Silver Range Resources Ltd.

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Management Discussion and Analysis for the Three Months and the Nine Months ended September 30, 2022 (including Subsequent Events to November 21, 2022)

The following discussion and analysis of the results of operations and financial condition of Silver Range Resources Ltd. (“Silver Range”) for the three months and the nine months ended September 30, 2022 should be read in conjunction with the Silver Range condensed interim consolidated financial statements and related notes for the three months and nine months ended September 30, 2022 and the audited consolidated financial statements and related notes for the twelve months ended December 31, 2021. All Silver Range financial statements are prepared in accordance with the International Financial Reporting Standards (“IFRS”).

Management is responsible for the preparation and integrity of the financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including the financial statements and Management Discussion and Analysis (“MD&A”), is complete and reliable.

The Silver Range financial statements, MD&A and all other continuous disclosure documents are filed with Canadian securities regulators and are available for review under the Silver Range profile at www.sedar.com.

FORWARD-LOOKING STATEMENTS

Except for statements of historical fact, certain information contained herein constitutes forwardlooking statements. Forward-looking statements are usually identified by use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates” or “intends” or by discussions of strategy or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements.

Forward-looking statements are statements that are not historical facts, and include but are not limited to: estimates and their underlying assumptions; statements regarding plans; objectives and expectations with respect to the effectiveness of the Silver Range business model; future operations, products and services; the impact of regulatory initiatives on Silver Range operations; the size of and opportunities related to the market for Silver Range products; general industry and macroeconomic growth rates; expectations related to possible joint or strategic ventures; and statements regarding future performance.

Forward-looking statements used in this MD&A are subject to various risks and uncertainties, most of which are difficult to predict and generally beyond the control of Silver Range. If risks or uncertainties materialize, or if underlying assumptions prove incorrect, the actual results may vary materially from those expected, estimated or projected. Silver Range undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. There can be no assurance that such statements will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Given these uncertainties, the reader of the information included herein is cautioned not to place undue reliance on such forward-looking statements.

DESCRIPTION OF BUSINESS

Silver Range is a prospect generation mineral exploration company with an explicit focus on generating, acquiring and vending targets hosting high grade gold and silver mineralization. It is based in Vancouver, British Columbia, Canada and its common shares are listed for trading on the TSX Venture Exchange (the “TSX-V”).

Silver Range generates prospects through a combination of archival research and basic field investigations including prospecting and geochemical surveys. Prospective targets are acquired by staking and are then explored with geological mapping, sampling, geochemical and geophysical surveys to develop drill targets. In general, Silver Range will not drill the projects in its portfolio. Silver Range may occasionally drill a wholly owned project at its own cost where the potential benefits of a mineral discovery appear to significantly outweigh the exploration risk.

Silver Range selects targets with reported or sampled surface mineralization grading better than 5 grams per tonne (g/t) gold or 500 g/t silver, provided such targets fall within geological deposit models hosting deposits with overall grades meeting or exceeding these thresholds. The Silver Range property portfolio currently consists of 45 mineral properties located in Nevada, the Northwest Territories, Nunavut and the Yukon Territory. The majority of exploration work carried out during 2022 has been and will continue to be focused on prospective targets in Nevada.

Silver Range creates value and generates cash flow by selling interests in its projects to third parties. Silver Range will enter into property transactions at any stage from concept through completion of property exploration. Such property transactions may include outright sales; option to purchase arrangements; joint ventures; the generation and vending of royalties attached to projects; the generation of management fees to oversee exploration; and obtaining reimbursement for exploration expenditures. Intangible value may also be created through the negotiation of carried property interests.

Payments to Silver Range are made in cash or the securities in publicly trading or soon to be trading companies. Proceeds from property transaction are used first to defray the costs of general operation and to recapture the cost of project generation and exploration. Excess proceeds and property interests are retained as investments in the success of Silver Range projects and partner companies.

Silver Range seeks to increase shareholder value on a sustained basis by generating cash flow to defray operating and exploration expenses, thereby reducing any requirement to issue its own

shares from treasury; by generating and maintaining interests in active exploration projects; and by acquiring significant equity interests in partner companies.

OVERALL PERFORMANCE

On March 11, 2020, the World Health Organization recognized the novel coronavirus (“COVID19”) as a global pandemic. Silver Range continues to evaluate the impact of COVID-19, which could create significant uncertainty for Silver Range and its operations. All work carried out by Silver Range on its Canadian and Nevada projects since March of 2020 has been completed in compliance with COVID-19 related travel restrictions and health advisories in place at the time in the jurisdiction in which such work was undertaken.

As of September 30, 2022, Silver Range had no debt and has sufficient funds to meet fixed overhead commitments for the next twelve months. See “Risks and Uncertainties” and “Liquidity and Capital Resources” for additional information.

SELECTED ANNUAL INFORMATION

	December 31, 2021	December 31, 2020	December 31, 2019
Revenues	Nil	Nil	Nil
Net Income (Loss)	$4,286,780	$158,750	($485,003)
Net Income (Loss) per Share-Basic and Diluted	$0.05	$0.00	($0.01)
Total Assets	$10,276,778	$5,235,372	$4,503,829
Total Long-term Financial Liabilities	Nil	Nil	Nil
Cash Dividends DeclaredperShare	Nil	Nil	Nil

Total assets increased from 2020 to 2021 by approximately $5,041,000 mainly due to an increase in marketable securities of approximately $5,071,000 relating to the fair value of Broden Mining Ltd. (“Broden”) shares initially recognized during the year, and an increase in current assets of approximately $181,000. Additionally, cash increased by approximately $208,000.

SUMMARY FINANCIAL INFORMATION (for the eight financial quarters ended September 30, 2022)

The following table contains a comparison of the results for the last quarter with those of the previous seven quarters.

Period Ending	Revenues	Net Income (Loss)	Net Income (Loss) per Share
September 30,2022	Nil	($319,298)	($0.00)
June 30,2022	Nil	$583,521	$0.01
March 31,2022	Nil	($463,372)	($0.01)
December 31,2021	Nil	$2,680,236	$0.03
September 30,2021	Nil	$1,442,612	$0.02
June 30,2021	Nil	$238,564	$0.00
March 31,2021	Nil	($74,632)	($0.00)
December 31,2020	Nil	$24,610	$0.00

RESULTS OF OPERATIONS

Silver Range generated a net loss for the three months ended September 30, 2022, of approximately $319,000, compared to net income for the three months ended September 30, 2021, of approximately $1,443,000. Despite an increase of approximately $68,000 in operating expenses driven by an increase in share-based payments of approximately $45,000, the net loss was generated from a decrease in gain on marketable securities of approximately $1,676,000 resulting in a loss on marketable securities for the period of approximately $115,000 compared to a gain in the comparative period of approximately $1,561,000.

Proceeds from options, joint ventures and royalties

Proceeds from options, joint ventures and royalties on the projects for the three and nine months ended September 30, 2022 and September 30, 2021 consisted of the following:

	Three months ended	Three months ended	Nine months ended	Nine months ended
	September 30,	September 30,	September 30,	September 30,
	2022	2021	2022	2021
	$	$	$	$
Proceeds from options (cash)
Northwest Territories Projects
Uptown Gold	-	45,000	-	120,000
Nunavut Projects
South Kitikmeot	-	-	22,637	-
Nevada Projects
Cold Springs	-	-	-	20,000
East Goldfield	-	-	-	40,000
Legal Tender	-	-	-	25,328
Loner	-	-	-	25,328
Skylight	-	-	-	5,000
Cost recoveries from options (cash)
Nevada Projects
East Gold Point (1)	-	1,180	11,113	77,059
Skylight	5,643	-	5,643	-
Cashproceeds received	5,643	46,180	39,393	312,715
Proceeds from options (common shares)
Yukon Projects
Silver Range	-	55,555	-	55,555
Nevada Projects
Cold Springs	-	-	-	50,000
Yuge	-	-	-	250,000
Common shareproceeds received	-	55,555	-	355,555

(1) Additionally, $1,429 is included directly within gain on sale of mineral properties on the statement of (income) loss and comprehensive income (loss) and is receivable as at September 30, 2022.

LIQUIDITY AND CAPITAL RESOURCES

Working capital was $668,297 at September 30, 2022 compared to $3,181,656 at September 30, 2021.

(a) 2022 Financing

On April 11, 2022, Silver Range closed a 4 million unit private placement. The units were sold at a price of $0.15 each for proceeds of $600,000. Each unit consisted of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.20 at any time on or before April 11, 2024.

All shares issued pursuant to the private placement, including any shares that may be issued pursuant to the exercise of the warrants, were subject to a hold period in Canada expiring on August 12, 2022. Silver Range paid cash finders’ fees totaling $4,875 to GloRes Securities Inc. and Canaccord Genuity Corp. in connection with this private placement.

The proceeds from the 2022 private placement have been and will continue to be used as working capital and to fund exploration work on Silver Range mineral properties in Canada and Nevada.

(b) 2021 Financing

On February 24, 2021, Silver Range closed a 2.33 million unit private placement. The units were sold at a price of $0.25 each for proceeds of $582,500. Each unit consisted of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.33 at any time on or before February 24, 2024.

The proceeds from the 2021 private placement were used as working capital and to fund exploration work in Nevada.

(c) Equity Portfolio

As of November 21, 2022, Silver Range owned marketable securities of other publicly traded junior resource companies with a total market value of approximately $277,700. These securities were acquired by Silver Range pursuant to various property option or sale agreements. See “Risks and Uncertainties” and “Forward Looking Statements” for additional information.

OFF-BALANCE SHEET ARRANGEMENTS

Silver Range does not utilize off-balance sheet arrangements.

SHAREHOLDER RIGHTS PLAN

A shareholder rights plan was ratified by the Silver Range shareholders at the Silver Range Annual General Meeting held on May 18, 2022. Silver Range believes that the shareholder rights plan preserves the fair treatment of shareholders and is consistent with Canadian corporate practice and institutional investor guidelines. The objective of the shareholder rights plan is to ensure that, in the event of a bid for control through acquisition of Silver Range’s common shares, there are provisions in place to:

provide for the orderly presentation of permitted bids to shareholders;
provide adequate time for competing bids to emerge;
ensure shareholders have an equal opportunity to participate in competing bids;
give shareholders adequate time to properly assess any competing bids; and
explore and develop alternatives for maximizing shareholder value.

Under the terms of the shareholder rights plan, Silver Range will distribute one right of exercise for every common share outstanding as at the time of record. The rights issued under the shareholder rights plan will become exercisable when a person, including any related parties, acquires or announces its intention to acquire 20 per cent or more of Silver Range’s outstanding common shares without complying with the permitted bid provisions or without approval of Silver Range’s Board of Directors. If that occurs, each right will entitle a holder, other than the acquiring person and related parties, to purchase common shares of Silver Range at a substantial discount to their market value. A permitted bid must be made through a takeover bid circular prepared in compliance with applicable securities laws, remain open for 60 days and satisfy certain other conditions.

As of November 21, 2022, Silver Range was not aware of any pending or threatened takeover bid for its common shares.

