Sinda Ltd.

Previous wording

Sinda Ltd. (the “Company” or “Sinda”) is an exploration-stage company formed to acquire, explore and develop mineral concessions in Mexico, where substantially all of its assets are located and where substantially all of its operations occur. Through SNDA Exploración, S. de R.L. de C.V. (“SNDA Exploracion”), the Company holds, or has exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery located in the historic Guanajuato epithermal silver belt of Mexico (the “Sinda Property” or the “Project”) that the Company believes has the potential to be a globally significant mining operation. According to the Sinda Technical Report Summary and the addendum thereto included as Exhibit 96.1 and Exhibit 96.2 of our Registration Statement on Form S-1/A (File No. 333-296567), filed with the SEC on June 24, 2026 (the “IPO Registration Statement”), as of November 24, 2025, the Project boasts an estimated 369 million silver-equivalent ounces of inferred mineral resources and approximately 16 million silver-equivalent ounces of indicated mineral resources, placing it among the top notable underground primary silver assets in Latin America. The Mineral Resource estimate for the Project is based on an estimated average resource grade of 386 silver-equivalent grams per tonne of mineralized material for Inferred Mineral Resources and 692 silver-equivalent grams per tonne of mineralized material for Indicated Mineral Resources.

Current wording

Sinda Ltd. (the “Company” or “Sinda”) is an exploration-stage company formed to acquire, explore and develop mineral concessions in Mexico, where substantially all of its assets are located and where substantially all of its operations occur. Through SNDA Exploración, S. de R.L. de C.V. (“SNDA Exploración”), the Company holds, or has exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery located in the historic Guanajuato epithermal silver belt of Mexico (the “Sinda Property” or the “Project”) that the Company believes has the potential to be a globally significant mining operation. According to the Sinda Technical Report Summary and the addendum thereto included as Exhibit 96.1 and Exhibit 96.2 of our Registration Statement on Form S-1/A (File No. 333-296567), filed with the SEC on June 24, 2026 (the “IPO Registration Statement”), as of November 24, 2025, the Project boasts an estimated 369 million silver-equivalent ounces of Inferred Mineral Resources and approximately 16 million silver-equivalent ounces of Indicated Mineral Resources, placing it among the top notable underground primary silver assets in Latin America. The Mineral Resource estimate for the Project is based on an estimated average resource grade of 386 silver-equivalent grams per tonne of mineralized material for Inferred Mineral Resources and 692 silver-equivalent grams per tonne of mineralized material for Indicated Mineral Resources.

Previous wording

For the three months ended June 30, 2026, we experienced a net loss of $16.6 million compared to a net loss of $2.2 million for the three months ended June 30, 2025. The $14.4 million increase in net loss was primarily attributable to the following:

Current wording

For the three months ended September 30, 2026, we experienced a net loss of $14.9 million compared to a net loss of $2.8 million for the three months ended September 30, 2025. The $12.1 million increase in net loss was primarily attributable to the following:

Previous wording

For the six months ended June 30, 2026, we experienced a net loss of $28.2 million compared to a net loss of $4.8 million for the six months ended June 30, 2025. The $23.4 million increase in net loss was primarily attributable to the following:

Current wording

For the nine months ended September 30, 2026, we experienced a net loss of $43.1 million compared to a net loss of $7.5 million for the nine months ended September 30, 2025. The $35.6 million increase in net loss was primarily attributable to the following:

Previous wording

As of June 30, 2026, the Company had cash resources comprising cash and cash equivalents totaling approximately $204.3 million.

Current wording

As of September 30, 2026, the Company had cash resources comprising cash and cash equivalents totaling approximately $305.6 million.

Previous wording

In June 2026, the Company completed the IPO, in which it issued and sold 17,750,000 ordinary shares of common stock at a public offering price of $12.00 per share, which resulted in net proceeds of approximately $192.9 million. In July 2026, the underwriters of the IPO exercised in part their Overallotment Option, purchasing 1,915,328 ordinary shares of common stock, which resulted in net proceeds of approximately $21.4 million. In July 2026, the Company also completed the Concurrent Placement, selling and issuing 7,939,544 shares of common stock at $12.00 per share, which resulted in net proceeds of approximately $95.0 million.

