Silver Range Resources Ltd. — Audit Report / Information 2024

Apr 15, 2025

Silver Range Resources Ltd. Consolidated Financial Statements December 31, 2024 (Expressed in Canadian Dollars)

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Baker Tilly WM LLP

900 – 400 Burrard Street Vancouver, British Columbia Canada V6C 3B7 T: +1 604.684.6212 F: +1 604.688.3497

vancouver@bakertilly.ca www.bakertilly.ca

INDEPENDENT AUDITOR’S REPORT

To the Shareholders of Silver Range Resources Ltd.:

Opinion

We have audited the consolidated financial statements of Silver Range Resources Ltd. and its subsidiary (together, the “Company”), which comprise the consolidated statements of financial position as at December 31, 2024 and 2023, and the consolidated statements of loss and comprehensive loss, consolidated statements of changes in shareholders’ equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with IFRS Accounting Standards.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our auditor’s report.

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Baker Tilly WM LLP is a member of Baker Tilly Canada Cooperative, which is a member of the global network of Baker Tilly International Limited. All members of Baker Tilly Canada Cooperative and Baker Tilly International Limited are separate and independent legal entities.

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Key audit matter How our audit addressed the key audit matter Assessment of the existence of impairment indicators for mineral property interests Refer to note 6 Our approach to addressing the matter involved the following procedures, among others: As at December 31, 2024, the carrying amount of Evaluating the judgments made by management in the Company’s mineral property interests was determining the impairment indicators, which $2,844,067. included the following: At each reporting period, management assesses • Obtained, for a sample of claims by mineral property interests to determine whether reference to government registries, there are any indicators of impairment. If any such evidence to support (i) the right to explore indicators exist, the asset’s recoverable amount is the area and (ii) claim expiration dates. estimated. An impairment loss is recognized if the • Read the board of directors’ minutes and carrying amount of an asset exceeds its estimated resolutions and observed evidence recoverable amount.

• Read the board of directors’ minutes and resolutions and observed evidence supporting the continued and planned exploration expenditures, which included evaluating results of the Company’s work programs.

Management assesses mineral property interests for impairment based on, at minimum, the presence of any of the following indicators:

• Assessed whether available data indicates the potential for commercially viable mineral resources.

• (i) the period for which the Company has the right to explore in the specific area has expired during the year 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) the Company has decided to discontinue exploration for and evaluation of mineral resources in the specific area; and/or

• (iv) for areas of likely development, available data indicates that the carrying amount exceeds the recoverable amount.

• Based on evidence obtained in other areas of the audit, considered whether other facts and circumstances suggest that the carrying amount may exceed the recoverable amount.

An impairment indicator was identified for certain mineral property interests in the Yukon, Northwest Territories, Nunavut and Nevada. The carrying amount exceeds the recoverable amount of the assets and for the year ended December 31, 2024, an impairment of $252,839 was recognized.

We considered this a key audit matter due to the significance of the mineral property interests and the judgments made by management in their assessment of impairment indicators related to the mineral property interests. These factors have resulted in a high degree of subjectivity in performing audit procedures, related to the judgment applied by management.

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Other Information

Management is responsible for the other information. The other information comprises the information included in the Management’s Discussion and Analysis filed with the relevant Canadian securities commissions.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor’s report. We have nothing to report in this regard.

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

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

In preparing the consolidated 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 Consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated 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 consolidated 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 consolidated 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.

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• 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 consolidated 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 consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

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 consolidated 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 Graeme L. Cocke.

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CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, B.C. April 15, 2025

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Silver Range Resources Ltd.

Consolidated Statements of Financial Position

(Expressed in Canadian Dollars)

As at December 31, 2024 and December 31, 2023

Silver Range Resources Ltd. Consolidated Statements of Financial Position (Expressed in Canadian Dollars) As at December 31, 2024 and December 31, 2023
		December 31,	December 31,
		2024	2023
	Note	$	$
Assets
Current assets
Cash and cash equivalents	11	1,568,225	65,389
Receivables and prepayments	3	45,143	75,239
Marketable securities-public companies	4	1,521,000	216,300
		3,134,368	356,928
Non-current assets
Marketable securities - private companies	4	1	6,497,666
Mineral property interests	6	2,844,067	2,969,410
		2,844,068	9,467,076
Total assets		5,978,436	9,824,004
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities		41,315	38,192
Accounts payable to related parties	10	79,854	62,928
Total liabilities		121,169	101,120
Shareholders' equity
Share capital	8	39,625,928	39,380,558
Subscriptions received	8	-	10,000
Reserves	8	672,193	581,527
Commitment to issue shares	8	-	15,000
Deficit		(34,440,854)	(30,264,201)
Total shareholders' equity		5,857,267	9,722,884
Total liabilities and shareholders' equity		5,978,436	9,824,004
Nature of operations and going concern	1
Events after the reporting period	6,8

Approved on behalf of the Board of Directors on April 15, 2025:

Director Director “Elizabeth Wallinger” “Bruce Youngman”

The accompanying notes are an integral part of these consolidated financial statements.

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Silver Range Resources Ltd.

Consolidated Statements of Changes in Shareholders’ Equity (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

						Commitment		Total
	Number	Share	Subscriptions			to issue		shareholders'
	of shares	capital	received	Reserves		shares	Deficit	equity
	#	$	$	$		$	$	$
January 1, 2023	89,153,969	38,709,306	-	629,427		10,000	(29,382,963)	9,965,770
Share-based payments	-	-	-		26,521	-	-	26,521
Re-allocated on expiry of options	-	-	-	(106,104)		-	106,104	-
Private placement shares/units issued	4,926,666	666,167	-		31,583	-	-	697,750
Share issue costs	-	(24,915)	-		100	-	-	(24,815)
Shares issued - services	385,206	30,000	-		-	(10,000)	-	20,000
Shares for services - commitment to issue	-	-	-		-	15,000	-	15,000
Subscriptions received	-	-	10,000		-	-	-	10,000
Loss and comprehensive loss for the year	-	-	-		-	-	(987,342)	(987,342)
December 31, 2023	94,465,841	39,380,558	10,000	581,527		15,000	(30,264,201)	9,722,884
January 1, 2024	94,465,841	39,380,558	10,000	581,527		15,000	(30,264,201)	9,722,884
Share-based payments	-	-	-		48,256	-	-	48,256
Private placement units issued	3,491,005	246,870	(10,000)		42,410	-	-	279,280
Share issue costs	-	(16,500)	-		-	-	-	(16,500)
Shares issued - services	170,038	15,000	-		-	(15,000)	-	-
Loss and comprehensive loss for the year	-	-	-		-	-	(4,176,653)	(4,176,653)
December 31, 2024	98,126,884	39,625,928	-	672,193		-	(34,440,854)	5,857,267

The accompanying notes are an integral part of these consolidated financial statements.

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Silver Range Resources Ltd. Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

		December 31,	December 31,	December 31,
		2024	2023
	Note	$	$
Expenses
Administrative		5,614		8,294
Finance costs	7	-		663
Insurance		32,534		33,349
Investor relations and shareholder information		48,660		76,836
Management,administrative and corporate development fees	10	246,103		217,454
Office rent	10	10,200		30,000
Professional fees	10	146,162		134,656
Share-basedpayments	8,10	48,256		26,521
Transfer agent and filing fees		21,658		13,306
Loss from operating expenses		(559,187)	(541,079)
Interest income		5,909		9,373
Foreign exchange loss		(2,956)		(8,944)
Loss on marketable securities	4	(1,081,408)		(85,927)
Change in fair value of marketable securities	4	(2,260,166)		-
Project generation costs	10	(65,921)	(146,158)
Gain on sale of mineral property interests	6	39,915		28,022
Mineral property impairments	6	(252,839)	(263,008)
Other income		-		20,379
Loss and comprehensive loss for theyear		(4,176,653)	(987,342)
Loss per share
Weighted average number of common shares outstanding
- basic #	9	96,412,665	92,881,750
- diluted #	9	96,412,665	92,881,750
Basic loss per share $	9	(0.04)		(0.01)
Diluted lossper share$	9	(0.04)		(0.01)

The accompanying notes are an integral part of these consolidated financial statements.

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Silver Range Resources Ltd. Consolidated Statements of Cash Flows (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

Silver Range Resources Ltd. Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) For theyears ended December 31, 2024 and December 31, 2023
		December 31,	December 31,
		2024	2023
	Note	$	$
Operating activities
Loss for theyear		(4,176,653)	(987,342)
Adjustments for:
Finance costs		-	663
Commitment to issue shares included in operatingexpenses	8	-	14,675
Shares issued for services		-	17,589
Share-basedpayments		48,256	26,521
Interest income		(5,909)	(9,373)
Change in fair value of marketable securities		1,081,408	85,927
Impairment loss on marketable securities		2,260,166	-
Gain on sale of mineralpropertyinterests		(39,915)	(28,022)
Mineralproperty impairments		252,839	263,008
Net changein non-cash working capital items	11	58,005	(43,690)
		(521,803)	(660,044)
Financing activities
Issue of shares/units for cash		279,280	697,750
Subscriptions received		-	10,000
Share issue costs		(16,500)	(17,315)
Lease payments	7	(3,000)	(18,000)
		259,780	672,435
Investing activities
Interest received		5,909	9,373
Proceeds from sale of marketable securities	4	1,881,392	14,835
Mineralpropertyoptionproceeds	6	60,292	117,300
Mineralpropertyacquisition costs	6	(154,196)	(152,540)
Explorationand evaluationexpenditures		(28,538)	(199,380)
		1,764,859	(210,412)
Change in cash and cash equivalents		1,502,836	(198,021)
Cash and cash equivalents, beginning of year		65,389	263,410
Cash and cash equivalents, end ofyear		1,568,225	65,389
Supplemental cash flow information	11

The accompanying notes are an integral part of these consolidated financial statements.

8

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

1. Nature of operations and going concern

Silver Range Resources Ltd. (the “Company” or “Silver Range”) was incorporated on May 18, 2010, under the laws of the Province of British Columbia, Canada as a wholly owned subsidiary of Strategic Metals Ltd. (“Strategic”). In 2011, the Company and Strategic completed a Plan of Arrangement which reduced Strategic’s investment in the Company to less than 20%. The Company is registered extra-territorially to conduct operations in the Yukon Territory, Northwest Territories and Nunavut, Canada. The Company also has a wholly-owned US incorporated subsidiary, Manta Minerals Corporation (note 5). The Company’s head office and principal place of business is located at 510 - 1100 Melville Street, Vancouver, BC, V6E 4A6. Its records office is located at 1710 - 1177 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2L3. The Company’s common shares trade under the symbol “SNG.V” on the TSX Venture Exchange (“TSX-V”).

The Company’s main corporate strategy is to advance its mineral properties to a drill-ready stage and then option or sell them to other parties. Under option or sale agreements, the Company may receive cash and/or shares in the acquiring companies and may retain interests or royalty interests in the properties. Through this process, the Company is assembling a portfolio of direct and indirect mineral property interests and marketable securities, which will assist in generating cash flows to meet overheads and ongoing exploration programs. The Company has not yet determined whether its direct or indirect mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests and marketable securities, are entirely dependent upon the existence of economically recoverable mineral reserves of the Company and those in which it holds a mineral property or shareholder interest. The continued exploration of projects will depend on it receiving future cash flows from the disposition or option of its mineral property interests and sale of marketable securities, or from its ability to obtain financing.

