# Mar 31, 2026 – Q1 Financial Statements

Source Brief: https://evesgoldminers.com/research/source-briefs/silverco-mining-ltd-mar-31-2026-and-ndash-q1-financial-statements-9d398115
Original source: https://www.silvercomining.com/_resources/financials/Q1-2026-FS.pdf?v=091207
EGM generated: 2026-09-27
Company: Silverco Mining Ltd. (SICO)

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## Extracted Document Text

# Mar 31, 2026 – Q1 Financial Statements

Source: https://www.silvercomining.com/_resources/financials/Q1-2026-FS.pdf?v=091207
Fetched: 2026-09-12T07:10:14.812+00:00
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## Content

# Mar 31, 2026 – Q1 Financial Statements
SILVERCO MINING LTD.
(formerly Quetzal Copper Corp.)
Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Unaudited, expressed in Canadian dollars)
SILVERCO MINING LTD. (formerly Quetzal Copper Corp.)
Condensed Interim Consolidated Statements of Financial Position
(Unaudited, expressed in Canadian dollars)
March 31, December 31,
Note 2026 2025
$ $
ASSETS
Current
Cash 56,242,950 1,124,955
Value added taxes and GST receivable 2,842,566 2,584,051
Prepaid expenses and deposits 579,474 245,223
Total Current Assets 59,664,990 3,954,229
Property and equipment 5 304,330 369,333
Exploration and evaluation asset 6 7,779,193 7,555,692
Total assets 67,748,513 11,879,254
LIABILITIES
Current
Accounts payable and accrued liabilities 3,933,448 3,034,814
Lease liabilities - current 8 138,046 188,484
Total Current liabilities 4,071,494 3,223,298
Long-term lease liabilities 8 62,047 72,123
Reclamation provision 9 3,094,146 2,884,693
Total liabilities 7,227,687 6,180,114
SHAREHOLDERS’ EQUITY
Share capital 10 84,296,929 24,778,983
Reserves 4,426,006 3,807,192
Accumulated other comprehensive income (loss) 66,742 (22,978)
Deficit (28,268,851) (22,864,057)
Total shareholders’ equity 60,520,826 5,699,140
Total liabilities and shareholders’ equity 67,748,513 11,879,254
Nature of operations (Note 1)
Subsequent events (Note 17)
Approved and authorized for issue on behalf of the Board of Directors:
/s/ “Mark Ayranto” /s/ “Gary Brown”
Director Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
2
SILVERCO MINING LTD. (formerly Quetzal Copper Corp.)
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss
(Unaudited, expressed in Canadian dollars)
Three months Three months
ended March ended March
Note 31, 2026 31, 2025
$ $
Operating expenses
Exploration and evaluation expenditures 7 2,999,987 682,919
Salaries, benefits and directors’ fees 441,944 13,950
Professional fees 238,711 9,697
Marketing and investor relations 233,241 -
Office and administrative 149,410 20,771
Regulatory and filing fees 74,820 -
Depreciation expense 5 72,696 47,697
Accretion on reclamation provision 9 66,115 -
Accretion and interest expense 8 6,134 7,705
Share-based compensation 10 834,627 -
Total expenses 5,117,685 782,739
Other (income) expenses
Foreign exchange loss 7,595 5,427
Nuevo transaction expenses 11 434,776 -
Interest income (155,262) (13,767)
Net loss for the period 5,404,794 774,399
Other comprehensive (income) loss
Currency translation adjustment (89,720) 330,146
Net loss and comprehensive loss 5,315,074 1,104,545
Net loss per share:
Basic and diluted 0.15 0.03
Weighted average shares outstanding:
Basic and diluted 34,973,469 23,102,000
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
3
SILVERCO MINING LTD. (formerly Quetzal Copper Corp.)
Condensed Interim Consolidated Statements of Cash Flows
(Unaudited, expressed in Canadian dollars)
Three months Three months
ended March ended March
Note 31, 2026 31, 2025
$ $
Operating activities:
Net loss for the period (5,404,794) (774,399)
Adjustments for non-cash items:
Accretion on reclamation provision 66,115 -
Accretion of lease liabilities 6,134 7,705
Unrealized foreign exchange (14,493) -
Depreciation 72,696 47,697
Share-based compensation 834,627 -
Changes in non-cash working capital related to operating activities:
Value added taxes and GST receivable (232,105) (428,671)
Prepaid expenses and deposits (335,366) 1,711
Accounts payable and accrued liabilities 730,175 (647,276)
Cash used in operating activities (4,277,011) (1,793,233)
Investing activities:
Cash received for loan receivable - 500,000
Cash provided by investing activities - 500,000
Financing activities:
Proceeds received from exercise of stock options 10 286,041 -
Proceeds received from private placement 10 62,500,000 -
Private placement share issuance costs 10 (3,333,908) -
Payment of equipment lease liabilities (71,584) (52,824)
Cash provided by (used in) financing activities 59,380,549 (52,824)
Net change in cash 55,103,538 (1,346,057)
Effect of exchange rate fluctuations on cash held 14,456 1,975
Cash, beginning of the period 1,124,956 2,002,050
Cash, end of the period 56,242,950 657,968
Supplemental cash flow information:
Share issuance costs included in accounts payable 150,000 -
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
4
SILVERCO MINING LTD. (formerly Quetzal Copper Corp.)
Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited, expressed in Canadian dollars, except number of shares)
Accumulated other Total
comprehensive shareholders'
Common shares Share capital Reserves income (loss) Deficit equity
# $ $ $ $ $
Balance, December 31, 2024 23,102,000 11,052,833 1,809,881 (349,093) (5,066,082) 7,447,539
Currency translation adjustment - - - (330,146) - (330,146)
Net loss for the period - - - - (774,399) (774,399)
Balance, March 31, 2025 23,102,000 11,052,833 1,809,881 (679,239) (5,840,481) 6,342,994
Proceeds received from private placements 8,625,855 13,659,660 - - - 13,659,660
Share issuance costs - (1,354,966) 509,773 - - (845,193)
Shares issued pursuant to RTO 888,410 1,421,456 6,589 - - 1,428,045
Share based compensation - - 1,480,949 - - 1,480,949
Currency translation adjustment - - - 656,261 - 656,261
Net loss for the period - - - - (17,023,576) (17,023,576)
Balance, December 31, 2025 32,616,265 24,778,983 3,807,192 (22,978) (22,864,057) 5,699,140
Proceeds received from private placements 5,000,000 62,500,000 - - - 62,500,000
Share issuance costs - (3,483,908) - - - (3,483,908)
Options exercised 357,800 501,854 (215,813) - - 286,041
Share based compensation - - 834,627 - - 834,627
Currency translation adjustment - - - 89,720 - 89,720
Net loss for the period - - - - (5,404,794) (5,404,794)
Balance, March 31, 2026 37,974,065 84,296,929 4,426,006 66,742 (28,268,851) 60,520,826
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
5
SILVERCO MINING LTD. (formerly Quetzal Copper Corp.)
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Unaudited, expressed in Canadian dollars, except where noted)
1. NATURE OF OPERATIONS
Silverco Mining Ltd. (formerly, Quetzal Copper Corp.) (“Silverco Ltd” or the “Company”) was incorporated on November 30, 2020
pursuant to the Business Corporations Act (British Columbia). The Company’s name was changed from Quetzal Copper Corp.
to Silverco Mining Ltd. effective on October 31, 2025. The Company is a Canadian-based mining company listed on the TSX
Venture Exchange (“TSXV”), having the symbol “SICO” and on the OTCQB under the symbol “SICOF”. The Company’s
corporate office is located at 770 – 505 Burrard Street, Vancouver, BC V7X 1M4.
The principal business of the Company is to acquire, explore and develop mineral properties. The business of mining and
exploration involves a high degree of risk and there can be no assurance of profitable mining operations. The recoverability of
exploration and evaluation expenditures is dependent upon several factors. These include the discovery of economically
recoverable resources, the ability of the Company to obtain the necessary financing to complete the development of these
properties, and future profitable production or proceeds from disposition of mineral properties. The Company holds mineral
