Silver One Resources Inc. — Interim / Quarterly Report 2021

Aug 12, 2021

Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

This Management’s Discussion and Analysis (“MD&A”) for the six months ended June 30, 2021, prepared as of August 11, 2021, should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2021 of Silver One Resources Inc. (the “Company” or “Silver One”), together with the audited financial statements of the Company for the year ended December 31, 2020, as well as the accompanying MD&A for the period then ended (the “Annual MD&A”).

The referenced unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”), applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. All amounts included in this MD&A are expressed in Canadian dollars unless otherwise indicated.

The Company’s critical accounting estimates, significant accounting policies and risk factors as disclosed in the Annual MD&A have remained substantially unchanged and are still applicable to the Company unless otherwise indicated.

These documents and other information relevant to the Company’s activities are available for viewing on SEDAR at www.sedar.com or on the Company’s website at www.silverone.com.

COMPANY OVERVIEW

Silver One was incorporated pursuant to the provisions of the Business Corporations Act (British Columbia) on June 8, 2007.

The Company’s principal activities include the acquisition, exploration and development of mineral properties. The Company has an option agreement to acquire a 100% interest in the Candelaria silver project (the “Candelaria Project”) located in Nevada and has claims staked in eastern Nevada, including the Cherokee project (the “Cherokee Project” or “Cherokee”). The Company also has an option agreement to acquire 100% interest in the Phoenix Silver property in Arizona (the “Phoenix Silver Property” or “Phoenix Silver”).

COMPANY HIGHLIGHTS

Current highlights (including subsequent events up to August 11, 2021) include:

Appointment of Leonard Harris as advisor

On June 7, 2021, the Company appointed of Leonard (Len) Harris as an advisor to the Company. Mr. Harris, a graduate of metallurgy, brings a vast and impressive list of accomplishments and experience in metallurgy, project development and mine building.

Update on Candelaria drilling program

On February 16, 2021, May 26, 2021 and July 15, 2021, the Company reported results from its 52-hole, 15,000meter, reverse circulation (RC) and diamond drilling program completed at its Candelaria project, Nevada. The three main objectives of the program, which included the outlining of deep, higher-grade silver and gold mineralization down-dip from the previously mined open-pits, extending near-surface, potentially open-pit mineralization to the east of west of the previously mined areas, and examining potential for porphyry related mineralization at depth, were all successfully achieved.

The 15,000-meter drill program was successful in outlining a zone of higher-grade, down-dip mineralization north of the Mt. Diablo pit and between the Northern Belle and Mount Diablo pits. Similarly, drilling immediately east and west of the Mount Diablo pit reports significant widths of mineralized intervals with silver averages exceeding historic cut-off grades. This confirms the continuity of robust near surface silver-oxide mineralization along-strike for at least 500m west and 100m east of the Diablo pit. The mineralized system remains open along-strike in both directions. Additionally, indications of porphyry style alteration and mineralization have been identified in felsic dykes and altered intrusives with deep, drill intercepted gold mineralization associated with porphyry style alteration returning 5.99gm/t gold over 0.67m in hole 81 located west of the Northern Belle open pit. This enhances the upside exploration potential for the discovery of additional mineralized systems at Candelaria.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

Sale of Mexican Silver Assets

On March 3, 2021, the Company completed the sale of its three Mexican silver exploration projects to Silverton Metals Corp. (“Silverton”, formerly Plymouth Reality Capital Corp.).

Under the terms of the Purchase Agreement, the Company has agreed to transfer to Silverton a 100% interest in all of its Mexican Silver Properties and, in consideration of which, Silverton will issue $6,000,000 in cash and shares of Silverton as follows: (a) pay $1,250,000 in cash upon closing (paid), (b) issue 4,375,000 common shares of Silverton to the Company (issued), and (c) pay $750,000 in cash 18 months after closing, and (d) pay $500,000 in cash 24 months after closing.

Silverton will also grant a 1.5-per-cent net smelter return royalty on each of the silver properties. At the option of Silverton, Silverton may repurchase two-thirds of the royalty (being a 1-per-cent net smelter return royalty) with a payment equal to US$500,000 for each of the silver properties.

Update on Cherokee Project and Nevada Drill Targets Identified

On February 1, 2021, the Company provided an update on the work undertaken on the Cherokee Project between August and December 2020. The work was successful in helping to define drill targets in the Cherokee Mine, Johnnie and Hidden Treasure areas. The programs also have increased the understanding of the geological and structural controls on mineralization, identified additional areas displaying multiple styles of alteration and mineralization, and have highlighted the need for additional exploration along the entire 12 km structural corridor. The highlights of the results were as follows:

• 3 areas with drill targets selected to date;

• Large zones of alteration with strongly elevated silver, gold and copper identified. These zones may be related to large replacement or porphyry systems at depth; and

• Large upside exploration potential remains throughout the property.

Phoenix Silver Update

On January 11, 2021, the Company reported it has completed additional prospecting and geological mapping, soil and rock geochemical sampling, a property wide drone-borne magnetic survey, as well as ground selfpotential (SP) and electromagnetic (EM) geophysical surveys in the vicinity of the vein fragment structures. From this work, a series of exploration targets have been identified and a drill plan has been submitted for permitting, with the aim of testing vein-structures interpreted as the upslope source to the very high-grade vein fragments.

MINERAL PROPERTIES

USA

Candelaria, Nevada, United States

The Candelaria Mine is located in central west Nevada just off the paved Highway 95, which connects Las Vegas with Reno. The past producing mine site is serviced by paved road, power and water. Reclamation of the Candelaria Mine has been ongoing since 1998. The mine dumps were re-contoured and seeded, and the heap leach piles were rinsed with fresh water and seeded. Other infrastructure has been removed, and the substantial reclamation work meets all state and federal guidelines.

The project lies within the Candelaria Mining District, historically the richest silver mining district in Nevada. Estimated production from the late 1880’s to 1954 was 22 million ounces of silver. From 1874 to 1883, the Northern Belle Deposit alone produced high grade lodes averaging 1,700 – 2,000 g/t (50 – 60 oz/t) silver. Open pit mining between 1980 and 1999 resulted in the production of 47 million ounces of silver, with Kinross Gold producing approximately 13 million ounces of that between 1994 and 1999.