These annual consolidated financial statements (the “financial statements”) are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional sources of revenue, and historically has relied on property option or sale proceeds, proceeds from the sale of marketable securities, and share capital (private placement) financing to cover its operating expenses and exploration programs (note 2(n)(iii)).

2. Material accounting policies

(a) Basis of presentation

These 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 (“IFRIC”).

These financial statements have been prepared on an historical cost basis, except for certain financial instruments which are measured at fair value. In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

All amounts on these financial statements are presented in Canadian dollars which is the functional currency of the Company and its wholly owned subsidiary.

(b) Principles of consolidation

These financial statements include the financial statements of the Company and its wholly-owned subsidiary (note 5). Subsidiaries are entities controlled by the Company and are included in the financial statements from the date that control commences until the date that control ceases. The Company controls an investee when it is exposed, or has the rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The accounting policies of investees are changed where necessary to align them with the policies adopted by the Company.

Inter-company balances and transactions, and any unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment, to the extent of the Company’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

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Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies

• (c) Financial instruments

The Company classifies its financial instruments in the following categories: as fair value through profit or loss (“FVTPL”), financial assets at amortized cost, or as fair value through other comprehensive income (“FVTOCI”). The classification depends on the purpose for which the financial assets or liabilities were acquired or incurred. Management determines the classification of financial assets and liabilities at initial recognition.

Recognition

The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial instrument at its fair value with adjustments for, in the case of a financial instrument not at FVTPL, transaction costs that are directly attributable to the acquisition or assumption of the financial instrument. Transaction costs of financial instruments carried at FVTPL are expensed in profit or loss.

Financial assets are derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset, or when cash flows expire. A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows on a financial asset. A financial liability is derecognized when the contractual obligation under the liability is discharged, cancelled or expires or its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Classification

The Company classifies its financial assets and financial liabilities using the following measurement categories:

• (a) Those to be measured subsequently at fair value (either through other comprehensive income (loss) or through profit or loss); and

• (b) Those to be measured at amortized cost.

The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the instrument. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at FVTPL (an irrevocable election at the time of recognition).

The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified.

The Company’s marketable securities are classified as FVTPL. Marketable securities held in companies traded in a public market are classified as current assets at fair value. Marketable securities held in companies not traded in a public market are classified as non-current assets as they are not expected to be sold within the next 12 months and are measured at fair value. If insufficient information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range, the Company measures marketable securities of companies not traded in a public market at cost. After the date of initial recognition, the Company uses all available information about the performance and operations of an investee, and to the extent that any factors exist to indicate that cost might not be representative of fair value, the Company measures fair value.

10

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

(c) Financial instruments (continued)

Classification (continued)

When marketable securities of companies not traded in a public market are received as sale or option proceeds for mineral property interests, cost is determined by reference to factors specific to those investees at or near the time of the receipt of proceeds, such as but not limited to (i) quantities of common shares issued, (ii) cash subscription price, (iii) any third-party transaction price in a transfer of those companies’ common shares, and (iv) the net asset value of the investee which includes the fair value of any claims under option or sale.

Cash and cash equivalents, and marketable securities are classified as FVTPL and are subsequently measured and accounted for at fair value. Accrued receivables are classified as amortized cost and are accounted for using the effective interest method as these financial assets are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding.

Derivative financial assets

Warrants are classified as derivative financial assets and are recorded at FVTPL. Warrants without an active market that are received as attachments to common share units are initially recorded at nominal amounts. At the time of purchase the total unit cost is allocated in full to each common share. Subsequent fair value is determined at each reporting date using the Black-Scholes option pricing model. If the Black-Scholes option pricing model input variables are not reliable, fair value is determined using the intrinsic value, which is equal to the higher of the market value of the underlying security, less the exercise price of the warrant, or zero.

Financial liabilities

The Company has the following financial liabilities: accounts payable and accrued liabilities, and accounts payable to related parties. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. The effective interest rate is the rate that discounts estimated future cash flows over the expected life of the financial instrument, or where appropriate, a shorter period. Interest expense is recognized in profit or loss.

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Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

(d) Mineral property interests

The acquisition costs of mineral property interests and any subsequent exploration and evaluation costs are capitalized until the property to which they relate is placed into production, sold, allowed to lapse or abandoned. Exploration and evaluation costs incurred prior to obtaining ownership, or the right to explore a property, are expensed as incurred as project generation costs. Mineral property interests that have close proximity and have the possibility of being developed as a single mine are grouped as projects and are considered separate cash generating units (“CGU”) for the purpose of determining future mineral reserves and impairments.

The acquisition costs include the cash consideration paid and the fair value of any shares issued for mineral property interests being acquired or optioned pursuant to the terms of relevant agreements.

Proceeds received from a partial sale or option of any interest in a property are credited against the carrying value of the property. When the proceeds exceed the carrying costs, the excess is recorded in profit or loss in the year the excess is received. When all of the interest in a property is sold, subject only to any retained royalty interests which may exist, the accumulated property costs are written-off, with any gain or loss included in profit or loss in the year the transaction takes place.

Management reviews its mineral property interests at each reporting period for signs of impairment and annually after each exploration season taking into consideration current year exploration results, or the expectations for the disposition or option of the property. If a property is abandoned or inactive for a prolonged period, or considered to have no future economic potential, the acquisition and exploration and evaluation costs are written-off to profit or loss.

Once an economically viable resource has been determined for an area and the decision to proceed with development has been approved, mineral property interests attributable to that area are first tested for impairment and then reclassified to property and equipment. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. Should a project be put into production, the costs of acquisition, exploration and evaluation will be amortized over the life of the project based on proven and probable reserves. If the carrying value of a project exceeds the higher of its fair value less costs of disposal and value in use, an impairment provision is recorded.

When the Company has complied with the conditions attached to a government grant, and has assurance that the grant will be received, the government grant is recorded as a reduction of the carrying amount of the mineral property interest. The Company records refundable mineral exploration tax credits on an accrual basis and as a reduction of the carrying value of the mineral property interest. When the Company is entitled to non-refundable exploration tax credits, and it is probable that they can be used to reduce future taxable income, a deferred tax benefit is recognized.

(e) Joint operations

A joint arrangement is an arrangement of which two or more parties have joint control. The Company determines the type of joint arrangement in which it is involved as either a joint operation or a joint venture and this depends on the rights and obligations of the parties to the joint arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement on a proportionate basis. Those parties are called joint operators. Joint control is the contractually agreed sharing of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. None of the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The Company accounts for joint operations by recognizing its rights to assets and obligations for liabilities, its rights to corresponding revenues and obligations for corresponding expenses, and its share of any jointly held rights or jointly obligated liabilities together with their corresponding revenues and expenses.

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Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

(f) Equipment

Equipment is measured at cost less accumulated depreciation and impairment losses. Equipment not available for use is not subject to depreciation. Depreciation on the Company’s equipment, being a right-of-use asset is recognized on a straight-line basis over the term of the lease (note 7).

An asset’s residual value, useful life and depreciation method is reviewed at each reporting period and adjusted if appropriate. When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) of equipment.

Subsequent costs that meet the asset recognition criteria are capitalized, while repair and maintenance costs are recognized as an expense during the period. Gains and losses on disposal of an item are determined by comparing the proceeds from disposal with the carrying amount of the item and recognized in profit or loss.

(g) Impairment

Financial assets

The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forwardlooking information.

Non-financial assets

Non-financial assets are reviewed quarterly by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the CGU level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of a CGU is the greater of the CGU’s fair value less costs of disposal and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. The Company’s mineral property interest impairment policy is more specifically discussed in note 2(d) above.

(h) Share capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are measured based on their fair value at the date the shares are issued.

The Company applies the residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more reliably measurable component based on fair value and then the residual value, if any, to the less reliably measurable component. The Company considers the fair value of common shares issued in a unit private placement to be the more reliably measurable component. The balance, if any, is allocated to the attached warrants. Any value attributed to the warrants is recorded as reserves.

As an incentive to complete private placements, the Company may issue units which include common shares and common share purchase warrants. Warrants issued on a standalone basis are valued using the Black-Scholes option pricing model. When warrants are exercised the consideration received is recorded as share capital and the related fair value originally recorded as reserves is transferred to share capital. When a warrant is cancelled or expires, the initial recorded value is reversed from reserves and credited to share capital or deficit, depending on the accounting on issuance. Finders’ warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

Reserves is comprised of the accumulated fair value of stock options recognized as share-based payments, the value of previously forfeited common shares, the fair value of finders’ warrants issued on private placements, and the residual value of warrants attached to private placement units, if any. Reserves is increased by the fair value of these items on vesting and/or issuance and is reduced by corresponding amounts when the options or warrants expire or are exercised or cancelled.

13

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

(i) Share-based payment transactions

The Company has a stock option plan that provides for the granting of options to Officers, Directors, and consultants to acquire shares of the Company. The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in reserves as the options vest.

Options granted to employees and others providing similar services are measured at grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model considering the terms and conditions upon which the stock options were granted. The amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value, and measured accordingly.

Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the date the Company obtains the goods or the counterparty renders the service.

Over the vesting period, share-based payments are recorded as an expense and as reserves. When options are exercised the consideration received is recorded as share capital and the related share-based payments originally recorded as reserves are transferred to share capital. When an option is cancelled or expires, the initial recorded value is reclassified from reserves and credited to deficit.

(j) Environmental rehabilitation

An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development, or ongoing production of a mineral property interest. The estimated costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are determined, and capitalized at the start of each project to the carrying amount of the asset as soon as the obligation to incur such costs arises. Discount rates, using a pre-tax rate that reflects the time value of money, are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset, through amortization using the unit-of-production or the straight-line method. The related liability is adjusted at each reporting date for accretion, for changes to the current market-based discount rate, and for changes to the amount or timing of the underlying cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged against profit or loss as extraction progresses.

The Company has no known restoration, rehabilitation, or environmental costs, of any significance, related to its mineral property interests.

(k) Foreign currency translation

The presentation and functional currency of the Company is the Canadian dollar. Transactions in currencies other than the Canadian dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated.

14

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

(l) Income taxes

Income tax expense is comprised of current and deferred taxes. Current income tax and deferred tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity.

Current income 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, and any adjustment to tax payable in respect of previous years.

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 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 income tax liabilities and assets, and they relate to income taxes levied by the same tax authority for 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 income 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 income tax benefit will be realized.

(m) Earnings (loss) per share

The Company presents basic and diluted earnings (loss) per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by dividing the profit attributable to common shareholders by the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all potential dilutive common shares related to outstanding stock options and warrants issued by the Company for the years presented, except if their inclusion proves to be anti-dilutive. Diluted loss per share is equivalent to basic loss per share, as the potential dilutive instruments would be anti-dilutive.

(n) Use of estimates and critical judgments

The preparation of financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the year. Actual results could differ from those estimates and judgments. Those areas requiring the use of management estimates and judgments include:

Estimates

• (i) Option or sale agreements, under which the Company may receive shares as payment, require the Company to determine the fair value of the shares received. Many factors can enter into this determination, including, for shares traded in a public market, the number of shares received and their trading price and volume, and for unquoted shares, the net asset value of the investee, which includes the fair value of any claims under option or sale. This determination is subjective and changes in the assumptions underlying the estimate could have a material impact on the financial statements.

• (ii) The determination of the fair value of stock options or warrants using stock pricing models requires the input of highly subjective assumptions, including expected price volatility and forfeiture rates. Changes in assumptions could materially affect the fair value estimate and the resulting amounts recognized for sharebased payments.