ACTIVE PROPERTY TRANSACTIONS

Silver Range currently has 15 active property disposition transactions with 10 unrelated companies. These include seven option agreements covering 12 of Silver Range’s properties, one joint venture agreement covering two properties and four residual royalty interests in four formerly owned projects. A brief summary of the properties and the related transactions is presented below. More comprehensive descriptions of the properties subject to active transactions may be found on the Silver Range website (www.silverrangeresources.com).

(i) Up Town Gold Project

The Up Town Gold property is a high-grade Archean lode gold prospect adjoining the Giant Mine in Yellowknife, Northwest Territories. The property consists of six claims covering 3,227 hectares and borders the west side of the Giant Mine leases. Silver Range conducted geological mapping, geochemical sampling and airborne magnetic and radiometric surveys on the property in 2016.

By agreement dated September 9, 2016 and amended September 6, 2017, April 6, 2018, September 5, 2018, February 18, 2020, December 4, 2020, March 18, 2021 and January 11, 2022 (the “Original Option Agreement”), Silver Range granted Rover Metals Corp. (“Rover”), a two staged option to acquire up to a 100% interest in the Up Town gold property. Originally, Rover could have exercised the first option and acquire a 75% interest in the property by making certain aggregate cash payments of $300,000 and by incurring aggregate exploration expenditures of $1.6 million by March 16, 2021. The second option to acquire the remaining 25% interest in the property can be exercised through the issuance of 2,500,000 Rover shares to Silver Range by August 31, 2023.

The first option was assigned to Arctic Fox Minerals Corp., formerly Melius Capital Corp. (“Arctic Fox”) under an agreement dated December 4, 2020 and amended March 18, 2021 and January 11, 2022. Under the assignment agreement, Arctic Fox is required to fulfill all of the first option exercise conditions under the Original Option Agreement including the payment to Silver Range of an aggregate $120,000, which has been received by Silver Range.

Rover has retained the right to exercise the second option.

If Arctic Fox and Rover acquire a collective 100% interest in the property, Silver Range will retain a 2% net smelter return royalty, one-half of which may be purchased by Rover for $1 million prior to the commencement of commercial production from the property. Advance royalty payments of $50,000 per annum will be paid to Silver Range commencing on September 30, 2023.

(ii) Silver Range Project

The Silver Range project consists of 5,342 mineral claims and is located approximately 30 km north of Faro, Yukon and was the initial focus of exploration work by Silver Range.

In late November 2012, Silver Range received an independent resource estimate and metallurgical results for the Keg Deposit. A copy of the National Instrument 43-101 technical report entitled “Geology, Mineralization, Geochemical Surveys, Diamond Drilling, Metallurgical Testing and Mineral Resources at the Keg Property” by G. H. Giroux, P.Eng., M.A.Sc. (Giroux Consultants Ltd.) and L.A. Melis, P.Eng. (Melis Engineering Ltd.), dated effective December 19, 2012 and amended May 27, 2013. A copy of the report as amended can be viewed under the Silver Range profile at www.sedar.com.

Under the terms of an August 31, 2016 letter of intent as amended December 11, 2020, June 8, 2021, December 15, 2021 and August 4, 2022, Broden, a private British Columbia company, holds an option to acquire a 100% interest in the Silver Range project by making a series of timed share issuances to Silver Range as specific milestone events are achieved over a period ending August 31, 2023. Silver Range will also retain net smelter return royalty interests of 2% on all future precious metals production and 1% on all future non-precious metals production from the Silver Range project.

In addition to the timed share issuances outlined above, the transaction is conditional upon the private British Columbia company successfully completing agreements with various third parties on or before August 31, 2023.

(iii) South Kitikmeot Gold Project

By agreement dated August 4, 2021 and amended October 18, 2021 and January 6, 2022, Viridis Mining and Minerals Limited (“Viridis”) was granted a staged option to acquire up to a 100% interest in the South Kitikmeot gold project. Viridis can exercise stage one of the option and acquire a 51% interest in the project by: (i) reimbursing Silver Range for its previous exploration expenditures on the project; and (ii) incurring expenditures of not less than $1,500,000 (Australian) by December 31, 2024.

Viridis can exercise the second option and acquire an additional 15% (66% in total) interest in the project by incurring an additional $2,000,000 (Australian) on the project by December 31, 2027. Viridis can exercise the third option and acquire an additional 24% interest in the project by completing a preliminary feasibility study on the project by December 31, 2037.

Viridis has also been granted the option to purchase the remaining 10% interest in the project retained by Silver Range. This buy-out option may be exercised by Viridis at any time after acquiring an aggregate 90% interest in the project. The purchase price of the remaining 10% interest shall be determined by independent qualified valuator in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum CIMVAL Code for the Valuation of Mineral Properties, as adopted on November 29, 2019 and as amended from time to time.

If Viridis does not acquire a 100% interest in the project, the parties shall form a joint venture in accordance with their respective interests in the project at the time the joint venture is formed.

Silver Range will retain a 2.0% net smelter return royalty interest in the project upon Viridis exercising the first option and acquiring a 51% interest in the project. Viridis may purchase onehalf of the royalty interest (being 1%) at any time prior to commercial production by paying Silver Range $1,500,000 (Australian) or the equivalent in Viridis shares.

In addition to the royalty interest, Silver Range will be entitled to receive a payment of $200,000 (Australian) if Viridis identifies a JORC compliant inferred resources on the project of: (i) not less than 500,000 ounces of gold (or the gold equivalent) at a grade of not less than 1.8 grams per tonne; or (ii) not less than 1,000,000 ounces of gold (or the gold equivalent) at a grade of not less than 1.6 grams per tonne.

The South Kitikmeot gold belt is located in southwest Nunavut and covers a 200 kilometre long package of Archean Beechey Lake metasedimentary rocks which host the Lupin mine (3.4 million ounces past production) and the Back River project (5.3 million ounces measured and indicated) currently being advanced to production by Sabina Gold & Silver Corp. (“Sabina”). The project is comprised of seven claim blocks covering approximately 9,360 hectares. Each of those seven claims blocks is briefly described below:

(1) Bling Property

The Bling property hosts iron formation gold style mineralization and is located near Thistle Lake in the Kitikmeot Region of Nunavut, approximately 400 km northeast of Yellowknife, Northwest Territories. The property consists of a single 1,024 hectare claim, staked in 2011 by Panarc Resources Ltd. (“Panarc”) and subsequently acquired by Silver Range in 2016. Gold is associated with the arsenopyrite in an exhalite horizon, and numerous samples returned assays greater than 10 g/t gold with some chip samples as high as 16.0 g/t gold over 2.0 meters. The mineralization appears to be stratigraphically controlled, is not structurally disrupted and is located along an extensive regional contact. In 2017, Silver Range completed total magnetic field and electromagnetic field surveys on the property.

(2) Esker Lake Property

The Esker Lake property hosts iron formation gold style mineralization and is located on the south shore of Esker Lake in the Kitikmeok Region of Nunavut, approximately 400 km northeast of Yellowknife, Northwest Territories. The property consists of one claim covering 1,250 hectares and was explored by third parties from 1986 to 1992 with some diamond drilling. The property was restaked by Panarc in 2012 and sold to Silver Range in 2016. Panarc conducted field work on the property in 2015 and grab sample assay results ranged from 7.6 to 26.8 g/t gold and a chip sample ran 2.32 g/t gold over 2.6 meters.

(3) Goldbugs Property

The Goldbugs property hosts iron formation gold style mineralization and is located on the south shores of Ghurka and Migration Lake in the Kitikmeok Region of Nunavut, approximately 390 km northeast of Yellowknife, Northwest Territories. The property consists of five claims covering approximately 1,774 hectares. The area was first staked by Argus Resources Ltd. in 1986 and was subsequently restaked by Panarc in 2011 and sold to Silver Range in 2016. Sampling by Panarc identified four showings containing greater than 5 g/t gold. No work has been conducted by Silver Range subsequent to its acquisition of the property in 2016.

(4) Uist Property

The Uist property hosts iron formation gold style mineralization and is located 428 km southeast of Kugluktuk, Nunavut, approximately 440 km northeast of Yellowknife, Northwest Territories. The property adjoins Sabina’s Back River gold project. The Uist property consists of three claims covering 470 hectares. Silver Range has conducted geological mapping, prospecting, total magnetic field surveys and horizontal loop electromagnetic field surveys on the property since staking in 2016. Sampling at two showings returned surface rock grab sample analyses up to 64.3 g/t gold.

(5) Qannituq Property

The Qannituq Property hosts iron formation gold style mineralization and consists of 2 claims covering 2500 hectares. The property is located in Nunavut, 8.2 km northwest of Sabina Gold & Silver’s Llama deposit. The claims are underlain by Beechey Lake metasedimentary rocks intruded by granite. Silver Range completed reconnaissance prospecting on these claims during early August 2017.

(6) Ujaraq Property

The Ujaraq Property consists of one claim covering 750 hectares and is located on the southern shore of Contwoyto Lake. The property covers iron formation immediately east of the Finn Property and the Lupin Mine leases. Historic reports document boulder sampling which returned up to 28.11 g/t Au from drilling. The best of 9 holes in these reports intersecting iron formation returned 6.27 m @ 2.13 g/t Au.

(7) Hiqiniq Property

The Hiqiniq Property consists of one claim covering 350 hectares and is located east of Sun Bay on the southern shore of Contwoyto Lake, immediately west of the Lupin Mine. Historic reports have documented iron formation on the property with surface grab samples assaying up to 11.16 g/t Au.

(iv) Gold Point District

Gold Point is a high-grade gold and silver mining district in Esmeralda County, Nevada, about 26 miles south of the towns of Goldfield and 43 miles northwest of Beatty. The district was discovered in 1868 and became known as Hornsilver following the discovery of bonanza grade chlorargyrite in 1908. As mining progressed to depth, gold predominated and the district was renamed Gold Point in the 1930's.

Underground mining of higher-grade portions of the veins in the district occurred intermittently between 1882 and 1962. The last operation ceased with the closure of the mill at Silver Peak. Total historic production to date in the district has been estimated at approximately 74,000 oz gold equivalent, silver being included in earlier production records.

Gold occurs in mesothermal orogenic or intrusion related quartz-limonite-hematite veins. The veins occur in a west-northwest striking structural corridor extending at least 4 km from Mount

Dunfee to west of the town of Gold Point. The veins are subparallel to the structural trend, dip moderately to steeply northeast and generally rake east in the plane of the controlling structures.

The most significant mining occurred on the Great Western, Welcome Stranger (Townsite) and Orleans veins. These were high grading operations, mining material averaging about 29 g/t Au at a 10 g/t Au cutoff. The higher-grade portions of the veins ranged in width from around 1.5 m to 7 m with stopes up to 13 m on the Great Western and Orleans veins. Stope maps indicate abundant lower grade mineralization was left behind in the ribs and backs. The gold mineralization persists to depth with material averaging 10.7 g/t Au collected in 35 samples from the 900 through 1020 levels of the Orleans veins following mining. There has been no significant modern exploration or drilling in the core of the Gold Point district since mining ceased due to fragmented mineral tenure.

