# EDGAR Filing Document

**Accession Number:** 0002067674
**File Stem:** 0001539497-26-000686
**Filing Date:** 2026-2
**Character Count:** 1179549
**Document Hash:** 6c4198750beee51e59edee60355191c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000686.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001539497-26-000686

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 77

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260218

**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:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292928
- **FILM NUMBER:** 26646802

**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

**As filed with the U.S. Securities and Exchange Commission on February 17, 2026**

**Registration No. 333-292928**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**Amendment No. 2** <br> **to**

**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** | **1000** | **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.

Large Accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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.**

**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 FEBRUARY 17, 2026**

**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") based on an assumed offering price of $____ per common share, being the midpoint of the estimated price range, and a total initial public offering of $____.

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 LLC ("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 or quoted for trading on any exchange or over the counter market.

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 "*Prospectus Summary - Implications of Being an Emerging Growth Company*" in this prospectus.

**Investing in our securities involves a high degree of risk. Please read "Risk Factors" 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.** 

---

| | | |
|:---|:---|:---|
|  | **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 7% of the total gross proceeds of the offering. See "*Underwriting* "
 in this prospectus 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 , 2026

---

| | |
|:---|:---|
| **Cantor** | **Research Capital USA Inc.** |
| *Joint Bookrunner* | *Joint Bookrunner* |

---

**Prospectus dated , 2026.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [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) | [13](#a_003) |
| [RISK FACTORS](#a_004) | [14](#a_004) |
| [FORWARD-LOOKING STATEMENTS](#a_005) | [39](#a_005) |
| [CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES](#a_006) | [40](#a_006) |
| [REVERSE STOCK SPLIT](#revstocksplit) | [<u>41</u>](#revstocksplit) |
| [DIVIDEND POLICY](#a_007) | [41](#a_007) |
| [USE OF PROCEEDS](#a_008) | [41](#a_008) |
| [DETERMINATION OF OFFERING PRICE](#a_009) | [44](#a_009) |
| [CAPITALIZATION](#a_010) | [44](#a_010) |
| [DILUTION](#a_011) | [45](#a_011) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_012) | [47](#a_012) |
| [BUSINESS](#a_013) | [58](#a_013) |
| [LEGAL PROCEEDINGS](#a_014) | [69](#a_014) |
| [DESCRIPTION OF PROPERTY](#a_015) | [70](#a_015) |
| [MANAGEMENT](#a_016) | [82](#a_016) |
| [EXECUTIVE COMPENSATION](#a_017) | [89](#a_017) |
| [NON-EMPLOYEE DIRECTOR COMPENSATION](#a_018) | [92](#a_018) |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#a_019) | [96](#a_019) |
| [PRINCIPAL STOCKHOLDERS](#a_020) | [96](#a_020) |
| [DESCRIPTION OF SECURITIES](#a_021) | [99](#a_021) |
| [UNDERWRITING](#a_022) | [108](#a_022) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_023) | [117](#a_023) |
| [MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. RESIDENTS](#a_024) | [119](#a_024) |
| [MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS](#a_025) | [120](#a_025) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_026) | [129](#a_026) |

---

i

 **ABOUT THIS PROSPECTUS** 

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.

This registration statement contains additional pages to be used in connection with the offering of securities in Canada, which we refer to as the "Canadian Prospectus." The Canadian Prospectus includes this entire prospectus and the pages appearing after this prospectus marked as page C-i through C-27, including a "Certificate of the Company" and a "Certificate of the Canadian Underwriters." Each of the additional pages for the Canadian Prospectus included herein is labeled "Additional Page for Canadian Prospectus."

For investors outside the United States and Canada: 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 and Canada. Persons outside the United States and Canada 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 and Canada.

We are Silver Bow Mining Corp., formerly known as Blackjack Silver Corp., a corporation continued under the *Business Corporation Act* (British Columbia) (the "BCBCA"), 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.

**GLOSSARY OF MINING TERMS**

**S-K 1300 Definitions**

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| | |
|:---|:---|
| **Development Stage <br> Issuer**  | 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. |
| **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. |
| **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; environmental remediation, 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. |

---

 ****

**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;Ag_opt | &nbsp;&nbsp;Silver ounces per ton |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;Gold |
| &nbsp;&nbsp;Au_opt | &nbsp;&nbsp;Gold ounces per ton |
| &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;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;Pb_pct | &nbsp;&nbsp;Lead pounds per conventional ton |
| &nbsp;&nbsp;RQD | &nbsp;&nbsp;Rock Quality designation |
| &nbsp;&nbsp;tonne | &nbsp;&nbsp;Metric tonne |
| &nbsp;&nbsp;Zn | &nbsp;&nbsp;Zinc |
| &nbsp;&nbsp;Zn_pct | &nbsp;&nbsp;Zinc pounds per conventional ton |

---

**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, being the midpoint the estimated price range on the cover page of this prospectus 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 Business Corporations Act (Ontario) 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 into British Columbia under the provisions of 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 3,347 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 2,469 acres of mineral rights in Silver Bow County, represented by the Marget Ann Block, the Goldsmith Block, the Great Republic Block, the Travona Block, and the Emma Block.

This is our initial public offering, and no public market currently exists for our common shares. 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 are an exploration stage company, with no history of operations, mining or refining mineral products. There is no assurance that the Rainbow Block will be successfully placed into production, produce minerals in commercial quantities or otherwise generate operating earnings. Our business plan is to continue exploration of the Rainbow Block to move towards completion of a feasibility study, at which point we will make a production determination, if economically and legally viable.

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 "*Business*" and "*Description of Property*" in this prospectus.

**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).

**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 215 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. Certain of the mineral rights not material to the mineral resource estimate or the Company's planned exploration have fractional ownership interests.

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 approximately 6,400 ft above sea level.

The mineral rights to the Rainbow Block are held primarily through Ferry Lane Limited, a wholly-owned subsidiary of ours, with some mineral rights being held through SBM Properties LLC.

We own approximately 215 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. 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) Ag-Eq, containing metal of 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 *"Description of Property"* in this prospectus.

 **Recent Developments**

The Great Republic Block was acquired by the Company on January 23, 2026 through a contract for deed. The acquisition is contiguous with the Goldsmith Block and represents approximately 805 acres of surface lands and approximately 846 acres of mineral rights. The contract for deed features a total purchase price of $4,500,000 at 3% annual interest, structured as an initial $500,000 down payment upon execution, followed by three annual $500,000 installments plus accrued interest in January 2027, 2028, and 2029, and concluding with a balloon payment of the remaining balance plus interest by January 23, 2030. There is no royalty obligation burdening the Great Republic Block. The Company does not consider the Great Republic Block a material property.

**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;

● 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.

**Reverse Stock Split**

On January 16, 2026, we completed a reverse stock split of our common shares with a stock split ratio of 1-for-10 ("Reverse Stock Split"). The Reverse Stock Split is intended to allow us to meet the minimum share price requirement of the NYSE American.

Except otherwise indicated, all references to our common shares, share data, per share data and related information depict the effect of the Reverse Stock Split as if it had occurred at the beginning of the earliest period presented. The Reverse Stock Split combined each ten shares of our outstanding common shares into one common share, without any change in the par value per share which will remain no par value, and the Reverse Stock Split correspondingly adjusted, among other things, the number of common shares issuable upon exercise of outstanding options, restricted stock units and warrants and the exercise price of such options, restricted stock units and warrants and shares issuable upon conversion of preferred stock and other convertible securities. No fractional shares will be issued in connection with the Reverse Stock Split, and any fractional shares resulting from the Reverse Stock Split were rounded down to the nearest whole share.

**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.

● We are exposed to certain potential risks related to our use of Artificial Intelligence in analyzing and prioritizing our extensive historical archive of drilling and exploration results.

*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, 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.

● We do not currently insure that we have good, marketable title to our properties. 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.

● We currently have limited surface rights at the Rainbow Block. We will need to aquire additional surface rights in the future to develop and mine the project.

● 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.

● We have and may incur additional remediation obligations that could negatively impact our cash flows and results of operations.

*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.

● Investors in this offering will experience immediate and substantial dilution of their investment as a result of this offering.

● Fluctuations in the price of our common shares.

● 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 15 of this prospectus.

**The Offering** 

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| | |
|:---|:---|
| **Common Shares offered by us** | __________ common shares, based on an assumed public offering price of $__ per common share being the midpoint of the estimated price range on the cover page of this prospectus. |
| **Common Shares to be outstanding after this offering** | __________ common shares.  |
| **Option to purchase additional common shares** | <br> We have granted the underwriters the right to purchase up to __________ additional common shares to be sold in the offering within 30 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 being the midpoint of the estimated range 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 surface exploration drilling, underground rehabilitation and exploration tunnels, underground drilling, metallurgical test work, environmental baseline studies, NYSE listing fees, salaries, professional fees and general corporate and working capital purposes. See "Use of Proceeds.  |
| **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 or quoted for trading on any exchange or over the counter market. 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.  |
| **Tax Considerations** | Please read "*Material Federal Income Tax Considerations*". |
| **Underwriter's Commission** | 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 7% of the total gross proceeds of the offering. See "Underwriting" in this Prospectus.  |

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The number of common shares to be outstanding after this offering is based on an aggregate of 23,964,309 common shares outstanding as of February 10, 2026. The disclosure above does not include:

● 661,417 common shares issuable upon exercise of outstanding warrants at an average weighted exercise price of $4.90 per common share;

● 1,607,500 common shares issuable upon exercise of outstanding options, at a weighted average exercise price of $1.40 per share, of which 1,550,834 shares were vested;

● 107,227 common shares issuable upon settlement of outstanding restricted stock units;

● 1,400,000 common shares issuable upon exercise of an outstanding performance warrant at $3.10 per share; and

● 681,703 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.

**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 nine month periods ended September 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)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Unaudited)** <br> **nine months ended**<br> **September 30,**  | **(Unaudited)** <br> **nine months ended**<br> **September 30,**  | **Year ended** <br> **December 31,** | **Year ended** <br> **December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  Net loss from operations | $(9048216) | (3869689) | (4808639) | (1297159) |
|  Acquisition Costs |  |  |  |  |
|  Net loss and comprehensive loss | (9124931) | (3616511) | (4808639) | (1332156) |
|  Net loss per share, basic and diluted | $(0.563) | $(0.261) | $(0.3320) | $(0.1550) |
|  Weighted average shares to compute net loss per share, basic and diluted | 16218485 | 13863237 | 14476637 | 8531498 |

---

 

**Selected Consolidated Balance Sheet Data**

*(expressed in United States Dollars)*

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| | | | |
|:---|:---|:---|:---|
| | **(Unaudited)**<br> **September 30,<br> 2025** | **December 31,** | **December 31,** |
| | **(Unaudited)**<br> **September 30,<br> 2025** | **2024** | **2023** |
| Cash and cash equivalents | $1257262 | $255630 | $1590770 |
| Total current assets | $1424563 | $419887 | $1810757 |
| Total assets | $40154792 | $38573865 | $32866015 |
| Current liabilities | $833426 | $4683555 | $571836 |
| Total liabilities | $1055844 | $5264999 | $1419720 |
| Total stockholders' equity | $39098948 | $33308866 | $31446295 |
| Total liabilities and stockholder's equity | $40154792 | $38573865 | $32866015 |

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**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 revenue producing 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, acquiring required surface rights, 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 contemplated 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, acquisition of necessary surface rights, 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.

***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 develop our other mining claims or 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, or 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

● 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 contemplated 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 or that we will be able to 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.

***We cannot be assured that the Rainbow Block is feasible.***

Our future profitability depends largely on the economic feasibility of the projects. We do not have a feasibility study on the Rainbow Block. Before we can make a development and production decision or arrange financing for development and production, if warranted, at the Rainbow Block, we will have to complete a feasibility study that meets the requirements of S-K 1300. The results of any feasibility study may not be as favorable as the results of any prior studies or management assumptions prior to such study. There can be no assurance that mining processes and results including potential production rates, revenue, capital and operating costs including taxes and royalties will not vary unfavorably from the estimates and assumptions included in any such feasibility study.

***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 silver, zinc, gold, lead, and copper, 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.

***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 considered 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, primarily personnel with specifing mining experience and skills including deep vein mining expertise and heavy equipment operators. Since we are in the exploration stage in relation to our properties and don't have a detailed mine plan at this time, we do not know which areas of expertise we will need and what the labor market in those areas will be by the time we are making a production determination. Due to our relatively small size, 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 and our ability to develop our properties is strongly affected by the world market price of silver, zinc, gold and lead.***

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 any 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 2025, 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.

***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.

***Our use of artificial intelligence technology to review and prioritize our exploration plans based on our extensive database of historical drilling and exploration results from the Anaconda Copper Company exposes us to certain risks related to use of artificial intelligence that could adversely effect our results of operations.***

 ****

We utilize proprietary artificial intelligence technology to assist us in our review of our extensive database of historical drilling and exploration results on our properties and to help determine our exploration priorities and plans on our properties. Our use of this artificial intelligence technology could expose us to certain risks related to the technology, including potential reputational or competitive harm, legal liability, and other adverse effects on our business. We use and expect to increase the use of artificial intelligence in our exploration and planning. These artificial intelligence -related initiatives, whether successful or not, could cause us to incur substantial costs and could result in delays in our exploration planning. Additionally, artificial intelligence algorithms may be flawed and datasets underlying artificial intelligence algorithms may be insufficient or contain inaccurate information. If the artificial intelligence tools integrated into our exploration planning operations produce analyses or recommendations that are or are alleged to be deficient, inaccurate, or flawed, our reputation, business, financial condition, and results of operations may be adversely affected.

**<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 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.

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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 or contamination, 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. Our current title opinion related to the Rainbow Block is limited in scope and does not go back to patent and as a result some titles may be defective.

We will not maintain insurance insuring that we have good, marketable title to our assets. Title to mineral properties and mining rights involves certain inherent risks due to the difficulties and 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 to varying degrees depending on the stage of the property and the status of the property within our overall business plan, with the Rainbow Block receiving the most review to date; 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 have, will or will acquire good, marketable title to these mining properties. We currently have limited surface rights at the Rainbow Block Property. We also may not have, or may not be able to obtain, all

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necessary surface rights to develop a property, including the Rainbow Block Property, or to utilize the surface of a property to extract, store, process or transport minerals. Furthermore, we may lack legal or commercially viable access to and from our properties. Such lack of access may preclude or make more costly our ability to utilize our mineral rights. Failure by us to retain title, the necessary access rights to our properties or the necessary surface rights to our properties could have a material adverse effect on our ability to explore and, if warranted, develop and mine our properties, including the Rainbow Block, which could negatively impact the Company and the value of the common shares.

Third parties also may hold easements, access rights, royalty rights, or other encumbrances on our properties that could pose obstacles to mineral development. Our title reviews do not always review these matters and the current title opinion on the Rainbow Block excludes analysis with respect to surface ownership, easements, rights-of-way, physical encumbrances or encroachments impacting surface rights of the property.

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, covenants or agreements that may affect our ability to utilize our properties or make more costly our use of our properties. Title to our properties might also be affected by recorded or unrecorded transfers or native land claims. Title to our properties may also be affected by undetected defects. There may be valid challenges to the title of such properties which, if successful, could impair or preclude 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. At the Rainbow Block, this would include our leases 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

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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.

***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.

***Geological conditions could lead delays, increased costs, and quality issues, which could adversely affect results of our operations.***

Our operations involve complex processes, which are affected by the mineralogy of the mineral deposits and structural geologic conditions and are subject to related risks. For example, unexpected geological conditions could lead to significant water inflows and flooding at any of our underground exploration sites, which could result in a ceasing exploration activities, serious injuries, loss of life, increased operational costs, delays, damage to our mineral deposits and equipment damage. Underground mining exploration also poses the potential risk of mine collapse or ceiling collapse because of the mine geology and the rate and volume of extracted materials, among other potential causes. Any of these occurences could increase costs and cause delays which could adversely affect our results of operations.

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

We do not currently own any water rights at the Rainbow Block. 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 development or 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. Water needed for exploration activities is available for purchase from Butte-Silver Bow Water Utility Division at an existing onsite hydrant. 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.

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***We 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 comply with 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.

***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:

The Comprehensive Environmental, Response, Compensation, and Liability Act ("CERCLA");

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");

The Montana Comprehensive Environmental Cleanup and Responsibility Act ("CECRA");

The Montana Metal Mine Reclamation Act ("MMRA");

The Montana Environmental Policy Act ("MEPA");

The Montana Water Quality Act ("MWQA");

The Clean Air Act of Montana ("CAAM"); and

Worker Compensation Laws.

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<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 such as CECRA 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.

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.

State Laws: CECRA is Montana's state-level, independent CERCLA-type statute, which authorizes the State of Montana to 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.

MMRA is Montana's permitting and regulatory program for hard rock mining and exploration activities. Subject to certain size and disturbance thresholds. MMRA imposes permitting, regulatory, reclamation and bonding requirements for hard rock mining and exploration activities in Montana. MMRA is administered and enforced by the DEQ.

MEPA is similar to NEPA and is administered by the DEQ.

MWQA imposes similar limitations on discharges into state waters and is administered by the DEQ.

CAAM imposes limitations and permitting requirements similar to those of the Clean Air Act. Hazardous materials are defined in both acts and in their enabling regulations to include various metals.

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 and other properties, 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 the Butte Priority Soils Operable Unit, inclusive of costs under the ARCO Indemnification Agreement (as defined below). Additionally, our other properties in Silver Bow County, including the Marget Ann Block, Goldsmith Block, Travona Block, and Emma Block, and a small portion of the Rainbow Block surface rights that are in the Westside Soils Operable Unit may require further remediation estimated at approximately $3,900,000 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 Agreement dated July 27, 2004 among our subsidiary, Ferry Lane Limited, Arco Environmental Remediation, LLC ("ARCO"), and Atlantic Richfield Company (see Exhibit 10.6) (the "ARCO Indemnification Agreement"). 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 other regulatory agencies including DEQ under CECRA, could shift additional responsibility to us.

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

On January 21, 2026 the Company entered into a tolling agreement with ARCO which tolled statute of limitations of the claims under the ARCO Indemnification Agreement until October 1, 2028.

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 their 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 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. 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.

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

We submitted an amendment to our current Exploration License with the 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.

***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, Arco Environmental Remediation, LLC ("ARCO") and Atlantic Richfield Company (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.

***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.

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. 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>**

***There has been no public market for our common shares prior to this offering, and an active market in which investors can resell their shares of our common shares may not develop.***

Prior to this offering, there has been no public market for our common shares. We intend to apply to list our common shares on the NYSE American under the symbol "SBMT". The closing of this offering is contingent upon the successful listing of our common shares on the NYSE American.

Even if our common shares is approved for listing on the NYSE American, a liquid public market for our common shares may not develop. The initial public offering price for our common shares has been determined by negotiation between us and the underwriters based upon several factors, including prevailing market conditions, our historical performance, estimates of our business potential and earnings prospects, and the market valuations of similar companies. The price at which the common shares are traded after this offering may decline below the initial public offering price, meaning that you may experience a decrease in the value of your common shares regardless of our operating performance or prospects.

***We may not be able to satisfy listing requirements of the NYSE American or obtain or maintain a listing of our common shares on the NYSE American.***

If our common shares is listed on the NYSE American, we must meet certain financial, liquidity, share price and other criteria to maintain such listing. If we violate the NYSE American's listing requirements, or if we fail to meet any of the other NYSE American's listing standards, our common shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing. A delisting of our common shares from the NYSE American may materially impair our shareholders' ability to buy and sell our common shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, our common shares. The delisting of our common shares could significantly impair our ability to raise capital and the value of your investment.

***Listing our common shares on a securities exchange will increase our regulatory burden.***

Although to date we have not been subject to the continuous and timely disclosure requirements of exchange rules, regulations and policies of the NYSE American, we are working with our legal, accounting and financial advisors to identify those areas in which changes should be made to our financial management control systems to manage our obligations as a public company listed on the NYSE American. These areas include corporate governance, corporate controls, disclosure controls and procedures and financial reporting and accounting systems. We have made, and will continue to make, changes in these and other areas, including our internal controls over financial reporting. However, we cannot assure holders of our shares that these and other measures that we might take will be sufficient to allow us to satisfy our obligations as a public company listed on the NYSE American on a timely basis and that we will be able to achieve and maintain compliance with applicable listing requirements. In addition, compliance with reporting and other requirements applicable to public companies listed on the NYSE American will create additional costs for us and will require the time and attention of management. We cannot predict the amount of additional costs that we might incur, the timing of such costs or the effects that management's attention to these matters will have on our business.

***The market price of our common shares may fluctuate, and you could lose all or part of your investment.***

After this offering, the market price for our common shares is likely to be volatile, in part because our shares have not been traded publicly. In addition, the market price of our common shares may fluctuate significantly in response to several factors, most of which we cannot control, including:

● the prices of silver and the other commodities we may mine;

● actual or anticipated variations in our periodic operating results;

● increases in market interest rates that lead investors of our common shares to demand a higher investment return;

● changes in earnings estimates;

● changes in market valuations of similar companies;

● actions or announcements by our competitors;

● adverse market reaction to any increased indebtedness we may incur in the future;

● additions or departures of key personnel;

● actions by shareholders;

● speculation in the media, online forums, or investment community; and

● our intentions and ability to list our common shares on the NYSE American and our subsequent ability to maintain such listing.

The public offering price of our common shares has been determined by negotiations between us and the underwriters based upon many factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our common shares may prevent investors from being able to sell their common shares at or above the initial public offering price. As a result, you may suffer a loss on your investment.

***You will experience immediate and substantial dilution as a result of this offering.***

As of September 30, 2025, our net tangible book value was approximately $39.1 million or approximately $2.25 per share. Since the effective price per share of our common shares being offered in this offering is substantially higher than the net tangible book value per share of our common shares, you will suffer substantial dilution with respect to the net tangible book value of the common shares you purchase in this offering. Based on the assumed public offering price of $____ per share of common shares being sold in this offering, which is the midpoint of the estimated offering range set forth on the cover page of this prospectus, and our pro forma, as adjusted net tangible book value per share as of September 30, 2025, if you purchase shares of common shares in this offering, you will suffer immediate and substantial dilution of $____ per share (or $____ per share if the underwriters exercise the over-allotment option the "underwriter's over-allotment option" in full) with respect to the net tangible book value of the common shares. See the section titled "*Dilution*" for a more detailed discussion of the dilution you will incur if you purchase securities in this offering.

***We have broad discretion in how we use the proceeds of this offering and may not use these proceeds effectively, which could affect our results of operations.***

We will have considerable discretion in the application of the net proceeds of this offering. We intend to use approximately $____ million of the net proceeds from this offering to fund surface exploration drilling, underground rehabilitation and exploration tunnels, underground drilling, metallurgical test work, environmental baseline studies, NYSE listing fees, salaries, professional fees and general corporate and working capital purposes. As a result,

investors will be relying upon management's judgment with only limited information about our specific intentions for the use of the net proceeds of this offering. We may use the net proceeds for purposes that do not yield a significant return or any return at all for our shareholders. In addition, pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value. Please see the "Use of Proceeds" section in this prospectus for more information.

***No dividends on the common shares have been paid by us to date and we do not anticipate paying any dividends in the foreseeable future.***

 ****

No dividends on the common shares have been paid by us to date , and we currently intend to retain our future earnings, if any. Accordingly, investors in our securities should not expect to receive a dividend on their investment in the foreseeable future. As a result, capital appreciation, if any, of our common shares will be investors' sole source of potential gain for the foreseeable future.

***We may choose to pursue acquisitions and raise either debt or equity capital , 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.

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

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 capital intensive and we would require additional financing 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.

***There has been no independent valuation of our common shares, which means that our common shares may be worth less than the offering price in the offering.***

The per share purchase price in the offering has been determined by us without independent valuation of our common shares. We established the offering price based on management's estimate of the valuation of common shares. This valuation is highly speculative and arbitrary. There is no relation to the market value, book value, or any other established criteria. We did not obtain an independent appraisal opinion on the valuation of our common shares. Our common shares may have a value significantly less than the offering price, and the shares may never obtain a value equal to or greater than the offering price.

***If securities industry analysts do not publish research reports on us, or publish unfavorable reports on us, then the market price and market trading volume of our common shares could be negatively affected.***

Any trading market for our common shares may be influenced in part by any research reports that securities industry analysts publish about us. We do not currently have and may never obtain research coverage by securities industry analysts. If no securities industry analysts commence coverage of us, the market price and market trading volume of our common shares could be negatively affected. In the event we are covered by analysts, and one or more of such analysts downgrade our securities, or otherwise reports on us unfavorably, or discontinues coverage of us, the market price and market trading volume of our common shares could be negatively affected.

***Future issuances of our common shares or securities convertible into, or exercisable or exchangeable for, our common shares, or the expiration of lock-up agreements that restrict the issuance of new common shares or the trading of outstanding common shares, could cause the market price of our common shares to decline and would result in the dilution of your holdings.***

Future issuances of our common shares or securities convertible into, or exercisable or exchangeable for, our common shares, or the expiration of lock-up agreements that restrict the issuance of new common shares or the trading of outstanding common shares, could cause the market price of our common shares to decline. We cannot predict the effect, if any, of future issuances of our securities, or the future expirations of lock-up agreements, on the price of our common shares.

In all events, future issuances of our common shares would result in the dilution of your holdings. In addition, the perception that new issuances of our securities could occur, or the perception that locked-up parties will sell their securities when the lockups expire, could adversely affect the market price of our common shares. In connection with this offering, we will enter into a lock-up agreement that prevents us, subject to certain exceptions, from offering additional shares of capital stock for up to six months after the closing of this offering, as further described in the section titled "*Underwriting*." In addition to any adverse effects that may arise upon the expiration of these lock-up agreements, the lock-up provisions in these agreements may be waived, at any time and without notice. If the restrictions under the lock-up agreements are waived, our common shares may become available for resale, subject to applicable law, including without notice, which could reduce the market price for our common shares.

***Future issuances of debt securities or incurrence of other indebtedness, which would rank senior to our common shares upon our bankruptcy or liquidation, and future issuances of preferred stock, which could rank senior to our common shares for the purposes of dividends and liquidating distributions, may adversely affect the level of return you may be able to achieve from an investment in our common shares.***

In the future, we may attempt to increase our capital resources by offering debt securities or incurring other indebtedness. Upon bankruptcy or liquidation, holders of our debt securities, and lenders with respect to other borrowings we may make, would receive distributions of our available assets prior to any distributions being made to holders of our common shares. Moreover, if we issue preferred stock, the holders of such preferred stock could be entitled to preferences over holders of common shares in respect of the payment of dividends and the payment of liquidating distributions. Because our decision to issue debt or preferred stock in any future offering, or borrow money from lenders, will depend in part on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of any such future offerings or borrowings. Holders of our common shares must bear the risk that any future offerings we conduct or borrowings we make may adversely affect the level of return, if any, they may be able to achieve from an investment in our common shares.

***If our common shares become subject to the penny stock rules, it would become more difficult to trade our shares.***

The Securities and Exchange Commission, or the SEC, has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain automated quotation systems, provided that current price and volume information with respect to transactions in

such securities is provided by the exchange or system. If we do not retain a listing on the NYSE American or another national securities exchange and if the price of our common shares is less than $5.00, our common shares could be deemed a penny stock. The penny stock rules require a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure document containing specified information. In addition, the penny stock rules require that before effecting any transaction in a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive (i) the purchaser's written acknowledgment of the receipt of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our common shares, and therefore shareholders may have difficulty selling their shares.

***We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies and our shareholders could receive less information than they might expect to receive from more mature public companies.***

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"). An emerging growth company may take advantage of reduced disclosure and 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 and only two years of related "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure in our periodic reports and registration statements, including this prospectus;

● not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") on the effectiveness of our internal controls over financial reporting;

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

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

We will remain an emerging growth company until the earliest to occur of: (i) the last day of the fiscal year in which we have more than $1.235 billion in annual revenue; (ii) the date we qualify as a "large accelerated filer," with at least $700 million of equity securities held by non-affiliates; (iii) the date on which we have issued, in any three-year period, more than $1.0 billion in non-convertible debt securities; and (iv) the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

We have taken advantage of the reduced disclosure obligations in the registration statement of which this prospectus is a part and intend to elect to take advantage of other reduced disclosure and reporting requirements in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

***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.

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 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 February 10, 2026, our officers, directors and five largest stockholders, including our CEO and Chairman, Crescat Capital, Concept Capital, 2176423 Ontario Ltd. and Bruce Reid hold, directly or indirectly, 12,597,580 common shares, approximately 32.5% 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 % of the issued and outstanding common shares in the hands of these shareholders after this offering may discourage an unsolicited bid for the common shares, and this may adversely impact the value and trading price of the common shares.

**<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. Local communities, the region in which we plan to operate have had a long history of opposing mineral extraction due to proximity to the Butte Superfund Site. Local communities are particularly focused on blocking open pit mining and with preventing groundwater contamination. 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 region 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.

**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, including silver, gold, zinc, lead and copper;

● 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;

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

**REVERSE STOCK SPLIT**

On January 16, 2026, we completed the Reverse Stock Split with a stock split ratio of 1-for-10. The Reverse Stock Split is intended to allow us to meet the minimum share price requirement of the NYSE American.

Except as otherwise indicated, all references to our common shares, share data, per share data and related information depict the effect of the Reverse Stock Split as if it had occurred at the beginning of the earliest period presented. The Reverse Stock Split combined each ten shares of our outstanding common shares into one common share, without any change in the par value per share which will remain no par value, and the Reverse Stock Split correspondingly adjusted, among other things, the number of common shares issuable upon exercise of outstanding options and warrants and the exercise price of such options and warrants and shares issuable upon conversion of preferred stock and other convertible securities. No fractional shares will be issued in connection with the Reverse Stock Split, and any fractional shares resulting from the Reverse Stock Split were rounded to the nearest whole share.

**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 assumed initial offering price of $____ per common share, which is the midpoint of the estimated range of prices as set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable byus.

A $1.00 increase (decrease) in the assumed 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 assumed initial public offering price of $____ per common share, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

<br> 41<br>

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 as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Principal Uses** | &nbsp;&nbsp; **Approximate Use of Net Proceeds of Offering** |
| &nbsp;&nbsp; Surface Exploration Drilling | &nbsp;&nbsp; $|
| &nbsp;&nbsp; Underground Rehabilitation and Exploration Tunnels | &nbsp;&nbsp; $|
| &nbsp;&nbsp; Underground Drilling | &nbsp;&nbsp; $|
| &nbsp;&nbsp; Metallurgical Test Work | &nbsp;&nbsp; $|
| &nbsp;&nbsp; Environmental Baseline Studies | &nbsp;&nbsp; $|
| &nbsp;&nbsp; NYSE American listing | &nbsp;&nbsp; $|
| &nbsp;&nbsp; Salaries | &nbsp;&nbsp; $|
| &nbsp;&nbsp; Professional fees | &nbsp;&nbsp; $|
| &nbsp;&nbsp; General corporate and working capital purposes<sup>(1)</sup> | &nbsp;&nbsp; $|
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; $|

---

**<u>Notes:</u>**

(1) Funds set aside for working capital may be allocated to corporate expenses, business development,
 potential future acquisitions, working capital, general administrative expenses and other purposes.

If the underwriter's over-allotment option is exercised in full, the estimated net proceeds received by the Company from the offering will be approximately $____ million (determined after deducting the underwriting discounts and commissions of approximately $____ million and estimated expenses of the offering of $____). The Company expects to use any proceeds received from the exercise of the underwriter's over-allotment option for further mining and exploration activities, and general corporate and working capital purposes.

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.

 **Business Objectives and Milestones**

Our principal business objectives are described below under the section heading "Business", which are summarized below.

We are an exploration-stage mineral company focused on the exploration and advancement of silver, zinc, gold, lead and copper mineralization in Silver Bow County, Montana, United States. Our principal business objective is to advance our mineral properties through systematic exploration and technical evaluation in order to assess their potential for future development.

Our primary operational focus is the Rainbow Block, an approximately 878-acre patented mineral property located in the historic Butte Mining District. The Rainbow Block is our only material property under active exploration and development and benefits from extensive historical mining, exploration and metallurgical data. Our near-term exploration strategy is concentrated on mineralized zones located above the current water table, where historical and modern data indicate the potential for significant remaining mineralization.

In 2024, we completed an independent technical report in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("**NI 43-101**") and in addition a subpart 1300 of Regulation S-K — Disclosure by Registrants Engaged in Mining Operations, which governs disclosure for mining registrants of the SEC ("**S-K 1300**"), which established an initial Inferred Mineral Resource for the Rainbow Block. This technical work represents a foundational milestone in our exploration program and provides a technical basis for continued exploration, resource expansion and future economic evaluation.

In addition to the Rainbow Block, we hold approximately 2,420 acres of additional patented mineral rights in Silver Bow County, comprising the Marget Ann Block, Goldsmith Block, Travona Block and Emma Block. These properties are currently at the exploration stage and are intended to be evaluated as part of longer-term district-scale exploration initiatives, subject to available capital and results obtained at the Rainbow Block.

As an exploration-stage company, we have no history of mineral production and do not currently generate operating revenues. There is no assurance that our exploration activities will result in the discovery of economically recoverable mineral resources or that any of our properties will be developed into a producing mine. Advancement of our business objectives is contingent upon the availability of financing, the results of exploration programs, regulatory approvals and other factors beyond our control.

We expect to accomplish the following business objectives and milestones using the net proceeds of the Offering (excluding any proceeds to the Company from the exercise of the Over-Allotment Option):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Business Objective** | &nbsp;&nbsp; **Milestone that must occur for Business Objective to be Accomplished** | &nbsp;&nbsp; **Anticipated Timing to achieve Business Objective** | &nbsp;&nbsp; **Estimated Cost (US$) <sup>(1)</sup>** |
| &nbsp;&nbsp; Increasing mineral resource confidence through additional drilling and data analysis | &nbsp;&nbsp; Completion of the Phase 1 surface exploration drilling, underground rehabilitation and exploration tunnels, and underground drilling work programs on the Rainbow Block | &nbsp;&nbsp; Q1 2026 | &nbsp;&nbsp; 20500000 |
| &nbsp;&nbsp; Advancing technical understanding of the mineral resource, including geological and metallurgical studies | &nbsp;&nbsp; Completion of a scoping level metallurgical study | &nbsp;&nbsp; Q1 2027 | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; Advancing studies on the mineral resource, such as preliminary economic assessments or feasibility-level work as applicable | &nbsp;&nbsp; Completion of mineral resource update, metallurgical, environmental, and engineering studies | &nbsp;&nbsp; Q1 2027 | &nbsp;&nbsp; 250000  |

---

 **<u>Note:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Excluding general corporate expenses.

While we believe that it has the skills and resources necessary to accomplish these business objectives, there is no guarantee that we will be able to do so within the timeframes indicated above, or at all. New or revised directives of various levels of the Canadian and U.S. government and public health authorities in such jurisdictions, the status of labor or equipment availability and the ability to staff facilities, are all factors that could have an adverse impact on our plans. The timing and cost of achieving these objectives will depend on exploration results, market conditions and the availability of capital, and there can be no assurance that these objectives will be achieved within the anticipated timeframes or at all.

 **We do not currently have sufficient funds to accomplish these business objectives, and achieving all or a significant part of these business objectives is contingent on our completing the offering or otherwise raising additional funds. We intend to spend the funds available to it from the offering as stated above. However, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary. The actual amount that we spend in connection with each of the intended uses of proceeds will depend on a number of factors, including those referred to under "*Risk Factors*".**

**DETERMINATION OF OFFERING PRICE**

The initial public offering price will be determined by arm's length negotiations between us and the underwriters. In determining the initial public offering price, we and the underwriters 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 underwriters 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 the underwriters.

**CAPITALIZATION**

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

● an actual basis; and

● a pro forma, as adjusted basis to reflect the receipt of approximately $7.26 million upon the issuance of 5,095,885 common shares pursuant to the exercise of common share purchase warrants of the Company and approximately $3.5 million pursuant to the issuance of common shares in a private placement financing, in each case subsequent to September 30, 2025; and

● a pro forma, as further adjusted basis to reflect our receipt of approximately $____ million in net proceeds from our sale of ________ common shares in this offering at an assumed initial public offering price of $____ per share, being the midpoint of the estimated price range on the cover page of this prospectus, 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 the assumed offering price of $____ per share.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual <sup>(1)</sup>** | **Pro Forma, As Adjusted (Warrants and Financing)**  | **Pro Forma, As Further Adjusted (Offering)**  |
| Cash and cash equivalents | $1257262 | $12019124 | $|
|  Common shares, no par value, unlimited shares authorized; 17,399,209 issued and outstanding at September 30, 2025; 23,741,415 issued and outstanding, pro forma as adjusted for warrant exercises and financing; _______ pro forma as adjusted for offering | 44130691 | $54892553  | $|
| Additional paid-in capital | $17783699 | $17783699 | $|
| Accumulated deficit | $(22815442) | $(22815442 ) | $|
| Total shareholders' equity | $39098948 | $49860810 | $|

---

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

**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 September 30, 2025 was approximately $39.1 million or $2.25 per share based on 17,399,209 common shares issued and outstanding on September 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 receipt of approximately $7.26 million upon the issuance of 5,095,885 common shares pursuant to the exercise of common share purchase warrants of the Company and approximately $3.5 million pursuant to the issuance of common shares in a private placement financing, in each case subsequent to September 30, 2025, our pro forma, as adjusted net tangible book value of our common shares as of September 30, 2025 would have been approximately $49.9 million or $2.10 per share based on 23,741,415 common shares issued and outstanding.

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 midpoint of the estimated price range as set forth on the cover page to this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma, as adjusted net tangible book value as of September 30, 2025 would have been approximately $_____ 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 commonshare.

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

---

| | |
|:---|:---|
| Offering price per common share | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro Forma, as adjusted net tangible book value per common shares as of September 30, 2025, adjusting for warrant exercises and private financing | $2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in net tangible book value per common share attributable to Investors | $— |
| Pro forma, as adjusted 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 pro forma, as adjusted 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 in the number of common shares offered by us would increase or decrease our pro forma, as adjusted 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.

If the underwriters were to fully exercise the underwriter's over-allotment option in full to purchase _____ additional common shares, our pro forma, as adjusted net tangible book value would be approximately $___ million or $_____ per share. This represents an increase in pro forma as adjusted net tangible book value of $_____ per share to our existing investors and an immediate dilution of $_____ per share to new investors.

The following table summarizes, on a pro forma, as adjusted basis as of September 30, 2025, after giving effect to this offering, the total number of common shares purchased from us, the total cash consideration paid to us, or to be paid, and the average price per share paid, or to be paid, by new investors purchasing shares in this offering, at an assumed public offering price of $_____ per share, before deducting the estimated underwriting discounts and commissions:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **<br> Shares Purchased** | **<br> Shares Purchased** | **<br> Total Consideration** | **<br> Total Consideration** | **Average Price<br> Per Share<br> Percent** |
| | **Number** | **Percent** | **Amount** | **Percent** | **Average Price<br> Per Share<br> Percent** |
| Existing stockholders | 23741415% |  | $54892553% |  | $2.31 |
| New investors |  | % | $— | % | $— |
| Total |  | 100% | $— | 100% | $— |

---

If the underwriters were to fully exercise the underwriter's over-allotment option in full to purchase additional common shares, the percentage of common shares held by existing investors would be ____%, and the percentage of shares of our common stock held by new investors would be ____%.

