Pacifica Silver — Audit Report / Information 2025

Jul 29, 2025

PACIFICA
SILVER CORP

(FORMERLY ROBERTO RESOURCES INC.)

Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

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Mao & Ying LLP
CHARTERED PROFESSIONAL ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Pacifica Silver Corp. (formerly Roberto Resources Inc.)

Opinion

We have audited the financial statements of Pacifica Silver Corp. (formerly Roberto Resources Inc. (the "Company"), which comprise the statements of financial position as at March 31, 2025 and 2024, and the statements of loss and comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the financial statements, including material accounting policy information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at March 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the financial statements, which describes matters and conditions that indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matter described below to be the key audit matter to be communicated in this report.

Impairment Assessment of Exploration and Evaluation Assets ("E&E Assets")

As described in Note 7 to the financial statements, the carrying amount of the Company's E&E Assets was $61,000 as at March 31, 2025. As more fully described in Note 3 to the financial statements, management assesses E&E Assets for indicators of impairment at each reporting period.

The principal considerations for our determination that the assessment of impairment of the E&E Assets is a key audit matter are that there was judgment made by management when assessing whether there were indicators of impairment for the E&E Assets, specifically relating to the assets' carrying amount which is impacted by the Company's intent and ability to continue to explore and evaluate these assets. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate audit evidence relating to the judgments made by management in their assessment of indicators of impairment that could give rise to the requirement to prepare an estimate of the recoverable amount of the E&E Asset.

1488 - 1188 West Georgia Street, Vancouver, British Columbia, V6E 4A2 Telephone: 778-379-8518 Fax: 778-379-8502

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Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. Our audit procedures included, among others:

• Evaluating management's assessment of impairment indicators;
• Evaluating the intent for the E&E Assets through discussion and communication with management;
• Reviewing the Company's recent expenditure activity; and
• Obtaining supporting of title to ensure mineral rights underlying the E&E Assets are in good standing.

Responsibilities of Management and Those Charged with Governance for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Linda Zhu.

Vancouver, Canada,
July 28, 2025

Mao & Ying LLP
Chartered Professional Accountants

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Statements of Loss and Comprehensive Loss

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

	Note	Years ended
		March 31, 2025	March 31, 2024
		$	$
Operating expenses
Bank charges		1,343	981
Consulting	8	150,200	3,000
Currency exchange		1,611	1,427
Exploration and evaluation	7	176,413	54,593
Investor relations and corporate development		5,076	-
Office expenses	8	19,301	3,000
Professional fees		116,078	10,796
Regulatory and filing fees		37,938	-
Share-based compensation	9	169,786	-
		(677,746)	(73,797)
Other items
Other income		7,365	-
Net loss and comprehensive loss for the year		(670,381)	(73,797)
Basic and diluted net loss per share	9	(0.04)	(0.04)
Weighted average number of shares outstanding		17,130,275	2,094,864

The accompanying notes are an integral part of these financial statements

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State of California
Pacific Silver Corp.
(An Exploration Stage Company)
Statements of Financial Position
(Expressed in Canadian Dollars)

Pacific Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Statements of Financial Position
(Expressed in Canadian Dollars)

	Note	March 31, 2025	March 31, 2024
Assets
Current
Cash and cash equivalents	10	312,139	198,219
GST receivables		18,045	1,697
Loan receivable	13	7,238	-
Prepaid expenses		1,575	46,516
		338,997	246,432
Non-current
Mineral property	7	61,000	21,000
		399,997	267,432
Liabilities
Current
Accounts payable & accrued liabilities		44,974	2,864
Due to related parties	8	46,550	-
		91,524	2,864
Shareholder's Equity
Share capital	9	842,364	338,365
Reserves	9	210,287	-
Deficit		(744,178)	(73,797)
		308,473	264,568
		399,997	267,432

Going Concern (Note 1)

APPROVED BY THE BOARD OF DIRECTORS

Todd Anthony ("signed") Director
Alan Tam ("signed") Director

The accompanying notes are an integral part of these financial statements

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Statements of Changes in Equity