Information concerning historical exploration, development and mining at Gold Point is based on Nevada Bureau of Mines and Geology archive material and on historic information provided by Nevada Rand LLC.

Property Consolidation

Silver Range forged an alliance with Nevada Rand LLC (“Nevada Rand”) to consolidate the major past producing mines and prospects in the Gold Point District. Nevada Rand is a privately owned underground mining contracting firm, well experienced in narrow vein high grading operations. Since the 1990’s, it has acquired historic data and consolidated claim blocks covering the Great Western and Orleans veins and most of the Townsite Vein.

The Silver Range East Gold Point project is southeast of Nevada Rand’s claims and covers the eastern extension of the structural corridor hosting the gold-bearing veins at Gold Point. The Lucky Boy shaft on the East Gold Point project was sunk where float containing visible gold was found and the Hornsilver America shaft at the southeastern end of the East Gold Point property hosts gold bearing veins which returned up to 13.8 g/t Au in recent sampling. Silver Range and Nevada Rand staked and jointly own the TOM property, buffer claims between their respective land positions.

GGL Resources Corp. (“GGL”) has entered into three separate option agreements in respect of three contiguous parcels of federal lode mining claims near Gold Point. These three properties are the East Gold Point property, the Gold Point property and the Tom property (collectively, the “Project Area”).

(i) East Gold Point Option

By agreement dated July 27, 2020 and amended December 3, 2020, Silver Range granted GGL an option to acquire a 75% interest in the East Gold Point property, consisting of 39 federal lode mining claims. GGL can exercise the option by making cash payments totaling CAD$180,000 and incurring aggregate expenditures in the Project Area of an aggregate of CAD$1,500,000 on or before July 31, 2023.

Once the option has been exercised, GGL and Silver Range will enter into a 75% / 25% joint venture for the further exploration and development of the property. Silver Range will also be entitled to receive a one-time cash payment of US$4.00 per ounce based on the number of ounces

of gold identified in the earlier of a measured or indicated mineral resource, or a proven or a probable mineral reserve, as contained in a NI 43-101 compliant technical report applicable to the EGP property.

(ii) Gold Point Option

By agreement dated July 27, 2020, Nevada Rand granted GGL an option to acquire a 100% interest in the Gold Point property, consisting of 10 federal lode mining claims. GGL can exercise the option by making cash payments totaling US$1,000,000 and incurring expenditures in the Project Area of not less than US$850,000 on or before July 31, 2025. This option agreement also provides that Nevada Rand will retain a 2% net smelter return royalty related to mineral products from commercial production from the Gold Point property. GGL has the right to purchase one-half of the royalty for US$1,000,000.

(iii) Tom Option

By agreement dated July 27, 2020, Silver Range and Nevada Rand jointly granted GGL an option to acquire a 100% interest in the TOM property, consisting of 14 federal lode mining claims. GGL can exercise the option by incurring expenditures in the Project Area of not less than US$1,500,000 on or before July 31, 2023. Upon exercising the option, each of Silver Range and Nevada Rand will be entitled to receive a one-time cash payment of US$1.00 per ounce based on the number of ounces of gold identified in the earlier of a measured or indicated mineral resource, or a proven or a probable mineral reserve, as contained in a NI 43-101 compliant technical report applicable to the TOM property. The option agreement also provides that each of Silver Range and Nevada Rand retain a 1% smelter return royalty related to mineral products from commercial production from the TOM property. GGL has the right to purchase one-half of each of the royalties for a payment of US$1.00 for each ounce of gold contained in any measured or indicated resource, or any proven or probable reserve.

(v) Skylight Property

By agreement dated August 28, 2020, amended March 31, 2021 and June 30, 2022, Silver Range granted Rush Gold Corp. (“Rush”) an option to acquire a 100% interest in the Skylight property. Rush can exercise the option by: (i) making cash payments to Silver Range totaling $310,000; (ii) completing an initial public offering by December 31, 2022; (iii) issuing 650,000 shares to Silver Range; and (iv) completing 3,000 metres of drilling on the property.

Silver Range will retain a 3% net smelter return royalty interest, two-thirds (66.6%) of which may be purchased by Rush for $1,000,000 at any time prior to the start of commercial production from the property. In addition, Silver Range will be entitled to receive a defined resource payment of US$4 for each ounce of gold (or the gold equivalent) identified in the earlier of a measured or indicated mineral resource, or a proven or a probable mineral reserve, as contained in a NI 43-101 compliant technical report applicable to the property. If Rush Gold has not defined a resource to these standards on the property by August 26, 2027, Silver Range shall be entitled to receive US$10,000 on the sixth and subsequent anniversaries until a resource is defined.

The Skylight property is a low sulphidation epithermal prospect, located 60 kilometres northwest of Tonopah, Nevada, in the Royston Hills. Exploration work to date indicates that Skylight is a

fully preserved, precious metal bearing epithermal system, the heart of which has never been drill tested. Skylight is underlain by Oligocene ash-flow tuffs unconformably overlying Triassic Luning Formation carbonate and clastic rocks. These rocks are cut by northwest-trending right lateral strike-slip faults and by subordinate north-striking steeply dipping secondary normal faults splayed from the master faults.

Skylight is centred on vent-proximal silica breccia and thinly laminated ponded silica indicating deposition at the very top of a hydrothermal cell in an epithermal outflow zone. The silica centres form several resistant hills extending approximately 800 m. Anomalous soil and rock geochemical responses in mercury, gold, silver and arsenic are associated with the silica. Silver Range conducted a three-dimensional induced polarization (3DIP) survey over a grid centred on the silica caps at Skylight. The survey defined a network of chargeability linear features with a nexus centred beneath the region of the silica caps.

Elevated gold, silver and arsenic values are directly associated with several of these linear chargeability anomalies. These linear features are interpreted to be conduits feeding the hydrothermal system and may host high-grade vein-hosted precious metal mineralization. Skylight drew no attention from early prospectors due to the lack of readily exposed gold or silver mineralization but was recognized as a significant target in the early 2000’s by Rimfire Minerals Corporation and Newmont Mining. At the conclusion of their joint venture, Rimfire drilled 6 holes (1575 metres) on the flanks of the silica caps at Skylight in 2007. (Rimfire Minerals Corporation News Release – November 6, 2007). Intercepts were reported from three holes: 10.67 m at 0.49 g/t Au; 3.05 m at 1.766 g/t Au; and 3.05 m at 0.608 g/t Au. This work was never followed up and the core of the system beneath the silica caps was never drill tested.

(vi) Bellehelen Project

By letter of intent dated August 23, 2022, Silver Range granted Excalibur Metals Corp. (“Excalibur”) an option to acquire a 100% interest in the Bellehelen project, located in Nye County, Nevada. The project consists of the Bellehelen, Kawich and Neversweat properties, and covers the bulk of the showings in the Bellehelen Mining District.

The exercise terms under the option will include: (i) $300,000 in cash payments and $200,000 in shares over four years; (ii) a 2% net smelter return with a buy-back option on 1% for $1,000,000; and (iii) a US $2 per ounce (gold-equivalent) payment on any defined resource identified in the project area. Excalibur will also be required to complete a listing on a Canadian stock exchange by May 30, 2023. The parties are currently in the process of finalizing a formal option agreement which will replace the letter of intent.

Between May and October 2021, Silver Range conducted geologic mapping, prospecting, sampling and soil geochemical surveys at the Bellehelen project. Prospecting identified two new structurally controlled, low sulphidation quartz vein occurrences in the northern portion of the property returning 10.85 g/t gold and 148 g/t silver; and 8.89 g/t gold and 609 g/t silver respectively. A different style of mineralization, analogous to the nearby Silicon Project, and potentially hosting much larger gold endowment was discovered in the northern portion of the property where quartz-adularia flooded pyroclastic rocks return 0.622 g/t gold from a chip panel sample (QA Showing).

At a second location on trend in pyritized, quartz-flooded pyroclastic rocks, an overlooked historic grab sample returned 0.744 g/t gold from dump material at a shallow shaft. Soil sampling was conducted on two grids using 100 m spaced lines with samples spaced 25 m apart. At the BH Grid, centred on the area of the Ben Hur Mine, soil sample results mapped a kilometre-long gold-in-soil anomaly defined by samples greater than 100 ppb gold. The anomaly is open on-strike in both directions. Peak soil response on this grid was 3.53 ppm gold and 168 ppm silver.

At the QA grid, centred on the Eponymous showing, scattered gold-in-soil analyses were recorded with peak soil responses of 331 ppb gold and 1.04 ppm silver. High mercury responses were also noted on this grid. Airborne total magnetic field surveys; short wave infrared (SWIR) alteration and geologic mapping; and portable X-ray fluorescence (per) lithogeochemical analyses identified two subordinate craters within the larger Bellehelen Caldera. The Ben Hur Crater, defined by aeromagnetic surveys and structural geologic mapping, contains the Ben Hur Mine and associated showings. The BH soil grid is also within this feature. Higher temperature, lower pH alteration minerals were identified in this crater by SWIR analysis of pumice clasts in host pyroclastic rocks. Rocks with higher temperature clay minerals defined by crystallinity index and rocks with pumice fragments showing higher Rb/Sr ratios are found along the central axis of the Bellehelen Caldera, suggesting that heat flow and mineralization may be localized along this axis.

The three claim blocks comprising the Bellehelen Project are each described briefly below:

(1) Ajax Property

The Ajax Property is an epithermal silver and gold target consisting of eight Federal Lode Claims located in Nye County, Nevada. The property was acquired from Panarc in 2016 and covers the Ajax Mine. Silver Range has conducted soil geochemical surveys, prospecting, total magnetic field and horizontal loop electromagnetic field survey on the claims in August 2020. Results are pending.

(2) Kawich Property

The Kawich Property consists of 76 Federal Lode Claims and is located in the Bellehelen Mining District, approximately 70 kilometres east of Tonopah. The property covers numerous historical workings including the Ben Hur Mine. At Kawich, low sulphidation epithermal gold mineralization in Tertiary rhyolitic tuff occurs as east-striking en-echelon quartz veins, exposed for up to 160 m along strike and over widths up to 1.2 m in limited outcrop exposure. Initial grab sampling of veins and dumps by Silver Range in 2019 returned up to 10.35 g/t Au and 430 g/t Ag with 7 of 12 samples collected returning greater than 1 g/t Au and 5 of 12 samples returning greater than 100 g/t Ag. Silver Range intends to conduct additional geological mapping, sampling, geophysical and geochemical sampling on the property to identify drill targets.

(3) Neversweat Property

The Neversweat Property is an epithermal silver and gold target consisting of four Federal Lode Claims located in Nye County, Nevada. The property is located east of the Bellehelen (Merger) and Peterson Mines, the principal producers in the Bellehelen Mining District. The claims were staked in September 2020.

