SILVER BOW MINING CORP.

Previous wording

All dollar amounts are in U.S. dollars in thousands, except per share amounts, commodity prices, and currency exchange rates unless specified otherwise.

Current wording

All dollar amounts are in U.S. dollars, except per share amounts, commodity prices, and currency exchange rates unless specified otherwise.

Previous wording

We were incorporated under the name Blackjack Silver Corp. pursuant to the Ontario Business Corporations Act on August 31, 2020. We changed our name to Silver Bow Mining Corp. pursuant to a certificate of amendment effective February 18, 2025. On May 27, 2025, we continued as a British Columbia corporation under the provisions of the British Columbia Business Corporations Act (“BCBCA”). Our registered office is located at 1200-750 West Pender St, Vancouver, British Columbia, V6C 2T8, and our corporate headquarters is located at 1401 Idaho Street, Butte, Montana 59701.

Current wording

We were incorporated under the name Blackjack Silver Corp. pursuant to the Ontario Business Corporations Act on August 31, 2020. The Company changed its name to Silver Bow Mining Corp. pursuant to a certificate of amendment effective February 18, 2025. On May 27, 2025, we continued as a British Columbia corporation under the provisions of the British Columbia Business Corporations Act (“BCBCA”). The Company’s registered office is located at 1200-750 West Pender St, Vancouver, British Columbia, V6C 2T8, and its corporate headquarters is located at 1401 Idaho Street, Butte, Montana 59701.

Previous wording

We are focused on the exploration of mineral property interests including silver, zinc, gold, lead, and copper targets in Montana. in the state of Montana, United States. Our land holdings are located in Silver Bow County, Montana. Our current properties include the Rainbow Block, the Marget Ann Block, the Goldsmith Block, the Travona Block, and the Emma Block. Collectively, we refer to these properties as the “Butte Project”.

Current wording

We are focused on the exploration of mineral property interests including silver, zinc, gold, lead, and copper targets in the state of Montana, United States. Our land holdings are located in Silver Bow County, Montana. Our mineral properties include the Rainbow Block, the Marget Ann Block, the Goldsmith Block, the Travona Block, and the Emma Block. Collectively, we refer to these properties as the “Butte Project”.

Previous wording

As of March 31, 2026, we are in the exploration stage and have not commenced commercial production or established Mineral Reserves as defined under Subpart 1300 of Regulation S-K.

Current wording

As of June 30, 2026, we were an exploration stage issuer and have not commenced commercial production or established any Mineral Reserves under Subpart 1300 of Regulation S-K.

Previous wording

The overall decrease in net loss of $2,595,704 was primarily attributable to a lower stock-based compensation expense associated with implementing our equity incentive programs for employees, officers, and directors. Throughout the remainder of 2026, a significant increase in exploration and overhead costs is expected as the Company pursues its exploration goals and continues to invest in exploration and management personnel.

Current wording

Throughout the remainder of 2026, we are expecting to see continued increases in exploration and overhead as the Company pursues its exploration goals and continues building its management structure.

Previous wording

A summary and discussion of our cash inflows and outflows for the three months ended March 31, 2026 and 2025 are as follows:

Current wording

A summary and discussion of our cash inflows and outflows for the six months ended June 30, 2026 and 2025 are as follows:

Previous wording

Cash used in operating activities increased in the three months ended March 31, 2026 compared to the corresponding period in 2025 due to the expansion of the Company’s management structure and increased professional fees as we increased operational activities and prepared for the 2026 public listing.

Current wording

Cash used in operating activities increased in the six months ended June 30, 2026 compared to the corresponding period in 2025 due to the increase in exploration activities, the expansion of the Company’s management structure and increased professional fees as we increased operational activities and prepared for the 2026 public listing.