Current wording

In July 2026, the underwriters of the IPO exercised in part their Overallotment Option, purchasing 1,915,328 ordinary shares of common stock, which resulted in net proceeds of approximately $21.4 million. In July 2026, the Company also completed the Concurrent Placement, selling and issuing 7,939,544 shares of common stock at $12.00 per share, which resulted in net proceeds of approximately $95.0 million.

Previous wording

Cash increased during the six months ended June 30, 2026, by $193.5 million compared to an increase during the six months ended June 30, 2025, of $1.0 million. The sources and uses of cash for the periods are described below.

Current wording

Cash increased during the nine months ended September 30, 2026 by $294.8 million compared to no change in cash during the nine months ended September 30, 2025. The sources and uses of cash for the periods are described below.

Previous wording

Net cash used in operating activities was $19.4 million for the six months ended June 30, 2026, as compared to $5.2 million for the six months ended June 30, 2025 with the increase in 2026 being primarily the result of higher exploration costs for the drilling campaign that began in October 2025 and higher management and professional service costs.

Current wording

Net cash used in operating activities was $33.2 million for the nine months ended September 30, 2026, as compared to $7.7 million for the nine months ended September 30, 2025, with the increase in 2026 being primarily the result of higher exploration costs for the drilling campaign that began in October 2025 and higher management and professional service costs.

Previous wording

Net cash used in investing activities was $0.1 million for the six months ended June 30, 2026, as compared to $0.0 million for the six months ended June 30, 2025. The increase was primarily driven by an increase in fixed asset purchases during the six months ended June 30, 2026.

Current wording

Net cash used in investing activities was $0.3 million for the nine months ended September 30, 2026, as compared to $0.0 million for the nine months ended September 30, 2025. The increase was primarily driven by an increase in fixed asset purchases during the nine months ended September 30, 2026.

Previous wording

Net cash provided by financing activities was $213.0 million for the six months ended June 30, 2026, as compared to $6.3 million for the six months ended June 30, 2025. The $206.8 million increase was primarily driven by the net proceeds of approximately $198.1 million from the IPO after deducting underwriter fees and proceeds of $14.9 million for the private placement completed during the first quarter of 2026, compared to $6.3 million in proceeds from convertible long-term debt received in the six months ended June 30, 2025.

Current wording

Net cash provided by financing activities was $328.3 million for the nine months ended September 30, 2026, as compared to $7.7 million for the nine months ended September 30, 2025. The $320.7 million increase was primarily driven by the net proceeds of approximately $219.5 million from the IPO after deducting underwriter fees, gross proceeds of $95.3 from the sale of stock to Fresnillo, payment of $1.2 million in direct offering costs, and proceeds of $14.9 million for the private placement completed during the first quarter of 2026, compared to $7.7 million in proceeds from convertible long-term debt received in the nine months ended September 30, 2025.

Previous wording

The VAT refund process in Mexico requires a significant amount of information and follow-up with the tax authorities; the timing of collection of VAT receivables is uncertain. The allowance for uncollectible VAT receivable balance amounts to $6.9 million as of June 30, 2026. This estimate is based on the VAT amounts that were initially denied by the tax authority for the years 2015 through 2021. We continue to estimate, based on historical patterns, that the tax authority will continue rejecting a percentage of our refund requests.

Current wording

The VAT refund process in Mexico requires a significant amount of information and follow-up with the tax authorities; consequently, the timing of collection of VAT receivables is uncertain. The allowance for uncollectible VAT receivable balance amounts to $7.1 million as of September 30, 2026. This estimate is based on the VAT amounts that were initially denied by the tax authority for the years 2015 through 2021. We continue to estimate, based on historical patterns, that the tax authority will continue rejecting a percentage of our refund requests.