SSR completed a large drilling program prior to acquiring the project in 2001 and commissioned a technical resource report titled “Candelaria Project Technical Report” dated May 24, 2001 (filed on SEDAR on June 20, 2002), prepared by Pincock Allen & Holt. Historical resources as outlined in the report amount to approximately

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

44 million ounces of silver in the Measured and Indicated categories with an additional 82.8 million ounces of silver Inferred. See section titled “Cautionary Note on Historical Resource Estimates”.

Silver One entered into a 3-year option agreement with SSR (announced on January 17 and 23, 2017) whereby Silver One issued 1,332,900 Silver One common shares worth USD $1,000,000 upon TSX-V approval of the option agreement (January 23, 2017). On January 24, 2018, the Company announced the completion its first anniversary payment to SSR by issuing 2,828,636 shares at a deemed value of USD $1,000,000. On January 28, 2019, the Company announced the completion its second anniversary payment to SSR by issuing 5,827,338 shares at a deemed value of USD $1,000,000. It was further obligated to issue an additional USD $1,000,000 worth of Silver One shares in January 2020. However, Silver one entered into an agreement with SSR and Maverix Metals Inc. (“Maverix”) whereby:

1. Silver One will assume a Production Payment obligation by SSR to Maverix (formerly to Kinross). For this, SSR agreed to relinquish the option payment of US$1,000,000 in shares of Silver One and instead received US$100,000 in units of Silver One. This agreement obliges Silver One to assume the obligation to pay Maverix US$1,000,000 upon Candelaria achieving commercial production of not less than 2,500,000 ounces of silver per annum (the “Production Payment”).

2. In consideration of Maverix agreeing to Silver One’s assumption of the Production Payment, Maverix will receive US $100,000 in units of Silver One.

3. Maverix has agreed to amend the Production Payment so that Silver One may satisfy it with US$500,000 cash and $500,000 in shares of Silver One on the first anniversary after commencement of commercial production at Candelaria.

Each unit will be comprised of one share of Silver One and one-half of one share purchase warrant (each a “Warrant”) with each whole Warrant entitling the holder to purchase one additional share at a price of $0.40 per share for a period of three years.

On July 25, 2019, the Company amended the Candelaria Option Agreement (“Amended Agreement”). The Amended Agreement deferred the assumption of the USD $2,000,000 bond obligation by the Company until January 2023.

Upon completion of the option agreement, Silver One will have earned 100% of SSR’s interest in the property, subject to a 3% net smelter returns royalty payable to Teck Resources USA on production from a certain claims group of the property and a charge of $0.01 per ton payable for waste rock dumped on certain claims.

On January 3, 2018, the Company announced the completion of a 1,110-meter sonic drilling program on the historic heaps, stockpiles and waste dumps.

Assay results were reported in a news release of April 19, 2018. The results are encouraging as the head grade of the leach pads, estimated at 43 g/t, is over 3 times greater than the head grades currently being mined at the Rochester Mine held by Coeur Mining approximately 220 kilometres north of Candelaria. Further, an average cyanide soluble silver content of 56% for leach pad material and 64% for fresh material in stockpiles, combined with their respective silver grades reported, provide a promising outlook for the project.

Historic silver recoveries at Candelaria ranged from 42% to 51% of the total silver through the heap leaching ores crushed at sizes below 1 inch. Silver One believes that such recoveries may be improved by milling or the use of high-pressure grinding rolls (“HPGR”) prior to leaching. HPGR is being employed at numerous mines throughout Nevada, including Coeur’s Rochester Mine, with resultant improved silver/gold recoveries and reduced operating costs.

The Company prepared various composite samples from the heaps and stockpiles which were sent to McClelland Laboratories, Inc. in Reno, Nevada for ongoing metallurgical testing. The metallurgical results will

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

assist in determining the best methods to potentially recover silver from the heap leach pads, stockpiles and dumps.

Preliminary metallurgical test results were announced on June 28, 2018. These results indicate that the average cyanide soluble silver content remaining in the two heap leach pads averages 56%. These results are very encouraging, considering the heaps were partially leached by Kinross and others during previous operations.

The Company is continuing its metallurgical testing to determine the most cost-effective means of potentially extracting the remaining silver from the historic leach pads. Samples were more recently sent to Kappes Cassiday in Reno, Nevada for column leach testing using HPGR. Additionally, samples were sent to a silver producing mine to test very fine milling and cyanide recovery of silver using microbubble technology. Results were published in the company’s May 21, 2019 news release. In light of the positive results of both HPGR and fine milling tests, the company will continue its testing to investigate optimization alternatives.

On November 19, 2019, Silver One commenced a drilling program in the area of the historic open pits. Duplicate holes to the historic drilling will be used to verify silver grades and potentially update the historic 43101 resource to current. Additionally, down-dip testing of high-grade intercepts encountered by Silver Standard’s drilling between 1999 and 2000, will be undertaken.

A total of 2,860 meters were drilled in 9 holes. Seven holes were drilled in the Mount Diablo area, north of the Diablo pit and between the Diablo and Northern Belle pits. Two holes were drilled in the Northern Belle area. The program was shut down in March 2020 with the onset of COVID19.

The overall drilling program validated historic high-grade intercepts both down-dip from and between the Mount Diablo and Northern Belle past producing open-pits. Additionally, drill holes 49 and 51 extended the LCS (Lower Candelaria Shear) silver-gold bearing horizon an additional 130 meters north of the nearest historic drill hole 49 (see News Releases March 2, 2020 and May 26, 2020). An area covering over 1500 meters along strike hosts clusters of higher-grade mineralization and clearly demonstrates that additional drilling is warranted to more fully test the extent and grade of this system.

On October 15, 2020, the Company announced the commencement of a 15,000-meter reverse circulation drilling program. Refer to the highlights section on page 1 for the results of this program.