ROYALTY INTERESTS FROM COMPLETED TRANSACTIONS

(a) Yuge Property

The Yuge property is located in Humboldt County, Nevada, approximately 55 kilometres south of Denio in the Varyville Mining District. By agreement dated July 7, 2020, Trifecta Gold Ltd. (“Trifecta”) was granted the right to acquire a 100% interest in the Yuge property by: (i) issuing 4,797,611 Trifecta common shares to Silver Range; and (ii) paying Silver Range $250,000 on or before July 7, 2021. The 4,797,611 shares were received by Silver Range on September 2, 2020.

On May 3, 2021, Trifecta acquired a 100% interest in the Yuge property through the issuance of an additional 2,212,389 common shares to Silver Range. The said shares were issued in lieu of the $250,000 payment due on or before July 7, 2021.

Following receipt of the 2,212,389 shares, Silver Range held an aggregate 7,210,000 Trifecta common shares, representing approximately 12.0% of the issued and outstanding Trifecta share capital on May 3, 2021.

In addition to the Trifecta shares, Silver Range retained a 2% net smelter return royalty in the Yuge property. Trifecta will have the right to purchase one-half of the royalty interest by paying Silver Range $1 million. In addition to retaining the royalty interest, Silver Range will also be entitled to receive a cash payment equal to US$2 for each ounce of gold (or the gold equivalent) identified in the earlier of a measured or indicated mineral resource, or a proven or a probable mineral reserve, as contained in a NI 43-101 compliant technical report applicable to the property. These payments will be made to Silver Range within six months of the date of the report.

(b) Cold Springs Property

By agreement dated September 1, 2020 and amended May 11, 2021, Silver Range granted Supernova Metals Corp. (“Supernova”), an option to acquire a 100% interest in the Cold Springs gold/silver project, located in Churchill County, Nevada. Supernova exercised the option by issuing one million Supernova shares to Silver Range in late May of 2021.

Silver Range retains a 2.5% net smelter return royalty interest in the property. Supernova has the right to reduce the royalty interest to 1% by paying Silver Range $1,250,000.

The Cold Springs property is an epithermal gold and silver prospect consisting of 19 Federal Lode Claims located in Churchill County, Nevada. The property was acquired by Silver Range in 2016 and explored briefly at the time of staking. Silver Range has subsequently acquired historic drill data covering the property and adjacent area.

(c) Cabin Lake Royalty

The Cabin Lake property is located 110 kilometres northwest of Yellowknife and 38 kilometres north of Behchoko in the Tlicho Traditional Territory, central Northwest Territories. The property hosts high-grade gold in iron formation within Archean metasedimentary rocks. In November 2020, Rover informed Silver Range that it had completed a nine hole drill program at the Cabin Lake property. The objective of the program was to confirm and expand the known mineralization

at the deposit, concentrating initially on the Bugow Iron Formation in the eastern limb of a major fold. Initial results from the earlier first two holes returned best assays of 22.01 m at 7.94 g/t Au (see Rover new release dated October 26, 2020).

Under the terms of a letter of intent dated November 7, 2017 and amended August 9, 2018, Rover acquired a 100% interest in the Cabin Lake property. Under the agreement, Silver Range will receive aggregate payments of $260,000 and will receive advance royalty payments. Silver Range also retained a 2% net smelter return on future precious metal production. Rover has the right to purchase up to 1.5% of the 2.0% royalty interest upon the completion of a NI 43-101 compliant measured and indicated resource at the Cabin Lake property.

Rover may purchase each 0.5% interest in the royalty for $250,000 if the resource on the property contains less than 1 million ounces of gold. Rover may purchase each 0.5% interest in the royalty for $500,000 if the resource on the property contains 1 million or more ounces of gold.

(d) Michelle Property

By agreement dated February 19, 2021 and amended November 2, 2021, Silver Range sold Silver47 Exploration Corp. (“Silver47”) a 100% interest in the Michelle property for 5,650,000 common shares in the capital of Silver47. In addition to the Silver47 shares, Silver Range will retain a 1% net smelter return royalty in all commercial production from the property. Silver Range will also be entitled to receive a one-time payment of $1 million if a positive production decision is made on a resource of not less than 80 million ounces of silver as outlined in a feasibility study.

Silver47 is currently in the process of having its common shares listed on a Canadian stock exchange.

The Michelle property is an exploration project that consists of 782 mineral claims located 130 km north-northeast of Dawson City in central Yukon. Silver Range holds a 100% interest in the property and there are no underlying third-party royalty interests. The property hosts numerous manto or Mississippi Valley, type silver-zinc-lead targets. During 2017, Silver Range conducted a program of geological mapping, trenching and sampling on the Michelle Property. No work has been done on the property since 2017.

PROPERTIES AVAILABLE FOR OPTION OR SALE

In addition to those properties currently under option to third parties, Silver Range has numerous mineral properties in Nevada, Nunavut, the Northwest Territories and Yukon Territory available for option, purchase or joint venture. More comprehensive descriptions of the properties available for option or sale may be found on the Silver Range website (www.silverrangeresources.com).

(a)

Nevada Properties

Silver Range holds a total of 26 mineral projects in Nevada, 23 of which are available for option, purchase or joint venture. A summary of the properties available for option follows:

(i) Legal Tender Property

The Legal Tender property is an epithermal silver and gold target consisting of 12 Federal Lode Claims located in Nye County, Nevada. The property was staked by Silver Range in 2016 and subsequently explored with prospecting and geological mapping. Initial grab sampling by Silver Range returned analyses up to 1,875 g/t silver and 3.04 g/t gold from sulphide bearing quartz vein material retrieved from waste dumps from previous workings.

Legal Tender is located 62 km NW of Tonopah in the Royston Hills. The property is in the Republic Mining District, a silver epithermal camp which produced briefly in the early 1900’s. Legal Tender covers the historic Farris, Hyland and Black Butte mines and numerous other exploration workings. The mineral showings are clustered along the 1200- metre-long Main Trend and the intersecting 400-metre-long NE trend.

Test soil geochemical surveys were conducted in the area of the Black Butte Mine. Results indicated that silver could be used directly as a pathfinder to locating additional mineralization concealed beneath the thin overburden on the property. A total of 65 samples were collected during the program with peak silver response of 18.15 ppm Ag. Elevated silver response is associated with known areas of vein mineralization and there is some evidence of down slope dispersal.

Prospecting incidental to the installation of geophysical grids returned up to 1,130 g/t Ag and 4.94 g/t Au from 9 grab samples. Geophysical grids were established along the Main and NE Trends covering 9.4 line-km. Total magnetic field and horizontal loop electromagnetic field (HLEM) surveys were conducted over the grids. The total magnetic field data show a weak correlation with the known and inferred location of silver-bearing veins. There is however a strong correlation between the location of the Main Trend veins and the southern margin of an apparent-resistivity high which may prove useful in targeting additional mineralization.

A previous option to acquire a 100% interest in the Legal Tender property held by QLM Royston Hills, LLC (“QLM”), a private Nevada corporation was terminated on July 4, 2022. QLM had failed to make certain staged option payments to Silver Range.

(ii) Hannapah Property

By agreement dated September 26, 2022, Mercury Nevada Exploration Inc. (“Mercury”) and Silver Range agreed to combine adjoining mineral properties and jointly market the land package to interested third parties. Silver Range has contributed its 13 claim Hannapah property and Mercury has contributed its 42 claim Bandit property to the joint enterprise. Both properties are epithermal silver and gold prospects located in Nye County, Nevada. Both properties have received limited historical exploration work.

(iii) Gold Chief Property

The Gold Chief Property is on the east flank of Chief Mountain, 9 km north of Caliente in Lincoln County. The property consists of 24 Federal lode claims and covers the most significant producing mine in the Chief Mining District. The Gold Chief Mine operated from the early 1900’s until 1940 with documented run-of-mine production of 5224 t at 6.18 g/t Au (1913-1914) and 189 T at 1.1 ounce per ton Au-equivalent (high grading / 1937-1940). Underground development included a

131 metre inclined shaft, 300 metres of drifts and crosscuts, and near surface stopes. Sampling of the back of the remaining glory hole by Silver Range in 2016 returned 14 m at 1.93 g/t Au including 4 m at 3.86 g/t Au with best results (1 m chip) of 4.58 g/t Au .

The Gold Chief Mine and nearby SOA Mine are hosted in Cambrian Highland Peak carbonates. Mineralization consists of wide fault breccia in the Stampede Detachment Fault and an associated lateral ramp. It has been intersected in the SOA Mine and in drill holes over a length of approximately 300 m along the Stampede fault. Precious metal mineralization appears to have originated from either the nearby Caliente Caldera or from the Cobalt Canyon diorite stock which underlies much of the Chief Mining District. There is potential for significant mineralization in the area if the favourable carbonate stratigraphy and structural network persists to the east and north.

Silver Range conducted geological mapping, prospecting and three dimensional induced polarization (3D IP) surveys at Gold Chief in 2017. Geophysical survey inversion results defined the structural architecture in the vicinity of the Gold Chief Mine and delineated a compelling drill target at depth near the mine workings. The resistivity inversion clearly imaged both the Stampede Detachment Fault and the intersection with the lateral ramp fault while the chargeability inversion delineated a high at a depth of 80 metres straddling the Stampede Detachment Fault.

(iv) Lucky Boy Property

The Lucky Boy property is an epithermal silver and gold target consisting of nine Federal Lode Claims located in Pershing County, Nevada. The property was staked by Silver Range in 2016 and subsequently explored with prospecting and geological mapping. Three of 11 grab samples collected on the property by Silver Range in 2016 returned analyses greater than 200 g/t silver with a best assay of 1,535 g/t silver; 9 of the same samples contained anomalous gold (>0.1 g/t gold) with best results of 2.17 g/t gold. Soil sampling, mapping and prospecting was conducted on the Lucky Boy Property in November 2020. Work to date has defined a series of mapped and inferred east to east-northeast trending faults cutting the granodioritic host rocks on the property. These faults locally contain quartz-chalcopyrite-galena-pyrite bearing veins, up to 1.8 m wide and traced for 200 m near the Lucky Boy Mine. Both gold and silver soil geochemical responses occur over the known workings and at other locations along the inferred or defined fault traces. The soil response in gold is unusually strong in light of the relatively low tenor of gold noted in rock samples collected to date.

(v) Strongbox Property

The Strongbox property is a mesothermal gold prospect consisting of 36 Federal Lode Claims in Esmeralda County, Nevada. The property is located 95 kilometres (km) south of Tonopah and 80 km west of Beatty in southwest Nevada. It was staked by Silver Range in 2016 and subsequently explored with prospecting, geological mapping, soil sampling total magnetic field and horizontal loop electromagnetic field surveys. The property is underlain by Jurassic Sylvania Pluton granodiorite to granite, cut by generally north-trending shears with auriferous quartz veins. These strike up to 180 and vary in width from a few centimetres to over 1 m wide. The gold occurs with disseminated pyrite, galena, pyromorphite and malachite in coarse crystalline quartz together with hematite.

