Silver Pegasus Acquisition Corp.

Previous wording

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Silver Pegasus Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to SilverLode Capital LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Current wording

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Silver Pegasus Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Silver Lode Capital LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Previous wording

For the three months ended March 31, 2026, we had a net income of $1,004,547, which consists of interest earned on marketable securities held in the Trust Account of $1,029,730 and gain on derivative liability of $127,750, offset by, general and administrative costs of $152,933.

Current wording

For the three months ended June 30, 2026, we had a net loss of $28,267, which consists of interest earned on marketable securities held in the Trust Account of $1,045,695, interest earned on cash held in Operating Bank Account of $1,570, and loss on derivative liability of $943,650, offset by general and administrative costs of $131,882.

Previous wording

For the three months ended March 31, 2026, net cash used in operating activities was $141,401. Net income of $1,004,547 was impacted interest earned on marketable securities held in Trust Account of $1,029,730, change in Fair Value of Warrant Liabilities of $242,750 and change in Fair Value of Rights Liabilities of $115,000. Changes in operating assets and liabilities provided $11,532 from operating activities.

Current wording

For the six months ended June 30, 2026, net cash used in operating activities was $218,931. Net income of $976,280 was impacted interest earned on marketable securities held in Trust Account of $2,075,425, change in Fair Value of Warrant Liabilities of $355,900 and change in Fair Value of Rights Liabilities of $460,000. Changes in operating assets and liabilities provided $64,314 from operating activities.

Previous wording

For the three months ended March 31, 2025, net cash used in operating activities was $0. Net loss of $23,562 was impacted by payment of expenses through promissory note of $23,554 and changes in operating assets and liabilities provided $8 of prepaid expenses from operating activities.

Current wording

For the six months ended June 30, 2025, net cash used in operating activities was $0. Net loss of $46,399 was impacted by payment of expenses through promissory note of $46,304 and changes in operating assets and liabilities provided $95 of prepaid and accrued expenses from operating activities.

Previous wording

As of March 31. 2026, we had marketable securities held in the Trust Account of $118,138,535 (including approximately $1,029,730 of interest income) consisting of U.S. Treasury Bills with a maturity of 185 days or less. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **

Current wording

As of June 30, 2026, we had marketable securities held in the Trust Account of $119,184,230 (including approximately $2,075,425 of interest income) consisting of U.S. Treasury Bills with a maturity of 185 days or less. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes payable), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **

Previous wording

As of March 31. 2026, we had cash of $237,393. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

Current wording

As of June 30, 2026, we had cash of $159,863. We intend to use the funds held outside the Trust Account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

Previous wording

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of March 31. 2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Current wording

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2026 and December 31, 2025. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.