Except to the extent adjusted in the pro forma amounts stated above, the foregoing tables and calculations under "Capitalization" and "Dilution" exclude:

● 6,920,837 common shares issuable upon exercise of warrants as of September
30, 2025, at a weighted average exercise price of $4.90 per share;

● 218,998 common shares issuable upon conversion of $500,000 in convertible
notes at a conversion price of $2.50 per share;

● 1,525,000 common shares issuable upon exercise of outstanding options as
of September 30, 2025, at a weighted average exercise price of $3.00 per share, of which 1,496,667 were vested as of such date;

● 63,771 common shares issuable upon settlement of outstanding restricted
stock units;

● 1,400,000 common shares issuable upon exercise of an outstanding performance
warrant at $3.10 per share; and

● 151,150 common shares reserved for future issuance under our stock option
plan as of September 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.

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

*This discussion should be read in conjunction with the condensed interim consolidated financial statements and accompanying notes for the periods ended September 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 *Business Corporations Act* (Ontario) 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 into British Columbia under the provisions of the 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 Montana. 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 September 30, 2025, we are in the exploration stage and have not commenced commercial production or established Mineral Reserves.

**Selected Financial Information**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| <br>**Financial Position** | **$** | **$** |
| &nbsp;&nbsp;Cash | 1257262 | 255630 |
| &nbsp;&nbsp;Working Capital Surplus (Deficiency) | 591137 | (4263668) |
| &nbsp;&nbsp;Mineral Properties | 38261379 | 37254528 |
| &nbsp;&nbsp;Total Assets | 40154792 | 38573865 |

---

**Results of Operations**

 ***Three months ended September 30, 2025 compared to three months ended September 30, 2024*** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30** | **Three Months Ended September 30** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
|  | **$** | **$** | **$** | $ |
| Project costs | 234155 | 1086 | 233069 | 21461% |
| Depreciation expenses | 8530 | 6610 | 1920 | 29% |
| Management fees | 22756 | 171432 | (148676) | (87%) |
| Salaries and Wages | 319629 | 382634 | (63005) | (16%) |
| Directors' fees | 76090 |  | 76090 |  |
| General and administration | 46166 | 36884 | 9282 | 25% |
| Insurance expense | 12478 | 16161 | (3683) | (23%) |
| Advertising and Promotion | 12431 | 10684 | 1747 | 16% |
| Professional fees | 407993 | 329011 | 78982 | 24% |
| Accretion on decommissioning liability | 8728 |  |  |  **-** |
| Operating lease expenses |  | 44082 | (44082 | (100 %) |
| **Net loss from operations** | 1148956 | 998584 | 150372 | 15% |
| **Other(income)expenses** |  |  |  |  |
| Lease income |  | 21372 | (21372) | (100%) |
| Interest expense | (8192) | (8169) | (23) | 0% |
| Foreign exchange gain (loss) | (48381) | 7743 | (56124) | (725%) |
| Interest income |  | 14342 | (14342) | (100%) |
| Other income | 3059 | 31184 | (28125) | (90%) |
| Total other income (expenses) | (53514) | 66472 | (119986 | (181 %) |
| Net loss | 1202470 | 932112 | 270358 | 29% |

---

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

● Project costs of $234,155 for the three months ended September 30, 2025 (compared to $1,086 for the three months ended September 30, 2024), primarily due to increased exploration activities on the Company's mineral properties.

● Directors' fees of $76,090 for the three months ended September 30, 2025 (compared to nil for the three months ended September 30, 2024), as the company implemented regularly quarterly stock -based directors' fees.

● Professional fees of $407.993 for the three months ended September 30, 2025 (compared to $329,011 for the three months ended September 30, 2024), as the company incurred increased legal fees in connection with its planned public offering.

● Foreign exchange loss of $(48,381) for the three months ended September 30, 2025 (compared to a gain of $7,743 for the three months ended September 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.

***Nine months ended September 30, 2025 compared to nine months ended September 30, 2024***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30** | **Nine Months Ended September 30** | **Change** | **Change** |
|  | **2025** | **2024** | **Amount** | **Percentage** |
|  |  | $— | $— |  |
| &nbsp;&nbsp; Project costs |  |  |  | 812% |
| &nbsp;&nbsp; Depreciation expenses |  |  |  | -16% |
| &nbsp;&nbsp; Management fees |  |  |  | 411% |
| &nbsp;&nbsp; Salaries and Wages |  |  |  | -9% |
| &nbsp;&nbsp; Director's Fees |  |  |  | 154% |
| &nbsp;&nbsp; General and administration |  |  |  | 134% |
| &nbsp;&nbsp; Insurance expense |  |  |  | -17% |
| &nbsp;&nbsp; Advertising and Promotion |  |  |  | -6% |
| &nbsp;&nbsp; Professional fees |  |  |  | 29% |
| &nbsp;&nbsp; Bad debt expenses |  |  |  | 100% |
| &nbsp;&nbsp; Accretion on decommissioning liability |  |  |  | 100% |
| &nbsp;&nbsp; Operating lease expenses |  |  |  | -44% |
| &nbsp;&nbsp; **Net loss from operations** |  |  |  | 134% |
| &nbsp;&nbsp; **Other (income) expenses** |  |  |  |  |
| &nbsp;&nbsp; Derivative option expense |  |  |  | 100% |
| &nbsp;&nbsp; Lease income |  |  |  | -61% |
| &nbsp;&nbsp; Interest expense |  |  |  | 73% |
| &nbsp;&nbsp; Foreign exchange (gain) loss |  |  |  | 191% |
| &nbsp;&nbsp; Interest income |  |  |  | -100% |
| &nbsp;&nbsp; Other income |  |  |  | -51% |
| &nbsp;&nbsp; Total other (income) expenses |  |  |  | -130% |
| &nbsp;&nbsp; Net loss and comprehensive loss |  |  |  | 187% |

---

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

● Salaries and wages and management fees of $991,109 and $4,455,754 respectively ($1,093,385 and $871,714 respectively for the nine months ended September 30, 2024) increased primarily due to higher stock-based compensation expenses in 2025.

● Directors' fees of $1,537,093 ($605,453 for the nine months ended September 30, 2024) increased primarily due to higher stock-based compensation expenses in 2025.

● These increases primarily reflect the change in management compensation from consulting-based to salaried during 2025 and the fair value of stock options and other equity -based awards granted to officers, directors, and employees as the Company onboarded new management and implemented its equity compensation programs. Stock-based compensation for the first nine month of 2025 was $6,068,758 compared to $1,509,470 in 2024. Certain stock option grants during the foregoing period, totaling 12,500,000 options, granted to directors, officers, consultants and employees, did not provide for vesting restrictions generally to reflect prior time commitment with the Company of those option holders, as well as the lack of liquidity of the shares underlying the options while the Company remained a private company.

● Professional fees totaling $1,040,639 for the nine months ended September 30, 2025 (compared to $808,265 for the nine months ended September 30, 2024) primarily consisting of increased legal and consulting fees.

● Foreign exchange loss of $(80,737) for the nine months ended September 30, 2025 (compared to a gain of $88,256 for the nine months ended September 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.

● Exploration, property evaluation and holding costs, including fixed costs and project programs, were $573,506 and $62,877 during the nine months ended September 30, 2025 and 2024, respectively.

*Management Outlook and Trends*

The overall increase in net loss of $5,508,420 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.

Mineral Properties

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.

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 of the financial statements. 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 September 30, 2025 and December 31, 2024, the activity of these mineral rights and properties was as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| &nbsp;&nbsp;Balance, December 31, 2023 | $27430669 |
| &nbsp;&nbsp;Additions during the year | $9823859 |
| &nbsp;&nbsp;Divestiture during the year |  |
| &nbsp;&nbsp;Balance, December 31, 2024 | $37254528 |
| &nbsp;&nbsp;Additions during the period | $1006851 |
| &nbsp;&nbsp;Divestiture during the period |  |
| &nbsp;&nbsp;**Balance, September 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 September 30, 2025 the Company has capitalized $38,261,379 in mineral rights and property, as 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 3,347 acres of mineral rights, and approximately 605 acres of surface rights.

● The Butte Project is valued at its acquisition cost, as the mineral and surface rights are privately owned.

Project costs associated with our mineral properties for the nine months ended September 30, 2025 and September 30, 2024 were $573,506 and $62,877, respectively. The increase in 2025 is due to more activity around permitting, sampling and preparation for drilling, while most of the activity in 2024 involved developing technical reports.

Project costs for the third quarter 2025 and 2024 were $234,155 and $1,086, respectively. The increase in Q3 2025 involved sampling, digitization of historic channel samples and preparation for drilling, while there was little activity in Q3 2024.

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 Company incurred the following charges with directors and officers for the nine months ended September 30, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
|  | **($)** | **($)** |
| &nbsp;&nbsp; Stock-based compensation –Directors | 1537093 | 605453 |
| &nbsp;&nbsp; Stock-based compensation - Management fees | 4455754 | 483788 |
|  | $5992847 | $1089241 |

---

Director compensation was for Steve Durbin ($505,215), David McMullin ($428,306), Andy Holloway ($175,226) and Quinton Hennigh ($428,306), while management compensation primarily was for C. Travis Naugle ($4,126,467).

***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 |  |  |  | 79% |
| &nbsp;&nbsp; Management fees |  |  |  | 1% |
| &nbsp;&nbsp; Salaries and wages |  |  |  | 523% |
| &nbsp;&nbsp; Directors' fees |  |  |  | 191% |
| &nbsp;&nbsp; General and administrative |  |  |  | 0% |
| &nbsp;&nbsp; Insurance |  |  |  | 53% |
| &nbsp;&nbsp; Advertising and promotions |  |  |  | 415% |
| &nbsp;&nbsp; Advisory fees |  |  |  | 100% |
| &nbsp;&nbsp; Professional fees |  |  |  | 110% |
| &nbsp;&nbsp; Stock based compensation |  |  |  | 100% |
| &nbsp;&nbsp; Accretion on decommissioning liability |  |  |  | 100% |
| &nbsp;&nbsp; Operating lease expenses |  |  |  | 1% |
| &nbsp;&nbsp; Net loss from operations |  |  |  | 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 |  |  |  | 5% |
| &nbsp;&nbsp; Interest income |  |  |  | 129% |
| &nbsp;&nbsp; Interest expense |  |  |  | 100% |
| &nbsp;&nbsp; Other income |  |  |  | 100% |
| &nbsp;&nbsp; Total other (income) expense |  |  |  | 1292% |
| &nbsp;&nbsp; Net loss and comprehensive loss |  |  |  | 264% |

---

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 in 2024. There were no stock-based compensation expenses in 2023.

● 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).

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 Company incurred the following charges with directors and officers for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  | **($)** | **($)** |
| &nbsp;&nbsp;Stock-based compensation – Officers and Directors | &nbsp;&nbsp;1089240 | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Management fees | &nbsp;&nbsp;454294 | &nbsp;&nbsp;244842 |
|  | &nbsp;&nbsp;1543534 | &nbsp;&nbsp;244842 |

---

Officer and Director compensation in 2024 was primarily for David McMullin ($83,055), Quinton Hennigh ($100,853), C. Travis Naugle ($237,299), James Mcintosh ($101,190), David Richards ($83, 055), Carl Hanson ($357,300) and Julio DiGigarolamo ($126,488). There was no stock-based compensation expense in 2023. Related party management fees in 2024 of $454,294 was primarily for stock-based compensation for various management employees,

During the year ended December 31, 2023, the CEO advanced $225,578 to the Company. This amount was repaid in 2024.

**Financial Position, Liquidity and Capital Resources**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30** | **Nine Months Ended September 30** | **Increase/(Decrease)** |
|  | **2025** | **2024** | **Amount** |
|  |  |  | **$** |
| &nbsp;&nbsp; Cash Flows Provided by (Used In): |  |  |  |
| &nbsp;&nbsp; Operating Activities |  |  | (1434312) |
| &nbsp;&nbsp; Investment Activities |  |  | 2350161 |
| &nbsp;&nbsp; Financing Activities |  |  | 1093109 |
| &nbsp;&nbsp; Net Increase (Decrease) in Cash |  |  | 2008958 |

---

From January through March 2025, we completed private placements, raising $1,942,850 from the issuance of equity units priced at $4.50 per unit, each unit consisting of one common share and one-half warrant to purchase a common share at $6.00 per share for two years from each closing.

In February 2025, we issued 1,012,622 common shares pursuant to warrant exercises at a price of $3.50 per share, raising $3,544,177.

In August and September 2025, we issued 187,500 common shares pursuant to warrant exercises at a price of $6.00 per share, raising $1,125,000.

Subsequent to the period end, in October 2025, we issued 166,395 common shares pursuant to warrant exercises at a price of $6.00, raising $998,370. On October 31, 2025 and November 7, 2025, the Company closed three separate financings, whereby existing shareholders covered under a previous corporate governance agreement exercised their pro-rata participation rights under that agreement to subscribe for a total of 1,245,137 common shares and 7,169,380 warrants exercisable for 716,938 common shares with a weighted average exercise price of $4.60 for gross proceeds of $3,498,989.

A summary and discussion of our cash inflows and outflows for the twelve months ended December 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31** | **Twelve Months Ended December 31** | **Increase/(Decrease)** |
|  | **2024** | **2023** | **Amount** |
|  |  |  | **$** |
| &nbsp;&nbsp; Cash Flows Provided by (Used In): |  |  |  |
| &nbsp;&nbsp; Operating Activities |  |  | (1962984) |
| &nbsp;&nbsp; Investment Activities |  |  | (1112207) |
| &nbsp;&nbsp; Financing Activities |  |  | 468751 |
| &nbsp;&nbsp; Net Increase (Decrease) in Cash |  |  | (2606440) |

---

Cash used in operations increased in 2024 versus 2023 due to increased explorations costs, salaries & wages and advisory fees as the Company activities increased. Investing cash outflows also increased in 2024 driven by the Ferry Lane mineral rights acquisition.

Financing cash flows from the issue of shares and warrants in 2024 of $5,073,119 were similar to 2023 of $5,120,707. Also in 2024, the Company borrowed $516,339 in convertible loans.

*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 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 September 30, 2025, comprising cash and cash equivalents of $1,257,262 reflected a net increase of $1,001,632 (December 31, 2024 – $255,630). At September 30, 2025, we had working capital of $591,137 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 good, marketable 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 $17,000 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.

***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. Costs incurred to acquire the legal right to explore a mineral property are capitalized as tangible assets. All other exploration costs are expensed as incurred until we have established proven and probable reserves. 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.

Once proven and probable reserves are established and an economic feasibility plan exists, the property moves into the "development stage." Costs incurred in this stage to prepare the property for production are capitalized. To date, none of our properties have progressed to the development stage due to their early stage of exploration.

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 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, easements, covenants, interests or transfers, or title may be affected by undetected defects.

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

The Company evaluates its long-lived assets, including mineral interests, mine development assets, and property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying

amounts of such assets or asset groups may not be recoverable. Asset groups are defined as the lowest level of identifiable cash flows that are largely independent of other assets, which for the Company generally relate to individual mining properties or integrated mining operations.

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. If indicators of impairment are present, the Company first compares the carrying amount of the asset group to the sum of the undiscounted future cash flows expected to result from its use and eventual disposition. If the undiscounted cash flows are less than the carrying amount, an impairment loss is measured as the excess of the carrying amount over the asset group's fair value, which is determined using valuation techniques consistent with ASC 820, including market, cost, and income approaches. Impairment losses are recognized as part of operating losses in the consolidated statements of loss and comprehensive loss.

Impairment losses for long-lived assets held and used are recognized in the period identified and are not reversed in subsequent periods. Assets classified as held for sale are measured at the lower of carrying amount or fair value less cost to sell in accordance with ASC 360.

There were no indicators of impairment for long-lived assets as of December 31, 2024 or 2023.

**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, 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 *Business Corporations Act* (Ontario) 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 into British Columbia under the provisions of 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 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 3,347 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 2,469 acres of mineral rights in Silver Bow County, represented by the Marget Ann Block, the Goldsmith Block, the Travona Block and the Emma Block.

We are an exploration stage company, with no history of operations, mining or refining mineral products. There is no assurance that the Rainbow Block will be successfully placed into production, produce minerals in commercial quantities or otherwise generate operating earnings. Our business plan is to continue exploration of the Rainbow Block to move towards completion of a feasibility study, at which point we will make a production determination, if economically and legally viable.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Block** | &nbsp;&nbsp;**Mineral Rights** | &nbsp;&nbsp;**Surface Rights** | &nbsp;&nbsp;**Status** |
| &nbsp;&nbsp;Rainbow Block | &nbsp;&nbsp;878 acres | &nbsp;&nbsp;215 acres | &nbsp;&nbsp;Mineral Resource Estimate complete above water table |
| &nbsp;&nbsp;Marget Ann Block | &nbsp;&nbsp;360 acres | &nbsp;&nbsp;113 acres | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;Goldsmith Block | &nbsp;&nbsp;328 acres | &nbsp;&nbsp;277 acres | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;Travona Block | &nbsp;&nbsp;428 acres | &nbsp;&nbsp;— | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;Emma Block | &nbsp;&nbsp;1353 | &nbsp;&nbsp;— | &nbsp;&nbsp;Exploration stage |
| &nbsp;&nbsp;**Total District Holdings** | &nbsp;&nbsp;**3,347 acres** | &nbsp;&nbsp;**605 acres** |  |

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![](n_s-1img014.jpg)

This is our initial public offering, and no public market currently exists for our common shares. 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 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.

**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 that are part of the region'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) Ag-Eq, containing metal of 170.0 million ounces Ag-Eq. 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 silver, copper, 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 2024 and December 15 2025. 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 Company (a successor company to a number of historical companies with the "Anaconda" name from the 1880's through 1977 that operated in the Butte project area, including the Rainbow Block) 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 Company'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.

Silver exhibits greater price volatility than base metals like copper and zinc, driven by its dual role in industrial applications and as an investment asset sensitive to economic cycles and sentiment (ING Think, Volatility remains set to drive silver, December 8, 2025; Wikipedia, Silver as an investment, November 30, 2025).

During the 2020 pandemic market disruption, silver prices peaked at approximately $29 per ounce in August, nearing levels not seen since 2013 (Exchange-Rates.org, Silver Price History United States 2020; Silver Institute, Global Pandemic Fueled Renewed Investor Interest in Silver in 2020, April 22, 2021). Since then, prices have fluctuated broadly, trading between roughly $20 and $40 per ounce for much of the period before surging in late 2025 to record highs above $60 per ounce amid persistent supply deficits and strong industrial demand (Trading Economics, Silver Price Data, December 16, 2025; Long Forecast, Silver Price Forecast 2025, 2026, 2027 and 2028, December 15, 2025).

Unlike gold, which is predominantly investment-driven, silver derives over 50% of its annual consumption from industrial uses, including for electronics and electrical contacts, photovoltaic cells for solar energy, medical devices with antimicrobial properties, automotive sensors and electrical systems, and specialized optical equipment (GR Reserve, Industrial Uses of Silver: Complete 2025 Guide, October 21, 2025; Silver Institute, Factors that Determine the Silver Price, February 2024). This dual nature amplifies silver's price sensitivity and positions it favorably amid growth in green technologies and electronics.

![](n_s-1img002.jpg)

![](n_s-1img003.jpg)

Figure: Silver Commodity Price January 31, 2014, to September 30, 2025 (IMF, 2025)

Investment demand exerts significant influence on silver prices, especially during periods of dollar weakness, low interest rates, and inflation, when holding non-yielding assets becomes less costly and silver serves as a perceived hedge against currency devaluation (Discovery Alert, Silver Market Outlook: 2025-2030 Price Forecasts and Investment Analysis, December 5, 2025). As of mid-December 2025, silver prices have exceeded $63 per ounce, reflecting robust momentum from industrial deficits and investor inflows, with analysts forecasting potential highs up to $100 per ounce amid ongoing geopolitical tensions, anticipated U.S. monetary policy easing, and evolving trade dynamics (Trading Economics, Silver Price Data, December 16, 2025; CNBC, Silver has rallied 115% this year. Strategists predict what's next, December 15, 2025),

Supply constraints bolster higher silver prices, with global mine production showing modest declines or stagnation in recent years while demand surges; secondary supply from recycling reached approximately 194 million ounces (about 6,000 tons) in 2024, providing partial balance but insufficient to offset primary production shortfalls (U.S. Geological Survey, Mineral Commodity Summaries 2025 - Silver, January 2025, revised March 2025; Silver Institute, Silver Supply & Demand, 2025). In late 2025 through early 2026, silver prices have been highly volatile, with significant swings and volatility recently exceeding 100% (CNBC; Silver's Volatility Has Exceeded 100%, February 6, 2026). Silver market outlook indicates sustained price strength with volatility tied to economic and geopolitical conditions, supported by fundamental supply-demand imbalances favoring prices above historical norms. It is management's belief that 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 from the Butte district totals approximately 2.2 million tonnes of zinc, primarily extracted as a by-product of copper and silver mining, underscoring its significant abundance despite secondary status (district-specific historical reports; general zinc byproduct nature confirmed by U.S. Geological Survey Mineral Commodity Summaries 2025).

Zinc's primary application is in galvanizing steel, where it forms a protective coating that extends material lifespan with minimal environmental impact through corrosion resistance (Crossroads Galvanizing, Why is Zinc Used in Galvanizing and not Copper?, November 4, 2020). Management believes that demand is closely linked to industrialization, urban development, infrastructure projects, automotive production, electronics, and green energy technologies including solar panels, wind turbines, and emerging zinc-ion batteries.

Zinc prices have historically exhibited relative stability in the $2,000–$3,000 per ton range over extended periods, with occasional spikes or downturns tied to geopolitical events and cycles in construction activity, though 2025 has seen prices around $3,100–$3,200 per ton amid supply dynamics (Trading Economics, Zinc Price Data, December 2025).

Figure: Zinc Commodity Price January 1, 2014 to September 30, 2025 (IMF, 2025)

China's stimulus measures targeting the property sector are expected to drive modest demand recovery for galvanized steel (and thereby also zinc), though overall market forecasts point to a small surplus in 2025 followed by potential longer-term balance or mild downtrend amid persistent oversupply (CRU Group, Zinc top calls for 2025, January 15, 2025); Investing News Network, Zinc Market: H1 2025 in Review, August 1, 2025).

Recent price softness stems from global oversupply, with ongoing production from major producers including the U.S., Australia, China, India, and Peru; zinc's recyclability and substitutability by alternatives like aluminum further moderate demand, while elevated treatment charges challenge smelter profitability (U.S. Geological Survey, Mineral Commodity Summaries 2025; StoneX, Zinc Market Faces Supply Rebound and Waning Demand, October 9, 2025). Analysts anticipate zinc prices to remain range-bound with a slight downward bias over the coming years, contingent on demand recovery and supply adjustments (CRU Group, Zinc top calls for 2025, January 15, 2025). 

 

*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 that a lead concentrate will likely be considered in future processing studies.

 

The lead market has been dominated by the battery and automotive industries, with over 80% 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 (Fortune Business Insights, Lead Market Size, Share & Industry Analysis, By Application (Ammunition, Batteries, Construction, Electronics, Marine, Plumbing, and Others), and Regional Forecast, 2025-2032, 2025). 

In recent years, hesitancy to use lead has increased due to its high toxicity and polluting nature (Sazzini, Lead LME price forecasts, March 18, 2024). In the past, the metal has shown regularly fluctuating high and low values which management believes is related to demand in the battery industry, with some influence from industrial expansion.

![](n_s-1img005.jpg)

 

Figure: Lead Commodity Price January 1, 2014 to September 30, 2025 (IMF, 2025)

 

Following a period of oversupply in 2016–2017, global lead supply and demand have largely returned to balance. The International Lead and Zinc Study Group (2024) reports that the refined lead market was nearly in equilibrium in 2023, with a modest deficit expected in 2024. Meanwhile, lead treatment charges have recently fallen in response to tight concentrate availability, putting pressure on smelter profitability (Fastmarkets, 2024)

As of late 2025 / early 2026, lead prices hover around $1,975–$2,088 per ton (Trading Economics, Lead Price Data, January 2026), with consensus forecasts indicating stability in the $1,900–$2,100 per ton range into 2026 and modest upside potential from lead-acid battery demand in renewable energy storage applications, despite ongoing toxicity concerns (ILZSG forecasts and Investing News Network analysis, 2026)

*Gold*

 

While gold is not a main commodity of the Rainbow Block, we believe there is a significant amount of gold present in the Rainbow Block. Historical gold production in the Rainbow Block district totaled 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 current spot gold prices exceeding $4,200 per ounce (December 2025), zones that were historically uneconomic or untested for gold may potentially represent significant value (source: Reuters, Gold jumps over 2% to all-time peak, silver follows with record gain, December 22, 2025).

 

Modern exploration, with comprehensive multi- element analyses, will be required to fully evaluate the gold potential across our properties. However, it is our belief that 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.

 

![](n_s-1img008.jpg)

Figure: Gold Commodity Price January 31, 2014, to September 30, 2025 (IMF, 2025)

 

Market analyst predictions expect the value of gold to continue with an upward trend as rising inflation has resulted in an increase in the number of investors diversifying their portfolios into gold (Goldman Sachs, Gold Is Forecast to Rise 6% by the Middle of 2026, September 30, 2025).

 

**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.

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 February 10, 2026, we have engaged six contractors and twelve employees. Our contractors all 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.

**Artificial Intelligence**

We use proprietary artificial intelligence technology to review and analyze our extensive database of drilling and exploration results on our properties and prioritize and plan our exploration activities. We use this technology to assist us in making more informed decisions on exploration methods, drilling plans and locations and other exploration activities. We use the technology as a tool only and it is only one factor considered by management in determining the Company's exploration plans on its properties, along with the experience and judgment of the management team, the assessment of the Company's consultants and the practical nature of our drilling programs and cost efficiency.

**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 and its comparable state law, CECRA, 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.

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*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.

<br> 68<br>

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

● The CERCLA;

● The RCRA;

● The CAA;

● The NEPA;

● The CWA;

● The SDWA;

● The MSHA;

● The ESA;

● The NHPA;

● The CERCA;

● The MMRA;

● The MEPA;

● The MWQA;

● The CAAM; 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.

 **DESCRIPTION OF PROPERTY**

**Summary** 

Our primary Property is the Rainbow Block in Silver Bow County, Montana, and it 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 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.

*Property Description*

The Rainbow Block, which consists of 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, 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 silver, gold, lead and zinc. Management believes the Rainbow Block may also 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. Further assay work is required by the Company to substantiate the presence and quantity of these critical metals on the Rainbow Block.

*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. Our business plan is to continue exploration of the Rainbow Block to move towards completion of a feasibility study, at which point we will make a production determination, if economically and legally viable.

*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 35,133 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 637 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 hold 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. The mineral rights on certain claims are subject to a reservation by ACRO of the oil, gas and associated hydrocarbons. The Company does not consider these reservations to be material to its planned operations.

Title to the mineral rights for the Rainbow Block are held primarily through Ferry Lane Limited, a wholly-owned subsidiary of ours, with some mineral rights being held through SBM Properties LLC.

*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 million years ago.

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 Reverse Circulation 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.

*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 | 10/08/2021 | 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 DEQ for the Rainbow Block in 2021. 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 has been submitted by the Company for review by the DEQ, with approval anticipated in early 2026.

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

*Surface Rights*

We own approximately 215 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. Some of the surface rights related to areas zoned for use that are not compatible with mineral exploration.

*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.

*Environmental Liabilities*

The Rainbow Block is situated within the Silver Bow Creek/Butte Area Superfund site, which is governed by two key consent decrees; The Butte Priority Soils Operable Unit (BPSOU) Consent Decree (2020) and 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 the ARCO Indemnification Agreement. The ARCO Indemnification Agreement describes ARCO's Indemnification to Ferry Lane Limited and Ferry Lane's Indemnification to ARCO.

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.

*Drilling*

Drilling has occurred on the Property starting in 1959 with a diamond drilling program by the Anaconda Company. A RC program was implemented by Anaconda in 1981. New Butte Mining completed both underground and surface diamond core drilling campaigns from 1987 through 1990.

Eight diamond drill holes totaling 4,780.5 ft were completed by the Company, 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 Ag opt 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 Ag-Eq from 445.5 to 446.9 feet. Other significant intercepts include 46 feet in Rainbow-Alice hole BJS21-23, which averaged 2.32 Ag opt and 8.5 opt Ag-Eq from 419.0 to 465.0 feet, and a Lexington-Missoula hole BJS21-31, which intersected 7.1 feet averaging 4.31 Ag opt and 10.8 opt Ag-Eq 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 Ag-Eq values.

See full results in Table 1.

Table 1: Significant Drill Intersections Our 2021 – 2022 drilling program and historical drill programs by Anaconda and New Butte Mining.

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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 |
| &nbsp;&nbsp;Edith May | &nbsp;&nbsp;391-301 | &nbsp;&nbsp;-90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;40 | &nbsp;&nbsp;50 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;58.3 | &nbsp;&nbsp;0.149 | &nbsp;&nbsp;42.8 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;Goldsmith Splay | &nbsp;&nbsp;3C_DDHSE | &nbsp;&nbsp;-39 | &nbsp;&nbsp;156 | &nbsp;&nbsp;68 | &nbsp;&nbsp;71 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;22.0 | &nbsp;&nbsp;0.046 | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Rainbow-Alice | &nbsp;&nbsp;3C_DDHSE | &nbsp;&nbsp;-39 | &nbsp;&nbsp;156 | &nbsp;&nbsp;176 | &nbsp;&nbsp;182.5 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;53.1 | &nbsp;&nbsp;0.192 | &nbsp;&nbsp;27.3 | &nbsp;&nbsp;2.7 | &nbsp;&nbsp;4.4 |
| &nbsp;&nbsp;Skyrme | &nbsp;&nbsp;NBM88-12 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;200 | &nbsp;&nbsp;344 | &nbsp;&nbsp;347 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;33.0 | &nbsp;&nbsp;0.043 | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;7.8 |
| &nbsp;&nbsp;Chief Joseph | &nbsp;&nbsp;NBM88-3 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;200 | &nbsp;&nbsp;593 | &nbsp;&nbsp;596 | &nbsp;&nbsp;3.0 | &nbsp;&nbsp;39.3 | &nbsp;&nbsp;0.123 | &nbsp;&nbsp;16.8 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;7.6 |
| &nbsp;&nbsp;Chief Joseph | &nbsp;&nbsp;NBM88-4C | &nbsp;&nbsp;-55 | &nbsp;&nbsp;175 | &nbsp;&nbsp;786 | &nbsp;&nbsp;791 | &nbsp;&nbsp;5.0 | &nbsp;&nbsp;60.2 | &nbsp;&nbsp;0.233 | &nbsp;&nbsp;24.8 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;Chief Joseph | &nbsp;&nbsp;NBM88-7 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;187 | &nbsp;&nbsp;345 | &nbsp;&nbsp;349 | &nbsp;&nbsp;4.0 | &nbsp;&nbsp;83.4 | &nbsp;&nbsp;0.222 | &nbsp;&nbsp;50.6 | &nbsp;&nbsp;4.1 | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;Lexington-Missoula | &nbsp;&nbsp;NBM88-U19 | &nbsp;&nbsp;-12 | &nbsp;&nbsp;0 | &nbsp;&nbsp;174 | &nbsp;&nbsp;185 | &nbsp;&nbsp;11.0 | &nbsp;&nbsp;223.8 | &nbsp;&nbsp;1.308 | &nbsp;&nbsp;82.9 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;8.0 |
| &nbsp;&nbsp;High Ore | &nbsp;&nbsp;NBM89-1 | &nbsp;&nbsp;-30 | &nbsp;&nbsp;354 | &nbsp;&nbsp;256.1 | &nbsp;&nbsp;259.4 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;57.9 | &nbsp;&nbsp;0.287 | &nbsp;&nbsp;22.2 | &nbsp;&nbsp;3.2 | &nbsp;&nbsp;4.5 |
| &nbsp;&nbsp;Wild Bill | &nbsp;&nbsp;NBM89-2 | &nbsp;&nbsp;-35 | &nbsp;&nbsp;355 | &nbsp;&nbsp;268.5 | &nbsp;&nbsp;274.7 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;45.7 | &nbsp;&nbsp;0.164 | &nbsp;&nbsp;8.6 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;16.2 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;NBM90-U3 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;305 | &nbsp;&nbsp;313 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;39.5 | &nbsp;&nbsp;0.090 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;14.9 |

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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.

<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.

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<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.

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.

<br> 78<br>

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.

Using the Companies QA/QC protocols, historical core drilled by New Butte Mining from 1988 to 1990 was selectively resampled by the Company in 2021. 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.

Validation of historic channel samples from Anaconda Copper Mining 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.

In 2021, 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 Qualified Person of the Technical Report.

*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 Ag-Eq (Ag-Eq) reported for the Mineral Resources of the Rainbow Block. The Ag-Eq 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 December 31, 2024.

The results for the Rainbow Block estimation have been classified as Inferred Mineral Resources. The results of the Ag-Eq 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 only sufficient to establish that geological grade or quality continuity are more likely than not.

<br> 79<br>

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 Ag-Eq. Assumptions of metal price and recovery, mining costs and processing costs have been utilized for the Ag-Eq cut-off grade calculation. No further cost analysis and infrastructure limitations have been considered.

A recovery factor of 90% was applied to when calculating the 4 opt Ag-Eq cut-off grade.

**Rainbow Block Silver Equivalent Mineral Resource Estimate as of December 31, 2024.**

The following tables show our estimates of Mineral Resources as defined in S-K 1300 as of December 31, 2024 for our Rainbow Block calculated on an in-situ basis. 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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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Ag-Eq Calculation Commodity Prices | &nbsp;&nbsp;Ag-Eq Calculation Commodity Prices | &nbsp;&nbsp;Ag-Eq Calculation Commodity Prices |
| &nbsp;&nbsp;Metal | &nbsp;&nbsp;Unit | &nbsp;&nbsp;Price (US$) |
| &nbsp;&nbsp;Au_opt | &nbsp;&nbsp;oz | &nbsp;&nbsp;$2500 |
| &nbsp;&nbsp;Ag_opt | &nbsp;&nbsp;oz | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Zn_pct | &nbsp;&nbsp;lb | &nbsp;&nbsp;$1.31 |
| &nbsp;&nbsp;Pb_pct | &nbsp;&nbsp;lb | &nbsp;&nbsp;$0.90 |

---

Average individual metal grades and contained metal for the individual metals included in the Ag-Eq calculation within the Ag-Eq Mineral Resource for the Rainbow Block are shown in the table below using a cut-off grade of 4 opt Ag-Eq. 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 Ag-Eq Mineral Resource Statement as of December 31, 2024 for the Rainbow Block**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq Mineral Resource | &nbsp;&nbsp;Average Grade by Metal and Contained Metal in the Ag-Eq 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 |

---

*Northwest Project*

 

In the 1940s and 1950s, Anaconda considered the Northwest Project, a strategic initiative centered on the construction of the Ryan Shaft on the Goldsmith Block, designed to support a planned hoisting capacity of up to 14,000 tons per day. The Ryan Shaft was engineered to reach a depth of approximately 4,300 feet, enabling the hoisting of mined material from within the mineral resource estimate on the Rainbow Block, from ore bodies located below the water table on the Rainbow Block, and from additional mining areas across the northwest and central portions of the Butte Mining District. Although the headframe was erected and shaft sinking commenced, development was discontinued in 1959 following the long-term miners' strike that precipitated the cessation of large-scale underground zinc mining operations, and the Northwest Project was never reactivated. The Company currently retains some of Anaconda's original Northwest Project business plans in its records.

*Planned Work*

 

In 2026 the Company plans to initiate a 35,000 ft surface drill program from permitted drill pads on its private lands in the Rainbow Block. With this drill program, the Company has planned 20 to 25 core drill holes targeting gaps in, and extensions of, the current mineral resource.

Also in 2026, the Company plans to reopen and rehabilitate the existing underground excavation known as the Chief Joseph decline on the Rainbow Block. This existing decline will be used to extend underground workings and for future underground exploration drilling to further define the Rainbow Block resources.

The Company will continue reviewing exploration potential across our other claim blocks, including the Goldsmith Block, and may conduct surface sampling programs. Additionally, we will leverage machine learning language models to systematically analyze digitized historical mining documents, helping to identify high-priority exploration targets.

The exploration budget for the planned work for 2026 is an aggregate total of $21 million, as follows:

 

● $6 million for a surface drilling in 2026

● $9 million for rehabilitation work

● $6 million for extension of underground exploration

**MANAGEMENT**

The following table provides information regarding our executive officers and directors as of February 10, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Position(s)** | **Start Date** |
| *Executive Officers:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C. Travis Naugle | 49 | 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; Peter Burroughs | 56 | Chief Accounting Officer | November 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillip Nickerson | 41 | Vice President of Exploration | April 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ruth Chun | 46 | Corporate Secretary | January 2025 |
| *Non-Employee Directors:* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quinton Hennigh, M.Sc./Ph.D. | 59 | 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 | 47 | Director | January 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Andy Holloway | 58 | Director | January 2025 |

---

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, 49*

 

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. Since 2022, Mr. Naugle has been a director of Lion Copper and Gold Corp. (OTC:LCGMF) since 2021 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. Mr. Naugle was CEO of Falcon Copper Corp. from 2022 through July 2025 and has been a director since 2022 and Executive Chairman since July 2025.

 

*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 co-founded Scarsdale Equities LLC (2005-2020) as Chief Operating Officer. 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. Mr. Black has served as Interim Chief Financial Officer of Falcon Copper Corp. since December 22, 2025.

 *Peter Burroughs, Chief Accounting Officer, 56* 

 

Mr. Burroughs is an experienced finance professional with more than 30 years of work in corporate finance and accounting across the mining, industrial, and construction materials sectors. From 2019 through 2025, he served as Vice President, Finance at Martin Marietta Materials, Inc., the largest U.S.-based aggregates mining and heavy construction materials company. Mr. Burroughs was formerly the Chief Financial Officer of Falcon Copper Corp. through November of 2025. Before that he spent 15 years with Caterpillar Inc., where he held various financial leadership roles in the U.S., Brazil and Singapore. He began his career with Deloitte & Touch where he worked in the U.S. and Geneva, Switzerland. Mr. Burroughs holds an MS in Accounting from Appalachian State University and is a Certified Public Accountant. He also serves on the Board of Directors of Transitions Lifecare, a nonprofit hospice organization in Raleigh, North Carolina.

*Phillip Nickerson, Vice President of Exploration, 41*

 

Dr. Phillip 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. Mr. Nickerson has served as Vice President of Exploration for Falcon Copper Corp. since April 2025. Mr. Nickerson holds a B.S. 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 (ENS Africa Namibia). 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, 59*

 

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. He is a director of Barksdale Resources Corp, Condor Resources Inc, Electric Metals (USA) Ltd, Eskay Mining Corp, Irving Resources Inc, Novo Reources Corp and Westward Gold Inc. Mr. Hennigh was formerly a director of Crescat Capital. 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 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.

*Steve Durbin, Director, 47*

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. Mr. Durbin is also Co-Founder and Chief Executive Officer of RYT.io Limited (dba RYTchain). 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 (where he also serves on the audit committee), and us.

*Andy Holloway, Director, 58*

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 from 2022 to January 2026 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 2014 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.

