# Management’s Discussion and Analysis (June 30, 2026) Source Brief: https://evesgoldminers.com/research/source-briefs/kuya-silver-corporation-management-s-discussion-and-analysis-june-30-2026-633dae5d Original source: https://www.kuyasilver.com/images/pdf/FS-and-MDA/KUYA%20MDA%20Q2%202026%20FINAL%20Aug%2014.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 (June 30, 2026) Source: https://www.kuyasilver.com/images/pdf/FS-and-MDA/KUYA%20MDA%20Q2%202026%20FINAL%20Aug%2014.pdf Fetched: 2026-09-12T07:09:12.003+00:00 Source artifact: 633dae5d-542c-4891-be12-0ebaacda9895 Normalizer input: text ## Content # Management’s Discussion and Analysis (June 30, 2026) KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE QUARTER ENDED JUNE 30, 2026 (Expressed in US Dollars) Report Date – AUGUST 14, 2026 TABLE OF CONTENTS TABLE OF CONTENTS ..........................................................................................................................2 MANAGEMENT’S DISCUSSION AND ANALYSIS.....................................................................................3 COMPANY OVERVIEW ........................................................................................................................3 HIGHLIGHTS .......................................................................................................................................4 OUTLOOK ..........................................................................................................................................7 OVERALL PERFORMANCE AND RESULTS OF OPERATIONS .................................................................... 9 SUMMARY OF QUARTERLY FINANCIAL RESULTS ............................................................................... 12 LIQUIDITY AND CAPITAL RESOURCES ................................................................................................ 13 TRANSACTIONS WITH RELATED PARTIES ........................................................................................... 15 COMMITMENTS AND CONTINGENCIES ............................................................................................. 15 SHARE CAPITAL INFORMATION ........................................................................................................ 16 CAPITAL AND FINANCIAL RISK MANAGEMENT .................................................................................. 17 ACCOUNTING DISCLOSURES ............................................................................................................. 21 SUBSEQUENT EVENT ........................................................................................................................ 21 RISK FACTORS .................................................................................................................................. 21 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS ................................................. 22 2 KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION & ANALYSIS (Expressed in US Dollars) JUNE 30, 2026 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 three and six months ended June 30, 2026. This MD&A should be read in conjunction with the Company’s interim consolidated financial statements and related notes thereto for the three and six months ended June 30, 2026. 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 August 14, 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) JUNE 30, 2026 During 2024 the Company engaged in reconditioning and underground activities required to restart commercial mining operations at the Bethania Silver Project, and the limited production of mineralized material in 2025 and 2026 was initially focused on areas with existing underground infrastructure. 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 mining, processing and potential optimization opportunities aimed at improving silver production rates and 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 is evaluating above-ground historical stockpiles (including tailings, blast stockpiles and a crushed stockpile) for silver and cobalt mineralization. In the recent past the Company’s exploration programs led to a significant 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 through 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. Initial surface sampling and scout drilling during 2025 reported multiple silver-gold veins over a 2.5 x 5 km priority area. HIGHLIGHTS Operational Three months Six Months June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Mineralized material, mined tonnes wet 5,097 1,224 8,173 1,879 Mineralized material, processed tonnes dry 5,075 - 8,507 872 Meters advanced m 437 263 835 424 Development tonnes 1,535 1,774 3,502 3,703 Average processed grades Silver (1) oz/t 5.91 - 6.10 9.05 Lead % 1.43 - 1.73 2.60 Zinc % 1.48 - 1.70 2.23 Silver Equivalent (2) oz/t 8.82 - 9.38 12.39 Silver Equivalent (2) g/t 274 - 292 385 Average recoveries (1)(3) Silver % 79.72 - 83.09 90.94 Lead % 80.87 - 83.80 87.40 Zinc % 32.51 - 38.49 55.40 4 KUYA SILVER CORPORATION MANAGEMENT’S DISCUSSION & ANALYSIS (Expressed in US Dollars) JUNE 30, 2026 Three months Six Months June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Metal processed (1) Silver oz 23,912 - 42,293 34,155 Lead tonnes 73 - 136 22 Zinc tonnes 75 - 120 18 Silver Equivalent (2) oz 30,559 - 52,527 10,201 Concentrates sold Silver Speciality (Silver Kings) tonnes - 1,800 - 1,800 Silver - Lead (Bethania) tonnes 149 - 269 39 Zinc (Bethania) tonnes 91 - 163 29 Metal sold Silver oz 17,450 58,078 34,931 64,838 Gold oz - - - 2 Lead tonnes 41 - 95 18 Zinc tonnes 22 - 31 10 Silver Equivalent (2) oz 20,006 58,078 39,272 66,966 Silver Sales % 87 100 89 88 Average realized price (4) Silver $/oz 72 37 77 35 Gold $/oz - - - 3,017 Lead $/tonne 1,889 - 1,874 1,984 Zinc $/tonne 3,445 - 3,373 2,773 Total Revenue (4) $ 000's 1,253 1,150 2,718 2,467 (1) Information has been revised from amounts previously disclosed in the Company’s press release dated April 22, 2026. The revisions relate primarily to the correction of previously reported production metrics. (2) prices for silver equivalent calculations use period ending spot prices and are as follows: June 30, 2026 $61/oz, lead $1,877/tonne, zinc $3,552/tonne March 31 2026 silver $74/oz, lead $1,909/tonne, zinc $3,230/tonne June 30, 2025 $36/oz, lead $2,205/tonne, zinc $2,764/tonne March 31 2026 silver $74/oz, lead $1,909/tonne March 31, 2025 period; silver $34/oz, gold $3,123/oz, lead $2,002/tonne, zinc $2,829/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 5,097 tonnes mined during the quarter, reflecting an increase of 66% from Q1 2026. Monthly and quarterly production rates may continue to be highly variable during the ongoing ramp-up period. • Silver production, 87% of total revenue during Q2 2026, realized an average selling price of $72/oz generating total revenue of $1.3 million, compared with Q1, 2026 revenue of $1.5 million. • Total of 437 meters advanced and 1,535 metric tonnes of development material moved in Q2 2026, compared to 398 meters advanced and 1,967 metrics tonnes of development material moved in Q1 2026. Developing activities continued focusing on driving drifts and a crosscut to access more mineralized material • Processing of 23,912 tonnes at an average grade of 5.9 oz/t silver, compared to 18,381 tonnes at 6.3 oz/t in Q1 2026. Silver recoveries were 79.7%, compared to 86.5% in Q1 2026. Grades are expected to increase as the mine reaches a steady-state of production later this year and into 2027 and in the meantime, grades will reflect a blend of ongoing development and run-of-m [Excerpt trimmed for readability. Open the original source for the complete filing or document.]