant judgment involved in the classification as a business combination or asset acquisition, the valuation of the consideration transferred, and the material impact of these judgments on the Company's consolidated financial statements and related disclosures.  | &nbsp;&nbsp;Our primary audit procedures related to the Company's accounting for the acquisitions included the following:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Obtained and reviewed the acquisition agreements and supporting documentation to evaluate whether the transactions met the definition of a business combination or an asset acquisition under ASC 805.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Obtained an understanding of, and evaluated, the design and implementation of internal controls over the acquisition of mineral and surface rights, including controls related to management's review and approval processes. Evaluated management's analysis and rationale supporting the classification of the transactions as asset acquisitions, including the application of the screen test and other relevant criteria.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assessed the reasonableness of the valuation methodologies used by management to determine the fair value of the equity instruments issued as consideration.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Tested key assumptions used in the valuation models, such as share price volatility, discount rate, and comparable market data.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reviewed the related disclosures in the consolidated financial statements for consistency with the results of management's accounting analysis and applicable accounting standards. |

---

**Auditor Tenure**

We have served as the Company's auditor since 2025.

---

| | |
|:---|:---|
|  | ![](n_s-1img013.jpg) |
| Calgary, Canada | **Professional Corporation** |
| September 16, 2025 | **Chartered Professional Accountants** |

---

&nbsp;&nbsp;<br>*PKF Antares Professional Corporation Chartered Professional Accountants*<br> *Suite 700, 602 12 Avenue SW, Calgary, Canada T2R 1J3*<br> *T: +1 403 375 9955, www.pkfantares.com*<br>PKF Antares is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separate and independent legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s).

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Consolidated Balance sheets**

**As at December 31, 2024, and 2023**

*(Expressed in United States dollars)*

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **December 31, 2024** | **December 31, 2023** |
| **ASSETS** |  | | |
| ***Current Assets*** |  | | |
| Cash and cash equivalents |  | $**255630** | 1590770 |
| Accounts receivable |  | **33745** | 24888 |
| Prepaid expenses |  | **89652** | 157560 |
| Deferred lease asset |  | **1273** | 7225 |
| Other current assets |  | **39587** | 30314 |
|  |  | **419887** | 1810757 |
| ***Non-current Assets*** |  |  |  |
| Property and equipment | 5 | **99641** | 99952 |
| Reclamation deposit | 7 | **225788** | 225788 |
| Advances to Ferry Lane | 4 |  | 2500000 |
| Mineral properties | 3, 4, 6 | **37254528** | 27430669 |
| Right-of-use asset | 13 | **574021** | 798849 |
| **Total Assets** |  | $**38573865** | $32866015 |
| **LIABILITIES AND SHAREHOLDER'S** |  |  |  |
| **EQUITY** |  |  |  |
| ***Current Liabilities*** |  |  |  |
| Accounts payable and accrued liabilities |  | $**912364** | $&nbsp;&nbsp;&nbsp;&nbsp;371285 |
| Legal settlement payable | 4 | **2716630** |  |
| Option liability on legal settlement | 4 | **322076** |  |
| Convertible loan | 12 | **516339** |  |
| Lease liabilities | 13 | **216146** | 200551 |
|  |  | **4683555** | 571836 |
| ***Non-current Liabilities*** |  |  |  |
| Decommissioning provision | 7 | **213139** | 212040 |
| Long-term lease liabilities | 13 | **368305** | 635844 |
| **Total Liabilities** |  | **5264999** | 1419720 |
| **Shareholder's Equity** |  |  |  |
| Share capital | 10 | **35179387** | 30376674 |
| Warrants | 10 | **8916704** | 8302671 |
| Additional paid-in capital |  | **2903286** | 1648822 |
| Accumulated deficit |  | **(13690511)** | (8881872) |
|  |  | **33308.866** | 31446295 |
| **Total Liabilities and Shareholder's Equity** |  | $**38573865** | $&nbsp;&nbsp;&nbsp;&nbsp;32866015 |

---

**Nature of Operations and Going Concern *(Note 1)*<br> Subsequent events *(Note 17)***

*The accompanying notes are an integral part of these consolidated financial statements.*

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Consolidated Statements of Operations**

**For the years ended December 31, 2024 and 2023**

*(Expressed in United States dollars)*

---

| | | | |
|:---|:---|:---|:---|
| | **Notes** | **2024** | **2023** |
| **Operating Expenses** |  | $**254184** | $— |
| Project costs |  |  |  |
| Amortization and depreciation | 5 | **29620** | 16533 |
| Management fees |  | **342986** | 344819 |
| Salaries and wages |  | **1386558** | 222572 |
| Directors' fees |  | **43616** | 15000 |
| General and administrative |  | **101318** | 101272 |
| Insurance |  | **56380** | 36735 |
| Advertising and promotions |  | **100887** | 19571 |
| Advisory fees |  | **468732** |  |
| Professional fees |  | **513955** | 244636 |
| Stock based compensation | 11 | **1509464** |  |
| Accretion on decommissioning liability | 7 | **1099** |  |
| Operating lease expenses |  | **297863** | 296021 |
| **Net loss before other items** |  | $**5106662** | $1297159 |
| Share of loss in associate | 3 | **—** | 277753 |
| Sub- lease income |  | **(149177)** | (138797) |
| Foreign exchange (gain) loss |  | **(96628)** | (101978) |
| Interest income |  | **(27474)** | (11981) |
| Interest expense |  | **32734** |  |
| Other income |  | **(57478)** |  |
|  |  | **(298023)** | 24997 |
| **Net loss and comprehensive loss** |  | $**4808639** | $1322156 |
| **Net loss per share, basic and diluted** |  | **0.0332** | 0.0155 |
| **Weighted average shares used to compute loss per share, basic and diluted** |  | **144766368** | 85314980 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

 

 

 

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Consolidated Statements of Changes in Shareholders Equity**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Notes** | **Number of shares** | **Share capital** | **Warrants** | **Additional paid-in capital** | **Accumulated**<br> **deficit** | **Total** |
| **Balance at December 31, 2022** |  | **61762516** | $**10327608** | $**4605330** | $**1625333** | $**(7559716)** | $**8998555** |
| Issue of share capital - private placements |  | 3425000 | 923225 |  |  |  | 923225 |
| Fair value of warrants issued |  |  |  | 454275 |  |  | 454275 |
| Share issuance cost |  |  | (9184) |  |  |  | (9184) |
| Issue of share capital - Crescat | 3, 4 | 1275000 | 500000 |  |  |  | 500000 |
| Issue of shares and warrant– BBO acquisition | 3, 4, 6 | 50441360 | 13915418 | 4210281 |  |  | 18125699 |
| Issue of share and warrant– debt settlement |  | 563945 | 151792 | 73786 |  |  | 225578 |
| Issue of shares – warrant exercise |  | 14258117 | 4568249 | (1008946) |  |  | 3550313 |
| Warrants expired |  |  | 8566 | (32055) | 23489 |  |  |
| Net loss for the year |  |  |  |  |  | (1322156) | (1322156) |
| **Balance at December 31, 2023** |  | **131725938** | $**30376674** | $**8302671** | $**1648822** | $**(8881872)** | $**31446295** |
| Issue of share capital - private placements |  | 18764155 | $4214439 |  |  |  | $4214439 |
| Fair value of warrants issued |  |  |  | 950022 |  |  | 950022 |
| Extension and repricing of warrants |  |  | 335989 | (335989) |  |  |  |
| Share issuance cost |  |  | (2715) |  |  |  | (2715) |
| Share-based payments | 11 | 850000 | 255000 |  | 1254464 |  | 1509464 |
| Net loss for the year |  |  |  |  |  | (4808639) | (4808639) |
| **Balance at December 31, 2024** |  | **151340093** | $**35179387** | $**8916704** | $**2903286** | **($13690511)** | $**33308866** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

 

 

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

 **Consolidated Statements of Cash Flows**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars*

---

| | | |
|:---|:---|:---|
| | **2024** | **2023** |
| **CASH PROVIDED BY (USED IN):** |  |  |
| **OPERATING ACTIVITIES** |  |  |
| Net loss for the year | $**(4808639)** | $(1332156) |
| *Items not affecting cash:* |  |  |
| Stock based compensation *(Note 13)* | **1598091** | 23489 |
| Share of loss in associate *(Note 6)* | **—** | 277753 |
| Accretion of decommissioning provision | **1099** |  |
| Depreciation | **29621** | 89137 |
| Deferred lease asset | **5952** | (1169) |
| Net change in non-cash working capital balances: |  |  |
| &nbsp;&nbsp;&nbsp;Net assets acquired | **—** | 66610 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | **(8857)** | 2135 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | **67908** | (142012) |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **192709** | 332653 |
| &nbsp;&nbsp;&nbsp;Net change in operating lease assets and liabilities | **(27116)** | 30429 |
| &nbsp;&nbsp;&nbsp;Other assets | **(9273)** | (30314) |
| **Net cash flows used in operating activities** | **(2636429)** | (673445) |
| **INVESTING ACTIVITIES** |  |  |
| Mineral rights - BBO acquisition (refer note 3) | **—** | (1380049) |
| Mineral rights - (Ferry Lane) *(Note 4)* | **(4258859)** | (2500000) |
| Marketable securities | **—** | 906924 |
| Property and equipment | **(29310)** | (189089) |
| Decommissioning provision | **—** | 212040 |
| Reclamation deposit | **—** | (225788) |
| **Net cash flows used in investing activities** | **(4288169)** | (3175962) |
| **FINANCING ACTIVITIES** |  |  |
| Proceeds from the issuance of shares and warrants | **5, 075834** | 5129891 |
| Share issue costs | **(2715)** | (9184) |
| Proceeds of issuance of convertible loan | **516339** |  |
| **Net cash flows provided by financing activities** | **5589458** | 5120707 |
| Net increase (decrease) in cash | **(1335140)** | 1271300 |
| Cash, beginning of year | **1590770** | 319470 |
| **Cash, end of year** | $**255630** | $1590770 |

---

***Supplemental Disclosure of Non-Cash Transactions***

*a)* *In 2023, the Company acquired an additional 75% interest in Butte Blackjack Operating LLC (BBO), mainly through non-cash issuances of shares and warrants, totaling $18,625,700 in fair value, along with $500,000 in common shares to Crescat. The amounts disclosed represent the actual cash paid for the transaction, refer to note 3 for details.* 

*b)* *In 2023, the Company advanced $2,500,000 in cash towards acquiring Ferry Lane Limited. In 2024, the Company completed the acquisition and settled legal claims for total consideration of $9,823,859, including $6,000,000 in cash, and balance in settlement payable in shares and cash, refer to note 4.* 

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**1.** **Nature of Operations and Going Concern** 

Silver Bow Mining Corp. (the "Company" or "Silver Bow") was incorporated on August 31, 2020 under the laws of the province of Ontario, Canada, under the name Blackjack Silver Corp. On February 18, 2025, the Company's name was changed to Silver Bow Mining Corp., and on May 27, 2025 continued its incorporation to the province of British Columbia. The Company's registered office is located at 1200-750 West Pender Street, Vancouver, BC V6C 2T8, and its corporate headquarters is located at 1401 Idaho Street, Butte, Montana 59701.

The Company is engaged in the acquisition, exploration, and development of mineral resource properties in Butte, Montana, USA. The Company's primary business objective is to identify and evaluate prospective properties with the potential for future extraction and commercialization.

As of December 31, 2024, the Company is in the exploration stage and has not commenced commercial production or established mineral reserves.

The Company acquires its mineral properties through leases and ownership of patented mining claims and capitalizes acquisition costs related to the properties. The underlying value of the amounts recorded as mineral properties does not reflect current or future values. The Company's continued existence depends on discovering economically recoverable mineral reserves and obtaining the necessary funding to advance these properties.

These consolidated financial statements ("Financial Statements") are prepared on a going concern basis, which contemplates that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for at least twelve months from the date of approval of these Financial Statements from the Board of Directors. During the year ended December 31, 2024, the Company incurred a loss of $4,808,639 (2023 - $1,322,156) and an accumulated deficit of $13,690,511 (December 31, 2023 - $8,881,872). As of December 31, 2024, the Company had cash and cash equivalents of $255,630 (December 31, 2023 - $1,590,770), working capital deficiency of $4,263,668 (December 31, 2023 – positive working capital of $1,238,921).

The Company has no source of revenue and has specific requirements to maintain its mineral property interests and meet its obligations as they come due. Although the Company has raised funds in the past through debt, equity and strategic investors, there is no assurance that such financing will be available. If adequate financing is not available or cannot be obtained on a timely basis, the Company may be required to delay, reduce the scope of, or eliminate one or more of its exploration programs, or relinquish its rights under the existing option and acquisition agreements. The above factors represent material uncertainties that cast substantial doubt on the Company's ability to continue as a going concern.

If the going concern assumptions were not appropriate for these Consolidated Financial Statements, adjustments would be necessary to the carrying values of assets, liabilities, the reported expenses, and the consolidated balance sheet classifications used. Such adjustments could be material.

The consolidated financial statements of the Company for the years ended December 31, 2024 and 2023 were authorized for issue in accordance with a resolution of the directors dated September 16, 2025.

---

| | |
|:---|:---|
| **2** | **Summary of Significant Accounting Policies** |

---

**Basis of Presentation**

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are presented in United States dollars, unless otherwise indicated.

The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

 **Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**Principles of Consolidation**

These consolidated financial statements include the accounts of the Company and following wholly owned subsidiaries:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Entity name** | &nbsp;&nbsp;**Organized in** | &nbsp;&nbsp;**With Effect From** |
| &nbsp;&nbsp;SBM Montana LLC (formerly known as Butte Blackjack Operating, LLC) | &nbsp;&nbsp;Delaware, USA | &nbsp;&nbsp;August 29, 2023 |
| &nbsp;&nbsp;Ferry Lane Limited | &nbsp;&nbsp;British Virgin Islands | &nbsp;&nbsp;March 21, 2024 |
| &nbsp;&nbsp;Ferry Lane Management <br> LLC | &nbsp;&nbsp;Wyoming, USA | &nbsp;&nbsp;May 24, 2024 |

---

All intercompany balances and transactions have been eliminated upon consolidation. The Company consolidates entities over which it has a controlling financial interest, generally through ownership of a majority of the voting interests, in accordance with Accounting Standards Codification ("ASC") 810, *Consolidation*. Prior to its full acquisition in 2023, investments in our subsidiary SBM Montana LLC (formerly known as Butte Blackjack Operating, LLC) were accounted for using the equity method.

**Segments**

Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker ("CODM") in making decisions regarding resource allocation and performance assessment. The Company's CODM is its Chief Executive Officer.

The Company has one operating segment and one reportable segment. This segment relates to the acquisition and development of mineral resource properties in the United States. The CODM assesses financial performance and allocates resources based on the performance of the Company's mineral properties and related activities.

**Mineral Rights and Properties**

The Company has established the existence of mineralized materials for certain projects, notably the Rainbow Block project in Butte, Montana. The Company has not established proven or probable reserves, as defined by industry standards, through the completion of a "final" or "bankable" feasibility study for any of its projects. As a result, the Company remains in the exploration stage and will continue to be classified as such until proven or probable reserves have been established.

In accordance with U.S. GAAP, expenditures relating to the acquisition of mineral rights are capitalized as incurred, while exploration and pre-extraction expenditures are expensed as incurred until such time as the Company exits the exploration stage by establishing proven or probable reserves. Expenditures relating to exploration activities, such as drill programs to establish mineralized materials, are expensed as incurred. Expenditures related to pre-extraction activities, such as construction of early infrastructure, are also expensed as incurred until reserves are established for that project, after which development expenditures are capitalized.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

 **Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

---

| | |
|:---|:---|
| **2** | **Summary of Significant Accounting Policies (Cont'd)** |

---

**Asset Acquisitions**

The Company performs a screen test as required under U.S. GAAP to determine whether a transaction is an asset acquisition under FASB ASC Topic 805, Business Combination. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset (or a group of similar identifiable assets), the assets acquired would not represent a business and we account for the acquisition as an asset acquisition.

In addition, when an acquisition does not meet the definition of a business combination as the acquired entity does not have an input and a substantive process that together significantly contribute to the ability to create outputs, we also account for the acquisition as an asset acquisition.

In an asset acquisition, any direct acquisition-related transaction costs are capitalized as part of the purchase consideration. Deferred taxes are recorded on temporary book/tax differences in an asset acquisition. There is no goodwill recorded, with any excess purchase price being allocated on a pro-rata basis to the acquired assets based on their relative fair values.

**Foreign Currency**

These consolidated financial statements are presented in U.S. dollars, unless otherwise specified. The functional currency of Silver Bow Mining Corp. is the U.S. dollar. The functional currency of the Company's subsidiaries is the U.S. dollar, based on the currency of the primary economic environment in which these subsidiaries operate.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive loss in the consolidated statements of comprehensive loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive loss. When the non-monetary gain or loss is recognized in statement of income, the exchange component is also recognized in the statement of income.

**Cash, Cash Equivalents and Restricted Cash**

Cash and cash equivalents consist of bank deposits and term deposits with an original maturity of three months or less. Restricted cash is excluded from cash and cash equivalents and is included in long-term assets. Restricted cash relates to collateralization of its performance obligations with an unrelated third party, also known as performance bonds. These funds are not available for the payment of general corporate obligations.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**Property and Equipment** 

Property and equipment are measured at cost, less accumulated depreciation and impairment loss (if any). Useful lives are based on the Company's estimate at the date of acquisition and are depreciated straight-line as follows for each class of assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;Furniture and equipment | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;Computer hardware and software | &nbsp;&nbsp;3 to 5 years |
| &nbsp;&nbsp;Leasehold improvements | &nbsp;&nbsp;Terms of the lease |
| &nbsp;&nbsp;Vehicles | &nbsp;&nbsp;5 years |

---

**Impairment of Long-lived Assets**

The Company reviews and evaluates its long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Mineral rights and properties and mining properties are monitored for impairment based on factors such as natural resources prices, government regulations, our continued right to explore the area, exploration reports, assays, technical reports, drill results and the Company's continued plans to fund exploration and development programs on the property.

On each reporting date, the Company conducts a review of potential triggering events for all its mineral rights and properties and mining properties. When events or changes in circumstances indicate that the related carrying amounts may not be recoverable, the Company carries out a review and evaluation of its long-lived assets in accordance with its accounting policy. Impairment losses are recognized as part of operating losses in the consolidated statements of loss and comprehensive loss.

Recoverability is measured by comparing the undiscounted future net cash flows to the net book value. When the net book value exceeds future net undiscounted cash flows, the fair value is compared to the net book value and an impairment loss may is measured and recorded based on the excess of the net book value over fair value. Fair value for mineral rights and properties prior to extraction is based on a combined approach of a discounted cash flow analysis and a market approach.

Future cash flows are estimated based on quantities of recoverable mineralized material, expected commodity prices (considering current and historical prices, trends, and estimates), production levels, operating costs, capital requirements, and reclamation costs, all based on life-of-mine plans. In estimating future cash flows, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of cash flows from other asset groups. The Company's estimates of future cash flows are based on numerous assumptions, and it is possible that actual future cash flows will differ significantly from these estimates, as actual results are subject to substantial risks and uncertainties.

There were no indicators of impairment for long-lived assets as of December 31, 2024 or 2023.

**Income Taxes**

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recorded for temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, as well as for losses carried forward. Deferred income tax assets and liabilities are measured using enacted tax rates that are expected to apply when the temporary differences reverse. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in operations in the period in which the change is enacted.

The Company records a valuation allowance to reduce deferred income tax assets to the amount that is considered more likely than not to be realized. When the Company determines that it is not probable that some or all of the deferred tax assets will be realized, the valuation allowance is adjusted, with the corresponding impact recognized in income tax expense in the period such determination is made.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)** 

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**Asset Retirement Obligations**

Various federal and state mining laws and regulations require the Company to reclaim surface areas and restore environmental conditions, including water quality, following the completion of mining activities. The Company recognizes the present value of future restoration and remediation costs as an asset retirement obligation ("ARO") in the period in which an obligation is incurred, typically when the asset is acquired, constructed, developed, or placed into service.

Asset retirement obligations consist of estimated final well closures, decommissioning and removal of plant and equipment, and environmental remediation costs expected to be incurred in the future. The obligation is estimated based on current costs, which are escalated using an inflation rate and discounted using a credit-adjusted risk-free rate at inception.

The obligation is accreted over time to its future estimated settlement value, with accretion expense recognized in the consolidated statements of operations. Actual costs incurred to settle the obligations are charged against the liability when incurred.

**Share-based Compensation**

The Company measures share-based awards, typically stock options, at fair value on the date of grant and recognizes compensation expense over the requisite service period of the employees, brokers, or consultants. The fair value of stock options is determined using the Black-Scholes option pricing model. All share-based awards are classified as equity.

For awards with only service conditions and graded vesting schedules, compensation expense is recognized on a straight-line basis over the requisite service period for each separately vesting tranche, as though each tranche were a separate award. For all other awards, expense is recognized on a straight-line basis over the vesting period.

The Company's estimates may be affected by variables including, but not limited to, expected stock price volatility, expected option life, employee exercise behavior, additional option grants, Company performance, and related tax impacts.

**Warrants**

Warrants issued in connection with share issuances have the proceeds allocated between the shares and the warrants based on their relative fair values. The fair value of the warrants is determined on the grant date using the Black-Scholes option pricing model. The fair value of the shares issued is determined based on recent financing transactions or other observable indicators of fair value at the time of issuance.

Warrants issued to brokers or other service providers are measured at their fair value on the grant date, using the Black-Scholes option pricing model.

The Company accounts for modifications of warrants in accordance with ASC 718 and recognizes any incremental fair value as additional share-based compensation expense.

**Financial Instruments**

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are recognized when the rights to receive or obligation to pay cash flows from the assets or liabilities have expired or been settled or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive loss ("FVTOCI"), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by instrument basis) to designate them at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. Financial assets and liabilities

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)** 

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of loss in the period in which they arise.

**Fair Value of Financial Instruments**

The Company measures certain financial instruments at fair value on a recurring basis in accordance with ASC 820, *Fair Value Measurement*. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The Company categorizes its fair value measurements using a three-level hierarchy:

● **Level 1**: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

● **Level 2**: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly;

● **Level 3**: Unobservable inputs for the asset or liability, based on the Company's own assumptions.

The classification of a financial instrument within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

**Earnings/(loss) per Share**

Basic earnings or loss per share includes no potential dilution and is computed by dividing the earnings or loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings or loss per share reflects the potential dilution of securities that could share in the earnings or loss of the Company. Dilutive securities are excluded from the calculation of diluted weighted-average common shares outstanding if their effect would be anti-dilutive, based on the treasury stock method or due to a net loss from continuing operations.

**Related Party Transactions**

Parties are considered to be related if one party has the ability, directly or indirectly, to control or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control. Related parties may include individuals or corporate entities. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties, regardless of whether a price is charged.

**Contingencies**

Contingencies are assessed on an ongoing basis to evaluate the appropriateness of any liabilities and related disclosures. A liability is recognized when it is probable that a loss has been incurred and the amount can be reasonably estimated, in accordance with ASC 450, *Contingencies*. Once established, the carrying amount of a contingent liability is adjusted upon the occurrence of a recognizable event or when changes in facts and circumstances affect the previous assumptions regarding the likelihood or amount of loss. If recovery of a loss contingency is probable through insurance or other third-party arrangements, a corresponding asset is recognized. Legal costs are expensed as incurred. If legal costs are expected to be reimbursed, a receivable is recorded when recovery is probable.

**Recently Issued Accounting Standards**

*Recently Issued Accounting Standards Not Yet Adopted*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740)-Improvements to Income Tax Disclosures. The ASU requires additional quantitative and qualitative income tax disclosures to allow readers of the consolidated financial statements to assess how the Company's operations, related tax

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

risks and tax planning affect its tax rate and prospects for future cash flows. For public business entities, the ASU is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures but does not expect that it will have a material impact on the Company. The Company will elect to adopt this standard prospectively when adopted.

On March 21, 2024, the FASB issued ASU 2024-01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, which clarifies how an entity determines whether a profits interest or similar award (hereafter a "profits interest award") is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. This ASU will be effective for annual periods beginning after December 15, 2024, and interim periods within those annual periods. The Company anticipates that it will not have a material impact on the Company.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Codification that removes references to various FASB Concepts Statements. The effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance and other minor improvements. While the amendments are not expected to result in significant changes for most entities, the FASB provided transition guidance since some entities could be affected. This ASU will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20) – Induced Conversions of Convertible Debt Instruments, or ASU 2024-04. The guidance in ASU 2024-04 clarifies the requirements related to accounting for the settlement of a debt instrument as an induced conversion when changes are made to conversion features as part of an offer to settle the instrument. This ASU is effective for annual periods beginning after December 15, 2025, with early adoption permitted. The amendments may be applied either (1) prospectively to any settlements of convertible debt instruments that occur after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements, with a cumulative adjustment-effect adjustment to equity. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

**Significant Accounting Judgments, Estimates, and Assumptions**

The preparation of the Company's consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, and contingent liabilities at the date of the financial statements, as well as reported amounts of income and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes may differ from these estimates.

Judgments, estimates, and assumptions where there is a significant risk of material adjustments to assets and liabilities in future accounting periods are outlined below:

● **Fair Value of Financial Instruments:** The evaluation of the fair value of financial instruments, including warrants and options to purchase common shares, requires judgment in selecting the appropriate methodologies and models, as well as evaluating ranges of assumptions and financial inputs to calculate estimates of fair value.

● **Going Concern**: These consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. In assessing whether this assumption is appropriate, management considers all available information about the future, which is at least, but not limited to, 12 months from the end of the reporting period. This assessment is based on planned actions that may or may not occur due to various factors, including the Company's own resources and external market conditions.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

● **Impairment** 

 The Company assesses the carrying costs of the capitalized mineral properties for impairment indicators under ASC 360-10, "Impairment of long-lived assets". If impairment indicators are identified, the Company evaluates its carrying value under ASC 930-360, "Extractive Activities - Mining". An impairment is recognized if the sum of the expected undiscounted future cash flows is less than the carrying amount of mineral properties. Impairment losses, if any, are measured as the excess of the carrying amount of mineral properties over its estimated fair value. Based on the Company's assessment, no impairment indicators were identified on the mineral properties for the years ended December 31, 2024, and 2023.

● **Asset acquisition Vs Business combination** 

 Significant judgment is required to determine whether a transaction represents an asset acquisition or a business combination, as this decision impacts initial measurement, recognition, and subsequent accounting.

 Both for asset acquisitions and business combinations, the allocation of the purchase price requires estimates of the fair value of identifiable assets and liabilities. Management must use assumptions based on market data and, where unavailable, unobservable inputs reflecting the entity's best estimates, which could lead to material changes if these estimates are revised.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**3.** **Investment in Associate** 

On October 30, 2020, the Company entered into an agreement (the "BBO Agreement") with ISLV Partners, LLC ("ISLV") to form a special purpose vehicle, Butte Blackjack Operating, LLC) ("BBO") the interests in a 50-year lease on specific interests in Silver Bow County, Montana, referred to as the Butte Property. The Company paid ISLV $2,000,000 on October 30, 2020 to acquire a 25% interest in BBO subject to an additional payment to ISLV of $2,000,000, by December 15, 2021, to complete its purchase of the 25% interest. On December 14, 2021, the Company paid the second instalment of $2,000,000 and thus the Company held a 25% interest in BBO as at December 31, 2021.

During Phase 1 of the BBO Agreement, by funding certain expenditures totaling $5,000,000 by November 14, 2022, the Company's BBO would increase to 50%. During Phase 2 of the BBO Agreement, by spending an additional $5,800,000 on certain activities by June 14, 2024, the Company's ownership interest would increase to 75%. At any time on or after the commencement of Phase 2, ISLV had a put option, where it could have forced the Company to acquire the remaining 25% interest at 85% of fair market value which was to have been calculated at that time.

During the first quarter of 2023, ISLV and the Company commenced discussions to renegotiate the BBO Agreement. On April 18, 2023, the Company, ISLV and Crescat Capital LLC ("Crescat"), through various of its Crescat funds, signed a promissory note, whereby the Company advanced $500,000 to ISLV in advance of completing negotiations to consolidate 100% ownership of BBO through the Company. The loan was non-interest bearing, as long as it was not in default, and was secured against the property interest owned by ISLV. The terms of this loan required it to be paid before August 31, 2023 unless the parties entered into a restructuring transaction. The restructuring transaction was signed on July 31, 2023 and completed on August 29, 2023, making BBO a wholly-owned subsidiary of the Company.

In consideration for Crescat's efforts in securing an agreement with ISLV, and in return for Crescat making a $500,000 payment to ISLV, the Company issued to Crescat 1,275,000 common shares on April 19, 2023 valued at $500,000.

On July 31, 2023, the Company and ISLV entered into a Securities Exchange Agreement. The restructuring transaction was finalized on August 29, 2023. With the restructuring completed, the Company owns a 100% direct interest in BBO. This agreement resulted in ISLV transferring its interest in BBO to the Company. In return, the Company issued 50,441,360 common shares and 35,215,106 common share purchase warrants valued at $18,125,700 to ISLV as noted in Notes 4 & 6.

As at December 31, 2022, the Company had advanced $4,979,402 to BBO. These advances were treated as related party advances and were non-interest bearing. In 2023, through the date of acquisition (note 7), an additional $875,049 was advanced and these balances were adjusted in the purchase consideration.

The following is a summary of the financial information of BBO on a 100% basis as at the specified date and for the period then ended, as disclosed in the table below, which is the most recent available information. The information is pursuant to BBO's management prepared financial statements (unaudited) for the year ended December 31, 2022 and the period from January 1, 2023 to August 29, 2023 (date of acquisition).

---

| | | |
|:---|:---|:---|
| **As at** | **December 31, 2024** | **August 29, 2023** |
| Total current assets |  | $389060 |
| Total current liabilities |  | 6176902 |
| Net Loss |  | $1111016 |
| Proportionate share of net loss |  | 277753 |

---

The Company recognized a proportionate share of net loss of $277,753 from January 1, 2023 to August 29, 2023, being the date the acquisition was completed.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**4.** **Asset Acquisitions** 

On July 31, 2023, the Company and ISLV entered into a Securities Exchange Agreement which was finalized on August 29, 2023. With the restructuring completed, the Company owns a 100% direct interest in Butte Blackjack Operating LLC ("BBO") and the Butte property. This agreement resulted in ISLV transferring its 75% interest in BBO to the Company. In return, on August 31, 2023, the Company issued 50,441,360 common shares and 35,215,106 common share purchase warrants to ISLV and paid $500,000 cash.

In accordance with FASB ASC Topic 805, *Business Combinations*, the substance of the transaction is an asset acquisition, as the acquisition did not qualify as a business combination. As a result, the consideration has been allocated amongst the asset's relative fair value. The assessment of the purchase price allocation on the date of acquisition has been determined as follows:

---

| | |
|:---|:---|
| **Purchase Price:** |  |
| Fair value of 50,441,360 common shares issued | &nbsp;&nbsp;$13915418 |
| Fair value of 35,215,106 warrants issued | &nbsp;&nbsp;4210282 |
| Fair value of 1,275,000 common shares issued to Crescat | &nbsp;&nbsp;500000 |
| Cash payment ISLV | &nbsp;&nbsp;500000 |
| Receivable from BBO (adjusted) | &nbsp;&nbsp;5859452 |
| Carrying value of 25% investment in associate (BBO) | &nbsp;&nbsp;2512127 |
| **Total purchase price (A)** | &nbsp;&nbsp;**$27497279** |
| **Net Assets Acquired:<br> Current assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits and prepaid expenses | &nbsp;&nbsp;$67743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment | &nbsp;&nbsp;116485 |
| Reclamation deposit | &nbsp;&nbsp;225788 |
| **Total** | &nbsp;&nbsp;**410016** |
| Current liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank overdraft | &nbsp;&nbsp;20956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | &nbsp;&nbsp;110410 |
| Decommissioning provision | &nbsp;&nbsp;212040 |
| **Total** | &nbsp;&nbsp;**343406** |
| **Net assets acquired (B)** | &nbsp;&nbsp;**$66610** |
| **Acquisition costs allocated to mineral property acquisition costs (A-B)** | &nbsp;&nbsp;**$27430669** |

---

In September 2023, the Company entered into a Definitive Agreement (the "FL Acquisition Agreement"), amended November 15, 2023 and January 15, 2024, for the acquisition of all of the outstanding shares of Ferry Lane Limited ("FL"), a British Virgin Islands ("BVI") corporation. At December 31, 2023, the Company had advanced $2,500,000 towards the total purchase price of $6,000,000. This acquisition was completed March 21, 2024.

Subsequent to the FL Acquisition Agreement, several disagreements and legal actions arose in relation to the acquisition. In order to settle these claims, the Company entered into an Asset Purchase and Release Agreement with Lane F Holdings LLC ("Lane F") (the "Lane F Agreement") on September 19, 2024. As a result of these agreements, all pending litigation and arbitration actions were dismissed, and the Company got a clear title to the mineral and surface properties.

The total consideration for the acquisitions of Ferry Lane amounted to $9,232,603, which consisted of cash payments of $6,000,000 as consideration for the FL Acquisition Agreement and the accrual for payments of $3,065,000 for the Lane F, of which at least $50,000 is to be paid in cash as reimbursement for costs incurred by Lane F or its agents and the remaining $3,015,000 is payable in cash or shares at the option of Lane F. Subsequent to the year-end, Lane F elected to receive $750,000 in cash and the

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

remaining balance in shares to be issued valued at $0.45 per share. These shares were issued on July 1, 2025, and final payment of the cash component was made July 14, 2025.

At December 31, 2024, Lane F had not made its election, and therefore the liability includes an option component which was fair valued at $322,076.

As the acquisition of ferry lane did not qualify as a business combination under FASB ASC Topic 805, *Business Combinations*, it was accounted for as an asset acquisition. The purchase price was allocated based on the estimated fair value of the acquired assets and liabilities as follows:

---

| | |
|:---|:---|
| **Consideration** | &nbsp;&nbsp;**Amount ($)** |
| Cash | &nbsp;&nbsp;$6000000 |
| Promissory note | &nbsp;&nbsp;$750000 |
| Obligation to issue shares | &nbsp;&nbsp;$2265000 |
| Transaction costs | &nbsp;&nbsp;$808859 |
| **Total consideration value** | &nbsp;&nbsp;$9823859 |
| **Net assets acquired** | &nbsp;&nbsp;**Amount ($)** |
| Mineral properties | &nbsp;&nbsp;$9823859 |
| **Total net assets acquired** | &nbsp;&nbsp;$9823859 |

---

**5.** **Property & Equipment, (net)** 

Property and equipment consist of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2023** |
| Computers, fixtures and office equipment | &nbsp;&nbsp;$65042 | &nbsp;&nbsp;$65042 |
| Vehicles | &nbsp;&nbsp;$39233 | &nbsp;&nbsp;$39233 |
| Leasehold improvements | &nbsp;&nbsp;$67146 | &nbsp;&nbsp;$37836 |
| Software | &nbsp;&nbsp;$46978 | &nbsp;&nbsp;$46977 |
| **Total property and equipment** | &nbsp;&nbsp;$218399 | &nbsp;&nbsp;$189088 |
| **Less: Accumulated depreciation** | &nbsp;&nbsp;($118758) | &nbsp;&nbsp;($89137) |
| **Total property and equipment (net)** | &nbsp;&nbsp;$99641 | &nbsp;&nbsp;$99952 |

---

Aggregate depreciation expense for the years ended December 31, 2024, and 2023 was $29,620 and $16,533, respectively, and is included in the depreciation, and amortization, expense in the consolidated statements of loss and comprehensive loss.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**6.** **Mineral Rights and Properties** 

As of December 31, 2024, the Company held patented mineral and surface rights in Montana, USA. These mineral and surface rights were acquired through asset acquisitions referred to in Notes 3 and 4. The Company is required to make annual property tax payments of approximately $17,000 to maintain these properties.

As of December 31, 2024 and 2023, the activity of these mineral rights and properties was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Amount** |
| Balance, December 31, 2022 | &nbsp;&nbsp;— |
| Additions during the year | &nbsp;&nbsp;$27430669 |
| Divestiture during the year | &nbsp;&nbsp;— |
| Balance, December 31, 2023 | &nbsp;&nbsp;$27430669 |
| Additions during the year | &nbsp;&nbsp;$9823859 |
| Depletion during the year | &nbsp;&nbsp;— |
| **Balance, December 31, 2024** | &nbsp;&nbsp;$37254528 |

---

Project Locations and Status

● The Butte Project, consisting of the Rainbow Block, Emma Block, Travona Block, and Marget Ann Block, is located in Silver Bow County, Montana. This project is currently in the exploration stage. As of December 31, 2024, the Company has capitalized $36,663,272 in mineral rights and property for this project. These properties are held as patented mineral and surface rights, consisting of approximately 3300 acres of mineral rights, and approximately 770 acres of surface rights.

● The Butte Project is valued at its acquisition cost, and as the mineral and surface rights are privately owned, are classified as having an indefinite life.

The Rainbow Block using an independent valuer has calculated a Mineral Resource Estimate of 170 million ounces of silver equivalent.

**7.** **Decommissioning Provision and Reclamation Bond** 

The Company's decommissioning liability is a result of an application for an exploration license by SBM Montana LLC (formerly known as Butte Blackjack Operating LLC). The Company estimated its decommissioning liability at December 31, 2023 based on a risk-free discount rate of 3.17% and an inflation rate of 3.30%. The expected undiscounted future obligations allowing for inflation are $247,484 and based on management's best estimate the decommissioning is expected to occur over the next 5 years. On December 31, 2023, the estimated fair value of the liability is $212,040 (December 31, 2022 - $nil). Changes in the provision during the year ended December 31, 2023 are as follows:

---

| | | |
|:---|:---|:---|
| **As at December 31, 2024** | **2024** | **2023** |
|  | **($)** | ($) |
| Decommissioning liability, beginning of year | **212040** |  |
| Reclamation bond on acquisition of BBO (refer note 4) | **—** | 212040 |
| Accretion for the year | **1099** |  |
| Decommissioning liability, end of year | **213139** | 212040 |

---

As required by the Montana Department of Environmental Quality, the Company was required to provide a bond for reclamation related to the exploration license. The Company paid $225,788, which amount is held on deposit by the Montana Department of Environmental Quality.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**8.** **Commitments and Contingencies** 

*General Legal Matters*

Other than routine litigation incidental to our business, or as described below, the Company is not currently a party to any material pending legal proceedings that management believes would be likely to have a material adverse effect on our financial position, results of operations, or cash flows.

**9.** **Risk Management** 

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist of cash. The Company manages its credit risk relating to cash by dealing only with high-rated financial institutions as determined by rating agencies. As a result, credit risk is considered insignificant. The Company does not consider any of its financial assets to be impaired.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company manages liquidity risk by maintaining sufficient cash balances to enable settlement of transactions on the due date. The Company is exposed to liquidity risk. The Company addresses its liquidity by raising capital through the issuance of equity and warrants. While the Company has been successful in securing financings in the past, there is no assurance that it will be able to do so in the future.

Foreign Currency Risk

Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar and the U.S. dollar will affect the Company's operations and financial results. The operating results and financial position of the Company are reported in U.S. dollars. As of December 31, 2024, the Company held the following amounts of financial assets and liabilities denominated in Canadian dollars:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2023** | &nbsp;&nbsp;**December 31, 2023** |
|  | &nbsp;&nbsp;**CAD amount** | &nbsp;&nbsp;**USD value** | &nbsp;&nbsp;**CAD amount** | &nbsp;&nbsp;**USD value** |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;47832 | &nbsp;&nbsp;33244 | &nbsp;&nbsp;665695 | &nbsp;&nbsp;503332 |
| &nbsp;&nbsp;Accounts receivable | &nbsp;&nbsp;111816 | &nbsp;&nbsp;77712 | &nbsp;&nbsp;28820 | &nbsp;&nbsp;21791 |
| &nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;107846 | &nbsp;&nbsp;74953 | &nbsp;&nbsp;364082 | &nbsp;&nbsp;267157 |

---

Other Risks

Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest rate risk and commodity price risk arising from financial instruments.

**10.** **Stockholders' Equity** 

The authorized common stock of the Company consists of an unlimited number of common shares without par value. The Company's common stock has no par value. All proceeds received for the issuance of common stock are attributed to common stock on the Company's consolidated balance sheets.

In consideration for Crescat's efforts in securing an agreement with ISLV, the Company issued to Crescat 1,275,000 common shares on April 19, 2023.

As a result of the Securities Exchange Agreement with ISLV (Note 4) and restructuring transaction completed on August 29, 2023 the Company issued 50,441,360 common shares and 35,215,106 common share purchase warrants (Note 4) to ISLV.

On August 29, 2023, the Company closed financing, raising $400,000 by issuing 1,000,000 common

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

shares and 1,000,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of August 29, 2025.

On September 18, 2023, the Company closed financing, raising $350,000 by issuing 875,000 common shares and 875,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of September 18, 2025.

On October 11, 2023, the Company completed a settlement of $225,578 of debt by issuing 563,945 common shares and 563,945 common share purchase warrants with an exercise price of $0.60 with an expiry date of October 11, 2025.

On November 2, 2023, the Company closed financing, raising $560,000 by issuing 1,400,000 common shares and 1,400,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of November 2, 2025.

On December 5, 2023, 14,258,117 warrants were exercised for gross proceeds of $3,564,529.

On December 29, 2023, the Company closed financing, raising $67,500 by issuing 150,000 common shares and 75,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of December 29, 2025.

On March 22, 2024, the Company closed a financing, raising $175,000 by issuing 700,000 common shares and 350,000 common share purchase warrants with an exercise price of $0.40 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed financing, raising $1,150,000 by issuing 4,600,000 common shares and 2,300,000 common share purchase warrants with an exercise price of $0.40 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed financing, raising $100,000 by issuing 222,222 common shares and 111,109 common share purchase warrants with an exercise price of $0.60 with an expiry date of March 28, 2026.

On April 18, 2024, the Company issued 850, 000 restricted share unites ("RSUs") and employees of the Company. The RSUs vested immediately and were exercised.

On April 23, 2024, the Company closed financing, raising $2,768,650 by issuing 11,074,600 common shares and 5,537,300 common share purchase warrants with an exercise price of $0.40 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 522,875 compensation warrants with an exercise price of $0.25 with an expiry date of April 29, 2026.

On April 30, 2024, the Company closed a financing, raising $402,300 by issuing 894,000 common shares and 447,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of May 1, 2026.

On December 31, 2024, the Company closed a financing, raising $210,000 by issuing 840,000 common shares.

On December 31, 2024, the Company closed a financing, raising $195,000 by issuing 433,333 common shares and 216,668 common share purchase warrants with an exercise price of $0.60 with an expiry date of December 31, 2026.

***Share Purchase Warrants***

The following summarizes the status of the Company's warrants as of December 31, 2024 and December 31, 2023:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Weighted Average <br> exercise price** |
| **Balance, December 31, 2022** | &nbsp;&nbsp;**45534772** | &nbsp;&nbsp;**$0.48** |
| Issued | &nbsp;&nbsp;39129051 | &nbsp;&nbsp;0.50 |
| Exercised | &nbsp;&nbsp;(14258117) | &nbsp;&nbsp;0.25 |
| Expired | &nbsp;&nbsp;(359345) | &nbsp;&nbsp;0.25 |
| **Balance, December 31, 2023** | &nbsp;&nbsp;**70046361** | &nbsp;&nbsp;**0.54** |
| Issued | &nbsp;&nbsp;**9484952** | &nbsp;&nbsp;**0.41** |
| Exercised | &nbsp;&nbsp;**—** | &nbsp;&nbsp;**—** |
| Expired | &nbsp;&nbsp;**(36004)** | &nbsp;&nbsp;**0.75** |
| **Balance, December 31, 2024** | &nbsp;&nbsp;**79495309** | &nbsp;&nbsp;**0.47** |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

As at December 31, 2024, there were 79,495,309 warrants outstanding, with each warrant entitling the holder to acquire one common share of the Company at the prices noted below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number** | **Exercise <br> Currency** | **Exercise <br> Price** | **Remaining Contractual Life in Years** | **Expiry Date** |
| &nbsp;&nbsp;3072400 | US$ | $0.50 | 0.93 | December 4, 2025 |
| &nbsp;&nbsp;2458473 | US$ | $0.50 | 0.93 | December 4, 2025 |
| &nbsp;&nbsp;7493000 | US$ | $0.50 | 0.96 | December 16, 2025 |
| &nbsp;&nbsp;6575489 | US$ | $0.50 | 0.96 | December 16, 2025 |
| &nbsp;&nbsp;724512 | US$ | $0.50 | 0.96 | December 16, 2025 |
| &nbsp;&nbsp;724512 | US$ | $0.25 | 0.96 | December 16, 2025 (1) |
| &nbsp;&nbsp;2982200 | US$ | $0.50 | 1.00 | December 30, 2025 |
| &nbsp;&nbsp;2566497 | US$ | $0.50 | 1.00 | December 30, 2025 |
| &nbsp;&nbsp;225200 | US$ | $0.50 | 1.00 | December 30, 2025 |
| &nbsp;&nbsp;225200 | US$ | $0.25 | 1.00 | December 30, 2025 (1) |
| &nbsp;&nbsp;6027000 | US$ | $0.50 | 1.08 | January 29, 2026 |
| &nbsp;&nbsp;5197617 | US$ | $0.50 | 1.08 | January 29, 2026 |
| &nbsp;&nbsp;468560 | US$ | $0.25 | 1.08 | January 29, 2026 (2) |
| &nbsp;&nbsp;468560 | US$ | $0.50 | 1.08 | January 29, 2026 |
| &nbsp;&nbsp;4634000 | US$ | $0.50 | 1.15 | February 24, 2026 |
| &nbsp;&nbsp;3708034 | US$ | $0.50 | 1.15 | February 24, 2026 |
| &nbsp;&nbsp;107520 | US$ | $0.25 | 1.15 | February 24, 2026 (2) |
| &nbsp;&nbsp;107520 | US$ | $0.50 | 1.15 | February 24, 2026 |
| &nbsp;&nbsp;96278 | US$ | $0.50 | 1.15 | February 24, 2026 |
| &nbsp;&nbsp;12800 | US$ | $0.50 | 1.15 | February 24, 2026 |
| &nbsp;&nbsp;2108000 | US$ | $0.50 | 1.23 | March 24, 2026 |
| &nbsp;&nbsp;864194 | US$ | $0.50 | 1.23 | March 23, 2026 |
| &nbsp;&nbsp;886599 | US$ | $0.50 | 1.23 | March 24, 2026 |
| &nbsp;&nbsp;80000 | US$ | $0.50 | 1.23 | March 24, 2026 |
| &nbsp;&nbsp;1112916 | US$ | $0.50 | 1.24 | March 29, 2026 |
| &nbsp;&nbsp;1073672 | US$ | $0.50 | 1.24 | March 29, 2026 |
| &nbsp;&nbsp;228872 | US$ | $0.50 | 1.24 | March 24, 2026 |
| &nbsp;&nbsp;720000 | US$ | $0.50 | 1.59 | August 3, 2026 |
| &nbsp;&nbsp;576130 | US$ | $0.50 | 1.59 | August 3, 2026 |
| &nbsp;&nbsp;2772000 | US$ | $0.35 | 0.08 | February 15, 2025<sup>(3)</sup> |
| &nbsp;&nbsp;2218099 | US$ | $0.35 | 0.08 | February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;1500000 | US$ | $0.35 | 0.08 | February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;1200270 | US$ | $0.35 | 0.08 | February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;1600000 | US$ | $0.35 | 0.08 | February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;1280288 | US$ | $0.35 | 0.08 | February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;1000000 | US$ | $0.60 | 0.66 | August 29, 2025 |
| &nbsp;&nbsp;875000 | US$ | $0.60 | 0.72 | September 18, 2025 |
| &nbsp;&nbsp;563945 | US$ | $0.60 | 0.78 | October 11, 2025 |
| &nbsp;&nbsp;1400000 | US$ | $0.60 | 0.84 | November 2, 2025 |
| &nbsp;&nbsp;75000 | US$ | $0.60 | 1.00 | December 29, 2025 |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;2650000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;March 20, 2026 |
| &nbsp;&nbsp;111109 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;March 28, 2026 |
| &nbsp;&nbsp;5537300 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.40 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;April 28, 2026 |
| &nbsp;&nbsp;522875 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.25 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;April 29, 2026 |
| &nbsp;&nbsp;447.000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;May 1, 2026 |
| &nbsp;&nbsp;216668 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$0.60 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;December 31, 2026 |
| &nbsp;&nbsp;**79495309** | &nbsp;&nbsp;US$ | &nbsp;&nbsp;**$0.47** | &nbsp;&nbsp;**0.95** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) These
 compensation options entitle the holder to acquire a unit at a price of $0.25 per unit. Each
 unit is comprised of one common share and one warrant which can be exercised to acquire one
 additional common share at a price of $0.50 for a period of 60 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) These
 compensation warrants entitle the holder to acquire a unit at a price of $0.25 per unit.
 Each unit is comprised of one common share and one warrant which can be exercised to acquire
 one additional common share at a price of $0.50 for a period of 60 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) These
 warrants' expiration date was extended to January 31, 2025 from their original expiration
 dates pursuant a board resolution dated January 3, 2024. On December 31, 2025, the expiration
 date was further amended to February 15, 2025, and the exercise price was adjusted to $0.35
 per share.

As a result of the Securities Exchange Agreement with ISLV (Note 4) and restructuring transaction completed on August 29, 2023 the Company issued 50,441,360 common shares and 35,215,106 common share purchase warrants to ISLV as noted below.

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **Exercise <br> Currency** | **Exercise <br> Price** | **Expiry Date** |
| 96022 | CDN$ | $0.25 | September 10, 2023 |
| 6401440 | US$ | $0.25 | October 26, 2023 |
| 2458473 | US$ | $0.50 | December 4, 2025 |
| 6575489 | US$ | $0.50 | December 16, 2025 |
| 2566497 | US$ | $0.50 | December 30, 2025 |
| 5197617 | US$ | $0.50 | January 28, 2026 |
| 3708034 | US$ | $0.50 | February 21, 2026 |
| 96278 | US$ | $0.50 | February 24, 2026 |
| 864194 | US$ | $0.50 | March 24, 2026 |
| 886599 | US$ | $0.50 | March 23, 2026 |
| 1073672 | US$ | $0.50 | March 29, 2026 |
| 576130 | US$ | $0.50 | August 3, 2026 |
| 2218099 | US$ | $0.75 | January 12, 2024 |
| 1200270 | US$ | $0.75 | February 15, 2024 |
| 1280288 | US$ | $0.75 | March 15, 2024 |
| 16004 | US$ | $0.75 | August 5, 2024 |
| **35215106** |  |  |  |

---

Also, as part of financings concluded during the year ended December 31, 2024, the following warrants were issued:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Number** | **Exercise <br> Currency** | **Exercise <br> Price** | **Expiry Date** |
| &nbsp;&nbsp;2650000 | US$ | $0.40 | March 20, 2026 |
| &nbsp;&nbsp;111109 | US$ | $0.60 | March 28, 2026 |
| &nbsp;&nbsp;5537300 | US$ | $0.40 | April 28, 2026 |
| 447000 | US$ | $0.60 | &nbsp;&nbsp;May 1, 2026 |
| 216668 | US$ | $0.60 | &nbsp;&nbsp;December 31, 2026 |
| **8962349** |  |  |  |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model for warrants issued to ISLV on August 29, 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issue Date** | **Weighted<br> Average**<br> **Risk Free Rate** | **Weighted <br> Average <br> Expected Life <br> (Years)** | **Weighted Average Expected Volatility** | **Weighted <br> Average <br> Estimated <br> Share Price** |
| August 29, 2023 | 5.00% | 1.75 | 124% | $0.27 |

---

The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model for other warrants issued in 2024 and 2023 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issue Date** | **Risk Free Rate** | **Expected Life <br> (Years)** | **Expected <br> Volatility** | **Estimated <br> Share Price** |
| August 29, 2023 | 4.98% | 2 | 124% | $0.27 |
| September 18, 2023 | 5.05% | 2 | 125% | $0.27 |
| October 11, 2023 | 4.99% | 2 | 125% | $0.27 |
| November 2, 2023 | 4.98% | 2 | 128% | $0.27 |
| December 29, 2023 | 4.23% | 2 | 129% | $0.27 |
| March 28, 2024 | 4.59% | 2 | 125% | $0.27 |
| March 28, 2024 | 4.59% | 2 | 125% | $0.27 |
| April 23, 2024 | 4.86% | 2 | 125% | $0.27 |
| April 30, 2024 | 5.04% | 2 | 126% | $0.27 |
| December 31, 2024 | 4.25% | 2 | 141% | $0.27 |

---

**11.** **Share-based Compensation** 

The Company adopted a Long-Term Incentive Plan (the "LTIP") under which it is authorized to grant options to officers, directors, employees, and consultants, enabling them to acquire common shares of the Company. The number of shares reserved for issuance under the Existing Plan cannot exceed 10% of the outstanding common shares at the time of the grant. The options granted have a maximum term of five years and vest as determined by the Board of Directors.

On April 18, 2024, the Company issued 850,000 restricted share units ("RSUs") to officers, directors, and employees of the Company. The RSUs vested immediately and were exercised.

On January 8, 2023, 1,500,000 stock options, held by the Company's former CEO, expired unexercised.

On May 11, 2023 and August 14, 2023, 100,000 and 750,000 additional stock options, respectively, expired unexercised.

On April 18, 2024, the Company issued 5,000,000 incentive stock options to officers, directors, consultants, and employees of the Company. The incentive stock options vested immediately, have a 5-year term,

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

and an exercise price of US$0.30. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 4.65%; expected life of 5 years; expected volatility 136%; and estimated share price $0.27.

On November 18, 2024, the Company issued 300,000 incentive stock options to an employee of the Company. The incentive stock options vested immediately, have a 5-year term, and an exercise price of US$0.30. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 4.28%; expected life of 5 years; expected volatility 124%; and estimated share price $0.27

During 2024, 1,650,000 options granted to former employees expired unexercised.

A continuity schedule of outstanding stock options as of December 31, 2024, and the changes during the fiscal year periods is as follows:

---

| | | |
|:---|:---|:---|
| | **Number of Stock Options Outstanding** | &nbsp;&nbsp;**Exercise Price**<br> **($)** |
| **Balance, December 31, 2022** | **5350000** | &nbsp;&nbsp;**0.25** |
| Expired/ Forfeited | (2350000) | &nbsp;&nbsp;0.25 |
| **Balance, December 31, 2023** | **3000000** | &nbsp;&nbsp;**0.25** |
| Granted | 5300000 | &nbsp;&nbsp;0.30 |
| Expired/ Forfeited | (1650000) | &nbsp;&nbsp;0.25 |
| **Balance, December 31, 2024** | **6650000** | &nbsp;&nbsp;**0.28** |

---

**12.** **Convertible loan** 

On February 2, 2024, the Company entered into a Convertible Loan Agreement with several parties, including the then-current CEO, whereby it borrowed $500,000, bearing interest at 6.5% per annum, convertible into common shares at the option of the lenders at a conversion price of $0.45 per share. The loan matures on February 2, 2026, and is subject to repayment at the option of the lenders under certain conditions including a change of control or initial public offering.

**13.** **Operating Leases** 

The Company adopted ASC 842 *"Leases"* as of January 1, 2022, the start of our 2022 fiscal year. The Company used the following elections and practical expedients:

- Combine non-lease with lease components.

- If a lease has a term of 12 months or less and does not include a purchase option, The Company elected not to apply ASC 842 recognition requirements.

The Company records a right-of-use asset and lease liability on our balance sheet for all leases in accordance with ASC 842 *"Leases."* The Company currently has an operating lease for office space in Toronto, Ontario through June 30, 2027. Pursuant to the terms of the lease agreement, the Company paid monthly base rent plus additional rent of $31,013 from January 1, 2023, to May 31, 2023; $32,078 from June 1, 2023 through May 31, 2024 and $33,143 from June 1, 2024 through December 31, 2024. Additional rent is real estate taxes, operating expenses and utilities. The Company used a discount rate of 12.86% for computation of the right of use asset and lease liability. Total lease expense for the year ended December

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

31, 2024 and 2023, was $287,982 and $283,982, respectively.

At the end of the current lease term, the lease can be extended for an additional five-year period, July 1, 2027 to June 30, 2032. In addition, the Company as a lessee is required to pay general commercial liability insurance on the property with a policy face value amount of $5,000,000.

The Company is committed to minimum annual cash payments for base rent under this lease as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp;**Payment** |
| &nbsp;&nbsp; 2025 | &nbsp;&nbsp;$278903 |
| &nbsp;&nbsp; 2026 | &nbsp;&nbsp;289775 |
| &nbsp;&nbsp; 2027 | &nbsp;&nbsp;140503 |
| &nbsp;&nbsp;**Total Payments** | &nbsp;&nbsp;$709180 |

---

**Subleases**

The Company's lease income primarily consists of rent earned from operating leases from subleasing excess space in the Company's leased office facility to third parties. These leases include a fixed base rent and do not contain any variable component. In the event of a lease and non-lease component scenario, the practical expedient is utilized.

Rental income from the Company's leases at 401 Bay Street consists of a fixed monthly rent that escalates annually throughout the term of the lease and the tenant is generally responsible for all property-related expenses, including taxes and insurance, while maintenance is the responsibility of the Company and included in the computed lease rate.

These leases typically are for five-year terms and contain extension and termination options at the lessee's election.

Total sublease income for the year ended December 31, 2024 and 2023 was $138,020 and $126,408, respectively.

The following table presents the undiscounted future minimum rents the Company expects to receive for its office subleases as of December 31, 2024.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Future <br> Minimum <br> Rents** |
| &nbsp;&nbsp;2025 | $242726 |
| &nbsp;&nbsp;2026 | 248780 |
| &nbsp;&nbsp;2027 | 125998 |
| &nbsp;&nbsp;Total | $617504 |

---

**14.** **Related Party Transactions** 

Related parties include the Board of Directors, close family members, other key management individuals and enterprises that are controlled by these individuals as well as certain persons performing similar functions.

The Group incurred the following charges with directors and/or officers of the Group and/or companies controlled by them for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**December 31,**<br> **2024** | &nbsp;&nbsp;**December 31,**<br> **2023** |
|  | &nbsp;&nbsp;**($)** | &nbsp;&nbsp;**($)** |
| Stock-based compensation – Officers and Directors | &nbsp;&nbsp;1089240 | &nbsp;&nbsp;— |
| Management fees | &nbsp;&nbsp;454294 | &nbsp;&nbsp;244842 |
|  | &nbsp;&nbsp;1543534 | &nbsp;&nbsp;244842 |

---

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.) <br> Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

During the year ended December 31, 2023, the CEO advanced $225,578 to the Company. This amount was repaid in 2024.

**15.** **Income Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Provision for income tax**

The following table reconciles the amount of reported income taxes in the statement of comprehensive loss with income taxes calculated at statutory income tax rates of 26.50%. The statutory income tax rate is the combined Canadian rates applicable in the jurisdictions in which the Company does business. The tax rate for deferred income taxes is 26.5%.

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | <br> **December 31, 2024** | **December 31, 2023** |
| <br>Loss before income taxes | $**(4556639)** | $**(1322156)** |
| Combined statutory income tax rate | **26.5%** | **26.5%** |
| Expected income tax recovery based on statuary rate | **(1207509)** | **(350371)** |
| Increase (decrease) to the income tax expense resulting from: | **(487)** | **(487)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share issue costs charged directly to equity |  |  |
| Permanent difference, rate differential, and other | **(87951)** | **1402779** |
| Change in deferred income tax asset not recognized | **1295947** | **(1051921)** |
| Income tax recovery | $**—** | $**—** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Deferred income taxes**

The primary differences that give rise to the deferred income tax balances are as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**As at**<br> **December 31,**<br>&nbsp;&nbsp;**2024** | &nbsp;&nbsp;**As at**<br> **December 31,**<br>&nbsp;&nbsp;**2023** |
| &nbsp;&nbsp;Non-capital loss carry forwards | $**1646310** | $**308387** |
| &nbsp;&nbsp;Share issue costs and other | **24368** | **60737** |
| &nbsp;&nbsp;Lease liability | **2427** | **8035** |
|  | **1673106** | **377159** |
| &nbsp;&nbsp;Less: valuation allowance | **(1673106)** | **(377159)** |
| &nbsp;&nbsp;Total unrecognized deferred tax assets | $**—** | $**—** |

---

At December 31, 2024 and 2023, the Company had recorded a 100% valuation allowance against its deferred income balances due to the uncertainty surrounding their realization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Tax loss carry forward balances**

At December 31, 2024, the Company has non-capital losses, available to offset future taxable income for income tax purposes, of $1,673,106 (2023: $377,159) which will fully expire by 2044.

Deferred income taxes have not been recorded on the basis differences for investments in consolidated subsidiaries as these basis differences are indefinitely reinvested or will reverse in a non-taxable manner. Quantification of the deferred income tax liability, if any, associated with indefinitely reinvested basis differences is not practicable.

**SILVER BOW MINING CORP. (formerly BLACKJACK SILVER CORP.)**

**Notes to the Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

*Expressed in United States dollars unless otherwise indicated*

**16.** **Subsequent Events** 

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Equity transactions** 

● On December 31, 2024 the Company repriced 10,570,657 warrants that had had their expiration previously extended to January 31, 2025, from $0.75 to $0.35. 10,126,219 of those warrants were subsequently exercised, raising $3,544,177 in equity. Additionally, several new equity financings were closed in the first quarter of 2025, raising $2,017,850 from the issuance of 4,617,444 common shares and 2,158,722 warrants to purchase common shares at an exercise price of $0.60, with an expiration of two years from their issuance.

● On January 27, 2025, we issued 14,000,000 Performance Warrants to our chief executive officer pursuant to his Executive Employment Agreement. The vesting of these warrants is subject to several performance milestones. The warrants are exercisable into common stock at $0.31 per share and expire January 27, 2035.

● On February 1, 2025, we granted 500,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $0.31 per share and expire on February 1, 2030.

● On February 1, 2025, we granted 1,000,000 RSUs to our chief executive officer. These RSUs were subsequently exercised on April 1, 2025.

● On March 3, 2025, we granted 7,500,000 options to directors, officers, and employees. The options have an exercise price of $0.31 per share and expire on March 3, 2030.

● On March 3, 2025, we granted 318,856 RSUs to our directors.

● On April 14, 2025, we granted 600,000 options to our vice president of exploration. The options have an exercise price of $0.31 per share and expire on April 14, 2030.

● On June 30, 2025, we issued 318,856 RSUs to our directors.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Legal settlement payable:** 

● On April 30, 2025, Lane F elected to receive 5,033,333 shares and $750,000 in cash pursuant to the Lane F Agreement. On July 1, 2025, the Company issued 5,033,333 common shares in satisfaction of the share amounts due. The company paid $250,000 on April 30, 2025 and $500,000 plus $12,500 in interest on July 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Salary accrual:** 

● On April 21, 2025, the Board of Directors approved a bonus payment of $252,000 to the Company's Chief Executive Officer for his performance for the fiscal year 2024, which has been accrued as of December 31, 2024 on these statements.

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Leases** 

● On May 30, 2025, the Company received notice of the termination of its lease at 401 Bay Street, pursuant to the liquidation proceedings of its landlord, Hudson's Bay Company ULC, in the Ontario Superior Court of Justice. The Company has vacated the premises and has no further obligations under its commercial lease.

&nbsp;&nbsp;&nbsp;&nbsp;**e)** **Purchase of Mineral rights** 

● In February, 2025, Company closed a purchase from a third party of certain patented mining claims, known as the Goldsmith Block, for a price of $1,000,000.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**PART II<br> INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other expenses of issuance and distribution**

The following table sets forth the costs and expenses, other than underwriting discounts and commissions, to be paid by us in connection with the sale of the common shares being registered hereby. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee and NYSE American initial listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $|
| FINRA filing fee |  |
| NYSE American listing fee |  |
| Printing and engraving expenses |  |
| Legal fees and expenses |  |
| Accounting fees and expenses |  |
| Blue Sky fees and expenses (including legal fees) |  |
| Transfer agent and registrar fees and expenses |  |
| Miscellaneous |  |
| Total | $|

---

**Item 14. Indemnification of directors and officers**

We are subject to the provisions of Part 5, Division 5 of the Business Corporations Act (British Columbia), or "BCBCA". Under Section 160 of the BCBCA, we may, subject to Section 163 of the BCBCA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. indemnify an individual who:

● is or was a director or officer of our company;

● is or was a director or officer of another corporation (i) at a time when such corporation is or was an affiliate of our company; or (ii) at our request, or

● at our request, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity,

and including, subject to certain limited exceptions, the heirs and personal or other legal representatives of that individual (collectively, an "eligible party"), against all eligible penalties to which the eligible party is or may be liable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. after final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding, where:

● "eligible penalty" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, and eligible proceeding.

● "eligible proceeding" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation (a) is or may be joined as a party, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.

● "proceeding" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

Under Section 161 of the BCBCA, and subject to Section 163 of the BCBCA, we must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding if the eligible party (a) has not been reimbursed for those expenses, and (b) is wholly successful, on

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding.

Under Section 162 of the BCBCA, and subject to Section 163 of the BCBCA, we may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of the proceeding, provided that we must not make such payments unless we first receive from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited under Section 163 of the BCBCA, the eligible party will repay the amounts advanced.

Under Section 163 of the BCBCA, we must not indemnify an eligible party against eligible penalties to which the eligible party is or may be liable or pay the expenses of an eligible party in respect of that proceeding under Sections 160, 161 or 162 of the BCBCA, as the case may be, if any of the following circumstances apply:

● if the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, we were prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

● if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, we are prohibited from giving the indemnity or paying the expenses by our memorandum or articles;

● if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of our company or the associated corporation, as the case may be; or

● in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful.

If an eligible proceeding is brought against an eligible party by or on behalf of our company or by or on behalf of an associated corporation, we must not either indemnify the eligible party against eligible penalties to which the eligible party is or may be liable, or pay the expenses of the eligible party under Sections 160, 161 or 162 of the BCBCA, as the case may be, in respect of the proceeding.

Under Section 164 of the BCBCA, and despite any other provision of Part 5, Division 5 of the BCBCA and whether or not payment of expenses or indemnification has been sought, authorized or declined under Part 5, Division 5 of the BCBCA, on application of our company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:

● order us to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;

● order us to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;

● order the enforcement of, or payment under, an agreement of indemnification entered into by us;

● order us to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under Section 164 of the BCBCA; or

● make any other order the court considers appropriate.

Section 165 of the BCBCA provides that we may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, our company or an associated corporation.

Under our articles, and subject to the BCBCA, we must indemnify our directors, former directors or alternate directors and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and we must, after the final disposition of an eligible proceeding, pay the expenses actually

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

and reasonably incurred by such person in respect of that proceeding. Each director and alternate director is deemed to have contracted with our company on the terms of the indemnity contained in our articles.

Under our articles, and subject to the BCBCA, we may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for us. We have entered into indemnity agreements with our directors and certain of our officers.

Pursuant to our articles, the failure of an eligible party to comply with the BCBCA or our articles does not, of itself, invalidate any indemnity to which he or she is entitled under our articles.

Under our articles, we may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

● is or was our director, alternate director, officer, employee or agent;

● is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was our affiliate;

● at our request, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or

● at our request, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;

● against any liability incurred by him or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

In addition, we have entered into an indemnification agreement with each of our directors and our Chief Financial Officer, which requires us to indemnify them.

**Item 15. Recent sales of unregistered securities**

On January 12, 2022, the registrant entered into subscription agreements with certain beneficial purchasers for 2,772,000 units consisting of one common share and one common share purchase warrant for a price of $0.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.75 with an expiration of January 31, 2025. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act. Subsequently, the registrant repriced these warrants to an exercise price of $0.35 per common share and extended them to February 15, 2025.

From January through February 2022, the registrant closed 3 tranches of a unit offering for an aggregate of 8,100,000 units for a total purchase price of $4,050,000. Each unit was priced at $0.50 and consisted of one common share and one common share purchase warrant, each warrant exercisable at $0.75 for two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On August 5, 2022, the registrant entered into subscription agreements with certain beneficial purchasers for 20,000 units consisting of one common share and one common share purchase warrant for a price of $0.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.75 with an expiration of August 5, 2024. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On April 19, 2023, the registrant issued 1,275,000 common shares to an investor in consideration of the investor's efforts in negotiating a promissory note transaction. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

On August 29, 2023, the registrant entered into a Securities Exchange Agreement with ISLV Partners, LLC ("ISLV") whereby the registrant issued 50,441,360 common shares to ISLV and 35,215,106 warrants to purchase common shares as described below:

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **Exercise<br> Currency** | **Exercise<br> Price** | **Expiry Date** |
| 96022 | C$ | $0.25 | September 10, 2023 |
| 6401440 | US$ | $0.25 | October 26, 2023 |
| 2458473 | US$ | $0.50 | December 4, 2025 |
| 6575489 | US$ | $0.50 | December 16, 2025 |
| 2566497 | US$ | $0.50 | December 30, 2025 |
| 5197617 | US$ | $0.50 | January 28, 2026 |
| 3708034 | US$ | $0.50 | February 21, 2026 |
| 96278 | US$ | $0.50 | February 24, 2026 |
| 864194 | US$ | $0.50 | March 24, 2026 |
| 886599 | US$ | $0.50 | March 23, 2026 |
| 1073672 | US$ | $0.50 | March 29, 2026 |
| 576130 | US$ | $0.50 | August 3, 2026 |
| 2218099 | US$ | $0.75 | January 12, 2024 |
| 1200270 | US$ | $0.75 | February 15, 2024 |
| 1280288 | US$ | $0.75 | March 15, 2024 |
| 16004 | US$ | $0.75 | August 5, 2024 |
| **35215106** |  |  |  |

---

From August through November 2023, the registrant entered into subscription agreements with certain beneficial purchasers for 3,275,000 units consisting of one common share and one common share purchase warrant for a price of $0.40 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.60 for a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On October 11, 2023, the registrant issued 563,945 common shares and 563,945 warrants to purchase common shares with an exercise price of $0.60 per share as settlement of amounts owing to our then-CEO, valued at $0.40 per share. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act

On December 5, 2023, the registrant issued 14,258,117 common shares pursuant to warrant exercises by certain warrant holders at a price of $0.25 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

On December 29, 2023, the registrant issued 150,000 common shares and75,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of December 29, 2025. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act

In March 2024, the registrant entered into subscription agreements with certain beneficial purchasers for 5,300,000 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $0.25 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.40 with a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In March 2024, the registrant entered into subscription agreements with certain beneficial purchasers for 222,222 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $0.45 per unit. Each warrant entitled the holder to acquire one common share at a price of $0.60 with a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In April 2024, the registrant issued 850,000 restricted share units to employees of the Company, which vested immediately. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In April 2024, the registrant closed a financing, raising $2,768,650 by issuing 11,074,600 common sharesand 5,537,300 common share purchase warrants with an exercise price of $0.40 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 522,875 compensation warrants with an exercise price of $0.25 with an expiry date of April 29, 2026.. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

In April 2024, the registrant closed a financing, raising $402,300 by issuing 894,000 common shares and 447,000 common share purchase warrants with an exercise price of $0.60 with an expiry date of May 1, 2026. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

From December 2024 through January 2025, the registrant entered into subscription agreements with certain beneficial purchasers for 1,140,000 common shares at a price of $0.25 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

From December 2024 through March 2025, the registrant entered into subscription agreements with certain beneficial purchasers for 4,750,777 units for a price of $0.45 per unit. Each unit consisted of one of our common shares and one-half (1/2) common share purchase warrant. Each warrant entitled the holder to acquire one common share at a price of $0.60 with a term of two years. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In January 2025, the registrant issued 14,000,000 performance warrants to our chief executive officer pursuant to his executive employment agreement. The vesting of these warrants is subject to severa lperformance milestones. The warrants are exercisable into common stock at $0.31 per share and expire January 27, 2035. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

In February 2025, the registrant granted 500,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $0.31 per share and expire on February 1, 2030. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

In February 2025, the registrant issued 10,126,219 shares pursuant to warrant exercises by certain warrant holders at a price of $0.35 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

In February 1, 2025, the registrant granted 1,000,000 restricted stock units to our chief executive officer and in April 2025, the registrant issued 1,000,000 shares pursuant to the settlement of such restricted stock units granted under our Long Term Incentive Plan to our Chief Executive Officer. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In March 2025, the registrant granted 7,500,000 options to directors, officers, and employees. The options have an exercise price of $0.31 per share and expire on March 3, 2030. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In March 2025, the registrant granted 318,856 restricted stock units to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In April 14, 2025, the registrant granted 600,000 options to our vice president of exploration. The options have an exercise price of $0.31 per share and expire on April 14, 2030. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On June 30, 2025, the registrant issued 318,856 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On July 1, 2025, the registrant issued 5,033,333 common shares pursuant to the Asset Purchase and Release Agreement with Lane F Holdings, LLC. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act.

In August 2025, the registrant issued 1,000,000 common shares pursuant to warrant exercises by certain warrant holders at a price of $0.60 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Item 16. Exhibits and financial statement schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 1.1\* | Form of Underwriting Agreement<br>|
| [3.1](ex3-1.htm) | [Notice of Articles](ex3-1.htm)<br>|
| [3.2](ex3-2.htm) | [Articles](ex3-2.htm) |
| [4.1](ex4-1.htm) | [Specimen of Common Share Certificate](ex4-1.htm) |
| [4.2](ex4-2.htm) | [Form of Warrant (December 2024-March 2025)](ex4-2.htm) |
| [4.3](ex4-3.htm) | [Form of Warrant (2023-2024)](ex4-3.htm) |
| 5.1\* | Opinion of Morton Law LLP |
| [10.1#](ex10-1.htm) | [Employment Agreement of Phillip Nickerson, dated April 14, 2025](ex10-1.htm) |
| [10.2#](ex10-2.htm) | [Employment Agreement of Wade Black, dated February 1, 2025](ex10-2.htm) |
| [10.3\*\*+](ex10-3.htm) | [Asset Purchase and Release Agreement, by and between Blackjack Silver Corp. and Lane F Holdings LLC, dated September 19, 2024](ex10-3.htm) |
| [10.4\*\*+](ex10-4.htm) | [Net Smelter Returns Royalty Agreement, by and among Blackjack Silver Corp., Ferry Lane Limited, and Lane F Holdings, LLC, dated September 19, 2024](ex10-4.htm) |
| [10.5\*\*+](ex10-5.htm) | [Asset Purchase and Release Agreement, by and among Blackjack Silver Corp., Butte Blackjack Operating LLC, Ferry Lane Management, LLC, Ferry Lane Limited, New Butte Leasing, LLC, R. Allan Payne, Frank C. Crowley and Doney Crowley P.C., dated September 19, 2024](ex10-5.htm) |

---

---

| | |
|:---|:---|
| [10.6\*\*+](ex10-6.htm) | [Agreement, by and among Ferry Lane Limited, Arco Environmental Remediation, LLC and Atlantic Richfield Company, dated July 27, 2004](ex10-6.htm) |
| [10.7\*\*+](ex10-7.htm) | [Convertible Loan Agreement, by and among Blackjack Silver Corp., Swansea Holdings Inc., SBX Consultores Ltda., and Bruce R. Reid, dated February 2, 2024.](ex10-7.htm) |
| [10.8](ex10-8.htm) | [Termination Settlement Letter Agreement, by and between Carl Hansen and Blackjack Silver Corp., dated January 23, 2025](ex10-8.htm) |
| [10.9](ex10-9.htm) | [Resignation Agreement and Mutual Release, by and among Blackjack Silver Corp., Front Street Management Inc. and Julio DiGirolamo, dated August 21, 2024](ex10-9.htm) |
| [21.1](ex21-1.htm) | [Subsidiaries](ex21-1.htm) |
| 23.1\* | Consent of PKF Antares Professional Corporation Chartered Professional Accountants, independent registered public accounting firm |
| 23.2\* | Consent of Morton Law LLP (included in Exhibit 5.1) |
| 23.3\* | Consent of Dahrouge<br>|
| 24.1 | Power of Attorney (included on the signature page hereto) |
| [96.1](ex96-1.htm) | [Technical Report Summary](ex96-1.htm) |
| 107\* | Calculation of Filing Fees Table |

---

---

| | |
|:---|:---|
| \* | To be filed by amendment. |
| \*\* | Certain portions of the exhibit that are not material and would be competitively harmful if publicly disclosed have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. Copies of the unredacted exhibit will be furnished to the Commission upon request. |
| + | Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request |
| # | Indicates management contract or compensatory plan. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules

None.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**Item 17. Undertakings**

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first us.

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, we have duly caused this registration statement to be signed on our behalf by the undersigned, thereunto duly authorized, in Fort Collins, Colorado on October [●], 2025.

---

| | |
|:---|:---|
| **SILVER BOW MINING CORP.** | **SILVER BOW MINING CORP.** |
| By: |  |
|  | Name: C. Travis Naugle |
|  | Title: Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Kit Marrs, as his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he might or could do in person, hereby approving, ratifying and confirming all that such agent, proxy and attorney-in-fact or any of his substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated and October [●], 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| | Chief Executive Officer and Chairman |
| C. Travis Naugle | Chief Executive Officer and Chairman |
| | Chief Financial Officer |
| Wade Black | Chief Financial Officer |
| | Director |
| Steve Durbin | Director |
| | Director |
| David McMullin | Director |
| | Director |
| Andy Holloway | Director |
| | Director |
| Quinton Hennigh, M.Sc./Ph.D. | Director |

---

**Confidential Treatment Requested by Silver Bow Mining Corp. <br> Pursuant to 17 C.F.R. Section 200.83**

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the undersigned has signed this registration statement, solely in our capacity as the duly authorized representative in the United States, on October [●], 2025

  <br> C. Travis Naugle

## Exhibit 3.1

**Exhibit 3.1**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Request ID:** | **02948577** | **Province of Ontario** | **Date Report Produced:** | **2020/08/31** |
| **Demande n<sup>o</sup>:** |  | **Province de l'Ontario** | **Document produit le:** |  |
| **Transaction ID:** | **076427687** | **Ministry of Government Services** | **Time Report Produced:** | **15:56:10** |
| **Transaction n<sup>o</sup> :** |  | **Ministère des Services gouvernementaux** | **Imprimé à:** |  |
| **Category ID:** | **CT** |  |  |  |
| **Catégorie:** |  |  |  |  |

---

**Certificate of Incorporation**

**Certificat de constitution** 

---

| | |
|:---|:---|
| **This is to certify that** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Ceci certifie que** |
| <br> **B L A C K J A C K S I L V E R C O R P.** | <br> **B L A C K J A C K S I L V E R C O R P.** |
| **Ontario Corporation No.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Numéro matricule de la personne morale en Ontario** |
| **0 0 2 7 7 4 9 3 2** | **0 0 2 7 7 4 9 3 2** |
| **is a corporation incorporated, under the laws of the Province of Ontario.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**est une société constituée aux termes des lois de la province de l'Ontario.** |
| **These articles of incorporation are effective on** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Les présents status constitutifs entrent en vigueur le** <br>|

---

---

| |
|:---|
| **A U G U S T 3 1 A O Û T , 2 0 2 0** |
| ![](n5138exh3-1_img009.jpg) |
| **Director/Directrice** |
| **Business Corporation Act/Loi sur les sociétés par actions** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Request ID:** | **025210826** | **Province of Ontario** | **Date Report Produced:** | **2020/10/30** |
| **Demande n<sup>o</sup> :** |  | **Province de l'Ontario** | **Document produit le :** |  |
| **Transaction ID:** | **77053795** | **Ministry of Government Services** | **Time Report Produced:** | **11:49:45** |
| **Transaction n<sup>o</sup> :** |  | **Ministère des Services gouvernementaux** | **Imprimé à :** |  |
| **Category ID:** | **CT** |  |  |  |
| **Catégorie :** |  |  |  |  |

---

**Certificate of status**

**ATTESTATION DU STATUT JURIDIQUE**

---

| | |
|:---|:---|
| **This is to certify that according to the records of the Ministry of Government Services** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D'après les dossiers du Ministère des Services gouvernementaux, nous attestons que la société.** |
| <br> **B L A C K J A C K S I L V E R C O R P.** | <br> **B L A C K J A C K S I L V E R C O R P.** |
| **Ontario Corporation Number** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Numéro matricule de la société (Ontario)** |
| **0 0 2 7 7 4 9 3 2** | **0 0 2 7 7 4 9 3 2** |
| **is a corporation incorporated, amalgamated or continued under the laws of the Province of Ontario.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**est une société constituée, prorogée ou née d'une fusion aux termes des lois de la Province de l'Ontario.** |
| **The corporation came into existence on** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**La société a été fondée le** |
| **A U G U S T 3 1 A O Û T, 2 0 2 0** | **A U G U S T 3 1 A O Û T, 2 0 2 0** |
| **and has not been dissolved.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**et n'est pas dissoute.** |
| **Dated** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fait le** |
| **O C T O B E R 3 0 O C T O B R E , 2 0 2 0** | **O C T O B E R 3 0 O C T O B R E , 2 0 2 0** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](n5138exh3-1_img009.jpg) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directeur |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The issuance of this certificate in electronic form is authorized by the Ministry of Government Services.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The issuance of this certificate in electronic form is authorized by the Ministry of Government Services.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**La délivrance du présent certificat sous forme électronique est autorisée par le Ministère des Services gouvernementaux.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**La délivrance du présent certificat sous forme électronique est autorisée par le Ministère des Services gouvernementaux.** |

---

---

| | | | |
|:---|:---|:---|:---|
| ![](n5138exh3-1_img001.jpg) | BC Registry <br> Services | &nbsp;&nbsp;Mailing Address:<br> PO Box 9431 Stn Prov Govt<br> Victoria BC V8W 9V3<br> www.corporateonline.gov.bc.ca | Location:<br> 2nd Floor - 940 Blanshard Street<br> Victoria BC<br> 1 877 526-1526 |

---

**Cover Sheet**

SILVER BOW MINING CORP.

**Confirmation of Service**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Form Filed:** | &nbsp;&nbsp;Continuation Application |
| &nbsp;&nbsp;**Date and Time of Filing:** | &nbsp;&nbsp;May 27, 2025 11:08 AM Pacific Time |
| &nbsp;&nbsp;**Continuation Effective Date:** | &nbsp;&nbsp;The continuation is to take effect at the time that this application is filed with the Registrar. |
| &nbsp;&nbsp;**Recognition Date and Time:** | &nbsp;&nbsp;Continuation into British Columbia on May 27, 2025 11:08 AM Pacific Time |
| &nbsp;&nbsp;**Name of Company:** | &nbsp;&nbsp;SILVER BOW MINING CORP. |
| &nbsp;&nbsp;**Incorporation Number:** | &nbsp;&nbsp;**C1541347** |

---

**A federal Business Number has been assigned to this company as noted below. [IMPORTANT: KEEP THIS FOR YOUR COMPANY RECORDS]**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Business Number:** | &nbsp;&nbsp;**714784071BC0001** |

---

For assistance or additional information regarding the Business Number, contact Canada Revenue Agency at 1-800-959-5525 from 8:15 a.m. to 8:00 p.m., Monday through Friday, excluding statutory holidays.

**This package contains:**

● Certified Copy of the Continuation Application

● Certified Copy of the Notice of Articles

● Certificate of Continuation

Check your documents carefully to ensure there are no errors or omissions. If errors or omissions are discovered, please contact the Corporate Registry for instructions on how to correct the errors or omissions.

The British Columbia Business Corporations Act requires all incorporated companies to file information such as annual reports, a change of address or a change of directors. For information regarding these filings, review the "Maintaining Your B.C. Company" document at<br> <u>www.bcregistryservices.gov.bc.ca/local/bcreg/documents/forms/reg36.pdf</u>.

For information regarding completion of forms, contact the Corporate Registry at 1 877 526-1526.

Page: 1 of 1

---

| | | | |
|:---|:---|:---|:---|
| ![](n5138exh3-1_img001.jpg) | BC Registry <br> Services | &nbsp;&nbsp;Mailing Address:<br> PO Box 9431 Stn Prov Govt<br> Victoria BC V8W 9V3<br> www.corporateonline.gov.bc.ca | Location:<br> 2nd Floor - 940 Blanshard Street<br> Victoria BC<br> 1 877 526-1526 |

---

---

| | |
|:---|:---|
| **Continuation**<br> **Application**<br> *FORM 16*<br> *BUSINESS CORPORATIONS ACT*<br> *Section 302* | &nbsp;&nbsp; **CERTIFIED COPY**<br> Of a Document filed with the Province of British Columbia Registrar of Companies<br> ![](n5138exh3-1_img002.jpg)<br> SINEAD O'CALLAGHAN<br>|

---

![](n5138exh3-1_img004.jpg)

FILING DETAILS: Continuation Application for: SILVER BOW MINING CORP. Incorporation Number: C1541347 Filed Date and Time: May 27, 2025 11:08 AM Pacific Time Recognition Date and Time: Continued into British Columbia May 27, 2025 11:08 AM Pacific Time

**CONTINUATION APPLICATION**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name Reservation Number:** | &nbsp;&nbsp;**Name Reserved:** |
| &nbsp;&nbsp;NR8585706 | &nbsp;&nbsp;SILVER BOW MINING CORP. |
| **CONTINUATION EFFECTIVE DATE:** | **CONTINUATION EFFECTIVE DATE:** |
| The is to take effect at the time that this application is filed with the Registrar. | The is to take effect at the time that this application is filed with the Registrar. |
| **PREVIOUS FOREIGN JURISDICTION INFORMATION** | **PREVIOUS FOREIGN JURISDICTION INFORMATION** |
| &nbsp;&nbsp;**Identifying Number in Foreign Jurisdiction:** | &nbsp;&nbsp;**Name in Foreign Jurisdiction:** |
| &nbsp;&nbsp;2774932 | &nbsp;&nbsp;SILVER BOW MINING CORP. |
| &nbsp;&nbsp;**Date of Incorporation, Continuation, or**<br> **Amalgamation in Foreign Jurisdiction:** | &nbsp;&nbsp;**Foreign Jurisdiction:** |
|  | ONTARIO |
| &nbsp;&nbsp;August 31, 2020 |  |

---

C1541347 Page: 1 of 3

---

| |
|:---|
| **Authorization for Continuation** |
| The authorization for the continuation into BC from the foreign corporations jurisdiction was filed. |
| **NOTICE OF ARTICLES** |
| **Name of Company:** |
| SILVER BOW MINING CORP. |

---

---

| | |
|:---|:---|
| **REGISTERED OFFICE INFORMATION** |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;1200 - 750 WEST PENDER STREET | &nbsp;&nbsp;1200 - 750 WEST PENDER STREET |
| &nbsp;&nbsp;VANCOUVER BC V6C 2T8 | &nbsp;&nbsp;VANCOUVER BC V6C 2T8 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **RECORDS OFFICE INFORMATION** |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;1200 - 750 WEST PENDER STREET | &nbsp;&nbsp;1200 - 750 WEST PENDER STREET |
| &nbsp;&nbsp;VANCOUVER BC V6C 2T8 | &nbsp;&nbsp;VANCOUVER BC V6C 2T8 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **DIRECTOR INFORMATION** |  |
| **Last Name, First Name, Middle Name:** |  |
| Hennigh, Quinton |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| Naugle, Charles Travis |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| Durbin, Steve |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |

---

C1541347 Page: 2 of 3

---

| | |
|:---|:---|
| **Last Name, First Name, Middle Name:** |  |
| Holloway, Andy |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| McMullin, David |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |

---

---

| | | | |
|:---|:---|:---|:---|
| **AUTHORIZED SHARE STRUCTURE** | **AUTHORIZED SHARE STRUCTURE** | **AUTHORIZED SHARE STRUCTURE** | **AUTHORIZED SHARE STRUCTURE** |
| 1. | No Maximum | Common Shares | Without Par Value |
|  |  |  | Without Special Rights or Restrictions attached |

---

C1541347 Page: 3 of 3

---

| | | | |
|:---|:---|:---|:---|
| ![](n5138exh3-1_img001.jpg) | BC Registry <br> Services | &nbsp;&nbsp;Mailing Address:<br> PO Box 9431 Stn Prov Govt<br> Victoria BC V8W 9V3<br> www.corporateonline.gov.bc.ca | Location:<br> 2nd Floor - 940 Blanshard Street<br> Victoria BC<br> 1 877 526-1526 |

---

---

| | |
|:---|:---|
| **Notice of Articles**<br>*BUSINESS CORPORATIONS ACT*<br>| &nbsp;&nbsp; **CERTIFIED COPY**<br> Of a Document filed with the Province of British Columbia Registrar of Companies<br> ![](n5138exh3-1_img002.jpg)<br> SINEAD O'CALLAGHAN<br>|

---

![](n5138exh3-1_img003.jpg)

This Notice of Articles was issued by the Registrar on: May 27, 2025 11:08 AM Pacific Time Incorporation Number: C1541347 Recognition Date and Time: Continued into British Columbia on May 27, 2025 11:08 AM Pacific Time

---

| |
|:---|
| **NOTICE OF ARTICLES** |
| **Name of Company:** |
| SILVER BOW MINING CORP. |

---

---

| | |
|:---|:---|
| **REGISTERED OFFICE INFORMATION** |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;1200 - 750 WEST PENDER STREET | &nbsp;&nbsp;1200 - 750 WEST PENDER STREET |
| &nbsp;&nbsp;VANCOUVER BC V6C 2T8 | &nbsp;&nbsp;VANCOUVER BC V6C 2T8 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **RECORDS OFFICE INFORMATION** |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;1200 - 750 WEST PENDER STREET | &nbsp;&nbsp;1200 - 750 WEST PENDER STREET |
| &nbsp;&nbsp;VANCOUVER BC V6C 2T8 | &nbsp;&nbsp;VANCOUVER BC V6C 2T8 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |

---

Page: 1 of 3

---

| | |
|:---|:---|
| **DIRECTOR INFORMATION** |  |
| **Last Name, First Name, Middle Name:** |  |
| Hennigh, Quinton |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| Naugle, Charles Travis |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| Durbin, Steve |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| Holloway, Andy |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **Last Name, First Name, Middle Name:** |  |
| McMullin, David |  |
| &nbsp;&nbsp;**Mailing Address:** | &nbsp;&nbsp;**Delivery Address:** |
| &nbsp;&nbsp;401 BAY STREET | &nbsp;&nbsp;401 BAY STREET |
| &nbsp;&nbsp;SUITE 2702 | &nbsp;&nbsp;SUITE 2702 |
| &nbsp;&nbsp;TORONTO ON M5H 2Y4 | &nbsp;&nbsp;TORONTO ON M5H 2Y4 |
| &nbsp;&nbsp;CANADA | &nbsp;&nbsp;CANADA |
| **AUTHORIZED SHARE STRUCTURE** | **AUTHORIZED SHARE STRUCTURE** |

---

Page: 2 of 3

---

| | | | |
|:---|:---|:---|:---|
| 1. | No Maximum | Common Shares | Without Par Value |
|  |  |  | Without Special Rights or Restrictions attached |

---

Page: 3 of 3

---

| | |
|:---|:---|
| ![](n5138exh3-1_img001.jpg) | Number: C1541347 |

---

**CERTIFICATE**

**OF**

**CONTINUATION**

*BUSINESS CORPORATIONS ACT*

I Hereby Certify that SILVER BOW MINING CORP., has continued into British Columbia from the Jurisdiction of ONTARIO, under the Business Corporations Act, with the name SILVER BOW MINING CORP. on May 27, 2025 at 11:08 AM Pacific Time.