15

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

• (n) Use of estimates and critical judgments (continued)

Judgments

• (i) The carrying amount of mineral property interests is the aggregate of the historical costs incurred less any impairments recognized and is not representative of a valuation or any other measurement. It is reasonably possible, based on existing knowledge, that a change in future conditions could result in material differences between the recorded costs and the present or future values of the properties. Management is required, at each reporting date, to review its mineral property interests for signs of impairment. This is a highly subjective process taking into consideration exploration and evaluation results, metal prices, economics, financing prospects, and sale or option prospects. Management makes these judgments based on information available, but there is no certainty that a property is or is not impaired. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

• (ii) The determination of deferred tax assets or liabilities requires subjective assumptions regarding future income tax rates and the likelihood of utilizing tax carry-forwards. Changes in these assumptions could materially affect the recorded amounts within the next fiscal year.

• (iii) As at December 31, 2024, the Company had a working capital of $3,013,199 (December 31, 2023 – $255,808), and shareholders’ equity of $5,857,267 (December 31, 2023 - $9,722,884). Management has assessed that the Company has sufficient working capital to continue current operations and further advance its existing mineral property interests for beyond one year. The Company will continue to seek the funding necessary to enable it to carry on as a going concern through private placements, liquidating its positions in public and/or private company marketable securities, or through other sources of financing. However, management cannot provide assurance that the Company will be able to keep raising additional capital. If the Company is unable to raise additional capital, management expects that the Company will need to curtail operations, seek additional capital on less favorable terms, and/or pursue other remedial measures, or cease operations. If the going concern assumption were not appropriate for these financial statements, it could be necessary to remeasure the Company’s assets and liabilities on a liquidation basis, and such remeasurements could be material.

(o) Recently adopted accounting standards

The Company adopted the following amendment to IFRS Accounting Standards that are mandatorily effective for the Company’s accounting period beginning on January 1, 2024. Their adoption has not had a material impact on disclosures or amounts reported in these financial statements.

Amendments to IAS 1 - Presentation of Financial Statements

In October 2022, the IASB issued amendments to IAS 1, Presentation of Financial Statements titled non-current liabilities with covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of liabilities as current or noncurrent, issued in January 2020, which clarified that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if an entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period.

Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements

In May 2023, the IASB issued amendments to IAS 7, Statement of Cash Flows and IFRS 7, Financial Instruments Disclosures to provide guidance on disclosures related to supplier finance arrangements that enable users of financial statements to assess the effects of these arrangements on the entity’s liabilities and cash flows and on the entity’s exposure to liquidity risk.

16

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

2. Material accounting policies (continued)

(p) Recently issued but not yet effective accounting standards

IFRS 18 Presentation and Disclosure in Financial Statements (continued)

These amendments are effective for annual periods beginning on or after January 1, 2027. The Company is currently assessing the impact that the adoption of IFRS 18 will have on its financial statements.

IFRS 9 Financial Instruments

IFRS 9 requires entities to recognize financial assets and liabilities when they become party to the contractual terms and to measure them initially at fair value, adjusted for directly attributable transaction costs where applicable. The standard is being clarified to provide better guidance on the derecognition of financial liabilities, which can impact bank reconciliation processes, especially during debt restructuring based on the timing of payments on financial liabilities as compared to the actual settlement of those debts. This clarification may result in a change in the derecognition timing of financial liabilities in situations where electronic payments are involved. The Company is currently assessing the impact that the adoption of this clarification of IFRS 9 will have on its financial statements.

The Company has not yet adopted certain new standards, amendments and interpretations to existing standards as outlined below, which have been published but are only effective for the Company’s accounting period beginning on January 1, 2025, or later periods.

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements . This standard aims to improve the consistency and clarity of financial statement presentation and disclosures by providing updated guidance on the structure and content of financial statements. Key changes include enhanced requirements for the presentation of financial performance, financial position, and cash flows, as well as additional disclosures to improve transparency and comparability. In addition, IFRS 18 requires entities to classify income and expenses into five categories, three of which are new – i.e. operating, investing and financing – and the income tax and discontinued operation categories. The new standard sets out detailed requirements for classifying income and expenses into each category.

3. Receivables and prepayments

Receivables and prepayments consist of the following:

Receivables and prepayments consist of the following:
	December 31,	December 31,
	2024	2023
	$	$
Advanced royalty payments (note 6 (b)(i))	20,000	20,000
Sales tax recoverable	4,348	5,704
Prepaid expenses	20,795	49,535
	45,143	75,239

4. Marketable securities

The Company holds share positions in other resource companies (public and private) which were obtained under mineral property option agreements or by participation in private placements. The valuation of the shares classified as current has been determined in whole by reference to the bid price of the shares on the TSX-V or the Canadian Securities Exchange, as applicable, at each reporting date. The valuation of the shares classified as non-current has been determined using Level 2 fair value inputs in applying the market technique as further described in note 12.

Warrants were received as attachments to private placement units and did not trade in an active market.

17

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

4. Marketable securities (continued)

A summary of the marketable security transactions for the years ended December 31, 2024 and December 31, 2023, is as follows:

(1)	Public company Private company Total common shares Warrants common shares Total loss $ $ $ $ $	Public company Private company Total common shares Warrants common shares Total loss $ $ $ $ $
	Cost January 1, 2023 621,821 - 3,286,556 3,908,377 Additions 28,022 - - 28,022 Proceeds on disposal (14,835) - - (14,835) Realizedloss (13,187) - - (13,187) (13,187) December 31,2023 621,821 - 3,286,556 3,908,377 Fair value January 1, 2023 288,400 640 6,497,666 6,786,706 Additions 28,022 - - 28,022 Cost of disposals (14,835) - - (14,835) Realized loss (13,187) - - (13,187) Unrealizedloss (72,100) (640) - (72,740) (72,740) December 31,2023 216,300 - 6,497,666 6,713,966
	Total loss (85,927) Marketable securities - public companies 216,300 Marketable securities-private companies 6,497,666 6,713,966 Cost January 1, 2024 621,821 - 3,286,556 3,908,377 Additions 30,000 - - 30,000 Transfer 2,825,000 - (2,825,000) -	(85,927)
	Proceeds on disposal (1,881,392) - - (1,881,392)
(1)	Realizedloss (132,928) - - (132,928) (132,928) December 31, 2024 1,462,501 - 461,556 1,924,057 Fair value January 1, 2024 216,300 - 6,497,666 6,713,966 Additions 30,000 - - 30,000 Transfer 4,237,499 - (4,237,499) - Cost of disposals (2,014,319) - - (2,014,319) Impairment loss (note 6 (a)(ii)) - - (2,260,166) (2,260,166) (2,260,166) Unrealizedloss (948,480) - - (948,480) (948,480) December 31, 2024 1,521,000 - 1 1,521,001
	Total loss (3,341,574) Marketable securities - public companies 1,521,000 Marketable securities -private companies (note 6(a)(i)(ii)) 1 1,521,001	(3,341,574)

(1) As at December 31, 2024, the Company held common shares of Silver47, which were acquired in November 2021 on the sale of the Michelle project (note 6(a)(i)). On November 14, 2024, Silver47 commenced trading on the TSX-V and accordingly were classified as public instead of private company shares.

18

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

5. Subsidiary information

In 2016, the Company completed the purchase of various mineral properties located in the Northwest Territories and Nunavut, Canada, and in Nevada, USA, from Panarc Resources Ltd. (“Panarc”) for consideration comprising common shares of the Company valued at $2,050,000. Also purchased from Panarc in 2016 was a 100% interest in the shares of Manta Minerals Corporation (“Manta”), a company incorporated in the State of Nevada, USA. A nominal amount of $1 was allocated to the share purchase. Other than to hold title to the Nevada minerals claims, Manta has no assets or liabilities and has had no transactions since being acquired by Silver Range.

6.

Mineral property interests

The Company’s mineral property interests include various mineral properties located in the Yukon Territory, Northwest Territories, and Nunavut in Canada and in Nevada and Arizona, USA.

		Northwest
	Yukon	Territories	Nunavut	Nevada	Arizona	Total
	$	$	$	$	$	$
January 1, 2023	3	151,816	1,232,569	1,556,160	-	2,940,548
Acquisitions/staking/assessments	-	3,273	-	141,407	7,860	152,540
Exploration and evaluation	107,354	-	-	93,216	14,413	214,983
Impairments	(107,354)	(155,086)	-	(568)	-	(263,008)
Option and sale proceeds(1)	-	(28,022)	-	(75,653)	-	(103,675)
Gainonsale of mineralproperty	-	28,022	-	-	-	28,022
December 31,2023	3	3	1,232,569	1,714,562	22,273	2,969,410
January 1, 2024	3	3	1,232,569	1,714,562	22,273	2,969,410
Acquisitions/staking/assessments	5,283	9,398	-	136,160	3,355	154,196
Exploration and evaluation	464	907	-	22,268	38	23,677
Impairments	(5,747)	(10,305)	(58,457)	(178,330)	-	(252,839)
Option and sale proceeds(2)	-	(30,000)	-	(60,292)	-	(90,292)
Gainonoptionorsale of mineralproperties	-	30,000	-	9,915	-	39,915
December 31, 2024	3	3	1,174,112	1,644,283	25,666	2,844,067

(1) Option and sale proceeds of $103,675 for the year ended December 31, 2023, was comprised of $75,653 in cash received, plus an additional $8,022 received in the form of common shares, and $20,000 receivable as at December 31, 2023.

(2) Option and sale proceeds of $90,292 for the year ended December 31, 2024, was comprised of $60,292 in cash received, an additional $10,000 received in the form of common shares, plus an additional $20,000 accrued (note 4).

19

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

Changes in the project carrying amounts for the year ended December 31, 2023 are summarized as follows:

	Mineral property interests(continued) Changes in the project carrying amounts for the year ended December 31, 2023 are summarized as follows:
	Acquisitions/ Exploration Option and Beginning staking / and sale Gain on Ending balance assessments evaluation Impairments proceeds sale balance $ $ $ $ $ $ $
	Yukon Projects
(1)	Barb 1 - - - - - 1 Mel 1 - - - - - 1 Silver Range 1 - 107,354 (107,354) - - 1
	Total 3 - 107,354 (107,354) - - 3
	Northwest Territories Projects Cabin Lake - - - - (28,022) 28,022 - Hare 1 - - - - - 1 Sparta 1 - - - - - 1 Uptown Gold 151,814 3,273 - (155,086) - - 1
	Total 151,816 3,273 - (155,086) (28,022) 28,022 3
	Nunavut Projects Atlantis 1 - - - - - 1 Hard Cash 1 - - - - - 1 Noomut 1 - - - - - 1 Quartzite 1 - - - - - 1 South Kitikmeot 1,232,563 - - - - - 1,232,563 Tree River 1 - - - - - 1 Yandle 1 - - - - - 1
	Total 1,232,569 - - - - - 1,232,569
	Nevada Projects Bankroll 1,955 928 125 - - - 3,008 Bellehelen 248,899 26,825 15,795 - (28,635) - 262,884 Black Star 11,230 928 18 - - - 12,176 Bottom Dollar 32,962 1,392 18 - - - 34,372 Chestnut 9,242 928 18 - - - 10,188 Cold Springs 205 - - - - - 205 East Gold Point - 2,275 238 - - - 2,513 East Goldfield 56,416 25,332 1,875 - (26,480) - 57,143 Enigma-Cambridge 231,472 6,500 10,428 - - - 248,400 Gold Chief 183,402 5,489 90 - - - 188,981 Hannapah 13,032 2,980 36 - - - 16,048 Ingot 7,363 928 18 - - - 8,309 Krug 20,595 1,856 18 - - - 22,469 Legal Tender 15,691 - - - - - 15,691 Loner 20,166 3,669 56 (568) - - 23,323 Lucky Boy 37,386 2,072 56 - - - 39,514 Opulent 10,025 928 18 - - - 10,971 Rand 26,514 2,192 18 - - - 28,724 Robot 29,041 2,300 56 - - - 31,397 Sand Springs 26,139 12,078 296 - - - 38,513 Shamrock - 5,565 7,637 - - - 13,202 Skylight 101,832 3,665 517 - (5,974) - 100,040 Sniper 27,203 928 829 - - - 28,960 Silver Mountain 14,301 1,844 56 - - - 16,201 Steptoe 194,579 6,630 1,248 - - - 202,457 Tom 2,100 - - - - - 2,100 Tonto Del Pueblo 5,988 7,739 42,080 - - - 55,807 Tule Canyon 228,422 13,726 9,950 - (14,564) - 237,534 Weepah South - 1,710 1,722 - - - 3,432
	Total 1,556,160 141,407 93,216 (568) (75,653) - 1,714,562
	Arizona Projects Chloride - 5,171 7,737 - - - 12,908 Crosby - 2,689 6,676 - - - 9,365
	Total - 7,860 14,413 - - - 22,273
	Total Projects 2,940,548 152,540 214,983 (263,008) (103,675) 28,022 2,969,410

(1) Includes depreciation on equipment of $10,477 (note 7).