Cherokee, Nevada, United States

In July 2018 Silver One announced that it has expanded its portfolio of high-quality silver projects with the staking of 636 lode claims (approximately 13,000 acres or 5,200 hectares) covering a 12-kilometre long by 4- kilometre wide, structurally controlled, silver-copper-gold system in Lincoln County, Nevada. The property, known as Cherokee, hosts a series of epithermal-style veins, along with several large areas of strong silicification and associated jasperoids. Similar epithermal systems to those at Cherokee are known to host numerous gold and silver mines throughout Nevada. A total of 125 samples were collected across the property in Q2 2018, with individual values as high as 1,162 ppm silver, 2.9% copper and over 2 ppm gold being returned from select surface dump, rock grab and rock chip samples taken along the exposed areas of these vein systems. Additional sampling at Cherokee returned select sample results as high as 954 g/t silver and 4.8% copper.

The Company also announced that it entered into a Lease/Purchase Agreement with Castelton Park LLC of Sparks, Nevada to acquire five patented claims covering 83.5 acres along the Cherokee vein system in July 2018.

Further sampling results, along the 12+ kilometre long structures were announced October 2018. A new zone called Hidden Treasure was identified in the southeastern portion of the property. Hidden Treasure lies eastsoutheast of the Johnnie Mine and hosts some of the highest gold values collected to date on the Cherokee

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

property. It occurs where the high-grade Cherokee and Mojoto vein systems are interpreted to merge.

Cherokee is an emerging silver exploration target located approximately 75 kilometres south of the historic Pioche mining district. From 1869 to present, there have been over 6 million tons mined in the Pioche area producing in excess of 1 million ounces of gold, 20 million ounces of silver, 7 million pounds of copper, 350 million pounds of lead and 700 million pounds of zinc. Production was initially from gold-silver-copper veins and later from underlying carbonate-hosted replacement-type mineralized bodies. Mineralization at Cherokee is best characterized as epithermal in nature and is hosted in sedimentary and volcanic rocks, which is geologically similar to the past producing mineralized systems at Pioche.

Silver One’s near-term objective is to continue surface exploration, including additional mapping and sampling to evaluate large areas of this property that remain untested. Results of the geophysical survey, announced on November 11, 2019, reveal new structural and geological features potentially associated to metallic mineralization, as well as expanded linear features that contain known mineralized systems at Cherokee, Mojoto, Johnny and Hidden Treasure vein-structures.

The medium-term goal will be to prioritize drill targets to potentially extend known mineralized areas both at depth and along-strike from the exposed veins.

Phoenix Silver Project, Arizona, United States

On Feb 5, 2020, Silver One entered into an agreement to acquire an 100% interest in a very high-grade native silver prospect in Arizona. The property, Phoenix Silver, lies within the “Arizona Silver Belt”, immediately adjacent to the prolific copper producing area of Globe, Arizona. Multiple surface vein fragments, interpreted to have been transported short distances downslope from partially exposed vein structures, have been found in numerous areas throughout the property. Some of the larger fragments have returned the following:

A 417-pound native silver vein fragment was found buried beneath the overburden in a dry creek bed immediately downslope from prospective vein targets. Specific gravity measurements indicate a high-grade silver content (possibly up to 70% silver). No assay was performed due to the desire to preserve the specimen nature of this sample. An 18.7 lb (8.5 kg) native silver vein fragment assayed 459,000 gm/tonne (14,688 oz/ton) silver, as determined by a concentrate assay performed at Skyline Assayers and Laboratories, Tucson, Arizona (ISO: 17025:2005). The above grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.

Work undertaken to August 2020 includes prospecting, geological mapping, rock and soil sampling, as well as ground supported Self Potential (“SP”) geophysical surveys. The SP and soil geochemistry revealed strong anomalies upslope and to the northwest of the area of the very high-grade vein fragments. On January 11, 2021 the Company reported the completion of a drone-borne magnetic survey of the entire property as well as additional geological mapping and soil sampling and a ground electromagnetic survey around the 417 vein.

The extremely high-grade nature of the vein fragments discovered on this largely overburden-covered property makes for a highly prospective exploration target. This will continue being the focus for Silver One’s exploration efforts in 2021.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

Historical Resource Estimate on Candelaria Project

SSR reported in a technical report titled “Candelaria Project Technical Report” dated May 24, 2001 (filed on SEDAR on June 20, 2002), prepared by Mark G. Stevens, P.G., of Pincock Allen & Holt, the historical mineral resource estimate shown in the table below.

		Candelaria Project
		Historical Resource Estimate
Area/Type	Classification	Tons	Factored Ag Grade (opt Agtotal)	Sol. Au Grade (opt Ausoluble)	AqEq Grade (opt AgEqtotal)	Ag Ounces (Agtotal)	Aq Equiv. Ounces (AqEqtotal)
Mount Diablo	Measured	3,391,000	4.44	0.004	4.67	15,054,000	15,838,000
	Indicated	10,231,185	2.84	0.003	3.01	29,005,000	30,796,000
	Subtot. M + Ind	13,623,000	3.23	0.003	3.42	44,060,000	46,633,000
Mount Diablo	Inferred	5,191,000	2.12	0.003	2.30	11,015,000	11,939,000
Northern Belle		9,162,000	2.26	0.002	2.37	20,661,000	21,714,000
L.G. Stockpiles		4,000,000	0.75	---	0.75	3,000,000	3,000,000
	Subtot. Inf.	55,681,000	1.49	0.002	1.52	82,829,000	84,806,000
Notes	1) Lode resources tabulated at a 0.5 opt Agsolublecut-off grades, with only Agtotalshown in this table.
	2)Lowgrade stockpileresources tabulatedforentire accumulationof material.
	3) Total silver grades factored from soluble silver grades using regression formulas developed by Snowden.
	4) Silver equivalent grade includes the contribution from the gold grade (soluble) using an Ag:Au equivalencyratio of57.8:1.

