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Silver Predator Corp. Interim / Quarterly Report 2025
46263_rns_2025-10-29_839eec0f-dfcd-458f-b192-1b87c0bf6c8a.pdf
Interim / Quarterly Report
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SILVER PREDATOR CORP.
(An Exploration Stage Enterprise)
Interim Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2025 and 2024
(Expressed in Canadian Dollars)
Notice of Non-review of Interim Condensed Consolidated Financial Statements
The attached unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 have been prepared by and are the responsibility of Silver Predator Corp.'s ("SPD") management and have been approved by the Audit Committee of SPD. SPD's independent auditor has not performed a review of these unaudited interim condensed consolidated financial statements.
Silver Predator Corp.
Interim Condensed Consolidated Statements of Financial Position
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (Unaudited) | (Audited) | |
| ASSETS | ||
| Current | ||
| Cash and cash equivalent | $ 664,453 | $ 502,136 |
| Receivables, prepaid expenses, and deposits | 16,908 | 11,165 |
| Promissory note receivable (Note 4) | 353,041 | 731,098 |
| 1,034,402 | 1,244,399 | |
| Investments (Note 3) | 1,014,418 | 940,313 |
| Reclamation bonds | 91,276 | 94,233 |
| Mineral properties (Note 5) | 2,459,166 | 2,496,900 |
| $ 4,599,262 | $ 4,775,845 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current | ||
| Accounts payable and accrued liabilities | $ 27,903 | $ 29,256 |
| Shareholders' equity (Note 7) | ||
| Share capital | 33,144,430 | 33,144,430 |
| Reserves | 2,988,701 | 2,988,701 |
| Accumulated other comprehensive income | 3,777,476 | 3,829,462 |
| Deficit | (35,339,248) | (35,216,004) |
| 4,571,359 | 4,746,589 | |
| $ 4,599,262 | $ 4,775,845 |
The unaudited interim condensed consolidated financial statements were approved by the Audit Committee on October 29, 2025 and signed on their behalf by:
"Scott D. McLeod"
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Silver Predator Corp.
Interim Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited)
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Expenses | ||||
| Professional and consulting fees | $ 35,852 | $ 33,324 | $ 159,527 | $ 133,251 |
| General and administrative | 17,969 | 7,803 | 32,480 | 22,889 |
| Net loss from operating activities | (53,821) | (41,127) | (192,007) | (156,140) |
| Other income (expense) | ||||
| Interest income and other expenses, net | 26,895 | 25,430 | 68,146 | 158,809 |
| Foreign exchange gain (loss) | 345 | (946) | 659 | (796) |
| Total other income | 27,240 | 24,484 | 68,805 | 158,013 |
| Net income (loss) before income tax | $ (26,581) | $ (16,643) | $ (123,202) | $ 1,873 |
| Income tax | (42) | (41) | (42) | (41) |
| Net income (loss) | $ (26,623) | $ (16,684) | $ (123,244) | $ 1,832 |
| Other comprehensive income (loss) | ||||
| Gain (loss) on investment at fair value through other comprehensive income ("FVOCI") | 10,000 | (7,659) | 103,334 | 514,772 |
| Item that may be reclassified subsequently to net loss: | ||||
| Foreign currency translation adjustment | 92,481 | (62,189) | (155,320) | 73,031 |
| Other comprehensive income (loss) | $ 102,481 | $ (69,848) | $ (51,986) | $ 587,803 |
| Total comprehensive income (loss) | $ 75,858 | $ (86,532) | $ (175,230) | $ 589,635 |
| Basic and diluted income (loss) per common share | $ (0.00) | $ (0.00) | $ (0.00) | $ 0.00 |
| Weighted average number of common shares outstanding | 35,390,745 | 35,390,745 | 35,390,745 | 35,390,745 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Silver Predator Corp.