**Significant Employees**

*John Marjerison, Project Manager, 55*

As the Project Manager for our Butte Project, 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, except as set forth below, 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.

Mr. McMullin was Chief Executive Officer of CS Mining LLC when it filed for Chapter 11 bankruptcy (Case No. 16-24818) in the U.S. Bankruptcy Court for the District of Utah in June 2016. The bankruptcy proceedings concluded in 2017 with Lippo China Resources Limited acquiring substantially all of the assets of CS Mining LLC out of bankruptcy.

Ms. Chun was previously a director of SLANG Worldwide Inc., which made a voluntary assignment in bankruptcy in 2024, during the period in which she served as a director. The bankruptcy proceedings remain ongoing.

***Penalties or Sanctions***

Except as described above under "*Bankruptcies and Other Proceedings*", to our knowledge, no director or executive officer of us, nor any shareholder holding sufficient of our securities to materially affect control of us has been subject to (a) any legal proceeding or other event described in Item 401(f) of Regulation S-K during the past ten years; (b) any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (c) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor making an investment decision.

**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.

**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 Business Conduct and Ethics for our officers, employees, and members of the Board. Each of which can be found on our website at www.silverbowmining.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.<br>

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.

**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, Andy Holloway 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.

***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.

**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 2024 and 2025, and our next two most highly compensated executive officers in respect of their service to our company for fiscal years 2024 and 2025. We refer to these individuals as our "NEOs".

**Summary Compensation Table**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and principal position <br> (a)**  | &nbsp;&nbsp; **Year <br> (b)**  | &nbsp;&nbsp; **Salary ($) <br> (c)**  | &nbsp;&nbsp; **Stock awards ($)<sup>(1)</sup>** **<br> (e)**  | &nbsp;&nbsp; **Option awards<br> ($)<sup>(2)</sup>** **<br> (f)**  | &nbsp;&nbsp; **Total compensation ($)**  |
|  C. Travis Naugle, CEO | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 551250 | &nbsp;&nbsp; 3715646<sup>(3)</sup> | &nbsp;&nbsp; 442820<sup>(4)</sup> | &nbsp;&nbsp; 4709716 |
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 157500 | &nbsp;&nbsp; — | &nbsp;&nbsp; 237300<sup>(5)</sup> | &nbsp;&nbsp; 394800 |
|  Carl Hansen, former CEO, former President | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 107310 | &nbsp;&nbsp; 120000<sup>(6)</sup> | &nbsp;&nbsp; 237300<sup>(7)</sup> | &nbsp;&nbsp; 464610 |
|  Wade Black, CFO | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 170000 |  | &nbsp;&nbsp; 152399<sup>(8)</sup> | &nbsp;&nbsp; 322399 |
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  Phillip Nickerson, VP Exploration | &nbsp;&nbsp; 2025 | &nbsp;&nbsp; 101154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151584<sup>(9)</sup> | &nbsp;&nbsp; 252738 |
|  | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&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 assumptions 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 assumptions used in calculating the grant-date
 fair value of Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of 1,400,000 performance warrants issued in January 2025 with an exercise
price of $3.10 per share, which vest upon meeting certain performance metrics. The performance metrics are as follows: (1) 400,000 to
vest upon completion of a mineral resource estimate compliant with SK 1300, (2) 200,000 upon purchase of Goldsmith Claim Block, (3) 400,000
upon resolution of Lane F Holdings option for cash or shares, (4) 200,000 upon a public listing before December 31, 2026 and (5) 200,000
upon completion of a preliminary economic assessment on the Rainbow Block before December 31, 2026. Performance conditions 1-3 have been
satisfied and those warrants have vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists
 of 175,000 stock options granted March 3, 2025, expiring March 3, 2030, with an exercise price of $3.10 per share, which vested immediately
 upon the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of 100,000 stock options granted
 April 18, 2024, expiring April 18, 2029, with an exercise price of $3.00. The stock options
 vested immediately upon the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of 40,000 RSUs issued April 18,
 2024. The RSUs vested on April 18, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists
 of 100,000 stock options granted April 18, 2024, expiring April 18, 2029, with an exercise
 price of $3.00. The stock options vested immediately upon the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of 50,000 stock options granted
 February 1, 2025, expiring February 1, 2030, with an exercise price of $3.10. The stock options
 vested one-third immediately upon the date of the grant, and will further vest one third
 one each one year anniversary of the grant. Additionally, 10,000 stock options were granted
 March 3, 2025, expiring March 3, 2030, which vested immediately upon the date of the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Consists of 60,000 stock options
 granted April 14, 2025, expiring April 14, 2030, with an exercise price of $3.10. The stock options vested immediately upon the date
 of grant.

**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 100,000 fully vested restricted stock units as of April 1, 2025 and 14,681 restricted stock units which vest upon a liquidity event. Mr. Naugle also received 1,400,000 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"), as amended November 1, 2025. The Black Agreement, as amended, provides for a term expiring on February 1, 2028. Mr. Black is entitled to an annualized gross base salary of $160,000 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 50,000 stock options expiring on February 1, 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.

*Peter Burroughs*

We entered into an executive employment agreement with Peter Burroughs, our Chief Accounting Officer, and SBM Montana LLC on November 1, 2025 (the "Burroughs Agreement"). The Burroughs Agreement provides for a term expiring on November 1, 2028. Mr. Burroughs is entitled to an annualized gross base salary of $125,000 with the potential to receive an annual performance bonus each fiscal year of up to 25% of Mr. Burroughs'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. Burroughs also received 30,000 stock options, 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 60,000 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 28, 2025. Under the terms thereof, Swansea received C$150,000 + 13% HST 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% HST, 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 40,000 fully vested restricted stock units as of April 18, 2024. Mr. Hansen also received 100,000 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, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name**  | &nbsp;&nbsp; **Option awards**  | &nbsp;&nbsp; **Option awards**  | &nbsp;&nbsp; **Option awards**  | &nbsp;&nbsp; **Option awards**  | &nbsp;&nbsp; **Stock awards**  | &nbsp;&nbsp; **Stock awards**  | &nbsp;&nbsp; **Stock awards**  | &nbsp;&nbsp; **Stock awards**  |
| &nbsp;&nbsp; **Name**  | &nbsp;&nbsp; **Number of securities underlying unexercised options<br> (#) exercisable**  | &nbsp;&nbsp; **Number of securities underlying unexercised options<br> (#) unexercisable**  | &nbsp;&nbsp; **Option exercise price<br> ($)**  | &nbsp;&nbsp; **Option expiration date**  | &nbsp;&nbsp; **Number of shares or units of stock that have not vested<br> (#)**  | &nbsp;&nbsp; **Market value of shares or units of stock that have not vested<br> (#)**  | &nbsp;&nbsp; **Equity incentive plan awards: number of unearned shares, units or other rights that have not vested<br> (#)**  | &nbsp;&nbsp; **Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested<br> ($)**  |
| &nbsp;&nbsp; C. Travis Naugle<sup>(3)</sup> | &nbsp;&nbsp; 100000 |  | &nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 4/18/2029 | &nbsp;&nbsp; 24686 |  |  |  |
| &nbsp;&nbsp; C. Travis Naugle | &nbsp;&nbsp; 175000 |  | &nbsp;&nbsp; 3.10 | &nbsp;&nbsp; 3/3/2030 |  |  |  |  |
| &nbsp;&nbsp; Carl Hansen | &nbsp;&nbsp; 100000 |  | &nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 4/18/2029 |  |  |  |  |
| &nbsp;&nbsp; Wade Black | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 33333<sup>(1)</sup> | &nbsp;&nbsp; 3.10 | &nbsp;&nbsp; 2/1/2030 |  |  |  |  |
| &nbsp;&nbsp; Wade Black | &nbsp;&nbsp; 10000 |  | &nbsp;&nbsp; 3.10 | &nbsp;&nbsp; 3/3/2030 |  |  |  |  |
| &nbsp;&nbsp; Phillip Nickerson | &nbsp;&nbsp; 60000 |  | &nbsp;&nbsp; 3.10 | &nbsp;&nbsp; 4/14/2030 |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 16,667 vests on February 1, 2026 and 16,666 vests
 of February 1, 2027.

(2) 24,686 vests on completion of the Company's initial public offering.

(3) Mr. Naugle has an aggregate of 299,686 option awards and stock options as at
December 31, 2025.

**NON-EMPLOYEE DIRECTOR COMPENSATION**

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, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp;**Non-equity <br> incentive plan<br> compensation ($)** | &nbsp;&nbsp;**Non-equity <br> incentive plan<br> compensation ($)** | | | |
| <br>**Name** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Share-<br> based<br> awards<br> ($)** | &nbsp;&nbsp;<br>&nbsp;&nbsp;**Option-based<br> awards ($)<sup>(1)</sup>** | **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 McMullin &nbsp;&nbsp;nil | &nbsp;&nbsp;&nbsp;&nbsp;73745<sup>(2)</sup> | &nbsp;&nbsp;379560<sup>(6)</sup> |  |  |  |  | &nbsp;&nbsp;453305 |
| Quinton Hennigh, M.Sc./Ph.D. &nbsp;&nbsp;nil | &nbsp;&nbsp;&nbsp;&nbsp;73745<sup>(3)</sup> | &nbsp;&nbsp;379560<sup>(7)</sup> |  |  |  |  | &nbsp;&nbsp;453305 |
| Steve Durbin &nbsp;&nbsp;nil | &nbsp;&nbsp;&nbsp;&nbsp;94394<sup>(4)</sup> | &nbsp;&nbsp;442820<sup>(8)</sup> |  |  |  |  | &nbsp;&nbsp;537214 |
| Andy Holloway &nbsp;&nbsp;nil | &nbsp;&nbsp;&nbsp;&nbsp;73745<sup>(5)</sup> | &nbsp;&nbsp;126520<sup>(9)</sup> |  |  |  |  | &nbsp;&nbsp;200265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists of 5,734 RSUs granted March 3, 2025,
 5,734 RSUs granted June 30, 2025, 5,734 RSUs granted September 30, 2025, and 2,083 RSUs granted December 31, 2025 totaling 19,285
 option awards and stock awards. The RSUs have not yet vested.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of 5,734 RSUs granted March 3, 2025,
 5,734 RSUs granted June 30, 2025, 5,734 RSUs granted September 30, 2025, and 2,083 RSUs granted December 31, 2025 totaling 19,285
 option awards and stock awards. The RSUs have not yet vested.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists of 7,340 RSUs granted March 3, 2025,
 7,340 RSUs granted June 30, 2025, 7,340 RSUs granted September 30, 2025, and 2,666 RSUs granted December 31, 2025 totaling 24,686
 option awards and stock awards. The RSUs have not yet vested.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of 5,734 RSUs granted March 3, 2025,
 5,734 RSUs granted June 30, 2025, 5,734 RSUs granted September 30, 2025, and 2,083 RSUs granted December 31, 2025 totaling 19,285
 option awards and stock awards. The RSUs have not yet vested.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of 150,000 Options to purchase common shares expiring March 3, 2030, with an exercise price of $3.10. The stock options vested immediately upon the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of 150,000 Options to purchase common shares expiring March 3, 2030, with an exercise price of $3.10. The stock options vested immediately upon the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of 175,000 Options to purchase common shares expiring March 3, 2030, with an exercise price of $3.10. The stock options vested immediately upon the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Consists of 50,000 Options to purchase common shares expiring March 3, 2030, with an exercise price of $3.10. 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.

**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 Mr. Naugle 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 we shall reimburse him for any unreimbursed business expenses properly incurred by Mr. Black prior to the date of termination, subject to our expense reimbursement policies and procedures.

***Chief Accounting Officer***

Pursuant to the Burroughs Agreement:

*Termination For Cause or Without Good Reason*

If Mr. Burroughs's employment is terminated by us with Cause or if Mr. Burroughs 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. Burroughs.

*Termination without Cause or Resignation with Good Reason*

If Mr. Burroughs's employment is terminated by us without Cause or if Mr. Burroughs 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) pro-rated bonus for the current year; (c) all unvested stock options granted to Mr. Burroughs shall immediately vest and become exercisable as of the date of termination; and (d) the Company shall reimburse Mr. Burroughs for any unreimbursed business expenses properly incurred by Mr. Burroughs prior to the date of termination, subject to the Company's 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 Mr. Nickerson 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 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).

 **Policy Regarding Grant of Certain Equity Awards**

We do not have a formal policy regarding the grant of certain equity awards close in time to the release of material nonpublic information. Our Board acting through the Compensation Committee considers equity grants on an annual basis and intermitently on an as needed basis to address to hires or other circumstances that may necessitate an equity grant. There is no a set schedule pursuant to which equity grants are made. The Board and the Compensation Committee do take into account whether we are preparing to release material nonpublic information when determining when it is appropriate to make equity grants with the goal of preventing the appearance of impropriety in relation to the timing of such grants in relation to the release of material nonpublic information. We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

**CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**

Except compensation arrangements for our directors and executive officers and as set forth below, 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.

On December 16, 2025, we settled $109,499 in a loan held by Mr. Travis Naugle through the issuance of 43,799 common shares and 21,899 warrants exercisable at $4.00 per share for a period of two years.

**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 February 10, 2026 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 February 10, 2026. 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 February 10, 2026 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.

**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 February 10, 2026, 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* | 1434442<sup>(3)</sup> | 6.0% |
| Wade Black: *Chief Financial Officer* | 67833<sup>(4)</sup> | \* |
| Peter Burroughs: *Chief Accounting Officer* | 10000<sup>(5)</sup> | \* |
| Phillip Nickerson: *Vice President of Exploration* | 82000<sup>(6)</sup> | \* |
| Steve Durbin: *Director* | 530591<sup>(7)</sup> | 2.2% |
| David McMullin: *Director* | 256394<sup>(8)</sup> | 1.1% |
| Andy Holloway: *Director* | 50000<sup>(9)</sup> | \* |
| Quinton Hennigh: *Director* | 382192<sup>(10)</sup> | 1.6% |
| **All executive officers and directors as a group (7 persons)** | **2813452** | **11.7%** |

---

\* 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 Corp., 1401 Idaho Street, Butte Montana 59702.

<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 23,964,309 common shares outstanding as of February 10, 2026.

<sup>(3)</sup> Includes 143,799 common shares, 21,889 warrants to purchase common shares, 275,000 common shares issuable upon exercise of vested stock options and 1,000,000 common shares issuable upon exercise of performance warrants to vest within 60 days of February 10, 2026. Does not include 24,686 unvested RSUs or 400,000 unvested performance warrants.

<sup>(4)</sup> Includes 24,500 common shares and 43,333 common shares issuable upon exercise of vested stock options. Does not include 16,667 unvested stock options.

<sup>(5)</sup> Includes 10,000 common shares issuable upon exercise of vested stock options. Does not include 20,000 common shares issuable upon exercise of unvested stock options.

<sup>(6)</sup> Includes 22,000 common shares and 60,000 vested stock options exercisable for common shares.

<sup>(7)</sup> Includes 355,591 common shares and 175,000 common shares issuable upon exercise of vested stock options. Does not include 24,686 unvested restricted stock units.

<sup>(8)</sup> Includes 106,394 common shares, and 150,000 common shares issuable upon exercise of vested stock options. Does not include 19,285 unvested restricted stock units.

<sup>(9)</sup> Includes 50,000 common shares issuable upon exercise of vested stock options. Does not include 19,285 unvested restricted stock units.

<sup>(10)</sup> Includes 189,691 common shares and 192,500 vested stock options exercisable to acquire common shares. Does not include 19,285 unvested restricted stock units.

**Ownership by Principal Shareholders**

The following table sets forth certain information regarding the ownership of the common shares as at February 10, 2026 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** | **Common Shares Beneficially**<br> **Owned<sup>(1)</sup>** | **Percentage** <br> **of Class<sup>(1)</sup>** |
| 2176423 Ontario Ltd.<br> B1 Level, 1 First Canadian Place, Toronto, ON M5X 1H3<br>| 1308690<sup>(2)</sup> | 5.5% |
| Bruce Reid<br> 56 Humber Trail, Toronto, ON M6S 4C1<br>| 1605670 | 6.7% |
| Crescat Portfolio Management LLC <br> 44 Cook Street, Denver, Colorado 80206<br>| 2391786<sup>(3)</sup> | 10.0% |
| Concept Capital Management Ltd. <br> Trust Company Complex, Ajeltake Road. <br> Ajeltake Island, Majurao MH96960 <br> Marshall Islands | 1711515<sup>(4)</sup> | 7.1% |

---

<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 23,964,309 common shares outstanding as of February 10, 2026.

<sup>(2)</sup> Shares are held by BMO Nesbitt Burns ITF 2176423 Ontario Ltd. Eric Sprott the President of 2176423 Ontario Ltd. exercises voting and dispositive control over the common shares.

<sup>(3)</sup> Includes an aggregate of 2,391,786 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 (740,647 common shares) Crescat Institutional Commodity Master Fund Ltd (81,572 common shares), Crescat Institutional Macro Master Fund (59,067 common shares), Crescat Long/Short Master Fund Ltd. (135,153 common shares) and Crescat Precious Metals Master Fund Ltd. (1,375,347 common shares). Kevin Smith as the manager of Crescat Portfolio Management LLC exercise voting and dispositive control over the common shares.

<sup>(4)</sup> Includes 1,711,515 common shares. Bernd Hoegel the director of Concept Capital Management Ltd. exercises voting and dispositive control over the common shares.

**DESCRIPTION OF SECURITIES**

We are authorized to issue an unlimited number of common shares, no par value. As of February 10, 2026, 23,975,951 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.

 ***Certain Takeover Bid Requirements***

Unless such offer constitutes an exempt transaction, an offer made by a person to acquire outstanding shares of a Canadian entity that, when aggregated with the offeror's holdings (and those of persons or companies acting jointly with the offeror), would constitute 20% or more of the outstanding shares, would be subject to the take-over provisions of Canadian securities laws. The foregoing is a limited and general summary of certain aspects of applicable securities law in the provinces and territories of Canada, all in effect as of the date hereof.

In addition to the take-over bid requirements noted above, the acquisition of shares may trigger the application of additional statutory regimes including amongst others, the Investment Canada Act and the Competition Act.

This summary is not a comprehensive description of relevant or applicable considerations regarding such requirements and, accordingly, is not intended to be, and should not be interpreted as, legal advice to any prospective purchaser and no representation with respect to such requirements to any prospective purchaser is made. Prospective investors should consult their own Canadian legal advisors with respect to any questions regarding securities law in the provinces and territories of Canada.

 ***Advance Notice for Nomination of Directors***

Under our Articles, advance notice is required in relation to the nomination of directors at any annual or special meeting of our shareholders. Under these procedures, nominations of persons for election to the Board may be made: (a) by or at the direction of the Board or an authorized officer of the Company; (b) by one or more shareholders pursuant to a "proposal" made in accordance with the provisions of the BCBCA, or a requisition by one or more of the shareholders made in accordance with the provisions of the BCBCA; or 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.

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 and in proper written form.

To be timely, a Nominating Shareholder's notice to the secretary of the Company must be made: (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 he 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 (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 (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.

To be in proper written form, a Nominating Shareholder's notice to the secretary of the Company must set forth: (a) as to each person whom the Nominating Shareholder proposes to nominate for election as a 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 Company 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 BCBCA and applicable securities laws; and (b) as to the Nominating Shareholder: (i) the class or series and number of shares in the capital of the Company 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 Company; (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 Company; 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 BCBCA and applicable securities laws.

**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 277,200 units consisting of one common share and one common share purchase warrant for a price of $5.00 per unit. Each warrant entitled the holder to acquire one common share at a price of $7.50 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 $3.50 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 810,000 units for a total purchase price of $4,050,000. Each unit was priced at $5.00 and consisted of one common share and one common share purchase warrant, each warrant exercisable at $7.50 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 2,000 units consisting of one common share and one common share purchase warrant for a price of $5.00 per unit. Each warrant entitled the holder to acquire one common share at a price of $7.50 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 127,500 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.

On August 29, 2023, we entered into a Securities Exchange Agreement with ISLV Partners, LLC ("ISLV") whereby we issued 5,044,136 common shares to ISLV and 3,521,511 warrants to purchase common shares as described below:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Number** | &nbsp;&nbsp; **Exercise<br> Currency** | &nbsp;&nbsp; **Exercise<br> Price** | &nbsp;&nbsp; **Expiry Date** |
| &nbsp;&nbsp; 9602 | &nbsp;&nbsp; C$ | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; September 10, 2023 |
| &nbsp;&nbsp; 640144 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; October 26, 2023 |
| &nbsp;&nbsp; 245847 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; December 4, 2025 |
| &nbsp;&nbsp; 657549 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; December 16, 2025 |
| &nbsp;&nbsp; 256650 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; December 30, 2025 |
| &nbsp;&nbsp; 519762 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; January 28, 2026 |
| &nbsp;&nbsp; 370803 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; February 21, 2026 |
| &nbsp;&nbsp; 9628 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; February 24, 2026 |
| &nbsp;&nbsp; 86419 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; March 24, 2026 |
| &nbsp;&nbsp; 88660 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; March 23, 2026 |
| &nbsp;&nbsp; 107367 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; March 29, 2026 |
| &nbsp;&nbsp; 57613 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $5.00 | &nbsp;&nbsp; August 3, 2026 |
| &nbsp;&nbsp; 221810 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; January 12, 2024 |
| &nbsp;&nbsp; 120027 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; February 15, 2024 |
| &nbsp;&nbsp; 128029 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; March 15, 2024 |
| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; US$ | &nbsp;&nbsp; $7.50 | &nbsp;&nbsp; August 5, 2024 |
| &nbsp;&nbsp; **3521511** |  |  |  |

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From August through November 2023, we entered into subscription agreements with certain beneficial purchasers for 327,500 units consisting of one common share and one common share purchase warrant for a price of $4.00 per unit. Each warrant entitled the holder to acquire one common share at a price of $6.00 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 56,395 common shares and 56,395 warrants to purchase common shares with an exercise price of $6.00 per share as settlement of amounts owing to our then-CEO, valued at $4.00 per share. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act

On December 5, 2023, we issued 1,425,812 common shares pursuant to warrant exercises by certain warrant holders at a price of $2.50 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 15,000 common shares and 7,500 common share purchase warrants with an exercise price of $6.00 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 530,000 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $2.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $4.00 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 22,222 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $4.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $6.00 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 85,000 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 1,107,460 common shares and 553,730 common share purchase warrants with an exercise price of $4.00 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 52,288 compensation warrants with an exercise price of $2.50 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.

In April 2024, we closed a financing, raising $402,300 by issuing 89,400 common shares and 44,700 common share purchase warrants with an exercise price of $6.00 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 114,000 common shares at a price of $2.50 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 475,078 units for a price of $4.50 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 $6.00 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 1,400,000 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 shares at $3.10 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 50,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $3.10 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 1,012,622 shares pursuant to warrant exercises by certain warrant holders at a price of $3.50 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 100,000 restricted stock units to our chief executive officer and in April 2025, we issued 100,000 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 750,000 options to directors, officers, and employees. The options have an exercise price of $3.10 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 31,886 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 60,000 options to our vice president of exploration. The options have an exercise price of $3.10 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 31,886 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On July 1, 2025, we issued 503,333 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 100,000 common shares pursuant to warrant exercises by certain warrant holders at a price of $6.00 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 September 2025, we issued 87,500 common shares pursuant to warrant exercises by certain warrant holders at a price of $6.00 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 September 30, 2025, we issued 31,886 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In October 2025, we issued 166,395 common shares pursuant to warrant exercises by certain warrant holders at a price of $6.00 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 October 31, 2025, we closed a private placement of units of the Company, pursuant to which we issued (i) 29,560 units at $4.00 per unit, consisting of 29,560 common shares and 29,560 warrants exercisable for common shares at $6.00 per share for a period of two years following the date of issuance, (ii) 394,846 units at $2.50 per unit, consisting of 394,846 common shares and 197,423 warrants exercisable for common shares at $4.00 per share for a period of two years following the date of issuance, and (iii) 11,691 units at $4.50 per unit, consisting of 11,691 common shares and 5,845 warrants exercisable for common shares at $6.00 per shares for a period of two years following the date of issuance. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act and Rule 903 of Regulation S.

On November 1, 2025, we granted 82,500 options to directors, officers, and employees. The options have an exercise price of $5.00 per share and expire on November 1, 2030. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On November 7, 2025, we closed a private placement of units of the Company, pursuant to which we issued (i) 159,357 units at $4.00 per unit, consisting of 159,357 common shares and 159,357 warrants exercisable for common shares at $6.00 per share for a period of two years following the date of issuance, (ii) 610,990 units at $2.50 per unit, consisting of 610,990 common shares and 305,495 warrants exercisable for common shares at $4.00 per share for a period of two years following the date of issuance, and (iii) 39,879 units at $4.50 per unit, consisting of 39,879 common shares and 19,940 warrants exercisable for common shares at $6.00 per shares for a period of two years following the date of issuance. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act and Rule 903 of Regulation S.

In December 2025, we issued 1,901,236 common shares pursuant to warrant exercises by certain warrant holders at prices ranging from $2.50 to $6.00 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 December 2025, we issued 3,028,254 common shares pursuant to warrants exercises by certain warrant holders on a cashless exercise basis. The securities were issued pursuant to Section 3(a)(9) of the U.S. Securities Act.

In December 2025, we issued 218,998 common shares and 109,497 warrants exercisable at $4.00 per share for a period of two years pursuant to the conversion of outstanding loan amounts held by certain investors. The securities were issued pursuant to Section 3(a)(9) of the U.S. Securities Act.

On December 31, 2025, we issued 11,583 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In January 2026, we issued 4,000 common shares pursuant to a warrant exercise by a warrant holder at a price of $5.00 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 United Kingdom Building, 350 – 409 Granville Street, Vancouver BC V6C 1T2, Canada.

**Holders**

As of February 10, 2026, we had 274 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.

**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 December 31, 2025. 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, warrants and rights**<br> **(a)** | **Weighted-average exercise**<br> **price of outstanding options, warrants and rights (b)** | **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 | 1703157<sup>(1)</sup> | $4.90 | 685395 |
| 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; 1400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | 3103157 | $3.94 | 685395 |

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(1) Consists of 1,607, 5000 common shares issuable upon exercise of outstanding options with a weighted-average with a weighted-average exercise price of $4.90 and 95,657 unvested RSUs.

**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 1,607,500 Options outstanding and 107,227 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 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 RSU 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.

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.

**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 120 below. 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 , 2026, between us and Cantor Fitzgerald & Co., as the representative of the underwriters named below , we have agreed to sell to the underwriters, and the underwriters have agreed, severally and not jointly, to purchase from us, the number of common shares shown opposite its name below:

---

| | |
|:---|:---|
| **Underwriters** | **Number of Common <br> Shares** |
| Cantor Fitzgerald & Co. |  |
| Research Capital USA Inc. |  |
| Total |  |

---

The underwriting agreement provides that the obligations of the underwriters 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 underwriters have advised us that they 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 underwriters are offering the common shares subject to its acceptance of the common shares from us. The underwriters reserve the right to withdraw, cancel or modify offers to the public, and to reject orders in whole or in part. In addition, the underwriters have 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 underwriters and certain of their affiliates and controlling persons against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters 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 underwriters are not registered as investment dealers 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 and Research Capital Corporation will act as agent of Cantor Fitzgerald & Co. and Research Capital USA Inc., respectively, for sales of the common shares, if any, in Canada. Neither Cantor Fitzgerald Canada Corporation nor Research Capital Corporation are 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. and Research Capital Corporation is an affiliate of Research Capital USA Inc.

Subject to applicable law, the underwriters, or such other registered dealers or other entities outside the United States and Canada that are affiliates of the underwriters as may be designated by the underwriters, 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 and Research Capital Corporation, if at all, on or before a date not later than 42 days after the date of the Canadian Prospectus.

**Option to Purchase Additional Common Shares** 

We have granted to the underwriter an option, exercisable for a period of 30 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 underwriters have advised us that they 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 underwriters, at that price less a concession not in excess of $ per common share. The underwriters 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 underwriters, 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 underwriters' 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 underwriters 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 underwriters 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 underwriters deemed relevant.

**Right of First Refusal**

Subject to certain conditions, we have agreed to grant Cantor Fitzgerald & Co. the right to act as (i) a lead managing underwriter, initial purchaser and/or placement agent for any financing by or on behalf of the Company involving for any financing involving the debt, equity or equity-linked securities of the Company (including any offering of asset-backed securities or convertible notes or any secondary offering of any of the foregoing), (ii) lead sales agent for any "at-the-market" offering of the Company's common equity securities, and (iii) exclusive financial advisor to the Company in the event of any potential acquisition, disposition or other extraordinary corporate transaction (other than this initial public offering) involving the Company or any of its assets, securities or businesses, whether by way of a purchase, acquisition, disposition or sale of securities or assets (or leasing or licensing thereof), merger, reverse merger, consolidation, reorganization or otherwise. Pursuant to FINRA Rule 5110(g)(6)(A), this right of first refusal shall not have a duration of more than three (3) years from the commencement of sales of this offering or the termination of the agreement between us and Cantor Fitzgerald & Co. Pursuant to FINRA Rule 5110, such right is deemed to be underwriting compensation for this offering, the value of which will be 1% of the proceeds from this offering.

Subject to certain conditions, we have agreed to grant Research Capital Corporation, the Canadian affiliate of Research Capital USA, Inc., the right to act as (i) a co-lead managing underwriter, initial purchaser and/or placement agent for any financing by or on behalf of the Company involving for any financing involving the debt, equity or equity-linked securities of the Company (including any offering of asset-backed securities or convertible notes or any secondary offering of any of the foregoing), (ii) lead sales agent for any "at-the-market" offering of the Company's common equity securities, and (iii) co-financial advisor to the Company in the event of any potential acquisition, disposition or other extraordinary corporate transaction (other than this initial public offering) involving the Company or any of its assets, securities or businesses, whether by way of a purchase, acquisition, disposition or sale of securities or assets (or leasing or licensing thereof), merger, reverse merger, consolidation, reorganization or

otherwise. This right of first refusal shall not have a duration of more than 18 months from the commencement of sales of this offering. Pursuant to FINRA Rule 5110, such right is deemed to be underwriting compensation for this offering, the value of which will be 1% of the proceeds from this offering.

**No Sales of Similar Securities** 

We, each of our directors and executives, and each of our other shareholders that hold in the aggregate at least 60% of our outstanding common shares immediately prior to this offering, have agreed, subject to certain specified exceptions, not to, (i) for a period of 180 days following the date of this prospectus in the case of our directors and executives, and our other shareholders that hold in the aggregate at least 60% of our outstanding common shares immediately prior to this offering, and (ii) for a period of 180 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 representative.

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 representative, 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 other shareholders that hold in the aggregate at least 60% 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 representative may, in its sole discretion and at any time or from time to time before the end of the (i) 180-day period in the case of our directors and executives, and our other shareholders that hold in the aggregate at least 60% of our outstanding common shares immediately prior to this offering, and (ii) 180-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 underwriters may make a market in our common shares as permitted by applicable laws and regulations. However, the underwriters are not obligated to do so, and the underwriters 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 underwriters have 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 underwriters' option to purchase additional common shares in this offering. The underwriters 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 underwriters 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 an 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 underwriters' 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 an 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 any of the underwriters 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 underwriters are 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 underwriters, selling group members (if any), or their respective affiliates. The underwriters 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 underwriters' websites and any information contained in any other web sites maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by investors.

**Other Activities and Relationships** 

The underwriters and certain of their 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 underwriters and certain of their 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 underwriters and their affiliates received or will receive customary fees and expenses.

A managing director of one of our underwriters, Cantor Fitzgerald & Co., beneficially owns 10,000 of our common shares, which were purchased from us in an arm's length private placement in 2024. Research Capital USA Inc., one of our underwriters, beneficially owns 42,950 of our common shares, which were acquired pursuant to the exercise of a broker warrant acquired in 2024. Two managing directors of Research Capital USA Inc. collectively beneficially own 60,000 of our common shares, all of which were either purchased in arm's length private placements in January and April 2025 or received upon exercise of warrants issued in such private placements.

In addition, in the ordinary course of their respective businesses, the underwriters and their 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 underwriters and their 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 underwriters have undertaken that they 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.

***Australia***

This document does not constitute a prospectus, product disclosure statement or other disclosure document under the Australia's Corporations Act 2001 (Cth) (the "Corporations Act") of Australia. This document has not been lodged with the Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive this document in Australia:

You confirm and warrant that you are either:

● a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;

● a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made; or

● a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor or professional investor under the Corporations Act any offer made to you under this document is void and incapable of acceptance.

You warrant and agree that you will not offer any of the securities issued to you pursuant to this document for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.

***European Economic Area***

In relation to each member state of the European Economic Area (each a "Member State"), no securities have been offered or will be offered pursuant to the offer described herein in that Member State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Member State at any time:

(i) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

(ii) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject
to obtaining the prior consent of the underwriters for any such offer; or

(iii) in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

*provided* that no such offer of securities shall require the issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

Each person in a Member State who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Member State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to any securities in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase, or subscribe for, any securities and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

In Member States, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the Prospectus Regulation ("Qualified Investors"). This document

must not be acted on or relied on in any Member State by persons who are not Qualified Investors. Any investment or investment activity to which this document relates is available in any Member State only to Qualified Investors and will be engaged in only with such persons.

***France***

The securities are being issued and sold outside the Republic of France and that, in connection with their initial distribution, the underwriters have not offered or sold and will not offer or sell, directly or indirectly, any securities to the public in the Republic of France, and that they has not distributed and will not distribute or cause to be distributed to the public in the Republic of France this prospectus or any other offering material relating to the securities, and that such offers, sales and distributions have been and will be made in the Republic of France only to qualified investors (investisseurs qualifiés) in accordance with Article L.411-2 of the Monetary and Financial Code and decrét no. 98-880 dated October 1, 1998.

***Germany***

Each person who is in possession of this prospectus is aware that no German sales prospectus (Verkaufsprospekt) within the meaning of the Securities Sales Prospectus Act (Wertpapier-Verkaufsprospektgesetz, the "Act") of the Federal Republic of Germany has been or will be published with respect to the securities. In particular, the underwriters have represented that they have not engaged and have agreed that they will not engage in a public offering (offentliches Angebot) within the meaning of the Act with respect to any of the securities otherwise then in accordance with the Act and all other applicable legal and regulatory requirements.

***Hong Kong***

WARNING - The contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.

No securities have been, may be or will be offered or sold in Hong Kong, by means of any document, other than to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO") and any rules made thereunder; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O"), or which do not constitute an offer to the public within the meaning of the C(WUMP)O. No document, invitation or advertisement relating to the securities has been issued or may be issued or will be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

This document has not been and will not be registered with the Registrar of Companies in Hong Kong. Accordingly, this document may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this document and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

***United Kingdom***

In relation to the United Kingdom, no securities have been offered or will be offered pursuant to the offer described herein to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities which has been approved by the UK Financial Conduct Authority, except that the securities may be offered to the public in the United Kingdom at any time:

(i) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

(ii) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation),
subject to obtaining the prior consent of the underwriters for any such offer; or

(iii) in any other circumstances falling within Section 86 of the Financial Services and Markets Act 2000 (as amended) (the "FSMA"),

provided that no such offer of the securities shall require the issuer or any underwriter to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

Each person in the United Kingdom who acquires any securities in the offer or to whom any offer is made will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that it is a qualified investor within the meaning of the UK Prospectus Regulation.

In the case of any securities being offered to a financial intermediary as that term is used in Article 5(1) of the UK Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed to and with the issuer and the underwriters that the securities acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in the United Kingdom to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale. Neither the issuer nor the underwriters have authorised, nor do they authorise, the making of any offer of securities through any financial intermediary, other than offers made by the underwriters which constitute the final placement of securities contemplated in this document.

The issuer and the underwriters and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018.

In the United Kingdom, this document is being distributed only to, and is directed only at, persons who are "qualified investors" within the meaning of Article 2(e) of the UK Prospectus Regulation who are also: (i) persons who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"); (ii) persons falling within Article 49(2) of the Order; or (iii) persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this document relates is available in the United Kingdom only to relevant persons and will be engaged in only with such persons.

Any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) may only be communicated or caused to be communicated in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply. All applicable provisions of the FSMA and the Order must be complied with in respect of anything done by any person in relation to the securities in, from or otherwise involving the United Kingdom.

***Cayman Islands***

No offer or invitation, whether directly or indirectly, to subscribe for securities may be made to the public in the Cayman Islands.

***British Virgin Islands***

The securities are not being, and may not be offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of us. The securities may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) (BVI Companies), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands.

**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 , 2026 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.

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.

**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.**

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.

**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 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 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.

**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 the income of which 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.

**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.

<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 ratably 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

&nbsp;&nbsp;&nbsp;&nbsp;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.

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 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 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 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 any 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 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 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.**

**CHANGE IN PUBLIC COMPANY ACCOUNTING FIRM**

On January 8, 2026, PKF Antares Professional Corporation was dismissed as the Company's independent registered public accounting firm (based on the determination of the Audit Committee made on November 10, 2025 to replace PKF Antares Professional Corporation following their review of September 30, 2025 financial statements). The dismissal of PKF Antares Professional Corporation was not the result of any disagreement with the Company on any matter of accounting principles, practices, financial statement disclosure, or auditing scope or procedures.

The reports of PKF Antares Professional Corporation on the Company's consolidated financial statements for the fiscal years ended December 31, 2024 and December 31, 2023 did contain a modification regarding uncertainty of the ability of the Company to continue as a going concern but did not contain any other adverse opinion or a disclaimer of opinion, and were not otherwise qualified or modified as to uncertainty, audit scope, or accounting principles.

During the fiscal years ended December 31, 2024 and December 31, 2023 and through January 8, 2026, there have been no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) with PKF Antares Professional Corporation on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PKF Antares Professional Corporation would have caused PKF Antares Professional Corporation to make reference thereto in its reports on the consolidated financial statements for such years. During the fiscal years ended December 31, 2024 and December 31, 2023 and through January 8, 2026, there have been no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K).

The Company provided PKF Antares Professional Corporation with a copy of the disclosure it is making herein and requested that PKF Antares Professional Corporation furnish the Company with a copy of its letter addressed to the Securities and Exchange Commission (the "SEC"), stating whether or not PKF Antares Professional Corporation agrees with the statements related to them made by the Company in this prospectus. PKF Antares Professional Corporation's letter to the SEC is filed as Exhibit 16.1 to the Registration Statement on Form S-1 of which this prospectus forms a part.

On January 8, 2026, upon approval of the Audit Committee given on November 10, 2025, the Company engaged Assure CPA, LLC, a nationally recognized, independent registered public accounting firm licensed to practice in the United States, to serve as its independent registered public accounting firm.

During the Company's two most recently completed fiscal years and through January 8, 2026, neither the Company nor anyone on behalf of the Company consulted with Assure CPA, LLC regarding: (a) the application of accounting principles to a specified transaction, either completed or proposed; or (b) the type of audit opinion that might be rendered on the Company's financial statements, and either a written report was provided to the Company or oral advice was provided that Assure CPA, LLC concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing or financial reporting issue; or (c) any matter that was the subject of a disagreement or a reportable event as defined in Items 304(a)(1)(iv) and (v), respectively, of Regulation S-K.