The historical mineral resource estimate used “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, which are categories set out in NI 43-101. Accordingly, Silver One considers these historical estimates reliable as well as relevant as it represents key targets for exploration work by Silver One. The data base for the historical resource estimate:

• (1) on the Mount Diablo Deposit consisted of 538 drill holes by previous owners and 10 drill holes by SSR. For drill holes that were twinned, the author used the lower of the two values assigned to the original holes. The mineral resource estimate used a kriging estimation method to establish ore zones with a cut-off grade of 0.5 opt Ag. Ordinary kriging was used to interpolate grades in the block model. The block models were set up with block dimensions of 25 feet by 25 feet in plan and 10 feet in height. The maximum search range used in the higher-grade zone was 235 feet, in the lower grade zone it was 1,000 feet and in the background zone it was 350 feet. Block models more than 300 feet from the nearest composite only constituted 3 percent of the total number of estimated blocks and were assigned to an inferred category,

• (2) on the Northern Belle Deposit consisted of 226 drill holes by previous owners, of which a portion of these holes were duplicated for the Mount Diablo Deposit database. The mineral resource estimate used a kriging estimation method to establish ore zones with a cut-off grade of 0.5 opt Ag. The mineral resource estimate used multiple indicator kriging to interpolate grades in the block model. Block models were set up with block dimensions of 50 feet by 50 feet in plan and 20 feet in height. The maximum search range used in the higher-grade zone was 85 feet, in the intermediategrade zone was 120 feet and the lower-grade zone was 140 feet and in the lower undifferentiated material below the current pit topography was 260 feet. Block models more than 300 feet from the nearest composite only constituted 3 percent of the total number of estimated blocks and were assigned to an inferred category;

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

• (3) on the Leach Pads consisted of 24,633,000 tons located on Leach Pad 1 and 12,695,000 on Leach Pad 2. The estimate for Leach Pad 1 is based on the fact that silver production indicates 51.5% of total silver was recovered by heap leaching operation, while 81.2% of the soluble silver contact was recovered. Further, the estimate for Leach Pad 2 is based on the fact that silver production indicates 42.4% of total silver was recovered by heap leaching operation, while 71.3% of the soluble silver content was recovered;

• (4) on the Low Grade Stockpile is based on limited and incomplete data and documentation. Material placed on the on the stock piles ranged from 0.5 to 0.65 opt Ag,

Other than the update and upgrade of Leach Pads resource reported in the “Technical Report: on the Heap Leach Pads within the Candelaria, Property, Mineral and Esmeralda Counties, Nevada, USA” filed on the SEDAR in August, 2020, there is no new data available since the calculation of the above historical resource estimate and no additional work has been done to upgrade or verify the historical resource estimate. The qualified person has not done sufficient work to classify the historical estimate as a current mineral resource therefore Silver One is treating these historical estimates as relevant but not current mineral resources.

Current Leach Pads Resource Estimate on Candelaria Project

Silver One reported in the report titled “Technical Report: on the Heap Leach Pads within the Candelaria, Property, Mineral and Esmeralda Counties, Nevada, USA ” dated August 6, 2020 (filed on SEDAR on August 19, 2020), prepared by James A. McCrea, P.Geo., an updated mineral resource estimate for the leach pads, including an upgrade of part of the resource from inferred to indicated as shown in the table below:

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• Contained Metal based on fire assay grades

1. A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction.

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.

An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation.

An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

2. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources has no known issues and do not appear materially affected by any known environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. There is no guarantee that Silver One will be successful in obtaining any or all of the requisite consents, permits or approvals, regulatory or otherwise for the project or that the project will be placed into production

3. The mineral resources in this study were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM’), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the Standing Committee on Reserve Definitions and adopted by the CIM Council on May 10, 2014

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

SUMMARY OF QUARTERLY RESULTS

SUMMARY OF QUARTERLY RESULTS
Three months ended ($)	June 30 2021	March 31 2021	December 31 2020	September 30 20201
Revenues	-	-	-	-
Net loss	(1,050,457)	(987,495)	(904,528)	(454,227)
Net loss per share–(basic and diluted)3	(0.01)	(0.00)	(0.00)	(0.00)
Total assets	33,702,032	35,052,490	34,426,218	34,571,962
Three months ended ($)	June 30 2020	March 31 20202	December 31 2019	September 30 2019
Revenues	-	-	-	-
Net loss	(399,836)	(310,482)	(594,263)	(369,524)
Net loss per share-(basic and diluted)3	(0.00)	(0.00)	(0.00)	(0.00)
Total assets	24,073,988	24,813,836	18,246,149	18,682,427

1 The increase in total assets is mostly due to the private placement during the quarter raising gross proceeds of $9,500,000

• 2 The increase in total assets is mostly due to the private placement during the quarter raising gross proceeds of $5,205,000

3 The basic and diluted loss per share calculation results in the same value as there is an anti-dilutive effect of outstanding options and warrants due to the net loss.

RESULTS OF OPERATIONS

Three months ended June 30, 2021

During the three months ended June 30, 2021, the Company reported a net loss of $1,050,457 or $0.01 per share compared to a loss of $399,836 or $0.00 per share for the three months ended June 30, 2020. The most significant expenses of variance to the prior year period are as follows:

Share-based payments of $322,564 (2020 - $84,357)

The increase in share-based payments is the result of more options being granted during the third quarter of 2020 and in 2021 that had vesting charges over the three months ended June 30, 2021.

Depreciation of $9,364 (2020 - $40,249)

Depreciation during the three months June 30, 2021 decreased compared to the prior year period as there was depreciation of $34,655 related to the depreciation of the right-of-use asset from the office rental lease in the three months ended June 30, 2020. As the Company entered into a new agreement to sublease that office space on December 1, 2020, the right-of-use asset related to the subleased office was derecognized and therefore did not incur a depreciation charge during the three months ended June 30, 2021.

Loss on marketable securities of $353,412 (2020 – gain of $44,788)

The loss on marketable securities relates to the fair value adjustment of marketable securities held by the company during the three months ended June 30, 2021. The increase in loss on marketable securities is a result of more marketable securities held as during the period ended June 30, 2021, the Company completed the sale of its three Mexican silver exploration projects to Silverton. As part of the consideration, the Company received 4,375,000 common shares of Silverton at a value of $3,500,000.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

RESULTS OF OPERATIONS

Six months ended June 30, 2021

During the six months ended June 30, 2021, the Company reported a net loss of $2,037,952 or $0.01 per share compared to a loss of $710,318 or $0.00 per share for the six months ended June 30, 2020. The most significant expenses of variance to the prior year period are as follows:

Share-based payments of $673,717 (2020 - $185,937)

The increase in share-based payments is the result of more options being granted during the third quarter of 2020 and the second quarter of 2021 that had vesting charges over the six months ended June 30, 2021.