Interim Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months Ended | ||
|---|---|---|
| September 30, 2025 | September 30, 2024 | |
| OPERATING ACTIVITIES | ||
| Net income (loss) | $ (123,244) | $ 1,832 |
| Items not affecting cash: | ||
| Interest income and other expenses, net | (64,332) | (137,805) |
| Foreign exchange (gain) loss | (11,509) | 19,424 |
| (199,085) | (116,549) | |
| Changes in non-cash working capital items: | ||
| (Increase) decrease in receivables, prepaid expenses, and deposits | (2,065) | 11,231 |
| Increase (decrease) in amounts due to related parties | (990) | 943 |
| Decrease in accounts payable and accrued liabilities | (363) | (34,886) |
| (202,503) | (139,261) | |
| INVESTING ACTIVITIES | ||
| Payments from promissory note receivable for the sale of mineral property (Note 4) | 407,444 | 558,131 |
| Exploration and evaluation costs capitalized (Note 5) | (43,716) | (691,305) |
| 363,728 | (133,174) | |
| Effect of exchange rate change on cash and cash equivalents | 1,092 | (213) |
| Change in cash and cash equivalent | 162,317 | (272,648) |
| Cash and cash equivalent, beginning of year | 502,136 | 974,000 |
| Cash and cash equivalent, end of period | $ 664,453 | $ 701,352 |
| Cash, end of period | 113,350 | 167,384 |
| Cash equivalent, end of period | 551,103 | 533,968 |
| Total cash and cash equivalent, end of period | $ 664,453 | $ 701,352 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Silver Predator Corp.
Interim Condensed Consolidated Statements of Changes in Equity
(Unaudited)
| Share capital | Accumulated other comprehensive income | Deficit | Total | |
|---|---|---|---|---|
| Number | Amount | Reserves | ||
| Balance, January 1, 2024 | 35,390,745 | $33,144,430 | $ 2,988,701 | $ 3,058,441 |
| Private placement | — | (6,248) | 6,248 | — |
| Foreign currency translation adjustment | — | — | — | 73,031 |
| Gain on investments at FVOCI | — | — | — | 514,772 |
| Net income for the period | — | — | — | — |
| Balance, September 30, 2024 | 35,390,745 | $33,138,182 | $ 2,994,949 | $ 3,646,244 |
| Balance, January 1, 2025 | 35,390,745 | $33,144,430 | $ 2,988,701 | $ 3,829,462 |
| Foreign currency translation adjustment | — | — | — | (155,320) |
| Gain on investments at FVOCI | — | — | — | 103,334 |
| Net loss for the period | — | — | — | — |
| Balance, September 30, 2025 | 35,390,745 | $33,144,430 | $ 2,988,701 | $ 3,777,476 |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Silver Predator Corp.
Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
1. NATURE OF OPERATIONS
SPD was incorporated under the laws of the Province of British Columbia on May 16, 2006. SPD owns the Copper King copper-silver project ("Copper King") in the Coeur d'Alene Silver District of northern Idaho, U.S. and other early-stage exploration properties in the U.S. On July 18, 2025, Silver Storm Mining Ltd. (TSXV:SVRS) ("Silver Storm") completed a transaction to acquire all the issued and outstanding common shares of former SPD majority shareholder Till Capital Corporation. As of September 30, 2025, SPD is 51.82% owned by Silver Storm. SPD's head office is located at 666 Burrard St. Suite 1700, Vancouver, British Columbia V6C 2X8, Canada.
2. BASIS OF PRESENTATION AND MEASUREMENT
These unaudited interim condensed consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee applicable to the preparation of interim financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting. These unaudited interim condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements for the year ended December 31, 2024, which were prepared in accordance with IFRS.
These unaudited interim condensed consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments and stock-based awards, which have been measured at fair value. SPD's presentation currency is Canadian dollars. Reference herein to $ is to Canadian dollars. Reference herein to US$ is to United States dollars.
These unaudited interim condensed consolidated financial statements were approved by the Audit Committee for issuance on October 29, 2025.
Basis of consolidation
These unaudited interim condensed consolidated financial statements include the accounts of SPD and its subsidiary.
A subsidiary is an entity that SPD controls, either directly or indirectly. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Control over an investee exists when SPD has existing rights that give it the ability to direct the activities that significantly affect the investee's returns. That control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company's share capital. All intra-group balances and transactions, including unrealized profits and losses arising from intra-group transactions, have been eliminated.
Where necessary, adjustments are made to the results of the subsidiary to bring its accounting policies in line with those used by SPD.