---

| | |
|:---|:---|
| ![](n5138exh3-1_img005.jpg)<br> ELECTRONIC CERTIFICATE | *Issued under my hand at Victoria, British Columbia <br> On May 27, 2025*<br> ![](n5138exh3-1_img002.jpg) <br> **SINEAD O'CALLAGHAN**<br> *Registrar of Companies*<br> Province of British Columbia<br> Canada |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](n5138exh3-1_img006.jpg) | &nbsp;&nbsp;Ministry of Public and <br> Business Service Delivery <br> Ministère des Services au public et <br> aux entreprises |
| **Authorization to Continue in another Jurisdiction** | **Autorisation de maintien sous le régime d'une autre autorité législative** |
| &nbsp;&nbsp;Business Corporations Act | &nbsp;&nbsp;Loi sur les sociétés par actions |
| SILVER BOW MINING CORP. | SILVER BOW MINING CORP. |
| &nbsp;&nbsp;Corporation Name / Dénomination sociale | &nbsp;&nbsp;Corporation Name / Dénomination sociale |
| 2774932 | 2774932 |
| &nbsp;&nbsp;Ontario Corporation Number / Numéro de société de l'Ontario | &nbsp;&nbsp;Ontario Corporation Number / Numéro de société de l'Ontario |
| &nbsp;&nbsp;This is to certify that the above-named corporation is authorized to apply to another jurisdiction to continue out of the Business Corporations Act | &nbsp;&nbsp;La présente vise à attester que la personne morale ci-haut mentionnée est autorisée à faire une demande de maintien dans une autre autorité législative hors de la portée de la Loi sur les sociétés par actions |
| &nbsp;&nbsp;This authorization is effective on | &nbsp;&nbsp;Cette autorisation entre en vigueur le |
| &nbsp;&nbsp;**May 13, 2025 / 13 mai 2025** | &nbsp;&nbsp;**May 13, 2025 / 13 mai 2025** |
| &nbsp;&nbsp;![](n5138exh3-1_img007.jpg)<br> Director / Directeur | &nbsp;&nbsp;![](n5138exh3-1_img007.jpg)<br> Director / Directeur |
| &nbsp;&nbsp;Business Corporations Act / Loi sur les sociétés par actions | &nbsp;&nbsp;Business Corporations Act / Loi sur les sociétés par actions |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;The Authorization to Continue out is not valid without the Application for Authorization to Continue in another Jurisdiction | ![](n5138exh3-1_img008.jpg) | L'autorisation de maintien autrement n'est pas valide si elle ne contient pas la demande d'autorisation de maintien sous le régime d'une autre autorité législative |
|  | ![](n5138exh3-1_img008.jpg) |  |
| &nbsp;&nbsp;Certified a true copy of the record of the Ministry of Public and Business Service Delivery.<br> ![](n5138exh3-1_img007.jpg)<br> Director/Registrar | ![](n5138exh3-1_img008.jpg) | <br>Copie certifiée conforme du dossier du ministère des Services au public et aux entreprises.<br> ![](n5138exh3-1_img007.jpg)<br> Directeur ou registrateur |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](n5138exh3-1_img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ministry of Public and <br> Business Service Delivery <br> Ministère des Services au public et <br> aux entreprises |
| **Certificate of Amendment** | &nbsp;&nbsp;&nbsp;&nbsp;**Certificat de modification** |
| &nbsp;&nbsp;Business Corporations Act | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loi sur les sociétés par actions |
| SILVER BOW MINING CORP. | SILVER BOW MINING CORP. |
| &nbsp;&nbsp;Corporation Name / Dénomination sociale | &nbsp;&nbsp;Corporation Name / Dénomination sociale |
| 2774932 | 2774932 |
| &nbsp;&nbsp;Ontario Corporation Number / Numéro de société de l'Ontario | &nbsp;&nbsp;Ontario Corporation Number / Numéro de société de l'Ontario |
| &nbsp;&nbsp;This is to certify that these articles are effective on | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La présente vise à attester que ces statuts entreront en vigueur le |
| &nbsp;&nbsp;**February 18, 2025 / 18 février 2025** | &nbsp;&nbsp;**February 18, 2025 / 18 février 2025** |
| &nbsp;&nbsp;![](n5138exh3-1_img007.jpg)<br> Director / Directeur | &nbsp;&nbsp;![](n5138exh3-1_img007.jpg)<br> Director / Directeur |
| &nbsp;&nbsp;Business Corporations Act / Loi sur les sociétés par actions | &nbsp;&nbsp;Business Corporations Act / Loi sur les sociétés par actions |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;The Certificate of Amendment is not complete without the Articles of Amendment | ![](n5138exh3-1_img008.jpg) | Ce certificat de modification n'est pas complet s'il ne contient pas les statuts de modification |
|  | ![](n5138exh3-1_img008.jpg) |  |
| &nbsp;&nbsp;Certified a true copy of the record of the Ministry of Public and Business Service Delivery.<br> ![](n5138exh3-1_img007.jpg)<br> Director/Registrar | ![](n5138exh3-1_img008.jpg) | <br>Copie certifiée conforme du dossier du ministère des Services au public et aux entreprises.<br> ![](n5138exh3-1_img007.jpg)<br> Directeur ou registrateur |

---

BCA - Articles of Amendment - SILVER BOW MINING CORP. - OCN:2774932 - February 18, 2025

---

| | |
|:---|:---|
| ![](n5138exh3-1_img006.jpg) | &nbsp;&nbsp;Ministry of Public and <br> Business Service Delivery |
| **Articles of Amendment** |  |
| Business Corporations Act |  |

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**Corporation Name (Date of Incorporation/Amalgamation)**<br> BLACKJACK SILVER CORP. (August 31, 2020)

**1. The name of the corporation is changed to:** <br> SILVER BOW MINING CORP.

**2. The number of directors or the minimum/maximum number of directors are amended as follows:** <br> Not amended

**3. The articles are amended as follows:**

**A. Restrictions, if any, on business the corporation may carry on or on powers the corporation may exercise. If none, enter "None":** <br> Not amended

**B. The classes and any maximum number of shares that the corporation is authorized to issue:** <br> Not amended

**C. Rights, privileges, restrictions and conditions (if any) attaching to each class of shares and directors' authority with respect to any class of shares which may be issued in series. If there is only one class of shares, enter "Not Applicable":** <br> Not amended

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|:---|:---|
| The endorsed Articles of Amendment are not complete without the Certificate of Amendment.<br>Certified a true copy of the record of the Ministry of Public and Business Service Delivery.<br>![](n5138exh3-1_img007.jpg) <br>Director/Registrar, Ministry of Public and Business Service Delivery | Page 1 of 3 |

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BCA - Articles of Amendment - SILVER BOW MINING CORP. - OCN:2774932 - February 18, 2025

**D. The issue, transfer or ownership of shares is/is not restricted and the restrictions (if any) are as follows. If none, enter "None":** <br> Not amended

**E. Other provisions:** <br> Not amended

**4. The amendment has been duly authorized as required by sections 168 and 170 (as applicable) of the Business Corporations Act.**

**5. The resolution authorizing the amendment was approved by the shareholders/directors (as applicable) of the corporation on:** <br> January 27, 2025

**The articles have been properly executed by the required person(s).**

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|:---|:---|
| The endorsed Articles of Amendment are not complete without the Certificate of Amendment.<br>Certified a true copy of the record of the Ministry of Public and Business Service Delivery.<br>![](n5138exh3-1_img007.jpg) <br>Director/Registrar, Ministry of Public and Business Service Delivery | Page 2 of 3 |

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BCA - Articles of Amendment - SILVER BOW MINING CORP. - OCN:2774932 - February 18, 2025

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|:---|:---|
| **Supporting Information - Nuans Report Information** | **Supporting Information - Nuans Report Information** |
| **Nuans Report Reference #** | &nbsp;&nbsp;122448982 |
| **Nuans Report Date** | &nbsp;&nbsp;February 07, 2025 |

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| | |
|:---|:---|
| The endorsed Articles of Amendment are not complete without the Certificate of Amendment.<br>Certified a true copy of the record of the Ministry of Public and Business Service Delivery.<br>![](n5138exh3-1_img007.jpg) <br>Director/Registrar, Ministry of Public and Business Service Delivery | Page 3 of 3 |

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## Exhibit 3.2

**Exhibit 3.2**

**<u>BY-LAW NO. 1</u>**

**A by-law relating generally to the conduct**

**of the business and affairs of Blackjack Silver Corp.**

**(as amended January 13, 2021)**

**(herein called the "Corporation")**

**<u>CONTENTS</u>**

1. Interpretation 8. Dividends

2. Directors 9. Financial Year

3. Meetings of the Directors 10. Notices

4. Remuneration and Indemnification 11. Execution of Documents

5. Officers 12. Effective Date

6. Meetings of Shareholders

7. Shares

**BE IT ENACTED** as a by-law of the Corporation as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. INTERPRETATION

**1.01** In this by-law and all other by-laws and resolutions of the Corporation, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Act"
 means the Business Corporations Act, R.S.O. 1990, C.B-16, and includes the Regulations
 made pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "articles"
 means the articles of incorporation of the Corporation as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "board"
 means the board of directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "by-laws
 means all by-laws, including special by-laws, of the Corporation as amended from time
 to time;

Page 1 of 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Corporation"
 means this Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "person"
 includes an individual, sole proprietorship, partnership, unincorporated association,
 unincorporated syndicate, unincorporated organization, trust, body corporate, and a natural
 person in his capacity as trustee, executor, administrator, or other legal representative;

**1.02** In this by-law where the context requires words importing the singular include the plural and vice versa and words importing gender include the masculine, feminine and neuter genders.

**1.03** All the words and terms appearing in this by-law shall have the same definitions and application as in the Act.

2. <u>DIRECTORS</u>

**2.01 <u>Powers</u>** - Subject to any unanimous shareholders' agreement, the business and affairs of the Corporation shall be managed or supervised by a board of directors being composed of:

A variable board of not fewer than 1 and not more than 10 directors.

**2.02 <u>Qualifications</u>** - Any individual may be a director of the Corporation except: A person who is less than eighteen years of age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A
 person who is less than eighteen years of age.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A
 person who is of unsound mind and has been so found by a court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A
 person who has the status of a bankrupt.

**2.03 <u>Election and Term</u>** - The election of directors shall take place at the first meeting of shareholders and at each succeeding annual meeting at which an election of directors is required. The directors shall hold office for an expressly stated term which shall expire not later than the close of the third annual meeting of shareholders following the election. A director not elected for an expressly stated term ceases to hold office at the close of the first annual meeting of shareholders following his election. Incumbent directors, if qualified, shall be eligible for re-election. If an election of directors is not held at the proper time, the directors shall continue in office until their successors are elected.

**2.04 <u>Resignation</u>** - A director who is not named in the articles may resign from office upon giving a written resignation to the Corporation and such resignation becomes effective when received by the Corporation or at the time specified in the resignation, whichever is later. A director named in the articles shall not be permitted to resign his office unless at the time the resignation is to become effective, a successor is elected or appointed.

**2.05 <u>Removal</u>** - Subject to clause (t) of section 107 of the Act, the shareholders may, by ordinary resolution at an annual or special meeting remove any director or directors from office before the expiration of his term and may, by a majority of the votes cast at the meeting, elect any person in his place for the remainder of his term.

**2.06 <u>Vacation of Office</u>** - A director ceases to hold office when he dies, resigns, is removed from office by the shareholders, or ceases to have the necessary qualifications.

Page 2 of 11

**2.07 <u>Vacancies</u>** - Subject to the exceptions in section 124 of the Act, where a vacancy occurs on the board, a quorum of the directors then in office may appoint a person to fill the vacancy for the remainder of the term. If there is not a quorum of directors or if there has been a failure to elect the number of directors required by the articles or in the case of a variable board as required by special resolution, the directors then in office shall forthwith call a special meeting of shareholders to fill the vacancy and, if they fail to call a meeting or if there are no directors then in office, the meeting may be called by any shareholder.

3. <u>MEETING OF DIRECTORS</u>

**3.01 <u>Place of Meetings</u>** - Meetings of the board may be held at the registered office of the Corporation or at any other place within or outside of Ontario but, except where the Corporation is a non-resident corporation, or the articles or the by-laws otherwise provide, in any financial year of the Corporation, a majority of the meetings of the board shall be held at a place within Canada.

**3.02 <u>Meetings by Telephone</u>** - Where all the directors present at or participating in the meeting have consented thereto, any director may participate in a meeting of the board by means of conference telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each other simultaneously and instantaneously and a director participating in such a meeting by such means is deemed for the purposes of the Act and these by-laws to be present at the meeting. If a majority of the directors participating in such a meeting are then in Canada, the meeting shall be deemed to have been held in Canada.

**3.03 <u>Calling of Meetings</u>** - Meetings of the board shall be held from time to time at such place, at such time and on such day as the president or a vice-president who is a director or any two directors may determine, and the secretary shall call meetings when directed or authorized by the president of by a vice-president who is a director or by any two directors. Notice of every meeting so called shall be given to each director not less than 48 hours (excluding any part of a Sunday and of a holiday as defined by the Interpretation Act) before the time when the meeting is to be held, except that no notice of meeting shall be necessary if all the directors are present or if those absent have waived notice of or otherwise signified their consent to the holding of such meeting. A notice of a meeting of directors need not specify the purpose of or the business to be transacted at the meeting except where the Act requires such purpose or business to be specified.

**3.04 <u>Regular Meetings</u>** -The board may appoint a day or days in any month or months for regular meetings at a place and hour to be named. A copy of any resolution of the board fixing the place and time of regular meetings of the board shall be sent to each director forthwith after being passed, but no other notice shall be required for any such regular meetings.

**3.05 <u>First Meeting of the New Board</u>** - Each newly elected board may without notice hold its first meeting for the purpose of organization and the election and appointment of officers immediately following a meeting of shareholders at which such board is elected, provided that a quorum of directors is present.

**3.06 <u>Quorum</u>** - Where the Corporation has only one director, that director may constitute a quorum for the transaction of business at any meeting of the board. Where the Corporation has two directors, both directors of the Corporation must be present at any meeting of the board to constitute a

Page 3 of 11

quorum. Subject to the articles or by-laws of the Corporation, a majority of the number of directors or minimum number of directors required by the articles constitutes a quorum at any meeting of directors but in no case shall a quorum be less than two-fifths of the number of directors or less than the minimum number of directors, as the case may be.

**3.07 <u>Chairman</u>** - The Chairman of any meeting of the board shall be the first mentioned of such of the following officers as have been appointed and who is a director and is present at the meeting:

Chairman of the Board, President, or<br> A Vice-President who is a director.

If no such officer is present, the directors present shall choose one of their number to be Chairman.

**3.08 <u>Votes to Govern</u>** - At all meetings of the board, every question shall be decided by a majority of the votes cast on the question.

**3.10 <u>Casting Vote</u>** - In the case of an equality of votes on any question at a meeting of the board, the Chairman of the meeting shall be entitled to a second or casting vote.

&nbsp;&nbsp;&nbsp;&nbsp;**3.11 <u>Disclosure of Interests in Contracts</u>** - Every director or officer of the Corporation who is a party to a material contract or proposed material contract with the Corporation, or is a director or officer or has a material interest in any corporation which is a party to a material contract or proposed material contract with the Corporation shall disclose in writing to the Corporation or request to have entered in the minutes of the meeting of directors the nature and extent of his interest as required by section 132 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;**3.12 <u>Resolution in Lieu of Meeting</u>** - a resolution in writing, signed by all the directors entitled to vote on that resolution at a meeting of directors or committee of directors, is as valid as if it had been passed at a meeting of directors or committee of directors. A copy of every such resolution shall be kept with the minutes of the proceedings of the directors or committee of directors.

**3.13 <u>Delegation</u>** - Directors may appoint from their number a managing director or a committee of directors and delegate to such managing director or committee any of the powers of the directors. Unless otherwise determined by the board, each committee shall have the power to fix its quorum at not less than a majority of its members, to elect its chairman and to regulate its procedure.

4. REMUNERATION AND INDEMNIFICATION

**4.01 <u>Remuneration</u>** - Subject to the articles, the by-laws or any Unanimous Shareholders' Agreement, the board may fix the remuneration of the directors. Such remuneration shall be in addition to any salary or professional fees payable to a director who serves the Corporation in any other capacity. In addition, directors shall be paid such sums in respect of their out-of-pocket expenses incurred in attending board, committee or shareholders' meetings or otherwise in respect of the performance by them of their duties as the board may from time to time determine.

**4.02 <u>Limitation of Liability</u>** - No director or officer shall be liable for the acts, receipts, neglects or defaults of any other director or officer or employee, or for joining in any receipt or other act for conformity, or for any loss, damage or expense happening to the Corporation through the

Page 4 of 11

insufficiency or deficiency of title to any property acquired for or on behalf of the Corporation, or for the insufficiency or deficiency of any security in or upon which any of the monies of the Corporation shall be invested, or for any loss or damage arising from the bankruptcy, insolvency or tortious acts of any person with whom any of the monies, securities or effects of the Corporation shall be deposited, or for any loss occasioned by any error of judgment or oversight on his part, or for any other loss, damage or misfortune whatever which shall happen in the execution of the duties of his office or in relation thereto, unless the same are occasioned by his own willful neglect or default; provided that nothing herein shall relieve any director or officer from the duty to act in accordance with the Act or from liability for any breach thereof.

**4.03 <u>Indemnity of Directors and Officers</u>** - Except as provided in section 136 of the Act, every director and officer of the Corporation, every former director or officer of the Corporation or a person who acts or acted at the Corporation's request as a director or officer of a body corporate of which the Corporation is or was a shareholder or creditor, and his heirs and legal representatives shall, from time to time, be indemnified and saved harmless by the Corporation from and against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party by reason of being or having been a director or officer of such corporation or body corporate if,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 acted honestly and in good faith with a view to the best interests of the Corporation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a criminal or administrative action or proceeding that is enforced by a monetary
 penalty, he had reasonable grounds for believing that his conduct was lawful.

&nbsp;&nbsp;&nbsp;&nbsp;**4.04 <u>Insurance</u>** - Subject to the limitations contained in the Act, the Corporation may purchase and maintain such insurance for the benefit of its directors and officers as such, as the board may from time to time determine.

5. <u>OFFICERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;**5.01 <u>Election or Appointment</u>** - At the first meeting of the board after each election of directors, the board shall elect or appoint a president, and a secretary and if deemed advisable may appoint one or more vice-presidents, a general manager, a treasurer and such other officers as the board may determine including one or more assistants to any of the officers so appointed. Any two of the said offices may be held by the same person. If the same person holds the office of secretary and treasurer, he may, but need not, be known as the secretary-treasurer.

&nbsp;&nbsp;&nbsp;&nbsp;**5.02 <u>Term, Remuneration and Removal</u>** - The terms of employment and remuneration of all officers elected or appointed by the board (including the president) shall be determined from time to time by resolution of the board. The fact that any officer or employee is a director or shareholder of the Corporation shall not disqualify him from receiving such remuneration as may be determined. All officers, in the absence of agreement to the contrary, shall be subject to removal by resolution of the board at any time with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;**5.03 <u>President</u>** - The president shall be the chief executive officer of the Corporation. He shall, if present, preside at all meetings of the shareholders and of the directors and shall be charged with

Page 5 of 11

the general supervision of the business and affairs of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**5.04 <u>Vice-President</u>** - The vice-president, or if there are more than one, the vice- presidents in order of seniority (as determined by the board) shall be vested with all the powers and shall perform all the duties of the president in the absence or disability or refusal to act of the president, except that he shall not preside at meetings of directors or shareholders as the case may be. If a vice-president exercises any such duty or power, the absence or inability of the president shall be presumed with reference thereto. A vice-president shall also perform such duties and exercise such powers as the president may from time to time delegate to him or the board may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;**5.05 <u>General Manager</u>** - The general manager, if one is appointed, shall have the general management and direction, subject to the authority of the board and the supervision of the president, of the Corporation's business and affairs and the power to appoint and remove any and all officers, employees and agents of the Corporation not elected or appointed directly by the board and to settle the terms of their employment and remuneration. If and so long as the general manager is a director, he may but need not be known as the managing director.

&nbsp;&nbsp;&nbsp;&nbsp;**5.06 <u>Secretary</u>** - The secretary shall attend all meetings of the directors, shareholders and committees of the board and shall enter or cause to be entered in books kept for that purpose minutes of all proceedings at such meetings; he shall give, or cause to be given, when instructed, notices required to be given to shareholders, directors, auditors and members of committees; he shall be the custodian of the stamp or mechanical device generally used for affixing the corporate seal of the Corporation and of all books, papers, records, documents and other instruments belonging to the Corporation; and he shall perform such other duties as may from time to time be prescribed by the board.

**5.07 <u>Treasurer</u>** - The treasurer shall keep, or cause to be kept proper accounting records as required by the Act; he shall deposit or cause to be deposited all monies received by the Corporation in the Corporation's bank account; he shall, under the direction of the board, supervise the safekeeping of securities and the disbursement of the funds of the Corporation; he shall render to the board, whenever required, an account of all his transactions as treasurer and of the financial position of the Corporation; and he shall perform such other duties as may from time to time be prescribed by the board.

**5.08 <u>Other Officers</u>** - The duties of all other officers of the Corporation shall be such as the terms of their engagement call for or the board requires of them. Any of the powers and duties of an officer to whom an assistant has been appointed may be exercised and performed by such assistant, unless the board otherwise directs.

**5.09 <u>Variation of Duties</u>** - From time to time the board may vary, add to or limit the powers and duties of any officer or officers.

**5.10 <u>Agents and Attorneys</u>** - The board shall have power from time to time to appoint agents or attorneys for the Corporation in or out of Ontario with such powers of management or otherwise (including the power to sub-delegate) as may be thought fit.

**5.11 <u>Fidelity Bonds</u>** - The board may require such officers, employees d agents of the Corporation as it deems advisable to furnish bonds for the faithful performance of their duties, in such form and with such surety as the board may from time to time prescribe.

Page 6 of 11

6. <u>MEETINGS OF SHAREHOLDERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;**6.01 <u>Annual Meetings</u>** - The directors shall call the first annual meeting of shareholders not later than eighteen months after the Corporation comes into existence and subsequently not later than fifteen months after holding the last preceding annual meeting. The annual meeting of shareholders of the Corporation shall be held at such time and on such day in each year as the board may from time to time determine, for the purpose of receiving the reports and statements required by the Act to be laid before the annual meeting, electing directors, appointing auditors and fixing or authorizing the board to fix their remuneration, and for the transaction of such other business as may properly be brought before the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;**6.02 <u>Special Meetings</u>** - The board may at any time call a special meeting of shareholders for the transaction of any business which may properly be brought before such meeting of shareholders. All business transacted at an annual meeting of shareholders, except consideration of the financial statements, auditor's report, re-election of directors and reappointment of the incumbent auditor, is deemed to be special business.

**6.03 <u>Place of Meetings</u>** - Meetings of shareholders shall be held at the registered office of the Corporation, or at such other place within or outside of Ontario as the board from time to time determines.

&nbsp;&nbsp;&nbsp;&nbsp;**6.04 <u>Notice of Meetings</u>** - Notice of the time and place of each meeting of the shareholders shall be sent not less than ten (10) days and not more than fifty (50) days before the date of the meeting to the auditor of the Corporation, to each director and to each person whose name appears on the records of the Corporation at the close of business on the day next preceding the giving of the notice as a shareholder entitled to vote at the meeting. Notice of a special meeting of shareholders shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 nature of the business to be transacted at the meeting in sufficient detail to permit
 the shareholders to form a reasoned judgment thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 text of any special resolution or by-law to be submitted to the meeting.

**6.05 <u>Persons Entitled to be Present</u>** - The only persons entitled to attend a meeting of shareholders shall be those entitled to vote thereat, the directors and the auditor of the Corporation and others who although not entitled to vote are entitled or required under any provision of the Act or by-laws of the Corporation to be present at the meeting. Any other persons may be admitted only on the invitation of the chairman of the meeting or with the consent of the meeting.

**6.06 <u>Quorum</u>** - Two holder of shares entitled to vote at a meeting of shareholders, whether present in person or represented by proxy, constitute a quorum for the transaction of business at any meeting of shareholders. If a quorum is present at the opening of a meeting of shareholders, the shareholders present may proceed with the business of the meeting even if a quorum is not present throughout the meeting. If the Corporation has only one shareholder, or only one holder of any class or series of shares, the shareholder present in person or by proxy constitutes a meeting.

**6.07 <u>One Shareholder Meeting</u>** - If the Corporation has only one shareholder, or only one holder of any class or series of shares, the shareholder present in person or by proxy constitutes a meeting.

Page 7 of 11

**6.08 <u>Right to Vote</u>** - At any meeting of shareholders, unless the articles otherwise provide, each share of the Corporation entitles the holder thereof to one vote at a meeting of shareholders.

**6.09 <u>Joint Shareholders</u>** - Where two or more persons hold the same share or shares jointly, any one of such persons present at a meeting of shareholders may in the absence of the others vote the shares but, if two or more of such persons who are present in person or by proxy, vote, they shall vote as one on the shares jointly held by them.

&nbsp;&nbsp;&nbsp;&nbsp;**6.10 <u>Proxies</u>** - Every shareholder entitled to vote at a meeting of shareholders may by means of a proxy appoint a proxy holder or one or more alternate proxy holders who are not required to be shareholders to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy. A proxy shall be in writing and executed by the shareholder or by his attorney authorized in writing. Subject to the requirements of the Act, the instrument may be in such form as the directors from time to time prescribed or in such other form as the chairman of the meeting may accept as sufficient. It shall be deposited with the Corporation before any vote is taken under its authority, or at such earlier time and in such manner as the board, by resolution, prescribes.

**6.11 <u>Scrutineers</u>** - At each meeting of shareholders, one or more scrutineers may be appointed by a resolution of the meeting or by the chairman with the consent of the meeting to serve at the meeting. Such scrutineers need not be shareholders of the Corporation.

**6.12 <u>Votes to Govern</u>** - Unless otherwise required by the Act, or the articles or by-laws of the Corporation, all questions proposed for the consideration of the shareholders at a meeting shall be decided by a majority of the votes cast thereon.

&nbsp;&nbsp;&nbsp;&nbsp;**6.13 <u>Show of Hands</u>** - At all meetings of shareholders every question shall be decided by a show of hands unless a ballot thereon be required by the chairman or be demanded by a shareholder or proxy holder present and entitled to vote. Upon a show of hands, every person present and entitled to vote, has one vote regardless of the number of shares he represents. After a show of hands has been take upon any question, the chairman may require or any shareholder or proxy holder present and entitled to vote may demand a ballot thereon. Whenever a vote by show of hands shall have been taken upon a question, unless a ballot thereon be so required or demanded, a declaration by the chairman that the vote upon the question has been carried or carried by a particular majority or not carried and an entry to that effect in the minutes of the meeting shall be prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favour of or against the question. The result of the vote so taken and declared shall be the decision of the Corporation on the question. A demand for a ballot may be withdrawn at any time prior to the taking of the ballot.

&nbsp;&nbsp;&nbsp;&nbsp;**6.14 <u>Ballots</u>** - If a ballot is required by the chairman of the meeting or is demanded and the demand is not withdrawn, a ballot upon the question shall be taken in such manner as the chairman of the meeting directs.

&nbsp;&nbsp;&nbsp;&nbsp;**6.15 <u>Adjournment</u>** - The chairman of a meeting of shareholders may, with the consent of the meeting and subject to such conditions as the meeting may decide, adjourn the meeting from time to time and from place to place.

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7. <u>SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;**7.01 <u>Allotment</u>** - Subject to any Unanimous Shareholders' Agreement, the board may from time to time issue or grant options to purchase the whole or any part of the authorized and unissued shares of the Corporation at such time and to such persons and for such consideration as the board shall determine, provided that no share shall be issued until it is fully paid as prescribed by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;**7.02 <u>Lien for Indebtedness</u>** - Subject to the Act, the Corporation has a lien on shares registered in the name of a shareholder or his legal representative for any debt of the shareholder to the Corporation. The Corporation may enforce the lien by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of redeemable shares, redeeming the shares at their redemption price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the case of all other shares by purchasing such shares at their book value for cancellation
 or for re-sale;

and by applying the value of such shares so determined to the debt of the shareholder. In enforcing the lien as aforesaid the Corporation shall not be obliged to redeem or purchase all of the shares of that class but only the shares subject to the lien. In electing to enforce the lien in this manner, the Corporation shall not prejudice or surrender any other rights of enforcement of the lien which may in law be available to it or any other remedy available to the Corporation for collection of the debt or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**7.03 <u>Share Certificates</u>** - Every holder of one or more shares of the Corporation is entitled, as his option, to a share certificate or to a non-transferable written acknowledgement of his right to obtain a share certificate, stating the number and class or a series of shares held by him as shown on the records of the Corporation. Share certificates and acknowledgements of a shareholder's right to a share certificate shall be in such form as the board shall from time to time approve. The share certificate shall be signed manually by at least one director or officer of the Corporation or by or on behalf of the registrar or transfer agent and any additional signatures required on the share certificate may be printed or otherwise mechanically reproduced thereon.

&nbsp;&nbsp;&nbsp;&nbsp;**7.04 <u>Replacement of Share Certificates</u>** - The directors may by resolution prescribe, either generally or in a particular case the conditions upon which a new share certificate may be issued to replace a share certificate which has been defaced lost, stolen or destroyed.

**7.05 <u>Transfer Agent and Registrar</u>** - The board may from time to time appoint a registrar to maintain the securities register and a transfer agent to maintain the register of transfers and may also appoint one or more branch registrars to maintain branch security registers and one or more branch transfer agents to maintain branch registers of transfers, but one person may be appointed both registrar and transfer agent. The board may at any time terminate any such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;**7.06 <u>Joint Shareholders</u>** - If two or more persons are registered as joint holders of any share, the Corporation shall not be bound to issue more than one certificate in respect thereof, and delivery of such certificate to one of such persons shall be sufficient delivery to all of them. Any one of such persons may give effectual receipts for the certificate issued in respect thereof or for any dividends, bonus, return of capital or other money payable or warrant issuable in respect of such share.

8. <u>DIVIDENDS</u>

Page 9 of 11

&nbsp;&nbsp;&nbsp;&nbsp;**8.01 <u>Declaration</u>** - Subject to the Act and the articles, the board may declare and the Corporation may pay a dividend to the shareholders according to their respective rights in the Corporation. Such a dividend may be paid by issuing fully paid shares of the Corporation or options or rights to acquire fully paid shares of the Corporation or may be paid in money or property.

&nbsp;&nbsp;&nbsp;&nbsp;**8.02 <u>Payment</u>** - A dividend payable in cash shall be paid by cheque drawn on the Corporation's bankers or one of them to the order of each registered holder of shares of the class in respect of which it has been declared, and mailed by ordinary mail postage prepaid to such registered holder at his last address appearing on the records of the Corporation. In the case of joint holders, the cheque shall, unless such joint holders otherwise direct, be made payable to the order of all such joint holders and if more than one address appears on the books of the Corporation in respect of such joint holding, the cheque shall be mailed to the first address so appearing. The mailing of such cheque as aforesaid shall satisfy and discharge all liability for the dividend to the extent of the sum represented thereby, unless such cheque be not paid on presentation.

**8.03 <u>Non-Receipt of Cheque</u>** - In the event of the non-receipt of any cheque for a dividend by the person to whom it is so sent as aforesaid, the Corporation, on proof of such non-receipt and upon satisfactory indemnity being given to it shall issue to such person a replacement cheque for a like amount.

**8.04 <u>Purchase of Business as of Past Date</u>** - Where any business is purchased by the Corporation as from a past date (whether such date be before or after the incorporation of the Corporation) upon terms that the Corporation shall as from that date take the profits and bear the losses of the business, such profits or losses as the case may be shall, at the discretion of the directors be credited or debited wholly or in part to revenue account, and in that case the amount so credited or debited shall, for the purpose of ascertaining the fund available for dividends, be treated as a profit or loss arising from the business of the Corporation.

9. <u>FINANCIAL YEAR</u>

&nbsp;&nbsp;&nbsp;&nbsp;**9.01 <u>Financial Year</u>** - The financial or fiscal year of the Corporation shall end on the 31<sup>st</sup> day of December in each year.

10. <u>NOTICES</u>

&nbsp;&nbsp;&nbsp;&nbsp;**10.01 <u>Method of Giving Notice</u>** - Any notice, communication or other document to be given by the Corporation to a shareholder, director, officer, or auditor of the Corporation under any provision of the Act, the articles or by-laws shall be sufficiently given if delivered personally to the person to whom it is to be given, or if delivered or sent by facsimile transmission to his recorded address or if mailed to him at his recorded address by prepaid ordinary mail or if sent to him at his recorded address by any means of any prepaid transmitted or recorded communication. A notice so delivered shall be deemed to have been given when it is delivered personally or delivered or sent by facsimile transmission to the recorded address as aforesaid; a notice so mailed shall be deemed to have been given when deposited in a post office or public letter box and shall be deemed to have been received on the fourth day after so depositing; and a notice so sent by any means of transmitted or recorded communication shall be deemed to have been received on the fifth day after so depositing the notice with the appropriate communication company or agency or its representative for dispatch. The secretary may change or cause to be changed the recorded address of any shareholder, director, officer or auditor of the Corporation in accordance with any information believed by him to be reliable. The recorded address of a director shall be his latest

Page 10 of 11

address as shown in the records of the Corporation or in the most recent notice filed under the Corporations Information Act, whichever is the more current.

**10.02 <u>Computation of Time</u>** - In computing the date when notice must be given under any provision of the articles or by-laws requiring a specified number of days notice of any meeting or other event, the date of giving the notice shall, unless otherwise provided, be included.

**10.03 <u>Omissions and Errors</u>** - The accidental omission to give any notice to any shareholder, director, officer, or auditor, or the non-receipt of any notice by any shareholder, director, officer, or auditor or any error in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice or otherwise founded thereon.

**10.04 <u>Notice to Joint Shareholders</u>** - All motives with respect to any shares registered in more than one name may, if more than one address appears on the records of the Corporation in respect of such joint holding, be given to such joint shareholders at the first address so appearing, and notice so given shall be sufficient notice to all the holders of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;**10.05 <u>Persons Entitled by Death or Operation of Law</u>** - Every person who by operation of law, by transfer or the death of a shareholder or otherwise becomes entitled to shares, is bound by every notice in respect of such shares which has been duly given to the registered holder of such shares prior to his name and address being entered on the records of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**10.06 <u>Waiver of Notice</u>** - Any shareholder (or his duly appointed proxy) director, officer or auditor may waive any notice required to be given under the articles or by-laws of the Corporation and such waiver, whether given before or after the meeting or other event of which notice is required to be given shall cure any default in the giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;**10.07 <u>Signatures to Notices</u>** - The signature to any notice to be given by the Corporation may be written, stamped, typewritten or printed or partly written, stamped, typewritten or printed.

11. EXECUTION OF DOCUMENTS

&nbsp;&nbsp;&nbsp;&nbsp;**11.01 <u>Signing Officers</u>** - Deeds, transfers, assignments, contracts and obligations of the Corporation may be signed by the president or a vice-president or a director together with the secretary or treasurer or an assistance secretary or assistant treasurer or another director. Notwithstanding this, the board may at any time and from time to time direct the manner in which and the person or persons by whom any particular deed, transfer, contract or obligation or any class of deeds, transfers, contracts or obligations may be signed.

&nbsp;&nbsp;&nbsp;&nbsp;**11.02 <u>Seal</u>** - Any person authorized to sign any document may affix the corporate seal thereto.

12. EFFECTIVE DATE

&nbsp;&nbsp;&nbsp;&nbsp;**12.01 <u>Effective Date</u>** - This by-law comes into force upon confirmation by the shareholder of the Corporation in accordance with the Act.

Page 11 of 11

**PASSED** by the Board this 13<sup>th</sup> day of January, 2022.

---

| |
|:---|
| /s/ Dan Hrushewsky |
| Dan Hrushewsky |
| President & CEO |

---

Approved by shareholders at the annual general and special meeting on February 24, 2022.

[*Signature Page to 2022 By-Law No. 1*]

**<u>BY-LAW NO. 2</u>**

A By-law respecting the borrowing of money and the issuing of securities by:

**Blackjack Silver Corp.**

**(herein called the "Corporation")**

**BE IT ENACTED** as a By-law of the Corporation as follows:

1. Without limiting the borrowing powers of the Corporation as set forth in the Business Corporations Act, R.S.O. 1990, C. B-16 (the "Act"), the Directors of the Corporation may, from time to time, without the authorization of the Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow
 money upon the credit of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue,
 re-issue, sell or pledge debt obligations of the Corporation, including without limitation,
 bonds, debentures, notes or other similar obligations of the Corporation whether secured
 or unsecured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject
 to Section 44 of the Act, give a guarantee on behalf of the Corporation to secure performance
 of any present or future indebtedness, liability or obligation of any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) charge,
 mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently
 owned or subsequently acquired, real or personal, movable or immovable, property of the
 Corporation, including without limitation, book debts, rights, powers, franchises and
 undertakings, to secure any present or future indebtedness, liabilities or other obligations
 of the Corporation.

2. The Directors may, from time to time, by resolution delegate any or all of the powers referred to in paragraph 1 of this By-law to a Director, a Committee of Directors or one or more officers of the corporation.

**PASSED** by the Directors and sealed with the Corporation's seal this 1<sup>st</sup>. day of September 2020

---

| | |
|:---|:---|
|  | /s/ Bruce Reid |
|  | President |
| /s/ Bruce Reid |  |
| (Seal) | Secretary/Treasurer |

---

The foregoing By-law is hereby passed by the Director of the Corporation pursuant to the Business Corporations Act, R.S.O. 1990, c.B-16, as evidenced by the signature hereto of the directors.

Dated the 1<sup>st</sup> of September 2020

---

| |
|:---|
| /s/ Bruce Reid |
| Bruce Reid |

---

In lieu of confirmation at a general meeting of the Shareholders, I the undersigned, being the sole Shareholder of the Corporation entitled to vote at a meeting of Shareholders, hereby confirm in writing the above By-law pursuant to the Business Corporations Act, R.S.O. 1990, C.B-16.

Dated the 1 of September 2020

---

| |
|:---|
| /s/ Bruce Reid |
| Bruce Reid |

---

**CORPORATE BY-LAWS**

**BLACKJACK SILVER CORP.**

**(the "Corporation")**

**<u>BY-LAW NO. 3</u>**

**Advance Notice Requirement<br> for the Nomination of Directors**

The purpose of this By-Law No. 3 is to ensure that shareholder meetings are conducted in an orderly and efficient manner and that all shareholders have access to the same information pertaining to all directors nominated for election so they may cast an informed vote. This section imposes certain deadlines by which shareholders submitting a nominee must provide the required information for such nomination to be eligible for election at a general or special meeting of shareholders.

BE IT ENACTED as a by-law of Blackjack Silver Corp. (the **"Corporation"**) as follows:

**1.** In this by-law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** "Act"
means the Business Corporations Act (Ontario), and the regulations thereunder, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** "Affiliate"
means, in respect of any person, any other person that, directly or indirectly, controls, is controlled by or is under common control
with the first mentioned person; and "control" means, with respect to the definition of "Affiliate", the
possession, directly or indirectly, by a person or group of persons acting in concert of the power to direct or cause the direction
of the management and policies of another person, whether through the ownership of voting securities, contract, as a partner or
general partner, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** "Applicable
Securities Laws" means the applicable securities legislation of each province and territory of Canada, as amended from time
to time, the rules and regulations made or promulgated under any such statute, and the national instruments, multilateral instruments,
policies, bulletins and notices of the securities commissions and similar regulatory authorities of each province and territory
of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** "Articles"
means the articles of the Corporation, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** "Board"
means the board of directors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** "Business
Day" means any day except Saturday, Sunday, any statutory holiday in the Province of Ontario, or any other day on which the
principal chartered banks in the City of Toronto are closed for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** "NI 54-101"
means National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, as amended, supplemented,
restated or replaced from time to time;

Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** "Notice
Date" means the date the Public Announcement of an annual shareholder meeting or special shareholder meeting (which is not
also an annual shareholder meeting), as applicable, is made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** "Public Announcement" means the filing under the Corporation's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com of the notification of meeting and record date required by section 2.2 of NI 54-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Subject only
to the Act, the Articles and any other by-law of the Corporation, only persons who are nominated in accordance with this by-law
shall be eligible for election as directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** At any annual
meeting of shareholders or any special meeting of shareholders (where one of the purposes for which such special meeting was called
was the election of directors), nominations of persons for election to the Board may be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** by or at the
direction of the Board or an authorized officer of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** by
 one or more shareholders pursuant to a **"proposal"** (as provided in
 section 99(1) of the Act) made in accordance with the provisions of section 99 of
 the Act, or a requisition by one or more of the shareholders made in accordance with
 the provisions of section 105 of the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** by
 any person (a **"Nominating Shareholder"**) who at the close of business
 on the date of the giving of the notice provided for below and at the close of business
 on the record date for notice of such meeting, is a registered or beneficial holder of
 one or more shares carrying the right to vote at such meeting, and who complies with
 the timing and notice procedures set forth below in this by-law.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** In addition to
any other requirements under applicable law, the Articles and any other by-law of the Corporation, for a nomination to be made
by a Nominating Shareholder, the Nominating Shareholder must have given notice thereof that is both timely (in accordance with
section 5. and in proper written form (in accordance with section 6. to the Secretary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** To be timely,
a Nominating Shareholder's notice to the Secretary of the Corporation must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** in the case of
an annual meeting of shareholders, not fewer than 30 days nor more than 65 days prior to the date of the annual meeting of shareholders
(but in any event, not prior to the Notice Date); provided, however, that in the event such meeting is called for a date that is
fewer than 50 days after the Notice Date, notice by the Nominating Shareholder must be made not later than the close of business
on the 10th day following the Notice Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** in the case of
a special meeting of shareholders (which is not also an annual shareholder meeting) called for the purpose of electing directors
(whether or not also called for other purposes), not later than the close of business on the 15th day following the Notice Date.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** To be in proper
written form, a Nominating Shareholder's notice to the Secretary of the Corporation must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** as to each person
whom the Nominating Shareholder proposes to nominate for election as a

Page 2 of 4

director: (i) the name, age, citizenship, business address and residential address of the person; (ii) the principal occupation or employment of the person; (iii) the class or series and number of shares in the capital of the Corporation which are controlled or directed or which are owned beneficially, directly or indirectly, or of record by the person as of the record date for notice of the meeting of shareholders (if such date shall have occurred) and as of the date of such notice; and (iv) any other information relating to the person that would be required to be disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** as to the Nominating
Shareholder (which, for the purpose of this subsection 6(a), includes the Nominating Shareholder's Affiliates): (i) the class
or series and number of shares in the capital of the Corporation which are controlled or directed or which are owned beneficially,
directly or indirectly, or of record by the Nominating Shareholder as of the record date for notice of the meeting of shareholders
(if such date shall have occurred) and as of the date of such notice; (ii) full particulars regarding any proxy, contract, agreement,
arrangement, understanding or relationship pursuant to which such Nominating Shareholder has a right to vote any shares of the
Corporation; (iii) full particulars of any derivatives, hedges or other economic or voting interests (including short positions)
relating to the Nominating Shareholder's interest in shares in the capital of the Corporation; and (iv) any other information
relating to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection with
solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws.

The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a director of the Corporation or that could be material to a reasonable shareholder's understanding of the independence, or lack thereof, of such proposed nominee. The Corporation may also require any proposed nominee to provide the Corporation with a written consent to be named as a nominee and to act as a director, if elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No person shall
be eligible for election as a director of the Corporation unless nominated in accordance with the provisions of this by-law; provided,
however, that nothing in this by-law shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors)
at a meeting of shareholders of any matter that is properly before such meeting pursuant to the provisions of the Act or the discretion
of the Chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Chairman
of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth
in this by-law and, if any proposed nomination is not in compliance with the procedures set forth in this by-law, to declare that
such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;9. Notice given to the Secretary of the Corporation pursuant to this by-law may only be given by personal delivery, facsimile or email (at such fax number or email address as set forth on the Corporation's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com), and shall be deemed to have been
 given and made (i) if personally delivered, only at the time it is served by personal delivery to the Secretary of the Corporation at the principal executive office of the Corporation or (ii) if transmitted by facsimile or email, if sent before 5:00 p.m. (Toronto time) on a Business Day, on such Business Day, and otherwise on the next Business Day.

Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Notwithstanding
the foregoing, the Board may, in its sole discretion, waive any requirement in this by-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This by-law shall
come into force when enacted by the Board in accordance with the Act.

**PASSED** by the Board this 13<sup>th</sup> day of January, 2022.

---

| |
|:---|
| /s/ Dan Hrushewsky |
| Dan Hrushewsky <br> President & CEO |

---

Approved by Shareholders at the annual general and special meeting on February 24, 2022.

Page 4 of 4

## Exhibit 4.1

**Exhibit 4.1**

![](n5138exh4-1_img001.jpg)

\*\*9,000,000,000\*\*\*\* \*\*\*9,000,000,000\*\*\* \*\*\*\*9,000,000,000\*\* \*\*\*\*\*9,000,000,000\* \*\*\*\*\*\*9,000,000,000

Printed by CANADIAN BANK NOTE COMPANY LIMITED

INCORPORATED UNDER THE BUSINESS CORPORATIONS ACT (Ontario) SILVER BOW MINING CORP. CERT.9999 THIS CERTIFIES THAT \*SPECIMEN\* IS THE REGISTERED HOLDER OF \* NINE BILLION AND 00/100 \* FULLY PAID AND NON-ASSESSABLE COMMON SHARED WITHOUT PAR VALUE IN THE CAPITAL OF SILVER BOW MINING CORP. transferable on the book of the Corporation only upon surrender of this certificate properly endorsed. This certificate is not valid until countersigned by the Transfer Agent and Registrar of the Corporation. IN WITNESS WHEREOF the Corporation has caused this certificate to be signed on its behalf by the facsimile signatures of its duly authorized officers. DATED: JANUARY 01, 2009 COUNTERSIGNED AND REGISTERED ODYSSEY TRUST COMPANY TRANSFER AGENT & REGISTRAR By: VOID Authorized Officer CALGERY VANCOUVER CEO & Director Chief Financial Officer

This shares represented by this certificate are transferable at the offices of Odyssey Trust Company Vancouver, BC and Calgery, AB

SECURITY INSTRUCTIONS ON REVERSE VOIR LES INSTRUCTIONS DE SÉCURITÉ AU VERSO UID: 0 00089966

The following abbreviations shall be construed as though the words set forth below opposite each abbreviation were written out in full where such abbreviation appears:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;TEN COM | &nbsp;&nbsp; - | as tenant in common |
| &nbsp;&nbsp;TEN ENT | &nbsp;&nbsp; - | as tenants by entireties |
| &nbsp;&nbsp;JT TEN | &nbsp;&nbsp; - | as joint tenants with right of survivorship and not tenants in common |
| &nbsp;&nbsp;(Name) CUST (Name) UNIF | &nbsp;&nbsp; - | (Name) as Custodian for (Name) under the |
| &nbsp;&nbsp;GIFT MIN ACT (State) | &nbsp;&nbsp; - | (State) Uniform Gifts to Minors Act |
| &nbsp;&nbsp;In the case of an individual assignee, show at least one given name in full | &nbsp;&nbsp;In the case of an individual assignee, show at least one given name in full | &nbsp;&nbsp;In the case of an individual assignee, show at least one given name in full |

---

Additional abbreviations may also be used though not in the above list.

---

| | |
|:---|:---|
| FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto | FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto |
| PLEASE INSERT SOCIAL INSURANCE NUMBER, | PLEASE INSERT SOCIAL INSURANCE NUMBER, |
| SOCIAL SECURITY NUMBER OR OTHER | SOCIAL SECURITY NUMBER OR OTHER |
| IDENTIFYING NUMBER OF TRANSFEREE | **S.I.N./S.S.N.** _ _ _ - _ _ _ - _ _ _ |

---

---

| | |
|:---|:---|
| Please print or typewrite name and address (including postal code or zip code, as applicable) of transferee | Please print or typewrite name and address (including postal code or zip code, as applicable) of transferee |
| | securities |
| registered in the name of the undersigned on the books of the Company named on the face of this certificate and represented hereby, and irrevocably constitutes and appoints a duly authorized officer of the transfer agent and registrar as the attorney of the undersigned to transfer the said securities on the register of transfers and books of the Company with full power of substitution hereunder. | registered in the name of the undersigned on the books of the Company named on the face of this certificate and represented hereby, and irrevocably constitutes and appoints a duly authorized officer of the transfer agent and registrar as the attorney of the undersigned to transfer the said securities on the register of transfers and books of the Company with full power of substitution hereunder. |

---

---

| | |
|:---|:---|
| DATED:<u> </u> 20<u> </u> | Signature: |

---

---

| | |
|:---|:---|
| NOTICE: | The signatures of this assignment must correspond with the name as written upon the face of the certificate, in every particular, without alteration or enlargement, or any change whatsoever, and must be guaranteed by a Canadian chartered bank or eligible guarantor institution with membership in an approved signature guarantee medallion program. |
|  | Signature Guaranteed By: |

---

---

| | |
|:---|:---|
| **SECURITY INSTRUCTIONS - INSTRUCTIONS DE SÉCURITÉ** | ![](n5138exh4-1_img002.jpg) |
| THIS IS WATERMARKED PAPER, DO NOT ACCEPT WITHOUT NOTING WATERMARK. HOLD TO LIGHT TO VERIFY WATERMARK. | ![](n5138exh4-1_img002.jpg) |
| PAPIER FILIGRANÉ, NE PAS ACCEPTER SANS VÉRIFIER LA PRÉSENCE DU FILIGRANE. POUR CE FAIRE. PLACER À LA LUMIÈRE. | ![](n5138exh4-1_img002.jpg) |

---

## Exhibit 4.2

**Exhibit 4.2**

**THE SECURITIES TO BE SOLD PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S PROMULGATED UNDER THE 1933 ACT) WITHOUT REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON EXERCISE HEREOF MUST NOT TRADE THE SECURITY BEFORE THE LATER OF (i) FOUR MONTHS AND ONE DAY FOLLOWING THE DATE OF ISSUANCE, AND (ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY."**

**EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON [ ]**

**AFTER WHICH TIME THESE WARRANTS**

**SHALL BE NULL AND VOID**

WARRANTS TO PURCHASE COMMON SHARES

OF

**BLACKJACK SILVER CORP.** 

(a company existing under the *Ontario Business Corporations Act* ("**OBCA**").

<u>CERTIFICATE<br> NO:</u> <u>Number of warrants<br> represented by this<br> certificate – [ ]</u>

THIS CERTIFIES THAT, for value received, [ ] (the "**Holder**") is entitled, at any time prior to the Expiry Time, to purchase, at the Exercise Price, one Common Share in the capital stock of Blackjack Silver Corp. (the "**Company**"), for each of the one (1) Warrants evidenced hereby, by surrendering to the Company at its principal office, in the City of Toronto, Province of Ontario, Canada, this Warrant, together with a Subscription Form, duly completed and executed, in cash or a certified cheque, money order or bank draft payable to or to the order of the Company at par in the City of Toronto for the amount equal to the Exercise Price per Common Share multiplied by the number of Common Shares subscribed for, on and subject to the terms and conditions set forth below:

1.  **<u>Definitions</u>** 

In this Warrant, including the preamble, unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following meanings namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Business Day" means any day other than a Saturday,
Sunday, legal holiday or a day on which banking institutions are closed in Toronto, Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Common Shares" means the common shares of the Company
as the same may be reorganized or reclassified pursuant to any of the events set out in Section 9 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Company" means Blackjack Silver Corp. a corporation
incorporated under the laws of

Ontario and its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Exercise Price" means $[ ] in U.S. funds per Common
Share, unless such price shall have been adjusted in accordance with the provisions of Section 9, in which case it shall mean the adjusted
price in effect at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Expiry Time" means five o'clock in the afternoon, Toronto
time, on [ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "person" means an individual, corporation, partnership,
unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative, or any
group or combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Subscription Form" means the form of subscription annexed
hereto as Schedule "A"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "this Warrant", "Warrant", "herein",
"hereby", "hereof", "hereto", "hereunder" and similar expressions mean or refer to this
Warrant and any deed or instrument supplemental or ancillary thereto and any schedules hereto or thereto and not to any particular article,
section, subsection, clause, subclause or other portion hereof.

2.  **<u>Expiry Time</u>** 

After the Expiry Time, all rights under any Warrants evidenced hereby, in respect of which the right of subscription and purchase herein provided for shall not theretofore have been exercised, shall wholly cease and terminate and such Warrants shall be void and of no value or effect.

3.  **<u>Exercise Procedure</u>** 

The Holder may exercise the right of purchase herein provided for by surrendering or delivering to the Company prior to the Expiry Time at its principal office (a) this certificate, with the Subscription Form duly completed and executed by the holder or its legal representative or attorney, duly appointed by an instrument in writing in form and manner satisfactory to the Company, and (b) cash or a certified cheque, money order or bank draft payable to or to the order of the Company at par in the City of Toronto in an amount equal to the Exercise Price multiplied by the number of Common Shares for which subscription is being made.

Any warrant certificate and cash, certified cheque, money order or bank draft referred to in the foregoing clauses (a) and (b) shall be deemed to be surrendered only upon delivery thereof to the Company at its principal office in the manner provided in Section 24 hereof.

4.  **<u>Entitlement to Certificate</u>** 

Upon such delivery and payment as aforesaid, the Company shall cause to be issued to the Holder hereof the Common Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant to this certificate and the Holder hereof shall become a shareholder of the Company in respect of such shares with effect from the date of such delivery and payment and shall be entitled to delivery of a certificate or certificates evidencing such shares and the Company shall cause such certificate or certificates to be mailed to the Holder hereof at the address or addresses specified in such subscription within five (5) business days of such delivery and payment.

5.  **<u>Partial Exercise</u>** 

The Holder may subscribe for and purchase a number of Common Shares less than the number he is entitled to purchase pursuant to this certificate. In the event of any such subscription and purchase prior to the Expiry Time, the Holder shall in addition be entitled to receive, without charge, a new Warrant certificate in respect of the balance of the Common Shares of which he was entitled to purchase pursuant to this certificate and which were then not purchased.

6.  **<u>No Fractional Shares</u>** 

Notwithstanding any adjustments provided for in Section 9 hereof or otherwise, the Company shall not be required upon the exercise of any Warrants, to issue fractional Common Shares in satisfaction of its obligations hereunder. To the extent that the Holder would be entitled to purchase a fraction of a Common Share, such right may be exercised in respect of such fraction only in combination with other rights which in the aggregate entitle the Holder to purchase a whole number of Common Shares.

7.  **<u>Not a Shareholder</u>** 

Nothing in this certificate or in the holding of a Warrant evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Company.

8.  **<u>Covenants</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company covenants and agrees that (i) so long as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Common Shares for the time being called for by such outstanding warrants, and (ii) all Common Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Common Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Common Shares and the holders thereof shall not be liable to the Company or to its creditors in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Corporate Status</u>**

The Company shall preserve and maintain its corporate existence and all licenses and permits that are material to the proper conduct of its business.

9.  **<u>Adjustment to Exercise Price</u>** 

The Exercise Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:

(1) If and whenever at any time after the date hereof the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issues Common Shares or securities exchangeable for or convertible
into Common Shares to all or substantially all the holders of the Common Shares as a stock dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) makes a distribution on its outstanding Common Shares payable in
Common Shares or securities exchangeable for or convertible into Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivides its outstanding Common Shares into a greater number of
shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consolidates its outstanding Common Shares into a small number of
shares;

(any of such events being called a "Common Share Reorganization"), then the Exercise Price will be adjusted effective immediately after the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders of Common Shares are determined for the purpose of the Common Share Reorganization by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which is the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which is the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such securities been exchanged for or converted into Common Shares on such effective date or record date).

(2) If and whenever at any time after the date hereof the Company fixes a record date for the issue of rights, options or warrants to the holders of all or substantially all of its outstanding Common Shares under which such holders are entitled to subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares, where

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to subscribe for or purchase Common Shares, or the right
to exchange securities for or convert securities into Common Shares, expires not more than 45 days after the date of such issue (the period
from the record date to the date of expiry being herein in this Section 9 called the "Rights Period"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cost per Common Share during the Rights Period (inclusive of
any cost or acquisition of securities exchangeable for or convertible into Common Shares in addition to any direct cost of Common Shares)
(herein in this Section 9 called the "Per Share Cost") is less than 95% of the Current Market Price of the Common Shares on
the record date,

(any of such events being called a "Rights Offering"), then the Exercise Price will be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the number of Common Shares outstanding as of the record date for
the Rights Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. a number determined by dividing the product of the Per Share Cost
and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) where the event giving rise to the application of this subsection
9(2) was the issue of rights, options or warrants to the holders of Common Shares under which such holders are entitled to subscribe for
or purchase additional Common Shares, the number of Common Shares so subscribed for or purchased during the Rights Period, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) where the event giving rise to the application of this subsection
9(2) was the issue of rights, options or warrants to the holders of Common Shares under which such holders are entitled to subscribe for
or purchase securities exchangeable for or convertible into Common Shares, the number of Common Shares for which those securities so subscribed
for or purchased during the Rights Period could have been exchanged or into which they could have been

converted during the Rights Period,

by the Current Market Price of the Common Shares as of the record date for the Rights Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which
 is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. in the case described in subparagraph 9(2)(i)(B)(I), the number
of Common Shares outstanding, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in the case described in subparagraph 9(2)(i)(B)(II), the number
of Common Shares that would be outstanding if all the Common Shares described in subparagraph 9(2)(i)(B)(II) had been issued,

as at the end of the Rights Period.

Any Common Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

If by the terms of the rights, options or warrants referred to in this Section 9, there is more than one purchase, conversion or exchange price per Common Share, the aggregate price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment on the basis of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the lowest purchase, conversion or exchange price per Common Share,
as the case may be, if such price is applicable to all Common Shares which are subject to the rights, options or warrants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the average purchase, conversion or exchange price per Common Share,
as the case may be, if the applicable price is determined by reference to the number of Common Shares acquired.

To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 9 as a result of the fixing by the Company of a record date for the distribution of rights, options or warrants referred to in this Section 9, the Exercise Price will be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the Exercise Price which would then be in effect based upon the number of Common Shares actually issued and remaining issuable after such expiration, and will be further readjusted in such manner upon expiration of any further such right.

If the Holder has exercised this Warrant in accordance herewith during the period beginning immediately after the record date for a Rights Offering and ending on the last day of the Rights Period therefor, the Holder will, in addition to the Common Shares to which it is otherwise entitled upon such exercise, be entitled to that number of additional Common Shares equal to the result obtained when the difference, if any, between the Exercise Price in effect immediately prior to the end of such Rights Offering pursuant to this subsection is multiplied by the number of Common Shares received upon the exercise of this Warrant during such period, and the resulting product is divided by the Exercise Price as adjusted for such Rights Offering pursuant to this subsection; provided that the provisions of Section 6 will be applicable to any fractional interest in a Common Share to which such Holder might otherwise be entitled. Such additional Common Shares will be deemed to have been issued to the Holder immediately following the end of the Rights Period and a certificate for such additional Common Shares will be delivered to such Holder within ten Business Days

following the end of the Rights Period.

(3) If and whenever at any time after the date hereof the Company fixes a record date for the issue or the distribution to the holders of all or substantially all its Common Shares of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares of the Company of any class other than Common Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rights, options or warrants to acquire shares or securities exchangeable
for or convertible into shares or property or other assets of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) evidence of indebtedness, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any property or other assets

and if such issuance or distribution does not constitute a Common Share Reorganization or a Rights Offering (any of such non-excluded events being called a "Special Distribution"), the Exercise Price will be adjusted effective immediately after such record date to a price determined by multiplying the Exercise Price in effect on such record date by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the product of the number of Common Shares outstanding on such record
date and the Current Market Price of the Common Shares on such record date; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the aggregate fair market value (as determined by action by the
directors of the Company) to the holders of the Common Shares of such securities or property or other assets so issued or distributed
in the Special Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the number of Common Shares outstanding
on such record date multiplied by the Current Market Price of the Common Shares on such record date.

Any Common Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

(4) If and whenever at any time after the date hereof there is a Common Share Reorganization, a Rights Offering, a Special Distribution, a reclassification of the Common Shares outstanding at any time or change of the Common Shares into other shares or into other securities (other than a Common Share Reorganization), or a consolidation, amalgamation or merger of the Company with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in any reclassification of the outstanding Common Shares or a change of the Common Shares into other shares), or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a "Capital Reorganization"), the Holder, upon exercising this Warrant after the effective date of such Capital Reorganization, will be entitled to receive in lieu of the number of Common Shares to which such Holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which such Holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Common Shares to which such Holder was theretofore entitled upon exercise of this Warrant. If

determined appropriate by action of the directors of the Company, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 9 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Section 9 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise hereof. Any such adjustment must be made by and set forth in an amendment to this Warrant approved by action by the directors of the Company and will for all purposes be conclusively deemed to be an appropriate adjustment.

10.  **<u>Rules Regarding Calculation of Adjustment of Exercise Price</u>** 

(1) The adjustments provided for in Section 9 are cumulative and will, in the case of adjustments to the Exercise Price, be computed to the nearest one-tenth of one cent and will be made successively whenever an event referred to therein occurs, subject to the following subsections of this Section 10.

(2) No adjustment in the Exercise Price is required to be made unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price; provided, however, that any adjustments which, except for the provisions of this subsection, would otherwise have been required to be made, will be carried forward and taken into account in any subsequent adjustments.

(3) No adjustment in the Exercise Price will be made in respect of any event described in Section 9, other than the events referred to in clauses 9(1)(c) and (d), if the Holder is entitled to participate in such event on the same terms, <u>mutatis mutandis</u>, as if the Holder had exercised this Warrant prior to or on the effective date or record date of such event.

(4) No adjustment in the Exercise Price will be made under Section 9 in respect of the issue from time to time of Common Shares issuable from time to time as dividends paid in the ordinary course to holders of Common Shares who exercise an option or election to receive substantially equivalent dividends in Common Shares in lieu of receiving a cash dividend, and any such issue will be deemed not to be a Common Share Reorganization.

(5) If at any time a dispute arises with respect to adjustments provided for in Section 9, such dispute will be conclusively determined by the auditors of the Company or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action by the directors of the Company and any such determination will be binding upon the Company, the Holder and shareholders of the Company. The Company will provide such auditors or accountants with access to all necessary records of the Company.

(6) In case the Company after the date of issuance of this Warrant takes any action affecting the Common Shares, other than action described in Section 9, which in the opinion of the board of directors of the Company would materially affect the rights of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such time, by action by the directors of the Company but subject in all cases to any necessary regulatory approval. Failure of the taking of action by the directors of the Company so as to provide for an adjustment on or prior to the effective date of any action by the Company affecting the Common Shares will be conclusive evidence that the board of directors of the Company has determined that it is equitable to make no adjustment in the circumstances.

(7) If the Company sets a record date to determine the holders of the Common Shares for the purpose of entitling them to receive any dividend or distribution or sets a record date to take any other action and, thereafter and before the distribution to such shareholders of any such dividend or distribution or the taking of any other action, decides not to implement its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Exercise Price will be required by reason of the setting of such

record date.

(8) In the absence of a resolution of the directors of the Company fixing a record date for a Special Distribution or Rights Offering, the Company will be deemed to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected.

(9) As a condition precedent to the taking of any action which would require any adjustment to this Warrant, including the Exercise Price, the Company must take any corporate action which may be necessary in order that the Company have unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

(10) The Company will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 9, forthwith give notice to the Holder specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Exercise Price.

(11) The Company covenants to and in favour of the Holder that so long as this Warrant remains outstanding, it will give notice to the Holder of its intention to fix a record date for any event referred to in subsections 9(1), (2) or (3) (other than the subdivision or consolidation of the Common Shares) which may give rise to an adjustment in the Exercise Price, and, in each case, such notice must specify the particulars of such event and the record date and the effective date for such event; provided that the Company is only required to specify in such notice such particulars of such event as have been fixed and determined on the date on which such notice is given. Such notice must be given not less than 14 days in each case prior to such applicable record date or effective date.

11.  **<u>Consolidation and Amalgamation</u>** 

(1) The Company shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other corporation (herein called a "successor corporation") whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise, unless prior to or contemporaneously with the consummation of such transaction the Company and the successor corporation shall have executed such instruments and done such things as, in the opinion of counsel to the Holder, are necessary or advisable to establish that upon the consummation of such transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the successor corporation will have assumed all the covenants and
obligations of the Company under this Warrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Warrant will be a valid and binding obligation of the successor
corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under this Warrant;

(2) Whenever the conditions of subsection 11(1) shall have been duly observed and performed the successor corporation shall possess, and from time to time may exercise, each and every right and power of the Company under this Warrant in the name of the Company or otherwise and any act or proceeding by any provision hereof required to be done or performed by any director or officer of the Company may be done and performed with like force and effect by the like directors or officers of the successor corporation.

12.  **<u>Representation and Warranty</u>** 

The Company hereby represents and warrants with and to the Holder that the Company is duly authorized and has the corporate and lawful power and authority to create and issue this Warrant and the Common Shares issuable upon the exercise hereof and perform its obligations hereunder and that this Warrant represents a valid, legal and binding obligation of the Company enforceable in accordance with its terms.

13.  **<u>If Share Transfer Books Closed</u>** 

The Company shall not be required to deliver certificates for Common Shares while the share transfer books of the Company are properly closed, prior to any meeting of shareholders or for the payment of dividends or for any other purpose and in the event of the surrender of any Warrant in accordance with the provisions hereof and the making of any subscription and payment for the Common Shares called for thereby during any such period delivery of certificates for Common Shares may be postponed for not exceeding five (5) business days after the date of the re-opening of said share transfer books. Provided however that any such postponement of delivery of certificates shall be without prejudice to the right of the Holder, if the Holder has surrendered the same and made payment during such period, to receive such certificates for the Common Shares called for after the share transfer books shall have been re-opened.

14.  **<u>Protection of Shareholders, Officers and Directors</u>** 

Subject as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings. No recourse under or upon any obligation, covenant or agreement herein contained or in any of the Warrants represented hereby shall be had against any shareholder, officer or director of the Company, either directly or through the Company, it being expressly agreed and declared that the obligations under the Warrants evidenced hereby, are solely corporate obligations of the Company and that no personal liability whatever shall attach to or be incurred by the shareholders, officers, or directors of the Company or any of them in respect thereof, any and all rights and claims against every such shareholder, officer or director being hereby expressly waived as a condition of and as a consideration for the issue of the Warrants evidenced hereby.

15.  **<u>Lost Certificate</u>** 

If the Warrant certificate evidencing the Warrants issued hereby becomes stolen, lost, mutilated or destroyed the Company may, on such terms as it may in its discretion impose, respectively issue and countersign a new warrant of like denomination, tenor and date as the certificate so stolen, lost mutilated or destroyed.

16.  **<u>Governing Law</u>** 

This Warrant shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of Ontario. The Company hereby irrevocably attorns to the jurisdiction of the Courts of the Province of Ontario.

17.  **<u>Severability</u>** 

If any one or more of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the validity, legality or enforceability of such remaining provisions
or parts thereof shall not

in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the invalidity, illegality or unenforceability of any provision
or part thereof contained in this Warrant in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions
of this Warrant in any other jurisdiction.

18.  **<u>Headings</u>** 

The headings of the articles, sections, subsections and clauses of this Warrant have been inserted for convenience and reference only and do not define, limit, alter or enlarge the meaning of any provision of this Warrant.

19.  **<u>Numbering of Articles, etc.</u>** 

Unless otherwise stated, a reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article, section, subsection, clause, subclause or schedule bearing that number or letter in this Warrant.

20.  **<u>Gender</u>** 

Whenever used in this Warrant, words importing the singular number only shall include the plural, and vice versa, and words importing the masculine gender shall include the feminine gender.

21.  **<u>Day not a Business Day</u>** 

In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes of the computation of any interest payable hereunder.

22.  **<u>Computation of Time Period</u>** 

Except to the extent otherwise provided herein, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

23.  **<u>Binding Effect</u>** 

This Warrant and all of its provisions shall ensure to the benefit of the Holder, and their respective heirs, executors, administrators, successors, legal representatives and assigns and shall be binding upon the Company and its successors and permitted assigns. The expression the "Holder" as used herein shall include the Holder's assigns whether immediate or derivative.

24.  **<u>Notice</u>** 

Any notice, document or communication required or permitted by this Warrant to be given by a party hereto shall be in writing and is sufficiently given if delivered personally, or if transmitted by any form of recorded telecommunication tested prior to transmission, to such party addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Holder, at the address on the face page of this warrant certificate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Company at:

**Blackjack Silver Corp.**

401 Bay Street, Suite 2702

P.O. Box 36

Toronto, Ontario

M5H 2Y4

Attention: Travis Naugle

Email: <u>travis@silverbowmining.com</u>

Notice transmitted by a form of recorded telecommunication or delivered personally shall be deemed given on the day of transmission or personal delivery, as the case may be. Any party may from to time notify the other in the manner provided herein of any change of address which thereafter, until change by like notice, shall be the address of such party for all purposes hereof.

25.  **<u>Time of Essence</u>** 

Time shall be of the essence hereof.

26.  **<u>Transfer of Warrants</u>** 

This Warrant is transferable or assignable. The Corporation will charge an administrative fee of CAD$50 plus HST for each Warrant re-registration.

**IN WITNESS WHEREOF**, the Company has caused this Warrant certificate to be signed by its duly authorized officer as of this [ ].

---

| | |
|:---|:---|
|  | **BLACKJACK SILVER CORP.** |
| per: | |
|  | Authorized Signatory |

---

<u>CERTIFICATE<br> NO:</u> <u>Number of warrants<br> represented by this<br> certificate – [ ]</u>

**<u>SCHEDULE "A"</u>**

**<u>SUBSCRIPTION FORM</u>**

---

| | |
|:---|:---|
| **TO:** | **BLACKJACK SILVER CORP.** |

---

The undersigned holder of the within Warrant certificate hereby irrevocably subscribes for ________________________Common Shares of **Blackjack Silver Corp**. (the "**Company**") pursuant to the within Warrant certificate at the Exercise Price per share specified in the said Warrant certificate and encloses herewith cash or a certified cheque, money order or bank draft payable to the order of the Company in payment of the subscription price therefor.

DATED this _____ day of _______________ 20____.

**NAME:** 

Signature:   <br>

Address:

◻ Please check box if these Common Share certificates are to be delivered at the office where this Warrant Certificate is surrendered, failing which the Common Shares certificates will be mailed to the subscriber at the address set out above.

If any Warrants represented by this certificate are not being exercised, a new Warrant certificate will be issued and delivered with the Common Share certificates.

<u>CERTIFICATE<br> NO:</u> <u>Number of warrants<br> represented by this<br> certificate – [ ]</u>

## Exhibit 4.3

**Exhibit 4.3**

**THE SECURITIES TO BE SOLD PURSUANT TO THIS SUBSCRIPTION AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S PROMULGATED UNDER THE 1933 ACT) WITHOUT REGISTRATION UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE.**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON EXERCISE HEREOF MUST NOT TRADE THE SECURITY BEFORE THE LATER OF (i) [ ], AND (ii) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY."**

**EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON [ ]**

**AFTER WHICH TIME THESE WARRANTS**

**SHALL BE NULL AND VOID**

WARRANTS TO PURCHASE COMMON SHARES

OF

**BLACKJACK SILVER CORP.** 

(a company existing under the *Ontario Business Corporations Act* ("**OBCA**").

<u>CERTIFICATE<br> NO:</u> <u>Number of warrants<br> represented by this<br> certificate – [ ]</u>

THIS CERTIFIES THAT, for value received, [ ] (the "**Holder**") is entitled, at any time prior to the Expiry Time, to purchase, at the Exercise Price, one Common Share in the capital stock of Blackjack Silver Corp. (the "**Company**"), for each of the one (1) Warrants evidenced hereby, by surrendering to the Company at its principal office, in the City of Toronto, Province of Ontario, Canada, this Warrant, together with a Subscription Form, duly completed and executed, in cash or a certified cheque, money order or bank draft payable to or to the order of the Company at par in the City of Toronto for the amount equal to the Exercise Price per Common Share multiplied by the number of Common Shares subscribed for, on and subject to the terms and conditions set forth below:

1.  **<u>Definitions</u>** 

In this Warrant, including the preamble, unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following meanings namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Business Day" means any day other than a Saturday,
Sunday, legal holiday or a day on which banking institutions are closed in Toronto, Ontario;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Common Shares" means the common shares of the Company
as the same may be reorganized or reclassified pursuant to any of the events set out in Section 9 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Company" means Blackjack Silver Corp. a corporation
incorporated under the laws of Ontario and its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Exercise Price" means $[ ] in U.S. funds per Common
Share, unless such price shall have been adjusted in accordance with the provisions of Section 9, in which case it shall mean the adjusted
price in effect at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Expiry Time" means five o'clock in the afternoon, Toronto
time, on [ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "person" means an individual, corporation, partnership,
unincorporated syndicate, unincorporated organization, trust, trustee, executor, administrator, or other legal representative, or any
group or combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Subscription Form" means the form of subscription annexed
hereto as Schedule "A"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "this Warrant", "Warrant", "herein",
"hereby", "hereof", "hereto", "hereunder" and similar expressions mean or refer to this
Warrant and any deed or instrument supplemental or ancillary thereto and any schedules hereto or thereto and not to any particular article,
section, subsection, clause, subclause or other portion hereof.

2.  **<u>Expiry Time</u>** 

After the Expiry Time, all rights under any Warrants evidenced hereby, in respect of which the right of subscription and purchase herein provided for shall not theretofore have been exercised, shall wholly cease and terminate and such Warrants shall be void and of no value or effect.

3.  **<u>Exercise Procedure</u>** 

The Holder may exercise the right of purchase herein provided for by surrendering or delivering to the Company prior to the Expiry Time at its principal office (a) this certificate, with the Subscription Form duly completed and executed by the holder or its legal representative or attorney, duly appointed by an instrument in writing in form and manner satisfactory to the Company, and (b) cash or a certified cheque, money order or bank draft payable to or to the order of the Company at par in the City of Toronto in an amount equal to the Exercise Price multiplied by the number of Common Shares for which subscription is being made.

Any warrant certificate and cash, certified cheque, money order or bank draft referred to in the foregoing clauses (a) and (b) shall be deemed to be surrendered only upon delivery thereof to the Company at its principal office in the manner provided in Section 24 hereof.

4.  **<u>Entitlement to Certificate</u>** 

Upon such delivery and payment as aforesaid, the Company shall cause to be issued to the Holder hereof the Common Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant to this certificate and the Holder hereof shall become a shareholder of the Company in respect of such shares with effect from the date of such delivery and payment and shall be entitled to delivery of a certificate or certificates evidencing such shares and the Company shall cause such certificate or certificates to be mailed to the Holder hereof at the address or addresses specified in such subscription within five (5) business days of such delivery and payment.

5.  **<u>Partial Exercise</u>** 

The Holder may subscribe for and purchase a number of Common Shares less than the number he is entitled to purchase pursuant to this certificate. In the event of any such subscription and purchase prior to the Expiry Time, the Holder shall in addition be entitled to receive, without charge, a new Warrant certificate in respect of the balance of the Common Shares of which he was entitled to purchase pursuant to this certificate and which were then not purchased.

6.  **<u>No Fractional Shares</u>** 

Notwithstanding any adjustments provided for in Section 9 hereof or otherwise, the Company shall not be required upon the exercise of any Warrants, to issue fractional Common Shares in satisfaction of its obligations hereunder. To the extent that the Holder would be entitled to purchase a fraction of a Common Share, such right may be exercised in respect of such fraction only in combination with other rights which in the aggregate entitle the Holder to purchase a whole number of Common Shares.

7.  **<u>Not a Shareholder</u>** 

Nothing in this certificate or in the holding of a Warrant evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Company.

8.  **<u>Covenants</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company covenants and agrees that (i) so long as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Common Shares for the time being called for by such outstanding warrants, and (ii) all Common Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Common Shares may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Common Shares and the holders thereof shall not be liable to the Company or to its creditors in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Corporate Status</u>**

The Company shall preserve and maintain its corporate existence and all licenses and permits that are material to the proper conduct of its business.

9.  **<u>Adjustment to Exercise Price</u>** 

The Exercise Price in effect at any time is subject to adjustment from time to time in the events and in the manner provided as follows:

(1) If and whenever at any time after the date hereof the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issues Common Shares or securities exchangeable for or convertible
into Common Shares to all or substantially all the holders of the Common Shares as a stock dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) makes a distribution on its outstanding Common Shares payable in
Common Shares or securities exchangeable for or convertible into Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivides its outstanding Common Shares into a greater number of
shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) consolidates its outstanding Common Shares into a small number of
shares;

(any of such events being called a "Common Share Reorganization"), then the Exercise Price will be adjusted effective immediately after the effective date or record date for the happening of a Common Share Reorganization, as the case may be, at which the holders of Common Shares are determined for the purpose of the Common Share Reorganization by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which is the number of Common Shares outstanding on such effective date or record date before giving effect to such Common Share Reorganization and the denominator of which is the number of Common Shares outstanding immediately after giving effect to such Common Share Reorganization (including, in the case where securities exchangeable for or convertible into Common Shares are distributed, the number of Common Shares that would have been outstanding had all such securities been exchanged for or converted into Common Shares on such effective date or record date).

(2) If and whenever at any time after the date hereof the Company fixes a record date for the issue of rights, options or warrants to the holders of all or substantially all of its outstanding Common Shares under which such holders are entitled to subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares, where

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to subscribe for or purchase Common Shares, or the right
to exchange securities for or convert securities into Common Shares, expires not more than 45 days after the date of such issue (the period
from the record date to the date of expiry being herein in this Section 9 called the "Rights Period"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cost per Common Share during the Rights Period (inclusive of
any cost or acquisition of securities exchangeable for or convertible into Common Shares in addition to any direct cost of Common Shares)
(herein in this Section 9 called the "Per Share Cost") is less than 95% of the Current Market Price of the Common Shares on
the record date,

(any of such events being called a "Rights Offering"), then the Exercise Price will be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the number of Common Shares outstanding as of the record date for
the Rights Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. a number determined by dividing the product of the Per Share Cost
and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) where the event giving rise to the application of this subsection
9(2) was the issue of rights, options or warrants to the holders of Common Shares under which such holders are entitled to subscribe for
or purchase additional Common Shares, the number of Common Shares so subscribed for or purchased during the Rights Period, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) where the event giving rise to the application of this subsection
9(2) was the issue of rights, options or warrants to the holders of Common Shares under which such holders are entitled to subscribe for
or purchase securities exchangeable for or convertible into

Common Shares, the number of Common Shares for which those securities so subscribed for or purchased during the Rights Period could have been exchanged or into which they could have been converted during the Rights Period,

by the Current Market Price of the Common Shares as of the record date for the Rights Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which
 is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. in the case described in subparagraph 9(2)(i)(B)(I), the number
of Common Shares outstanding, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. in the case described in subparagraph 9(2)(i)(B)(II), the number
of Common Shares that would be outstanding if all the Common Shares described in subparagraph 9(2)(i)(B)(II) had been issued,

as at the end of the Rights Period.

Any Common Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

If by the terms of the rights, options or warrants referred to in this Section 9, there is more than one purchase, conversion or exchange price per Common Share, the aggregate price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment on the basis of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the lowest purchase, conversion or exchange price per Common Share,
as the case may be, if such price is applicable to all Common Shares which are subject to the rights, options or warrants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the average purchase, conversion or exchange price per Common Share,
as the case may be, if the applicable price is determined by reference to the number of Common Shares acquired.

To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 9 as a result of the fixing by the Company of a record date for the distribution of rights, options or warrants referred to in this Section 9, the Exercise Price will be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the Exercise Price which would then be in effect based upon the number of Common Shares actually issued and remaining issuable after such expiration, and will be further readjusted in such manner upon expiration of any further such right.

If the Holder has exercised this Warrant in accordance herewith during the period beginning immediately after the record date for a Rights Offering and ending on the last day of the Rights Period therefor, the Holder will, in addition to the Common Shares to which it is otherwise entitled upon such exercise, be entitled to that number of additional Common Shares equal to the result obtained when the difference, if any, between the Exercise Price in effect immediately prior to the end of such Rights Offering pursuant to this subsection is multiplied by the number of Common Shares received upon the exercise of this Warrant during such period, and the resulting product is divided by the Exercise Price as adjusted for such Rights Offering pursuant to this subsection; provided that the provisions of Section 6 will be applicable to any fractional interest

in a Common Share to which such Holder might otherwise be entitled. Such additional Common Shares will be deemed to have been issued to the Holder immediately following the end of the Rights Period and a certificate for such additional Common Shares will be delivered to such Holder within ten Business Days following the end of the Rights Period.

(3) If and whenever at any time after the date hereof the Company fixes a record date for the issue or the distribution to the holders of all or substantially all its Common Shares of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares of the Company of any class other than Common Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) rights, options or warrants to acquire shares or securities exchangeable
for or convertible into shares or property or other assets of the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) evidence of indebtedness, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any property or other assets

and if such issuance or distribution does not constitute a Common Share Reorganization or a Rights Offering (any of such non-excluded events being called a "Special Distribution"), the Exercise Price will be adjusted effective immediately after such record date to a price determined by multiplying the Exercise Price in effect on such record date by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the numerator of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the product of the number of Common Shares outstanding on such record
date and the Current Market Price of the Common Shares on such record date; less

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the aggregate fair market value (as determined by action by the
directors of the Company) to the holders of the Common Shares of such securities or property or other assets so issued or distributed
in the Special Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the denominator of which is the number of Common Shares outstanding
on such record date multiplied by the Current Market Price of the Common Shares on such record date.

Any Common Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (Ontario)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

(4) If and whenever at any time after the date hereof there is a Common Share Reorganization, a Rights Offering, a Special Distribution, a reclassification of the Common Shares outstanding at any time or change of the Common Shares into other shares or into other securities (other than a Common Share Reorganization), or a consolidation, amalgamation or merger of the Company with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in any reclassification of the outstanding Common Shares or a change of the Common Shares into other shares), or a transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation or other entity (any of such events being called a "Capital Reorganization"), the Holder, upon exercising this Warrant after the effective date of such Capital Reorganization, will be entitled to receive in lieu of the number of Common Shares to which such Holder was theretofore entitled upon such exercise, the aggregate number of

shares, other securities or other property which such Holder would have been entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Common Shares to which such Holder was theretofore entitled upon exercise of this Warrant. If determined appropriate by action of the directors of the Company, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 9 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Section 9 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property thereafter deliverable upon the exercise hereof. Any such adjustment must be made by and set forth in an amendment to this Warrant approved by action by the directors of the Company and will for all purposes be conclusively deemed to be an appropriate adjustment.

10.  **<u>Rules Regarding Calculation of Adjustment of Exercise Price</u>** 

(1) The adjustments provided for in Section 9 are cumulative and will, in the case of adjustments to the Exercise Price, be computed to the nearest one-tenth of one cent and will be made successively whenever an event referred to therein occurs, subject to the following subsections of this Section 10.

(2) No adjustment in the Exercise Price is required to be made unless such adjustment would result in a change of at least 1% in the prevailing Exercise Price; provided, however, that any adjustments which, except for the provisions of this subsection, would otherwise have been required to be made, will be carried forward and taken into account in any subsequent adjustments.

(3) No adjustment in the Exercise Price will be made in respect of any event described in Section 9, other than the events referred to in clauses 9(1)(c) and (d), if the Holder is entitled to participate in such event on the same terms, <u>mutatis</u> <u>mutandis</u>, as if the Holder had exercised this Warrant prior to or on the effective date or record date of such event.

(4) No adjustment in the Exercise Price will be made under Section 9 in respect of the issue from time to time of Common Shares issuable from time to time as dividends paid in the ordinary course to holders of Common Shares who exercise an option or election to receive substantially equivalent dividends in Common Shares in lieu of receiving a cash dividend, and any such issue will be deemed not to be a Common Share Reorganization.

(5) If at any time a dispute arises with respect to adjustments provided for in Section 9, such dispute will be conclusively determined by the auditors of the Company or if they are unable or unwilling to act, by such other firm of independent chartered accountants as may be selected by action by the directors of the Company and any such determination will be binding upon the Company, the Holder and shareholders of the Company. The Company will provide such auditors or accountants with access to all necessary records of the Company.

(6) In case the Company after the date of issuance of this Warrant takes any action affecting the Common Shares, other than action described in Section 9, which in the opinion of the board of directors of the Company would materially affect the rights of the Holder, the Exercise Price will be adjusted in such manner, if any, and at such time, by action by the directors of the Company but subject in all cases to any necessary regulatory approval. Failure of the taking of action by the directors of the Company so as to provide for an adjustment on or prior to the effective date of any action by the Company affecting the Common Shares will be conclusive evidence that the board of directors of the Company has determined that it is equitable to make no adjustment in the circumstances.

(7) If the Company sets a record date to determine the holders of the Common Shares for the purpose of entitling them to receive any dividend or distribution or sets a record date to take any other action

and, thereafter and before the distribution to such shareholders of any such dividend or distribution or the taking of any other action, decides not to implement its plan to pay or deliver such dividend or distribution or take such other action, then no adjustment in the Exercise Price will be required by reason of the setting of such record date.

(8) In the absence of a resolution of the directors of the Company fixing a record date for a Special Distribution or Rights Offering, the Company will be deemed to have fixed as the record date therefor the date on which the Special Distribution or Rights Offering is effected.

(9) As a condition precedent to the taking of any action which would require any adjustment to this Warrant, including the Exercise Price, the Company must take any corporate action which may be necessary in order that the Company have unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is entitled to receive on the full exercise thereof in accordance with the provisions hereof.

(10) The Company will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 9, forthwith give notice to the Holder specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Exercise Price.

(11) The Company covenants to and in favour of the Holder that so long as this Warrant remains outstanding, it will give notice to the Holder of its intention to fix a record date for any event referred to in subsections 9(1), (2) or (3) (other than the subdivision or consolidation of the Common Shares) which may give rise to an adjustment in the Exercise Price, and, in each case, such notice must specify the particulars of such event and the record date and the effective date for such event; provided that the Company is only required to specify in such notice such particulars of such event as have been fixed and determined on the date on which such notice is given. Such notice must be given not less than 14 days in each case prior to such applicable record date or effective date.

11.  **<u>Consolidation and Amalgamation</u>** 

(1) The Company shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other corporation (herein called a "successor corporation") whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise, unless prior to or contemporaneously with the consummation of such transaction the Company and the successor corporation shall have executed such instruments and done such things as, in the opinion of counsel to the Holder, are necessary or advisable to establish that upon the consummation of such transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the successor corporation will have assumed all the covenants and
obligations of the Company under this Warrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Warrant will be a valid and binding obligation of the successor
corporation entitling the Holder, as against the successor corporation, to all the rights of the Holder under this Warrant;

(2) Whenever the conditions of subsection 11(1) shall have been duly observed and performed the successor corporation shall possess, and from time to time may exercise, each and every right and power of the Company under this Warrant in the name of the Company or otherwise and any act or proceeding by any provision hereof required to be done or performed by any director or officer of the Company may be done and performed with like force and effect by the like directors or officers of the successor corporation.

12.  **<u>Representation and Warranty</u>** 

The Company hereby represents and warrants with and to the Holder that the Company is duly authorized and has the corporate and lawful power and authority to create and issue this Warrant and the Common Shares issuable upon the exercise hereof and perform its obligations hereunder and that this Warrant represents a valid, legal and binding obligation of the Company enforceable in accordance with its terms.

13.  **<u>If Share Transfer Books Closed</u>** 

The Company shall not be required to deliver certificates for Common Shares while the share transfer books of the Company are properly closed, prior to any meeting of shareholders or for the payment of dividends or for any other purpose and in the event of the surrender of any Warrant in accordance with the provisions hereof and the making of any subscription and payment for the Common Shares called for thereby during any such period delivery of certificates for Common Shares may be postponed for not exceeding five (5) business days after the date of the re-opening of said share transfer books. Provided however that any such postponement of delivery of certificates shall be without prejudice to the right of the Holder, if the Holder has surrendered the same and made payment during such period, to receive such certificates for the Common Shares called for after the share transfer books shall have been re-opened.

14.  **<u>Protection of Shareholders, Officers and Directors</u>** 

Subject as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal proceedings. No recourse under or upon any obligation, covenant or agreement herein contained or in any of the Warrants represented hereby shall be had against any shareholder, officer or director of the Company, either directly or through the Company, it being expressly agreed and declared that the obligations under the Warrants evidenced hereby, are solely corporate obligations of the Company and that no personal liability whatever shall attach to or be incurred by the shareholders, officers, or directors of the Company or any of them in respect thereof, any and all rights and claims against every such shareholder, officer or director being hereby expressly waived as a condition of and as a consideration for the issue of the Warrants evidenced hereby.

15.  **<u>Lost Certificate</u>** 

If the Warrant certificate evidencing the Warrants issued hereby becomes stolen, lost, mutilated or destroyed the Company may, on such terms as it may in its discretion impose, respectively issue and countersign a new warrant of like denomination, tenor and date as the certificate so stolen, lost mutilated or destroyed.

16.  **<u>Governing Law</u>** 

This Warrant shall be governed by, and construed in accordance with, the laws of the Province of Ontario and the laws of Canada applicable therein but the reference to such laws shall not, by conflict of laws rules or otherwise, require the application of the law of any jurisdiction other than the Province of Ontario. The Company hereby irrevocably attorns to the jurisdiction of the Courts of the Province of Ontario.

17.  **<u>Severability</u>** 

If any one or more of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable

therefrom and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the validity, legality or enforceability of such remaining provisions
or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the invalidity, illegality or unenforceability of any provision
or part thereof contained in this Warrant in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions
of this Warrant in any other jurisdiction.

18.  **<u>Headings</u>** 

The headings of the articles, sections, subsections and clauses of this Warrant have been inserted for convenience and reference only and do not define, limit, alter or enlarge the meaning of any provision of this Warrant.

19.  **<u>Numbering of Articles, etc.</u>** 

Unless otherwise stated, a reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers to the article, section, subsection, clause, subclause or schedule bearing that number or letter in this Warrant.

20.  **<u>Gender</u>** 

Whenever used in this Warrant, words importing the singular number only shall include the plural, and vice versa, and words importing the masculine gender shall include the feminine gender.

21.  **<u>Day not a Business Day</u>** 

In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes of the computation of any interest payable hereunder.

22.  **<u>Computation of Time Period</u>** 

Except to the extent otherwise provided herein, in the computation of a period of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding".

23.  **<u>Binding Effect</u>** 

This Warrant and all of its provisions shall ensure to the benefit of the Holder, and their respective heirs, executors, administrators, successors, legal representatives and assigns and shall be binding upon the Company and its successors and permitted assigns. The expression the "Holder" as used herein shall include the Holder's assigns whether immediate or derivative.

24.  **<u>Notice</u>** 

Any notice, document or communication required or permitted by this Warrant to be given by a party hereto shall be in writing and is sufficiently given if delivered personally, or if transmitted by any form of recorded telecommunication tested prior to transmission, to such party addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Holder, at the address on the face page of this warrant certificate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Company at:

**Blackjack Silver Corp.**

401 Bay Street, Suite 2702

P.O. Box 36

Toronto, Ontario

M5H 2Y4

<u>Attention: Julio DiGirolamo</u>

Email: <u>julio@blackjacksilver.com</u>

Notice transmitted by a form of recorded telecommunication or delivered personally shall be deemed given on the day of transmission or personal delivery, as the case may be. Any party may from to time notify the other in the manner provided herein of any change of address which thereafter, until change by like notice, shall be the address of such party for all purposes hereof.

25.  **<u>Time of Essence</u>** 

Time shall be of the essence hereof.

26.  **<u>Transfer of Warrants</u>** 

This Warrant is not transferable or assignable.

277.  **<u>Electronic Signature</u>** 

This Warrant Certificate may be executed in one or more counterparts, each of which may be delivered by facsimile, by e-mail in PDF, or other legally permissible electronic signature, and each of which will be deemed to be an original, and all of which together will be deemed to be one and the same document.

**IN WITNESS WHEREOF** the Company has caused this Warrant certificate to be signed by its duly authorized officer as of this [ ].

---

| | |
|:---|:---|
|  | **BLACKJACK SILVER CORP.** |
| per: | |
|  | Authorized Signatory |

---

The signature above shall be deemed to constitute an original signature to this Warrant Certificate.

**<u>SCHEDULE "A"</u>**

**<u>SUBSCRIPTION FORM</u>**

---

| | |
|:---|:---|
| **TO:** | **BLACKJACK SILVER CORP.** |

---

The undersigned holder of the within Warrant certificate hereby irrevocably subscribes for ________________________Common Shares of **Blackjack Silver Corp**. (the "**Company**") pursuant to the within Warrant certificate at the Exercise Price per share specified in the said Warrant certificate and encloses herewith cash or a certified cheque, money order or bank draft payable to the order of the Company in payment of the subscription price therefor.

DATED this _____ day of _______________ 20____.

**NAME:** 

Signature:   <br>

Address:

◻ Please check box if these Common Share certificates are to be delivered at the office where this Warrant Certificate is surrendered, failing which the Common Shares certificates will be mailed to the subscriber at the address set out above.

If any Warrants represented by this certificate are not being exercised, a new Warrant certificate will be issued and delivered with the Common Share certificates.

## Exhibit 10.1

**Exhibit 10.1**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (the **"Agreement"**) is made by and between Silver Bow Mining Corp. (**"SBM"**), a body corporate incorporated pursuant to the laws of Ontario, Canada and SBM Montana, LLC (**"SBMM"**), a Delaware limited liability company (collectively referred to as the **"Company"** or the **"Companies"**) and Phillip Nickerson, a resident of Utah (**"Employee"**) (Employee and the Companies, herein, the **"Parties"**) and is effective as of April 14, 2025 (the **"Effective Date**").

**RECITALS**

**WHEREAS,** The Company is involved in the business of acquiring, exploring and developing natural resource properties in Butte-Silver Bow, Montana;

**WHEREAS,** The Employee has North American and international expertise and experience in the business carried on by the Company;

**WHEREAS,** the Company desires to employ the services of the Employee;

**WHEREAS,** Employee desires for his employment by the Company pursuant to the terms, conditions, and mutual obligations set forth in this Agreement.

**AGREEMENT**

In consideration of the above recitals and the promises set forth in this Agreement, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>**<u>Nature and Capacity of Employment.</u>**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1. Term.** This Agreement shall commence on the Effective Date and shall continue for a period of three (3) years (the **"Term"**) from the Effective Date, unless earlier terminated in accordance with the provisions of Section 5, provided that upon a Change of Control, this Agreement shall convert to an at-will employment agreement subject to a sixty (60) day mutual notice period for any termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2. Employment.** Employee will serve as Vice President of Exploration of the Company. Employee will render such services as are consistent with Employee's role and such other reasonable and consistent duties as may be assigned to Employee by SBM's Chief Employee Officer. The Parties agree that if it is necessary or helpful, Employee's employment may be designated through SBMM or any other US subsidiary of SBM that may be formed or acquired from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3. Services.** The Employee will provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1.** Lead
 and manage the company's geological team, including recruitment, training, and
 performance management of exploration staff

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2.** Oversee
 the development and implementation of exploration programs, including drilling and sampling
 campaigns, surface mapping, and underground exploration activities

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.3.** Direct the
 preparation, validation, and updating of Mineral Resource Estimates in compliance with
 NI 43-101 and S-K 1300 standards

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.4.** Develop and
 implement exploration strategies to expand the resource base and identify new mineralized
 zones within the Butte property

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.5.** Coordinate with
 environmental and permitting teams to ensure exploration activities meet regulatory requirements

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.6.** Oversee
 the maintenance and interpretation of the historical Anaconda data set and integrate
 with new exploration findings

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.7.** Provide technical
 guidance on potential acquisition targets and expansion opportunities

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.8.** Represent the
 company at industry conferences, investor meetings, and with regulatory authorities as
 needed

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.9.** Ensure all
 exploration activities align with industry best practices for safety, environment, and
 community relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4. Permitted Outside Activities.** The Company acknowledges and expressly approves Employee's concurrent employment as an employee with Falcon Copper Corp. The Company agrees that during his employment with the Company, Employee may continue his employment and activities with Falcon Copper Corp.

&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Compensation and Benefits.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1. Annual Base Salary.** As of the Effective Date, Employee's annualized gross base salary shall be US$150,000 (the **"Base Salary"**), which salary shall be earned by Employee on a pro rata basis as Employee performs services for the Company and which salary shall be paid in accordance with the Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2. Annual Performance Bonus.** Employee shall be eligible to receive an annual discretionary performance bonus of up to 50% of Base Salary, or greater, at the discretion of the board, for each fiscal year. The actual amount of the annual performance bonus paid to Executive shall be based on the achievement of performance metrics established by the CEO. The bonus may be paid in cash, stock options, or a combination thereof, as determined by the Company's Board of Directors (the "Board"). The annual performance bonus shall be paid to Employee no later than two and a half (2.5) months following the end of the fiscal year to which the bonus relates, subject to Employee's continued employment with the Company through the payment date. The annual bonus shall be prorated for any partial years of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3. Stock Options.** Subject to the approval of the Board, the Company shall grant Employee 500,000 stock options as of the Effective Date. These stock options shall vest immediately upon grant and shall otherwise be subject to the terms and conditions of the applicable grant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4. Location and Business Expenses.** Employee's primary place of work shall be remote, with the understanding that Employee will travel to Butte, Montana and other locations as necessary at Employee's reasonable discretion. Employee shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by Employee in connection with the performance of Employee's duties hereunder in accordance with the Company's expense reimbursement policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5. Other Benefits.** During Employee's employment with the Company, Employee shall be entitled to participate in all retirement plans, health plans, paid time off benefits and other employee benefits and policies made available by the Company to its employees generally. Employee acknowledges and agrees that except as specifically set forth in this Agreement, the Company is under no obligation to Employee to establish or maintain any specific employee benefits in which Employee may participate, and that the terms and provisions of any Company benefit plans or policies are matters within the exclusive province of the Company, subject to applicable law. Upon the termination of Employee's employment, Employee shall be entitled to continue those benefits as may be required by state or federal law. The Employee shall be entitled to vacation each year in accordance with the applicable policies of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6. Change of Control.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.1. Payment.** In the event that SBM completes a Change of Control (as defined below) during Employee's employment or within six (6) months of Employee's separation from employment, regardless of the reason for such separation, the Company shall pay to Employee a payment equal to two (2) times Employee's ending annualized Base Salary (the "**Change of Control Payment**"). Additionally, upon a Change of Control, any unvested stock options or grants under other equity compensation plans held by Employee shall immediately vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.2. Definition.** For purposes of this Agreement, a **"Change of Control"** shall be deemed to have occurred if any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** a
combination (or a plan of arrangement in connection with any of the foregoing), other than solely involving SBM and any one or
more of its affiliates, with respect to which all or substantially all of the persons who were the beneficial owners of the common
shares and other securities of SBM immediately prior to such consolidation, reorganization, amalgamation, merger, acquisition,
business combination or plan of arrangement do not, following the completion of such consolidation, reorganization, amalgamation,
merger, acquisition, business combination or plan of arrangement, beneficially own, directly

or indirectly, more than 50% of the resulting voting rights (on a fully-diluted basis) of SBM or its successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** the
 sale, transfer, or other disposition of more than 50% interest in the Butte Project to
 a person other than an affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** a
 resolution is adopted to wind-up, dissolve or liquidate SBM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The
 acquisition by any person or entity, including a "group" as defined in Section
 13(d)(3) of the Securities Exchange Act of 1934, of beneficial ownership of more than
 50% of the voting power of SBM's outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** a
 change in the composition of the Board, which occurs at a single meeting of the shareholders
 of SBM or upon the execution of a shareholders' resolution, such that individuals
 who are members of the Board immediately prior to such meeting or resolution cease to
 constitute a majority of the Board, without the Board, as constituted immediately prior
 to such meeting or resolution, having approved of such change.

