# MDA

Source Brief: https://evesgoldminers.com/research/source-briefs/outcrop-silver-gold-corporation-mda-ac74e7ad
Original source: https://outcropsilver.com/site/assets/files/6318/2026_q1_ocg_mda.pdf
EGM generated: 2026-09-27
Company: Outcrop Silver & Gold Corporation (OCG)

## Use Note

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## Extracted Document Text

# MDA

Source: https://outcropsilver.com/site/assets/files/6318/2026_q1_ocg_mda.pdf
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## Content

# MDA
OUTCROP SILVER & GOLD CORPORATION
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE THREE MONTH ENDED NOVEMBER 30, 2025
The following is management’s discussion and analysis of the results of operations and financial conditions
(“MD&A”) of Outcrop Silver & Gold Corporation (the “Company”, or “Outcrop”) and should be read in
conjunction with the accompanying interim condensed consolidated financial statements and related notes
thereto for the three months ended November 30, 2025 and 2024 (the “Financial Report”), and with the
audited consolidated financial statements for the years ended August 31, 2025 and 2024, all of which are
available on the SEDAR+ website at www.sedarplus.ca.
Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca.
The MD&A contains information to January 13, 2026.
Overall Performance
Description of Business and Overview of Projects
Outcrop Silver is an exploration and development company focused on advancing its flagship Santa Ana
high-grade silver project in Colombia. The Company trading on the Toronto Stock Exchange (“TSX”) under
the symbol “OCG”.
The highlights of the Company’s activities in the three months ended November 30, 2025, and up to the
date of this MD&A include:
a) On September 3, 2025, Outcrop Silver released standout results from its delineation drilling at the
Guadual North vein, reporting intercepts including 2.35 metres (1.66 metres estimated true width
“ETW”) at 3,092 g/t Ag and 4.94 g/t Au (3,528 g/t AgEq) in hole DH493, and 1.30 metres (0.54
metres ETW) at 4,587 g/t Ag and 12.30 g/t Au (5,672 g/t AgEq) in hole DH495.
b) On October 3, 2025, the Company completed a public offering of 65,780,000 units of the Company
at a price of $0.35 per unit for gross proceeds of $23,023,000. Each unit is comprised of one
common share and one-half of one common share purchase warrant, which is exercisable at price
of $0.55 for a period of 24 months;
c) On November 6, 2025, the Company received conditional approval to list its common shares on
the Toronto Stock Exchange, moving from the TSX Venture Exchange. Outcrop Silver will continue
to trade under the same stock symbol “OCG”;
d) On November 26, 2025, the Company announced a 450 metres step-out to the south along the
Aguilar vein system, resulting in a significant expansion of the Aguilar vein footprint. Stand-out
results include 0.84 metres (0.71 metres ETW) grading 835 g/t Ag and 9.33 g/t Au (1,659 g/t AgEq)
in hole DH535, and 1.04 metres (0.81 metres ETW) returning 164 g/t Ag and 6.97 g/t Au (779 g/t
AgEq). and
e) The Company Issued 17,655,880 common shares following the exercise of warrants for gross
proceeds of $-3,835,940 and 4,437,500 common shares following the exercise of options for gross
proceeds of $877,625.
Outcrop Silver & Gold Corp.
Management Discussion and Analysis
For the three months ended November 30, 2025
Santa Ana Project
The 100% owned Santa Ana project covers over 28,000 hectares within the Mariquita Mineral District,
through titles and applications, known as the largest and highest-grade primary silver district in Colombia,
with mining records dating back to 1585.
Santa Ana’s maiden resource estimate, detailed in the NI 43-101 Technical Report titled “Santa Ana
Property Mineral Resource Estimate,” dated June 8, 2023, prepared by AMC Mining Consultants, indicates
an estimated indicated resource of 1,226 thousand tonnes containing 24.2 million ounces silver equivalent
at a grade of 614 grams per tonne and an inferred resource of 966 thousand tonnes containing 13.5 million
