Financial statements
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SILVER STORM MINING LTD. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED JUNE 30, 2026 (IN THOUSANDS OF CANADIAN DOLLARS) (UNAUDITED) Notice To Reader The accompanying unaudited condensed interim consolidated financial statements of Silver Storm Mining Ltd. (the "Company") have been prepared by and are the responsibility of management. The unaudited condensed interim consolidated financial statements have not been reviewed by the Company's auditors.
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Silver Storm Mining Ltd. Condensed Interim Consolidated Statements of Financial Position (In Thousands of Canadian Dollars, unless otherwise stated) (Unaudited) June 30, March 31, Ref 2026 2026 ASSETS Current assets Cash and cash equivalents 4 8,815 28,598 Value added tax and sales tax receivable 5 11,447 8,440 Financial investments - 25 Other receivables 161 226 Inventories 6 2,021 1,452 Prepaid expenses 737 872 Total current assets 23,181 39,613 Non-current assets Financial investments 400 594 Property, plant and equipment 7 58,601 38,167 Mining interests 8 11,371 11,154 Total non-current assets 70,372 49,915 Total assets 93,553 89,528 EQUITY AND LIABILITIES Current liabilities Accounts payable and accrued liabilities 9 11,351 10,966 Due to First Majestic Silver Corp. 10 3,075 3,017 Pre-payment facility 11 8,858 9,295 Lease obligations 191 188 Total current liabilities 23,475 23,466 Non-current liabilities Pre-payment facility 11 1,658 813 Lease obligations 323 373 Decommissioning liability 12 9,430 9,420 Contingent consideration 409 389 Total non-current liabilities 11,820 10,995 Total liabilities 35,295 34,461 Equity Share capital 13 101,862 94,325 Warrant reserves 13 12,457 14,565 Options reserves 14 11,050 7,374 Accumulated other comprehensive income 2,076 1,463 Deficit (70,188) (63,736) Attributable to equity holders of the parent 57,257 53,991 Non-controlling interest 1,001 1,076 Total equity 58,258 55,067 Total equity and liabilities 93,553 89,528 Nature of operations and going concern (note 1) Contingencies and commitments (note 17) Subsequent events (note 19) The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements. - 1 -
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Silver Storm Mining Ltd. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (In Thousands of Canadian Dollars, unless otherwise stated) (Unaudited) June 30, June 30, Ref 2026 2025 Expenses Mineral property expenses 16 (88) (724) General and administration 16 (2,774) (434) Stock based compensation 14 (3,676) - Total expenses (6,538) (1,158) Other income Foreign exchange income 367 169 Other income 4 28 Net loss before finance items (6,167) (961) Finance costs Finance cost (434) (237) Finance income 60 16 Net loss from operations (6,541) (1,182) Income tax - - Net loss (6,541) (1,182) Attributable to: Equity holders of the parent (6,466) (1,182) Non-controlling interest (75) - (6,541) (1,182) Other comprehensive income (loss) Items that may be reclassified to net loss Exchange differences on translating foreign operations 630 (919) Loss on investment at FVOCI, net of tax (17) - Other comprehensive income (loss) 613 (919) Total comprehensive loss (5,928) (2,101) Basic and diluted loss per share (0.01) (0,00) Weighted average number of common shares outstanding - basic and diluted 806,901,334 526,600,615 The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements. Three months Ended - 2 -
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Silver Storm Mining Ltd. Condensed Interim Consolidated Statements of Changes in Equity (In Thousands of Canadian Dollars, unless otherwise stated) (Unaudited) Number of shares Share capital Shares to be issued Warrants reserves Options reserves Accumulated other comprehensive income Deficit Non- Controlling Interest Total Balance at April 1, 2025 501,969,273 56,360 - 5,103 3,615 1,505 (48,072) - 18,511 Private placement 92,400,000 12,012 - - - - - - 12,012 Warrants - (5,865) - 5,865 - - - - - Share issue costs - (1,225) - 358 - - - - (867) Options exercised 500,000 115 - - (53) - - - 62 Shares to be issued - - 985 - - - - - 985 Net loss and comprehensive loss - - - - - (919) (1,182) - (2,101) Balance at June 30, 2025 594,869,273 61,397 985 11,326 3,562 586 (49,254) - 28,602 Balance at April 1, 2026 791,669,187 94,325 - 14,565 7,374 1,463 (63,736) 1,076 55,067 Warrants exercised 24,255,432 7,537 - (2,094) - - - - 5,443 Warrants expired - - - (14) - - 14 - - Stock based compensation - - - - 3,676 - - - 3,676 Net loss and comprehensive loss - - - - - 613 (6,466) (75) (5,928) Balance at June 30, 2026 815,924,619 101,862 - 12,457 11,050 2,076 (70,188) 1,001 58,258 The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements. - 3 -