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

	Share Capital	Share Capital	Share-based payments Reserve	Deficit	Total
	Number	$		$	$
Balance, March 31, 2023	1	1	-	-	1
Issued
Private placement	12,860,000	340,000	-	-	340,000
Share issue costs	-	(2,636)	-	-	(2,636)
Exercise of stock options	200,000	1,000	-	-	1,000
Net loss	-	-	-	(73,797)	(73,797)
Balance, March 31, 2024	13,060,001	338,365	-	(73,797)	264,568
Issued
Initial public offering	6,900,000	690,000	-	-	690,000
Share issue costs	-	(211,001)	40,501	-	(170,500)
Mineral property	200,000	20,000	-	-	20,000
Exercise of warrants	50,000	5,000	-	-	5,000
Share-based compensation	-	-	169,786	-	169,786
Net loss	-	-	-	(670,381)	(670,381)
Balance, March 31, 2025	20,210,001	842,364	210,287	(744,178)	308,473

The accompanying notes are an integral part of these financial statements

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Statements of Cash Flows

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

	March 31, 2025	March 31, 2024
	$	$
Operating activities
Net loss	(670,381)	(73,797)
Items not involving cash:
Other income	(49)	-
Share-based payments	169,786	-
Unrealized foreign exchange	94	-
Changes in non-cash working capital
GST receivables	(16,348)	(1,696)
Prepaids	44,941	(46,516)
Accounts payable and accrued liabilities	42,110	2,864
Due to related parties	46,550	-
Cash used in operating activities	(383,297)	(119,145)
Investing activities
Mineral property acquisition	(20,000)	(20,000)
Loans advanced	(7,283)	-
Cash used in investing activities	(27,283)	(20,000)
Financing activity
Shares issued for cash, net	524,500	337,364
Cash provided by financing activity	524,500	337,364
Increase in cash and cash equivalents	113,920	198,219
Cash and cash equivalents, beginning of year	198,219	-
Cash and cash equivalents, end of year	312,139	198,219
Cash	12,139	198,219
Cash Equivalents	300,000	-
	312,139	198,219

Supplemental cash flow information (Note 10)

The accompanying notes are an integral part of these financial statements

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Notes to the Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

1. Nature of Operations and Going Concern

Roberto Resources Inc. (the "Company") was incorporated in British Columbia on March 19, 2019, as 1201735 B.C. Ltd., changing its name to Roberto Resources Inc. on May 10, 2023, and on July 16, 2025, changed its name to Pacifica Silver Corp. The Company's principal business activities include the acquisition, exploration, and development of natural resource properties for enhancement of value and disposition pursuant to sales agreements or development by way of third-party option and/or joint venture agreements. The Company's registered office is 704 – 595 Howe Street, Box 35, Vancouver, British Columbia, Canada, V6E 2L3.

The business of exploring for minerals involves a high degree of risk and there can be no assurance that any of the Company's current or future exploration programs will result in profitable mining operations. The recoverability of amounts shown for mineral properties is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain financing to complete their exploration and development, and establish future profitable operations, or realize proceeds from their sale. The carrying value of the Company's mineral properties does not reflect present or future value.

These financial statements were prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of March 31, 2025, the Company had a working capital surplus of $247,473 (2024 - $243,568). The Company incurred a net loss of $670,381 for the year ended March 31, 2025 (2024 - $73,797) and had an accumulated deficit of $744,178 as at March 31, 2025 (2024 - $73,797).

The continued operations of the Company are dependent on its ability to develop a sufficient financing plan or generate profitable operations in the future. Future capital requirements will depend on many factors including the Company's ability to execute its business plan. To finance future activities, the Company may be required to issue further share capital through private placements and the exercise of warrants. There can be no assurance that such financing will be available to the Company and, therefore, a material uncertainty exists which may cast significant doubt about the Company's ability to continue as a going concern.

The economic uncertainties around persistent inflation pressure and geopolitical events have the potential to slow growth in the global economy. Future developments in these challenging areas could impact on the Company's results and financial condition and the full extent of that impact remains unknown. However, as of March 31, 2025, the Company has not been significantly impacted by these matters.