Intermittent small scale hard rock mining was conducted on the property from approximately 1890 until the 1980’s. Mining operations were conducted at the Dark Secret Mine on the west side of Tule Canyon and the Eastside Mine on the east side of the canyon. At the Dark Secret Mine, sampling by Silver Range has returned grab samples up to 37.3 g/t Au. Chip sampling across open cut workings here returned 40 m @ 0.469 g/t Au including 20 m @ 0.695 g/t Au. At the Eastside Mine, sampling in underground workings returned from 5.38 g/t Au to 27.6 g/t Au and a chip sample returned 0.30 m @ 5.25 g/t Au.

Work in 2021 included a soil geochemical survey on a 2,220 m by 600 m grid centred on the known bedrock mineralization in Tule Canyon. West of Tule Canyon, the survey identified numerous anomalies greater than 100 ppb gold with peak analysis of 4,290 ppb Au (4.29 g/t gold) in regions of thin colluvium and alluvium. The highest sample in the survey was collected in an area where float grab samples returned up to 5.60 g/t gold. The survey delineated a number of targets for follow-up trenching and suggests that bedrock gold mineralization west of Tule Canyon is much more widespread than the gold mineralization located to date. A total of 511 soil samples were collected of which 12 returned analyses greater than 100 ppb gold and 46 returned analyses greater than 20 ppb gold. Rock sampling conducted concurrently with the soil survey returned up to 5.69 g/t gold from the best of four samples collected on the west grid, approximately 250 m southwest of the Dark Secret Mine.

(vi) Steptoe Project

The Steptoe Project is an intrusion-related gold and silver target consisting of 41 Federal Lode Claims in 7 claim blocks located in White Pine County, Nevada. The Ben Hur and Stinson properties were staked by Silver Range in 2016 and subsequently explored with prospecting and geological mapping. Surface grab sampling returned up to 248 g/t gold with 7 of 27 samples collected at the historic Ben Hur workings returning greater than 1 g/t gold. A chip sample across exposed surface mineralization near the highest-grade grab sample returned 1.5 m at 20.6 g/t gold.

In fall of 2020, Silver Range staked five additional claim blocks covering six historic showings, conducting baseline stream sediment sampling and local prospecting during staking. Grab samples of dump material collected during staking returned up to 9.99 g/t gold. Silver Range conducted additional stream sediment and soil geochemical surveys; geologic mapping; and prospecting on the property in 2021. In spring 2022, Silver Range conducted additional soil and rock sampling on a target in the northern portion of the property.

(vii) Rand Property

The Rand property is an intrusion related gold and copper prospect consisting of nine Federal Lode Claims located in Mineral County, Nevada. The property was staked by Silver Range in 2016 and subsequently explored with prospecting and geological mapping. Initial grab sampling by Silver Range in 2016 returned analyses up to 35.50 g/t gold and 19% copper.

(viii) Krug Property

The Krug property is a mesothermal gold and silver target consisting of 8 Federal Lode Claims located in Churchill County, Nevada. The property was staked by Silver Range in 2016 and

subsequently explored with prospecting. Initial grab sampling in 2016 returned analyses up to 3.54 g/t gold and 340 g/t silver from mineralized veins.

(ix) Cambridge Project

The Cambridge Project is a joint venture between Auburn Gold Mining, LLC (“Auburn”) and Silver Range and consists of three properties: (i) the 21 claim Enigma property, owned by Silver Range; (ii) claims owned by Auburn covering the Cambridge Mine; and (iii) intervening claims jointly held by both Auburn and Silver Range. To date, Silver Range and Auburn have conducted airborne magnetic field and radiometric surveys; soil surveys; mapping and prospecting.

In 2020, a total of 119 line-km of airborne radiometric and magnetometer surveys were flown over a block covering the Enigma Property and adjoining Cambridge Mine. Preliminary results from the airborne survey indicate that the region of the Enigma Property and the adjoining Cambridge Mine lie in a zone of north-south trending linear features between bounding magnetic field highs on the north and south ends of the flight block. The total magnetic field response suggests that the Cambridge Mine and the Enigma Property lie in a favourable rheological domain of substantial size between two bounding intrusions.

In March of 2021, Silver Range conducted a rock sampling program in the area of the Cambridge Mine in the eastern portion of the Cambridge Property. Work focused along the 950 metre-long Cambridge Mine trend and along a separate trend to the north (“North Trend”). Grab and chip samples were collected from waste dumps and vein exposures in old workings. Grab samples returned assays from trace to 80 g/t Au with the best assay result returned from the North Trend, approximately one kilometre north of the Cambridge Mine. A total of 32 rock samples were collected during the program, 15 of which returned assays greater than 5 g/t gold. Chip samples were collected across trenched vein exposures near the Cambridge Mine, with the best samples returning 0.75 m @ 12.75 g/t gold and 0.5 m @ 9.72 g/t gold.

In May 2021, Silver Range completed a soil geochemical survey over the prospective mineral trends identified to date. A detailed follow-up survey was conducted in September 2021 to guide trenching.

In April and May, 2022 Silver Range excavated and sampled 29 hand trenches on the Cambridge Property. Best results included 3.2 m @ 14.65 g/t Au in TR22-10 and 1.5 m @ 14.73 g/t Au in TR22-05. A grab sample collected just above basal regolith in TR22-02 assayed 63.1 g/t Au and 117 g/t Ag.

Silver Range intends to continue hand trenching in stages to locate the tops of mineralized goldbearing shoots along the three major structures well-defined by soil chemical and geophysical surveys. On this project, detailed soil sampling in areas of thin cover has proven particularly successful in defining the mineralized bedrock structures. There is a large unexplored area between the western Price Lode and eastern Cambridge Mine and North Zone trends. Silver Range plans to conduct closely spaced soil geochemical sampling along widely spaced reconnaissance lines between the two trends to determine if additional undetected structures lie between them.

(x) Robot Property

The Robot property is 22 kilometres south of Yerington in Lyon County. The claim block covers gold occurrences in Jurassic-Cretaceous granodiorite along a mile-long trend in the footwall of a prominent north-striking range front fault. Gold mineralization is hosted in sympathetic, antithetic and cross-cutting veins and shears. At the North Showing, best grab sample results from an initial examination by Silver Range in May of 2018 were 54.3 g/t gold and 20.0 g/t gold from separate veins. At the South Showing, best grab sample results from the same program were 5.86 g/t gold.

Six of 21 grab samples collected during the initial examination by Silver Range returned analyses greater than 1 g/t gold. Silver Range found no evidence of modern exploration suggesting this target may have been overlooked. Reconnaissance stream sediment sample results suggest that additional mineralization may be present between the two showings. Silver Range intends to conduct additional prospecting and sampling to follow-up on the stream sediment sampling results.

(xi) Bottom Dollar

The Bottom Dollar property is 102 kilometres northwest of Winnemucca in Humboldt County and consists of 6 Federal Lode Claims. The property is underlain by Jurassic-Triassic limestone and Happy Creek volcanics intruded by Cretaceous (?) granodiorite. Gold mineralization is dominantly vein hosted with subordinate skarn developed in carbonate rocks. Nevada Bureau of Mines and Geology sampling reported assays of 28 g/t gold and 23 g/t gold from selected specimens collected on the property.

Initial sampling by Silver Range in May 2018 returned a best grab sample assay of 15.95 g/t gold with 181 g/t Ag and 1.1% Cu from a set of 24 samples, 5 of which returned gold analyses greater than 1 g/t gold. Anomalous orientation soil sample results up to 132 ppb gold were returned from an area of past trenching but higher responses up to 554 ppb gold were recorded well outside of this zone. Additional prospecting, soil sampling and ground geophysics followed by trenching are required to further assess the property’s potential.

(xii) Black Star Property

The Black Star property lies south of the Black Rock Desert, 33 kilometres east-northeast of Gerlach in Pershing County. The showing has been explored since the 1930’s with hand-built road construction, adits, shafts, a load-out dock and the remains of a small crushing and sorting plant. Gold mineralization occurs in an array of north-trending quartz veins and breccias cutting Permo-Triassic metavolcanic rocks, near a flexure in a prominent north-striking shear zone.

Individual veins in the array, some over 1 m wide are intermittently exposed for up to 60 m along strike. Silver Range collected 20 grab samples and two chip samples during initial sampling, four of which returned assays greater than 5 g/t gold. Grab sample assays returned up to 18.95 g/t gold from waste dump material while chip sample results include 0.5 m at 19.60 g/t gold from the brow of an adit.

Gold results from a test soil geochemical survey indicated there may be additional veins between the exposed mineralization and shear zone flexure to the east. Silver Range plans to conduct high frequency electromagnetic field surveys and soil geochemical surveys on the property to define

and extend the known mineralization. No work has been done on the property by Silver Range since 2018.

(xiii) Sniper Property

The Sniper property is located on the north flank of Gold Mountain in Esmeralda County and consists of 4 Federal Lode Claims. The property covers one of numerous small mines and prospects in the Tokop Mining District which have produced sporadically or intermittently since 1866. Sniper appears to have been initially explored with small adits and shafts between 1978 and 1983. In initial sampling by Silver Range, seven of 14 samples collected returned assays greater than 5 g/t gold and five of 14 samples returned assays greater than 20 g/t gold with peak value of 121 g/t gold. Silver assays ranged from 0.2 to 1,375 g/t silver with three of 14 samples assaying greater than 100 g/t silver.

Silver Range traced mineralized veins for up to 30 m along strike in historical workings. Veins measure up to 40 cm wide in outcrop where they occur with andesite dykes in Jurassic Sylvania Pluton granodiorite. Ribbon-banded quartz veins carrying pyrite, galena, tetrahedrite and secondary chrysocolla and wulfenite are present in the carapace of a Jurassic intrusion, immediately below the contact with overlying Precambrian Wyman formation metasedimentary rocks. The sulphide mineralization occurs in clots and locally amounts to 20% of the vein material. Silver Range conducted soil sampling on the Sniper property in September 2020. The survey identified a strong, open-ended multi-element soil anomaly.

(xiv) Roughrider Property

The Roughrider property consists of 12 claims located in Esmeralda County, approximately 17 kilometres southwest of Gold Point. The property has seen activity since at least the early 1900’s when Henry Stimler, one of the discoverers of Goldfield, built a 3-stamp mill and a small settlement of several buildings in the area. It was worked sporadically thereafter with reports of operations at Roosevelt Well in the early 1950’s. Mine workings on the property were described in a 1974 Sunshine Mining Company report authored by R.A. Forrest as consisting of a “1625’ adit, 150’ shaft, 250’ shaft, 100’ shaft, 600’ adit with hundreds of feet of sublevels and stopes off both the shafts and adits.” The early historic workings have been partially obliterated by more recent mechanized excavation in a 300-metre-long zone in the southwest portion of the property.

The Roughrider property is underlain by Jurassic Sylvania Pluton granodiorite, cut by steeply dipping N veering NE trending structures hosting mineralized veins and breccia within shears. Mineralization is clearly exposed along a 360 m interval in the northeast portion of the property. Here a steeply north-dipping, ENE-trending structure hosts silver-gold mineralization. The host shear is highly clay-altered and contains quartz veinlets with limonite, hematite and notable yellow-green pyromorphite, mimetite or freedite. Silver and gold mineralization appears to report with these Pb-Cu-As oxides.