Foreign exchange loss of $121,943 (2020 – gain of $39,063)

The foreign exchange loss of $121,943 during the six months ended June 30, 2021 arose mostly from the USD cash and short-term investments that were held by the Company as the Canadian dollar strengthened during the period from 1.2732 on December 31, 2020 to 1.2394 on June 30, 2021. During the six months ended June 30, 2020, the Canadian dollar weakened from 1.2988 on December 31, 2019 to 1.3628 on June 30, 2020.

Travel and related costs of $2,225 (2020 - $50,315)

Travel and related costs decreased during the period due to a decrease in travel to the Company’s properties during the six months June 30, 2021.

Loss on marketable securities of $396,216 (2020 – gain of $44,788)

The loss on marketable securities relates to the fair value adjustment of marketable securities held by the company during the three months ended June 30, 2021. The increase in loss on marketable securities is a result of more marketable securities held as during the period ended June 30, 2021, the Company completed the sale of its subsidiary KCP to Silverton. As part of the consideration, the Company received 4,375,000 common shares of Silverton at a value of $3,500,000.

Loss on sale of KCP Minerals Inc. of $215,349 (2020 - $nil)

On March 3, 2021, the Company completed the sale of its subsidiary, KCP, to Silverton and recognized a loss on sale of $215,349 from the difference between the carrying value of the assets held and the consideration received.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Net working capital including cash

As at June 30, 2021, the Company had $11,082,251 in cash, $196,436 in short-term investments, and working capital of $14,087,222, compared to $11,341,666 in cash, $2,518,560 in short-term investments, and working capital of $19,549,003 at December 31, 2020. The decrease in working capital of $5,461,781 was primarily due to the mineral property expenditures of $4,286,722 as well as sale of KCP as $1,126,794 in consideration is classified as a long-term receivable at June 30, 2021.

Operating activities

Cash used in operating activities for the six months ended June 30, 2021 was $300,416 compared to cash used of $723,972 in the six months ended June 30, 2020. The cash used in operating activities results from the net loss during the period plus non-cash items and changes in working capital.

Investing activities

Cash used in investing activities for the six months ended June 30, 2021 was $500,644 compared to cash used of $4,726,136 in the six months ended June 30, 2020. The cash used in investing activities was due mostly to the $4,286,722 in mineral property expenditures incurred during the period, offset by the cash out of $2,322,124 of short-term investments and $1,250,000 in proceeds from the sale of KCP.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

Financing activities

Cash provided by financing activities for the six months ended June 30, 2021 was $753,706 compared to cash provided of $5,513,938 in the six months ended June 30, 2020. The decrease in cash provided by financing activities related mostly to the private placement during the prior year quarter with gross proceeds of $5,205,000.

Capital expenditures

The capital expenditures of the Company during the period ended June 30, 2021 included cash mineral property expenditures of 3,724,447 (2020 - $1,998,302) on the Company’s properties in the US, and $nil on the Company’s Mexican properties (2020 - $50,393), plus a $562,275 change in mineral property expenditures included in accounts payable (2020 - $299,062).

Liquidity and capital resources

As at June 30, 2021, the Company had a working capital of $14,087,222. The Company has not yet put into commercial production any of its mineral properties and as such has no operating revenues or cash flows. Accordingly, the Company is dependent on the equity markets as its sole source of operating working capital, and the Company’s capital resources are largely determined by the strength of the junior resource capital markets, by the status of the Company’s projects in relation to these markets, and its ability to compete for investor support of its projects. There can be no assurance that financing, whether debt or equity, will always be available to the Company in the amount required at any particular time or for any particular period or, if available, that it can be obtained on terms satisfactory to it.

COMMITMENTS

The President, CEO and director has a long-term employment agreement with the Company. The agreement has a termination clause whereby he is entitled to the equivalent of sixteen times his then current monthly salary plus two additional months for each year of working. As at June 30, 2021, this equated to $506,000 (December 31, 2020 - $506,000).

OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements.

RELATED PARTY TRANSACTIONS

The Company’s related parties consist of the Company’s directors and officers, and any companies associated with them. The Company incurred the following charges during three and six months ended June 30 and 2020:

The Company’s related parties consist of the Company’s directors and officers, and any companies associated with them. The Company incurred the following charges during three and six months ended June 30 and 2020:	The Company’s related parties consist of the Company’s directors and officers, and any companies associated with them. The Company incurred the following charges during three and six months ended June 30 and 2020:
Three months ended June 30 Six months ended June 30 2021 2020 2021 2020
$ $ $ Consulting fees 52,500 45,000 105,000 Director fees 15,000 - 30,000 Professional fees 16,040 13,176 25,670 Salaries and benefits 75,201 60,000 149,329 Share-basedpayments 161,404 40,072 348,285	$ 90,000 - 29,303 124,097 86,896

Consulting fees include amounts paid to Raul Diaz, a director of the Company, for geological consulting services. Included in the amounts above is $35,379 and $77,649 in consulting fees for the three and six months ended June 30, 2021 that was capitalized to mineral properties (2020 - $21,944 and $53,200).

Director fees were paid to the directors of the company.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

Professional fees include amounts paid to Malaspina Consultants Inc., a company in which the CFO, Carmen Amezquita Hernandez, is an associate.

Salaries and benefits include amounts paid to Greg Crowe, President and Chief Executive Officer of the Company.

Share-based payments include options granted to officers and directors.

During the three and six months ended June 30, 2021, the Company received lease income from a related company with common directors in the amount of $2,893 and $5,789 respectively (2020 - $9,120 and $17,675).

As at June 30, 2021, directors, officers or their related companies owed the Company $122,069 (December 31, 2020 - $116,279) and were owed $46,310 (December 31, 2020 - $29,829) in respect of services. The amounts due to related parties are unsecured, non-interest-bearing and due on demand.