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Silver Storm Mining Ltd. Condensed Interim Consolidated Statements of Cash Flows (In Thousands of Canadian Dollars, unless otherwise stated) (Unaudited) June 30, June 30, Ref 2026 2025 Operating activities Net loss (6,541) (1,182) Non-cash items: Stock based compensation 14 3,676 - Depreciation 78 9 111 Accretion 214 194 Finance cost 161 41 Foreign exchange loss (gain) 195 (212) Unrealized loss on change in fair value of financial investments 219 - Working capital items: Value added tax and sales tax receivable 5 (3,007) (230) Other receivables 65 42 Prepaid expenses 135 40 Inventories 6 (569) 44 Accounts payable and accrued liabilities 9 385 (236) (2,991) (340) Net cash used in operating activities (4,978) (1,388) Investing activities Purchase of property, plant and equipment 7 (20,191) - Net cash used in investing activities (20,191) - Financing activities Proceeds from shares to be issued - 985 Proceeds from private placements - 12,012 Share issue costs - (867) Proceeds from options exercised - 62 Proceeds from warrants exercised 13 5,443 - Lease obligation payments (57) (100) Net cash provided by financing activities 5,386 12,092 Net change in cash and cash equivalents (19,783) 10,704 Cash and cash equivalents, beginning of period 28,598 2,353 Cash and cash equivalents, end of period 8,815 13,057 The accompanying notes to the unaudited condensed interim consolidated financial statements are an integral part of these statements. Three months Ended - 4 -
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 5 - 1. Nature of operations and going concern Silver Storm Mining Ltd. (the "Company” or "Silver Storm") is incorporated under the Canada Business Corporations Act. The Company is engaged in the acquisition, exploration, development, and mining of mineral properties, with a primary focus on silver projects located in Durango, Mexico. The address of the Company’s registered office and its principal place of business are 22 Adelaide Street West, Suite 2020, Bay Adelaide Centre, Toronto, Ontario, Canada. The Company's common shares are publicly traded on the TSX Venture Exchange ("TSXV") under the stock symbol "SVRS", on OTCQX under the stock symbol "SVRSF" and on the Frankfurt Stock Exchange under the stock symbol "SVR". These unaudited condensed interim consolidated financial statements comprise of the financial statements of Silver Storm Mining Ltd. and its wholly -owned subsidiaries, Golden Tag Mexico S.A. de C.V. and Parrilla Plata Mining S.A. de C.V., which were incorporated in Mexico. These unaudited condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company is in the process of advancing the restart of mining operations of its previously producing mining assets and, to date, has not generated sufficient cash flow from operations to fund its activities. As at June 30, 2026, the Company incurred a net loss of $6,541 and, and the current liabilities exceed its current assets by $294, and it has an accumulated deficit of $ 70,188. The Company's ability to continue as a going concern is dependent upon its ability to successfully execute its mine restart strategy, achieve profitable operations and generate positive cash flows from operations. While the Company had a significant cash balance at June 30, 2026, management expects a substantial portion of these funds to be utilized during the upcoming year in connection with mine restart activities, including mine development, infrastructure, equipment and other expenditures required to recommence operations. There can be no assurance that the Company's operational plans will be achieved within the anticipated timeframes or that operations will generate sufficient cash flows to support ongoing activities. Management has developed a plan to advance the restart of mining operations, which includes utilizing existing cash resources, continuing the development of the Company's mining assets, advancing mine planning and operational readiness activities, and, if required, obtaining additional financing through equity, debt or other arrangements. While management believes these plans are achievable, there can be no assurance that such plans will be successfully implemented or that additional financing, if required, will be available on acceptable terms. These events and conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. These unaudited condensed interim consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying unaudited condensed interim consolidated financial statements. Such adjustments could be material.