20

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

Exploration and evaluation expenditures on the projects consisted of the following:

	Yukon	Nevada	Arizona	Total
Year ended December 31, 2023	$	$	$	$
Assays	640	26,326	5,834	32,800
Depreciation	10,477	-	-	10,477
Field	11,928	8,130	521	20,579
Helicopter and fixed wing	34,293	-	-	34,293
Labour	46,820	20,105	6,241	73,166
Survey and consulting	-	34,399	892	35,291
Travel and accommodation	3,196	4,256	925	8,377
Total	107,354	93,216	14,413	214,983

21

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

Changes in the project carrying amounts for year ended December 31, 2024 are summarized as follows:

			Acquisitions/	Exploration		Option and	Gain on
		Beginning	staking /	and		sale	option	Ending
		balance	assessments	evaluation	Impairments	proceeds	or sale	balance
	Note 6	$	$	$	$	$	$	$
Yukon Projects
Barb		1	-	-	-	-	-	1
Mel		1	-	-	-	-	-	1
Silver Range	(a)(ii)	1	5,283	464	(5,747)	-	-	1
Total		3	5,283	**464 **	(5,747)	-	-	3
Northwest Territories Projects
Cabin Lake	(b)(i)	-	-	-	-	(30,000)	30,000	-
Hare		1	-	-	-	-	-	1
Sparta		1	-	-	-	-	-	1
Uptown Gold	(b)(ii)	1	9,398	907	(10,305)	-	-	1
Total		3	9,398	907	(10,305)	(30,000)	30,000	3
Nunavut Projects
Atlantis		1	-	-	(1)	-	-	-
Hard Cash		1	-	-	-	-	-	1
Noomut		1	-	-	(1)	-	-	-
Quartzite		1	-	-	-	-	-	1
South Kitikmeot	(c)(i)	1,232,563	-	-	(58,454)	-	-	1,174,109
Tree River		1	-	-	(1)	-	-	-
Yandle		1	-	-	-	-	-	1
Total		1,232,569	-	-	(58,457)	-	-	1,174,112
Nevada Projects
Bankroll		3,008	-	-	(3,007)	-	-	1
Bellehelen	(d)(i)	262,884	26,051	21	-	(21,895)	-	267,061
Black Star		12,176	-	-	(12,176)	-	-	-
Bottom Dollar		34,372	-	-	(34,371)	-	-	1
Chestnut		10,188	-	-	(10,188)	-	-	-
Cold Springs		205	3,862	1,863	(5,930)	-	-	-
East Gold Point	(d)(ii)	2,513	-	-	-	-	-	2,513
East Goldfield	(d)(iii)	57,143	32,126	21	-	(25,000)	-	64,290
Enigma-Cambridge	(d)(iv)	248,400	8,180	5,996	-	-	-	262,576
Gold Chief		188,981	6,959	21	-	-	-	195,961
Hannapah		16,048	3,777	40	-	-	-	19,865
Ingot		8,309	-	-	(8,309)	-	-	-
Krug		22,469	-	-	(22,469)	-	-	-
Legal Tender	(d)(v)	15,691	3,488	2	-	-	-	19,181
Loner		23,323	4,648	591	-	-	-	28,562
Lucky Boy		39,514	-	-	(39,514)	-	-	-
Opulent		10,971	-	-	(10,970)	-	-	1
Rand		28,724	2,620	19	-	-	-	31,363
Robot		31,397	-	-	(31,396)	-	-	1
Sand Springs		38,513	5,810	21	-	-	-	44,344
Shamrock	(d)(vi)	13,202	2,620	4,442	-	-	-	20,264
Skylight	(d)(vii)	100,040	4,645	207	-	-	-	104,892
Sniper		28,960	1,173	2,561	-	-	-	32,694
Silver Mountain	(d)(viii)	16,201	2,331	6,404	-	-	-	24,936
Steptoe		202,457	6,091	21	-	-	-	208,569
Tom		2,100	-	-	-	-	-	2,100
Tonto Del Pueblo		55,807	4,356	21	-	-	-	60,184
Tule Canyon	(d)(ix)	237,534	17,373	17	-	-	-	254,924
Weepah South	(d)(x)	3,432	50	-	-	(13,397)	9,915	-
Total		1,714,562	136,160	22,268	(178,330)	(60,292)	9,915	1,644,283
Arizona Projects
Chloride	(e)(i)	12,908	2,223	19	-	-	-	15,150
Crosby	(e)(i)	9,365	1,132	19	-	-	-	10,516
Total		22,273	3,355	38	-	-	-	25,666
Total Projects		2,969,410	154,196	23,677	(252,839)	(90,292)	39,915	2,844,067

22

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

Exploration and evaluation expenditures on the projects consisted of the following:

Exploration and evaluation expenditures on the projects consisted of the following:	Exploration and evaluation expenditures on the projects consisted of the following:	Exploration and evaluation expenditures on the projects consisted of the following:
Northwest Yukon Territories Nevada Arizona Total Year ended December 31, 2024 $ $ $ $ $
Assays - - 652 - 652 Field 24 185 3,346 38 3,593 Labour 440 722 - - 1,162 Survey and consulting (note 10) - - 16,447 - 16,447 Traveland accommodation - - 1,823 - 1,823
Total before write-offs 464 907 22,268 38 23,677
Write-offs (464) (907) (1,863) - (3,234)
Total - - 20,405 38 20,443
The cumulative acquisition, exploration and evaluation costs incurred on the projects for all years and the current carrying values are as follows:
Cumulative Proceeds / Impairments / Carrying costs, net Gain on option or sale value As at December 31, 2024 $ $ $
Yukon 28,750,445 (28,750,442) 3 Northwest Territories 1,132,530 (1,132,527) 3 Nunavut 2,531,069 (1,356,957) 1,174,112
Nevada 2,376,271 (731,988)	1,644,283
Arizona 25,666 - 25,666
Total 34,815,981 (31,971,914) 2,844,067

The cumulative acquisition, exploration and evaluation costs incurred on the projects for all years and the current carrying values are as follows:

23

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

Certain of the Company’s mineral property interests are subject to option out or sale agreements, earn-in or purchase agreements or net smelter return royalties (“NSR”), as detailed below.

(a) Yukon projects

(i) Michelle project

The Michelle property was acquired in 2015 in exchange for cash and the Company’s Mint property. The Michelle property is located in the Dawson and Mayo Mining Districts, Yukon Territory. As at December 31, 2024, the carrying value of the property was $nil.

In 2021, the Company signed an Asset Purchase Agreement with Silver47 Exploration Corp. (“Silver47”) a private British Columbia company, to sell Silver47 a 100% interest in the Company’s Michelle project. Under terms of the Agreement, Silver47 issued the Company 19.9% of its common shares in 2021 (received, at a fair value of $2,825,000) (note 4). During the year ended December 31, 2024, the Company received proceeds of $1,711,177 on the sale of a portion of the shares held.

Additionally, the Company was granted a 1.0% NSR royalty, subject to a right of first refusal on any future sale of the royalty held by Silver47

(ii) Silver Range project

The Silver Range group of claims were acquired in 2011 from Strategic, by the issue of Silver Range common shares and warrants. The claims are located in the Whitehorse Mining District, Yukon Territory.

The Silver Range project includes the JRV claims and the BP4 claim.

In 2016, and as most recently amended on August 31, 2024, the Company signed a Letter of Intent to option out its Silver Range project to Broden Mining Ltd., (“Broden Mining”) a private British Columbia company, of which the Company is a 10% shareholder, for consideration as described below and a retained 2.0% NSR on all future precious metals production and a 1.0% NSR on all future non-precious metals production from the project.

To complete the purchase, Broden Mining is required to:

• Issue to the Company 10% of Broden Mining’s common shares upon completion of an equity financing by Broden Mining immediately following the completion of development agreements to explore and develop the land package (known as the Vangorda Lands), on or before August 31, 2025; and

• Make a one-time cash payment of $10,000,000 in advance of commercial production commencing at the project or any portion thereof, due 12 months from the commencement date of commercial production.

During the year ended December 31, 2023, the Company capitalized, and immediately wrote-off depreciation, reclamation, remediation and permitting costs on the Silver Range project resulting in a mineral property impairment charge of $107,354.

During the year ended December 31, 2024, the Company capitalized, and immediately wrote-off costs on the Silver Range project resulting in a mineral property impairment charge of $5,747.

During the year ended December 31, 2024, the Company recognized a change in fair value of $2,260,166 on its investment in Broden Mining, resulting in a carrying value of $1 as at December 31, 2024 (note 4).

24

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (b) Northwest Territories projects

(i) Cabin Lake royalty interest

In 2017, and as most recently amended on February 28, 2025, the Company agreed to sell 100% of its Cabin Lake property located in the Northwest Territories, to Rover Critical Minerals Corp. (“Rover”).

The Company retains a 2.0% NSR on all mineral production from the Cabin Lake property and Rover is required to make annual advance royalty payments as described below. As at December 31, 2024, the Company has received aggregate royalty payments in the form of cash and/or common shares of $100,000.

• During 2020 and 2021, the Company received total payments of $40,000;

• Pursuant to a March 1, 2023 amendment, the advance royalty payment for 2022 was amended to $30,000 and received during the year ended December 31, 2023, in Rover common shares at a fair value of $28,022. During the year ended December 31, 2023, $8,022 was recognized within gain on sale of mineral property interests as $20,000 was accrued as receivable as at December 31, 2022.

• Pursuant to the March 27, 2024 amendment, the advance royalty payment for 2023 was amended to $30,000 and was received during the year ended December 31, 2024, in Rover common shares at a fair value of $30,000. During the year ended December 31, 2024, $10,000 was presented as option proceeds and recognized within gain on sale of mineral property interests as $20,000 was accrued as receivable as at December 31, 2023.