The shear has been explored with adits and shafts along its length. A cut was taken out with a bulldozer where the structure ran along a hillside slope and apparently trucked, stacked and leached in small pad below the hillside. Grab samples from the workings have returned assays up to 4,320 g/t Ag and a 20 cm chip sample across the back of the uppermost adit returned 632 g/t Ag and 1.17 g/t Au. A composite grab from the leach pad returned 801 g/t Ag and 8.09 g/t Au. Only

reconnaissance sampling has been conducted to date in the southern half of the property but this has returned up to 1,420 g/t Ag from ten samples.

(xv) Opulent Property

In March of 2021, Silver Range acquired the Opulent property through staking. The property is a high-grade gold prospect located in the Walker Lane, western Nevada in Lyon County, approximately 12 kilometres east of Yerington. Shear-hosted mesothermal gold veins cut older Jurassic granite which underlies the entire property. The principal gold occurrences are found along a shear zone system consisting of at least two subparallel structures. Grab samples along the two exposed shears returned assays up to 37.2 g/t gold. A chip sample across a shear zone exposure returned 2.88 g/t gold. Six of the 24 samples collected during staking returned assays greater than 5 g/t gold .

Individual shear zones are up to 2 m wide and consist of pink-white-tan clay gouge and quartz veinlets. The shear zone system is exposed for 300 m along strike and appears open in one direction where it plunges under colluvium. There is an apparently unrelated copper showing on the property which returned grab sample assays up to 10.85% copper with minimal gold from a possibly older shear zone striking at a high angle to the gold-bearing shear zones.

While there are numerous exploration workings in the Opulent property area, there is little documentation of past exploration or mineralization in the public record. The claims cover the Gap Claims MRDS Showing (#10050853) and minor copper production is recorded from the property. Mineralization was sampled by J. Tingley on behalf of the Nevada Bureau of Mines & Geology in 1989. NBMG Sample 4238, taken from the area of the copper showing, reported 1.5% Cu and 7.7 g/t gold.

(xvi) Silver Mountain Property

The Silver Mountain Property is located in Esmeralda County, approximately 57 kilometres (km) south of Goldfield and near the Nevada-California border. The property covers two silver prospects covering deep epithermal to mesothermal veins hosted in Sylvania Pluton granitic rocks. Each was mined on a small scale. The Gulch Showing consists of a vertical vein traced in numerous workings over a strike-length of 375 m. The mineralization at this showing is high grade, returning grab sample analyses up to 3,270 g/t Ag with 4 of 8 samples collected returning analyses greater than 900 g/t Ag.

At the Old Cabin Showing, a mile to the southwest, mineralization is an unusual sequence of numerous stacked, tabular extensional quartz veins exposed over more than 30 m up a small ridge. Grab samples from this zone returned up to 394 g/t Ag. A total of 31 samples were collected at Silver Mountain with 10 of these returning analyses greater than 200 g/t Ag.

(xvii) Chestnut Mine Property

The Chestnut Mine Property is located approximately 8 km east of Gabbs in Nye County. The prospect consists of several adits along an east-west striking structure hosting quartz vein mineralization and a zone of highly altered andesite of the Permian Pablo Formation. Hematite

box works after pyrite and jarosite have been noted in both the veins and wallrock. Grab samples from this prospect returned up to 44.6 g/t Au with 5 of 11 samples returning greater than 5 g/t Au.

(xviii) East Goldfield Property

On February 22, 2022, ATAC Resources Ltd. (“ATAC”) terminated its February 20, 2020 option to acquire an interest in the East Goldfield property. During the term of the option, ATAC made cash payments to Silver Range in the amount of $70,000 and incurred exploration expenditures of approximately $1.4 million.

The East Goldfield Property is located 12 kilometres east of Goldfield, adjacent to claims comprising the Gemfield Project, currently being developed by Gemfield Resources LLC, a subsidiary of Waterton Global Resource Management. Nearby deposits included in the Gemfield Project are the Goldfield Main Deposit (4.2 M oz Au), the Gemfield Deposit (600 K oz Au) and the McMahon Ridge Deposit (199 K oz Au).

The East Goldfield Property consists of 111 Federal Lode claims staked over a highly altered linear structural feeder to the circular fracture system that localizes gold deposits in the Goldfield Mining District. The claims cover a highly altered, enigmatic breccia unit in the core of the linear fracture system. High sulphidation epithermal gold mineralization occurs on the claims in vuggy quartz ledges with peripheral quartz-alunite alteration. The most significant showing in the area is the Tom Keane Mine which was developed prior to 1931 to a depth of 500 feet on four levels. Small undocumented lease production occurred during this period. A 1935 evaluation report cited assays of 3.04 m at 4.11 g/t Au from the 200-foot level and 11.6 m at 2.88 g/t Au from the 300-foot level.

Metallic Gold Ventures Ltd. drilled ten holes in the immediate area of the Tom Keane Mine in 2003, reporting intersections in 9 holes with the best intersections being 4.57 m at 8.23 g/t Au and 44.21 m at 1.03 g/t Au. Surface grab samples at the Tom Keane Mine collected by Silver Range assayed up to 0.85 g/t Au and grab samples collected from vuggy quartz ledges elsewhere on the property returned up to 0.25 g/t Au. These relatively low-grade surface samples are consistent with historic results which indicate higher grade gold mineralization is blind to surface.

Prior to staking, Silver Range conducted stream sediment and soil geochemical surveys in a 4 km by 3 km target area, now covered by the claims. This sampling delineated a region of elevated response in gold, arsenic, bismuth and copper, coincident with the axis of the structural corridor and the breccia unit. The breccia is composed of sub-angular to sub-rounded clasts of Milltown Andesite and Goldfield Dacite in a matrix of iron oxide and clays. While mapped as a landslide unit by the United States Geological Survey, these rocks show all the characteristics of a hydrothermal breccia. Silver Range believes that both the breccia unit and regolith at the base of the Milltown Andesite underlying the property area are prospective to host a high sulphidation gold deposit of significant size.

(xix) Loner Property

On December 8, 2021, Victory Resources Corporation (Victory”) terminated its October 18, 2021 option to acquire an interest in the Loner property. Prior to terminating the option, Victory made cash payment to Silver Range in the amount of $40,000.

Silver Range staked the Loner property in October of 2018 following regional reconnaissance work. The property is located in Pershing County, 35 kilometres south of Winnemucca in the Grass Valley. The claims cover high grade low sulphidation epithermal veins first discovered in 1906 and mined on a small scale through the 1930’s.

Heavily oxidized quartz-adularia veins, individually up to 100 m long and from 0.5 to 2.0 m thick, form a complex more than 500 m long and up to 60 m wide cutting host granodiorite. Silver Range collected 8 grab samples and 4 chip samples during initial sampling, 6 of which returned assays greater than 6 g/t gold. Grab samples assayed up to 16.60 g/t gold and chip samples returned up to 1.83 m at 25.70 g/t gold. There is an association between gold and arsenic.

(xx) Tonto del Pueblo Property

The Tondo del Pueblo property is located in Nye County, approximately 17 kilometers north of Gabbs. Gold is found in east-striking shear zones hosting quartz veins cutting Triassic Excelsior Formation metasedimentary rocks. One shear is exposed for at least 400 m along strike. Grab samples collected from quartz veins within the exposed shears returned assays up to 35.4 g/t gold. Four of the 10 samples collected during staking returned assays greater than 5 g/t gold. Arsenic and copper are associated with the gold mineralization and pervasive scorodite occurs in some exposures.

The auriferous veins display bladed quartz after calcite texture. Breccia within the veins contains clasts of metasiltstone with minor carbonate, bornite and chalcopyrite on fracture surfaces. Sampling in the area by the Nevada Bureau of Mines & Geology returned analyses up to 9.5 g/t gold and 500 ppm silver. Silver Range examined, sampled and staked the property in October of 2021.

(xxi) Sand Springs Property

Silver Range has acquired the Sand Springs property in Churchill County through staking. The property is located 42 kilometres southeast of Fallon on BLM land with no surface impairments. It is underlain by Triassic through Jurassic volcaniclastics, limestone and basalt. These rocks are intruded by Cretaceous granite to granodiorite plugs and dikes which outcrop in irregular bodies and are capped by Tertiary rhyolite and basalt. Gold associated with disseminated sulphides appears in both stratigraphically and structurally controlled settings on the property. Pegasus Gold drilled 12 shallow reverse circulation holes on and near the property in the late 1990s but did not release results.

Initial sampling by Silver Range returned up to 10.10 g/t gold from a 5-foot chip sample of gossanous material in a shaft dump with 4 of 28 samples collected returning greater than 5 g/t gold. During May, Silver Range conducted additional sampling and property scale geological mapping; results are pending.

(xxii) Ingot Property

Silver Range has acquired the Ingot Property in Clark County through staking. The property is located 23 kilometres north-northeast of Searchlight on BLM land with no surface impairments. The property is underlain by Precambrian metasediments and Tertiary felsic volcanics. Silver

occurs in low sulphidation quartz veins, mined at a small scale at several locations on the property. Initial grab and chip sampling by Silver Range returned up to 585 g/t silver with 7 of 15 samples returning greater than 100 g/t silver. Silver Range intends to conduct future geological mapping, sampling and soil geochemical surveys on the property to define the extent of the system.

Database Acquisition

By agreement dated April 30, 2019, Silver Range acquired a mineral exploration database related to 456 mineral exploration targets located in the southwestern United States of America. The database was purchased from an arm’s length third party for $10,000 and 400,000 Silver Range shares.

(b) Nunavut Properties

Silver Range holds a total of 13 properties in Nunavut, six of which are available for option, purchase or joint venture.

(i) Quartzite Property

The Quartzite property hosts Archean lode gold style mineralization and consists of three claims (650 hectares) near Kaminak Lake, 130 km SW of Rankin Inlet, Nunavut. Silver Range conducted prospecting on the claims in 2016 with grab sample results up to 27.3 g/t gold.

(ii) Yandle Property

The Yandle property hosts gold in iron formation and is comprised of two claims covering 2,500 hectares, located approximately 153 km west of Arviat, Nunavut. In 2017, Silver Range conducted geological mapping, prospecting, horizontal loop electromagnetic field surveys and total magnetic field surveys on the property. Sampling along the contact between a gabbroic intrusive unit and intermediate volcanic rocks to the south returned analyses up to 15.1 g/t gold.

(iii) Noomut Property

The Noomut property hosts gold in iron formation and is comprised of one claim covering 2,500 hectares, located approximately 152 km west of Arviat, Nunavut. The Noomut property is 15 km southwest of the Yandle property and covers a 1.9 km long zone of gold mineralization which has returned historical surface grab samples to 89 g/t gold. Silver Range has not conducted any exploration work on this property to date.