Previous wording

Cash provided by financing activities decreased significantly in the three months ended March 31, 2026 compared to 2025 due to lower financing transactions. The following financing transactions occurred in the first three months of 2025 and 2026:

Current wording

The increase in cash provided by financing activities was due to the funds raised in connection with the IPO on April 30, 2026. During the first six months of 2025, the following financing transactions occurred:

Previous wording

We have no revenue generating operations from which we can internally generate funds. To date, our ongoing operations have been financed by the sale of our equity securities by way of private placements. As of March 31, 2026, the Company had Cash and cash equivalents of $7,519,919 and working capital of $6,868,958. On May 1, 2026 the Company closed its initial public offering (IPO) of approximately 5.2 million common shares at a price of $11.50 per share. The Company received net proceeds of approximately $54.6 million after deducting underwriting discounts, commissions and offering expenses. These proceeds are intended to be used to continue exploration of our mineral deposits, as well as for working capital and general corporate purposes. The common shares sold in the IPO were registered under the Securities Act of 1933, as amended, pursuant to registration statements of Form S-1 (Nos. 333-292928 and 333-295418). The Company’s common shares began trading on the NYSE American LLC on April 30, 2026.

Current wording

We have no revenue generating operations from which we can internally generate funds. To date, our ongoing operations have been financed by the sale of our equity securities by way of private placements. As of June 30, 2026, the Company had Cash and cash equivalents of $55,825,576 and working capital of $55,006,873. On April 30, 2026 the Company successfully completed its IPO whereby the Company issued 5.2 million shares of common stock and raised net proceeds of approximately $55.1 million. These proceeds are intended to be used to continue exploration of our mineral properties, as well as for working capital and general corporate purposes. The shares sold in the IPO were registered under the Securities Act of 1933 and commenced trading on the NYSE American Stock Exchange.

Previous wording

During the twelve months following March 31, 2026, the Company anticipates cash expenditures of approximately $35 million for exploration activities and working capital purposes.

Current wording

During the twelve months following June 30, 2026, the Company anticipates cash expenditures of approximately $40 million for exploration activities and working capital purposes.

Previous wording

This MD&A of our financial condition and results of operations is based on our condensed interim consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are fairly presented in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Management believes that the following critical accounting estimates and judgments have a significant impact on our condensed interim consolidated financial statements; valuation of options and warrants granted to directors and officers using the Black-Scholes model.

Current wording

This MD&A of the Company’s financial condition and results of operations is based on our condensed interim consolidated financial statements, which have been prepared in accordance with U.S. GAAP. Preparation of financial statements requires management to make assumptions, estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and the related disclosures of contingencies. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that the Company’s condensed interim consolidated financial statements are fairly presented in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from the Company’s assumptions and estimates, and such differences could be material. Management believes that the following critical accounting estimates and judgments have a significant impact on the Company’s condensed interim consolidated financial statements; valuation of options and warrants granted to directors and officers using Black-Scholes models.

Previous wording

Our accounting policies are described in greater detail in Note 2 to the audited annual consolidated financial statements for the year ended December 31, 2025, which can be found in our Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on April 24, 2026. There have been no material changes to our critical accounting policies and estimates as compared to our critical accounting policies and estimates described in the Registration Statement.

Current wording

The Company’s accounting policies are described in greater detail in Note 2 to the Company’s audited annual consolidated financial statements for the year ended December 31, 2025, which can be found in the Company’s Registration Statement on Form S-1/A filed with the Securities and Exchange Commission on April 24, 2026. There have been no material changes to the Company’s critical accounting policies and estimates as compared to the Company’s critical accounting policies and estimates described in the Registration Statement.

Previous wording

This list is not exhaustive of the factors that might affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the “Risk Factors” section of our registration statement on Form S-1/A (No. 333-292928) as filed with the SEC on April 21, 2026 and this quarterly report on Form 10-Q. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that could cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.We qualify all of the forward-looking statements contained or incorporated by reference in this quarterly report on Form 10-Q by the foregoing cautionary statements.

Current wording

This list is not exhaustive of the factors that might affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the “Risk Factors” section of our registration statement on Form S-1/A (No. 333-292928) as filed with the SEC on April 24, 2026 and this quarterly report on Form 10-Q. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that could cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties