# Q2 Financial Statements

Source Brief: https://evesgoldminers.com/research/source-briefs/silver-mountain-resources-inc-q2-financial-statements-031f7206
Original source: https://agmr.ca/wp-content/uploads/2026/08/AgMR-FS-Q226.pdf
EGM generated: 2026-09-27
Company: Silver Mountain Resources Inc. (AGMR)

## 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

# Q2 Financial Statements

Source: https://agmr.ca/wp-content/uploads/2026/08/AgMR-FS-Q226.pdf
Fetched: 2026-09-12T07:07:40.406+00:00
Source artifact: 031f7206-d01e-4dc5-b148-7a4f99fbef39
Normalizer input: text

## Content

# Q2 Financial Statements
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated Financial Statements
For the three and six months ended June 30, 2026 and 2025
(Unaudited - Expressed in US dollars)
SILVER MOUNTAIN RESOURCES INC.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - Expressed in US dollars)
June 30, December 31,
Note 2026 2025
$ $
ASSETS
Current
Cash and cash equivalents 29,064,694 34,075,413
Amounts receivable and other assets 115,035 75,581
Prepaid expenses 6 1,149,284 509,882
30,329,013 34,660,876
Property, plant and equipment 7 644,021 418,928
Exploration and evaluation assets 8 6,396,820 4,160,423
Development property 9 57,645,526 43,468,964
Tax credits receivable 10 7,921,823 5,488,901
Restricted cash 2(e), 5 1,117,226 436,204
Long-term deposits 104,357 -
Total assets 104,158,786 88,634,296
LIABILITIES
Current
Accounts payable and accrued liabilities 11, 16 6,726,273 3,958,583
Current portion of lease liability 12 81,152 60,307
Warrant liabilities 13 24,620,089 44,485,765
Current portion of asset retirement obligation 14 248,497 -
31,676,011 48,504,655
Lease liability 12 42,506 48,083
Asset retirement obligation 14 12,989,187 13,222,929
Total liabilities 44,707,704 61,775,667
Share capital 15(b) 96,922,208 75,303,649
Contributed surplus 1,805,757 1,438,047
Deficit (39,276,883) (49,883,067)
59,451,082 26,858,629
Total liabilities and shareholders' equity 104,158,786 88,634,296
Nature of operations and going concern (Note 1)
Subsequent event (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 Six months ended
Note June 30, June 30,
2026 2025 2026 2025
$ $ $ $
Operating expenses
Administrative expenses 132,441 50,450 268,057 80,861
Advertising and marketing 293,759 21,764 340,642 21,764
Depreciation 7 23,657 1,441 44,766 2,881
Environmental fees - - - 161
Filing and listing fees 178,298 3,793 190,563 32,657
Insurance 21,802 25,436 43,605 47,239
Other expenses 61,727 15,561 83,287 34,137
Professional fees 16 454,984 273,253 863,987 414,278
Salaries and benefits 16 438,479 247,019 986,817 500,430
Share-based compensation 15(d), 15(f), 16 310,489 35,205 420,699 85,661
Travel, meals and entertainment 42,604 510 53,753 2,424
Total operating expenses (1,958,240) (674,432) (3,296,176) (1,222,493)
Bank charges (5,571) (1,142) (47,783) (23,332)
Interest income 205,777 225 457,455 4,017
Accretion expense 12, 14 (139,860) - (278,207) -
Foreign exchange gain (loss) (327,610) 151,617 115,827 254,361
Gain on expiry of warrant liabilities 13 - - 57,241 -
Gain on settlement of payables 15(b) - 26,118 - 27,824
Unrealized gain (loss) on revaluation of warrant
liabilities 13 8,104,461 (1,033,408) 13,597,827 (728,600)
Net income (loss) and comprehensive
income (loss) 5,878,957 (1,531,022) 10,606,184 (1,688,223)
Net income (loss) per share:
Basic and diluted 0.09 (0.06) 0.17 (0.07)
Weighted average number of common
shares:
Basic and diluted 62,839,082 24,789,145 60,995,401 24,733,856
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)
Six months ended
June 30,
2026 2025
$ $
Operating activities
Net income (loss) 10,606,184 (1,688,223)
Adjustments for:
Depreciation 44,766 2,881
Share-based compensation 420,699 85,661
Accretion expense 278,207 -
Unrealized foreign exchange gain 107,761 (24,109)
Gain on expiry of warrant liabilities (57,241) -
Gain on settlement of payables - (27,824)
Unrealized gain on revaluation of warrant liabilities (13,597,827) 728,600
Changes in non-cash working capital:
Amounts receivable and other assets (2,531,162) (392,034)
Prepaid expenses (743,759) (51,427)
Accounts payable and accrued liabilities (2,764,322) 69,169
Cash used in operating activities (8,236,694) (1,297,306)
Investing activities
Exploration and evaluation asset additions (2,234,959) (1,304,856)