Key management includes directors and executive officers of the Company. Other than the amounts disclosed above, there was no other compensation paid or payable to key management for employee services for the reported periods.

FINANCIAL INSTRUMENTS AND CAPITAL RISK MANAGEMENT

Classification of financial instruments

The Company’s financial instruments consist of cash, short-term investments, marketable securities, receivables, net investment in sublease, accounts payable and accrued liabilities and lease obligations. The Company classifies its cash, short-term investments, receivables and net investment in sublease as financial assets at amortized cost. The Company classifies its accounts payable and accrued liabilities and lease obligations as financial liabilities at amortized cost. There have been no changes to the classification of financial instruments since December 31, 2020.

Financial instruments risk management

The Board of Directors has overall responsibility for the determination of the Company’s risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company’s competitiveness and flexibility.

The Company thoroughly examines the various financial instruments and risks to which it is exposed and assesses the impact and likelihood of those risks. These risks include foreign currency risk, interest rate risk, credit risk, and liquidity risk. Where material, these risks are reviewed and monitored by the Board of Directors. There have been no changes in any risk management policies since December 31, 2020.

Management of capital

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration of and retention of its mineral properties. In the management of capital, the Company includes its components of shareholders’ equity.

The capital structure of the Company consists of equity attributable to common shareholders, comprised of issued capital, reserves and deficit.

The Company maintains and adjusts its capital structure based on changes in economic conditions and the Company’s planned requirements. The Company may adjust its capital structure by issuing new equity, issuing new debt, or acquiring or disposing of assets, and controlling the capital expenditures program. The Company is not subject to externally imposed capital requirements.

The Company does not have a source of revenue. As such, the Company is dependent on external financing to fund its activities. In order to pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

Management reviews its capital management policies on an ongoing basis. There were no changes in the Company’s approach to capital management during the six months ended June 30, 2021.

CRITICAL JUDGMENTS IN APPLYING ACCOUNTING POLICIES

The critical judgments that the Company’s management has made in the process of applying the Company’s accounting policies with the most significant effect on the amounts recognized in the Company’s consolidated financial statements are as follows:

a) Functional currency

The functional currency for each of the Company and its subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency involves certain judgements to determine the primary economic environment of an entity and this is re-evaluated for each new entity following an acquisition, or if events and conditions change.

b) Impairment of mineral properties

Expenditures on mineral properties are capitalized. The Company makes estimates and applies judgment about future events and circumstances in determining whether the carrying amount of a mineral property exceeds its recoverable amount. The recoverability of amounts shown as mineral properties and deferred exploration costs is dependent upon the discovery of economically recoverable reserves, the Company’s ability to obtain financing to develop the properties, and the ultimate realization of profits through future production or sale of the properties. Management reviews the carrying values of its mineral properties on an annual basis, or when an impairment indicator exists, to determine whether an impairment should be recognized. In making its assessment, management considers, among other things, exploration results to date and future exploration plans for a particular property. In addition, capitalized costs related to relinquished property rights are written off in the period of relinquishment. Capitalized costs in respect of the Company’s mineral properties may not be recoverable and there is a risk that these costs may be written down in future periods.

c) Classification as assets held for sale

Judgment is required in determining whether an asset meets the criteria for classification as “assets held for sale” in the consolidated statement of financial position. Criteria considered by management include the existence of and commitment to a plan to dispose of the assets, the expected selling price of the assets, the expected timeframe of the completion of the anticipated sale and the period of time any amounts have been classified within assets held for sale. The Company reviews the criteria for assets held for sale each period and reclassifies such assets to or from this financial position category as appropriate. In addition, there is a requirement to periodically evaluate and record assets held for sale at the lower of their carrying value and fair value less costs to sell.

d) Determining amount and timing of rehabilitation costs

Management must determine if estimates of the future costs the Company will incur to complete the rehabilitation work is required to comply with existing laws, regulations and agreements in place at each exploration site. Actual costs incurred may differ from those amounts estimated. Future changes to environmental laws and regulations could increase the extent of rehabilitation work required by the Company. Management determined at the date of the statement of financial position that no material rehabilitation provisions were required under IAS 37, Provisions, Contingent Liabilities, and Contingent Assets .

e) Going concern

In preparing these consolidated financial statements on a going concern basis, Management’s critical judgment is that the Company will be able to meet its obligations and continue its operations for the next twelve months.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of consolidated financial statements requires that the Company’s management make assumptions and estimates of effects of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Actual future outcomes could differ from present estimates and assumptions, potentially having material future effects on the Company’s consolidated financial statements. Estimates are reviewed on an ongoing basis and are based on historical experience and other facts and circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

The significant assumptions about the future and other major sources of estimation uncertainty as at the end of the reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of the Company’s assets and liabilities are as follows:

a) Deferred income taxes

Deferred income tax assets and liabilities are measured using enacted or substantively enacted tax rates at the reporting date in effect for the period in which the temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as part of the provision for income taxes in the period that includes the enactment date. The recognition of deferred income tax assets is based on the assumption that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized.

b) Share-based payments

‐ Share-based payments are determined using the Black Scholes option pricing model based on estimated fair values of all share ‐ based awards at the date of grant and are expensed to the statement of loss and ‐ comprehensive loss over each award’s vesting period. The Black Scholes option pricing model utilizes subjective assumptions such as expected price volatility, expected life of the option, risk free interest rates, and forfeiture rates. Changes in these input assumptions can significantly affect the fair value estimate.

c) Impairment of mineral properties

The Company applies significant estimates when performing impairment tests on mineral properties. Should these estimates prove to be incorrect, this could result in material differences in the Company’s impairment testing and conclusions reached therein.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

SECURITIES OUTSTANDING

Authorized share capital: The Company can issue an unlimited number of common shares with no par value.