ounces at a grade of 435 grams per tonne. The identified resources span seven major vein systems that
include multiple parallel veins and ore shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots);
La Porfia (La Ivana); El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los
Naranjos, and La Isabela.
The current drill campaign has extended known mineralization and tested additional target areas within the
17-kilometre-long fully permitted mineralized corridor at the Santa Ana Project. Since the start of the current
campaign, drilling has confirmed mineralization in six vein systems—Aguilar, Jimenez, La Ye, Los Mangos,
Guadual, and Morena—through a combination of step-out, testing, and delineation drilling. The results from
these programs are being incorporated into updated geological interpretations and three-dimensional
models. They will support ongoing drilling activities and the preparation of the next mineral resource update.
At the end of the reported quarter, Outcrop Silver had three rigs drilling in the Santa Ana Project, drilling
8,505 metres during the quarter and a total of 105,786 metres distributed in 556 holes.
Kramer Hills Project
Acquired through the amalgamation with Zacapa Resources in November 2023, the Kramer Hills (“Kramer”)
gold project consists of 569 BLM claims covering approximately 48 km2 surrounding a patented claim
covering the historic Shaherald oxide gold mine in San Bernardino County, California. The project lies along
a mapped fault zone approximately 7 kilometres long, with historic shafts, adits and an open pit extending
for over 4 kilometers. Historical resources included five near-surface open pit oxide gold deposits that were
permitted for exploitation in the late 1980s and contained approximately 7,500,000 tons at reported grades
of 1.65 g/t gold for 375,000 ounces of oxide gold, at a stripping ratio of 0.55:1 (Not NI 43-101
complaint). Gold occurrences at Kramer extend over an area measuring 7.5 kilometres (northeast-
southwest) by 8.5 kilometres (northwest-southeast), with a concentrated central area containing more than
54 historic shafts, 2.4 kilometres of tunnels, and numerous pits and trenches.
On June 11, 2025, the Company granted Silver Mines an option to earn up at an 80% interest in Kramer
Hills in return for paying US$500,000 in cash (paid) and issuing 22,090,000 shares of Silver Mines (subject
to escrow until July 1, 2026).
First Earn-In (to 50%):
• Incur not less than US$3,500,000 in exploration expenditures by July 1, 2027;
• pay the final US$1,250,000 Kramer option payment due on August 15, 2026; and
• pay the Company US$1,500,000 in shares of Silver Mines within sixty days following the
satisfaction of the First Earn-In Condition.
Further Earn-In (to 80%):
• Pay to the Company an additional US$2,000,000 in shares of Silver Mines on or before the expiry
date of the Further Earn-in Period.
2
Outcrop Silver & Gold Corp.
Management Discussion and Analysis
For the three months ended November 30, 2025
Once Silver Mines has earned an 80% interest it will provide the Company with a free carry interest through
to the completion of a feasibility study on the project.
Qualified Person
The technical information disclosed in this MD&A has been reviewed and verified by Guillermo Hernandez,
Certified Professional Geologist by the American Institute of Professional Geologists (CPG-12295), and
Vice President of Exploration at Outcrop Silver. Mr. Hernandez is a Qualified Person for the Company as
defined by National Instrument 43-101.
Silver Equivalent
Metal prices used for equivalent calculations were US$2,760/oz for gold, and US$32/oz for silver.
Metallurgical recoveries based on Outcrop Silver’s metallurgical test work are 98.5% for gold and 96.3%
for silver (see news release dated June 25, 2024). The equivalency formula is as follows:
Results of Operations
For the three months ended November 30, 2025 and 2024.
Significant or noteworthy expenditure differences between the periods include:
Three months ended
November 30, 2025 November 30, 2024
Loss for the period $ (3,743,898) $ (3,703,876)
Comprehensive loss for the period $ (3,733,858) $ (3,698,163)