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Indemnification.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1. Indemnification of Employee.** In the event that Employee is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a **"Proceeding"**) by reason of the fact that Employee is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, Employee shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys' fees). Costs and expenses incurred by Employee in defense of such Proceeding (including attorneys' fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (a) a written request for payment; (b) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on behalf of Employee to repay the amounts so paid if it shall ultimately be determined that Employee is not entitled to be indemnified by the Company under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Confidential Information.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Nondisclosure.** Employee shall not, either before or after the termination of his employment, use or disclose the Company's Confidential Information except on behalf of, or as part of his services to, the Company. As used in this Agreement, **"Confidential Information"** means non-public, confidential, or proprietary information, including, but not limited to trade secrets, regarding the Company's business, policies, methods, scientific data,

or information that is known to Employee as a result of his employment with the Company. Confidential Information shall not include information that is generally available to the public through no fault of Employee or information that subsequently becomes publicly available through no fault of Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. Limited Exceptions.** Notwithstanding any other provision of this Agreement, Employee may disclose the Company's Confidential Information, including trade secrets, as follows: (a) in the course of Employee's reasonable provision of services to the Company; (b) as required pursuant to any applicable law or the order of a court or any regulatory body; (c) in confidence, to federal, state, or local government officials, or to an attorney of Employee, for the sole purpose of reporting or investigating a suspected violation of law; or (d) in a document filed in a lawsuit or other legal proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to create liability for any disclosure expressly allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. Return and Destruction.** Upon the termination of Employee's employment for any reason, Employee agrees to promptly return to the Company or, if requested by the Company, destroy all documents, records, software, and other materials containing or reflecting Confidential Information, whether in written, electronic, or other form, and all copies thereof, in Employee's possession or control. Upon request of the Company, Employee shall certify in writing to the Company that he has complied with this obligation within seven (7) days of the termination of his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. Remedies.** Employee agrees that disclosure by him of the Company's Confidential Information in violation of this Section 4 may result in irreparable injury and damage to the Company, which may not be adequately compensable in money damages, that the Company will have no adequate remedy at law therefore, and that the Company shall have the right and may, without objection from Employee, obtain such preliminary, temporary or permanent mandatory or restraining injunctions, orders or decrees as may be necessary to protect the Company against, or on account of any breach by Employee of the provisions of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Termination and Potential Severance.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Termination of Employment.** Employee's employment hereunder may be terminated by the Company with or without Cause (as defined in Section 5.2.1 below) or by Employee with or without Good Reason (as defined in Section 5.2.2 below); provided that either party shall provide the other party with at least sixty (60) days' advance written notice of any termination of Employee's employment. Upon termination of Employee's employment, Employee shall be entitled to the compensation and benefits described in this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1.** For purposes of this Agreement, **"Cause"** means the occurrence of any of the following: (a) Employee's material breach of this Agreement that is not cured by Employee, or is not capable of being cured by Employee, within thirty (30) days after the Company delivers written notice of such Cause to Employee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) intentional conduct by Employee which is demonstrably injurious to the Company that is not cured by Employee, or is not capable of being cured by Employee, within thirty (30) days after the Company delivers written notice of such Cause to Employee; or (c) fraud, misappropriation or embezzlement by Employee; or (d) Employee's conviction of a felony crime or a crime of moral turpitude; or (e) Employee's death; or (f) Employee's inability, due to physical or mental incapacity, to perform the essential functions of Employee's position with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred eighty (180) consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2.** For purposes of this Agreement, **"Good Reason"** means the occurrence of any of the following without Employee's express written consent: (a) a reduction in Employee's Base Salary; (b) a material breach of this Agreement by the Company; (c) or the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** **Termination with Cause or Resignation without Good Reason**. If Employee's employment is terminated by the Company with Cause (as defined in Section 5.2.1 above) or Employee resigns without Good Reason (as defined in Section 5.2.2 above), Employee shall be entitled to receive: (a) any accrued but unpaid Base Salary and accrued but unused paid time off which shall be paid on the date of such termination; (b) any earned but unpaid bonus with respect to any completed calendar year immediately preceding the date of such termination; and (c) reimbursement for unreimbursed business expenses properly incurred by Employee, which shall be subject to and paid in accordance with the Company's expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4. Severance Benefits Upon Termination without Cause or Resignation with Good Reason.** In the event that Employee's employment is terminated by the Company without Cause (as defined in Section 5.2.1 above) or Employee resigns with Good Reason (as defined in Section 5.2.2 above), and such termination is not subject to Section 2.6.1 (Change of Control Payment), the Company shall provide Employee the following severance benefits (collectively, the **"Severance Benefits"**): (a) Employee shall be paid lump-sum severance pay in a gross amount, before applicable withholdings, equal to twelve (12) months of Employee's ending Base Salary, which shall be paid within three (3) weeks following the date of Employee's termination of employment; (b) pro-rated bonus for the current year; (c) payment or reimbursement of premiums for continued health, dental, and vision coverage for Employee and his eligible dependents for twelve (12) months following termination; (d) all unvested stock options granted to Employee shall immediately vest and become exercisable as of the date of termination; and (e) the Company shall reimburse Employee for any unreimbursed business expenses properly incurred by Employee prior to the date of termination, subject to the Company's expense reimbursement policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>409A Savings.</u>** All references herein to the termination of Employee's employment shall mean a "separation from service" within the meaning of Treasury Regulation Section 1.409A-l(h). The terms of this Agreement shall be construed and shall be paid in such as manner as to

satisfy an exception to, or be in compliance with, Section 409A of the Internal Revenue Code of 1986, as amended, and the applicable guidance issued thereunder (**"Section 409A"**). To the extent (a) any post-termination payments to which Employee becomes entitled under this Agreement or any agreement or plan referenced herein constitute deferred compensation subject to Section 409A and (b) Employee is deemed at the time of Employee's termination of employment to be a "specified employee" under Section 409A, then such payment will not be made or commence until the earliest of (i) the expiration of the six (6) month period measured from the date of Employee's "separation from service" (within the meaning of Section 409A) with the Company; or (ii) the date of Employee's death following such separation from service. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this provision will be paid to Employee or Employee's beneficiary in one lump sum. Each payment of termination benefits payable to Employee shall be considered a separate payment, as described in Treas. Reg. § 1.409A-2(b)(2), for purposes of Section 409A. If Employee is entitled to be paid or reimbursed for any taxable expenses, and such payments or reimbursements are includible in Employee's federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred, and your right to reimbursement of such expenses shall not be subject to exchange or liquidation for any other benefit or payment. Notwithstanding the foregoing, the Company makes no representations with respect to Section 409A, the Company shall not have any liability to Employee for any taxes, penalties, interest or other expenses that Employee may incur on account of non-compliance with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Miscellaneous.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. Integration.** This Agreement embodies the entire agreement and understanding between Employee and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. Applicable Law; Venue.** This Agreement and the rights of the Parties shall be governed by and construed and enforced in accordance with the laws of the state of Montana, without regard to any state's choice of law principles or rules. The exclusive venue for any action hereunder shall be in the state of Montana, whether or not such venue is or subsequently becomes inconvenient, and Employee, SBM, and SBMM consent to the exclusive personal jurisdiction of the courts of the state of Montana and/or the United States District Court for the District of Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. Counterparts.** This Agreement may be executed in several counterparts and as so executed shall constitute one agreement binding on the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. Binding Effect.** This Agreement is personal in nature to Employee and Employee shall not assign any right or obligation hereunder in whole or in part, without the prior written consent of the Company, and any attempt to do so shall be void. The rights and obligations of the Company under this Agreement may, in the discretion of the Company, be transferred to the Company's successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5. Notices.** All notices, requests and other communications hereunder shall be given in writing and deemed to have been duly given or served if personally delivered, sent by a confirmed receipt facsimile, or sent by first class, certified mail, return receipt requested, postage prepaid, to the party at the address as provided below, or to such other address as such party may hereafter designate by written notice to the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
to the Company, to the address of its then principal offices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
to Employee, to the address last shown in the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6. Modification by the Parties.** This Agreement shall not be modified or amended except by a written instrument signed by the Parties. In addition, no waiver of any provision of this Agreement shall be binding unless set forth in writing signed by the party effecting the waiver. Any waiver shall be limited to the circumstance or event specifically referenced in the written waiver document and shall not be deemed a waiver of any other term of this Agreement or of the same circumstance or event upon any recurrence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7. Severability; "Blue Pencil."** If any part of this Agreement is found to be invalid, the rest of the Agreement will still be enforceable. If any provision is deemed overly broad, a court may limit it to the extent necessary for enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8. Headings.** The section headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

***[Signature Page Follows]***

***[Signature Page to Employee Employment Agreement]***

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date of the signatures below.

---

| | | |
|:---|:---|:---|
|  |  | **PHILLIP NICKERSON** |
| Date: | 3/31/2025 | /s/ Phillip Nickerson |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SILVER BOW MINING CORP.** | **SILVER BOW MINING CORP.** |
| Date: | 3/31/25 |  |  |
|  |  | By | /s/ Travis Naugle |
|  |  | Its | CEO |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SBM MONTANA, LLC** | **SBM MONTANA, LLC** |
| Date: | 3/31/25 |  |  |
|  |  | By | /s/ Travis Naugle |
|  |  | Its | manager |

---

## Exhibit 10.2

**Exhibit 10.2**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (the **"Agreement"**) is made by and between Silver Bow Mining Corp. (**"SBM",** f/k/a Blackjack Silver Corp.), a body corporate incorporated pursuant to the laws of Ontario, Canada and Butte Blackjack Operating, LLC **("BBOL"**), a Delaware limited liability company (collectively referred to as the **"Company"** or the **"Companies"**) and Wade Black, a resident of Colorado (**"Executive"**) (Executive and the Companies, herein, the **"Parties"**) and is effective as of February 1, 2025 (the **"Effective Date"**).

**RECITALS**

**WHEREAS,** The Company is involved in the business of acquiring, exploring and developing natural resource properties in Butte-Silver Bow, Montana;

**WHEREAS,** The Executive has North American and international expertise and experience in the business carried on by the Company;

**WHEREAS,** the Company desires to employ the services of the Executive;

**WHEREAS,** Executive desires for his employment by the Company pursuant to the terms, conditions, and mutual obligations set forth in this Agreement.

**AGREEMENT**

In consideration of the above recitals and the promises set forth in this Agreement, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Nature and Capacity of Employment</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1. Term.** This Agreement shall commence on the Effective Date and shall continue for a period of three (3) years (the **"Term")** from the Effective Date, unless earlier terminated in accordance with the provisions of Section 5, provided that upon a Change of Control, this Agreement shall convert to an at-will employment agreement subject to a sixty (60) day mutual notice period for any termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2. Employment.** During his employment, Executive will serve as Chief Financial Officer of the Company. Executive will render such financial management and business services as are consistent with Executive's role and such other reasonable and consistent duties as may be assigned to Executive by SBM's Chief Executive Officer or Board of Directors (the "Board"). The Parties agree that if it is necessary or helpful, Executive's employment may be designated through BBOL or any other US subsidiary of SBM that may be formed or acquired from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3. Transition Period Employment.** The Parties acknowledge that Executive has ongoing employment with RF Lafferty & Co. For a period of thirty (30) days following the Effective Date **("Transition Period"),** Executive may continue his employment with RF

Lafferty & Co. to assist with transitional matters. Following the Transition Period, Executive shall devote his full business time and attention to the Company's business and affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4. Services.** The Executive will provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1.** Develop and
 oversee the Company's financial strategy, including budgeting, financial performance
 monitoring, and cash flow management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.2.** Prepare the
 Company for public listing, including establishing appropriate financial controls and
 reporting systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.3.** Manage relationships
 with auditors, banking partners, and financial advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.4.** Oversee
 financial reporting and ensure compliance with applicable securities regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.5.** Support
 capital raising activities, including public and private financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.6.** Develop and
 maintain financial models and forecasts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.7.** Manage treasury
 functions and banking relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.8.** Oversee
 tax planning and compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.9.** Implement
 and maintain appropriate internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.10.** Support
 M&A activities with financial analysis and due diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.11.** Manage
 investor relations activities in coordination with the CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.12.** Oversee
 risk management and insurance programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.13.** Manage
 the accounting and finance team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.14.** Ensure
 compliance with financial aspects of regulatory requirements.

The Company may modify Executive's officer role and responsibilities from time to time. Any such modification of title, role, or responsibilities shall not constitute Good Reason under this Agreement. Executive shall perform such duties as are customarily associated with their then-current role and such other duties as may reasonably be assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Compensation and Benefits</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1. Annual Base Salary.** As of the Effective Date, Executive's annualized gross base salary shall be US$200,000 (the **"Base Salary"),** which salary shall be earned by Executive on a pro rata basis as Executive performs services for the Company and which salary shall be paid in accordance with the Company's regular payroll practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2. Annual Performance Bonus.** Executive shall be eligible to receive an annual discretionary performance bonus of up to 50% of Base Salary (up to US$100,000) for each fiscal year. The actual amount of the annual performance bonus paid to Executive shall be based on the achievement of performance metrics established by the CEO. The bonus may be paid in cash, stock options, or a combination thereof, as determined by the Board. The annual performance bonus, if any, shall be paid to Executive no later than two and a half (2.5) months following the end of the fiscal year to which the bonus relates, subject to Executive's continued employment with the Company through the payment date. The annual bonus shall be prorated for any partial years of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3. Stock Options.** Subject to the approval of the Board, the Company shall grant Executive 500,000 stock options as of the Effective Date and shall vest according to the conditions of the applicable grant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4. Business Expenses.** Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by Executive in connection with the performance of Executive's duties hereunder in accordance with the Company's expense reimbursement policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5. Other Benefits.** During Executive's employment with the Company, Executive shall be entitled to participate in all retirement plans, health plans, paid time off benefits and other employee benefits and policies made available by the Company to its executive employees generally. Executive acknowledges and agrees that except as specifically set forth in this Agreement, the Company is under no obligation to Executive to establish or maintain any specific employee benefits in which Executive may participate, and that the terms and provisions of any Company benefit plans or policies are matters within the exclusive province of the Company, subject to applicable law. Upon the termination of Executive's employment, Executive shall be entitled to continue those benefits as may be required by state or federal law. The Executive shall be entitled to vacation each year in accordance with the applicable policies of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.1. Payment.** In the event that BJSC completes a Change of Control (as defined below) during Executive's employment or within six (6) months of Executive's separation from employment, regardless of the reason for such separation, the Company shall pay to Executive a payment equal to two (2) times Executive's ending annualized Base Salary (the **"Change of Control Payment").** Additionally, upon a Change of Control, any unvested stock options or grants under other equity compensation plans held by Executive shall immediately vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.2. Definition.** For purposes of this Agreement, a **"Change of Control"** shall be deemed to have occurred if any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** a
 combination (or a plan of arrangement in connection with any of the foregoing), other
 than solely involving SBM and any one or more of its affiliates, with respect to which
 all or substantially all of the persons

who were the beneficial owners of the common shares and other securities of SBM immediately prior to such consolidation, reorganization, amalgamation, merger, acquisition, business combination or plan of arrangement do not, following the completion of such consolidation, reorganization, amalgamation, merger, acquisition, business combination or plan of arrangement, beneficially own, directly or indirectly, more than 50% of the resulting voting rights (on a fully-diluted basis) of SBM or its successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** the
 sale, transfer, or other disposition of more than 50% interest in the Butte Project to
 a person other than an affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** a
 resolution is adopted to wind-up, dissolve or liquidate SBM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The
 acquisition by any person or entity, including a "group" as defined in Section
 13(d)(3) of the Securities Exchange Act of 1934, of beneficial ownership of more than
 50% of the voting power of SBM's outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** a
 change in the composition of the Board, which occurs at a single meeting of the shareholders
 of SBM or upon the execution of a shareholders' resolution, such that individuals
 who are members of the Board immediately prior to such meeting or resolution cease to
 constitute a majority of the Board, without the Board, as constituted immediately prior
 to such meeting or resolution, having approved of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Indemnification.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1. Indemnification of Executive.** In the event that Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a **"Proceeding")** by reason of the fact that Executive is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, Executive shall be indemnified and held harmless by the Company to the maximum extent permitted under applicable law from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys' fees). Costs and expenses incurred by Executive in defense of such Proceeding (including attorneys' fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (a) a written request for payment; (b) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on behalf of Executive to repay the amounts so paid if it shall ultimately be determined that Executive is not entitled to be indemnified by the Company under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Confidential Information.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1. Nondisclosure.** Executive shall not, either before or after the termination of his employment, use or disclose the Company's Confidential Information except on behalf of, or as part of his services to, the Company. As used in this Agreement, **"Confidential Information"** means non-public, confidential, or proprietary information, including, but not limited to trade secrets, regarding the Company's business, policies, methods, scientific data, or information that is known to Executive as a result of his employment with the Company. Confidential Information shall not include information that is generally available to the public through no fault of Executive or information that subsequently becomes publicly available through no fault of Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2. Limited Exceptions.** Notwithstanding any other provision of this Agreement, Executive may disclose the Company's Confidential Information, including trade secrets, as follows: (a) in the course of Executive's reasonable provision of services to the Company; (b) as required pursuant to any applicable law or the order of a court or any regulatory body; (c) in confidence, to federal, state, or local government officials, or to an attorney of Executive, for the sole purpose of reporting or investigating a suspected violation of law; or (d) in a document filed in a lawsuit or other legal proceeding, but only if the filing is made under seal and protected from public disclosure. Nothing in this Agreement is intended to create liability for any disclosure expressly allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3. Return and Destruction.** Upon the termination of Executive's employment for any reason, Executive agrees to promptly return to the Company or, if requested by the Company, destroy all documents, records, software, and other materials containing or reflecting Confidential Information, whether in written, electronic, or other form, and all copies thereof, in Executive's possession or control. Upon request of the Company, Executive shall certify in writing to the Company that he has complied with this obligation within seven (7) days of the termination of his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4. Remedies.** Executive agrees that disclosure by him of the Company's Confidential Information in violation of this Section 4 may result in irreparable injury and damage to the Company, which may not be adequately compensable in money damages, that the Company will have no adequate remedy at law therefore, and that the Company shall have the right and may, without objection from Executive, obtain such preliminary, temporary or permanent mandatory or restraining injunctions, orders or decrees as may be necessary to protect the Company against, or on account of any breach by Executive of the provisions of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Termination and Potential Severance</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Termination of Employment.** Executive's employment hereunder may be terminated by the Company with or without Cause (as defined in Section 5.2.1 below) or by Executive with or without Good Reason (as defined in Section 5.2.2 below); provided that either party shall provide the other party with at least sixty (60) days' advance written notice of any termination of Executive's employment. Upon termination of Executive's employment, Executive shall be entitled to the compensation and benefits described in this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1.** For purposes of this Agreement, **"Cause"** means the occurrence of any of the following: (a) Executive's material breach of this Agreement that is not cured by Executive, or is not capable of being cured by Executive, within thirty (30) days after the Company delivers written notice of such Cause to Executive; or (b) intentional conduct by Executive which is demonstrably injurious to the Company that is not cured by Executive, or is not capable of being cured by Executive, within thirty (30) days after the Company delivers written notice of such Cause to Executive; or (c) fraud, misappropriation or embezzlement by Executive; or (d) Executive's conviction of a felony crime or a crime of moral turpitude; or (e) Executive's death; or (f) Executive's inability, due to physical or mental incapacity, to perform the essential functions of Executive's position with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred eighty (180) consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2.** For purposes of this Agreement, **"Good Reason"** means the occurrence of any of the following without Executive's express written consent: (a) a reduction in Executive's Base Salary; (b) a material breach of this Agreement by the Company; (c) or the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Termination with Cause or Resignation without Good Reason. If Executive's employment is terminated by the Company with Cause (as defined in Section 5.2.1 above) or Executive resigns without Good Reason (as defined in Section 5.2.2 above), Executive shall be entitled to receive: (a) any accrued but unpaid Base Salary and accrued but unused paid time off which shall be paid on the date of such termination; (b) any earned but unpaid bonus with respect to any completed calendar year immediately preceding the date of such termination; and (c) reimbursement for unreimbursed business expenses properly incurred by Executive, which shall be subject to and paid in accordance with the Company's expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4. Severance Benefits Upon Termination without Cause or Resignation with Good Reason.** In the event that Executive's employment is terminated by the Company without Cause (as defined in Section 5.2.1 above) or Executive resigns with Good Reason (as defined in Section 5.2.2 above), and such termination is not subject to Section 2.6.1 (Change of Control Payment), the Company shall provide Executive the following severance benefits (collectively, the **"Severance Benefits"):** (a) Executive shall be paid lump-sum severance pay in a gross amount, before applicable withholdings, equal to twelve (12) months of Executive's ending Base Salary, which shall be paid within three (3) weeks following the date of Executive's termination of employment; (b) pro-rated bonus for the current year; (c) payment or reimbursement of premiums for continued health, dental, and vision coverage for Executive and his eligible dependents for twelve (12) months following termination; (d) all unvested stock options granted to Executive shall immediately vest and become exercisable as of the date of termination; and (e) the Company shall reimburse Executive for any unreimbursed business expenses properly incurred by Executive prior to the date of termination, subject to the Company's expense reimbursement policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>409A Savings</u>.** All references herein to the termination of Executive's employment shall mean a "separation from service" within the meaning of Treasury Regulation Section 1.409A-1(h). The terms of this Agreement shall be construed and shall be paid in such as manner as to satisfy an exception to, or be in compliance with, Section 409A of the Internal Revenue Code of 1986, as amended, and the applicable guidance issued thereunder **("Section 409A").** To the extent (a) any post-termination payments to which Executive becomes entitled under this Agreement or any agreement or plan referenced herein constitute deferred compensation subject to Section 409A and (b) Executive is deemed at the time of Executive's termination of employment to be a "specified employee" under Section 409A, then such payment will not be made or commence until the earliest of (i) the expiration of the six (6) month period measured from the date of Executive's "separation from service" (within the meaning of Section 409A) with the Company; or (ii) the date of Executive's death following such separation from service. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this provision will be paid to Executive or Executive's beneficiary in one lump sum. Each payment of termination benefits payable to Executive shall be considered a separate payment, as described in Treas. Reg. §1.409A-2(b)(2), for purposes of Section 409A. If Executive is entitled to be paid or reimbursed for any taxable expenses, and such payments or reimbursements are includible in Executive's federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred, and your right to reimbursement of such expenses shall not be subject to exchange or liquidation for any other benefit or payment. Notwithstanding the foregoing, the Company makes no representations with respect to Section 409A, the Company shall not have any liability to Executive for any taxes, penalties, interest or other expenses that Executive may incur on account of non-compliance with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. Integration.** This Agreement embodies the entire agreement and understanding between Executive and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. Applicable Law; Venue.** This Agreement and the rights of the Parties shall be governed by and construed and enforced in accordance with the laws of the state of Colorado, without regard to any state's choice of law principles or rules. The exclusive venue for any action hereunder shall be in the state of Colorado, whether or not such venue is or subsequently becomes inconvenient, and Executive, SBM, and BBOL consent to the exclusive personal jurisdiction of the courts of the state of Colorado and/or the United States District Court for the District of Colorado.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. Counterparts.** This Agreement may be executed in several counterparts and as so executed shall constitute one agreement binding on the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. Binding Effect.** This Agreement is personal in nature to Executive and Executive shall not assign any right or obligation hereunder in whole or in part, without the prior written consent of the Company, and any attempt to do so shall be void. The rights and

obligations of the Company under this Agreement may, in the discretion of the Company, be transferred to the Company's successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5. Notices.** All notices, requests and other communications hereunder shall be given in writing and deemed to have been duly given or served if personally delivered, sent by a confirmed receipt facsimile, or sent by first class, certified mail, return receipt requested, postage prepaid, to the party at the address as provided below, or to such other address as such party may hereafter designate by written notice to the other party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company, to the address of its then principal offices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to Executive, to the address last shown in the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6. Modification by the Parties.** This Agreement shall not be modified or amended except by a written instrument signed by the Parties. In addition, no waiver of any provision of this Agreement shall be binding unless set forth in writing signed by the party effecting the waiver. Any waiver shall be limited to the circumstance or event specifically referenced in the written waiver document and shall not be deemed a waiver of any other term of this Agreement or of the same circumstance or event upon any recurrence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7. Severability; "Blue Pencil."** If any part of this Agreement is found to be invalid, the rest of the Agreement will still be enforceable. If any provision is deemed overly broad, a court may limit it to the extent necessary for enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8. Headings.** The section headings contained in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

**[Signature Page Follows**]**

**[Signature Page to Executive Employment Agreement]**

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date of the signatures below.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WADE BLACK** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**WADE BLACK** |
| Date: | 27/01/25 | /s/ WADE BLACK | /s/ WADE BLACK |
|  |  | **SILVER BOW MINING CORP.** | **SILVER BOW MINING CORP.** |
| Date: | 27/01/25 |  |  |
|  |  | By | /s/ Travis Naugle |
|  |  | Its | CEO |
|  |  | **BUTTE BLACKJACK OPERATING, LLC** | **BUTTE BLACKJACK OPERATING, LLC** |
| Date: | 27/01/25 |  |  |
|  |  | By | /s/ Travis Naugle |
|  |  | Its | Manager |

---

## Exhibit 10.3

**Exhibit 10.3**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>ASSET PURCHASE AND RELEASE AGREEMENT</u>**

**THIS ASSET PURCHASE AND RELEASE AGREEMENT** ("Agreement") is made and entered into on this 19th day of September, 2024, by and between Blackjack Silver Corp., an Ontario corporation ("BSC"), and Lane F Holdings LLC, a Wyoming limited liability company ("Lane F").

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Ferry Lane Limited, a British Virgin Islands corporation ("Ferry Lane"), is the owner of certain real property, mineral rights, mining claims, water rights, equipment, and buildings located in Silver Bow County in the State of Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. By virtue of a transaction dated November 2, 2023, BSC is the asserted owner of record of all of the issued and outstanding shares of Ferry Lane.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Lane F has asserted a competing claim of ownership in Ferry Lane [\*\*+] a [\*\*+] (the "[\*\*+] Litigation"). Additionally, in connection with the [\*\*+] Litigation, Lane F acquired all [\*\*+], a defunct [\*\*+] corporation, through [\*\*+], which in turn holds [\*\*+] of [\*\*+].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. BSC, [\*\*+] the sole and undisputed owner of all issued and outstanding shares of Ferry Lane' and therefore seeks to acquire from Lane F [\*\*+] and all [\*\*+].

**NOW, THEREFORE,** in consideration for payments to be paid by BSC and the terms and conditions hereinafter set forth, the parties agree to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Purchase and Sale</u>.** 

**A.** At
 the Closing, BSC shall purchase, without warranty of any type, all of Lane F's
 right, title, and interest to any shares of Ferry Lane, [\*\*+]. Specifically,
 this transaction includes, but is not limited to, whatever interest, if any, Lane F acquired
 in [\*\*+] and [\*\*+]. This includes the full ownership of [\*\*+] and all
 associated assets, including [\*\*+] as well as, except as otherwise expressly provided or reserved
 to Lane Fin this Agreement, all other assets, rights, title, interest or claims that
 it or any of Lane F's members, owners, or assignees, now has or may hereafter acquire
 in or related to Ferry Lane or real property, mineral rights, mining claims, water rights,
 equipment, buildings and associated real property rights located, lying and situated

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

in Silver Bow County in the State of Montana. It is understood that, as of the date of this Agreement, Lane F does not possess the physical or original [\*\*+]. However, [\*\*+]. Additionally, as a result of the [\*\*+] .

Should, after Closing, Lane F come into ownership or possession of additional shares of Ferry Lane (either directly or indirectly), it will take steps to convey those shares to BSC, without additional consideration, as part of the purchase under this Agreement.

**B.** At
 the Closing, BSC shall purchase all corporate documents in the possession, custody, or
 control of Lane F or its owners, members, assignees, and advisors pertaining to [\*\*+] excluding any documents that are Lane F attorney-client privileged
 documents in which Lane F is the holder of the privilege (the "Corporate Documents").
 BSC shall take possession of Corporate Documents within a reasonable time after the Closing.

Lane F will actively facilitate and assist BSC's efforts to obtain the Corporate Documents in the custody or control of [\*\*+] or any other person who is later determined to have Corporate Documents and is a member, owner, assignee, or beneficiary of Lane F. It is expected that the Corporate Documents held by [\*\*+] will be provided to BSC upon payment by BSC of [\*\*+] as reimbursement for prior storage costs. This payment is not part of the Administrative Funds described in Section 2.A, and is solely for reimbursement of personal storage costs. This payment is a condition for providing such Corporate Documents but is not a condition of Closing.

BSC shall provide to Lane F electronic copies of any Corporate Documents it takes possession of under this provision, subject to the confidentiality provisions set out in Section 3 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Consideration for the Purchase</u>.** BSC will pay Lane F the agreed consideration for [\*\*+] and the acquisition of all outstanding shares of [\*\*+] Inc., including its ownership of [\*\*+] and [\*\*+].

A. *<u>Administrative Funds</u>* <u>:</u> At the Closing , BSC will
 pay to Lane F the sum of Seventy-five thousand and no/100 dollars (US$75,000.00) in
 cash.

B. *<u>Cash/Stock:</u>* Within ninety (90) days of Closing or a later date at Lane F's sole discretion, Lane F, in its sole discretion, shall
 choose and provide written notice to BSC any combination of the following forms of consideration to be paid or transferred to
 Lane F, or its assignee(s), in various proportions, with the total aggregate value of the consideration

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

not to exceed Three Million Fifteen Thousand Dollars (US$3,015,000.00) (the "Payment"):

1) A cash sum, not to exceed US$3,000,000.00, payable in twelve (12) equal quarterly installments; or

2) Rights for up to 6,700,000 shares of BSC common stock, calculated on BSC's most recent financing at US$0.45 per share. The conveyance of these shares shall be subject to any applicable hold periods or regulatory restrictions and until BSC's public listing, all shares granted to Lane F will be voted in alignment with Crescat Capital on all shareholder matters; or

3) A combination of Sections 2.B.1 and 2.B.2 that will equal a total aggregate value of Three Million Fifteen Thousand Dollars (US$3,015,000.00) with any cash installments coming in quarterly payments of US$250,000.00 (or the remaining balance if less than that amount is owed).

At the Closing, BSC shall provide to Lane F copies of its most recent investor presentations that BSC has provided to any or all its other investors, to assist Lane F in making its selection and will provide additional information upon Lane F's request when such request are reasonable and typical for potential investors under the circumstances and not in violation of any of BSC's pre-existing legal or contractual obligations.

For any consideration to be paid in cash in the future, BSC shall provide Lane F a promissory note and mortgage in the format provided in Exhibits B and C.

**Tax Advice:** The parties agree to incorporate tax advice from their respective legal or tax advisors regarding the form of consideration chosen. Neither party makes any representations regarding the tax implications of the transaction, and each party shall bear responsibility for its own tax obligations.

**Quarterly Business Updates:** In the event that Lane F opts to receive at least 3,350,000 shares of BSC as part of the Payment, BSC agrees to provide Lane F with quarterly business updates. These updates shall be subject to the same confidentiality terms as those governing the Corporate Documents in this Agreement.

C. *<u>Net Smelter Returns Royalty:</u>* BSC shall grant to Lane F a net smelter returns royalty
 (NSR) of two percent (2.0%) on all ore mined from any real property interest owned by
 Ferry Lane in Silver Bow County, Montana, including any real property interest it may
 own in the future through exercise of the option to purchase pursuant to the 2013 Ninety-Nine year lease of the Big Butte Fire Station property with the City/County of Butte-Silver
 Bow. BSC reserves the exclusive right to buy out the NSR for the total sum of Seven Million
 Five Hundred Thousand Dollars (US$7,500,000.00) This buy-out price shall remain fixed
 for the first ten (10) years following the effective date of the NSR Agreement. Thereafter,
 the buy-out price shall be adjusted annually based on the percentage change in the Consumer
 Price Index for All Urban Consumers (CPI-U) for the West Region, as

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

published by the U.S. Bureau of Labor Statistics. The detailed terms and conditions of the NSR, including the buy-out provision, are set forth in Exhibit D, which shall be fully executed at Closing.

D. *<u>Prohibition on Management and Control</u>* <u>:</u> Neither
 David Richards nor anyone related to or representing him or his interests may serve in
 the management or control body of BSC or any entity controlled by BSC or established
 by BSC to manage the Ferry Lane Butte-Silver Bow County properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Confidentiality of Corporate Documents.</u>** Lane F and its principals, members, owners, assignees, and advisors shall not disclose any information contained within the Corporate Documents to any other party, except as required to ascertain the composition of the [\*\*+] (as defined in Section 5, below) and for determining the pro rata distribution of proceeds thereof. Disclosure is also permitted as required by applicable law and in connection with any litigation matters related to Lane F and its principals and agents. Any breach of this confidentiality obligation shall be subject to enforcement under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Mutual Release.</u>** In further consideration of the terms and conditions of this Agreement, the Parties fully and forever release and discharge each other, their successors, assigns, agents, employees, members, partners, affiliates and attorneys, from any and all actions, claims, causes of action, demands, or expenses for damages or injuries, whether asserted or unasserted, known or unknown, foreseen or unforeseen, arising out of or involving BSC's ownership of Ferry Lane, In as much as any injuries. damages, and losses may not be fully known and may be more numerous or more serious than it is now understood or expected, the Parties agree that this mutual release applies to any and all injuries, damages and losses arising out of or involving their share ownership even though now unanticipated, unexpected and unknown, as well as any and all injuries, damages and losses which have already developed and which are now known or anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Assignability of Rights and Consideration.</u>** Lane F's rights under this Agreement or the consideration being paid by BSC may be freely assigned or distributed, in whole or in a proportionate amount, to whomever Lane F, in its sole discretion determines to be to the [\*\*+] who have not yet received compensation for their shares in [\*\*+] or may be otherwise assigned or distributed at Lane F's sole discretion. For the purposes of this limitation, the identity of [\*\*+] and the proportionate amount to be assigned or distributed to those individuals or entities, shall be determined in the sole discretion of Lane F under terms and procedures adopted in its operating agreement. BSC shall provide to Lane F any information or documents in its possession that will assist Lane F in making this determination. In no event shall [\*\*+] or any person or entity related to these individuals, or who acquired their shares from these individuals be considered a legitimate, non-fraudulent shareholder.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

*<u>Retention of [\*\*+]</u>*

As a condition precedent to making an assignment or distribution to the [\*\*+] Lane F shall first secure from each assignee or distributee a release of the claims and for the releasees identified in the form provided in Exhibit E and generally including the scope, but not a verbatim recital, of the other terms contained in Exhibit E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Closing/Post-Closing Deliverables.</u>** 

A. The
 closing of this transaction shall occur no later than September 19, 2024 at the law offices
 of Doney Crowley P.C. in Helena, Montana. Time is of the essence in the Closing of this
 transaction.

B. At
 the Closing, Lane F shall deliver to BSC the fully executed Asset Assignment in the format
 attached as Exhibit A as well as copies of all corporate documents under Section 1.B
 in its immediate custody or control. In exchange, BSC shall deliver to Lane F the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Administrative Funds payable under Section 2.A, above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
 fully executed Net Smelter Returns Royalty Agreement in the format attached as Exhibit
 D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Copies
 of most recent presentations that BSC has provided to its other investors.

C. Within
 thirty (30) days following the Closing, both parties agree to complete and record the
 necessary Royalty Deeds to ensure the proper registration of Lane F's Net Smelter
 Returns Royalty (NSR) interests, as outlined in Exhibit D.

D. For
 a period of ninety (90) days following the Closing, Lane F will facilitate and assist
 in the transfer of any other corporate documents for Ferry Lane under Section 1.B, above.

E. Within
 ninety (90) days following the Closing or a later date at Lane F's sole discretion,
 Lane F will provide written notice to BSC of its elections as to the consideration to
 be paid under Section 2.B, above. Within seven (7) calendar days of receipt of that election,
 BSC will pay to Lane F the first installment of any cash consideration so elected and
 a Promissory Note and Mortgage in the formats attached as Exhibits C and D for the remaining
 balance, as well as any [\*\*+] to document the transfer of any shares of BSC to Lane F.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

F. Additionally,
 BSC will make good faith efforts to remain available to Lane F during this ninety (90
 day-period, providing further information on its business plans and strategies to better
 inform Lane F's decision regarding its election of consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Cooperation and Non-Disparagement.</u>** Following the execution of this Agreement:

A. The
 Parties agree that they will cooperate with each other, including responding to any reasonable
 requests for information and assistance, regarding any matter involving the ownership
 of and corporate governance of Ferry Lane, including the execution of any further documents
 reasonably necessary to effectuate the terms of this Agreement. For any cooperation requests
 submitted by the Parties pursuant to this provision that exceeds a commercially reasonable
 time or effort, the responding party shall be entitled to reasonable compensation for
 those efforts.

B. The
 Parties agree that they, their agents, employees or representatives, will not at any
 time make, publish or communicate to any person or entity or in any public forum or online
 any defamatory, harmful, or disparaging remarks, comments, or statements concerning each
 other, their respective businesses, or their employees, officers, agents, employees and
 existing or prospective investors.

C. The
 Parties agree that neither of them, nor their agents, employees, shareholders, members,
 or attorneys will knowingly encourage, counsel or assist any third-parties, or their
 attorneys in the presentation, prosecution or advancement of any disputes, differences,
 claims, or charges being asserted by the third party against BSC, Lane F, Ferry Lane,
 Ferry Lane Management, LLC, Blackjack Operating, LLC, and New Butte Leasing, LLC.

D. In
 the event of litigation against Lane For its principals by non-BSC parties, provided
 that such assistance does not adversely affect BSC, as determined at its sole discretion,
 and to the extent permissible with its obligations and terms of access, BSC agrees to
 furnish documents and information in its possession to assist Lane F and its principals
 in the defense of any such legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Confidentiality.</u>** The Parties acknowledge that the consideration and terms of this Agreement are to be confidential and shall not be publicly disclosed by them or their representatives, except a Party may disclose such information: (1) as its attorney may advise it is required to disclose under applicable laws and regulations; (2) as may be required in connection with communications with the [\*\*+] or (3) as otherwise required by an order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>The Parties' Warranties and Representations.</u>** The Parties, and their respective, successors, assigns, members, owners, assignees, affiliates, agents, attorneys, representatives, or beneficiaries, warrant and represent to each other as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Parties have the authority and right to enter into this Agreement and to carry out the
 transactions contemplated herein.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This
 Agreement constitutes the legal, valid, and binding obligations of the Parties, enforceable
 against each of them in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Neither
 the execution and delivery of this Agreement, nor the consummation by the Parties of
 any of the transactions contemplated hereby, will result to their knowledge in a breach
 of any term, provision, covenant, or condition of any agreement or instrument to which
 the Parties or New Butte Leasing, LLC is a party or by which they may be bound, or with
 which the giving of notice or lapse of time or both would constitute an event of default
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Lane
 F makes no representation or warranty, express or implied, as to the ownership rights
 associated with [\*\*+] other than it validly and legitimately acquired them in good faith through the
 [\*\*+] and associated sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Tax Matters.</u>** Neither Party makes any representation as to the tax implications of the transactions contemplated within this Agreement. The parties agree to take all necessary and advisable action to report this transaction with the appropriate federal and state taxing authorities. The Parties will in good faith negotiate any amendment to this agreement that provides a tax advantage to one or both Parties if that amendment would not disadvantage either Party, as determined by each Party's sole, but reasonable, discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>No Third-Party Beneficiaries.</u>** There are no third-party beneficiaries intended by this Agreement and nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto (and their respective successors. heirs and permitted assigns), any rights, remedies, obligations or liabilities. [\*\*+] mentioned above are not to be considered third-party beneficiaries of this Agreement and have no rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Specific Performance.</u>** If either party breaches and fails to perform their respective duties under this Agreement in accordance with its terms, then the non-breaching party has the remedy of specific performance in addition to all other remedies available at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Governing Law.</u>** This Agreement shall be governed by and construed in accordance with the laws of the State of Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Severability.</u>** If any portion of this Agreement is held to be void or unenforceable then the balance of this Agreement shall nevertheless be effective and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Attorneys' Fees.</u>** Should either party incur any costs or expenses, including reasonable attorneys' fees, to enforce any of the provisions of this Agreement, the non-prevailing party shall reimburse the prevailing party upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Time.</u>** Time is of the essence of this Agreement.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Counterparts.</u>** This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. As used herein, "counterparts" shall include full copies of this Agreement signed and delivered by facsimile transmission or electronic mail ("e-mail") correspondence as well as photocopies of such facsimile transmission or e-mail correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Binding Effect.</u>** This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors, and assigns. This Agreement is the product of the negotiations of the Parties. By virtue of the signature of all Parties herein, this Agreement shall be deemed to have been drafted by all Parties collectively, and any ambiguity herein shall not be construed for or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Entire Agreement.</u>** This Agreement embodies the entire agreement between the parties, and supersedes all prior negotiations, understandings, and agreements, if any, relating to the subject matter hereof. This Agreement may be amended, modified, or supplemented only by an instrument in writing duly executed by all parties hereto.

**IN WITNESS WHEREOF,** the parties have executed this Agreement effective as of the day and year set forth on page 1 of this Agreement.

---

| |
|:---|
| **LANE F HOLDINGS, LLC** |
| /s/ R. Allan Payne |
| R. Allan Payne |
| Its: Member |

---

---

| |
|:---|
| **BLACKJACK SILVER CORP.** |
| /s/ C. Travis Naugle |
| C. Travis Naugle |
| Its: CEO |

---

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>EXHIBIT A</u>**

**<u>ASSET ASSIGNMENT</u>**

**[REDACTED]**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>EXHIBIT B</u>**

**<u>PROMISSORY NOTE</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**LENDER:** | &nbsp;&nbsp;**BORROWER:** |
| &nbsp;&nbsp;LANE F HOLDINGS, LLC | &nbsp;&nbsp;BLACKJACK SILVER CORP. |

---

---

| | |
|:---|:---|
| **Principal Amount: US$ _________________________** | **Date of Note: ___________________** |

---

**PROMISE TO PAY.** For value received, the Borrower promises to pay to Lender the principal amount of $_________________________, together with interest at the annual rate of ten percent (10.0%) on the unpaid outstanding principal balance. All sums due are payable in lawful money of the United States of America.

**PERIODIC PAYMENT TERMS.** The entire principal amount and accrued interest shall be paid in full in equal installments of Two Hundred Fifty Thousand Dollars (US$250,000.00) (or the remaining balance if less than that amount is owed) each, payable quarterly on or before the following: January 15, April 15, July 15, and October 15 of each year beginning in 2025.

**SECURITY.** This Note is secured by a mortgage on all real property and mining claims (the "Security") owned by Ferry Lane Limited in Butte-Silver Bow County, Montana. The holder of this Note will be entitled to the benefits of the Security provided by the Mortgage and will have the right to enforce the covenants and agreements of Mortgagee.

**PREPAYMENT.** It is further understood and agreed that from and after January 15, 2025, said obligation may be prepaid at any time, in whole or in part, without penalty.

**DEFAULT.** Borrower will be in default if any of the following happens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Borrower
 fails to make any payment when due or in the amount due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Borrower
 fails to pay the real estate taxes assessed on the Security.

**LENDER'S RIGHTS.** Upon default, Lender may declare the entire principal balance on this Note immediately due, without notice, and Borrower will pay that amount immediately upon receiving notice of Lender's declaration.

**ATTORNEYS' FEES; EXPENSES.** In the event of default by Borrower, Lender may hire or pay someone else to help collect this Note from Borrower, and any such attorneys' fees and expenses incurred by Lender shall be paid by Borrower. This includes, subject to any limits under applicable law, Lender's attorneys' fees and Lender's legal expenses, whether or not there is a lawsuit, including attorneys' fees, expenses for bankruptcy (including efforts to modify or vacate

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower will also pay any court costs, in addition to all other sums provided by law.

**GOVERNING LAW.** This Note will be governed by, construed and enforced in accordance with the laws of the State of Montana. This Note has been accepted by Lender in the State of Montana.

**SUCCESSOR INTERESTS.** The terms of this Note shall be binding upon Borrower, and upon Borrower's successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

---

| |
|:---|
| **BORROWER:** |
| **BLACKJACK SILVER CORP.** |
| C. Travis Naugle |
| Its: CEO |

---

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>EXHIBIT C</u>**

**<u>MORTGAGE</u>**

WHEN RECORDED RETURN TO:<br> R. Allan Payne<br> Doney Crowley, P.C.<br> P.O. Box 1185<br> Helena, MT 59624-1185

This mortgage, is made this _______ day of ____________________________, 2025, by Ferry Lane Limited, with mailing address of _________________________________________________ ("Mortgagor") to Lane F Holdings, LLC, with mailing address of P.O. Box 59, Helena, MT 59624 ("Mortgagee"):

1. For
 good and valuable consideration and as security for the payment to the Mortgagee of a
 debt (defined below), Mortgagor grants to Mortgagee a mortgage lien on the following
 Property:

See attached Schedule.

2. The
 terms and conditions of the debt secured by this mortgage are provided in a Promissory
 Note executed by Blackjack Silver Corp., the sole shareholder of Mortgagor, contemporaneously
 with this mortgage.

3. Mortgagor
 agrees that all payments of the debt secured by this mortgage will be paid when due and
 in accordance with the terms of the Secured Debt and this Security Instrument.

4. Mortgagor
 warrants that Mortgagor is or will be lawfully seized of the estate conveyed by this
 Security Instrument and has the right to grant, bargain, convey, sell, and mortgage the
 Property described on the attached Schedule.

5. Mortgagor
 will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities,
 and other charges relating to the Property when due. Mortgagee may require Mortgagor
 to provide copies of all notices that such amounts are due and the receipts evidencing
 Mortgagor's payment. Mortgagor will defend title to the Property against any claims
 that would impair the lien of this mortgage.

6. Mortgagor
 will be in default if any of the following occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Blackjack
 Silver Corp fails to make any payment on the debt after thirty (30) days written notice
 from Mortgagee of a failure to make such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
breach of any term or covenant in this mortgage or any other document executed

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

for the purpose of creating, securing, or guarantying the debt evidenced in the Promissory Note between Blackjack Silver Corp. and Mortgagee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 dissolution, insolvency of, appointment of a receiver for, or application of any debtor
 relief law to, Mortgagor or any other person or entity obligated on the debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 material adverse change in Mortgagor's business, including ownership , management, and financial conditions, which Mortgagee in its opinion believes
 impairs the value of the Property or Mortgagor's ability to repay the debt.

7. Upon
 default, Mortgagee may exercise its rights of foreclosure under Montana Code Annotated
 Title 71-1- part 2.

Executed on this ____ day of ______________, 2025.

---

| |
|:---|
| FERRY LANE LIMITED, by FERRY LANE <br> MANAGEMENT, LLC, its sole director: |
| By: |
| C. Travis Naugle, Manager of Ferry Lane Management, LLC |

---

STATE OF _____________) <br> :ss. <br> County of _____________________)

This instrument was acknowledged before me on the ____ day of ___________, 2025, by C. Travis Naugle, as Manager of Ferry Lane Management, LLC, the sole director of Ferry Lane Limited.

NOTARY PUBLIC FOR THE STATE OF

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

SCHEDULE

OF PROPERTY

**[REDACTED]**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>EXHIBIT D</u>**

**<u>FORM OF NSR ROYALTY</u>**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

<u>EXHIBIT D</u>

Attached to and forming part of an<br> Asset Purchase Agreement between Lane F Holdings, LLC<br> and Blackjack Silver Corp.

**<u>NET SMELTER RETURNS ROYALTY AGREEMENT</u>**

This NET SMELTER RETURNS ROYALTY AGREEMENT, dated effective as of the 19th day of September, 2024 (**Effective Date**), is by and between Blackjack Silver Corp., an Ontario corporation, and Ferry Lane Limited, a British Virgin Island corporation (jointly **Grantor**), or their successors in interest, and Lane F Holdings, LLC, a Wyoming limited liability corporation (**Royalty Holder**).

**NOW THEREFORE** for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) and the covenants and agreements hereinafter set forth, the Parties hereto agree as follows:

**1.** **DEFINITIONS AND EXHIBITS** 

1.1 **Definitions** 

In this Agreement, the following terms shall have the following meanings:

**Affiliate** means any Person that directly or indirectly Controls, or is Controlled by or is under common Control with, a Party. The term "Control" as used herein means the rights to the exercise of, directly or indirectly, more than 50% of the voting rights attributable to the shares or ownership interests of the controlled entity.

**Agreement** means this Net Smelter Returns Royalty Agreement dated the 19th day of September, 2024, by and between Grantor and Royalty Holder.

**Allowable Deductions** means the following, in each case determined without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 costs, tolling charges, representation expenses, metal losses, umpire charges, expenses,
 penalties, fees and other expenses and charges of any nature whatsoever that are paid
 or incurred by Grantor and/or its Affiliates for or in connection with smelting, refining,
 beneficiation processes or procedures or other mineral treatments of Intermediate Products
 whether deducted from the sales revenue and/or are charged against Grantor and/or its
 Affiliates to produce Refined Products regardless of whether the smelting, refining,
 processing, procedures or treatments are carried out on the Property or after the Intermediate
 Products leave the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 costs, expenses and charges of any nature whatsoever that are paid or incurred by Grantor
 and its Affiliates and whether deducted from the sales revenue and/or are charged against
 Grantor and/or its Affiliates after the milling of the Product, for or in connection
 with transportation (including, shipping, freight, insurance, stockpiling, storage. warehousing,
 handling, port, demurrage, delay and forwarding expenses and transaction taxes) of Products
 after the milling of the Product to a smelter or refinery or other place of mineral treatment
 or beneficiation and from there to the place or places of storage and sale to the ultimate
 purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 government-imposed royalties of every nature and kind whatsoever paid, incurred, or deemed
 incurred by Grantor and/or its Affiliates with respect to Products (whether directly

FORM OF NSR ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

or indirectly) payable pursuant to federal, state, or local statutes, regulations, and ordinances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sales,
 use, gross receipts, customs duties, severance, value added taxes and other taxes and
 governmental charges, if any, payable with respect to the existence, severance, production,
 removal, sale, processing, transportation, or disposition of Products that are paid or
 incurred by Grantor and/or its Affiliates with respect to the Products, but excluding
 any taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) based
 on the gross or net income of Grantor and/or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 business or franchise taxes of Grantor and its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 taxes based on the value of the Property and any improvements thereon including any ad
 valorem taxes, but for certainty none of the government royalties contemplated by paragraph
 (c) shall be excluded from being "Allowable Deductions" by virtue of the
 provisions of paragraphs (d)(ii), (d)(iii), or (d)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs
 and fees of sales, insurance, consignment, agency fees and sales brokerage, and any discounts
 or rebates given to customers for off-specification or damaged product that are paid
 and/or incurred by Grantor and its Affiliates with respect to Products shipped from the
 Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Permitted
 Treatment Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding
 anything to the contrary, any costs, expenses, or charges related to the milling of ore
 into intermediate products or saleable products by Grantor and its Affiliates shall not
 be considered Allowable Deductions and shall not be deducted from the calculation of
 Net Smelter Returns. This includes, but is not limited to, costs associated with crushing,
 grinding, and concentrating the ore, including physical concentration methods such as
 gravity and flotation. If there is any conflict between this subparagraph (g) and other
 provision of the Agreement, the provision of this subparagraph shall control.

**Asset Purchase Agreement** means the Asset Purchase Agreement dated the 19th day of September, 2024, between Grantor and Royalty Holder pursuant to which this Agreement was entered into.

**Business Day** means any day other than a Saturday, Sunday or a statutory holiday in the State of Montana.

**Deemed Receipts** means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 Grantor or its Affiliates produce or have produced any Refined Products through any smelting
 or refining arrangements or any other transactions that result in the return to, or credit
 to the account of, Grantor or its Affiliates of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refined
 copper meeting the good delivery requirements of the London Metal Exchange (**LME**)
 for Grade "A" Copper Cathode or High Grade Copper meeting the COMEX division
 of the New York Mercantile Exchange (**COMEX**) requirements for delivery (each, **Refined Copper**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fine
 gold bullion of .995 or better (**Gold Bullion**);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) silver
 bullion of .999 or better (**Silver Bullion**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) lead
 bullion meeting the good delivery requirements of the LME (minimum purity of 99.970%)
 or the COMEX (**Lead Bullion**); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other
 Products produced through subsequent smelting and/or refining and the outturned metal
 from which meets the relevant specifications for Refined Products that have prices regularly
 quoted on the LME (or other reliable price source) (**Other Refined Products**) and
 in each case produced from Raw Products and/or Intermediate Products produced from the
 Property;

then notwithstanding anything in this Agreement to the contrary, the term **"Deemed Receipts"** for such Refined Products means the net number of pounds avoirdupois of Refined Copper and/or troy ounces of Gold Bullion, Silver Bullion and/or Lead Bullion and/or net number of pounds avoirdupois or other relevant unit of measure for Other Refined Products, as the case may be, returned to, or credited to the account of, Grantor and/or its Affiliates by the applicable smelter, refinery or other treatment facility in a calendar quarter, multiplied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) for
 Refined Copper, the average of the LME Settlement Price for Grade "A" Copper
 Cathode in the case of return of LME Grade "A" Copper Cathode or of the COMEX
 most nearby spot price in the case of return of COMEX High Grade Copper or the equivalent,
 in each case for the calendar quarter in which such Refined Copper is returned or credited
 to the account of Grantor or its Affiliates by such smelter, refinery or other treatment
 facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for
 Gold Bullion, the average London Bullion Market Association Gold Price (P.M.) for the
 calendar quarter in which such bullion is so returned or credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) for
 Silver Bullion, the average London Bullion Market Association Silver Price for the calendar
 quarter in which such bullion is so returned or credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for
 Lead Bullion, the average of the LME Settlement Price for lead in the case of LME lead
 bullion or the COMEX most nearby spot price in the case of return of COMEX lead or the
 equivalent, in each case for the calendar quarter in which such Refined Lead is returned
 or credited to the account of Grantor or its Affiliates by such smelter, refinery or
 other treatment facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) for
 Other Refined Products, the average LME prices (or other reliable price source) for such
 Other Refined Product for the calendar quarter in which such Other Refined Product is
 so returned or credited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any insurance proceeds are paid to Grantor and/or its Affiliates for any loss or damage
 to the Intermediate Products prior to receipt at the relevant refinery, smelter or other
 treatment facility, Grantor shall treat such insurance proceeds as revenue in lieu of
 Deemed Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 shall determine the average price for the calendar quarter by dividing the sum of the
 applicable daily prices posted during the relevant calendar quarter by the number of
 days that prices were posted. Grantor shall obtain the posted price: (i) in the case
 of LME Grade "A" copper cathode or COMEX Grade Copper, LME Lead Bullion or
 COMEX Lead Bullion or Other Refined Products, from Platt's Metals Price Alert,
 Metals Week Monthly

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Averages for the applicable period or Metals Bulletin, but corrected to the official quotations of COMEX or the LME in the event of printing errors, and (ii) for other prices, The Wall Street Journal, Reuters, or other reliable source selected by Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the LME Settlement Price for Grade "A" Copper Cathode, or the COMEX most
 nearby spot price for High Grade Copper, the London Bullion Brokers Gold Price (P.M.),
 the London Bullion Brokers Silver Price, the LME Settlement Price for Lead Bullion or
 the COMEX most nearby spot price for Lead Bullion or other relevant LME prices, as the
 case may be, ceases to be published, the Parties shall agree upon a similar alternative
 method for determining the average daily spot market price for Refined Copper, Gold Bullion,
 Silver Bullion, Lead Bullion or Other Refined Products, as the case may be, or upon failure
 to so agree, Grantor may reasonably determine the average of the daily LME settlement
 prices during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the case where an Intermediate Product is distributed to an Affiliate of Grantor and
 such Intermediate Product is converted by such Affiliate or a third Person on behalf
 of such Affiliate to a Refined Product meeting the standards for determining Deemed Receipts
 as set forth in this subsection, then for purposes of calculating Deemed Receipts such
 Refined Product will be deemed produced, and the Deemed Receipts received by Grantor
 in the calendar quarter in which the Refined Product is made available to the Affiliate
 by the smelter or refinery.

**Effective Interest Rate** means a rate per annum equal to the Prime Rate in effect on the first Business Day of each calendar month, plus two percent. The Effective Interest Rate is determined for each full or partial calendar month that interest accrues under any obligation to which it applies pursuant to this Agreement, and applies to all interest obligations accruing in such month.

**Encumber** means mortgage, pledge, hypothecate, grant a security interest in or otherwise encumber.

**GAAP** means generally accepted accounting principles in the United States applied on a consistent basis.

**Intermediate Products** means concentrates (including leachates, precipitates, and other concentrates), doré, and other intermediate products, if any, produced from Raw Products, but not including cathode or other Refined Products.

**Net Smelter Returns** means the Receipts less the Allowable Deductions pertaining to such Receipts, in each case for the applicable calendar quarter.

**Net Smelter Returns Royalty** means the production royalty granted pursuant to this Agreement calculated by the amount of Net Smelter Returns for the applicable period, multiplied by the Royalty Percentage for the applicable period.

**Party** means each of the parties named in the preamble.

**Permitted Treatment Costs** means the costs and charges incurred by Grantor for the production of Refined Products from Intermediate Products in refineries, smelters, electrowinning facilities and similar facilities owned by Grantor or its Affiliates, as such costs and charges are established on an arms-length basis based on the costs and charges including without limitation treatment charges, penalties, metals losses, and other costs and deductions that would be made by such treatment facilities pursuant to the then generally prevailing world terms for the production of

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Refined Products from such Intermediate Products supplied by a non-Affiliated third party having like kind, quantity, quality and grade and with appropriate adjustments for freight, and as the same is agreed by the Parties on an annual basis, or if the same cannot be agreed by the Parties in advance, as established on an annual basis pursuant to the Referee Procedures in Section 5.3 below.

**Person** means an individual, corporation, trust, partnership, limited liability company, joint venture, unincorporated organization, firm, estate, governmental authority or any agency or political subdivision thereof, or other entity.

**Physical Product Receipts** means revenues received by Grantor for any Raw Products. Intermediate Products, or Refined Products sold by Grantor, excluding revenues for any Products described in the definition of "Deemed Receipts", including any and all other minor metals sold from ore mined from the Property, such as molybdenum, tin, etc. that are not sufficiently refined to meet either the definition of Refined Products or other LME good delivery standards. Grantor shall determine the amount of such revenues as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 Raw Products or Intermediate Products are sold to a smelter, refinery or other purchaser
 (other than Grantor or Affiliates of Grantor) or are distributed to an Affiliate but
 are not converted by or for such Affiliate into Refined Products meeting the requirements
 in the definition of "Deemed Receipts" as provided above, then the amount
 of Physical Product Receipts with respect to such Raw Products or intermediate Products
 equals the amount of net revenues actually received by Grantor from the physical sale
 of such Products to the smelter, refiner or other purchaser of Products, including any
 bonuses, premiums, and subsidies. In the case where such Raw Products or Intermediate
 Products are distributed in kind to an Affiliate of Grantor and then are sold without
 further processing by or for such Affiliate, such sale will be deemed to be a sale by
 Grantor for the purposes of making the calculations in this subsection and the revenues
 from such sale will be deemed to have been received by Grantor. Notwithstanding this
 paragraph (a), if the revenues received or deemed to be received by Grantor in respect
 of a distribution to an Affiliate pursuant to this paragraph (a) are less than the fair
 market value of such Products, then the amount of Physical Product Receipts will be deemed
 to be the fair market value of such Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 Raw Products or Intermediate Products are distributed to an Affiliate in any transaction
 that is not covered by either paragraph (a) above or the definition of Deemed Receipts
 such as in the case where the Affiliate consumes such Raw Products or Intermediate Products
 in its own operations, then in such event the revenues attributed to Grantor with respect
 to such Products equals the fair market value price that would otherwise be received
 from a third Party in an arm's length transaction for the sale of such Raw Products and/or
 Intermediate Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 shall reasonably determine such fair market value on the basis of world terms from, if
 applicable, custom smelters in North or South America, Japan, Korea or Europe to which
 such Products would otherwise be shipped and processed, for like kind, quantity, quality
 and grade of such Products on an annual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 lieu of setting the fair market value price for such Products based on the above, Grantor
 or Royalty Holder may elect, by notice in writing to the other, to establish such price
 by referee pursuant to Section 5.3 of this Agreement.

**Prime Rate** means, rounded to the fourth decimal place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 London Inter Bank Offered Rate (LIBOR) for the 90-day period as quoted on the

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Reuter's Screen LIBO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the event the LIBOR rate ceases to be published on the Reuter's Screen LIBO, the
 Secured Overnight Financing Rate (SOFR) as published on the Federal Reserve Bank of New
 York's website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 other regularly published rate as the Parties may mutually agree.

**Products** means Specimen-Grade Minerals, Raw Products, Intermediate Products and Refined Products produced from all ores extracted, mined and removed from the Property, it being the intent that all commercially saleable metallic products produced from ores mined from the Property and that generate revenues to Grantor be included in this Agreement, including without limitation, all saleable precious metals, copper, zinc, lead, manganese, molybdenum, rare earth elements, and other metallic products produced and sold from the Property, and that the sales of the same is covered either as Deemed Receipts or Physical Product Receipts. Products does not include any material mined and removed from the Property for use by Grantor for roads, foundations, concrete or other construction or industrial uses relating to the Property or material that is processed that did not originate from the Property, and shall not include any material that is not recovered for commercial sale from ores extracted from the Property.

**Property** means all real property interest of any kind held by Grantor including, without limitation, the fee mineral property, federal unpatented mining claims, state mining claims, federal mineral leases, state mineral leases, and fee mineral leases, as described more fully on Exhibit 1, including any renewals, extensions, amendments, replacements or improvements thereon made by Grantor, and such term also includes any mineral tenure or real property interests acquired from any third Person inside the boundaries of the Property as well as the additional properties later acquired by Grantor or its Affiliates as provided in Subsection 6.9(a)(ii).

**Raw Products** means ore produced from the Property in the form of run of mine ore, direct shipment ore and other similar crude or raw ore produced from the Property without further processing other than crushing.

**Receipts** equals the sum, without duplication, of all payments, value and/or credits received by Grantor or its Affiliates or assignees for Products removed from the Property. This includes, without limitation, Physical Product Receipts and Deemed Receipts for the applicable calendar quarter. Receipts does not include any revenue or losses from any Trading Activities.

**Refined Products** means Gold, Silver, Lead, Copper, and Zinc Bullion and Other Refined Products produced from Intermediate Products through refining and/or smelting or equivalent treatment operations.

**Royalty Percentage** means, for any applicable calendar quarter, 2.0% of Net Smelter Returns.

**Specimen-Grade Minerals** means aesthetically valuable minerals extracted from the Property that are suitable for museum-quality collections or private collectors due to their size, shape, color, crystal form, or rarity. These minerals are distinct from commercially viable ores and are typically sold at a premium for their visual and collector value.

**Trading Activities** means any and all price hedging and price protection activities undertaken by Grantor or its Affiliates with respect to any Products, raw materials, interest rates or currency exchanges including without limitation, any forward sale and/or purchase contracts, spot- deferred contracts, option contracts, speculative purchases and sales of forward, futures and option contracts,

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both on and off commodity exchanges. Grantor may not take into account such Trading Activities, and the profits and losses generated thereby, in the calculation of royalties due to Royalty Holder, whether in connection with the determination of price, the date of sale, or the date any royalty payment is due. Royalty Holder acknowledges that Grantor and its Affiliates engaging in Trading Activities may result in Grantor and its Affiliates realizing fewer or more profits for Products than does Royalty Holder, since Royalty Holder's royalty is established by published prices, in the case of Refined Products described in the definition of Deemed Receipts and the sales price of the physical commodity to be delivered, in the case of other Physical Product Receipts. Similarly, Royalty Holder is not obligated to share in any losses generated by any such Trading Activities with respect to the sales of any Refined Products.

**Transfer** means any sale, grant, assignment, conveyance or other transfer.

**$** means United States dollars.

**Exhibits. Exhibit 1, Exhibit 2,** and **Exhibit 3** are attached hereto and incorporated herein and form part of this Agreement.

**2.** **GRANT, COMPUTATION AND PAYMENT OF NET SMELTER RETURNS** 

2.1 **Grant of Royalty** 

Grantor hereby grants to Royalty Holder the Net Smelter Returns Royalty in perpetuity. Grantor shall evidence the grant of the Net Smelter Returns Royalty to Royalty Holder through a form of recordable deed similar to the form attached hereto as **Exhibit 3 (Deed)**, which Deed shall be recorded against the Property in the public records of the county in which the Property is located. Grantor further agrees to evidence the grant of the Net Smelter Returns Royalty to the Royalty Holder through additional deed(s) substantially in the form attached hereto as Exhibit 3 for all additional properties later acquired by Grantor or its Affiliates and subject to the Net Smelter Returns Royalty herein as provided in Subsection 6.9(a)(ii) which additional Deed(s) may be recorded against the Property in the public records of the county in which the Property is located.

2.2 **Computation** 

To compute the Net Smelter Returns Royalty, Grantor shall multiply the Net Smelter Returns by the applicable Royalty Percentage in each case for the immediately preceding calendar quarter.

2.3 **Payments** 

When Net Smelter Returns Royalty payments are due and owing under this Agreement, Grantor shall pay Royalty Holder a payment equal to the Net Smelter Returns Royalty computed under Section 2.1 within 45 days after the end of the calendar quarter for which such computation is made, and shall deliver with such payment a copy of the calculations used in connection with such payment. Grantor shall correct any overpayments or underpayments in the next calendar quarter payment following determination of such adjustment. Grantor shall deliver with such payment a copy of the calculations used in connection with such payment.

2.4 **Buy-Out Provision** 

Grantor shall reserve the exclusive right to buy out the full interest in the NSR granted to Royalty Holder (or its successor(s)) for a total sum of $7,500,000. The buy-out price of $7,500,000 shall remain fixed for the first ten (10) years following the effective date of the NSR Agreement.

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Thereafter, beginning on January 1 of 2035, the buy-out price shall be adjusted annually based on the percentage change from the prior year in the Consumer Price Index for All Urban Consumers (CPI-U) for the West Region, as published by the U.S. Bureau of Labor Statistics, or the most similar index available at that time. At the option of the Royalty Holder (or its successor(s)), the buy-out may be effectuated by Royalty Holder (or its successor(s)) forming a new LLC ("New Co.") or other similar limited liability entity in a jurisdiction of Grantor's choice, and transferring the NSR to that New Co., and the New Co. to Grantor. Said transfers shall be completed within 90 days of written notice by Grantor to Royalty Holder (or its successor(s)) of its exercise of the buyout option and identity of the selected jurisdiction and any Net Smelter Returns Royalty payments due during that 90-day period shall remain owed and be paid to the Royalty Holder (or its successor(s)). At the sole option of the Royalty Holder (or its successor(s)), the buy-out amount may be paid by the Grantor over as many as ten (10) animal payments, with five (5) percent annual interest due and paid quarterly on the remaining balance.

If the Royalty Holder elects to receive the buy-out price through structured payments, such payments shall be formalized through a promissory note or its equivalent, as agreed upon by the Parties. Upon execution of the promissory note or equivalent instrument, the Royalty shall be deemed fully extinguished and reduced to zero, and Grantor shall have no further royalty obligations to Royalty Holder, provided that Grantor fulfils its payment obligations under the terms of the promissory note or its equivalent.

Furthermore, upon completion of the buy-out as set out in this Section 2.4, whether through a lump sum payment, or promissory note or its equivalent, all rights and obligations of both the Grantor and Royalty Holder under this Agreement shall terminate in their entirety.

2.5 **Right of Offer for** S **pecimen** - **Grade Minerals** 

The Royalty Holder shall have the right of first offer to purchase up to 5% of all Specimen-Grade Minerals extracted from the Property by the Grantor. This right shall apply to each extraction or collection of such minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Offer
 and Acceptance Process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Grantor shall notify the Royalty Holder in writing whenever Specimen-Grade Minerals are
 identified for potential sale. The notification shall include a detailed description
 of the minerals, along with the proposed sale price and any other relevant terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Royalty Holder shall have 30 days from receipt of the notification to exercise their
 right to purchase up to 5% of such Specimen-Grade Minerals by delivering written notice
 of acceptance to the Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 the Royalty Holder fails to respond within the 30-day period, the Grantor may proceed
 with the sale of the Specimen-Grade Minerals to any third party under the same terms
 and conditions originally offered to the Royalty Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchase price for any Specimen-Grade Minerals shall be determined by fair market value,
 taking into account factors such as rarity, aesthetic quality, and market demand for
 similar collector-grade minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 exercise of this right by the Royalty Holder shall not interfere with the Grantor's operations,
 and the identification and collection of Specimen-Grade Minerals shall remain at the
 sole discretion of the Grantor.

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**3.** **ACCOUNTING MATTERS** 

3.1 **Accounting Principles** 

Grantor shall determine all Receipts and Allowable Deductions by the accrual method and apply GAAP in that determination.

**4.** **OPERATIONS** 

Grantor has sole authority to make all decisions concerning methods, the extent, times, procedures and techniques of, and all decisions whether to conduct, any (i) exploration, development and mining related to the Property, (ii) leaching, milling, processing or extraction treatment and (iii) materials to be introduced on or to the Property or produced therefrom and all decisions concerning the sale or disposition of Products from the Property. For certainty, Grantor shall have no obligation whatsoever to conduct any exploration, development or mining activities on or related to the Property.

**5.** **AUDITS AND DISPUTES** 

5.1 **Disputes** 

Royalty Holder waives its right to object to a payment made for any calendar quarter, unless it provides notice in writing (**Objection Notice**) of such objection within 180 days after receipt of final payment or adjustment for the calendar quarter.

5.2 **Audit** 

Royalty Holder shall have a right to audit and inspect Grantor's accounts and records used in calculating payments to Royalty Holder hereunder. Upon written notice, Royalty Holder may elect to have an independent firm of certified public accountants audit all the records that relate to the calculation of the Net Smelter Returns Royalty within 60 days of Grantor's receipt of an Objection Notice under Section 5.1 hereof. Any calculation not so audited will be deemed final and not thereafter subject to audit or challenge. If such an audit shows a greater than five (5) percent discrepancy in the Net Smelter Returns Royalty payment(s) in favour of the Royalty Holder, Grantor shall pay to Royalty Holder that discrepancy amount plus fifteen (15) percent and the reasonable costs of the audit.

5.3 **Referee Procedures** 

The following procedures apply exclusively to any disagreement between the Parties with respect to the fair market value of a Product in determining Physical Product Receipts or in the Permitted Treatment Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall ensure that any Person appointed as a referee is independent of either
 Party, of sound commercial background and knowledgeable of the metals and concentrates
 markets. Within 30 days after a Party gives notice of a dispute subject to this Section
 5.3, each Party shall submit to the other Party a list of five People to serve as referee.
 No Person who has been an employee of either Party or any of their respective Affiliates
 is eligible to act as a referee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties shall attempt to agree on a single suitable referee from the lists described
 in subsection 5.3(a) within 10 Business Days after both Parties have submitted such lists
 to

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the other Party. If the Parties are unable to agree on the appointment of the single referee within such 10 Business Days, then either Party may seek appointment of the referee by petition to the Montana District Court for Silver Bow County. The Parties shall pay equally the costs of any agreed or appointed referee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party shall submit its respective position as to the commercial terms to the referee(s)
 and to the other Party within 10 Business Days after the referee(s) has (have) been appointed.
 The Parties then have a further 10 Business Days to review the other's submission
 and to submit a written rebuttal to the referee (the **Submission Period**). To the
 maximum extent practical, the Parties shall submit terms based on the world terms for
 equivalent products of like kind, quantity, quality and grade (or appropriately adjusted
 to deemed equivalents) as determined at the time of such negotiations by reference to
 then current international transactions and agreements for the sale of similar products
 between major mines and custom smelters located in Japan, Korea, North and South America
 and Western Europe under other long term contracts with a duration of at least 12 months.
 The referee(s) may not consider contracts between buyers and sellers of concentrates
 in which one party is a majority owner of or is able to exercise Control over the other,
 or to terms or special elements contained in a contract that are the product of the financing
 arrangements for the particular mine or smelter involved. Rather, the referee(s) may
 consider only those contracts of like kind, quantity quality and grade, insofar as possible,
 and any applicable adjustments shown. The referee(s) shall consider, however, the quantity
 of precious metals contained in such Products and to the lack or presence of, deleterious
 and penalty elements and applicable allowances and adjustments for freight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within
 20 Business Days after expiry of the Submission Period, the referee(s) shall determine
 any such issue by selecting one of the two positions advanced by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 decision of the referee governs for the calendar quarter in question; provided, however,
 at the request of either Party, the referee may establish a methodology for establishing
 the fair market value of such Products for the calendar year. If the referee(s) establish(es)
 such a methodology, the Parties shall apply that methodology for the entire calendar
 year and retroactively to the period for which the Parties were to have reached agreement.
 The referee may apply the methodology for the following calendar years, but not to exceed
 two calendar years.

**6.** **GENERAL** 

6.1 **Records** 

Grantor shall keep and retain for not less than three years accurate records of tonnage, comingling per Section 6.6, surveying, volume of Products, analyses of Products, weight, moisture, assays of payable metal content and other records, as appropriate, related to the computation of Net Smelter Returns hereunder.

6.2 **Site Visits** 

Neither Royalty Holder nor any of its representatives shall be permitted to enter upon any portion of the surface or sub-surface of the Property without the prior written consent of Grantor, which may be withheld in its sole discretion. Notwithstanding the above, the Parties agree that as long as Lane F Holdings LLC or any of its Affiliates remains the Royalty Holder, Royalty Holder will have the right to visit the Property quarterly. For that purpose, upon not less than fifteen (15) Business Days' notice to Grantor, no greater than two authorized representatives of the Royalty Holder, may,

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under the direction and control of Grantor, visit the Property for a tour of operations, whereupon it will be permitted to enter upon all areas of the Property unless Grantor determines, on a reasonable basis, there exists operational or safety conditions that warrant exclusion of certain areas.

However, upon any transfer or assignment of the Agreement to a third party that is not an Affiliate of Lane F Holdings LLC, the right to site inspections shall be limited to once annually, with the same notice and operational requirements as specified above.

Any visit pursuant to the above shall, unless the Parties mutual agree, be requested and made at reasonable times during only Business Days and business hours from 8:30 am up to 18:00 pm (local time), and provided that such visit does not interfere with Grantor's operations or safety of such operations. With respect to such access, Grantor shall not have any liability for any personal injuries including death or for any damage to the property of Royalty Holder or its representatives.

Royalty Holder shall indemnify and hold harmless Grantor and its Affiliates (including without limitation direct and indirect parent companies), and its or their respective directors, officers, shareholders, employees, agents and attorneys, from and against any claims, losses, liabilities, obligations, debts, damages, prosecutions, judgments. fines, penalties, costs or expenses (including reasonable costs, fees and expenses of legal counsel) which may be imposed upon, asserted against or incurred by any of them by reason of injury to Royalty Holder or any of its agents or representatives caused by Royalty Holder's exercise of its rights herein, including any injury or death resulting from the negligence of Grantor or its Affiliates on the Property. The indemnity in this Section 6.2 survives expiration or earlier termination of this Agreement.

6.3 **Notices.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall send all notices and other required communications under this Agreement
 (**"Notices"**) in writing and addressed as follows:

If to Grantor:

Blackjack Silver Corp.<br> [\*\*+]

If to Royalty Holder:

Lane F. Holdings<br> [\*\*+]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 Notices shall be given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 personal delivery or delivery by commercial courier to the addressee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 electronic communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 registered or certified mail return receipt requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Notices shall be effective and shall be deemed delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 by personal deli very or commercial courier on the date of delivery on a Business Day
 before 5:00pm local time (in the place of delivery), and, if not delivered on a Business
 Day before 5:00pm local time (in the place of delivery), on the next Business Day following
 delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 by electronic communication, on the date of delivery if delivered on a Business Day before
 5:00pm local time (in the place of delivery), and. if not delivered on a Business Day
 before 5:00pm local time (in the place of delivery), on the next Business Day following
 delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 solely by mail on the next Business Day after actual receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Party may change its address or designated recipient by Notice to the other Party.

6.4 **Payments** 

Grantor shall make all payments to Royalty Holder by bank check or wire transfer in immediately available funds to a bank account as designated by Royalty Holder in writing; provided, however, that Grantor will not be in default and the time for making such payment will be extended, if at the time such payment is otherwise due, wire transfer facilities are not available for any reason, so long as Grantor makes payment as soon as practicable after wire transfer facilities become available. Grantor may rely on wire transfer instructions purported to be provided by Royalty Holder and is not responsible for any payment made to an incorrect wire transfer account by reason of such reliance. Grantor is not required to inquire into the scope of authority of the person purporting to act on behalf of Royalty Holder. If any dispute arises with respect to a proper payment, Royalty Holder may make such payment by depositing the same into an escrow account pending resolution of the dispute, and such deposit will toll any interest charges for late payment. Any payment not otherwise made when due bears interest at an annual rate of interest equal to the Prime Rate plus two percent, which accrues from the date due until the date paid.

6.5 **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as provided in Section 6.5(b), Royalty Holder may not disclose to any third party or
 the public any information and data provided to Royalty Holder under the terms of this
 Agreement without the prior written consent of Grantor, which consent Grantor may withhold
 in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 consent required by Section 6.5(a) does not apply to a disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By
 Royalty Holder to a potential successor of all or any significant portion of its interests
 under this Agreement, or to a potential successor by consolidation or merger, or to a
 proposed joint venture or partnership in which such Royalty Holder may become a participating
 partner or venturer (but subject to the obligations of confidentiality herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 an Affiliate or representative of Royalty Holder that has a bona fide need to be informed
 (but subject to the obligations of confidentiality herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 any person, including a governmental agency or to the public, if such disclosure is required
 by applicable law or the rules of any stock exchange; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Made
 in connection with litigation involving Royalty Holder where such disclosure is required
 by the applicable tribunal or is, on the advice of counsel for Royalty Holder, necessary
 for the prosecution of the case, but subject to prior notification to Grantor to enable
 Grantor to seek appropriate protective orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior
 to any disclosure described in Subsections 6.5(b)(i) or 6.5(b)(ii), such third party
 shall first agree to protect the confidential information from further disclosure to
 the same extent as Royalty Holder is obligated under this Section 6.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 text of any public announcements or statements including news release that Royalty Holder
 is permitted to make pursuant to this Section 6.5, shall be made available to Grantor
 not less than five Business Days prior to publication and Grantor may make suggestions
 for changes therein. If Grantor is identified in any such public announcement or statement,
 Royalty Holder shall not release the same without the consent of Grantor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 providing its approval of a public announcement or statement, Grantor does not thereby
 assume any liability or responsibility for the contents thereof, which is the sole responsibility
 of Royalty Holder, and Royalty Holder shall indemnify, defend and save Grantor harmless
 from any costs and liabilities it may incur in that regard. This provision survives expiration
 or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything contained in this Agreement to the contrary, Royalty Holder may not disclose
 any geological, engineering or other data to any third party without disclosing the existence
 and nature of any disclaimers that accompany such data and the requirements of applicable
 law or regulation or rules of the applicable stock exchange for public reporting, as
 the case may be.

6.6 **Commingling** 

Grantor may commingle ore, concentrates, minerals and other material mined and removed from the Property from which Products are to be produced, with ore, concentrates, minerals and other material mined and removed from other lands and properties; provided, however, that Grantor shall calculate from representative samples the average grade thereof and other measures as are appropriate, and shall weigh (or calculate by volume) the material before commingling. In obtaining representative samples, calculating the average grade of the ore and average recovery percentages, Grantor may use any procedures accepted in the mining and metallurgical industry that it believes suitable for the type of mining and processing activity being conducted and, in the absence of fraud, its choice of such procedures is final and binding on Royalty Holder. In addition, Grantor may use comparable procedures to apportion among the commingled materials all penalty and other charges and deductions, if any, imposed by the smelter, refiner, or purchaser of such material and all other costs that would constitute Allowable Deductions.

6.7 **Change in Ownership of Right to Net Smelter Returns Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Royalty
 Holder may only Transfer its rights and interest in and to the Net Smelter Returns Royalty
 and this Agreement pursuant to this Section 6.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Royalty
 Holder may not Transfer, or agree to Transfer, less than all of its rights and interests
 in or with respect to the Net Smelter Returns Royalty or this Agreement, without the
 prior written consent of Grantor, which consent Grantor may withhold in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Royalty
 Holder may not transfer or assign any of its rights and interest in and to the Net Smelter
 Returns Royalty and this Agreement without obtaining from the transferee, and delivering
 the same to Grantor, an agreement in writing in favour of Grantor whereby the transferee
 assumes the obligations of Royalty Holder and is bound by the contractual terms of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 change or division in the ownership of the Net Smelter Returns Royalty, however accomplished,
 enlarges the obligations or diminish the rights of Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No
 change or division in the ownership of the Net Smelter Returns Royalty is binding on
 Grantor until Grantor receives a certified copy of the instrument evidencing the change
 or division in ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Royalty
 Holder covenants to ensure that any change in ownership of the Net Smelter Returns Royalty
 is accomplished in such a manner that Grantor is required to make payment and give notice
 to no more than one Person, and upon breach of this covenant. Grantor and its Affiliates
 may retain all payments otherwise due in escrow until the breach has been cured.

6.8 **Transfer of Property** 

If Grantor Transfers all or any portion of its interest in the Property, upon obtaining from the transferee a written assumption of the obligations of Grantor pursuant to this Agreement with respect to the interest so Transferred, Grantor will thereupon be relieved of all liability for payment of royalties under this Agreement for any royalties that may thereafter arise with respect to such transferred interest. Grantor may not transfer or assign any of its rights and interest in and to the Property without obtaining from the transferee, and delivering the same to Royalty Holder, an agreement in writing in favour of Royalty Holder whereby the transferee assumes the obligations of Grantor and is bound by the contractual terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 change or division in the ownership of the Property, however accomplished, enlarges the
 obligations or diminish the rights of Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 change or division in the ownership of the Property is binding on Grantor until Grantor
 receives a certified copy of the instrument evidencing the change or division in ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 covenants to ensure that any change in ownership of the Property is accomplished in such
 a manner that Royalty Holder is required to make perform any obligations hereunder and
 give notice to no more than one Person, and upon breach of this covenant, Royalty Holder
 may continue to perform and give notices to the original until the breach has been cured.

**Abandonment**

Grantor may, from time to time, abandon or surrender or allow to lapse or expire any part or parts of any unpatented mining claims, state mining claims, or mining leases relating to or comprising part of the Property, in its sole discretion provided Grantor will not abandon or surrender, or allow to lapse or expire, any unpatented mining claims, state mining claims, or mining leases comprising part of the Property for the purpose of permitting any third party to re-stake such unpatented mining claim or state mining claim or acquire a new mining lease and thereby avoid or seek to avoid the Net Smelter Returns Royalty.

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6.9 **Real Property Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties intend that the Net Smelter Returns Royalty attach to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 real property interests of any kind presently owned by Ferry Lane Limited in Silver Bow
 County, Montana;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 real property interests of any kind in Silver Bow County, Montana, Grantor or its Affiliates
 may in the future acquire in a or as a result or consequence of Grantor's or its
 Affiliates mutual exchange with or otherwise acquired from the City-County of Butte-Silver
 Bow, Montana as contemplated under the "99 Year Lease of Real Property for Commercial
 Use," dated November 1, 2013 attached hereto as Exhibit 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 amendments, relocations adjustments, resurvey, additional locations or conversions of
 any unpatented mining claims, state mining claims or other mineral tenures comprising
 the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 renewal, amendment or other modification or extensions of any leases of any real property
 interests comprising the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties intend that the Net Smelter Returns Royalty, to the extent allowed by applicable
 law, creates a direct real property interest in the Products and the Property in favour
 of Royalty Holder, provided that such interest will be satisfied in respect of any particular
 Products by payment to Royalty Holder of the Net Smelter Returns Royalty in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Net Smelter Returns Royalty will run as a covenant with the title to the Property so
 that any grant, sale, Transfer, or conveyance of the Property, or any interest therein,
 shall be subject to the Net Smelter Returns Royalty and inure to the benefit of Royalty
 Holder, its successors, and assigns.

6.10 **Rule Against Perpetuities** 

This Agreement and the Net Smelter Returns Royalty shall continue in perpetuity.,. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the AIienation of Property, or any similar rule. Accordingly, if any right or option to acquire any interest in the Property or in any real property exists under this Agreement, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the Parties hereby agree that a court may reform that provision in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

6.11 **Memorandum** 

The Deed shall serve as a memorandum of this Agreement and may be recorded by Royalty Holder. This Agreement shall not be recorded.

6.12 **No Partnership** 

This Agreement is not intended to, and will not be deemed to, create any partnership, joint venture or any other form of common endeavor or association between the Parties. Nothing herein

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contained will be deemed to constitute a Party the partner, agent or legal representative of the other Party. The obligations and liabilities of the Parties will be several and not joint and none of the Parties will have or purport to have any authority to act for or to assume any obligations or responsibility on behalf of any other Pruty.

6.13 **Further Assurances** 

Each Party shall execute all such further instruments and documents and do all such further actions as may be necessary to effectuate the documents and transactions contemplated in this Agreement, in each case at the sole cost and expense of the Party requesting such further instrument document or action.

6.14 **Void or Invalid Provision** 

If any term, provision, covenant or condition of this Agreement, or any application thereof, should be held by a court of competent jurisdiction to be invalid, void or unenforceable, all provisions, covenants and conditions of this Agreement, and all applications thereof not held invalid, void or unenforceable shall continue in full force and effect and in no way be affected, impaired or invalidated thereby.

6.15 **Governing Law and Attornment** 

The Parties intend that this Agreement be construed and enforced in accordance with, and the rights of the parties be governed by, the laws of the State of Montana, without regard to principles of conflicts of law that would impose a law of another jurisdiction.

6.16 **Binding Effect** 

All covenants conditions and terms of this Agreement benefit and run as a covenant with the Property and bind and inure to the benefit of the Parties hereto and their respective successors, successors by merger, and any permitted assigns.

6.17 **Counterparts** 

The Parties may sign this Agreement in counterparts and by electronic exchange of signatures, each of which will be deemed an original and together constitutes a valid and binding agreement.

The Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **For Blackjack Silver Corporation, an Ontario corporation and** | **Lane F Holdings, LLC, A Wyoming Limited Liability Company** |
| **Ferry Lane Limited, a British Virgin Island corporation** |  |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Travis Naugle | By: | /s/ R. Allan Payne |

---

Print Name: <u>Travis Naugle </u> Print Name: <u>R. Allan Payne </u>

Title: <u>CEO </u> Title: <u>Member </u>

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EXHIBIT 1

THE PROPERTY

**[REDACTED]**

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EXHIBIT 2

99 YEAR LEASE WITH THE CITY-COUNTY OF BUTTE-SILVER BOW, MONTANA DATED<br> NOVEMBER 1, 2013

[INSERT 99 YEAR LEASE HERE]

EXHIBIT 2

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**LEASE OF REAL PROPERTY FOR COMMERCIAL USE**

**ARTICLE I**<br> **FUNDAMENTAL LEASE PROVISIONS, EXHIBITS,**<br> **LEASED PREMISES AND TERM**

**<u>Section 1.01 - Fundamental Lease Provisions</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective Date of Lease: | November 1, 2013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landlord: | New Butte Leasing, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant: | City-County of Butte-Silver Bow, Montana <br> 155 W. Granite Street <br> Butte, MT 59701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Term: | 99 years |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yearly Rent: | $1.00 per year |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permitted Uses: | Any improvements and storage related to Lessee's operations, including the erection of a building to house a fire truck |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leased Premises: | Surface only of property located at 900 Lexington Street, Butte, Montana, legally described as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) | Lots 4-8, 12-15 in Block 10 of the unofficial Manzenille Addition, Section 11, Township 3 North, Range 8 West, M.P.M., Butte-Silver Bow County, Montana ("Leased Premises''); and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) | An easement over an additional parcel of approximately 1,598 sq. feet of the Lost Fraction Lode Mineral Survey No. 6831, Section 11, Township 3 North , Range 8 West, M.P.M., Butte-Silver Bow County, Montana ("Easement Parcel"); |
|  | **See Appendix A attached hereto for a description and illustration of the Leased Premises and Easement Parcel** |

---

**<u>Section 1.02 - Leasing Agent</u>**

Landlord is the exclusive leasing agent for the record owner of the Leased Premises and Easement Parcel. City-County of Butte-Silver Bow, Montana is a municipal corporation and political subdivision of the State of Montana, which has established a fire department comprised of both paid and volunteer members that includes the members of the Big Butte Voluntary Fire Department.

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**<u>Section 1.03 - Leased Premises and Easement Parcel</u>**

Landlord does hereby demise and lease unto Tenant and Tenant hereby leases from Landlord the above-described real property situated in Butte, Montana (herein referred to as "Leased Premises"). Landlord specifically reserves the right to mine the subsurface underlying the Leased Premises and Tenant's leasehold interest and rights hereunder shall not extend or be interpreted as disturbing, displacing or preventing that right to mine.

**<u>Section 1.04 - Term, Commencement Date, and Exchange</u>**

The term of this Lease shall be for ninety-nine years, commencing on November 1, 2013 and terminating October 31, 2112, unless otherwise terminated under this Lease or by operation of law. Notwithstanding said term, the Landlord and the Tenant desire to effectuate a mutually agreeable exchange of real property, whereby the Leased Premises would be exchanged for a parcel or parcels of real property owned by the Tenant ("Transfer Parcel(s)") to facilitate the Landlord's potential mining operations within Butte-Silver Bow County. Therefore as consideration for this lease when the Landlord notifies the Tennant of the identity of Transfer Parcel(s) the Tennant agrees to use its best good faith efforts to effectuate the desired transfer. Both parties acknowledge that if the relative fair market values of the Leased Premises and Transfer Parcel(s) are not substantially equal, the value of that difference will have to be reasonably determined between the parties and a monetary transfer equal to that difference made to the party with the more valuable parcel(s). Upon such a mutually agreeable exchange, this Lease shall terminate.

**<u>Section 1.05 - Termination</u>**

If at any time, Tenant no longer desires to lease the Leased Premises, then Tenant shall provide Landlord with at least ninety (90) days written notice and shall thereafter be relieved of any obligations hereunder. If the Lease is terminated by an exchange, as provided in Section 1.04, then the easement granted hereunder across the Easement Parcel shall run with the Leased Premises, otherwise said easement terminates with the termination of this Lease.

**ARTICLE II**<br> **CONDITIONS**

**<u>Section 2.01 - Condition of Leased Premises</u>**

Tenant leases the property "AS IS" and Tenant has inspected and knows the condition of the Leased Premises and accepts the Leased Premises as sufficient for Tenant's intended use. Neither Landlord nor any person or agent on behalf of Landlord has made any representation, statement, or warranty, express or implied, as to the condition of the Leased Premises or as to the use that may be permitted by ordinance or otherwise of the Leased Premises. Under no circumstances shall the Landlord be liable for any defect or condition in the Leased Premises or for any limitations on its use.

**<u>Section 2.02 - Real Estate and Personal Property Taxes and Assessments</u>**

During the term of this Lease, and any extensions thereof, Tenant shall pay all taxes and assessments levied upon and against the Leased Premises and due during the term of the Lease. Such taxes shall be paid no later than their due date. In the event that Tenant does

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not pay the taxes or other fees, Landlord, in addition to other rights, shall have the right to pay the same and any such payments plus 10 percent (10%) shall be paid to Landlord by Tenant hereunder and due within ten (10) days of written notice of same by Landlord.

**<u>Section 2.03 - Insurance</u>**

Tenant shall carry and maintain property insurance sufficient to replace any improvements Tenant erects on the Leased Premises and to replace all of Tenant's personal property and the personal property of others stored thereon. Further, Tenant shall maintain liability insurance of sufficient amount to cover foreseeable injuries that may occur due to Tenant's activities on the Leased Premises and shall have the Landlord and its principal Ferry Lane Ltd. named as an additional insureds.

**<u>Section 2.04 - Utilities and Zoning</u>**

Landlord authorizes Tenant to arrange for the installation of utilities (e.g. electric, gas, water, sewer) for the Leased Premises but Landlord shall have no liability or expense for providing or installing any utility of any kind to the Leased Premises, or for paying for any service or utility product therefrom. Any infrastructure for utilities on the Leased Premises shall remain on the Leased Premises after Tenant vacates the Leased Premises.

Landlord will cooperate with Tenant in applying for any conditional or special use permits related to Tenant's intended use of the Leased Premises.

**ARTICLE III**<br> **USE AND MAINTENANCE OF LEASED PREMISES**

**<u>Section 3.01 - Landlord's and Tenant's Obligations for Maintenance</u>**

Landlord shall have no obligation to improve or maintain the Leased Premises. Landlord shall not be called upon to make any improvements or repairs of any kind upon Leased Premises or any appurtenances. The Leased Premises shall at all times be kept in good order, condition and repair by Tenant, and shall also be kept in a clean, sanitary and safe condition in accordance with the laws of the State of Montana, and in accordance with all building codes, zoning codes, directions, rules and regulations of the health officer, fire marshal, building inspector or other proper officers of the governmental agencies having jurisdiction, at the sole cost and expense of Tenant, and Tenant shall comply with all such requirements at its sole expense.

