# Q1 Financial Statements

Source Brief: https://evesgoldminers.com/research/source-briefs/silver-mountain-resources-inc-q1-financial-statements-0defd78f
Original source: https://agmr.ca/wp-content/uploads/2026/08/AgMR-FS-Q126.pdf
EGM generated: 2026-09-27
Company: Silver Mountain Resources Inc. (AGMR)

## Use Note

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## Extracted Document Text

# Q1 Financial Statements

Source: https://agmr.ca/wp-content/uploads/2026/08/AgMR-FS-Q126.pdf
Fetched: 2026-09-12T07:07:42.261+00:00
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## Content

# Q1 Financial Statements
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Unaudited - Expressed in US dollars)
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - Expressed in US dollars)
March 31, December 31,
Note 2026 2025
$ $
ASSETS
Current
Cash and cash equivalents 31,309,193 34,075,413
Restricted cash 5 1,115,820 436,204
Amounts receivable and other assets 101,205 75,581
Prepaid expenses 6 1,207,120 509,882
33,733,338 35,097,080
Property, plant and equipment 7 565,936 418,928
Exploration and evaluation assets 8 4,276,313 4,160,423
Development property 9 49,451,873 43,468,964
Tax credits receivable 10 6,306,979 5,488,901
Long-term deposits 143,271 -
Total assets 94,477,710 88,634,296
LIABILITIES
Current
Accounts payable and accrued liabilities 11, 16 4,759,359 3,958,583
Current portion of lease liability 12 79,745 60,307
Warrant liabilities 13 35,475,528 44,485,765
Current portion of asset retirement obligation 14 123,539 -
40,438,171 48,504,655
Lease liability 12 63,329 48,083
Asset retirement obligation 14 13,235,456 13,222,929
Total liabilities 53,736,956 61,775,667
Share capital 15(b) 84,393,214 75,303,649
Contributed surplus 1,503,380 1,438,047
Deficit (45,155,840) (49,883,067)
40,740,754 26,858,629
Total liabilities and shareholders' equity 94,477,710 88,634,296
Nature of operations
Subsequent events (Note 21)
Approved and authorized for issue on behalf of the Board of Directors.
/s/ Timothy Loftsgard /s/ Jose Vizquerra
Director Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Unaudited - Expressed in US dollars, except number of shares)
Three months ended
Note March 31,
2026 2025
$ $
Operating expenses
Administrative expenses 135,616 30,411
Advertising and marketing 46,883 -
Depreciation 7 21,109 1,440
Environmental fees - 161
Filing and listing fees 12,265 28,864
Insurance 21,803 21,803
Other expenses 21,560 18,576
Professional fees 16 409,003 141,025
Salaries and benefits 16 548,338 253,411
Share-based compensation 15(d), 15(f), 16 110,210 50,456
Travel, meals and entertainment 11,149 1,914
Total operating expenses (1,337,936) (548,061)
Bank charges (42,212) (22,190)
Interest income 251,678 3,792
Accretion expense 12, 14 (138,347) -
Foreign exchange gain 443,437 102,744
Gain on expiry of warrant liabilities 13 57,241 -
Gain on settlement of payables 15(b) - 1,706
Unrealized gain on revaluation of warrant liabilities 13 5,493,366 304,808
Net income (loss) and comprehensive income (loss) 4,727,227 (157,201)
Net income (loss) per share:
Basic and diluted (Note 1) 0.08 (0.01)
Weighted average number of common shares:
Basic and diluted (Note 1) 59,131,236 24,676,694
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited - Expressed in US dollars)
Three months ended
March 31,
2026 2025
$ $
Operating activities
Net income (loss) 4,727,227 (157,201)
Adjustments for:
Depreciation 21,109 1,440
Share-based compensation 110,210 50,456
Accretion expense 138,347 -
Unrealized foreign exchange gain (672,117) 1,361
Gain on expiry of warrant liabilities (57,241) -
Gain on settlement of payables - (1,706)
Unrealized gain on revaluation of warrant liabilities (5,493,366) (304,808)
Changes in non-cash working capital:
Amounts receivable and other assets (843,895) (181,516)
Prepaid expenses (840,509) (128,794)
Accounts payable and accrued liabilities (2,029,184) 103,426
Cash used in operating activities (4,939,419) (617,342)
Investing activities
Exploration and evaluation asset additions (115,890) (456,948)
Development property cost additions (2,938,158) -
Purchase of property, plant, and equipment (134,511) -
Restricted cash deposits paid (679,616) (172,766)
Cash used in investing activities (3,868,175) (629,714)
Financing activities
Proceeds from warrants exercise 5,980,618 -
Proceeds from broker warrants exercise 129,236 -
Lease payments (19,161) -
Cash provided by financing activities 6,090,693 -
Effect of foreign exchange on cash and cash equivalents (49,320) -
Net change in cash and cash equivalents (2,716,900) (1,247,056)
Cash and cash equivalents, beginning of the period 34,075,413 4,269,452
Cash and cash equivalents, end of the period 31,309,193 3,022,396
Composition of cash and cash equivalents:
Cash 31,240,497 2,954,572
Cash equivalents 68,696 67,824
31,309,193 3,022,396
Supplemental cash flow information:
Depreciation capitalized in exploration and evaluation assets - 16,063
Depreciation capitalized in development property 17,958 -
Shares issued for settlement of payables 164,993 62,044
Exploration and evaluation assets additions included in accounts payable and accrued
liabilities - 412,810
Development property additions included in accounts payable and accrued liabilities 3,026,793 -
Fair value of warrant exercised 2,943,954 -
Fair value of broker warrants exercised 129,236 -
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated y
(Unaudited - Expressed in US dollars, except number of shares)
Common Total
shares Share Contributed
(Note 1) capital surplus Deficit equity
# $ $ $ $
Balance, December 31, 2024 24,581,078 46,743,576 1,390,929 (14,426,231) 33,708,274
Shares issued for services 113,230 62,044 - - 62,044
Share-based compensation - - 50,456 - 50,456
Net loss and comprehensive loss - - - (157,201) (157,201)