These financial statements do not include the adjustments to assets and liabilities that would be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

1. Basis of Preparation

These financial statements were prepared in accordance with IFRS Accounting Standards ("IFRS") applicable to the preparation of annual financial statements as issued by the International Accounting Standards Board ("IASB") using historical cost, except for cash flow information and financial instruments measured at fair value. The Company's functional and presentation currency is the Canadian dollar.

These financial statements were approved and authorized for issue by the Board of Directors on July 28, 2025.

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

3. Material Accounting Policy Information

Cash and Cash Equivalent

Cash and cash equivalents include cash on hand, demand deposits with financial institutions and short-term, highly liquid investments that are readily convertible into known amounts of cash and subject to insignificant risk of changes in value. As at March 31, 2025, the Company's cash equivalents consist of cashable guaranteed investment certificates held at chartered banks with a minimum AA credit rating.

Mineral Properties

All expenditures related to the acquisition of mineral properties are capitalized on a property-by-property basis, net of recoveries which are recorded when receivable, until these mineral properties are placed into commercial production, sold, or abandoned. If commercial production is achieved from a mineral property, the related mineral properties are tested for impairment and reclassified to mineral property in production. If a mineral property is sold or abandoned, the related capitalized costs will be expensed to profit or loss in that period.

All expenditures related to the exploration and evaluation of mineral properties, net of recoveries which are recorded when receivable, are expensed to net loss in the period in which they are incurred.

From time to time, the Company may acquire or dispose of all or part of its mineral property interests under the terms of property option agreements. Options are exercisable entirely at the discretion of the optionee, and accordingly, option payments are recognized when paid or received. If recoveries are received and exceed the capitalized expenditures, the excess is reflected in profit or loss.

All capitalized mineral property costs are reviewed at each reporting date, on a property-by-property basis, to consider whether there are any conditions that may indicate impairment. When the carrying value of a property exceeds its net recoverable amount that may be estimated by quantifiable evidence of an economic geological resource or reserve, joint venture expenditure commitments or the Company's assessment of its ability to sell the property for an amount exceeding the carrying value, provision is made for the impairment in value. The amounts capitalized for mineral properties represent costs incurred to date less write-downs and recoveries and are not intended to reflect present or future values.

The Company assessed an estimate of the liability associated with statutory, contractual, or legal obligations associated with site closure and property retirement costs in the period in which the liability is incurred if a reasonable estimate of fair value can be made. The amount of the provision will be increased each reporting period due to the passage of time and the amount of accretion is charged to profit or loss. The provision can also increase or decrease due to changes in regulatory requirements, discount rates, and assumptions regarding the amount and timing of future rehabilitation expenditures. Any changes are recorded directly to the related mining assets with a corresponding change to the rehabilitation provision. Actual rehabilitation expenditures incurred are charged against the rehabilitation provision to the extent of the liability recorded. There were no provisions considered to be necessary as of March 31, 2025 or 2024.

Foreign Currency Transaction

Transactions in currencies other than the functional currency are recorded at the prevailing exchange rates on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates at the date of the consolidated statement of financial position. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising from this translation are included in the determination of net gain or loss for the year.

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

3. Material Accounting Policy Information, continued

Related Party Transactions

Parties are considered related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered a related party transaction when there is a transfer of resources or obligations between related parties.

Non-monetary Consideration

Shares and warrants issued for non-monetary consideration, excluding employees, are recorded at the fair value of the goods or services received. When such fair value cannot be estimated reliably, fair value is measured based on the quoted market value of the Company's shares on the date of share issuance or using an appropriate valuation method. Shares or warrants to be issued, which are contingent upon future events or actions, are recorded by the Company when it is reasonably determinable that such instruments will be issued.

Loss Per Share

Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period.

Diluted loss per share is computed similarly to basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options, warrants and similar instruments that would be anti-dilutive.

Income Tax

Income tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity.

A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Notes to the Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

1. Material Accounting Policy Information, continued

Financial Instruments

The Company uses a single approach to determine whether a financial asset is classified and measured at amortized cost or at fair value. The classification and measurement of financial assets is based on the Company's business models for managing its financial assets and whether the contractual cash flows represent solely payments for principal and interest.