properties in Mexico through its ownership of the Cusi Mining Complex. In addition on May 19, 2026, the Company acquired
Nuevo Silver Inc (“Nuevo”), which owns, through its wholly-owned subsidiary, the La Negra Mine, a producing silver mine located
in Querétaro, Mexico, full details of which disclosed in Note 17.
On October 17, 2025, the Company completed a reverse takeover transaction (the "RTO") pursuant to the amalgamation
agreement dated August 13, 2025 (the "Amalgamation Agreement") between Silverco Ltd, 1552216 B.C. Ltd., a wholly-owned
subsidiary of Silverco Ltd, and Silverco Mining Corp. ("Silverco Corp"). Pursuant to the Amalgamation Agreement, 1552216 B.C.
Ltd. amalgamated with Silverco Corp (the "Amalgamation"), forming Silverco Mining (Subsidiary) Ltd., a wholly-owned subsidiary
of the Company.
Immediately prior to completing the RTO, Silverco Ltd consolidated its issued and outstanding shares on a 100:1 basis. Pursuant
to the Amalgamation, former shareholders of Silverco Corp received common shares of Silverco Ltd at an exchange ratio of
1.88 (“the Exchange Ratio”) post-consolidation common shares of Silverco Ltd for each Silverco Corp common share held. Upon
completion of the RTO, the shareholders of Silverco Corp controlled Silverco Ltd and accordingly, the transaction was accounted
for as a reverse acquisition of Silverco Ltd by Silverco Corp and Silverco Corp was identified as the accounting acquirer. The
historical operations, assets, and liabilities of Silverco Corp are included as comparative figures, as Silverco Corp is deemed to
be the continuing entity for financial reporting purposes.
All transactions relating to periods prior to the completion of the RTO on October 17, 2025 reflect the common shares of Silverco
Corp retroactively restated at the exchange ratio of 1.88 post-consolidation common shares of the Company for each Silverco
Corp common share, which presents share information on a basis consistent with the post-RTO capital structure of the Company.
Pursuant to the Amalgamation Agreement, all of the Silverco Corp share purchase warrants, stock options and performance
share units are adjusted by the Exchange Ratio and will entitle the holders thereof to receive, upon exercise or settlement,
common shares of the Company, as adjusted by the Exchange Ratio.
6
SILVERCO MINING LTD. (formerly Quetzal Copper Corp.)
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Unaudited, expressed in Canadian dollars, except where noted)
2. BASIS OF PREPARATION AND GOING CONCERN
a) Statement of compliance
These condensed interim financial statements were approved by the Board of Directors and authorized for issue on May 28,
2026.
These condensed interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, using
accounting policies consistent with IFRS® Accounting Standards as issued by the International Accounting Standards Board
(“IASB”). Certain disclosures required by IFRS Accounting Standard have been condensed or omitted in the following note
disclosures as they are disclosed or have been disclosed on an annual basis only. Accordingly, these condensed interim financial
statements should be read in conjunction with the annual audited consolidated financial statements for the year ended December
31, 2025, which have been prepared in accordance with IFRS Accounting Standards.
b) Basis of presentation
These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain
financial assets and liabilities which are measured at fair value. The accounting policies applied are consistent with those used
in the preparation of the Company’s audited annual consolidated financial statements for the year ended December 31, 2025.
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period
presentation. These reclassifications had no effect on previously reported assets, liabilities, net cash flows or net (loss) income.

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