Balance, March 31, 2025 24,694,308 46,805,620 1,441,385 (14,583,432) 33,663,573
Units issued in prospectus offering 30,730,300 27,307,390 - - 27,307,390
Unit issuance costs - (1,881,006) - - (1,881,006)
Shares issued for services 233,725 182,175 - - 182,175
Shares issued from exercise of warrants 1,468,178 2,889,470 (63,447) - 2,826,023
Shares issued from exercise of broker warrants 108,661 - - - -
Share-based compensation - - 60,109 - 60,109
Net loss and comprehensive loss - - - (35,299,635) (35,299,635)
Balance, December 31, 2025 57,235,172 75,303,649 1,438,047 (49,883,067) 26,858,629
Shares issued for services 44,945 164,993 - - 164,993
Shares issued from exercise of warrants 3,092,718 8,924,572 (44,877) - 8,879,695
Shares issued from exercise of broker warrants 108,661 - - - -
Share-based compensation - - 110,210 - 110,210
Net income and comprehensive income - - - 4,727,227 4,727,227
Balance, March 31, 2026 60,481,496 84,393,214 1,503,380 (45,155,840) 40,740,754
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5
SILVER MOUNTAIN RESOURCES INC.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Unaudited - Expressed in US dollars, except where noted)
1. NATURE OF OPERATIONS
Silver Mountain Resources Inc. (the "Company" or "AgMR" ) is incorporated under the Business Corporation
Act of Ontario. The Company is primarily in the business of acquiring, exploring, and developing mines and mineral deposits;
with the specific focus to develop the Castrovirreyna Project in Huancavelica, Peru. The address of the Company's corporate
office and principal place of business is 82 Richmond Street East Toronto, Ontario, M5C 1P1. The Company is currently listed
on the OTCQB Venture Market under the symbol "AGMRF", the Lima Stock Exchange under the symbol "AGMR". On February
26, 2026, the Company successfully graduated from the TSX Venture Exchange to the Toronto Stock Exchange ("TSX") and
commenced trading on the TSX under the symbol .
These unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 and 2025
have been prepared on the assumption that the Company will be able to continue in operation for
the foreseeable future and will be able to realize its assets and discharge its liabilities in the ordinary course of business.
As at March 31, 2026, the Company has incurred losses since inception and has an accumulated deficit of $45,155,840
(December 31, 2025 - $49,883,067). As at March 31, 2026, the Company had cash and cash equivalents of $31,309,193
(December 31, 2025 - $34,075,413) and a working capital deficit of $6,704,833 (December 31, 2025 - $13,407,575). For the
period ended March 31, 2026, the Company generated net income of $4,727,227 (Q1 2025 - net loss of $157,201). The
Company expects to incur further losses in the exploration, evaluation and development of its mineral properties.
During the fiscal year 2025, the Company made the decision to proceed to the development stage for its Reliquias Mine in
central Peru. T and other activities for at least the
next twelve-month period is dependent on the Company being able to draw down on its current cash, maintain cost control
measures and raise additional capital. The Company has had success raising capital in the past. The ability to continue as a
going concern remains dependent on the und
its mineral properties, the realization of future profitable production, proceeds from the disposition of its mineral interests, and/or
other sources. These conditions indicate the existence of material uncertainties which may cast significant doubt on the
Share consolidation
On March 28, 2025, the Company consolidated all of the issued and outstanding class A common shares of the Company since
one (1) post-consolidation class A common share for every fifteen (15) pre-consolidation class A common share
. Unless otherwise specified, all historical share and per share data, including the number of common shares,
weighted average number of common shares, loss per share and stock options have been retrospectively adjusted to reflect the
Share Consolidation.
2. BASIS OF PREPARATION
a) Statement of compliance
These financial statements were approved by the Board of Directors and authorized for issue on May 14, 2026.
These financial statements have been prepared in accordance IAS 34 Interim Financial Reporting. These financial statements
do not include all the information and disclosures required in annual financial statements. Accordingly, these financial statements
for the years ended December 31,
2025 and 2024 .
b) Basis of presentation
These financial statements have been prepared on a historical cost basis, except for certain financial instruments classified as
financial instruments at fair value through profit or loss, which are measured at fair value. In addition, these financial statements
have been prepared using the accrual basis of accounting, except for cash flow information.
c) Functional and presentation currency
The functional currency is the currency of the primary economic environment in which an entity operates. The functional currency
of the Company and its subsidiary is U.S. dollars. The financial statements are presented in U.S. dollars, except as otherwise
C$ Canadian dollars, r PEN Peruvian sol.
6
SILVER MOUNTAIN RESOURCES INC.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Unaudited - Expressed in US dollars, except where noted)
2. BASIS OF PREPARATION (continued)
d) Basis of consolidation
These financial statements include the accounts of the Company and its 99.99% owned subsidiary, Sociedad Minera Reliquias
g a reverse takeover transaction. Pursuant to
Peruvian General Corporate Law requirements that a Peruvian company have more than one shareholder, in September 2

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