Additionally, $20,000 was accrued as at December 31, 2024 in respect of the advance royalty payment for 2024 due by April 15, 2025 (negotiating extension) by way of a cash payment or through the issuance of common shares of Rover having a value of $20,000.

• Advance royalty payments of $20,000 are due annually from February 28, 2026 until a total of $230,000 has been paid by Rover so long as Rover or its successor in title holds an interest in the project.

Rover has the right to acquire up to 3/4 (being 1.5%) of the 2.0% NSR by making payments of either $750,000 or $1,500,000, depending on the indicated gold reserves that may be reported.

(ii) Uptown Gold property

On August 9, 2023 and further to a notice of termination on December 2, 2023, the property option to Collective Metals Inc. (“Collective”) was terminated as a result of Collective’s failure to incur an aggregate $1,250,000 in exploration expenditures on the property by June 30, 2023.

During the year ended December 31, 2023, the Company wrote-down the carrying value of the Uptown Gold property to $1 as a result of the Company having no current or future budgeted exploration programs in place for this project. This resulted in a mineral property impairment charge of $155,086.

During the year ended December 31, 2024, the Company capitalized, and immediately wrote-off costs on the Uptown project resulting in a mineral property impairment charge of $10,305.

25

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (c) Nunavut projects

  • (i) South Kitikmeot property option

In 2021, and as most recently amended on April 25, 2024, the Company executed a Binding Terms Sheet (the “Term Sheet”) with an Australian company seeking a listing on the Australian Securities Exchange (the “ASX”) to grant to the Australian company the option to earn up to a 100% interest in the Company’s South Kitikmeot project located in Nunavut, Canada which comprises the Bling, Esker Lake, Goldbugs, and Uist properties.

Pursuant to the Term Sheet, the Company will receive consideration for the right to grant the Australian company an option to purchase an interest in the project as described (expressed in Australian dollars “A$”). Under certain circumstances the amounts below may be settled, in part, through the issuance of common shares to the Company:

• A$25,000 (received, $22,637) upon certain conditions precedent including but not limited to the Australian company completing due diligence on the project, and completing an initial public offering and obtaining all applicable regulatory and third-party approvals for a public listing;

• A$200,000 upon definition of a JORC compliant inferred resource of at least 500,000 ounces at an average and cut-off grade of 1.8g/t; and

• A$200,000 upon definition of a JORC compliant inferred resource of at least 1,000,000 ounces at an average and cut-off grade of 1.6g/t.

JORC refers to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”).

The Australian company may earn a 100% interest in the project in staged commitments as follows:

• An initial 51% interest by completing minimum exploration expenditures of A$1,500,000 on or before December 31, 2024 (extension under negotiation);

• An additional 15% interest by incurring additional minimum exploration expenditures of A$2,000,000 on or before December 31, 2027;

• An additional 24% interest by completing a preliminary feasibility study for the commencement of mining operations on any of the properties at any time on or before December 31, 2037; and

• The remaining 10% interest may be earned at the fair market value of the 10% interest, to be determined by an independent qualified valuator.

The Company will retain a 2.0% NSR on all mineral production from the properties, of which up to 1% can be purchased by the Australian company by either making a cash payment of A$1,500,000 to the Company or issuing common shares to the Company at an equivalent value.

During the year ended December 31, 2024, the Company wrote-off the Hiqiniq, Qannituq, and Ujaraq properties to $nil as a result of the April 25, 2024 amendment which altered the scope of the option agreement allowing the claims underlying these properties to lapse. This resulted in a mineral property impairment charge of $58,454.

26

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (d) Nevada projects

(i) Bellehelen property option

On December 16, 2022 and as most recently amended on March 31, 2025, the Company signed a Definitive Agreement to sell to Excalibur Metals Corp. (“Excalibur”) up to a 100% interest in the Company’s Bellehelen property which includes the Bellehelen, Kawich and Neversweat properties located in Nevada, USA.

Pursuant to the terms of the Definitive Agreement, the Company has received cash payments of $50,530 from Excalibur between 2022 and 2023, and will make additional cash payments and issue common shares to the Company as follows:

Cash payments of US$300,000:

• US$10,000 (received in 2022, $13,622) upon Signing of a Definitive Agreement;

• US$15,997 (received in 2024, $21,895) for claims maintenance fees;

• US$40,000 upon Excalibur obtaining a public listing on a Canadian stock exchange (“IPO”) by May 31, 2025;

• US$50,000 on or before the first anniversary of an IPO;

• US$50,000 on or before the second anniversary of an IPO;

• US$75,000 on or before the third anniversary of an IPO; and

• US$75,000 on or before the fourth anniversary of an IPO.

Issuance of common shares equivalent to $225,000:

• Common shares with a value of $25,000 concurrently with Excalibur obtaining a public listing (as per above);

• Common shares with a value of $50,000 on or before the first anniversary of an IPO;

• Common shares with a value of $50,000 on or before the second anniversary of an IPO;

• Common shares with a value of $50,000 on or before the third anniversary of an IPO; and

• Common shares with a value of $50,000 on or before the fourth anniversary of an IPO.

If the volume weighted average price (VWAP) specific to any common share issuance is less than $0.05 per share, the issuance of the applicable common shares shall be satisfied by way of a cash payment of $50,000 to the Company.

In addition, Excalibur shall also make a defined resource payment (“DRP”) of US$2 per ounce of gold equivalent, payable following the report of measured and indicated resources defined by a NI 43-101 compliant report on the property. Annual advance payments of US$10,000 are due on December 31, 2027, and subsequent anniversaries from then, if no measured and indicated resources have been reported. Additionally, the Company will retain a 2.0% Net Smelter Royalty (“NSR”) over the property. One-half of the NSR may be repurchased by Excalibur prior to commercial production for a cash payment of US$1,000,000.

(ii) East Gold Point project option

EGP claims:

In 2020, the Company signed an Option Agreement with GGL Resources Corp. (“GGL”), to sell GGL a 75% interest in certain claims underlying the East Gold Point Project (the “EGP property”). Pursuant to the terms of the Option Agreement, GGL has the right to acquire a 75% interest in the project by making cash payments to the Company as detailed below and incurring aggregate minimum exploration expenditures of US$1,500,000 on or before July 31, 2023 (completed), on the collective Gold Point project (EGP claims, TOM claims, and certain other claims under option to GGL from other parties).

27

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (d) Nevada projects (continued)

• (ii) East Gold Point project option (continued)

Cash payments of $180,000 as follows:

• $10,000 upon the execution of the option agreement (received);

• Reimbursing the Company for certain staking costs and fees (received, $15,605);

• $20,000 on or before December 31, 2020 (received); and

• The aggregate of $150,000 (received) as calculated bi-annually and based on 10% of the expenditures incurred during each of the periods from:

• July 1 to December 31 (paid $33,928 for 2020, 2021 and 2022); and

• January 1 to June 30 (paid $116,072 for 2021 and 2022).

The Company will be entitled to receive a one-time cash payment of US$4 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project.

GGL has earned a 75% interest in the EGP property. On September 18, 2024, the Company entered into a Joint Venture Agreement with GGL to contractually explore the property on a 75%/25% basis, with each party accounting for its share of expenditures on the property in proportion to its interest, which may be adjusted from time to time. GGL will be the operator of the joint venture with full power and authority to perform actions necessary in facilitation of the joint venture activities. GGL will also earn an administration fee as the operator.

TOM claims:

In 2020, the Company and a private Nevada corporation (collectively, the “Optionors”) signed an Option Agreement with GGL, to sell GGL a 100% interest in certain additional claims underlying the East Gold Point Project (the “TOM property”) in which both the Company and the private Nevada corporation each hold a 50% interest. Pursuant to the terms of the Option Agreement, GGL can acquire the project by incurring aggregate minimum exploration expenditures of US$1,500,000 on the collective Gold Point project (EGP claims, TOM claims, and certain other claims as specified above, and reimbursing the Optionors for certain staking costs and fees (completed).

Upon GGL having earned the 100% interest in the TOM property, the Optionors will be entitled to receive a one-time cash payment of US$1 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project.

Additionally, the Optionors shall each retain a 1.0% NSR on all mineral production from the property, from which half of the NSR can be purchased by GGL for a payment of US$2 per ounce on the first 250,000 ounces of gold contained in any measured or indicated resource estimate (or proven or probable reserve estimate), and US$1 per ounce of gold above 250,000 ounces thereafter.

(iii) East Goldfield property

On April 21, 2023 and as amended most recently on December 19, 2023, the Company signed a binding letter of intent with Green Gold Resources LLC (“Green Gold”) granting Green Gold the option to acquire up to a 100% interest in the East Goldfield property located in Nevada, USA. Effective May 12, 2024, the parties agreed to terminate the letter of intent. During the term that the binding letter of intent was active, the Company received a cash payment of US$20,000 ($26,480).

On August 2, 2024, the Company signed a Royalty Agreement with Eagle Royalties Ltd. (“Eagle”) to sell a 1.0% NSR royalty in certain mineral claims underlying the property for $25,000 (received).

28

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (d) Nevada projects (continued)

(iv) Enigma-Cambridge property option

In 2021, the Company entered into a Letter of Intent forming a joint arrangement with Auburn Gold Mining, LLC (“Auburn”) to consolidate certain of their respective claim holdings in Nevada which is accounted for under IFRS 11 Joint Arrangements. The joint arrangement includes the Company’s Enigma and Auburn’s Cambridge properties, and certain intervening claims that connect the properties (the “Project Area”, “Enigma-Cambridge”). Each party holds a 50% interest in the Project Area in the form of an unincorporated joint operation. Upon formation of the joint operation, a Technical Committee formed by the parties made up of two representatives from each party will determine exploration and marketing activities and the Company will act as operator. Each party will be responsible for maintaining their respective Project Area claims in good standing and will equally share the cost of maintaining the intervening claims. Costs incurred during the year ended December 31, 2024, represent the Company’s portion only.

On March 10, 2025, the Company and Auburn (the “Optionors”) signed a binding letter of intent (“LOI”) with Walker Lane Resources Ltd. (“Walker Lane”) (formerly, CMC Metals Ltd.) which is intended to be superseded by a definitive agreement by May 31, 2025 whereby the Optionors grant Walker Lane an option to acquire a 75% interest in the Enigma-Cambridge property (the “First Option”) for cash payments totaling US$230,000 to each Optionor (US$460,000 in total), to which the payments attributable to the Company are as follows:

Cash payments and/or the issuance of common shares of US$230,000:

• US$10,000 in cash or common shares (not yet received) upon Walker Lane obtaining Exchange acceptance of the transaction under the LOI;

• US$10,000 upon signing of a Definitive Agreement;

• US$10,000 by March 10, 2026;

• US$40,000 by March 10, 2027;

• US$50,000 by March 10, 2028; and

• US$110,000 by March 10, 2029.

One-half of the abovementioned payments may be satisfied through the issuance of common shares of Walker Lane with the remainder required in cash.

Additionally, Walker Lane is required to incur an aggregate US$1,500,000 in exploration expenditures on the property including a minimum of 1,500m of diamond drilling on the property by March 10, 2029.

Upon exercise of the First Option, the Company will grant Walker Lane an option to acquire an additional 25% interest in the property (the “Second Option”). In order to exercise the Second Option, Walker Lane will be required to complete a NI 43-101 compliant report on the property identifying a measured or indicated resource on the property by December 31, 2033, and by paying each Optionor US$75,000 within ten (10) days of completion of the report.