Tenant shall permit no waste, damage or injury to the Leased Premises by Tenant or invitees of Tenant. Tenant shall promptly comply with all laws, ordinances, and lawful orders and regulations affecting the Leased Premises hereby leased, and the cleanliness, safety, occupation and use of the same. Tenant shall not nor shall it allow others to use, store, or treat hazardous substances or toxic materials on the Leased Premises. Any and all equipment and materials stored on the Leased Premises shall be done in compliance with all applicable legal and regulatory requirements.

At the expiration of the tenancy created hereunder, or any extension thereof as provided in Section 12.01, Tenant shall surrender the Leased Premises in good, neat, and clean condition, reasonable wear and tear excepted. Tenant shall have no obligation to remove any of Tenant's improvements on the Leased Premises.

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**ARTICLE IV** <br> **SIGNS**

**<u>Section 4.01 - General Signage</u>**

Any signs placed by Tenant on the Leased Premises or on improvements on the Leased Premises shall comply with all applicable ordinances and legal requirements.

**ARTICLE V**<br> **IMPROVEMENTS**

**<u>Section 5.01 - Removal of Tenant Improvements</u>**

Tenant is authorized to locate and erect such improvements as it deems fit for its operations, subject to all applicable zoning and building codes and other codes and legal requirements. All alterations, additions, improvements and fixtures (other than unattached movable trade fixtures and equipment) which may have been erected or installed by Tenant upon the Leased Premises may, at Tenant's option, be removed or left upon the Leased Premises.

**ARTICLE VI** <br> **INDEMNITY**

**<u>Section 6.01 - Covenant to Hold Harmless</u>**

Tenant releases and agrees to indemnify and hold harmless Landlord from any and all claims for any injury or damages of any kind or nature to the persons or property in, upon, or about the Leased Premises from the negligent operations of said Tenant on the Leased Premises, provided, however, that nothing herein shall be construed as an agreement by Tenant to release, indemnify or hold Landlord harmless from liability for damage or injury to persons or property caused by the negligence, carelessness or intentional act of Landlord, Landlord's agents, servants, or employees.

Tenant shall, during the term of this Lease, promptly remove or release by the posting of a bond as either required or permitted by law, any lien against the Leased Premises or any portion thereof arising by reason of any alleged fault or omission on the part of the Tenant, and shall save and hold Landlord harmless from or against any such lien and from any costs or attorneys' fees incurred by Landlord in discharging such lien.

**<u>Section 6.02 - Tenant's Obligation to Engage in Normal Use; Liabilities</u>**

Tenant shall not store any materials or property or do anything in or about said Leased Premises that are not within the normal use for which the Leased Premises are let, or which are not allowed by law.

An Appendix B is attached hereto. This Appendix and its provisions limiting Landlord's liabilities are hereby incorporated in this Lease and made a part hereof.

**ARTICLE VII**<br> **ASSIGNMENT AND SUBLETTING**

**<u>Section 7.01 - Consent</u>**

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Tenant will not assign this Lease in whole or in part, nor sublet all or any part of the Leased Premises, without the prior written consent of Landlord, provided, however, Landlord's consent shall not be required for transactions with an entity to which substantially all of Tenant's assets are transferred. Tenant shall notify Landlord before any such transaction is consummated.

Landlord may assign this Lease without Tenant's prior *consent, provided that* any such assignment by Landlord shall specifically be subject to the terms of this Lease and Tenant's rights hereunder.

**ARTICLE VIII**<br> **ARBITRATION**

**<u>Section 8.01 - Arbitration</u>**

In the event of any dispute under this Lease agreement, other than Tenant's obligation to pay any rent under paragraph 1.01, Landlord may agree that such dispute may be settled by a majority vote of a board of arbitration to be composed of three (3) members, one of whom shall be selected by the Tenant, one by the Landlord, and the third by the first two selected arbitrators. The decision of this board shall be final and binding. Tenant and Landlord will each pay the expense of the member they choose. All other expenses with respect to this paragraph will be shared equally by Tenant and Landlord. If either Landlord or Tenant refuses to proceed with arbitration, then the party willing to proceed with arbitration may proceed to exercise its respective rights at law or equity.

**ARTICLE IX**<br> **ACCESS TO PREMISE**

**<u>Section 9.01 - Right of Entry by Landlord</u>**

Landlord shall have the right to contact Tenant to arrange an inspection of the Leased Premises at a time mutually convenient to Landlord and Tenant.

**ARTICLE X**<br> **DEFAULT**

**<u>Section 10.01 - Right to Re-Enter</u>**

In the event of any failure of Tenant to pay any amount due hereunder or failure to perform any other duty herein within ninety (90) days after the same shall be due, or, with respect to Tenant's default or failure to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant more than ninety (90) days after written notice of such default shall have been mailed or delivered to Tenant (and such default or failure remains uncured after thirty (30) days from the date such notice is mailed to or delivered to Tenant), or if Tenant shall abandon the Leased Premises, or suffers this Lease to be taken under any writ of execution, then Landlord, in addition to all other rights or remedies it may have, shall have the immediate right of reentry and may retake possession of the Leased Premises, including all improvements and fixtures and, at Landlord's option, may remove all persons and property from the Leased Premises.

No waiver by Landlord of any default hereunder by Tenant shall be deemed a waiver as to any future default by Tenant.

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**<u>Section 10.02 - Legal and Arbitration, Expenses</u>**

In the event that at any time during the term of this Lease either the Landlord or the Tenant shall have the right to institute any action or proceeding against the other relating to the provisions of this Lease, or any default hereunder, then, and in such event, the unsuccessful party in such action or proceeding shall reimburse the successful party for the reasonable expenses of such action and/or professional (including legal) fees and disbursements incurred by the successful party. Any arbitration expenses shall be handled in accordance with Section 8.01 - Arbitration.

**ARTICLE XI**<br> **QUIET ENJOYMENT**

**<u>Section 11.01 - Landlord's, Covenant</u>**

Upon the observance and performance of all the covenants, terms and conditions on Tenant's part to be observed and performed, Tenant shall peaceably and quietly hold and enjoy the Leased Premises for the term hereby demised without hindrance or interruption by Landlord or any other person or persons lawfully or equitably claiming by, through or under the Landlord.

The above notwithstanding, Tenant understands and agrees that this Lease demises the surface only of the Leased Premises to Tenant and nothing in this paragraph shall be construed or interpreted as to limit the rights of others to explore for and extract minerals underlying the Leased Premises or other real property.

**ARTICLE XII**<br> **HOLDING OVER, SUCCESSORS, ABANDONMENT**

**<u>Section 12.01 - Holding Over</u>**

At the termination of the initial term, unless written notice is received by Landlord from Tenant, the lease shall automatically renew for an additional term of ninety-nine years. Any holding over after the expiration of the term hereof, with the express written consent of the Landlord, shall be construed to be a tenancy from year to year at the Rent herein specified and shall otherwise be on the terms and conditions herein specified, so far as applicable.

In case suit shall be brought for any unlawful detainer of the Leased Premises or for Tenant's breach of any other condition herein, Tenant shall pay to Landlord a reasonable attorneys' fee which shall be fixed by the Court, and such attorneys' fee shall be deemed to have accrued on the commencement of the suit, and shall be paid upon successful completion of such suit by Landlord. Tenant shall be entitled to attorneys' fees in the same manner if judgment is rendered for Tenant.

In the event that Tenant continuously fails to occupy or use the Leased Premises for five (5) years, this Lease shall be considered terminated.

**ARTICLE XIII**<br> **MISCELLANEOUS**

**<u>Section 13.01 - Waiver</u>**

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No covenant or condition of this Lease can be waived except by the written consent of the obligee, and forbearance or indulgence by the obligee in any regard whatsoever shall not constitute a waiver of the covenant or condition to be performed by obligor to which the same may apply and, until complete performance by obligor of said covenant or condition, obligee shall be entitled to invoke any remedy available unto it under this Lease or by law, despite said forbearance or indulgence. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant or any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted, regardless of Landlord's knowledge of such preceding breach at the time of acceptance of such rental.

**<u>Section 13.02 - Notices</u>**

Whenever under this Lease a provision is made for notice, consent or approval of any kind, or notice be required by law, it shall be deemed sufficient notice and service thereof if such notice to Tenant is in writing and is sent by registered or certified mail with postage prepaid or by commercial overnight courier service, to City-County of Butte-Silver Bow, Montana Fire Department, 120 South Idaho, Butte, MT 59701; and if such notice to Landlord is in writing and is either (1) personally delivered to the offices of Landlord during regular business hours (c/o Doney Law Firm, 44 West Sixth Avenue, Suite 200, Diamond Block Building), or (2) is addressed to Landlord at P.O. Box 1185, Helena, MT 59624 and sent by registered or certified mail with postage prepaid, or by commercial overnight courier service. All parties hereby waive personal notice or any service other than as provided for hereunder. Each party may change the addresses for notice under this paragraph by written notice to the other party.

**<u>Section 13.03 - Captions and Section Numbers</u>**

The captions, section numbers and article numbers appearing in this Lease are inserted only as a matter of convenience and in no way define, limit, construe or describe the scope of intent of such sections or articles in this Lease or in any way affect this Lease.

**<u>Section 13.04 - Recording</u>**

Tenant shall not record this Lease without prior written notification to Landlord; however, upon the request of either party hereto the other party shall join in the execution of a memorandum or so-called "short form" of this Lease for the purposes of recordation. Said memorandum or short form of this Lease shall describe the parties, the Leased Premises and the term of this Lease and shall incorporate this Lease by reference. *Notwithstanding the foregoing,* Landlord acknowledges that Tenant is a public entity and that the Lease may be deemed a public document. This section shall not be a limitation on Tenant to comply with any public records requirements.

**<u>Section 13.05 - Transfer of Landlord's Interest</u>**

In the event of any transfer or transfers of Landlord's interest in the Leased Premises, as hereinabove described, the transferor shall be automatically relieved of any and all obligations and liabilities on the part of Landlord accruing from and after the date of such transfer. However, the transfer of the Leased Premises to the transferee shall be expressly subject to this Lease.

**<u>Section 13.06 - Interest on Past Due Obligations</u>**

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Any Rent or other amount due from Tenant to Landlord hereunder which is not paid when due shall be increased by five percent (5%) as a late fee and thereafter the new sum shall accrue interest at the rate of ten percent (10%) compounded annually from the date due until paid. The payment of such interest by itself shall not excuse or cure any default by Tenant under this Lease.

**<u>Section 13.07 - Entire Agreement</u>**

This Lease, and any appendices, exhibits and riders attached hereto and forming a part hereof, set forth all the covenants, promises, agreements, conditions and understandings between Landlord and Tenant concerning the Leased Premises and there are no covenants, promises, agreements, conditions, or understandings, either oral or written, between them other than those herein set forth. Except as herein otherwise provided, no subsequent alteration, amendment, change or addition to this Lease shall be binding upon Landlord or Tenant unless reduced to writing and signed by both.

**<u>Section 13.08 - Effective Date</u>**

The effective date of this Lease is November 1, 2013.

IN WITNESS WHEREOF, the parties have caused this agreement to be executed by their authorized representatives on the day and year first written above.

---

| |
|:---|
| **LANDLORD:** |
| New Butte Leasing, LLC |
| By: |
| /s/ Frank C. Crowley |
| Frank C. Crowley |
| Operating Manager |

---

STATE OF MONTANA) <br> : ss <br> County of Lewis and Clark)

On this 17<sup>th</sup> day of October, 2013, before me, the undersigned, a Notary Public for the State of Montana, personally appeared FRANK C. CROWLEY, known to me to be the person whose name is subscribed to the within and foregoing instrument and acknowledged to me that he executed the same.

SUBSCRIBED AND SWORN to before me the day and year in this certificate first above written.

---

| | | |
|:---|:---|:---|
| CERI A. COOPER<br> NOTARIAL<br> SEAL<br> STATE OF MONTANA | CERI A. COOPER<br> NOTARY PUBLIC for the<br> State of Montana<br> Residing at Helena, Montana<br> My Commission Expires<br> April 15, 2014 | <br>/s/ Ceri A. Cooper |
| CERI A. COOPER<br> NOTARIAL<br> SEAL<br> STATE OF MONTANA | CERI A. COOPER<br> NOTARY PUBLIC for the<br> State of Montana<br> Residing at Helena, Montana<br> My Commission Expires<br> April 15, 2014 | Notary Signature |

---

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---

| | |
|:---|:---|
| **TENANT:** |  |
|  | CITY-COUNTY |
|  | /s/ MATT VINCENT |
|  | MATT VINCENT |
|  | CHIEF EXECUTIVE |
| ATTEST: |  |
| /s/ SALLY J. HOLLIS | BUTTE-SILVER BOW |
| SALLY J. HOLLIS |  |
| CLERK AND RECORDER | 5-2-77 |
|  | THE RICHEST HILL ON EARTH |
| APPROVED AS TO FORM: | STATE OF MONTANA |
| /s/ EILEEN JOYCE |  |
| EILEEN JOYCE |  |
| COUNTY ATTORNEY |  |

---

STATE OF MONTANA) <br> :ss. <br> County of Silver Bow)

On this 12th day of November, 2013, before me, Nancy L. Barry, a Notary Public for the State of Montana, personally appeared MATT VINCENT and SALLY J. HOLLIS, known to me to be the Chief Executive and Clerk and Recorder, respectively, of the City and County of Butte-Silver Bow, a municipal corporation and political subdivision of the State of Montana, and acknowledged to me that they executed the written instrument on behalf of said municipal corporation.

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IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written.

NANCY L. BARRY<br> NOTARIAL<br> SEAL<br> STATE OF MONTANA NANCY L. BARRY<br> NOTARY PUBLIC for the<br> State of Montana<br> Residing at Butte, Montana<br> My Commission Expires<br> March 01, 2016

---

| | |
|:---|:---|
| /s/ Nancy L. Barry | /s/ Nancy L. Barry |
| PRINTED NAME | Nancy L. Barry |

---

NOTARY PUBLIC FOR THE STATE OF MONTANA <br> RESIDING AT <u> Butte</u>

MY COMMISSION EXPIRES <u>3-1-2016</u>

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**<u>APPENDIX A</u>**<br> **Leased Premises and Easement Parcel**

Leased Premises, surface only of:

Lots 4-8, 12-15 in Block 10 of the unofficial Manzenille Addition, Section 11, Township 3 North, Range 8 West, M.P.M., Butte-Silver Bow County, Montana;

Easement Parcel, surface only of:

Approximately 1,598 sq. feet on the Lost Fraction Lode Mineral Survey No. 6831, Section 11, Township 3 North, Range 8 West, M.P.M., Butte-Silver Bow County, Montana as shown in the attached map.

**[see maps attached]**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

Lots 4-8, Block 10

![](n5138ex10-5_img001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title: |  | &nbsp;&nbsp;Date: 03-29-2013 |
| &nbsp;&nbsp;Scale: 1 inch = 50 feet | &nbsp;&nbsp;File: |  |
| &nbsp;&nbsp;Tract 1: 0.344 Acres: 15000 Sq Feet: Closure = n00.0000e 0.00 Feet: Precision > 1/999999: Perimeter = 500 Feet | &nbsp;&nbsp;Tract 1: 0.344 Acres: 15000 Sq Feet: Closure = n00.0000e 0.00 Feet: Precision > 1/999999: Perimeter = 500 Feet | &nbsp;&nbsp;Tract 1: 0.344 Acres: 15000 Sq Feet: Closure = n00.0000e 0.00 Feet: Precision > 1/999999: Perimeter = 500 Feet |
| &nbsp;&nbsp;001=n13.45w 100.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;003=s13.45e 100.0 |  |
| &nbsp;&nbsp;002=s76.15w 150.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;004=n76.15e 150.0 |  |

---

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Lots 12-15, Block 10

![](n5138ex10-5_img002.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title: |  | &nbsp;&nbsp;Date: 03-29-2013 |
| &nbsp;&nbsp;Scale: 1 inch = 50 feet | &nbsp;&nbsp;File: |  |
| &nbsp;&nbsp;Tract 1: 0.304 Acres: 13232 Sq Feet: Closure = n62.5522w 0.04 Feet: Precision = 1/11394: Perimeter = 468 Feet | &nbsp;&nbsp;Tract 1: 0.304 Acres: 13232 Sq Feet: Closure = n62.5522w 0.04 Feet: Precision = 1/11394: Perimeter = 468 Feet | &nbsp;&nbsp;Tract 1: 0.304 Acres: 13232 Sq Feet: Closure = n62.5522w 0.04 Feet: Precision = 1/11394: Perimeter = 468 Feet |
| &nbsp;&nbsp;001=n13.45w 100.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;003=s0.03w 103.0 |  |
| &nbsp;&nbsp;002=s76.15w 120.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;004=n76.15e 144.6 |  |

---

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Portion Lost Fraction Lode

![](n5138ex10-5_img003.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title: |  | &nbsp;&nbsp;Date: 03-29-2013 |
| &nbsp;&nbsp;Scale: 1 inch = 50 feet | &nbsp;&nbsp;File: |  |
| &nbsp;&nbsp;Tract 1: 0.037 Acres: 1598 Sq Feet: Closure = s14.2527e 0.26 Feet: Precision = 1/1095: Perimeter = 281 Feet | &nbsp;&nbsp;Tract 1: 0.037 Acres: 1598 Sq Feet: Closure = s14.2527e 0.26 Feet: Precision = 1/1095: Perimeter = 281 Feet | &nbsp;&nbsp;Tract 1: 0.037 Acres: 1598 Sq Feet: Closure = s14.2527e 0.26 Feet: Precision = 1/1095: Perimeter = 281 Feet |
| &nbsp;&nbsp;001=s44.45w 45.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;003=n76.15e 135.5 |  |
| &nbsp;&nbsp;002=n90.00w 100.0 |  |  |

---

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![](n5138ex10-5_img004.jpg)

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**<u>APPEND1X B</u>**<br> **Landlord's Non-Liability - Condition of Leased Premises**

Landlord shall not be liable for any personal injury or property damage occurring on or to the Leased Premises or Easement Parcel or to any persons thereon resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A loss of property by theft or burglary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any injury or property damage caused by tremors, earthquakes, or other natural phenomenon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The acts or omissions of occupants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The supply of gas, electricity, heat, air conditioning, water or sewer.

Provided however, that Landlord shall not be absolved from liability for its own negligence, carelessness, or intentional acts, or those of its employees or agents.

Further, Landlord shall not be liable for any damage to property of Tenant or of others located on or in the Leased Premises, Easement Parcel, or on the sidewalks or street fronting the Leased Premises or Easement Parcel, unless caused by the negligence of Landlord, its employees or agents. Landlord shall not be liable for any injury or damage to persons or property resulting from explosion, falling plaster, steam, gas, electricity, water, rain or snow or leaks from any part of the Leased Premises, Easement Parcel or from the pipes, appliances, or plumbing works or from the roof, street or subsurface unless caused by Landlord's neglect or the neglect of Landlord's employees or agents.

Landlord shall not be liable for any injury or damage caused by Tenant or other persons or parties on or in the Leased Premises during construction of improvements, or related to Tenant's operations on the Leased Premises or Easement Parcel. AH property of Tenant kept or stored in or on the Leased Premises shall be so kept or stored at the risk of Tenant only and Tenant shall hold Landlord harmless from any claim arising out of damage to the same, including subrogation claims by Tenant's insurance carrier(s), unless such damages shall be caused by the willful act or neglect of Landlord or its employees or agents.

\* \* END \* \*

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EXHIBIT 3

DEED

(See attached]

EXHIBIT 3

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**Upon recording mail to:**

Lane F Holdings, LLC<br> P.O. Box 59<br> Helena, MT 59624

**ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT**

THIS ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT (**Royalty Deed and Memorandum**), dated effective as of the 19th day of September, 2024 (**Effective Date**), is by and between Blackjack Silver Corp., an Ontario corporation, and Ferry Lane Limited, a British Virgin Island corporation (jointly, **Payor**), and Lane F Holdings, LLC, a Wyoming limited liability corporation (**Payee**).

**<u>Recital</u>**

**Payor** and **Payee** are parties to that certain Net Smelter Returns Royalty Agreement (<u>"Agreement")</u> dated September 19, 2024, under which **Payor** grants to **Payee** a Royalty in and to the Net Smelter Returns from the Property (as such terms are defined and further described in this Royalty Deed and Memorandum). This Royalty Deed and Memorandum is executed for the purpose of affording notice of the existence of the Agreement and the terms and provisions thereof, which terms and provisions are incorporated herein by reference for all purposes. This Royalty Deed and Memorandum summarizes some of the terms and provisions of the Agreement and *is* not intended to contain all of the terms and provisions of the Agreement or to alter or vary any of the terms and provisions of the Agreement. Unless otherwise defined herein, all capitalized terms in this Royalty Deed and Memorandum shall have the meanings assigned to them in the Agreement and further described in this Royalty Deed and Memorandum.

**<u>Royalty Deed and Memorandum</u>**

The Recital above is incorporated here and is binding upon the parties.

The Agreement contains the following principal terms, among others:

ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**1.** **Royalty** 

**Payor** has granted to **Payee** under the Agreement, and does hereby grant to **Payee**, a perpetual royalty in the amount of Two Percent (2.0%) of Net Smelter Returns from those properties described on **Exhibit A** hereto (**Property**), as more specifically set forth and calculated in the Agreement (**Royalty**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Royalty and the Agreement may terminate upon the occurrence of certain other conditions more fully described in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms for calculating the Net Smelter Returns and payment of the Royalty are set forth in the
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Royalty is an interest in real property and constitutes the grant of a vested present interest
in the Property and a covenant running with the land and all successions thereof, whether created privately or through government
action. The Royalty shall be applicable to the Property and binding upon the **Payor** and the successors and assigns of the
Property. The Royalty shall attach to any amendments, relocations or conversions of any mining claim, license, lease, concession,
permit, patent or other tenure comprising the Property, or to any renewals or extensions thereof. If the United States establishes
a leasing system or other system of tenure for lands or Precious Metals now subject to location under applicable mining laws, and
if the new system gives the **Payor** an election to acquire rights under the new system in exchange for or in modification
of property rights comprising part of the Property, the Royalty, the Agreement and this Royalty Deed and Memorandum shall extend
to the lease or other rights granted by the new system in exchange for such property rights included in the Property.

**2.** **Term** 

The term of the Agreement commences on the Effective Date and is perpetual, subject to termination upon the occurrence of certain conditions more fully described in the Agreement.

**3.** **Notice** 

All notices and communications to the parties shall be delivered as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to **Payor**: | If to **Payee**: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackjack Silver Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lane F Holdings. LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Travis Naugle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o R. Allan Payne |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 3522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Butte, MT 59702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helena, MT 59624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: travis@falconcopper.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: rpayne@doneylaw.com |

---

**4.** **Transfers** 

ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Payor** holds a right of first refusal with respect to any transfer of the Royalty. The terms of **Payor's** right of first refusal are set forth fully in the Agreement. **Payee** may not transfer less than all of its interest in and to the Royalty without the prior written consent of **Payor**, which consent **Payor** may withhold in its sole discretion. **Payee** may not transfer or assign any of its interest in and to the Royalty and the Agreement without obtaining from the transferee. and delivering the same to **Payor**, an agreement in writing in favor of **Payor** whereby the transferee assumes the obligations of **Payee** and is bound by the contractual terms of the Agreement. No change or division in the ownership of the Royalty is binding on **Payor** until **Payor** receives a certified copy of the instrument evidencing the change or division in ownership. **Payee** covenants to ensure that any change in ownership of the Royalty is accomplished in such a manner that **Payor** is required to make payment and give notice to no more than one person, and upon breach of this covenant, **Payor** and its affiliates may retain all payments otherwise due in escrow until the breach has been cured.

**5.** **Relationship Between this Royalty Deed and Memorandum and the Agreement** 

This Royalty Deed and Memorandum has been executed and recorded in order to apprise third parties and the public generally of the essential terms and conditions of the Agreement. The Agreement contains numerous provisions and details not reflected in this Royalty Deed and Memorandum. In the event of any conflict or inconsistency between the terms and conditions of this Royalty Deed and Memorandum and those of the Agreement, the terms and conditions of the Agreement shall in all instances prevail and govern. As between the parties, this Royalty Deed and Memorandum is not intended to create and shall not create any terms, conditions, rights, privileges, liabilities, duties or obligations not expressly provided for and set forth in the Agreement. This Royalty Deed and Memorandum is intended to and does grant **Payee** a perpetual Royalty of the Net Smelter Returns from those properties described on Exhibit A hereto, as herein set forth. either the Agreement nor this Royalty Deed and Memorandum shall imply or give rise to any rights on the part of any person not a party to the Agreement. Requests for information regarding the Agreement should be made to the parties at the addresses set forth above

**6.** **Counterparts** 

This Royalty Deed and Memorandum may be executed in counterparts and each such counterpart shall be deemed to form part of one and the same document.

***[Remainder of Page Intentionally Left Blank]***

ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**IN WITNESS WHEREOF**, the parties have caused this Royalty Deed and Memorandum to be signed and executed.

---

| | |
|:---|:---|
| **Blackjack Silver Corp., an Ontario corporation** | **Blackjack Silver Corp., an Ontario corporation** |
| By: | /s/ Travis Naugle |

---

<br> Name: <u>Travis Naugle</u>

---

| | |
|:---|:---|
| Title: | CEO |

---

STATE OF Montana) <br> : ss. <br> COUNTY OF Lewis and Clark)

The foregoing Royalty Deed and Memorandum of Royalty Agreement was executed before me, a Notary Public this 19<sup>th</sup> day of September, 2024, by Travis Naugle the CEO of Blackjack Silver Corp., and on behalf of Blackjack Silver Corp.

SEAL: JODI L. BELL<br> NOTARIAL<br> SEAL<br> STATE OF MONTANA JODI L. BELL<br> NOTARY PUBLIC for the<br> State of Montana<br> Residing at Helena, Montana<br> My Commission Expires<br> January 16, 2026

---

| |
|:---|
| /s/ Jodi L. Bell |
| Notary Public |

---

SIGNATURE PAGE TO ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT

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| | |
|:---|:---|
| **Ferry Lane Limited, a British Virgin Island corporation** | **Ferry Lane Limited, a British Virgin Island corporation** |
| By: | /s/ Travis Naugle |
| Name: | Travis Naugle |
| Title: | CEO |

---

STATE OF Montana) <br> : ss. <br> COUNTY OF Lewis and Clark)

The foregoing Royalty Deed and Memorandum of Royalty Agreement was executed before me, a Notary Public, this 19<sup>th</sup> day of September, 2024, by Travis Naugle, the CEO of Ferry Lane Limited, and on behalf of Ferry Lane Limited.

SEAL: JODI L. BELL<br> NOTARIAL<br> SEAL<br> STATE OF MONTANA JODI L. BELL<br> NOTARY PUBLIC for the<br> State of Montana<br> Residing at Helena, Montana<br> My Commission Expires<br> January 16, 2026

---

| |
|:---|
| /s/ Jodi L. Bell |
| Notary Public |

---

ROYALTY DEED AND MEMORANDUM OF ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Exhibit A**<br> **to**<br> **Royalty Deed and Memorandum of Royalty Agreement**

**[REDACTED]**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>EXHIBIT E</u>**

**<u>RELEASE UPON DISTRIBUTION/ ASSIGNMENT</u>**

---

| | |
|:---|:---|
| RELEASOR: | _______________________________________________ |
| RELEASEES: | Lane F Holdings, LLC, Blackjack Silver Corp., Ferry Lane Limited. Ferry Lane Management, LLC, New Butte Leasing, LLC, Butte Blackjack Operating, LLC, [\*\*+] |
| DESCRIPTION OF CONSIDERATION: | Payment of $_____________ in cash <br> Assignment of ____ shares in Blackjack Silver Corp. |
| DESCRIPTION OF CLAIMS/RELEASE: |  |

---

The undersigned acknowledges receipt of the above consideration and in exchange fully and forever releases and discharges the Releasees, their successors, assigns, agents, employees, members, partners, affiliates and attorneys from any and all actions, claims. causes of action, demands, or expenses for damages or injuries, whether asserted or unasserted. known or unknown. foreseen or unforeseen, arising out of or involving any ownership rights the Releasor may have to ownership of Ferry Lane, Limited, [\*\*+] or any of their respective assets whether such ownership is directly or indirectly held through a subsidiary or affiliated company.

Payment of the consideration is contingent on the following additional terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Releasees make no representations as to the tax ramifications and Releasor assumes at their own cost any tax ramifications
for payment of the consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties acknowledge that the terms of this Agreement are confidential and shall not be disclosed to any third party
except as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The laws of the State of Montana shall govern the interpretation of this Agreement and any dispute regarding its application
shall only be litigated in Silver Bow County. Montana.

DATED this ____ day of __________________, ___________.

**CAUTION: READ BEFORE SIGNING!** 

RELEASOR: <br> ________________________ <br>

## Exhibit 10.4

**Exhibit 10.4**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

<u>EXHIBIT D</u>

Attached to and forming part of an

Asset Purchase Agreement between Lane F Holdings, LLC

and Blackjack Silver Corp.

**<u>NET SMELTER RETURNS ROYALTY AGREEMENT</u>**

This NET SMELTER RETURNS ROYALTY AGREEMENT, dated effective as of the 19th day of September, 2024 (**Effective Date**), is by and between Blackjack Silver Corp., an Ontario corporation, and Ferry Lane Limited, a British Virgin Island corporation (jointly **Grantor**), or their successors in interest, and Lane F Holdings, LLC, a Wyoming limited liability corporation (**Royalty Holder**).

**NOW THEREFORE** for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged) and the covenants and agreements hereinafter set forth, the Parties hereto agree as follows:

**1.** **DEFINITIONS AND EXHIBITS** 

**1.1** **Definitions** 

In this Agreement, the following terms shall have the following meanings:

**Affiliate** means any Person that directly or indirectly Controls, or is Controlled by or is under common Control with, a Party. The term "Control" as used herein means the rights to the exercise of, directly or indirectly, more than 50% of the voting rights attributable to the shares or ownership interests of the controlled entity.

**Agreement** means this Net Smelter Returns Royalty Agreement dated the 19th day of September, 2024, by and between Grantor and Royalty Holder.

**Allowable Deductions** means the following, in each case determined without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 costs, tolling charges, representation expenses, metal losses, umpire charges, expenses,
 penalties, fees and other expenses and charges of any nature whatsoever that are paid
 or incurred by Grantor and/or its Affiliates for or in connection with smelting, refining,
 beneficiation processes or procedures or other mineral treatments of Intermediate Products
 whether deducted from the sales revenue and/or are charged against Grantor and/or its
 Affiliates to produce Refined Products regardless of whether the smelting, refining,
 processing, procedures or treatments are carried out on the Property or after the Intermediate
 Products leave the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 costs, expenses and charges of any nature whatsoever that are paid or incurred by Grantor
 and its Affiliates and whether deducted from the sales revenue and/or are charged against
 Grantor and/or its Affiliates after the milling of the Product, for or in connection
 with transportation (including, shipping, freight, insurance, stockpiling, storage, warehousing,
 handling, port, demurrage, delay and forwarding expenses and transaction taxes) of Products
 after the milling of the Product to a smelter or refinery or other place of mineral treatment
 or beneficiation and from there to the place or places of storage and sale to the ultimate
 purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 government-imposed royalties of every nature and kind whatsoever paid, incurred, or deemed
 incurred by Grantor and/or its Affiliates with respect to Products (whether directly

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or indirectly) payable pursuant to federal, state, or local statutes, regulations, and ordinances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sales,
 use, gross receipts, customs duties, severance, value added taxes and other taxes and
 governmental charges, if any, payable with respect to the existence, severance, production, removal,
 sale, processing, transportation, or disposition of Products that are paid or incurred
 by Grantor and/or its Affiliates with respect to the Products, but excluding any taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) based
 on the gross or net income of Grantor and/or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 business or franchise taxes of Grantor and its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 taxes based on the value of the Property and any improvements thereon including any ad
 valorem taxes, but for certainty none of the government royalties contemplated by paragraph
 (c) shall be excluded from being "Allowable Deductions" by virtue of the provisions
 of paragraphs (d)(ii), (d)(iii), or (d)(iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) costs
 and fees of sales, insurance, consignment, agency fees and sales brokerage, and any discounts
 or rebates given to customers for off-specification or damaged product that are paid
 and/or incurred by Grantor and its Affiliates with respect to Products shipped from the
 Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Permitted
 Treatment Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding
 anything to the contrary, any costs, expenses, or charges related to the milling of ore
 into intermediate products or saleable products by Grantor and its Affiliates shall not
 be considered Allowable Deductions and shall not be deducted from the calculation of
 Net Smelter Returns. This includes, but is not limited to, costs associated with crushing,
 grinding, and concentrating the ore, including physical concentration methods such as
 gravity and flotation. If there is any conflict between this subparagraph (g) and other
 provision of the Agreement, the provision of this subparagraph shall control.

**Asset Purchase Agreement** means the Asset Purchase Agreement dated the 19th day of September, 2024, between Grantor and Royalty Holder pursuant to which this Agreement was entered into.

**Business Day** means any day other than a Saturday, Sunday or a statutory holiday in the State of Montana.

**Deemed Receipts** means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where
 Grantor or its Affiliates produce or have produced any Refined Products through any smelting
 or refining arrangements or any other transactions that result in the return to, or credit
 to the account of, Grantor or its Affiliates of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) refined
 copper meeting the good delivery requirements of the London Metal Exchange (**LME**)
 for Grade "A" Copper Cathode or High Grade Copper meeting the COMEX division
 of the New York Mercantile Exchange (**COMEX**) requirements for delivery (each, **Refined Copper**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fine
 gold bullion of .995 or better (**Gold Bullion**);

FORM OF NSR ROYALTY AGREEMENT

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) silver
 bullion of .999 or better (**Silver Bullion**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) lead
 bullion meeting the good delivery requirements of the LME (minimum purity of 99.970%)
 or the COMEX (**Lead Bullion**); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) other
Products produced through subsequent smelting and/or refining and the outturned metal from which meets the relevant specifications
for Refined Products that have prices regularly quoted on the LME (or other reliable price source) (**Other Refined Products**)
and in each case produced from Raw Products and/or Intermediate Products produced from the Property;

then notwithstanding anything in this Agreement to the contrary, the term "**Deemed Receipts**" for such Refined Products means the net number of pounds avoirdupois of Refined Copper and/or troy ounces of Gold Bullion, Silver Bullion and/or Lead Bullion and/or net number of pounds avoirdupois or other relevant unit of measure for Other Refined Products, as the case may be, returned to, or credited to the account of, Grantor and/or its Affiliates by the applicable smelter, refinery or other treatment facility in a calendar quarter, multiplied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) for
 Refined Copper, the average of the LME Settlement Price for Grade "A" Copper
 Cathode in the case of return of LME Grade "A" Copper Cathode or of the COMEX
 most nearby spot price in the case of return of COMEX High Grade Copper or the equivalent,
 in each case for the calendar quarter in which such Refined Copper is returned or credited
 to the account of Grantor or its Affiliates by such smelter, refinery or other treatment
 facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) for
 Gold Bullion, the average London Bullion Market Association Gold Price (P.M.) for the
 calendar quarter in which such bullion is so returned or credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) for
 Silver Bullion, the average London Bullion Market Association Silver Price for the calendar
 quarter in which such bullion is so returned or credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) for
 Lead Bullion, the average of the LME Settlement Price for lead in the case of LME lead
 bullion or the CO MEX most nearby spot price in the case of return of CO MEX lead or
 the equivalent, in each case for the calendar quarter in which such Refined Lead is returned
 or credited to the account of Grantor or its Affiliates by such smelter, refinery or
 other treatment facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) for
 Other Refined Products, the average LME prices (or other reliable price source) for such
 Other Refined Product for the calendar quarter in which such Other Refined Product is
 so returned or credited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any insurance proceeds are paid to Grantor and/or its Affiliates for any loss or damage
 to the Intermediate Products prior to receipt at the relevant refinery, smelter or other
 treatment facility, Grantor shall treat such insurance proceeds as revenue in lieu of
 Deemed Receipts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 shall determine the average price for the calendar quarter by dividing the sum of the
 applicable daily prices posted during the relevant calendar quarter by the number of
 days that prices were posted. Grantor shall obtain the posted price: (i) in the case
 of LME Grade "A" copper cathode or COMEX Grade Copper, LME Lead Bullion or
 COMEX Lead Bullion or Other Refined Products, from Platt's Metals Price Alert, Metals
 Week Monthly

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Averages for the applicable period or Metals Bulletin, but corrected to the official quotations of COMEX or the LME in the event of printing errors, and (ii) for other prices, The Wall Street Journal, Reuters, or other reliable source selected by Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the LME Settlement Price for Grade "A" Copper Cathode, or the COMEX most nearby
 spot price for High Grade Copper, the London Bullion Brokers Gold Price (P.M.), the London
 Bullion Brokers Silver Price, the LME Settlement Price for Lead Bullion or the COMEX
 most nearby spot price for Lead Bullion or other relevant LME prices, as the case may
 be, ceases to be published, the Parties shall agree upon a similar alternative method
 for determining the average daily spot market price for Refined Copper, Gold Bullion,
 Silver Bullion, Lead Bullion or Other Refined Products, as the case may be, or upon failure
 to so agree, Grantor may reasonably determine the average of the daily LME settlement
 prices during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the case where an Intermediate Product is distributed to an Affiliate of Grantor and such
 Intermediate Product is converted by such Affiliate or a third Person on behalf of such
 Affiliate to a Refined Product meeting the standards for determining Deemed Receipts
 as set forth in this subsection, then for purposes of calculating Deemed Receipts such
 Refined Product will be deemed produced, and the Deemed Receipts received by Grantor
 in the calendar quarter in which the Refined Product is made available to the Affiliate
 by the smelter or refinery.

**Effective Interest Rate** means a rate per annum equal to the Prime Rate in effect on the first Business Day of each calendar month, plus two percent. The Effective Interest Rate is determined for each full or partial calendar month that interest accrues under any obligation to which it applies pursuant to this Agreement, and applies to all interest obligations accruing in such month.

**Encumber** means mortgage, pledge, hypothecate, grant a security interest in or otherwise encumber.

**GAAP** means generally accepted accounting principles in the United States applied on a consistent basis.

**Intermediate Products** means concentrates (including leachates, precipitates, and other concentrates), dore, and other intermediate products, if any, produced from Raw Products, but not including cathode or other Refined Products.

**Net Smelter Returns** means the Receipts less the Allowable Deductions pertaining to such Receipts, in each case for the applicable calendar quarter.

**Net Smelter Returns Royalty** means the production royalty granted pursuant to this Agreement, calculated by the amount of Net Smelter Returns for the applicable period, multiplied by the Royalty Percentage for the applicable period.

**Party** means each of the parties named in the preamble.

**Permitted Treatment Costs** means the costs and charges incurred by Grantor for the production of Refined Products from Intermediate Products in refineries, smelters, electrowinning facilities and similar facilities owned by Grantor or its Affiliates, as such costs and charges are established on an arms-length basis based on the costs and charges including without limitation treatment charges, penalties, metals losses, and other costs and deductions that would be made by such treatment facilities pursuant to the then generally prevailing world terms for the production of

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Refined Products from such Intermediate Products supplied by a non-Affiliated third party having like kind, quantity, quality and grade and with appropriate adjustments for freight, and as the same is agreed by the Parties on an annual basis, or if the same cannot be agreed by the Parties in advance, as established on an annual basis pursuant to the Referee Procedures in Section 5.3 below.

**Person** means an individual, corporation, trust, partnership, limited liability company, joint venture, unincorporated organization, firm, estate, governmental authority or any agency or political subdivision thereof, or other entity.

**Physical Product Receipts** means revenues received by Grantor for any Raw Products, Intermediate Products, or Refined Products sold by Grantor, excluding revenues for any Products described in the definition of "Deemed Receipts", including any and all other minor metals sold from ore mined from the Property, such as molybdenum, tin, etc. that are not sufficiently refined to meet either the definition of Refined Products or other LME good delivery standards. Grantor shall determine the amount of such revenues as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 Raw Products or Intermediate Products are sold to a smelter, refinery or other purchaser
 (other than Grantor or Affiliates of Grantor) or are distributed to an Affiliate but
 are not converted by or for such Affiliate into Refined Products meeting the requirements
 in the definition of "Deemed Receipts" as provided above, then the amount of
 Physical Product Receipts with respect to such Raw Products or Intermediate Products
 equals the amount of net revenues actually received by Grantor from the physical sale
 of such Products to the smelter, refiner or other purchaser of Products, including any
 bonuses, premiums, and subsidies. In the case where such Raw Products or Intermediate
 Products are distributed in kind to an Affiliate of Grantor and then are sold without
 further processing by or for such Affiliate, such sale will be deemed to be a sale by
 Grantor for the purposes of making the calculations in this subsection and the revenues
 from such sale will be deemed to have been received by Grantor. Notwithstanding this
 paragraph (a), if the revenues received or deemed to be received by Grantor in respect
 of a distribution to an Affiliate pursuant to this paragraph (a) are less than the fair
 market value of such Products, then the amount of Physical Product Receipts will be deemed
 to be the fair market value of such Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 Raw Products or Intermediate Products are distributed to an Affiliate in any transaction
 that is not covered by either paragraph (a) above or the definition of Deemed Receipts,
 such as in the case where the Affiliate consumes such Raw Products or Intermediate Products
 in its own operations, then in such event the revenues attributed to Grantor with respect
 to such Products equals the fair market value price that would otherwise be received
 from a third Party in an arm's length transaction for the sale of such Raw Products and/or
 Intermediate Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 shall reasonably determine such fair market value on the basis of world terms from, if
 applicable, custom smelters in North or South America, Japan, Korea or Europe, to which
 such Products would otherwise be shipped and processed, for like kind, quantity, quality
 and grade of such Products, on an annual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 lieu of setting the fair market value price for such Products based on the above, Grantor
 or Royalty Holder may elect, by notice in writing to the other, to establish such price
 by referee pursuant to Section 5.3 of this Agreement.

**Prime Rate** means, rounded to the fourth decimal place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 London Inter Bank Offered Rate (LIBOR) for the 90-day period as quoted on the

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Reuter's Screen LIBO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the event the LIBOR rate ceases to be published on the Reuter's Screen LIBO, the Secured
 Overnight Financing Rate (SOFR) as published on the Federal Reserve Bank of New York's website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such
 other regularly published rate as the Parties may mutually agree.

**Products** means Specimen-Grade Minerals, Raw Products, Intermediate Products and Refined Products produced from all ores extracted, mined and removed from the Property, it being the intent that all commercially saleable metallic products produced from ores mined from the Property and that generate revenues to Grantor be included in this Agreement, including without limitation, all saleable precious metals, copper, zinc, lead, manganese, molybdenum, rare earth elements, and other metallic products produced and sold from the Property, and that the sales of the same is covered either as Deemed Receipts or Physical Product Receipts. Products does not include any material mined and removed from the Property for use by Grantor for roads, foundations, concrete or other construction or industrial uses relating to the Property or material that is processed that did . not originate from the Property, and shall not include any material that is not recovered for commercial sale from ores extracted from the Property.

**Property** means all real property interest of any kind held by Grantor including, without limitation, the fee mineral property, federal unpatented mining claims, state mining claims, federal mineral leases, state mineral leases, and fee mineral leases, as described more fully on Exhibit 1, including any renewals, extensions, amendments, replacements or improvements thereon made by Grantor, and such term also includes any mineral tenure or real property interests acquired from any third Person inside the boundaries of the Property as well as the additional properties later acquired by Grantor or its Affiliates as provided in Subsection 6.9(a)(ii).

**Raw Products** means ore produced from the Property in the form of run of mine ore, direct shipment ore and other similar crude or raw ore produced from the Property without further processing other than crushing.

**Receipts** equals the sum, without duplication, of all payments, value and/or credits received by Grantor or its Affiliates or assignees for Products removed from the Property. This includes, without limitation, Physical Product Receipts and Deemed Receipts for the applicable calendar quarter. Receipts does not include any revenue or losses from any Trading Activities.

**Refined Products** means Gold, Silver, Lead, Copper, and Zinc Bullion and Other Refined Products produced from Intermediate Products through refining and/or smelting or equivalent treatment operations.

**Royalty Percentage** means, for any applicable calendar quarter, 2.0% of Net Smelter Returns.

**Specimen-Grade Minerals** means aesthetically valuable minerals extracted from the Property that are suitable for museum-quality collections or private collectors due to their size, shape, color, crystal form , or rarity. These minerals are distinct from commercially viable ores and are typically sold at a premium for their visual and collector value.

**Trading Activities** means any and all price hedging and price protection activities undertaken by Grantor or its Affiliates with respect to any Products, raw materials, interest rates or currency exchanges including without limitation, any forward sale and/or purchase contracts, spot- deferred contracts, option contracts, speculative purchases and sales of forward, futures and option contracts,

FORM OF NSR ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

both on and off commodity exchanges. Grantor may not take into account such Trading Activities, and the profits and losses generated thereby, in the calculation of royalties due to Royalty Holder, whether in connection with the determination of price, the date of sale, or the date any royalty payment is due. Royalty Holder acknowledges that Grantor and its Affiliates engaging in Trading Activities may result in Grantor and its Affiliates realizing fewer or more profits for Products than does Royalty Holder, since Royalty Holder's royalty is established by published prices, in the case of Refined Products described in the definition of Deemed Receipts and the sales price of the physical commodity to be delivered, in the case of other Physical Product Receipts. Similarly, Royalty Holder is not obligated to share in any losses generated by any such Trading Activities with respect to the sales of any Refined Products.

**Transfer** means any sale, grant, assignment, conveyance or other transfer.

$ means United States dollars.

**Exhibits. Exhibit 1, Exhibit 2,** and **Exhibit 3** are attached hereto and incorporated herein and form part of this Agreement.

**2.** **GRANT, COMPUTATION AND PAYMENT OF NET SMELTER RETURNS** 

2.1 **Grant of Royalty** 

Grantor hereby grants to Royalty Holder the Net Smelter Returns Royalty in perpetuity. Grantor shall evidence the grant of the Net Smelter Returns Royalty to Royalty Holder through a form of recordable deed similar to the form attached hereto as **Exhibit 3 (Deed),** which Deed shall be recorded against the Property in the public records of the county in which the Property is located. Grantor further agrees to evidence the grant of the Net Smelter Returns Royalty to the Royalty Holder through additional deed(s) substantially in the form attached hereto as Exhibit 3 for all additional properties later acquired by Grantor or its Affiliates and subject to the Net Smelter Returns Royalty herein as provided in Subsection 6.9(a)(ii) which additional Deed(s) may be recorded against the Property in the public records of the county in which the Property is located.

2.2 **Computation** 

To compute the Net Smelter Returns Royalty, Grantor shall multiply the Net Smelter Returns by the applicable Royalty Percentage in each case for the immediately preceding calendar quarter.

2.3 **Payments** 

When Net Smelter Returns Royalty payments are due and owing under this Agreement, Grantor shall pay Royalty Holder a payment equal to the Net Smelter Returns Royalty computed under Section 2.1 within 45 days after the end of the calendar quarter for which such computation is made, and shall deliver with such payment a copy of the calculations used in connection with such payment. Grantor shall correct any overpayments or underpayments in the next calendar quarter payment following determination of such adjustment. Grantor shall deliver with such payment a copy of the calculations used in connection with such payment.

2.4 **Buy-Out Provision** 

Grantor shall reserve the exclusive right to buy out the full interest in the NSR granted to Royalty Holder (or its successor(s)) for a total sum of $7,500,000. The buy-out price of $7,500,000 shall remain fixed for the first ten (10) years following the effective date of the NSR Agreement.

FORM OF NSR ROYALTY AGREEMENT

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Thereafter, beginning on January 1 of 2035, the buy-out price shall be adjusted annually based on the percentage change from the prior year in the Consumer Price Index for All Urban Consumers (CPI-U) for the West Region, as published by the U.S. Bureau of Labor Statistics, or the most similar index available at that time. At the option of the Royalty Holder (or its successor(s)), the buy-out may be effectuated by Royalty Holder (or its successor(s)) forming a new LLC ("New Co.") or other similar limited liability entity in a jurisdiction of Grantor's choice, and transferring the NSR to that New Co., and the New Co. to Grantor. Said transfers shall be completed within 90 days of written notice by Grantor to Royalty Holder (or its successor(s)) of its exercise of the buy-out option and identity of the selected jurisdiction and any Net Smelter Returns Royalty payments due during that 90-day period shall remain owed and be paid to the Royalty Holder (or its successor(s)). At the sole option of the Royalty Holder (or its successor(s)), the buy-out amount may be paid by the Grantor over as many as ten (10) annual payments, with five (5) percent annual interest due and paid quarterly on the remaining balance.

If the Royalty Holder elects to receive the buy-out price through structured payments, such payments shall be formalized through a promissory note or its equivalent, as agreed upon by the Parties. Upon execution of the promissory note or equivalent instrument, the Royalty shall be deemed fully extinguished and reduced to zero, and Grantor shall have no further royalty obligations to Royalty Holder, provided that Grantor fulfils its payment obligations under the terms of the promissory note or its equivalent.

Furthermore, upon completion of the buy-out as set out in this Section 2.4, whether through a lump sum payment, or promissory note or its equivalent, all rights and obligations of both the Grantor and Royalty Holder under this Agreement shall terminate in their entirety.

2.5 **Right of Offer for Specimen-Grade Minerals** 

The Royalty Holder shall have the right of first offer to purchase up to 5% of all Specimen-Grade Minerals extracted from the Property by the Grantor. This right shall apply to each extraction or collection of such minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Offer
 and Acceptance Process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Grantor shall notify the Royalty Holder in writing whenever Specimen-Grade Minerals are
 identified for potential sale. The notification shall include a detailed description
 of the minerals, along with the proposed sale price and any other relevant terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Royalty Holder shall have 30 days from receipt of the notification to exercise their
 right to purchase up to 5% of such Specimen-Grade Minerals by delivering written notice
 of acceptance to the Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If
 the Royalty Holder fails to respond within the 30-day period, the Grantor may proceed
 with the sale of the Specimen-Grade Minerals to any third party under the same terms
 and conditions originally offered to the Royalty Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 purchase price for any Specimen-Grade Minerals shall be determined by fair market value,
 taking into account factors such as rarity, aesthetic quality, and market demand for
 similar collector-grade minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 exercise of this right by the Royalty Holder shall not interfere with the Grantor's operations,
 and the identification and collection of Specimen-Grade Minerals shall remain at the
 sole discretion of the Grantor.

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**3.** **ACCOUNTING MATTERS** 

3.1 **Accounting Principles** 

Grantor shall determine all Receipts and Allowable Deductions by the accrual method and apply GAAP in that determination.

**4.** **OPERATIONS** 

Grantor has sole authority to make all decisions concerning methods, the extent, times, procedures and techniques of, and all decisions whether to conduct, any (i) exploration, development and mining related to the Property, (ii) leaching, milling, processing or extraction treatment and (iii) materials to be introduced on or to the Property or produced therefrom and all decisions concerning the sale or disposition of Products from the Property. For certainty, Grantor shall have no obligation whatsoever to conduct any exploration, development or mining activities on or related to the Property.

**5.** **AUDITS AND DISPUTES** 

5.1 **Disputes** 

Royalty Holder waives its right to object to a payment made for any calendar quarter, unless it provides notice in writing (**Objection Notice**) of such objection within 180 days after receipt of final payment or adjustment for the calendar quarter.

5.2 **Audit** 

Royalty Holder shall have a right to audit and inspect Grantor's accounts and records used in calculating payments to Royalty Holder hereunder. Upon written notice, Royalty Holder may elect to have an independent firm of certified public accountants audit all the records that relate to the calculation of the Net Smelter Returns Royalty within 60 days of Grantor's receipt of an Objection Notice under Section 5.1 hereof. Any calculation not so audited will be deemed final and not thereafter subject to audit or challenge. If such an audit shows a greater than five (5) percent discrepancy in the Net Smelter Returns Royalty payment(s) in favour of the Royalty Holder, Grantor shall pay to Royalty Holder that discrepancy amount plus fifteen (15) percent and the reasonable costs of the audit.

5.3 **Referee Procedures** 

The following procedures apply exclusively to any disagreement between the Parties with respect to the fair market value of a Product in determining Physical Product Receipts or in the Permitted Treatment Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall ensure that any Person appointed as a referee is independent of either
 Party, of sound commercial background and knowledgeable of the metals and concentrates
 markets. Within 30 days after a Party gives notice of a dispute subject to this Section
 5.3, each Party shall submit to the other Party a list of five People to serve as referee.
 No Person who has been an employee of either Party or any of their respective Affiliates
 is eligible to act as a referee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties shall attempt to agree on a single suitable referee from the lists described
 in subsection 5.3(a) within 10 Business Days after both Parties have submitted such lists
 to

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the other Party. If the Parties are unable to agree on the appointment of the single referee within such 10 Business Days, then either Party may seek appointment of the referee by petition to the Montana District Court for Silver Bow County. The Parties shall pay equally the costs of any agreed or appointed referee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 Party shall submit its respective position as to the commercial terms to the referee(s)
 and to the other Party within IO Business Days after the referee(s) has (have) been appointed.
 The Parties then have a further IO Business Days to review the other's submission
 and to submit a written rebuttal to the referee (the **Submission Period**). To the
 maximum extent practical, the Parties shall submit terms based on the world terms for
 equivalent products of like kind, quantity, quality and grade (or appropriately adjusted
 to deemed equivalents) as determined at the time of such negotiations by reference to
 then current international transactions and agreements for the sale of similar products
 between major mines and custom smelters located in Japan, Korea, North and South America
 and Western Europe under other long term contracts with a duration of at least 12 months.
 The referee(s) may not consider contracts between buyers and sellers of concentrates
 in which one party is a majority owner of or is able to exercise Control over the other,
 or to terms or special elements contained in a contract that are the product of the financing
 arrangements for the particular mine or smelter involved. Rather, the referee(s) may
 consider only those contracts of like kind, quantity, quality and grade, insofar as possible,
 and any applicable adjustments shown. The referee(s) shall consider, however, the quantity
 of precious metals contained in such Products and to the lack or presence of, deleterious
 and penalty elements and applicable allowances and adjustments for freight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Within
 20 Business Days after expiry of the Submission Period, the referee(s) shall determine
 any such issue by selecting one of the two positions advanced by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 decision of the referee governs for the calendar quarter in question; provided, however,
 at the request of either Party, the referee may establish a methodology for establishing
 the fair market value of such Products for the calendar year. If the referee(s) establish(es)
 such a methodology, the Parties shall apply that methodology for the entire calendar
 year and retroactively to the period for which the Parties were to have reached agreement.
 The referee may apply the methodology for the following calendar years, but not to exceed
 two calendar years.

**6.** **GENERAL** 

6.1 **Records** 

Grantor shall keep and retain for not less than three years accurate records of tonnage, comingling per Section 6.6, surveying, volume of Products, analyses of Products, weight, moisture, assays of payable metal content and other records, as appropriate, related to the computation of Net Smelter Returns hereunder.

6.2 **Site Visits** 

Neither Royalty Holder nor any of its representatives shall be permitted to enter upon any portion of the surface or sub-surface of the Property without the prior written consent of Grantor, which may be withheld in its sole discretion. Notwithstanding the above, the Parties agree that as long as Lane F Holdings LLC or any of its Affiliates remains the Royalty Holder, Royalty Holder will have the right to visit the Property quarterly. For that purpose, upon not less than fifteen (15) Business Days' notice to Grantor, no greater than two authorized representatives of the Royalty Holder, may,

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under the direction and control of Grantor, visit the Property for a tour of operations, whereupon it will be permitted to enter upon all areas of the Property unless Grantor determines, on a reasonable basis, there exists operational or safety conditions that warrant exclusion of certain areas.

However, upon any transfer or assignment of the Agreement to a third party that is not an Affiliate of Lane F Holdings LLC, the right to site inspections shall be limited to once annually, with the same notice and operational requirements as specified above.

Any visit pursuant to the above shall, unless the Parties mutual agree, be requested and made at reasonable times during only Business Days and business hours from 8:30 am up to 18:00 pm (local time), and provided that such visit does not interfere with Grantor's operations or safety of such operations. With respect to such access, Grantor shall not have any liability for any personal injuries including death or for any damage to the property of Royalty Holder or its representatives.

Royalty Holder shall indemnify and hold harmless Grantor and its Affiliates (including without limitation direct and indirect parent companies), and its or their respective directors, officers, shareholders, employees, agents and attorneys, from and against any claims, losses, liabilities, obligations, debts, damages, prosecutions, judgments, fines, penalties, costs or expenses (including reasonable costs, fees and expenses of legal counsel) which may be imposed upon, asserted against or incurred by any of them by reason of injury to Royalty Holder or any of its agents or representatives caused by Royalty Holder's exercise of its rights herein, including any injury or death resulting from the negligence of Grantor or its Affiliates on the Property. The indemnity in this Section 6.2 survives expiration or earlier termination of this Agreement.

6.3 **Notices.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall send all notices and other required communications under this Agreement
 ()"**Notices**") in writing and addressed as follows:

If to Grantor:

Blackjack Silver Corp.

[\*\*+]

If to Royalty Holder:

Lane F. Holdings

[\*\*+]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 Notices shall be given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by
 personal delivery or delivery by commercial courier to the addressee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by
 electronic communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by
 registered or certified mail return receipt requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 Notices shall be effective and shall be deemed delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 by personal delivery or commercial courier on the date of delivery on a Business Day
 before 5:00pm local time (in the place of delivery), and, if not delivered on a Business
 Day before 5:00pm local time (in the place of delivery), on the next Business Day following
 delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 by electronic communication, on the date of delivery if delivered on a Business Day before
 5:00pm local time (in the place of delivery), and, if not delivered on a Business Day
 before 5:00pm local time (in the place of delivery), on the next Business Day following
 delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if
 solely by mail on the next Business Day after actual receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 Party may change its address or designated recipient by Notice to the other Party.

6.4 **Payments** 

Grantor shall make all payments to Royalty Holder by bank check or wire transfer in immediately available funds to a bank account as designated by Royalty Holder in writing; provided, however, that Grantor will not be in default and the time for making such payment will be extended, if, at the time such payment is otherwise due, wire transfer facilities are not available for any reason, so long as Grantor makes payment as soon as practicable after wire transfer facilities become available. Grantor may rely on wire transfer instructions purported to be provided by Royalty Holder and is not responsible for any payment made to an incorrect wire transfer account by reason of such reliance. Grantor is not required to inquire into the scope of authority of the person purporting to act on behalf of Royalty Holder. If any dispute arises with respect to a proper payment, Royalty Holder may make such payment by depositing the same into an escrow account pending resolution of the dispute, and such deposit will toll any interest charges for late payment. Any payment not otherwise made when due bears interest at an annual rate of interest equal to the Prime Rate plus two percent, which accrues from the date due until the date paid.

6.5 **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as provided in Section 6.5(b), Royalty Holder may not disclose to any third party or
 the public any information and data provided to Royalty Holder under the terms of this
 Agreement without the prior written consent of Grantor, which consent Grantor may withhold
 in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 consent required by Section 6.5(a) does not apply to a disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) By
 Royalty Holder to a potential successor of all or any significant portion of its interests
 under this Agreement, or to a potential successor by consolidation or merger, or to a
 proposed joint venture or partnership in which such Royalty Holder may become a participating
 partner or venturer (but subject to the obligations of confidentiality herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 an Affiliate or representative of Royalty Holder that has a bona fide need to be informed
 (but subject to the obligations of confidentiality herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 any person, including a governmental agency or to the public, if such disclosure is required
 by applicable law or the rules of any stock exchange; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Made
 in connection with litigation involving Royalty Holder where such disclosure is required
 by the applicable tribunal or is, on the advice of counsel for Royalty Holder, necessary
 for the prosecution of the case, but subject to prior notification to Grantor to enable
 Grantor to seek appropriate protective orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior
 to any disclosure described in Subsections 6.5(b)(i) or 6.5(b)(ii), such third party
 shall first agree to protect the confidential information from further disclosure to
 the same extent as Royalty Holder is obligated under this Section 6.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 text of any public announcements or statements including news release that Royalty Holder
 is permitted to make pursuant to this Section 6.5, shall be made available to Grantor
 not less than five Business Days prior to publication and Grantor may make suggestions
 for changes therein. If Grantor is identified in any such public announcement or statement,
 Royalty Holder shall not release the same without the consent of Grantor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 providing its approval of a public announcement or statement, Grantor does not thereby
 assume any liability or responsibility for the contents thereof, which is the sole responsibility
 of Royalty Holder, and Royalty Holder shall indemnify, defend and save Grantor harmless
 from any costs and liabilities it may incur in that regard. This provision survives expiration
 or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything contained in this Agreement to the contrary, Royalty Holder may not disclose
 any geological, engineering or other data to any third party without disclosing the existence
 and nature of any disclaimers that accompany such data and the requirements of applicable
 law or regulation or rules of the applicable stock exchange for public reporting, as
 the case may be.

6.6 **Commingling** 

Grantor may commingle ore, concentrates, minerals and other material mined and removed from the Property from which Products are to be produced, with ore, concentrates, minerals and other material mined and removed from other lands and properties; provided, however, that Grantor shall calculate from representative samples the average grade thereof and other measures as are appropriate, and shall weigh (or calculate by volume) the material before commingling. In obtaining representative samples, calculating the average grade of the ore and average recovery percentages, Grantor may use any procedures accepted in the mining and metallurgical industry that it believes suitable for the type of mining and processing activity being conducted and, in the absence of fraud, its choice of such procedures is final and binding on Royalty Holder. In addition, Grantor may use comparable procedures to apportion among the commingled materials all penalty and other charges and deductions, if any, imposed by the smelter, refiner, or purchaser of such material and all other costs that would constitute Allowable Deductions.

6.7 **Change in Ownership of Right to Net Smelter Returns Payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Royalty
 Holder may only Transfer its rights and interest in and to the Net Smelter Returns Royalty
 and this Agreement pursuant to this Section 6.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Royalty
 Holder may not Transfer, or agree to Transfer, less than all of its rights and interests
 in or with respect to the Net Smelter Returns Royalty or this Agreement, without the
 prior written consent of Grantor, which consent Grantor may withhold in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Royalty
 Holder may not transfer or assign any of its rights and interest in and to the Net Smelter
 Returns Royalty and this Agreement without obtaining from the transferee, and delivering
 the same to Grantor, an agreement in writing in favour of Grantor whereby the transferee
 assumes the obligations of Royalty Holder and is bound by the contractual terms of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No
 change or division in the ownership of the Net Smelter Returns Royalty, however accomplished,
 enlarges the obligations or diminish the rights of Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No
 change or division in the ownership of the Net Smelter Returns Royalty is binding on
 Grantor until Grantor receives a certified copy of the instrument evidencing the change
 or division in ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Royalty
 Holder covenants to ensure that any change in ownership of the Net Smelter Returns Royalty
 is accomplished in such a manner that Grantor is required to make payment and give notice
 to no more than one Person, and upon breach of this covenant, Grantor and its Affiliates
 may retain all payments otherwise due in escrow until the breach has been cured.

6.8 **Transfer of Property** 

If Grantor Transfers all or any portion of its interest in the Property, upon obtaining from the transferee a written assumption of the obligations of Grantor pursuant to this Agreement with respect to the interest so Transferred, Grantor will thereupon be relieved of all liability for payment of royalties under this Agreement for any royalties that may thereafter arise with respect to such transferred interest. Grantor may not transfer or assign any of its rights and interest in and to the Property without obtaining from the transferee, and delivering the same to Royalty Holder, an agreement in writing in favour of Royalty Holder whereby the transferee assumes the obligations of Grantor and is bound by the contractual terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 change or division in the ownership of the Property, however accomplished, enlarges the
 obligations or diminish the rights of Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 change or division in the ownership of the Property is binding on Grantor until Grantor
 receives a certified copy of the instrument evidencing the change or division in ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Grantor
 covenants to ensure that any change in ownership of the Property is accomplished in such
 a manner that Royalty Holder is required to make perform any obligations hereunder and
 give notice to no more than one Person, and upon breach of this covenant, Royalty Holder
 may continue to perform and give notices to the original until the breach has been cured.

**Abandonment**

Grantor may, from time to time, abandon or surrender or allow to lapse or expire any part or parts of any unpatented mining claims, state mining claims, or mining leases relating to or comprising part of the Property, in its sole discretion, provided Grantor will not abandon or surrender, or allow to lapse or expire, any unpatented mining claims, state mining claims, or mining leases comprising part of the Property for the purpose of permitting any third party to re-stake such unpatented mining claim or state mining claim or acquire a new mining lease and thereby avoid or seek to avoid the Net Smelter Returns Royalty.

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6.9 **Real Property Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties intend that the Net Smelter Returns Royalty attach to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
 real property interests of any kind presently owned by Ferry Lane Limited in Silver Bow
 County, Montana;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All
 real property interests of any kind in Silver Bow County, Montana, Grantor or its Affiliates
 may in the future acquire in a or as a result or consequence of Grantor's or its Affiliates
 mutual exchange with or otherwise acquired from the City-County of Butte-Silver Bow,
 Montana, as contemplated under the "99 Year Lease of Real Property for Commercial
 Use," dated November 1, 2013 attached hereto as Exhibit 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 amendments, relocations, adjustments, resurvey, additional locations or conversions of
 any unpatented mining claims, state mining claims, or other mineral tenures comprising
 the Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 renewal, amendment or other modification or extensions of any leases of any real property
 interests comprising the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties intend that the Net Smelter Returns Royalty, to the extent allowed by applicable
 law, creates a direct real property interest in the Products and the Property in favour
 of Royalty Holder, provided that such interest will be satisfied in respect of any particular
 Products by payment to Royalty Holder of the Net Smelter Returns Royalty in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Net Smelter Returns Royalty will run as a covenant with the title to the Property so
 that any grant, sale, Transfer, or conveyance of the Property, or any interest therein,
 shall be subject to the Net Smelter Returns Royalty and inure to the benefit of Royalty
 Holder, its successors, and assigns.

6.10 **Rule Against Perpetuities** 

This Agreement and the Net Smelter Returns Royalty shall continue in perpetuity.,. The Parties do not intend that there shall be any violation of the Rule Against Perpetuities, the Rule Against Unreasonable Restraints on the Alienation of Property, or any similar rule. Accordingly, if any right or option to acquire any interest in the Property or in any real property exists under this Agreement, such right or option must be exercised, if at all, so as to vest such interest within time periods permitted by applicable rules. If, however, any such violation should inadvertently occur, the Parties hereby agree that a court may reform that provision in such a way as to approximate most closely the intent of the Parties within the limits permissible under such rules.

6.11 **Memorandum** 

The Deed shall serve as a memorandum of this Agreement and may be recorded by Royalty Holder. This Agreement shall not be recorded.

6.12 **No Partnership** 

This Agreement is not intended to, and will not be deemed to, create any partnership, joint venture or any other form of common endeavor or association between the Parties. Nothing herein

FORM OF NSR ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

contained will be deemed to constitute a Party the partner, agent or legal representative of the other Party. The obligations and liabilities of the Parties will be several and not joint and none of the Parties will have or purport to have any authority to act for or to assume any obligations or responsibility on behalf of any other Party.

6.13 **Further Assurances** 

Each Party shall execute all such further instruments and documents and do all such further actions as may be necessary to effectuate the documents and transactions contemplated in this Agreement, in each case at the sole cost and expense of the Party requesting such further instrument, document or action.

6.14 **Void or Invalid Provision** 

If any term, provision, covenant or condition of this Agreement, or any application thereof, should be held by a court of competent jurisdiction to be invalid, void or unenforceable, all provisions, covenants and conditions of this Agreement, and all applications thereof not held invalid, void or unenforceable shall continue in full force and effect and in no way be affected, impaired or invalidated thereby.

6.15 **Governing Law and Attornment** 

The Parties intend that this Agreement be construed and enforced in accordance with, and the rights of the parties be governed by, the laws of the State of Montana, without regard to principles of conflicts of law that would impose a law of another jurisdiction.

6.16 **Binding Effect** 

All covenants, conditions and terms of this Agreement benefit and run as a covenant with the Property and bind and inure to the benefit of the Parties hereto and their respective successors, successors by merger, and any permitted assigns.

6.17 **Counterparts** 

The Parties may sign this Agreement in counterparts and by electronic exchange of signatures, each of which will be deemed an original and together constitutes a valid and binding agreement.

The Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **For Blackjack Silver Corporation, an Ontario** | **Lane F Holdings, LLC, A Wyoming Limited corporation and Liability Company** |

---

**Ferry Lane Limited, a British Virgin Island corporation**

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Travis Naugle | By: | /s/ R. Allan Payne |

---

Print Name: <u>Travis Naugle</u> Print Name: <u>R. Allan Payne</u>

Title: <u>CEO</u> Title: <u>Member</u>

FORM OF NSR ROYALTY AGREEMENT

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

EXHIBIT 1

[\*\*\*]

## Exhibit 10.5

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Exhibit 10.5** 

**<u>ASSET PURCHASE AND RELEASE AGREEMENT</u>**

**THIS ASSET PURCHASE AND RELEASE AGREEMENT** ("Agreement") is made and entered into on this 19<sup>th</sup> day of September, 2024, by and between the following Parties:

Blackjack Silver Corp.("BSC") Butte Blackjack Operating LLC ("BBO") Ferry Lane Management, LLC ("FL Mgt") Ferry Lane Limited ("Ferry Lane") <u>New Butte Leasing, LLC ("NBL") R. Allan Payne ("Payne") Frank C. Crowley ("Crowley") Doney Crowley P.C. (the "Doney Firm")</u>

**RECITALS:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Ferry Lane, a British Virgin Islands corporation, is the owner of certain real property, mineral rights, mining claims, water rights, equipment, and buildings located in Silver Bow County in the State of Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On September 30, 1999, Crowley was appointed as the agent and attorney-in-fact for Ferry Lane to manage leasing, development and other issues involving the property owned by Ferry Lane in Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In 2011, Crowley and Payne incorporated and organized NBL (f/k/a FL Leasing, LLC) as a Montana limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. On April 10, 2015, Crowley dissociated from NBL leaving Payne as the sole member of NBL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. On November 29, 2011, NBL and Ferry Lane, through Crowley as attorney-in-fact, entered into an Exclusive Property Leasing & Management Agreement (the "Management Agreement") for NBL's management of Ferry Lane's properties in Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. By order dated July 15, 2019, [\*\*+] approved the Management Agreement, appointed Payne as successor attorney-in-fact to Crowley and affirmed Crowley's resignation as attorney-in-fact for Ferry Lane.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Pursuant to the Management Agreement, on December 1, 2011, NBL entered into a mineral lease. BBO, which is a wholly owned subsidiary of BSC, is the current Lessee under that 2011 mineral lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Disputes have arisen between NBL and BBO, [\*\*+] (jointly the "Arbitrations").

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. By virtue of a transaction dated November 2, 2023, BSC became the sole owner of record of all of the issued and outstanding shares of Ferry Lane and subsequently appointed FL Mgt as sole director of Ferry Lane after resignation of its prior director, Robert Clinton.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. After its acquisition, Ferry Lane, through its sole director at the time, terminated Payne as successor attorney-in-fact in the Montana Litigation. The decision, [\*\*+], relates to Robert Clinton's authority as sole director of Ferry Lane to authorize this termination under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. In order to resolve all of the outstanding disputes between the Parties, BSC seeks to acquire from Payne all of his outstanding membership interests in NBL and dismiss the Arbitrations and the Montana Litigation with prejudice.

**NOW, THEREFORE,** in consideration for payments to be paid by BSC and the terms and conditions hereinafter set forth, the parties agree to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Purchase and Sale</u>.**

A. At the Closing, BSC shall purchase from Payne all of the membership interests in NBL and Payne shall
 resign as the member/manager and registered agent of NBL on the form contained in Exhibit A attached hereto. Within ten (10)
 business days of Closing, BSC shall designate with the Secretary of State's Office the person/entity nominated by BSC as the
 successor member/manager of NBL, as well as a new registered agent.

B. At the Closing, Payne and the Doney Firm will resign as attorneys for Ferry Lane and NBL on the form attached as Exhibit B, said resignation
will be accepted by Ferry Lane and NBL on that same form.

C. NBL will remain the owner of the following assets, the possession, custody and control of which will transfer to BSC along with the membership
interests at the time of the Closing:

1) The Management Agreement between NBL and Ferry Lane.

2) The balance of funds held in trust by the Doney Firm for Ferry Lane of no less than $31,183.86 by check payable to NBL.

3) All corporate documents, materials and correspondence in the possession, custody or control of NBL principals and advisors pertaining to NBL and its affiliates, ARCO, and mineral and surface rights and encumbrances of Ferry Lane property (the "Corporate Documents"). Payne and/or the Doney Firm may retrain copies of these Corporate Documents. Notwithstanding the foregoing, the Corporate Documents shall not include attorney-client privileged documents, notes, research, and internal documents generated by Payne, Crowley, and the Doney Firm related to FL and NBL, or documents related to the litigation/arbitration involving BBO, Clinton, the Utah action, or actions in BVI, and Payne shall become the holder of the NBL privilege for these documents and may retain any non-related NBL documents and information.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

D. At the time of Closing, NBL will have satisfied in full the following liabilities or Payne will remain solely responsible for them and
will not withdraw from the Doney Firm any of the consideration provided in subsection 2 B, until the following liabilities are satisfied
in full:

1) Payment of all professional fees and legal expenses owed by NBL to the Doney Firm or to Payne.

2) Payment of all professional fees and legal expenses owed by NBL for legal services rendered in the British Virgin Islands.

3) Payment of all professional fees and legal expenses owed by NBL to the Utah law firm of SKOUBYE NIELSON & JOHANSEN, LLC.

After Closing, NBL shall remain responsible for all other of its obligations, including any amounts owed to AAA or individual arbitrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Monetary Consideration for the Purchase</u>**. In consideration for the membership interests of NBL, BSC will pay into the Trust Account for the Doney Firm a sum totaling $758,829.25, consisting of the following:

A. The sum of $167,573.26, which has already been paid prior to the execution of this Agreement;

B. The remaining sum of $591,255.99, which shall be due and payable at Closing.

Distribution and application of the above sums shall be made in the sole discretion of Payne, provided however that if Payne distributes any of the monetary consideration to any individual or entity who is not a party to this Agreement for settlement of legal bills or other obligations, he shall secure written confirmation indicating payment in full and settlement from the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Confidentiality of Corporate Documents</u>**. Payne and the Doney Firm, its principals, members, owners, assignees, beneficiaries, and advisors shall not disclose any information contained within the Corporate Documents to any other party. Disclosure of the Corporate Documents is permitted as required by applicable law or in connection with any litigation matters related to Lane F and its principals and agents, or Payne, in any litigation context. Any breach of this confidentiality obligation shall be subject to enforcement under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Universal Mutual Release</u>**. In further consideration of the terms and conditions of this Agreement, the Parties fully and forever release and discharge each other, their successors, assigns, agents, employees, members, partners, affiliates and attorneys, from any and all actions, claims, causes of action, demands, or expenses for damages or injuries, whether asserted or unasserted, known or unknown, foreseen or unforeseen, arising out of or involving decisions, resignations, actions, or inactions that Crowley, Payne or NBL took as agent(s) and attorneys-in-fact of Ferry Lane, including without limitation, any actions pursuant to the Management Agreement or any mining leases entered into as agents of Ferry Lane (collectively the "Agency Actions"). In as much as any injuries, damages, and losses resulting from the Agency Actions

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

may not be fully known and may be more numerous or more serious than it is now understood or expected, the Parties agree that this mutual release applies to any and all injuries, damages and losses arising out of or involving the Agency Actions even though now unanticipated, unexpected and unknown, as well as any and all injuries, damages and losses which have already developed and which are now known or anticipated. Ferry Lane waives any and all rights to an accounting of funds collected and/or expended on its behalf prior to Closing, and it accepts the payment of the $31,183.86 mentioned above as full satisfaction. However, Payne and NBL shall provide accounting records in their possession not already available to BSC or its affiliates sufficient for the purpose of a financial audit from 2020 onwards, as required for regulatory purposes related to the public listing of BSC. This accounting shall be limited solely to the purpose of a financial audit for the years 2020 through Closing and shall not extend to any other purposes. Ferry Lane and Payne shall execute and have notarized the "Termination of the Power of Attorney and Designation of New Contact" contained in Exhibit C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Indemnity</u>**. In further consideration of the terms and conditions of this Agreement, BSC, BBO, NBL, FL Mgt, and Ferry Lane (collectively the "Indemnitors"), jointly and severally agree to indemnify, hold harmless and defend Payne, Crowley, Lane F Holdings, and the Doney Firm (collectively the "Indemnitees") from and against any and all claims, actions, liabilities, losses, damages, or expenses (including, but not limited to, reasonable legal fees and costs), to the fullest extent permitted by law, arising out of or in connection with any actions, inactions, resignations or decisions made by the Indemnitees in their purported capacity as agents of and attorneys for Ferry Lane or as managers/members of or attorneys for NBL. This indemnity specially includes, but is not limited to, any and all actions or claims on whatever basis brought against the Indemnitees by ISLV Partners, LLC, Robert Clinton, Capital Joint Ventures Limited, Niels Sundel and/or related individuals or entities. This indemnification applies to all such matters, whether known or unknown, asserted or unasserted, that occurred at any time prior to the execution of this Agreement, provided that such actions, inactions, resignations, or decisions were not undertaken by the Indemnitees in bad faith within the liberally construed scope of their purported authority as an agent, attorney or manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Dismissal of Litigation and Arbitrations</u>**. With the Closing of this Agreement, or before, the Parties and their counsel shall take whatever steps are necessary to stipulate to the dismissal with prejudice of the claims being adjudicated in the Arbitration and the Montana Litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Non-Assignability</u>**. Payne's rights under this Agreement shall not be assignable without written consent of BSC, such consent not to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>No Third-Party Beneficiaries</u>**. **Except for the benefits specifically granted herein to Crowley**, there are no third-party beneficiaries intended by this Agreement and nothing in this Agreement, express or implied, is intended to confer on any person other than the parties hereto (and their respective successors, heirs and permitted assigns), any rights, remedies, obligations or liabilities.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Pre-Closing/ Closing Deliverables</u>**.

A. Prior to Closing, the following deliverables shall be provided:

1) Executed stipulations for dismissal with prejudice for the Arbitrations and the Montana Litigation.

2) Payment of the aggregate sum of $167,573.26, receipt of which is acknowledged by Payne and the Doney Firm.

B. The closing of this transaction shall occur no later than two (2) business days after execution of this Agreement at the law offices of
Doney Crowley, P.C. in Helena, Montana. Time is of the essence in the Closing of this transaction.

C. At the Closing, the following deliverables shall be provided:

1) Payne shall deliver to BSC the fully executed Membership Assignment in the format attached as Exhibit A as well as copies of all the Corporate Documents.

2) BSC shall deliver to the Doney Firm Trust Account (either by wire transfer or by check), the sum of $591,255.99.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Cooperation and Non-Disparagement</u>**. Following the execution of this Agreement:

A. The Parties agree that they will cooperate with each other, including responding to any reasonable requests for information and assistance,
regarding any matter involving: (1) the ownership of and actions of NBL; and (2) the actions of Payne and/or Crowley as agents for Ferry
Lane, including the execution of any further documents reasonably necessary to effectuate the terms of this Agreement. For any cooperation
requests submitted by the Parties pursuant to this provision that exceeds a commercially reasonable time or effort, the responding party
may agree to further cooperation and shall be entitled to reasonable compensation for those efforts.

B. The Parties agree that they, their agents, employees or representatives, will not at any time make, publish or communicate to any person
or entity or in any public forum or online any defamatory, harmful, or disparaging remarks, comments, or statements concerning each other,
their respective businesses, or their employees, officers, agents, employees and existing or prospective investors.

C. The Parties agree that neither of them, nor their agents, employees, shareholders, members, or attorneys will not knowingly encourage,
counsel or assist any third-parties, or their attorneys, in the presentation, prosecution or advancement of any disputes, differences,
claims, or charges being asserted by a third party against Payne, Crowley, Doney Firm, BSC, BBO, FL Mgt, Ferry Lane, and NBL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Confidentiality</u>**. Except for the provisions in the "Confidentiality of Corporate Documents" clause above, there will be no confidentiality restrictions regarding this Agreement, allowing all parties to share the information freely.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Payne's Warranties and Representations</u>**. Payne, and his respective, heirs, assigns, agents, attorneys, or representatives, warrants and represents to BSC as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Payne is the sole member of NBL and has the authority and right to enter into this Agreement and to carry out the transactions contemplated
herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This Agreement constitutes the legal, valid, and binding obligations of Payne, enforceable against Payne in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Neither the execution and delivery of this Agreement, nor the consummation by Payne of any of the transactions contemplated hereby, will
result to his knowledge in a breach of any term, provision, covenant, or condition of any agreement or instrument to which he or NBL is
a party or by which they may be bound, or with which the giving of notice or lapse of time or both would constitute an event of default
thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>BSC's Warranties and Representations</u>**. BSC warrants and represents to Payne as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. BSC has the power and authority to enter into this Agreement and carry out its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This Agreement constitutes the legal, valid, and binding obligations of BSC, enforceable against BSC in accordance with its terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Neither the execution and delivery of this Agreement, nor the consummation by BSC of any of the transactions contemplated hereby, will
result to its knowledge in a breach of any term, provision, covenant, or condition of any agreement or instrument to which it or Ferry
Lane, BBO or FL Mgt is a party or by which they may be bound, or with which the giving of notice or lapse of time or both would constitute
an event of default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Tax Matters</u>**. Neither Party makes any representation as to the tax implications of the transactions contemplated within this Agreement. The parties agree to take all necessary and advisable action to report this transaction with the appropriate federal and state taxing authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Specific Performance</u>**. If any party breaches and fails to perform their respective duties under this Agreement in accordance with its terms, then the non-breaching parties have the remedy of specific performance in addition to all other remedies available at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Governing Law</u>**. This Agreement shall be governed by and construed in accordance with the laws of the State of Montana without regard to its conflicts of laws principals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Severability</u>**. If any portion of this Agreement is held to be void or unenforceable, then the balance of this Agreement shall nevertheless be effective and enforceable.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Attorneys' Fees</u>**. Should any party incur any costs or expenses, including reasonable attorneys' fees, to enforce any of the provisions of this Agreement, the non-prevailing parties shall reimburse the prevailing party upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Time</u>**. Time is of the essence of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. As used herein, "counterparts" shall include full copies of this Agreement signed and delivered by facsimile transmission or electronic mail ("e-mail") correspondence, as well as photocopies of such facsimile transmission or e-mail correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Binding Effect</u>**. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors, and assigns. This Agreement is the product of the negotiations of the Parties. By virtue of the signature of all Parties herein, this Agreement shall be deemed to have been drafted by all Parties collectively, and any ambiguity herein shall not be construed for or against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Entire Agreement</u>**. This Agreement embodies the entire agreement among the Parties, and supersedes all prior negotiations, understandings, and agreements, if any, relating to the subject matter hereof. This Agreement may be amended, modified, or supplemented only by an instrument in writing duly executed by all Parties hereto.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement effective as of the day and year set forth on page 1 of this Agreement.

---

| | |
|:---|:---|
| /s/ R. Allan Payne | /s/ C. Travis Naugle |
| R. Allan Payne, Individually and as the sole<br> Member of New Butte Leasing, LLC | C. Travis Naugle, in his capacity as |
| | CEO, Blackjack Silver Corp., |
| | the sole member of Butte Blackjack |
| /s/ Jack G. Connors | Operating, LLC and FL Management, LLC, |
| Jack G. Connors, Shareholder | the sole director of Ferry Lane, Limited |
| Doney Crowley P.C. |  |

---

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**<u>EXHIBIT A</u>**

**<u>MEMBERSHIP INTEREST ASSIGNMENT AND RESIGNATION AS <br> MEMBER/MANAGER AND REGISTERED AGENT</u>**

**FOR VALUABLE CONSIDERATION,** the receipt of which is hereby acknowledged, **R. Allan Payne**, whose mailing address is [\*\*+] ("Assignor"), hereby assigns, transfers, and conveys unto **BLACKJACK SILVER CORP.**, whose mailing address is P.O. Box 3522, Butte, MT 59702 ("Assignee"), the following described intangible personal property:

All of Assignor's issued and outstanding Membership Interests in New Butte Leasing, LLC, a Montana limited liability company, free and clear of all liens and encumbrances.

**TO HAVE AND TO HOLD** the above-described property unto Assignee, its successors and assigns, forever; and Assignor covenants to and agrees with Assignee, its successors and assigns, to warrant and defend and does warrant the assignment of said Membership Interests to Assignee, its successors and assigns, against all and every person and persons whomever, lawfully claiming or to claim the same.

**<u>RESIGNATION AS MEMBER/MANAGER AND REGISTERED AGENT</u>** R. Allan Payne hereby resigns as member/Manger of New Butte Leasing, LLC.

**IN WITNESS WHEREOF,** Assignor has executed this Membership Interest Assignment effective as of the <u>19th</u> date of <u>September</u>, 2024.

---

| |
|:---|
| /s/ R. Allan Payne |
| R. Allan Payne |

---

## Exhibit 10.6

**Exhibit 10.6**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**AGREEMENT**

**between**

**FERRY LANE LIMITED**

**AND**

**ARCO ENVIRONMENTAL REMEDIATION, LLC**

**AND**

**ATLANTIC RICHFIELD COMPANY**

**Effective July 27, 2004**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| Article I. | Definitions and Exhibits | 2 |
| 1.1. | Definitions | 2 |
| 1.2. | Rules of Interpretation | 8 |
| 1.3. | Exhibits | 8 |
| Article II. | Representations and Covenants | 8 |
| 2.1. | Representations and Covenants of FLL | 8 |
| 2.2. | Representations and Covenants of AERL | 9 |
| 2.3. | Representations and Covenants of Atlantic Richfield | 10 |
| Article III. | AERL Properties | 11 |
| 3.1. | Conveyance of AERL Developable Properties to AERL | 11 |
| 3.2. | Conveyance of AERL Lexington Mine Yard Properties to AERL | 11 |
| 3.3. | Conveyance of AERL Missoula Mine Yard Properties to AERL | 11 |
| 3.4. | Improvements and Fixtures | 12 |
| 3.5. | Possession | 12 |
| 3.6. | Risk of Loss | 12 |
| 3.7. | Property Taxes | 12 |
| 3.8. | Borrow Rights | 12 |
| 3.9. | Records | 12 |
| 3.10. | Effect of Conveyance of AERL Properties by AERL | 12 |
| 3.11. | Relocation of Existing Fences | 13 |
| 3.12. | Access to and Maintenance of Corra | 13 |
| Article IV. | FLL Properties | 13 |
| 4.1. | Use and Development of FLL Properties | 13 |
| 4.2. | Conveyance of FLL Properties by FLL | 13 |
| 4.3. | Notice of Conveyances | 14 |
| 4.4. | Recording of Quitclaim Deeds | 14 |
| 4.5. | Access to FLL Properties | 14 |
| 4.6. | Effect of Conveyance of FLL Properties by FLL | 14 |

---

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

---

| | | |
|:---|:---|:---|
| Article V. | Response Actions | 15.0 |
| 5.1. | Response Actions and Other Actions by Atlantic Richfield | 15.0 |
| 5.2. | Response Actions and Other Actions by FLL | 15.0 |
| Article VI. | Operation and Maintenance | 15.0 |
| 6.1. | Operation and Maintenance Activities and Other Actions by Atlantic Richfield | 15.0 |
| 6.2. | Operation and Maintenance Activities and Other Actions by FLL | 15.0 |
| Article VII. | Indemnification | 15.0 |
| 7.1. | Indemnification by FLL | 15.0 |
| 7.2. | Indemnification by AERL and Atlantic Richfield | 16.0 |
| Article VIII. | Releases and Covenants Not to Sue | 16.0 |
| 8.1. | Release and Covenant Not to Sue of FLL | 16.0 |
| 8.2. | Release and Covenant Not to Sue of AERL and Atlantic Richfield | 16.0 |
| Article IX. | Events of Default and Remedies | 17.0 |
| 9.1. | Events of Default Defined | 17.0 |
| 9.2. | FLL Remedies on Default | 17.0 |
| 9.3. | AERL and Atlantic Richfield Remedies on Default | 18.0 |
| 9.4. | Delay; Notice | 18.0 |
| 9.5. | Agreement to Pay Fees and Expenses | 18.0 |
| 9.6. | No Additional Waiver Implied by One Waiver | 18.0 |
| 9.7. | AERL and Atlantic Richfield Option to Cure Default | 18.0 |
| Article X. | Dispute Resolution and Choice of Forum | 19.0 |
| 10.1. | Mediation and Choice of Forum | 19.0 |
| 10.2. | Arbitration of Disputes | 19.0 |
| 10.3. | Arbitration Procedures and Choice of Law | 19.0 |
| Article XI. | Miscellaneous Provisions | 20.0 |
| 11.1. | No Admission of Liability or Wrongdoing | 20.0 |
| 11.2. | Admissibility | 21.0 |
| 11.3. | Notices and Submissions | 21.0 |

---

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11.4. Captions 21

11.5. Entire Agreement 21

11.6. Further Assurances 22

11.7. Negation of Agency Relationship 22

11.8. Binding Effect; Assignment 23

11.9. Modification 23

11.10. No Third-Party Beneficiaries 23

11.11. Governing Law 23

11.12. Counterparts 23

11.13. Severability 23

11.14. Coordination with Exhibits 23

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**AGREEMENT**

THIS AGREEMENT effective July 27, 2004, (as hereinafter defined, "Agreement") is entered into by and between Ferry Lane Limited (as hereinafter defined, "FLL") and ARCO Environmental Remediation, L.L.C (as hereinafter defined, "AERL") and Atlantic Richfield Company (as hereinafter defined, "Atlantic Richfield") to set forth certain agreements, allocations of responsibility, and releases and indemnifications relating to certain land and activities in Silver Bow County, Montana.