Financial assets are classified into one of three categories (i) amortized cost; (ii) fair value changes through other comprehensive income ("FVTOCI"); and (iii) fair value through profit or loss ("FVTPL").

Financial liabilities are into one of two categories: (i) amortized cost; and (ii) FVTPL.

Initial Recognition

The classification is determined at initial recognition and depends on the nature and purpose of the financial asset. On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as FVTPL, in which case transaction costs are expensed as incurred.

Subsequent Measurement for Financial Assets

Financial assets classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by considering any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance income. Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Equity investments designated as FVTOCI are measured at fair value with changes in fair values recognized in other comprehensive income ("OCI").

Impairment Of Financial Assets Carried at Amortized Cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the credit risk of the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statement of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

Subsequent Measurement of Financial Liabilities

Financial liabilities classified as amortized cost are measured using the effective interest method. Amortized cost is calculated by considering any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization using the effective interest method is included in finance costs. Financial liabilities classified as FVTPL are measured at fair value with gains and losses recognized in profit or loss.

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

3. Material Accounting Policy Information, continued

Derecognition Of Financial Assets and Financial Liabilities

A financial asset is derecognized when the rights to receive cash flows from the asset have expired; or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third-party under a 'pass-through' arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process. Gains and losses on derecognition of equity investments designated as FVTOCI (including any related foreign exchange component) are recognized in OCI. Amounts presented in OCI are not subsequently transferred to profit or loss, although the cumulative gain or loss may be transferred within equity.

A financial liability is derecognized when the obligation under the liability is discharged, cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the statement of income.

Fair Value of Financial Instruments

The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm's length market transaction between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models.

Future Accounting Standards

In April 2024, the IASB issued IFRS 18 – Presentation and Disclosure in Financial Statements ("IFRS 18") to replace IAS 1 – Presentation of Financial Statements. This standard focuses on updates to the statement of profit or loss, including: (a) the structure of the statement of profit or loss; (b) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and (c) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. It will be effective for the Company for the annual period beginning April 1, 2027, and will be required to be applied retrospectively. The Company is currently assessing the effect of this new standard on its financial statements.

Apart from IFRS 18, other new standards or amendments to existing standards issued but which have not yet been applied by the Company based on the effective date are not currently expected to have a material impact on the Company's financial statements.

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Notes to the Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

4. Significant Accounting Estimates and Judgments

The preparation of financial statements in conformity with IFRS requires management to make estimates and judgments that affect amounts reported in the financial statements. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and subject to measurement uncertainty. The effect on the financial statements of changes in such estimates in future reporting periods could be significant. Significant estimates and areas where judgment is applied that have significant effect on the amount recognized in the financial statements include:

Going concern

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its ongoing operating expenditures, meet its liabilities for the ensuing year, and to fund planned and contractual exploration programs, involves significant judgment based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

Impairment assessment of exploration and evaluation assets

The application of the Company's accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances.

All capitalized exploration and evaluation assets are monitored for indications of impairment at each reporting period. The Company considered the following facts and circumstances in determination if it should test exploration and evaluation assets for impairment:

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Notes to the Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

1. Significant Accounting Estimates and Judgments, continued

(i) the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
(ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;
(iii) exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and
(iv) sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation assets is unlikely to be recovered in full from successful development or by sale.

Where a potential impairment is indicated, assessments are performed for each area of interest. To the extent that deferred exploration expenditures are not expected to be recovered, an impairment is charged to profit or loss. Exploration areas where reserves have been discovered, but require major capital expenditure before production can begin, are continually evaluated to ensure that commercial quantities of reserves exist or to ensure that additional exploration work is underway as planned.

An Impairment charge relating to an exploration and evaluation asset may be subsequently reversed when new exploration results or actual or potential proceeds on sale or farm-out of the property result in a revised estimate of the recoverable amount but only to the extent that this does not exceed the original carrying value of the property that would have resulted if no impairment had been recognized. General exploration costs in areas of interest in which the Company has not secured rights are expensed as incurred.

As of March 31, 2025, the Company has assessed that there are no impairment indicators with respect to its exploration and evaluation assets.

