Management's Discussion and Analysis (September 30, 2025)

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# Management's Discussion and Analysis (September 30, 2025)

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# Management's Discussion and Analysis (September 30, 2025)
KUYA SILVER CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025
(Expressed in US Dollars)
Report Date – November 20, 2025
TABLE OF CONTENTS
TABLE OF CONTENTS ..........................................................................................................................2
MANAGEMENT’S DISCUSSION AND ANALYSIS.....................................................................................3
COMPANY OVERVIEW ........................................................................................................................3
HIGHLIGHTS .......................................................................................................................................4
OUTLOOK ..........................................................................................................................................8
OVERALL PERFORMANCE AND RESULTS OF OPERATIONS .................................................................. 10
SUMMARY OF QUARTERLY FINANCIAL RESULTS ............................................................................... 14
LIQUIDITY AND CAPITAL RESOURCES ................................................................................................ 15
TRANSACTIONS WITH RELATED PARTIES ........................................................................................... 16
COMMITMENTS AND CONTINGENCIES ............................................................................................. 17
SHARE CAPITAL INFORMATION ........................................................................................................ 17
CAPITAL AND FINANCIAL RISK MANAGEMENT .................................................................................. 18
RISK FACTORS .................................................................................................................................. 20
ACCOUNTING DISCLOSURES ............................................................................................................. 21
SUBSEQUENT EVENTS ...................................................................................................................... 21
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS ................................................. 21
2
KUYA SILVER CORPORATION
MANAGEMENT’S DISCUSSION & ANALYSIS
(Expressed in US Dollars)
SEPTEMBER 30, 2025
MANAGEMENT’S DISCUSSION AND ANALYSIS
The following Management’s Discussion & Analysis ("MD&A") provides a review of activities, results of operations
and the financial condition of Kuya Silver Corporation (“Kuya Silver”, the “Company”, “we”, or “our”) as at and for
the three months and nine months ended September 30, 2025. This MD&A should be read in conjunction with the
Company’s unaudited condensed interim consolidated financial statements and related notes thereto for the three
months and nine months ended September 30, 2025. References to “Kuya Silver” in this MD&A refer to the Company
and its subsidiaries taken as a whole.
Readers are cautioned that this MD&A contains forward-looking statements about expected future events and
financial and operating performance of the Company, and that actual events may vary from management's
expectations. Readers are encouraged to read the Cautionary Note on Forward-Looking Statements included in this
MD&A and to consult the Company’s audited annual consolidated financial statements and corresponding notes for
the year ended December 31, 2024, which are available under the Company’s profile on the SEDAR+ website at
www.sedarplus.ca.
The Company’s management is responsible for the preparation and presentation of the financial statements and
this MD&A. The interim financial statements have been prepared in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and as included in Part 1 of
the CPA Canada Handbook – Accounting and the interpretations of the International Financial Reporting
Interpretations Committee, including IAS 34 Interim Financial Reporting. This MD&A has been prepared in
accordance with the requirements of Canadian securities regulators, including National Instrument (“NI”) 51-102 of
the Canadian Securities Administrators.
All amounts disclosed in this MD&A are expressed in United States (“US”) dollars (“USD”), unless otherwise noted.
Canadian dollars are represented by CAD $. Information contained herein is presented as at November 20, 2025 (the
“Report Date”) unless otherwise indicated.
COMPANY OVERVIEW
Kuya Silver is a silver mining company with a focus on acquiring, exploring, developing and operating precious metals
properties in mining-friendly jurisdictions (such as Peru and Canada). The Company’s head office and principal
address is located at 150 King Street West, Suite 200, Toronto, ON, M5J 1J9. The Company was incorporated on July
15, 2015, under the Business Corporations Act (British Columbia) and 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 on the OTC Markets OTCQB Exchange under the symbol KUYAF.
Bethania Silver Project (Huancavelica, Peru)
The Company owns the Bethania Silver Project in Peru, located in a major silver-lead- zinc mining district in Central
Peru, which is comprised of the Bethania mine (Santa Elena mining concession) that operated, prior to Kuya Silver’s
acquisition, from 2010 to 2016, the Carmelitas concessions, and the Tres Banderas concessions, together which
collectively covers approximately 4,500 hectares. The Company’s most recent Preliminary Economic Assessment
(the “PEA”) was filed on SEDAR+ in October 2023 and contemplates a 350 tonnes per day underground mine feeding