**LEGAL MATTERS**

The validity of the issuance of the common shares offered by this prospectus will be passed upon for us by Morton Law LLP. Certain legal matters in connection with the offering will be passed upon for us by Dorsey & Whitney LLP and certain legal matters in connection with the offering will be passed upon for the underwriter by Katten Muchin Rosenman LLP, Chicago, Illinois.

**EXPERTS**

Our consolidated financial statements for the years ended December 31, 2024, and 2023 have been included in this document and in the registration statement in reliance upon the report of PKF Antares Professional Corporation, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. The audit report covering the fiscal years ended December 31, 2024, and 2023 consolidated financial statements contain an explanatory paragraph that states that our incurred recurring losses and negative cash flows and accumulated deficit raises substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of that uncertainty.

The disclosure in this prospectus of scientific and technical information taken from or summarized from the Rainbow Block Technical Report was prepared by Dahrouge Geological Consulting, a QP firm. Dahrouge Geological Consulting is independent of the Company and does not have any financial interests in the Company or this offering.

**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.

**SILVER BOW MINING CORP.**

**(Expressed in U.S. Dollars)**

**September 30, 2025 and December 31, 2024**

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| | |
|:---|:---|
| **INDEX TO FINANCIAL STATEMENTS** | **Page** |
| &nbsp;&nbsp;[Condensed Interim Consolidated Balance Sheets for the Quarter Ended September 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-7](#b_004) |
| &nbsp;&nbsp;[Notes to the Condensed Interim Consolidated Financial Statements](#a_001a) | [F-8](#a_001a) |
| &nbsp;&nbsp;Audited Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023 |  |
| &nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#b_005) | [F-22](#b_005) |
| &nbsp;&nbsp;[Consolidated Balance Sheets as of December 31, 2024 and 2023](#b_006) | [F-24](#b_006) |
| &nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023](#b_007) | [F-25](#b_007) |
| &nbsp;&nbsp;[Consolidated Statements of Shareholders' Equity for the years ended December 31, 2024 and 2023](#b_008) | [F-26](#b_008) |
| &nbsp;&nbsp;[Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023](#b_009) | [F-27](#b_009) |
| &nbsp;&nbsp;[Notes to the Consolidated Financial Statements](#b_010) | [F-28](#b_010) |

---

**SILVER BOW MINING CORP.**

**Condensed Interim Consolidated Financial Statements (Unaudited)**

**For the three and nine months ended September 30, 2025 and 2024**

**SILVER BOW MINING CORP.** 

**Condensed Interim Consolidated Balance Sheets**

**As at September 30, 2025, and December 31, 2024**

Unaudited

---

| | | | |
|:---|:---|:---|:---|
| | <br>**Notes** |<br>**September 30, 2025** | **(Audited)**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | $1257262 | $255630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable, net |  | 50175 | 33745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 66805 | 89652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred lease asset |  |  | 1273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets |  | 50321 | 39587 |
| &nbsp;&nbsp;Total current assets |  | 1424563 | 419887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash - reclamation deposit | 7 | 225788 | 225788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 5 | 243062 | 99641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties | 6 | 38261379 | 37254528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use asset |  |  | 574021 |
| &nbsp;&nbsp;Total non-current assets |  | 38730229 | 38153978 |
| &nbsp;&nbsp;**Total assets** |  | $40154792 | $38573865 |
| &nbsp;&nbsp;**Liabilities and shareholders' equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 292786 | 912364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal settlement payable | 4 |  | 2716630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Option liability on legal settlement |  |  | 322076 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible loan |  | 540640 | 516339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | 216146 |
| &nbsp;&nbsp;**Total current liabilities** |  | 833426 | 4683555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental remediation reserve | 7 | 222418 | 213139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term lease liabilities |  |  | 368305 |
| &nbsp;&nbsp;Total non-current liabilities |  | 222418 | 581444 |
| &nbsp;&nbsp;**Total Liabilities** |  | 1055844 | 5264999 |
| &nbsp;&nbsp;**Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;Common shares, no par value, unlimited shares authorized; 17,399,209 issued and outstanding at September 30, 2025 (December 31, 2024 - 15,134,009) |  | 44130691 | 35179387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 17783699 | 11819990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  | (22815442) | (13690511) |
| &nbsp;&nbsp;Total shareholders' equity |  | 39098948 | 33308866 |
| &nbsp;&nbsp;**Total Liabilities and shareholders' equity** |  | $40154792 | $38573865 |

---

 *The accompanying notes are an integral part of these condensed interim consolidated financial statements.*

**SILVER BOW MINING CORP.** 

**Condensed Interim Consolidated Statements of Operations**

**For the three and nine months ended September 30, 2025 and 2024**

Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;**Operating expenses** |  |  |  |  |
| &nbsp;&nbsp; Project costs | $234155 | $1086 | $573506 | $62877 |
| &nbsp;&nbsp; Depreciation expenses | 8530 | 6610 | 20522 | 24430 |
| &nbsp;&nbsp; Management fees | 22756 | 171432 | 4455754 | 871714 |
| &nbsp;&nbsp; Salaries and wages | 319629 | 382634 | 991109 | 1093385 |
| &nbsp;&nbsp; Director's fees | 76090 |  | 1537093 | 605453 |
| &nbsp;&nbsp; General and administration | 46166 | 36884 | 176858 | 75613 |
| &nbsp;&nbsp; Insurance expense | 12478 | 16161 | 36570 | 43869 |
| &nbsp;&nbsp; Advertising and Promotion | 12431 | 10684 | 92913 | 98388 |
| &nbsp;&nbsp; Professional fees | 407993 | 329011 | 1040639 | 808265 |
| &nbsp;&nbsp; Bad debt expenses |  |  | 9530 |  |
| &nbsp;&nbsp; Accretion on environmental reserve | 8728 |  | 9278 |  |
| &nbsp;&nbsp; Operating lease expenses |  | 44082 | 104444 | 185695 |
| &nbsp;&nbsp;**Net loss from operations** | 1148956 | 998584 | 9048216 | 3869689 |
| &nbsp;&nbsp;**Other income (expenses)** |  |  |  |  |
| &nbsp;&nbsp; Derivative option expense |  |  | (26294) |  |
| &nbsp;&nbsp; Lease income |  | 21372 | 51952 | 134663 |
| &nbsp;&nbsp; Interest expense | (8192) | (8169) | (36949) | (21400) |
| &nbsp;&nbsp; Foreign exchange gain (loss) | (48381) | 7743 | (80737) | 88256 |
| &nbsp;&nbsp; Interest income |  | 14342 |  | 20475 |
| &nbsp;&nbsp; Other income | 3059 | 31184 | (15313) | 31184 |
| &nbsp;&nbsp;Total other income (expenses) | (53514) | 66472 | (76715) | 253178 |
| &nbsp;&nbsp;**Net loss** | $1202470 | $932112 | $9124931 | $3616511 |
| &nbsp;&nbsp;**Net loss per share, basic and diluted** | $0.074 | $0.067 | $0.563 | $0.261 |
| &nbsp;&nbsp;**Weighted average shares used to compute loss per share, basic and diluted** | 16218485 | 13863237 | 16218485 | 13863237 |

---

*The accompanying notes are an integral part of these condensed interim consolidated financial statements*

**SILVER BOW MINING CORP.** 

**Condensed Interim Consolidated Statements of Changes in Shareholders Equity**

**For the three months ended September 30, 2025 and September 30, 2024**

Unaudited

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of shares** | **Share <br> capital** | **Additional paid-in capital** | **Shares to Be Issued** | **Accumulated deficit** | **Total** |
| &nbsp;&nbsp;**Balance at June 30, 2024** | **15006676** | $**33935270** | $**12515953** | $**285000** | $**(11566271)** | $**35169952** |
| &nbsp;&nbsp;Stock-based payments |  |  | 68160 |  |  | 68160 |
| &nbsp;&nbsp;Net loss for the period |  |  |  |  | (932112) | (932112) |
| &nbsp;&nbsp;**Balance at September 30, 2024** | **15006676** | $**33935270** | $**12584113** | $**285000** | $**(12498383)** | $**34306000** |
| &nbsp;&nbsp;**Balance at June 30, 2025** | **16708376** | $**40495762** | $**17929783** | $**2265000** | $**(21612972)** | $**39077573** |
| &nbsp;&nbsp;Stock-based payments |  |  | 98845 |  |  | 98845 |
| &nbsp;&nbsp;Issue of common shares | 503333 | 2265000 |  | (2265000) |  |  |
| &nbsp;&nbsp;Issue of shares – warrant exercise | 187500 | 1369929 | (244929) |  |  | 1125000 |
| &nbsp;&nbsp;Net loss for the period |  |  |  |  | (1202470) | (1202470) |
| &nbsp;&nbsp;**Balance at September 30, 2025** | **17399209** | $**44130691** | $**17783699** | $**—** | $**(22815442)** | $**39098948** |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements.*

**SILVER BOW MINING CORP.** 

**Condensed Interim Consolidated Statements of Changes in Shareholders Equity**

**For the nine months ended September 30, 2025 and September 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of shares** | **Share capital** | **Additional paid-in capital** | **Shares to Be Issued** | **Accumulated deficit** | **Total** |
| &nbsp;&nbsp;**Balance at December 31, 2023** | **13172594** | $**30376674** | $**9951493** | $**—** | $**(8881872)** | $**31446295** |
| &nbsp;&nbsp;Issue of common shares/warrants - private placements | 1749082 | 3355722 | 1326024 | 285000 |  | 4966746 |
| &nbsp;&nbsp;RSU exercise and stock-based payments | 85000 | 255000 | 1254470 |  |  | 1509470 |
| &nbsp;&nbsp;Extension of warrants |  | (52126) | 52126 |  |  |  |
| &nbsp;&nbsp;Net loss for the period |  |  |  |  | (3616511) | (3616511) |
| &nbsp;&nbsp;**Balance at September 30, 2024** | **15006676** | $**33935270** | $**12584113** | $**285000** | $**(12498383)** | $**34306000** |
| &nbsp;&nbsp;**Balance at December 31, 2024** | **15134009** | $**35179387** | $**11819990** | $**—** | $**(13690511)** | $**33308866** |
| &nbsp;&nbsp;Issue of common shares/warrants - private placements | 1661867 | 6376304 | 204951 |  |  | 6581255 |
| &nbsp;&nbsp;Issue of common shares for legal settlement | 503333 | 2265000 |  |  |  | 2265000 |
| &nbsp;&nbsp;RSU exercise | 100000 | 310000 | (310000) |  |  |  |
| &nbsp;&nbsp;Stock-based payments |  |  | 6068758 |  |  | 6068758 |
| &nbsp;&nbsp;Net loss for the period |  |  |  |  | (9124931) | (9124931) |
| &nbsp;&nbsp;**Balance at September 30, 2025**  | **17399209** | $**44130691** | $**17783699** | $**—** | $**(22815442)** | $**39098948** |

---

*The accompanying notes are an integral part of these interim condensed consolidated financial statements.*

**SILVER BOW MINING CORP.** 

**Condensed Interim Consolidated Statements of Cash Flows**

**For the nine months ended September 30, 2025 and 2024**

Unaudited

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;**CASH PROVIDED BY (USED IN):** |  |  |
| &nbsp;&nbsp;**OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Net loss for year | $**(9124931)** | $(3616511) |
| &nbsp;&nbsp;*Non-cash transactions:* |  |  |
| &nbsp;&nbsp;Stock based compensation | **6068759** | 1509470 |
| &nbsp;&nbsp;Accretion of environmental settlement payable | **9278** | 825 |
| &nbsp;&nbsp;Depreciation | **20522** | 24430 |
| &nbsp;&nbsp;Deferred lease asset | **(10428)** | 7225 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Amounts receivable | **(16430)** | (103018) |
| &nbsp;&nbsp;Prepaid expenses | **22847** | 120118 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | **(643286)** | (101491) |
| &nbsp;&nbsp;Accrued interest | **24301** |  |
| &nbsp;&nbsp;Net change in operating lease assets and liabilities | **—** | (50335) |
| &nbsp;&nbsp;Other assets | **(9461)** | (15230) |
| &nbsp;&nbsp;**Net cash flows provided by (used in) investing activities** | **(3658829)** | (2224517) |
| &nbsp;&nbsp;**INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Acquisition cost - mineral properties | **(1006851)** |  |
| &nbsp;&nbsp;Ferry Lane purchase | **(750000)** | (4258859) |
| &nbsp;&nbsp;Acquisition of property and equipment | **(163943)** | (12096) |
| &nbsp;&nbsp;**Net cash flows used in financing activities** | **(1920794)** | (4270955) |
| &nbsp;&nbsp;**FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of shares and units | **6581255** | 4966746 |
| &nbsp;&nbsp;Proceeds of issuance of convertible loan | **—** | 521400 |
| &nbsp;&nbsp;**Net cash flows provided by financing activities** | **6581255** | 5488146 |
| &nbsp;&nbsp;**Net increase (decrease) in cash** | **1001632** | (1007326) |
| &nbsp;&nbsp;**Cash and restricted cash, Beginning of Period** | **481418** | 1816558 |
| &nbsp;&nbsp;**Cash and restricted cash, End of Period** | $**1483050** | $809232 |

---

 

*Supplemental Disclosure of Non-Cash Transactions*

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Please refer to Note 4. On April 30, 2025, Lane F elected to receive $750,000 in cash, and 503,333 common shares valued at $4.50, which were classified as "shares to be issued". The amounts disclosed above include $750,000 paid during the period.* 

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

&nbsp;&nbsp;&nbsp;&nbsp;**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 September 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 nine months ended September 30, 2025, the Company incurred a loss of $9,124,931 (2024 - $3,616,511and an accumulated deficit of $22,815,442 (December 31, 2024 - $13,690,511). As of September 30, 2025, the Company had cash and restricted cash of $1,483,050 (December 31, 2024 - $481,418), working capital of $591,137 (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 nine months ended September 30, 2025 and 2024 were authorized for issue in accordance with a resolution of the directors dated December 11, 2025.

On January 16, 2026, the Company effected a one-for-ten (1:10) reverse stock split of its issued and outstanding shares of common stock. In connection with the reverse split, all shares of common stock, stock options, stock warrants and per-share amounts for all periods presented have been adjusted retrospectively to reflect this reverse split. This recast ensures comparability across all periods presented and does not impact previously reported net loss, total assets or total liabilities, total stockholders' equity, the number of authorized shares of common stock, or the par value per share.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

&nbsp;&nbsp;&nbsp;&nbsp;**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 interim Financial Statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.

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:

---

| | | |
|:---|:---|:---|
| **Entity name** | **Incorporated** | **With Effect From** |
| SBM Montana LLC (formerly known as Butte Blackjack Operating, LLC) | Delaware, USA | August 29, 2023 |
| Ferry Lane Limited | British Virgin Islands | March 21, 2024 |
| Ferry Lane Management LLC | Wyoming, USA | May 24, 2024 |
| SBM Properties LLC | Montana, USA | 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

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

least, but not limited to, 12 months from report issuance date. 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 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 as at September 30, 2025.

● **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.

● **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 these future environmental remediation costs as an asset retirement obligation in the period in which an obligation is incurred, typically when the asset is acquired, constructed, developed, or placed into service.

Estimated environmental remediation costs include final well closures, decommissioning and removal of plant and equipment and site remediation costs. 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 as part of exploration costs within operating costs. Actual costs incurred to settle the obligations are charged against the liability when incurred.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

● **Lease Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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 $4.50 per share. Of the $750,000 in cash, $300,000 was paid on April 30, 2025 consisting of $50,000 in reimbursement of costs incurred and $250,000. The shares, valued at $2,265,000 were issued on July 1, 2025 and final payment of the cash component of the $500,000, including accrued interest of $12,491, was made on 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Consideration** | **Amount ($)** |
| &nbsp;&nbsp;Cash | $6000000 |
| &nbsp;&nbsp;Promissory note | $750000 |
| &nbsp;&nbsp;Obligation to issue shares | $2265000 |
| &nbsp;&nbsp;Transaction costs | $808859 |
| &nbsp;&nbsp;**Total consideration value** | $9823859 |
| &nbsp;&nbsp;**Net assets acquired** | **Amount ($)** |
| &nbsp;&nbsp;Mineral properties | $9823859 |
| &nbsp;&nbsp;**Total net assets acquired** | $9823859 |

---

During 2024, total cash payments were $4,258,859 consisting of $3,500,000 payments towards the purchase price plus $758,859 in transaction costs.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Property & Equipment, (net)** 

Property and equipment consist of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| &nbsp;&nbsp;Computers, fixtures and office equipment | $77654 | $65042 |
| &nbsp;&nbsp;Vehicles | 148024 | 39233 |
| &nbsp;&nbsp;Leasehold improvements | 80936 | 67146 |
| &nbsp;&nbsp;Software | 75728 | 46978 |
| &nbsp;&nbsp;**Total Property and Equipment** | $382342 | 218399 |
| &nbsp;&nbsp;**Less: Accumulated Depreciation** | (139280) | (118758) |
| &nbsp;&nbsp;**Total Property and Equipment (net)** | 243062 | 99641 |

---

Depreciation expense was $8,530 and $20,522 for the three and nine months ended September 30, 2025 and $6,610 and $24,430 for the three and nine months ended September 30, 2024, and is included in the depreciation expense in the consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Mineral Rights and Properties** 

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.

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 September 30, 2025 and December 31, 2024, the activity of these mineral rights and properties was as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| &nbsp;&nbsp;Balance, December 31, 2023 | $27430669 |
| &nbsp;&nbsp;Additions during the year | $9823859 |
| &nbsp;&nbsp;Divestiture during the year |  |
| &nbsp;&nbsp;Balance, December 31, 2024 | $37254528 |
| &nbsp;&nbsp;Additions during the period | $1006851 |
| &nbsp;&nbsp;Divestiture during the period |  |
| &nbsp;&nbsp;**Balance, September 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 September 30, 2025 the Company has capitalized $38,261,379 in mineral rights

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

and property, as 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 3,347 acres of mineral rights, and approximately 605 acres of surface rights.

● The Butte Project is valued at its acquisition cost, as the mineral and surface rights are privately owned.

&nbsp;&nbsp;&nbsp;&nbsp;**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 September 30, 2025, the estimated fair value of the liability is $213,965 (December 31, 2024 - $213,139). Changes in the provision during the nine months ended September 30, 2025 and December 31, 2024 are as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| &nbsp;&nbsp;Decommissioning liability, beginning of year | $**213139** | $212040 |
| &nbsp;&nbsp;Accretion for the year | **9279** | 1099 |
| &nbsp;&nbsp;Decommissioning liability, end of year | $**222418** | $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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Risk Management** 

Concentration of Credit Risk

Financial instruments that potentially subject the Company to credit risk consist of cash and accounts receivable. 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.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

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 September 30, 2025, the Company held the following amounts of financial assets and liabilities denominated in Canadian dollars:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**September 30, 2025** | &nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;**December 31, 2024** |
|  | &nbsp;&nbsp;**CAD amount** | &nbsp;&nbsp;**USD value** | &nbsp;&nbsp;**CAD amount** | &nbsp;&nbsp;**USD value** |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;7765 | &nbsp;&nbsp;5578 | &nbsp;&nbsp;47832 | &nbsp;&nbsp;33244 |
| &nbsp;&nbsp;Accounts receivable | &nbsp;&nbsp;69853 | &nbsp;&nbsp;50176 | &nbsp;&nbsp;111816 | &nbsp;&nbsp;77712 |
| &nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;79213 | &nbsp;&nbsp;56899 | &nbsp;&nbsp;107846 | &nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 January 16, 2026, the Company effected a one-for-ten (1:10) reverse stock split of its issued and outstanding shares of common stock. In connection with the reverse split, all shares of common stock, stock options, stock warrants and per-share amounts for all periods presented have been adjusted retrospectively to reflect this reverse split. This recast ensures comparability across all periods presented and does not impact previously reported net loss, total assets or total liabilities, total stockholders' equity, the number of authorized shares of common stock, or the par value per share.

On March 22, 2024, the Company closed a financing, raising $175,000 by issuing 70,000 common shares and 35,000 common share purchase warrants with an exercise price of $4.00 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed a financing, raising $1,150,000 by issuing 460,000 common shares and 230,000 common share purchase warrants with an exercise price of $4.00 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed a financing, raising $99,660 net of issue cost by issuing 22,222 common shares and 11,112 common share purchase warrants with an exercise price of $6.00 with an expiry date of March 28, 2026.

On April 18, 2024, the Company issued 85,000 restricted share units ("RSUs") to directors, and employees of the Company valued at $255,000. The RSUs vested immediately and were exercised. Additionally, on the same date, the Company granted 500,000 stock options to its directors, officers, and employees, valued at $1,186,310.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

On April 23, 2024, the Company closed a financing, raising $2,768,650 by issuing 1,107,460 common shares and 553,730 common share purchase warrants with an exercise price of $4.00 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 52,288 compensation warrants with an exercise price of $2.50 with an expiry date of April 29, 2026.

On April 30, 2024, the Company closed a financing, raising $402,300 by issuing 89,400 common shares and 44,700 common share purchase warrants with an exercise price of $6.00 with an expiry date of May 1, 2026.

On April 30, 2024, the Company received $285,000 from a financing and subsequently issued the shares on January 14, 2025.

On December 31, 2024, the Company closed a financing, raising $210,000 by issuing 84,000 common shares.

On December 31, 2024, the Company closed a financing, raising $195,000 by issuing 43,333 common shares and 21,667 common share purchase warrants with an exercise price of $6.00 with an expiry date of December 31, 2026.

On December 31, 2024, the Company repriced 1,057,066 warrants that had had their expiration previously extended to January 31, 2025, from $7.50 to $3.50. 1,012,622 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 22,500 common shares and 11,250 common share purchase warrants with an exercise price of $6.00 with an expiry date of January 6, 2027.

On January 14, 2025, the Company closed a financing, raising $75,000 by issuing 30,000 common shares.

On January 22, 2025, the Company closed a financing, raising $90,000 by issuing 20,000 common shares and 10,000common share purchase warrants with an exercise price of $6.00 with an expiry date of January 22, 2027.

On January 27, 2025, the Company issued 1,400,000 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 $3.10 per share and expire January 27, 2035.

On February 1, 2025, the Company granted 50,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $3.10 per share and expire on February 1, 2030.

On February 1, 2025, the Company granted 100,000 RSUs to our chief executive officer. These RSUs were subsequently exercised on April 1, 2025.

On February 10, 2025, the Company closed a financing, raising $136,500 by issuing 30,333 common shares and 15,167 common share purchase warrants with an exercise price of $6.00 with an expiry date of February 10, 2027.

On February 20, 2025, the Company closed a financing, raising $687,600 by issuing 152,800 common shares and 76,400 common share purchase warrants with an exercise price of $6.00 with an expiry date of February 20, 2027.

On March 3, 2025, the Company granted 31,886 RSUs to our directors.

On March 3, 2025, the Company granted 750,000 options to directors, officers, and employees. The options have an exercise price of $3.10 per share and expire on March 3, 2030.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

On March 10, 2025, the Company closed a financing, raising $896,728 net of issue cost by issuing 206,111 common shares and 103,056 common share purchase warrants with an exercise price of $6.00 with an expiry date of March 10, 2027.

On April 14, 2025, the Company granted 60,000 options to our vice president of exploration. The options have an exercise price of $3.10 per share and expire on April 14, 2030.

On June 30, 2025, the Company issued 31,886 RSUs to our directors.

On August 11 and 18, 2025, the Company issued a total of 100,000 common shares pursuant to warrant exercises at a price of $6.00 per share.

On September 18, 2025, the Company issued 87,500 common shares pursuant to warrant exercises at a price of $6.00 per share.

On September 20, 2025, the Company issued 31,886 RSUs to our directors.

***Share Purchase Warrants***

The following summarizes the status of the Company's warrants at September 30, 2025, and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Number** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average**<br> **exercise price $** |
| &nbsp;&nbsp;**Balance, December 31, 2023** | **7004636** | **5.40** |
| &nbsp;&nbsp;Issued | **948495** | **4.10** |
| &nbsp;&nbsp;Exercised | **—** | **—** |
| &nbsp;&nbsp;Expired | **(3600)** | **7.50** |
| &nbsp;&nbsp;**Balance, December 31, 2024** | **7949531** | **4.70** |
| &nbsp;&nbsp;Issued | **215872** | **6.00** |
| &nbsp;&nbsp;Exercised | **(1200122)** | **3.90** |
| &nbsp;&nbsp;Expired | **(44444)** | **3.50** |
| &nbsp;&nbsp;**Balance, September 30, 2025** | **6920837** | **4.90** |

---

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

As at September 30, 2025, there were 6,920,837 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**<br> **Currency** | &nbsp;&nbsp;**Exercise**<br> **Price** | &nbsp;&nbsp;**Remaining Contractual <br> Life in**<br> **Years** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;56395 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;October 11, 2025 |
| &nbsp;&nbsp;140000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;November 2, 2025 |
| &nbsp;&nbsp;553087 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;December 4, 2025 |
| &nbsp;&nbsp;1406849 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;72451 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;72451 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$2.50 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;December 16, 2025 (1) |
| &nbsp;&nbsp;7500 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;December 29, 2025 |
| &nbsp;&nbsp;554870 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;December 30, 2025 |
| &nbsp;&nbsp;22520 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;December 30, 2025 |
| &nbsp;&nbsp;22520 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;December 30, 2025 (1) |
| &nbsp;&nbsp;1122462 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;January 29, 2026 |
| &nbsp;&nbsp;46856 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;January 29, 2026 (1) |
| &nbsp;&nbsp;46856 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;January 29, 2026 |
| &nbsp;&nbsp;845115 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;10752 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;February 24, 2026 (1) |
| &nbsp;&nbsp;10752 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;265000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$4.00 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;March 20, 2026 |
| &nbsp;&nbsp;199456 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;March 23, 2026 |
| &nbsp;&nbsp;194456 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;March 24, 2026 |
| &nbsp;&nbsp;11111 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;March 28, 2026 |
| &nbsp;&nbsp;241546 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;March 29, 2026 |
| &nbsp;&nbsp;553730 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$4.00 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;April 28, 2026 |
| &nbsp;&nbsp;52288 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$250 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;April 29, 2026 |
| &nbsp;&nbsp;44700 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;May 1, 2026 |
| &nbsp;&nbsp;129613 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;August 3, 2026 |
| &nbsp;&nbsp;21667 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;December 31, 2026 |
| &nbsp;&nbsp;11250 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;January 6, 2027 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;January 22, 2027 |
| &nbsp;&nbsp;15167 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;February 10, 2027 |
| &nbsp;&nbsp;76400 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;February 20, 2027 |
| &nbsp;&nbsp;103056 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;March 10, 2027 |
| &nbsp;&nbsp;6920837 |  | &nbsp;&nbsp;**$4.90** | &nbsp;&nbsp;0.37 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) These compensation options entitle the holder to acquire a unit at a price
of $2.50 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 $5.00 for a period of 60 months.

Also, as part of financings concluded during the nine months ended September 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;11250 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;January 6, 2027 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;January 22, 2027 |
| &nbsp;&nbsp;15167 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;February 10, 2027 |
| &nbsp;&nbsp;76400 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;February 20, 2027 |
| &nbsp;&nbsp;103056 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;March 10, 2027 |
| &nbsp;&nbsp;215873 |  |  |  |

---

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model for warrants issued during the nine months ended September 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;$2.70 |
| &nbsp;&nbsp;March 28, 2024 | &nbsp;&nbsp;4.59% | &nbsp;&nbsp;2 | &nbsp;&nbsp;125% | &nbsp;&nbsp;$2.70 |
| &nbsp;&nbsp;April 23, 2024 | &nbsp;&nbsp;4.86% | &nbsp;&nbsp;2 | &nbsp;&nbsp;125% | &nbsp;&nbsp;$2.70 |
| &nbsp;&nbsp;April 30, 2024 | &nbsp;&nbsp;5.04% | &nbsp;&nbsp;2 | &nbsp;&nbsp;126% | &nbsp;&nbsp;$2.70 |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;4.25% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$2.70 |
| &nbsp;&nbsp;January 6, 2025 | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$3.50 |
| &nbsp;&nbsp;January 22, 2025 | &nbsp;&nbsp;4.27% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$3.50 |
| &nbsp;&nbsp;February 10, 2025 | &nbsp;&nbsp;3.89% | &nbsp;&nbsp;2 | &nbsp;&nbsp;141% | &nbsp;&nbsp;$3.50 |
| &nbsp;&nbsp;February 20, 2025 | &nbsp;&nbsp;4.28% | &nbsp;&nbsp;2 | &nbsp;&nbsp;168% | &nbsp;&nbsp;$3.50 |
| &nbsp;&nbsp;March 10, 2025 | &nbsp;&nbsp;3.89% | &nbsp;&nbsp;2 | &nbsp;&nbsp;165% | &nbsp;&nbsp;$3.50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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 500,000 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$3.00. 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 $2.70.

On November 18, 2024, the Company issued 30,000 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$3.00. 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 $2.70.

During 2024, 165,000options granted to former employees expired unexercised.

On February 1, 2025, the Company issued 50,000 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$3.10. 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 168%; and estimated share price $3.10.

On March 3, 2025, the Company granted 750,000 options to directors, officers, and employees. The incentive stock options vested immediately, have a 5-year term, and an exercise price of US$3.10. 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 165%; and estimated share price $3.10.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

A continuity schedule of outstanding stock options as of September 30, 2025, and the changes during the periods is as follows:

---

| | | |
|:---|:---|:---|
| | **Number of Stock** <br> **Options Outstanding**  | **Exercise Price** <br> **($)**  |
| &nbsp;&nbsp; **Balance, December 31, 2023** | **300000** | **2.50** |
| &nbsp;&nbsp; Granted | 530000 | 3.00 |
| &nbsp;&nbsp; Expired/ Forfeited | (165000) | 2.50 |
| &nbsp;&nbsp; **Balance, December 31, 2024** | **635000** | **2.80** |
| &nbsp;&nbsp; Granted | **860000** | **3.10** |
| &nbsp;&nbsp; Expired/Forfeited | **—** | **—** |
| &nbsp;&nbsp; **Balance, September 30, 2025** | **1495000** | **3.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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 $4.50 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 Company incurred the following charges with directors and officers for the nine months ended September 30, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2024** |
|  | **($)** | **($)** |
| &nbsp;&nbsp; Stock-based compensation – Directors | 1537093 | 605453 |
| &nbsp;&nbsp; Stock-based compensation - Officers | 4455754 | 483788 |
|  | $5992847 | $1089241 |

---

**15.** **Subsequent Events** 

**Equity transactions**

In October 2025, the Company issued 166,395 common shares pursuant to warrant exercises at a price of $6.00 per share.

**SILVER BOW MINING CORP.**

**Notes to the Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

*Unaudited*

On October 31, 2025 and November 7, 2025, the Company closed three separate financings, whereby existing shareholders covered under a previous corporate governance agreement exercised their pro-rata participation rights under that agreement to subscribe for a total of 1,245,137 common shares and 716,938 warrants with a weighted average exercise price of $4.60 for gross proceeds of $3,498,989.<br>

On November 7, 2025, the Company granted certain directors, officers, employees and consultants 82,500 stock options at a price of $5.00 per option share.

– On November 21, 2025, 1,000,000 performance warrants were confirmed vested to an officer of the Company based on performance milestones met.

On January 16, 2026, the Company effected a one-for-ten (1:10) reverse stock split of its issued and outstanding shares of common stock. In connection with the reverse split, all shares of common stock, stock options, stock warrants and per-share amounts for all periods presented have been adjusted retrospectively to reflect this reverse split. This recast ensures comparability across all periods presented and does not impact previously reported net loss, total assets or total liabilities, total stockholders' equity, the number of authorized shares of common stock, or the par value per share.

**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.

&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)

**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:

(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, except for Note 1 and <br> Note 10, as to which the date is January 23, 2026 | **Chartered Professional Accountants** |

---

&nbsp;&nbsp;*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).<br>

**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** |  | **0.3320** | 0.1550 |
| **Weighted average shares used to compute loss per share, basic and diluted** |  | **14476637** | 8531498 |

---

*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** |  | **6176252** | $**10327608** | $**4605330** | $**1625333** | $**(7559716)** | $**8998555** |
| Issue of share capital - private placements |  | 342500 | 923225 |  |  |  | 923225 |
| Fair value of warrants issued |  |  |  | 454275 |  |  | 454275 |
| Share issuance cost |  |  | (9184) |  |  |  | (9184) |
| Issue of share capital - Crescat | 3, 4 | 127500 | 500000 |  |  |  | 500000 |
| Issue of shares and warrant– BBO acquisition | 3, 4, 6 | 5044136 | 13915418 | 4210281 |  |  | 18125699 |
| Issue of share and warrant– debt settlement |  | 56395 | 151792 | 73786 |  |  | 225578 |
| Issue of shares – warrant exercise |  | 1425812 | 4568249 | (1008946) |  |  | 3550313 |
| Warrants expired |  |  | 8566 | (32055) | 23489 |  |  |
| Net loss for the year |  |  |  |  |  | (1322156) | (1322156) |
| **Balance at December 31, 2023** |  | **13172594** | $**30376674** | $**8302671** | $**1648822** | $**(8881872)** | $**31446295** |
| Issue of share capital - private placements |  | 1876416 | $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 | 85000 | 255000 |  | 1254464 |  | 1509464 |
| Net loss for the year |  |  |  |  |  | (4808639) | (4808639) |
| **Balance at December 31, 2024** |  | **15134010** | $**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;&nbsp;Net assets acquired | **—** | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(8857)** | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **67908** | (142012) |
| &nbsp;&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.

On January 16, 2026, the Company effected a one-for-ten (1:10) reverse stock split of its issued and outstanding shares of common stock. In connection with the reverse split, all shares of common stock, stock options, stock warrants and per-share amounts for all periods presented have been adjusted retrospectively to reflect this reverse split. This recast ensures comparability across all periods presented and does not impact previously reported net loss, total assets or total liabilities, total stockholders' equity, the number of authorized shares of common stock, or the par value per share.

**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** |

---

**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.

**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.

**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*

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.

---

| | |
|:---|:---|
| **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.

**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*

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.

**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.

**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*

**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 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

**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*

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 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.

**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*

**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.

● **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 127,500 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 5,044,136 common shares and 3,521,511 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 |

---

**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 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.

**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 5,044,136 common shares and 3,521,511 common share purchase warrants to ISLV and paid $500,000 cash. As of the acquisition date, the Company had advanced BBO $5,859,452 which, as part of the purchase negotiations, the Company forgave this amount by adjusting the purchase price.

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 5,044,136 common shares issued | &nbsp;&nbsp;$13915418 |
| Fair value of 3,521,511 warrants issued | &nbsp;&nbsp;4210282 |
| Fair value of 127,500 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.

**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*

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.

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 remaining balance in shares to be issued valued at $4.50 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Consideration** | &nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;$6000000 |
| &nbsp;&nbsp;Promissory note | &nbsp;&nbsp;$750000 |
| &nbsp;&nbsp;Obligation to issue shares | &nbsp;&nbsp;$2265000 |
| &nbsp;&nbsp;Transaction costs | &nbsp;&nbsp;$808859 |
| &nbsp;&nbsp;**Total consideration value** | &nbsp;&nbsp;$9823859 |
| &nbsp;&nbsp;**Net assets acquired** | &nbsp;&nbsp;**Amount ($)** |
| &nbsp;&nbsp;Mineral properties | &nbsp;&nbsp;$9823859 |
| &nbsp;&nbsp;**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 3,347 acres of mineral rights, and approximately 605 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 |

---

**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 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 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.

**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*

**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 January 16, 2026, the Company effected a one-for-ten (1:10) reverse stock split of its issued and outstanding shares of common stock. In connection with the reverse split, all shares of common stock, stock options, stock warrants and per-share amounts for all periods presented have been adjusted retrospectively to reflect this reverse split. This recast ensures comparability across all periods presented and does not impact previously reported net loss, total assets or total liabilities, total stockholders' equity, the number of authorized shares of common stock, or the par value per share.

In consideration for Crescat's efforts in securing an agreement with ISLV, the Company issued to Crescat 127,500 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 5,044,136 common shares and 3,521,511 common share purchase warrants (Note 4) to ISLV.

On August 29, 2023, the Company closed financing, raising $400,000 by issuing 100,000 common shares and 100,000 common share purchase warrants with an exercise price of $6.00 with an expiry date of August 29, 2025.

On September 18, 2023, the Company closed financing, raising $350,000 by issuing 87,500 common shares and 87,500 common share purchase warrants with an exercise price of $6.00 with an expiry date of September 18, 2025.

On October 11, 2023, the Company completed a settlement of $225,578 of debt by issuing 56,395common shares and 56,395common share purchase warrants with an exercise price of $6.00with an expiry date of October 11, 2025.

On November 2, 2023, the Company closed financing, raising $560,000 by issuing 140,000 common shares and 140,000 common share purchase warrants with an exercise price of $6.00with an expiry date of November 2, 2025.

On December 5, 2023, 1,425,812 warrants were exercised for gross proceeds of $3,564,529.

On December 29, 2023, the Company closed financing, raising $67,500 by issuing 15,000 common shares and 7,500 common share purchase warrants with an exercise price of $6.00 with an expiry date of December 29, 2025.

On March 22, 2024, the Company closed a financing, raising $175,000 by issuing 70,000 common shares and 35,000 common share purchase warrants with an exercise price of $4.00 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed financing, raising $1,150,000 by issuing 460,000 common shares and 230,000 common share purchase warrants with an exercise price of $4.00 with an expiry date of March 20, 2026.

On March 28, 2024, the Company closed financing, raising $100,000 by issuing 22,222 common shares and 11,111 common share purchase warrants with an exercise price of $6.00 with an expiry date of March 28, 2026.

**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*

On April 18, 2024, the Company issued 85,000 restricted share units ("RSUs") to officers, directors 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 1,107,460 common shares and 553,730 common share purchase warrants with an exercise price of $4.00 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 52,288 compensation warrants with an exercise price of $2.50 with an expiry date of April 29, 2026.

On April 30, 2024, the Company closed a financing, raising $402,300 by issuing 89,400 common shares and 44,700common share purchase warrants with an exercise price of $6.00 with an expiry date of May 1, 2026.

On December 31, 2024, the Company closed a financing, raising $210,000 by issuing 84,000 common shares.