SPD's significant subsidiary is as follows:
| Name of Subsidiary | Place of Incorporation | Proportion of Ownership Interest | Principal Activity |
|---|---|---|---|
| Silver Predator US Holding Corp. ("SPUS") | Nevada, USA | 100% | U.S. Holding Company |
Material accounting policies
These unaudited interim condensed consolidated financial statements follow the same significant accounting policies set forth in Note 3 of the annual audited consolidated financial statements for the year ended December 31, 2024.
Silver Predator Corp.
Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
3. INVESTMENTS
On January 27, 2023, SPUS received 631,034 shares of White Pine Precious Metals Inc. ("WPPM"), a privately held Ontario-based company, as partial consideration for the sale of the Taylor property. As per the Definitive Purchase Agreement for WPPM to acquire the Taylor property (the "Purchase Agreement"), SPUS continued to receive additional shares to maintain the 5% ownership requirement until WPPM reached an equity capitalization of US$5 million. In 2023, SPUS received a total of 1,867,113 additional shares of WPPM to maintain ownership of 5% of the issued and outstanding shares of WPPM. As of December 31, 2023, WPPM's equity capitalization had reached US$5 million and therefore, SPUS receives no further shares as part of the Purchase Agreement.
Upon receipt of the shares of WPPM, SPUS made an irrevocable election to designate them as equity instruments at FVOCI. Investments in equity instruments at FVOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive income. As of September 30, 2025, SPUS owns 2,498,147 shares of WPPM valued at $0.348 (US$0.25) per share for $869,418.
During the first quarter of 2022, SPD received 166,667 shares of Forte Minerals Corp. (formerly Plan B Minerals Corp.) common stock upon its initial public offering to replace SPD's previous holding of 200,000 shares of Plan B Minerals Corp. Upon receipt of 166,667 shares of Forte Minerals Corp., SPD made an irrevocable election to designate them as equity instruments at FVOCI. As of September 30, 2025, the fair value of the 166,667 shares of Forte Minerals Corp. was $145,000.
As of September 30, 2025, SPD classified both the WPPM and Forte Minerals Corp. shares as non-current assets as SPD intends to hold both the WPPM and Forte Minerals Corp. shares for more than one year.
The fair value of securities in SPD's investment portfolio is estimated using the following techniques:
Level 1 - Assets or liabilities with quoted prices in active markets. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry company, pricing service, or regulatory agency and those prices represent actual and regularly occurring market transactions on an arm's length basis.
Level 2 - Assets or liabilities that are measured using observable market data and are not allocable to Level 1. Measurements are based, in particular, on prices for comparable assets and liabilities that are traded on active markets, prices on markets that are not considered active, as well as inputs derived from such prices or market data.
Level 3 - Assets or liabilities that cannot be measured or can only be partially measured using observable market inputs. The measurement of such instruments draws principally on valuation models and methods.
SPD determines the estimated fair value of each individual security utilizing the highest level inputs available.
SPD's investment in Forte Minerals Corp. is classified as Level 1 because the fair value is based on quoted prices in an active market for identical assets that are reported at fair value.
SPD's investment in WPPM is classified as Level 3 because the value of that investment cannot be measured using observable market inputs. The fair value of SPD's investment in WPPM as of September 30, 2025 was based on the share price of WPPM's most recent equity financing completed on an arm's-length basis.
Silver Predator Corp.
Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
The fair value hierarchy of SPD's investment holdings is as follows:
| Fair Value at September 30, 2025 | ||||
|---|---|---|---|---|
| Total | Level 1 | Level 2 | Level 3 | |
| FVOCI investments | $ 1,014,418 | $ 145,000 | $ — | $ 869,418 |
| Fair Value at December 31, 2024 | ||||
| Total | Level 1 | Level 2 | Level 3 | |
| FVOCI investments | $ 940,313 | $ 41,667 | $ — | $ 898,646 |
The following table presents the change in Level 3 investment:
| Level 3 investment value, December 31, 2023 | $ 330,405 |
|---|---|
| Change in value of Level 3 investment | 513,294 |
| Adjustment due to currency conversion | 54,947 |
| Level 3 investment value, December 31, 2024 | $ 898,646 |
| Adjustment due to currency conversion | (29,228) |
| Level 3 investment value, September 30, 2025 | $ 869,418 |
Net change in unrealized income on FVOCI investment is as follows:
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Equity securities | $ 10,000 | $ (7,659) | $ 103,334 | $ 514,772 |
| Total included in other comprehensive income (loss) | $ 10,000 | $ (7,659) | $ 103,334 | $ 514,772 |
4. PROMISSORY NOTE RECEIVABLE
On January 27, 2023, as part of the consideration for the sale of the Taylor property, SPUS received a promissory note with a face value of $1,183,438 (US$875,000) due July 27, 2024 with annual coupon interest of 2.88% compounding quarterly. The promissory note is secured by the Taylor property. The promissory note receivable was initially recognized at fair value and subsequently recognized at amortized cost. The initial fair value of $964,412 (US$713,059) was based on the future cash flows of the promissory note discounted to present value using a discount rate of 18%.
On December 29, 2023, the promissory note was amended and restated. Under the terms of the amendment, the unpaid principal balance and all accrued interest on the principal balance are due and payable on or before July 27, 2025. Interest is accrued at an annual rate of 2.88% compounding quarterly through July 27, 2024. A principal payment of US$400,000 is due and payable on July 27, 2024. From July 28, 2024 to July 27, 2025, interest on the remaining balance is accrued at a rate of 12% per annum and paid in cash monthly. A principal payment of US$256,744 is due and payable on January 27, 2025 and the remaining principal balance is due and payable on July 27, 2025. The amendment was assessed to be a modification under IFRS 9, Financial Instruments ("IFRS 9) with a loss on modification of $27,984 recorded for the year ended December 31, 2023.
Silver Predator Corp.
Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
On July 26, 2024, a principal payment of $544,159 (US$400,000) was received. Total interest of $38,930 was received from August 2024 to December 2024.
On January 24, 2025, WPPM and SPUS amended the terms of the promissory note. The next principal payment is now due July 25, 2025 and the final principal payment is due January 27, 2026. Other terms remain the same. The amendment was assessed to be a modification under IFRS 9 with a loss on modification of $21,671 recorded for the three months ended March 31, 2025. An adjustment of $3,841 was recorded to the loss on modification during the three months ended September 30, 2025 reducing the loss to $17,830.
On July 24, 2025, a principal payment of $349,942 (US$256,744) was received. Total interest of $57,502 on the promissory note was received in the nine months ended September 30, 2025.
The following tables present the continuity and classification of the promissory note:
| Promissory Note | |
|---|---|
| Balance, December 31, 2023 | $ 1,078,909 |
| 2024 accretion | 161,666 |
| Payments | (583,089) |
| Adjustment due to currency conversion | 73,612 |
| Balance, December 31, 2024 | $ 731,098 |
| 2025 accretion | 78,484 |
| Payment | (407,444) |
| Loss on modification | (17,830) |
| Adjustment due to currency conversion | (31,267) |
| Balance, September 30, 2025 | $ 353,041 |
5. MINERAL PROPERTIES
The following table presents a list of SPD's mineral properties:
| Cordero | Copper King | Cornucopia | Total | |
|---|---|---|---|---|
| Balance, December 31, 2023 | $ 159,725 | $ 1,140,442 | $ 101,529 | $ 1,401,696 |
| Additions / Exploration costs | 15,117 | 902,009 | 8,148 | 925,274 |
| Foreign currency translation adjustment | 14,808 | 145,787 | 9,335 | 169,930 |
| Balance, December 31, 2024 | $ 189,650 | $ 2,188,238 | $ 119,012 | $ 2,496,900 |
| Additions / Exploration costs | 15,448 | 19,942 | 8,326 | 43,716 |
| Foreign currency translation adjustment | (6,253) | (71,284) | (3,913) | (81,450) |
| Balance, September 30, 2025 | $ 198,845 | $ 2,136,896 | $ 123,425 | $ 2,459,166 |
Cordero
Silver Predator Corp.
Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
Cordero gold property is located seven miles southwest of the town of McDermitt in Humboldt County, north-central Nevada. The project is situated within the Opalite mining district, on the southeast rim of the McDermitt Caldera Complex. The property is subject to an existing 1% Net Profits Royalty to Golden Predator US Holding Corp., a wholly owned subsidiary of Silver Storm.
Copper King
Copper King is located in the Silver Valley of Northern Idaho, U.S. and consists of certain unpatented mining claims that are subject to an existing 1% NSR to Golden Predator US Holding Corp., a wholly owned subsidiary of Silver Storm.
Cornucopia
The Cornucopia property is located in the historic Cornucopia silver (gold) mining district located in Elko County, Nevada. The consolidated land position consists of patented and unpatented lode claims oriented north-northwest along the Leopard vein system. These claims cover the areas of previous mining activity and historic, non-NI 43-101 compliant silver resources, as well as the remainder of the Cornucopia mining district.
6. RELATED PARTY TRANSACTIONS
Key management compensation
During the three and nine months ended September 30, 2025, SPD incurred expenses of $8,264 (US$6,000) and $25,196 (US$18,000), respectively, (three and nine months ended September 30, 2024 - $8,099 (US$6,000) and $18,899 (US$14,000), respectively) to its Chief Executive Officer as compensation for services received.
During the three and nine months ended September 30, 2025, SPD incurred expenses of $16,883 (US$12,258), (three and nine months ended September 30, 2024 - $nil) to its Chief Financial Officer as compensation for services received.
Other
Amounts paid to related parties were incurred in the normal course of business.
Until mid-July 2025, SPD was party to a service agreement with a subsidiary of Silver Storm whereby SPD received accounting and corporate communications services on a cost-plus recovery basis. During the three and nine months ended September 30, 2025, SPD was charged $3,443 (US$2,500) and $44,762 (US$32,500), respectively, (three and nine months ended September 30, 2024 - $20,249 (US$15,000) and $60,746 (US$45,000), respectively) for those services.
7. SHARE CAPITAL AND RESERVES
Authorized and issued share capital
An unlimited number of common shares without par value are authorized. At September 30, 2025 and December 31, 2024, SPD had 35,390,745 shares issued and outstanding.
Stock options
SPD has a Stock Option Plan to provide performance incentive to directors, officers, employees, and consultants. The maximum number of shares issuable under the Stock Option Plan may not exceed 10% of the shares outstanding. The exercise period of the options may not exceed five years from the date of grant. The vesting period and the exercise price of options granted is determined by SPD's Board of Directors, and the exercise price cannot be less than the market price of SPD's shares on the date of grant.
At September 30, 2025, SPD had 2,450,000 stock options outstanding and exercisable with an exercise price of $0.12.
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Silver Predator Corp.
Notes to the Interim Condensed Consolidated Financial Statements
For the three and nine months ended September 30, 2025 and 2024
Warrant shares
At September 30, 2025, SPD had 4,665,636 warrant shares outstanding and exercisable with an exercise price of $0.165.
On May 14, 2024, SPD announced it had extended the expiry date of certain share purchase warrants of SPD issued in a private placement which closed on June 22, 2022. In the private placement, SPD issued 4,665,636 warrants, each entitling the holder to acquire one common share of SPD at a price of $0.165 per share until June 22, 2024. SPD extended the expiration date of those warrants to December 31, 2025. The exercise price and other terms of the warrants remain unchanged. None of the warrants are held by insiders of SPD.
8. SEGMENT INFORMATION
SPD operates in a single segment, the exploration and development of resource properties.
9. FINANCIAL INSTRUMENTS
Financial instruments include any contract that gives rise to a financial asset to one party and a financial liability or equity instrument to another party. At September 30, 2025, SPD's carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate their fair values due to their short term to maturity. The carrying value of the promissory note receivable was measured at fair value on initial recognition and subsequently measured at amortized cost. The amortized cost of the promissory note at September 30, 2025 of $353,041 approximated its fair value (December 31, 2024 - $731,098).
10. FINANCIAL AND CAPITAL RISKS MANAGEMENT
There have been no changes to the financial and capital risks management since December 31, 2024. Details of financial and capital risks management can be found in Note 13 and Note 14 of the audited consolidated financial statements for the year ended December 31, 2024.
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