1. Financial Instruments Fair Value Measurements and Risk Management

The Company's financial instruments include cash and cash equivalents and loan receivable, which are classified as financial assets measured at amortized cost, and accounts payable and accrued liabilities and due to related parties, which are classified as financial liabilities measured at amortized cost. The fair value of these financial instruments approximates their carrying value due to the immediate or short-term maturity of these financial instruments.

Fair Value Measurements

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments which are measured at fair value by valuation technique:

Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

Risk Management

The Company's financial instruments are exposed to certain financial risks, including liquidity risk, currency risk, credit risk, interest rate risk, and other price risk. The Company's exposure to these risks and its methods of managing the risks are summarized as follows:

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Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

5. Financial Instruments Fair Value Measurements and Risk Management, continued

(i) Liquidity Risk

Liquidity risk is the risk that the Company will be unable to meet financial obligations as they fall due. The Company's approach to managing liquidity risk is to provide reasonable assurance that it will have sufficient funds to meet liabilities when due by forecasting cash flows for operations, anticipated investing, and financing activities and through management of its capital structure.

As of March 31, 2025, the Company's accounts payable and accrued liabilities have contractual maturities of less than 90 days. Certain amounts due to related parties are currently being deferred on an on-demand basis for future settlement. The Company does not have sufficient resources to meet requirements for administrative overhead, maintaining its mineral interests and continuing with its exploration program in the following twelve months. The Company will be required to raise additional capital in the future to fund its operations.

(ii) Currency Risk

The Company is exposed to currency risk to the extent expenditures incurred or funds received, and balances maintained by the Company are denominated in currencies other than the Canadian dollar. As of March 31, 2025 and 2024, the Company does not subject material currency risk.

(iii) Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge its contractual obligations. The Company is exposed to credit risk in respect to managing its cash. The Company occasionally deposits excess cash in a Prime-Linked Cashable GIC. All cash is held with a major Canadian financial institution.

(iv) Interest Rate Risk

Interest rate risk is the risk that future cash flows will fluctuate because of changes in market interest rates. The Company is not exposed to material interest rate risk.

(v) Other Price Risk

Other price risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is not exposed to other price risk.

6. Capital Management

The Company's capital includes components of equity. The Company's objectives in managing its capital are to maintain the ability to continue as a going concern and to continue to explore the Company's mineral property for the benefit of its stakeholders. To effectively manage the Company's capital requirements, the Company has a planning and budgeting process in place setting out the expenditures required to meet its strategic goals. The Company compares actual expenses to budget on all exploration projects and overhead to manage costs, commitments, and exploration activities. As the Company is in the exploration stage, its operations have been substantially funded by the issuance of equity instruments. The Company will continue to rely on equity issuances and short-term debt for future funding depending upon market and economic conditions at the time.

There have been no changes in the Company's approach to capital management during the year ended March 31, 2025.

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

7. Mineral Properties

Mineral property acquisition costs as of March 31, 2025 and 2024 were:

	Janampalla $	Total $
Balance, March 31, 2024 and 2023	21,000	21,000
Option payments	40,000	40,000
Balance, March 31, 2025	61,000	61,000

Janampalla, Lima, Peru

On November 29, 2023, the Company entered into an option agreement to earn a 100% interest in 3 mining concessions which cover an area of 2,800 hectares. The concessions are located in Huancavalica Province in Central Peru, approximately 250 kilometers southeast of Lima and 75 kilometers to the southeast of Huancayo.

The Company will be deemed to have exercised the option upon:

(a) paying the Optionor a total of $200,000 as follows:

• $20,000 upon signing the Janampalla Option Agreement (paid);
• $20,000 on September 4, 2024 (paid);
• $25,000 on September 4, 2025;
• $35,000 on September 4, 2026; and
• $100,000 on September 4, 2027.

(b) issuing to the Optionor a total of 400,000 common shares as follows:

• 200,000 common shares upon signing the Janampalla Option Agreement (issued); and
• 200,000 common shares on September 4, 2024 (issued).

(c) incurring $600,000 in exploration expenditures as follows:

• $100,000 on or before the September 4, 2025 (incurred);
• an additional $200,000 on or before the September 4, 2026; and
• an additional $300,000 on or before the September 4, 2027.

The concessions are subject to a 1% net smelter royalty ("NSR") upon commencement of commercial production, which the Company has the option to purchase for $1,000,000 at any time.

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

7. Mineral Properties, continued

Exploration and Evaluation Expenditures

Exploration and evaluation expenditures for the years ended March 31, 2025 and 2024 were:

	Janampalla		Total	Total
	$	$	$	$
	2025	2024	2025	2024
Assaying	58,592	16,635	58,592	16,635
Camp costs	27,228	2,804	27,228	2,804
Community engagement	3,285	6,410	3,285	6,410
Concession fees	11,437	-	11,437	-
Consulting	32,200	-	32,200	-
Geological	27,600	16,249	27,600	16,249
Surveying	10,000	4,401	10,000	4,401
Travel	6,071	8,094	6,071	8,094
	176,413	54,593	176,413	54,593

Environmental

The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent, and costs and expenses of regulatory compliance are increasing.

The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the properties may be diminished or negated.

Title to Mineral Properties

Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mineral properties.

The Company has investigated title to its mineral property interests in accordance with industry standards for the current stage of exploration of such properties and, to the best of its knowledge, title to its properties is in good standing; however, these procedures do not guarantee the Company's title. Property title may be subject to unregistered prior agreements or transfers and title may be affected by undetected defects.

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

7. Mineral Properties, continued

Realization of Assets

Realization of the Company's investment in mineral properties is dependent upon the establishment of legal ownership, the obtaining of permits, the satisfaction of governmental requirements, the attainment of successful production from the properties, or from the proceeds of their disposal. The attainment of commercial production is in turn dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development of the property interest, and upon future profitable production.

8. Related Party Balances and Transactions

Related party transactions are in the normal course of operations and have been measured at the exchange amount of consideration agreed between the related parties. Except as disclosed elsewhere, the Company entered into the following related party transactions:

(a) Fees in the amount of $60,000 (2024 – $nil) were charged by 14745177 BC Limited, a company controlled by Todd Anthony, a director and officer of the Company, for consulting services. Accounts payable as at March 31, 2025 were $24,500 (2024 - $nil).

(b) Fees in the amount of $33,025 (2024 – $1,500) were charged by Alan Tam Inc., a company controlled by Alan Tam, a director and officer of the Company, for consulting services. Accounts payable as at March 31, 2025 were $12,250 (2024 - $nil).

(c) Fees in the amount of $27,025 (2024 – $1,500) were charged by Lattz Equity Inc. a company controlled by Darien Lattanzi, a director of the Company, for consulting services. Accounts payable as at March 31, 2025 were $9,800 (2024 - $nil).

(d) Rent in the amount of $16,550 (2024 – $3,000) was charged by Munchen Motorwerks Limited, a company controlled by Darien Lattanzi, a director of the Company.

Key management personnel are the persons responsible for planning, directing, and controlling the activities of an entity, and include the chief executive officer, chief financial officer, and directors. The Company has no long-term employee or post-employment benefits.

A summary of compensation awarded to key management, including amounts in (a) to (c) above, was as follows:

	2025	2024
	$	$
Short-term benefits	120,050	3,000
Share-based payments	98,494	-
	218,544	3,000

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

9. Share Capital

(a) Authorized

Unlimited number of common shares without par value and an unlimited number of preferred shares without par value.

(b) Issuances - Equity

Year Ended March 31, 2025

On September 4, 2024, the Company completed its initial public offering of 6,900,000 common shares at a price of $0.10 per common share for total gross proceeds of $690,000. Research Capital Corporation acted as agent (the "Agent") and was granted non-transferable options to purchase a total of 690,000 common shares at a price of $0.10 per common share until September 4, 2026 (Note 9(g)). The Company incurred a total of $170,500 in cash share issue costs inclusive of Agent and other related fees and expenses.

Year Ended March 31, 2024

On December 20, 2023, the Company closed a private placement of 1,400,000 common shares at a price of $0.005 per common share for gross proceeds of $7,000.