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 6 - 2. Basis of presentation Statement of compliance These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) under International Accounting Standard 34 – Interim Fina ncial Reporting. These unaudited condensed interim consolidated financial statements do not include all the notes required in annual consolidated financial statements and accordingly, should be read in conjunction with the annual consolidated financial statements ended March 31, 2026. Approval of financial statements The Company’s Board of Directors approved these unaudited condensed interim consolidated financial statements on August 27, 2026. Basis of preparation These unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value. Basis of consolidation The Company's unaudited condensed interim consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company. Control exists when the Company has power over an investee, exposure or rights, to v ariable returns from its involvement with the investee and the ability to use its power over the investee to affect the amount of the Company returns. Details of controlled entities are as follows: Entity Country of Incorporation Holding Functional Currency Golden Tag Mexico S.A. de C.V. Mexico 100.00% United States Dollar Parrilla Plata Mining S.A. de C.V. Mexico 100.00% United States Dollar Till25 Capital Corp. Canada 100.00% United States Dollar Till Capital US Holding Corp. USA 100.00% United States Dollar Till Management Company USA 100.00% United States Dollar Golden Predator US Holding Corp. USA 100.00% United States Dollar Springer Mining Company USA 100.00% United States Dollar Silver Predator Corp. Canada 51.82% Canadian Dollar Intercompany balances and transactions have been eliminated on consolidation. Accounting policies of subsidiaries are consistent with the policies adopted by the Company. Functional and presentation currency These unaudited condensed interim consolidated financial statements are presented in Canadian dollars, unless otherwise stated, which is the Company’s functional currency. The functional currency of the Company’s Canadian, Mexican and USA subsidiaries is noted above.
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 7 - 3. Material accounting policy information These unaudited condensed interim consolidated financial statements were prepared using the same accounting policies, methods of computation and basis of presentation as outlined in note 3 – Material Accounting Policy Information, as described in the Compa ny’s annual audited consolidated financial statements ended March 31, 2026. Accounting standards issued but not yet applied In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management -defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. IFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted. IFRS 18 will apply retrospectively. The Company is currently working to identify all impacts the amendments will have on the primary consolidated financial statements and notes to the consolidated financial statements. 4. Cash and cash equivalents June 30, March 31, 2026 2026 Bank balances 7,308 13,158 Short-term deposits 1,507 15,440 8,815 28,598 5. Value added tax and sales tax receivable June 30, March 31, 2026 2026 GST receivable 152 76 VAT receivable 11,295 8,364 11,447 8,440 The Company incurs VAT on expenditures in Mexico, which is either refundable or creditable against income taxes payable. The Company, in coordination with its external advisors, is actively engaged with the relevant tax authorities to expedite the recovery process. Based on current assessments, the Company believes the full amount of VAT is recoverable. 6. Inventories June 30, March 31, 2026 2026 Materials and supplies 2,231 2,279 Obsolescence (210) (827) 2,021 1,452
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 8 - 7. Property, plant and equipment Land Buildings Machinery and equipment Construction in progress Other Right-of- use assets Total Cost as of March 31, 2026 795 5,873 11,857 18,695 629 1,145 38,994 Additions - - - 20,191 - - 20,191 Change in decommissioning liability - - (380) - - - (380) Reclassifications - - (18) (47) 47 - (18) Foreign exchange 15 114 231 364 12 - 736 Balance as of June 30, 2026 810 5,987 11,690 39,203 688 1,145 59,523 Accumulated Depreciation as of March 31, 2026 - 66 - - 169 592 827 Depreciation - 5 2 - 32 50 89 Foreign exchange - 1 - - 5 - 6 Balance as of June 30, 2026 - 72 2 - 206 642 922 Carrying Amounts Balance as of March 31, 2026 795 5,807 11,857 18,695 460 553 38,167 Balance as of June 30, 2026 810 5,915 11,688 39,203 482 503 58,601 The additions during the quarter mainly comprise capitalized costs of the rehabilitation of the La Parrilla and mine development costs associated with underground development, infrastructure construction, and other activities required to bring the mine into the condition necessary for its intended use, while supporting future production capacity and operational efficiency. 8. Mining interests June 30, March 31, 2026 2026 Opening balance 11,154 11,504 Springer mining interest from Till acquisition - 918 Disposal of Springer mining interest - (918) Foreign exchange 217 (350) Closing balance 11,371 11,154 La Parrilla Property The La Parrilla Silver (“La Parrilla”) Mine is a complex consisting of five non -operational underground mines, a non-operational open pit mine and a 2,000 tons per day processing facility located southeast of the city of Durango, the capital of Durango State. The La Parrilla property is comprised of 40 contiguous mining concessions, in good standing, covering 38,128 hectares. Metalla Royalty & Streaming Ltd. retains a 2% net smelter return royalty on the La Parrilla Property. Mexico San Diego Property The Company holds a 100% interest in the San Diego Property, Durango State, Mexico. Golden Minerals Company has a 2% net smelter return royalty on the property.
