MDA

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# MDA

Source: https://minaurum.com/site/assets/files/4453/financials-mda-year-ended-apr-30-2026.pdf
Fetched: 2026-09-12T07:05:47.654+00:00
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## Content

# MDA
Management Discussion and Analysis
For the years ended April 30, 2026 and 2025
Containing information up to and including
August 24, 2026
Minaurum Silver Inc.
Management Discussion and Analysis
For the year ended April 30, 2026 and containing information up to and including August 24, 2026
Notice
Management's Discussion and Analysis ("MD&A") is intended to help the reader understand Minaurum Silver Inc.
formerly Minaurum Gold Inc. (the “Company” or “Minaurum”) financial statements. The information provided herein
should be read in conjunction with the Company’s audited consolidated financial statements for the years ended April
30, 2026 and 2025, which are prepared in accordance with IFRS Accounting Standards (“IFRS”). The following
comments may contain management estimates of anticipated future trends, activities or results. These are not a
guarantee of future performance since actual results could change based on other factors and variables beyond
management control.
Management is responsible for the preparation and integrity of the financial statements, including the maintenance of
appropriate information systems, procedures, and internal controls and to ensure that information used internally or
disclosed externally, including the financial statements and MD&A, is complete and reliable. The Company’s board of
directors follows recommended corporate governance guidelines for public companies to ensure transparency and
accountability to shareholders. The board’s audit committee meets with management quarterly to review the financial
statements including the MD&A and to discuss other financial, operating and internal control matters.
The reader is encouraged to review Company statutory filings on www.sedarplus.ca and to review general information.
All currency amounts are expressed in Canadian dollars unless otherwise noted.
Description of Business
The Company is an exploration stage company and engages principally in the exploration and evaluation of mineral
resource assets in Mexico. The Company trades on the TSX Venture Exchange under the symbol “MGG”.
Caution Regarding Forward-Looking Statements
This MD&A contains forward-looking statements and forward-looking information (collectively, “forward-looking
statements”) within the meaning of applicable Canadian and US securities legislation. These statements relate to future
events or the future activities or performance of the Company. All statements, other than statements of historical fact
are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect,
anticipate, intend, estimate, postulate, and similar expressions, or which by their nature refer to future events. These
forward-looking statements include, but are not limited to, statements concerning:
• the Company’s strategies and objectives, both generally and in respect of its specific mineral properties;
• the timing of decisions regarding the strategy and costs of exploration programs with respect to, and the
issuance of the necessary permits and authorizations required for, the Company’s exploration programs;
• the timing and cost of planned exploration programs of the Company, and the timing of the receipt of results
there from;
• the Company’s future cash requirements;
• general business and economic conditions;
• the Company’s ability to meet its financial obligations as they come due, and its ability to raise the necessary
funds to continue operations;
• the timing and pricing of proposed financings if applicable;
• the anticipated completion of financings;
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Minaurum Silver Inc.
Management Discussion and Analysis
For the year ended April 30, 2026 and containing information up to and including August 24, 2026
• the anticipated receipt of regulatory approval/acceptance of financings;
• the anticipated use of the proceeds from the financings;
• the potential to verify and potentially expand upon the historical resources;
• the potential for the expansion of the known mineralized zones; and
• the potential for the amenability of mineralization to respond to proven technologies and methods for recovery
of ore.
Although the Company believes that such statements are reasonable, it can give no assurance that such expectations
will prove to be correct. Inherent in forward-looking statements are risks and uncertainties beyond the Company’s ability
to predict or control, including, but not limited to, risks related to the Company’s inability to negotiate successfully for
the acquisition of interests in exploration and evaluation assets, the determination of applicable governmental agencies
not to issue the exploration concessions applied for by the Company or excessive delay by the applicable governmental
agencies in connection with any such issuances, the Company’s inability to identify one or more economic deposits on
its properties, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s
inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from
its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able
to implement its business strategies, and other risks identified herein under “Risk Factors”.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future
performance, and that actual results are likely to differ, and may differ materially, from those expressed or implied by
forward-looking statements contained in this MD&A. Such statements are based on assumptions which may prove
incorrect, including, but not limited to:
• the level and volatility of the prices for precious metals;
• general business and economic conditions;
