Financial Statements (March 31, 2026)

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# Financial Statements (March 31, 2026)

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# Financial Statements (March 31, 2026)
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2026
(Expressed in US Dollars)
(Unaudited)
NOTICE OF NO AUDITOR REVIEW OF
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the
condensed interim consolidated financial statements, they must be accompanied by a notice indicating that an
auditor has not reviewed the financial statements.
The Company’s independent auditor has not performed a review of these condensed interim consolidated
financial statements in accordance with standards established by the Chartered Professional Accountants of
Canada for a review of interim financial statements by an entity’s auditor.
The accompanying condensed interim consolidated financial statements of the Company have been prepared by
and are the responsibility of the Company’s management.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in US Dollars)
(Unaudited)
As at
March December
31, 2026 31, 2025
ASSETS
Current
Cash $ 27,177,885 $ 9,339,023
Trade receivables 97,071 29,549
Prepaids and advances (Note 11) 281,859 249,440
Inventories (Note 4) 901,945 673,287
Taxes and other receivables (Note 6) 1,336,233 1,331,625
29,794,993 11,622,924
Taxes and other receivables (Note 6) 495,976 504,060
Prepaids and advances (Note 11) 113,397 136,213
Facilities and equipment (Note 5) 551,948 492,591
Exploration and evaluation assets (Note 6) 23,011,510 23,386,552
24,172,831 24,519,416
$ 53,967,824 $ 36,142,340
LIABILITIES
Current
Accounts payable and accrued liabilities (Notes 7 and 11) $ 2,061,936 $ 1,760,570
Reclamation provision (Note 6) 1,779,834 1,796,338
3,841,770 3,556,908
SHAREHOLDERS’ EQUITY
Share capital (Note 9) 78,593,180 62,190,100
Reserves (Notes 9 and 10) 3,004,391 684,257
Deficit (31,471,517) (30,288,925)
50,126,054 32,585,432
$ 53,967,824 $ 36,142,340
Nature of operations (Note 1)
Commitments and contingencies (Note 17)
Subsequent events (Note 18)
Approved on behalf of the board by:
/s/ “David Stein” /s/ “Lisa Wilkinson”
David Stein, Director Lisa Wilkinson, Director
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Expressed in US Dollars)
(Unaudited)
Three Three
months months
ended ended
March March
31, 2026 31, 2025
Revenue
Revenue from sale of concentrates $ 1,464,997 $ 225,997
Production costs, including transportation, refining, and
other (1,470,995) (216,612)
(5,998) 9,385
Property expenses
Exploration and evaluation expenditures (Notes 6 and 11) 402,463 881,733
(402,463) (881,733)
Administrative expenses
Corporate and administrative costs 25,802 26,179
Consulting fees (Note 11) 21,031 -
Directors’ fees (Note 11) 34,629 23,508
Filing fees 9,558 6,892
Management fees 15,309 14,632
Marketing and investor relations 148,502 30,007
Office and miscellaneous 35,594 69,880
Professional fees (Note 11) 38,322 57,805
Salaries and benefits (Note 11) 265,448 167,807
Share-based compensation (Notes 10 and 11) 291,454 127,110
Shareholder communication 3,018 1,289
Transfer agent 8,489 1,971
Travel 93,549 17,874
(990,705) (544,954)
Operating loss (1,399,166) (1,417,302)
Accretion expense (Notes 6 and 8) (13,526) (30,307)
Foreign exchange loss 619 (20,901)
Interest income 174,907 516
Recognition of flow-through share premium (Note 9) - 119,008
162,000 68,316
Loss for the period (1,237,166) (1,348,986)
Other comprehensive income (loss)
Item that may be reclassified subsequently to profit and loss
Foreign currency translation adjustment (582,413) 22,002
Comprehensive loss for the period $ (1,819,579) $ (1,326,984)
Loss per common share – basic and diluted $ (0.01) $ (0.01)
Weighted average number of common
shares outstanding – basic and diluted 186,891,424 109,403,362
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Expressed in US Dollars)
(Unaudited)
Share Capital
Foreign
currency
Number Share-based translation
of shares Amount reserves reserves Deficit Total
December 31, 2025 161,327,628 $ 62,190,100 $ 1,856,387 $ (1,172,130) $ (30,288,925) $ 32,585,432
Issuance of units for cash (Note 9) 25,500,000 15,961,580 2,385,064 - - 18,346,644
Share issue costs (Note 9) - (1,912,125) 501,361 - - (1,410,764)
Issuance of common shares on exercise of
warrants (Note 9) 5,674,353 2,353,625 (220,758) - - 2,132,867
Options forfeited or expired (Note 10) - - (54,574) - 54,574 -
Share-based compensation (Note 10) - - 291,454 - - 291,454
Foreign currency translation - - - (582,413) - (582,413)
Loss for the period - - - - (1,237,166) (1,237,166)
March 31, 2026 192,501,981 $ 78,593,180 $ 4,758,934 $ (1,754,543) $ (31,471,517) $ 50,126,054
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (cont’d…)
(Expressed in US Dollars)
(Unaudited)
Share Capital
Foreign
currency
Number Share-based translation
of shares Amount reserves reserves Deficit Total
December 31, 2024 107,869,395 $ 47,698,391 $ 1,879,382 $ (2,277,223) $ (27,233,769) $ 20,066,781
Issuance of units for cash (Note 9) 9,257,000 1,613,679 - - - 1,613,679
Share issue costs (Note 9) - (75,788) - - - (75,788)
Issuance of common shares on conversion
of convertible debentures (Notes 8 and 9) 536,842 85,559 - - - 85,559
Issuance of common shares on exercise of
options (Note 9) 672,499 387,667 (174,300) - - 213,367