On December 31, 2024, the Company closed a financing, raising $195,000 by issuing 43,333 common shares and 21,667 common share purchase warrants with an exercise price of $6.00 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;**4553478** | &nbsp;&nbsp;**$4.80** |
| Issued | &nbsp;&nbsp;3912905 | &nbsp;&nbsp;5.00 |
| Exercised | &nbsp;&nbsp;1425812 | &nbsp;&nbsp;2.50 |
| Expired | &nbsp;&nbsp;(35935) | &nbsp;&nbsp;2.50 |
| **Balance, December 31, 2023** | &nbsp;&nbsp;**7004636** | &nbsp;&nbsp;**5.40** |
| Issued | &nbsp;&nbsp;**948495** | &nbsp;&nbsp;**4.10** |
| Exercised | &nbsp;&nbsp;**—** | &nbsp;&nbsp;**—** |
| Expired | &nbsp;&nbsp;**(3600)** | &nbsp;&nbsp;**7.50** |
| **Balance, December 31, 2024** | &nbsp;&nbsp;**7949531** | &nbsp;&nbsp;**4.70** |

---

**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 7,949,531 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 <br> Currency** | &nbsp;&nbsp;**Exercise <br> Price** | &nbsp;&nbsp;**Remaining Contractual Life in Years** | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;307240 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;December 4, 2025 |
| &nbsp;&nbsp;245847 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;December 4, 2025 |
| &nbsp;&nbsp;749300 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;657549 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;72451 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;72451 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$2.50 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;December 16, 2025 <sup>(1)</sup> |
| &nbsp;&nbsp;298220 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;December 30, 2025 |
| &nbsp;&nbsp;256650 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;December 30, 2025 |
| &nbsp;&nbsp;22529 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;December 30, 2025 |
| &nbsp;&nbsp;22520 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$2.50 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;December 30, 2025 <sup>(1)</sup> |
| &nbsp;&nbsp;602700 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;January 29, 2026 |
| &nbsp;&nbsp;519762 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;January 29, 2026 |
| &nbsp;&nbsp;46856 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$2.50 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;January 29, 2026 <sup>(2)</sup> |
| &nbsp;&nbsp;46856 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;January 29, 2026 |
| &nbsp;&nbsp;463400 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;370803 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;10752 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$2.50 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;February 24, 2026 <sup>(2)</sup> |
| &nbsp;&nbsp;10752 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;9628 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;1280 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;February 24, 2026 |
| &nbsp;&nbsp;210800 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;March 24, 2026 |
| &nbsp;&nbsp;86419 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;March 23, 2026 |
| &nbsp;&nbsp;88660 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;March 24, 2026 |
| &nbsp;&nbsp;8000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;March 24, 2026 |
| &nbsp;&nbsp;111292 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;March 29, 2026 |
| &nbsp;&nbsp;107367 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;March 29, 2026 |
| &nbsp;&nbsp;22887 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;March 24, 2026 |
| &nbsp;&nbsp;72000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;August 3, 2026 |
| &nbsp;&nbsp;57613 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;August 3, 2026 |
| &nbsp;&nbsp;277200 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;221810 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;150000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;120027 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;160000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;128029 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$3.50 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;February 15, 2025 <sup>(3)</sup> |
| &nbsp;&nbsp;100000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;August 29, 2025 |
| &nbsp;&nbsp;87500 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;September 18, 2025 |
| &nbsp;&nbsp;56395 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;October 11, 2025 |
| &nbsp;&nbsp;140000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;November 2, 2025 |
| &nbsp;&nbsp;7500 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;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;265000 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$4.00 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;March 20, 2026 |
| &nbsp;&nbsp;11111 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.24 | &nbsp;&nbsp;March 28, 2026 |
| &nbsp;&nbsp;553730 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$4.00 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;April 28, 2026 |
| &nbsp;&nbsp;52288 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$2.50 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;April 29, 2026 |
| &nbsp;&nbsp;44700 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;May 1, 2026 |
| &nbsp;&nbsp;21667 | &nbsp;&nbsp;US$ | &nbsp;&nbsp;$6.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;December 31, 2026 |
| &nbsp;&nbsp;**7949531** | &nbsp;&nbsp;US$ | &nbsp;&nbsp;**$4.70** | &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 $2.50 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 $5.00 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 $2.50 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 $5.00 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 $3.50
 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 5,044,136 common shares and 3,521,511 common share purchase warrants to ISLV as noted below.

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **Exercise <br> Currency** | **Exercise <br> Price** | **Expiry Date** |
| 9602 | CDN$ | $2.50 | September 10, 2023 |
| 640144 | US$ | $2.50 | October 26, 2023 |
| 245847 | US$ | $5.00 | December 4, 2025 |
| 657549 | US$ | $5.00 | December 16, 2025 |
| 256650 | US$ | $5.00 | December 30, 2025 |
| 519762 | US$ | $5.00 | January 28, 2026 |
| 370803 | US$ | $5.00 | February 21, 2026 |
| 9628 | US$ | $5.00 | February 24, 2026 |
| 86420 | US$ | $5.00 | March 24, 2026 |
| 88660 | US$ | $5.00 | March 23, 2026 |
| 107367 | US$ | $5.00 | March 29, 2026 |
| 57613 | US$ | $5.00 | August 3, 2026 |
| 221810 | US$ | $7.50 | January 12, 2024 |
| 120027 | US$ | $7.50 | February 15, 2024 |
| 128029 | US$ | $7.50 | March 15, 2024 |
| 1600 | US$ | $7.50 | August 5, 2024 |
| **3521511** |  |  |  |

---

**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*

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;265000 | US$ | $4.00 | March 20, 2026 |
| &nbsp;&nbsp;11111 | US$ | $6.00 | March 28, 2026 |
| &nbsp;&nbsp;553730 | US$ | $4.00 | April 28, 2026 |
| 44700 | US$ | $6.00 | &nbsp;&nbsp;May 1, 2026 |
| 21667 | US$ | $6.00 | &nbsp;&nbsp;December 31, 2026 |
| **896208** |  |  |  |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Issue Date** | &nbsp;&nbsp;**Weighted<br> Average**<br> **Risk Free Rate** | &nbsp;&nbsp;**Weighted <br> Average <br> Expected Life <br> (Years)** | &nbsp;&nbsp;**Weighted Average Expected Volatility** | &nbsp;&nbsp;**Weighted <br> Average <br> Estimated <br> Share Price** |
| August 29, 2023 | 5.00% | 1.75 | 124% | $2.70 |

---

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% | $2.70 |
| September 18, 2023 | 5.05% | 2 | 125% | $2.70 |
| October 11, 2023 | 4.99% | 2 | 125% | $2.70 |
| November 2, 2023 | 4.98% | 2 | 128% | $2.70 |
| December 29, 2023 | 4.23% | 2 | 129% | $2.70 |
| March 28, 2024 | 4.59% | 2 | 125% | $2.70 |
| March 28, 2024 | 4.59% | 2 | 125% | $2.70 |
| April 23, 2024 | 4.86% | 2 | 125% | $2.70 |
| April 30, 2024 | 5.04% | 2 | 126% | $2.70 |
| December 31, 2024 | 4.25% | 2 | 141% | $2.70 |

---

**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.

**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*

On April 18, 2024, the Company issued 85,000 restricted share units ("RSUs") to officers, directors, and employees of the Company. The RSUs vested immediately and were exercised.

On January 8, 2023, 150,000 stock options, held by the Company's former CEO, expired unexercised.

On May 11, 2023 and August 14, 2023, 10,000 and 75,000 additional stock options, respectively, expired unexercised.

On April 18, 2024, the Company issued 500,000 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$3.00. 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 $2.70.

On November 18, 2024, the Company issued 30,000 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$3.00. 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 $2.70.

During 2024, 165,000 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** | **535000** | &nbsp;&nbsp;**2.50** |
| Expired/ Forfeited | (235000) | &nbsp;&nbsp;**2.50** |
| **Balance, December 31, 2023** | **300000** | &nbsp;&nbsp;**2.50** |
| Granted | 530000 | &nbsp;&nbsp;3.00 |
| Expired/ Forfeited | (165000) | &nbsp;&nbsp;**2.50** |
| **Balance, December 31, 2024** | **665000** | &nbsp;&nbsp;**2.80** |

---

**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 $4.50 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** 

**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 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 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.

**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 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 Company incurred the following charges with directors and officers for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2023**  |
|  | **($)** | **($)** |
| Stock-based compensation –Directors | 1089240 |  |
| Management fees | 454294 | 244842 |
|  | 1543534 | 244842 |

---

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 | $**—** | $**—** |

---

**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*

&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;**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.

**16.** **Subsequent Events** 

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Equity transactions** 

● On December 31, 2024 the Company repriced 1,057,066 warrants that had had their expiration previously extended to January 31, 2025, from $7.50 to $3.50. 1,012,622 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 461,744 common shares and 215,872 warrants to purchase common shares at an exercise price of $6.00, with an expiration of two years from their issuance.

● On January 27, 2025, we issued 1,400,000 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 $3.10 per share and expire January 27, 2035.

● On February 1, 2025, we granted 50,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $3.10 per share and expire on February 1, 2030.

● On February 1, 2025, we granted 100,000 RSUs to our chief executive officer. These RSUs were subsequently exercised on April 1, 2025.

**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*

● On March 3, 2025, we granted 750,000 options to directors, officers, and employees. The options have an exercise price of $3.10 per share and expire on March 3, 2030.

● On March 3, 2025, we granted 31,886 RSUs to our directors.

● On April 14, 2025, we granted 60,000 options to our vice president of exploration. The options have an exercise price of $3.10 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 503,333 shares and $750,000 in cash pursuant to the Lane F Agreement. On July 1, 2025, the Company issued 503,333 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.

 **[ADDITIONAL CANADIAN PAGE]**

*A copy of this preliminary base PREP prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada, other than Québec, but has not yet become final for the purpose of the sale of securities. Information contained in this preliminary base PREP prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the final prospectus is obtained from the securities regulatory authorities.* 

*No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This preliminary prospectus constitutes a public offering of these securities only in those jurisdictions where they may be legally offered for sale and only by persons permitted to sell such securities.* 

*This prospectus has been filed under procedures of each of the provinces and territories of Canada (other than Québec) that permit certain information about these securities to be determined after the prospectus has become final and that permit the omission of that information from this prospectus. The procedures require the delivery to purchasers of a supplemented PREP prospectus containing the omitted information within a specified period of time after agreeing to purchase any of these securities. All of the information contained in the supplemented PREP prospectus that is not contained in this base PREP prospectus will be incorporated by reference into this base PREP prospectus as of the date of the supplemented PREP prospectus.*

*Silver Bow Mining Corp. has filed a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission, under the United States Securities Act of 1933, as amended, with respect to these securities.* 

**PRELIMINARY BASE PREP PROSPECTUS**

---

| | |
|:---|:---|
| ***<u>Initial Public Offering</u>*** | **February 6, 2026** |

---

![[GRAPHIC]](n_s-1img001.jpg)

**Silver Bow Mining Corp.**

**US$**♦

**♦Common Shares**

This preliminary prospectus (the "**Canadian Prospectus**") of Silver Bow Mining Corp. (the "**Company**", "**Silver Bow**", "**we**" or "**our**"), qualifies the distribution (the "**Offering**") of up to ♦ common shares, with no par value (the "**Common Shares**") pursuant to this Canadian Prospectus at an assumed offering price of US$♦ to US$♦ per Common Share (the "**Offering Price**").

See "*Description of the Securities Being Distributed*" and "*Plan of Distribution*" herein for additional information on the securities being qualified by this Canadian Prospectus.

**Unless otherwise specified, all monetary amounts in this Canadian Prospectus, including the Offering Price listed above, are in U.S. dollars.**

We are offering the Common Shares for sale concurrently in Canada under the terms of this Canadian Prospectus and in the United States under the terms of a registration statement on Form S-1 (the "**Registration Statement**") filed with the U.S. Securities and Exchange Commission (the "**SEC**") under the United States Securities Act of 1933, as amended. The Registration Statement contains a form of U.S.

C-i

 **[ADDITIONAL CANADIAN PAGE]**

preliminary prospectus (the "**U.S. Prospectus**"), a copy of which is attached to, forms part of and is incorporated into, this Canadian Prospectus.

The Common Shares are being offered in Canada under this Canadian Prospectus by Research Capital Corporation and Cantor Fitzgerald Canada Corporation (the "**Canadian Underwriters**") and in the United States by Cantor Fitzgerald & Co. and Research Capital USA Inc. (the "**U.S. Underwriters**" and together with the Canadian Underwriters, the "**Underwriters**"). The U.S. Underwriters will not be distributing the Securities in Canada. The Securities will be issued in accordance with the terms of the underwriting agreement dated t, 2026 among the Company and Cantor Fitzgerald & Co., as representative of the Underwriters named therein (the "**Underwriting Agreement**").

The Offering Price was determined following arm's length negotiations between the Company and the Underwriters.

**The risk factors outlined in this Canadian Prospectus or incorporated by reference should be carefully reviewed and considered. See "*RISK FACTORS*" in the U.S. Prospectus.**

**There is currently no market through which the Common Shares may be sold and purchasers may not be able to resell securities purchased under this Canadian Prospectus. This may affect the pricing of the securities of the Company on the secondary market, the transparency and availability of trading prices, the liquidity of these securities and the extent of issuer regulation. See "*RISK FACTORS*" in the U.S. Prospectus.**

**We have applied to list our Common Shares on the NYSE American LLC ("NYSE American") under the trading symbol "SBMT". 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. Investing in our Common Shares involves a high degree of risk. See "*RISK FACTORS*" in the U.S. Prospectus.**

&nbsp;&nbsp; **Price: US$♦ per Common Share** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Price to the Public** | &nbsp;&nbsp; **Underwriting Discounts and Commissions<sup>(1)</sup>** | &nbsp;&nbsp; **Net Proceeds to the Company<sup>(2)</sup>** |
| &nbsp;&nbsp; Per Common Share | &nbsp;&nbsp; US$♦ | &nbsp;&nbsp; US$♦ | &nbsp;&nbsp; US$♦ |
| &nbsp;&nbsp; Total<sup>(3</sup> | &nbsp;&nbsp; US$♦ | &nbsp;&nbsp; US$♦ | &nbsp;&nbsp; US$♦ |

---

**<u>Notes:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 price per Common Share was determined by negotiations between the Company and the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant
 to the Underwriting Agreement, the Underwriters will receive underwriting discounts and commissions
 equal to ♦% of the gross proceeds of the Offering (including any gross proceeds of
 the Over-Allotment Option. See "*UNDERWRITING*" in the U.S. Prospectus for
 a description of compensation payable to the Underwriters and other fees payable in connection
 with this Offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Assumes
 no exercise of the Over-Allotment Option. After deducting the underwriting discounts and
 commissions, but before deducting expenses of the Offering which are estimated to be US$♦
 and will be paid from the proceeds of the Offering. See "*Plan of Distribution* ".

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Company has granted to the Underwriters an option (the "**Over-Allotment Option** "),
 exercisable in whole or in part in the sole discretion of the Underwriters at any time and
 from time to time until the date which is 30 days following the Closing Date (as defined
 below), to purchase up to an additional ♦ common shares ()"**Additional Shares** ")
 from us to cover over-allotments, if any, at the Offering Price (US$♦ per

C-ii

 **[ADDITIONAL CANADIAN PAGE]**

Common Share), less the underwriting discounts and commissions. If the Underwriters exercise the Over-Allotment Option in full, the total underwriting discounts and commissions payable by us will be US$♦, and the total proceeds to us, before expenses, will be US$♦. The Underwriters can exercise this option in whole or in part at any time and from time to time within 30 days after the date of this Canadian Prospectus. This Canadian Prospectus also qualifies the grant of the Over-Allotment Option and the distribution of the Additional Shares upon exercise of the Over-Allotment Option. Any purchaser who acquires Additional Shares forming part of the over-allotment position of the Underwriters pursuant to the Over-Allotment Option acquires such securities under this Canadian Prospectus, regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases. See "*Plan of Distribution*".

Unless the context otherwise requires, when used in this Canadian Prospectus, all references to the "Offering" include the exercise of the Over-Allotment Option, all references to "Common Shares" include the Additional Shares.

Subscriptions for the Common Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. Closing is expected to take place on or about ♦, 2026 or such other date as may be agreed between the Company and the Underwriters (the "**Closing Date**"). In any event, the Common Shares are to be taken up by the Underwriters, if at all, on or before a date not later than 42 days after the date of receipt for the final prospectus. See "*Plan of Distribution*".

Subject to certain exceptions, registration of the Common Shares and transfers thereof held through the CDS Clearing and Depository Services Inc. ("**CDS**"), or its nominee will be made electronically through the non-certificated inventory ("**NCI**") system of CDS. Common Shares registered in the name of CDS or its nominee will be deposited electronically with CDS on an NCI basis on the Closing Date. A purchaser of Common Shares in Canada (subject to certain exceptions) will receive only a customer confirmation from the registered dealer who is a CDS participant (a "**CDS Participant**") through which the Common Shares are purchased. CDS will record the CDS Participants who holds Common Shares on behalf of purchasers who have purchased Common Shares in accordance with the book-based system.

The following table sets forth the number of Additional Shares issuable under the Over-Allotment Option in connection with the Offering:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Underwriters' Position** | &nbsp;&nbsp; **Maximum Number of Available Securities** | &nbsp;&nbsp; **Exercise Period** | &nbsp;&nbsp; **Exercise Price or Acquisition Price** |
| &nbsp;&nbsp; Over-Allotment Option | &nbsp;&nbsp; Up to ♦ Additional Shares <br>| &nbsp;&nbsp; Up to 30 days from the Closing Date | &nbsp;&nbsp; US$♦ per Additional Share <br>|

---

**<u>Notes:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assuming
 the exercise in full of the Over-Allotment Option.

The Canadian Underwriters, as principal, conditionally offer the Common Shares, subject to prior sale, if, as and when issued by us and accepted by the Underwriters in accordance with the conditions contained in the Underwriting Agreement referred to under "*UNDERWRITING*" in the U.S. Prospectus, and subject to the approval of certain legal matters for the Company by Dorsey & Whitney LLP, with respect to U.S. law, and Morton Law LLP, with respect to Canadian law, and for the Underwriters by Katten Muchin Rosenman LLP, with respect to U.S. law, and Bennett Jones LLP, with respect to Canadian law.

Subject to applicable laws in connection with the Offering, the Underwriters may engage in activities that stabilize, maintain or otherwise affect the price of the Common Shares during and after the closing of the

C-iii

 **[ADDITIONAL CANADIAN PAGE]**

Offering. Such transactions, if commenced, may be discontinued at any time. See "*UNDERWRITING*" in the U.S. Prospectus.

The Offering is subject to the terms of the Underwriting Agreement which provides for the obligations of the Underwriters to pay for and accept delivery of the full number of Common Shares offered by this Canadian Prospectus, subject to prior sale. However, the Underwriters are not required to take or pay for the Additional Shares covered by the Over-Allotment Option.

Certain directors and officers of the Company reside outside of Canada. The following directors and/or officers reside outside of Canada: C. Travis Naugle, Wade Black, Peter Burroughs, Phillip Nickerson, Quinton Hennigh, David McMullin, Steve Durbin, and Andy Holloway. Each of such directors and officers have appointed Morton Law LLP located at 1200 – 750 West Pender St., Vancouver, British Columbia V6C 2T8 as his agent for the service of process in Canada.

In addition, Jacob Anderson, B.Sc., CPG MAusIMM, a "qualified person", referred to under the heading "*Technical Information*" in this Canadian Prospectus, hereby appoints Morton Law LLP located at 1200 – 750 West Pender St., Vancouver, British Columbia V6C 2T8 as his agent for the service of process in Canada.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or who resides outside of Canada, even if the party has appointed an agent for service of process.

The Company's head office is located at 1401 Idaho Street, Butte, Montana 59701, United States, and its registered office is located at 1200 – 750 West Pender Street, Vancouver, BC, V6C 2T8.

**This Canadian Prospectus does not contain all the information set forth in the Registration Statement and its exhibits. With respect to the statements in this Canadian Prospectus about the contents of any contract, agreement or other document filed as an exhibit to the Registration Statement, please refer, in each instance, to the copy of such contract, agreement or document filed as an exhibit to the Registration Statement, and each such statement is qualified in all respects by reference to the document to which it refers.**

**Prospective purchasers should rely only on the information contained in this Canadian Prospectus and the accompanying U.S. Prospectus and should not rely on any part of either prospectus to the exclusion of any other part. Neither the Company nor any of the Underwriters has authorized anyone to provide purchasers with additional or different information. Neither the Company nor any of the Underwriters is offering to sell securities in any jurisdiction where such offer or sale is not permitted. The information contained in this Canadian Prospectus is accurate only as of the date of this Canadian Prospectus, regardless of the time of delivery of this Canadian Prospectus or any sale of the securities qualified thereunder.**

C-iv

 **[ADDITIONAL CANADIAN PAGE]**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **CURRENCY PRESENTATION** | **2** |
| **Use of proceeds** | **2** |
| **Description of the securities being distributed** | **4** |
| **History of the COMPANY** | **5** |
| **consolidated capitalization** | **5** |
| **PRIOR SALES** | **6** |
| **Trading Price and Volume** | **8** |
| **Options to purchase securities** | **8** |
| **pRINCIPAL SECURITYHOLDERS** | **9** |
| **indebtedness of directors and executive officers** | **9** |
| **Audit committees and corporate governance** | **9** |
| **Plan of distribution** | **10** |
| **Interests of Management and Others in Material Transactions** | **11** |
| **auditor, TRANSFER AGENT AND REGISTRAR** | **12** |
| **MATERIAL CONTRACTS** | **12** |
| **INTERESTS OF EXPERTS** | **13** |
| **Eligibility For Investment** | **13** |
| **CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** | **14** |
| **MARKETING MATERIALS** | **17** |
| **Technical information** | **17** |
| **CONTINUOUS DISCLOSURE** | **18** |
| **Promoter** | **18** |
| **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** | **18** |
| **NOTICE TO INVESTORS** | **18** |
| **statutory rights of withdrawal and rescission** | **19** |
| **U.S. PROSPECTUS** | **20** |
| **SCHEDULE "A"** | **21** |
| **Audit Committee charter** | **21** |
| **CERTIFICATE of the Company** | **26** |
| **CERTIFICATE OF THE CANADIAN Underwriters** | **27** |

---

 **[ADDITIONAL CANADIAN PAGE]**

 **CURRENCY PRESENTATION** 

 

This Canadian Prospectus contains references to United States dollars and Canadian dollars. United States dollars are referred to as "United States dollars" or "US$". Canadian dollars are referred to as "Canadian dollars" or "C$".

The high, low, and average rates for Canadian dollars in terms of the United States dollar for each of the periods indicated, as reported by the Bank of Canada, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **December 31, 2025** | &nbsp;&nbsp; **December 31, 2024** | &nbsp;&nbsp; **December 31, 2023** |
| &nbsp;&nbsp; **High** | &nbsp;&nbsp; C$1.4603 | &nbsp;&nbsp; C$1.4416 | &nbsp;&nbsp; C$1.3875 |
| &nbsp;&nbsp; **Low** | &nbsp;&nbsp; C$1.3558 | &nbsp;&nbsp; C$1.3316 | &nbsp;&nbsp; C$1.3128 |
| &nbsp;&nbsp; **Average** | &nbsp;&nbsp; C$1.3978 | &nbsp;&nbsp; C$1.3698 | &nbsp;&nbsp; C$1.3497 |

---

On February 5, 2026, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3676 (or C$1.00 = US$0.7312).

 

 **Use of proceeds** 

 

The estimated net proceeds received by the Company from the Offering (assuming no exercise of the Over-Allotment Option) will be approximately US$♦ (determined after deducting the underwriting discounts and commissions of US$♦ and estimated expenses of the Offering of US$♦). See "*Plan of Distribution*".

The Company intends to use the net proceeds of the Offering as set forth in the U.S. Prospectus under "*Use of Proceeds*", as summarized in the following table:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Principal Uses** | &nbsp;&nbsp; **Approximate Use of Net Proceeds of Offering (US$)** |
| &nbsp;&nbsp; Surface Exploration Drilling | &nbsp;&nbsp; 2500000 |
| &nbsp;&nbsp; Underground Rehabilitation and Exploration Tunnels | &nbsp;&nbsp; 12000000 |
| &nbsp;&nbsp; Underground Drilling | &nbsp;&nbsp; 6000000 |
| &nbsp;&nbsp; Metallurgical Test Work | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; Environmental Baseline Studies | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; NYSE American listing | &nbsp;&nbsp; 65000 |
| &nbsp;&nbsp; Salaries | &nbsp;&nbsp; ♦ |
| &nbsp;&nbsp; Professional fees | &nbsp;&nbsp; ♦ |
| &nbsp;&nbsp; General corporate and working capital purposes<sup>(1)</sup> | &nbsp;&nbsp; ♦ |
| &nbsp;&nbsp; **TOTAL** | &nbsp;&nbsp; ♦ |

---

**<u>Notes:</u>**

(1) Funds
 set aside for working capital may be allocated to corporate expenses, business development,
 potential future acquisitions, working capital, general administrative expenses and other
 purposes.

If the Over-Allotment Option is exercised in full, the estimated net proceeds received by the Company from the Offering will be US$♦ (determined after deducting the underwriting discounts and commissions of US$♦ and estimated expenses of the Offering of US$♦). The Company expects to use any proceeds received from the exercise of the Over-Allotment Option for further mining and exploration activities, and general corporate and working capital purposes.

 **[ADDITIONAL CANADIAN PAGE]**

**Business Objectives and Milestones** 

The Company's principal business objectives are described in the U.S. Prospectus under "*BUSINESS*", which are summarized below.

The Company is an exploration-stage mineral company focused on the exploration and advancement of silver, zinc, gold, lead and copper mineralization in Silver Bow County, Montana, United States. Our principal business objective is to advance our mineral properties through systematic exploration and technical evaluation in order to assess their potential for future development.

Our primary operational focus is the Rainbow Block, an approximately 878-acre patented mineral property located in the historic Butte Mining District. The Rainbow Block is our only material property under active exploration and development and benefits from extensive historical mining, exploration and metallurgical data. Our near-term exploration strategy is concentrated on mineralized zones located above the current water table, where historical and modern data indicate the potential for significant remaining mineralization.

In 2024, we completed an independent technical report in accordance with National Instrument 43-101 — *Standards of Disclosure for Mineral Projects* ("**NI 43-101**") and in addition a subpart 1300 of Regulation S-K — Disclosure by Registrants Engaged in Mining Operations, which governs disclosure for mining registrants of the SEC ("**S-K 1300**"), which established an initial Inferred Mineral Resource for the Rainbow Block. This technical work represents a foundational milestone in our exploration program and provides a technical basis for continued exploration, resource expansion and future economic evaluation.

In addition to the Rainbow Block, we hold approximately 2,420 acres of additional patented mineral rights in Silver Bow County, comprising the Marget Ann Block, Goldsmith Block, Travona Block and Emma Block. These properties are currently at the exploration stage and are intended to be evaluated as part of longer-term district-scale exploration initiatives, subject to available capital and results obtained at the Rainbow Block.

As an exploration-stage company, we have no history of mineral production and do not currently generate operating revenues. There is no assurance that our exploration activities will result in the discovery of economically recoverable mineral resources or that any of our properties will be developed into a producing mine. Advancement of our business objectives is contingent upon the availability of financing, the results of exploration programs, regulatory approvals and other factors beyond our control.

The Company expects to accomplish the following business objectives and milestones using the net proceeds of the Offering (excluding any proceeds to the Company from the exercise of the Over-Allotment Option):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Business Objective** | &nbsp;&nbsp; **Milestone that must occur for Business Objective to be Accomplished** | &nbsp;&nbsp; **Anticipated Timing to achieve Business Objective** | &nbsp;&nbsp; **Estimated Cost (US$) <sup>(1)</sup>** |
| &nbsp;&nbsp; Increasing mineral resource confidence through additional drilling and data analysis | &nbsp;&nbsp; Completion of the Phase 1 surface exploration drilling, underground rehabilitation and exploration tunnels, and underground drilling work programs on the Rainbow Block | &nbsp;&nbsp; Q1 2026 | &nbsp;&nbsp; 20500000 |

---

 **[ADDITIONAL CANADIAN PAGE]**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Business Objective** | &nbsp;&nbsp; **Milestone that must occur for Business Objective to be Accomplished** | &nbsp;&nbsp; **Anticipated Timing to achieve Business Objective** | &nbsp;&nbsp; **Estimated Cost (US$) <sup>(1)</sup>** |
| &nbsp;&nbsp; Advancing technical understanding of the mineral resource, including geological and metallurgical studies | &nbsp;&nbsp; Completion of a scoping level metallurgical study | &nbsp;&nbsp; Q1 2027 | &nbsp;&nbsp; 250000 |
| &nbsp;&nbsp; Advancing studies on the mineral resource, such as preliminary economic assessments or feasibility-level work as applicable | &nbsp;&nbsp; Completion of mineral resource update, metallurgical, environmental, and engineering studies | &nbsp;&nbsp; Q1 2027 | &nbsp;&nbsp; 250000 <br>|

---

**<u>Note:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excluding
 general corporate expenses.

<u> </u>

While the Company believes that it has the skills and resources necessary to accomplish these business objectives, there is no guarantee that the Company will be able to do so within the timeframes indicated above, or at all. New or revised directives of various levels of the Canadian and U.S. government and public health authorities in such jurisdictions, the status of labour or equipment availability and the ability to staff facilities, are all factors that could have an adverse impact on the Company's plans. The timing and cost of achieving these objectives will depend on exploration results, market conditions and the availability of capital, and there can be no assurance that these objectives will be achieved within the anticipated timeframes or at all.

**The Company does not currently have sufficient funds to accomplish these business objectives, and achieving all or a significant part of these business objectives is contingent on the Company completing the Offering or otherwise raising additional funds. The Company intends to spend the funds available to it from the Offering as stated above. However, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary. The actual amount that the Company spends in connection with each of the intended uses of proceeds will depend on a number of factors, including those referred to under "*RISK FACTORS*" in the U.S. Prospectus.**

 **Description of the securities being distributed** 

The Offering consists of up to ♦ Common Shares (including exercise of the Over-Allotment Option). The Common Shares will be issued at the Offering Price.

**Common Shares**

For a description of the material attributes and characteristics of the Common Shares issued pursuant to the Offering, see "*DESCRIPTION OF SECURITIES – COMMON SHARES*" in the U.S. Prospectus.

 **[ADDITIONAL CANADIAN PAGE]**

 **History of the COMPANY** 

 ****

We were incorporated under the name Blackjack Silver Corp. pursuant to the *Business Corporations Act* (Ontario) 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 into British Columbia under the provisions of the BCBCA. We 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 3,347 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 877 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 2,469 acres of mineral rights in Silver Bow County, represented by the Marget Ann Block, the Goldsmith Block, the Travona Block and the Emma Block.

We are an exploration stage company, with no history of operations, mining or refining mineral products. There is no assurance that the Rainbow Block will be successfully placed into production, produce minerals in commercial quantities or otherwise generate operating earnings. Our business plan is to continue exploration of the Rainbow Block to move towards completion of a feasibility study, at which point we will make a production determination, if economically and legally viable.

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 have identified potentially substantial untapped mineralization of silver, zinc, gold, lead and other metals. We have completed comprehensive digital modelling of the extensive underground workings that are part of the region'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.

For additional information regarding the history and development of the Company over the last two completed fiscal years, and technical information regarding the Rainbow Block, see "***BUSINESS***" and "**PROPERTY**" in the U.S. Prospectus.

 **consolidated capitalization** 

Other than as described under the heading "*Prior Sales*" below, there have been no material changes to the Company's share capitalization since September 30, 2025, being the period end date of the Company's most recent interim consolidated financial statements, which are attached to the U.S. Prospectus (the "**Interim Financial Statements**").

The following table sets forth the capitalization of the Company as at September 30, 2025, as at the dates indicated and adjusted to give effect to the completion of the Offering. The table should be read in

 **[ADDITIONAL CANADIAN PAGE]**

conjunction with the Interim Financial Statements and accompanying interim management's discussion and analysis.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **As at September 30, 2025 before giving effect to the Offering<sup>(5)</sup>** | &nbsp;&nbsp; **As at September 30, 2025 <br> after giving effect to the <br> Offering<sup>(1)(2)(5)</sup>** |
| &nbsp;&nbsp; Common Shares | &nbsp;&nbsp; 17399209 | &nbsp;&nbsp; ♦ |
| &nbsp;&nbsp; Warrants | &nbsp;&nbsp; 6920837 <sup>(3)</sup> | &nbsp;&nbsp; ♦ |
| &nbsp;&nbsp; Options | &nbsp;&nbsp; 1525000 <sup>(4)</sup> | &nbsp;&nbsp; ♦ |

---

**<u>Notes:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assuming
 no exercise of the Over-Allotment Option. See "*Plan of Distribution* ".

&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the event the Over-Allotment Option is exercised in full a further ♦ Additional Shares will
 be issued.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Warrants
 are exercisable to acquire Common Shares at prices ranging from US$2.50 to US$6.00 per share
 and expire between October 11, 2025 and March 10, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Stock
 options are exercisable to acquire Common Shares at prices ranging from US$2.50 to US$3.10
 per share and expire between April 18, 2029 and March 3, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 figures presented in this table reflect a reverse stock split completed on January 16, 2026,
 pursuant to which the Company completed a 1-for-10 reverse stock split. For additional information
 regarding the reverse stock split, see "*REVERSE STOCK SPLIT*" in the U.S.
 Prospectus.

 **PRIOR SALES** 

During the 12 months preceding the date of this Canadian Prospectus, the Company issued the following Common Shares and securities convertible or exchangeable for Common Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date of issue or grant** | **Type of Securities** | **Number of Securities<sup>(7)</sup>** | **Issue or Exercise Price of Security<sup>(7)</sup>** | **Description of Transaction** |
| January 28, 2026 | Common Shares | 4000 | US$5.00 | Warrant exercises |
| December 31, 2025 | Restricted Stock Units | 11583 | US$12.00 | Grant |
| December 30, 2025 | Common Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1710554 <br>| Between US$2.50 and US$6.00<sup>(1)</sup> | Warrant exercises |
| December 16, 2025 | Common Shares | 780480 | US$3.496 | Warrant exercises |
| December 16, 2025 | Units<sup>(2)</sup> | 218998 | US$2.50 | Loan conversion |
| December 8, 2025 | Common Shares | 1120755 | US$3.28 | Warrant exercises |
| November 21, 2025 | Common Shares | 1317700 | US$5.00 | Warrant exercises<sup>(3)</sup> |
| November 7, 2025 | Units<sup>(4)</sup> | 39878 | US$4.50 | Private placement |

---

 **[ADDITIONAL CANADIAN PAGE]**

---

| | | | | |
|:---|:---|:---|:---|:---|
| November 7, 2025 | Units<sup>(5)</sup> | 610989 | US$2.50 | Private placement |
| November 7, 2025 | Units<sup>(6)</sup> | 159356 | US$4.00 | Private placement |
| November 1, 2025 | Stock Options | 82500 | US$5.00 | Grant |
| October 31, 2025 | Units<sup>(4)</sup> | 11690 | US$4.50 | Private placement |
| October 31, 2025 | Units<sup>(5)</sup> | 394845 | US$2.50 | Private placement |
| October 31, 2025 | Units<sup>(6)</sup> | 29560 | US$4.00 | Private placement |
| October 31, 2025 | Common Shares | 22500 | US$6.00 | Warrant exercises |
| October 15, 2025 | Common Shares | 143894 | US$6.00 | Warrant exercises |
| September 30, 2025 | Restricted Stock Units | 31885 | US$3.10 | Grant |
| September 9, 2025 | Common Shares | 87500 | US$6.00 | Warrant exercises |
| August 15, 2025 | Common Shares | 100000 | US$6.00 | Warrant exercises |
| July 1, 2025 | Common Shares | 503333 | US$4.50 | Debt settlement |
| June 30, 2025 | Restricted Stock Units | 31885 | US$3.10 | Grant |
| April 14, 2025 | Stock Options | 60000 | US$3.10 | Grant |
| April 1, 2025 | Common Shares | 100000 | US$3.10 | RSU exercise |
| March 10, 2025 | Units<sup>(4)</sup> | 206111 | US$4.50 | Private placement |
| March 3, 2025 | Restricted Stock Units | 31885 | US$3.10 | Grant |
| March 3, 2025 | Stock Options | 750000 | US$3.10 | Grant |

---

 **[ADDITIONAL CANADIAN PAGE]**

---

| | | | | |
|:---|:---|:---|:---|:---|
| February 20, 2025 | Units(4) | 152799 | US$4.50 | Private placement |
| February 14, 2025 | Warrants | 1012621 | US$3.50 | Exercise of Warrants |
| February 10, 2025 | Units(4) | 30333 | US$4.50 | Private placement |

---

**<u>Notes</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Cashless
 exercises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Units
 consisting of one common share and one half warrant to purchase a common share at US$4.00
 per share, expiring two years from the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Cashless
 exercise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Units
 consisting of one common share and one half warrant to purchase a common share at US$6.00
 per share, expiring two years from the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Units
 consisting of one common share and one half warrant to purchase a common share at US$4.00
 per share, expiring two years from the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Units
 consisting of one common share and one full warrant to purchase a common share at US$6.00
 per share, expiring two years from the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The
 figures presented in this table reflect a reverse stock split completed on January 16, 2026,
 pursuant to which the Company completed a 1-for-10 reverse stock split. For additional information
 regarding the reverse stock split, see "REVERSE STOCK SPLIT" in the U.S. Prospectus.

 **Trading Price and Volume** 

The Company has applied to list the Common Shares on the NYSE American. The Common Shares are not currently listed for trading on any stock exchange.

 **Options to purchase securities** 

The following summarizes certain information regarding options and warrants to purchase common shares of the Company as at the date hereof:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Category of Holder** | &nbsp;&nbsp; **Holders** | &nbsp;&nbsp; **Number Of Options/Warrants Held<sup>(1)</sup>** | &nbsp;&nbsp; **Exercise Price<sup>(1)</sup>** | &nbsp;&nbsp; **Expiry** |
| &nbsp;&nbsp; Company Executive Officers & <br> Former Executive Officers <br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2725353 | &nbsp;&nbsp; US$2.50-US$6.00 | &nbsp;&nbsp; March 7, 2027-January 27, 2035 |
| &nbsp;&nbsp; Company Directors <br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2725353 | &nbsp;&nbsp; US$2.50-US$6.00 | &nbsp;&nbsp; March 7, 2027-January 27, 2035 |
| &nbsp;&nbsp; Company Employees | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 110740 | &nbsp;&nbsp; US$2.50-US$6.00 | &nbsp;&nbsp; March 7, 2027- <br> April 18, 2029  |
| &nbsp;&nbsp; Subsidiary Employees | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 187500 | &nbsp;&nbsp; US$2.50-US$5.00 | &nbsp;&nbsp; March 7, 2027- <br> November 1, 2030  |
| &nbsp;&nbsp; Company Consultants | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; US$5.00 | &nbsp;&nbsp; November 1, 2030 |

---

**<u>Notes</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 figures presented in this table reflect a reverse stock split completed on January 16, 2026,
 pursuant to which the Company completed a 1-for-10 reverse stock split. For additional information
 regarding the reverse stock split, see "REVERSE STOCK SPLIT" in the U.S. Prospectus.

 **[ADDITIONAL CANADIAN PAGE]**

 **pRINCIPAL SECURITYHOLDERS** 

To the knowledge of the directors and officers of the Company, as of the date of this Canadian Prospectus, the Company does not have any persons who beneficially own, or exercise control or direction over, directly or indirectly, Common Shares carrying more than 10% of the votes attached to Common Shares. See "*PRINCIPAL STOCKHOLDERS*" in the U.S. Prospectus for a list of persons who beneficially own, or exercise control or direction over, directly or indirectly, Common Shares carrying more than 5% of the votes attached to Common Shares.

 **indebtedness of directors and executive officers** 

None of the directors, executive officers, employees of the Company or associates or affiliates of such persons, or any of its subsidiaries, is, as at the date of this Canadian Prospectus, or has been at any time during the most recently completed financial year, indebted to the Company or any of its subsidiaries.

 **Audit committees and corporate governance** 

For a description of the Company's Board and committees of the Board, see "*MANAGEMENT*" in the U.S. Prospectus. The following disclosure is provided in this Canadian Prospectus to supplement the matters described under the section entitled "*MANAGEMENT*" in the U.S. Prospectus.