a processing plant that would process mineralized material and also incorporates the potential to toll-mill
mineralized material prior to the construction and commissioning of a new processing plant at site. Mineralized
material is planned to be mined from three primary vein systems (Española, 12 de Mayo, Victoria).
3
KUYA SILVER CORPORATION
MANAGEMENT’S DISCUSSION & ANALYSIS
(Expressed in US Dollars)
SEPTEMBER 30 2025
During 2024 the Company commenced reconditioning and underground activities required to restart mining
operations at the Bethania Silver Project, and commenced limited production of mineralized material, which the
initial extraction focused on areas with existing underground infrastructure. This activity continues in 2025.
Silver Kings Project (Ontario, Canada)
The Silver Kings Project is located in Northern Ontario’s most prolific silver mining camp, situated near the historic
mining town of Cobalt, Ontario, and encompasses approximately 13,000 hectares of patents, leases and claims. The
Company continually manages its property position based on strategic goals, geological potential and expenditure
requirements and may increase or decrease these holdings from time to time.
The Company’s exploration programs led to a new silver vein discovery on the Campbell-Crawford claim, is now
known as the Angus Vein. Since that discovery, additional veins and vein structures have been identified both
thought drilling and on the surface in close proximity to the Angus Vein which have been shown to host silver-cobalt
mineralization.
Umm Hadid Project (Saudi Arabia)
The Company also holds 5% interest in Umm Hadid Project in Saudi Arabia, with the option to acquire an additional
40% until April 2027 for further information see Evaluation and Exploration Assets section.
HIGHLIGHTS
Three Months
May -
Operational Highlights Q3 Q2 Q1 December
2024
Mineralized material, mined tonnes 417.0 1,224.4 654.8 528
Mineralized material, processed tonnes 1,841 - 872 767
Meters advanced m 58 263 161 111
Development tonnes 405 1,774 1,930 558
Average head grades
Silver oz/t 10.82 10.73 9.05 6.93
Lead % 3.32 3.64 2.60 2.45
Zinc % 2.61 2.52 2.23 1.70
Silver Equivalent* oz/t 13.87 14.89 12.39 10.31
Silver Equivalent* g/t 431.32 463.20 385.30 320.60
Average recoveries
Silver % 91.63 - 90.94 84.76
Lead % 90.50 - 87.40 80.61
Zinc % 66.00 - 55.40 25.63
4
KUYA SILVER CORPORATION
MANAGEMENT’S DISCUSSION & ANALYSIS
(Expressed in US Dollars)
SEPTEMBER 30 2025
Three Months
May -
Operational Highlights Q3 Q2 Q1 December
2024
Metal processed
Silver oz 18,985 - 7,445 5,177
Lead tonnes 58.34 - 21.41 18.32
Zinc tonnes 45.78 - 18.37 12.72
Concentrates sold (wet)
Silver Speciality tonnes - 1,800 - -
Silver - Lead tonnes 98.26 - 38.79 37.93
Zinc tonnes 65.83 - 29.30 13.43
Metal sold
Silver oz 16,983 58,078 6,760 4,248
Gold oz 4.04 - 2.28 2.44
Lead tonnes 52.61 - 18.40 14.88
Zinc tonnes 30.11 - 10.38 4.34
Silver Equivalent* oz 21,435 58,078 8,888 5,904
Silver Sales % 79.20 100 76.10 72.00
Average realized price
Silver $/oz 40 36 33 31
Gold $/oz 3,366 - 3,017 2,681
Lead $/tonne 1,953 - 1,984 1,915
Zinc $/tonne 2,818 - 2,773 2,718
Total Revenue $ Thousands 767 1,150 229 150
*
Silver Equivalency (AgEq) was calculated using silver price prices as follows: Sept. 30, 2025 period; silver $46.56/oz, gold $3,846/oz, lead
$1,964/tonne, zinc $2,938/tonne Jun. 30, 2025 period; silver $36.00/oz, gold $3,303/oz, lead $2,205/tonne, zinc $2,764/tonne, Mar. 31, 2025
period; silver $34.46/oz, gold $3122.80/oz, lead $2002/tonne, zinc $2829/tonne, and Dec. 31, 2024 period; silver $28.90/oz, gold $2606.72/oz,
lead $1921.50/tonne, zinc $2974/tonne.
Bethania Silver Project
• Reconditioning and mine development activities continued over the nine months ended September 30,
2025 primarily focused on the 640 level, north section of Española vein system, where nine of ten
operational faces are completed, allowing sufficient working areas to produce more than 100 tonnes per
day.
• A total of 2,296 tonnes mined year to date. A notable increase of mineralized material was noted during
Q2, 2025, with an increase of 569 tonnes mined (from 655 tonnes in Q1, 2025 to 1,224 tonnes in Q2, 2025).
During Q3, 2025 tonnes mined were 417 reflecting a temporary pause on the underground operations as
two air compressors were taken offline for maintenance. During the downtime, the Company completed
its road maintenance program, covering 11.6 kilometres, supervised and reinforced certain underground
supports, procured and installed a new compressor and electrical generator with increased capacity to
support sustainable production. In addition, infrastructure upgrades were completed to improve camp
5
KUYA SILVER CORPORATION
MANAGEMENT’S DISCUSSION & ANALYSIS
(Expressed in US Dollars)
SEPTEMBER 30 2025
accommodations. Normal operations resumed in late September, and mine operations continued to ramp-
up in October and November, 2025.
• During Q3, 2025 Bethania mine achieved a record performance with 1,841 tonnes processed and 16,983
ounces of silver sold, as the mill was able to process the mined material in the prior quarter.
• The Company has demonstrated a consistent and deliberate improvement in operational efficiency,
successfully focusing on the targeted extraction of higher-grade mineralization. This strategic focus is
evidenced by a significant quarter-over-quarter improvement in average grades: silver grades rose from
9.05 oz/t in Q1 to 10.82 oz/t in Q3. Similarly, lead grades increased from 2.60% to 3.64%, while silver
equivalent grades improved from 12.39 oz/t to 13.87 oz/t over the same period. This directly enhances the
economic value of each tonnes mined and is a key driver in the path to profitability.
• In Q2, 2025, the Company initiated a review of historical artisanal mining ar

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