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 9 - 9. Accounts payable and accrued liabilities June 30, March 31, 2026 2026 Accounts payable 7,979 8,909 Payroll and related benefits 649 269 Accrued liabilities 2,723 1,788 11,351 10,966 10. Related party transactions June 30, March 31, Due to First Majestic Silver Corp. 2026 2026 Opening balance 3,017 4,549 Payment - (1,394) Exchange difference 58 (138) Closing balance 3,075 3,017 Accounts payable and accrued liabilities Management personnel 28 114 Directors 192 66 220 180 Major shareholders - Number of common shares First Majestic Silver Corp. 128,008,026 128,008,026 16% 16% First Majestic Silver Corp. acquired 143,673,684 common shares of the Company during 2023 as part of the acquisition of La Parrilla, 18,009,000 units issued during 2023 as part of the private placement and 16,666,666 units issued during 2025 as part of the private placement. On October 7, 2025, First Majestic disposed of 37,600,000 common shares of the Company. On December 30, 2025, First Majestics disposed of 3,998,000 common shares. On February 6, 2026, First Majestics disposed of 8,743,324 common shares. The amounts owing to First Majestic do not have fixed repayment terms and are non-interest bearing. Key management personnel of the Company are members of the Board of Directors as well as members of management. Remuneration includes the following expenses: June 30, June 30, 2026 2025 Management and administration fees paid to private companies controlled by directors and officers 793 171 others 7 10 Rent received from a company with common officers - (24) Stock based compensation 2,718 - 3,518 157 11. Pre-payment facility On October 6, 2025, the Company entered into a Silver and Zinc Concentrates Offtake Prepayment Agreement (the "Contract") with Samsung C&T Hong Kong Ltd. ("SSHK") and QSSC S.A. de C.V. ("QSSC"), subsidiaries of Samsung C&T Corporation, in connection with t he planned restart of operations at the La Parrilla mine. Under the agreement, the Company received a secured prepayment facility of US$7 million. On March 31, 2026, the parties executed Amendment No. 1 to the Contract, extending the latest
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 10 - commencement date of the supply period from March 2026 to June 2026 and maintaining minimum concentrate delivery requirements of 20,160 DMT of silver concentrate and 19,200 DMT of zinc concentrate over a 24‑month supply period. On July 6, 2026, the parties executed Amendment No. 2 to the Contract, which extended the grace period of the facility from May 2026 to September 2026. The key terms are as follows: • Facility Amount: US$7 million secured prepayment facility. • Interest Rate: One-month SOFR plus 4.75% per annum, calculated on the outstanding balance. Unpaid amounts bear interest at one-month SOFR plus 8.0% per annum. • Repayment Terms: Twelve equal monthly principal repayments totaling US$7 million commencing in September 2026 and ending in August 2027. Repayments may be satisfied through deductions from concentrate sales proceeds. • Security: Corporate guarantee and share pledge of Parrilla Plata Mining S.A. de C.V. • Coverage Requirement: The aggregate value of concentrate deliveries under the agreement must equal at least 100% of the outstanding facility balance. • Prepayment Option: The Company may prepay the outstanding balance upon 90 days' written notice, subject to a 3% prepayment fee on the remaining principal balance. • Offtake Commitment: SSHK has the right to purchase 100% of silver and zinc concentrate production from La Parrilla during the supply period. • Supply Period: Commences on the earlier of production startup or September 2026 and continues for 30 months. Minimum deliveries are 25,200 DMT of silver concentrate and 24,000 DMT of zinc concentrate, with the term automatically extending until minimum delivery obligations have been fulfilled. 