The text of the Audit Committee's Charter is attached as Schedule "A".

**Audit Committee Information**

Pursuant to the provisions of the *Business Corporations Act* (British Columbia) and NI 52-110 *Audit Committees* of the Canadian Securities Administrators ("**NI 52-110**"), the Company is required to have an audit committee (the "**Audit Committee**") and to disclose certain information concerning the constitution of its Audit Committee and its relationship with the Company's independent auditor. The general function of the Audit Committee is to review the overall audit plan and the Company's system of internal controls, to review the results of the external audit, and to resolve any potential dispute with the Company's auditor.

Prior to the completion of this Offering, we will be an SEC issuer within the meaning of National Instrument 52-107 – *Acceptable Accounting Principles and Auditing Standards* ("**NI 52-107**") and will be required to comply with the listing rules of the NYSE American with respect to our Audit Committee, including its composition and other requirements. The Board has determined that the Audit Committee also satisfies the independence and financial literacy requirements of NI 52-110.

<u>Composition of the Audit Committee</u>

The Company's Audit Committee consists of Steve Durbin (independent), David McMullin (independent) and Quinton Hennigh (independent). Mr. Durbin is the Chair of the Audit Committee.

NI 52-110 provides that a member of an audit committee is "independent" if the member has no direct or indirect material relationship with the Company, that could, in the view of the Board, reasonably interfere with the exercise of the member's independent judgment.

NI 52-110 provides that an individual is "financially literate" if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. All of the members of the Audit Committee are

 **[ADDITIONAL CANADIAN PAGE]**

"financially literate" as that term is defined in NI 52-110. Further information on the Audit Committee is set out in the U.S Prospectus under the section entitled: "*MANAGEMENT* – Audit Committee".

<u>Reliance on Certain Exemptions</u>

Since the commencement of the Company's most recently completed financial year, the Company has not relied on the exemptions contained in sections 2.4 (De Minimis Non-Audit Services), subsection 6.1.1(5) (Events Outside Control of Member), subsection 6.1.1(6) (Death, Incapacity or Resignation), or under Part 8 (Exemption) of NI 52-110.

<u>Pre-Approval Policies and Procedures</u> 

The Audit Committee has not adopted any specific policies and procedures for the engagement of non-audit services.

<u>External Auditor Service Fees</u>

The aggregate fees billed to the Company for the last two (2) fiscal years noted below by PKF Antares Professional Corporation Chartered Professional Accountants, the Company's auditor, unless otherwise noted, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Financial Year Ending** | &nbsp;&nbsp; **Audit Fees<sup>(1)</sup>** | &nbsp;&nbsp; **Audit Related Fees<sup>(2)</sup>** | &nbsp;&nbsp; **Tax Fees<sup>(3)</sup>** | &nbsp;&nbsp; **All Other Fees<sup>(4)</sup>** |
| &nbsp;&nbsp; 2024 | &nbsp;&nbsp; US$54,215.18 | &nbsp;&nbsp; US$5,656.39 | &nbsp;&nbsp; US$4,702.66 | &nbsp;&nbsp; US$3,643.13 |
| &nbsp;&nbsp; 2025 | &nbsp;&nbsp; US$247,477.80 | &nbsp;&nbsp; - | &nbsp;&nbsp; US$4,949.77 | &nbsp;&nbsp; US$634.78 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) "**Audit Fees**" include fees necessary to perform the annual audit and quarterly reviews
 of the Company's financial statements. Audit Fees include fees for review of tax provisions
 and for accounting consultations on matters reflected in the financial statements. Audit
 Fees also include audit or other attest services required by legislation or regulation, such
 as comfort letters, consents, reviews of securities filings and statutory audits.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "**Audit-Related Fees**" include services that are traditionally performed by the auditor. These audit-related
 services include employee benefit audits, due diligence assistance, accounting consultations
 on proposed transactions, internal control reviews and audit or attest services not required
 by legislation or regulation. Above Audit Related Fees primarily related to review and audit
 of the acquisition of the Ferry Lane asset and consolidation matters by Clearhouse LLP related
 to reviewing financials included in drafted SEC filings.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "**Tax Fees**" include fees for all tax services other than those included in "Audit
 Fees" and "Audit-Related Fees". This category includes fees for tax compliance,
 tax planning and tax advice. Tax planning and tax advice includes assistance with tax audits
 and appeals, tax advice related to mergers and acquisitions, and requests for rulings or
 technical advice from tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "**All Other Fees**" include all other non-audit services provided by KPMG LLP, Front Street
 Management Inc., and Clearhouse LLP.

 **Plan of distribution** 

The following discussion supplements the discussion in the U.S. Prospectus under "*UNDERWRITING*".

The securities will be offered in each of the provinces and territories of Canada, except Québec, and subject to applicable law and the Underwriting Agreement, certain jurisdictions outside of Canada, not including the United States. Subject to the terms of the Underwriting Agreement, the Company has agreed to sell to the U.S. Underwriters, and the U.S. Underwriters have agreed, severally and not jointly, to purchase from the Company, an aggregate of t Common Shares at the Offering Price of US$♦ per Common Share less a concession not in excess of US$♦ per Common Share. The U.S. Underwriters may allow, and certain

 **[ADDITIONAL CANADIAN PAGE]**

dealers may reallow, a discount from the concession not in excess of US$♦ per Common Share to certain brokers and dealers.

The Offering Price and certain other terms of the Offering have been determined by arm's length negotiations between the Company and the Underwriters.

Pursuant to the Underwriting Agreement, the Company has granted to the Underwriters the Over-Allotment Option exercisable in whole or in part in the sole discretion of the Underwriters at any time and from time to time until the date which is 30 days following the Closing Date, to purchase up to an additional ♦ Common Shares, at a price equal to the Offering Price less underwriting discounts and commissions, solely to cover over-allotments, if any, and for market stabilization purposes. The Over-Allotment Option may be exercised to purchase up to ♦ Additional Shares at US$♦ per Additional Share (assuming completion of the Offering in full). This Canadian Prospectus also qualifies the grant of the Over-Allotment Option and the distribution of the Additional Shares upon exercise of the Over-Allotment Option. Any purchaser who acquires Additional Shares forming part of the over-allotment position of the Underwriters pursuant to the Over-Allotment Option acquires such securities under this Canadian Prospectus, regardless of whether the over-allotment position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

See "*UNDERWRITING*" in the U.S. Prospectus for a description of compensation payable to the Underwriters and other fees and expenses payable in connection with this Offering.

The Company has applied to list all of its Common Shares on NYSE American under the trading symbol "SBMT". Listing will be subject to NYSE American approval and the Company fulfilling all listing requirements of the NYSE American.

The Offering is expected to close on or about ♦, 2026, or such other date as may be agreed upon between the Company and the Underwriters.

The Summary of the terms of the Underwriting Agreement herein and in the U.S. Prospectus under "*UNDERWRITING*" does not purport to be complete, and is qualified in its entirety by reference to the provisions of the Underwriting Agreement, a copy of which has been filed with the securities commissions in Canada and is available on SEDAR+ at www.sedarplus.ca.

Pursuant to the policies of certain Canadian securities regulators, the Underwriters may not, throughout the period of distribution under this Canadian Prospectus, bid for or purchase Common Shares. The foregoing restriction is subject to certain exceptions, including: (a) a bid or purchase permitted under the bylaws and rules of applicable regulatory authorities and stock exchanges, including the Universal Market Integrity Rules for Canadian Marketplaces administered by the Canadian Investment Regulatory Organization, relating to market stabilization and passive market-making activities; (b) a bid or purchase made for and on behalf of a customer where the order was not solicited during the period of distribution; (c) a bid or purchase to cover a short position entered into prior to the distribution; and (d) transactions in compliance with U.S. federal securities laws. Any such trades are permitted only on the condition that the bid or purchase is not engaged in for the purpose of creating actual or apparent active trading in or raising the price of the Common Shares.

 **Interests of Management and Others in Material Transactions** 

Other than as may be described in this Canadian Prospectus and the U.S. Prospectus, there are no material interests, direct or indirect, of any of our directors or executive officers, any shareholder that beneficially owns, or controls or directs (directly or indirectly), more than 10% of any class or series of our outstanding

 **[ADDITIONAL CANADIAN PAGE]**

voting securities, or any associate or affiliate of any of the foregoing persons, in any transaction within the three years before the date hereof that has materially affected or is reasonably expected to materially affect us or any of our subsidiaries.

 **auditor, TRANSFER AGENT AND REGISTRAR** 

The Company's auditors are Assure CPA, LLC ("**Assure**") located at 7307 N. Division, Suite 222, Spokane, WA, USA 99208. Assure is independent with respect to the Company within the meaning of the Rules of Professionals Conduct of the Chartered Professional Accountants of British Columbia and within the meaning of the Securities Act (*British Columbia*) and the applicable rules and regulations thereunder adopted by the SEC and the Public Company Accounting Oversight Board (United States) (PCAOB).

For the financial years ended December 31, 2023 and 2024, the Company's auditors were PKF Antares Professional Chartered Professional Accountants ("**PKF**") located at Suite 700, 602 12 Avenue SW, Calgary, Canada T2R 1J3. During the term of their engagement, PKF was independent with respect to the Company within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Alberta.

The Company's transfer agent and registrar for the Common Shares is Odyssey Trust Company at its offices at United Kingdom Building, 350 – 409 Granville Street, Vancouver, British Columbia, V6C 1T2.

 **MATERIAL CONTRACTS** 

The following are our only material contracts that will be in effect on the closing of this Offering, other than certain agreements entered into in the ordinary course of business:

&nbsp;&nbsp;&nbsp;&nbsp;1. Underwriting
 Agreement between **Silver Bow Mining Corp.** and **Cantor Fitzgerald & Co.**, as representative of the underwriters named in the Underwriting Agreement
 dated **♦, 2026**.

&nbsp;&nbsp;&nbsp;&nbsp;2. Asset
 Purchase and Release Agreement between **Blackjack Silver Corp.** and **Lane F Holdings LLC**, dated **September 19, 2024**.

&nbsp;&nbsp;&nbsp;&nbsp;3. Net
 Smelter Returns Royalty Agreement among **Blackjack Silver Corp.**, **Ferry Lane Limited**, and **Lane F Holdings, LLC**, dated **September 19, 2024**.

&nbsp;&nbsp;&nbsp;&nbsp;4. Asset
 Purchase and Release Agreement 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**.

&nbsp;&nbsp;&nbsp;&nbsp;5. Agreement
 among **Ferry Lane Limited**, **Arco Environmental Remediation, LLC**,
 and **Atlantic Richfield Company**, dated **July 27, 2004**.

Copies of the foregoing documents are available on SEDAR+ at www.sedarplus.ca.

 **[ADDITIONAL CANADIAN PAGE]**

 **INTERESTS OF EXPERTS** 

The following persons or companies whose profession or business gives authority to the report, valuation, statement or opinion made by the person or company are names in this Prospectus as having prepared or certified a report valuation, statement or opinion in this Canadian Prospectus.

Jacob Anderson, B.Sc., CPG MAusIMM, consulting geologist prepared the Technical Report. Mr. Anderson has no interest in the Company, the Company's securities or its properties.

For the financial years ended December 31, 2023 and 2024, PKF were the auditors of the Company and have prepared reports on the consolidated financial statements for such years and, as at the date of this Canadian Prospectus, confirmed that they are independent of the Company within the meaning of the Rules of Professionals Conduct of the Chartered Professional Accountants of British Columbia.

As at the date of this Canadian Prospectus, the partners and associates of PKF will not receive a direct or indirect interest in the properties of the Company or of any associate or affiliate of the Company. In addition, except as disclosed herein, no other director, officer, partner or employee of any of the aforementioned companies and partnerships is currently expected to be elected, appointed or employed as a director, officer or employee of the Company or of any associates or affiliates of the Company.

Certain legal matters in connection with the Offering will be passed upon on behalf of the Company by Morton Law LLP, as to Canadian legal matters, Dorsey & Whitney LLP, as to U.S. legal matters, and Fasken Martineau DuMoulin LLP, with respect to matters of tax law. Certain legal matters in connection with the Offering will be passed upon on behalf of the Underwriters by Bennett Jones LLP, as to Canadian legal matters, and Katten Muchin Rosenman LLP, as to U.S. legal matters.

As of the date of this Canadian Prospectus, the partners and associates of Morton Law LLP, Dorsey & Whitney LLP, Fasken Martineau DuMoulin LLP, Bennett Jones LLP, and Katten Muchin Rosenman LLP, beneficially own, directly or indirectly, in the aggregate less than 1% of the issued and outstanding Common Shares.

 **Eligibility For Investment** 

In the opinion of Fasken Martineau DuMoulin LLP, our Canadian tax counsel, based on the current provisions of the *Income Tax Act* (Canada) and the regulations thereunder (the "**Tax Act**"), on the date of this Offering, the Common Shares, if issued on the date of this Offering, would be "qualified investments" under the Tax Act at a particular time for a trust governed by a registered retirement savings plan ("**RRSP**"), a registered retirement income fund ("**RRIF**"), a registered education savings plan ("**RESP**"), a registered disability savings plan ("**RDSP**"), a first home savings account ("**FHSA**"), a tax-free savings account ("**TFSA**") (each, a "**Defined Plan**") or a deferred profit sharing plan (a "**DPSP**"), provided that at such time such shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the NYSE American) or the Company otherwise qualifies as a "public corporation" other than a "mortgage investment corporation" (each as defined in the Tax Act)**.**

Notwithstanding that the Common Shares may be qualified investments for a trust governed by a Defined Plan, the annuitant under an RRSP or RRIF, the holder of an RDSP, a TFSA or a FHSA or a subscriber of an RESP, as applicable, will be subject to a penalty tax if such Common Shares are "prohibited investments" (as defined in the Tax Act) for the relevant Defined Plan. The Common Shares will generally not be a "prohibited investment" provided that the annuitant under the RRSP or RRIF, the holder of the RDSP, TFSA or FHSA or subscriber of the RESP, as applicable, deals at arm's length with the Company for purposes of the Tax Act and does not have a "significant interest" (as defined in the Tax Act) in the

 **[ADDITIONAL CANADIAN PAGE]**

Company. Prospective purchasers who intend to hold the Common Shares in a Defined Plan should consult their own tax advisors regarding whether the Common Shares will be a prohibited investment in their particular circumstances.

 **CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS** 

 

In the opinion of Fasken Martineau DuMoulin LLP, our Canadian tax counsel, the following is a general summary, as of the date hereof, of the principal Canadian federal income tax considerations under the Tax Act generally applicable to a holder who acquires, as beneficial owner, Common Shares pursuant to the Offering. This summary applies only to a holder who, for the purposes of the Tax Act and at all relevant times: (i) is or is deemed to be a resident of Canada; (ii) deals at arm's length with the Company and the Underwriters and is not affiliated with the Company or the Underwriters; and (iii) acquires and holds the Common Shares as capital property (a "**Resident Holder**").

Generally, the Common Shares will be considered to be capital property to a Resident Holder unless they are held in the course of carrying on a business or were acquired in one or more transactions considered to be an adventure or concern in the nature of trade. A Resident Holder whose Common Shares might not otherwise qualify as capital property may, in certain circumstances, be entitled to make the irrevocable election provided by subsection 39(4) of the Tax Act to have its Common Shares and every other "Canadian security" (as defined in the Tax Act) owned by such Resident Holder in the taxation year of the election and in all subsequent taxation years deemed to be capital property. Such Resident Holders should consult their own tax advisors as to whether an election under subsection 39(4) of the Tax Act is available and/or advisable in their particular circumstances.

This summary is not applicable to a Resident Holder: (i) that is a "financial institution" within the meaning of the Tax Act (including for the purposes of the mark-to-market rules in the Tax Act); (ii) that is a "specified financial institution" within the meaning of the Tax Act; (iii) that reports its "Canadian tax results" within the meaning of the Tax Act in a currency other than Canadian currency; (iv) an interest in which is, or for whom the Common Shares would be, a "tax shelter investment" within the meaning of the Tax Act; (v) that enters into or has entered into, with respect to the Common Shares, a "derivative forward agreement", "synthetic disposition arrangement" or "synthetic equity arrangement" as those terms are defined in the Tax Act; (vi) that is exempt from tax under Part I of the Tax Act; or (vii) that receives dividends on the Common Shares under or as part of a "dividend rental arrangement" as defined in the Tax Act. Such Resident Holders should consult their own tax advisors.

Additional considerations, not discussed herein, may be applicable to a Resident Holder that is a corporation resident in Canada, and is or becomes (or does not deal at arm's length, for purposes of the Tax Act, with a corporation resident in Canada that is or becomes), as part of a transaction or event or series of transactions or events that includes the acquisition of the Common Shares, controlled by a non-resident person, or group of non-resident persons not dealing with each other at arm's length, for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Resident Holders should consult their tax advisors with respect to the consequences of acquiring the Common Shares.

This summary does not address the deductibility of interest by a Resident Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of Common Shares.

This summary is based upon: (i) the current provisions of the Tax Act in force as of the date hereof; (ii) all specific proposals (the "**Tax Proposals**") to amend the Tax Act that have been publicly announced by, or on behalf of, the Minister of Finance (Canada) prior to the date hereof; and (iii) counsel's understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency (the "**CRA**") made publicly available in writing prior to the date hereof. This summary assumes that all such

 **[ADDITIONAL CANADIAN PAGE]**

Tax Proposals will be enacted in the form currently proposed but no assurance can be given that they will be enacted in the form proposed or at all. This summary does not otherwise take into account or anticipate any changes in law, administrative policy or assessing practice, whether by legislative, regulatory, administrative, governmental or judicial interpretation, decision or action, nor does it take into account other federal or any provincial or territorial laws of Canada or of any jurisdiction outside of Canada, which may differ from the Canadian federal income tax considerations described herein.

Generally, for purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares must be expressed in Canadian currency. Amounts denominated in another currency must be converted into Canadian currency using the applicable rate of exchange (pursuant to the Tax Act) quoted by the Bank of Canada on the date such amounts arose, or such other rate of exchange as is acceptable to the CRA. The amount of dividends required to be included in the income of, and capital gains or capital losses realized by, a Resident Holder may be affected by fluctuations in the Canadian / U.S. dollar exchange rate.

**This summary is not exhaustive of all possible Canadian federal income tax considerations of purchasing, holding or disposing of the Common Shares. Moreover, this summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Resident Holder and no representation with respect to the income tax consequences to any particular Resident Holder is made. Accordingly, Resident Holders are urged to consult their own tax advisors about the specific tax consequences to them of acquiring, holding and disposing of Common Shares in their particular circumstances.** 

***Adjusted Cost Base***

The adjusted cost base to a Resident Holder of a Common Share will be determined by averaging the cost of such Common Share with the adjusted cost base of all other Common Shares of the Company held by the Resident Holder as capital property immediately before such acquisition.

***Taxation of Dividends Received by Resident Holders***

A Resident Holder will be required to include in computing its income for a taxation year any taxable dividend received or deemed to be received on a Common Share. In the case of a Resident Holder that is an individual (other than certain trusts), such dividend will be subject to the gross-up and dividend tax credit rules normally applicable under the Tax Act to taxable dividends received from taxable Canadian corporations. Taxable dividends that are designated by the Company as "eligible dividends" will be subject to an enhanced gross-up and tax credit regime in accordance with the rules in the Tax Act. There may be limitations on the ability of the Company to designate dividends as eligible dividends. In the case of a Resident Holder that is a corporation, the amount of any such taxable dividend that is included in its income for a taxation year will generally be deductible in computing its taxable income for that taxation year. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received by a Resident Holder that is a corporation as proceeds of a disposition or a capital gain. Resident Holders that are corporations should consult their own tax advisors having regard to their own circumstances.

A Resident Holder that is a "private corporation" (as defined in the Tax Act) or a "subject corporation" (as defined for the purposes of Part IV of the Tax Act) may be liable to pay an additional tax (refundable in certain circumstances) under Part IV of the Tax Act on dividends received or deemed to be received on the Shares to the extent such dividends are deductible in computing taxable income for the year.

 **[ADDITIONAL CANADIAN PAGE]**

***Disposition of Common Shares***

A Resident Holder who disposes of or is deemed for the purposes of the Tax Act to have disposed of a Common Share (other than to the Company unless purchased by the Company in the open market in the manner in which shares are normally purchased by any member of the public in the open market) will realize a capital gain (or incur a capital loss) equal to the amount by which the proceeds of disposition in respect of the Common Share exceed (or are exceeded by) the aggregate of: (i) the adjusted cost base to the Resident Holder of such Common Share immediately before the disposition; and (ii) any reasonable expenses incurred for the purpose of making the disposition. The adjusted cost base to a Resident Holder of a Common Share acquired pursuant to the Offering will be calculated as set out under the subheading "*Adjusted Cost Base*" above. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "*Taxation of Capital Gains and Capital Losses*".

***Taxation of Capital Gains and Capital Losses***

Generally, one-half of any capital gain (a "**taxable capital gain**") realized by a Resident Holder must be included in the Resident Holder's income for the taxation year in which the disposition (or deemed disposition) occurs. Subject to and in accordance with the provisions of the Tax Act, one-half of any capital loss (an "**allowable capital loss**") incurred by a Resident Holder must generally be deducted from taxable capital gains realized by the Resident Holder in the taxation year in which the disposition (or deemed disposition) occurs. Allowable capital losses in excess of taxable capital gains for the taxation year of disposition (or deemed disposition) generally may be carried back and deducted in the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances provided in the Tax Act.

The amount of any capital loss realized on the disposition or deemed disposition of Common Shares by a Resident Holder that is a corporation may, in certain circumstances, be reduced by the amount of dividends (including deemed dividends) which have been previously received (or deemed to be received) by it on such shares or shares substituted for such shares to the extent and under the circumstances specified by the Tax Act. Similar rules may apply where a Resident Holder that is a corporation is a member of a partnership or beneficiary of a trust that owns such shares or that itself is a member of a partnership or a beneficiary of a trust that owns such shares. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

***Other Income Taxes***

A Resident Holder that is throughout the relevant taxation year a "Canadian-controlled private corporation" (as defined in the Tax Act) or that is at any time in the relevant taxation year a "substantive CCPC" (as defined in the Tax Act) may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income", which includes an amount in respect of taxable capital gains. Such Resident Holders are advised to consult their own tax advisors.

Capital gains realized (or deemed to be realized) or taxable dividends received (or deemed to be received) by a Resident Holder who is an individual (other than certain trusts) may give rise to alternative minimum tax under the Tax Act. Such Resident Holders should consult their own tax advisors with respect to the application of alternative minimum tax.

 **[ADDITIONAL CANADIAN PAGE]**

 **MARKETING MATERIALS** 

Before filing the base PREP prospectus in respect of the Offering, we and the Underwriters intend to hold road shows that potential investors in the United States and in each of the provinces and territories of Canada (other than Québec) will be able to attend. We and the Underwriters may provide marketing materials to those potential investors in connection with those road shows.

In doing so, we and the Canadian Underwriters are relying on a provision in applicable Canadian securities legislation that allows issuers in certain U.S. cross-border offerings to not have to file marketing materials relating to those road shows on the SEDAR+ website at www.sedarplus.ca or include or incorporate by reference those marketing materials in the base PREP prospectus. To rely on this exemption, we and the Canadian Underwriters must give contractual rights to Canadian investors in the event the marketing materials contain a misrepresentation.

Accordingly, we and the Canadian Underwriters signing the certificate contained in the base PREP prospectus or the supplemented PREP prospectus have agreed that in the event the marketing materials relating to the road shows described above contain a misrepresentation (as defined in securities legislation in each of the provinces and territories of Canada), a purchaser resident in a province or territory of Canada who was provided with those marketing materials in connection with the road shows and who purchases Common Shares under the supplemented PREP prospectus during the period of distribution shall have, without regard to whether the purchaser relied on the misrepresentation, rights against us and each Canadian Underwriter with respect to the misrepresentation which are equivalent to the rights under the securities legislation of the jurisdiction of Canada where the purchaser is resident, subject to the defences, limitations and other terms of that legislation, as if the misrepresentation was contained in the supplemented PREP prospectus.

However, this contractual right does not apply (i) to the extent that the contents of the marketing materials relating to the road shows have been modified or superseded by a statement in the base PREP prospectus or the supplemented PREP prospectus, and (ii) to any "comparables" (as such term is defined in National Instrument 41-101 — *General Prospectus Requirements*) in the marketing materials provided in accordance with applicable securities legislation.

 **Technical information** 

The scientific and technical disclosure concerning the Company's material mineral project disclosed in this prospectus has been prepared and presented in accordance with both NI 43-101 and S-K 1300. While the definitions and standards of NI 43-101 and S-K 1300 have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported with respect to scientific and technical information on mineral properties, the respective standards embody slightly different approaches and definitions.

Jacob Anderson, B.Sc., CPG MAusIMM, a "qualified person" (as such term is defined in NI 43-101) was responsible for the preparation of the technical report prepared for the Company titled "NI 43-101 Technical Report on the Rainbow Block, Butte Mining District, Silver Bow County, Montana, USA" dated May 27, 2025 (with an effective date of December 31, 2024) (the "**Technical Report**") in respect of our Rainbow Block Project, located in Montana, USA. (the "**Material Project**") and who, unless otherwise stated, reviewed and approved the scientific and technical information derived from the Technical Report in this prospectus regarding the Material Project, is independent of the Company within the meaning of NI 43-101.

 **[ADDITIONAL CANADIAN PAGE]**

Readers should consult a copy of the Technical Report to obtain further particulars regarding the Material Project. The Technical Report is available for review under the Company's profile on SEDAR+ at www.sedarplus.ca. The scientific and technical information below is subject to the assumptions, qualifications and procedures set out in the Technical Report filed by the Company and qualified in its entirety with reference to the full text of the Technical Report.

Alternatively, the Technical Report may be inspected at the offices of our Canadian legal counsel, Morton Law LLP, at 1200 – 750 West Pender Street, Vancouver, BC, V6C 2T8, during normal business hours during the period of distribution of our Common Shares and for 30 days thereafter.

For the meanings of certain technical terms used in this prospectus, see "*GLOSSARY OF MINING TERMS*" in the U.S. Prospectus.

 **CONTINUOUS DISCLOSURE** 

Following the effectiveness of the Registration Statement and our listing on the NYSE American, we will become subject to the reporting requirements of the United States Securities and Exchange Commission under Sections 13(a) and 15(d) of the United States Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), and we will be filing annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K in order to satisfy our periodic disclosure requirements under the Exchange Act. We intend to comply with applicable Canadian continuous disclosure requirements under National Instrument 51-102 *Continuous Disclosure Obligations* and other applicable Canadian securities laws, including any provisions available to an SEC Issuer within the meaning of such instrument and other applicable Canadian securities laws, which may result in us filing our annual reports on Form 10-K and quarterly reports on Form 10-Q in Canada to satisfy our Canadian continuous disclosure requirements.

 **Promoter** 

No person or company has been, within the two years immediately preceding the date of this prospectus, a promoter of the Company or any of its subsidiaries. Accordingly, no person or company is required to be identified as a promoter of the Company pursuant to applicable securities laws.

 **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** 

Other than as described in this Canadian Prospectus and the U.S. Prospectus, there are no legal proceedings material to the Company that the Company is or was a party to, or that any of its property is or was the subject of, since the beginning of the Company's most recently completed financial year. In addition, the Company is not currently aware of any such legal proceedings being contemplated. See "*LEGAL PROCEEDINGS*" in the U.S. Prospectus.

 **NOTICE TO INVESTORS** 

**Enforcement of Judgments Against Foreign Persons**

Certain directors and officers of the Company reside outside of Canada. The following directors and/or officers reside outside of Canada: C. Travis Naugle, Wade Black, Peter Burroughs, Phillip Nickerson, Quinton Hennigh, David McMullin, Steve Durbin, and Andy Holloway. Each of such directors and officers have appointed Morton Law LLP located at 1200 – 750 West Pender St., Vancouver, British Columbia V6C 2T8 as his or her agent for the service of process in Canada.

 **[ADDITIONAL CANADIAN PAGE]**

In addition, Jacob Anderson, B.Sc., CPG MAusIMM, a "qualified person", referred to under the heading "*Technical Information*" in this Canadian Prospectus, hereby appoints Morton Law LLP located at 1200 – 750 West Pender St., Vancouver, British Columbia V6C 2T8 as his agent for the service of process in Canada.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or who resides outside of Canada, even if the party has appointed an agent for service of process.

**Financial Statements** 

We prepare our financial information in accordance with U.S. generally accepted accounting principles, which differ in certain material respects from Canadian generally accepted accounting principles applicable to publicly accountable enterprises (which are International Financial Reporting Standards as issued by the International Accounting Standards Board ("**IFRS**"). As an issuer that will on filing of the final prospectus be an SEC Issuer (as such term is defined in NI 52-107), we are not required to provide, and have not provided, a reconciliation of our financial statements to IFRS.

 **statutory rights of withdrawal and rescission** 

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after receipt or deemed receipt of this Canadian Prospectus and any amendment. The securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal adviser.

 **[ADDITIONAL CANADIAN PAGE]**

 **U.S. PROSPECTUS** 

(See Attached)

 **[ADDITIONAL CANADIAN PAGE]**

 **SCHEDULE "A"** 

 **Audit Committee charter**![[GRAPHIC]](n_s-1img001.jpg)

**SILVER BOW MINING CORP.**

**CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Mandate** 

The primary function of the Audit Committee (the "Committee") is to assist the Board of Directors (the "Board") in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the senior management of Silver Bow Mining Corp. (the "Company") to regulatory authorities and shareholders, the Company's systems of internal controls regarding finance and accounting, and the Company's auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement of, and should foster adherence to, the Company's policies, procedures and practices at all levels. The Committee's primary duties and responsibilities are to:

● serve as an independent and objective party to oversee the Company's accounting and financial reporting processes and internal control system;

● review the Company's financial statements and management's discussion and analysis ("MD&A");

● oversee the audit of the Company's financial statements;

● oversee the Company's 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 the Company's external auditors; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Composition and Operation** 

The Committee shall be comprised of three or more directors as determined by the Board. Each of these directors shall be "independent" as required by the applicable rules of the Company's regulators, including Rule 10A-3 of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules of the NYSE American LLC, including Sections 803A and 803B(2) of the NYSE American LLC Company Guide and such other requirements of the NYSE American Company Guide as may become applicable in the future and the rules of any other stock exchanges on which the Company is listed. No member of the Committee is permitted to have participated in the preparation of the financial statements of the Company or any current subsidiary at any time during the past three years.

All members of the Committee shall be, in the determination of the Board, "financially literate", as that term is defined by Section 803B(2) of the NYSE American LLC Company Guide, as amended from time to time. Each member of the Committee shall be able to read and understand fundamental financial statements, including the Company's statement of financial position, statement of loss and comprehensive loss and statement of cash flows. At least one member of the Committee must be "financially sophisticated," as that term is defined in Section 803B(2) of the NYSE American LLC Company Guide,

 **[ADDITIONAL CANADIAN PAGE]**

and must be an "audit committee financial expert" as defined in Item 407(d)(5)(ii) and (iii) of Regulation S-K of the Exchange Act.

The Committee members shall be appointed by the Board annually and the Board may at any time remove or replace any member of the Committee and may fill any vacancy with another Board member, as required.

The Board shall appoint a chair (the "Chair") from among the Committee members. If the Chair is not present at any meeting of the Committee, one of the other Committee members present at the meeting shall be chosen by the Committee to preside as the chairperson at the meeting.

The Committee shall meet at least quarterly, or more frequently as circumstances dictate. As part of its role to foster open communication, the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.

A majority of members shall constitute a quorum for meetings of the Committee, present in person or via telephone or via other telecommunication device that permits all persons participating in the meeting to speak and hear one another.

The Committee shall fix its own procedures for meetings, keep records of its proceedings, and report to the Board routinely.

The Committee shall hold in-camera sessions at each meeting, during which the members of the Committee shall meet in the absence of management.

The Committee may act by unanimous written consent of its members. A resolution approved in writing by the members of the Committee shall be valid and effective as if it had been passed at a duly called meeting.

No business may be transacted by the Committee except at a meeting of its members at which a quorum of the Committee is present, or by a unanimous written consent.

Members shall be provided with a minimum of 48 hours' notice of meetings. The notice period may be waived by a quorum of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Responsibilities and Duties** 

To fulfill its responsibilities and duties, the Committee shall:

*Documents/Reports Review*

 

● Review this Charter annually, and recommend to the Board any necessary amendments;

● Review the Code of Business Conduct and Ethics annually, and recommend to the Board any necessary amendments;

● Review the Communications and Corporate Disclosure Policy annually, and recommend to the Board any necessary amendments;

● Review and recommend to the Board for approval the audited annual financial statements, with the report of the external auditor, and corresponding MD&A prior to public dissemination and filing with securities regulatory authorities;

● Review and approve, or recommend to the Board for approval, the quarterly financial statements of the Company and corresponding MD&A prior to public dissemination and filing with securities regulatory authorities;

 **[ADDITIONAL CANADIAN PAGE]**

● Review any other financial disclosure documents that contain material financial information about the Company requiring approval by the Board prior to public dissemination and/or filing with any governmental and/or regulatory authority, including, but not limited to press releases, annual reports, annual information forms, and prospectuses or registration statements; and

● Review the Company's disclosure in the Management Information Circular including Committee's composition and responsibilities and how they are discharged.

*External Auditors*

"External auditor" as used here shall mean any registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company. Each such external auditor shall report directly to the Committee. With respect to the external auditor, the Committee shall:

● Review annually the performance of the external auditors who shall be ultimately accountable to the Board and the Committee as representatives of the shareholders of the Company;

● Make recommendations to the Board with respect to the compensation of the external auditor, assess whether fees and any other compensation to be paid to the external auditor for audit or non-audit services are appropriate to enable an audit to be conducted and to maintain the independence of the external auditor;

● Obtain annually, a formal written statement of external auditors setting forth all relationships between the external auditors and the Company, consistent with The Public Company Accounting Oversight Board Rule 3526;

● Review and discuss with the external auditors any disclosed relationships or services that may impact the objectivity and independence of the external auditors;

● Take, or recommend that the full Board take, appropriate action to oversee the independence of the external auditors;

● Recommend to the Board the appointment, retention and replacement of the external auditors nominated annually for shareholder approval;

● Oversee the work of the external auditor, including the resolution of disagreements between management and the external auditor regarding financial reporting;

● At each year-end audit meeting, consult with the external auditors, without the presence of management, about the quality of the Company's accounting principles, internal controls and the completeness and accuracy of the Company's financial statements;

● Review and approve the Company's hiring policies regarding partners, employees and former partners and employees of the present and former external auditors of the Company;

● Review with management and the external auditors the audit plan for the year-end financial statements;

● Review with management and the external auditor any correspondence with securities regulators or other regulatory or government agencies which raise material issues regarding the Company's financial reporting or accounting policies; and

● Review and pre-approve all audit and audit-related services and the fees and other compensation related thereto, and any non-audit services, provided by the Company's external auditors. The pre-approval requirement is waived with respect to the provision of non-audit services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the
 aggregate amount of all such non-audit services provided to the Company constitutes not more
 than five percent of the total amount of fees paid by the

 **[ADDITIONAL CANADIAN PAGE]**

Company to its external auditors during the fiscal year in which the non-audit services are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o such
 services were not recognized by the Company at the time of the engagement to be non-audit
 services; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o such
 services are promptly brought to the attention of the Committee by the Company and approved:
 (a) prior to the completion of the audit by the Committee or (b) by the Chair of the Committee,
 who is a member of the Board, to whom authority has been delegated by the Committee to grant
 such approvals.

The CFO of the Company shall maintain a record of non-audit services approved by the Audit Committee for each financial year and shall provide a report to the Audit Committee no less frequently than on a quarterly basis.

*Financial Reporting Processes*

 

● In consultation with the external auditors, review with management the integrity of the Company's financial reporting process, both internal and external;

● Consider the external auditors' judgments about the quality and appropriateness of the Company's accounting principles as applied in its financial reporting;

● Consider and approve, if appropriate, changes to the Company's auditing and accounting principles and practices as suggested by the external auditors and management;

● Review significant judgments made by management in the preparation of the financial statements and the view of the external auditors as to appropriateness of such judgments;

● Following completion of the annual audit, review separately with management and the external auditors any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information;

● Review any significant disagreement among management and the external auditors in connection with the preparation of the financial statements. Where there are significant unsettled issues, the Committee shall ensure that there is an agreed course of action for the resolution of such matters;

● Review with the external auditors and management the extent to which changes and improvements in financial or accounting practices have been implemented;

● Establish a procedure for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters;

● Review the certification process;

● Establish a procedure for the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters;

● Carry out a review designed to ensure that an effective "whistle blowing" procedure exists to permit stakeholders to express any concerns regarding accounting, internal controls, auditing matters or financial matters to an appropriately independent individual; and

● Review any related-party transactions.

*Ethical and Legal Compliance and Risk Management*

 

● Review the integrity of the Chief Executive Officer ("CEO") and other senior management and ensure that the CEO and other senior management strive to create a culture of integrity throughout the Company;

● Review the adequacy, appropriateness and effectiveness of the Company's policies and business practices which impact on the financial integrity of the Company, including those

 **[ADDITIONAL CANADIAN PAGE]**

relating to insurance, accounting, information services and systems, financial controls and management reporting; and

● In conjunction with any other committee designated by the Board from time to time, review major financial, audit and accounting related risks and the policies, guidelines and mechanisms that management has put in place to govern the process of monitoring, controlling and reporting such risks.

*Anti-Bribery and Anti-Corruption*

 

● Review the principal anti-bribery and anti-corruption risks in the Company's business activities and provide oversight of appropriate systems to manage such risk as applicable to the Company;

● Review and monitor the anti-bribery and anti-corruption policies and activities of the Company on behalf of the Board to ensure compliance with applicable laws, legislation and policies as they relate to anti-corruption and anti-bribery issues; and

● In the event of the occurrence of a corruption or bribery incident, receive and review, without delay, a report from management detailing the nature of the incident. Such report is to be made to the Committee in its entirety, and the Committee will immediately inform the Board at large, which will review the incident and determine the Company's disclosure obligations, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Authority** 

The Committee:

● Has the authority to communicate directly with officers and employees of the Company, its auditors, and legal counsel and to provide such information respecting the Company as it considers necessary or advisable in order to perform its duties and responsibilities.

● This extends to requiring the external auditor to report directly to the Committee;

● Has the authority to engage independent counsel and other advisors as it deems necessary to carry out its duties and the Committee will set the compensation for such advisors; and

● Shall be provided appropriate funding from the Company, as determined by the Committee for payment of compensation to any registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit review or attest services for the Company, to any advisors employed by the Committee, and for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

The Committee shall also have such other powers and duties as delegated to it by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Accountability** 

The Committee Chair has the responsibility to report to the Board, as requested, on accounting and financial matters relative to the Company.

The Committee shall report its discussions to the Board by maintaining minutes of its meetings and providing an oral report at the next Board meeting.

 **[ADDITIONAL CANADIAN PAGE]**

 **CERTIFICATE of the Company** 

**Dated: February 6, 2026**

This prospectus, together with the documents and information incorporated by reference, will, as of the date of the supplemented prospectus providing the information permitted to be omitted from this prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required under the securities legislation of each of the provinces and territories of Canada, other than Québec.

