# Management's Discussion and Analysis (December 31, 2025) Source Brief: https://evesgoldminers.com/research/source-briefs/kuya-silver-corporation-management-s-discussion-and-analysis-december-31-2025-86eb549f Original source: https://www.kuyasilver.com/images/pdf/KUYA_MDA_Q4_2025_FINAL.pdf EGM generated: 2026-09-27 Company: Kuya Silver Corporation (KUYA) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Management's Discussion and Analysis (December 31, 2025) Source: https://www.kuyasilver.com/images/pdf/KUYA_MDA_Q4_2025_FINAL.pdf Fetched: 2026-09-12T07:09:21.961+00:00 Source artifact: 86eb549f-0c43-420c-8859-ffee986ca5b7 Normalizer input: text ## Content # Management's Discussion and Analysis (December 31, 2025) KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED DECEMBER 31, 2025 (Expressed in US Dollars) Report Date – April 23, 2026 TABLE OF CONTENTS TABLE OF CONTENTS ..........................................................................................................................2 MANAGEMENT’S DISCUSSION AND ANALYSIS.....................................................................................3 COMPANY OVERVIEW ........................................................................................................................3 HIGHLIGHTS .......................................................................................................................................4 OUTLOOK ..........................................................................................................................................8 OVERALL PERFORMANCE AND RESULTS OF OPERATIONS .................................................................. 11 SUMMARY OF QUARTERLY FINANCIAL RESULTS ............................................................................... 14 LIQUIDITY AND CAPITAL RESOURCES ................................................................................................ 15 TRANSACTIONS WITH RELATED PARTIES ........................................................................................... 17 COMMITMENTS AND CONTINGENCIES ............................................................................................. 17 SHARE CAPITAL INFORMATION ........................................................................................................ 18 CAPITAL AND FINANCIAL RISK MANAGEMENT .................................................................................. 19 ACCOUNTING DISCLOSURES ............................................................................................................. 23 SUBSEQUENT EVENTS ...................................................................................................................... 23 RISK FACTORS .................................................................................................................................. 24 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS ................................................. 39 2 KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION & ANALYSIS (Expressed in US Dollars) DECEMBER 31, 2025 MANAGEMENT’S DISCUSSION AND ANALYSIS The following Management’s Discussion & Analysis ("MD&A") provides a review of activities, results of operations and the financial condition of Kuya Silver Corporation (“Kuya Silver”, the “Company”, “we”, or “our”) as at and for the year ended December 31, 2025. This MD&A should be read in conjunction with the Company’s audited annual consolidated financial statements and related notes thereto for the year ended December 31, 2025. References to “Kuya Silver” in this MD&A refer to the Company and its subsidiaries taken as a whole. Readers are cautioned that this MD&A contains forward-looking statements about expected future events and financial and operating performance of the Company, and that actual events may vary from management's expectations. Readers are encouraged to read the Cautionary Note on Forward-Looking Statements included in this MD&A and to consult the Company’s audited annual consolidated financial statements and corresponding notes for the year ended December 31, 2025, which are available under the Company’s profile on the SEDAR+ website at www.sedarplus.ca. The Company’s management is responsible for the preparation and presentation of the financial statements and this MD&A. The interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and as included in Part 1 of the CPA Canada Handbook – Accounting and the interpretations of the International Financial Reporting Interpretations Committee, including IAS 34 Interim Financial Reporting. This MD&A has been prepared in accordance with the requirements of Canadian securities regulators, including National Instrument (“NI”) 51-102 of the Canadian Securities Administrators. All amounts disclosed in this MD&A are expressed in United States (“US”) dollars (“USD”), unless otherwise noted. Canadian dollars are represented by CAD $. Information contained herein is presented as at April 23, 2026 (the “Report Date”) unless otherwise indicated. COMPANY OVERVIEW Kuya Silver is a silver mining company with a focus on acquiring, exploring, developing and operating precious metals properties in mining-friendly jurisdictions (such as Peru and Canada). The Company’s head office and principal address is located at 150 King Street West, Suite 200, Toronto, ON, M5J 1J9. The Company was incorporated on July 15, 2015, under the Business Corporations Act (British Columbia) and the Company’s registered and records office is located at 2054 Dowad Drive, Squamish, BC, V8B 0Y8. The Company’s shares are listed on the Canadian Securities Exchange (“CSE”) under the symbol KUYA and on the OTC Markets OTCQB Exchange under the symbol KUYAF. Bethania Silver Project (Huancavelica, Peru) The Company owns the Bethania Silver Project in Peru, located in a major silver-lead- zinc mining district in Central Peru, which is comprised of the Bethania mine (Santa Elena mining concession) that operated, prior to Kuya Silver’s acquisition, from 2010 to 2016, the Carmelitas concessions, and the Tres Banderas concessions, together which collectively covers approximately 5,600 hectares. The Company’s most recent Preliminary Economic Assessment (the “PEA”) was filed on SEDAR+ in October 2023 and contemplates a 350 tonnes per day underground mine feeding a processing plant that would process mineralized material and also incorporates the potential to toll-mill mineralized material prior to the construction and commissioning of a new processing plant at site. Mineralized material is planned to be mined from three primary vein systems (Española, 12 de Mayo, Victoria). 