12. Decommissioning liability The Company’s decommissioning and closure obligations relates to the cost of removing and restoring the La Parrilla property in Durango, Mexico. Significant decommissioning and closure activities include land rehabilitation, demolition of buildings and mine facilities, ongoing care and maintenance and other costs. This estimate depends on the development of an environmentally accepted mine closure plan. A reconciliation for decommissioning liability is as follows: June 30, March 31, 2026 2026 Opening balance 9,420 7,847 Accretion expense 202 684 Change in estimate (380) 1,112 Foreign exchange 188 (223) Closing balance 9,430 9,420 The provision for decommissioning was estimated using the following inputs and assumptions: June 30, 2026 March 31, 2026 Undiscounted future reclamation costs $12,462 $12,224 Discount rate 8.62% 8.03% Inflation rate 3.69% 3.66% Weighted average expected timing of cash outflows 7 years 7 years
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 11 - 13. Equity (a) Share capital At June 30, 2026 , the Company issued common shares of 815.92 million units including 24.2 million units of warrants exercised at a deemed value of $7,537 issued for the period. All common shares issued are fully paid. (b) Warrants reserves Outstanding warrants entitle their holders to subscribe to an equivalent number of common shares . The fair value of the warrants was determined using the Black-Scholes option valuation model. Units $ Opening balance 205,895,022 14,565 Warrants exercised (24,255,432) (2,094) Warrants expired (190,957) (14) Final balance 181,448,633 12,457 At June 30, 2026, the following exercisable warrants were outstanding: Number of Price Expiry warrants $ date 12,952,555 0.34 14-Aug-26 2,194,723 0.16 19-Dec-27 447,778 0.16 06-Jan-28 7,001,756 0.16 & 0.11 16-Jan-28 22,308,549 0.16 30-Jan-28 3,994,295 0.16 06-Feb-28 56,659,000 0.2 05-Jun-28 11,312,075 0.2 11-Jun-28 27,697,604 0.2 & 0.13 02-Jul-28 997,308 0.2 05-Jul-28 11,725,090 0.25 18-Jan-27 24,157,900 0.35 & 0.25 22-Sep-28 181,448,633 0.22 14. Option reserves Outstanding options entitle their holders to subscribe to an equivalent number of common shares, the continuity for activity is as follows: June 30, 2026 Weighted average exercise price # $ Opening balance as of March 31, 2026 48,150,000 0.23 Issued 12,900,000 0.50 Final balance 61,050,000 0.29 On April 6, 2026 and on June 11, 2026, the Company granted 12,900,000 stock options to certain directors, officers, employees and consultants of the Company, to purchase common shares of the Company at the price of $0.50, for a period of five years from the date of grant. The fair value of the options granted was estimated using the Black-Scholes option pricing model with the following assumptions: dividend yield 0%; volatility 95%;
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 12 - risk-free interest rate 3.09% and 3.05%, an expected life of 5 years, no expected dividend yield and an exercise price of $0.50 and a price at date of grant of $0. 485 and $0.46. The fair value attributed to these options was $4,423 and $133, respectively, and was expensed in the unaudited condensed interim consolidated statements of loss. 15. Loss per share The calculation of basic loss per share is based on the loss for the period divided by the weighted average number of shares in circulation during the period. Details of share options and warrants issued that could potentially dilute loss per share in the future are given in note 13 and 14 if the Company were not in a loss position and were to calculate diluted income per share. Both the basic and diluted loss per share have been calculated using the loss as the numerator, i.e. no adjustment to the loss was necessary for the periods ended June 30, 2026 and 2025. Three Months Ended June 30, Three Months Ended June 30, 2026 2025 Loss for the period (6,541) (1,182) Weighted average number of shares in circulation 806,901,334 526,600,615 Basic and diluted loss per share (0.01) (0.00) 16. Expenses by nature Mineral property expenses Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Professional fees 48 1 Mining concessions rights - 37 Salaries and labour - 69 Energy - 68 Insurance - 77 General services - 101 Depreciation 39 67 Raw materials - 267 Other 1 37 88 724 General and administration Salaries and labour 832 49 Management, consulting fees 668 96 Professional fees 361 115 Insurance 229 - Promotion costs 127 40 Investor relations 127 12 Maintenance 97 - Depreciation 50 45 Listing, filing and transfer agency fees 31 53 Other 258 24 2,774 434
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 13 - 17. Contingencies and commitments The Company’s operations are subject to governmental laws and regulations regarding environmental protection. Environmental consequences, their impact and their duration are difficult to determine. To the best of its knowledge, management believes that the Company’s operations are in compliance with all applicable laws and regulations. Provisions for estimated costs are recorded when environmental remedial efforts are likely and costs can be reasonably estimated. 18. Segment reporting In accordance with IFRS 8 - Operating Segments, it is mandatory for the Company to present and disclose segmental information based on internal reports that are regularly reviewed by the Board of Directors in order to assess each segment’s performance. In this regard, the Company conducts its business in a single operating segment, being the acquisition, exploration and development of mineral properties. The Company’s principal mining interests are located in Mexico. Segmented information on a geographic basis is as follows: Canada Mexico Total Net loss (5,099) (1,442) (6,541) As of June 30, 2026 Current assets 9,075 14,106 23,181 Non-current assets 503 69,869 70,372 Total assets 9,578 83,463 93,553 Current liabilities 609 22,866 23,475 Non-current liabilities 323 11,497 11,820 Total liabilities 932 33,851 35,295 19. Subsequent events Subsequent to June 30, 2026, the Company completed the following transactions: An aggregate of 12,430,455 warrants was exercised for gross proceeds of $4,224, resulting in the issuance of 12,430,455 common shares of the Company. On July 6, 2026, the Company and SSHK and QSSC executed an amendment to the Offtake Prepayment Agreement, which extended the grace period of the facility from May 2026 to September 2026 (note 11). On July 9, 2026, the Company entered into a non-revolving unsecured loan agreement with First Majestic Silver Corp. of US$5 million. The loan is intended to fund the continued development of La Parrilla Mine. On August 21, 2026, the Company the Company announced a non- brokered private placement consisting of 15,000,000 units (the “Units”) at a price of $0.50 per Unit for aggregate gross proceeds of $7.5 million. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.70 per share for a period of 18 months from the closing date of the Offering. A total of 15,000,000 common shares and 7,500,000 warrants will be issued pursuant to the Offering. On August 24, 2026, the Company announced an increase to its previously announced non- brokered private placement financing. The offering was increased from 15,000,000 units to up to 30,000,000 units at a price of $0.50 per unit, for aggregate gross proceeds of up to $15.0 million. Each unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share of the Company at an exercise price of $0.70 per share for a peri od of 18 months
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Silver Storm Mining Ltd. Notes to Condensed Interim Consolidated Financial Statements Three Months Ended June 30, 2026 (In Thousands of Canadian Dollars, unless otherwise stated) - 14 - from the closing of the offering. If fully subscribed, the offering would result in the issuance of up to 30,000,000 common shares and 15,000,000 warrants. In connection with the offering, the Company may pay cash finder's fees of up to 3.0% of the applicable subscription proceeds to eligible finders. On August 26, 2026, the Company completed the first tranche of a non- brokered private placement, issuing 29,250,000 units at $0.50 per unit for gross proceeds of $14.625 million. Each unit consists of one common share and one-half share purchase warrant, w ith each whole warrant exercisable at $0.70 per common share for 18 months from closing. The Company also announced an increase in the maximum size of the offering to 42,000,000 units for aggregate gross proceeds of up to $21.0 million.