At the time the Second Option is exercised, the Company will be deemed to have retained a 1.5% NSR over the property on all future mineral products from commercial production on the project of which up to 1.0% can be purchased by Walker Lane by making a cash payment of US$750,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$6 per ounce of gold or other metals identified in a NI 43-101 compliant measured or indicated resource estimate on the project up to a maximum of US$300,000. Certain NSR royalty and buy-down terms also apply to Auburn’s interest.

(v) Legal Tender property option

In 2021, the Company signed a Property Option Agreement with QLM Royston Hills, LLC (“QLM”) to sell QLM a 100% interest in the Company’s Legal Tender property located in Nevada, USA. In 2022, the parties signed a Restated Property Option Agreement to sell QLM a 100% interest in certain claims underlying the Legal Tender property for staged cash payments of which US$10,000 ($13,058) was received through to the Company issuing a notice of termination on February 5, 2024, as QLM was in default of the next staged cash payment.

29

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (d) Nevada projects (continued)

(vi) Shamrock property – Right of First Refusal

On March 11, 2025, in consideration of the three letters of intent signed by the Company and Walker Lane (Enigma, Silver Mountain, Tule Canyon), the Company granted Walker Lane a right of first refusal through to October 1, 2025, related to any future sale, option or other disposition of all or a partial interest in the Shamrock property.

(vii) Skylight property option

From 2021 through to an amendment effective January 5, 2024, the Company signed an Option Agreement with Rush Gold Corp. (“Rush”) superseding previous option and amending agreements signed between the parties from 2020 to 2021 to sell Rush a 100% interest in the Company’s Skylight property located in Nevada, USA. As Rush was unable to complete its initial public offering by March 31, 2024, the parties terminated the Option Agreement effective May 8, 2024. The Company received US$4,400 ($5,974) for claims maintenance fees from Rush during the year ended December 31, 2023.

On January 10, 2025, the Company and Rush signed a new Property Option Agreement to sell Rush a 100% interest in the Skylight property for cash payments and issuances of common shares to the Company as described below in addition to Rush completing an aggregate of 3,000 m of drilling on the property by January 31, 2028, and paying Silver Range US$4,400 by April 1, 2025, for claims maintenance fees.

Cash payments of $310,000:

• $10,000 by January 31, 2025 (subsequently received);

• $100,000 by the thirteen-month (13) anniversary of Rush obtaining a public listing on a Canadian stock exchange by April 30, 2025 (“IPO”); and

• $200,000 by the twenty-five month (25) anniversary of an IPO.

Issuance of 680,000 common shares:

• 80,000 common shares upon completion of an IPO;

• 100,000 common shares by January 10, 2026;

• 200,000 common shares by January 10, 2027; and

• 300,000 common shares by January 10, 2028.

The Company will retain a 3.0% NSR over the property on all future mineral products from commercial production on the project of which up to 2.0% can be purchased by Rush by making a cash payment of $1,000,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$4 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project. If Rush has not identified either a mineral resource or reserve on the property by January 10, 2031, Rush will make a cash payment of US$10,000 to the Company and on all subsequent anniversaries of the agreement until such time a mineral resource or reserve has been identified on the property.

30

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (d) Nevada projects (continued)

(viii) Silver Mountain property option

On March 10, 2025, the Company signed a binding letter of intent (“LOI”) with Walker Lane which is intended to be superseded by a definitive agreement by May 31, 2025 whereby the Company grants Walker Lane an option to acquire a 100% interest in the Silver Mountain property for cash payments to the Company as follows:

Cash payments of US$200,000:

• US$5,000 by August 1, 2025;

• US$5,000 by August 1 of each of the calendar years 2026 to 2034 (nine (9) payments totaling US$45,000); and

• US$150,000 by August 1, 2035.

Additionally, Walker Lane is required to complete a minimum of 1,000m of diamond drilling on the property by August 1, 2035.

Upon exercise of the option, the Company will be deemed to have retained a 2.5% NSR over the property on all future mineral products from commercial production on the project of which up to 1.5% can be purchased by Walker Lane by making a cash payment of US$1,500,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$10 per ounce of gold or other metals identified in a NI 43-101 compliant measured or indicated resource estimate on the project.

(ix) Tule Canyon property option

On April 21, 2023 and as most recently amended on December 19, 2023, the Company signed a binding letter of intent with Green Gold Resources LLC (“Green Gold”) granting Green Gold the option to acquire a 100% interest in the Tule Canyon property located in Nevada, USA, as described below. Effective May 12, 2024, the parties agreed to terminate the letter of intent. During the term that the binding letter of intent was active, the Company received a cash payment of US$11,000 ($14,564).

On March 8, 2025, the Company signed a binding letter of intent (“LOI”) with Walker Lane which is intended to be superseded by a definitive agreement by May 31, 2025 whereby the Company grants Walker Lane an option to acquire a 80% interest in the Tule Canyon property (the “First Option”) for cash payments to the Company as follows:

Cash payments and/or the issuance of common shares of US$480,000:

• US$20,000 (not yet received, extension under negotiation) upon signing the LOI;

• US$20,000 upon signing of a Definitive Agreement;

• US$40,000 by March 8, 2026;

• US$75,000 by March 8, 2027;

• US$100,000 by March 8, 2028; and

• US$225,000 by March 8, 2029.

One-half of the abovementioned payments may be satisfied through the issuance of common shares of Walker Lane with the remainder required in cash. Additionally, Walker Lane is required to complete a minimum of 1,500m of diamond drilling on the property by March 8, 2028.

Upon exercise of the First Option, the Company will grant Walker Lane an option to acquire an additional 20% interest in the property (the “Second Option”). In order to exercise the Second Option, Walker Lane will be required to complete a NI 43-101 compliant report on the property identifying a measured or indicated resource on the property by December 31, 2033.

At the time the Second Option is exercised, the Company will be deemed to have retained a 2.5% NSR over the property on all future mineral products from commercial production on the project of which up to 1.5% can be purchased by Walker Lane by making a cash payment of US$1,500,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$10 per ounce of gold or other metals identified in a NI 43-101 compliant measured or indicated resource estimate on the project.

31

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

6. Mineral property interests (continued)

• (d) Nevada projects (continued)

(x) Weepah South property sale

On February 8, 2024, the Company signed a property purchase agreement with GRC Nevada Inc. (a subsidiary of Fortitude Gold Corp.) (“GRC”) to sell GRC a 100% interest in the Weepah South property located in Nevada, USA for consideration of US$10,000 (received, $13,397 recognized as a gain on sale of mineral properties). The Company will retain a 2.0% NSR over the property on all future production and sale of products from the project.

(xi) Sale of royalty interests

On August 26, 2024, the Company signed Royalty Agreements with three separate arm’s length entities on four projects including Bankroll, Bottom Dollar, Opulent, and Robot. Pursuant to each Royalty Agreement the respective entities acquired 100% interests in each of the abovementioned projects in exchange for a 1.0% NSR over the properties on all future production and sale of products from the projects.

During the year ended December 31, 2024, the Company wrote-down the carrying value of each property to $1 respectively.

• (e) Arizona projects

(i) Generative Alliance Agreement

On March 20, 2023, the Company signed a Generative Alliance Agreement with Altius Minerals Corporation (“Altius”) which superseded a term sheet signed on February 16, 2023, whereby the parties will form an exploration alliance (the “Alliance”) for the purpose of financing, identifying, and acquiring gold and base metal properties in Arizona, USA. Further, Altius will acquire a 1.0% NSR on three of the Company’s projects to be staked within a specified area of interest. During the year ended December 31, 2023, the Company staked two new projects in Arizona: the Chloride property, and the Crosby property.

During the year ended December 31, 2023, Altius participated in the Company’s private placement for $500,000.

The Alliance requires the Company to acquire projects through staking that are deemed to have the potential to host a mineral deposit containing a minimum of 500,000 oz of gold or equivalent. Once a project is acquired, the Company will provide Altius with a technical report and underlying technical information (a “Project Submission”). The term of the Alliance will be the greater of March 1, 2027, and 90 days from the date on which Altius receives the seventh (7[th] ) Project Submission from the Company, at which time Altius will select three projects to acquire a 1.0% NSR.

32

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

7. Equipment

Equipment
	Right-of-use
	asset
	$
Cost
January 1, 2023 and December 31, 2023, and December 31, 2024	81,600
Accumulated depreciation
January 1, 2023	71,123
Depreciation (note 6)	10,477
December 31, 2023 and December 31, 2024	81,600
Carrying value
December 31,2023	-
December 31, 2024	-

Equipment was comprised of a right-of-use (“ROU”) asset, being the lease to purchase exploration equipment which was situated at the Company’s Silver Range project (Keg claims). Depreciation was taken on the ROU asset on a straight-line basis over the term of the lease and was capitalized as part of the Silver Range mineral property interest (note 6(a)(ii)).

Lease liability

In 2019, the Company entered into a lease to purchase agreement with a third party for the abovementioned exploration equipment.

A reconciliation of the carrying amount of the lease liability as at December 31, 2023, and for the year then ended is shown below. The lease commenced in 2019 and expired on November 30, 2023.

	December	31,
	2023
	$
Balance, beginning of year	15,837
Lease payments	(16,500)
Lease interest (finance costs)		663
Balance,end ofyear		-

During the year ended December 31, 2024, the Company paid $3,000 for amounts included in accounts payable and accrued liabilities as at December 31, 2023 (note 11).

33

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

8. Share capital

The authorized share capital of the Company consists of an unlimited number of common shares without par value. All issued shares are fully paid.

Common share rights

The Company has approved the adoption of a “Rights Plan” dated November 19, 2021, under which one Right is issued for each issued and outstanding common share of the Company. Each Right entitles the holder to purchase from the Company one common share at an exercise price equal to one-half the then market price of the stock on the TSX-V, subject to certain adjusting events if they have occurred. The Rights are exercisable only if the Company receives an unacceptable take-over bid as defined in the Rights Agreement. Adoption of the Rights Plan was approved by the shareholders at a general meeting held on May 18, 2022.

Transactions for the issue of share capital during the year ended December 31, 2024:

• On January 12, 2024, the Company closed the second and final tranche of a non-brokered private placement of 500,000 units at a price of $0.10 per unit, for gross proceeds of $50,000, of which $10,000 was received during the year ended December 31, 2023 (subscriptions received). Each unit consisted of one common share and one share purchase warrant, exercisable at $0.15 each until January 12, 2026. The residual value of the warrants attached to the units was determined to be $12,500 and was recorded to reserves.

Finders’ fees totaling $600 were incurred in respect of the placement. Additionally, $3,300 (note 10) in legal and filing fees were incurred as share issue costs.

• On July 12, 2024, the Company closed a non-brokered private of 2,991,005 units at a price of $0.08 per unit, for gross proceeds of $239,280. Each unit consisted of one common share and one share purchase warrant, exercisable at $0.16 each until July 12, 2026. The residual value of the warrants attached to the units was determined to be $29,910 and was recorded to reserves. Additionally, $12,600 (note 10) in legal and filing fees were incurred as share issue costs.

• On August 29, 2024, the Company issued 170,038 common shares to Paladin Geoscience Corp. (“Paladin”) with a fair value of $15,000, in settlement of consulting fees accrued from October 1, 2023 to March 31, 2024.

Transactions for the issue of share capital during the year ended December 31, 2023:

• On March 1, 2023, the Company closed a private placement with Altius Minerals Corporation through its whollyowned subsidiary, Altius Resources Inc., comprising 3,333,333 common shares at a price of $0.15 per share, for gross proceeds of $500,000. See note 6(e) for details of a Generative Alliance Agreement between the Company and Altius.