Development property cost additions (9,248,898) -
Purchase of property, plant, and equipment (260,092) -
Restricted cash deposits paid (681,022) (436,204)
Restricted cash returned - 263,438
Cash used in investing activities (12,424,971) (1,477,622)
Financing activities
Proceeds from warrants exercise 15,610,596 -
Proceeds from broker warrants exercise 129,236 -
Lease payments (40,973) -
Cash provided by financing activities 15,698,859 -
Net change in cash and cash equivalents (4,962,806) (2,774,928)
Effect of foreign exchange on cash and cash equivalents (47,913) 50,829
Cash and cash equivalents, beginning of the period 34,075,413 4,269,452
Cash and cash equivalents, end of the period 29,064,694 1,545,353
Composition of cash and cash equivalents:
Cash 28,995,433 1,476,033
Cash equivalents 69,261 69,320
29,064,694 1,545,353
Supplemental cash flow information:
Depreciation capitalized in exploration and evaluation assets 1,438 32,124
Depreciation capitalized in development property 40,360 -
Shares issued for settlement of payables 207,258 99,676
Exploration and evaluation assets additions included in accounts payable and accrued
liabilities - (459,104)
Development property additions included in accounts payable and accrued liabilities 5,146,080 -
Fair value of warrant exercised 5,800,705 -
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 215,970 99,676 - - 99,676
Share-based compensation - - 85,661 - 85,661
Net loss and comprehensive loss - - - (1,688,223) (1,688,223)
Balance, June 30, 2025 24,797,048 46,843,252 1,476,590 (16,114,454) 32,205,388
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 130,985 144,543 - - 144,543
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 - - 24,904 - 24,904
Net loss and comprehensive loss - - - (33,768,613) (33,768,613)
Balance, December 31, 2025 57,235,172 75,303,649 1,438,047 (49,883,067) 26,858,629
Shares issued for services 61,721 207,258 - - 207,258
Shares issued from exercise of warrants 7,238,801 21,411,301 (52,989) - 21,358,312
Shares issued from exercise of broker warrants 108,661 - - - -
Share-based compensation - - 420,699 - 420,699
Net income and comprehensive income - - - 10,606,184 10,606,184
Balance, June 30, 2026 64,644,355 96,922,208 1,805,757 (39,276,883) 59,451,082
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 and six months ended June 30, 2026 and 2025
(Unaudited - Expressed in US dollars, except where noted)
1. NATURE OF OPERATIONS AND GOING CONCERN
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 and six months ended June 30, 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 June 30, 2026, the Company has incurred losses since inception and has an accumulated deficit of $39,276,883
(December 31, 2025 - $49,883,067). As at June 30, 2026, the Company had cash and cash equivalents of $29,064,694
(December 31, 2025 - $34,075,413) and a working capital deficit of $1,346,998 (December 31, 2025 - deficit of $13,843,779).
For the three and six months ended June 30, 2026, the Company recorded net income of $5,878,957 and $10,606,184,
respectively (2025 - net loss of $1,531,022 and $1,688,223, respectively). The Company net income was impacted by the
unrealized gain on revaluation of warrant liabilities, which offset the expenses 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. -month period requires the
Company to fund its planned development and operational costs, and fund the successful commencement of commercial
production at Reliquias Mine. It, therefore, is dependent on the Company being able to draw down on its current cash and
maintain cost control measures. Furthermore, the ability to continue as a going concern remains dependent on generating future
profitable production, realizing proceeds from the disposition of mineral interests, and/or securing alternative sources of funding
as and when needed. There is no assurance that it will be able to complete or obtain adequate financing or funding in the future,
on a timely basis and on adequate terms. These conditions indicate the existence of material uncertainties which may cast
.
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 August 14, 2026.
These financial statements have been prepared in accordance with 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.
6
SILVER MOUNTAIN RESOURCE

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