3 KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION & ANALYSIS (Expressed in US Dollars) DECEMBER 31, 2025 During 2024 the Company commenced reconditioning and underground activities required to restart mining operations at the Bethania Silver Project, and commenced limited production of mineralized material, which the initial extraction focused on areas with existing underground infrastructure. This activity continued during 2025, accelerating underground rehabilitation to increase operations. As the mining activities at the Bethania Project advance toward the initial Phase 1 target of 350 tonnes per day, the Company expects to benefit from more consistent processing and potential optimization opportunities aimed at improving silver recoveries from Bethania’s polymetallic mineralized material. Silver Kings Project (Ontario, Canada) The Silver Kings Project is located in Northern Ontario’s most prolific silver mining camp, situated near the historic mining town of Cobalt, Ontario, and encompasses approximately 13,000 hectares of patents, leases and claims. The Company continually manages its property position based on strategic goals, geological potential and expenditure requirements and may increase or decrease these holdings from time to time. The Company’s exploration programs led to a new silver vein discovery on the Campbell-Crawford claim, is now known as the Angus Vein. Since that discovery, additional veins and vein structures have been identified both thought drilling and on the surface in close proximity to the Angus Vein which have been shown to host silver-cobalt mineralization. Umm Hadid Project (Saudi Arabia) The Company also holds 5% interest in Umm Hadid Project in Saudi Arabia, with the option to acquire an additional 40% until April 2027 for further information see Evaluation and Exploration Assets section. HIGHLIGHTS Three months Year ended December September June 30, March December December Operational Highlights 31, 2025 30, 2025 2025 31, 2025 31, 2025 31, 2024 (1) Mineralized material, mined tonnes 1,999 417 1,224 655 4,295 528 Mineralized material, processed tonnes 1,570 1,841 - 872 4,283 767 Meters advanced m 172 58 263 161 654 111 Development tonnes 2,318 405 1,774 1,930 6,426 558 Average head grades - Silver oz/t 6.00 10.82 10.73 9.05 9.15 6.93 Lead % 1.40 3.32 3.64 2.60 1.64 2.45 Zinc % 1.10 2.61 2.52 2.23 1.63 1.70 (2) Silver Equivalent oz/t 8.50 13.87 14.89 12.39 12.41 10.31 (2) Silver Equivalent g/t 264 431 463 385 386 321 Average recoveries(3) - Silver % 73.30 91.63 - 90.94 85.29 84.76 Lead % 79.10 90.50 - 87.40 85.67 80.61 Zinc % 57.10 66.00 - 55.40 59.50 25.63 4 KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION & ANALYSIS (Expressed in US Dollars) DECEMBER 31, 2025 Three months Year ended December September June 30, March December December Operational Highlights 31, 2025 30, 2025 2025 31, 2025 31, 2025 31, 2024 (1) Metal processed - Silver oz 7,724 18,985 - 7,445 34,155 5,177 Lead tonnes 18 58 - 22 98 18 Zinc tonnes 15 46 - 18 79 13 Concentrates sold (wet) - Silver Speciality tonnes - - 1,800 - 1,800 - Silver - Lead tonnes 37 98 - 39 174 38 Zinc tonnes 22 66 - 29 117 13 Silver oz 5,441 16,983 58,078 6,760 87,262 4,248 Gold oz - 4 - 2 6 2 Lead tonnes 15 53 - 18 86 15 Zinc tonnes 8 30 - 10 48 4 (2) Silver Equivalent oz 6,194 21,436 58,078 8,888 94,596 5,904 Silver Sales % 88 79 100 76 92 72 - (4) Average realized price - Silver $/oz 57 40 37 33 42 31 Gold $/oz - 3,366 - 3,017 3,192 2,681 Lead $/tonne 1,953 1,953 - 1,984 1,963 1,915 Zinc $/tonne 3,047 2,818 - 2,773 2,879 2,718 Total Revenue (4) $ Thousands 321 767 1,150 229 2,467 150 (1) production from May 21, 2024 to December 31, 2024 (2) Silver Equivalency (AgEq) was calculated using silver price prices as follows: Dec 31, 2025: silver $70.13/oz, gold $4,326/oz, lead $2,005/tonne, zinc $3,122/tonne Sept. 30, 2025 period: silver $46.56/oz, gold $3,846/oz, lead $1,964/tonne, zinc $2,938/tonne Jun. 30, 2025 period; silver $36.00/oz, gold $3,303/oz, lead $2,205/tonne, zinc $2,764/tonne, Mar. 31, 2025 period; silver $34.46/oz, gold $3122.80/oz, lead $2002/tonne, zinc $2829/tonne, and Dec. 31, 2024 period; silver $28.90/oz, gold $2606.72/oz, lead $1921.50/tonne, zinc $2974/tonne. (3) includes only payable recovery i.e. lead in the silver- lead concentrate and zinc in the zinc concentrate and silver in both concentrates. (4) may include provisional settlements at the end of the period, net of treatment and refining costs. Bethania Silver Project • Total of 4,295 tonnes mined during 2025 generating a total revenue of $1.3 million, the fourth quarter of 2025 contributed approximately 47% of the tonnes mined during the year, a quarterly record as Bethania continues to ramp up production. Approximately 1,300 tonnes of material mined during the fourth quarter of 2025 was shipped for processing in January 2026, generating higher revenue due to the increase in silver prices. • Total of 654 meters advanced and 6,426 metric tonnes of development material moved allowing sufficient working areas to produce more than 100 tonnes per day. • Improvement in operational efficiency, successfully focusing on the targeted extraction of higher-grade mineralization, resulting in higher average grades from 6.93 oz/t to 9.15 oz/t, building on the prior year when mineralized material was first obtained. • During the fourth quarter of 2025, the Company advanced site activities by preparing additional low-grade stockpiled material for potential shipment to a toll milling facility. As part of these efforts, approximately 5,095 metric tonn [Excerpt trimmed for readability. Open the original source for the complete filing or document.]