• On March 27, 2023, the Company closed a non-brokered private placement of 768,333 units at a price of $0.15 per unit, for gross proceeds of $115,250. Each unit consisted of one common share and one-half of a share purchase warrant, exercisable at $0.30 each until March 27, 2025 (subsequently expired unexercised). The residual value of the warrants attached to the units was determined to be $19,208 and was recorded to reserves.

Finders’ fees totaling $315 were incurred in respect of the placement, in addition to the issuance of 2,100 finders’ warrants exercisable at $0.30 each until March 27, 2025 (subsequently expired unexercised), which were recognized at fair value of $100. See below for fair value information on the finders’ warrants issued. Additionally, $17,000 (note 10) in legal and filing fees were incurred as share issue costs.

• On April 13, 2023, the Company issued 148,770 common shares to Paladin with a fair value of $10,000, in settlement of consulting fees accrued from October 1, 2022 to March 31, 2023.

• On October 10, 2023, the Company closed the first tranche of a non-brokered private placement of 825,000 units at a price of $0.10 per unit, for gross proceeds of $82,500. Each unit consisted of one common share and one share purchase warrant, exercisable at $0.15 each until October 10, 2025. The residual value of the warrants attached to the units was determined to be $12,375 and was recorded to reserves. Additionally, $7,500 (note 10) in legal and filing fees were incurred as share issue costs.

• On October 23, 2023, the Company issued 236,436 common shares to Paladin with a fair value of $20,000 for services from April 1, 2023 to September 30, 2023.

34

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

8. Share capital (continued)

Commitment to issue shares

The Company has an ongoing Consulting Agreement with Paladin, a company controlled by the President and CEO of the Company. The Consulting Agreement has historically been renewed with the most recent agreement covering the period from April 1, 2022 to March 31, 2024, which was extended to March 31, 2025, by way of an amending agreement.

Pursuant to the Consulting Agreement, Paladin receives a monthly consulting fee of $11,250 in cash and/or shares, which at the sole discretion of Paladin at the time of submitting an invoice for services, may be up to a maximum of $5,000 in common shares. The consulting fee is paid/accrued on a monthly basis, and any common shares are issuable semi-annually. Amounts rendered by Paladin are recorded within both operating expenses and mineral property interests (notes 10,11).

The Consulting Agreement also includes a $250,000 termination provision which would be triggered by a change in control of the Company or the resignation or discharge of Paladin as a Director/Officer of the amalgamated or merged company in the event of a change in control.

All share issuances are subject to regulatory approval, including TSX-V acceptance, and are subject to such hold periods as are required by the TSX-V and applicable regulatory authorities. The number of any common shares to be issued by the Company is calculated at the end of each month during which services are provided, at a deemed price per share equal to the Market Price of the Company's shares (as that term is defined in the policies of the TSX-V) on the last day of each such month on which the shares of the Company traded, minus 50% of the maximum discount permitted by those policies.

As at December 31, 2023, the Company had accrued a commitment of $15,000 relating to the period from October 1, 2023 to December 31, 2023.

As at December 31, 2024, the Company has issued 2,495,495 common shares to Paladin for services rendered from April 1, 2019 to March 31, 2024 (389,483 common shares issued during 2019, 710,439 common shares issued during 2020, 395,283 common shares issued during 2021, 445,046 common shares issued during 2022, and 385,206 common shares issued during 2023, and 170,038 during year ended December 31, 2024, in settlement of $15,000 in fees).

Stock options

The Company has adopted an incentive stock option plan (the “Plan”). The essential elements of the Plan provide that the aggregate number of common shares issuable pursuant to options granted under the Plan may not exceed 10% of the number of issued shares of the Company at the time of grant. Options granted under the Plan may have a maximum term of ten years. A participant who is not a consultant conducting investor relations activities, who is granted an option that is exercisable at or above the market price at the date of grant, can have their options vest immediately, unless otherwise determined by the Board of Directors. A participant who is a consultant conducting investor relations activities, who is granted options under the Plan, will become vested with the right to exercise one-quarter of the options upon conclusion of every three months subsequent to the grant date.

A summary of the Company’s stock options as at December 31, 2024 and December 31, 2023, and changes during the years then ended is as follows:

the years then ended is as follows:
	Year ended		Year ended
	December	31, 2024	December	31, 2023
		Weighted		Weighted
		average		average
	Options	exercise price	Options	exercise price
	#	$	#	$
Options outstanding, beginning of year	5,825,000	0.14	6,575,000	0.14
Granted	3,740,000	0.08	250,000	0.14
Expired	-	-	(1,000,000)	0.16
Options outstanding, end ofyear	9,565,000	0.12	5,825,000	0.14

35

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

8. Share capital (continued)

Stock options (continued)

As at December 31, 2024, the Company has stock options outstanding and exercisable as follows:

(1)	Options Options Exercise Weighted average outstanding exercisable price remaining life Expiry date # # $ (years)
	300,000 300,000 0.11 0.04 January 13, 2025 100,000 100,000 0.19 0.67 September 2, 2025 100,000 100,000 0.24 0.85 November 5, 2025 300,000 300,000 0.21 1.53 July 11, 2026 4,155,000 4,155,000 0.13 1.93 December 6, 2026 620,000 620,000 0.14 2.15 February 22, 2027 250,000 250,000 0.14 3.36 May 11, 2028 3,740,000 - 0.08 4.92 November 29, 2029
	9,565,000 5,825,000 0.12 3.05

(1) Expired unexercised subsequent to December 31, 2024.

During the year ended December 31, 2024, 3,740,000 stock options were granted to officers, directors, and consultants of the Company which are exercisable at $0.08 each, expiring on November 29, 2029 and vest quarterly over one year. Fair value was calculated using the following assumptions: expected life of options – five years, stock price volatility – 118.19%, no dividend yield, and a risk-free interest rate – 2.93%. The fair value is particularly impacted by the Company’s stock price volatility, determined using stock price data from the previous five years. Using the above assumptions, the fair value of options granted during the year ended December 31, 2024, was $0.06 per option, for an aggregate total of $230,311.

During the year ended December 31, 2023, 250,000 stock options were granted to an officer exercisable at $0.14 each, expiring on May 11, 2028 and vested quarterly over one year. Fair value was calculated using the following assumptions: expected life of options – five years, stock price volatility – 115.28%, no dividend yield, and a risk-free interest rate – 3.00%. The fair value is particularly impacted by the Company’s stock price volatility, determined using stock price data from the previous five years. Using the above assumptions, the fair value of options granted during the year ended December 31, 2023, was $0.11 per option, for an aggregate total of $28,591.

The total share-based payment expense for the year ended December 31, 2024 was $48,256 (2023 - $26,521) and includes only options that vested during the year.

During the year ended December 31, 2023, 1,000,000 Officer, and consultant options expired unexercised. As a result, the original share-based payments expense of $106,104 was reversed from reserves and credited to deficit.

Warrants

A summary of the Company’s warrants as at December 31, 2024 and December 31, 2023, and changes during the years then ended is as follows:

years then ended is as follows:
	Year ended		Year ended
	December	31, 2024	December	31, 2023
		Weighted		Weighted
		average		average
	Warrants	exercise price	Warrants	exercise price
	#	$	#	$
Warrants outstanding, beginning of year	7,541,267	0.24	6,330,000	0.25
Issued	3,491,005	0.16	1,211,267	0.20
Expired	(6,330,000)	0.25	-	-
Warrants outstanding, end ofyear	4,702,272	0.17	7,541,267	0.24

36

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

8. Share capital (continued)

Warrants (continued)

As at December 31, 2024, the Company has warrants outstanding and exercisable as follows:

As	at December 31, 2024, the Company has warrants outstanding and exercisable as follows:
(1) (1)	Warrants Warrants Exercise Weight average outstanding exercisable price remaining life Expiry date # # $ (years)
	384,167 384,167 0.30 0.24 March 27, 2025 2,100 2,100 0.30 0.24 March 27, 2025 825,000 825,000 0.15 0.78 October 10, 2025 500,000 500,000 0.15 1.03 January 12, 2026 2,991,005 2,991,005 0.16 1.53 July12,2026
	4,702,272 4,702,272 0.17 1.24

(1) Expired unexercised subsequent to December 31, 2024.

Reserves

Reserves
	Shares	Options	Warrants	Total
	$	$	$	$
January 1, 2023	9,874	619,553	-	629,427
Options vesting	-	26,521	-	26,521
Options expired	-	(106,104)	-	(106,104)
Residual value of warrants issued	-	-	31,583	31,583
Finders'warrants issued	-	-	100	100
December 31,2023	9,874	539,970	31,683	581,527
January 1, 2024	9,874	539,970	31,683	581,527
Options vesting	-	48,256	-	48,256
Residual value of warrants issued	-	-	42,410	42,410
December 31, 2024	9,874	588,226	74,093	672,193

9. Loss per share

The calculation of basic and diluted loss per share for the year ended December 31, 2024, is based on the loss attributable to common shareholders of $4,176,653 (2023 - $987,342) and a weighted average number of common shares outstanding of 96,412,665 (2023 – 92,881,750).

All stock options and warrants were excluded from the diluted weighted average number of shares calculation, as their effect would have been anti-dilutive.

37

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

10. Related party payables and transactions

The Company’s related parties include key management personnel and their management entities. Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. There were no loans to key management personnel or their management entities during the years ended December 31, 2024 and December 31, 2023.

Key management personnel receive no salaries, non-cash benefits (other than incentive stock options), or other remuneration directly from the Company, other than noted below, and there are no contracts with them that cannot be terminated without penalty on thirty days’ advance notice, except for the Paladin termination fee (note 8). Key management personnel participate in the Company’s stock option plan.

During the year ended December 31, 2024, 2,990,000 stock options were granted to officers and directors of the Company which are exercisable at $0.08 each, expiring on November 29, 2029. These options were granted at a fair value of $39,693.

During the year ended December 31, 2023, 250,000 stock options were granted to an officer exercisable at $0.14 each, expiring on May 11, 2028. The options were granted at a fair value of $28,591.

The Company transacted with the following related parties:

• (a) Archer, Cathro & Associates (1981) Limited (“Archer Cathro”) is a geological consulting firm that provides the Company with geological consulting services, office rent and administration. By virtue of the services provided to the Company, Archer Cathro has significant influence over the Company’s operations.

• (b) Glenn Yeadon is the Company’s Secretary. He controls Glenn R. Yeadon Personal Law Corporation (“Yeadon Law Corp.”), which provides the Company with legal services.

• (c) Dan Martino is the Company’s CFO, effective May 11, 2023. He is a principal of Donaldson Brohman Martin CPA, Inc. (“DBM CPA”), a firm in which he has significant influence. DBM CPA provides the Company with accounting and tax services. Larry Donaldson was the Company’s CFO through to May 11, 2023, and is also a principal of DBM CPA.

• (d) Ian Talbot is the Company’s COO. He provides the Company with management services.

• (e) Michael Power is the Company’s President and CEO. He controls Paladin, which provides the Company with consulting services. The consulting fees are paid by cash and shares (note 8).

• (f) Richard Drechsler was the Company’s Vice President of Communications through to February 21, 2024. He controls Drechsler Consulting Ltd. (“Drechsler Consulting”), which provided the Company with management and administrative services.