(iv) Tree River Property

The Tree River Conglomerate (“TRC”) is an Archean metasedimentary rock unit in the Anialik Greenstone Belt within the Kitikmeot Region of Nunavut. The known exposures of the TRC are on permits staked as Silver Range’s Tree River Property and on adjacent Inuit Owned Lands (“IOL”) Parcel CO-69. The Tree River property consists of three prospecting permits covering 39,250 hectares and is located 155 km southeast of Kugluktuk, Nunavut.

During 1997, noted northern geologist Valerie Jackson collected samples from the TRC approximately 3.1 km NW of Cracker Lake while conducting regional mapping of the Anialik Lake Greenstone Belt. The samples were processed to recover zircons for dating purposes and unexpectedly yielded two suspected diamonds. The discovery was never verified.

In 2018, Drs. Graham Pearson and Jesse Reimink of the University of Alberta and Pennsylvania State University, respectively, conducted follow-up work in the area. They collected two 10 kg samples from the general area of the 1997 sampling and recovered 2 diamonds from one sample and a third diamond from the second sample. In a meeting abstract published on October 6, 2020 by the American Geophysical Union they reported that, “The three recovered diamonds (< 210 μm) have (cubo-)octahedral morphological features and have nitrogen contents ranging from <10 ppm (n=2) up to 1770 ppm N (Type IaA), the latter having positive δ15N (+3.1 to +4.4‰). Carbon isotope compositions of the 3 diamonds range from -3.5 to -0.3 ‰, similar to the heaviest values found in microdiamonds on the Slave Craton [1] and potentially indicating an oxidized source. The Type IaA diamond contains a high-Mg olivine inclusion, representing a lithospheric origin.”

The samples were collected from the basal unit of the TRC which contains abundant pyrite and anomalous to high-grade gold. The samples were collected on IOL parcel CO-69 about 300 metres from the boundary with the Tree River Property.

In April 2020, Silver Range collected two panel samples of TRC from each of the Main Zone and the West Zone, on its wholly owned Tree River Property. The samples were extracted with an electric rock breaker and weighed 49.5 and 55.5 kg respectively. The samples were sent to the Saskatchewan Research Council where they were crushed to less than 2 mm and homogenized. A 5 kg split was taken with a rotary splitter and analyzed for gold by fire assay (1 assay-ton) and a 3 kg sub-split was analyzed with metallic screen fire assay. The remainder of each sample (44.5 and 50.5 kg initial splits) were analyzed for diamonds and heavy minerals using dense media separation. The metallic screen assays from the panel samples returned 36.3 g/t Au from the Main Zone and 0.29 g/t Au from the West Zone. The metallic screen results suggest that gold in the TRC basal zone is syngenetic in origin. No diamonds were recovered from either of the panel samples.

During the April 2020 sampling program, Silver Range collected a sample from the lower section of the TRC for zircon analysis. The sample site was located mid-way between the Main and West Zones. Results from subsequent analyses are reported in another AGU abstract (link). Extracted zircons were dated with laser ablation split-stream analysis of U-Pb and Hf isotopes and yielded a maximum deposition age of 2964 + 9 Ma. This age date indicates that the TRC was deposited in the inferred Mesoarchean gold deposition event associated with the first organic production of oxygen and consequent fixing of soluble gold (Kimmel & Hennigh 2015 [2]). Conglomeratehosted gold deposits in the Witwatersrand in South Africa and the Pilbara region in Australia occur within this this age bracket.

A summary of the Tree River Project including photographs of the recovered diamonds is available at www.silverrangeresources.com.

(v) Hard Cash and Nigel Properties

The Hard Cash property hosts Archean lode gold style mineralization and is located in southern Nunavut, approximately 540 kilometers southwest of Rankin Inlet, Nunavut and 310 km northeast of Stony Rapids, Saskatchewan. The property consists of two claims covering 2,090 hectares. The property hosts high grade gold in several locations most notably along the 1.4 km long Swamp Trend. At the northeast end of this trend rock samples from the Swamp Showing have returned analyses up to 174 g/t gold and 1,192 g/t silver. The trend is defined by numerous float samples returning assays in excess of 5 g/t gold extending to the southwest from the Swamp Showing. Silver Range has conducted geological mapping, prospecting, total magnetic field and horizontal loop electromagnetic field surveys on the property since 2016.

The Nigel property hosts Archean lode gold style mineralization and is 15 km west of the Hard Cash property in the same belt of favourable metavolcanic rocks that host the mineralization at Hard Cash property. The property consists of one claim (375 hectares) and covers three structurally hosted Archean lode gold occurrences. Silver Range conducted prospecting on the property in 2016 and collected rock samples returning analyses as high as 398 g/t gold.

Effective November 16, 2020, Canarc Resource Corp. (“Canarc”) terminated an option to acquire a 100% interest in the Hard Cash and Nigel properties. Prior to terminating the option, Canarc completed approximately $1,000,000 in exploration expenditures on the property. Subsequent to the option termination, Silver Range retained Aurora Geosciences Ltd. of Yellowknife, Northwest Territories to provided Silver Range with a NI 43-101 report reviewing exploration results to date and recommending further exploration including drilling. The report was received in April of 2021.

(c) Northwest Territories Properties

Silver Range holds three mineral projects in the Northwest Territories, two of which are available for option, purchase or joint venture.

(i) Hare Property

The Hare property hosts Archean lode-gold mineralization and is located 460 km northeast of Yellowknife, Northwest Territories. Historic grab samples from the Hare showing reportedly returned values up to 104 ounces per ton gold from a small area of outcrop about 20 m in diameter. Silver Range staked, mapped and prospected the property in 2016.

(ii) Sparta Property

The Sparta property hosts Archean lode gold style mineralization and is located 81 km northeast of Yellowknife, Northwest Territories. The property hosts a historical (non-National Instrument 43-101 compliant) resource of 30,000 tons averaging 0.31 ounces per ton gold over a 250 foot strike length on the Gab vein to a depth of 75 feet. Silver Range staked, mapped and prospected the property in 2016. In October of 2019, Silver Range carried out a small program of sampling and prospecting.

(d) Yukon Projects

Silver Range holds three mineral projects in Yukon Territory, two of which are available for option, purchase or joint venture.

(i) Barb Property

The Barb property consists of 21 mineral claims and is located in the Watson Lake Mining District in the southeast Yukon Territory, approximately 150 km north of the town of Watson Lake. On June 17, 2014, Silver Range purchased the Mel and the Barb mineral properties from Kobex Minerals Inc. (“Kobex”) for $200,000. The Barb property is subject to a 1% net smelter return royalty payable to Kobex. Silver Range can purchase this royalty interest at any time for $1,000,000.

The Barb property hosts base metal volcanogenic massive sulphide mineralization. An historical (non- National Instrument 43-101 compliant) resource estimate reported by Sovereign Metals Corporation in 1977 consisted of an inferred resource of 533,434 tonnes grading 102.86 g/t silver, 6.1% lead and 4.6% zinc. Silver Range has conducted no work on this property since acquisition.

(ii) Mel Project

The Mel Property consists of 257 mineral claims and is located approximately 80 km east of Watson Lake and 40 km north of the Alaska Highway. On June 17, 2014, Silver Range purchased the Mel and the Barb mineral properties from Kobex Minerals Inc. (“Kobex”) for $200,000. A third-party finder’s fee of $20,000 was also paid as part of the transaction. The Mel property is subject to an underlying 1% net smelter return royalty payable to Sandstorm Gold Ltd. and a 1% net smelter return royalty payable to Kobex, which can be purchased at any time by Silver Range for $1,000,000.

Prior to its change of business to a prospect generation mineral exploration company, Silver Range commissioned an independent technical report on the Mel property. A copy of the National Instrument 43-101 report entitled “Technical Report on the Mel Zinc-Lead-Barite Property” by H. Leo King, P.Geo. (H. Leo King & Associates Ltd.) and G. H. Giroux, P.Eng., M.A.Sc. (Giroux Consultants Ltd.), dated effective November 12, 2014 can be viewed under the Silver Range profile at www.sedar.com.

Up to October 28, 2019, the Mel property was subject to an option agreement with Benz Mining Corp. (“Benz”). Prior to terminating the option with Benz on October 28, 2019, Silver Range had received cash payments and share issuances from Benz equal in value to $267,500.

More comprehensive information on all of the Silver Range properties is available on the company website (www.silverrangeresources.com)

TECHNICAL REVIEW

Technical information disclosed in this MD&A related to the Nevada, Northwest Territories and Nunavut properties has been reviewed by Michael Power, CPG, the Silver Range President and Chief Executive Officer, and a qualified person for the purposes of National Instrument 43-101.

Technical information disclosed in this MD&A related to the Yukon properties has been reviewed by Matthew R. Dumala, P. Eng., a geological consultant to Silver Range and a qualified person for the purposes of National Instrument 43-101.

TRANSACTIONS WITH RELATED PARTIES

1. Management

During the three months ended September 30, 2022, legal fees and disbursements totalling $10,748 were incurred with a personal law corporation controlled by Glenn R. Yeadon, secretary of Silver Range, compared to $8,976 incurred during the three months ended September 30, 2021. During the nine months ended September 30, 2022, legal fees and disbursements totalling $61,838 were incurred with Yeadon, compared to $39,166 for the nine months ended September 30, 2021.

During the three months ended September 30, 2022, $8,000 in accounting fees were incurred with Donaldson Brohman Martin, Chartered Professional Accountants, compared to $8,000 incurred during the three months ended September 30, 2021. During the nine months ended September 30, 2022, $25,500 in accounting fees were incurred with Donaldson Brohman Martin, compared to $25,500 incurred for the nine months ended September 30, 2021. Donaldson Brohman Martin is an accounting firm in which Larry Donaldson, the Silver Range Chief Financial Officer is a partner.

During the three months ended September 30, 2022, consulting fees totalling $10,500 were paid to Ian Talbot (“Talbot”), the Silver Range Chief Operating Officer, compared to $10,500 paid during the three months ended September 30, 2021. During the nine months ended September 30, 2022, consulting fees totalling 31,500 were paid to Talbot, compared to $31,500 paid for the nine months ended September 30, 2021.

During the three months ended September 30, 2022, fees for management services totaling $2,700 were paid to Drechsler Consulting Ltd. (“Drechsler”), a private British Columbia corporation controlled by Richard Drechsler, the Vice-President of Communications of Silver Range, compared to $5,760 paid during the three months ended September 30, 2021. During the nine months ended September 30, 2022, fees for management services totalling $11,880 were paid to Drechsler, compared to $11,790 paid for the nine months ended September 30, 2021.

During the three months ended September 30, 2022, fees for management services totalling $21,836 were paid to Grindstone Resources LLC (“Grindstone”), a private Delaware corporation controlled by John Gilbert, the Chief Corporate Development Officer of Silver Range. During the nine months ended September 30, 2022, fees for management services totalling $89,059 were paid to Grindstone. No comparative figures are available as Grindstone started providing management services to Silver Range on December 1, 2021.

During the three months ended September 30, 2022, fees for geological and management services totaling $40,521 were incurred by Paladin Geoscience Corp. (“Paladin”), a private Yukon corporation controlled by Michael Power, the President and Chief Executive Officer of Silver Range, compared to $40,115 paid during the three months ended September 30, 2021. During the

nine months ended September 30, 2022, geological and management services totaling $116,833 were paid to Paladin, compared to $118,644 paid for the nine months ended September 30, 2021.