On January 31, 2024, the Company closed a private placement of 8,000,000 units (each a "Unit") at a price of $0.02 per unit for gross proceeds of $160,000. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.10 per common share.

On February 29, 2024, the Company closed the first tranche of a private placement (the "2024 Private Placement") of 3,260,000 units (each a "Unit") at a price of $0.05 per unit for gross proceeds of $163,000. Each unit consisted of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.10 per common share.

On March 5, 2024, the Company closed the second and final tranche of the 2024 Private Placement of 200,000 units (each a "Unit") at a price of $0.05 per unit for gross proceeds of $10,000. Each unit consisted of one common share and one common share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of five years at an exercise price of $0.10 per common share.

The Company has allocated all proceeds to the common shares and $nil to the common share purchase warrants by applying the residual approach.

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

9. Share Capital, continued

(c) Issuances - Other

Year Ended March 31, 2025

On September 4, 2024, the Company issued 200,000 common shares pursuant to the Janampalla Option Agreement with a fair value of $0.10 per common share based on the Company's stock trading price on the date of issuance (Note 7).

Year Ended March 31, 2024

On November 29, 2023, the Company issued 200,000 common shares with respect to the Janampalla property option agreement valued at $0.005 per common share (based on the per share price of the recently completed private placement) for a total value of $1,000 (Note 7).

(d) Stock Options

The Company has a rolling stock option plan (the "Plan") allowing for the reservation of common shares issuable under the Plan to a maximum of 10% of the number of issued and outstanding common shares of the Company at any given time. The term of stock options granted under the Plan may not exceed ten years and the exercise price may not be less than the closing price of the Company's shares on the last business day immediately preceding the date of grant, less any permitted discount. On an annual basis, the Plan requires approval by the Company's shareholders and submission for regulatory review and acceptance.

On September 18, 2024, the Company granted 650,000 stock options to its directors, officers and consultants. These options vest immediately and have an exercise price of $0.30 per common share for a period of five years (Note 9(g)).

Stock options outstanding and exercisable as of March 31, 2025 and 2024, were:

	Number of options	Weighted average exercise price ($)	Weighted average remaining life (years)
Balance, March 31, 2023 and 2024	-	-	-
Granted	650,000	0.30	-
Balance, March 31, 2025	650,000	0.30	4.47
Expiry date	Exercise price ($)	Remaining life (years)	Options Outstanding and Exercisable
---	---	---	---
September 18, 2029	0.30	4.47	650,000

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

9. Share Capital, continued

(e) Agent Options

Agent options outstanding as of March 31, 2025 and 2024, were:

	Number of agent options	Weighted average exercise price ($)	Weighted average remaining life (years)
Balance, March 31, 2023 and 2024	-	-	-
Granted	690,000	0.10	-
Balance - March 31, 2025	690,000	0.10	1.43
Expiry date	Exercise price ($)	Remaining life (years)	Agent options outstanding
September 4, 2026	0.10	1.43	690,000

(f) Share Purchase Warrants

Share purchase warrants outstanding as of March 31, 2025 and 2024, were:

	Number of warrants	Weighted average exercise price ($)	Weighted average remaining life (years)
Balance, March 31, 2023	-	-	-
Issued	11,460,000	0.10	-
Balance - March 31, 2024	11,460,000	0.10	4.86
Exercised	(50,000)	0.10	-
Balance - March 31, 2025	11,410,000	0.10	3.86
Expiry date	Exercise price ($)	Remaining life (years)	Warrants outstanding
---	---	---	---
January 31, 2029	0.10	3.84	7,950,000
February 28, 2029	0.10	3.92	3,260,000
March 5, 2029	0.10	3.93	200,000
			11,410,000

(g) Fair Value

The weighted average fair value of stock options granted was $0.26 and agent options granted was $0.06. Fair values were estimated using the Black-Scholes option pricing model with the following weighted average assumptions whereby the expected volatility assumptions have been developed taking into consideration the volatility using the historical trading price of other companies in the same industry during the similar period:

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)

(An Exploration Stage Company)

Notes to the Financial Statements

Years Ended March 31, 2025 and 2024

(Expressed in Canadian Dollars)

9. Share Capital, continued

(g) Fair Value, continued

	Stock Options	Agent Options
	2025	2025
Risk-free interest rate	2.74%	3.15%
Expected volatility	132.50%	112.51%
Expected life in years	5.00	2.00
Expected dividend yield	0.00%	0.00%

For the year ended March 31, 2025, the Company recorded aggregate share-based compensation expense of $210,287, arising from stock options of $169,786, recognized in the statement of comprehensive loss, and agent options of $40,501, recognized in share issue costs.