Expenses for the period $ (5,479,915) $ (3,705,048)
Exploration and evaluation 3,329,952 2,225,362
Increase due to increased drilling at Santa Ana.
General and administrative 887,676 408,555
Increase primarily due to increased consulting fees, office and travel
expenses.
Investor relations 512,614 270,100
Increase due primarily to escalation of outreach activities.
Professional fees 81,187 229,939
Decrease due to reduced Colombian legal services.
Exploration and evaluation expenditure details for the three months ended November 30, 2025 and
2024.
During the three months ended November 30, 2025, the Company was focused on the Santa Ana Project
where it continued its exploratory technical work and maintained its community outreach programs at the
project site. During the three months ended November 30, 2024, the Company was focused on the Santa
3
Outcrop Silver & Gold Corp.
Management Discussion and Analysis
For the three months ended November 30, 2025
Ana Project where it managed its drilling efforts and maintained its community outreach programs at the
project site.
Three months ended November 30, 2025 Santa Ana Other Total
Drilling $ 1,558,554 $ - $ 1,558,554
Payroll 829,897 - 829,897
Field Expenses and other 845,356 4,484 849,840
Technical consulting 91,661 - 91,661
Total $ 3,325,468 $ 4,484 $ 3,329,952
Three months ended November 30, 2024 Santa Ana Other Total
Drilling $ 1,036,200 $ - $ 1,036,200
Payroll 544,867 - 544,867
Field Expenses and other 569,473 17,243 586,716
Technical consulting 57,579 - 57,579
Total $ 2,208,119 $ 17,243 $ 2,225,362
Summary of Quarterly Results
The following is a summary of the Company’s financial results for the eight most recently completed
quarters:
Nov 30, Aug 31, May 31, Feb 28, Nov 30, Aug 31, May 31, Feb 29,
2025 2025 2025 2025 2024 2024 2024 2024
$ $ $ $ $ $ $ $
Revenue nil Nil nil nil nil nil nil nil
Net loss for the period (3,743,898) (5,558,791) (4,438,601) (4,027,949) (3,703,876) (3,360,551) (2,068,112) (2,287,114)
Basic and diluted loss
(0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01)
per share
Outcrop is a mineral exploration company. At this time, any issues of seasonality or market fluctuations
have no material impact. Currently, Outcrop defers its mineral property acquisition costs and expenses both
its exploration and project investigation costs, and its general and administration costs, which are included
in the net loss for each quarter. The Company’s treasury, in part, determines the level of exploration
undertaken.
Three months ended November 30, 2025 / November 30, 2024 – The Company recorded a net loss of
$3,743,898 for the three months ended November 30, 2025, compared to a net loss of $3,703,876 for the
same period in 2024. The $40,022 increase in net loss is primarily attributable to higher exploration
expenditures of $1,104,590 at the Santa Ana Project, increased general and administrative expenses of
$479,121, and higher investor relations costs of $242,514. These increases were partially offset by lower
professional fees of $148,749, reduced stock-based compensation of $340,776, and an unrealized gain on
marketable securities of $1,612,973.
Three months ended August 31, 2025 / August 31, 2024 – During the three months ended August 31,
2025, the Company incurred a net loss of $5,558,791, compared to a net loss of $3,360,551 for the three
months ended August 31, 2024. The $2,198,240 increase was primarily driven by impairment loss of
$1,162,198, higher exploration expenditures totaling $593,544, largely at Santa Ana, along with increased
general and administrative costs of $244,317, investor relations expenses of $42,569, and wages and
4
Outcrop Silver & Gold Corp.
Management Discussion and Analysis
For the three months ended November 30, 2025
benefits rising by $39,280. These cost increases were partially offset by a $87,224 reduction in professional
fees.
Three months ended May 31, 2025 / May 31, 2024 - During the three months ended May 31, 2025, the
Company reported a net loss of $

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