**<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:**

WHEREAS, commencing in or about 1982, the United States Environmental Protection Agency (as hereinafter defined, "EPA") and the Montana Department of Health and Environmental Sciences initiated certain actions pursuant to Section 104 of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. § 9601, <u>et</u> <u>seq</u>., as amended, (as hereinafter defined, "CERCLA") to address contamination at, on or under certain areas within Silver Bow County and Deer Lodge County in southwestern Montana associated with the historic mining of the area; and

WHEREAS, in September 1983, EPA placed a site encompassing certain areas near Butte, Montana comprising approximately 28 stream miles of Silver Bow Creek and the Upper Clark Fork River (the "Silver Bow Creek site") on the National Priorities List, set forth at 40 CFR part 300, Exhibit B, pursuant to Section 105 of CERCLA, 42 U.S.C. § 9605; and

WHEREAS, on or about July 22, 1987, the Silver Bow Creek site was expanded by EPA, pursuant to CERCLA, to incorporate large areas in and around Butte and became known as the Silver Bow Creek/Butte Area NPL Site (as hereinafter defined, the "Site"); and

WHEREAS, the Site is located in the Clark Fork River drainage and includes the towns of Butte and Walkerville, Montana and the Silver Bow Creek floodplain downstream to the Warm Springs Ponds near Anaconda, Montana; and

WHEREAS, Atlantic Richfield and AERL are potentially responsible parties under CERCLA with respect to the Site; and

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WHEREAS, FLL is a potentially responsible party under CERCLA with respect to the Site; and

WHEREAS, FLL and FLL's predecessors-in-interest have made certain minor financial and in-kind contributions to certain actions which have been undertaken by AERL, Atlantic Richfield, EPA and others with respect to the Site; and

WHEREAS, pursuant to §§ 107(a) and 113(f) of CERCLA, 42 U.S.C. §§ 9607(a) and 9613(f), ATLANTIC RICHFIELD and AERL possess claims against FLL to recover certain of the costs and expenses which have been and are continuing to be incurred with respect to certain actions which have been and will be required by EPA and/or the Montana Department of Environmental Quality (as hereinafter defined, "MDEQ"), within the Site; and

WHEREAS, in order to avoid the significant cost and expense associated with prolonged and complicated litigation, in order to expedite certain actions, and in order to allocate their potential liabilities, the Parties desire to enter into this Agreement in order to provide a full statement of their respective rights and responsibilities relating to the Site;

NOW THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement, the sufficiency of which is acknowledged, it is hereby understood and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND EXHIBITS**

**Section 1.1. <u>Definitions</u>.** Unless otherwise expressly provided herein, terms used in this Agreement which are defined in CERCLA or in regulations promulgated under CERCLA shall have the meaning assigned to them in CERCLA or in such regulations. Whenever terms listed below are used in this Agreement or in the exhibits attached hereto and incorporated hereunder, the following definitions shall apply unless the context clearly requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **"<u>AERL</u>"** shall mean ARCO Environmental Remediation, L.L.C., a Delaware limited liability company, together with all predecessors and successors (merged, acquired or otherwise) and all parents, affiliates, divisions and subsidiaries and all shareholders, directors, officers, employees, attorneys, agents, transferees and assigns of each.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **"<u>AERL Developable Properties</u>"** shall mean the surface estate of each of the parcels of real property separately and particularly described in Exhibit "1" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **"<u>AERL Lexington Mine Yard Properties</u>"** shall, as of and following the date of the transfer under Section 3.2 hereof, mean the surface estate of the parcels of real property commonly known as the Allie Brown Mill Site (Mineral Survey No. 668, Lot No. 37-A), the Alexander (Mineral Survey No. 668, Lot Nos. 112-A and112-B) and the Wild Pat (Mineral Survey No. 553), located in Section 12, T3N, R8W, MPM, Silver Bow County, Montana, that are located outside the area depicted as the Survey Area in Exhibit "5" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"<u>AERL Missoula Mine Yard Properties</u>"** shall, as of and following the date of the transfer under Section 3.3 hereof, mean the surface estate of the parcels of real property commonly known as the Missoula (Mineral Survey No. 615), the Delmonte (Mineral Survey No. 614) and the Lone Tree (Mineral Survey No. 1269), located in Section 12, T3N, R8W, MPM, Silver Bow County, Montana, that are located outside the area depicted as the Survey Area in Exhibit "6" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **"<u>AERL Properties</u>"** shall mean the AERL Developable Properties. The term shall also include the AERL Lexington Mine Yard Properties and the AERL Missoula Mine Yard Properties from and after the date of FLL's transfer of the AERL Lexington Mine Yard Property and the AERL Missoula Mine Yard Property to AERL pursuant to Sections 3.2 and 3.3 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"<u>Applicable Laws</u>"** shall mean and include, without limitation, all Environmental Laws, the Reclaimed Areas Guidebook and all other applicable statutes, regulations, ordinances, decrees, orders, judgments, rules or agreements of any Governmental Entity, as the same may change from time to time. The term shall also mean and include, without limitation, Chapters 8.04 (Weed Control), 8.06 (Community Decay), 8.08 (Litter Control), and 8.12 (Undesirable Vegetation Control) of the Butte-Silver Municipal Code and M.C.A. § 75-10-501 (Junk Motor Vehicles).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **"<u>Atlantic Richfield"</u>** shall mean Atlantic Richfield Company, a Delaware corporation, together with all predecessors and successors (merged, acquired or otherwise) and all parents, affiliates, divisions and subsidiaries and all shareholders, directors, officers, employees, attorneys, agents, transferees and assigns of each.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **"<u>Borrow Materials</u>"** shall mean cover and fill materials consisting of surface and subsurface soils, topsoil, dirt, fill, sand, gravel, clay, rocks and like materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **"<u>CECRA</u>"** shall mean the Montana Comprehensive Environmental Cleanup and Responsibility Act, M.C.A. §§ 75-10-701, <u>et</u> <u>seq.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **"<u>CERCLA</u>"** shall mean the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. § 9601, <u>et</u> <u>seq</u>., as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **"<u>Effective Date</u>"** shall mean on or before July 27, 2004.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **"<u>Environmental Conditions</u>"** shall mean and include, without limitation, any condition, circumstance, quality, quantity or other state of the land, subsurface, strata, air, surface water, groundwater, fish, wildlife, or biota arising out of, related to or resulting from the Release or threatened Release, generation, transport, handling, treatment, storage, disposal, management, presence of or exposure to any Hazardous Materials or Mine Waste.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **"<u>Environmental Laws</u>"** shall mean any past, present or future federal, state or local laws, regulations, ordinances, permits, approvals or authorizations pertaining to natural resources, Environmental Conditions, protection of human health, welfare or the environment or historic, archeological or cultural preservation, including without limitation CERCLA; the Clean Air Act (42 U.S.C. §§ 7401 <u>et</u> <u>seq.)</u>; the Federal Water Pollution Control Act (33 U.S.C. §§ 1251 <u>et</u> <u>seq.)</u>; the Resource Conservation and Recovery Act (42 U.S.C. §§ 6901 <u>et</u> <u>seq.)</u>; the Safe Drinking Water Act (42 U.S.C. §§ 300(f) <u>et</u> <u>seq.)</u>; the National Historic Preservation Act (16 U.S.C. § 470); CECRA; the MHRMA; the Montana Water Quality Act (M.C.A. §§ 75-5-101 <u>et</u> <u>seq.)</u>; the Clean Air Act of Montana (M.C.A. §§ 75-2-101 <u>et</u> <u>seq.)</u>; the Natural Streambed and Land Preservation Act (M.C.A. §§ 75-7-101 <u>et</u> <u>seq.)</u>; and the Montana Floodplain and Flood way Management Act (M.C.A. §§ 76-5-101 <u>et</u> <u>seq.)</u>; all as amended and as may change from time to time; and all applicable ARARs and ERCLs; and any provisions or theories of common law providing for any cause of action remedy or right of recovery with respect to, arising from or related to Environmental Conditions, as any such provisions or theories may change from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **"<u>EPA</u>"** shall mean the United States Environmental Protection Agency and any successor agency thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **"<u>FLL</u>"** shall mean Ferry Lane Limited, a British Virgin Islands corporation, together with all predecessors and successors (merged, acquired or otherwise) and all parents, affiliates, divisions and subsidiaries and all

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shareholders, directors, officers, employees, attorneys, agents, transferees and assigns of each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **"<u>FLL Developable Properties</u>"** shall mean the surface and mineral estates of each of the parcels of real property separately and particularly described in Exhibit "2" hereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **"<u>FLL Existing Agreements</u>"** shall mean the agreements between FLL and third Parties attached hereto as Exhibit "7".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **"<u>FLL Lexington Mine Yard Property</u>"** shall, prior to the transfers under Sections 3.2 and 3.3 hereof, mean the surface and mineral estates of the parcels of real property commonly known as the Allie Brown Mill Site (Mineral Survey No. 89, Lot No. 37-A), the Alexander (Mineral Survey No. 668, Lot Nos. 112 -A and 112-B) and the Wild Pat (Mineral Survey No. 553), located in Section 12, T3N, R8W, MPM, Silver Bow County, Montana. As of and following the transfer under Sections 3.2 hereof, the term shall not include the surface estate of the portions of the parcels of real property commonly known as the Allie Brown Mill Site (Mineral Survey No. 89, Lot No. 37-A), the Alexander (Mineral Survey No. 668, Lot Nos. 112 -A and 112-B) and the Wild Pat (Mineral Survey No. 553), located in Section 12, T3N, R8W, MPM, Silver Bow County, Montana, that are located outside the area depicted as the Survey Area in Exhibit "5" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **"<u>FLL Missoula Property</u>"** shall, prior to the transfers under Sections 3.2 and 3.3 hereof, mean the surface and mineral estates of the parcels of real property commonly known as the Missoula (Mineral Survey No. 615), the Delmonte (Mineral Survey No. 614) and the Lone Tree (Mineral Survey No. 1269), located in Section 12, T3N, R8W, MPM, Silver Bow County, Montana. As of and following the transfer under Sections 3.3 hereof, the term shall not include the surface estate of the portions of the parcels of real property commonly known as the Missoula (Mineral Survey No. 615), the Delmonte (Mineral Survey No. 614) and the Lone Tree (Mineral Survey No. 1269), located in Section 12, T3N, R8W, MPM, Silver Bow County, Montana, that are located outside the area depicted as the Survey Area in Exhibit "6" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **"<u>FLL Properties</u>"** shall mean the FLL Developable Properties, the FLL Lexington Mine Yard Properties, the FLL Missoula Mine Yard properties and the mineral estate of each of the parcels of the AERL Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **"<u>Force Majeure</u>"** shall mean any event arising from causes beyond the control of the Parties, of any entity controlled by the Parties, or of the Parties' contractors, that delays or prevents the performance of any obligation under this Agreement despite the Parties' best efforts to fulfill the obligation. The requirement that the Parties exercise "best efforts to fulfill the obligation" includes

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using best efforts to anticipate any potential Force Majeure event and best efforts to address the effects of any potential Force Majeure event (1) as it is occurring and (2) following the potential Force Majeure event, such that the delay is minimized to the greatest extent possible. Any event that constitutes a Force Majeure event as defined in any order, decree or directive issued in connection with Environmental Laws shall also constitute a Force Majeure event for purposes of this Agreement, provided, however, that Force Majeure does not include a Party's financial inability to complete its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **"<u>Governmental Entity</u>"** shall mean any federal, state or local government administrative agency or commission, or other governmental authority or instrumentality having jurisdiction over the Parties and the subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **"<u>Hazardous Material</u>"** shall mean any substance (i) the presence of which requires investigation of or remediation under any federal, state or local statute, regulation, ordinance, order, action, policy or common law; or (ii) which is defined or listed as a "hazardous waste," "hazardous substance," "extremely hazardous substance," "hazardous or deleterious substance," or "pollutant or contaminant" under any Environmental Laws; or (iii) which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic, mutagenic, or hazardous; or (iv) the presence of which causes or threatens to cause a nuisance or poses or threatens to pose a threat to human health, safety or the environment; or (v) which contains, without limitation, gasoline, diesel fuel or other petroleum hydrocarbons; or (vi) which contains polychlorinated biphenyls (PCBs), asbestos or urea formaldehyde foam insulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **"<u>MDEQ</u>"** shall mean the Montana Department of Environmental Quality (formerly the Montana Department of Health and Environmental Sciences) and any successor agency thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **"<u>MHRMA</u>"** shall mean the Montana Hard Rock Mining Act, M.C.A. §§ 82-4-300 <u>et</u> <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **"<u>Mining Activities</u>"** shall mean all activities of any kind or nature whatsoever that are related to the extraction, beneficiation or processing of ores and minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **"<u>Mine Waste</u>"** shall mean solid, liquid or gaseous waste materials and their constituents resulting from or related to mining, milling, smelting, processing or refining operations, and any structures and debris associated with such operations, including, without limitation, the following waste materials and their constituents resulting from or related to the extraction, beneficiation or

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processing of ores and minerals: waste rock, overburden, tailings, slag, flue dust and other waste materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. **"<u>Operation and Maintenance Activities</u>"** shall mean all activities of any kind or nature whatsoever which are required under Applicable Laws: (i) to monitor Environmental Conditions and/or Response Actions; or (ii) to maintain, repair and/or replace any component of any Response Action. The term shall include, without limitation, any and all related sampling, inspection and reporting requirements of any kind or nature whatsoever. The term shall also include, without limitation, all activities necessary to maintain an effective vegetative cover and all activities necessary to control noxious weeds, erosion and unauthorized entries. The term shall also include, without limitation, the removal of garbage and debris.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. **"<u>Parties</u>"** shall mean Atlantic Richfield, AERL and FLL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. **"<u>Person</u>"** shall mean an individual, trust, firm, joint venture, consortium, commercial entity, partnership, association, or corporation. The term shall not include the Parties or any Governmental Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. **"<u>Reclaimed Areas Guidebook</u>"** shall mean the Butte-Silver Bow Reclaimed Areas Guidebook and any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. **"<u>Release</u>"** shall mean any spilling, leaking, pumping, pouring, emitting, leaching, emptying, discharging, injecting, escaping, dumping, burying, disposal or emanation whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. **"<u>Response Action</u>"** shall mean any response, removal, or remedial action, within the meaning of those terms under CERCLA and CECRA, regardless of whether such actions are undertaken pursuant to CERCLA or CECRA authority and any reclamation, restoration, or rehabilitation actions or any other actions of any kind or nature whatsoever required under any Applicable Laws to address Environmental Conditions. The term shall include, without limitation, any reclamation or other actions required under the MHRMA. The term shall not include: (i) any actions taken principally to assess or restore the quality of any natural resources; or (ii) any Operation and Maintenance Activities. To the extent the definition of Response Action used in this Agreement is inconsistent with the definitions set forth in Sections 101(23), (24) and (25) of CERCLA and Section 75-10-701 (19) of CECRA the definition of Response Action in this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. **"<u>Site</u>"** shall mean the Silver Bow Creek/Butte Area NPL Site and any area added thereto by EPA.

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**Section 1.2. <u>Rules of Interpretation</u>.** This Agreement shall be interpreted in accordance with the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The words "herein," "hereof" and words of similar import, without reference to any particular section or subdivision, refer to this Agreement as a whole rather than to any particular section or subdivision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. References herein to any particular section or subdivision hereof are to the section or subdivision of this instrument as originally executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Or" is not exclusive but is intended to contemplate or encompass one, more or all of the alternatives conjoined.

**Section 1.3. <u>Exhibits</u>.** The following Exhibits are attached to and by reference made a part of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exhibit "1":</u> Description of AERL Developable Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exhibit "2":</u> Description of FLL Developable Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exhibit "3".</u> Form of Quitclaim Deed for AERL Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Exhibit "4";</u> Form of Quitclaim Deed for FLL Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Exhibit "5".</u> Map of Lexington Mine Yard Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Exhibit "6".</u> Map of Missoula Mine Yard Properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Exhibit "7".</u> FLL Existing Agreements.

**ARTICLE II**

**REPRESENTATIONS AND COVENANTS**

**Section 2.1. <u>Representations and Covenants of FLL</u>. FLL represents and covenants as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Articles of Incorporation and Bylaws of FLL authorize FLL to enter into this Agreement, to perform the transactions contemplated hereby, and to carry out its obligations under this Agreement.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement has been duly authorized, executed and delivered by FLL and, assuming the valid execution and delivery hereof by AERL, is a valid and binding obligation of FLL, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, or constitute on the part of FLL a breach of, or a default under its Articles of Incorporation, Bylaws or any agreement, indenture, mortgage, lease, or other instrument to which FLL is subject or is a party or by which it or its property is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No officer of FLL who is authorized to take part in any manner in making this Agreement or any contract contemplated hereby has a personal financial interest in or has personally and financially benefited from the Agreement or any such contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There is not pending or, to the best knowledge of officers of FLL, threatened any suit, action or proceeding against or affecting FLL before or by any court, arbitrator, administrative agency or other governmental authority which materially and adversely affects the validity, as to FLL, of this Agreement, any of the obligations of FLL hereunder or any of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. As of the Effective Date, FLL is the owner of the AERL Properties free and clear of all liens and encumbrances other than existing easements and rights-of way, taxes and assessments and reservations of record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. From and after the Effective Date, FLL shall keep the AERL Properties free from all liens and encumbrances other than existing easements and rights-of-way, taxes and assessments and reservations of record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Except as otherwise expressly provided in this Agreement, to the best of FLL's knowledge, there are no leases, agreements, contracts, easements, rights-of-way or other similar interests in the AERL Properties that would materially affect AERL's ownership, use or occupation of the AERL Properties.

**Section 2.2. <u>Representations and Covenants of AERL</u>.** AERL represents and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Articles of Organization and Operating Agreement of AERL authorize AERL to enter into this Agreement, to perform the transactions contemplated hereby, and to carry out its obligations under this Agreement.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement has been duly authorized, executed and delivered by AERL and, assuming the valid execution and delivery hereof by FLL is a valid and binding obligation of AERL, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, or constitute on the part of AERL a breach of, or a default under its Articles of Organization, Operating Agreement or any agreement, indenture, mortgage, lease or other instrument to which AERL is subject or is a party or by which it or its property is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No officer of AERL who is authorized to take part in any manner in making this Agreement or any contract contemplated hereby has a personal financial interest in or has personally and financially benefited from the Agreement or any such contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There is not pending or, to the best knowledge of the officers of AERL, threatened any suit, action or proceeding against or affecting AERL before or by any court, arbitrator, administrative agency or other governmental authority which materially and adversely affects the validity, as to AERL, of this Agreement, any of the obligations of AERL hereunder or any of the transactions contemplated hereby.

**Section 2.3. <u>Representations and Covenants of Atlantic Richfield</u>.** Atlantic Richfield represents and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Articles of Incorporation and Bylaws of Atlantic Richfield authorize Atlantic Richfield to enter into this Agreement, to perform the transactions contemplated hereby, and to carry out its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement has been duly authorized, executed and delivered by Atlantic Richfield and, assuming the valid execution and delivery hereof by FLL is a valid and binding obligation of Atlantic Richfield, enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby and the fulfillment of the terms hereof will not conflict with, or constitute on the part of Atlantic Richfield a breach of, or ***a*** default under its Articles of Incorporation, Bylaws or any agreement, indenture, mortgage, lease or other instrument to which Atlantic Richfield is subject or is a party or by which it or its property is bound.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No officer of Atlantic Richfield who is authorized to take part in any manner in making this Agreement or any contract contemplated hereby has a personal financial interest in or has personally and financially benefited from the Agreement or any such contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. There is not pending or, to the best knowledge of the officers of Atlantic Richfield, threatened any suit, action or proceeding against or affecting Atlantic Richfield before or by any court, arbitrator, administrative agency or other governmental authority which materially and adversely affects the validity, as to Atlantic Richfield, of this Agreement, any of the obligations of Atlantic Richfield hereunder or any of the transactions contemplated hereby.

**ARTICLE III**

**AERL PROPERTIES**

**Section 3.1. <u>Conveyance of AERL Developable Properties to AERL</u>.** Subject to the Ferry Lane Existing Agreements, on the Effective Date, FLL shall transfer to AERL by quitclaim deed, in the form attached hereto as Exhibit "3", all rights, title and interests of FLL in and to the AERL Developable Properties.

**Section 3.2. <u>Conveyance of AERL Lexington Mine Yard Properties to AERL</u>.** Within six (6) months of the Effective Date or such longer period as may be mutually agreed to by the parties, FLL, at FLL's expense, shall cause a certificate of survey that serves to divide the AERL Lexington Mine Yard Properties from the FLL Lexington Mine Yard Properties to be prepared, approved and recorded in the Butte-Silver Bow County real property records. Within thirty (30) of the recording of the certificate of survey, FLL shall transfer to AERL by quitclaim deed, in the form attached hereto as Exhibit "3", all rights, title and interests of FLL in and to the AERL Lexington Mine Yard Properties.

**Section 3.3. <u>Conveyance of AERL Missoula Mine Yard Properties to AERL</u>.** Within six (6) months of the Effective Date or such longer period as may be mutually agreed to by the parties, FLL, at FLL s expense, shall cause a certificate of survey that serves to divide the AERL Missoula Mine Yard Properties from the FLL Missoula Mine Yard Properties to be prepared, approved and recorded in the Butte-Silver Bow County real property records. Within thirty (30) of the recording of the certificate of survey, FLL shall transfer to AERL by quitclaim deed, in the form attached hereto as Exhibit "3", all rights, title and interests of FLL in and to the AERL Missoula Mine Yard Properties. It is understood and agreed that FLL shall reserve to itself within the certificate of survey appropriate easements for ingress and egress over and across the AERL Missoula Mine Yard Properties.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Section 3.4. <u>Improvements and Fixtures</u>.** FLL waives any claim to any improvement, fixture, chattel or other personal property located on the AERL Properties following the transfers under Sections 3.1, 3.2 and 3.3 hereof. Any improvements, fixtures, chattels, or other personal property belonging to FLL or other Persons or Governmental Entities that remain on the AERL Properties following the transfers under Sections 3.1, 3.2 and 3.3 hereof shall, as between the Parties, be deemed to have been conveyed by FLL to AERL.

**Section 3.5. <u>Possession</u>.** FLL shall vacate the AERL Properties on or before the transfers under Sections 3.1, 3.2 and 3.3 hereof.

**Section 3.6. <u>Risk of Loss</u>.** Until the transfers under Sections 3.1, 3.2 and 3.3 hereof by FLL to AERL, FLL shall not be relieved of any responsibility, obligation, or risk of loss resulting or arising from FLL's ownership of the AERL Properties.

**Section 3.7. <u>Property Taxes</u>.** AERL shall pay all real property taxes and other amounts duly assessed against the AERL Properties as of and following the transfers under Sections 3.1,3.2 and 3.3 hereof.

**Section 3.8. <u>Borrow Rights</u>.** Following the transfers under Section 3.1, 3.2 and 3.3 hereof, it is understood that AERL and Atlantic Richfield shall have the right to excavate and remove Borrow Materials from the AERL Properties for the purpose of conducting Response Actions and/or Operation and Maintenance Activities within the Site or the Upper Clark Fork River Basin.

**Section 3.9. <u>Records</u>.** Commencing on the Effective Date and continuing thereafter for a period of ten (10) years, upon reasonable notice and request, AERL and Atlantic Richfield, at their sole cost and expense, shall have the right to inspect and copy any or all of the historic records of The Anaconda Company, New Butte Mining, Inc., Central Butte Mining Corp., North Butte Mining Company and Tzarina-Travona Corp, within the custody or control of FLL. It is understood and agreed that such historic records may include, without limitation, stope books, title abstracts and other real property ownership and surveying records.

**Section 3.10. <u>Effect of Conveyance of AERL Properties by AERL</u>.** As between the parties, AERL's grant, sale, transfer, conveyance, exchange, lease or other disposition of any rights, title or interest in any parcel of the AERL Properties shall not in any way alter or diminish the duties and obligations of AERL and/or Atlantic Richfield under this Agreement with respect to any parcel of the AERL Properties.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Section 3.11. <u>Relocation of Existing Fences</u>.** Within one (1) year of the Effective Date, Atlantic Richfield shall relocate the existing fences on the parcels of the AERL Developable Properties commonly known as the Albatross (Mineral Survey No. 4825), the Retaken (Mineral Survey No. 2346) and the Amadore (Mineral Survey No. 8096) to the common boundary between those parcels and the adjacent parcels of the FLL Properties.

**Section 3.12. <u>Access to and Maintenance of Corra</u>.** AERL shall provide FLL and its agents, employees, representatives, contractors and lessees, at no additional charge or expense, access at all reasonable times to the portion of the portion of the AERL Developable Properties commonly known as the Corra (Mineral Survey No. 987) for the purpose of maintaining the air ventilation shaft located thereon. It is understood that neither AERL nor Atlantic Richfield shall take any action on or with respect to the Corra which serves to alter or impede the operation of said air ventilation shaft. It is further understood and agreed that neither AERL nor Atlantic Richfield shall have any obligation pursuant to this Agreement or otherwise to operate or maintain the air ventilation shaft located on the Cora.

**ARTICLE IV**

**FLL PROPERTIES**

**Section 4.1. <u>Use and Development of FLL Properties</u>.** It is understood that FLL may conduct, or may allow other Persons or Governmental Entities to conduct, Mining Activities on or in relation to the FLL Properties from and after the Effective Date. FLL shall conduct, or cause such other Persons or Governmental Entities to conduct, such Mining Activities in accordance with the requirements of all Applicable Laws including, without limitation, the requirements of the MHRMA. In addition to the duties and obligations of FLL under Sections 5.2 and 6.2 hereof, from and after the cessation of such Mining Activities, all use and development of the FLL Properties by FLL shall fully and completely comply with the Covenants and Obligations set forth in the quitclaim deed attached hereto as Exhibit "4".

**Section 4.2. <u>Conveyance of FLL Properties by FLL</u>.** For and in consideration of the mutual covenants and promises contained herein, FLL shall use the form of quitclaim deed attached hereto as Exhibit "4" to effectuate any grant, sale, transfer, conveyance, exchange or other disposition of any right, title or interest of FLL in and to any parcel of the FLL Properties to any Person or Governmental Entity on or after the Effective Date.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Section 4.3. <u>Notice of Conveyances</u>.** From and after the Effective Date, FLL shall, at least thirty (30) days prior to any grant, sale, transfer, conveyance, exchange, or other disposition of any parcel of the FLL Properties, provide written notice to AERL, Atlantic Richfield, EPA, and MDEQ of the grant, sale, transfer, conveyance, exchange, or other disposition. The notice to AERL, Atlantic Richfield, EPA, and MDEQ shall include the name and address of each party to the grant, sale, transfer, conveyance, exchange, or other disposition and the precise legal description of the parcel or parcels of the FLL Properties being granted, sold, transferred, conveyed, exchanged, or disposed of.

**Section 4.4. <u>Recording of Quitclaim Deeds</u>.** FLL shall promptly record all quitclaim deeds executed in accordance with Section 4.2 hereof in the Butte-Silver Bow County real property records and shall promptly provide AERL, Atlantic Richfield, EPA, and MDEQ with a copy of the recorded quitclaim deed.

**Section 4.5. <u>Access to FLL Properties</u>.** FLL shall provide AERL, Atlantic Richfield, EPA, and MDEQ and their respective agents, employees, representatives and contractors, at no additional charge or expense, access at all reasonable times to the FLL Properties, and any other property of any kind or nature which is owned or controlled by FLL from and after the Effective Date hereof, for the purposes of conducting any activity related directly or indirectly to this Agreement including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Conducting investigations relating to Environmental Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assessing the need for, planning, implementing, performing or monitoring Response Actions and Operation and Maintenance Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Verifying any data or information submitted to any of the above-listed persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Obtaining samples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Verifying FLL's compliance with the terms and conditions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Curing any default by FLL pursuant to Section 9.7 hereof.

**Section 4.6. <u>Effect of Conveyance of FLL Properties by FLL</u>.** As between the Parties, FLL's grant, sale, transfer, conveyance, exchange, lease or other disposition of any rights, title or interest in any parcel of the FLL Properties shall not in any way alter or diminish FLL's duties and obligations under this Agreement with respect to any parcel of the FLL Properties.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**ARTICLE V** 

**RESPONSE ACTIONS**

**Section 5.1. <u>Response Actions and Other Actions by Atlantic Richfield</u>.** From and after the Effective Date, as between the Parties, Atlantic Richfield shall undertake and perform, or cause other Persons or Governmental Entities to undertake and perform, all Response Actions which may be necessary or required under Applicable Laws on or in relation to the AERL Properties.

**Section 5.2. <u>Response Actions and Other Actions by FLL</u>.** From and after the Effective Date, as between the parties, FLL shall undertake and perform, or cause other Persons or Governmental Entities to undertake and perform, all Response Actions which may be necessary or required under Applicable Laws on or in relation to the FLL Properties.

**ARTICLE VI**

**OPERATION AND MAINTENANCE**

**Section 6.1. <u>Operation and Maintenance Activities and Other Actions by Atlantic Richfield</u>.** From and after the Effective, as between the Parties, AERL shall undertake and perform, or cause other Persons to undertake and perform, all Operation and Maintenance Activities required on or in relation to the AERL Properties.

**Section 6.2. <u>Operation and Maintenance Activities and Other Actions by FLL</u>.** From and after the Effective Date, as between the Parties, FLL shall undertake and perform, or cause other Persons or Governmental Entities to undertake and perform, all Operation and Maintenance Activities required on or in relation to the FLL Properties.

**ARTICLE VII**

**INDEMNIFICATION**

**Section 7.1. <u>Indemnification by FLL</u>.** FLL shall indemnify and hold harmless AERL and Atlantic Richfield from and against any and all claims, liabilities, obligations, demands, actions, arbitrations, proceedings, losses, costs, expenses, fines, penalties and fees (including attorneys' fees, expert fees and other professional fees) that AERL or Atlantic Richfield may incur or become subject to as a result of, arising out of or relating to any duty or obligation of FLL

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

under this Agreement. FLL shall also indemnify and hold harmless AERL and Atlantic Richfield from and against any and all claims, liabilities, obligations, demands, actions, arbitrations, proceedings, losses, costs, expenses, fines, penalties and fees (including attorneys' fees, expert fees and other professional fees) that AERL or Atlantic Richfield may incur or become subject to as a result of, arising out of or relating to any Mining Activities that have been or may in the future be conducted on or in relation to the FLL Properties by FLL or any other Person or Governmental Entity.

**Section 7.2. <u>Indemnification by AERL and Atlantic Richfield</u>.** AERL and Atlantic Richfield shall indemnify and hold harmless FLL from and against any and all claims, liabilities, obligations, demands, actions, arbitrations, proceedings, losses, costs, expenses, fines, penalties and fees (including attorneys' fees, expert fees and other professional fees) that FLL may incur or become subject to as a result of, arising out of or relating to any duty or obligation of AERL or Atlantic Richfield under this Agreement.

**ARTICLE VIII.**

**RELEASES AND COVENANTS NOT TO SUE**

**Section 8.1. <u>Release and Covenant Not to Sue of FLL</u>.** Subject to the rights of FLL to proceed in accordance with Articles IX and X hereof, for and in consideration of the mutual covenants and releases contained herein, FLL agrees to unconditionally, fully and forever release and discharge, and covenant not to sue AERL and Atlantic Richfield from and for any and all known or unknown, present and future, claims, demands, losses, damages (including, without limitation, compensatory damages, attorneys' fees, costs and punitive damages) and any and all actions and rights of action of any kind or nature arising out of or relating to: (i) Environmental Conditions within the Site; and (ii) all matters addressed in this Agreement.

**Section 8.2. <u>Release and Covenant Not to Sue of AERL and Atlantic Richfield</u>.** Subject to the rights of AERL and Atlantic Richfield to proceed in accordance with Articles IX and X hereof, for and in consideration of the mutual covenants and releases contained herein, AERL and Atlantic Richfield agree to unconditionally, fully and forever release and discharge, and covenant not to sue FLL from and for any and all known or unknown, present and future, claims, demands, losses, damages (including, without limitation, compensatory damages, attorneys' fees, costs and punitive damages) and any and all actions and rights of action of any kind or nature arising out of or relating to: (i) Environmental Conditions within the Site; and (ii) all matters addressed in this Agreement.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**ARTICLE IX**

**EVENTS OF DEFAULT AND REMEDIES**

**Section 9.1. <u>Events of Default Defined</u>**. The following shall be "events of default" under this Agreement and the terms "events of default" and "default" shall mean, whenever they are used in this Agreement, any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Failure by AERL and/or Atlantic Richfield to perform any of their respective duties or obligations under this Agreement for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied has been given to AERL and/or Atlantic Richfield by FLL, unless FLL shall agree in writing to an extension of time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, such cure period shall be extended if corrective action is instituted by AERL and/or Atlantic Richfield within the 30-day period and diligently pursued until the default is corrected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Failure by FLL to perform any duty or obligation under this Agreement for a period of thirty (30) days after written notice specifying such failure and requesting that it be remedied has been given to FLL by AERL and/or Atlantic Richfield, unless AERL and/or Atlantic Richfield shall agree in writing to an extension of such time prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, such cure period shall be extended if corrective action is instituted by FLL within the 30-day period and diligently pursued until the default is corrected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The provisions of this Article are subject to the following limitation: if by reason of <u>Force</u> <u>Majeure</u> a Party is unable in whole or in part to carry out its obligations under this Agreement, such Party shall not be deemed in default during the continuance of such inability; provided that (i) such Party's inability to perform is of no greater scope and of no greater duration than is absolutely required by the <u>Force</u> <u>Majeure</u>, (ii) such Party uses its best efforts to remedy its inability to carry out all or any part of its obligations and keeps the other party fully informed as to such efforts, and (iii) the <u>Force</u> <u>Majeure</u> was not caused or aggravated by any negligent or intentional acts, errors or omissions of such Party or any failure by such Party to comply with any Applicable Laws.

**Section 9.2. <u>FLL Remedies on Default</u>.** Whenever any event of default referred to in Section 9.1.1. hereof shall have happened and be continuing, FLL shall have the exclusive right to proceed with arbitration in accordance with Article X hereof.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Section 9.3. <u>AERL and_Atlantic Richfield Remedies on Default</u>.** Whenever any event of default referred to in Section 9.1.2 hereof shall have happened and be continuing, AERL and Atlantic Richfield shall have the exclusive right to proceed with arbitration in accordance with Article X hereof.

**Section 9.4. <u>Delay; Notice</u>.** No delay or omission to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle any party to exercise any remedy reserved to it in this Agreement it shall not be necessary to give any notice, other than such notice as may be required in this Agreement or by law.

**Section 9.5. <u>Agreement To Pay Fees and Expenses</u>.** In the event any Party to this Agreement should default under any of the provisions hereof and the nondefaulting Party should employ attorneys, experts, or other professionals or incur other expenses for the collection of moneys or the enforcement or performance or observance of any obligation or agreement on the part of the defaulting Party herein contained, the defaulting Party agrees that it will on demand therefor pay to the nondefaulting Party the reasonable fees of such attorneys, experts, or other professionals and such other costs and expenses reasonably so incurred by the nondefaulting Party.

**Section 9.6. <u>No Additional_Waiver Implied by One Waiver</u>.** In the event any agreement contained in this Agreement should be breached by either Party and thereafter waived by the other Party, such waiver shall be limited to the particular breach so waived and shall not be deemed to waive any other breach hereunder.

**Section 9.7. <u>AERL and Atlantic Richfield Option to Cure Default</u>.** In the event FLL is in default under Section 9.1.2. hereof, AERL and/or Atlantic Richfield shall have the right, but not the obligation, to take such actions and incur such costs, expenses and fees (including attorneys' fees, expert fees and other professional fees) as may be necessary to cure such default. FLL shall be obligated to repay AERL and/or Atlantic Richfield, on demand, the full amount of all costs, expenses and fees (including attorneys' fees, expert fees and other professional fees) incurred by AERL and/or Atlantic Richfield in curing a default under this Section 9.7, together with interest at the rate of eight (8%) percent per annum from the date of incurrence of such costs, expenses and fees. The right of AERL and/or Atlantic Richfield to take actions pursuant to this Section 9.7 shall be in addition to, and not in any way in lieu of, any other right of AERL and/or Atlantic Richfield under this Agreement, including the right to proceed with arbitration in accordance with Article X hereof.

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**ARTICLE X** 

**DISPUTE RESOLUTION AND CHOICE OF FORUM**

**Section 10.1. <u>Mediation and Choice of Forum</u>.** All defaults and other disputes that may arise between the Parties with respect to this Agreement or any of its terms shall be resolved in accordance with this Section 10.1. In the event of any such default or other dispute, no action may be taken to commence an arbitration with respect to such default or other dispute by any Party until such Party provides notice of such default or other dispute in writing to the other Parties. Upon receipt of such a notice, each of the Parties shall designate a senior-level representative, who shall collectively endeavor in good faith to resolve the default or other dispute on a reasonable basis. Upon agreement of the Parties, a mediator with expertise in the matter in default or dispute may be selected to assist in this process. The costs and fees of the mediator shall be shared equally by the Parties. In the event a default or other dispute is not resolved within sixty (60) days (or such longer time as may be agreed to by the Parties) after such notice is received, the Parties shall have the exclusive right to proceed with arbitration pursuant to Section 10.2 hereof. The notice required under this Section 10.1 shall be in addition to the notices required under Sections 9.1.1 and 9.1.2 hereof.

**Section 10.2. <u>Arbitration of Disputes</u>.** Subject to the provisions of Section 10.1 hereof, the Parties shall resolve by arbitration all defaults or other disputes in accordance with Section 10.3 hereof.

**Section 10.3. <u>Arbitration Procedures and Choice of Law</u>.** Defaults or other disputes not resolved by the Parties in accordance with the negotiation or mediation provisions of Section 10.1 hereof will be finally resolved by arbitration pursuant to the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any Party may initiate an arbitration upon written notice to the other Party and to the Seattle, Washington office of the American Arbitration Association ("AAA") requesting a prompt hearing to be held in Butte, Montana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The arbitration shall be conducted before a single arbitrator selected by the consent of the Parties or, if the Parties cannot agree within thirty (30) business days after the notice initiating the arbitration, appointed by the AAA in accordance with its rules. In either case, the single arbitrator shall have substantial professional experience in the subject matter of the default or other dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Parties shall cooperate with the AAA to permit the scheduling of a hearing so as to complete any such arbitration within 120 days of

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

commencement, except if the arbitrator determines for good cause that a longer period is required. All Parties shall have no less than thirty (30) business days' notice prior to the commencement of any hearing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No adjournment of any hearing shall exceed thirty (30) business days in length, nor shall there be more than one (1) such adjournment without the written consent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. 1-16, to the exclusion of any provision of the law of the State of Montana inconsistent therewith, and judgment upon the award rendered by the single arbitrator may be entered by any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The arbitrator shall apply the substantive law of the State of Montana exclusive of its conflict of law rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The award rendered by the single arbitrator shall contain specific findings of fact and conclusions of law on which the award is based and the Parties shall have the right to appeal all issues of law to any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The arbitrator is specifically authorized to grant appropriate relief as may be requested, explicitly including specific performance or orders to any Party to perform the Agreement. The Parties explicitly agree that the arbitrator may award specific performance of any kind or character not withstanding the fact that damages may accord complete relief, and the arbitrator may accord specific performance with damages in order to provide a Party with complete relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Parties agree that the prevailing Party in any default or other dispute finally resolved by arbitration shall be entitled to an award of its reasonable legal fees and expenses incurred in the arbitration, including attorneys' fees, expert fees, other professional fees and fees of arbitration.

**ARTICLE XI**

**MISCELLANEOUS PROVISIONS**

**Section 11.1. <u>No Admission of Liability or Wrongdoing</u>.** The Parties agree that neither this Agreement nor any of the proceedings in connection herewith shall be construed or invoked as an admission of liability or wrongdoing by any of the Parties.

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**Section 11.2. <u>Admissibility</u>.** Neither this Agreement nor any of its terms shall be offered or received in evidence as an admission of liability or wrongdoing by any of the Parties.

**Section 11.3. <u>Notices and Submissions</u>.** Whenever, under the terms of this Agreement, any notice or other communication is required to be given by one Party to another, it shall be directed to the Party at the address specified below, unless the Party gives notice of a change of address to the other Party. All notices and other communications to be given hereunder shall be in writing and shall be given by delivery in person, by electronic facsimile transmission, by registered or certified mail, postage prepaid, or other standard forms of written communications and shall be considered effective upon receipt, unless otherwise provided. Written notice as specified herein shall constitute complete satisfaction of any written notice requirement of the Agreement.

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| | |
|:---|:---|
| **IF TO AERL OR** <br> **ATLANTIC RICHFIELD:** | Robin J. Bullock<br> Atlantic Richfield Company<br> 317 Anaconda Road<br> Butte, Montana 59701 |
| WITH A COPY TO: | John P. Davis, Esq.<br> POORE, ROTH & ROBINSON, P.C.<br> 1341 Harrison Avenue<br> Butte, Montana 59701 |
| **IF TO FLL:** | Frank C. Crowley, Esq.<br> Doney, Crowley, Bloomquist<br> & Uda, P.C.<br> P.O. Box 1185<br> Helena, Montana 59624-1185 |

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**Section 11.4. <u>Captions</u>.** The titles or captions of the provisions of this Agreement are merely for convenience or reference and are not representations of matters included or excluded from such provisions.

**Section 11.5. <u>Entire Agreement</u>.** This Agreement and all exhibits hereto shall constitute the entire agreement and understanding between and among the Parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. The Parties expressly acknowledge and agree that, with regard to the subject matter of this Agreement and the transactions contemplated herein, (a) there are no oral agreements between the Parties and (b) this Agreement,

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

including the exhibits attached hereto, (i) embodies the final and complete agreement between the Parties, (ii) supersedes all prior and contemporaneous negotiations, offers, proposals, agreements, commitments, promises, acts, conduct, course of dealing, representations, statements, assurances and understandings, whether oral or written, and (iii) may not be varied or contradicted by evidence of any such prior or contemporaneous matter or by evidence of any subsequent oral agreement of the Parties.

**Section 11.6. <u>Further Assurances</u>.** In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by the Parties, the Parties shall perform, execute and/or deliver or cause to be performed, executed and/or delivered any and all other acts or deeds necessary to complete the transactions contemplated herein. For purposes of this Section 11.6, the Parties acknowledge that they have attempted to identify and characterize, as AERL Properties or FLL Properties, all parcels of real property within the Site with respect to which FLL possesses any rights, title or interests as of the Effective Date. The Parties further acknowledge that there may be parcels of real property within the Site that were not identified or so characterized with respect to which FLL possesses rights, title or interests as of the Effective Date and with respect to which AERL and/or Atlantic Richfield or one of its predecessors were in the chain of title in some respect. If any such parcel of real property is identified by either Party following the Effective Date, the Party will notify the other Party and, within thirty (30) days of such notice, representatives of the Parties shall meet and, in good faith, determine whether the parcel of real property should be properly characterized as an AERL Property or an FLL Property. If any such parcel of real property is characterized by the Parties as an AERL Property, FLL shall, without additional charge or expense to AERL, promptly transfer to AERL by quitclaim deed, in the form attached hereto as Exhibit "3", all rights, title and interests of FLL in and to the parcel and, thereafter, all of the rights and obligations set forth in this Agreement applicable to AERL Properties shall apply to any such parcel. If any such parcel of real property is characterized by the Parties as a FLL Property, all of the rights and obligations set forth in this Agreement applicable to FLL Properties shall, thereafter, apply to any such parcel.

**Section 11.7. <u>Negation of Agency Relationship</u>.** This Agreement shall not be construed to create, either expressly or by implication, the relationship of agency or partnership between the Parties. No Party (including such Party's agents, employees or contractors) is authorized to act on behalf of another Party in any manner relating to the subject matter of this Agreement. No Party shall be liable for the acts, errors or omissions of the officers, agents, employees or contractors of any other Party entered into, committed or performed with respect to or in the performance of this Agreement.

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**Section 11.8. <u>Binding Effect; Assignment</u>**. The rights and obligations set forth in this Agreement shall be binding on the Parties hereto and their successors and assigns. No assignment or delegation of any right or obligation hereunder, whether accruing prior to or after such assignment or delegation, will release the assigning or delegating Party from any liability or obligation under this Agreement without the prior written consent of the other Party. No assignment or other transfer by any Party of its rights or obligations hereunder shall be effective unless and until (i) written notice thereof has been given to the other Party hereto, and (ii) the transferee or assignee has executed and delivered to the other Party hereto a binding assumption in writing of all obligations of the transferor or assignor hereunder and an agreement to perform such obligations. Any attempted assignment or transfer of rights or obligations by any Party which fails to comply with the foregoing requirements will be ineffective and void.

**Section 11.9. <u>Modification</u>.** This Agreement, and the rights and the obligations of the Parties hereunder, may not be amended, altered or modified, and no rights of any Party hereunder shall be waived, unless such amendment, alteration, modification or waiver is evidenced by a written instrument executed by the Parties hereto.

**Section 11.10. <u>No Third-Party Beneficiaries</u>.** Except as expressly provided in this Agreement, nothing in this Agreement, express or implied, is intended to or shall confer upon any person or entity other than Parties hereto any rights, benefits, or remedies of any nature whatsoever under or by reason of this Agreement.

**Section 11.11. <u>Governing Law</u>.** This Agreement shall be construed in accordance with and governed by the laws of Montana applicable to agreements made and to be performed wholly within such jurisdiction.

**Section 11.12. <u>Counterparts</u>.** This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original and all of which together shall constitute the same instrument.

**Section 11.13. <u>Severability</u>.** If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions hereof, or of such provision in other respects, shall not be affected thereby.

**Section 11.14. <u>Coordination with Exhibits</u>.** If any provision of this Agreement conflicts with the provisions of any Exhibit attached hereto, as between the Parties, the provisions of this Agreement shall control.

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the Effective Date.

---

| | | |
|:---|:---|:---|
| ARCO ENVIRONMENTAL | ARCO ENVIRONMENTAL | ARCO ENVIRONMENTAL |
| &nbsp;&nbsp;&nbsp;REMEDIATION, LLC | &nbsp;&nbsp;&nbsp;REMEDIATION, LLC | &nbsp;&nbsp;&nbsp;REMEDIATION, LLC |
| By | /s/ Robin Bullock | /s/ Robin Bullock |
|  | Its | Vice President |
| Attest: | Attest: | /s/ Robin Bullock |
| ATLANTIC RICHFIELD COMPANY | ATLANTIC RICHFIELD COMPANY | ATLANTIC RICHFIELD COMPANY |
| By | /s/ Robin Bullock | /s/ Robin Bullock |
|  | Its | Regional Manager |
| Attest: | Attest: | /s/ Robin Bullock |
| FERRY LANE LIMITED | FERRY LANE LIMITED | FERRY LANE LIMITED |
| By | /s/ Frank C. Crowley | /s/ Frank C. Crowley |
| Attest: | Attest: | /s/ Frank C. Crowley |

---

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**EXHIBIT "1"**

**[\*\*\*]**

## Exhibit 10.7

**Exhibit 10.7**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Execution Version**

**THIS CONVERTIBLE LOAN AGREEMENT is** made as of the 2<sup>nd</sup> day of February, 2024.

**B E T W E E N**

**BLACKJACK SILVER CORP.,** a corporation existing under the Laws of the Province of Ontario

(the **"Borrower")**

- and -

**SWANSEA HOLDINGS INC.,** a private company registered in the Province of Ontario (and controlled by Carl Hansen, an individual resident in the Province of Ontario)

**("Swansea")**

- and-

**SBX CONSULTORES LTDA.,** a private company registered in Chile

**("SBX")**

- and -

**BRUCE D. REID,** an individual resident in the Province of Ontario

**("Bruce",** and together with Swansea and SBX, the **"Lenders").**

**WHEREAS** the Borrower wishes to borrow the Principal Amount, and the Lenders have agreed to advance the Principal Amount to the Borrower, on the terms and conditions set forth in this Agreement;

**FOR GOOD AND VALUABLE CONSIDERATION,** the receipt and sufficiency of which are hereby acknowledged by the Borrower and the Lenders, the parties agree as follows:

**<u>ARTICLE 1 - INTERPRETATION</u>**

**1.1** **Definitions** 

In this Agreement, the following words and phrases shall have the meanings set forth below:

**"Advance Date"** means the date on which the Loan is advanced.

**"Agreement"** means this Loan Agreement, together with all amendments, supplements, restatements and replacements hereof from time to time hereafter made in accordance with the terms hereof.

**"Authorization"** means any authorization, order, permit, approval, grant, licence, registration, consent, right, notification, franchise, privilege, certificate, judgment, writ, injunction, award, determination, direction, decision, decree, Bylaw, rule or regulation, whether or not having the force of Law.

**"Business Day"** means any day, other than a Saturday, Sunday or other day on which banks are required or authorized to close in Toronto, Ontario.

**"Capital Reorganization"** has the meaning set forth in Section 6.1(e).

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**"Cause"** means, with respect to an employee, such term as defined in any employment or services agreement to which such employee is a party with the Company or any subsidiary, or if there is no such employment or services agreement or such employment or services agreement does not define "Cause", then "Cause" means the termination by the Company or any subsidiary of an employee's employment or service with the Company or any subsidiary as a result of: (i) the commission by the employee of a felony or a fraud; (ii) conduct by the employee that brings the Company or any subsidiary into substantial public disgrace or disrepute; (iii) gross negligence or gross misconduct by the employee with respect to the Company or any subsidiary; (iv) the employee's insubordination or failure to follow the directions of the board of directors of the Company or any subsidiary's board of directors (or equivalent governing body), as the case may be, which is not cured within three days after written notice thereof to the employee; (v) the employee's violation of the employee's confidentiality obligations with respect to the Company's and any subsidiary's confidential information, knowledge or data; or (vi) the employee's breach of a material employment policy of the Company or any subsidiary, which is not cured within three days after written notice thereof to the employee.

**"Change of Control"** means the occurrence of any of the following events: (i) the direct or indirect sale, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the property or assets of the Company to another Person; or, (ii) the acquisition by any Person or group of Persons, beneficially or otherwise (whether by purchase, exchange, merger, consolidation or otherwise), directly or indirectly, in one transaction or in a series of transactions or related transactions of voting shares comprising (or the right to exercise the voting rights with respect to voting shares comprising) more than 50% of the voting shares of the Company.

**"Commitment"** means, at any time, in respect of a Lender, the maximum amount of Advances which such Lender has covenanted to make under this Agreement, initially as set forth in Schedule "A" and which for greater certainty shall in each case be reduced by such Lender's rateable share of the amount of any permanent repayments or reductions required or made hereunder.

**"Common Shares"** means the common shares in the capital of the Borrower.

**"Contract"** means any contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture, partnership or other right or obligation (written or oral) to which the Borrower or any subsidiary is a party.

**"Conversion Amount"** has the meaning set forth in Section 6.1(a).

**"Conversion Date"** means any date on which all or any part of the Indebtedness is converted into Common Shares.

**"Conversion Notice"** has the meaning set forth in Section 6.1(b).

**"Conversion Price"** means US$0.45 per Common Share, as such amount may be adjusted in accordance with the provisions of Section 6.1.

**"Conversion Shares"** has the meaning set forth in Section 6.1(a).

**"Default"** means any event that, with the giving of notice or the passage of time, or both, would constitute an Event of Default.

**"Event of Default"** means the occurrence of any of the following events:

(a) the
Borrower defaults in payment when due of any Indebtedness;

(b) the
Borrower breaches any covenant in this Agreement or any other Loan Document;

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

(c) the
Borrower defaults under any Contract that results in the acceleration of the maturity of any indebtedness, or any indebtedness
owing to another Person is not paid when due (whether by lapse of time, acceleration or otherwise);

(d) any
representation or warranty made by the Borrower to the Lenders pursuant to this Agreement is inaccurate as of the date made or
deemed to be made;

(e) any
judgment, execution, writ of seizure and sale or any other similar process is entered or filed against the Borrower or any of
its subsidiaries or any of their respective assets;

(f) any
order, judgment or decree is entered against the Borrower or any of its subsidiaries for the dissolution, winding up or other
termination of such entity's existence;

(g) an
Insolvency Event occurs; or

(h) the
Borrower or any of its subsidiaries ceases to carry on its business as presently conducted.

**"Facility Warrants"** means the common share purchase warrants to acquire Common Shares at a price of US$0.60 per Common Share in the form attached as Schedule "B" hereto.

**"Governmental Entity"** means (i) any international, multinational, national, federal, provincial, state, regional, municipal, local or other government governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau, ministry, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the above, (iii) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, or (iv) any stock exchange.

**"Indebtedness"** means, at any particular date of determination, all obligations and liabilities of the Borrower to the Lenders under or in connection with this Agreement at such time, including the outstanding Principal Amount, all accrued and unpaid interest thereon and any fees, expenses and other amounts owing to the Lenders (including in respect of any proceedings to enforce the Lenders' rights pursuant hereto), provided that amount of the Indebtedness will be reduced by any Conversion Amount.

**"Initial Public Offering"** has the meaning set forth in Section 6.1(c).

**"Insolvency Event"** means, in respect of the Borrower or any of its subsidiaries:

(a) commits
an act of bankruptcy or becomes insolvent (as such terms are used in the *Bankruptcy and Insolvency Act* (Canada)), or it
makes an assignment for the benefit of its creditors, files a petition in bankruptcy, makes a proposal or commences a proceeding
under Insolvency Legislation, or it petitions or applies to any tribunal for, or consents to, the appointment of any receiver,
trustee or similar liquidator in respect of all or a substantial part of its property, or it admits the material allegations of
a petition or application filed with respect to it in any proceeding commenced in respect of it under any Insolvency Legislation,
or it takes any corporate action for the purpose of effecting any of the foregoing; or

(b) any
proceeding or filing is commenced against the Borrower or any of its subsidiaries seeking to have an order for relief entered
against it as debtor or to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement,
adjustment or composition of it or its debts under any Insolvency Legislation, or seeking appointment of a receiver, trustee,
custodian or other similar official for it or any of its property or assets.

**"Insolvency Legislation"** means legislation in any applicable jurisdiction relating to reorganization, arrangement, compromise or re-adjustment of debt, dissolution or winding-up, or any similar legislation,

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

and specifically includes for greater certainty the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) and the *Winding-Up and Restructuring Act* (Canada).

**"Interest Payment Date"** means each December 31 and June 30 following the Advance Date.

**"Laws"** means, with respect to any Person, all applicable Laws (statutory, common or otherwise), constitutions, treaties, conventions, ordinances, codes, rules, regulations, orders, injunctions, judgments, decrees, rulings or other similar requirements, whether domestic or foreign, enacted, adopted, promulgated or applied by a Governmental Entity that are binding upon or applicable to such Person or its business, undertaking, property or Securities, and to the extent that they have the force of Law, policies, guidelines, notices and protocols of any Governmental Entity, including all amendments.

**"Lien"** means (i) any mortgage, charge, pledge, hypothecation, security interest, assignment by way of security, encumbrance, lien (statutory or otherwise), hire purchase agreement, conditional sale agreement, title retention agreement or arrangement, or any other assignment, arrangement or condition that in substance secures payment or performance of an obligation, (ii) any trust arrangement, (iii) any arrangement which creates a right of set-off out of the ordinary course of business, or (iv) any agreement to grant any such rights or interests.

**"Loan"** means the advance of the Principal Amount by the Lenders to the Borrower pursuant to this Agreement.

**"Loan Documents"** means this Agreement, the Facility Warrants and all documents, instruments and agreements given from time to time by the Borrower in connection with this Agreement.

**"Lower Price"** has the meaning set out in Section 6.1(f).

**"Maturity Date"** means the earlier of the following dates: (i) February 2, 2026; and (ii) the date on which an Event of Default occurs.

**"Person"** includes any individual, firm, partnership, limited partnership, limited liability partnership, joint venture, venture capital fund, limited liability company, unlimited liability company, association, trust, trustee, executor, administrator, legal personal representative, estate, body corporate, corporation, company, unincorporated association or organization, Governmental Entity, syndicate or other entity, whether or not having legal status.

**"Principal Amount"** means Five Hundred Thousand United States Dollars (USD$500,000).

**"Project"** means the Butte project located in Montana, USA.

**"Representatives"** means, with respect to any particular person or entity, the directors, officers, employees, agents and representatives of such person or entity.

**"Securities"** means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit sharing agreement or arrangement. options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.

**"Share Conversion"** has the meaning set forth in Section 6.1(a).

**"Share Reorganization"** means any (i) subdivision, redivision or change in the outstanding Common Shares into a greater number of Common Shares, {ii) reduction, combination or consolidation of the Common Shares into a lesser number of Common Shares, or (iii) issuance of Common Shares (or

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

Securities exchangeable for or convertible into Common Shares) to the holders of all or substantially all of its then outstanding Common Shares by way of a stock dividend or other distribution.

**"subsidiary"** has the meaning given to such term in the *Business Corporations Act* (Ontario).

**"Without Cause"** means such term as defined in any employment or services agreement to which an employee is a party with the Company or a subsidiary, or if there is no such employment or services agreement or such employment or services agreement does not define "Without Cause", then "Without Cause" means the termination by the Company or any subsidiary of an employee's employment or service with the Company or any subsidiary for any reason other than a termination on account of a termination for Cause.

**1.2** **Currency References** 

All monetary amounts referred to in this Agreement are in Lawful money of the United States of America.

**1.3** **Extended Meanings** 

Terms defined in the singular have the same meaning when used in the plural, and *vice-versa.*

**1.4** **Interpretation** 

For the purposes of this Agreement, except as otherwise expressly provided:

(a) **"this Agreement"** means this Loan Agreement, including the recitals and all schedules hereto, and not any particular Article,
Section, Subsection, clause or other subdivision or schedule exhibit hereof, and includes any agreement, document or instrument
entered into, made or delivered pursuant to the terms hereof, as the same may, from time to time, be supplemented or amended and
in effect;

(b) the
words **"hereof", "herein", "hereto"** and **"hereunder"** and other words
of similar import refer to this Agreement as a whole and not to any particular Article, Section, clause, or other subdivision
or schedule hereof;

(c) all
references in this Agreement to a designated Article, Section, Subsection, or other subdivision or recital hereof are references
to the designated Article, Section or other subdivision or schedule hereof;

(d) the
division of this Agreement into Articles, Sections and other subdivisions and recitals, and the insertion of headings are for
convenience of reference only and are not intended to interpret, define or limit the scope, extent or intent of this Agreement
or any provision hereof;

(e) a
reference to a statute in this Agreement includes all regulations, rules, policies or instruments made thereunder, all amendments
to the statute, regulations, rules, policies or instruments in force from time to time, and any statutes, regulations, rules,
policies or instruments that supplement or supersede such statute, regulations, rules, policies or instruments;

(f) words
and personal pronouns relating thereto shall be read and construed as the number and gender of the party or parties referred to
therein as is required by the context;

(g) "including"
means "including without limitation";

(h) the
 word "**or**" is not exclusive, and the word "shall" has the
 same meaning as "will";

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

(i) if
the date on which any action is required to be taken falls on a day that is not a Business Day, then such action shall be taken
on the next following Business Day; and

(j) all
references to **"approval", "authorization"** or **"consent"** in this Agreement means
written approval, authorization or consent.

**<u>ARTICLE 2- THE LOAN</u>**

**2.1** **Establishment of Loan** 

Each of the Lenders agrees, severally, and not jointly or jointly and severally, to, on and subject to the terms and conditions of this Agreement, make available its proportionate share of the Commitments to the Borrower on the Advance Date, subject to the terms and conditions set forth in this Agreement. For greater certainty, the several, and not joint or joint and several, Commitments of each Lender are set out in Schedule "A" hereto across from such Lender's name.

**2.2** **Purpose of Loan** 

The Borrower shall use the proceeds of the Loan to complete the second payment owing to Ferry Lane Ltd. in respect of the Borrower's 100% interest in the lease agreement.

**2.3** **Non-Revolving Nature; Single Advance** 

The Loan shall be an unsecured, convertible, non-revolving term loan. A single advance of the Loan in an amount equal to the Principal Amount shall be made on the Advance Date. No repayments of the Principal Amount may be reborrowed.

**2.4** **Repayment** 

(a) All
Indebtedness shall be due and payable in full on the Maturity Date.

(b) Every
payment and repayment of Indebtedness hereunder, including repayment of the Principal Amount and all accrued and unpaid interest
thereon, shall be made to the order of the Lenders by wire transfer in accordance with the wire transfer instructions provided
in writing by the Lenders to the Borrower, subject to Section 6.1, with respect to any Share Conversion.

(c) The
Lenders may create and maintain records (physical or electronic) evidencing the Indebtedness in a manner satisfactory to the Lenders
and the information set forth in such records shall constitute conclusive evidence of such Indebtedness, absent manifest error.

(d) Each
payment made by or on account of the Borrower pursuant to this Agreement, including any repayment or deemed repayment in connection
with a Share Conversion, shall be made free and clear of, and without any deduction or withholding for, any taxes. If the Borrower
is required by any applicable Law to deduct or withhold any taxes from or in respect of any amount payable pursuant hereto, then
the amount payable by the Borrower shall be increased as necessary so that after making all required deductions and withholdings,
the Lenders receive an amount (in whatever form such payment is to be made) equal to the amount it would have received if no such
deductions or withholdings been made.

**2.5** **Interest** 

(a) The
outstanding Principal Amount from time to time, as well as all overdue interest, fees and other amounts payable by the Borrower
hereunder, shall bear interest at a rate of 6.5% per annum from and including the Advance Date to but excluding the date on which
the Lenders receive indefeasible payment (or deemed repayment pursuant to a Share Conversion) in full of all Indebtedness. Interest

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

shall be calculated and payable in cash semi-annually on the applicable Interest Payment Date (to be paid in the Canadian dollar equivalent determined using the average daily exchange rate posted by the Bank of Canada the date immediately prior to the applicable Interest Payment Date). Interest is payable beginning on the first Interest Payment Date following the Advance Date, and subsequently on each Interest Payment Date thereafter.

(b) All
references to a rate of interest "per annum" or a similar expression, shall mean that such interest shall be calculated
on the basis of a year of three hundred and sixty-five (365) or three hundred and sixty-six (366) days, as the case may be.

(c) Notwithstanding
any other provisions of this Agreement, if the amount of any interest or other monies payable or any rate of interest stipulated
for, taken, reserved or extracted under this Agreement would otherwise contravene the provisions of section 347 of the *Criminal Code* (Canada), or would exceed the amounts that the Lenders are legally entitled to charge and receive under any Law to which
such compensation is subject, then such amount or rate of interest shall be reduced to the maximum amount permitted to be paid
in compliance with such Laws; and to the extent that any excess has been charged or received by the Lenders, the Lenders shall
apply such excess against any outstanding Indebtedness and refund any remaining amount thereafter to the Borrower.

**2.6** **Voluntary Repayments** 

The Borrower shall be permitted to voluntarily pay or repay, as applicable, without penalty all or any part of the Indebtedness at any time, upon not less than five Business Days' prior written notice to the Lenders. Any such payment or repayment, as applicable, shall be applied first against accrued and unpaid interest and then to repay the outstanding Principal Amount, provided that, for purposes of calculating such accrued interest due and payable at the time of any such repayment of all or any part of the Principal Amount, interest shall be deemed to have accrued on the outstanding Principal Amount to but excluding the date on which such repayment of the Principal Amount is made.

**2.7** **Mandatory Repayments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
outstanding Indebtedness shall be indefeasibly repaid in full on or before the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
the event that Carl Hansen's employment with the Company is terminated or ceases by virtue of a termination by the Company
Without Cause, all Indebtedness owing hereunder to the Lenders is immediately due and payable.

**<u>ARTICLE 3- REPRESENTATIONS AND WARRANTIES</u>**

The Borrower makes the following representations and warranties in favour of the Lenders and acknowledges that the Lenders are relying upon each such representation and warranty in agreeing to advance the Loan:

**3.1** **Corporate Existence** 

The Borrower is a corporation incorporated and organized and validly subsisting in good standing, pursuant to the laws of the Province of Ontario. The Borrower has full corporate and legal power and authority to own its properties and assets and to conduct its business as presently owned and conducted and is duly qualified to do business in each jurisdiction in which the nature or location of the Borrower's business and assets requires the Borrower to be qualified to carry on its business as presently owned and conducted.

**3.2** **Corporate Power and Authorization** 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

The Borrower has all necessary power, authority and capacity to execute and deliver, and to perform its obligations under, this Agreement, the Facility Warrants and any other Loan Documents. The execution and delivery of this Agreement, the Facility Warrants and any other Loan Documents, and the performance by the Borrower of its obligations hereunder and thereunder, has been duly authorized by the board of directors of the Borrower and there are no other corporate proceedings on the part of the Borrower that are necessary to authorize such execution, delivery and performance. The issuance of the Conversion Shares and the Common Shares underlying the Facility Warrants will, upon issuance thereof upon due exercise of the Facility Warrants, be duly and validly issued as fully paid and non-assessable Common Shares.

**3.3** **Binding Obligations** 

This Agreement, the Facility Warrants and any other Loan Documents constitute legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms.

**3.4** **No Conflicts or Liens** 

The execution and delivery of the Loan Documents by the Borrower, and the performance of its obligations hereunder and thereunder (including the issuance of the Conversion Shares and the Common Shares underlying the Facility Warrants), does not, and will not, violate or require any consent to be obtained or give rise to any termination rights under, any provision of the Borrower's articles or by-laws, any Contract, or Authorization to which the Borrower is subject, or result in the creation or imposition of any Lien on any of its assets or limit.

**3.5** **Authorizations** 

No Authorizations are required to be received by the Borrower in connection with the execution and delivery of the Loan Documents and the performance by the Borrower of its obligations hereunder and thereunder in accordance with the terms hereof and thereof.

**3.6** **No Default** 

No Default or Event of Default has occurred and is continuing.

**3.7** **Securities Laws** 

The Company is exempt from the prospectus and registration requirements of the securities laws of the Province of Ontario, and no prospectus, offering memorandum or other document is required to be filed, no proceeding is required to be taken and, no approval, permit, consent or authorization is required to be obtained by the Company under such securities laws in connection with the Loan Documents. The issue by the Company of the Common Shares which may be issuable on conversion of the Loan, when issued in accordance with the terms of this Agreement, will be exempt from the prospectus and registration requirements of the securities laws of the Province of Ontario and no prospectus, offering memorandum or other document is required to be filed, no proceeding is required to be taken and no approval, permit, consent or other authorization is required to be obtained by the Company under such securities laws in connection with such issuance.

**<u>ARTICLE 4</u>** <u>– **COVENANTS**</u>

The Borrower hereby covenants and agrees with the Lenders as follows:

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**4.1** **Legal Requirements** 

The Borrower shall comply in a timely manner with all applicable Laws, the non-compliance of which could have a material adverse effect on the Borrower.

**4.2** **Further Assurances** 

At the request of the Lenders, the Borrower shall, at its expense, promptly (i) cure or cause to be cured all defects relating to the content, execution or delivery of this Agreement or any other Loan Document, and (ii) execute and deliver to the Lenders all such other and further documents, agreements and instruments necessary to satisfy the Indebtedness in full.

**4.3** **Expenses** 

The Borrower shall promptly pay, upon request therefor by the Lenders, all costs and expenses (including legal fees, out-of-pocket expenses and disbursements) incurred or paid at any time and from time to time by the Lenders in connection with the transactions contemplated herein, including without limitation, enforcement of this Agreement, the Facility Warrants and any other Loan Documents.

**4.4** **Notice of Certain Events** 

The Borrower shall promptly notify the Lenders if an Event of Default, or any event which would, but for the passing of time or the giving of notice or both, constitute an Event of Default, occurs.

**4.5** **Punctual Payment of Indebtedness** 

The Borrower shall punctually pay when due all Indebtedness in accordance with the terms hereof, without set-off or deduction of any kind.

**4.6** **Issuance of the Warrant Certificate.** 

Once the Lenders have advanced the entire amount of the Principal Amount, the Borrower shall issue rateably among the Lenders, the Facility Warrants, in accordance with each Lender's proportionate share of the Commitments. The Facility Warrants issued to the Lenders shall be evidenced by certificates in the form attached hereto as Schedule "B".

**4.7** **Permitted Indebtedness.** 

Until the termination of all of the Commitments and the payment in full of all Indebtedness under this Agreement, the Borrower shall not create, incur, assume or suffer to exist or permit any subsidiary to create, incur, assume or suffer to exist indebtedness other than (i) any Indebtedness under this Agreement; (ii) account trade payables incurred in the ordinary course of business; (iii) indebtedness or deposits made pursuant to a royalty or streaming financing; (iv) indebtedness under swap contracts entered into for hedging purposes in the ordinary course of business; (v) indebtedness owed to or between any subsidiaries; (vi) any extension, refinancing, renewal or replacement of any indebtedness described in any of the foregoing clauses (i) to (v); and (vii) with the prior written consent of the Lenders.

**4.8** **Securities Laws.** 

The certificate representing any Conversion Shares, if any, shall bear any legend required by applicable Laws or stock exchange.

**<u>ARTICLE 5- CONDITIONS PRECEDENT</u>**

**5.1** **Conditions Precedent to the Loan.** 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

The Lenders shall not be obligated to advance the Loan unless the following conditions precedent have been fulfilled to the Lenders' satisfaction, or waived by the Lenders in their sole and unfettered discretion, on or before the Advance Date:

(a) each
of the representations and warranties set forth in Article 3 and in each other Loan Document, as applicable, shall be true and
correct as of the date of such advance;

(b) no
Default or Event of Default shall have occurred and be continuing or will occur as a result of making such advance;

(c) the
Lenders shall have received the following, each in form and substance satisfactory to the Lenders in their sole and unfettered
discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
Agreement and any other Loan Document, duly executed by each party thereto other than the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
approval of the board of directors of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
other information, agreements, instruments, documents, certificates and opinions as the Lenders may reasonably request.

**<u>ARTICLE 6- CONVERSION OF INDEBTEDNESS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Share Conversion.** 

(a) Upon
and subject to the provisions and conditions of this Section 6.1, the Lenders shall have the right, in its sole and unfettered
discretion, at any time and from time to time prior to the Maturity Date, to convert all or any part of the outstanding Indebtedness
hereunder on the applicable Conversion Date (the **"Conversion Amount"**) into that number of Common Shares (the **"Conversion Shares")** that is equal to the Conversion Amount divided by the Conversion Price (each such conversion
of Indebtedness into Conversion Shares, a **"Share Conversion"**).

(b) The
Lenders may exercise any Share Conversion by written notice (a **"Conversion Notice")** delivered to the Borrower
in accordance with the terms hereof not less than two business days' prior to the applicable Conversion Date requested in
such notice and specifying the amount of Indebtedness that the Lenders intend to convert into Common Shares on such Conversion
Date and the registration and delivery details in respect of such Conversion Shares; provided that the Lenders shall not be permitted
to deliver a Conversion Notice in respect of any amount of the Indebtedness for which the Borrower has delivered a notice in accordance
with Section 2.6. On the applicable Conversion Date, the Lenders shall be recorded in the books of the Borrower as the holder
of the applicable Conversion Shares to which the Lenders are entitled pursuant to such Lender Share Conversion, and the outstanding
Indebtedness shall be permanently reduced by the applicable Conversion Amount.

(c) In
the event the Company elects to consummate an initial public offering of its Common Shares (the **"Initial Public Offering"**)
or Change of Control prior to the Maturity Date, then notwithstanding any provision herein or in the Loan Documents to the contrary,
the Company shall provide to the Lenders at least thirty (30) days' prior written notice, specifying appropriate details
of the Initial Public Offering or Change of Control, including the anticipated closing date and any other information as reasonably
requested by the Lenders. Upon receipt of the notice of an Initial Public Offering or Change of Control, the Lenders may, in their
sole discretion, by written notice to the Company, (i) demand the full repayment of all or any portion of the Indebtedness hereunder,
including repayment of the Principal Amount and all accrued and unpaid interest thereon, to be paid prior to or contemporaneously
with the closing of any such Initial Public Offering or Change of

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

Control in cash by wire transfer in accordance with the wire transfer instructions provided in writing by the Lenders to the Borrower; (ii) elect to convert all or any portion of the Indebtedness hereunder, including repayment of the Principal Amount and all accrued and unpaid interest thereon, into Common Shares prior to the consummation of the Initial Public Offering or Change of Control in accordance with Section 6.1(a) and (b); or (iii) elect to proceed with a combination of (i) and (ii).

(d) If
at any time after the date hereof and prior to any particular Share Conversion the Company shall complete a Share Reorganization,
the Conversion Price shall be adjusted effective immediately after (i) the effective date of any subdivision, redivision or change
in the outstanding Common Shares into a greater number of Common Shares, or reduction, combination or consolidation of the Common
Shares into a lesser number of Common Shares, or (ii) the record date on which the holders of Common Shares are determined for
the purpose of any such stock dividend or other distribution constituting such Share Reorganization, as applicable, by. multiplying
the Conversion Price in effect on such effective date or record date, as applicable, by a fraction, (y) the numerator of which
shall be the number of Common Shares outstanding on such effective date or record date, as applicable, before giving effect to
such Share Reorganization, and (z) the denominator of which shall be the number of Common Shares outstanding immediately after
giving effect to such Share Reorganization, including, in the case where Securities exchangeable for or convertible into Common
Shares are distributed, the number of Common Shares that would be outstanding if such Securities were exchanged for or converted
into Common Shares.

(e) If
 at any time after the date hereof and prior to any particular Share Conversion, there
 is a capital reorganization of the Borrower or a reclassification or other change in
 the Common Shares (other than a Share Reorganization) or a consolidation or merger, amalgamation
 or arrangement of the Borrower with or into any other corporation or other entity (other
 than a consolidation, merger, amalgamation or arrangement which does not result in any
 reclassification of the outstanding Common Shares or a change of the Common Shares into
 other Securities), or a transfer of all or substantially all of the Borrower's
 undertaking and assets to another corporation or other entity in which the holders of
 Common Shares are entitled to receive shares, other Securities or other property (any
 of such events being called a **"Capital Reorganization"**), the Lenders
 shall be entitled to receive, and shall accept, upon the exercise of any Share Conversion
 at any time after the effective date thereof, in lieu of the number of Common Shares
 to which the Lenders were theretofore entitled on such Share Conversion, the kind and
 amount of shares, other Securities or money or other property that the Lenders would
 have been entitled to receive as a result of such Capital Reorganization if, on the effective
 date thereof, the Lenders had been the registered Lenders of the number of Common Shares
 to which the Lenders were entitled upon such Share Conversion, subject to adjustment
 thereafter in accordance with provisions the same, as nearly as may be possible, as those
 contained in this Section 6.1(e).

(f) If
 at any time after the date hereof, the Borrower issues: (i) Common Shares: (ii) shares
 of any other class which are convertible into Common Shares; or (iii) any debt securities
 which are convertible into Common Shares, in each case, at a price per Common Share,
 which is lower than the Conversion Price (a **"Lower Price"**), the Conversion
 Price applicable to the conversion of any Indebtedness subsequent to the date of such
 issuance shall be adjusted to equal such Lower Price. Successive adjustments shall be
 made to the Conversion Price in the case of successive issuances of securities at a Lower
 Price. The Borrower will give written notice to the Lender of any such adjustments. Notwithstanding
 the foregoing, no adjustment to the Conversion Price shall be made in respect of any
 securities which are issued and outstanding prior to the Advance Date or which are issued
 upon the exercise or conversion of any such securities in accordance with their terms.

(g) If
any question arises with respect to the adjustment provided in this Section 6.1, such question shall be conclusively determined
by a Firm of chartered professional accountants agreed upon by the parties (and such chartered professional accountants shall
be independent of both parties). Such chartered professional accountants shall be given access to all necessary records of the
Borrower and their determination shall be binding upon the Borrower and the Lenders.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

(h) The
Borrower shall not be required to issue fractional Common Shares upon any Share Conversion. If any fractional interest in a Common
Share would, except for the provisions of this Section 6.1 be deliverable upon such Share Conversion, such fractional interest
shall be rounded down to the nearest whole number of Common Shares.

(i) The
Borrower shall give notice to the Lenders, in the manner provided in Section 7.6, of its intention to fix a record date for any
Capital Reorganization which may give rise to an adjustment in the number of Common Shares that may be acquired upon the exercise
of a Share Conversion by the Lenders. Such notice shall be given not less than 14 days prior to the applicable record date and
shall specify the particulars of such Capital Reorganization (including the effective date) and the record date for such event.

(j) The
Borrower shall at all times reserve and keep available out of its authorized Common Shares solely for the purpose of satisfying
each Share Conversion, and conditionally allot to the Lenders, such number of Common Shares as would be issuable upon any Share
Conversion in respect of all outstanding Indebtedness at such time. The Borrower covenants with the Lenders that all Common Shares
issued upon any Share Conversion shall be duly and validly issued as fully-paid and non-assessable, subject only to any prescribed
four month and one day hold period required pursuant to applicable Laws, and free and clear of all Liens.

**<u>ARTICLE 7– GENERAL</u>**

**7.1** **Severability** 

Any provision of this Agreement that is illegal, prohibited or unenforceable in any jurisdiction, in whole or in part, shall not invalidate the remaining provisions hereof; and any such illegality, prohibition or unenforceability in any such jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

**7.2** **Entire Agreement** 

This Agreement shall constitute the entire agreement and understanding between the Borrower and the Lenders relating to the subject matter hereof between the Borrower and the Lenders. No provision of this Agreement may be amended except by agreement in writing executed by the Borrower and the Lenders.

**7.3** **Governing Law** 

This Agreement shall be interpreted in accordance with the Laws of the Province of Ontario. The parties hereby attorn and submit to the jurisdiction of the courts of the Province of Ontario.

**7.4** **Execution by Counterparts** 

This Agreement may be executed in several counterparts, each of which, when so executed, shall be deemed to be an original and such counterparts, taken together, shall constitute one and the same Agreement. This Agreement may be executed and delivered in portable document format ("pdf"), and any signature contained hereon in pdf or in electronic or other similar format shall be deemed to be equivalent to an original signature for all purposes.

**7.5** **Binding Effect** 

This Agreement shall be binding upon and shall enure to the benefit of the Lenders and their successors and assigns. This Agreement shall be binding upon and shall enure to the benefit of the Borrower and its successors and permitted assigns. The Borrower shall not assign all or any part of its rights and obligations hereunder without the prior written consent of the Lenders, which consent may be withheld in their sole and unfettered discretion.

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**7.6** **Notices** 

All notices given pursuant to this Agreement shall be in writing, marked for the attention of the relevant person named below, and delivered to the address of the addressee or sent by fax or email to the fax number or email address of the addressee which is specified in Section 7.7.

**7.7** **Addresses** 

(a) Subject
to Section 7.7(c), the address of each party is set out below:

*If to the Borrower*:

Blackjack Silver Corp.

401 Bay Street, Suite 2702

Toronto, ON M5H 2Y4

Attention: Julio DiGirolamo, CFO

Email: julio@blackjacksilver.com

*If to the Lenders:*

Swansea Holdings Inc

2357 Hargood Place

Mississauga, Ontario

L5M 3G2

Attention: Carl Hansen

Email: <u>work@hansenfamily.ca</u>

SBX Consultores Ltda.

Avda. Presidente Kennedy 5757, Torre Oriente

Of. 508

La Condes, Santiago

Attention: Joaquin Massu Larach

Email: <u>joaquin.massu@sbx.cl</u>

Bruce D. Reid

401 Bay Street, Suite 2702

Toronto, ON M5H 2Y4

Email: <u>br@55northmining.com</u>

(b) Any
notice given pursuant hereto takes effect from the later of (i) the time it is actually received by the addressee (the burden
of proof of receipt being on the sender and being satisfied by courier or postal delivery records in the case of physical delivery
or confirmation from the recipient in the case of e-mail delivery); and (ii) any later time specified in the notice.

(c) A
party may at any time, by notice given to the other party to this Agreement, designate a different business address or email address
for the purpose of this Agreement.

*[The remainder of this page is intentionally left blank; signature page follows.*

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**IN WITNESS WHEREOF** this Agreement has been executed and delivered by the parties hereto as of the date indicated above.

---

| | |
|:---|:---|
|  | **BLACKJACK SILVER CORP.** |
| By: | /s/ Julio DiGirolamo |
|  | Name: Julio DiGirolamo |
|  | Title: Chief Financial Officer |
|  | **SWANSEA HOLDINGS INC.** |
| By: | /s/ Carl Hansen |
|  | Name: Carl Hansen |
|  | Title: CEO |
|  | **SBX CONSULTORES LTDA.** |
| By: | /s/ Joaquin Massu Larach |
|  | Name: Joaquin Massu Larach |
|  | Title: CEO |
|  | /s/ BRUCE D. REID |
|  | **BRUCE D. REID** |

---

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*+], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.

**Schedule "A"**

**[\*\*\*]**

"A"- 1

## Exhibit 10.8

**Exhibit 10.8**

Carl Hansen

Swansea Holding Inc.

2357 Hargood Place

Mississauga, Ontario L5M3G2

January 23, 2025

Quinton Hennigh, Chairman

Blackjack Silver Corp.

401 Bay Street, Suite 2702

Toronto, Ontario M5H2Y4

Dear Mr. Hennigh,

Re: Termination Settlement Letter Agreement

The following letter sets out the agreed terms of a termination settlement letter agreement ("Letter Agreement") between Carl Hansen and Blackjack Silver Corp. ("Blackjack"), jointly the "Parties". Any reference to Blackjack Silver Corp. includes its successor Silver Bow Mining Corp. ("Silver Bow"). Any reference to Carl Hansen includes Swansea Holding Inc. ("Swansea") and vice versa.

Background

Carl Hansen, through Swansea, was contracted by Blackjack to provide the services of President and Chief Executive Officer from January 1, 2023 through May 2024 and the services of President from May 2024 through January 27, 2025. Swansea and Blackjack agree that Mr. Hansen's contract with Blackjack will end on January 27, 2025.

Settlement Terms and Conditions

In lieu of the terms of Carl Hansen's termination provisions approved by Blackjack's Board of Directors in 2024, both Parties agree to the following termination settlement terms and conditions ("Terms"):

● Cash payment of C$150,000 + 13% GST, for all outstanding 2024 monthly payments, to be paid on or before February 21, 2025;

● Cash payment of C$150,000 + 13% GST, as a one-time termination payment, to be paid on or before May 1, 2025; and

● The Parties will enter into an Advisory Agreement ("Advisory Agreement"), to expire on December 31, 2027, at an hourly rate of C$250. Carl Hansen will provide advisory consulting services to Silver Bow's CEO and/or Board of Directors as requested. During the period of the Advisory Agreement, Carl Hansen may be issued options or other compensation units as decided by Silver Bow and any Silver Bow options or other compensation units currently issued to Carl Hansen and Swansea will remain in good standing until January 27, 2028.

The Terms, noted above, are in lieu of and replace any termination provisions and obligations owed to Carl Hansen as previously approved by Silver Bow. If the Terms are not fulfilled, Silver Bow will

have the obligation to reinstate Carl Hansen's previously approved termination provisions, as noted below, minus any cash payments made under this Letter Agreement.

Previous Termination Provisions

● Immediate payment $174,000 + GST for unpaid salary

● Immediate payment of $261,000 as a termination payment

● Listing Bonus of $250,000 upon Silver Bow or successor or related company obtaining a public listing by any means whereby the securities of Silver Bow are available for trading on a recognized securities exchange.

● All options will remain in good standing through January 27, 2028 by way of an advisory consulting agreement.

During the term of this Letter Agreement and any time during the term of the Advisory Agreement, Carl Hansen will not, whether directly or indirectly, in any capacity whatsoever, alone, through or in connection with any entity, carry on or be engaged in or have any financial or other interest in or be otherwise commercially involved in any endeavour, activity or business in Montana which is competitive, in any way, with Silver Bow, without Silver Bow's expressed written permission.

Release of Claims

Settlement of the Terms by Silver Bow, above, shall be in full and final settlement of any and all actions, causes of actions, suits, claims, demands and entitlements whatsoever which Carl Hansen has or may have against Silver Bow, its affiliates and any of their respective directors, officers, employees, representatives, successors and assigns arising out of the termination of this Letter Agreement.

The fulfillment of the Terms, set out above, shall be in full and final settlement of any and all actions, causes of actions, suits, claims, demands and entitlements whatsoever which Silver Bow has or may have against Carl Hansen or his affiliates arising out of his termination.

Notwithstanding anything else in this Letter Agreement, to the extent Carl Hansen and Swansea Holdings Inc. have authority to do so, this termination and settlement shall not trigger or constitute an event requiring repayment or creating additional obligations under the convertible loan agreement dated February 2, 2024 between Blackjack, Swansea Holdings Inc., SBX Consultores LTDA., and Bruce D. Reid.

**[The remainder of this page is intentionally left blank; signature page follows]**

IN WITNESS WHEREOF the parties have each signed this Termination Settlement Letter Agreement, made effective as of January 27, 2025.

BLACKJACK SILVER CORP.

by its authorized signatory:

---

| |
|:---|
| /s/ Travis Naugle |
| Travis Naugle, CEO |
| /s/ Carl Hansen |
| Carl Hansen |

---

## Exhibit 10.9

**Exhibit 10.9**

**RESIGNATION AGREEMENT AND MUTUAL RELEASE**

This AGREEMENT is dated for reference August 21, 2024

BETWEEN:

**BLACKJACK SILVER CORP.,** a company incorporated under the laws of Ontario with an address at Suite 2700, 401 Bay Street, Toronto, ON M5H 2Y4

**("BSC")**

AND:

**FRONT STREET MANAGEMENT INC.,** a company incorporated under the laws of Ontario with a registered address at 725 Charlotte Street, PO Box 462, Niagara-on-the-Lake, ON LOS 1J0

(the **"Consulting Company")**

AND:

**JULIO DIGIROLAMO,** a person having an address at 725 Charlotte Street, PO Box 462, Niagara-on-the-Lake, ON LOS 1J0

**("DiGirolamo")**

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;A. BSC
 is a private Canadian-based company advancing the Butte project in Montana, U.S.A.

&nbsp;&nbsp;&nbsp;&nbsp;B. DiGirolamo
 has been employed as an employee and officer of BSC since September 2021, and is the
 principal of Consulting Company.

&nbsp;&nbsp;&nbsp;&nbsp;C. DiGirolamo
 has voluntarily resigned from his employment with BSC on the terms and conditions set
 out in this Agreement, effective on August 21, 2024 (the **"Resignation Date").** 

***NOW THEREFORE,*** in consideration of the covenants set out below, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

**1.**  **<u>Transition Payments</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. BSC
 will provide the following transition package in full payment and in satisfaction of
 all obligations which are due to DiGirolamo and Consulting Company as a result of DiGirolamo's
 employment and resignation from employment with BSC including all contractual, statutory
 and common law obligations, and any and all claims against BSC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 outstanding wages earned by up to the Resignation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) accrued
 and unused vacation pay owed to DiGirolamo in respect of service up to the Resignation
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment
 of $90,000, which is equivalent to twenty-six (26) weeks' of DiGirolamo's
 regular wages, less applicable statutory deductions and withholdings, to be paid as a
 lump sum at the next regularly scheduled payroll date (the **"Payment"),** conditional upon BSC's receipt of this Agreement executed by DiGirolamo;

Page 1 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reimbursement
 of all reasonable out-of-pocket expenses incurred by DiGirolamo up to the Resignation
 Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on
 execution of the Agreement, BSC and Consulting Company will enter into a 4-year Consulting
 Agreement, such that DiGirolamo is able to maintain stock options currently held in BSC.

**2.**  **<u>Voluntary Resignation as an Employee and Officer of BSC.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. By
 executing this Agreement, DiGirolamo confirms his voluntary resignation as an employee
 of BSC.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. DiGirolamo
 will resign as an officer of BSC and provide such resignation in writing to BSC at the
 same time as signing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. BSC
 and DiGirolamo will sign the Consulting Agreement at the same time as this Agreement.

**3.**  **<u>Release of Consulting Company and DiGirolamo</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. Consulting
 Company and DiGirolamo each hereby remise, release and forever discharge BSC, its officers,
 directors, employees, contractors and agents, and their heirs, executors, administrators,
 successors and assigns (the **"BSC Releasees")** or any of them, of and from any and all manner of actions,
 causes of action, suits, contracts, claims, damages, costs and expenses of any nature
 or kind whatsoever, whether in law or in equity, occurring or existing up to and inclusive
 of the date of this Agreement, including, but not limiting the generality of the foregoing,
 any and all claims by reason of or arising out of DiGirolamo's employment with,
 or resignation of employment from, BSC, which as against BSC, the BSC Releasees or any
 of them, Consulting Company or DiGirolamo ever had, now have, or at any time hereafter
 can, shall or may have, which specifically includes but is not limited to any claims
 for notice, pay in lieu of notice, wrongful dismissal, severance pay, retention or other
 bonus, profit sharing, restricted share units, stock options, overtime pay, commissions,
 incentive compensation, interest, expenses, allowances, reimbursements, vacation pay,
 benefits, or any claims under occupational health and safety legislation, employment
 standards legislation or human rights legislation (having discussed or otherwise canvassed
 any and all employment standards, occupational health and safety and human rights complaints,
 concerns or issues arising out of or with respect to the Consulting Company's and
 DiGirolamo's relationship with the Releasee) or any other employment-related legislation,
 and any claims related to loss of position, status, future job opportunities or reputation.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. Consulting
 Company and DiGirolamo each will not make any claims or take any proceedings whatsoever
 against BSC, the BSC Releasees, or any of them, or against any other person, company,
 corporation or other legal entity who might claim contribution or indemnity from BSC,
 the BSC Releasees, or any of them, in respect of any matters which are set out in the
 release above.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. Consulting
 Company and DiGirolamo understand and agreed that the amounts provided pursuant to this
 Agreement are intended to be inclusive of, and not in addition to, any benefits and allowances
 or obligations prescribed by applicable employment standards legislation and are to be
 in full payment of the obligations under such legislation. Without limiting the foregoing,
 the Consulting Company and DiGirolamo expressly acknowledge receipt of all wages, overtime
 pay, vacation pay, holiday pay, and compensation to which they are entitled by virtue
 of applicable employment standards legislation.

&nbsp;&nbsp;&nbsp;&nbsp;3.4. Consulting
 Company and DiGirolamo further covenant and agree to save harmless and indemnify the
 BSC Releasees from and against all claims, charges, taxes or penalties and demands which
 may be made by the appropriate taxing authorities in Canada and Ontario

Page 2 of **6**

requiring the BSC Releasees to pay income tax, charges or penalties under applicable statutes and regulations in respect of income tax payable by the Consulting Company or DiGirolamo for services rendered to the Releasee; and in respect of any and all claims, charges, taxes, or penalties and demands which may be found payable by the BSC Releasees in respect of the Consulting Company and/or DiGirolamo relating to income taxes, or to governmentally regulated or other employment insurance or pension plan programs.

&nbsp;&nbsp;&nbsp;&nbsp;3.5. Consulting
 Company and DiGirolamo expressly declare that they have no claim of any nature or kind
 to any entitlement whatsoever arising under or from any group health or welfare insurance
 policy maintained by the BSC Releasees for the benefit of their employees including disability
 or life insurance plans. Consulting Company and DiGirolamo accept fully accept sole responsibility
 to replace any benefits that they wish to continue and to exercise conversion privileges
 where applicable.

**4.**  **<u>Release of BSC</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1. BSC
 hereby remises, releases and forever discharges DiGirolamo and Consulting Company, its
 officers, directors, employees, contractors and agents and their heirs, executors, administrators,
 successors and assigns (the **"DiGirolamo Releasees"**) or any of them, of and from any and all manner of actions,
 causes of action, suits, contracts, claims, damages, costs and expenses of any nature
 or kind whatsoever, whether in law or in equity, occurring or existing up to and inclusive
 of the date of this Agreement, including, but not limiting the generality of the foregoing,
 any and all claims by reason of or arising out of DiGirolamo's employment with
 BSC, which as against DiGirolamo and Consulting Company, the DiGirolamo Releasees or
 any of them, BSC ever had, now have, or at any time hereafter can, shall or may have.

&nbsp;&nbsp;&nbsp;&nbsp;4.2. BSC
 shall not make any claims or take any proceedings whatsoever against DiGirolamo and Consulting
 Company, the DiGirolamo Releasees, or any of them, or against any other person, company,
 corporation or other legal entity who might claim contribution or indemnity from Consulting
 Company, the DiGirolamo Releasees, or any of them, in respect of any matters which are
 set out in the release above.

**5.**  **<u>Confidentiality</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1. The
 parties agree they will keep this Agreement and any related discussions and correspondence
 strictly confidential and will not disclose it to anyone at all, except and only to the
 extent necessary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of DiGirolamo, his spouse (on their undertaking to also keep this Agreement
 confidential);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of Consulting Company and BSC, their directors, officers, and professional advisors;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 required by law.

**6.**  **<u>D&O Insurance.</u>** BSC
 agrees to maintain, for a period of three (3) years from the date first written above,
 its directors and officers liability insurance coverage on terms substantially similar
 to the existing insurance coverage which BSC has in place and that such insurance will
 contain a provision which covers past and existing future directors and officers. Upon
 request of DiGirolamo during the three year period, BSC will provide to DiGirolamo copies
 of the current insurance including renewed insurance and any new insurance.

Page 3 of **6**

**7.**  **<u>Non-Disparagement.</u>** BSC and DiGirolamo agree that they shall not disparage or criticize or make any statement to any person not a party
to this Agreement, written or verbal (including without limitation on any social media or other internet-based websites or forums),
that is or that could be reasonably construed to be negative or derogatory regarding the other parties.

**8.**  **<u>Amendment.</u>** Neither this Agreement nor any provisions hereof will be modified, changed, discharged or terminated except by an
instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.

**9.**  **<u>Assignment and Enurement.</u>** This Agreement and any rights herein or hereto will not be assigned
 or otherwise transferred by any party without the consent of the other parties. This
 Agreement will enure to the benefit of and be binding upon the parties and their respective
 successors and permitted assigns.

**10.**  **<u>Time is of the Essence.</u>** Time is of the essence of this Agreement.

**11.**  **<u>Representations and Undertakings</u>** **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Consulting Company and DiGirolamo understand and agree that the Payment and benefits set forth herein are subject to their full compliance with the commitments and obligations in this Agreement and no other monies are due for the enforcement of same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Consulting Company and DiGirolamo represent that they have returned all property belonging to BSC, including any records, documents, data, files, notes (whether in hard copy or electronic format), discs, tapes and other materials relating to the business of BSC, its parent, subsidiaries or affiliates, which were in their possession, as well as any equipment or other physical property in their possession, and confirms that they have not retained, and will not retain, any copies thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. Consulting Company and DiGirolamo undertake to maintain in confidence all confidential information acquired by during their employment or engagement with BSC and not to disclose to any third party (save for such disclosures as may be required by law) or use for their own benefit or the benefit of any third party any such confidential information, other than confidential information which becomes public knowledge (other than through the actions of the Consulting Company or DiGirolamo).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. DiGirolamo represents that he did not obtain, secure, commence, or receive an offer for alternate employment (including self-employment or engagement through the Consulting Company) between the Resignation Date and the date on which he executes this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. Consulting Company and DiGirolamo agree that should they breach their obligations pursuant to this Agreement, then they will be required to repay the Payment in its entirety (less the sum of $500) within thirty (30) days from the date of breach.

**12.**  **<u>General Terms</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. This Agreement will for all purposes be construed and interpreted in accordance with the laws of Ontario, and the parties attorn to the exclusive jurisdiction of the courts of Toronto, Ontario for the resolution of any dispute arising out of or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. This Agreement contains the entire agreement between the parties and supersedes and replaces any and all other prior agreements or understandings between the parties.

Page **4** of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. The parties each represent and declare that they have personally read and understand this Agreement and have been given the opportunity to seek legal advice regarding its contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. This Agreement may be executed in counterparts, each of which when executed and delivered (by electronic copy or otherwise) will be deemed to be an original for all purposes, and all of which together will constitute one and the same document.

Page **5** of **6**

**IN WITNESS WHEREOF** the parties have each signed this Resignation Agreement and Mutual Release, made effective as of the latest date written below.