• the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to
implement and carry on the Company’s planned exploration programs;
• conditions in the financial markets generally, and with respect to the prospects for junior and precious metal
exploration companies specifically;
• the Company’s ability to secure the necessary consulting, drilling and related services and supplies on
favorable terms;
• the Company’s ability to attract and retain key staff, and to retain consultants to provide the specialized
information and skills involved in understanding the precious metal exploration, mining, processing, and
marketing businesses;
• the nature and location of the Company’s mineral exploration projects, and the timing of the ability to
commence and complete the planned exploration programs;
• the anticipated terms of the consents, permits, and authorizations necessary to carry out the planned
exploration programs and the Company’s ability to comply with such terms on a cost-effective basis;
• the ongoing relations of the Company with government agencies and regulators and its underlying property
vendors/optionees; and
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Minaurum Silver Inc.
Management Discussion and Analysis
For the year ended April 30, 2026 and containing information up to and including August 24, 2026
• that the metallurgy and recovery characteristics of samples from certain of the Company’s exploration and
evaluation assets are representative of the deposit as a whole.
These forward-looking statements are made as of the date hereof. The Company does not intend and does not assume
any obligation, to update these forward-looking statements, except as required by applicable law. For the reasons set
forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.
Historical results of operations and trends that may be inferred from the following discussion and analysis may not
necessarily indicate future results from operations. In particular, the current state of the global securities markets may
cause significant reductions in the price of the Company’s securities and render it difficult or impossible for the Company
to raise the funds necessary to continue operations. See “Risk Factors”.
Caution Regarding Adjacent or Similar Exploration and Evaluation Assets
This MD&A contains information with respect to adjacent or similar exploration and evaluation assets in respect of
which the Company has no interest or rights to explore or mine. The Company advises US investors that the mining
guidelines of the US Securities and Exchange Commission (the “SEC”) set forth in the SEC’s Industry Guide 7 (“SEC
Industry Guide 7”) strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that
the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on
adjacent or similar properties, and any production therefore or economics with respect thereto, are not indicative of
mineral deposits on the Company’s properties or the potential production from, or cost or economics of, any future
mining of any of the Company’s exploration and evaluation assets.
All of the Company’s public disclosure filings, including its most recent management information circular, material
change reports, press releases and other information, may be accessed via www.sedarplus.ca. Readers are urged to
review these materials, including the technical reports filed with respect to the Company’s exploration and evaluation
assets.
Selected Annual Information
Year ended Year ended Year ended
April 30, 2026 April 30, 2025 April 30, 2024
General and administrative expenses $ 2,312,326 $ 1,127,193 $ 1,324,937
Geological exploration costs 14,246,499 3,456,151 778,604
Comprehensive Loss for the Year 17,479,425 5,723,405 3,733,462
Comprehensive Loss per Share – Basic and
Diluted (0.04) (0.01) (0.01)
Total assets 26,322,483 7,663,003 8,282,620
Total long-term financial liabilities 86,000 216,000 158,000
In fiscal 2026, the Company wrote off $1,536,007 (2025 - $1,127,494; 2024 - $1,411,039) in exploration and evaluation
assets related to the impairment of the Aurena and Santa Marta properties (2025 - Biricu property; 2024 - Vuelcos del
Destino property). In fiscal 2026, the Company recognized a non-cash fair value adjustment of $67,825 (2025 - $57,814,
2024 - $274,744) on shares of Infinitum Copper Corp. received pursuant to an option agreement on the Adelita property.
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Minaurum Silver Inc.
Management Discussion and Analysis
For the year ended April 30, 2026 and containing information up to and including August 24, 2026
Highlights for the year ended April 30, 2026 and up to August 24, 2026
• On May 12, 2025, the Company announced that it had hired two marketing firms to provide marketing and
communications services.
• In June 2025, the Company exercised its option to acquire the remaining 75% in certain claims in Nevada,
USA (the “Nevada Claims”) pursuant to an agreement with Nevada Zinc Corporation (“Nevada Zinc”) and
Lone Mountain Zinc Ltd. (“Lone Mountain”), issuing 3,846,893 common shares at a price of $0.2599 per share
and paying $100,000 in cash. The Nevada Claims are subject to various net smelter royalties ranging from 1-
3%.
• On July 3, 2025, the Company closed a brokered private placement of 36,800,000 units at a price of $0.25
per unit for gross proceeds of $9,200,000. Each unit consisted of one common share and one half of one
common share purchase warrant; each whole warrant is exercisable at a price of $0.37 for a period of two
years. In connection with the private placement, the Company paid total cash commissions of $529,500 and
issued an aggregate of 2,118,000 broker warrants exercisable at a price of $0.25 for a period of two years.
• On July 15, 2025, the Company announced drill results from the Promonto

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