Issued and Outstanding	Common Shares as at	August 11, 2021		207,636,929
	Expiry date	Exercise Price	Number
Options	August 31, 2021	$0.33	615,000
	March 15, 2022	$0.22	200,000
	April 27, 2022	$0.58	575,000
	June 15, 2022	$0.57	200,000
	October 24, 2022	$0.45	200,000
	January 8, 2023	$0.45	150,000
	May 17, 2023	$0.40	1,085,500
	July 19, 2024	$0.26	2,048,000
	October 15, 2024	$0.30	60,000
	September 28, 2025	$0.70	2,575,000
	January 28, 2026	$0.65	200,000
	April 23, 2026	$0.75	50,000
	June 6, 2026	$0.75	2,950,000
Warrants	January 7, 2022	$0.20	1,025,668
	July 10, 2022	$0.20	14,379,610
	January 13, 2023	$0.40	4,576,000
	January 17, 2023	$0.40	4,285,000
	April 14, 2023	$0.40	435,500
	July 14, 2023	$0.65	10,317,329
Fully Diluted				253,564,536

DISCLOSURE OF CONTROLS AND PROCEDURES

In connection with National Instrument 52-109 (Certificate of Disclosure in Issuer’s Annual and Interim Filings) (“NI 52-109”), the Chief Executive Officer and Chief Financial Officer of the Company have filed a Venture Issuer Basic Certificate with respect to the financial information contained in the consolidated financial statements for the three and six months ended June 30, 2021 and this accompanying MD&A (together, the “Interim Filings”).

In contrast to the full certificate under NI 52-109 the Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures and internal control over financial reporting, as defined in NI 52-109. For further information, the reader should refer to the Venture Issuer Basic Certificates filed by the Company with its filings on SEDAR at www.sedar.com.

RISKS AND UNCERTAINTIES

Financing risks

The Company has incurred significant losses since inception. The continued operations of the Company are dependent on its ability to generate future cash flow and obtain additional financing. The Company has traditionally financed its cash requirements through the issuance of common shares. If the Company is unable to generate cash from operations or obtain additional financing its ability to continue as a going concern could be impeded.

Exploration and development

Resource exploration is a speculative business and involves a high degree of risk. There is no known body of commercial ore on the Company’s mineral properties and there is no certainty that the expenditures made by the Company in the exploration of its mineral properties or otherwise will result in discoveries of commercially recoverable quantities of minerals. The exploration for and development of mineral deposits involves significant

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. Although the discovery of an ore body may result in substantial rewards, few properties explored are ultimately developed into producing mines. It is impossible to ensure that the current exploration programs planned by the Company will result in a profitable commercial mining operation.

There is no assurance that the Company’s mineral properties possess commercially mineable bodies of ore. The Company’s mineral properties are in the exploration stage as opposed to the development stage and has no known body of economic mineralization. The known mineralization of the properties has not been determined to be economic ore and there can be no assurance that a commercially mineable ore body exists on the properties. Such assurance will require completion of final comprehensive feasibility studies and, possibly, further associated exploration and other work that concludes a potential mine is likely to be economic. In order to carry out exploration and development programs of any economic ore body and place it into commercial production, the Company may be required to raise substantial additional funding.

Title of mineral properties

There is no assurance that the Company’s title to its properties will not be challenged. Title to and the area of mineral properties may be disputed. While the Company has diligently investigated title to its properties, it may be subject to prior unregistered agreements or transfers or indigenous land claims to which title may be affected. Consequently, the boundaries may be disputed.

Option agreements

The Company is currently earning some of its interests in its mineral properties through option agreements and acquisition of title to the property is only completed when the option conditions have been met. These conditions generally include making option payments and incurring exploration expenditures on the properties. If the Company does not satisfactorily complete its option conditions in the time frame laid out in the option agreement, the Company’s title to the mineral property will not vest and the Company will have to write-down the previously capitalized costs related to that property.

Unknown environmental risks for past activities

Exploration and mining operations involve a potential risk of releases to soil, surface water and groundwater of metals, chemicals, fuels, liquids having acidic properties and other contaminants. In recent years, regulatory requirements and improved technology have significantly reduced those risks. However, those risks have not been eliminated and the risk of environmental contamination from present and past exploration or mining activities exists for mining companies. Companies may be liable for environmental contamination and natural resource damages relating to properties that they currently own or operate or at which environmental contamination occurred while or before they owned or operated the properties. However, no assurance can be given that potential liabilities for such contamination or damages caused by past activities at these properties do not exist.

Political regulatory risks

Any changes in government policy may result in changes to laws affecting ownership of assets, mining policies, monetary policies, taxation, rates of exchange, environmental regulations, labour relations, repatriation of income and return of capital. This may affect both the Company’s ability to undertake exploration and development activities in respect of present and future properties in the manner currently contemplated, as well as its ability to continue to explore, develop and operate those properties in which it has an interest or in respect of which it has obtained exploration and development rights to date. The possibility that future governments may adopt substantially different policies, which might extend to expropriation of assets, cannot be ruled out.

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

COVID-19

In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations at this time.

FORWARD-LOOKING INFORMATION

The Company’s consolidated financial statements for the three months ended March 31, 2021, and this accompanying MD&A, contain statements that constitute “forward-looking statements” within the meaning of National Instrument 51-102, Continuous Disclosure Obligations of the Canadian Securities Administrators. It is important to note that, unless otherwise indicated, forward-looking statements in this MD&A describe the Company’s expectations up to the date of the MD&A.

Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forwardlooking statements in this MD&A include statements regarding the Company’s future plans and expenditures, the satisfaction of rights and performance of obligations under agreements to which the Company is a part, the ability of the Company to hire and retain employees and consultants and estimated administrative assessment and other expenses. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause the actual results to differ include market prices, continued availability of capital and financing, inability to obtain required regulatory approvals and general market conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, the timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms acceptable to the Company and the ability of third-party service providers to deliver services in a timely manner. Some of these risks and uncertainties are identified under the heading “RISKS AND UNCERTAINTIES” as disclosed elsewhere in this MD&A. Additional information regarding these factors and other important factors that could cause results to differ materially may be referred to as part of particular forward-looking statements.

Forward-looking statements contained herein are made as of the date of this MD&A and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise except as required by securities law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking statements.