---

| | |
|:---|:---|
| &nbsp;&nbsp; *"C. Travis Naugle"* | &nbsp;&nbsp; *"Wade Black"* |
| &nbsp;&nbsp; C. Travis Naugle | &nbsp;&nbsp; Wade Black |
| &nbsp;&nbsp; Chief Executive Officer | &nbsp;&nbsp; Chief Financial Officer |

---

&nbsp;&nbsp; On behalf of the Board of Directors of the Company

---

| | |
|:---|:---|
| &nbsp;&nbsp; *"David McMullin"* | &nbsp;&nbsp; *"Steven Durbin"* |
| &nbsp;&nbsp; David McMullin | &nbsp;&nbsp; Steven Durbin |
| &nbsp;&nbsp; Director | &nbsp;&nbsp; Director |

---

 **[ADDITIONAL CANADIAN PAGE]**

 **CERTIFICATE OF THE CANADIAN Underwriters** 

**Dated: February 6, 2026**

To the best of our knowledge, information and belief, this prospectus, together with the documents and information incorporated by reference, will, as of the date of the supplemented prospectus providing the information permitted to be omitted from this prospectus, constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus as required under the securities legislation of each of the provinces and territories of Canada, other than Québec.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **RESEARCH CAPITAL CORPORATION** | &nbsp;&nbsp; **CANTOR FITZGERALD CANADA CORPORATION** |
| &nbsp;&nbsp; *"David Greifenberger"* | &nbsp;&nbsp; *"Elan Shevel"* |
| &nbsp;&nbsp; David Greifenberger | &nbsp;&nbsp; Elan Shevel |
| &nbsp;&nbsp; Managing Director, Investment Banking, Head of Mining | &nbsp;&nbsp; Chief Compliance Officer |

---

**PRELIMINARY PROSPECTUS**

![](n_s-1img001.jpg)

**Common Shares**

 **, 2026**

Until and including ________, 2026 (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer's obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**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 | $5559 |
|  FINRA filing fee | 5000 |
|  NYSE American listing fee\* | 65000 |
|  Printing and engraving expenses\* | 50000 |
|  Legal fees and expenses\* | 300000 |
|  Accounting fees and expenses\* | 75000 |
|  Blue Sky fees and expenses (including legal fees) | 0 |
|  Transfer agent and registrar fees and expenses\* | 25000 |
|  Underwriter unallocated expenses\* | 500000 |
|  Miscellaneous\* | 25000 |
|  Total | $1045559 |

---

\*- Estimated

**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 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, officers, former directors and officers 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 and reasonably incurred by such person in respect of that proceeding. Each director, officer 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 and Corporate Secretary, which requires us to indemnify them.

**Item 15. Recent sales of unregistered securities**

On January 12, 2022, we entered into subscription agreements with certain beneficial purchasers for 277,200 units consisting of one common share and one common share purchase warrant for a price of $5.00 per unit. Each warrant entitled the holder to acquire one common share at a price of $7.50 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 $3.50 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 810,000 units for a total purchase price of $4,050,000. Each unit was priced at $5.00 and consisted of one common share and one common share purchase warrant, each warrant exercisable at $7.50 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 2,000 units consisting of one common share and one common share purchase warrant for a price of $5.00 per unit. Each warrant entitled the holder to acquire one common share at a price of $7.50 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 127,500 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.

On August 29, 2023, we entered into a Securities Exchange Agreement with ISLV Partners, LLC ("ISLV") whereby we issued 5,044,136 common shares to ISLV and 3,521,511 warrants to purchase common shares as described below:

---

| | | | |
|:---|:---|:---|:---|
| **Number** | **Exercise<br> Currency** | **Exercise<br> Price** | **Expiry Date** |
| 9.602 | C$ | $2.50 | September 10, 2023 |
| 640144 | US$ | $2.50 | October 26, 2023 |
| 245847 | US$ | $5.00 | December 4, 2025 |
| 657549 | US$ | $5.00 | December 16, 2025 |
| 256650 | US$ | $5.00 | December 30, 2025 |
| 519762 | US$ | $5.00 | January 28, 2026 |
| 370803 | US$ | $5.00 | February 21, 2026 |
| 9628 | US$ | $5.00 | February 24, 2026 |
| 86419 | US$ | $5.00 | March 24, 2026 |
| 88660 | US$ | $5.00 | March 23, 2026 |
| 107367 | US$ | $5.00 | March 29, 2026 |
| 57613 | US$ | $5.00 | August 3, 2026 |
| 221810 | US$ | $7.50 | January 12, 2024 |
| 120027 | US$ | $7.50 | February 15, 2024 |
| 128029 | US$ | $7.50 | March 15, 2024 |
| 1600 | US$ | $7.50 | August 5, 2024 |
| **3521511** |  |  |  |

---

From August through November 2023, we entered into subscription agreements with certain beneficial purchasers for 327,500 units consisting of one common share and one common share purchase warrant for a price of $4.00 per unit. Each warrant entitled the holder to acquire one common share at a price of $6.00 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 56, 3955 common shares and 56,395 warrants to purchase common shares with an exercise price of $6.00 per share as settlement of amounts owing to our then-CEO, valued at $4.00 per share. The securities were issued pursuant to Section 4(a)(2) of the U.S. Securities Act

On December 5, 2023, we issued 1,425,812 common shares pursuant to warrant exercises by certain warrant holders at a price of $2.50 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 15,000 common shares and 7,500 common share purchase warrants with an exercise price of $6.00 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 530,000 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $2.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $4.00 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 22,222 units consisting of one common share and one-half (1/2) common share purchase warrant for a price of $4.50 per unit. Each warrant entitled the holder to acquire one common share at a price of $6.00 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 85, 0000 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 1,107,460 common shares and 553,730 common share purchase warrants with an exercise price of $4.00 with an expiry date of April 28, 2026. In connection with this financing, the Company issued 52,288 compensation warrants with an exercise price of $2.50 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.

In April 2024, we closed a financing, raising $402,300 by issuing 89,400 common shares and 44,700 common share purchase warrants with an exercise price of $6.00 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 114,000 common shares at a price of $2.50 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 475,078 units for a price of $4.50 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 $6.00 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 1,400,000 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 shares at $3.10 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 50,000 options to our chief financial officer pursuant to his executive employment agreement. The options have an exercise price of $3.10 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 1,012,622 shares pursuant to warrant exercises by certain warrant holders at a price of $3.50 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 100,000 restricted stock units to our chief executive officer and in April 2025, we issued 100,000 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 750,000 options to directors, officers, and employees. The options have an exercise price of $3.10 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 31,886 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 60,000 options to our vice president of exploration. The options have an exercise price of $3.10 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 31,886 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On July 1, 2025, we issued 503,333 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 100,000 common shares pursuant to warrant exercises by certain warrant holders at a price of $6.00 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 September 2025, we issued 87,500 common shares pursuant to warrant exercises by certain warrant holders at a price of $6.00 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 September 30, 2025, we issued 31,886 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In October 2025, we issued 166,395 common shares pursuant to warrant exercises by certain warrant holders at a price of $6.00 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 October 31, 2025, we closed a private placement of units of the Company, pursuant to which we issued (i) 29,560 units at $4.00 per unit, consisting of 29,560 common shares and 29,560 warrants exercisable for common shares at $6.00 per share for a period of two years following the date of issuance, (ii) 394,846 units at $2.50 per unit, consisting of 394,846 common shares and 197,423 warrants exercisable for common shares at $4.00 per share for a period of two years following the date of issuance, and (iii) 11,691 units at $4.50 per unit, consisting of 11,691 common shares and 5,845 warrants exercisable for common shares at $6.00 per shares for a period of two years following the date of issuance. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act and Rule 903 of Regulation S.

On November 1, 2025, we granted 82,500 options to directors, officers, and employees. The options have an exercise price of $5.00 per share and expire on November 1, 2030. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

On November 7, 2025, we closed a private placement of units of the Company, pursuant to which we issued (i) 159,357 units at $4.00 per unit, consisting of 159,357 common shares and 159,357 warrants exercisable for common shares at $6.00 per share for a period of two years following the date of issuance, (ii) 610,990 units at $2.50 per unit, consisting of 610,990 common shares and 305,495 warrants exercisable for common shares at $4.00 per share for a period of two years following the date of issuance, and (iii) 39,879 units at $4.50 per unit, consisting of 39,879 common shares and 19,940 warrants exercisable for common shares at $6.00 per shares for a period of two years following the date of issuance. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act and Rule 903 of Regulation S.

In December 2025, we issued 1,901,236 common shares pursuant to warrant exercises by certain warrant holders at prices ranging from $2.50 to $6.00 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 December 2025, we issued 3,028,254 common shares pursuant to warrants exercises by certain warrant holders on a cashless exercise basis. The securities were issued pursuant to Section 3(a)(9) of the U.S. Securities Act.

In December 2025, we issued 218,998 common shares and 109,497 warrants exercisable at $4.00 per share for a period of two years pursuant to the conversion of outstanding loan amounts held by certain investors. The securities were issued pursuant to Section 3(a)(9) of the U.S. Securities Act.

On December 31, 2025, we issued 11,583 RSUs to our directors. The securities were issued pursuant to Rule 701 under the U.S. Securities Act.

In January 2026, we issued 4,000 common shares pursuant to a warrant exercise by a warrant holder at a price of $5.00 per share. The securities were issued pursuant to Rule 506 of Regulation D and Section 4(a)(2) of the U.S. Securities Act.

**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  |
| [3.1\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex3-1.htm) | [Notice of Articles](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex3-1.htm) |
| [3.2\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex3-2.htm) | [Articles](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex3-2.htm) |
| [4.1\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex4-1.htm) | [Specimen of Common Share Certificate](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex4-1.htm) |
| [4.2\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex4-2.htm) | [Form of Warrant (December 2024-March 2025)](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex4-2.htm) |
| [4.3\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex4-3.htm) | [Form of Warrant (2023-2024)](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex4-3.htm) |
| [4.4](exh4_4.htm) | [Performance Warrant Agreement with Travis Naugle](exh4_4.htm) |
| 5.1\*\* | Opinion of Morton Law LLP |
| [10.1#\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-1.htm) | [Employment Agreement of Phillip Nickerson, dated April 14, 2025](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-1.htm) |
| [10.2#\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-2.htm) | [Employment Agreement of Wade Black, dated February 1, 2025](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-2.htm) |
| [10.3&\*+](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-3.htm) | [Asset Purchase and Release Agreement, by and between Blackjack Silver Corp. and Lane F Holdings LLC, dated September 19, 2024](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-3.htm) |
| [10.4&\*+](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/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](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-4.htm) |
| [10.5&\*+](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/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](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-5.htm) |
| [10.6&\*+](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-6.htm) | [Agreement, by and among Ferry Lane Limited, Arco Environmental Remediation, LLC and Atlantic Richfield Company, dated July 27, 2004](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-6.htm) |
| [10.7&\*+](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/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.](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-7.htm) |
| [10.8\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-8.htm) | [Termination Settlement Letter Agreement, by and between Carl Hansen and Blackjack Silver Corp., dated January 23, 2025](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-8.htm) |
| [10.9\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/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](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex10-9.htm) |
| [10.10](ex10-10.htm) | [Employment Agreement of C Travis Naugle](ex10-10.htm) |
| [10.11\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000178/ex10-11.htm) | [Employment Agreement of Peter Burroughs](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000178/ex10-11.htm) |
| [16.1](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex16_1pkf-auditorsletter.htm) | [Letter from PFK Antares Professional Corporation dated January 23, 2026](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex16_1pkf-auditorsletter.htm) |
| [21.1\*](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex21-1.htm) | [Subsidiaries](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex21-1.htm) |

---

---

| | |
|:---|:---|
| [23.1](ex23_1pkf-consent.htm) | [Consent of PKF Antares Professional Corporation Chartered Professional Accountants, independent registered public accounting firm](ex23_1pkf-consent.htm) |
| 23.2\*\* | Consent of Morton Law LLP (included in Exhibit 5.1) |
| [23.3](ex23_3qp-consent.htm) | [Consent of Dahrouge](ex23_3qp-consent.htm) |
| [24.1\*](#powerofatty) | [Power of Attorney (included on the signature page hereto)](#powerofatty) |
| [96.1](ex96-1.htm) | [Technical Report Summary](ex96-1.htm) |
| [107](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex107_filing-fees.htm) | [Calculation of Filing Fees Table](https://www.sec.gov/Archives/edgar/data/2067674/000153949726000142/ex107_filing-fees.htm) |

---

---

| | |
|:---|:---|
| \* | Previously filed and incorporated by reference to the corresponding exhibit as filed in the Registrant's Registration Statement on Form S-1 as filed with the Commission on January 23, 2026. |
| \*\* | 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.

**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.

**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 February 17, 2026.

---

| | |
|:---|:---|
| **SILVER BOW MINING CORP.** | **SILVER BOW MINING CORP.** |
| By: | /s/ C. Travis Naugle |
|  | Name: C. Travis Naugle |
|  | Title: Chief Executive Officer |

---

**POWER OF ATTORNEY**

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 February 17, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ C. Travis Naugle | Chief Executive Officer and Chairman |
| C. Travis Naugle | Chief Executive Officer and Chairman |
| /s/ Wade Black | Chief Financial Officer |
| Wade Black | Chief Financial Officer |
| /s/ Peter Burroughs | Chief Accounting Officer |
| Peter Burroughs | Chief Accounting Officer |
| /s/ Steve Durbin\* | Director |
| Steve Durbin | Director |
| /s/ David McMullin\* | Director |
| David McMullin | Director |
| /s/ Andy Holloway\* | Director |
| Andy Holloway | Director |
| /s/ Quinton Hennigh\* | Director |
| Quinton Hennigh, M.Sc./Ph.D. | Director |

---

---

| |
|:---|
| \* By: /s/ C. Travis Naugle |
| &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;C. Travis Naugle |
| &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;Attorney-in-Fact |

---

**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 February 17, 2026.

---

| |
|:---|
| /s/ C. Travis Naugle |
| C. Travis Naugle |

---

## Exhibit 4.4

**Exhibit 4.4**

**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 JANUARY 27, 2035 <br> AFTER WHICH TIME THESE WARRANTS<br> SHALL BE NULL AND VOID**

WARRANTS TO PURCHASE COMMON SHARES

OF

**BLACKJACK SILVER CORP.**

(a company existing under the *Ontario Business Corporations Act* ("**OBCA**").

---

| | |
|:---|:---|
| | ![](n5138s1img001.jpg) |
|  | Number of warrants |
| CERTIFICATE | represented by this |
| <u>NO: PW-2025-01-04</u> | <u>certificate – 14,000,000</u> |

---

THIS CERTIFIES THAT, for value received, Charles Travis Naugle, 3611 Copper Spring Dr Fort Collins, CO 80528 USA (the "**Holder**") is entitled, subject to the terms and conditions set forth below, to purchase, at the Exercise Price, one Common Share in the capital stock of Blackjack Silver Corp. (the "**Company**"), for each of the Performance Warrants evidenced hereby, upon the achievement of the Performance Milestones set forth below. This Performance Warrant Certificate is issued pursuant to the Executive Employment Agreement dated May 1, 2024 between the Company and the Holder (the "Employment Agreement"), which was approved by the Board of Directors of the Company (the "**Board**") on April 30, 2024 and further ratified by the Board on January 27, 2025.

The number of Shares allocated to each milestone (each a "**Milestone**") listed in the below table will become exercisable at the exercise price per Share listed below for each respective Milestone (the "**Exercise Price**"). The Exercise Price represents not less than the fair market value of the Common Shares as of the date of issuance of this Performance Warrant Certificate, as determined in good faith by the Board, consistent with the equity financings completed by the Corporation at or around the time of issuance. The Performance Warrants will become exercisable without further action of the Holder immediately upon the respective Milestone being achieved (each an "**Exercise Event**"), subject to the following terms and conditions:

---

| | | | |
|:---|:---|:---|:---|
| **Milestone**<br> **Achievement**<br> **Date**<sup>(2)(4)</sup> | **Milestone**<sup>(1)</sup> | **Number of**<br> **Shares**<br> **issuable**<br> **upon**<br> **Milestone** | **Exercise Price**<br> **per**<br> **Performance**<br> **Warrant upon**<br> **achievement of**<br> **Milestone** |
| May 31, 2025<sup>(3)</sup> | Completion of Mineral Resource Estimate (SK-1300 compliant) | 4000000 | US$0.31 |
| June 30, 2025<sup>(3)</sup> | Purchase of Goldsmith claim block from Columbia Basin LLC | 2000000 | US$0.31 |
| Dec 31, 2025<sup>(3)</sup> | Resolution of Lane F Holdings option for cash or shares | 4000000 | US$0.31 |
| Dec 31, 2026<sup>(3)</sup> | Public listing, or other, at direction of board | 2000000 | US$0.31 |
| Dec 31, 2026<sup>(3)</sup> | Completion of Preliminary Economic Assessment | 2000000 | US$0.31 |
|  |  | **14000000** |  |

---

**<u>Notes:</u>**

1) If the Milestone is not achieved on or before the Milestone Achievement Deadline, the Milestone and the option to receive any common shares of the Company issuable pursuant to the Milestone shall terminate.

2) The determination of whether a Milestone is achieved is subject to the determination by the Board and the Board may, in its sole discretion, establish such conditions and use such business criteria and other measures of performance as it may deem appropriate in determination of the achievement of any particular Milestone.

3) Any unvested Performance Warrants shall become immediately vested upon a Change of Control.

4) Subject to Section 10 (Termination of Performance Warrant), once vested through either (a) achievement of the applicable Milestone by its Milestone Achievement Date or (b) a Change of Control, such vested Performance Warrants remain exercisable until the Expiry Time, regardless of when the vesting occurred.

The Company covenants to and in favour of the Holder that in the event of the achievement of any Milestone the Company agrees to use commercially reasonable efforts to issue the Performance Warrants allocated to such Milestone to the Holder as soon as practicable.

The Company shall treat the Holder as the absolute owner of the Performance Warrants evidenced by this Performance Warrant Certificate for all purposes and the Company shall not be affected by any notice or knowledge to the contrary. The Holder shall be entitled to the rights evidenced by this Performance Warrant Certificate free from all equities and rights of set-off or counterclaim between the Company and the original or any intermediate holder and all persons may act accordingly and the receipt by the Holder of the Shares issuable upon exercise hereof shall be a good discharge to the Company and the Company shall not be bound to inquire into the title of any such Holder.

1.  **<u>Definitions</u>** 

In this Performance 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) "Cause"
 shall have the same meaning as set forth in Section 5.2.1 of the Executive Employment
 Agreement dated May 1, 2024 between the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) "Change
 of Control" shall have the same meaning as set forth in Section 2.8.2 of the Executive

Employment Agreement dated May 1, 2024 between the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) "Company"
 means Blackjack Silver Corp., soon to be renamed Silver Bow Mining Corp., a Company incorporated
 under the laws of Ontario and its successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) "Current
 Market Price" means, as of any date, the fair market value per Common Share as
 determined by the Board in good faith, taking into consideration recent equity financings,
 third-party valuations (if any), and any other relevant factors; provided that (i) if
 the Common Shares are listed on a stock exchange or reported on a trading market, it
 shall mean the volume weighted average trading price of the Common Shares for the 20
 trading days immediately preceding such date, and (ii) in all cases, such determination
 shall be made in a manner consistent with Section 409A of the United States Internal
 Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) "Expiry
 Time" means five o'clock in the afternoon, Toronto time, on January 27, 2035;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) "Milestone"
 means any of the events set forth in the table below, the achievement of which shall
 cause the corresponding number of Performance Warrants to become exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) "Performance
 Warrant", "warrant", "herein", "hereby", "hereof",
 "hereto", "hereunder" and similar expressions mean or refer to
 this Performance 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) "Person"
 means an individual, Company, 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;j) "Subscription
 Form" means the form of subscription annexed hereto as Schedule "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) "Termination
 Date" means the effective date of the termination of the Holder's employment
 with the Company for any reason, whether such termination is voluntary or involuntary,
 with or without Cause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) "Vesting"
 means the process by which Performance Warrants become exercisable upon the achievement
 of a Milestone.

2.  **<u>Expiry Time</u>** 

After the Expiry Time, all rights under any Performance 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 Performance 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 26 hereof.

4.  **<u>Net Issuance Conversion Right</u>** :

In lieu of paying the Exercise Price in cash, the Holder may elect to exercise the Performance Warrants on a cashless basis by surrendering this Performance Warrant Certificate and indicating the number of Performance Warrants to be exercised. Upon such election, the Company shall issue to the Holder the number of Common Shares determined by the following formula:

X = <u>(A – B)</u> x Y

A

Where: X = the number of Common Shares to be issued to the Holder.

Y = the number of Performance Warrants being exercised.

A = the Current Market Price of one Common Share on the date of exercise.

B = the Exercise Price.

No fractional shares shall be issued upon a cashless exercise. If the calculation results in a fractional share, the number of shares issued shall be rounded down to the nearest whole number.

5.  **<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.

6.  **<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 Performance

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.

7.  **<u>No Fractional Shares</u>** 

Notwithstanding any adjustments provided for in Section 11 hereof or otherwise, the Company shall not be required upon the exercise of any Performance 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.

8.  **<u>Not a Shareholder</u>** 

Nothing in this certificate or in the holding of a Performance Warrant evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Company.

9.  **<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 Performance 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;(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.

10.  **<u>Termination of Performance Warrant</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Holder ceases to be an employee of the Company or any subsidiary for any reason other than resignation or termination of the Holder for Cause or as otherwise set out in (b) below, the Performance Warrant shall immediately become vested and exercisable in full under the earlier of the following: (i) twelve (12) months following the Termination Date, and (ii) the Expiry Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Holder ceases to be an employee of the Company by reason of voluntary resignation by the Holder, then any unvested Performance Warrants held by the Holder as of the Termination Date shall be immediately forfeited and cancelled as of the Termination Date (unless otherwise determined by the board of directors of the Company in their sole discretion) and all vested Performance Warrants as of the Termination Date shall be exercisable in full until the earlier of (i) twelve (12) months following the Termination Date, and (ii) the Expiry Date. In the event that the Holder's employment is terminated by the Company for Cause, any unvested Performance Warrants shall immediately expire upon such Termination Date, and any vested Performance Warrants shall remain exercisable until the earlier of (i) twelve (12) months following the Termination Date, and (ii) the Expiry Date.

11.  **<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 smaller 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 11 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 11 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 11(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 11(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 11(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 11(2)(i)(B)(II), the number of Common Shares that
 would be outstanding if all the Common Shares described in subparagraph 11(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 11, 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 11 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 11, 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 Performance 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 Performance 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 7 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 Company 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 Company or other entity (any of such events being called a "Capital Reorganization"), the Holder, upon exercising this Performance 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 Performance 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 11 with respect to the rights and interests thereafter of the Holder to the end that the provisions set forth in this Section 11 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 Performance Warrant approved by action by the directors of the Company and will for all purposes be conclusively deemed to be an appropriate adjustment.

12.  **<u>Rules Regarding Calculation of Adjustment of Exercise Price</u>** 

(1) The adjustments provided for in Section 11 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 12.

(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 11, other than the events referred to in clauses 11(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 Performance 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 11 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 11, 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 Performance Warrant takes any action affecting the Common Shares, other than action described in Section 11, 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 Performance 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 11, 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 Performance 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 11(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.

13.  **<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 Company (herein called a "successor Company") 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 Company 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 Company will have assumed all the covenants and obligations of the Company
 under this Performance Warrant, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Performance Warrant will be a valid and binding obligation of the successor Company entitling
 the Holder, as against the successor Company, to all the rights of the Holder under this
 Performance Warrant;

(2) Whenever the conditions of subsection 13(1) shall have been duly observed and performed the successor Company shall possess, and from time to time may exercise, each and every right and power of the Company under this Performance 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 Company.

54.  **<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 Performance Warrant and the Common Shares issuable upon the exercise hereof and perform its obligations hereunder and that this Performance Warrant represents a valid, legal and binding obligation of the Company enforceable in accordance with its terms.

65.  **<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 Performance 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.

76.  **<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 Performance 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 Performance 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 Performance Warrants evidenced hereby.

87.  **<u>Lost Certificate</u>** 

If the Performance Warrant certificate evidencing the Performance 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.

98.  **<u>Governing Law</u>** 

This Performance 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.

109.  **<u>Severability</u>** 

If any one or more of the provisions or parts thereof contained in this Performance 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 Performance Warrant in any jurisdiction shall not affect or impair such provision
 or part thereof or any other provisions of this Performance Warrant in any other jurisdiction.

20.  **<u>Headings</u>** 

The headings of the articles, sections, subsections and clauses of this Performance Warrant have been inserted for convenience and reference only and do not define, limit, alter or enlarge the meaning of any provision of this Performance Warrant.

2111.  **<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 Performance Warrant.

122.  **<u>Gender</u>** 

Whenever used in this Performance 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.

133.  **<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.

144.  **<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".

155.  **<u>Binding Effect</u>** 

This Performance 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.

166.  **<u>Notice</u>** 

Any notice, document or communication required or permitted by this Performance 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;(a) to
 the Holder, at the address on the face page of this warrant certificate, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 the Company at:

**Blackjack Silver Corp.**

401 Bay Street, Suite 2702

Toronto, Ontario

M5H 2Y4

Attention: CFO or other officer

Email: wadeblack@silverbowmining.com

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.

177.  **<u>Time of Essence</u>** 

Time shall be of the essence hereof.

188.  **<u>Transfer of Performance Warrants</u>** 

This Performance Warrant is transferable or assignable. The Company will charge an administrative fee of CAD$50 plus HST for each Performance Warrant re-registration.

**IN WITNESS WHEREOF**, the Company has caused this Performance Warrant certificate to be signed by its duly authorized representative as of this January 28, 2025.

**BLACKJACK SILVER CORP.**

---

| | |
|:---|:---|
| per: | ![](n5138s1img001.jpg) |

---

Quinton Hennigh

&nbsp;&nbsp;&nbsp;&nbsp;<u>**SCHEDULE "A"**</u>

**<u>SUBSCRIPTION FORM</u>**

---

| | |
|:---|:---|
| **TO:** | **BLACKJACK SILVER CORP.** |

---

The undersigned holder of the within Performance Warrant Certificate hereby irrevocably subscribes for ________________________Common Shares of **Blackjack Silver Corp**. (the "**Company**") pursuant to the within Performance Warrant Certificate at the Exercise Price per share specified in the said Performance 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: |
| Address: |

---

☐ Please check box if these Common Share certificates are to be delivered at the office where this Performance Warrant Certificate is surrendered, failing which the Common Shares certificates will be mailed to the subscriber at the address set out above.

If any Performance Warrants represented by this certificate are not being exercised, a new Performance Warrant certificate will be issued and delivered with the Common Share certificates.

## Exhibit 10.10

**Exhibit 10.10**

**EXECUTIVE EMPLOYMENT AGREEMENT**

This Executive Employment Agreement (the "**Agreement**") is made by and between Blackjack Silver Corp. ("**BSC**"), 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 C. Travis Naugle, a resident of Colorado ("**Executive**") (Executive and the Companies, herein, the "**Parties**") and is effective as of May 1, 2024 (the "**Effective Date**").

**RECITALS**

**WHEREAS,** The Company is involved in the business of acquiring, exploring and developing natural resource properties in the Americas with a focus on the Butte Property located 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;&nbsp;&nbsp;&nbsp;&nbsp;**1.1. Term.** This Agreement shall commence on the Effective Date and shall continue for a period of five (5) years (the "Term"), unless earlier terminated in accordance with the provisions of Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2. Joint Employment as CEO and General Manager.** During his employment, Executive will serve as the most senior manager of the Company, with the titles of Chief Executive Officer of BSC and of General Manager and its equivalent of BBOL and any other subsidiaries that may be formed or acquired from time to time. Executive shall have the authority, at his discretion, to appoint other individuals to hold the position of General Manager or its equivalent, depending on the subsidiary structure, provided that such individuals report directly to the Executive in his capacity as CEO. Executive will render such management and business services as are consistent with Executive's roles and such other reasonable and consistent duties as may be assigned to Executive by BSC's Board of Directors (the "Board"). The Parties agree that if it is necessary or helpful, BBOL may be designated as Executive's employer of record in the United States. Notwithstanding any other provision of this Agreement, both BSC and BBOL agree to be jointly and severally obligated to fulfill all terms and provisions of this Agreement and to meet all obligations to Executive hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3. Services.** The Executive will provide the following services:

&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;**1.3.1.** Formulate and implement a strategic plan that guides the direction of the Company's business, including preparing the Company for a public listing;

&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;**1.3.2.** Foster a strong safety culture within the organization and ensure that all employees adhere to the Company's health and safety policies and procedures.

&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;**1.3.3.** Identify key roles within the organization and recruit qualified individuals to fill these positions, with a particular focus on: (i) CFO; (ii) operating team commensurate with mine development and operations; (iii) technical services team to support mine planning, geological modeling, engineering, permitting and other technical aspects of the mining operation; and (iv) head office resources to handle essential corporate functions.

&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;**1.3.4.** Manage the Company and its components, ensuring they function properly, and identify and solve problems that may prevent their smooth and efficient operation;

&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;**1.3.5.** Seek, investigate, and implement opportunities for growth of the Company's business, including property acquisitions and dispositions, M&A activity, joint ventures, and partnerships;

&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;**1.3.6.** 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.7.** Ensure compliance with security regulations governing publicly-traded companies, in preparation for the Company's public listing;

&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;**1.3.8.** Ensure that the Company's news releases and technical reports are compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects, working with qualified persons and other relevant experts to maintain the highest standards of disclosure and transparency;

&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;**1.3.9.** Oversee public and private financings, including negotiating and working with investment bankers, brokerage firms, and legal advisors;

&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;**1.3.10.** Build the Company's profile in the financial and investment communities, including developing the Company's story and communicating it to retail and institutional investors, mining analysts, and the media;

&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;**1.3.11.** Oversee the development of the Company's mineral projects, ensuring compliance with all relevant health, safety, and environmental regulations;

&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;**1.3.12.** Obtain and maintain all necessary permits and approvals for the Company's mining operations;

&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;**1.3.13.** Engage with stakeholders at the local, regional, state, and federal levels to build and maintain positive relationships, address concerns, and ensure the Company's compliance with all applicable regulations and guidelines; 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;**1.3.14.** Oversee the Company's legal, defense, and litigation strategies, working closely with internal and external legal counsel to protect the Company's interests and minimize legal risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4. Permitted Outside Activities.** The Company's business activities are currently focused on developing and advancing developing its properties in Butte-Silver Bow, Montana (the "**Butte Project**"). The Company anticipates that such business focus will continue. The Company acknowledges that Executive is now engaged in business activities and investments separate from and unrelated to the Butte Project. The Company agrees that during his employment with the Company, Executive may pursue or participate in, and may use a portion of his working time pursuing or participating in, business activities and investments (collectively, "**Permitted Outside Activities**"), provided that such engagements and interests do not conflict with, in any way, the Butte Project. The Company acknowledges that currently, Executive's Permitted Outside Activities include but are not limited to Executive's service as: (a) CEO of Falcon Butte Minerals Corp.; (b) CEO of Falcon Copper Corp.; and (c) Manager of Blue Copper Royalties LLC.

&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;&nbsp;&nbsp;&nbsp;&nbsp;**2.1. Annual Base Salary**. As of the Effective Date, Executive's annualized gross base salary shall be US$252,000 (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. Executive's Base Salary and any other compensation are subject to review and increase by the Company from time to time. The Board will reassess Executive's Base Salary upon significant corporate events, such as the Company's public listing or accretive growth through significant acquisitions or mergers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2. Annual Performance Bonus**. Executive shall be eligible to receive an annual performance bonus for each fiscal year. The actual amount of the annual performance bonus paid to Executive may range from a minimum of 75% to a maximum of 150% of the Base Salary, based on the achievement of performance metrics established by the Board and its evaluation of Executive's performance on an annual basis. The performance metrics shall be determined by the Board, in its sole discretion, and communicated to Executive within the first ninety (90) days of each fiscal year. 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.

In addition to the annual performance bonus, the Board may, in its sole discretion, grant Executive discretionary bonuses from time to time based on exceptional performance, significant milestones, or other factors as determined by the Board. The terms and conditions

of any such discretionary bonuses, including the amount, timing, and criteria for earning such bonuses, shall be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3. Restricted Stock Units**. Subject to the approval of the Board, the Company shall grant Executive 1,000,000 restricted stock units (the "**RSUs**") 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;&nbsp;&nbsp;&nbsp;&nbsp;**2.4. Performance Warrants**. Executive shall be eligible to receive performance warrants (the "**Performance Warrants**") under a separate agreement with the Company (the "**Performance Warrant Agreement**"). The Performance Warrants shall be granted subject to the achievement of certain performance milestones as determined by the Board and set forth in the Performance Warrant Agreement. The terms and conditions of the Performance Warrants, including the number of warrants, exercise price, vesting schedule, and performance milestones, shall be determined by the Board and set forth in the Performance Warrant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5. 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;&nbsp;&nbsp;&nbsp;&nbsp;**2.6. 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, including the use of a vehicle in Montana of the Executive's choosing, to be leased and paid for by the Company. 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;&nbsp;&nbsp;&nbsp;&nbsp;**2.7. 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;**2.7.1. Payment.** In the event that BSC 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 three (3) 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;**2.7.2. 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 BSC 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 BSC 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 BSC 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 BSC;

&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 BSC'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 BSC 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2. Insurance.** During Executive's employment and for a period of six (6) years after his employment ends, regardless of the reason for such separation from employment, the Company or any successor to the Company shall purchase and maintain, at its own expense, directors' and officers' liability insurance providing coverage to Executive on terms that are no less favorable than the coverage provided to other directors and similarly situated executives of the Company or any successor.

&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;&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;&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;&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;&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;&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. Notwithstanding the provisions of this Section 5, if Executive has not been paid a Change of Control Payment, as defined in Section 2.8 above, Executive shall remain eligible for such payment if a Change of Control occurs within six (6) months of Executive's separation from employment according to the terms of Section 2.8 above regardless of the reason for such separation.

&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. 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, by way of resolution adopted by an affirmative vote of the Board, 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 without the Executive's written consent; (b) a material breach of this Agreement by the Company; (c) 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; or (d) a diminution or other adverse change in Executive's title, authority, duties, or responsibilities for either BSC or BBOL (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3. 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;&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), 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) an amount equal to Executive's accrued, but unused, paid time off; (c) if, after his employment with the Company ends, Executive continues his ending health, dental, and vision coverage for himself and his family (whether pursuant to applicable COBRA/continuation laws or otherwise) the Company will pay on Executive's behalf or reimburse Executive for the premiums for such coverage for a period of twelve (12) months; (d) all unvested stock options and RSUs 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. The Company 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 Executive's employment.

&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 l .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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;**7. <u>Miscellaneous</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&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, except that nothing in this Agreement shall prohibit the Parties from negotiating and entering into separate stock option, RSU and performance-based warrant agreements around the time of this Agreement. There are no other offer letters, agreements, understandings, or past practices in effect 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;&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, BSC, 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;&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;&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;&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;&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;&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;&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;&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;&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.

---

| | | | |
|:---|:---|:---|:---|
| Date: | 2024/05/01 |  |  |
| Date: | 2024/05/01 | **C. Travis Naugle** | **C. Travis Naugle** |
|  |  | /s/ C. Travis Naugle | /s/ C. Travis Naugle |
| Date: | 2024/05/01 | **BLACKJACK SILVER CORP.** | **BLACKJACK SILVER CORP.** |
| Date: | 2024/05/01 | By | /s/ Quinton Hennigh |
| Date: | 2024/05/01 | Its | Chairman |
| Date: | 2024/05/01 | **BUTTE BLACKJACK OPERATING, LLC** | **BUTTE BLACKJACK OPERATING, LLC** |
| Date: | 2024/05/01 | By | /s/ Carl Hansen |
| Date: | 2024/05/01 | Its | Director |

---

## Exhibit 16.1

**Exhibit 16.1**

![](image_002.jpg)

Securities and Exchange Commission<br> 100 F Street, N.E.<br> Washington, DC 20549

Dear Sirs/Mesdames:

PKF Antares Professional Corporation, Chartered Professional Accountants (PKF ANTARES), (we, us or our), have read the statements made by Silver Bow Mining Corp. included under the heading "Changes in Public Company Accounting Firm" of its Registration Statement on Form S-1 as filed with the Securities and Exchange Commission. We agree with such statements except that we are not in a position to agree or disagree with the statements concerning the new independent registered public accounting firm.

![](image_003.jpg)

Professional Corporation

**Chartered Professional Accountants**<br> Date: February 17, 2026

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

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).

## Exhibit 23.1

**Exhibit 23.1**

![](pkf_logo.jpg)

**CONSENT OF INDEPENDENT AUDITOR**

PKF Antares Professional Corporation, Chartered Professional Accountants (PKF ANTARES), (we, us or our), consent to the reference to our firm under the caption "Experts" and to the use of our report dated September 16, 2025, except for Note 1 and Note 10, as to which the date is January 23, 2026, with respect to the consolidated financial statements of Silver Bow Mining Corp. as of December 31, 2024, and December 31, 2023, included in the Registration Statement (Form S-1) and related prospectus.

![](pkf_sign.jpg)

Professional Corporation

**Chartered Professional Accountants**

Date: February 17, 2026

*PKF Antares Professional Corporation Chartered Professional Accountants Suite* 

*700, 602 12 Avenue SW, Calgary, Canada T2R 1J3*

*T: +1 403 375 9955, www.pkfantares.com*

 

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).

## Exhibit 23.3

**Exhibit 23.3** 

**CONSENT OF DAHROUGE GEOLOGICAL CONSULTING**

The undersigned, as authorized signatory for Dahrouge Geological Consulting, hereby consents to the inclusion in the Registration Statement on Form S-1 of Silver Bow Mining Corp., which is being filed with the United States Securities and Exchange Commission, of references to Dahrouge Geological and to the use of the summary technical report titled "Rainbow Block, Butte Mining District, Silver Bow County, Montana, USA" with an effective date of December 31, 2024 and a signing date of May 27, 2025 ("Technical Report"), including any quotation from or summarization of the Technical Report in the Registration Statement on Form S-1 and related prospectus.