**BLACKJACK SILVER CORP.**

by its authorized signatory:

---

| | | |
|:---|:---|:---|
| */s/ Quinton Hennigh* | Date: | &nbsp;&nbsp;&nbsp;8/21/2024 |
| **Quinton Hennigh, Chairman** |  |  |

---

**FRONT STREET MANAGEMENT INC.**

by its authorized signatory:

---

| | | |
|:---|:---|:---|
| */s/ Julio DiGirolamo* | Date: | &nbsp;&nbsp;&nbsp;Aug 21, 2024 |
| **Julio DiGirolamo** |  |  |

---

---

| | | |
|:---|:---|:---|
| */s/ Julio DiGirolamo* | Date: | &nbsp;&nbsp;&nbsp;Aug 21, 2024 |
| **Julio DiGirolamo** |  |  |

---

Page **6** of **6**

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries of Silver Bow Mining Corp.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Subsidiary** | &nbsp;&nbsp;**Jurisdiction of Incorporation** |
| &nbsp;&nbsp;**SBM Montana LLC** | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;**SBM Properties LLC** | &nbsp;&nbsp;Montana |
| &nbsp;&nbsp;**Ferry Lane Limited** | &nbsp;&nbsp;British Virgin Islands |
| &nbsp;&nbsp;**Ferry Lane Management LLC** | &nbsp;&nbsp;Wyoming |

---

## Exhibit 96.1

**Exhibit 96.1**

![](n5138exh96-1_img001.jpg)

TECHNICAL REPORT SUMMARY

RAINBOW BLOCK,

BUTTE MINING DISTRICT

SILVER BOW COUNTY,

MONTANA, USA

---

| | |
|:---|:---|
| **Prepared For:** | **Silver Bow Mining Corp.**<br> **1401 Idaho St.**<br> **Butte, MT 59701 USA** |

---

---

| | |
|:---|:---|
| **Effective Date:** | 31<sup>st</sup> December 2024 |

---

---

| | |
|:---|:---|
| **Signature Date:** | May-27-2025 |

---

**REPORT PREPARED BY:**

**DAHROUGE** **GEOLOGICAL CONSULTING**

**SUITE 115, 7000 STH , YOSEMITE STREET, CENTENNIAL, CO, USA, 80112**

TEL: +1 780 434 9808 \| FAX: +1 780 439-9789\| <u>www.dahrouge.com</u>

**Rainbow Block – Montana, USA**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **1** | **Executive Summary** <sub>2</sub> |

---

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Introduction 2

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Property
 Description 2

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Ownership 2

&nbsp;&nbsp;&nbsp;&nbsp;1.4 Mineral
 Tenure, Surface rights, Water Rights, Royalties and Agreements. 2

&nbsp;&nbsp;&nbsp;&nbsp;1.5 Geology
 and Mineralization 3

&nbsp;&nbsp;&nbsp;&nbsp;1.6 Exploration 3

&nbsp;&nbsp;&nbsp;&nbsp;1.7 Mineral
 Resource Estimate 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 ESTIMATION
 METHODOLOGY 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2 MINERAL
 RESOURCE STATEMENT 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.3 FACTORS
 THAT MAY AFFECT THE MINERAL RESOURCE ESTIMATE 4

&nbsp;&nbsp;&nbsp;&nbsp;1.8 Mineral
 Reserve Estimate 4

&nbsp;&nbsp;&nbsp;&nbsp;1.9 Mining
 Method 5

&nbsp;&nbsp;&nbsp;&nbsp;1.10 Recovery Method 5

&nbsp;&nbsp;&nbsp;&nbsp;1.11 Infrastructure
 & Operations 5

&nbsp;&nbsp;&nbsp;&nbsp;1.12 Markets
 and Contracts 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 Market
 Studies 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2 Commodity
 prices 6

&nbsp;&nbsp;&nbsp;&nbsp;1.13 Environmental,
 Permitting and Social Considerations 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 ENVIRONMENTAL
 STUDIES AND MONITORING 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 SOCIAL
 PLANS 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.3 PERMITTING 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.4 CLOSURE
 PLANS 7

&nbsp;&nbsp;&nbsp;&nbsp;1.14 Capital
 Cost Estimates 7

&nbsp;&nbsp;&nbsp;&nbsp;1.15 Operating
 Cost Estimates 7

&nbsp;&nbsp;&nbsp;&nbsp;1.16 Economic
 Analysis 7

&nbsp;&nbsp;&nbsp;&nbsp;1.17 Conclusions
 & Recommendations 7

&nbsp;&nbsp;&nbsp;&nbsp;1.18 Risks
 and Opportunities 7

---

| | |
|:---|:---|
| **2** | **Introduction**<sub>8</sub> |

---

&nbsp;&nbsp;&nbsp;&nbsp;2.1 Registrant 8

&nbsp;&nbsp;&nbsp;&nbsp;2.2 Purpose
 of the report 8

&nbsp;&nbsp;&nbsp;&nbsp;2.3 Terms
 of reference 8

**Page \| i**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;2.4 Qualified Persons 9

&nbsp;&nbsp;&nbsp;&nbsp;2.5 Site
 Visits and Personal inspections 9

&nbsp;&nbsp;&nbsp;&nbsp;2.6 Report
 Date 9

&nbsp;&nbsp;&nbsp;&nbsp;2.7 Information
 Sources and References 9

&nbsp;&nbsp;&nbsp;&nbsp;2.8 Previous
 Reports 10

---

| | |
|:---|:---|
| **3** | **Property Description & Location**<sub>11</sub> |

---

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Property
 Location 11

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Mineral
 Title and Tenure 11

&nbsp;&nbsp;&nbsp;&nbsp;3.3 Ownership 16

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Environmental
 Liabilities 16

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Permits 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1 Surface
 Rights 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2 Water
 Rights 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3 Government
 Mining Taxes, Levies and Royalties 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.4 Other
 Significant Factors or Risks 18

&nbsp;&nbsp;&nbsp;&nbsp;3.6 Encumbrances 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 Permitting
 Requirements 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2 Permitting
 Timelines 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3 Permit
 Conditions 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.4 Violations
 and Fines 19

&nbsp;&nbsp;&nbsp;&nbsp;3.7 Significant
 Factors and Risks that may affect access, right or work programs 19

---

| | | |
|:---|:---|:---|
| **4** | **Accessibility, Local Resources, Infrastructure, Physiography & Climate** | **20** |

---

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Topography
 Elevation and Vegetation 20

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Climate 21

&nbsp;&nbsp;&nbsp;&nbsp;4.3 Accessibility 22

&nbsp;&nbsp;&nbsp;&nbsp;4.4 Local
 Resources & Infrastructure 23

---

| | | |
|:---|:---|:---|
| **5** | **History** | **26** |

---

&nbsp;&nbsp;&nbsp;&nbsp;5.1 Previous
 Exploration & Development 26

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Prior
 Ownership 27

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Historical
 Mineral and Resource Estimates 28

---

| | | |
|:---|:---|:---|
| **6** | **Geological Setting, Mineralization, & Deposit** | **32** |

---

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Regional
 Geology 32

&nbsp;&nbsp;&nbsp;&nbsp;6.2 Local
 & Property Geology 33

**P a g e \| ii**

**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Mineralization 36

&nbsp;&nbsp;&nbsp;&nbsp;6.4 Deposit 39

---

| | | |
|:---|:---|:---|
| **7** | **Exploration** | **41** |

---

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Exploration 41

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Geologic
 Mapping 41

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Geochemistry 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Geophysics 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 Petrology,
 Mineralogy and Research Studies 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 Qualified
 persons interpretation of the Exploration Information 44

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 Exploration
 Potential 44

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Drilling 45

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 Drilling
 on Property 45

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 Drilling
 excluded for estimation purposes 45

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 Future
 drilling planned 45

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Drill
 methods 46

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 1987
 drill program 46

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 2021
 drilling 49

&nbsp;&nbsp;&nbsp;&nbsp;7.4 Logging 50

&nbsp;&nbsp;&nbsp;&nbsp;7.5 Recovery 51

&nbsp;&nbsp;&nbsp;&nbsp;7.6 Collar
 Surveys 52

&nbsp;&nbsp;&nbsp;&nbsp;7.7 Down
 Hole details 52

&nbsp;&nbsp;&nbsp;&nbsp;7.8 Results 52

---

| | | |
|:---|:---|:---|
| **8** | **Sample Preparation, Analysis & Security** | **54** |

---

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Pre-Analysis
 Sample Preparation and Quality Control 54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 Anaconda
 Copper Mining channel sampling 54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Drill
 core sampling 55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 Historic
 drill core re-sampling 55

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Laboratory
 Sample Preparation & Analysis 56

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 SGS
 Minerals – Burnaby, British Columbia 56

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 American
 Analytical Services – Osburn, Idaho 57

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Paragon
 Geochemical Laboratories – Sparks, Nevada 58

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4 ALS
 – Elko and Reno, Nevada 59

&nbsp;&nbsp;&nbsp;&nbsp;8.3 Density
 Determination 59

&nbsp;&nbsp;&nbsp;&nbsp;8.4 Sample
 security methods 60

&nbsp;&nbsp;&nbsp;&nbsp;8.5 Sample
 shipment 60

&nbsp;&nbsp;&nbsp;&nbsp;8.6 Quality
 Control & Quality Assurance 60

**Page \| iii**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1 Performance
 of Certified Reference Materials 61

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2 Performance
 of Blank Materials 62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.3 Umpire
 Assaying 62

&nbsp;&nbsp;&nbsp;&nbsp;8.7 Database 62

&nbsp;&nbsp;&nbsp;&nbsp;8.8 Qualified
 Persons Opinion on sample preparation, security and analytical Procedures. 63

---

| | | |
|:---|:---|:---|
| **9** | **Data Verification** | **64** |

---

&nbsp;&nbsp;&nbsp;&nbsp;9.1 Internal
 data verification 64

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Drillhole
 and Channel Data Verification 64

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 2021
 Assay Verification 65

&nbsp;&nbsp;&nbsp;&nbsp;9.2 External
 Data verification 65

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Data
 verification by qualified person 66

&nbsp;&nbsp;&nbsp;&nbsp;9.4 Qualified
 Person's opinion on data adequacy 66

---

| | | |
|:---|:---|:---|
| **10** | **Mineral Processing & Metallurgical Testing** | **67** |

---

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Historical
 Mineral Processing Information 67

&nbsp;&nbsp;&nbsp;&nbsp;10.2 Metallurgical
 Process and Predicted Recoveries 67

&nbsp;&nbsp;&nbsp;&nbsp;10.3 Mineral
 Process Testing 67

&nbsp;&nbsp;&nbsp;&nbsp;10.4 Qualified
 PERSON'S Opinion on Data Adequacy 67

---

| | | |
|:---|:---|:---|
| **11** | **Mineral Resource Estimate** | **68** |

---

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Summary 68

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Key
 Assumptions, Parameters, and Methods 68

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Database 68

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Interpretation
 And Modelling 69

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 Bulk
 Density Data 73

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 Compositing 74

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 Outlier
 Analysis and Capping 76

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 Statistical
 Analysis and Variography 83

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.7 Block
 Model and Grade Estimation 85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.8 Block
 Model Validation 85

&nbsp;&nbsp;&nbsp;&nbsp;11.3 Mineral
 Resource Classification 86

&nbsp;&nbsp;&nbsp;&nbsp;11.4 Depletion 87

&nbsp;&nbsp;&nbsp;&nbsp;11.5 Reasonable
 Prospects of Economic Extraction for Mineral Resources 87

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Input
 Assumptions 88

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 Commodity
 Price 89

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 Cut-off 89

&nbsp;&nbsp;&nbsp;&nbsp;11.6 Mineral
 Resource Statement 93

**P a g e \| iv**

**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;11.7 Qualified
 Person Statement 93

&nbsp;&nbsp;&nbsp;&nbsp;11.8 Mineral
 Resource Uncertainty discussion 94

---

| | | |
|:---|:---|:---|
| **12** | **Mineral Reserve Estimate** | **95** |

---

---

| | | |
|:---|:---|:---|
| **13** | **Mining Methods** | **96** |

---

---

| | | |
|:---|:---|:---|
| **14** | **Process and Recovery Methods** | **97** |

---

---

| | | |
|:---|:---|:---|
| **15** | **Infrastructure** | **98** |

---

---

| | | |
|:---|:---|:---|
| **16** | **Market Studies** | **99** |

---

&nbsp;&nbsp;&nbsp;&nbsp;16.1 Market
 Analysis 99

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 Overview 99

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 Commodity
 Price Projections 99

&nbsp;&nbsp;&nbsp;&nbsp;16.2 Contracts 104

---

| | | |
|:---|:---|:---|
| **17** | **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** | **105** |

---

&nbsp;&nbsp;&nbsp;&nbsp;17.1 Baseline
 and Supporting studies 105

&nbsp;&nbsp;&nbsp;&nbsp;17.2 Site
 Context 105

&nbsp;&nbsp;&nbsp;&nbsp;17.3 Environmental
 and Socio-Economic Setting 106

&nbsp;&nbsp;&nbsp;&nbsp;17.4 Stockpiles
 and Waste Rock Storage 106

&nbsp;&nbsp;&nbsp;&nbsp;17.5 Permits
 and Regulatory Context 107

&nbsp;&nbsp;&nbsp;&nbsp;17.6 Community
 Relations 108

&nbsp;&nbsp;&nbsp;&nbsp;17.7 Water
 Management 108

&nbsp;&nbsp;&nbsp;&nbsp;17.8 Qualified
 Persons Opinion on adequacy of current plan. 109

---

| | | |
|:---|:---|:---|
| **18** | **Capital and Operating Costs** | **110** |

---

---

| | | |
|:---|:---|:---|
| **19** | **Economic Analysis** | **111** |

---

---

| | | |
|:---|:---|:---|
| **20** | **Adjacent properties** | **112** |

---

---

| | | |
|:---|:---|:---|
| **21** | **Other Relevant Data & Information** | **113** |

---

---

| | | |
|:---|:---|:---|
| **22** | **Interpretation & Conclusions** | **114** |

---

&nbsp;&nbsp;&nbsp;&nbsp;22.1 Introduction 114

&nbsp;&nbsp;&nbsp;&nbsp;22.2 Property
 Description and Ownership 114

&nbsp;&nbsp;&nbsp;&nbsp;22.3 Mineral
 Tenure, Surface Rights, Water rights, Royalties and Agreements 114

&nbsp;&nbsp;&nbsp;&nbsp;22.4 Geology
 and Mineralization 114

&nbsp;&nbsp;&nbsp;&nbsp;22.5 History 114

**Page \| v**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;22.6 Exploration 114

&nbsp;&nbsp;&nbsp;&nbsp;22.7 Data
 Verification 115

&nbsp;&nbsp;&nbsp;&nbsp;22.8 Mineral
 Resources 115

&nbsp;&nbsp;&nbsp;&nbsp;22.9 Mineral
 Reserves 115

&nbsp;&nbsp;&nbsp;&nbsp;22.10 Mining
 Methods 115

&nbsp;&nbsp;&nbsp;&nbsp;22.11 Metallurgical
 Testing and Mineral Processing 115

&nbsp;&nbsp;&nbsp;&nbsp;22.12 Infrastructure 115

&nbsp;&nbsp;&nbsp;&nbsp;22.13 Environmental
 Studies, Permitting, Social or Community Impacts 115

&nbsp;&nbsp;&nbsp;&nbsp;22.14 Market
 studies 115

&nbsp;&nbsp;&nbsp;&nbsp;22.15 Capital
 and Operating Costs and Economic Evaluation 115

&nbsp;&nbsp;&nbsp;&nbsp;22.16 Capital
 Cost Estimates 115

&nbsp;&nbsp;&nbsp;&nbsp;22.17 Economic
 Cost estimate 116

&nbsp;&nbsp;&nbsp;&nbsp;22.18 Economic
 Analysis 116

&nbsp;&nbsp;&nbsp;&nbsp;22.19 Risk
 and opportunities 116

&nbsp;&nbsp;&nbsp;&nbsp;22.20 Conclusions 116

---

| | | |
|:---|:---|:---|
| **23** | **Recommendation** | **117** |

---

&nbsp;&nbsp;&nbsp;&nbsp;23.1 Introduction 117

&nbsp;&nbsp;&nbsp;&nbsp;23.2 Geology
 and Mineral Resources 117

&nbsp;&nbsp;&nbsp;&nbsp;23.3 Mining
 and Mineral Reserves 117

&nbsp;&nbsp;&nbsp;&nbsp;23.4 Mineral
 Processing 118

&nbsp;&nbsp;&nbsp;&nbsp;23.5 Environmental
 Studies, Permitting, Social or Community Impacts 118

&nbsp;&nbsp;&nbsp;&nbsp;23.6 Economics
 Analysis 119

---

| | | |
|:---|:---|:---|
| **24** | **References** | **120** |

---

---

| | | |
|:---|:---|:---|
| **25** | **Reliance on information provided by the registrant** | **124** |

---

---

| | | |
|:---|:---|:---|
| **26** | **Date & Signature Page** | **125** |

---

**Page \| vi**

**Rainbow Block – Montana, USA**

LIST OF TABLES

---

| | |
|:---|:---|
| TABLE 1: METAL PRICE (KITCO, 2024) | 6.0 |
| TABLE 2: RAINBOW BLOCK MINERAL TENURE LIST | 12.0 |
| TABLE 3: STATUS OF PERMITS AND LICENSES | 17.0 |
| TABLE 4: OPEN PIT COPPER ORE RESERVE OF BUTTE PROPERTY (MILLER, 1978) | 29.0 |
| TABLE 5: OPEN PIT COPPER ORE RESOURCE (MILLER, 1978) | 29.0 |
| TABLE 6:OPEN PIT ZINC ORE RESOURCE (MILLER, 1978) | 29.0 |
| TABLE 7: OPEN PIT SILICEOUS SILVER RESOURCE (MILLER, 1978) | 29.0 |
| TABLE 8: BLOCK-CAVE TYPE RESOURCE (MILLER, 1978) | 29.0 |
| TABLE 9: MECHANIZED BULK UNDERGROUND MINING RESOURCE (MILLER, 1978) | 30.0 |
| TABLE 10: SELECTIVE, VEIN-TYPE RESOURCE (MILLER, 1978) | 30.0 |
| TABLE 11: HISTORICAL PRODUCTION ON BUTTE PROPERTY (CEHURA, 2006). | 31.0 |
| TABLE 12: COLLAR COORDINATES FOR 1987 NEW BUTTE MINING TRENCHES AND WEST SIDES (SILVER BOW MINING 2022). | 43.0 |
| TABLE 13: COLLAR LOCATIONS FOR RC DRILL HOLES FROM 1987-1988 (SILVER BOW MINING 2022). | 46.0 |
| TABLE 14: DIAMOND DRILL HOLE COLLARS FROM NEW BUTTE MINING 1988-1990 DRILLING PROGRAM (SILVER BOW MINING 2022) | 47.0 |
| TABLE 15:UNDERGROUND DIMOND DRILL HOLE COLLARS FROM 1988-1990 DRILLING PROGRAM (SILVER BOW MINING 2022). | 48.0 |
| TABLE 16: COLLAR INFORMATION FOR SILVER BOW MINING 2021 DRILL PROGRAM | 50.0 |
| TABLE 17: TYPES OF LOGGING DATA RECORDED | 51.0 |
| TABLE 18: SIGNIFICANT DRILL INTERSECTIONS FROM COMPANY'S 2021 – 2022 DRILLING PROGRAM | 53.0 |
| TABLE 19: STANDARDS USED BY THE COMPANY DURING 2021 DRILLING PROGRAM | 62.0 |
| TABLE 20: SUMMARY OF DRILLING AND TRENCHING IN THE RAINBOW BLOCK | 64.0 |
| TABLE 21: ANACONDA COMPANY UNDERGROUND CHANNEL SAMPLES | 65.0 |
| TABLE 22: GENERAL STATISTICS OF RAW DATA FOR BOTH DRILL HOLE AND UNDERGROUND CHANNEL SAMPLES 68 |  |
| TABLE 23: LIST OF MINERALIZED VEINS MODELLED WITHIN THE RAINBOW BLOCK | 69.0 |
| TABLE 24: COMPOSITE DATABASE FOR DRILL HOLE AND CHANNEL SAMPLES | 75.0 |
| TABLE 25: CAPPING PARAMETERS OF COMPOSITE DATASET PER VEIN PER METAL | 76.0 |
| TABLE 26: COMPOSITE AND CAPPED DATABASE FOR DRILLHOLE AND CHANNEL SAMPLES | 85.0 |
| TABLE 27: SUMMARY OF THE BLOCK MODEL PARAMETERS | 85.0 |
| TABLE 28: COMMODITY PRICES AND RECOVERIES UTILIZED | 88.0 |
| TABLE 29: RECOMMENDED CUTTOFF'S FOR ESTIMATED METALS | 93.0 |
| TABLE 30: MINERAL RESOURCE STATEMENT AT 31ST DECEMBER 2024, FOR THE RAINBOW BLOCK | 93.0 |

---

**Page \| vii**

**Technical Report Summary**

LIST OF FIGURES

---

| | |
|:---|:---|
| FIGURE 1: RAINBOW BLOCK – LOCATION MAP (PREPARED BY DAHROUGE, 2024) | 11 |
| FIGURE 2: RAINBOW BLOCK MINERAL TENURE MAP (PREPARED BY DAHROUGE, 2024) | 12 |
| FIGURE 3: VIEW OF BUTTE FROM WALKERVILLE LOOKING SOUTHEAST. (VISIT SOUTHWEST MONTANA, 2024) | 20 |
| FIGURE 4: CLOUD COVER, PRECIPITATION, HUMIDITY, AVERAGE TEMPERATURE AND BEST TIME OF THE YEAR TO VISIT FOR THE BERT MOONEY AIRPORT, BUTTE, MT. (WEATHER SPARK, 2024) | 21 |
| FIGURE 5: SITE ACCESS MAP FOR THE PROJECT (PREPARED BY DAHROUGE, 2024) | 23 |
| FIGURE 6: REGIONAL POWER AND ELECTRICAL INFRASTRUCTURE MAP FOR THE PROJECT (PREPARED BY DAHROUGE, 2024) | 24 |
| FIGURE 7: LOCAL ELECTRICAL AND WATER INFRASTRUCTURE MAP FOR THE SILVER BOW MINING CORP. PROJECT (PREPARED BY DAHROUGE, 2024) | 25 |
| FIGURE 8: CLAIM BLOCKS OF THE SILVER BOW MINING AREA | 28 |
| FIGURE 9 GENERALIZED STRATIGRAPHIC COLUMN OF THE BUTTE DISTRICT, MONTANA (HOUSTON, 2001) | 32 |
| FIGURE 10 REGIONAL GEOLOGY OF WEST-CENTRAL MONTANA (HOUSTON AND DILLES, 2013) | 33 |
| FIGURE 11: GEOLOGIC MAP OF THE CENTRAL PART OF THE BUTTE DISTRICT (HOUSTON AND DILLES, 2013) | 34 |
| FIGURE 12 GEOLOGIC INTERPRETATION OF THE BUTTE LOCAL GEOLOGY (HOUSTON AND DILLES, 2013) | 35 |
| FIGURE 13 GEOLOGIC MAP OF THE CENTRAL PART OF THE BUTTE DISTRICT (HOUSTON AND DILLES, 2013) | 36 |
| FIGURE 14: A REFLECTED LIGHT MICROSCOPY IMAGE OF MINERALIZATION FROM THE ALICE MINE (ACANTHITE (AG2S) AND GALENA (PBS)) (GAMMONS ET AL, 2016) | 37 |
| FIGURE 15: A REFLECTED LIGHT MICROSCOPY IMAGE OF MINERALIZATION FROM THE LEXINGTON MINE. VISIBLE ARE NATIVE SILVER, GALENA (PBS), ARGENTITE (AG2S) AND CHALCOPYRITE "CPY" (CUFES2) (GAMMONS ET AL, 2016) | 38 |
| FIGURE 16 IDEALIZED ALTERATION ZONATION OF A PORPHYRY SYSTEM (SEAL, R. 2012) | 39 |
| FIGURE 17: ANATOMY OF AN IDEAL PORPHYRY SYSTEM (SILLITOE, R. 2010) | 40 |
| FIGURE 18: PLAN SHOWING THE EXPLORATION DRILL HOLES WITHIN THE RAINBOW BLOCK | 41 |
| FIGURE 19: CHIEF JOSEPH VEIN SURFACE SHOWING CHANNEL SAMPLES AND DRILL HOLES (PREPARED BY DAHROUGE, 2025) | 72 |
| FIGURE 20: LEXINGTON VEIN SURFACE SHOWING CHANNEL SAMPLES AND DRILL HOLES (PREPARED BY DAHROUGE, 2025) | 72 |
| FIGURE 21: SKYRME VEIN SURFACE SHOWING CHANNEL SAMPLES AND DRILL HOLES (PREPARED BY DAHROUGE, 2025) | 73 |
| FIGURE 22: REGRESSION ANALYSIS FOR DENSITY VS PB%+ZN%. | 74 |
| FIGURE 23: ANALYSIS OF DIFFERENT COMPOSITING LENGTHS AND THE EFFECTS ON THE ARITHMETIC MEAN AND VARIANCE WITHIN THE SILVER DATA FOR VEIN 220. | 75 |
| FIGURE 24: SILVER VARIOGRAM FOR VEIN 220 | 83 |
| FIGURE 25: ZINC VARIOGRAM FOR VEIN 362 | 84 |
| FIGURE 26: EXAMPLE OF A SWATH PLOT SHOWING ESTIMATED GRADES UTILIZING OK, NN AND THE POINT AVG | 86 |
| FIGURE 27: BREAK-EVEN CUT-OFF GRADE VS PROPOSED PROCESSING COST | 89 |
| FIGURE 28: SILVER EQUIVALENT (AGEQ) GRADE TONNAGE CURVE | 90 |
| FIGURE 29: SILVER (OUNCE PER TON) GRADE TONNAGE CURVE | 91 |
| FIGURE 30: GOLD (OUNCE PER TON) GRADE TONNAGE CURVE | 91 |
| FIGURE 31: LEAD (PERCENT) GRADE TONNAGE CURVE | 92 |
| FIGURE 32: ZINC (PERCENT) GRADE TONNAGE CURVE | 92 |
| FIGURE 33: SILVER COMMODITY PRICE JANUARY 31, 2014, TO APRIL 30, 2024 (IMF, 2024) | 100 |
| FIGURE 34: ZINC COMMODITY PRICE JANUARY 1, 2014 TO SEPTEMBER 1, 2024 (IMF, 2024) | 101 |
| FIGURE 35: LEAD COMMODITY PRICE JANUARY 1, 2014 TO SEPTEMBER 1, 2024 (IMF, 2024) | 103 |
| FIGURE 36: GOLD COMMODITY PRICE JANUARY 31, 2014, TO APRIL 30, 2024 (IMF, 2024) | 104 |

---

**Page \| viii**

ABBREVIATIONS

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Definition** |
| &nbsp;&nbsp;AA | &nbsp;&nbsp;Atomic Absorption |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;Silver |
| &nbsp;&nbsp;AgEq | &nbsp;&nbsp;Silver Equivalent |
| &nbsp;&nbsp;AMC, Anaconda | &nbsp;&nbsp;The Anaconda Company, Anaconda Mining Company, Anaconda Copper<br> Mining Company |
| &nbsp;&nbsp;ARCO | &nbsp;&nbsp;Atlantic Richfield Company, or ARCO Environmental Remediation, L.L.C. |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;Gold |
| &nbsp;&nbsp;BMFOU | &nbsp;&nbsp;Butte Mine Flooding Operable Unit |
| &nbsp;&nbsp;BMP | &nbsp;&nbsp;Best Management Practice |
| &nbsp;&nbsp;BPSOU | &nbsp;&nbsp;Butte Priority Soils Operable Unit |
| &nbsp;&nbsp;BQM | &nbsp;&nbsp;Butte Quartz Monzonite |
| &nbsp;&nbsp;BSBCo | &nbsp;&nbsp;Butte-Silver Bow County |
| &nbsp;&nbsp;Cu | &nbsp;&nbsp;Copper |
| &nbsp;&nbsp;DEQ | &nbsp;&nbsp;Montana Department of Environmental Quality |
| &nbsp;&nbsp;E | &nbsp;&nbsp;East |
| &nbsp;&nbsp;EPA | &nbsp;&nbsp;Environmental Protection Agency |
| &nbsp;&nbsp;ft | &nbsp;&nbsp;Feet |
| &nbsp;&nbsp;ICP-MS | &nbsp;&nbsp;Inductively Coupled Plasma Mass Spectrometry |
| &nbsp;&nbsp;IVD2 | &nbsp;&nbsp;Inverse Distance Squared |
| &nbsp;&nbsp;LCV | &nbsp;&nbsp;Lowland Creek Volcanics |
| &nbsp;&nbsp;LLP | &nbsp;&nbsp;Limited Liability Partnership |
| &nbsp;&nbsp;mi | &nbsp;&nbsp;Mile(s) |
| &nbsp;&nbsp;Mn | &nbsp;&nbsp;Manganese |
| &nbsp;&nbsp;µm | &nbsp;&nbsp;micron |
| &nbsp;&nbsp;Mt | &nbsp;&nbsp;Million Tons |
| &nbsp;&nbsp;N | &nbsp;&nbsp;North |
| &nbsp;&nbsp;NN | &nbsp;&nbsp;Nearest Neighbor |
| &nbsp;&nbsp;NSR | &nbsp;&nbsp;Net Smelter Return |
| &nbsp;&nbsp;OK | &nbsp;&nbsp;Ordinary Kriging |
| &nbsp;&nbsp;opt | &nbsp;&nbsp;Troy Ounce(s) Per Ton |
| &nbsp;&nbsp;Pb | &nbsp;&nbsp;Lead |
| &nbsp;&nbsp;RC Drilling | &nbsp;&nbsp;Reverse Circulation Drilling |
| &nbsp;&nbsp;RQD | &nbsp;&nbsp;Rock Quality Designation |
| &nbsp;&nbsp;S | &nbsp;&nbsp;South |
| &nbsp;&nbsp;SWPPP | &nbsp;&nbsp;Stormwater Pollution Prevention Plan |
| &nbsp;&nbsp;tonne | &nbsp;&nbsp;Metric tonne |
| &nbsp;&nbsp;TRS | &nbsp;&nbsp;Technical Report Summary |
| &nbsp;&nbsp;USD | &nbsp;&nbsp;United States Dollar |
| &nbsp;&nbsp;W | &nbsp;&nbsp;West |
| &nbsp;&nbsp;Zn | &nbsp;&nbsp;Zinc |
| &nbsp;&nbsp;**°** | &nbsp;&nbsp;Degree(s) |

---

**Technical Report Summary**

1 EXECUTIVE SUMMARY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 INTRODUCTION

Silver Bow Mining Corp. ("Silver Bow Mining" or "the Company") has retained Dahrouge Geological Consulting ("DGC") to prepare an independent Technical Report Summary on the Rainbow Block ("the Property") of the Rainbow Block Project, located in Montana, USA.

This Technical Report Summary was prepared as an exhibit to support the mineral property disclosure, including the initial assessment for the Mineral Resource estimate, for the "Rainbow Block Project of Silver Bow Mining Corp." in accordance with the Securities and Exchange Commission (SEC) S-K regulations (title 17, Part 229, items 601 and 1300 until 1305).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 PROPERTY
 DESCRIPTION

The Rainbow Block is in the Summit Valley Mining District ("the Butte Mining District", or "the District"), Silver Bow County, Montana, USA. This property is located north of the town of Butte and overlies a portion of Walkerville. In the north central part of the Rainbow Block is the historic Alice Pit, and directly southeast of the block is the historic Berkeley Pit. Montana Resources LLP ("Montana Resources") operates an active mine at the Continental Pit, producing copper and molybdenum concentrates east of the Rainbow Block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 OWNERSHIP

Silver Bow Mining holds the mineral rights in the Rainbow Block, which consists of 129 patented mining claims totaling approximately 887 acres, located within Sections 6 and 7, Township 3N, Range 7W, and Sections 1, 11 and 12, Township 3N, Range 8W. In many cases the surface rights have been severed from the mineral rights.

Title to the mineral rights for the Rainbow Block is held directly by Ferry Lane Limited, a wholly owned subsidiary of Silver Bow Mining Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 MINERAL
 TENURE, SURFACE RIGHTS, WATER RIGHTS, ROYALTIES AND AGREEMENTS.

Silver Bow Mining holds approximately 887 acres of mineral rights and 299 acres of surface rights in the Rainbow Block.

The Company has granted a Net Smelter Returns Royalty ("NSR") of 2% of Net Smelter Returns from all products produced from the Property. The Company has the exclusive right to buy out the full NSR for $7,500,000, with this price remaining fixed until 2035, after which it will be adjusted based on published inflation rates.

Various water rights for future operations may be required by the Company. Water for exploration activities will be purchased from Butte-Silver Bow County at an onsite hydrant.

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**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 GEOLOGY
 AND MINERALIZATION

The Butte Quartz Monzonite hosts a classic porphyry copper- and molybdenum deposits with the main mineralization occurring primarily within the potassic alteration shell on the periphery of the porphyry body.

Two stages of mineralization occurred in this deposit; the earlier "Pre-Main Stage" mineralization is currently being mined at the adjacent Montana Resources' Continental Open Pit Mine. The later "Main Stage" mineralization created wide mineralized veins that have historically been mined both underground and open pit methods. These polymetallic veins are rich in copper, zinc, manganese, lead, silver, and gold bearing minerals. The vein systems were accessed through the hundreds of miles of historical underground workings.

Main Stage mineralization in the District is concentrically zoned with copper-dominated veins located closest to the Anaconda porphyry core (Central Zone). These veins transition to copper-zinc veins within the Intermediate Zone and then to silver-zinc-lead-manganese-gold dominated veins in the Peripheral Zone.

Silver Bow Mining's mineral claims cover a significant portion of the Peripheral Zone and part of the Intermediate zone mineralization, and include some of the most persistent vein systems in the District.

Faulting throughout the District occurred in conjunction with and after vein formation as veins often display varying degrees of syn- and post-mineralization shearing and faulting. Vein offset due to faulting are generally minimal and usually do not significantly impact vein continuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 EXPLORATION

New Butte Mining commenced a drilling program in late 1987, drilling a total of 118 RC and diamond core drillholes from December 1987 through 1990, for a total of 38,251ft drilled. The RC drilling program was focused on the Badger and Rainbow vein systems. Prior to New Butte Mining, Anaconda performed underground diamond and RC drilling throughout the Project area.

From October 2021 to January 2022, eight surface diamond drill holes totalling 4,780 ft, were completed by the Company to confirm historical high-grade intercepts, provide infill data and determine the extent of vein systems.

The drill results from the 2021-2022 drill program revealed several high-grade mineralized zones. Notable highlights include Rainbow-Alice hole BJS21-03, averaging 3.60 opt silver, 0.1% copper, 1.7% lead, and 2.6% zinc, with a 1.41 ft interval yielding 13.27 opt silver and 36.5 opt silver equivalent. Other significant intercepts include Rainbow-Alice hole BJS21-23, which averaged 2.32 opt silver resulting in a 8.5 opt silver equivalent, and Lexington-Missoula hole BJS21-31, which intersected 7.09 ft averaging 4.31 opt silver and a resulting 10.8 opt silver equivalent.

**Page \| 3**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 MINERAL
 RESOURCE ESTIMATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 ESTIMATION
 METHODOLOGY

The grade block model was created along the geologic wireframe surfaces.

Compositing lengths of 2 feet were applied to the drillholes and the channel samples. The composites were calculated for Ag, Zn, Au and Pb.

Capping of the values in the composite dataset, and the result was used as the input dataset for estimation. Capping level was tested for each vein for each metal variable.

Ordinary Kriging ("OK") estimates were selected for Ag, Zn and Pb.

Inverse distance squared ("IVD2") was selected for the Au estimate.

Silver Equivalent ("AgEq") was calculated from the 4 variables estimated within the block of the grade block model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2 MINERAL
 RESOURCE STATEMENT

The Mineral Resource statement for Silver Equivalent is as of 31st December 2024.

A break-even cut-off grade of 4 opt for silver equivalent. Assumptions of metal price been utilized for the AgEq calculation. No cost analysis and processing factors have been analysed.

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;Vein | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AgEq | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AgEq |
| &nbsp;&nbsp;Category | &nbsp;&nbsp;Mt | &nbsp;&nbsp;M oz | &nbsp;&nbsp;opt |
| &nbsp;&nbsp;Inferred | 11.48 | 170.01 | 14.8 |
| &nbsp;&nbsp;Total | **11.48** | **170.01** | **14.8** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.3 FACTORS
 THAT MAY AFFECT THE MINERAL RESOURCE ESTIMATE

An inferred Mineral Resource estimate has been compiled for the Rainbow Block, using a constrained geologic model with hard boundary definition of the mineralized vein system. A limited amount of data for metal variables affected the estimation of those variables resulting in an inferred classification of the Mineral Resource estimate.

Current economic assumptions can be considered partially speculative and require more advanced data collection and economic analysis to convert the resource practically into mineral reserves.

The Metallurgical Recoveries utilized in the calculation of the Silver Equivalent (AgEq) require further analysis and study to confirm the applicability within the Rainbow Block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 MINERAL
 RESERVE ESTIMATE

No Mineral Reserve estimate is provided in this technical report summary.

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**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 MINING
 METHOD

There is no mining activity on the Rainbow Block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 RECOVERY
 METHOD

There is no recovery method proposed at this stage of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 INFRASTRUCTURE
 & OPERATIONS

The Rainbow Block features established infrastructure including a network of paved and unpaved roads, high-voltage power distribution systems and water service infrastructure. Historical mine workings throughout the property could potentially serve future development and can support future operational infrastructure, but this is yet to be established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 MARKETS
 AND CONTRACTS

A short, surface-level review of market performance of important metals hosted within the Rainbow Block Project is presented. Silver Bow Mining does not currently have any contracts in place for the Rainbow Block for the products resulting from mining.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1 Market
 Studies

The Rainbow Block has produced significant quantities of silver, zinc, copper, gold, and lead throughout 100-years of operating history. The Property's polymetallic nature provides exposure to both precious and base metals, including zinc, which the U.S. Government has designated as a Critical Mineral essential for economic and national security.

Market analysts project positive long-term price positive trends in the sector.

Zinc's strategic importance continues to expand beyond its traditional galvanizing applications. As an U.S. Government-designated Critical Mineral, zinc plays an essential role in renewable energy systems. Domestic zinc production capabilities are particularly significant given supply chain security concerns and limited U.S. production capacity.

Lead maintains its industrial relevance through established applications in energy storage systems, particularly for renewable energy installations and grid stability.

Copper demand shows sustained strength driven by renewable energy infrastructure, electric vehicle manufacturing, and global urbanization trends. The metal's vital role in green energy transition suggests continued price support and growth potential.

Gold continues its traditional role as a monetary metal and safe-haven asset. Market analysts project bullish long-term performance driven by global economic uncertainty and geopolitical factors.

The overall silver market continues to benefit from dual demand drivers: industrial consumption and investment interest. Industrial applications in electronics, photovoltaics, and medical devices provide baseline demand, while precious metal investment demand offers potential upside during periods of economic uncertainty.

**Page \| 5**

**Technical Report Summary**

Current market fundamentals support continued development of the Property's mineral potential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2 Commodity
 prices

Current commodity prices as reviewed on November 11th, 2024, are shown below:

Table 1: Metal Price (Kitco, 2024)

---

| | | |
|:---|:---|:---|
| <br> **Commodity** | &nbsp;&nbsp;&nbsp;&nbsp;**Spot <br> Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unit of <br> Price** |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;9328.50 | &nbsp;&nbsp;USD/ton |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;3018.17 | &nbsp;&nbsp;USD/ton |
| Silver | &nbsp;&nbsp;30.63 | &nbsp;&nbsp;USD/ounce |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;2617.90 | &nbsp;&nbsp;USD/ounce |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;2017.19 | &nbsp;&nbsp;USD/ton |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 ENVIRONMENTAL,
 PERMITTING AND SOCIAL CONSIDERATIONS

Environmental issues within the Project area and the greater Butte Mining District are surface and underground water quality, subsidence from historical underground mining operations and historical mining activities near domiciles of the public. Any future exploration and mining related activities are governed by stringent environmental regulations and subject to strict oversight by state and federal regulatory agencies.

New Butte Mining commissioned an environmental impact study (EIS) along with a hardrock mining impact plan for their operation in the Project area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.1 ENVIRONMENTAL
 STUDIES AND MONITORING

The Rainbow Block presents unique environmental and social considerations due to its location within both the Butte Area Superfund site and an established urban community.

Silver Bow Mining monitors the Rainbow Block Project site monthly as required by its SWPPP permit. In accordance with the inspection requirements, when all earth disturbing activities are complete or temporarily inactive, monthly site inspection reports are provided to DEQ.

During the spring and summer months, all reclaimed drill pads are inspected for noxious weeds and the appropriate measures are taken for weed control when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.2 SOCIAL
 PLANS

No social plans are available for the Project.

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**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.3 PERMITTING

The Company holds a current Exploration License on the Rainbow Block to conduct exploration activities and rehabilitation of the Chief Joseph Decline. The Company is in process of amending the Exploration Licence for a new underground exploration decline to be excavated, with approval of the amendment expected in 2025.

Currently held permits and licenses include the Exploration License, Stormwater Pollution Prevention Plan, and the Butte-Silver Bow County Business Licence. These are currently renewed annually and are current valid.

Potential future risks for consideration are the potential for local impacts that may be more significant and can be expected to result in extensive consultations and the development of remedial actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.4 CLOSURE
 PLANS

Closure and reclamation plans are included within the Exploration License for all approved exploration activity. The Company has posted a cash bond of $217,663 with the State of Montana for these closure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 CAPITAL
 COST ESTIMATES

No Capital cost analysis was available for the technical report summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 OPERATING
 COST ESTIMATES

No operating cost analysis was available for the technical report summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 ECONOMIC
 ANALYSIS

No economic analysis is available for this technical report summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 CONCLUSIONS
 & RECOMMENDATIONS

The Rainbow Block hosts underground Inferred Mineral Resources along well-defined mineralized trends. Through decades of drilling, mapping, sampling and resource delineation work, previous owner operators identified significant mineralization remaining within and beyond both historically mined areas and the mineralization contained in this Technical Report. Numerous veins remain open along strike and at depth

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 RISKS
 AND OPPORTUNITIES

This is an exploration Project and there is no guarantee that current or future exploration activities will result in the delineation of an economic Mineral Resource. Risks can be mitigated by adhering to a multi-phase exploration program with a robust planning and execution strategy.

**Page \| 7**

**Technical Report Summary**

2 INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 REGISTRANT

Silver Bow Mining Corp. ("Silver Bow Mining", or "the Company") has retained Jacob Anderson, CPG., of Dahrouge Geological Consulting ("DGC"), to prepare an independent Technical Report on the Rainbow Block ("the Project", or "the Property"), located in Butte, Montana, USA. The Property consists of the Rainbow claim block ("Rainbow Block") which includes 129 full and fractional contiguous patented lode mining claims covering approximately 299 surface acres, and 887 acres of mineral rights.

Silver Bow Mining Corp. (formerly known as Blackjack Silver Corp.) is a privately held, Canadian company with its corporate office located at:

1401 Idaho St

Butte, Montana 59701

The Company fully owns the Rainbow Block mineral rights of the former Anaconda Mining Company underground mine complex, a historically prolific world class silver, zinc and copper producer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 PURPOSE
 OF THE REPORT

This Technical Report Summary was prepared in accordance with the Securities and Exchange Commission (SEC) S-K regulations (Title 17, Part 229, Items 601 and 1300 through 1305) for the Rainbow Block of Silver Bow Mining Corp.

The Technical Report Summary has been prepared to fulfill requirements for potential listing on a U.S. stock exchange and to meet U.S. securities compliance standards. As a U.S. domestic issuer with mineral property assets in Montana, Silver Bow Mining Corp. must comply with S-K 1300 disclosure requirements for mineral properties that are material to the Company's business or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 TERMS
 OF REFERENCE

The following Technical Report Summary (the "Report") was prepared by Dahrouge Geological Consulting ("DGC") on behalf of Silver Bow Mining Corp. ("Silver Bow Mining", or "the Company") in accordance with the U.S. SEC Disclosure by Registrants Engaged in Mining Operations (disclosure regulations S-K 1300). It has been prepared to meet the requirements of Section 229.601(b)96 - Technical Report Summary.

The purpose of the Report is to provide open and transparent disclosure of all material, exploration activities Mineral Resource information to enable potential investor to understand the Rainbow Block claims and related estimations of the silver, zinc, lead, and gold mineralization contained within the Rainbow Block ("the Property", or "the Project) in the city of Butte and the town of Walkerville, Silver Bow County, Montana, USA.

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**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 QUALIFIED
 PERSONS

This Technical Report Summary has been prepared in accordance with the requirements of Subpart 1300 of Regulation S-K (SK 1300) and has been reviewed and approved by a qualified third-party consultant independent of the registrant. The third party has conducted a thorough review of the technical content, methodologies, assumptions, and conclusions presented in this report.

The qualified person responsible for this review is Jacob Anderson, CPG, MAusIMM of Dahrouge Geological Consulting, a reputable and independent consulting firm with extensive experience in mineral project evaluations and disclosures. The consultant meets the definition of a "qualified person" as set forth under Item 1300 of Regulation S-K and has confirmed that the information included herein is complete, materially accurate, and consistent with professional standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 SITE
 VISITS AND PERSONAL INSPECTIONS

Mr. Jacob Anderson, CPG., and Mr. Patrick Mullinger, B.Sc., of Dahrouge Geological Consulting, conducted a site visit to the Rainbow Block Property from December 9th to 13th, 2024. During this visit, an independent review of onsite data capture and verification of sampling and modelling was completed by Jacob Anderson and was assisted by Patrick Mullinger.

During this site visit, Dahrouge Consultants investigated current infrastructure and recorded the locations of claim boundaries and drillhole collar locations to verify and evaluate data capture and QAQC on drilling core and conducted an overall review of operations on the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 REPORT
 DATE

This desktop study and work program was completed between the dates of November 4th, 2024 and Report End Date with a site visit and data verification completed between the dates of December 13th , 2024 and February 28th, 2025

The effective date of this Technical Report Summary is 31st December 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 INFORMATION
 SOURCES AND REFERENCES

In addition to the site visit, the authors (the "Authors") of this Report held discussions with technical personnel from the Company regarding all pertinent aspects of the Project and completed a review of all available literature and documented results concerning the Property.

**Page \| 9**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 PREVIOUS
 REPORTS

This Technical Report Summary is the first which has been prepared for Silver Bow Mining Corp. regarding the Rainbow Block.

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**Rainbow Block – Montana, USA**

3 PROPERTY DESCRIPTION & LOCATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 PROPERTY
 LOCATION

The Rainbow Block is located in the Summit Valley Mining District ("the Butte Mining District", or "the District"), Silver Bow County, Montana, USA (Figure 1). The property is located in the northern part of Butte and within a portion of Walkerville. In the north central part of the Rainbow Block is the historic Alice Pit, and directly southeast of the block is the historic Berkeley Pit. Montana Resources LLP ("Montana Resources") operates an active mine at the Continental Pit, producing copper and molybdenum concentrates east of the Rainbow Block.

![](n5138exh96-1_img004.jpg)

Figure 1: Rainbow Block – Location Map (Prepared by Dahrouge, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 MINERAL
 TITLE AND TENURE

Silver Bow Mining holds the mineral rights in the Rainbow Block, which consists of 129 patented mining claims totaling approximately 887 acres (Table 2) , located within Sections 6 and 7, Township 3N, Range 7W, and Sections 1, 11 and 12, Township 3N, Range 8W. In many cases the surface rights have been severed from the mineral rights.

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**Technical Report Summary**

![](n5138exh96-1_img005.jpg)

Figure 2: Rainbow Block Mineral Tenure Map (Prepared by Dahrouge, 2024)

Table 2: Rainbow Block Mineral Tenure List

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;&nbsp;&nbsp;**Mineral Survey**<br> **No.** | &nbsp;&nbsp;**Acres<sup>1</sup>** | &nbsp;&nbsp;**Section<sup>2</sup>** | &nbsp;&nbsp;**Township** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Adirondack | &nbsp;&nbsp;1105 | &nbsp;&nbsp;2.71 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Albertross | &nbsp;&nbsp;4825 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Alice | &nbsp;&nbsp;466 | &nbsp;&nbsp;15.02 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Alice Millsite Lot 116-B | &nbsp;&nbsp;674 | &nbsp;&nbsp;16.43 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Allie Brown | &nbsp;&nbsp;347 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Allie brown Lot 37A | &nbsp;&nbsp;89 | &nbsp;&nbsp;3.37 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Amadore | &nbsp;&nbsp;8096 | &nbsp;&nbsp;1.21 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Amy | &nbsp;&nbsp;1023 | &nbsp;&nbsp;15.52 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Angela | &nbsp;&nbsp;1573 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Annie & Ida | &nbsp;&nbsp;554 | &nbsp;&nbsp;12.49 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Atlantic | &nbsp;&nbsp;671 | &nbsp;&nbsp;5.45 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Auraria | &nbsp;&nbsp;1031 | &nbsp;&nbsp;16.64 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Badger State | &nbsp;&nbsp;1032 | &nbsp;&nbsp;19.3 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |

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**Rainbow Block – Montana, USA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Mineral Survey**<br> **No.** | &nbsp;&nbsp;**Acres<sup>1</sup>** | &nbsp;&nbsp;**Section<sup>2</sup>** | &nbsp;&nbsp;**Township** | &nbsp;&nbsp;**Range** |
| 14 | &nbsp;&nbsp;Batchelor | &nbsp;&nbsp;688 | &nbsp;&nbsp;13.71 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Beaver | &nbsp;&nbsp;2781 | &nbsp;&nbsp;0.1 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Beck | &nbsp;&nbsp;1822 | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Bee Hive Fract | &nbsp;&nbsp;6386 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Belcher | &nbsp;&nbsp;1081 | &nbsp;&nbsp;20.06 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Bell | &nbsp;&nbsp;746 | &nbsp;&nbsp;13.32 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Belle of Butte | &nbsp;&nbsp;787 | &nbsp;&nbsp;13.95 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Blk 013 – Lot 16W Walkerville | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.069 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Blue Wing | &nbsp;&nbsp;675 | &nbsp;&nbsp;10.38 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Boston | &nbsp;&nbsp;1066 | &nbsp;&nbsp;7.26 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;Breakdown | &nbsp;&nbsp;7566 | &nbsp;&nbsp;10.68 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Buenos Ayres | &nbsp;&nbsp;669 | &nbsp;&nbsp;3.53 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;26 | &nbsp;&nbsp;Can-Can - Lots 1 & 2 | &nbsp;&nbsp;1663 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;27 | &nbsp;&nbsp;Cary | &nbsp;&nbsp;982 | &nbsp;&nbsp;17.05 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;28 | &nbsp;&nbsp;Chicago | &nbsp;&nbsp;1074 | &nbsp;&nbsp;1.53 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;29 | &nbsp;&nbsp;Chief Joseph - Por | &nbsp;&nbsp;1084 | &nbsp;&nbsp;15.7 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;Corra | &nbsp;&nbsp;987 | &nbsp;&nbsp;13.53 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;31 | &nbsp;&nbsp;Cottonwood | &nbsp;&nbsp;1970 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;32 | &nbsp;&nbsp;Cripple | &nbsp;&nbsp;1630 | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;33 | &nbsp;&nbsp;Crotch | &nbsp;&nbsp;2740 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;34 | &nbsp;&nbsp;Curry - Lot 116A | &nbsp;&nbsp;674 | &nbsp;&nbsp;16.43 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;35 | &nbsp;&nbsp;Darling Fract | &nbsp;&nbsp;4007 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Delmonte - Por | &nbsp;&nbsp;614 | &nbsp;&nbsp;17.59 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;37 | &nbsp;&nbsp;Diamond | &nbsp;&nbsp;858 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;38 | &nbsp;&nbsp;Edith May | &nbsp;&nbsp;970 | &nbsp;&nbsp;7.23 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;39 | &nbsp;&nbsp;Eveline | &nbsp;&nbsp;1126 | &nbsp;&nbsp;7.34 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;Excelsior | &nbsp;&nbsp;1891 | &nbsp;&nbsp;4.635 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;41 | &nbsp;&nbsp;Exile of Erin | &nbsp;&nbsp;1161 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;42 | &nbsp;&nbsp;Flag | &nbsp;&nbsp;576 | &nbsp;&nbsp;10.02 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;43 | &nbsp;&nbsp;Frank Moulton | &nbsp;&nbsp;553 | &nbsp;&nbsp;18.14 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;44 | &nbsp;&nbsp;Free For All | &nbsp;&nbsp;1165 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;45 | &nbsp;&nbsp;Frenchman No. 2 | &nbsp;&nbsp;6518 | &nbsp;&nbsp;9.21 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;46 | &nbsp;&nbsp;Gabriella | &nbsp;&nbsp;1574 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;47 | &nbsp;&nbsp;Garfield | &nbsp;&nbsp;1628 | &nbsp;&nbsp;4.05 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;48 | &nbsp;&nbsp;Giant | &nbsp;&nbsp;5512 | &nbsp;&nbsp;0.0431 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;49 | &nbsp;&nbsp;Golden Rule | &nbsp;&nbsp;2267 | &nbsp;&nbsp;3.31 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;50 | &nbsp;&nbsp;Gray Rock | &nbsp;&nbsp;580 | &nbsp;&nbsp;17.76 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;51 | &nbsp;&nbsp;Gulch | &nbsp;&nbsp;1566 | &nbsp;&nbsp;3.25 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;52 | &nbsp;&nbsp;Gusset | &nbsp;&nbsp;1528 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;53 | &nbsp;&nbsp;Hall | &nbsp;&nbsp;3366 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |

---

**Page \| 13**

**Technical Report Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Mineral Survey**<br> **No.** | &nbsp;&nbsp;**Acres<sup>1</sup>** | &nbsp;&nbsp;**Section<sup>2</sup>** | &nbsp;&nbsp;**Township** | &nbsp;&nbsp;**Range** |
| 54 | &nbsp;&nbsp;Hawkeye Lot 205-A | &nbsp;&nbsp;948 | &nbsp;&nbsp;4.69 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;55 | &nbsp;&nbsp;High Ore | &nbsp;&nbsp;712 | &nbsp;&nbsp;11.95 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;56 | &nbsp;&nbsp;Jennie Dell | &nbsp;&nbsp;2146 | &nbsp;&nbsp;8.95 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;57 | &nbsp;&nbsp;Jersey Blue | &nbsp;&nbsp;793 | &nbsp;&nbsp;19.66 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;58 | &nbsp;&nbsp;Josephine | &nbsp;&nbsp;577 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;59 | &nbsp;&nbsp;Julia | &nbsp;&nbsp;8224 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;60 | &nbsp;&nbsp;Kentucky | &nbsp;&nbsp;1189 | &nbsp;&nbsp;8.75 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;King O'Tolle | &nbsp;&nbsp;3898 | &nbsp;&nbsp;7.03 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;62 | &nbsp;&nbsp;Lamonta - Por | &nbsp;&nbsp;988 | &nbsp;&nbsp;19.59 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;63 | &nbsp;&nbsp;LaPlata | &nbsp;&nbsp;416 | &nbsp;&nbsp;17.38 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;64 | &nbsp;&nbsp;Lexington | &nbsp;&nbsp;552 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Lizzie K | &nbsp;&nbsp;5410 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;66 | &nbsp;&nbsp;Lone Tree | &nbsp;&nbsp;1269 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;67 | &nbsp;&nbsp;Lost Fraction - Por | &nbsp;&nbsp;6831 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;68 | &nbsp;&nbsp;Louisa | &nbsp;&nbsp;1575 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;69 | &nbsp;&nbsp;M.O.F. | &nbsp;&nbsp;5829 | &nbsp;&nbsp;0.0028 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;70 | &nbsp;&nbsp;Magna Charta | &nbsp;&nbsp;483 | &nbsp;&nbsp;18.59 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;71 | &nbsp;&nbsp;Magnolia | &nbsp;&nbsp;1062 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;72 | &nbsp;&nbsp;Manzenille - Por | &nbsp;&nbsp;1413 | &nbsp;&nbsp;16.03 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;73 | &nbsp;&nbsp;Meighan | &nbsp;&nbsp;6039 | &nbsp;&nbsp;5.1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;74 | &nbsp;&nbsp;Midnight | &nbsp;&nbsp;676 | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;75 | &nbsp;&nbsp;Midnight | &nbsp;&nbsp;735 | &nbsp;&nbsp;13.31 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;76 | &nbsp;&nbsp;Might | &nbsp;&nbsp;1626 | &nbsp;&nbsp;6.33 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;77 | &nbsp;&nbsp;Millview | &nbsp;&nbsp;1112 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;78 | &nbsp;&nbsp;Miners Union | &nbsp;&nbsp;1097 | &nbsp;&nbsp;10.43 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;79 | &nbsp;&nbsp;Minnie Irvine | &nbsp;&nbsp;907 | &nbsp;&nbsp;16.29 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;80 | &nbsp;&nbsp;Missing Link | &nbsp;&nbsp;1058 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;81 | &nbsp;&nbsp;Missoula | &nbsp;&nbsp;615 | &nbsp;&nbsp;16.58 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;82 | &nbsp;&nbsp;Missouri Girl | &nbsp;&nbsp;6619 | &nbsp;&nbsp;18.43 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;83 | &nbsp;&nbsp;Molecule | &nbsp;&nbsp;5833 | &nbsp;&nbsp;0.0001 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;84 | &nbsp;&nbsp;Moose | &nbsp;&nbsp;769 | &nbsp;&nbsp;4.04 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;85 | &nbsp;&nbsp;Neptune | &nbsp;&nbsp;1562 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;86 | &nbsp;&nbsp;Non-Consolidated | &nbsp;&nbsp;1810 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;87 | &nbsp;&nbsp;October | &nbsp;&nbsp;3514 | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;88 | &nbsp;&nbsp;Old Glory | &nbsp;&nbsp;1914 | &nbsp;&nbsp;8.19 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;89 | &nbsp;&nbsp;Paymaster | &nbsp;&nbsp;1180 | &nbsp;&nbsp;4.04 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;90 | &nbsp;&nbsp;Plover No. 1 | &nbsp;&nbsp;805 | &nbsp;&nbsp;6.03 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;91 | &nbsp;&nbsp;Pole | &nbsp;&nbsp;7405 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;92 | &nbsp;&nbsp;Poser | &nbsp;&nbsp;672 | &nbsp;&nbsp;14.65 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;93 | &nbsp;&nbsp;Ray Walker | &nbsp;&nbsp;1776 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |

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**Rainbow Block – Montana, USA**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>94 | &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Mineral Survey**<br> **No.** | &nbsp;&nbsp;**Acres<sup>1</sup>** | &nbsp;&nbsp;**Section<sup>2</sup>** | &nbsp;&nbsp;**Township** | &nbsp;&nbsp;**Range** |
| 94 | &nbsp;&nbsp;Ready Cash | &nbsp;&nbsp;1698 | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;95 | &nbsp;&nbsp;Rear Stake | &nbsp;&nbsp;6620 | &nbsp;&nbsp;8.06 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;96 | &nbsp;&nbsp;Reef Fraction | &nbsp;&nbsp;1435 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;97 | &nbsp;&nbsp;Retaken | &nbsp;&nbsp;2346 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;98 | &nbsp;&nbsp;Ridge | &nbsp;&nbsp;1697 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;99 | &nbsp;&nbsp;Rising Star | &nbsp;&nbsp;561 | &nbsp;&nbsp;13.57 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;Rival | &nbsp;&nbsp;3572 | &nbsp;&nbsp;14.41 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Rock Island | &nbsp;&nbsp;704 | &nbsp;&nbsp;5.92 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Rooney | &nbsp;&nbsp;947 | &nbsp;&nbsp;7.89 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;Roosevelt | &nbsp;&nbsp;7741 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Sally Ann | &nbsp;&nbsp;7458 | &nbsp;&nbsp;0.237 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;Salvadore | &nbsp;&nbsp;956 | &nbsp;&nbsp;10.06 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;Sargeant | &nbsp;&nbsp;1615 | &nbsp;&nbsp;7.547 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;107 | &nbsp;&nbsp;Saukie | &nbsp;&nbsp;810 | &nbsp;&nbsp;7.11 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;108 | &nbsp;&nbsp;Saukie West | &nbsp;&nbsp;857 | &nbsp;&nbsp;6.29 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;109 | &nbsp;&nbsp;Seal | &nbsp;&nbsp;3916 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;110 | &nbsp;&nbsp;Silver | &nbsp;&nbsp;1778 | &nbsp;&nbsp;0.845 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;111 | &nbsp;&nbsp;Silver City | &nbsp;&nbsp;6298 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;112 | &nbsp;&nbsp;Silver Queen | &nbsp;&nbsp;1508 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;113 | &nbsp;&nbsp;Silver Rule | &nbsp;&nbsp;2268 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;114 | &nbsp;&nbsp;Silver Safe | &nbsp;&nbsp;1358 | &nbsp;&nbsp;9.86 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;115 | &nbsp;&nbsp;Sister | &nbsp;&nbsp;1083 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;116 | &nbsp;&nbsp;Speculator | &nbsp;&nbsp;1100 | &nbsp;&nbsp;8.31 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;117 | &nbsp;&nbsp;St. Clair | &nbsp;&nbsp;5252 | &nbsp;&nbsp;4.82 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;118 | &nbsp;&nbsp;Thesus | &nbsp;&nbsp;1746 | &nbsp;&nbsp;10.068 | &nbsp;&nbsp;1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;119 | &nbsp;&nbsp;Ticon | &nbsp;&nbsp;1821 | &nbsp;&nbsp;1 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;Transit | &nbsp;&nbsp;670 | &nbsp;&nbsp;15.13 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;121 | &nbsp;&nbsp;Twilight/Surprise | &nbsp;&nbsp;957 | &nbsp;&nbsp;17.45 | &nbsp;&nbsp;11 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;122 | &nbsp;&nbsp;Valdemere | &nbsp;&nbsp;467 | &nbsp;&nbsp;3.34 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;123 | &nbsp;&nbsp;Venus - Por | &nbsp;&nbsp;1193 | &nbsp;&nbsp;3.27 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;124 | &nbsp;&nbsp;Violet | &nbsp;&nbsp;6094 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;125 | &nbsp;&nbsp;Walkerville (Lot 207A) | &nbsp;&nbsp;950 | &nbsp;&nbsp;5.01 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;126 | &nbsp;&nbsp;Wappelo | &nbsp;&nbsp;566 | &nbsp;&nbsp;12 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;127 | &nbsp;&nbsp;Wedge | &nbsp;&nbsp;4098 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;128 | &nbsp;&nbsp;Wild Bill | &nbsp;&nbsp;802 | &nbsp;&nbsp;11.79 | &nbsp;&nbsp;7 | &nbsp;&nbsp;3 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;129 | &nbsp;&nbsp;Wood Yard | &nbsp;&nbsp;1969 | &nbsp;&nbsp;0.538 | &nbsp;&nbsp;12 | &nbsp;&nbsp;3 | &nbsp;&nbsp;8 |

---

1 Non-material discrepancies are possible in reported acreage, depending on source.

2 Some original patents show claims situated over more than one section.

**Page \| 15**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 OWNERSHIP

Silver Bow Mining holds the mineral rights in the Rainbow Block, which consists of 129 patented mining claims totaling approximately 887 acres, located within Sections 6 and 7, Township 3N, Range 7W, and Sections 1, 11 and 12, Township 3N, Range 8W. In many cases the surface rights have been severed from the mineral rights.

Title to the mineral rights for the Rainbow Block are held directly by Ferry Lane Limited, a wholly owned subsidiary of Silver Bow Mining Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 ENVIRONMENTAL
 LIABILITIES

The Rainbow Block is situated within the Silver Bow Creek/Butte Area Superfund site, which is governed by two key consent decrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** The
 Butte Priority Soils Operable Unit (BPSOU) Consent Decree (2020)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** The
 Butte Mine Flooding Operable Unit (BMFOU) Consent Decree (2002)

Under the BMFOU Consent Decree, Montana Resources LLP treats contaminated groundwater before it enters Silver Bow Creek. This treatment obligation is part of the broader environmental management framework for the Butte Mining District.

Environmental indemnification for a substantial portion of the Property is governed by an agreement dated July 27, 2004, between Ferry Lane Limited and ARCO (the "ARCO Indemnification Agreement").

The ARCO Indemnification Agreement establishes two primary indemnification obligations:

● ARCO's Indemnification to Ferry Lane Limited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Covers
 ARCO's duties and obligations for environmental response actions required by applicable laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Encompasses
 claims, liabilities, obligations, actions, costs, fines, penalties and associated fees

● Ferry Lane's Indemnification to ARCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Covers
 mining activities on Ferry Lane Limited properties by any entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Extends
 to Ferry Lane Limited's use, ownership and development of the properties

This ARCO Indemnification Agreement forms part of a comprehensive settlement addressing environmental cleanup and remediation requirements at the Silver Bow Creek/Butte Area National

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**Rainbow Block – Montana, USA**

Priorities List (NPL) Site. The settlement was negotiated under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 PERMITS

Table 3: Status of permits and licenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Permit / License** | &nbsp;&nbsp;**Reference No.** | &nbsp;&nbsp;**Issued By** | &nbsp;&nbsp;**Date Granted** | &nbsp;&nbsp;**Validity** |
| &nbsp;&nbsp;Stormwater Pollution Prevention Plan (SWPPP) | &nbsp;&nbsp;109160 | &nbsp;&nbsp;DEQ | &nbsp;&nbsp;09/18/2021 | &nbsp;&nbsp;Annual |
| &nbsp;&nbsp;Exploration License | &nbsp;&nbsp;000857 | &nbsp;&nbsp;DEQ | &nbsp;&nbsp;10/05/2021 | &nbsp;&nbsp;Annual |
| &nbsp;&nbsp;Butte-Silver Bow County Business License | &nbsp;&nbsp;3497 | &nbsp;&nbsp;BSBCo | &nbsp;&nbsp;01/11/2021 | &nbsp;&nbsp;Annual |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.1 Surface
 Rights

Silver Bow Mining owns approximately 299 acres of private surface lands in the Rainbow Block which may be utilized for development of the Project, with remaining portions of the Property's surface rights being owned by third parties. Aside from this, there are no known risk factors that should prevent mineral exploration activities from taking place, and additional development if warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.2 Water
 Rights

Silver Bow Mining does not currently own any water rights. All historic water rights were either abandoned or deeded to third parties. Water needed for exploration activities is available for purchase from Butte-Silver Bow Water Utility Division at an existing onsite hydrant. Silver Bow Mining may eventually a secure additional water rights for Project development purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.3 Government
 Mining Taxes, Levies and Royalties

The Company has granted a Net Smelter Returns Royalty ("NSR") of 2% of Net Smelter Returns from all products (including precious metals, copper, zinc, lead, manganese, molybdenum, rare earth elements and other metallic products) produced and sold from the Property. The Company has the exclusive right to buy out the full NSR for $7,500,000, with this price remaining fixed until 2035, after which it will be adjusted based on published inflation rates. There are no other known third-party royalties, payments or other agreements or encumbrances subject to the findings of an updated title report for the claims.

**Page \| 17**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5.4 Other
 Significant Factors or Risks

Should mining, mineral processing and waste management be proposed, the consideration of local impacts will be important and can be expected to result in extensive consultations and the development of remedial actions. Due to proximity of the Rainbow Block to housing developments, property rights and access, mitigation actions for dust, noise and public safety risks will be factors to consider when performing work in the area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 ENCUMBRANCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.1 Permitting
 Requirements

The State of Montana requires an Exploration License for all exploration activities on the Property. The application must include detailed surface maps and proposed prospecting activity including exploration and reclamation methods. A reclamation and re-vegetation bond must be posted before the license is issued. The license is renewed annually and remains active until a full bond release is granted following a formal reclamation inspection by DEQ. Annual renewals require documentation of completed work and planned activities for the upcoming year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.2 Permitting
 Timelines

Silver Bow Mining's Exploration License is valid through December 31, 2025. Under Montana's Metal Mine Reclamation Act, exploration licenses are valid for one year from the date of issuance and require annual renewal. An amendment application (see Section 3.6.3) is currently being prepared by the Company for review by DEQ, with approval anticipated in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.3 Permit
 Conditions

Silver Bow Mining holds Exploration License No. 000857 issued by the Montana Department of Environmental Quality (MDEQ) in October 2021. The current license authorizes:

● Surface Drilling Program:

● Up to 10 drill pads

● 35 diamond drill holes

● Up to 1,500 feet below surface

● Total drilling of 29,300 ft

● Associated surface disturbance and access

Underground Rehabilitation:

● Rehabilitation of the Chief Joseph portal and decline

● Repair of underground workings

● Installation of required ground support

**P a g e \| 18**

**Rainbow Block – Montana, USA**

● Extraction of up to 10,000 tons of mineralized material for testing purposes

● Ventilation system upgrades

The Company is presently preparing an amendment application to DEQ to expand the scope of permitted activities to include:

● Development of a new exploration decline

● Additional surface exploration drill pads

● Associated surface support infrastructure

Advantages unique to permitting the Rainbow Block include:

● Located in a heavily impacted brownfield setting

● Ability to utilize existing mining infrastructure and access footprints

● For the most part, proposed surface disturbance will be located adjacent to other active mining operations and outside of the view-range of the community

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6.4 Violations
 and Fines

There are no known violations or fines associated with the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 SIGNIFICANT
 FACTORS AND RISKS THAT MAY AFFECT ACCESS, RIGHT OR WORK PROGRAMS

The Author of this Report section is not aware of any additional significant factors and risks that may affect access, title or the right or ability to perform work on the Rainbow Block that have not been discussed in this Report.

**Page \| 19**

**Technical Report Summary**

4 ACCESSIBILITY, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY & CLIMATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 TOPOGRAPHY
 ELEVATION AND VEGETATION

The Rainbow Block is situated within Silver Bow County, Montana, in an area characterized by its distinctive topographic setting along the Continental Divide. This major geographic feature encircles Butte to the north, east and south, forming a natural boundary between the Pacific watershed to the west and the Gulf of Mexico watershed to the east.

The District spans a significant elevation range across three distinct topographic zones. Lower Butte, known locally as "the Flats," is located within the Summit Valley at approximately 5,500 ft above sea level. Upper Butte, commonly called "Uptown," is situated at approximately 5,700 ft above sea level. The Rainbow Block Property lies in the upper region of the District, with topography reaching an elevation of 6,400 ft above sea level.

Terrain within the Property varies from gentle slopes to moderately steep hillsides. Historical mining activities have significantly altered the natural topography, creating a complex landscape of former mine workings, waste rock piles and reclaimed areas. Despite this disturbance, the Project area retains sufficient flat and gently sloping terrain to support potential future mining infrastructure and operations.

![](n5138exh96-1_img006.jpg)

Figure 3: View of Butte from Walkerville looking southeast. (Visit Southwest Montana, 2024)

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**Rainbow Block – Montana, USA**

The topography within the Rainbow Block Project area has been significantly altered by over 150 years of mining activity, making it a classic example of a "brownfields" site. The landscape is marked by historical mine sites, waste dumps, re-graded and remediated areas, and remnants of old headframes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 CLIMATE

The Project's climate is strongly influenced by its location relative to the Continental Divide, which creates distinct weather patterns across Montana. The Rainbow Block, situated on the western side of the divide, experiences a climate characterized by Pacific maritime influences, resulting in a cold, semi-arid environment.

Temperature patterns show significant seasonal variation. Over the past decade, the area has maintained an average annual temperature of approximately 40.6°F . Summer temperatures typically peak in July and August, reaching highs of 90°F, while winter lows can plunge to -30°F, particularly during December and January.

Precipitation follows a predictable seasonal pattern, with the majority falling during the late spring and early summer months of May through July. Annual rainfall averages 12 inches, supplemented by brief but intense afternoon thunderstorms during July and August. Winter snowfall is substantial, averaging 60 inches annually, with the heaviest accumulations occurring between November and March. The snow season can extend from mid-September through early May.

Spring runoff presents operational considerations for the Project. As mountain snowpack melts during spring and early summer, local waterways experience increased flow volumes, occasionally resulting in flood conditions. This seasonal pattern influences both surface water management requirements and access considerations for any planned exploration or development activities.aa

The climate allows for year-round operations, though winter conditions require additional operational considerations for safety and efficiency. Historical mining operations in the District have demonstrated the feasibility of continuous operation despite seasonal weather challenges.

![](n5138exh96-1_img007.jpg)

Figure 4: Cloud cover, precipitation, humidity, average temperature and best time of the year to visit for the Bert Mooney Airport, Butte, Mt. (Weather Spark, 2024)

**Page \| 21**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ACCESSIBILITY

Silver Bow County, located in southwestern Montana, is home to the unified government of Butte- Silver Bow, formed in 1977 when the city of Butte consolidated with Silver Bow County. As of the 2020 census, the county has a population of 34,494 residents, making Butte-Silver Bow the fifth- largest population center in Montana, covering 718 square miles.

The Property benefits from excellent transportation infrastructure. The Rainbow Block site is located just 2 miles from the intersection of two major interstate highways: Interstate 90, which runs east- west, and Interstate 15, which runs north-south (Figure 5). This strategic location provides efficient road access for both personnel and equipment.

Within the boundaries of Butte-Silver Bow lies Walkerville, a self-administered incorporated town. As of the 2020 census, Walkerville had a population of 639 residents.

Rail access is provided by two major lines that service the area. The Port of Montana railyard, situated 7 miles west of Butte, offers comprehensive logistics support including transload operations, distribution services, warehousing, and storage facilities. Both Union Pacific Railroad and BNSF Railway serve the Port, providing direct connections to West Coast shipping terminals (www.portofmontana.org). This rail service extends to within 1.5 miles of the Rainbow Block in Butte.

Air access is facilitated by Bert Mooney Airport on the southeast edge of Butte. The airport features modern terminal facilities and maintains regular domestic flight service through both Delta and United Airlines. The combination of highway, rail and air transportation infrastructure positions the Project advantageously for future development activities.

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**Rainbow Block – Montana, USA**

![](n5138exh96-1_img008.jpg)

Figure 5: Site Access Map for the Project (Prepared by Dahrouge, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 LOCAL
 RESOURCES & INFRASTRUCTURE

The local business community provides comprehensive support services for mining operations. Industrial services include welding, metal fabrication, and machine shops throughout the area. Equipment support is readily available through rental companies, parts suppliers, and heavy equipment contractors. Technical services such as drilling contractors and engineering firms maintain local offices, while the supply chain is supported by vendors of mine and office materials, industrial parts, petroleum products, and explosives.

Butte hosts several institutions critical to mining sector development. Montana Technological University offers programs in geological, mining, environmental, metallurgical, and engineering disciplines. The city is also home to the Montana Bureau of Mines and Geology (MBMG) and the Center for Advanced Materials Processing (CAMP).

While Butte provides most essential services locally, additional support is available in nearby cities. Bozeman lies 90 miles to the east, Helena 65 miles to the north, and Missoula 120 miles to the west.

The Property benefits from proximity to significant power generation facilities. The Basin Creek natural gas power plant, with 54 MW capacity, is located 9 miles from the site, while the Dave Gates natural gas power plant, generating 204 MW, is situated 24 miles away.

**Page \| 23**

**Technical Report Summary**

The Rainbow Block features established infrastructure including a network of paved and unpaved roads, high-voltage power distribution systems, and water service infrastructure. Historical mine workings throughout the property could potentially serve future development as ventilation pathways, hoisting systems, or emergency egress routes.

The local workforce is well-experienced in open-pit operations, though underground mining expertise is currently limited. However, recruitment opportunities exist within a 4-hour drive along Interstate 90, where several major underground operations maintain experienced workforces.

This infrastructure foundation, combined with local technical expertise and educational resources, positions the Project favorably for potential future development.

![](n5138exh96-1_img009.jpg)

Figure 6: Regional Power and Electrical Infrastructure Map for the Project (Prepared by Dahrouge, 2024).

**P a g e \| 24**

**Rainbow Block – Montana, USA**

![](n5138exh96-1_img010.jpg)

Figure 7: Local Electrical and Water Infrastructure Map for the Silver Bow Mining Corp. Project (Prepared by Dahrouge, 2024).

**Page \| 25**

**Technical Report Summary**

---

| | |
|:---|:---|
| 5 | HISTORY |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 PREVIOUS
 EXPLORATION & DEVELOPMENT

In 1864, the discovery of placer gold in southwestern Montana led to an initial gold rush. By 1867,

~75,000 oz of gold (Reed & Dilles, 2020) was produced from Missoula, Buffalo, Town (now Dublin) and Parrot Gulches, as well as Silver Bow Creek. By 1874 placer gold production began to wane as placers were depleted. Silver mining in Butte began at the end of 1864 when prospecting led miners to silver-rich vein outcrops of the Travona (Weed, 1912). Shortly afterwards the silver-rich Rainbow Vein was located, having been named for the broad sweeping curve of its outcrop along the northern portion of the Rainbow Block (Blake, 1887). Most of the silver produced in the Butte Mining District came from the Rainbow vein system (Jenkins and Lorengo, 2002) between 1874-1892, with most production coming from the supergene-enriched zones. More than 50 shafts were eventually sunk in the Butte Project area. Detailed production records for these early mines are unknown.

After the silver panic of 1892-1893, exacerbated by the repeal of the Sherman Silver Purchase Act in 1894, most of the silver mines closed and the primary metal of interest in Butte shifted to copper. Copper production started as early as 1866 as a byproduct of silver mining; however, with no treatment plant in the western USA, and with little economic value, copper was an afterthought.

With a blossoming electrical industry and new smelting technology at the turn of the century, Butte's copper resources rose to the forefront of mine development. Marcus Daly purchased interests in the Anaconda Mine in 1875 forming the Anaconda Gold and Silver Mining Company in 1880. Rich chalcocite-bearing veins, ranging from 50 to 100 ft, were encountered in the mine in 1882 and by 1884, the Anaconda shaft had reached a depth of ~590 ft. With the discovery of significant copper- bearing ore at the Anaconda Mine, Daly decided to build a local smelter instead of continuing the expensive procedure of shipping ore to Wales. In 1884, a 500 ton per day smelter was completed twenty-six miles west of Butte in the newly formed town of Anaconda. In 1891, the Anaconda Gold and Silver Mining Company was reincorporated as the Anaconda Mining Company. By 1892, Anaconda Mine production reached 100 million pounds of copper which made it the largest copper mine in the USA (Reed and Dilles, 2020). Over the next few years, the Anaconda Mining Company began to purchase and consolidate operations and control over its services and sources of raw materials. In 1899, the Amalgamated Copper Company was formed to hold all assets. Starting around 1910, the Anaconda Copper Mining Company began to consolidate all the assets of Amalgamated Copper Company under its direct ownership. By 1915, the Amalgamated Copper Company was dissolved, and all its assets became operational units under the Anaconda Copper Mining Company. In 1955, the Anaconda Copper Mining Company was renamed The Anaconda Company in recognition that its business interests had expanded beyond copper. These companies are referred to collectively as "Anaconda".

With the discovery of high-grade copper ore in wide polymetallic veins below the silver-rich, near surface vein systems, mining focused on the deeper Cu-mineralized bodies which necessitated deeper shafts. The sump of the Con Shaft (Mountain Consolidated) eventually reached 5,300 ft below the surface and was rivaled by other adjacent mines at depths of from 4,000 to 4,500 ft. The various Anaconda mines focused on the large copper veins in the central and intermediate portions of the District.

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**Rainbow Block – Montana, USA**

While Anaconda was primarily focused on the Cu-rich veins systems, it continued mining the copper- zinc veins of the Intermediate Zone, most notably at the Badger Mine. Between 1916 and 1967, Anaconda's mining operations in the zinc-dominant areas of the Butte Mining District produced

>22 million tons of ore, which yielded more than 3.6 billion pounds of zinc, 470 million pounds of lead, 135 million pounds of copper, 67 million ounces of silver and 188 thousand ounces of gold. While these production figures are significant, a 1998 USGS report estimated that remaining silver and zinc resources in the District equal recorded District production totals of 2,400 tons zinc metal and >700 million ounces of silver production (Long et al., 1998). Zinc mining began to wane due to labor issues and falling metal prices because of the sale of US government stockpiles. This forced primary zinc mines to close. Zinc mining was almost entirely shutdown in 1959 and finally ended at Butte in 1966 when the Elm Orlu-Badger block-caving project was shut down. From 1967 to 1975, Anaconda produced low-grade, bulk tonnage copper ore with block-caving methods at the Kelley Mine. Concurrently, mining continued in higher-grade veins from mines including the Mt. Con, Steward and Anselmo until Anaconda shut down all underground mining production in 1975.

Remaining mineralization was documented in detail by Anaconda as developed "reserves" and projected "resources" – as defined by Anaconda at that time, along with areas with significant exploration potential. Much of this is documented in a 1978 Anaconda report titled: "Ore Reserves and Resources", listed in the References section of this Report.

Open pit mining began in the Berkeley Pit in 1955 and continued through 1982. Mining of Pittsmont dome porphyry Cu-Mo to the east in the Continental Pit began in 1980, and a molybdenum circuit was added to the Weed Concentrator in 1981.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 PRIOR
 OWNERSHIP

The Anaconda Company was purchased by Atlantic Richfield ("ARCO") in 1977. Following a combination of poor metal prices and environmental liabilities associated with the Berkeley Pit, ARCO closed all its Butte operations in 1983. In 1985, Montana Resources owned by the industrialist Dennis Washington purchased the Anaconda properties in Butte from ARCO. Washington assigned the copper-molybdenum porphyry core to Montana Resources and the periphery Ag-Au-Pb-Zn-Cu vein assets to a network of smaller business entities to manage (Montana Mining Properties). Three blocks of patented mining claims – the Rainbow, Marget Ann (Florida), and Travona (Figure 8)were leased from Montana Mining Properties to a British-owned company, New Butte Mining PLC. New Butte Mining completed significant exploration and drilling programs on the claim blocks between 1987 and 1990, and mined within the Rainbow Block from 1988 to 1991. Within this short period of time, approximately 120,000 tons of ore were mined and milled before operations ceased due to low commodity prices. Due to the resulting financial difficulties, these claim blocks were sold to Burmarsh Limited, which in turn sold them to Ferry Lane Limited in 1998.

**Page \| 27**

**Technical Report Summary**

![](n5138exh96-1_img011.jpg)

Figure 8: Claim blocks of the Silver Bow Mining area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 HISTORICAL
 MINERAL AND RESOURCE ESTIMATES

The previous mineral resource estimate available, that in part included the Rainbow Block, was completed by the Anaconda Mining Company in 1978, following ARCO's acquisition in 1977. Anaconda recommended "extraction by present day mining technology: open pit mining, large scale block cave mining, highly mechanized bulk underground mining and selective underground mining employing proven Butte mining practices" (Miller, 1978). The reserves were categorized by type, including: (1) Open Pit-Type Ore Reserves/Resources; (2) Block Cave-Type Resources; (3) Mechanized, Bulk Underground Resources; and (4) Selective, Vein-Type Resources, shown below in Table 4 through 10.

*(**Cautionary note and disclaimer**: these "Resources" and "Reserves" are not compliant with and not meant as defined for this SK-1300 Report. These are historically reported values taken from an Anaconda report dated May 10, 1978, entitled "Ore Reserves and Resources, The Anaconda Company, Butte District, Montana, to January 1, 1978" prepared by the Geological Department – Butte Operations.*

**P a g e \| 28**

**Rainbow Block – Montana, USA**

*Values shown in this section are meant only for a preliminary grasp of magnitude for comparison of the Resource and Reserve values)*

Table 4: Open Pit Copper Ore Reserve of Butte Property (Miller, 1978)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ore Reserves - Copper** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Cu (%)** |
| &nbsp;&nbsp;Berkeley Pit Mining Reserve (0.25% Cu cut-off) | &nbsp;&nbsp;160117000 | &nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;Continental-North Pit | &nbsp;&nbsp;291190000 | &nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;Continental-South Pit | &nbsp;&nbsp;10108000 | &nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;Total, All Pits | &nbsp;&nbsp;461415000 | &nbsp;&nbsp;0.59 |

---

Table 5: Open Pit Copper Ore Resource (Miller, 1978)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Mineral Resource - Copper** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Cu (%)** |
| &nbsp;&nbsp;Total, All Pits | &nbsp;&nbsp;566649000 | &nbsp;&nbsp;0.43 |

---

Table 6:Open Pit Zinc Ore Resource (Miller, 1978)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mineral Resource - Zinc** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Cu (%)** | &nbsp;&nbsp;**Ag (Oz/Ton)** |
| &nbsp;&nbsp;Berkeley Pit (conservative estimate) | &nbsp;&nbsp;60000000 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.3 |

---

Table 7: Open Pit Siliceous Silver Resource (Miller, 1978)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mineral Resource - Siliceous Silver** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Ag (Oz/Ton)** | &nbsp;&nbsp;**Au (Oz/Ton)** |
| &nbsp;&nbsp;Alice-Rainbow Vein, East | &nbsp;&nbsp;708930 | &nbsp;&nbsp;5.02 | &nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;Syndicate Vein, East | &nbsp;&nbsp;232400 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.077 |

---

Table 8: Block-Cave Type Resource (Miller, 1978)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Block Cave-Type Resources** | &nbsp;&nbsp; <br> **Tons** | &nbsp;&nbsp;**Cu (%)** | &nbsp;&nbsp;**Mo (%)** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Ag (Oz/Ton)** | &nbsp;&nbsp;**Au (Oz/Ton)** |
| &nbsp;&nbsp;Phase I Copper Resource | &nbsp;&nbsp;122786894 | &nbsp;&nbsp;0.88 |  |  | &nbsp;&nbsp;0.33 |  |
| &nbsp;&nbsp;Deep Level, Disseminated Cu- Mo Resource (0.40% Cu cut-<br> off) | &nbsp;&nbsp; <br> 2231034219 | &nbsp;&nbsp; <br> 0.6 | &nbsp;&nbsp; <br> 0.028 |  | &nbsp;&nbsp; <br> 0.21 |  |
| &nbsp;&nbsp;Rainbow Vein (Badger Mine) | &nbsp;&nbsp;4066776 | &nbsp;&nbsp;0.11 |  | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;0.005 |
| &nbsp;&nbsp;Alice-Rainbow Vein (below Alice Pit) | &nbsp;&nbsp;323080 |  |  | &nbsp;&nbsp;5.666 | &nbsp;&nbsp;4.32 |  |

---

**Page \| 29**

**Technical Report Summary**

Table 9: Mechanized Bulk Underground Mining Resource (Miller, 1978)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Mechanized Bulk Underground Mining <br> Resource** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Cu (%)** | &nbsp;&nbsp;**Ag (Oz/Ton)** | &nbsp;&nbsp;**Zn (%)** |
| &nbsp;&nbsp;Syndicate Vein, East | &nbsp;&nbsp;4886800 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;1.88 |
| &nbsp;&nbsp;Syndicate Vein, West | &nbsp;&nbsp;12556256 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;1.43 | &nbsp;&nbsp;2.5 |
| &nbsp;&nbsp;Rising Star Vein (F.W. Rising Star System) | &nbsp;&nbsp;2312198 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;3.71 |
| &nbsp;&nbsp;Minnie Healy Horsetail Zone (below 3800 level) | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.23 |  |

---

Table 10: Selective, Vein-Type Resource (Miller, 1978)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Selective, Vein-Type Resources** | &nbsp;&nbsp;**Selective, Vein-Type Resources** | &nbsp;&nbsp;**Selective, Vein-Type Resources** | &nbsp;&nbsp;**Selective, Vein-Type Resources** | &nbsp;&nbsp;**Selective, Vein-Type Resources** | &nbsp;&nbsp;**Selective, Vein-Type Resources** |
| &nbsp;&nbsp;**Mineral Resources - Cu** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Cu (%)** | &nbsp;&nbsp;**Ag (Oz/Ton)** |  |  |
| &nbsp;&nbsp;Gross Developed plus Probable | &nbsp;&nbsp;22523604 | &nbsp;&nbsp;4.11 | &nbsp;&nbsp;1.7 |  |  |
| &nbsp;&nbsp;Gross Future | &nbsp;&nbsp;7148134 | &nbsp;&nbsp;4.32 | &nbsp;&nbsp;2.04 |  |  |
| &nbsp;&nbsp;**Mineral Resources - Zinc** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Ag (Oz/Ton)** |  |  |
| &nbsp;&nbsp;Gross Developed plus Probable | &nbsp;&nbsp;8721060 | &nbsp;&nbsp;9.01 | &nbsp;&nbsp;3.49 |  |  |
| &nbsp;&nbsp;Gross Future | &nbsp;&nbsp;5757076 | &nbsp;&nbsp;8.88 | &nbsp;&nbsp;3.03 |  |  |
| &nbsp;&nbsp;**Mineral Resources - Manganese** | &nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**Mn (%)** | &nbsp;&nbsp;**Ag (Oz/Ton)** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Pb (%)** |
| &nbsp;&nbsp;Gross Developed plus Probable | &nbsp;&nbsp;1642903 | &nbsp;&nbsp;18.85 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;0.99 |
| &nbsp;&nbsp;Gross Future | &nbsp;&nbsp;201501 | &nbsp;&nbsp;19.37 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;0.71 |

---

In this report and in Anaconda Mining Company publications on the Rainbow Block, resources and reserves are not separated between the claim blocks, meaning these numbers may not reflect mineralization present within Silver Bow Mining's mining claim boundaries on the Rainbow Block, but instead reflect the mineral resource and reserve of the entirety of what Anaconda Mining Company referred to in this report as the Rainbow Block.

Within the Rainbow Block, several significant historical mines are worth noting. Information on these is taken in part from The Anaconda Company's final resource and reserve update as well as archival information from the Company's files.

Historical production from the Butte Mining District from 1881 to 2004 is shown below Table 11. This is cumulative production of reported values. In total, these levels of production of the deposit make it one of the top silver, zinc, and copper producers in the world. During World War I and II efforts, the Butte Property produced 98% of all manganese required for steel production (Czehura, 2006). No production has occurred on the Rainbow Block since New Butte Mining's operations in 1991.

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**Rainbow Block – Montana, USA**

Table 11: Historical Production on Butte Property (Cehura, 2006).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Production** | &nbsp;&nbsp;**Contained Metal** | &nbsp;&nbsp;**Contained Metal** | &nbsp;&nbsp;**Contained Metal** | &nbsp;&nbsp;**Contained Metal** | &nbsp;&nbsp;**Contained Metal** | &nbsp;&nbsp;**Contained Metal** |
|  | &nbsp;&nbsp;Cu (tonnes) | &nbsp;&nbsp;Zn (tonnes) | &nbsp;&nbsp;Mn (tonnes) | &nbsp;&nbsp;Pb (tonnes) | &nbsp;&nbsp;Ag (oz) | &nbsp;&nbsp;Au (oz) |
| &nbsp;&nbsp;**1881 to 2004** | &nbsp;&nbsp;10777465 | &nbsp;&nbsp;2454601 | &nbsp;&nbsp;1851394 | &nbsp;&nbsp;427399 | &nbsp;&nbsp;715340826 | &nbsp;&nbsp;2922446 |

---

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**Technical Report Summary**

6 GEOLOGICAL SETTING, MINERALIZATION, & DEPOSIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 REGIONAL
 GEOLOGY

The Butte porphyry copper-molybdenum deposit is hosted within the Late Cretaceous Butte Quartz Monzonite (BQM), which is part of the Boulder Batholith in Silverbow County, Montana. The BQM classifies as a biotite-hornblende granite, dated at approximately 76.5 Ma.

Figure 9 Generalized Stratigraphic Column of the Butte District, Montana (Houston, 2001)

The Boulder Batholith comprises the Butte Granite and various satellite plutons emplaced into older Mesoproterozoic to Mesozoic sedimentary units and possibly coeval Elkhorn Mountains Volcanics. The batholith is elongated NNE–SSW, bounded by the Lewis and Clark Line to the north and a major East–West fault to the south that delineates the transition to Archean basement. Magmatism in the region is attributed to the subduction of the Farallon Plate, initially producing Elkhorn Volcanics and followed by emplacement of multiple intrusive phases ranging from mafic to felsic. Mineralization at

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**Rainbow Block – Montana, USA**

Butte is hosted entirely within the BQM and associated quartz porphyry dikes. These dikes, characterized by orthoclase phenocrysts and quartz eyes, predate the Main Stage porphyry Cu-Mo mineralization.

![](n5138exh96-1_img013.jpg)

Figure 10 Regional Geology of West-Central Montana (Houston and Dilles, 2013)

Intrusions of aplite, pegmatite, and grano-aplite occur throughout the BQM, with grano-aplite bodies representing composite magmatic textures and larger volumes than the more tabular aplite and pegmatite.

Although Eocene-aged Lowland Creek Volcanics are present, they are rare within the project area and post-date mineralization. Structural disruption from Basin and Range faulting has uniquely exposed both upper phyllic and lower potassic zones of the Butte system at the surface. The Continental Pit, currently active, extracts Pre-Main Stage Cu-Mo ore east of the Continental Fault, while historical mining at the Berkeley Pit targeted Main Stage copper veins and a supergene chalcocite blanket west of the fault.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 LOCAL
 & PROPERTY GEOLOGY

The Rainbow Block is located within the Butte Mining District and is included within the Butte Quartz Monzonite (BQM), a medium- to coarse-grained intrusive rock that is mineralogically uniform across

**Page \| 33**

**Technical Report Summary**

the district. The BQM is composed primarily of quartz and potassium feldspar, with consistent mineralogy throughout the region (Rusk et al., 2008).

The Butte porphyry copper-molybdenum (Cu-Mo) system developed from a magmatic-hydrothermal system that fractured the overlying BQM, forming a stockwork of quartz-sulfide veinlets. These veins were deposited in a sequence reflecting cooling and evolving fluid chemistry: early high-temperature quartz-chalcopyrite veins with biotite-feldspar alteration gave way to quartz-molybdenite veins with minimal alteration, followed by quartz-pyrite veins with strong sericite alteration, and finally, Main Stage veins containing quartz and base metal sulfides (Rusk et al., 2008).

![](n5138exh96-1_img014.jpg)

Figure 11: Geologic Map of the Central Part of the Butte District (Houston and Dilles, 2013)

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**Rainbow Block – Montana, USA**

Mineralization is primarily localized within two structural domes: the Anaconda and Pittsmont Domes (Houston and Dilles, 2013). These domes host overlapping zones of potassic alteration and stockwork veining. Alteration progresses from deep biotite-potassium feldspar zones to shallower chlorite-sericite-pyrite assemblages near the surface. Between the domes lies an intensely altered zone characterized by dense quartz-sericite-pyrite (QSP) alteration and pyrite-quartz veining.

![](n5138exh96-1_img015.jpg)

Figure 12 Geologic interpretation of the Butte local geology (Houston and Dilles, 2013)

The mineralization includes early Cu-Mo related to deep porphyry-style systems, followed by later Main Stage Ag-Zn-Cu veins related to shallower hydrothermal activity (Lund et al., 2018).

The BQM is intruded by numerous pegmatitic and aplitic dikes. These light pink dikes are composed of orthoclase, quartz, oligoclase-andesine, and minor biotite, with accessory sulfides such as pyrite and chalcopyrite, and rare occurrences of magnetite and pyrrhotite. The dikes are typically gently dipping and occur as parallel sheeted sets. Contacts with the BQM are generally sharp, although locally gradational. Aplite dikes range in thickness from a few inches to over 50 feet, often displaying zoning toward coarser pegmatitic cores.

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**Technical Report Summary**

![](n5138exh96-1_img016.jpg)

Figure 13 Geologic Map of the Central Part of the Butte District (Houston and Dilles, 2013)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 MINERALIZATION

Pre-Main Stage mineralization is centered on the Anaconda and Pittsmont Domes and comprises of stockwork quartz-sulfide veinlets formed from magmatic-hydrothermal fluids. This early stage is rich in copper and molybdenum and associated with potassic alteration in the quartz monzonite host.

Main Stage mineralization is structurally controlled along two main vein sets:

● Anaconda veins (striking ~N65–80°E, steeply south-dipping)

● Blue veins (striking ~N45–65°W, dipping ~50–90° SW)

The Blue veins locally offset Anaconda veins with left-lateral displacements of up to 1,000 feet. Cross- cutting relationships suggest they formed contemporaneously along conjugate fault systems during Laramide compression (Houston and Dilles, 2013; Proffett, 1973).

Main Stage veins exhibit distinct zoning:

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**Rainbow Block – Montana, USA**

● Central Zone: High-sulfidation Cu-rich minerals (e.g., enargite, hypogene chalcocite)

● Intermediate Zone: Mixed Cu-Zn mineralization (e.g., sphalerite, chalcocite, chalcopyrite, bornite)

● Peripheral Zone: Ag-Pb-Zn-Mn mineralization (e.g., sphalerite, galena, rhodochrosite, silver sulfides), with limited copper

![](n5138exh96-1_img017.jpg)

Figure 14: A reflected light microscopy image of mineralization from the Alice mine (Acanthite (Ag2S) and Galena (PbS)) (Gammons et al, 2016).

The Rainbow Block contains both Intermediate and Peripheral zones, and mineralization is present in multiple styles including massive sulfides, banded textures, breccias, disseminations, and pod-like masses. The dominant veins—Rainbow and Badger State—are laterally extensive (>11,900 ft), vertically continuous (>4,500 ft), and range from 5 to 50 ft in width (Czehura, 2006).

Economic minerals within the Rainbow Block include:

● Silver (native, acanthite/argentite, proustite, tennantite)

● Zinc (sphalerite)

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**Technical Report Summary**

● Lead (galena)

● Copper (chalcopyrite)

● Gold (native and electrum)

● Manganese (rhodonite, rhodochrosite)

![](n5138exh96-1_img018.jpg)

Figure 15: A Reflected light Microscopy image of mineralization from the Lexington mine. Visible are native silver, galena (PbS), argentite (Ag2S) and chalcopyrite "cpy" (CuFeS2) (Gammons et al, 2016).

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**Rainbow Block – Montana, USA**

Silver and gold occur as fine inclusions (5–80 µm) within pyrite and galena. Some gold is substituted within sphalerite.

![](n5138exh96-1_img019.jpg)

Figure 16 Idealized Alteration Zonation of a Porphyry System (Seal, R. 2012)

Main Stage veins are surrounded by zoned alteration halos, progressing from:

● Sericitic/phyllic (adjacent to veins)

● Argillic (kaolinite and green montmorillonite)

● Propylitic (epidote-rich zones)

This mineralization and alteration pattern reflects cooling and neutralization of metal-rich fluids migrating outward from the porphyry core, producing predictable changes in mineral assemblages and metal zoning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 DEPOSIT

The metallogenetic setting of the Rainbow Block and surrounding area is that of the periphery of a classic mineralized porphyry system (Figure 17).The Butte porphyry system is the fourth largest documented porphyry system in the world, based on contained copper, with a global resource of 6.34 billion tonnes averaging 0.75% Cu, 0.018% Mo, and 1.2 g/t (0.035 opt) Au (Cooke, Hollings, Walsh, et al, 2005). Due to the unique structural setting of the area, the overlying and peripheral areas are particularly rich in base metals. Mineralization has been identified as being a sub-linearly aligned swarm of cross-cutting veins, which can reach thicknesses of several feet, strike lengths of around 1000 feet or more and down-dip extents of more than 5,000 feet.