• (g) John Gilbert was the Company’s Chief Corporate Development Officer, and effective February 21, 2024, became the Company’s Vice President until resigning on March 12, 2025. He controls Grindstone Resources LLC (“Grindstone Resources”) and Hellion Resources LLC (“Hellion Resources”), which provides the Company with corporate development and geological services.

38

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

10. Related party payables and transactions (continued)

The transactions and outstanding balances with key management personnel and Directors and entities over which they have control or significant influence were as follows:

		Transactions	Transactions	Transactions	Transactions	Balances	Balances
		year ended		year ended		outstanding	outstanding
		December	31,	December	31,	December 31,	December 31,
		2024		2023		2024	2023
		$		$		$	$
Archer Cathro
- geological services			1,328		86,168	5,016	9,946
- rent and administration			16,264		39,461	1,654	497
			17,592		125,629	6,670	10,443
Yeadon Law Corp.	(1)		45,000		57,000	13,270	22,294
DBM CPA			40,500		38,500	12,500	9,500
Ian Talbot			42,000		42,000	-	-
Paladin	(2)(3)(5)	168,476			144,928	33,324	9,392
Michael Power			-		-	2,263	2,917
Drechsler Consulting			1,350		22,790	-	-
Grindstone Resources	(4)	129,023			136,444	-	-
Hellion Resources			-		-	11,062	7,936
JohnGilbert			-		-	765	446
		443,941			567,291	79,854	62,928

(1) Includes $15,900 in share issue costs for the year ended December 31, 2024 (2023 - $24,500).

(2) Includes geological services (w ithin survey and consulting) of $14,159 for the year ended December 31, 2024 (2023 - $22,385).

(3) As at December 31, 2024, $nil has been accrued and included w ithin commitment to issue shares (December 31, 2023 - $15,000). (4) Includes geological services (w ithin survey and consulting) of $6,680 for the year ended December 31, 2024 (2023 - $13,981).

(5) As at December 31, 2024, $20,000 had been advanced for w orking capital purposes (December 31, 2023 - $nil).

All related party balances are unsecured and are due within thirty days without interest. The related party transactions do not include expense reimbursements or recoverable sales tax amounts that are included in the year end related party payable balances.

The transactions with the key management personnel are included in expenses as follows:

• (a) Management, administration and corporate development fees

• Includes the services of Company’s COO, Ian Talbot.

• Includes the services of Company’s former Vice President of Communications, Richard Drechsler up to February 21, 2024, charged to the Company by Drechsler Consulting.

• Includes charges by Archer Cathro for administrative personnel.

• Includes the consulting fees paid to the Company’s president and CEO, Michael Power, charged to the Company by Paladin.

• Includes the services of the Company’s Vice President, John Gilbert, charged to the Company by Grindstone Resources and Hellion Resources.

• (b) Office rent

• Charged by Archer Cathro.

• (c) Professional fees

• Includes the legal services of the Company’s Secretary, Glenn Yeadon, charged to the Company by Yeadon Law Corp.

• Includes the accounting and tax services of the Company’s CFO, Dan Martino, charged to the Company by DBM CPA.

• (d) Project generation costs

• Includes charges by Paladin.

• Includes charges by Grindstone Resources and Hellion Resources.

39

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

11. Supplemental cash flow information

Changes in non-cash working capital during the years ended December 31, 2024 and December 31, 2023, were comprised of the following:

comprised of the following:
	December 31,		December 31,
	2024		2023
	$		$
Receivables and prepayments		30,096	(40,803)
Accounts payable and accrued liabilities		7,349	1,797
Accounts payable to related parties		20,560	(4,684)
Net change		58,005	(43,690)

The Company incurred non-cash financing and investing activities during years ended December 31, 2024 and December 31, 2023, which were comprised of the following:

December 31, 2023, which were comprised of the following:
	December 31,		December 31,
	2024		2023
	$		$
Non-cash financing activities:
Lease payments included in accounts payable and accrued liabilities		-		3,000
Fair value of finders' warrants issued		-		100
Shareissue costsincludedinaccounts payable torelated parties		-		7,500
		-	10,600
Non-cash investing activities:
Mineral property costs included in accounts payable and related party payables		6,311	11,169
Value of commitment to issue shares included in mineral property interests		-		325
Value of shares issued included in mineral property interests		-		2,411
Mineral property option proceeds received in common shares	10,000			8,022
Mineralproperty optionproceedsincludedinaccruedreceivables and other receivables	20,000		20,000
	36,311		41,927

During the years ended December 31, 2024 and December 31, 2023, no amounts were paid for interest or income tax expenses.

Cash and cash equivalents consist of the following:

Cash and cash equivalents consist of the following:
	December 31,	December		31,
	2024	2023
	$	$
Cash	817,415		65,389
Cash equivalents	750,810			-
Cash and cash equivalents, end ofyear	1,568,225		65,389

12. Financial risk management

Capital management

The Company is a junior resource exploration company and considers items included in shareholders’ equity as capital. The Company’s capital structure as at December 31, 2024, is comprised of shareholders’ equity of $5,857,267 (December 31, 2023 - $9,722,884). The Company has no debt and does not expect to enter into debt financing. The Company manages its capital structure and adjusts it in light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust its capital structure, the Company may issue new shares, purchase shares for cancellation pursuant to normal course issuer bids or make special distributions to shareholders. The Company is not subject to any externally imposed capital requirements and does not presently utilize any quantitative measures to monitor its capital. There were no changes to the Company’s approach to capital management during the year ended December 31, 2024.

The Company currently has no source of revenues. In order to fund future projects and pay for administrative costs, the Company expects to spend its existing working capital and raise additional funds as needed.

40

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

12. Financial risk management (continued)

Financial instruments - fair value

The Company’s financial instruments consist of cash and cash equivalents, marketable securities, accrued receivables, accounts payable and accrued liabilities, and accounts payable to related parties.

The carrying value of accrued receivables, accounts payable and accrued liabilities, and accounts payable to related parties approximate their fair value because of the short-term nature of these instruments.

Financial instruments measured at fair value on the consolidated statements of financial position are summarized into the following fair value hierarchy levels:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

	Level 1	Level 2	Level 3		Total
	$	$	$		$
December 31, 2024
Cash and cash equivalents	1,568,225	-		-	1,568,225
Marketable securities (note4)	1,521,000	1		-	1,521,001
	3,089,225	1		-	3,089,226
December 31, 2023
Cash and cash equivalents	65,389	-		-	65,389
Marketable securities (note4)	216,300	6,497,666		-	6,713,966
	281,689	6,497,666		-	6,779,355

Financial instruments - risk

The Company’s financial instruments can be exposed to certain financial risks, including credit risk, liquidity risk, and market risk.

(a) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk by holding cash and cash equivalents. This risk is minimized by holding the funds in Canadian banks or with Canadian governments. The Company’s accrued receivables are due from creditworthy third parties and the Company believes the credit risk associated with these receivables to be low. The Company's maximum exposure to credit risk is equal to the carrying value of these instruments. The Company's exposure to credit risk has increased from the prior year given the increase in its holdings of cash and cash equivalents. The Company’s approach to management of credit risk has not material changed over the prior year.

(b) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company’s financial liabilities are all due within the next twelve months. The Company manages liquidity risk by careful management of its working capital to ensure its expenditures will not exceed available resources. The Company's exposure to and management of liquidity risk has not changed materially from that of the prior year.

41

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

12. Financial risk management (continued)

Financial instruments – risk (continued)

(c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, other price risk, and currency risk. The Company's exposure to and management of market risk has not changed materially from that of the prior year.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because of fluctuating interest rates. Fluctuations in market rates do not have a significant impact on the Company’s financial instrument carrying amounts or cash flows. For the year ended December 31, 2024, every 1% fluctuation in interest rates would have impacted loss for the year by approximately $7,000 (2023 - $2,000) before income taxes.

(ii) Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). The Company is exposed to other price risk because of the fluctuating values of its marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Based on the December 31, 2024 portfolio of marketable securities, every 10% fluctuation in the share price of the securities would have impacted loss for the year by approximately $150,000 (2023 - $671,000) before income taxes.

(iii) Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to currency risk because it holds cash and cash equivalents, and has certain receivables and accounts payable denominated in United States Dollars, which, because of fluctuating exchange rates can create gains or losses at the time cash is converted to Canadian dollars, or receivables and payables are received or settled. The Company has no control over these fluctuations and does not hedge its foreign currency holdings. Based on its December 31, 2024, United States Dollar holdings, every 10% fluctuation in the exchange rate would have impacted loss for the year by approximately $23,000 (2023 - $1,000) before income taxes.

13. Segmented information

The Company operates in one reportable operating segment being the acquisition, exploration, and evaluation of mineral properties in Canada and the USA. The Company holds non-current assets comprising mineral property interests of $1,669,949 (December 31, 2023 - $1,736,835) in the USA. The remainder of the Company’s non-current assets are located in Canada.

42

Silver Range Resources Ltd. Notes to the Consolidated Financial Statements (Expressed in Canadian Dollars)

For the years ended December 31, 2024 and December 31, 2023

14. Income taxes

Income tax expense varies from the amount that would be computed from applying the combined federal and provincial income tax rate to loss before income taxes as follows:

income tax rate to loss before income taxes as follows:
	December 31,	December 31,
	2024	2023
	$	$
Loss for the year before income taxes	(4,176,653)	(987,342)
Statutory Canadian corporate tax rate	27.0%	27.0%
	1,127,696	266,582
Changes in tax resulting from:
Unrecognized items for tax purposes	(467,006)	11,595
Tax benefits not recognized	(660,690)	(278,177)
Income taxprovision(recovery)	-	-

The deferred tax assets and liabilities reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values.

	December 31,	December 31,
	2024	2023
	$	$
Allowable capital losses	23,000	5,000
Mineral property interests	4,396,000	4,321,000
Investment tax credits	964,000	964,000
Marketable securities	54,000	(350,000)
Non-capital losses available for carryforward	1,694,000	1,531,000
Shareissue costs	9,000	9,000
	7,140,000	6,480,000
Unrecognized deferred taxassets	(7,140,000)	(6,480,000)
Net deferred tax liability	-	-

As at December 31, 2024, the Company has unclaimed resource and other deductions in the amount of approximately $19,126,000 (December 31, 2023 - $18,973,000), which may be deducted against future taxable income. These costs are approximately $16,282,000 more than the carrying value of the mineral property interests. The tax benefit of approximately $4,396,000 on the difference has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the deductions. There is no expiry date for these amounts.

As at December 31, 2024, the Company has unused non-capital losses of approximately $6,275,000 of which $219,000 will expire in 2031, $576,000 in 2032, $551,000 in 2033, $372,000 in 2034, $303,000 in 2035 and $4,254,000 thereafter. The tax benefit of approximately $1,694,000 on the losses has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the losses.

As at December 31, 2024, the Company has share issue costs totaling approximately $35,000 (December 31, 2023 – $33,000), which have not been claimed for income tax purposes and expire between 2040 and 2048. The tax benefit of approximately $9,000 has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the deductions.

As at December 31, 2024, the Company has unused capital losses of approximately $84,000 (December 31, 2023 - $18,000), which have no expiry dates and can only be used to reduce future income from capital gains.

As at December 31, 2024, the Company has unused investment tax credits of approximately $1,320,000 (December 31, 2023 - $1,320,000), of which $1,137,000 will expire in 2031, $87,000 in 2032 and $96,000 in 2033. The tax benefit of approximately $964,000 on the credits has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the credits.

Income tax attributes are subject to review, and potential adjustments, by tax authorities.

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