Dated this 17th day of February, 2026

DAHROUGE GEOLOGICAL CONSULTING

*/s/ Trevor Mills*

Name: Trevor Mills, P.G., SME-RM

Title: Principal Geologist/ US Operations Manager

## 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 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1 ESTIMATION
 METHODOLOGY 3

&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
 Production 28

---

| | | |
|:---|:---|:---|
| **6** | **Geological Setting, Mineralization, & Deposit** | **30** |

---

&nbsp;&nbsp;&nbsp;&nbsp;6.1 Regional
 Geology 30

&nbsp;&nbsp;&nbsp;&nbsp;6.2 Local
 & Property Geology 31

**P a g e \| ii**

**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Mineralization 34

&nbsp;&nbsp;&nbsp;&nbsp;6.4 Deposit 37

---

| | | |
|:---|:---|:---|
| **7** | **Exploration** | **39** |

---

&nbsp;&nbsp;&nbsp;&nbsp;7.1 Exploration 39

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Geologic
 Mapping 39

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Geochemistry 41

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Geophysics 41

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 Petrology,
 Mineralogy and Research Studies 41

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 Qualified
 persons interpretation of the Exploration Information 42

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.6 Exploration
 Potential 42

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Drilling 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1 Drilling
 on Property 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2 Drilling
 excluded for estimation purposes 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3 Future
 drilling planned 43

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Drill
 methods 44

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 1987
 drill program 44

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 2021
 drilling 47

&nbsp;&nbsp;&nbsp;&nbsp;7.4 Logging 48

&nbsp;&nbsp;&nbsp;&nbsp;7.5 Recovery 49

&nbsp;&nbsp;&nbsp;&nbsp;7.6 Collar
 Surveys 50

&nbsp;&nbsp;&nbsp;&nbsp;7.7 Down
 Hole details 50

&nbsp;&nbsp;&nbsp;&nbsp;7.8 Results 50

---

| | | |
|:---|:---|:---|
| **8** | **Sample Preparation, Analysis & Security** | **52** |

---

&nbsp;&nbsp;&nbsp;&nbsp;8.1 Pre-Analysis
 Sample Preparation and Quality Control 52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 Anaconda
 Copper Mining channel sampling 52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Drill
 core sampling 53

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 Historic
 drill core re-sampling 53

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Laboratory
 Sample Preparation & Analysis 54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 SGS
 Minerals – Burnaby, British Columbia 54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 American
 Analytical Services – Osburn, Idaho 55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 Paragon
 Geochemical Laboratories – Sparks, Nevada 56

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.4 ALS
 – Elko and Reno, Nevada 57

&nbsp;&nbsp;&nbsp;&nbsp;8.3 Density
 Determination 57

&nbsp;&nbsp;&nbsp;&nbsp;8.4 Sample
 security methods 58

&nbsp;&nbsp;&nbsp;&nbsp;8.5 Sample
 shipment 58

&nbsp;&nbsp;&nbsp;&nbsp;8.6 Quality
 Control & Quality Assurance 58

**Page \| iii**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.1 Performance
 of Certified Reference Materials 59

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.2 Performance
 of Blank Materials 60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.3 Umpire
 Assaying 60

&nbsp;&nbsp;&nbsp;&nbsp;8.7 Database 60

&nbsp;&nbsp;&nbsp;&nbsp;8.8 Qualified
 Persons Opinion on sample preparation, security and analytical Procedures. 61

---

| | | |
|:---|:---|:---|
| **9** | **Data Verification** | **62** |

---

&nbsp;&nbsp;&nbsp;&nbsp;9.1 Internal
 data verification 62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Drillhole
 and Channel Data Verification 62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 2021
 Assay Verification 63

&nbsp;&nbsp;&nbsp;&nbsp;9.2 External
 Data verification 63

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Data
 verification by qualified person 64

&nbsp;&nbsp;&nbsp;&nbsp;9.4 Qualified
 Person's opinion on data adequacy 64

---

| | | |
|:---|:---|:---|
| **10** | **Mineral Processing & Metallurgical Testing** | **65** |

---

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Historical
 Mineral Processing Information 65

&nbsp;&nbsp;&nbsp;&nbsp;10.2 Metallurgical
 Process and Predicted Recoveries 65

&nbsp;&nbsp;&nbsp;&nbsp;10.3 Mineral
 Process Testing 65

&nbsp;&nbsp;&nbsp;&nbsp;10.4 Qualified
 PERSON'S Opinion on Data Adequacy 65

---

| | | |
|:---|:---|:---|
| **11** | **Mineral Resource Estimate** | **66** |

---

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Summary 66

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Key
 Assumptions, Parameters, and Methods 66

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Database 66

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Interpretation
 And Modelling 67

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 Bulk
 Density Data 71

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 Compositing 72

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 Outlier
 Analysis and Capping 74

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 Statistical
 Analysis and Variography 81

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.7 Block
 Model and Grade Estimation 83

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.8 Block
 Model Validation 83

&nbsp;&nbsp;&nbsp;&nbsp;11.3 Mineral
 Resource Classification 84

&nbsp;&nbsp;&nbsp;&nbsp;11.4 Depletion 85

&nbsp;&nbsp;&nbsp;&nbsp;11.5 Reasonable
 Prospects of Economic Extraction for Mineral Resources 85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Input
 Assumptions 86

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.2 Commodity
 Price 87

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 Cut-off 87

&nbsp;&nbsp;&nbsp;&nbsp;11.6 Mineral
 Resource Statement 91

**P a g e \| iv**

**Rainbow Block – Montana, USA**

&nbsp;&nbsp;&nbsp;&nbsp;11.7 Qualified
 Person Statement 92

&nbsp;&nbsp;&nbsp;&nbsp;11.8 Mineral
 Resource Uncertainty discussion 92

---

| | | |
|:---|:---|:---|
| **12** | **Mineral Reserve Estimate** | **93** |

---

---

| | | |
|:---|:---|:---|
| **13** | **Mining Methods** | **94** |

---

---

| | | |
|:---|:---|:---|
| **14** | **Process and Recovery Methods** | **95** |

---

---

| | | |
|:---|:---|:---|
| **15** | **Infrastructure** | **96** |

---

---

| | | |
|:---|:---|:---|
| **16** | **Market Studies** | **97** |

---

&nbsp;&nbsp;&nbsp;&nbsp;16.1 Market
 Analysis 97

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.1 Overview 97

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1.2 Commodity
 Price Projections 97

&nbsp;&nbsp;&nbsp;&nbsp;16.2 Contracts 102

---

| | | |
|:---|:---|:---|
| **17** | **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** | **103** |

---

&nbsp;&nbsp;&nbsp;&nbsp;17.1 Baseline
 and Supporting studies 103

&nbsp;&nbsp;&nbsp;&nbsp;17.2 Site
 Context 103

&nbsp;&nbsp;&nbsp;&nbsp;17.3 Environmental
 and Socio-Economic Setting 104

&nbsp;&nbsp;&nbsp;&nbsp;17.4 Stockpiles
 and Waste Rock Storage 104

&nbsp;&nbsp;&nbsp;&nbsp;17.5 Permits
 and Regulatory Context 105

&nbsp;&nbsp;&nbsp;&nbsp;17.6 Community
 Relations 106

&nbsp;&nbsp;&nbsp;&nbsp;17.7 Water
 Management 106

&nbsp;&nbsp;&nbsp;&nbsp;17.8 Qualified
 Persons Opinion on adequacy of current plan. 107

---

| | | |
|:---|:---|:---|
| **18** | **Capital and Operating Costs** | **108** |

---

---

| | | |
|:---|:---|:---|
| **19** | **Economic Analysis** | **109** |

---

---

| | | |
|:---|:---|:---|
| **20** | **Adjacent properties** | **110** |

---

---

| | | |
|:---|:---|:---|
| **21** | **Other Relevant Data & Information** | **111** |

---

---

| | | |
|:---|:---|:---|
| **22** | **Interpretation & Conclusions** | **112** |

---

&nbsp;&nbsp;&nbsp;&nbsp;22.1 Introduction 112

&nbsp;&nbsp;&nbsp;&nbsp;22.2 Property
 Description and Ownership 112

&nbsp;&nbsp;&nbsp;&nbsp;22.3 Mineral
 Tenure, Surface Rights, Water rights, Royalties and Agreements 112

&nbsp;&nbsp;&nbsp;&nbsp;22.4 Geology
 and Mineralization 112

&nbsp;&nbsp;&nbsp;&nbsp;22.5 History

**Page \| v**

**Technical Report Summary**

&nbsp;&nbsp;&nbsp;&nbsp;22.6 Exploration 112

&nbsp;&nbsp;&nbsp;&nbsp;22.7 Data
 Verification 113

&nbsp;&nbsp;&nbsp;&nbsp;22.8 Mineral
 Resources 113

&nbsp;&nbsp;&nbsp;&nbsp;22.9 Mineral
 Reserves 113

&nbsp;&nbsp;&nbsp;&nbsp;22.10 Mining
 Methods 113

&nbsp;&nbsp;&nbsp;&nbsp;22.11 Metallurgical
 Testing and Mineral Processing 113

&nbsp;&nbsp;&nbsp;&nbsp;22.12 Infrastructure 113

&nbsp;&nbsp;&nbsp;&nbsp;22.13 Environmental
 Studies, Permitting, Social or Community Impacts 113

&nbsp;&nbsp;&nbsp;&nbsp;22.14 Market
 studies 113

&nbsp;&nbsp;&nbsp;&nbsp;22.15 Capital
 and Operating Costs and Economic Evaluation 113

&nbsp;&nbsp;&nbsp;&nbsp;22.16 Capital
 Cost Estimates 113

&nbsp;&nbsp;&nbsp;&nbsp;22.17 Economic
 Cost estimate 114

&nbsp;&nbsp;&nbsp;&nbsp;22.18 Economic
 Analysis 114

&nbsp;&nbsp;&nbsp;&nbsp;22.19 Risk
 and opportunities 114

&nbsp;&nbsp;&nbsp;&nbsp;22.20 Conclusions 114

---

| | | |
|:---|:---|:---|
| **23** | **Recommendation** | **115** |

---

&nbsp;&nbsp;&nbsp;&nbsp;23.1 Introduction 115

&nbsp;&nbsp;&nbsp;&nbsp;23.2 Geology
 and Mineral Resources 115

&nbsp;&nbsp;&nbsp;&nbsp;23.3 Mining
 and Mineral Reserves 115

&nbsp;&nbsp;&nbsp;&nbsp;23.4 Mineral
 Processing 116

&nbsp;&nbsp;&nbsp;&nbsp;23.5 Environmental
 Studies, Permitting, Social or Community Impacts 116

&nbsp;&nbsp;&nbsp;&nbsp;23.6 Economics
 Analysis 117

---

| | | |
|:---|:---|:---|
| **24** | **References** | **118** |

---

---

| | | |
|:---|:---|:---|
| **25** | **Reliance on information provided by the registrant** | **122** |

---

---

| | | |
|:---|:---|:---|
| **26** | **Date & Signature Page** | **123** |

---

**Page \| vi**

**Rainbow Block – Montana, USA**

LIST OF TABLES

---

| | |
|:---|:---|
| TABLE 1: METAL PRICE (KITCO, 2024) | 6 |
| TABLE 2: RAINBOW BLOCK MINERAL TENURE LIST | 12 |
| TABLE 3: STATUS OF PERMITS AND LICENSES | 17 |
| TABLE 4: HISTORICAL PRODUCTION ON BUTTE PROPERTY (CEHURA, 2006). | 29 |
| TABLE 5: COLLAR COORDINATES FOR 1987 NEW BUTTE MINING TRENCHES AND WEST SIDES (SILVER BOW MINING 2022). | 41 |
| TABLE 6: COLLAR LOCATIONS FOR RC DRILL HOLES FROM 1987-1988 (SILVER BOW MINING 2022). | 44 |
| TABLE 7: DIAMOND DRILL HOLE COLLARS FROM NEW BUTTE MINING 1988-1990 DRILLING PROGRAM (SILVER BOW MINING 2022) | 45 |
| TABLE 8:UNDERGROUND DIAMOND DRILL HOLE COLLARS FROM 1988-1990 DRILLING PROGRAM (SILVER BOW MINING 2022). | 46 |
| TABLE 9: COLLAR INFORMATION FOR SILVER BOW MINING 2021 DRILL PROGRAM | 48 |
| TABLE 10: TYPES OF LOGGING DATA RECORDED | 49 |
| TABLE 11: SIGNIFICANT DRILL INTERSECTIONS FROM COMPANY'S 2021 – 2022 DRILLING PROGRAM | 51 |
| TABLE 12: STANDARDS USED BY THE COMPANY DURING 2021 DRILLING PROGRAM | 60 |
| TABLE 13: SUMMARY OF DRILLING AND TRENCHING IN THE RAINBOW BLOCK | 62 |
| TABLE 14: ANACONDA COMPANY UNDERGROUND CHANNEL SAMPLES | 63 |
| TABLE 15: GENERAL STATISTICS OF RAW DATA FOR BOTH DRILL HOLE AND UNDERGROUND CHANNEL SAMPLES | 66 |
| TABLE 16: LIST OF MINERALIZED VEINS MODELLED WITHIN THE RAINBOW BLOCK | 67 |
| TABLE 17: COMPOSITE DATABASE FOR DRILL HOLE AND CHANNEL SAMPLES | 73 |
| TABLE 18: CAPPING PARAMETERS OF COMPOSITE DATASET PER VEIN PER METAL | 74 |
| TABLE 19: COMPOSITE AND CAPPED DATABASE FOR DRILLHOLE AND CHANNEL SAMPLES | 83 |
| TABLE 20: SUMMARY OF THE BLOCK MODEL PARAMETERS | 83 |
| TABLE 21: COMMODITY PRICES AND RECOVERIES UTILIZED | 86 |
| TABLE 22: RECOMMENDED CUTTOFF'S FOR ESTIMATED METALS | 91 |
| TABLE 23: MINERAL RESOURCE STATEMENT AT 31ST DECEMBER 2024, FOR THE RAINBOW BLOCK | 91 |

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**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) | 30 |
| FIGURE 10 REGIONAL GEOLOGY OF WEST-CENTRAL MONTANA (HOUSTON AND DILLES, 2013) | 31 |
| FIGURE 11: GEOLOGIC MAP OF THE CENTRAL PART OF THE BUTTE DISTRICT (HOUSTON AND DILLES, 2013) | 32 |
| FIGURE 12 GEOLOGIC INTERPRETATION OF THE BUTTE LOCAL GEOLOGY (HOUSTON AND DILLES, 2013) | 33 |
| FIGURE 13 GEOLOGIC MAP OF THE CENTRAL PART OF THE BUTTE DISTRICT (HOUSTON AND DILLES, 2013) | 34 |
| FIGURE 14: A REFLECTED LIGHT MICROSCOPY IMAGE OF MINERALIZATION FROM THE ALICE MINE (ACANTHITE (AG2S) AND GALENA (PBS)) (GAMMONS ET AL, 2016) | 35 |
| 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) | 36 |
| FIGURE 16 IDEALIZED ALTERATION ZONATION OF A PORPHYRY SYSTEM (SEAL, R. 2012) | 37 |
| FIGURE 17: ANATOMY OF AN IDEAL PORPHYRY SYSTEM (SILLITOE, R. 2010) | 38 |
| FIGURE 18: PLAN SHOWING THE EXPLORATION DRILL HOLES WITHIN THE RAINBOW BLOCK | 39 |
| FIGURE 19: CHIEF JOSEPH VEIN SURFACE SHOWING CHANNEL SAMPLES AND DRILL HOLES (PREPARED BY DAHROUGE, 2025) | 70 |
| FIGURE 20: LEXINGTON VEIN SURFACE SHOWING CHANNEL SAMPLES AND DRILL HOLES (PREPARED BY DAHROUGE, 2025) | 70 |
| FIGURE 21: SKYRME VEIN SURFACE SHOWING CHANNEL SAMPLES AND DRILL HOLES (PREPARED BY DAHROUGE, 2025) | 71 |
| FIGURE 22: REGRESSION ANALYSIS FOR DENSITY VS PB%+ZN%. | 72 |
| FIGURE 23: ANALYSIS OF DIFFERENT COMPOSITING LENGTHS AND THE EFFECTS ON THE ARITHMETIC MEAN AND VARIANCE WITHIN THE SILVER DATA FOR VEIN 220. | 73 |
| FIGURE 24: SILVER VARIOGRAM FOR VEIN 220 | 81 |
| FIGURE 25: ZINC VARIOGRAM FOR VEIN 362 | 82 |
| FIGURE 26: EXAMPLE OF A SWATH PLOT SHOWING ESTIMATED GRADES UTILIZING OK, NN AND THE POINT AVG | 84 |
| FIGURE 27: BREAK-EVEN CUT-OFF GRADE VS PROPOSED PROCESSING COST | 87 |
| FIGURE 28: SILVER EQUIVALENT (AGEQ) GRADE TONNAGE CURVE | 88 |
| FIGURE 29: SILVER (OUNCE PER TON) GRADE TONNAGE CURVE | 89 |
| FIGURE 30: GOLD (OUNCE PER TON) GRADE TONNAGE CURVE | 89 |
| FIGURE 31: LEAD (PERCENT) GRADE TONNAGE CURVE | 90 |
| FIGURE 32: ZINC (PERCENT) GRADE TONNAGE CURVE | 90 |
| FIGURE 33: SILVER COMMODITY PRICE JANUARY 31, 2014, TO APRIL 30, 2024 (IMF, 2024) | 98 |
| FIGURE 34: ZINC COMMODITY PRICE JANUARY 1, 2014 TO SEPTEMBER 1, 2024 (IMF, 2024) | 99 |
| FIGURE 35: LEAD COMMODITY PRICE JANUARY 1, 2014 TO SEPTEMBER 1, 2024 (IMF, 2024) | 101 |
| FIGURE 36: GOLD COMMODITY PRICE JANUARY 31, 2014, TO APRIL 30, 2024 (IMF, 2024) | 102 |

---

**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 878 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 878 acres of mineral rights and approximately 215 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 through September 19, 2034, 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.

&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.

**Page \| 3**

**Technical Report Summary**

&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** |

---

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 table 31 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.

The AgEq estimate was calculated for each block based on the estimated metal results and the methodology as explained further in Section 11.5.1

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 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** |

---

&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 cut-off grade 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 215 surface acres, and approximately 878 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 878 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.

**Page \| 11**

**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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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &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 878 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 215 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

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**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.

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).

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**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 PRODUCTION

Historical production from the Butte Mining District from 1881 to 2004 is shown below Table 4. 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 4: 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 \| 31**

**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 5).

Note that coordinates in Tables 6 – 10 are reported in UTM NAD 83 Zone 12N AMC Mine Grid.

Table 5: 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.

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**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 infill and expansion of "resource". Underground drilling is intended to commence after excavation of a new underground decline.

**Page \| 43**

**Technical Report Summary**

&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 6.

Table 6: 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 |

---

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**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 8). 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 7: 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 \| 45**

**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 8: Underground Diamond 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 \| 46**

**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 8). 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 9), 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%.

**Page \| 47**

**Technical Report Summary**

Table 9: 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 4.

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**Rainbow Block – Montana, USA**

Table 4: 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. |

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&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 below contains significant intercepts from the 2021-2022 drilling campaign.

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**Rainbow Block – Montana, USA**

Table 11: 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 (ft)** | &nbsp;&nbsp;**To (ft)** | &nbsp;&nbsp;**Interval (ft)\*** | &nbsp;&nbsp;**AgEq (opt)** | &nbsp;&nbsp;**Au (opt)** | &nbsp;&nbsp;**Ag (opt)** | &nbsp;&nbsp;**Pb (%)** | &nbsp;&nbsp;**Zn (%)** | &nbsp;&nbsp;**Mn (%)** | &nbsp;&nbsp;**Cu (%)** |
| &nbsp;&nbsp;**Rainbow-Alice** | &nbsp;&nbsp;**BJS21-03** | &nbsp;&nbsp;**-60** | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**410.5** | &nbsp;&nbsp;**454** | &nbsp;&nbsp;**43.5** | &nbsp;&nbsp;**8.9** | &nbsp;&nbsp;**0.014** | &nbsp;&nbsp;**3.6** | &nbsp;&nbsp;**1.7** | &nbsp;&nbsp;**2.6** | &nbsp;&nbsp;**3.8** | &nbsp;&nbsp;**0.1** |
|  | &nbsp;&nbsp;**including** |  |  | &nbsp;&nbsp;**445.5** | &nbsp;&nbsp;**446.9** | &nbsp;&nbsp;**1.4** | &nbsp;&nbsp;**38.8** | &nbsp;&nbsp;**0.045** | &nbsp;&nbsp;**13.27** | &nbsp;&nbsp;**10.1** | &nbsp;&nbsp;**13.1** | &nbsp;&nbsp;**5.5** | &nbsp;&nbsp;**0.2** |
| &nbsp;&nbsp;**Rainbow-Alice** | &nbsp;&nbsp;**BJS21-23** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**419** | &nbsp;&nbsp;**465** | &nbsp;&nbsp;**46** | &nbsp;&nbsp;**9.7** | &nbsp;&nbsp;**0.01** | &nbsp;&nbsp;**2.32** | &nbsp;&nbsp;**2.1** | &nbsp;&nbsp;**4.6** | &nbsp;&nbsp;**2.8** | &nbsp;&nbsp;**0.1** |
|  | &nbsp;&nbsp;**including** |  |  | &nbsp;&nbsp;**425** | &nbsp;&nbsp;**430** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**19.1** | &nbsp;&nbsp;**0.015** | &nbsp;&nbsp;**5.51** | &nbsp;&nbsp;**3.4** | &nbsp;&nbsp;**9.2** | &nbsp;&nbsp;**3.9** | &nbsp;&nbsp;**0.1** |
| &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** | &nbsp;&nbsp;**6.9** | &nbsp;&nbsp;**0.012** | &nbsp;&nbsp;**4.34** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**1.2** | &nbsp;&nbsp;**2.3** | &nbsp;&nbsp;**0** |
|  | &nbsp;&nbsp;**including** |  |  | &nbsp;&nbsp;**230** | &nbsp;&nbsp;**235** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**10.3** | &nbsp;&nbsp;**0.019** | &nbsp;&nbsp;**7.2** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.9** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**0** |
| &nbsp;&nbsp;**Rainbow-Alice** | &nbsp;&nbsp;**BJS21-25** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**350** | &nbsp;&nbsp;**19** | &nbsp;&nbsp;**33.5** | &nbsp;&nbsp;**14.5** | &nbsp;&nbsp;**10.4** | &nbsp;&nbsp;**0.027** | &nbsp;&nbsp;**5.31** | &nbsp;&nbsp;**1.1** | &nbsp;&nbsp;**1.5** | &nbsp;&nbsp;**8.6** | &nbsp;&nbsp;**0.2** |
| &nbsp;&nbsp;**Rainbow-Alice** | &nbsp;&nbsp;**BJS21-26** | &nbsp;&nbsp;**-60** | &nbsp;&nbsp;**180** | &nbsp;&nbsp;**97** | &nbsp;&nbsp;**110** | &nbsp;&nbsp;**13** | &nbsp;&nbsp;**12** | &nbsp;&nbsp;**0.019** | &nbsp;&nbsp;**3.15** | &nbsp;&nbsp;**3.3** | &nbsp;&nbsp;**4.4** | &nbsp;&nbsp;**6.4** | &nbsp;&nbsp;**0.2** |
|  | &nbsp;&nbsp;**including** |  |  | &nbsp;&nbsp;**97** | &nbsp;&nbsp;**102** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**13.5** | &nbsp;&nbsp;**0.009** | &nbsp;&nbsp;**2.1** | &nbsp;&nbsp;**5.5** | &nbsp;&nbsp;**6.2** | &nbsp;&nbsp;**3.3** | &nbsp;&nbsp;**0.2** |
| &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;**12.7** | &nbsp;&nbsp;**0.022** | &nbsp;&nbsp;**4.31** | &nbsp;&nbsp;**0.8** | &nbsp;&nbsp;**5.4** | &nbsp;&nbsp;**0.1** | &nbsp;&nbsp;**1** |
|  | &nbsp;&nbsp;**including** |  |  | &nbsp;&nbsp;**311.5** | &nbsp;&nbsp;**315.2** | &nbsp;&nbsp;**3.7** | &nbsp;&nbsp;**23.7** | &nbsp;&nbsp;**0.041** | &nbsp;&nbsp;**8.2** | &nbsp;&nbsp;**1.3** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**1.8** |
| &nbsp;&nbsp;**Edith May** | &nbsp;&nbsp;**391-301** | &nbsp;&nbsp;**-90** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**40** | &nbsp;&nbsp;**50** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**58.3** | &nbsp;&nbsp;**0.149** | &nbsp;&nbsp;**42.8** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**0.37** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Goldsmith Splay** | &nbsp;&nbsp;**3C_DDHSE** | &nbsp;&nbsp;**-39** | &nbsp;&nbsp;**156** | &nbsp;&nbsp;**68** | &nbsp;&nbsp;**71** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**22** | &nbsp;&nbsp;**0.046** | &nbsp;&nbsp;**17.2** | &nbsp;&nbsp;**0.2** | &nbsp;&nbsp;**0.05** | &nbsp;&nbsp;**0.3** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Rainbow-Alice** | &nbsp;&nbsp;**3C_DDHSE** | &nbsp;&nbsp;**-39** | &nbsp;&nbsp;**156** | &nbsp;&nbsp;**176** | &nbsp;&nbsp;**182.5** | &nbsp;&nbsp;**6.5** | &nbsp;&nbsp;**53.1** | &nbsp;&nbsp;**0.192** | &nbsp;&nbsp;**27.3** | &nbsp;&nbsp;**2.7** | &nbsp;&nbsp;**4.4** | &nbsp;&nbsp;**7** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Skyrme** | &nbsp;&nbsp;**NBM88-12** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**200** | &nbsp;&nbsp;**344** | &nbsp;&nbsp;**347** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**33** | &nbsp;&nbsp;**0.043** | &nbsp;&nbsp;**19.2** | &nbsp;&nbsp;**1.9** | &nbsp;&nbsp;**7.8** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**0.1** |
| &nbsp;&nbsp;**Chief Joseph** | &nbsp;&nbsp;**NBM88-3** | &nbsp;&nbsp;**-60** | &nbsp;&nbsp;**200** | &nbsp;&nbsp;**593** | &nbsp;&nbsp;**596** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;**39.3** | &nbsp;&nbsp;**0.123** | &nbsp;&nbsp;**16.8** | &nbsp;&nbsp;**3.1** | &nbsp;&nbsp;**7.6** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**0.2** |
| &nbsp;&nbsp;**Chief Joseph** | &nbsp;&nbsp;**NBM88-4C** | &nbsp;&nbsp;**-55** | &nbsp;&nbsp;**175** | &nbsp;&nbsp;**786** | &nbsp;&nbsp;**791** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;**60.2** | &nbsp;&nbsp;**0.233** | &nbsp;&nbsp;**24.8** | &nbsp;&nbsp;**2.1** | &nbsp;&nbsp;**10.1** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**0.1** |
| &nbsp;&nbsp;**Chief Joseph** | &nbsp;&nbsp;**NBM88-7** | &nbsp;&nbsp;**-45** | &nbsp;&nbsp;**187** | &nbsp;&nbsp;**345** | &nbsp;&nbsp;**349** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**83.4** | &nbsp;&nbsp;**0.222** | &nbsp;&nbsp;**50.6** | &nbsp;&nbsp;**4.1** | &nbsp;&nbsp;**7.3** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Lexington-Missoula** | &nbsp;&nbsp;**NBM88-U19** | &nbsp;&nbsp;**-12** | &nbsp;&nbsp;**0** | &nbsp;&nbsp;**174** | &nbsp;&nbsp;**185** | &nbsp;&nbsp;**11** | &nbsp;&nbsp;**223.8** | &nbsp;&nbsp;**1.308** | &nbsp;&nbsp;**82.9** | &nbsp;&nbsp;**2.4** | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**1.3** |
| &nbsp;&nbsp;**High Ore** | &nbsp;&nbsp;**NBM89-1** | &nbsp;&nbsp;**-30** | &nbsp;&nbsp;**354** | &nbsp;&nbsp;**256.1** | &nbsp;&nbsp;**259.4** | &nbsp;&nbsp;**3.3** | &nbsp;&nbsp;**57.9** | &nbsp;&nbsp;**0.287** | &nbsp;&nbsp;**22.2** | &nbsp;&nbsp;**3.2** | &nbsp;&nbsp;**4.5** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**Wild Bill** | &nbsp;&nbsp;**NBM89-2** | &nbsp;&nbsp;**-35** | &nbsp;&nbsp;**355** | &nbsp;&nbsp;**268.5** | &nbsp;&nbsp;**274.7** | &nbsp;&nbsp;**6.2** | &nbsp;&nbsp;**45.7** | &nbsp;&nbsp;**0.164** | &nbsp;&nbsp;**8.6** | &nbsp;&nbsp;**5.2** | &nbsp;&nbsp;**16.2** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;**State** | &nbsp;&nbsp;**NBM90-U3** | &nbsp;&nbsp;**0.4** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**305** | &nbsp;&nbsp;**313** | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**39.5** | &nbsp;&nbsp;**0.09** | &nbsp;&nbsp;**13.1** | &nbsp;&nbsp;**2.5** | &nbsp;&nbsp;**14.9** | &nbsp;&nbsp;**-** | &nbsp;&nbsp;**-** |

---

**Page \| 51**

**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 criterion was applied: material within three feet was included in the average grade calculation, while intervals greater than three feet were excluded.

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**Rainbow Block – Montana, USA**

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 \| 53**

**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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**Rainbow Block – Montana, USA**

● 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.

**Page \| 55**

**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 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.

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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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**Rainbow Block – Montana, USA**

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 5). 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.

**Page \| 59**

**Technical Report Summary**

Table 5: 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 13: 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 14: 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 \| 63**

**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 metallurgical recoveries utilized in the calculation of the cut-off grade require further analysis and study to confirm the applicability within the Rainbow Block.

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 are shown in Table.

Table 14: 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.

Table 16: 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 |

---

**Page \| 67**

**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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![](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 17). 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 17: 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 18: 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 \| 76**

**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;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 |

---

**Page \| 77**

**Technical Report Summary**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 |

---

**P a g e \| 78**

**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 |

---

**Page \| 79**

**Technical Report Summary**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 19: 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 6.

Table 6: 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 only sufficient to establish that geological grade or quality continuity are more likely than not.

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.

A 4 opt cutoff applied to the AgEq Mineral resource is calculated based on a silver price of $25/oz at an assumed mining and processing cost of $90/ton and overall metallurgical recovery applied of 90%. Individual metal prices received are also utilised in the estimation of the AqEq Mineral Resource but not the individual metal recoveries at this stage of the study.

For extraction of the ore, historical underground mining has taken place through longhole stoping and the further reliable techniques for recovery will be applied. These mineral processing methodologies are assumed to utilize traditional methods including crushing and grinding, followed by bulk flotation of lead, copper, silver, and gold, and subsequent zinc flotation. A gravity concentrator circuit may also be included to assess the coarse gold. Overall metallurgical recoveries of 90% are possible through the application of these methodologies and included in the cut-off calculation.

The Qualified Person is satisfied that the AgEq estimate 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 commodity prices listed in Table 7.

Table 7: Commodity prices utilized in the AgEq calculation.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Metal** | &nbsp;&nbsp; <br> **Unit** | &nbsp;&nbsp;**Price<br> (US$)** |
| &nbsp;&nbsp;Au_opt | &nbsp;&nbsp;oz | &nbsp;&nbsp;$2500 |
| &nbsp;&nbsp;Ag_opt | &nbsp;&nbsp;oz | &nbsp;&nbsp;$25.00 |
| &nbsp;&nbsp;Zn_pct | &nbsp;&nbsp;lb | &nbsp;&nbsp;$1.31 |
| &nbsp;&nbsp;Pb_pct | &nbsp;&nbsp;lb | &nbsp;&nbsp;$0.90 |

---

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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 7 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.3 Cut-off

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 and an assumed recovery of 90%. The total mining and processing cost is assumed to be approximately $90/ton.

In this way, 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, including metallurgical recoveries, for the generation of potentially economical mining limits are not yet finalised at the required level.

![](image_001.jpg)

Figure 27: Break-Even cut-off grade vs Proposed mining & processing cost

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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**Technical Report Summary**

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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**Technical Report Summary**

Figure 31: Lead (Percent) Grade Tonnage curve

Figure 32: Zinc (Percent) Grade Tonnage curve.

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Table 8 provides cutoffs and grades if evaluating the grade tonnage curves for the silver, gold, lead, and zinc on an individual basis. These cutoffs have not been applied to the current Mineral Resource Estimate for AgEq.

Table 8: 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 calculated on an in-situ basis and 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 23: Mineral Resource Statement at 31st December 2024, for the Rainbow Block reported on an in-situ basis.

---

| | | | |
|:---|:---|:---|:---|
|  | &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** |

---

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 table 31 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.

The AgEq estimate was calculated for each block based on the estimated metal results and the methodology as explained further in Section 11.5.1

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**Technical Report Summary**

Table 9: Average Grade by Metal and Contained Metal in the AgEq Mineral Resource Statement 31st December 2024, for the Rainbow Block

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &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 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** |

---

&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 metallurgical studies and further exploration and infill drill drilling and may increase or decrease as the data dictates.

&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. The metallurgical recoveries utilized in the calculation of the cut-off grade require further analysis and study to confirm the applicability within the Rainbow Block. However previous mining and processing of similar vein material on the Rainbow block by Anaconda Company indicates that the mineralization is amenable to economic extraction.

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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**Technical Report Summary**

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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● 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 materials in 2023 (USGS, 2024). However, recycling volumes have not offset the decline in mine production.

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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 4 (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 Butte District historically is much lower than zinc, coming in at only 427,400 tonnes total during all past production operations (Table 4 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 (Table 4 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 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.

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&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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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 2,469 acres in the Butte Mining District, including approximately 390 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 878 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

● Metallurgical testing program

● Surface exploration drilling

● Underground rehabilitation and exploration tunnels

● Underground resource and exploration drilling

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&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

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● Long-term Planning

&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

Estimated costs for a phased approach to completing the recommended work is summarized in Table 25.

Table 25. Estimated Costs of Recommended Work

---

| | | |
|:---|:---|:---|
| **Recommended Program** | **Description** | **Budget** |
| **Phase 1 Surface Exploration Drilling** | **25,000 ft drill program designed targeting expansion of the inferred mineral resource conducted under the current exploration permit.** | **$2500000** |
| **Phase 1 Underground Rehabilitation and Exploration Tunnels** | **Rehabilitation of existing declines and driving of new tunnels on the Rainbow block in order to install drill bays. This will allow for underground drilling that will be required for resource upgrade and expansion.** | **$12000000** |
| **Phase 1 Underground Drilling** | **50,000 ft Underground drilling for resource expansion and upgrade.** | **$6000000** |
| **Phase 1 Metallurgical Test Work** | **Preliminary metallurgical study to better inform metals recovery estimates and cut-off grade estimates.** | **$250000** |
| **Phase 1 Environmental Baseline Studies** | **Collection baseline data to be used in a future Mining Permit application including air quality and dust monitoring, noise and vibration studies, subsidence risk assessment, and soil contamination mapping.** | **$250000** |
| **Phase 1 Total** |  | **$21000000** |
| **Phase 2 Surface Exploration Drilling** | **60,000 ft drill program on exploration targets below and outside the current mineral resource.** | **$6000000** |
| **Phase 2 Underground Rehabilitation and Exploration Tunnels** | **Driving new tunnels on the Rainbow block in order to install drill bays. This will allow for underground drilling that will be required for resource upgrade and expansion.** | **$9000000** |
| **Phase 2 Underground Drilling** | **100,000 ft Underground drilling for resource expansion and upgrade.** | **$9000000** |
| **Phase 2 Total** |  | **$24000000** |

---

**Page \| 117**

**Technical Report Summary**

24 REFERENCES

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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)

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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.

Gammons C.H., Szarkowski J. and Stevenson R. 2016. New Investigations of the Mineralogy of Silver in the World-Class Porphyry-Lode Deposits of Butte, Montana. Mining Engineering, Web Exclusive, June 2016.

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

Home, A. (2024) Zinc Facing Supply Deficit as Mine Output Falls Again:<br> https://www.reuters.com/markets/commodities/zinc-facing-supply-deficit-mine-output-falls- again-2024-10-09/ (November 2024)

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)

Houston, R. (2001). Geology and Structural History of the Butte District, Montana.

Houston, R.A., Dilles, J.H. (2013). Structural Geologic Evolution of the Butte District, Montana, Economic Geology, v. 108, pp. 1297-1424

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Lund, K et al. (2002). Two-event lode-ore deposition at Butte, USA: 40Ar/39Ar and U-Pb documentation of Ag-Au-polymetallic lodes overprinted by younger stockwork Cu-Mo ores and penecontemporaneous Cu lodes.

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Lv, A. and Nguyen, M. (2024) UBS Expects Copper Price to Average $10,500 in 2025:<br> https://www.mining.com/web/ubs-expects-copper-price-to-average-10500-in-2025 (November 2024)

Matson, H. (2012) Butte Silver Mines Project, Silver Bow County, Montana. Confidential summary prepared for R. H. Shipes, International Silver Inc.,

Meyer, C., Shea, E.P., Goddard, C.C., Jr., (1968) Ore Deposits at Butte, Montana, in Ridge, J.D., ed., Ore Deposits of the United States, 1933-1967 (Graton Sales Volume): New York, American Institute of Mining, Metallurgical and Petroleum Engineers, v. 2, p. 1363-1416.

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Newman, P. et al. (2023) World Silver Survey 2023 – The Silver Institute:<br> https://www.silverinstitute.org/wp-content/uploads/2023/04/World-Silver-Survey-2023.pdf (accessed November 2024)

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Proffett, J.M. 1973. Structure of the Butte District, Montana, in Miller, R., ed., Guidebook for the Butte Field Meeting of the Society of Economic Geologists: Butte, Montana. The Anaconda Company, p. G-1 to G-12, plus Figures

Proffett, J. (1973) The Role of Geologic Mapping in Mineral Exploration.

Reed, M., and Dilles, J., 2020, Ore deposits of Butte, Montana: Montana Bureau of Mines and Geology, Special Publication 122, p. 1–41.

Sales, H., Meyer, C. (1949) Results from preliminary studies of vein formation at Butte, Montana.

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Seal, R. (2012). Geologic and Environmental Characteristics of Porphyry Copper Deposits with Emphasis on Potential Future Development in the Bristol Bay Watershed, Alaska.

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**Page \| 121**

**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.

---

| | |
|:---|:---|
| Dahrouge Geological Consulting | */s/ Dahrouge Geological consulting* |
| Dated at Denver, Colorado |  |
| **05/27/2025** |  |

---

**Page \| 123**

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**FORM S-1**

(Form Type)

-

**SILVER BOW MINING CORP.**

(Exact Name of Registrant as Specified in its Charter)

N/A

Table 1: Newly Registered and Carry Forward Securities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Fee**<br> **Calculation**<br> **or Carry**<br> **Forward**<br> **Rule** | **Amount**<br> **Registered** | **Proposed**<br> **Maximum**<br> **Offering**<br> **Price Per**<br> **Unit** | **Maximum**<br> **Aggregate**<br> **Offering**<br> **Price <sup>(1)(2)</sup>** | **Fee Rate** | **Amount of**<br> **Registration**<br> **Fee** |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | Equity Common shares<sup>(3)</sup> | Rule 457(o) |  |  | $57500000<sup>(4)</sup> | $138.10 per $1,000,000 | $7490.75 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $57500000 |  | $7490.75 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  | $5558.53 |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | $0 |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $1932.22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely
 for the purpose of calculating the amount of the registration fee in accordance with Rule 457(o) under the Securities Act
 of 1933 (the "**Securities Act** ").

(2) The registration
 fee is calculated in accordance with Rule 457(o) under the Securities Act, based on an estimate of the proposed maximum aggregate
 offering price.

(3) In accordance with
 Rule 416(a), we are also registering an indeterminate number of additional common shares that shall be issuable pursuant to
 Rule 416 to prevent dilution resulting from stock splits, share dividends or similar transactions.

(4) Includes $7,500,000
 aggregate offering price attributable to additional common shares that the underwriters have the option to purchase to cover
 over-allotments, if any.