OUTLOOK

Silver One’s aim is to become a premier silver exploration and development company. The Company has an option agreement with SSR to acquire 100% of their interest in the past silver producing Candelaria Mine in Nevada. In 2017, the company initiated a regional exploration program in eastern Nevada. Work conducted to date has identified several highly-prospective target areas, four of which have been staked, and in July 2018, Silver One also entered into a Lease/Purchase Agreement to acquire five patented claims at its Cherokee project in eastern Nevada. In addition to the Nevada properties, the company also has an option agreement to acquire 100% interest in the Phoenix Silver property in Arizona.

Ultimately, the Company’s goal is to add shareholder value through identifying, acquiring, and exploring silver

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Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

properties. In 2021, the Company intends to grow through further potential acquisitions of companies and/or properties, and organically through the continued exploration of its current mineral property holdings.

QUALIFIED PERSONS

Greg Crowe, P. Geo, President, CEO and Director of the Company, is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects, and is responsible for the review of technical information in the MD&A.

OTHER INFORMATION

Additional information relating to the Company can be found on SEDAR at www.sedar.com or on the Company’s website at www.silverone.com.

Page 17

Silver One Resources Inc. Management's Discussion and Analysis for the six months ended June 30, 2021

ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE – MINERAL PROPERTY EXPENDITURES

US Properties

US Properties
Balance June 30 2021 Additions June 30 2021 Balance December 31 2020 Additions December 31 2020	Balance December 31 2019
$ $ $ $ Candelaria Option payments - shares 3,831,678 3,831,678 - Acquisition costs - shares 384,572 384,572 371,628 Acquisition costs - cash 115,150 115,150 102,062 Consulting fees 1,913,590 476,541 1,437,049 732,118 Drilling 4,880,554 2,235,857 2,644,697 1,834,014 Field supplies and other 188,205 25,359 162,846 58,194 Laboratory and analysis fees 1,043,855 543,204 500,651 155,943 Land payments 831,634 14,475 817,159 215,151 Staking and survey costs 127,723 3,683 124,040 1,937 Travel and accommodation 452,074 205,236 246,838 120,848 Currency translation (523,289) (311,732) (211,557) (283,876)	$ 3,831,678 12,944 13,088 704,931 810,683 104,652 344,708 602,008 122,103 125,990 72,319
13,245,746 3,192,623 10,053,123 3,308,019 Phoenix Silver Acquisition costs - cash 487,609 - 487,609 487,609 Acquisition costs - shares 1,170,000 780,000 390,000 390,000 Consulting fees 383,673 40,874 342,799 342,799 Field supplies and other 1,665 - 1,665 1,665 Laboratory and analysis fees 10,036 - 10,036 10,036 Land payments 142,136 52,616 89,520 89,520 Staking and survey costs 99,864 51,584 48,280 48,280 Travel and accommodation 9,645 1,584 8,061 8,061 Currency translation (109,345) (52,312) (57,033) (57,033)	6,745,104 - - - - - - - - -
2,195,283 874,346 1,320,937 1,320,937 Cherokee Consulting fees 614,740 51,827 562,913 185,394 Drilling 2,389 2,389 - - Field supplies and other 20,029 876 19,153 4,480 Laboratory and analysis fees 97,379 - 97,379 80,661 Land payments 821,275 - 821,275 186,152 Staking and survey costs 125,450 71 125,379 - Travel and accommodation 147,862 1,052 146,810 59,645 Currency translation (86,686) (46,455) (40,231) (47,166)	- 377,519 - 14,673 16,718 635,123 125,379 87,165 6,935
1,742,438 9,760 1,732,678 469,166 Eastern Nevada Consulting fees 185,954 17,124 168,830 32,192 Field supplies and other 6,044 95 5,949 1,352 Laboratory and analysis fees 7,161 - 7,161 Land payments 158,925 - 158,925 45,278 Staking and survey costs 8,970 - 8,970 - Travel and accommodation 27,849 - 27,849 2,737 Currency translation (16,230) (9,934) (6,296) (9,778)	1,263,512 136,638 4,597 113,647 25,112 3,482
378,673 7,285 371,388 76,460	294,928
USA total 17,562,140 4,084,014 13,478,126 5,174,582	8,303,544

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Management's Discussion and Analysis for the six months ended June 30, 2021

Silver One Resources Inc.

Mexican properties

	Balance	Additions	Balance	Additions	Balance
	June 30	June 30	December 31	December 31	December 31
	2021	2021	2020	2020	2019
			$	$	$
Peñasco Quemado
Acquisition costs	-	-	3,194,966		3,194,966
Consulting fees	-	-	121,890		121,890
Drilling	-	-	151,520		151,520
Field supplies and other costs	-	-	27,162	2,126	25,036
Laboratory and analysis fees	-	-	22,459	873	21,586
Land payments	-	-	350,274	83,863	266,411
Royalty payments	-	-	37,692		37,692
Geophysics	-	-	112,416		112,416
Travel and accommodation fees	-	-	33,828		33,828
Currency translation adjustment	-	-	(143,823)	(81,188)	(62,635)
Transferred to assets held for sale	-	-	(3,908,384)	(3,908,384)	-
	-	-	-	3,902,710	3,902,710
La Frazada
Acquisition costs	-	-	2,086,202		2,086,202
Consulting fees	-	-	27,865	156	27,709
Laboratory and analysis fees	-	-	8,150		8,150
Land payments	-	-	23,292	6,696	16,596
Royalty payments	-	-	22,156		22,156
Travel and accommodation	-	-	7,140		7,140
Field supplies and other costs	-	-	3,473		3,473
Currency translation adjustment	-	-	(82,563)	(42,344)	(40,219)
Transferred to assets held for sale	-	-	(2,095,715)	(2,095,715)	-
	-	-	-	(2,131,207)	2,131,207
Pluton
Acquisition costs	-	-	1,091,245		1,091,245
Consulting fees	-	-	2,517		2,517
Land payments	-	-	65,290		65,290
Royalty payments	-	-	361		361
Warehouse and storage costs	-	-	4,029	107	3,922
Impairment	-	-	(1,069,799)		(1,069,799)
Currency translation adjustment	-	-	(58,354)	(713)	(57,641)
Transferred to assets held for sale	-	-	(35,289)	(35,289)	-
	-	-	-	(35,895)	35,895
Mexico total	-	-	-	(6,069,812)	6,069,812

Page 19