Warrants expired (Note 9) - 19,134 (19,134) - - -
Share-based compensation (Note 10) - - 127,110 - - 127,110
Foreign currency translation - - - 22,002 - 22,002
Loss for the period - - - - (1,348,986) (1,348,986)
March 31, 2025 118,335,736 49,728,642 1,813,058 (2,255,221) (28,582,755) 20,703,724
Issuance of units for cash (Note 9) 20,483,000 6,075,156 902,914 - - 6,978,070
Share issue costs (Note 9) - (125,606) 33,475 - - (92,131)
Issuance of common shares on settlement
of restricted share units (Notes 9 and 10) 462,500 93,116 (123,668) - - (30,552)
Issuance of common shares on conversion
of convertible debentures (Notes 8 and 9) 2,044,124 430,033 - - - 430,033
Issuance of common shares on exercise of
options (Note 9) 231,927 57,371 (41,604) - - 15,767
Issuance of common shares on exercise of
warrants (Note 9) 19,770,341 5,708,290 (224,946) - - 5,483,344
Options forfeited or expired (Note 10) - - (529,217) - 529,217 -
Warrants expired (Note 9) - 223,098 (223,098) - - -
Share-based compensation (Note 10) - - 249,473 - - 249,473
Foreign currency translation - - - 1,083,091 - 1,083,091
Loss for the period - - - - (2,235,387) (2,235,387)
December 31, 2025 161,327,628 $ 62,190,100 $ 1,856,387 $ (1,172,130) $ (30,288,925) $ 32,585,432
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in US Dollars)
(Unaudited)
Three months Three months
ended March ended March
31, 2026 31, 2025
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES
Loss for the period $ (1,237,166) $ (1,348,986)
Adjust for items not involving cash:
Depreciation 16,514 3,677
Accretion expense 13,526 30,307
Share-based compensation 291,454 127,110
Recognition of flow-through share premium - (119,008)
Interest expense - 11,574
Unrealized foreign exchange gain (204,136) (14,792)
Change in non-cash working capital items:
Trade receivables (69,055) -
Taxes and other receivables (26,842) (57,463)
Prepaids and advances (16,033) (47,314)
Inventories (243,184) 18,830
Accounts payable and accrued liabilities 334,731 3,613
Net cash used in operating activities (1,140,191) (1,392,452)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Additions to facilities and equipment (84,817) -
Net cash used in investing activity (84,817) -
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES
Proceeds from issuance of share capital 20,479,511 1,827,046
Share issue costs (1,410,764) (75,788)
Net cash provided by financing activities 19,068,747 1,751,258
Change in cash 17,843,739 358,806
Effect of foreign exchange on cash (4,877) 16,693
Cash, beginning of period 9,339,023 765,565
Cash, end of period $ 27,177,885 $ 1,141,064
Supplemental cash flow information (Note 12)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
KUYA SILVER CORPORATION
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in US Dollars)
(Unaudited)
MARCH 31, 2026
1. NATURE OF OPERATIONS
Kuya Silver Corporation (the “Company”) is a mineral exploration and development company with a focus on
acquiring, exploring and advancing precious metal assets in Peru and Canada. The Company also holds a 5%
interest in the Umm Hadid Project in Saudi Arabia, with the option to acquire an additional 40% until April 2027
(Note 6).
In fiscal 2024, the Company executed on its strategic plans to rehabilitate the Bethania Silver Project in Peru with
the objective of moving the mine towards development. However, as at March 31, 2026 the Company does not
yet consider the project to be in the development phase, as contemplated under IFRS Accounting Standards
(“IFRS”).
The Company was incorporated on July 15, 2015 under the Business Corporations Act (British Columbia). The
Company’s head office and principal address is located at 150 King Street West, Suite 200, Toronto, ON, M5J 1J9.
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 also trades
on the OTCQX Market in the United States under the symbol “KUYAF”.
2. BASIS OF PRESENTATION
Statement of compliance
These condensed interim consolidated financial statements have been prepared in accordance with IFRS as
issued by the International Accounting Standards Board (“IASB”) applicable to interim financial reports, including
International Accounting Standard 34, Interim Financial Reporting. They do not include all the information and
note disclosures required by IFRS for annual financial statements and, therefore, should be read in conjunction
with the Company’s consolidated financial statements for the year ended December 31, 2025, prepared in
accordance with IFRS.
Approval of the consolidated financial statements
These condensed interim consolidated financial statements were authorized for issuance by the Board of
Directors (“Board”) of the Company on May 26, 2026.
Significant estimates and judgments
The preparation of these condensed interim consolidated financial statements requires the Company to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the
period in which the estimates are revised and in any future periods affected. There have been no material changes
to the significant estimates and judgments as disclosed in Note 2 of the Company’s consolidated financial
statements for the year ended December 31, 2025.
8
KUYA SILVER CORPORATION
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in US Dollars)
(Unaudited)
MARCH 31, 2026
3. MATERI

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