(h) Diluted Loss per Share

Excluded from the calculation of diluted loss per share were 650,000 stock options (2024 - nil), 11,410,000 share purchase warrants (2024 - nil) and 690,000 agent options (2024 – nil), that could potentially dilute basic earnings per share in the future but were not included as being antidilutive for each of the years ending March 31, 2025 and 2024.

10. Supplemental Cash Flow Information

	March 31, 2025	March 31, 2024
	$	$
Cash:
Interest received	7,316	-
Interest paid	-	-
Non-Cash:
Fair value of shares issued for mineral property	20,000	1,000
Fair value of agent options	40,501	-

Cash and cash equivalents consist primarily of cash at banks and other short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

As at March 31, 2025, $300,000 (2024 - $nil) was held in a Prime-Linked Cashable GIC.

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Notes to the Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

11. Income Tax

A reconciliation of the income tax expense computed at statutory rates to the reported loss before taxes is as follows:

	March 31	March 31
	2025	2024
Statutory tax rate	27%	27%
	$	$
Net loss	670,381	73,797
Income tax benefit at statutory rate	181,003	19,925
Permanent differences	(84,125)	(14,598)
Change in timing differences	78,918	15,040
Unused tax losses and tax offsets not recognized	(175,796)	(20,367)
	-	-

The Company's unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts:

	March 31	March 31
	2025	2024
	$	$
Non-capital losses	378,542	19,731
Share issue costs	137,980	2,109
Resource property	210,006	53,593
	726,528	75,433

The Company has approximated unrecognized Canadian non-capital losses totaling $378,500 that expire between 2044 and 2045.

12. Segmented Information

The Company has one operating segment, the acquisition and exploration of mineral properties. As of March 31, 2025 and 2024, the Company's non-current assets were located in Peru.

13. Events after the Reporting Period

Other than disclosed elsewhere, the following events occurred subsequent to the year end.

• On June 27, 2025, 500,000 agent options exercisable at $0.10 per common share were exercised for gross proceeds of $50,000.
• On July 25, 2025, the Company closed the non-brokered private placement financing by issuing 2,500,000 common shares at a price of $0.40 per for gross proceeds of $1,000,000.

---

Pacifica Silver Corp. (formerly Roberto Resources Inc.)
(An Exploration Stage Company)
Notes to the Financial Statements
Years Ended March 31, 2025 and 2024
(Expressed in Canadian Dollars)

1. Events after the Reporting Period, continued

2. Claudia, Durango, Mexico

On June 25, 2025, the Company entered into a share purchase agreement ("SPA") with Durango Gold Corp. ("Durango"), an arms-length private company, and Cielo Azul Resources, S.A. de C.V. ("Azul"), its wholly owned subsidiary. Under the terms of the SPA, the Company agreed to acquire all of the issued and outstanding common shares of Azul ("Azul Shares") which holds 37 surface mining concessions which cover an area of 11,876 hectares in the El Papanton mining district in Durango, Mexico.

As consideration of the Azul Shares, the Company agreed to the following terms, among others:

• Payment of US$10,000 cash at closing (being the total closing payment of US$25,000 less loans previously advanced);
• Issuance of 10,000,000 common shares subject to certain restrictive provisions on sale (issued in July 2025); and
• Assumption of Azul obligations, payment of mining duties and Silverstone Discovery Bonus, as defined the SPA.

On July 17, 2025, the Company completed the acquisition.

In conjunction with the SPA, the Company entered into loan agreements with Durango for an initial sum of US$5,000 advanced on March 6, 2025 and a further amount of US$10,000 advanced on April 16, 2025. The loans were secured via a promissory note and accrued interest at a rate of 10% per annum, compounded annually.