The mineralized vein formed when metal-rich fluids migrated outward from the porphyry core, their chemical composition changed, forming metal zonation in the veins, such that Cu base minerals progressively replaced Zn and Ag base minerals. Mineral assemblages in veins change gradually inward from Ag-Au mineralization, through the Cu front within which sphalerite-galena-

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**Technical Report Summary**

chalcopyrite-tennantite and sphalerite-galena-chalcopyrite-bornite assemblages are common, and past the inner Zn zone which contains the predominant Cu-rich chalcocite-enargite-bornite-pyrite assemblages (Lund et al., 2018).

On the outskirts of the Butte Porphyry, the Rainbow Block hosts large, mineralized vein systems which vary in mineralogy in a predictable arrangement. The arrangement is commonly described as vein zonation in which the central district is characterized by high-sulphidation, Cu-rich veins. The Rainbow Block contains the Intermediate Zone, considered as Zn plus Cu to the Cu front and containing Pb-Zn sulfides and the Peripheral Zone of the block containing Ag-Mn-Pb-Zn polymetallic assemblages (Sales and Meyer, 1949; Proffett, 1973; Lund et al, 2018).

The Rainbow Block Ag-rich veins follow a generally consistent mineral assemblage within the Anaconda and Blue vein systems. South of the Rainbow Block, in the veins of the porphyry core are sets of high sulfidation Cu minerals. Cu veins are hosted in fractures that have been more complexly deformed, are wider and more mineralized than their outer-district counterparts.

![](n5138exh96-1_img020.jpg)

Figure 17: Anatomy of an Ideal Porphyry System (Sillitoe, R. 2010)

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**Rainbow Block – Montana, USA**

7 EXPLORATION

Drilling within the Rainbow Block originally started in 1959 through work done by Anaconda Mining. This was followed by a more extensive exploration program within the block from 1980 until 1981. Once New Butte Mining acquired the property drilling exploration recommenced from 1987 until 1990.

Company exploration activities recommenced from 2021 to 2022.

Location of the drill hole collars are shown in Figure 18.

![](n5138exh96-1_img021.jpg)

Figure 18: Plan showing the exploration drill holes within the Rainbow Block

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 EXPLORATION

Given the extensive data on hand coupled with many decades of mining previously discussed in Section 5.1., the Rainbow Block is considered an advanced-stage exploration Project. Aside from the diamond drilling program completed in January 2022, much of the activities carried out by the Company since then have focused on scanning, digitization and 3D modelling of underground mine workings and geologic & sampling data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Geologic
 Mapping

The Company has compiled, digitized and systematically organized an extensive collection of historical technical documents spanning operations from the late 1800's to 1991. This involved

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**Technical Report Summary**

scanning around 10,000 maps and documents, followed by data entry into spreadsheets and digitization of maps for the 3D geologic model.

Historical documentation includes:

● Underground level plans and stope sheets

● Geological maps at various scales (1:50 to 1:5000)

● Assay records and sampling sheets

● Production reports and ledgers

● Survey control documents

● Cross-sections and long sections

● Metallurgical reports

● Geologic reports and correspondence

● Claim and property documents

Data Management and Organization:

● Maps and sections are georeferenced and organized by mine or location

● Dedicated folder structures maintained for each software package:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Vulcan 3-D
 for resource modelling and mine planning

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o AutoCAD for
 engineering drawings and infrastructure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o ArcGIS for
 surface mapping and spatial analysis

● Historical sample data manually entered into standardized spreadsheets

● Rigorous data validation through cross-checking and spot verification

● All numerical sample data imported into Vulcan 3-D database

● Supporting databases maintained in Microsoft Excel

● Quality control documentation maintained

● Storage and Security Protocols:

● Original hardcopy documents preserved in secure vault

● Digital archive maintained on dedicated servers at Company's Butte office

● Regular automated backups to secure cloud storage

● Regular backups to physical drives stored in an offsite facility

● Regular validation of backup integrity

● Restricted access protocols for both physical and digital records

● Duplicate archives maintained at MBMG facilities

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**Rainbow Block – Montana, USA**

In addition, new Butte Mining conducted a surface trenching program in December 1987. The program consisted of nine north-to-south trenches sampled on the east and west sides of each trench. A total of 1,626.5 ft of trenching was completed (Table 12)

Note that coordinates in Tables 13 – 17 are reported in UTM NAD 83 Zone 12N AMC Mine Grid.

Table 12: Collar Coordinates For 1987 New Butte Mining Trenches and west sides (Silver Bow Mining 2022).

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Trench No. | &nbsp;&nbsp;Easting AMC) | &nbsp;&nbsp;Northing AMC | &nbsp;&nbsp;Start Elevation (ft) | &nbsp;&nbsp;Length (ft) |
| &nbsp;&nbsp;R-T87-1E | &nbsp;&nbsp;29709.2 | &nbsp;&nbsp;39495.9 | &nbsp;&nbsp;6366.5 | &nbsp;&nbsp;222.0 |
| &nbsp;&nbsp;R-T87-1W | &nbsp;&nbsp;29707.0 | &nbsp;&nbsp;39496.0 | &nbsp;&nbsp;6366.3 | &nbsp;&nbsp;222.0 |
| &nbsp;&nbsp;R-T87-2E | &nbsp;&nbsp;29607.0 | &nbsp;&nbsp;39643.5 | &nbsp;&nbsp;6358.3 | &nbsp;&nbsp;210.0 |
| &nbsp;&nbsp;R-T87-2W | &nbsp;&nbsp;29605.0 | &nbsp;&nbsp;39643.0 | &nbsp;&nbsp;6358.1 | &nbsp;&nbsp;210.0 |
| &nbsp;&nbsp;R-T87-3E | &nbsp;&nbsp;29502.6 | &nbsp;&nbsp;39715.0 | &nbsp;&nbsp;6350.4 | &nbsp;&nbsp;336.0 |
| &nbsp;&nbsp;R-T87-3W | &nbsp;&nbsp;29499.0 | &nbsp;&nbsp;39715.0 | &nbsp;&nbsp;6350.0 | &nbsp;&nbsp;336.0 |
| &nbsp;&nbsp;R-T87-4E | &nbsp;&nbsp;29593.6 | &nbsp;&nbsp;39244.6 | &nbsp;&nbsp;6332.8 | &nbsp;&nbsp;103.0 |
| &nbsp;&nbsp;R-T87-4W | &nbsp;&nbsp;29592.0 | &nbsp;&nbsp;39245.0 | &nbsp;&nbsp;6332.7 | &nbsp;&nbsp;103.0 |
| &nbsp;&nbsp;R-T87-5E | &nbsp;&nbsp;29402.0 | &nbsp;&nbsp;39625.0 | &nbsp;&nbsp;6336.7 | &nbsp;&nbsp;285.0 |
| &nbsp;&nbsp;R-T87-5W | &nbsp;&nbsp;29400.0 | &nbsp;&nbsp;39625.0 | &nbsp;&nbsp;6336.6 | &nbsp;&nbsp;285.0 |
| &nbsp;&nbsp;R-T87-6 | &nbsp;&nbsp;29416.0 | &nbsp;&nbsp;39283.0 | &nbsp;&nbsp;6318.9 | &nbsp;&nbsp;52.0 |
| &nbsp;&nbsp;R-T87-7E | &nbsp;&nbsp;29306.5 | &nbsp;&nbsp;39503.7 | &nbsp;&nbsp;6321.9 | &nbsp;&nbsp;147.5 |
| &nbsp;&nbsp;R-T87-7W | &nbsp;&nbsp;29304.0 | &nbsp;&nbsp;39504.0 | &nbsp;&nbsp;6321.7 | &nbsp;&nbsp;147.5 |
| &nbsp;&nbsp;R-T87-8E | &nbsp;&nbsp;29472.0 | &nbsp;&nbsp;39342.0 | &nbsp;&nbsp;6329.6 | &nbsp;&nbsp;91.0 |
| &nbsp;&nbsp;R-T87-9E | &nbsp;&nbsp;29744.4 | &nbsp;&nbsp;39367.6 | &nbsp;&nbsp;6351.7 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-T87-9W | &nbsp;&nbsp;29743.0 | &nbsp;&nbsp;39367.0 | &nbsp;&nbsp;6351.5 | &nbsp;&nbsp;180.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Geochemistry

Aside from the metallurgy and channel sampling done by Anaconda (see section 8.1.1), past drilling programs from New Butte Mining from 1987 to 1990, and by the Company in 2022 discussed in section 7.3, no other geochemical sampling has occurred on the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Geophysics

No geophysical studies have been conducted over the Rainbow Block that the QP can provide comment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 Petrology,
 Mineralogy and Research Studies

Multiple research studies have occurred throughout the history of the District. Ranging from USGS mapping and mineralogical reports to college theses. Topics ranged from alteration patterns and genesis with a focus on sericite alteration.

**Page \| 43**

**Technical Report Summary**

● Geology and Ore Deposits of the Butte District, Montana (Weed, 1912)

● The Butte Magmatic-Hydrothermal System: One Fluid Yields All Alteration and Veins (Reed & Rusk, 2013)

● Structural Geologic Evolution of the Butte District, Montana (Houston & Dilles, 2013)

● New investigations of the mineralogy of silver in the world-class porphyry lode deposits of Butte, Montana (Gammons, 2016).

A study conducted by Geiger et al, 2002, titled *"New insights from reactive transport modelling: the formation of the sericitic vein envelopes during early hydrothermal alteration at Butte, Montana"*, used a reactive transport model to study the formation of sericitic alteration envelopes around veins in the Butte porphyry copper deposit. The study was conducted on samples collected from the Butte Quartz Monzonite. The findings of the model suggest that a reducing, low pH, and low salinity fluid at ~750°F and <14500 PSI can produce the observed grey sericitic and sericitic with remnant biotite alteration zones within ~100 years. The Butte Quartz monzonite is coarse-grained and compositionally uniform throughout the Butte district. Alteration, mineralization, and metal enrichment in the Butte district are associated with vein sets of different ages within the quartz, and as study indicates that this hydrothermal alteration has very little impact on porosity of the host rock, so accumulation of metal enrichment is focussed along the vein sets and is typical of this type of alteration common for other porphyry copper deposits around the world.

A thesis on the Marget-Anne deposit noted that the veining was different in that area. They determined that there was a mixing of high temperature high salinity and lower temperature and salinity meteoric water to account for these changes near the periphery of the system (Ostenburg, 2024).

Mark Reed and John Dilles (2021) summarise the ore deposit of Butte, Montana and the historical mining that has taken place. The paper reviews historical data collected and describes historical exploration of the region. Including review of the Geological models utilised for the description of the ore geochronology and mineralization across the region. The paper expressed that the setting of the Butte Mining District holds a prominent place in geology for its enormous metal endowment but also because it has yielded groundbreaking discoveries in hydrothermal geology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 Qualified
 persons interpretation of the Exploration Information

Silver Bow Mining has in their possession a large amount of historical data. After a review of the organization, preservation and collection of the historical data it is in the opinion of the qualified person that the historical data is of merit for use in evaluating a potential resource. Robust and thorough QAQC has been applied to recent and historical data to ensure to validity of the data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 Exploration
 Potential

The Rainbow Block shows potential for expanding and upgrading the current Mineral Resource Estimate, which includes Ag-Au-Pb-Zn-Cu mineralization associated with a mesothermal vein system near a large copper-molybdenum porphyry. Historical exploration by Anaconda focused primarily

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**Rainbow Block – Montana, USA**

on veins exceeding 7 feet in width, leaving considerable potential for narrower high-grade veins that were not systematically mapped or sampled. Anaconda's routine assaying program often did not include gold analysis unless visible gold was noted or in specific areas known to carry higher gold values. Recent exploration has identified significant gold values, suggesting untapped gold potential throughout the Property. This historical sampling bias presents multiple opportunities for Silver Bow Mining to discover and delineate additional mineralization through modern exploration techniques and comprehensive multi-element assaying.

Silver Bow Mining's exploration efforts to date, encompassing 4,780 feet of diamond drilling, along with comprehensive scanning and digitization of historical mine data, have validated numerous high- grade intercepts and supported detailed 3D modelling of known veins. Future exploration programs will aim to increase resource confidence by upgrading resources to the Indicated and/or Measured categories, focusing initially on areas most suitable for near-term development.

Both known vein systems and unexplored areas show promise at depth, particularly below the current water table, beneath the current Mineral Resource in this TRS. The Property's potential extends beyond the current resource boundaries, with several geologic and structural indicators suggesting continuation of mineralization both laterally and at depth. Additionally, zones between historically mined veins remain largely untested for parallel structures and mineralized splays. Future exploration plans will systematically evaluate narrow vein potential throughout the Property, investigate areas between major historical workings, test depth extensions below the current water table, explore parallel structures and mineralized splays and assess bulk mining potential in areas of closely spaced veins. The addition of systematic gold assaying to these programs may identify new zones of economic interest not recognized in historical work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 DRILLING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 Drilling
 on Property

Drilling has occurred on the Property starting in 1959 with a diamond drilling program by the Anaconda Company targeting zinc in the Alice Pit. A RC program was implemented by Anaconda in 1981 targeting the Rainbow Vein system, which was continued by New Butte Mining in 1987. New Butte Mining completed both underground and surface diamond core drilling campaigns from 1988 through 1990. The Company's 2021 core drilling program was the first within the Rainbow Block since New Butte Mining's activities in 1990. See Section 7.3 for more information on these programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 Drilling
 excluded for estimation purposes

All known drilling conducted on the Property was included in the resource estimate**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 Future
 drilling planned

Drilling is planned from both the surface and underground. These holes will target multiple mineralized zones including the Rainbow, State, Chief Joseph and Lexington veins to provide both

**Page \| 45**

**Technical Report Summary**

infill and expansion of "resource". Underground drilling is intended to commence after excavation of a new underground decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 DRILL
 METHODS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 1987
 drill program

New Butte Mining commenced a drilling program in late 1987, drilling a total of 33 reverse circulation drillholes from December 1987 through January 1988, for a total of 4,734 ft drilled. The RC drilling was focused on the Rainbow vein system. Collar coordinates and orientations of the drillholes from this RC drilling program are summarized in Table 13.

Table 13: Collar Locations for RC Drill Holes From 1987-1988 (Silver Bow Mining 2022).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole ID** | &nbsp;&nbsp;**Easting AMC** | &nbsp;&nbsp;**Northing AMC** | &nbsp;&nbsp;**Elevation** | &nbsp;&nbsp;**Drill Hole Length (ft)** | &nbsp;&nbsp;**Dip (deg)** | &nbsp;&nbsp;**Azimuth (deg)** |
| &nbsp;&nbsp;R-R87-1 | &nbsp;&nbsp;30001.5 | &nbsp;&nbsp;39735.5 | &nbsp;&nbsp;6426.7 | &nbsp;&nbsp;100 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-2 | &nbsp;&nbsp;29702.9 | &nbsp;&nbsp;39725.2 | &nbsp;&nbsp;6423.6 | &nbsp;&nbsp;82 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-3 | &nbsp;&nbsp;29899.8 | &nbsp;&nbsp;39716.6 | &nbsp;&nbsp;6426.9 | &nbsp;&nbsp;120 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-4 | &nbsp;&nbsp;29925.3 | &nbsp;&nbsp;39490.0 | &nbsp;&nbsp;6440.0 | &nbsp;&nbsp;110 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-5 | &nbsp;&nbsp;29800.4 | &nbsp;&nbsp;39769.4 | &nbsp;&nbsp;6425.7 | &nbsp;&nbsp;120 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-6 | &nbsp;&nbsp;29801.9 | &nbsp;&nbsp;39419.6 | &nbsp;&nbsp;6423.7 | &nbsp;&nbsp;125 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-7 | &nbsp;&nbsp;29802.1 | &nbsp;&nbsp;39611.8 | &nbsp;&nbsp;6434.5 | &nbsp;&nbsp;75 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-8 | &nbsp;&nbsp;29705.2 | &nbsp;&nbsp;39411.1 | &nbsp;&nbsp;6412.7 | &nbsp;&nbsp;140 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-9 | &nbsp;&nbsp;29601.1 | &nbsp;&nbsp;39715.5 | &nbsp;&nbsp;6408.5 | &nbsp;&nbsp;100 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-10 | &nbsp;&nbsp;29606.6 | &nbsp;&nbsp;39375.4 | &nbsp;&nbsp;6403.0 | &nbsp;&nbsp;170 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-11 | &nbsp;&nbsp;29501.8 | &nbsp;&nbsp;39314.3 | &nbsp;&nbsp;6386.9 | &nbsp;&nbsp;160 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-12 | &nbsp;&nbsp;29500.0 | &nbsp;&nbsp;39530.7 | &nbsp;&nbsp;6391.4 | &nbsp;&nbsp;120 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-13 | &nbsp;&nbsp;29498.6 | &nbsp;&nbsp;39654.2 | &nbsp;&nbsp;6395.2 | &nbsp;&nbsp;80 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-14 | &nbsp;&nbsp;29399.4 | &nbsp;&nbsp;39630.6 | &nbsp;&nbsp;6379.3 | &nbsp;&nbsp;105 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-15 | &nbsp;&nbsp;29403.1 | &nbsp;&nbsp;39400.0 | &nbsp;&nbsp;6371.9 | &nbsp;&nbsp;130 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-16 | &nbsp;&nbsp;29304.2 | &nbsp;&nbsp;39492.8 | &nbsp;&nbsp;6363.7 | &nbsp;&nbsp;123 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-17 | &nbsp;&nbsp;29196.7 | &nbsp;&nbsp;39638.4 | &nbsp;&nbsp;6379.8 | &nbsp;&nbsp;140 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-18 | &nbsp;&nbsp;29101.6 | &nbsp;&nbsp;39603.8 | &nbsp;&nbsp;6377.4 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-19 | &nbsp;&nbsp;28999.0 | &nbsp;&nbsp;39554.7 | &nbsp;&nbsp;6372.7 | &nbsp;&nbsp;148 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-20 | &nbsp;&nbsp;28901.1 | &nbsp;&nbsp;39530.2 | &nbsp;&nbsp;6365.2 | &nbsp;&nbsp;138 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-21 | &nbsp;&nbsp;28901.0 | &nbsp;&nbsp;39601.6 | &nbsp;&nbsp;6365.8 | &nbsp;&nbsp;140 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R87-22 | &nbsp;&nbsp;30001.7 | &nbsp;&nbsp;39535.7 | &nbsp;&nbsp;6443.4 | &nbsp;&nbsp;160 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-1 | &nbsp;&nbsp;30104.9 | &nbsp;&nbsp;39720.4 | &nbsp;&nbsp;6400.0 | &nbsp;&nbsp;120 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-2 | &nbsp;&nbsp;30106.8 | &nbsp;&nbsp;39583.7 | &nbsp;&nbsp;6397.8 | &nbsp;&nbsp;135 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-3 | &nbsp;&nbsp;30300.8 | &nbsp;&nbsp;39655.6 | &nbsp;&nbsp;6386.1 | &nbsp;&nbsp;120 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-4 | &nbsp;&nbsp;30403.5 | &nbsp;&nbsp;39645.8 | &nbsp;&nbsp;6362.8 | &nbsp;&nbsp;110 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-5 | &nbsp;&nbsp;30501.3 | &nbsp;&nbsp;39672.4 | &nbsp;&nbsp;6334.7 | &nbsp;&nbsp;90 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-6 | &nbsp;&nbsp;28799.3 | &nbsp;&nbsp;39515.2 | &nbsp;&nbsp;6299.3 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-8 | &nbsp;&nbsp;28800.0 | &nbsp;&nbsp;39608.7 | &nbsp;&nbsp;6307.6 | &nbsp;&nbsp;220 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |

---

**P a g e \| 46**

**Rainbow Block – Montana, USA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;R-R88-9 | &nbsp;&nbsp;28697.8 | &nbsp;&nbsp;39610.0 | &nbsp;&nbsp;6290.5 | &nbsp;&nbsp;180 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-10 | &nbsp;&nbsp;28689.0 | &nbsp;&nbsp;39499.1 | &nbsp;&nbsp;6285.3 | &nbsp;&nbsp;240 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-11 | &nbsp;&nbsp;28599.5 | &nbsp;&nbsp;39488.1 | &nbsp;&nbsp;6271.4 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;R-R88-12 | &nbsp;&nbsp;28599.9 | &nbsp;&nbsp;39584.4 | &nbsp;&nbsp;6277.6 | &nbsp;&nbsp;333 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |

---

A diamond drill coring program commenced at the end of 1987 and continued through 1990, with holes collared from both surface and underground stations. Surface drilling concluded in January 1989 after completing 46 drillholes totalling 21,687 ft (Table 15). Surface drilling targeted multiple veins, including the Lexington, State, Chief Joseph, Grey Rock and Rainbow. Drillholes ranged from - 45° to -80° in dip, at various azimuths.

Table 14: Diamond Drill Hole Collars from New Butte Mining 1988-1990 Drilling Program (Silver Bow Mining 2022).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole ID** | &nbsp;&nbsp;**Easting AMC** | &nbsp;&nbsp;**Northing AMC** | &nbsp;&nbsp;**Elevation** | &nbsp;&nbsp;**Drill Hole Length (ft)** | &nbsp;&nbsp;**Dip (deg)** | &nbsp;&nbsp;**Azimuth (deg)** |
| &nbsp;&nbsp;88-1 | &nbsp;&nbsp;26672.7 | &nbsp;&nbsp;36815.7 | &nbsp;&nbsp;6083.0 | &nbsp;&nbsp;450 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;351.0 |
| &nbsp;&nbsp;88-2 | &nbsp;&nbsp;30520.6 | &nbsp;&nbsp;38957.9 | &nbsp;&nbsp;6405.0 | &nbsp;&nbsp;1111 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;199.0 |
| &nbsp;&nbsp;88-3 | &nbsp;&nbsp;30060.0 | &nbsp;&nbsp;38639.0 | &nbsp;&nbsp;6381.0 | &nbsp;&nbsp;620 | &nbsp;&nbsp;-59.0 | &nbsp;&nbsp;200.0 |
| &nbsp;&nbsp;88-3A | &nbsp;&nbsp;30060.9 | &nbsp;&nbsp;38639.6 | &nbsp;&nbsp;6381.4 | &nbsp;&nbsp;724 | &nbsp;&nbsp;-68.0 | &nbsp;&nbsp;199.0 |
| &nbsp;&nbsp;88-3B | &nbsp;&nbsp;30060.0 | &nbsp;&nbsp;38639.0 | &nbsp;&nbsp;6381.4 | &nbsp;&nbsp;1005 | &nbsp;&nbsp;-77.0 | &nbsp;&nbsp;199.0 |
| &nbsp;&nbsp;88-3C | &nbsp;&nbsp;30060.0 | &nbsp;&nbsp;38693.0 | &nbsp;&nbsp;6381.0 | &nbsp;&nbsp;641 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;171.0 |
| &nbsp;&nbsp;88-4 | &nbsp;&nbsp;30614.0 | &nbsp;&nbsp;38554.0 | &nbsp;&nbsp;6365.0 | &nbsp;&nbsp;632 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;201.0 |
| &nbsp;&nbsp;88-4A | &nbsp;&nbsp;30614.0 | &nbsp;&nbsp;38554.0 | &nbsp;&nbsp;6365.7 | &nbsp;&nbsp;775 | &nbsp;&nbsp;-58.0 | &nbsp;&nbsp;206.0 |
| &nbsp;&nbsp;88-4B | &nbsp;&nbsp;30614.0 | &nbsp;&nbsp;38554.0 | &nbsp;&nbsp;6365.7 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;-69.0 | &nbsp;&nbsp;199.0 |
| &nbsp;&nbsp;88-4C | &nbsp;&nbsp;30614.0 | &nbsp;&nbsp;38554.0 | &nbsp;&nbsp;6365.0 | &nbsp;&nbsp;799 | &nbsp;&nbsp;-53.0 | &nbsp;&nbsp;177.0 |
| &nbsp;&nbsp;88-5 | &nbsp;&nbsp;30439.0 | &nbsp;&nbsp;38713.0 | &nbsp;&nbsp;6387.0 | &nbsp;&nbsp;770 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;197.0 |
| &nbsp;&nbsp;88-6 | &nbsp;&nbsp;26524.5 | &nbsp;&nbsp;36553.8 | &nbsp;&nbsp;6059.0 | &nbsp;&nbsp;612 | &nbsp;&nbsp;-63.0 | &nbsp;&nbsp;31.0 |
| &nbsp;&nbsp;88-6A | &nbsp;&nbsp;28790.0 | &nbsp;&nbsp;39523.0 | &nbsp;&nbsp;6351.0 | &nbsp;&nbsp;153 | &nbsp;&nbsp;-63.0 | &nbsp;&nbsp;31.0 |
| &nbsp;&nbsp;88-7 | &nbsp;&nbsp;29821.0 | &nbsp;&nbsp;38575.0 | &nbsp;&nbsp;6364.0 | &nbsp;&nbsp;476 | &nbsp;&nbsp;-44.0 | &nbsp;&nbsp;187.0 |
| &nbsp;&nbsp;88-8 | &nbsp;&nbsp;30911.0 | &nbsp;&nbsp;38296.0 | &nbsp;&nbsp;6279.0 | &nbsp;&nbsp;420 | &nbsp;&nbsp;-48.0 | &nbsp;&nbsp;205.0 |
| &nbsp;&nbsp;88-8A | &nbsp;&nbsp;30911.0 | &nbsp;&nbsp;38296.0 | &nbsp;&nbsp;6279.0 | &nbsp;&nbsp;620 | &nbsp;&nbsp;-67.0 | &nbsp;&nbsp;205.0 |
| &nbsp;&nbsp;88-9 | &nbsp;&nbsp;30373.0 | &nbsp;&nbsp;38530.0 | &nbsp;&nbsp;6381.0 | &nbsp;&nbsp;572 | &nbsp;&nbsp;-48.0 | &nbsp;&nbsp;193.0 |
| &nbsp;&nbsp;88-10 | &nbsp;&nbsp;29797.0 | &nbsp;&nbsp;38503.0 | &nbsp;&nbsp;6357.0 | &nbsp;&nbsp;400 | &nbsp;&nbsp;-50.0 | &nbsp;&nbsp;194.0 |
| &nbsp;&nbsp;88-11A | &nbsp;&nbsp;29982.2 | &nbsp;&nbsp;38745.4 | &nbsp;&nbsp;6373.8 | &nbsp;&nbsp;932 | &nbsp;&nbsp;-70.0 | &nbsp;&nbsp;227.0 |
| &nbsp;&nbsp;88-12 | &nbsp;&nbsp;29596.0 | &nbsp;&nbsp;38581.0 | &nbsp;&nbsp;6350.0 | &nbsp;&nbsp;400 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;200.0 |
| &nbsp;&nbsp;88-13 | &nbsp;&nbsp;29714.0 | &nbsp;&nbsp;38681.0 | &nbsp;&nbsp;6360.0 | &nbsp;&nbsp;625 | &nbsp;&nbsp;-55.0 | &nbsp;&nbsp;215.0 |
| &nbsp;&nbsp;88-14 | &nbsp;&nbsp;29420.7 | &nbsp;&nbsp;38714.2 | &nbsp;&nbsp;6325.0 | &nbsp;&nbsp;505 | &nbsp;&nbsp;-46.0 | &nbsp;&nbsp;174.0 |
| &nbsp;&nbsp;88-15 | &nbsp;&nbsp;30131.2 | &nbsp;&nbsp;38480.2 | &nbsp;&nbsp;6375.0 | &nbsp;&nbsp;422 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;198.0 |
| &nbsp;&nbsp;88-16 | &nbsp;&nbsp;30228.0 | &nbsp;&nbsp;38830.0 | &nbsp;&nbsp;6393.9 | &nbsp;&nbsp;905 | &nbsp;&nbsp;-55.0 | &nbsp;&nbsp;201.0 |
| &nbsp;&nbsp;88-18 | &nbsp;&nbsp;30448.0 | &nbsp;&nbsp;38383.0 | &nbsp;&nbsp;6376.1 | &nbsp;&nbsp;354 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;198.0 |
| &nbsp;&nbsp;88-19 | &nbsp;&nbsp;31172.5 | &nbsp;&nbsp;38218.9 | &nbsp;&nbsp;6233.4 | &nbsp;&nbsp;502 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;180.0 |

---

**Page \| 47**

**Technical Report Summary**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;88-23 | &nbsp;&nbsp;30915.0 | &nbsp;&nbsp;38215.0 | &nbsp;&nbsp;6279.8 | &nbsp;&nbsp;432 | &nbsp;&nbsp;-44.0 | &nbsp;&nbsp;178.0 |
| &nbsp;&nbsp;88-23A | &nbsp;&nbsp;30915.0 | &nbsp;&nbsp;38215.0 | &nbsp;&nbsp;6279.0 | &nbsp;&nbsp;510 | &nbsp;&nbsp;-65.0 | &nbsp;&nbsp;178.0 |
| &nbsp;&nbsp;88-24 | &nbsp;&nbsp;26550.8 | &nbsp;&nbsp;36753.6 | &nbsp;&nbsp;6081.3 | &nbsp;&nbsp;320 | &nbsp;&nbsp;-57.0 | &nbsp;&nbsp;343.0 |
| &nbsp;&nbsp;88-26 | &nbsp;&nbsp;26551.2 | &nbsp;&nbsp;36752.6 | &nbsp;&nbsp;6081.3 | &nbsp;&nbsp;374 | &nbsp;&nbsp;-70.0 | &nbsp;&nbsp;343.0 |
| &nbsp;&nbsp;88-27 | &nbsp;&nbsp;26552.3 | &nbsp;&nbsp;36750.6 | &nbsp;&nbsp;6081.1 | &nbsp;&nbsp;287 | &nbsp;&nbsp;-38.0 | &nbsp;&nbsp;343.0 |
| &nbsp;&nbsp;88-28 | &nbsp;&nbsp;30368.0 | &nbsp;&nbsp;38520.3 | &nbsp;&nbsp;6329.0 | &nbsp;&nbsp;574 | &nbsp;&nbsp;-35.0 | &nbsp;&nbsp;207.3 |
| &nbsp;&nbsp;88-29 | &nbsp;&nbsp;30579.4 | &nbsp;&nbsp;38551.9 | &nbsp;&nbsp;6367.3 | &nbsp;&nbsp;746 | &nbsp;&nbsp;-32.0 | &nbsp;&nbsp;192.5 |
| &nbsp;&nbsp;88-30 | &nbsp;&nbsp;26454.2 | &nbsp;&nbsp;36830.6 | &nbsp;&nbsp;6080.3 | &nbsp;&nbsp;248 | &nbsp;&nbsp;-30.0 | &nbsp;&nbsp;349.0 |
| &nbsp;&nbsp;88-31 | &nbsp;&nbsp;26320.8 | &nbsp;&nbsp;36687.1 | &nbsp;&nbsp;6062.2 | &nbsp;&nbsp;270 | &nbsp;&nbsp;-50.0 | &nbsp;&nbsp;344.0 |
| &nbsp;&nbsp;88-32 | &nbsp;&nbsp;29320.0 | &nbsp;&nbsp;37665.8 | &nbsp;&nbsp;6290.0 | &nbsp;&nbsp;577 | &nbsp;&nbsp;-27.0 | &nbsp;&nbsp;357.5 |
| &nbsp;&nbsp;89-1 | &nbsp;&nbsp;29572.6 | &nbsp;&nbsp;37465.4 | &nbsp;&nbsp;6290.8 | &nbsp;&nbsp;428 | &nbsp;&nbsp;-30.0 | &nbsp;&nbsp;354.0 |
| &nbsp;&nbsp;89-2 | &nbsp;&nbsp;29767.4 | &nbsp;&nbsp;37541.5 | &nbsp;&nbsp;6317.6 | &nbsp;&nbsp;476 | &nbsp;&nbsp;-35.0 | &nbsp;&nbsp;355.5 |

---

Table 15:Underground Dimond Drill Hole Collars from 1988-1990 Drilling Program (Silver Bow Mining 2022).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole ID** | &nbsp;&nbsp;**Easting AMC** | &nbsp;&nbsp;**Northing AMC** | &nbsp;&nbsp;**Elevation** | &nbsp;&nbsp;**Drill Hole Length (ft)** | &nbsp;&nbsp;**Dip (deg)** | &nbsp;&nbsp;**Azimuth (deg)** |
| &nbsp;&nbsp;88-U1 | &nbsp;&nbsp;26781.8 | &nbsp;&nbsp;37154.2 | &nbsp;&nbsp;5912.0 | &nbsp;&nbsp;202 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;210.0 |
| &nbsp;&nbsp;88-U2 | &nbsp;&nbsp;26786.6 | &nbsp;&nbsp;37170.2 | &nbsp;&nbsp;5910.2 | &nbsp;&nbsp;383 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;88-U3 | &nbsp;&nbsp;26671.0 | &nbsp;&nbsp;37391.7 | &nbsp;&nbsp;5913.5 | &nbsp;&nbsp;179 | &nbsp;&nbsp;24.0 | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;88-U4 | &nbsp;&nbsp;26671.0 | &nbsp;&nbsp;37391.7 | &nbsp;&nbsp;5909.0 | &nbsp;&nbsp;179 | &nbsp;&nbsp;-42.0 | &nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;88-U5 | &nbsp;&nbsp;26660.5 | &nbsp;&nbsp;37405.8 | &nbsp;&nbsp;5913.5 | &nbsp;&nbsp;183 | &nbsp;&nbsp;25.0 | &nbsp;&nbsp;335.0 |
| &nbsp;&nbsp;88-U6 | &nbsp;&nbsp;26683.0 | &nbsp;&nbsp;37317.3 | &nbsp;&nbsp;5908.7 | &nbsp;&nbsp;315 | &nbsp;&nbsp;-30.0 | &nbsp;&nbsp;225.5 |
| &nbsp;&nbsp;88-U7 | &nbsp;&nbsp;27006.1 | &nbsp;&nbsp;37053.0 | &nbsp;&nbsp;5910.0 | &nbsp;&nbsp;206 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;305.0 |
| &nbsp;&nbsp;88-U8 | &nbsp;&nbsp;27010.9 | &nbsp;&nbsp;37056.1 | &nbsp;&nbsp;5910.4 | &nbsp;&nbsp;176 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;88-U9 | &nbsp;&nbsp;27013.6 | &nbsp;&nbsp;37053.3 | &nbsp;&nbsp;5908.3 | &nbsp;&nbsp;200 | &nbsp;&nbsp;-27.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;88-U10 | &nbsp;&nbsp;27013.5 | &nbsp;&nbsp;37053.1 | &nbsp;&nbsp;5905.9 | &nbsp;&nbsp;275 | &nbsp;&nbsp;-60.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;88-U11 | &nbsp;&nbsp;26789.9 | &nbsp;&nbsp;37168.9 | &nbsp;&nbsp;5907.3 | &nbsp;&nbsp;509 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;25.5 |
| &nbsp;&nbsp;88-U12 | &nbsp;&nbsp;26790.2 | &nbsp;&nbsp;37169.4 | &nbsp;&nbsp;5908.5 | &nbsp;&nbsp;449 | &nbsp;&nbsp;-22.0 | &nbsp;&nbsp;24.0 |
| &nbsp;&nbsp;88-U13 | &nbsp;&nbsp;26782.9 | &nbsp;&nbsp;37169.4 | &nbsp;&nbsp;5908.4 | &nbsp;&nbsp;411 | &nbsp;&nbsp;-22.0 | &nbsp;&nbsp;330.0 |
| &nbsp;&nbsp;88-U14A | &nbsp;&nbsp;26782.9 | &nbsp;&nbsp;37169.2 | &nbsp;&nbsp;5907.0 | &nbsp;&nbsp;198 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;330.0 |
| &nbsp;&nbsp;88-U15 | &nbsp;&nbsp;26786.4 | &nbsp;&nbsp;37170.5 | &nbsp;&nbsp;5908.9 | &nbsp;&nbsp;171 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;88-U16 | &nbsp;&nbsp;26786.3 | &nbsp;&nbsp;37170.3 | &nbsp;&nbsp;5907.3 | &nbsp;&nbsp;236 | &nbsp;&nbsp;-45.0 | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;88-U17 | &nbsp;&nbsp;26746.8 | &nbsp;&nbsp;36792.5 | &nbsp;&nbsp;5907.9 | &nbsp;&nbsp;264 | &nbsp;&nbsp;-12.0 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;88-U18 | &nbsp;&nbsp;26746.8 | &nbsp;&nbsp;36792.4 | &nbsp;&nbsp;5906.1 | &nbsp;&nbsp;224 | &nbsp;&nbsp;-40.0 | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;88-U19 | &nbsp;&nbsp;26743.2 | &nbsp;&nbsp;36793.6 | &nbsp;&nbsp;5906.9 | &nbsp;&nbsp;221 | &nbsp;&nbsp;-12.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;88-U20 | &nbsp;&nbsp;26742.9 | &nbsp;&nbsp;36792.2 | &nbsp;&nbsp;5905.9 | &nbsp;&nbsp;212 | &nbsp;&nbsp;-40.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;88-U21 | &nbsp;&nbsp;26738.9 | &nbsp;&nbsp;36792.3 | &nbsp;&nbsp;5907.8 | &nbsp;&nbsp;232 | &nbsp;&nbsp;-12.0 | &nbsp;&nbsp;317.0 |
| &nbsp;&nbsp;88-U22 | &nbsp;&nbsp;26739.1 | &nbsp;&nbsp;36792.5 | &nbsp;&nbsp;5906.7 | &nbsp;&nbsp;217 | &nbsp;&nbsp;-40.0 | &nbsp;&nbsp;325.0 |
| &nbsp;&nbsp;88-U23 | &nbsp;&nbsp;26739.5 | &nbsp;&nbsp;36792.0 | &nbsp;&nbsp;5905.7 | &nbsp;&nbsp;212 | &nbsp;&nbsp;-60.0 | &nbsp;&nbsp;316.0 |

---

**P a g e \| 48**

**Rainbow Block – Montana, USA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;88-U24 | &nbsp;&nbsp;26745.7 | &nbsp;&nbsp;36792.3 | &nbsp;&nbsp;5905.5 | &nbsp;&nbsp;229 | &nbsp;&nbsp;-60.0 | &nbsp;&nbsp;0.0 |
| &nbsp;&nbsp;88-U25 | &nbsp;&nbsp;26749.1 | &nbsp;&nbsp;36790.4 | &nbsp;&nbsp;5904.9 | &nbsp;&nbsp;298 | &nbsp;&nbsp;-70.0 | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;88-U26 | &nbsp;&nbsp;26903.3 | &nbsp;&nbsp;36900.0 | &nbsp;&nbsp;5907.7 | &nbsp;&nbsp;197 | &nbsp;&nbsp;-16.0 | &nbsp;&nbsp;354.0 |
| &nbsp;&nbsp;88-U27 | &nbsp;&nbsp;26901.4 | &nbsp;&nbsp;36897.3 | &nbsp;&nbsp;5905.6 | &nbsp;&nbsp;197 | &nbsp;&nbsp;-56.0 | &nbsp;&nbsp;322.0 |
| &nbsp;&nbsp;88-U28 | &nbsp;&nbsp;26906.7 | &nbsp;&nbsp;36899.4 | &nbsp;&nbsp;5905.2 | &nbsp;&nbsp;208 | &nbsp;&nbsp;-54.0 | &nbsp;&nbsp;21.0 |
| &nbsp;&nbsp;88-U29 | &nbsp;&nbsp;26904.2 | &nbsp;&nbsp;36898.0 | &nbsp;&nbsp;5904.0 | &nbsp;&nbsp;215 | &nbsp;&nbsp;-70.0 | &nbsp;&nbsp;342.0 |
| &nbsp;&nbsp;89-U1 | &nbsp;&nbsp;29782.1 | &nbsp;&nbsp;37747.2 | &nbsp;&nbsp;5918.1 | &nbsp;&nbsp;292 | &nbsp;&nbsp;30.0 | &nbsp;&nbsp;31.5 |
| &nbsp;&nbsp;89-U2 | &nbsp;&nbsp;29782.1 | &nbsp;&nbsp;37747.2 | &nbsp;&nbsp;5918.1 | &nbsp;&nbsp;50 | &nbsp;&nbsp;-1.0 | &nbsp;&nbsp;31.5 |
| &nbsp;&nbsp;89-U3 | &nbsp;&nbsp;29776.1 | &nbsp;&nbsp;37736.1 | &nbsp;&nbsp;5921.4 | &nbsp;&nbsp;362 | &nbsp;&nbsp;27.0 | &nbsp;&nbsp;214.3 |
| &nbsp;&nbsp;89-U4 | &nbsp;&nbsp;29772.5 | &nbsp;&nbsp;37737.6 | &nbsp;&nbsp;5915.6 | &nbsp;&nbsp;300 | &nbsp;&nbsp;-23.0 | &nbsp;&nbsp;229.5 |
| &nbsp;&nbsp;89-U5 | &nbsp;&nbsp;30342.9 | &nbsp;&nbsp;38166.0 | &nbsp;&nbsp;5924.1 | &nbsp;&nbsp;486 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;201.0 |
| &nbsp;&nbsp;89-U6 | &nbsp;&nbsp;30344.4 | &nbsp;&nbsp;38170.0 | &nbsp;&nbsp;5927.4 | &nbsp;&nbsp;89 | &nbsp;&nbsp;45.0 | &nbsp;&nbsp;200.5 |
| &nbsp;&nbsp;89-U7 | &nbsp;&nbsp;30335.4 | &nbsp;&nbsp;38209.0 | &nbsp;&nbsp;5919.7 | &nbsp;&nbsp;64 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;6.0 |
| &nbsp;&nbsp;89-U8 | &nbsp;&nbsp;30439.8 | &nbsp;&nbsp;38163.5 | &nbsp;&nbsp;5924.7 | &nbsp;&nbsp;96 | &nbsp;&nbsp;-1.0 | &nbsp;&nbsp;180.0 |
| &nbsp;&nbsp;89-U9 | &nbsp;&nbsp;30444.8 | &nbsp;&nbsp;38176.9 | &nbsp;&nbsp;5924.1 | &nbsp;&nbsp;223 | &nbsp;&nbsp;-3.0 | &nbsp;&nbsp;46.0 |
| &nbsp;&nbsp;90-U1 | &nbsp;&nbsp;30125.2 | &nbsp;&nbsp;37883.1 | &nbsp;&nbsp;5923.9 | &nbsp;&nbsp;240 | &nbsp;&nbsp;20.5 | &nbsp;&nbsp;216.5 |
| &nbsp;&nbsp;90-U2 | &nbsp;&nbsp;30132.1 | &nbsp;&nbsp;37879.3 | &nbsp;&nbsp;5918.7 | &nbsp;&nbsp;242 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;166.2 |
| &nbsp;&nbsp;90-U3 | &nbsp;&nbsp;29484.3 | &nbsp;&nbsp;38856.0 | &nbsp;&nbsp;5920.8 | &nbsp;&nbsp;548 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;90-U4 | &nbsp;&nbsp;29830.9 | &nbsp;&nbsp;37971.4 | &nbsp;&nbsp;5922.5 | &nbsp;&nbsp;204 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;195.0 |
| &nbsp;&nbsp;90-U5 | &nbsp;&nbsp;30224.6 | &nbsp;&nbsp;37701.1 | &nbsp;&nbsp;5918.7 | &nbsp;&nbsp;259 | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;41.0 |
| &nbsp;&nbsp;90-U6 | &nbsp;&nbsp;30216.6 | &nbsp;&nbsp;37687.8 | &nbsp;&nbsp;5918.7 | &nbsp;&nbsp;261 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;208.0 |

---

Underground drilling commenced in June 1988 and continued through June 1990. Forty-four underground diamond drill core holes were completed at dips of -70° to 30° and with varying azimuths, for a total of 10,969 ft (Table 15). Underground drilling targeted the Missoula, the Lexington Horsetails and the Chief Joseph and Grey Rock veins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 2021
 drilling

Eight diamond drill holes totalling 4,780 ft were completed by Silver Bow Mining (Table 16), from October 2021 to January 2022, to confirm historical high-grade intercepts, provide infill data and determine the extents of vein systems.

Two Boart Longyear drill core rigs, an LF-90 and LF-70, were mobilized to the Badger-Rainbow and Missoula Mine Yard areas respectively. Drilling commenced at both rigs with HQ3-size drill tubes (2.375- inch nominal diameter). Difficult ground conditions were encountered in the Badger- Rainbow area with the LF-90. After discussing several options, Silver Bow Mining's technical team and A.K. Drilling agreed to switching to the larger PQ-size core tubes (3.35-inch diameter core size), which proved to be more successful.

Drilling PQ allowed the campaign to achieve satisfactory drill core recovery through highly mineralized and altered geologic structures.

Recovery from all eight BJS21 drillholes averaged 89%.

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**Technical Report Summary**

Table 16: Collar Information for Silver Bow Mining 2021 Drill Program

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drill Hole ID** | &nbsp;&nbsp;**Easting (AMC)** | &nbsp;&nbsp;**Northing (AMC)** | &nbsp;&nbsp;**Elevation** | &nbsp;&nbsp;**Azimuth (deg)** | &nbsp;&nbsp;**Dip (deg)** | &nbsp;&nbsp;**Total Depth (ft)** | &nbsp;&nbsp;**Target Vein System** |
| &nbsp;&nbsp;BJS21-01 | &nbsp;&nbsp;29635.25 | &nbsp;&nbsp;40003.91 | &nbsp;&nbsp;6412.8 | &nbsp;&nbsp;166.66 | &nbsp;&nbsp;-56.14 | &nbsp;&nbsp;1050 | &nbsp;&nbsp;Rainbow-Alice |
| &nbsp;&nbsp;BJS21-03 | &nbsp;&nbsp;29635.5 | &nbsp;&nbsp;40004.89 | &nbsp;&nbsp;6412.7 | &nbsp;&nbsp;160 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;628 | &nbsp;&nbsp;Rainbow-Alice |
| &nbsp;&nbsp;BJS21-23 | &nbsp;&nbsp;29529.04 | &nbsp;&nbsp;39456.46 | &nbsp;&nbsp;6405.72 | &nbsp;&nbsp;2.07 | &nbsp;&nbsp;-38.72 | &nbsp;&nbsp;686 | &nbsp;&nbsp;Rainbow-Alice |
| &nbsp;&nbsp;BJS21-24 | &nbsp;&nbsp;29528.0 | &nbsp;&nbsp;39454.41 | &nbsp;&nbsp;6405.65 | &nbsp;&nbsp;180 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;375 | &nbsp;&nbsp;Badger-State |
| &nbsp;&nbsp;BJS21-25 | &nbsp;&nbsp;29470.74 | &nbsp;&nbsp;39583.14 | &nbsp;&nbsp;6403.02 | &nbsp;&nbsp;350.45 | &nbsp;&nbsp;-43.94 | &nbsp;&nbsp;500 | &nbsp;&nbsp;Rainbow-Alice |
| &nbsp;&nbsp;BJS21-26 | &nbsp;&nbsp;29469.99 | &nbsp;&nbsp;39581.7 | &nbsp;&nbsp;6403.04 | &nbsp;&nbsp;179.49 | &nbsp;&nbsp;-60.91 | &nbsp;&nbsp;361 | &nbsp;&nbsp;Rainbow-Alice |
| &nbsp;&nbsp; <br> BJS21-31 | &nbsp;&nbsp; <br> 26355.2 | &nbsp;&nbsp; <br> 36804.44 | &nbsp;&nbsp; <br> 6092.72 | &nbsp;&nbsp; <br> 325 | &nbsp;&nbsp; <br> -50 | &nbsp;&nbsp; <br> 538 | &nbsp;&nbsp;Lexington-<br> Missoula Horsetails |
| &nbsp;&nbsp; <br> BJS21-32 | &nbsp;&nbsp; <br> 26354.23 | &nbsp;&nbsp; <br> 36805.46 | &nbsp;&nbsp; <br> 6092.68 | &nbsp;&nbsp; <br> 316.82 | &nbsp;&nbsp; <br> -61.74 | &nbsp;&nbsp; <br> 642 | &nbsp;&nbsp;Lexington- Missoula<br> Horsetails |
| &nbsp;&nbsp;**Total drilled:** | &nbsp;&nbsp;**Total drilled:** | &nbsp;&nbsp;**Total drilled:** | &nbsp;&nbsp;**Total drilled:** | &nbsp;&nbsp;**Total drilled:** | &nbsp;&nbsp;**Total drilled:** | &nbsp;&nbsp;4780 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 LOGGING

Logging commenced by cleaning the core drilled from the previous day. Historical logging was done with pen and paper. In the most recent drilling program, A Microsoft Excel workbook was used to input all data logged by the geologists. The Excel workbook utilized different sheets for detail logged as per Table 17.

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Table 17: Types of Logging data recorded

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Characteristics Recorded** |
| &nbsp;&nbsp;Recovery | &nbsp;&nbsp;Core length recovered divided by run length |
| &nbsp;&nbsp;RQD | &nbsp;&nbsp;Total pieces >4 inches divided by recovered length |
| &nbsp;&nbsp;Lithology | &nbsp;&nbsp;What rock type the core is as well as any identifying characteristics like texture and color. |
| &nbsp;&nbsp;Alteration | &nbsp;&nbsp;What is the intensity of the alteration in an area, the alteration style and the alteration minerals present. |
| &nbsp;&nbsp;Oxidation | &nbsp;&nbsp;What are the oxidation conditions present in the interval and what minerals are they causing. |
| &nbsp;&nbsp;Mineralogy | &nbsp;&nbsp;Quantify mineralization, indicate which mineral species are present and how they are presenting. |
| &nbsp;&nbsp;Structure | &nbsp;&nbsp;Identify any visible structures as well as their angle to the core axis. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 RECOVERY

All recoveries were measured from the core as the total amount of core recovered by the drillers.

The Rock Quality Designation (RQD), which is measured as any piece of core larger than 4 inches in length divided by the total length of recovered core. This methodology is highlighted in the rock quality designation (RDQ) procedure for HQ size core (2.5" normal diameter).

---

| | | | |
|:---|:---|:---|:---|
| **** | ***RDQ =*** |  ***∑ LC (Length of sound pieces of core (>*4 *inches))*** | **** |
| **** | ***RDQ =*** | ***Total Length Recovered*** | **** |

---

If core is very soft and able to be broken either by hand or easily broken with a knife, then this core shall not be counted towards the RQD calculation.

For the Silver Bow Mining drilling program in 2021, the RDQ and percentage recovery was recorded.

The average RQD recorded for that program from 8 holes is 36%, indicating that the rock quality drilled is of poor quality. This can mainly be attributed to the fact that several holes drilled down previously unrecognized shear zones, and while pieces of core were often longer than 4-inches in these areas, it was semi-friable and thus not counted with the competent pieces >4 inches long.

However, the average percentage recovery for the same 8 holes was recorded as 89%.

The percentage recover for historical drilling was also recorded and reviewed by the QP, recoveries were reported as good relative to the poor the quality of the rock drilled.

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**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 COLLAR
 SURVEYS

Collar surveys of all drill rigs and alignment was done to ensure precise borehole trajectories and achieve targeted mineral intercepts. These surveys involved the validation of the exact starting location, angle, and azimuth of each drill hole. Initial rig lineout was completed using a Brunton compass and collar locations were surveyed using a total station after the rig had moved off the pad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 DOWN
 HOLE DETAILS

Upon reaching the designed depth or stopped due to encountering ground conditions deemed too difficult to continue, the drill holes were surveyed using rented REFLEX EZ-GYRO down-hole survey, tool with ±1° azimuth and ±0.3° dip accuracy.

Incremental down hole survey intervals ranged from 24.1 to 75.1 feet. Six out of eight drill holes were surveyed. For the surveyed drillholes, deviation in azimuth and dip was minimal.

Oriented drill core data was initially collected from the second drill hole (BJS21-23) using the REFLEX ACT III system. Intense wall rock alteration, fractured ground, and shearing made reliable orientation data difficult to impossible to collect. The orientation program was cancelled for the subsequent drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 RESULTS

The drill results from the 2021-2022 drill program at the Rainbow-Alice, Badger-State, and Lexington-Missoula targets reveal several high-grade mineralized intervals. Notable highlights include 43.5 feet in Rainbow-Alice hole BJS21-03, averaging 3.60 opt Ag 1.7% lead and 2.6% zinc from 410.5 to 454.0 feet, with a 1.4-foot interval yielding 13.27 opt silver and 36.5 opt silver equivalent from 445.5 to 446.9 feet. Other significant intercepts include 46 feet in Rainbow-Alice hole BJS21-23, which averaged 2.32 opt silver and 8.5 opt silver equivalent from 419.0 to 465.0 feet, and Lexington-Missoula hole BJS21-31, which intersected 7.1 feet averaging 4.31 opt silver and 10.8 opt silver equivalent from 309.5 to 316.6 feet. These intervals display variable yet noteworthy gold, silver, and base metal contents, especially in enriched zones with significant silver equivalent values. Table 18 below contains significant intercepts from the 2021-2022 drilling campaign.

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Table 18: Significant drill intersections from Company's 2021 – 2022 drilling program.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein Intercept** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Dip** | &nbsp;&nbsp;**Azimuth** | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** | &nbsp;&nbsp;**Interval** | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;**Pb** | &nbsp;&nbsp;**Zn** | &nbsp;&nbsp;**AgEq** |
| &nbsp;&nbsp;**Vein Intercept** | &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**(deg)** | &nbsp;&nbsp;**(deg)** | &nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**(opt)** | &nbsp;&nbsp;**(opt)** | &nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**(opt)** |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-03 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;160 | &nbsp;&nbsp;410.5 | &nbsp;&nbsp;454.0 | &nbsp;&nbsp;43.5 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;445.5 | &nbsp;&nbsp;446.9 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.045 | &nbsp;&nbsp;13.27 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;36.5 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-23 | &nbsp;&nbsp;-40 | &nbsp;&nbsp;0 | &nbsp;&nbsp;419.0 | &nbsp;&nbsp;465.0 | &nbsp;&nbsp;46.0 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;425.0 | &nbsp;&nbsp;430.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;5.51 | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;9.2 | &nbsp;&nbsp;16.6 |
| &nbsp;&nbsp;Badger-State | &nbsp;&nbsp;BJS21-24 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;180 | &nbsp;&nbsp;225.5 | &nbsp;&nbsp;238.5 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;4.34 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.2 | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;Badger-State | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;230.0 | &nbsp;&nbsp;235.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;7.20 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;9.8 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-25 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;350 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;33.5 | &nbsp;&nbsp;14.5 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;5.31 | &nbsp;&nbsp;1.1 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;9.9 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;BJS21-26 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;180 | &nbsp;&nbsp;97 | &nbsp;&nbsp;110.0 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;3.03 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;4.2 | &nbsp;&nbsp;10.7 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;97.0 | &nbsp;&nbsp;102.0 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;12.7 |
| &nbsp;&nbsp;Lexington- Missoula | &nbsp;&nbsp;BJS21-31 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;325 | &nbsp;&nbsp;309.5 | &nbsp;&nbsp;316.6 | &nbsp;&nbsp;7.1 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;4.31 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;5.4 | &nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;Lexington- Missoula | &nbsp;&nbsp;*including* |  |  | &nbsp;&nbsp;311.5 | &nbsp;&nbsp;315.2 | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;0.041 | &nbsp;&nbsp;8.20 | &nbsp;&nbsp;1.3 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;20.0 |

---

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**Technical Report Summary**

8 SAMPLE PREPARATION, ANALYSIS & SECURITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 PRE-ANALYSIS
 SAMPLE PREPARATION AND QUALITY CONTROL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 Anaconda
 Copper Mining channel sampling

Channel sampling carried out by Anaconda Copper Mining during the mining process was meticulously documented and described. Sampling was conducted to control mining operations, estimate ore reserves, differentiate ore from waste, determine grade and quantity of material, reduce waste and determine shipping grade. Each sample was examined to ensure it accurately represents the material's grade and composition. All mineralized faces and sides must be sampled, excluding those parallel to the structure to obtain a representative sample. Samples should be taken horizontally at breast height, regardless of vein dip. Note the true width. Geologists took caution to sample veins with varying hardness to not take too much softer material and not enough harder wall rock.

To sample a streak, a geologist would start at one end of the streak and remove small portions of sample rock until you reach the other side of the streak. Geologists are instructed to repeat this action back and forth at different elevations until the sample bag is three quarters full. These instructions are valid for veins and waste rock to better identify where the ore is. In the event of horsetail veining, sample the entire exposed area until you reach 5 pounds of material for each linear foot sampled.

These samples were assayed for copper, lead, zinc and/or silver using the following procedures. A copper vein containing zinc or vice versa was assayed for both metals. Copper only stopes were only measured for copper unless noticeable zinc or silver were noticed in average or greater quantities. Same process was completed for zinc. However, when zinc appeared in low grade quantities and more silver or lead were reported to be in economic quantities lead and silver would be assayed for as well. All development samples were sampled for silver unless the sampling geologist indicates otherwise. Geologists were encouraged to make a grade estimate while sampling and compare them to the assay results. This helped to identify any assaying issues so the area could be resampled and ran again.

Sampling of each streak was conducted separately, and the average grade was calculated after from the combined width. To do this the following rules were utilized. The dividing line between ore and waste was 1.2% copper and 4% zinc. When silver and lead are present, 2 ounces of silver and one percent lead are equivalent to 0.8% zinc. In low grade zones between two streaks the following procedures were used:

● Under one foot of material between two streaks use all grade in the assay average

● From one to 2.9 feet use half of the grade in the assay average

● Anything over three feet should no be included in the assay average

Manganese mineralization exceeding 15% Mn was classified as ore grade material. Metal equivalencies for manganese calculations were established as follows: 1% lead equated to 2% Mn, 1% zinc corresponded to 1.6% Mn, and 1 ounce of silver was equivalent to 1% Mn. When evaluating intervals between manganese ore streaks containing grades below 15% Mn, a distance-based

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**Rainbow Block – Montana, USA**

criterion was applied: material within three feet was included in the average grade calculation, while intervals greater than three feet were excluded.

A rigorous chain of custody system was implemented to maintain sample integrity throughout the sampling process. All sampling data, including diamond drill holes, vein and waste descriptions, and supplementary geological observations, was consolidated through the senior sampler. Each sample bag was systematically tagged with critical tracking information: date, shift, working place number, number of cars sampled, and car size classification. To ensure accountability, sample tags were submitted to the timekeeper before the conclusion of each shift, and strict protocols required all samples to be transported out of the mine by shift end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Drill
 core sampling

Sample intervals were determined by geologists during the logging process, with intervals generally centered between structural, mineralization and or alteration contacts. Samples were typically no more then 5 feet. Where drill core was to be sampled, reference lines were drawn along the core axis to ensure a representative splitting of a vein or disseminated mineralization. Cut lines were drawn to bisect masses or pods of mineralization or vein apexes, so minerals were relatively evenly distributed throughout each half of split core. Orange flagging tape was used to demarcate sample intervals and sample tags were stapled to the core boxes. These tags contain the sample ID, drill hole number and sample intervals. Drill core was subsequently photographed and then sampled. Halving of the drill core was accomplished using a hydraulic splitter, with ½ of the split core bagged and secured for shipment to the laboratory, and the other half retained in the core boxes for future reference. The drill core splitter was thoroughly cleaned with brushes, compressed air and vacuuming between samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 Historic
 drill core re-sampling

Historical core drilled by New Butte Mining from 1988 to 1990, housed in the Badger Hoist House, was selectively resampled by the Company. The approach and purpose of this undertaking was to verify assays of vein intervals originally sampled by New Butte Mining, sample wall rock adjacent to veins and sample previously unsampled veins along with adjacent mineralized wall rock. The approach to sampling historical drill core was tailored to both the size of drill core and the fraction of drill core remaining (whole, half, or quarter).

Where unsampled intervals of interest were identified, drill core was always split in half, with half retained in the drill core box for future reference, regardless of drill core diameter. When sampling HQ or NQ drill core with (1.87 and 2.4-inch nominal diameters), respectively, if the core was already sampled, the sampled core was split in half again, such that a quarter of the original core was sampled and a quarter returned to the core box. If the core was already sampled twice before, then the entire remaining quarter was taken for assay. The sampling approach for AX drill core, with (1-inch nominal diameter) was to halve the drill core if it had not been previously sampled, or if only halved drill core was available for sampling, the entire half was taken for assay. AX drill core was not quartered, due to the very small sample size that would result.

**Page \| 55**

**Technical Report Summary**

Sampling of historical drill core was carried out in two phases: 1) a vein interval resampling program and 2) a comprehensive sampling program.

During the re-sampling program, which took place during summer and fall of 2021, previously sampled vein intercepts were resampled to provide confirmation of existing assay data. Re-assaying historical vein intervals necessitated quartering core due to a lack of historical sample pulps or rejects from New Butte Mining drilling programs. During the vein resampling effort, unsampled mineralized wall rock adjacent to the vein was also sampled on a limited basis comprising ~25% of the samples taken during the first phase. The sorting of drill core boxes, splitting of drill core (with a manual drill core splitter) and sampling, all took place in the Badger Hoist House.

The objectives of the comprehensive historical drill core sampling program entailed sampling previously unsampled mineralized wall rock and sampling unmineralized wall rock, beyond the influence of significant alteration. This weakly altered unmineralized wall rock was sampled to give the Mineral Resource Estimate model "near-zero" values to aid in the creation of vein domains. The approach for this phase was to transport all the Rainbow Block historical drill core at the Badger Hoist House to the Missoula Yard drill core processing facility. Since much of this historical core was not stored in order, a significant amount of the time and labour was required to organize drill core boxes by drill hole. Each drill core box was opened, either during or after relocation, and a visual assessment made by the geologists to determine whether the geology warranted further inspection and sampling. Although not the primary objective of this effort, numerous unsampled, polymetallic vein intervals were encountered and sampled.

During the historical core sampling programs, it became apparent that many drill holes were not present in their entirety. The fraction of drill core missing varied greatly between drill holes, with some drill holes only missing several boxes, and others with only several boxes remaining. Vein intercepts were commonly part of missing intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 LABORATORY
 SAMPLE PREPARATION & ANALYSIS

All channel samples collected by Anaconda were sent and processed at an onsite laboratory for analysis. In subsequent drilling programs conducted by the Company and New Butte Mining, samples were sent to independent certified laboratories. The following section discusses the Company's history of the laboratories utilized throughout the 2021 - 2022 period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 SGS
 Minerals – Burnaby, British Columbia

The Company employed the services of SGS Minerals ("SGS") in Burnaby, BC for the initial historical resampling and for the first shipment of samples from the 2021 drilling program. The shipment of historical samples (work order reference BBM21-12042) contained 177 drill core and QC samples and shipped on July 6, 2021. The second shipment to SGS, transported on November 9, 2021 (work order reference BBM21-14653), consisted of samples from drill holes BJS21-23, BJS21-24 and BJS21- 26, and a range of QC samples.

Samples at SGS were prepared and analyzed using the following methods:

● PRP89: Weigh <3 kg, dry 105 degrees Celsius, crush to 75% passing 2 mm, split 250 g, pulverize 85% passing 75 µm (Procedure combining WGH10, DRY10, CRU11, SPL10, PUL10);

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● GO_FAG32V: Au Ag – "ore" grade 30 g Fire Assay, Au by AA spectrometry, Ag by gravimetric. Reporting Limits Au 0.01 to 100 ppm, Ag 10 to 10,000 ppm. Samples were analyzed at SGS Lakefield;

● GE_ICP-AES-90A50: 29 element package – sodium peroxide fusion, ICP-AES;

● GO_ICP90Q100: Single Element – "ore" grade sodium peroxide fusion, ICP-AES (for overlimit samples); and

● GO_XRF70V: Pyrosulphate Fusion, XRF, "Ore" Grade (for overlimit samples).

SGS was utilized as the Company's primary assay laboratory from July 7, 2021 to December 3, 2021., at which time the decision was made to switch to American Analytical Services Inc. ("AAS").

Receipt of the first batch results from SGS certificate BBM21-14653 revealed a 64% failure rate in Au, Ag, Cu, Pb and Zn certified reference material ("CRM") results.

The Company requested that SGS rerun affected samples in batch BBM21-14653 by ICP analysis and no failures were noted in the re-assayed batch results (BBM22-16515). After comparison of original and rerun results, a decision was made to import Au and Ag fire assay results from the original batch (BBM21-14653) into the database, as most standard failures were associated with ICP-AES results, and not the Au-Ag fire assay data. The 29-element package ICP re-run results from BBM22-16515 were reported to the company database as well as results from SGS batch BBM21-12042.

SGS is independent of Silver Bow Mining and operates more than 2,600 offices and laboratories throughout the world. Sample processing services at SGS are ISO/IEC 17025:2017 accredited by the Standards Council of Canada. Quality Assurance procedures include standard operating procedures for all aspects of the processing and also include protocols for training and monitoring of staff. ONLINE LIMS is used for detailed worksheets, batch and sample tracking including weights and labelling for all the products from each sample.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 American
 Analytical Services – Osburn, Idaho

Silver Bow Mining transitioned to using the laboratory services of American Analytical Services (AAS) in Osburn, Idaho for the next batch of samples from the 2021 drilling project, and for the continuation of re-sampling and gap infill sampling of historical drill core. The first batch of continued historical drill core gap and re-sampling (BJS_123021-F&AA) was shipped to AAS on December 30, 2021, and contained 46 samples of historical drill core and QC samples. Batch BJS_011422-F&AA, consisting of 132 samples from drill holes BJS21-25, BJS21-01 and BJS21-03, and various QC samples, was sent to AAS on January 10, 2022. Umpire samples (five pulp samples) from SGS batch BBM21- 14653 were also sent to AAS for check assaying.

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**Technical Report Summary**

Samples at AAS were prepared and analyzed using the following methods:

● M-SP-R: Dry, Crush to 80% passing 10 mesh, split 250 g and pulverize to 85% passing 140 mesh;

● M-AA-2A – Ag, Cu, Pb, Zn: Aqua Regia digestion, Atomic Absorption 4 element;

● FA-Ag/Au: Fire Assay with gravimetric finish; and

● M-Vol-Zn: Volumetric Analyses (for Zn overlimit samples).

A third batch, containing 263 historical drill core and QC samples, was sent to AAS, but not processed. Work was put on hold at AAS until a decision was made to send the unprocessed samples to another laboratory in February of 2022. AAS was considered the Company's primary lab from December 3, 2021, to February 7, 2022, when the decision was made to change labs to Paragon Geochemical Laboratories Inc., ("Paragon"), Nevada.

The Company later chose to utilize AAS for umpire/duplicate sample analysis of SGS and Paragon lab results and, therefore, has not reported any AAS data in the Company's assay database.

AAS, incorporated in 1996, is a full service metallurgical, environmental, and chemical analytical laboratory that carries out geochemical assaying in accordance with ASTM and USGS standards. AAS are ISO 17025:2017 accredited through Perry Johnson Laboratory Accreditation Inc., for mineral and "ore" chemical analysis, including the analytical methods performed throughout the 2021 program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Paragon
 Geochemical Laboratories – Sparks, Nevada

Following the decision to transition from AAS to Paragon, the Company requested all pulp samples and coarse rejects from AAS (batches BJS_123021-F&AA and BJS_011422-F&AA), and the third batch of unprocessed historical samples, be sent to Paragon for analysis. The third batch of 50 historical drill core and QC samples were also sent directly from the Company to Paragon for analysis. A batch consisting of four coarse reject samples and a single CRM from SGS batch BBM21-14653 were sent to Paragon for umpire duplicate analysis.

Sample preparation for pulp samples in Paragon batch B22-0079 were not required, since samples were already prepped at AAS. Sample preparation for the second and third batches of historical drill core (Paragon B22-0080 & B22-0081), and the SGS coarse rejects (Paragon B22-0105) were prepared according to the following method protocol

● PREP-PKG: Inventory, weigh, dry to 100°C, crush to 70% passing 10 mesh, riffle split 250 g and pulverized to 85% passing 200 mesh;

● 33MA-OES: 33-element suite; 0.25 g Multi-Acid digestion/ICP-OES;

● AuAg-GR30: Au and Ag; 30 g fire assay, gravimetric finish; and

● OLMA-OES – Cu, Pb, Zn: Over-limits Multi-Acid; OES digestion.

CRM results in batches B22-0079 and B22-0081 failed to meet the Company's QA/QC requirements. However, Paragon re-ran all samples from these batches and results from the re-run batch passed

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**Rainbow Block – Montana, USA**

QC protocol. Assay results from B22-0079 REV2, B22-0080, and B22-0081 REV2 were reported in the assay database. The Company considered Paragon as the primary assay laboratory effective February 7, 2022 to the date of this Report.

Paragon is a mid-size provider of commercial assay lab services to the mining and exploration industries and is independent of Silver Bow. Located in Northern Nevada, they provide service in the Reno, Nevada, and Sparks, Nevada districts. Paragon processes and procedures are documented within its ISO 9001 compliant Quality Management System (QMS) and are readily available to ensure that all staff are operating at their best. The QMS also provides a framework for the constant monitoring of data quality that is directed toward a program of continual improvement. Paragon are ISO 17025:2017 accredited through International Accreditation Service Inc., for all analysis methods utilized during the Company's 2021 program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4 ALS
 – Elko and Reno, Nevada

The Company utilized ALS as another umpire laboratory, and for wax-impregnated bulk density analysis. A batch (COA-EL22059438) containing 14 duplicate pulps from Paragon and a single CRM sample was sent to ALS in Elko for umpire analysis on February 28, 2022. A second batch for umpire assaying, comprising eight duplicate pulps (split by AAS but not assayed at AAS) and a single CRM was sent to ALS in Reno and assayed at ALS on April 26, 2022. Paragon originally analyzed the duplicate pulp split samples assayed by ALS - Reno in batch number COA-RE22122986.

Samples at ALS were analyzed using the following methods:

● ME-GRA21: Au & Ag by Fire Assay and gravimetric finish;

● ME-ICP61: 33 element Four Acid ICP-AES; and

● ME-OG62: "Ore" grade elements – Four Acid (Ag, Cu, Pb, Zn) for overlimit samples.

ALS is independent of the Company and has developed and implemented strategically designed processes and a global quality management system at each of its locations. The global quality program includes internal and external inter-laboratory analysis programs and regularly scheduled internal audits that meet all requirements of ISO/IEC 17025:2017 and ISO 9001:2015. All ALS geochemical hub laboratories are accredited to ISO/IEC 17025:2017 for specific analytical procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 DENSITY
 DETERMINATION

Density calculations were conducted by Company geologists using a water immersion method on site. The Company later utilized ALS Elko to conduct 25 wax impregnated SG samples. The current Mineral Resource Estimate uses a mineralized bulk density derived from 323 measurements including: 285 historical (Anaconda), 25 independent verifications, 12 by the Company, and five ALS samples. Regression analysis of Pb+Zn content and bulk density for all samples yielded the formula applied to each mineralization block.:

"Density = 0.024 x (Pb%+Zn%) + 2.7617,"

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**Technical Report Summary**

A similar regression slope was found using only the 21 independent samples. While suitable for the current estimate, the independent samples suggest slightly lower bulk densities, and further measurements are recommended to increase confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 SAMPLE
 SECURITY METHODS

Throughout the Company's 2021 - 2022 drilling campaign, drill core was picked up from the drill sites at a minimum of once per shift and always picked up by the Company's staff prior to a drill crew leaving for the day or commencing days off. Prior to drill core logging and sampling, all drill core was securely housed by the Company inside the Missoula Mine Yard, which houses both the Silver Bow Mining Corp office and drill core processing facilities. Drill core samples taken from select intervals were placed in heavy weight canvas sample bags and stored in a plastic-lined wood shipping crate inside the building. The storage and logging premises remained locked overnight and are surrounded by a barbed wire fence with lockable gate.

Samples were subsequently sent by the Company to the assay labs in wood shipping crates that were nailed shut with a particle board lid. Samples were shipped with the ground freight transportation companies Manitoulin Transportation when shipping samples to SGS in Canada and Old Dominion Freight Line Inc., when shipping samples within the United States to Paragon and, ALS in Nevada and AAS in Osburn, Idaho. All samples were reported received by the laboratories with the crates unopened and undamaged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 SAMPLE
 SHIPMENT

For sample submittal shipments, sample groups were first prepared with each sample individually bagged, tagged, labeled, and placed in order. Samples were then packed in containers with a recording of their sequence listed in a spreadsheet that corresponded to the lab job number. The lab's sample submittal form was filled out with sample IDs, prep, analysis codes and disposal instructions which was then emailed to the lab for review. A printed copy of this form was placed in a Ziplock bag inside the first container. transport truck pick-up was arranged, payment confirmed and the Bill of Lading and Canada Customs or commercial invoice was completed (for SGS samples). Once shipped, the signed Bill of Lading was obtained, and an email of the commercial invoice and the Bill of Lading was sent to the customs agent. Finally, a confirmation that the lab had received the shipment was obtained, followed by request for invoice from the shipper referencing the Bill of Lading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 QUALITY
 CONTROL & QUALITY ASSURANCE

The Company commenced drilling at the Rainbow Block in 2021 and, from this time, implemented a QA/QC program that included the routine insertion of CRMs and blanks into the sample stream sent for geochemical analysis. This includes all samples from the 2021 drilling program, the historical resampling program, and the umpire assaying carried out on the 2021 drill core.

Commencing in 2021, the Company implemented protocol for QC sample insertion, whereby CRMs were inserted every 20 samples utilizing six CRMs from Canadian Resource Laboratories of Langley

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BC ("CRL"). Two types of blanks were used as part of QC protocol. These barren samples included Virginia City Gneiss and the BQM wall rock. Blanks were inserted at a rate of one every 20 samples.

Field duplicates were not taken during the 2021 - 2022 program. However, duplicate pulp samples from a primary lab were sent for check assaying at an umpire lab.

The Company currently monitors laboratory assay performance of all CRM and blank material as results are received. Deviations greater than ±3 standard deviations from the expected certified mean value of each CRM are followed up with the lab in a timely manner and samples are re-assayed as required .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1 Performance
 of Certified Reference Materials

CRMs were inserted into the analytical stream approximately every 20 samples by the Company geologists. Six CRMs were used during the 2021 - 2022 drilling and historical resampling program to monitor gold, silver, copper, lead and zinc performance: 1) ME-1406, 2) ME-1808, 3) ME-1805, 4) ME-1903, 5) ME-1902 and 6) ME-1812 (Table 19). All CRMs were purchased from CRL and are certified for gold, silver, copper, lead and zinc. The CRMs were sourced from CDN Laboratories in Langley BC and consisted of a mix of low-, medium- and high-grade polymetallic pulps and each CRM contained 60-g of pulp in a vacuum sealed plastic envelope to prevent oxidation or contamination. CRMs were inserted randomly with respect to grade.

A total of 74 CRMs were submitted in 2021, representing at a 5% insertion rate. Criteria for assessing CRM performance are based as follows: data falling within ±3 standard deviations (σ) from the certified mean value, pass; and data falling outside ±3 (σ) from the certified mean value, fail. As discussed in Section 8.1, the CRM failure rate was initially high during the 2021 – 2022 drilling program, and it took some months for the Company to settle on suitable primary and secondary labs that could provide acceptable turnaround times with quality results. Despite the issues faced throughout the program, robust and timely assessment of laboratory results, in conjunction with appropriate follow up action, has ensured the integrity of the data. Follow-up action taken with batches containing problematic CRM failures has included discussions with the relevant laboratory, rerun of potentially affected samples, assessment of rerun batches (all rerun batches passed QC assessment) and comparison between original and rerun results. to assess for bias and select which results to import into the database.

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**Technical Report Summary**

Table 19: Standards Used by the Company during 2021 Drilling Program

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| CDN Standard | 30g FA, Instrumental | 30g FA, Gravimetric | 4-Acid / ICP | 4-Acid / ICP | 4-Acid / ICP | 4-Acid / ICP |
| CDN Standard | Au g/t | Ag ppm | Ag ppm | Cu % | Pb % | Zn % |
| CDN-ME-1406 | 0.678 | 57.1 | N/A | 0.320 | 0.485 | 2.270 |
| CDN-ME-1805 | 2.670 | 2236 | 2288 | 0.873 | 5.500 | 10.540 |
| CDN-ME-1808 | 2.310 | N/A | 39 | 0.212 | 0.600 | 3.850 |
| CDN-ME-1812 | 7.860 | 96 | 97 | 0.989 | 1.470 | 3.230 |
| CDN-ME-1902 | 5.380 | 356 | 349 | 0.781 | 2.200 | 3.660 |
| CDN-ME-1903 | 3.035 | 177 | 180 | 1.230 | 1.060 | 1.750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2 Performance
 of Blank Materials

Blank material ("blanks") utilized at the Rainbow Block during their 2021 - 2022 drilling campaign were procured from unaltered and unmineralized intervals of historical diamond drill core, composed of barren Butte Quartz Monzonite (Butte Mining District host rock) (the predominant lithology in the district). For the historical core sampling program, Virgina City Gneiss was utilized (barren rock). The blanks were inserted at a frequency of one in 20 samples. If the assayed value in the certificate was indicated as being less than detection limit, the value was assigned half the value of the detection limit for data analysis purposes. An upper tolerance limit of three times the calculated standard deviation of all blank sample results was set. There were 49 data points to examine, representing a frequency of 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.3 Umpire
 Assaying

Silver Bow Mining's geologists selected samples for umpire assaying from intervals considered to be of higher grade (based on observed mineralogy) for shipment to an assay lab other than the one handling the main sample stream. Around 5% of samples from each batch were assayed at an umpire lab. Due to the localized "nuggety" mineralization observed in veins, duplicate sample pulps from the same initial sample preparation were selected for duplicate analysis and not quartered core.

RMA analysis shows acceptable reproducibility between all labs for all elements, and no significant bias evident. The Author of this Report section considers that the umpire assay data is acceptable, supports the original analyses and does not demonstrate significant bias between labs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 DATABASE

The Rainbow Block database was compiled from extensive historical and recent drilling, channel sampling, and bulk density measurements, structured to support Inferred Mineral Resource estimation.

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*<u>Anaconda Copper Mining</u>*

Historical channel sampling data from Anaconda Copper Mining has been digitized to retain original assay and sample location details. This data, vital to understanding early mineralization and structural patterns, has been maintained in approximately regular sample lengths, thus requiring no compositing.

*<u>New Butte Mining</u>*

Historical drillhole data from New Butte Mining have been incorporated. This includes drillhole intervals, assay values, and lithological information, validated to ensure compatibility with current data formatting and consistency standards.

*<u>Silver Bow Mining</u>*

Recent drilling conducted by Silver Bow Mining was added to the database to provide an updated understanding of mineralization. The integration includes *5 ft* and *10 ft* composites of drillhole intervals, which align with the mineralization wireframes and supplement the historical data for resource estimation.

The channel sampling was digitised by Rangefront Mining Services together with the Silver Bow Mining Geologists. Internal controls and validation checks were conducted on the data collated. A systematic validation process was undertaken to check for inconsistencies and errors in the compiled database. Minor errors identified during verification were corrected.

To manage data outliers and ensure statistical reliability, grade capping was applied to combined drillhole composite and channel sample assay values. Grade capping thresholds were determined for each mineralization domain using log-normal histograms and log-probability plots, ensuring consistency in grade distribution across the dataset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 QUALIFIED
 PERSONS OPINION ON SAMPLE PREPARATION, SECURITY AND ANALYTICAL PROCEDURES.

The qualified person did not observe the sample preparation in person; however the Project had recorded their data capture and QAQC of core drilling and it is sufficient to the QP that proper procedures and QAQC were conducted for the recent core drilling.

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**Technical Report Summary**

9 DATA VERIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 INTERNAL
 DATA VERIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Drillhole
 and Channel Data Verification

Silver Bow Mining provided historical and drilling data collated for the Project, including 2021 surface drilling, older drilling data, and underground channel. The Drilling database includes:

Table 20: Summary of drilling and trenching in the Rainbow Block.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Drillholes and Trenches in the Rainbow Block** | &nbsp;&nbsp;**Drillholes and Trenches in the Rainbow Block** | &nbsp;&nbsp;**Drillholes and Trenches in the Rainbow Block** | &nbsp;&nbsp;**Drillholes and Trenches in the Rainbow Block** | &nbsp;&nbsp;**Drillholes and Trenches in the Rainbow Block** | &nbsp;&nbsp;**Drillholes and Trenches in the Rainbow Block** |
|  | &nbsp;&nbsp; <br> **Company** | &nbsp;&nbsp; <br> **Year** | &nbsp;&nbsp; <br> **Type** | &nbsp;&nbsp; <br> **no. of drillholes** | &nbsp;&nbsp;**Total footage drilled(ft)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Anaconda | &nbsp;&nbsp;1959 | &nbsp;&nbsp;Surface | &nbsp;&nbsp;6 | &nbsp;&nbsp;2375 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Anaconda | &nbsp;&nbsp;1980 | &nbsp;&nbsp;Surface | &nbsp;&nbsp;10 | &nbsp;&nbsp;2630 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Anaconda | &nbsp;&nbsp;1981 | &nbsp;&nbsp;Surface | &nbsp;&nbsp;39 | &nbsp;&nbsp;9970 |
| &nbsp;&nbsp; <br> 4 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1987 | &nbsp;&nbsp; <br> Surface | &nbsp;&nbsp; <br> 22 | &nbsp;&nbsp; <br> 2786 |
| &nbsp;&nbsp; <br> 5 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1988 | &nbsp;&nbsp; <br> Surface | &nbsp;&nbsp; <br> 50 | &nbsp;&nbsp; <br> 23579 |
| &nbsp;&nbsp; <br> 6 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1989 | &nbsp;&nbsp; <br> Surface | &nbsp;&nbsp; <br> 2 | &nbsp;&nbsp; <br> 904 |
| &nbsp;&nbsp; <br> 7 | &nbsp;&nbsp;Silver Bow<br> Mining | &nbsp;&nbsp; <br> 2021 | &nbsp;&nbsp; <br> Surface | &nbsp;&nbsp; <br> 8 | &nbsp;&nbsp; <br> 4780 |
|  |  |  |  | &nbsp;&nbsp;**137** | &nbsp;&nbsp;**47024** |
| &nbsp;&nbsp; <br> 8 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1988 | &nbsp;&nbsp; <br> Underground | &nbsp;&nbsp; <br> 29 | &nbsp;&nbsp; <br> 7253 |
| &nbsp;&nbsp; <br> 9 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1989 | &nbsp;&nbsp; <br> Underground | &nbsp;&nbsp; <br> 9 | &nbsp;&nbsp; <br> 1974 |
| &nbsp;&nbsp; <br> 10 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1990 | &nbsp;&nbsp; <br> Underground | &nbsp;&nbsp; <br> 6 | &nbsp;&nbsp; <br> 1755 |
|  |  |  |  | &nbsp;&nbsp;**44** | &nbsp;&nbsp;**10982** |
| &nbsp;&nbsp; <br> 11 | &nbsp;&nbsp;New Butte<br> Mining PLC | &nbsp;&nbsp; <br> 1987 | &nbsp;&nbsp; <br> Trenching | &nbsp;&nbsp; <br> 16 | &nbsp;&nbsp; <br> 3110 |
| &nbsp;&nbsp; <br> 12 | &nbsp;&nbsp;Silver Bow<br> Mining | &nbsp;&nbsp; <br> 2021 | &nbsp;&nbsp; <br> Trenching | &nbsp;&nbsp; <br> 1 | &nbsp;&nbsp; <br> 61 |
|  |  |  |  | &nbsp;&nbsp;**17** | &nbsp;&nbsp;**3171** |

---

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Table 21: Anaconda Company underground channel samples.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Channel Samples within the Rainbow Block** | &nbsp;&nbsp;**Channel Samples within the Rainbow Block** | &nbsp;&nbsp;**Channel Samples within the Rainbow Block** | &nbsp;&nbsp;**Channel Samples within the Rainbow Block** | &nbsp;&nbsp;**Channel Samples within the Rainbow Block** |
| **Company** | Year | Type | **no. of channels** | **Total footage (ft)** |
| Anaconda | 1940-<br> 1956 | Underground | 15719 | 167334 |

---

● 183 drill holes totaling 58,392 ft (8 by Silver Bow Mining in 2021, 89 by New Butte Mining from 1987-1990, 2 by Lee Mining in 1984 (Marget Ann) and 55 by Anaconda 1959 - 1984),

● 29 Underground Boreholes drilled by New Butte Mining in 1988 -1990,

● 17 Surface channel samples collected between 1987 and 2021, and

● 15,719 underground channels totaling 167,334 ft.

Channel Sample Validation was conducted by Rangefront Mining Services together with Silver Bow Mining Geologists. As part of the validation, the channel samples were combined with the drill hole database and interrogates as part of the geological model wireframe construction. Channel samples were then coded according to the wireframe model representing the individual modelled veins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 2021
 Assay Verification

Verification of the Rainbow Block drillhole assay database was conducted for gold, silver, copper, lead and zinc by comparison of the database entries with assay certificates, provided directly to the Authors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 EXTERNAL
 DATA VERIFICATION

During the Company's 2021 - 2022 drilling campaign, an umpire assay lab was selected to test 5% of samples in each batch. This was done to ensure that each lab was providing accurate assay data. During the 2021 - 2022 drilling campaign, multiple labs were used to gather the most accurate data.

At Actlabs, samples underwent gold fire assay with gravimetric finish, and silver, lead, and zinc analysis via ICP-OES, with high-silver samples further analyzed by fire assay. Bulk densities were measured by water immersion, and Actlabs' QA system met ISO/IEC and Health Canada standards. Despite a nugget effect in gold assays, assay values were consistent between Silver Bow's database and verification samples, confirming data quality suitable for the Mineral Resource Estimate

**Page \| 65**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 DATA
 VERIFICATION BY QUALIFIED PERSON

Mr. Jacob Anderson of Dahrouge geological consulting conducted a site visit to the Rainbow Block on December 9 -13, 2024, inspecting old drilling sites, verifying GPS locations, reviewing data collection and storage protocols.

From the available drill holes sample pulps 5 pulps were selected and sent to an assay lab for verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 QUALIFIED
 PERSON'S OPINION ON DATA ADEQUACY

The QP is of the opinion that the data supplied by the registrant is adequate to support the Mineral Resource estimate.

The variability in the number of assay results for each metal element received from the registrant is due to the variability of sampling processes and assay procedures applied during the various sampling and assay programs on the property. Equal number of results for each element is not available, however the data sets used in the mineral resource are considered representative and have been considered independently for the overall Mineral Resource estimate.

The availability of QAQC protocols and the QAQC data supports the data supplied. The confidence in the data exhibited through the methodologies exhibited by the operation during data collection supports the classification of the final Mineral Resource estimate.

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10 MINERAL PROCESSING & METALLURGICAL TESTING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 HISTORICAL
 MINERAL PROCESSING INFORMATION

Silver Bow Mining will consider the results from the historical mineral processing done in the region, however will set up new plants and processes for any extraction planned in future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 METALLURGICAL
 PROCESS AND PREDICTED RECOVERIES

Silver Bow Mining has not performed metallurgical testing at this stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 MINERAL
 PROCESS TESTING

Silver Bow Mining has not initiated any mineral process testing. A metallurgical testing program is expected once drill core is obtained by an underground drilling program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 QUALIFIED
 PERSON'S OPINION ON DATA ADEQUACY

No Metallurgical or processing test work has been conducted by Silver Bow Mining.

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**Technical Report Summary**

11 MINERAL RESOURCE ESTIMATE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 SUMMARY

Silver Bow Mining requested that Dahrouge Geological Consulting prepare an initial assessment of the Mineral Resource for the Rainbow Block from the database collated from drilling program and historical underground channel sampling. The channel sampling was digitized by the Silver Bow Mining geologists from historical channel mapping and sampling, combined with the drill hole database. The Silver Bow Mining geologists used the channel sampling and the historical drilling to produce the geological wireframe models of the veins.

Dahrouge Geological Consulting utilized the wireframe boundaries to domain the combined drill- hole and channel sampling database into the veins and compiled an estimate for individual metals within each vein. The metals estimated were Silver (Ag), Gold (Au), Lead (Pb) and Zinc (Zn), with the main result of the estimate being a calculated Silver Equivalent (AgEq) reported for the Mineral Resources of the Rainbow Block. The Silver Equivalent estimate was calculated per block based on the individual metal estimates within each block. The Mineral Resource was reported by accumulating these results within the block model volume.

The complexity of the estimate is aligned within the well constrained Geological wireframe model of the veins. The estimated metal contents were estimated within the hard boundaries modelled by Rangefront Mining Services and the Silver Bow Mining geologists, and the results followed their guidance.

The effective date of this Mineral Resource estimate is the 31st of December 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 KEY
 ASSUMPTIONS, PARAMETERS, AND METHODS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Database

The database is a combination of drill holes and channel samples as collated by the Company's geologists.

The raw statistics of the Rainbow Block data is shown in Table 22.

Table 22: General Statistics of Raw data for both Drill hole and Underground channel Samples.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Variable name** | **Ag (opt)** | **Au (opt)** | **Pb (%)** | **Zn (%)** |
| **Count** | 67887 | 8280 | 65754 | 66087 |
| **Mean** | 2.60 | 0.03 | 1.72 | 5.63 |
| **Standard deviation** | 6.43 | 0.37 | 2.59 | 6.38 |
| **Variance** | 41.36 | 0.14 | 6.73 | 40.70 |
| **CV** | 2.48 | 12.86 | 1.51 | 1.13 |
| **Median** | 0.90 | 0.00 | 1.00 | 3.40 |
| **Max** | 259.10 | 30.55 | 88.70 | 102.00 |
| **Min** | 0.00 | 0.00 | 0.00 | 0.00 |
| **Skewness** | 12.54 | 69.70 | 5.88 | 2.36 |
| **Kurtosis** | 289.65 | 5642.76 | 75.84 | 7.72 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Interpretation
 And Modelling

Geological wireframe and block models were prepared in Maptek Vulcan. Independent wireframes for each vein were constructed from the logging and channel sampling data. The block model consists of separate model variables for estimated silver, gold, lead and zinc. As well as associated variables used for the estimation and reporting of the Mineral Resources.

The Geological wireframe model was used to construct the sub blocked block model and was set up to accurately represent tonnages within each vein domain. Each vein domain was accurately represented by a suitable number of blocks that are constrained by the geological model.

There were 82 geological wireframes of the individual veins within the Rainbow Block constructed for the preparation of the Mineral Resource estimate.

The list of the veins modelled are reported in Table 23.

Table 23: List of mineralized veins modelled within the Rainbow Block

---

| | | |
|:---|:---|:---|
|  | **Vein Code** | **Vein Name** |
| 1 | V101 | Alice |
| 2 | V102 | alice_south_split_1 |
| 3 | V103 | alice_south_split_2 |
| 4 | V104 | alice_south_split_3 |
| 5 | V101A | alice_south_split |
| 6 | v101b | alice_south_split4 |
| 7 | V105 | alice_splay |
| 8 | V170 | Auraria |
| 9 | V180 | Badger |
| 10 | V210 | Boston |
| 11 | V220 | chief joseph |
| 12 | V221 | chief_joseph_split_1 |
| 13 | V222 | chief_joseph_split_2 |
| 14 | V220A | cj_sky_splay_1 |
| 15 | V220B | cj_sky_splay_2 |
| 16 | V220C | cj_sky_splay_3 |
| 17 | V240 | edith_may |
| 18 | V250 | Emily |
| 19 | V270 | Florida |
| 20 | V290 | Goldsmith |
| 21 | V291 | goldsmith_splay_1 |
| 22 | V292 | goldsmith_splay_2 |
| 23 | V300 | grey_rock |
| 24 | V302 | grey_rock_splay |
| 25 | V310 | high_ore |

---

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**Technical Report Summary**

---

| | | |
|:---|:---|:---|
|  | **Vein Code** | **Vein Name** |
| 26.0 | V340 | jersey_blue |
| 27.0 | V350 | Jessie |
| 28.0 | V710 | lex_midnight_1 |
| 29.0 | V711 | lex_midnight_2 |
| 30.0 | V360 | Lexington |
| 31.0 | V366 | lexington_ladder_2 |
| 32.0 | V361 | lexington_n_split_1 |
| 33.0 | V362 | Lexington_West |
| 34.0 | V364 | lexington_n_split_2 |
| 35.0 | V399 | lexington_south_splay |
| 36.0 | V360A | lexington_splay_1 |
| 37.0 | V360C | lexington_splay_2 |
| 38.0 | V360D | lexington_splay_3 |
| 39.0 | V360E | lexington_splay_4 |
| 40.0 | V499 | lexington_stringer_10 |
| 41.0 | V397 | lexington_stringer_1 |
| 42.0 | V398 | lexington_stringer_2 |
| 43.0 | V491 | lexington_stringer_3 |
| 44.0 | V492 | lexington_stringer_4 |
| 45.0 | V493 | lexington_stringer_5 |
| 46.0 | V494 | lexington_stringer_6 |
| 47.0 | V495 | lexington_stringer_7 |
| 48.0 | V497 | lexington_stringer_8 |
| 49.0 | V498 | lexington_stringer_9 |
| 50.0 | V362 | lexington_west |
| 51.0 | V601 | Lucille |
| 52.0 | V400 | Midnight |
| 53.0 | V402 | midnight_splay |
| 54.0 | V430 | plover_no_1 |
| 55.0 | V114 | rainbow_906 |
| 56.0 | V110 | Rainbow |
| 57.0 | V112 | rainbow_n_split |
| 58.0 | V110B | rainbow_splay_1 |
| 59.0 | V111 | rainbow_splay_2 |
| 60.0 | V116 | rainbow_splay_3 |
| 61.0 | V117 | rainbow_splay_4 |
| 62.0 | V119 | rainbow_splay_5 |
| 63.0 | V113 | rainbow_split |
| 64.0 | V115 | rainbow_state |
| 65.0 | V460 | Skyrme |

---

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---

| | | |
|:---|:---|:---|
|  | **Vein Code** | **Vein Name** |
| 66.0 | V461 | skyrme_split_1 |
| 67.0 | V462 | skyrme_split_2 |
| 68.0 | V463 | skyrme_split_3 |
| 69.0 | V465 | skyrme_split_4 |
| 70.0 | V467 | skyrme_split_5 |
| 71.0 | V468 | skyrme_split_6 |
| 72.0 | V469 | skyrme_split_7 |
| 73.0 | V470 | Snowdrift |
| 74.0 | V730 | state_area_1 |
| 75.0 | V730A | state_area_2 |
| 76.0 | V480 | State |
| 77.0 | V481 | state_fw |
| 78.0 | V481N | state_fw_splay |
| 79.0 | V480S | state_splay |
| 80.0 | V500 | Tyrone |
| 81.0 | V520 | Wildbill |
| 82.0 | V521 | wildbill_splay |

---

Historically underground mined areas within the Rainbow block were modelled as a solid and removed by classifying the blocks where the centroid was contained within the shape and flagged as "mined". These blocks were not used for the classification of the Mineral Resource. The vein block models were also limited by the topography and the deeper extremities did not extend beyond the modelled water table. Both the topographic and water table surfaces were modeled within Vulcan and used to limit the block model construction for each vein.

Continuity of the volume and grades withing the rainbow block has been constructed by the block model interpolation using the available geological and sampling data. Estimation utilized only data within the block model to interpolate the grade variables. The vein wireframes provided a constraint for interpolation of grade distribution with this vein domains. Figure 19, Figure 20, Figure 21 illustrate examples where underground channel, and the drill hole data were utilized to constrain modelled vein surfaces within the Rainbow Block.

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![](n5138exh96-1_img022.jpg)

Figure 19: Chief Joseph vein surface showing channel samples and drill holes (Prepared by Dahrouge, 2025).

![](n5138exh96-1_img023.jpg)

Figure 20: Lexington vein surface showing channel samples and drill holes (Prepared by Dahrouge, 2025).

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![](n5138exh96-1_img024.jpg)

Figure 21: Skyrme vein surface showing channel samples and drill holes (Prepared by Dahrouge, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 Bulk
 Density Data

The bulk density used to determine the Mineral Resource was derived from historical measurements. Due to the limited availability of density data on the Rainbow block a regression analysis of Pb and Zn was utilized to determine the density of each block estimated. 301 samples were analyzed and the resulting regression can be seen in Figure 22 below.

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**Technical Report Summary**

![](n5138exh96-1_img025.jpg)

Figure 22: Regression Analysis for Density vs Pb%+Zn%.

An average density of 0.085 tons/cubic foot was used to calculate the Mineral Resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 Compositing

Compositing lengths of 2 feet were applied to the drill holes and the channel samples (Table 24). The composites were calculated for Ag, Au, Pb and Zn, starting at the first point of intersection between assay data points (Figure 23).

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Table 24: Composite database for Drill hole and Channel samples.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable**<br> **name** | &nbsp;&nbsp;<br> **Ag(opt)** | &nbsp;&nbsp;<br> **Au (opt)** | &nbsp;&nbsp;<br> **Pb (%)** | &nbsp;&nbsp;<br> **Zn (%)** |
| **Count** | 110706 | 14278 | 105321 | 105990 |
| &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;2.35 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.61 | &nbsp;&nbsp;5.18 |
| &nbsp;&nbsp;**Standard**<br> **deviation** | &nbsp;&nbsp;5.32 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2.21 | &nbsp;&nbsp;5.41 |
| &nbsp;&nbsp;**Variance** | &nbsp;&nbsp;28.30 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;29.22 |
| &nbsp;&nbsp;**CV** | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;6.74 | &nbsp;&nbsp;1.37 | &nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;**Median** | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;3.40 |
| **Max** | 249.00 | 7.65 | 56.48 | 62.60 |
| &nbsp;&nbsp;**Min** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;**Skewness** | &nbsp;&nbsp;11.60 | &nbsp;&nbsp;31.29 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;2.16 |
| &nbsp;&nbsp;**Kurtosis** | &nbsp;&nbsp;260.29 | &nbsp;&nbsp;1330.20 | &nbsp;&nbsp;51.51 | &nbsp;&nbsp;6.69 |

---

![](n5138exh96-1_img026.jpg)

Figure 23: Analysis of different compositing lengths and the effects on the arithmetic mean and variance within the Silver data for vein 220.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 Outlier
 Analysis and Capping

Grade Capping was analyzed per vein, per metal and performed on both the drillhole and channel datasets. The capped values applied to the input dataset for estimation is shown in the table below.

Table 25: Capping parameters of composite dataset per vein per metal.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** | &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V101 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1509 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3.318 | &nbsp;&nbsp;3.143 | &nbsp;&nbsp;4.068 | &nbsp;&nbsp;3.129 | &nbsp;&nbsp;1.226 | &nbsp;&nbsp;0.995 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;v101 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;512 | &nbsp;&nbsp;10 | &nbsp;&nbsp;0.036 | &nbsp;&nbsp;0.031 | &nbsp;&nbsp;0.077 | &nbsp;&nbsp;0.048 | &nbsp;&nbsp;2.158 | &nbsp;&nbsp;1.533 | &nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;v101 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1529 | &nbsp;&nbsp;97 | &nbsp;&nbsp;2.605 | &nbsp;&nbsp;2.488 | &nbsp;&nbsp;1.846 | &nbsp;&nbsp;1.513 | &nbsp;&nbsp;0.708 | &nbsp;&nbsp;0.608 | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;v101 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1545 | &nbsp;&nbsp;17 | &nbsp;&nbsp;5.151 | &nbsp;&nbsp;5.114 | &nbsp;&nbsp;3.319 | &nbsp;&nbsp;3.154 | &nbsp;&nbsp;0.644 | &nbsp;&nbsp;0.617 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;v101a | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1082 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.953 | &nbsp;&nbsp;2.671 | &nbsp;&nbsp;4.382 | &nbsp;&nbsp;3.573 | &nbsp;&nbsp;1.484 | &nbsp;&nbsp;1.276 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;v101a | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;63 | &nbsp;&nbsp;9 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;0.021 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.874 | &nbsp;&nbsp;0.766 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;v101a | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;22 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.726 | &nbsp;&nbsp;0.825 | &nbsp;&nbsp;0.728 | &nbsp;&nbsp;1.115 | &nbsp;&nbsp;1.028 | &nbsp;&nbsp;2.8 |
| &nbsp;&nbsp;v101a | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;22 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.553 | &nbsp;&nbsp;1.485 | &nbsp;&nbsp;1.779 | &nbsp;&nbsp;1.678 | &nbsp;&nbsp;1.146 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;V102 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;406 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.76 | &nbsp;&nbsp;2.535 | &nbsp;&nbsp;2.762 | &nbsp;&nbsp;2.432 | &nbsp;&nbsp;1.242 | &nbsp;&nbsp;0.959 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;v102 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;194 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.064 | &nbsp;&nbsp;0.021 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.033 | &nbsp;&nbsp;5.766 | &nbsp;&nbsp;1.567 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;v102 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;339 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.406 | &nbsp;&nbsp;1.338 | &nbsp;&nbsp;2.142 | &nbsp;&nbsp;1.683 | &nbsp;&nbsp;1.524 | &nbsp;&nbsp;1.258 | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;v102 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;342 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.902 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;2.834 | &nbsp;&nbsp;2.523 | &nbsp;&nbsp;0.977 | &nbsp;&nbsp;0.901 | &nbsp;&nbsp;8.9 |
| &nbsp;&nbsp;V103 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;660 | &nbsp;&nbsp;29 | &nbsp;&nbsp;3.702 | &nbsp;&nbsp;3.523 | &nbsp;&nbsp;4.65 | &nbsp;&nbsp;3.974 | &nbsp;&nbsp;1.256 | &nbsp;&nbsp;1.128 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;v103 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;84 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.075 | &nbsp;&nbsp;0.062 | &nbsp;&nbsp;0.155 | &nbsp;&nbsp;0.069 | &nbsp;&nbsp;1.529 | &nbsp;&nbsp;1.121 | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;v103 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;655 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.927 | &nbsp;&nbsp;2.776 | &nbsp;&nbsp;2.685 | &nbsp;&nbsp;2.148 | &nbsp;&nbsp;0.917 | &nbsp;&nbsp;0.774 | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;v103 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;662 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.905 | &nbsp;&nbsp;5.848 | &nbsp;&nbsp;4.83 | &nbsp;&nbsp;4.621 | &nbsp;&nbsp;0.818 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;V104 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;352 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.888 | &nbsp;&nbsp;3.666 | &nbsp;&nbsp;4.603 | &nbsp;&nbsp;3.405 | &nbsp;&nbsp;1.184 | &nbsp;&nbsp;0.929 | &nbsp;&nbsp;17.5 |
| &nbsp;&nbsp;v104 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;32 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;0.018 | &nbsp;&nbsp;0.039 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;1.587 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;v104 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;351 | &nbsp;&nbsp;11 | &nbsp;&nbsp;2.532 | &nbsp;&nbsp;2.402 | &nbsp;&nbsp;2.388 | &nbsp;&nbsp;1.808 | &nbsp;&nbsp;0.943 | &nbsp;&nbsp;0.752 | &nbsp;&nbsp;7.4 |
| &nbsp;&nbsp;v104 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;359 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.011 | &nbsp;&nbsp;4.96 | &nbsp;&nbsp;3.765 | &nbsp;&nbsp;3.611 | &nbsp;&nbsp;0.751 | &nbsp;&nbsp;0.728 | &nbsp;&nbsp;14.9 |
| &nbsp;&nbsp;V105 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;164 | &nbsp;&nbsp;14 | &nbsp;&nbsp;4.768 | &nbsp;&nbsp;4.507 | &nbsp;&nbsp;5.134 | &nbsp;&nbsp;4.14 | &nbsp;&nbsp;1.077 | &nbsp;&nbsp;0.918 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;v105 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;49 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.038 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.038 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.838 | &nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;v105 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;164 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.057 | &nbsp;&nbsp;1.971 | &nbsp;&nbsp;2055 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;0.999 | &nbsp;&nbsp;0.878 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;v105 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;161 | &nbsp;&nbsp;4 | &nbsp;&nbsp;3.575 | &nbsp;&nbsp;3.467 | &nbsp;&nbsp;3.408 | &nbsp;&nbsp;3.004 | &nbsp;&nbsp;0.953 | &nbsp;&nbsp;0.867 | &nbsp;&nbsp;12.5 |

---

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** |  | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V110 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;963 | &nbsp;&nbsp;16 | &nbsp;&nbsp;4.195 | &nbsp;&nbsp;3.962 | &nbsp;&nbsp;6.334 | &nbsp;&nbsp;31.127 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;1.102 | &nbsp;&nbsp;26.5 |
| &nbsp;&nbsp;v110 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;271 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.037 | &nbsp;&nbsp;0.054 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.346 | &nbsp;&nbsp;1.085 | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;v110 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;807 | &nbsp;&nbsp;9 | &nbsp;&nbsp;2.367 | &nbsp;&nbsp;2.252 | &nbsp;&nbsp;3.142 | &nbsp;&nbsp;2.447 | &nbsp;&nbsp;1.328 | &nbsp;&nbsp;1.087 | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;v110 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;836 | &nbsp;&nbsp;25 | &nbsp;&nbsp;7.308 | &nbsp;&nbsp;7.16 | &nbsp;&nbsp;6.062 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.829 | &nbsp;&nbsp;0.782 | &nbsp;&nbsp;21.7 |
| &nbsp;&nbsp;V110B | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;269 | &nbsp;&nbsp;5 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;4.578 | &nbsp;&nbsp;9.524 | &nbsp;&nbsp;7.751 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;1.693 | &nbsp;&nbsp;49 |
| &nbsp;&nbsp;v110b | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v110b | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;269 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.315 | &nbsp;&nbsp;2.265 | &nbsp;&nbsp;1.493 | &nbsp;&nbsp;1.332 | &nbsp;&nbsp;0.645 | &nbsp;&nbsp;0.588 | &nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;v110b | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;272 | &nbsp;&nbsp;13 | &nbsp;&nbsp;8.49 | &nbsp;&nbsp;8.277 | &nbsp;&nbsp;5.586 | &nbsp;&nbsp;4.983 | &nbsp;&nbsp;0.658 | &nbsp;&nbsp;0.602 | &nbsp;&nbsp;20.5 |
| &nbsp;&nbsp;V111 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;53 | &nbsp;&nbsp;4 | &nbsp;&nbsp;2.967 | &nbsp;&nbsp;2.828 | &nbsp;&nbsp;2.617 | &nbsp;&nbsp;2.287 | &nbsp;&nbsp;0.882 | &nbsp;&nbsp;0.809 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;v111 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;12 |  | &nbsp;&nbsp;0.03 |  | &nbsp;&nbsp;0.034 |  | &nbsp;&nbsp;1.146 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v111 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;53 | &nbsp;&nbsp;4 | &nbsp;&nbsp;5.273 | &nbsp;&nbsp;4.894 | &nbsp;&nbsp;4.969 | &nbsp;&nbsp;4.163 | &nbsp;&nbsp;0.942 | &nbsp;&nbsp;0.851 | &nbsp;&nbsp;12.1 |
| &nbsp;&nbsp;v111 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;49 | &nbsp;&nbsp;0 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;7.56 | &nbsp;&nbsp;7.56 | &nbsp;&nbsp;0.681 | &nbsp;&nbsp;0.681 | &nbsp;&nbsp;31.4 |
| &nbsp;&nbsp;V112 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;114 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.319 | &nbsp;&nbsp;2.193 | &nbsp;&nbsp;2.477 | &nbsp;&nbsp;2.089 | &nbsp;&nbsp;1.068 | &nbsp;&nbsp;0.953 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;v112 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;100 | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;0.013 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.847 | &nbsp;&nbsp;0.764 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;v112 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;43 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.086 | &nbsp;&nbsp;1.061 | &nbsp;&nbsp;1.783 | &nbsp;&nbsp;1.702 | &nbsp;&nbsp;1.642 | &nbsp;&nbsp;1.604 | &nbsp;&nbsp;6.14 |
| &nbsp;&nbsp;v112 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;49 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.165 | &nbsp;&nbsp;1.085 | &nbsp;&nbsp;2.133 | &nbsp;&nbsp;1.854 | &nbsp;&nbsp;1.814 | &nbsp;&nbsp;1.708 | &nbsp;&nbsp;6.49 |
| &nbsp;&nbsp;V113 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;96 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.689 | &nbsp;&nbsp;3.484 | &nbsp;&nbsp;4.074 | &nbsp;&nbsp;3.49 | &nbsp;&nbsp;1.104 | &nbsp;&nbsp;1.002 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;v113 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;90 |  | &nbsp;&nbsp;0.028 |  | &nbsp;&nbsp;0.029 |  | &nbsp;&nbsp;1.045 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v113 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;43 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.704 | &nbsp;&nbsp;0.667 | &nbsp;&nbsp;0.638 | &nbsp;&nbsp;0.555 | &nbsp;&nbsp;0.907 | &nbsp;&nbsp;0.833 | &nbsp;&nbsp;1.69 |
| &nbsp;&nbsp;v113 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;46 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.679 | &nbsp;&nbsp;1.611 | &nbsp;&nbsp;2.384 | &nbsp;&nbsp;2.212 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;1.373 | &nbsp;&nbsp;6.5 |
| &nbsp;&nbsp;V115 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;866 | &nbsp;&nbsp;21 | &nbsp;&nbsp;3.237 | &nbsp;&nbsp;3.048 | &nbsp;&nbsp;3.868 | &nbsp;&nbsp;2.672 | &nbsp;&nbsp;1.195 | &nbsp;&nbsp;0.877 | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;v115 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;67 |  | &nbsp;&nbsp;0.025 |  | &nbsp;&nbsp;0.014 |  | &nbsp;&nbsp;0.584 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v115 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;842 | &nbsp;&nbsp;18 | &nbsp;&nbsp;2.139 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;1.836 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;0.859 | &nbsp;&nbsp;0.745 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;v115 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;844 | &nbsp;&nbsp;20 | &nbsp;&nbsp;7.601 | &nbsp;&nbsp;7.51 | &nbsp;&nbsp;5.566 | &nbsp;&nbsp;5.248 | &nbsp;&nbsp;0.732 | &nbsp;&nbsp;0.699 | &nbsp;&nbsp;23.5 |

---

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---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** |  | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V170 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;660 | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.996 | &nbsp;&nbsp;1.877 | &nbsp;&nbsp;4.165 | &nbsp;&nbsp;2.742 | &nbsp;&nbsp;2.086 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;v170 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;4 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.01 |  | &nbsp;&nbsp;0.005 |  | &nbsp;&nbsp;0.52 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v170 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;651 | &nbsp;&nbsp;24 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;2.132 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;1.497 | &nbsp;&nbsp;0.857 | &nbsp;&nbsp;0.702 | &nbsp;&nbsp;6.23 |
| &nbsp;&nbsp;v170 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;651 | &nbsp;&nbsp;10 | &nbsp;&nbsp;9.605 | &nbsp;&nbsp;9.563 | &nbsp;&nbsp;5.832 | &nbsp;&nbsp;5.708 | &nbsp;&nbsp;0.607 | &nbsp;&nbsp;0.597 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;V220 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;2103 | &nbsp;&nbsp;34 | &nbsp;&nbsp;6.22 | &nbsp;&nbsp;5.88 | &nbsp;&nbsp;11.788 | &nbsp;&nbsp;9.542 | &nbsp;&nbsp;1.895 | &nbsp;&nbsp;1.621 | &nbsp;&nbsp;55 |
| &nbsp;&nbsp;v220 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;83 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.065 | &nbsp;&nbsp;0.048 | &nbsp;&nbsp;0.147 | &nbsp;&nbsp;0.061 | &nbsp;&nbsp;2.243 | &nbsp;&nbsp;1.272 | &nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;v220 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;2100 | &nbsp;&nbsp;88 | &nbsp;&nbsp;2.989 | &nbsp;&nbsp;2.864 | &nbsp;&nbsp;2.616 | &nbsp;&nbsp;2.091 | &nbsp;&nbsp;0.875 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;8.25 |
| &nbsp;&nbsp;v220 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;2100 | &nbsp;&nbsp;15 | &nbsp;&nbsp;7.679 | &nbsp;&nbsp;7.655 | &nbsp;&nbsp;5.104 | &nbsp;&nbsp;5.017 | &nbsp;&nbsp;0.655 | &nbsp;&nbsp;0.655 | &nbsp;&nbsp;23.9 |
| &nbsp;&nbsp;V220A | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;260 | &nbsp;&nbsp;12 | &nbsp;&nbsp;4.513 | &nbsp;&nbsp;4.282 | &nbsp;&nbsp;6.283 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;1.392 | &nbsp;&nbsp;1.105 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;v220a | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v220a | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;260 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.231 | &nbsp;&nbsp;3.053 | &nbsp;&nbsp;2.534 | &nbsp;&nbsp;1.951 | &nbsp;&nbsp;0.784 | &nbsp;&nbsp;0.639 | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;v220a | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;262 | &nbsp;&nbsp;16 | &nbsp;&nbsp;7.851 | &nbsp;&nbsp;7.593 | &nbsp;&nbsp;4.525 | &nbsp;&nbsp;3.885 | &nbsp;&nbsp;0.576 | &nbsp;&nbsp;0.511 | &nbsp;&nbsp;15.3 |
| &nbsp;&nbsp;V220B | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;173 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.592 | &nbsp;&nbsp;2.464 | &nbsp;&nbsp;3.367 | &nbsp;&nbsp;2.375 | &nbsp;&nbsp;1.299 | &nbsp;&nbsp;0.964 | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;v220b | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v220b | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;175 | &nbsp;&nbsp;6 | &nbsp;&nbsp;3.093 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;3.109 | &nbsp;&nbsp;2.372 | &nbsp;&nbsp;1.005 | &nbsp;&nbsp;0.815 | &nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;v220b | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;183 | &nbsp;&nbsp;8 | &nbsp;&nbsp;6.008 | &nbsp;&nbsp;5.857 | &nbsp;&nbsp;3.935 | &nbsp;&nbsp;3.491 | &nbsp;&nbsp;0.655 | &nbsp;&nbsp;0.596 | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;V220C | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;490 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.932 | &nbsp;&nbsp;2.771 | &nbsp;&nbsp;4.329 | &nbsp;&nbsp;3.133 | &nbsp;&nbsp;1.477 | &nbsp;&nbsp;1.131 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;v220c | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v220c | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;490 | &nbsp;&nbsp;24 | &nbsp;&nbsp;3.255 | &nbsp;&nbsp;3.105 | &nbsp;&nbsp;2.645 | &nbsp;&nbsp;2.129 | &nbsp;&nbsp;0.813 | &nbsp;&nbsp;0.686 | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;v220c | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;490 | &nbsp;&nbsp;21 | &nbsp;&nbsp;7.826 | &nbsp;&nbsp;7.75 | &nbsp;&nbsp;4.196 | &nbsp;&nbsp;3.987 | &nbsp;&nbsp;0.536 | &nbsp;&nbsp;0.515 | &nbsp;&nbsp;17.6 |
| &nbsp;&nbsp;V300 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1559 | &nbsp;&nbsp;31 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;3.276 | &nbsp;&nbsp;4.519 | &nbsp;&nbsp;3.234 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.987 | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;v300 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;78 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.051 | &nbsp;&nbsp;0.768 | &nbsp;&nbsp;0.072 | &nbsp;&nbsp;4.277 | &nbsp;&nbsp;1.427 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;v300 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1558 | &nbsp;&nbsp;26 | &nbsp;&nbsp;2.623 | &nbsp;&nbsp;2.498 | &nbsp;&nbsp;3.218 | &nbsp;&nbsp;2.274 | &nbsp;&nbsp;1.227 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;11.5 |
| &nbsp;&nbsp;v300 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1559 | &nbsp;&nbsp;30 | &nbsp;&nbsp;6.894 | &nbsp;&nbsp;6.824 | &nbsp;&nbsp;4.555 | &nbsp;&nbsp;4.304 | &nbsp;&nbsp;0.661 | &nbsp;&nbsp;0.631 | &nbsp;&nbsp;19.5 |

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**P a g e \| 78**

**Rainbow Block – Montana, USA**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** |  | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V310 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1916 | &nbsp;&nbsp;41 | &nbsp;&nbsp;3.791 | &nbsp;&nbsp;3.601 | &nbsp;&nbsp;5.262 | &nbsp;&nbsp;4.016 | &nbsp;&nbsp;1.388 | &nbsp;&nbsp;1.115 | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;v310 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;116 | &nbsp;&nbsp;6 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.059 | &nbsp;&nbsp;0.122 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;1.741 | &nbsp;&nbsp;1.368 | &nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;v310 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1916 | &nbsp;&nbsp;52 | &nbsp;&nbsp;2.847 | &nbsp;&nbsp;2.711 | &nbsp;&nbsp;2.999 | &nbsp;&nbsp;2.351 | &nbsp;&nbsp;1.053 | &nbsp;&nbsp;0.867 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;v310 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1916 | &nbsp;&nbsp;32 | &nbsp;&nbsp;7.308 | &nbsp;&nbsp;7.234 | &nbsp;&nbsp;5.024 | &nbsp;&nbsp;4.755 | &nbsp;&nbsp;0.687 | &nbsp;&nbsp;0.657 | &nbsp;&nbsp;21.6 |
| &nbsp;&nbsp;V360 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;2034 | &nbsp;&nbsp;10 | &nbsp;&nbsp;3.268 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;6.408 | &nbsp;&nbsp;3.678 | &nbsp;&nbsp;1.961 | &nbsp;&nbsp;1.186 | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;v360 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;201 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.095 | &nbsp;&nbsp;0.087 | &nbsp;&nbsp;0.313 | &nbsp;&nbsp;0.243 | &nbsp;&nbsp;3.304 | &nbsp;&nbsp;2.776 | &nbsp;&nbsp;2.04 |
| &nbsp;&nbsp;v360 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;2034 | &nbsp;&nbsp;32 | &nbsp;&nbsp;2.358 | &nbsp;&nbsp;2.234 | &nbsp;&nbsp;2.955 | &nbsp;&nbsp;2.215 | &nbsp;&nbsp;1.253 | &nbsp;&nbsp;0.991 | &nbsp;&nbsp;11.5 |
| &nbsp;&nbsp;v360 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;2034 | &nbsp;&nbsp;13 | &nbsp;&nbsp;10.509 | &nbsp;&nbsp;10.482 | &nbsp;&nbsp;8.868 | &nbsp;&nbsp;8.762 | &nbsp;&nbsp;0.844 | &nbsp;&nbsp;0.836 | &nbsp;&nbsp;41.63 |
| &nbsp;&nbsp;V360A | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;414 | &nbsp;&nbsp;4 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;2.947 | &nbsp;&nbsp;4.871 | &nbsp;&nbsp;3.904 | &nbsp;&nbsp;1.571 | &nbsp;&nbsp;1.325 | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;v360a | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;24 | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.359 | &nbsp;&nbsp;0.042 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;0.051 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;1.231 | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;v360a | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;413 | &nbsp;&nbsp;12 | &nbsp;&nbsp;2.177 | &nbsp;&nbsp;2.065 | &nbsp;&nbsp;2.335 | &nbsp;&nbsp;1.822 | &nbsp;&nbsp;1.073 | &nbsp;&nbsp;0.882 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;v360a | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;414 | &nbsp;&nbsp;8 | &nbsp;&nbsp;10.813 | &nbsp;&nbsp;10.662 | &nbsp;&nbsp;8.717 | &nbsp;&nbsp;8.23 | &nbsp;&nbsp;0.806 | &nbsp;&nbsp;0.772 | &nbsp;&nbsp;32.28 |
| &nbsp;&nbsp;V360C | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;217 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4.474 | &nbsp;&nbsp;4.239 | &nbsp;&nbsp;8.861 | &nbsp;&nbsp;6.64 | &nbsp;&nbsp;1.981 | &nbsp;&nbsp;1.566 | &nbsp;&nbsp;50 |
| &nbsp;&nbsp;v360c | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;8 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.108 |  | &nbsp;&nbsp;0.096 |  | &nbsp;&nbsp;0.891 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v360c | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;217 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2.301 | &nbsp;&nbsp;2.274 | &nbsp;&nbsp;1.91 | &nbsp;&nbsp;1.799 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;0.791 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;v360c | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;217 | &nbsp;&nbsp;9 | &nbsp;&nbsp;8.262 | &nbsp;&nbsp;7.851 | &nbsp;&nbsp;7.046 | &nbsp;&nbsp;5.647 | &nbsp;&nbsp;0.853 | &nbsp;&nbsp;0.719 | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;V360D | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;73 | &nbsp;&nbsp;3 | &nbsp;&nbsp;4.157 | &nbsp;&nbsp;3.951 | &nbsp;&nbsp;7.759 | &nbsp;&nbsp;6.696 | &nbsp;&nbsp;1.867 | &nbsp;&nbsp;1.695 | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;v360d | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;7 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.139 |  | &nbsp;&nbsp;0.162 |  | &nbsp;&nbsp;1.164 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v360d | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;73 | &nbsp;&nbsp;3 | &nbsp;&nbsp;2.923 | &nbsp;&nbsp;2.674 | &nbsp;&nbsp;4.296 | &nbsp;&nbsp;3.073 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;1.149 | &nbsp;&nbsp;13.49 |
| &nbsp;&nbsp;v360d | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;73 | &nbsp;&nbsp;4 | &nbsp;&nbsp;11.521 | &nbsp;&nbsp;10.726 | &nbsp;&nbsp;10.892 | &nbsp;&nbsp;8.676 | &nbsp;&nbsp;0.945 | &nbsp;&nbsp;0.809 | &nbsp;&nbsp;29.4 |
| &nbsp;&nbsp;V360E | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;399 | &nbsp;&nbsp;12 | &nbsp;&nbsp;5.695 | &nbsp;&nbsp;5.409 | &nbsp;&nbsp;6.923 | &nbsp;&nbsp;5.412 | &nbsp;&nbsp;1.216 | &nbsp;&nbsp;1.001 | &nbsp;&nbsp;26 |
| &nbsp;&nbsp;v360e | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;34 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0.165 | &nbsp;&nbsp;0.152 | &nbsp;&nbsp;0.147 | &nbsp;&nbsp;0.119 | &nbsp;&nbsp;0.894 | &nbsp;&nbsp;0.781 | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;v360e | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;399 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.166 | &nbsp;&nbsp;2.078 | &nbsp;&nbsp;2.128 | &nbsp;&nbsp;1.716 | &nbsp;&nbsp;0.983 | &nbsp;&nbsp;0.826 | &nbsp;&nbsp;7.65 |
| &nbsp;&nbsp;v360e | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;399 | &nbsp;&nbsp;11 | &nbsp;&nbsp;5.123 | &nbsp;&nbsp;4.931 | &nbsp;&nbsp;4.264 | &nbsp;&nbsp;3.35 | &nbsp;&nbsp;0.832 | &nbsp;&nbsp;0.679 | &nbsp;&nbsp;16.5 |

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**Page \| 79**

**Technical Report Summary**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** |  | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V361 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;2240 | &nbsp;&nbsp;24 | &nbsp;&nbsp;3.949 | &nbsp;&nbsp;3.746 | &nbsp;&nbsp;6.341 | &nbsp;&nbsp;4.898 | &nbsp;&nbsp;1.606 | &nbsp;&nbsp;1.308 | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;v361 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;189 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.133 | &nbsp;&nbsp;0.102 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.121 | &nbsp;&nbsp;1.584 | &nbsp;&nbsp;1.183 | &nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;v361 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;2240 | &nbsp;&nbsp;13 | &nbsp;&nbsp;2.533 | &nbsp;&nbsp;2.508 | &nbsp;&nbsp;3.114 | &nbsp;&nbsp;2.941 | &nbsp;&nbsp;1.229 | &nbsp;&nbsp;1.173 | &nbsp;&nbsp;19.5 |
| &nbsp;&nbsp;v361 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;2240 | &nbsp;&nbsp;47 | &nbsp;&nbsp;8.913 | &nbsp;&nbsp;8.797 | &nbsp;&nbsp;7.703 | &nbsp;&nbsp;7.268 | &nbsp;&nbsp;0.864 | &nbsp;&nbsp;0.826 | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;V362 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1917 | &nbsp;&nbsp;15 | &nbsp;&nbsp;2.758 | &nbsp;&nbsp;2.617 | &nbsp;&nbsp;6.437 | &nbsp;&nbsp;4.44 | &nbsp;&nbsp;2.334 | &nbsp;&nbsp;1.697 | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;v362 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;122 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0.099 | &nbsp;&nbsp;0.087 | &nbsp;&nbsp;0.183 | &nbsp;&nbsp;0.128 | &nbsp;&nbsp;1.856 | &nbsp;&nbsp;1.469 | &nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;v362 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1917 | &nbsp;&nbsp;25 | &nbsp;&nbsp;2.211 | &nbsp;&nbsp;2.128 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;2.496 | &nbsp;&nbsp;1.352 | &nbsp;&nbsp;1.173 | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;v362 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1917 | &nbsp;&nbsp;41 | &nbsp;&nbsp;9.949 | &nbsp;&nbsp;9.848 | &nbsp;&nbsp;7.608 | &nbsp;&nbsp;7.289 | &nbsp;&nbsp;0.765 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;29.79 |
| &nbsp;&nbsp;V364 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;103 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.342 | &nbsp;&nbsp;2.232 | &nbsp;&nbsp;3.143 | &nbsp;&nbsp;2.534 | &nbsp;&nbsp;1.342 | &nbsp;&nbsp;1.135 | &nbsp;&nbsp;12.5 |
| &nbsp;&nbsp;v364 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v364 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;103 | &nbsp;&nbsp;1 | &nbsp;&nbsp;2.219 | &nbsp;&nbsp;2.185 | &nbsp;&nbsp;2.908 | &nbsp;&nbsp;2.766 | &nbsp;&nbsp;1.311 | &nbsp;&nbsp;1.266 | &nbsp;&nbsp;12.18 |
| &nbsp;&nbsp;v364 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;103 | &nbsp;&nbsp;8 | &nbsp;&nbsp;9.043 | &nbsp;&nbsp;8.752 | &nbsp;&nbsp;6.387 | &nbsp;&nbsp;5.756 | &nbsp;&nbsp;0.706 | &nbsp;&nbsp;0.658 | &nbsp;&nbsp;19.7 |
| &nbsp;&nbsp;V400 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;2398 | &nbsp;&nbsp;42 | &nbsp;&nbsp;3.059 | &nbsp;&nbsp;2.903 | &nbsp;&nbsp;4.651 | &nbsp;&nbsp;3.519 | &nbsp;&nbsp;1.521 | &nbsp;&nbsp;1.212 | &nbsp;&nbsp;18.5 |
| &nbsp;&nbsp;v400 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;181 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.054 | &nbsp;&nbsp;0.047 | &nbsp;&nbsp;0.111 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;1.694 | &nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;v400 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;2396 | &nbsp;&nbsp;33 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;2.192 | &nbsp;&nbsp;2.619 | &nbsp;&nbsp;2.039 | &nbsp;&nbsp;1.148 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;10.5 |
| &nbsp;&nbsp;v400 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;2416 | &nbsp;&nbsp;33 | &nbsp;&nbsp;7.255 | &nbsp;&nbsp;7.189 | &nbsp;&nbsp;5.397 | &nbsp;&nbsp;5.124 | &nbsp;&nbsp;0.744 | &nbsp;&nbsp;0.713 | &nbsp;&nbsp;24.53 |
| &nbsp;&nbsp;V402 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1718 | &nbsp;&nbsp;80 | &nbsp;&nbsp;3.199 | &nbsp;&nbsp;3.029 | &nbsp;&nbsp;4.227 | &nbsp;&nbsp;3.084 | &nbsp;&nbsp;1.322 | &nbsp;&nbsp;1.018 | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;v402 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;108 | &nbsp;&nbsp;5 | &nbsp;&nbsp;0.031 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;0.046 | &nbsp;&nbsp;0.033 | &nbsp;&nbsp;1.496 | &nbsp;&nbsp;1.216 | &nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;v402 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1718 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.48 | &nbsp;&nbsp;3.328 | &nbsp;&nbsp;5.513 | &nbsp;&nbsp;4.593 | &nbsp;&nbsp;1.584 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;20.32 |
| &nbsp;&nbsp;v402 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1718 | &nbsp;&nbsp;33 | &nbsp;&nbsp;8.868 | &nbsp;&nbsp;8.778 | &nbsp;&nbsp;7.045 | &nbsp;&nbsp;6.643 | &nbsp;&nbsp;0.794 | &nbsp;&nbsp;0.757 | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;V460 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;15639 | &nbsp;&nbsp;163 | &nbsp;&nbsp;2.801 | &nbsp;&nbsp;2.676 | &nbsp;&nbsp;5.053 | &nbsp;&nbsp;3.811 | &nbsp;&nbsp;1.804 | &nbsp;&nbsp;1.424 | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;v460 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;75 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.033 |  | &nbsp;&nbsp;0.039 |  | &nbsp;&nbsp;1.162 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v460 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;15645 | &nbsp;&nbsp;315 | &nbsp;&nbsp;2.631 | &nbsp;&nbsp;2.581 | &nbsp;&nbsp;2.326 | &nbsp;&nbsp;2.048 | &nbsp;&nbsp;0.884 | &nbsp;&nbsp;0.794 | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;v460 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;15651 | &nbsp;&nbsp;165 | &nbsp;&nbsp;7.335 | &nbsp;&nbsp;7.287 | &nbsp;&nbsp;5.129 | &nbsp;&nbsp;4.927 | &nbsp;&nbsp;0.699 | &nbsp;&nbsp;0.676 | &nbsp;&nbsp;24 |

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**P a g e \| 80**

**Rainbow Block – Montana, USA**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** |  | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V461 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;227 | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.309 | &nbsp;&nbsp;2.189 | &nbsp;&nbsp;3.86 | &nbsp;&nbsp;3.031 | &nbsp;&nbsp;1.672 | &nbsp;&nbsp;1.385 | &nbsp;&nbsp;13.5 |
| &nbsp;&nbsp;v461 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;5 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.147 |  | &nbsp;&nbsp;0.224 |  | &nbsp;&nbsp;1.526 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v461 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;227 | &nbsp;&nbsp;5 | &nbsp;&nbsp;2.684 | &nbsp;&nbsp;2.625 | &nbsp;&nbsp;2.124 | &nbsp;&nbsp;1.899 | &nbsp;&nbsp;0.791 | &nbsp;&nbsp;0.723 | &nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;v461 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;227 | &nbsp;&nbsp;9 | &nbsp;&nbsp;6.973 | &nbsp;&nbsp;6.729 | &nbsp;&nbsp;4.882 | &nbsp;&nbsp;4.114 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.611 | &nbsp;&nbsp;17.2 |
| &nbsp;&nbsp;V462 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1488 | &nbsp;&nbsp;59 | &nbsp;&nbsp;2.268 | &nbsp;&nbsp;2.156 | &nbsp;&nbsp;2.717 | &nbsp;&nbsp;2.098 | &nbsp;&nbsp;1.198 | &nbsp;&nbsp;0.973 | &nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;v462 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v462 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1488 | &nbsp;&nbsp;20 | &nbsp;&nbsp;2.509 | &nbsp;&nbsp;2.481 | &nbsp;&nbsp;2.159 | &nbsp;&nbsp;1.997 | &nbsp;&nbsp;0.861 | &nbsp;&nbsp;0.805 | &nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;v462 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1488 | &nbsp;&nbsp;30 | &nbsp;&nbsp;7.847 | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;5.493 | &nbsp;&nbsp;4.92 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.639 | &nbsp;&nbsp;23.1 |
| &nbsp;&nbsp;V463 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;42 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.754 | &nbsp;&nbsp;1.662 | &nbsp;&nbsp;2.386 | &nbsp;&nbsp;2.019 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.215 | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;v463 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v463 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;42 |  | &nbsp;&nbsp;1.956 |  | &nbsp;&nbsp;1.459 |  | &nbsp;&nbsp;0.742 |  | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;v463 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;42 | &nbsp;&nbsp;1 | &nbsp;&nbsp;5.148 | &nbsp;&nbsp;5.075 | &nbsp;&nbsp;3.458 | &nbsp;&nbsp;3.264 | &nbsp;&nbsp;0.672 | &nbsp;&nbsp;0.643 | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;V465 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;979 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2.416 |  | &nbsp;&nbsp;3.391 |  | &nbsp;&nbsp;1.404 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v465 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;8 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.019 |  | &nbsp;&nbsp;0.017 |  | &nbsp;&nbsp;0.855 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v465 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;980 | &nbsp;&nbsp;18 | &nbsp;&nbsp;3.115 | &nbsp;&nbsp;3.052 | &nbsp;&nbsp;2.599 | &nbsp;&nbsp;2.318 | &nbsp;&nbsp;0.934 | &nbsp;&nbsp;0.759 | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;v465 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;976 | &nbsp;&nbsp;26 | &nbsp;&nbsp;10.452 | &nbsp;&nbsp;10.356 | &nbsp;&nbsp;7.007 | &nbsp;&nbsp;6.73 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;26.1 |
| &nbsp;&nbsp;V467 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;564 | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.155 | &nbsp;&nbsp;2.994 | &nbsp;&nbsp;4.157 | &nbsp;&nbsp;3.173 | &nbsp;&nbsp;1.318 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;v467 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;90 |  | &nbsp;&nbsp;0.044 |  | &nbsp;&nbsp;0.041 |  | &nbsp;&nbsp;0.911 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v467 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;564 | &nbsp;&nbsp;10 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;2.766 | &nbsp;&nbsp;2.346 | &nbsp;&nbsp;2.005 | &nbsp;&nbsp;0.829 | &nbsp;&nbsp;0.725 | &nbsp;&nbsp;9.5 |
| &nbsp;&nbsp;v467 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;562 | &nbsp;&nbsp;9 | &nbsp;&nbsp;8.213 | &nbsp;&nbsp;8.141 | &nbsp;&nbsp;5.752 | &nbsp;&nbsp;5.477 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.673 | &nbsp;&nbsp;25.5 |
| &nbsp;&nbsp;V468 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;574 | &nbsp;&nbsp;2 | &nbsp;&nbsp;4.267 | &nbsp;&nbsp;4.202 | &nbsp;&nbsp;5.877 | &nbsp;&nbsp;5.472 | &nbsp;&nbsp;1.377 | &nbsp;&nbsp;1.302 | &nbsp;&nbsp;29.8 |
| &nbsp;&nbsp;v468 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;17 |  | &nbsp;&nbsp;0.064 |  | &nbsp;&nbsp;0.064 |  | &nbsp;&nbsp;1 |  | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;v468 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;574 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.186 | &nbsp;&nbsp;2.147 | &nbsp;&nbsp;1.822 | &nbsp;&nbsp;1.619 | &nbsp;&nbsp;0.833 | &nbsp;&nbsp;0.754 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;v468 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;574 | &nbsp;&nbsp;15 | &nbsp;&nbsp;6.464 | &nbsp;&nbsp;6.381 | &nbsp;&nbsp;4.603 | &nbsp;&nbsp;4.321 | &nbsp;&nbsp;0.712 | &nbsp;&nbsp;0.677 | &nbsp;&nbsp;18.5 |

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**Page \| 81**

**Technical Report Summary**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Vein** |  | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Count (Capped)** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**Mean (Capped)** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**S.D. (Capped)** | &nbsp;&nbsp;**CV** | &nbsp;&nbsp;**CV (Capped)** | &nbsp;&nbsp;**Capped**<br> **Level** |
| &nbsp;&nbsp;V469 | &nbsp;&nbsp;<br> Ag (opt) | &nbsp;&nbsp;<br> 2227 | &nbsp;&nbsp;<br> 48 | &nbsp;&nbsp;5.979 | &nbsp;&nbsp;<br> 5.687 | &nbsp;&nbsp;<br> 7.442 | &nbsp;&nbsp;<br> 5.154 | &nbsp;&nbsp;<br> 1.245 | &nbsp;&nbsp;<br> 0.906 | &nbsp;&nbsp;<br> 26 |
| &nbsp;&nbsp;v469 | &nbsp;&nbsp;<br> Au (opt) | &nbsp;&nbsp;<br> 168 |  | &nbsp;&nbsp;0.043 |  | &nbsp;&nbsp;<br> 0.06 |  | &nbsp;&nbsp;<br> 1.383 |  | &nbsp;&nbsp;<br> NA |
| &nbsp;&nbsp;v469 | &nbsp;&nbsp;<br> Pb (%) | &nbsp;&nbsp;<br> 2237 | &nbsp;&nbsp;<br> 37 | &nbsp;&nbsp;2.285 | &nbsp;&nbsp;<br> 2.239 | &nbsp;&nbsp;<br> 1.876 | &nbsp;&nbsp;<br> 1.666 | &nbsp;&nbsp;<br> 0.821 | &nbsp;&nbsp;<br> 0.744 | &nbsp;&nbsp;<br> 8 |
| &nbsp;&nbsp;v469 | &nbsp;&nbsp;<br> Zn (%) | &nbsp;&nbsp;<br> 2236 | &nbsp;&nbsp;<br> 42 | &nbsp;&nbsp;6.967 | &nbsp;&nbsp;<br> 6.877 | &nbsp;&nbsp;<br> 5.409 | &nbsp;&nbsp;<br> 5.055 | &nbsp;&nbsp;<br> 0.776 | &nbsp;&nbsp;<br> 0.735 | &nbsp;&nbsp;<br> 23.5 |
| &nbsp;&nbsp;V480 | &nbsp;&nbsp;<br> Ag (opt) | &nbsp;&nbsp;<br> 6248 | &nbsp;&nbsp;<br> 0 | &nbsp;&nbsp;3.741 |  | &nbsp;&nbsp;<br> 7.58 |  | &nbsp;&nbsp;<br> 2.026 |  | &nbsp;&nbsp;<br> NA |
| &nbsp;&nbsp;v480 | &nbsp;&nbsp;<br> Au (opt) | &nbsp;&nbsp;<br> 103 |  | &nbsp;&nbsp;0.019 |  | &nbsp;&nbsp;<br> 0.027 |  | &nbsp;&nbsp;<br> 1.406 |  | &nbsp;&nbsp;<br> NA |
| &nbsp;&nbsp;v480 | &nbsp;&nbsp;<br> Pb (%) | &nbsp;&nbsp;<br> 6075 | &nbsp;&nbsp;<br> 45 | &nbsp;&nbsp;1.604 | &nbsp;&nbsp;<br> 1.581 | &nbsp;&nbsp;<br> 1.696 | &nbsp;&nbsp;<br> 1.53 | &nbsp;&nbsp;<br> 1.057 | &nbsp;&nbsp;<br> 0.968 | &nbsp;&nbsp;<br> 8.5 |
| &nbsp;&nbsp;v480 | &nbsp;&nbsp;<br> Zn (%) | &nbsp;&nbsp;<br> 6238 | &nbsp;&nbsp;<br> 79 | &nbsp;&nbsp;7.061 | &nbsp;&nbsp;<br> 7.004 | &nbsp;&nbsp;<br> 5.056 | &nbsp;&nbsp;<br> 4.826 | &nbsp;&nbsp;<br> 0.716 | &nbsp;&nbsp;<br> 0.689 | &nbsp;&nbsp;<br> 22.6 |
| &nbsp;&nbsp;V492 | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;155 | &nbsp;&nbsp;1 | &nbsp;&nbsp;4.14 | &nbsp;&nbsp;3.731 | &nbsp;&nbsp;8.45 | &nbsp;&nbsp;5.382 | &nbsp;&nbsp;2.041 | &nbsp;&nbsp;1.442 | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;v492 | &nbsp;&nbsp;<br> Au (opt) | &nbsp;&nbsp;<br> 44 | &nbsp;&nbsp;<br> 3 | &nbsp;&nbsp;0.113 | &nbsp;&nbsp;<br> 0.08 | &nbsp;&nbsp;<br> 0.266 | &nbsp;&nbsp;<br> 0.117 | &nbsp;&nbsp;<br> 2.348 | &nbsp;&nbsp;<br> 1.461 | &nbsp;&nbsp;<br> 0.43 |
| &nbsp;&nbsp;v492 | &nbsp;&nbsp;<br> Pb (%) | &nbsp;&nbsp;<br> 154 | &nbsp;&nbsp;<br> 2 | &nbsp;&nbsp;2.813 | &nbsp;&nbsp;<br> 2.672 | &nbsp;&nbsp;<br> 4.589 | &nbsp;&nbsp;<br> 3.806 | &nbsp;&nbsp;<br> 1.631 | &nbsp;&nbsp;<br> 1.424 | &nbsp;&nbsp;<br> 20.5 |
| &nbsp;&nbsp;v492 | &nbsp;&nbsp;<br> Zn (%) | &nbsp;&nbsp;<br> 154 | &nbsp;&nbsp;<br> 7 | &nbsp;&nbsp;11.133 | &nbsp;&nbsp;<br> 10.811 | &nbsp;&nbsp;<br> 9.56 | &nbsp;&nbsp;<br> 8.622 | &nbsp;&nbsp;<br> 0.859 | &nbsp;&nbsp;<br> 0.798 | &nbsp;&nbsp;<br> 30.7 |
| &nbsp;&nbsp;V520 | &nbsp;&nbsp;<br> Ag (opt) | &nbsp;&nbsp;<br> 450 | &nbsp;&nbsp;<br> 3 | &nbsp;&nbsp;7.689 | &nbsp;&nbsp;<br> 7.186 | &nbsp;&nbsp;<br> 19.416 | &nbsp;&nbsp;<br> 14.578 | &nbsp;&nbsp;<br> 2.525 | &nbsp;&nbsp;<br> 2.029 | &nbsp;&nbsp;<br> 125 |
| &nbsp;&nbsp;v520 | &nbsp;&nbsp;<br> Au (opt) | &nbsp;&nbsp;<br> 42 |  | &nbsp;&nbsp;0.067 |  | &nbsp;&nbsp;<br> 0.121 |  | &nbsp;&nbsp;<br> 1.795 |  | &nbsp;&nbsp;<br> NA |
| &nbsp;&nbsp;v520 | &nbsp;&nbsp;<br> Pb (%) | &nbsp;&nbsp;<br> 450 | &nbsp;&nbsp;<br> 6 | &nbsp;&nbsp;2.321 | &nbsp;&nbsp;<br> 2.24 | &nbsp;&nbsp;<br> 2.4 | &nbsp;&nbsp;<br> 1.965 | &nbsp;&nbsp;<br> 1.034 | &nbsp;&nbsp;<br> 0.877 | &nbsp;&nbsp;<br> 9 |
| &nbsp;&nbsp;v520 | &nbsp;&nbsp;<br> Zn (%) | &nbsp;&nbsp;<br> 450 | &nbsp;&nbsp;<br> 5 | &nbsp;&nbsp;6.464 | &nbsp;&nbsp;<br> 6.391 | &nbsp;&nbsp;<br> 5.129 | &nbsp;&nbsp;<br> 4.795 | &nbsp;&nbsp;<br> 0.794 | &nbsp;&nbsp;<br> 0.75 | &nbsp;&nbsp;<br> 23.2 |
| &nbsp;&nbsp;V601 | &nbsp;&nbsp;<br> Ag (opt) | &nbsp;&nbsp;<br> 51 |  | &nbsp;&nbsp;2.232 |  | &nbsp;&nbsp;<br> 3.102 |  | &nbsp;&nbsp;<br> 1.367 |  | &nbsp;&nbsp;<br> NA |
| &nbsp;&nbsp;v601 | &nbsp;&nbsp;<br> Au (opt) | &nbsp;&nbsp;<br> 23 | &nbsp;&nbsp;<br> 1 | &nbsp;&nbsp;0.046 | &nbsp;&nbsp;<br> 0.044 | &nbsp;&nbsp;<br> 0.053 | &nbsp;&nbsp;<br> 0.051 | &nbsp;&nbsp;<br> 1.157 | &nbsp;&nbsp;<br> 1.145 | &nbsp;&nbsp;<br> 0.12 |
| &nbsp;&nbsp;v601 | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v601 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;V711 | &nbsp;&nbsp;<br> Ag (opt) | &nbsp;&nbsp;<br> 58 | &nbsp;&nbsp;<br> 0 | &nbsp;&nbsp;3.946 |  | &nbsp;&nbsp;<br> 3.861 |  | &nbsp;&nbsp;<br> 0.979 |  | &nbsp;&nbsp;<br> NA |
| &nbsp;&nbsp;v711 | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;v711 | &nbsp;&nbsp;<br> Pb (%) | &nbsp;&nbsp;<br> 58 | &nbsp;&nbsp;<br> 7 | &nbsp;&nbsp;2.196 | &nbsp;&nbsp;<br> 2.088 | &nbsp;&nbsp;<br> 2.159 | &nbsp;&nbsp;<br> 1.945 | &nbsp;&nbsp;<br> 0.983 | &nbsp;&nbsp;<br> 0.932 | &nbsp;&nbsp;<br> 5.5 |
| &nbsp;&nbsp;v711 | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;<br> 58 | &nbsp;&nbsp;<br> 3 | &nbsp;&nbsp;5.348 | &nbsp;&nbsp;<br> 5.208 | &nbsp;&nbsp;<br> 3.684 | &nbsp;&nbsp;<br> 3.337 | &nbsp;&nbsp;<br> 0.689 | &nbsp;&nbsp;<br> 0.641 | &nbsp;&nbsp;<br> 12.5 |

---

Where possible capping was applied to the data within the vein's dataset. In some cases it was determined not possible. The number of data points and variance played a role in this decision.

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In some instances, the metal variable could not be estimated due to limited data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 Statistical
 Analysis and Variography

Upon capping of each individual metal, an omni directional correlogram was modeled to evaluate the spatial continuity of the metals. Below are some of the individual variograms used in the estimations. Variograms were generated for each metal and for each individual vein.

![](n5138exh96-1_img027.jpg)

Figure 24: Silver Variogram for vein 220

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![](n5138exh96-1_img028.jpg)

Figure 25: Zinc Variogram for vein 362

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Table 26: Composite and Capped database for Drillhole and Channel samples.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Variable name** | &nbsp;&nbsp;**Ag (opt)** | &nbsp;&nbsp;**Au (opt)** | &nbsp;&nbsp;**Pb (%)** | &nbsp;&nbsp;**Zn (%)** |
| &nbsp;&nbsp;**Count** | &nbsp;&nbsp;110706 | &nbsp;&nbsp;14278 | &nbsp;&nbsp;105321 | &nbsp;&nbsp;105990 |
| &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;5.14 |
| &nbsp;&nbsp;**Standard**<br> **deviation** | &nbsp;&nbsp; <br> 4.38 | &nbsp;&nbsp; <br> 0.09 | &nbsp;&nbsp; <br> 1.93 | &nbsp;&nbsp; <br> 5.25 |
| &nbsp;&nbsp;**Variance** | &nbsp;&nbsp;19.18 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;3.74 | &nbsp;&nbsp;27.54 |
| &nbsp;&nbsp;**CV** | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;5.43 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;**Median** | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;3.40 |
| &nbsp;&nbsp;**Max** | &nbsp;&nbsp;249.00 | &nbsp;&nbsp;7.65 | &nbsp;&nbsp;28.44 | &nbsp;&nbsp;55.90 |
| &nbsp;&nbsp;**Min** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;**Skewness** | &nbsp;&nbsp;9.75 | &nbsp;&nbsp;50.32 | &nbsp;&nbsp;2.84 | &nbsp;&nbsp;1.93 |
| &nbsp;&nbsp;**Kurtosis** | &nbsp;&nbsp;254.39 | &nbsp;&nbsp;3909.06 | &nbsp;&nbsp;13.42 | &nbsp;&nbsp;4.82 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.7 Block
 Model and Grade Estimation

Grade block model was generated utilizing Maptek Vulcan. The block model parameters are shown in Table 27.

Table 27: Summary of the Block Model Parameters

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Direction** | &nbsp;&nbsp;**Model <br> origin** | &nbsp;&nbsp; **No. Of Blocks** | &nbsp;&nbsp;**Block <br> Size** | &nbsp;&nbsp;**Sub Block <br> Size** |
| &nbsp;&nbsp;x | &nbsp;&nbsp;36820.192 | &nbsp;&nbsp;4350 | &nbsp;&nbsp;100 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;y | &nbsp;&nbsp;34563.049 | &nbsp;&nbsp;7700 | &nbsp;&nbsp;100 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;z | &nbsp;&nbsp;5348.89 | &nbsp;&nbsp;600 | &nbsp;&nbsp;100 | &nbsp;&nbsp;2 |

---

The grade variables for the Ag, Pb and Zn were estimated using Nearest Neighbor (NN), Inverse Distance to the second power (IVD2) and ordinary kriging (OK). The Au variable was only interpolated using NN and IVD2 as the parameters for the OK could not be optimized satisfactorily. Search ranges varied according to the data within each vein, however where possible certain parameters were adjusted for optimal results.

The Silver Equivalent estimate was calculated for each block based on the estimated metal results and the methodology is explained further in Section 11.5.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.8 Block
 Model Validation

Validation of the block model estimates for the estimated metals included a visual comparison of block model and composite grades in plan and section.

In addition to this, swath plots were generated for the estimated variables utilizing Ordinary kriging, Inverse Distance squared and Nearest Neighbor, along with a global comparison of mean grades were utilized (Figure 26). No material grade bias issues were identified.

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Figure 26: Example of a Swath plot showing estimated grades utilizing OK, NN and the point avg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 MINERAL
 RESOURCE CLASSIFICATION

The results for the Rainbow Block estimation have been classified as Inferred Mineral Resources. The results of the AgEq estimate is based on 4 metal variables. The classification of the combined estimates have been classified as inferred, as all of the metal variables could not be classified with equal confidence based on their sampling and estimation method within the constrained geological model.

According to §229.1300 (Item 1300) Definitions, an Inferred Mineral Resource is defined as that part of a Mineral Resource for which quantity and grade, or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geologic and grade continuity.

An inferred mineral resource has the lowest level of geological confidence, preventing the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 DEPLETION

The historically mined out areas on the veins within the Rainbow Block have been excluded from the Mineral Resource Estimate.

The historically mined out areas were combined from historical records by the Silver Bow Mining geologists and modelled so that the "mined-out" areas can be used to flag blocks within the block model as "mined", and "unmined" and "only unmined" for purposes of the Mineral Resource statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 REASONABLE
 PROSPECTS OF ECONOMIC EXTRACTION FOR MINERAL RESOURCES

The forward-looking assumptions for this Mineral Resource Estimate are wholly based on major factors related to establishing the prospects of economic extraction of Mineral Resources for the Rainbow Block. Main assumptions for economic extraction are based on historical material factors that may cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections, including cutoff grade assumptions, costing forecasts and product pricing forecasts.

Historical extraction of ore in the Butte Mining District has had reasonable success based on economic factors at the time where operations had sufficient grade, quantity, and geological understanding. The current Mineral Resource estimate is based on historical sampling and drilling data obtained within the Rainbow Block. The geological model has been updated and is well constrained around this data.

The estimate was completed within the hard boundaries of the modelled mineralized veins and a AgEq was calculated from each of these estimated variables. The commodity prices applied within the calculation are based on current trends. The Competent Person is satisfied that the AgEq correlates with mined out historical production data supplied by the registrant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Input
 Assumptions

Silver Equivalent is calculated from the 4 metal variables, Ag, Au, Pb and Zn.

The silver equivalent variable (AgEq) is calculated per block based on the estimated grade variables; and a number steps were used:

1) Conversion of Pb% and Zn% to pounds.

2) Convert metal grades to dollar value.

P***b<sub>value/ton </sub>= Pb<sub>pounds/ton</sub>*** \*$0.90/lbs

Z***n<sub>value/ton </sub>= Zn<sub>pounds/ton </sub>***\*$1.31/lbs

A***g<sub>value/ton </sub>= Ag<sub>ounce/ton </sub>***\*$25/oz

A***u<sub>value/ton </sub>= Au<sub>ounce/ton </sub>***\*$2500/oz

3) Combine the new factors to calculate Silver Equivalent (AgEq) grade:

***AgEq* =** *(((***A*g*<sub>value/ton</sub>***)+ (**Au<sub>value/ton</sub>**) + (**Zn<sub>value/ton</sub>**) + (**Pb<sub>value/ton</sub>**)/$25.00/oz*

 

The calculation assumes the recovery factors and commodity prices listed in Table **28**.

Table 28: Commodity prices and recoveries utilized.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Metal** | &nbsp;&nbsp; <br> **Unit** | &nbsp;&nbsp;**Price<br> (US$)** | &nbsp;&nbsp; <br> **Recovery** |
| &nbsp;&nbsp;Au_opt | &nbsp;&nbsp;oz | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Ag_opt | &nbsp;&nbsp;oz | &nbsp;&nbsp;$25.00 | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Zn_pct | &nbsp;&nbsp;lb | &nbsp;&nbsp;$1.31 | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Pb_pct | &nbsp;&nbsp;lb | &nbsp;&nbsp;$0.90 | &nbsp;&nbsp;100% |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 Commodity
 Price

The commodity pricings utilized for the calculation of the silver equivalent estimate for the Mineral Resource of the Rainbow block are indicated in Table 28 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 Cut-off

The Silver Equivalent cutoff applied to the Mineral Resource was allocated at 4 opt (ounces per ton).

Silver Bow Mining as this stage has not completed a cash flow assessment for this stage of the Rainbow Block Project. Initial costs, economic and technical assumptions for the generation of potentially economical mining limits are not yet at the required level.

Figure 27: Break-Even cut-off grade vs Proposed processing cost

The Silver Equivalent break-even grade sensitivity is displayed in Figure 27 against the possible extraction and processing costs. This was modelled by utilizing the silver price of $25/oz. The total mining and processing cost is assumed to be at $95/oz.

The resultant grade-tonnage curve (Figure 28) for the Mineral Resource Estimate for the Rainbow Block indicates that to operate at a break-even cut-off of 4 opt AgEq, the estimate would contain 11.48 Mt at an average grade of 14.8 opt AgEq.

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Figure 28: Silver Equivalent (AgEq) Grade Tonnage curve.

The grade tonnage curves for each metal used in the silver equivalent calculation (Ag, Au, Pb, Zn) are shown below.

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Figure 29: Silver (Ounce per Ton) Grade Tonnage curve.

Figure 30: Gold (Ounce per Ton) Grade Tonnage curve.

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Figure 31: Lead (Percent) Grade Tonnage curve

Figure 32: Zinc (Percent) Grade Tonnage curve.

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After evaluating the grade tonnage curves for the respective individual metals the following cutoffs with their respective grades and tonnages should be applied to future estimates, however, only the AgEq cutoff was applied to the current Mineral Resource Estimate.

Table 29: Recommended cuttoff's for estimated metals

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Metal | &nbsp;&nbsp;Cutoff | &nbsp;&nbsp;Grade |
| &nbsp;&nbsp;Ag (Silver) | &nbsp;&nbsp;4 opt | &nbsp;&nbsp;8.02 opt |
| &nbsp;&nbsp;Au (Gold) | &nbsp;&nbsp;0.02 opt | &nbsp;&nbsp;0.07 opt |
| &nbsp;&nbsp;Pb (Lead) | &nbsp;&nbsp;2.02% | &nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;Zn (Zinc) | &nbsp;&nbsp;1.52% | &nbsp;&nbsp;6.17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 MINERAL
 RESOURCE STATEMENT

The Mineral Resource estimate was constrained within the geological modelling of veins, the topographic surface and the basement limit aligned with the water table, all within the Rainbow Block areal limits. The Mineral Resource estimate has considered the break-even cut-off grade of 4 opt for silver equivalent. Assumptions of metal price was utilised for the Silver Equivalent (AgEq) calculation. No further cost analysis and infrastructure limitations have been considered.

Table 30: Mineral Resource Statement at 31st December 2024, for the Rainbow Block

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Vein | &nbsp;&nbsp;AgEq | &nbsp;&nbsp;AgEq |
| &nbsp;&nbsp;Category | &nbsp;&nbsp;Mt | &nbsp;&nbsp;M oz | &nbsp;&nbsp;opt |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;11.48 | &nbsp;&nbsp;170.01 | &nbsp;&nbsp;14.8 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;**11.48** | &nbsp;&nbsp;**170.01** | &nbsp;&nbsp;**14.8** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 QUALIFIED
 PERSON STATEMENT

The confidence classification of the Mineral Resource estimate has been classified as an Inferred Mineral Resource.

The Mineral Resource estimate will be influenced by further exploration and infill drill drilling and may increase or decrease as the data dictates.

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**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 MINERAL
 RESOURCE UNCERTAINTY DISCUSSION

The economic viability of the Project is not necessarily demonstrated by the Mineral Resources estimate. The certainty that all or any part of the estimate can be converted into a viable economic plan can not be guaranteed and depends heavily on key assumptions relevant for the conversion of Mineral Resources into Mineral reserves.

At this stage of the Project has been classified as an Inferred Mineral Resource. Even though the geological model is well constrained through hard boundary definition of the vein contacts, the data and the resulting mineral resource estimate and subsequent classification cannot guarantee a higher degree of confidence. Key economic assumptions can be considered partially speculative and required more advance data collection and economic reworking to convert practically into mineral reserves.

Mineral resource estimates are materially affected by the quality of data, geological variability, mineralization variability, extraction planning and metallurgical recovery. Combining historical data in the way that Silver Bow Mining has done through detailed analytical work and geological foundation is not sufficient in part to define the economic assumptions supporting reasonable prospects for economic extraction including metal prices, and mining as well as the processing costs.

More data is required along several of the veins defined within the geological constraints. The Mineral Resource Estimate has allowed for the identification of key areas where confidence in the Mineral Resource can be improved upon within the Project parameters of the Rainbow Block.

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12 MINERAL RESERVE ESTIMATE

This section is not applicable to this TRS.

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13 MINING METHODS

There is no current mining activity on the Rainbow Block.

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14 PROCESS AND RECOVERY METHODS

There are no detail Process and Recovery Methods to discuss on the Rainbow Block at this stage.

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15 INFRASTRUCTURE

This section is not required for this TRS.

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16 MARKET STUDIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 MARKET
 ANALYSIS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 Overview

After market analysis explores the performance of important metals copper, silver, zinc, and gold (as well as lead as a potential byproduct), all of which have been historically mined by previous owners of the Rainbow Block.

Mining within the United States is projected to show growth in the next few years, particularly in metals present within the Rainbow Block. Further exploration of the property will be key to the development of the Rainbow Block and determining what potential resources and reserves will be present on these claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 Commodity
 Price Projections

The following information was reviewed and reported on between the dates of November 6th and November 9th, 2024. Any information which may have been published after these dates may not be captured in this report. Analysis of these metals includes statements from current market analysts, but no information here should be taken as a forward-looking statement only as a possible interpretation of current market opinion - which may give perspective for the logistics of furthering the exploration on the Rainbow Block claims.

16.1.2.1 Silver

The Rainbow Block hosts significant silver mineralization, predominantly as native silver, electrum and primary and secondary silver sulfides within the veins of the Intermediate and Peripheral Zones. Historical mining by Anaconda focused primarily on the copper-rich Central Zone, leaving substantial silver-rich veins in the Intermediate and Peripheral areas less developed. These veins, documented in Anaconda's 1978 Ore Reserves and Resources report, extend to great depths and represent a significant exploration target. The Peripheral Zone, which contains the highest silver grades, encompasses approximately 70% of the Rainbow Block claims currently controlled by Silver Bow Mining.

Silver shows more price volatility than base metals like copper and zinc, being influenced by both industrial demand and investment sentiment. During the 2020 pandemic-related market disruption, silver prices reached nearly $30 USD/ounce, approaching levels last seen in 2013. Since then, prices have traded in a range between $20 to $30 USD/ounce (Figure 33), responding to both industrial and investment demand factors.

Unlike gold, which is primarily driven by investment demand, silver maintains a significant industrial demand component. Over 50% of annual silver consumption comes from industrial applications including:

● Electronics and electrical contacts

● Photovoltaic cells for solar energy

● Medical devices and antimicrobial applications

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**Technical Report Summary**

● Automotive sensors and electrical systems

● Photography and specialized optical equipment

This dual role as both an industrial metal and an investment vehicle contributes to silver's price dynamics and potential value to the Project.

Figure 33: Silver Commodity Price January 31, 2014, to April 30, 2024 (IMF, 2024)

Investment demand significantly influences silver prices, particularly during periods of dollar weakness and low interest rates, when the opportunity cost of holding non-yielding assets decreases. During inflationary periods, investors often turn to silver as an alternative to fiat currency (Newman et al., 2023). Market analysts project continued upward price momentum, with forecasts ranging from $34 to $50 USD/ounce in 2025 (PR, 2024; Beauchamp, 2024). These projections reflect several macro factors:

● Ongoing geopolitical tensions

● Anticipated U.S. monetary policy changes

● Political uncertainty surrounding the U.S. presidential election

● Evolving international trade policies

Supply constraints are also supporting higher silver prices. Global silver production has declined in recent years, while U.S. production has remained relatively flat. Secondary supply from recycling provides some market balance, with approximately 1,100 tons recovered from new and old scrap

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materials in 2023 (USGS, 2024). However, recycling volumes have not offset the decline in mine production.

The silver market outlook suggests continued price strength with volatility linked to global political and economic conditions. While precise price forecasts are inherently uncertain, the fundamental supply-demand dynamics appear supportive of prices above historical averages. The Rainbow Block's significant silver mineralization, documented but largely unmined by previous operators, positions the Property to potentially help address market supply constraints while benefiting from favorable price conditions.

16.1.2.2 Zinc

Historical production reports 2,226,396 total tonnes of zinc material from the district (Table 6 (Section 5.3)) While mainly mined as a by-product of more lucrative metals copper and silver, the material abundance is still significant.

Zinc's main usage occurs in the steel industry in galvanized steel coated and bonded with zinc. This chemical process protects the metal from corrosion - leading to a longer lifespan of the material with a low environmental impact (Wood, 2024). Because of this, the demand of zinc is heavily tied to rapid industrialization, urban expansion, and infrastructure ventures. Aside from this, consumer goods, automobiles, electronics, and green energy solutions such as solar panels, wind turbines, and evolution of zinc-ion batteries require significant supply of zinc. Previously, zinc has seen relatively stable prices nearing $2,000 to $2,500 USD/ton, with few periods of spikes and downturns most often related to changes in geopolitical climate and times of highs and lows in the industrial building and construction sector (Figure 34).

Figure 34: Zinc Commodity Price January 1, 2014 to September 1, 2024 (IMF, 2024)

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China is a key driver in the zinc market, particularly with its recent announcement of new stimulus measures to begin rebuilding its failing property sector. These measures would require a large demand for construction material and galvanized steel. General predictions of the market project a small, positive rebound of the metal price following this rebuilding, succeeded by a continued downtrend in the long term (Belder, 2024).

Several points add to the downturn of the metal's price and demand. Overall, zinc is currently in oversupply, with production from the U.S., Australia, China, India and Peru continuing to saturate the abundance of the metal (USGS, 2024). The metal is recyclable, with several significant recycling companies currently establishing themselves in the industry. Zinc is also easily substituted by other available metals such as aluminum and magnesium (ChemAnalyst, 2024). With demand low, and stock of material high and consistent, smelters are also experiencing a difficult time holding their treatment charges for metal refining at a level where profit margins are met (Wulandari, 2024).

It is most likely here, as stated by market analysts, that zinc prices will remain relatively constant with a slight downward trend over time for the next few years, with dependence on demand and the status of total supply (Home, 2024).

16.1.2.3 Lead

Production of lead on the Rainbow Block historically is much lower than zinc, coming in at only 427,400 tonnes total during all past production operations (Table 10 of Section 5.3). However, it is still worth noting as a potential metal as a lead concentrate will likely be considered in future processing studies.

The lead market has dominantly been controlled by the battery and automotive industries, with 86% of total lead consumption going to producing lead-acid batteries used in motorized vehicles, storage of energy generated by photovoltaic cells and wind turbines, and backup power supply (FMI, 2024). The metal also has high demand from the construction and plumbing industries, as well as minor uses in various home products, ammunition, and electronics.

In recent years, more hesitancy related to lead usage has been regarded in modern industry due to its high toxicity and polluting nature (Sazzini, 2024). In the past, the metal has shown regularly fluctuating high and low values related to demand in the battery industry, with some influence from the push of industrial expansion (Figure 35).

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Figure 35: Lead Commodity Price January 1, 2014 to September 1, 2024 (IMF, 2024)

Lead has recently recovered from a significant oversupply which was present for the metal from 2016 to 2017 and has now seen more equilibrium between supply and demand (Home, 2024). Similar to zinc, lead treatment charges have recently dropped to the point where smelters are struggling to make return.

Overall, a consensus among market analyst groups states that lead will remain consistent and stable at market prices of $1,800 to $2,400 USD/ton with some potential to a modest increase related to demand within the battery storage industry associated with the shift to green energy (Kaitwade, 2024).

16.1.2.4 Gold

While gold is not a main commodity of the Rainbow Block, the presence of the precious metal is significant. Historical gold production in the district totaled 2.92 million ounces (**Error! Reference s ource not found.** of Section 5.3). However, this production figure may not represent the full gold potential of the Property, as The Anaconda Company did not routinely include gold in their regular assaying program. Gold assays were typically performed only when visible gold was noted or in specific areas known to carry higher gold values. This limited sampling approach was economically rational at the time, given that gold prices were fixed at $20 per ounce until 1934, and then at $35 per ounce until 1971. With current gold prices exceeding $2,600 per ounce (Figure 36), zones that were historically uneconomic or untested for gold may now represent significant value.

Some of the vein-hosted, peripheral mineralization present at the deposit may have the potential for high-grade gold occurrences. This potential remains largely untested, as historical sampling practices focused primarily on silver, zinc, copper, and lead. Modern exploration, with comprehensive multi- element analyses, will be required to fully evaluate the gold potential across the Property.

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Figure 36: Gold Commodity Price January 31, 2014, to April 30, 2024 (IMF, 2024)

Market analyst predictions expect the value to continue with an upward trend as rising inflation and increased investors beginning to diversify portfolios into gold (Goldman Sachs, 2024). However, some stabilization may occur in the coming months into the end of the year, following the end of the election in the U.S. (Bieber, 2024).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 CONTRACTS

Silver Bow Mining Corp. has not entered into any material contracts or agreements related to the Rainbow Block. As the Property is at the exploration stage, no production-related contracts are currently required. The Company will evaluate appropriate contractual arrangements as Project development advances.

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17 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 BASELINE
 AND SUPPORTING STUDIES

The main environmental issues in the Project area are water quality and subsidence from historical underground mining operations. These issues continue to be studied, remediated, and addressed by state, federal, and private entities. Any future exploration and mining related activities are governed by environmental regulations and subject to strict oversight by state and federal regulatory agencies.

New Butte Mining commissioned an Environmental Impact Study (EIS) along with a Hardrock Mining Impact Plan for their operation in the Project area. This resulted in the issuance of a 1,500 ton per day mine operating permit from the state of Montana in 1989.

Silver Bow Mining submitted an application for a mineral exploration license submitted under the Metal Mine Reclamation Act (MMRA) on June 15, 2021, and the last notable change to the Project was submitted on August 25, 2021. The Montana Department of Environmental Quality (DEQ) issued a Final Environmental Assessment on October 4, 2021, which summarizes potential physical and biological effects of the exploration Project. In that assessment, the DEQ did not identify any significant impacts associated with the proposed exploration activities for any environmental resource or the quality of the human environment. The DEQ also stated that they did not believe that the proposed exploration activities by Silver Bow Mining have any growth-inducing or growth- inhibiting aspects or conflict with any local, state, or federal laws, requirements, or formal plans. Based on consideration of the criteria set forth in Administrative Rules of Montana (ARM) 17.4.608, the DEQ believed an environmental impact statement would not be required.

Silver Bow Mining obtained a license to conduct exploration activities, including drilling, on its Rainbow Block in October 2021. The permit also allowed for the rehabilitation of the Chief Joseph ramp and underground workings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 SITE
 CONTEXT

The Property is situated within Silver Bow County, Montana. The Property lies in a historically significant mining region, specifically within the Butte Mining District, which has been an epicenter of mining activity for over a century. Previous and upcoming exploration activities are located near Butte and Walkerville on private land. The Property is characterized by its proximity to existing urban and industrial zones, including historical mining disturbances. The Property is also located near major landmarks such as the Berkeley Pit and Continental Pit.

The Project site is within the boundaries of the Silver Bow Creek/Butte Area Superfund site, specifically the Butte Mine Flooding Operable Unit (BMFOU) and the Butte Priority Soils Operable Unit (BPSOU). As such, it is subject to regulatory oversight from local, state, and federal agencies. Additionally, the site is in the Butte-Anaconda National Historic Landmark District, containing multiple historic properties associated with the region's mining legacy.

Exploration activities occur entirely on private land avoiding new road construction by utilizing existing roads and overland routes. The area is predominantly zoned for residential and conservation

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use, with portions intersecting urban neighborhoods. Water for the Project will be sourced from the Butte-Silver Bow public water system, and infrastructure such as temporary office and maintenance trailers will be installed on-site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 ENVIRONMENTAL
 AND SOCIO-ECONOMIC SETTING

The Rainbow Block is situated within the Butte Mining District in Silver Bow County, Montana. This region is characterized by its long-standing mining heritage and unique environmental conditions shaped by both natural and anthropogenic factors. The project area overlaps with the Butte- Anaconda National Historic Landmark District, highlighting the region's rich mining history. Several historic properties, primarily related to past mining operations, are located near the project, necessitating careful consideration of cultural resources.

The Property is located at elevations ranging from approximately 6,000 to 6,400 feet above sea level. The climate is semi-arid, with average annual precipitation of about 12.5 inches, mostly falling as snow. The rugged terrain and historical mining activities have resulted in a patchwork of disturbed and reclaimed land, interspersed with urban development.

The soils on the Property and in the surrounding area have been heavily influenced by past mining activities, with some areas showing high levels of lead and arsenic contamination. Soil testing and reclamation efforts are integral to future projects, ensuring that disturbed areas are restored to stable and safe conditions.

The Property lies near significant hydrological features such as the Berkeley Pit and the Yankee Doodle tailings Impoundment. These water bodies are remnants of historical and current mining operations and are part of the ongoing Butte Priority Soils Operable Unit (BPSOU) cleanup efforts under the Superfund program. Surface water is sparse due to the altered flow patterns from historical mining. Groundwater in the area flows toward the Berkeley Pit, which is actively managed to prevent contamination spread. No natural wetlands or riparian areas exist within the immediate project vicinity.

Vegetation in the area is typical of a semi-arid, montane environment and includes Rocky Mountain subalpine-upper montane grassland and montane sagebrush steppe. The project area is home to common species of wildlife, including deer, squirrels, and various bird species. Habitat for species of concern is present but limited due to urban encroachment and historical disturbance. Habitat for these species is common and not unique to the project area.

The Property falls within the Silver Bow Creek/Butte Area Superfund site, specifically within the Butte Mine Flooding Operable Unit (BMFOU) and BPSOU. These areas are under strict environmental oversight to manage contamination and ensure reclamation aligns with broader environmental remediation goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 STOCKPILES
 AND WASTE ROCK STORAGE

Silver Bow Mining has no current plans for creating stockpiles or creating waste rock storage for production purposes. The Stockpiles mentioned in their exploration permit refer to remediation material.

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The Exploration License the Company acquired in 2021 outlines plans for the creation of stockpiles and waste rock pile to support exploration and reclamation activities. Specifically, growth media will be salvaged and stockpiled to facilitate site restoration following exploration. Approximately 900 cubic yards of growth media will be salvaged from the footprint of the proposed waste rock pile and stored directly north of the waste rock area. The Silver Bow Mining Exploration Project will generate approximately 21,000 cubic yards of waste rock from underground exploration activities, specifically from extending the Chief Joseph decline. This waste rock will be placed on a designated surface area located about 300 to 400 feet east-southeast of the Chief Joseph portal.

The waste rock pile will occupy a site accessed via an existing road and a newly constructed 225-foot road segment. Before placing the waste rock, approximately 900 cubic yards of growth media will be salvaged from the pile's footprint and stockpiled nearby for later use in reclamation.

The waste rock pile will be contoured to blend with the surrounding terrain and covered with the salvaged growth media during reclamation. The area will then be reseeded to promote vegetation regrowth. Best Management Practices (BMPs) such as erosion control structures will be employed to minimize environmental impacts during the pile's active and reclamation phases.

The stockpiles will be located on previously disturbed land to minimize environmental impact. These materials will be used to backfill and recontour disturbed areas, ensuring effective reclamation. Best Management Practices (BMPs), including erosion control measures such as berms, silt fences, and straw wattles, will be implemented to prevent sediment runoff from the stockpiles onto existing mine tailings during the project's duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 PERMITS
 AND REGULATORY CONTEXT

Mineral exploration, development and mining on patented claims in Montana are regulated by the DEQ, Hardrock Mining Bureau. (https://deq.mt.gov/Mining/hardrock). As noted in Section 4.7, the Hardrock Mining Bureau has separate programs for hardrock exploration and hardrock mining. Hardrock exploration requires a license to perform drilling and trenching and other activities to determine if an economical Mineral Resource is present. Hardrock mining can occur under a Small Miner Exclusion Statement (SMES) or under an Operating Permit. Small Miner Exclusion limits mining has the limitation of not more than 2 ha (five acres) of disturbance at any one time. Mining that cannot be limited to 2 ha (five acres) of disturbance under SMES, can only be done under an Operating Permit. In some circumstances multiple sites may be permitted under a single Operating Permit.

An Operating Permit from the DEQ is required for an applicant that plans to mine and disturb more than five acres, as defined under the Montana Metal Mine Reclamation Act. Several restrictions apply pertaining to wetlands, water, tailings impoundment, acid drainage, endangered species, and historical features or landmarks. More information about applying for and obtaining an Operating Permit may be found at the Montana DEQ website:. https://deq.mt.gov/mining/Programs/hardrock

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 COMMUNITY
 RELATIONS

The Rainbow Block's location within the historic Butte Mining District, including areas beneath the town of Walkerville, and will require a comprehensive and proactive approach to community engagement. Silver Bow Mining recognizes its responsibility as a steward of this historically significant Property and acknowledges the community's deep connection to mining heritage spanning more than a century.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 WATER
 MANAGEMENT

Regional groundwater management in the Butte Mining District operates under the Butte Mine Flooding Operable Unit (BMFOU) Consent Decree of 2002. Montana Resources and ARCO maintain water levels, well below what is deemed the critical water level, in the Berkeley Pit through continuous pumping operations, creating a cone of depression that prevent contaminated groundwater from migrating toward Silver Bow Creek and into alluvial aquifers. The extracted water undergoes treatment at the Horseshoe Bend Water Treatment Plant, operated by Montana Resources.

The Property's location within this larger hydrologic system benefits from the established water management infrastructure. Currently, no separate surface water management systems are required within the Rainbow Block boundaries, as the existing infrastructure effectively manages water flow through the area.

The regional surface water management system encompasses several interconnected components. Surface water North of Butte via Yankee Doodle Creek flows into the Moulton Reservoir. From there, it enters Montana Resources' Yankee Doodle tailings facility, where it becomes part of their process water circuit. Downstream flows from the tailings facility area, infiltrate through bedrock toward the Berkeley Pit. Montana Resources treats this water through their treatment system, with a portion recycled for process use and the remainder undergoing additional polishing before discharge to Silver Bow Creek under their permitted discharge system.

Surface water management on the western side incorporates three main control systems. The primary collection ditch along Seraph Point Road captures ridge-top drainage and directs it toward the Berkeley Pit system. Surface water from the upper Walkerville area flows into the Alice Pit, eventually reaching the Berkeley Pit via the Alice Shaft. In the lower Walkerville area, the Missoula Gulch drainage system collects surface water into the Syndicate Pit for settling. This water ultimately reaches the Berkeley Pit through the Anselmo Shaft and connecting underground workings.

This comprehensive water management system, maintained and operated by multiple parties under regulatory oversight, effectively controls both surface and groundwater flow throughout the District. Any future mining operations at the Rainbow Block would need to integrate with this existing system while maintaining compliance with current water management requirements and discharge permits.

The Property's location within this larger hydrologic system benefits from the established water management infrastructure. Currently, no separate water management systems are required within the Rainbow Block boundaries, as the existing infrastructure effectively manages water flow through the area.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 QUALIFIED
 PERSONS OPINION ON ADEQUACY OF CURRENT PLAN.

If Silver Bow Mining Corp is to re establish mining operations, the necessary permitting for expansion of operations on the Property will need to be completed. Planned exploration drilling is proposed to continue surface and underground via a new underground decline.

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**Technical Report Summary**

18 CAPITAL AND OPERATING COSTS

This section is not applicable to this Technical Report Summary.

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19 ECONOMIC ANALYSIS

This section is not applicable to this Technical Report Summary

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20 ADJACENT PROPERTIES

In addition to the Rainbow Block, Silver Bow Mining owns mineral rights to approximately 2,468 acres in the Butte Mining District, including approximately 468 acres of surface rights.

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21 OTHER RELEVANT DATA & INFORMATION

The Author is not aware of any other relevant data or information needed to make this Technical Report understandable and not misleading.

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22 INTERPRETATION & CONCLUSIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 INTRODUCTION

An initial assessment of the Mineral Resource of the Rainbow Block was compiled utilising the geological model and data supplied by the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 PROPERTY
 DESCRIPTION AND OWNERSHIP

The Rainbow Block is located in the Butte Mining District, Silver Bow County, Montana, USA. The mineral rights for the Rainbow Block is held directly by Ferry Lane Limited, a wholly owned subsidiary of Silver Bow Mining Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3 MINERAL
 TENURE,SURFACE RIGHTS, WATER RIGHTS, ROYALTIES AND AGREEMENTS

The Rainbow block area consists of 129 patented mining claims totaling approximately 887 acres. Additional water use permits will need to be acquired if development of the Property advances. There is a 2% of Net Smelter Returns royalty from all products produced from the Rainbow Block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.4 GEOLOGY
 AND MINERALIZATION

The Cretaceous Butte Quartz Monzonite hosts two of this classic porphyry copper deposits.

The main stage mineralization is well represented by polymetallic veining that is extensive across the butte mining district. The mineralization is concentrically zoned with copper being dominant closer to the main porphyry and transitioning out to copper-zinc and then with silver-zinc-lead- manganese-gold then dominating the outer Peripheral zone. The Rainbow Block is in the Peripheral zone of the Butte Mining District, where extensive veining is present on the Property**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5 HISTORY

The Butte Mining District a well-known mining district, historically mined economically for an extensive period. Mining operations within the Rainbow Block generated extensive channel sample data and drill hole information, some of which has been utilised for the compilation of the vein geological models and the estimation of the Mineral Resource. Silver Bow Mining plans to continue the exploration within the Rainbow Block from both surface and from underground platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 EXPLORATION

The Rainbow Block has been explored over many decades, targeting underground mineralization ahead of the previous mining fronts. The value in improving confidence in the estimated Mineral Resource lies in further targeting of available blocks in unmined areas to understand the complexity of the mineralized vein systems.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.7 DATA
 VERIFICATION

Historical drill hole and channel sampling has been collated by the Silver Bow Mining geologists in a manner representative of the ore body and suitable for use in the Mineral Resource estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.8 MINERAL
 RESOURCES

The Inferred Mineral Resource of the Rainbow block for the Silver Equivalent is estimated to be 11.48 Mt containing 170.01 Moz at an average grade of 14.8 opt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.9 MINERAL
 RESERVES

No Mineral Reserve is defined for this project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.10 MINING
 METHODS

The mining methodology has not been discussed in this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 METALLURGICAL
 TESTING AND MINERAL PROCESSING

The metallurgical and processing details has not been discussed in this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.12 INFRASTRUCTURE

Limited infrastructure was observed on the property but none that were discussed in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 ENVIRONMENTAL
 STUDIES, PERMITTING, SOCIAL OR COMMUNITY IMPACTS

The DEQ has issued an exploration licence #00857 to Butte Blackjack Operating LLC. (Silver Bow Mining Corp) on October 4th, 2021. The proposed exploration activities should not significantly impact the quality of the human environment. The DEQ believed that further preparation of an environmental impact statement would not be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.14 MARKET
 STUDIES

The markets related to the metal of interest within the Rainbow Block show trends that support the eventual economic extraction of the Mineral Resource.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.15 CAPITAL
 AND OPERATING COSTS AND ECONOMIC EVALUATION

No economic analysis have been discussed for the Rainbow Block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.16 CAPITAL
 COST ESTIMATES

No cost estimates have been discussed for the Rainbow Block.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.17 ECONOMIC
 COST ESTIMATE

No cost estimates are available for the Rainbow Block.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.18 ECONOMIC
 ANALYSIS

No economic analysis was available from Silver Bow Mining at the time of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.19 RISK
 AND OPPORTUNITIES

This is an exploration project and there is no guarantee that current or future exploration activities will result in the delineation of an economic Mineral Resource.

The low confidence classification of the Mineral Resource requires additional sample points to delineate the estimation ahead of the current mined out areas. Although the geological model is well constrained based on historical channel sampling complimented by exploration drill holes, more data is required in the reported blocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.20 CONCLUSIONS

The initial assessment is fair representation of the geological understanding and grade distribution across the Rainbow Block. The grade interpretation was conducted in a reasonable manner, commonly practised for the estimation of this type of resource within the industry. The classification of the Mineral Resource is consistent with common industry practise.

Further exploration, process and economic analysis is required for the registrant to migrate the project to the next phases.

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23 RECOMMENDATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 INTRODUCTION

The declaration of a Mineral Resource Estimate for the Rainbow Block can be materially impacted by any future changes in the break-even cut-off grade, potentially resulting from updates to costs, metallurgical processing recoveries, or metal price assumptions or from changes in geological knowledge because of new exploration data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 GEOLOGY
 AND MINERAL RESOURCES

The geological and historical knowledge has been appropriately used to develop the existing models and to guide the exploration, modelling and estimation processes utilised by the Silver Bow Mining Corp.

The data utilised is considered reasonably reliable, representative, and it is the QPs view that it is fit for purpose in developing a geological model and for the preparation of Mineral Resource estimates.

The geological interpretation and modelling methodology is appropriate for the style of mineralization. The modelling methodology followed current industry standard practices.

This Mineral Resource Estimate was completed after including data collated from historical stope sheets and channel sampling. The silver equivalent (AgEq) was calculated from the individual metal estimations.

The classification of Mineral Resources is based on the limited confidence associated with where possible the estimation and estimated confidence of the Ordinary Krig estimate within each vein. The metals were estimated for the Silver Equivalent calculation. The confidence of the estimate is limited by data continuity for the different metal and more work is required for the understanding of the geological controls on mineralization, ands the impact to metal content estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 MINING
 AND MINERAL RESERVES

The QP confirms that no Mineral Reserve has been declared for this project due to limited availability of the following key technical and economic parameters.

The Company intends to consider narrow-vein underground mining technologies in future studies for the Rainbow Block.

To support future Mineral Reserve estimation, the QP recommends:

● Geotechnical drilling and rock mass characterization

● Detailed hydrogeological studies

● Mining method trade-off studies

● Infrastructure assessment

● Environmental baseline studies

● Preliminary economic analysis

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**Technical Report Summary**

● Metallurgical testing program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 MINERAL
 PROCESSING

The QP has determined that comprehensive metallurgical testing is required before the Project can advance to more advanced stages. Historical processing data from Anaconda operations provides general guidance, but modern testing is needed to confirm recoveries and optimize processing methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 ENVIRONMENTAL
 STUDIES, PERMITTING, SOCIAL OR COMMUNITY IMPACTS

The QP notes that the Rainbow Block presents unique environmental and social considerations due to its location within both the Butte Area Superfund site and an established urban community. The following key areas require comprehensive study and stakeholder engagement:

Regulatory Framework:

● BPSOU Consent Decree (2020) requirements

● BMFOU Consent Decree (2002) obligations

● Existing agreements with ARCO and Montana Resources

● Integration with ongoing Superfund remediation efforts

Environmental Studies:

● Baseline Characterization

o Ground and surface water quality monitoring

o Air quality and dust monitoring

o Noise and vibration studies

o Subsidence risk assessment

o Soil contamination mapping

● Impact Assessment

o Groundwater impacts on existing BMFOU system

o Potential surface subsidence near residential areas

o Cumulative effects with adjacent mining operations

o Noise and vibration impacts on nearby structures

o Traffic and access considerations

Permitting Strategy:

● Near-term Requirements

o DEQ exploration license amendments

o Water management permits

o Air quality permits

● Long-term Planning

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Operating permit application

o Coordination with EPA Superfund
 requirements

o Integration with existing ARCO
 agreements

o Stakeholder engagement

Community Engagement:

The Rainbow Block's unique position within an established urban area requires a comprehensive and thoughtful approach to community engagement. The Property sits at the intersection of multiple stakeholder interests, including local residents living above historical and potential future underground workings, adjacent property owners, and the consolidated City-County government of Butte-Silver Bow. The presence of active mining operations by Montana Resources and ongoing environmental management by ARCO adds additional complexity to stakeholder relationships.

Special attention must be given to developing and maintaining positive relationships with existing operators and environmental managers in the District. Coordination with Montana Resources' active operations and ARCO's ongoing environmental programs will be essential for achieving community acceptance and operational success. This collaborative approach should extend to emergency response planning, shared infrastructure utilization, and cumulative impact management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 ECONOMICS
 ANALYSIS

At the time this report was drafted the QP was not able to determine from the company any definitive future cost of future work and operations on the property, that would be necessary to advance this study to further phases.

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24 REFERENCES

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Beauchamp, C. 2024. Silver Price Predictions – What's Next for the Precious Metal?: https://www.ig.com/en/news-and-trade-ideas/silver-price-predictions--what-s-next-for-the- precious-metal--240920 (November 2024)

Belder, D. (2024) Zinc Price Update: H1 2024 in Review: https://investingnews.com/daily/resource- investing/base-metals-investing/zinc-investing/zinc-forecast/ (November 2024)

Bieber, C. (2024) What's the gold price forecast for November 2024: https://www.cbsnews.com/news/whats-the-gold-price-forecast-for-november-2024/ (November 2024)

Blake, W.P. 1887. The Rainbow Lode, Butte City, Montana. American Institute of Mining and Metallurgical Engineering Transactions 16, 38-45.

ChemAnalyst (2024) Zinc Market Analysis – Industry Market Size, Plant Capacity, Production, Operating Efficiency, Demand & Supply Gap, End-Use Application, Sales Channel, Regional Demand, Company Share, Manufacturing Process, Foreign Trade, 2015-2034: https://www.chemanalyst.com/industry-report/zinc-market-3114#:~:text=Testimonials%20Disruption%20Tracker- ,Description,its%20abundance%20and%20versatile%20applications (November 2024)

Cole, A. (2024) Copper Pries in 2024 and 2025: a Global Overview and Analysis: https://www.fastmarkets.com/insights/copper-prices-in-2024-and-2025-a-global-overview- and-analysis (November 2024)

Cooke, D.R., Hollings, P. and Walsh, J.L. (2005) Giant Porphyry Deposits: Characteristics, Distribution, and Tectonic Controls. Economic Geology, 100, 801-818.

Cutkovic, M. (2024) Silver Price Forecasts/Predictions for 2024-2050: https://www.axi.com/int/blog/education/commodities/silver-price-forecasts (November 2024)

Czehura, S.J. 2006. Butte: A World Class Ore Deposit, paper presented at session on: Classic Geology and Mining Deposits, Society for Mining, Metallurgy & Exploration, Annual Meeting and Exhibit

Dudás, F.Ö., Isplatov, V.O., Harlan, S.S., Snee, L.W., 2010. 40Ar/39Ar geochronology and geochemical reconnaissance of the Eocene Lowland Creek Volcanic filed, west-central Montana. J. Geol. 118, 295–304.

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FMI (2024) Lead Market: https://www.futuremarketinsights.com/reports/global-lead-market (November 2024)

Folger, J. (2024) What Drives the Proce of Gold: <br> <u>https://www.investopedia.com/financial- edge/0311/what-drives-the-price-of-gold</u> (November 2024)

Gammons, C.H., Synder, D.M., Poulson, S.R. and Petriz, K. 2009. Geochemistry and Stable Isotopes of the Flooded Underground Mine Workings of Butte, Montana. Economic Geology 104, 1213-1234.

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Goldman Sachs (2024) Gold Predicted to Climb Higher than Expected as Records Shatter:<br> https://www.goldmansachs.com/insights/articles/gold-predicted-to-climb-higher-than- expected-as-records-shatter (November 2024)

Guilbert, John M. (1986). The Geology of Ore Deposits, W. H. Freeman & Company

S. GEIGER. (2002). New insights from reactive transport modelling: the formation of the sericitic vein envelopes during early hydrothermal alteration at Butte, Montana

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Home, A. (2024) Zinc Market Shifts to Oversupply but Where's the Metal?: <br> https://www.reuters.com/markets/commodities/zinc-market-shifts-oversupply-wheres- metal-2023-10-18/ (November, 2024)

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**Technical Report Summary**

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**Rainbow Block – Montana, USA**

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**Technical Report Summary**

25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT.

Information regarding the following sections was supplied in the most part by the Registrant as currently exploration stopped in 2022 and the Company engaged with digitisation of historical channel sampling for this Mineral Resource Estimate.

The QP relied on input from the registrant on the following sections.

● Section 5- History

● Section 6- Geology

● Section 7 - Exploration

● Section 8 – Sample preparation, analysis and security

● Section 10 – Mineral Processing and Metallurgical testing

The reliance of the QP on the above sections is based on the matter that the information covered is historical and that the QP did not have first-hand knowledge with the data collection, however the QP considers the information supplied by the registrant applicable for the technical report summary and can be relied upon.

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**Rainbow Block – Montana, USA**

26 DATE & SIGNATURE PAGE

The technical report summary, entitled the "RAINBOW BLOCK, Butte Mining District, Silver Bow County. Montana, USA" is current at December 31st 2024. This report was prepared by Dahrouge Geological Consulting.

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|:---|:---|
| Dahrouge Geological Consulting | */s/ Dahrouge Geological consulting* |
| Dated at Denver, Colorado |  |
| **05/27/2025** |  |

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