Pursuant to the terms of a consulting agreement dated April 1, 2022, Paladin may elect to be compensated for consulting serviced provided to Silver Range in the form of cash payments or a combination of cash payments and share issuances. In accordance with TSX-V policies governing securities for services, the value of any share issuances for services provided by Paladin may not exceed $5,000 per month. As of November 21, 2022, Paladin had elected to receive: (i) 248,465 shares for the period April 1, 2022 to September 30, 2022. The said 248,465 shares issued to Paladin are subject to a regulatory hold period in Canada expiring on February 25, 2023.

2. Archer, Cathro & Associates (1981) Limited

During the three months ended September 30, 2022, $13,612 in property location, acquisition, exploration, management, office rent and administration costs were billed by Archer Cathro, compared to $23,099 billed by Archer Cathro for the three months ended September 30, 2021. During the nine months ended September 30, 2022, $55,893 in property location, acquisition, exploration, management, office rent and administration costs were billed by Archer Cathro compared to $64,441 billed for the nine months ended September 30, 2021.

Archer Cathro is a geological consulting firm with offices in Vancouver and Squamish, British Columbia and Whitehorse, Yukon. Archer Cathro does not: (i) own any Silver Range shares or warrants; or (ii) hold any interests or royalties relating to any of Silver Range’s mineral properties. Some of the Silver Range mineral properties are registered in the name of Archer Cathro and are held by Archer Cathro as bare trustee for Silver Range under the terms of a trust indenture. In addition to holding legal title to Yukon mineral properties for Silver Range, Archer Cathro provides the following services related to the Silver Range mineral properties: (i) mineral tenure management; (ii) the filing of annual assessment reports; and (iii) the management of Yukon and Nevada land use (exploration) permits.

Douglas Eaton, a current director of Silver Range is a preferred shareholder in Archer Cathro. Mr. Eaton is not a partner in nor an active member of the management of Archer Cathro. Mr. Eaton’s preferred shareholding is a residual interest from his former partnership in Archer Cathro and that interest will be retired in 2023.

The exploration and administrative fees paid by Silver Range to Archer Cathro are based on a schedule of fees prepared by Archer Cathro and agreed to in advance by Silver Range. These fees are periodically reviewed by Archer Cathro and independent members of Silver Range management to ensure that the fees are at or below industry standard rates.

Included in the fees paid to Archer Cathro for the three month period ended September 30, 2022 is rent for furnished space in Archer Cathro’s Vancouver office. Office rental fees are charged on a month-to-month basis with no ongoing contractual obligation on the part of Silver Range to continue to occupy its current office space. The monthly office rental payment also allows Silver Range to use space in Archer Cathro’s Squamish office and its Whitehorse office, warehouse and storage compound, at no additional cost to Silver Range.

The change to a project generative business model in March of 2016 has resulted in Silver Range using third party geological consultants for work in the Northwest Territories, Nunavut and Nevada, in addition to Archer Cathro.

RISKS AND UNCERTAINTIES

In conducting its business, Silver Range faces a number of risks and uncertainties related to the mineral exploration industry. Some of these risk factors include risks associated with land title, exploration and development, government and environmental regulations, permits and licenses, competition, fluctuating metal prices, the requirement and ability to raise additional capital through future financings and price volatility of publicly traded securities.

(a) Title Risks

Although Silver Range has exercised due diligence with respect to determining title to the properties in which it has a material interest, there is no guarantee that title to such properties will not be challenged or impugned. Third parties may have valid claims underlying portions of Silver Range’s interests. Its claims, permits or tenures may be subject to prior unregistered agreements or transfers or to First Nations issues. Title to the claims, permits or tenures comprising Silver Range’s properties may also be affected by undetected defects or ongoing land use management studies. If a title defect exists, it is possible that Silver Range may lose all or part of its interest in the property to which such defect relates.

(b) Exploration and Development

Resource exploration and development is a highly speculative business, characterized by a number of significant risks including, but not limited to, unprofitable efforts resulting not only from the failure to discover mineral deposits but also from finding mineral deposits that, though present, are insufficient in quantity and quality to return a profit from production.

(c) Environmental Regulations, Permits and Licenses

Silver Range’s operations may be subject to environmental regulations promulgated by government agencies from time to time. Environmental legislation provides for restrictions and prohibitions on spills, releases or emissions of various substances produced in association with certain mining industry operations, such as seepage from tailings disposal areas that would result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties. In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner that means standards are stricter, and enforcement, fines and penalties for noncompliance are more stringent.

Silver Range’s operations are carried out in accordance with various permits including, but not limited to, surface use, surface disturbance and water use. Permits are issued by the various territorial, state or federal governmental or municipal agencies having jurisdiction over the matter for which a permit is sought. The issuance of an applicable permit is not guaranteed and Silver Range’s operations may be delayed, suspended or prohibited from commencing if the necessary permits cannot be obtained in a timely manner or at all.

(d) Competition

The mineral exploration industry is intensely competitive in all its phases and Silver Range competes with other companies that have greater financial and technical resources. Competition could adversely affect Silver Range’s ability to acquire suitable properties or prospects in the future.

(e) COVID-19 Pandemic

On March 11, 2020, the World Health Organization recognized COVID-19 as a global pandemic. Silver Range continues to evaluate the impact of COVID-19, which could create significant uncertainty for Silver Range and its operations. Despite the relaxation of many COVID-19 related restrictions, Silver Range management and contractors continue to operate in accordance with applicable local, Territorial or State COVID-19 safety protocols.

(f) Fluctuating Metal Prices

Factors beyond the control of Silver Range have a direct effect on global metal prices, which can fluctuate widely. Consequently, the economic viability of any of Silver Range’s exploration projects and Silver Range’s ability to finance the development of its projects cannot be accurately predicted and may be adversely affected by fluctuations in metal prices.

(g) Future Financings

Silver Range’s continued operation will be dependent in part upon its ability to generate operating income and to procure additional financing. To date, Silver Range has done so through equity financing.

Fluctuations of global equity markets can have a direct effect on the ability of exploration companies, including Silver Range, to finance project acquisition and development through the equity markets. There can be no assurance that funds from Silver Range’s current income sources can be generated or that other forms of financing can be obtained at a future date. Failure to obtain additional financing on a timely basis may cause Silver Range to postpone exploration or development plans, forfeit rights in some or all of its properties or joint ventures, or reduce or terminate some or all of its operations.

(h) Price Volatility of Publicly Traded Securities

In recent years, particularly in response to the COVID-19 pandemic, global securities markets have experienced a high level of price and volume volatility, and the market prices of securities of many companies have experienced wide fluctuations that have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continual fluctuations in price will not occur. It may be anticipated that any quoted market for the common shares of Silver Range will be subject to market trends and conditions generally, notwithstanding any potential success of Silver Range in creating revenues, cash flows or earnings. The value of the common shares of Silver Range will be affected by market volatility.

CRITICAL ACCOUNTING ESTIMATES AND FINANCIAL INSTRUMENTS

Silver Range prepares its financial statements in conformity with IFRS. Silver Range lists its significant accounting policies and its financial instruments in Notes 2 and 14 to its annual audited consolidated financial statements for the twelve months ended December 31, 2021. Of the accounting policies, Silver Range considers the following policy to be the most critical to the reader’s full understanding and evaluation of the Silver Range reported financial results.

Deferred Exploration Costs

Silver Range is in the exploration stage with respect to its investments in mineral properties and accordingly follows the practice of capitalizing all costs related to exploration until such time as a project is put into commercial production, sold or abandoned. Management reviews capitalized costs on its mineral properties for signs of impairment both quarterly and annually and will recognize impairment in value based upon current exploration results and upon management’s assessment of the future probability of profitable revenues from production on the mineral properties or proceeds from the sale or option of the mineral properties.

MANAGEMENT AND BOARD OF DIRECTORS

There were no management or board changes during or subsequent to the three months ended September 30, 2022.

INVESTOR RELATIONS

Much of the investor relations activities are performed by Silver Range management. By agreement dated April 15, 2020, Silver Range retained Proactive Canada to carry out a limited number of investor relations activities on behalf of Silver Range.

SUBSEQUENT EVENTS

On October 24, 2022, Silver Range announced the results obtained by Silver47 Exploration Corp. from its 2022 exploration program at the Michelle property. See Silver Range news release dated October 24, 2022 for additional information.

On October 25, 2022, Silver Range announced the issuance of 248,465 shares to a related party in partial settlement of fees for services. See “Transactions with Related Parties” for additional information.

On November 17, 2022, Silver Range announced the staking of the Bankroll property in Churchill County, Nevada and the discovery of the Handsome Jack showing at the Steptoe project. See Silver Range news release dated November 17, 2022 for additional information.

SHARE CAPITAL

The authorized share capital of Silver Range consists of an unlimited number of common shares. As of November 21, 2022 there were 89,153,969 issued and outstanding common shares.

Stock Options

As of November 21, 2022, Silver Range had outstanding stock options as set out in the following table:

Number of Options Outstanding	Price	Expiry Date
400,000	$0.15	February 8, 2023
500,000	$0.17	March 14, 2023
100,000	$0.15	October 26, 2023
300,000	$0.11	January 13, 2025
100,000	$0.19	September 2, 2025
100,000	$0.24	November 5, 2025
300,000	$0.21	July 11, 2026
4,155,000	$0.13	December 6, 2026
620,000	$0.14	February 22, 2027
6,575,000

Warrants

As of November 21, 2022, Silver Range had outstanding common share purchase warrants as set out in the following table:

Number of Warrants Outstanding	Price	ExpiryDate
2,330,000	$0.33	February 24, 2024
4,000,000	$0.20	April 11, 2024
6,330,000

510 – 1100 Melville Street

Vancouver, B.C. V6E 4A6 Tel: 604-687-2522 Trading Symbol: TSX-V: SNG Web Site:www.silverrangeresources.com

CORPORATE INFORMATION

Michael Power, Whitehorse, Y.T.

W. Douglas Eaton, North Vancouver, B.C. Tim Termuende, Cranbrook, B.C. Bruce A. Youngman, Powell River, B.C. Elizabeth Wallinger, Gabriola, B.C. Steve Kenwood, White Rock, B.C Glenn R. Yeadon, Vancouver, B.C. Larry B. Donaldson, Port Moody, B.C. Ian J. Talbot, North Vancouver, B.C. John Gilbert, Reno, NV Richard M. Drechsler, Squamish, B.C.

President, Chief Executive Officer and Director Director Independent Director Independent Director Independent Director Independent Director Secretary Chief Financial Officer Chief Operating Officer Chief Corporate Development Officer Vice President of Communications

Registered Office 1710 - 1177 West Hastings Street Vancouver, B.C. V6E 2L3

Transfer Agent Computershare Investor Services Inc. 3[rd] Floor - 510 Burrard Vancouver, B.C. V6C 3B9

Auditors Davidson & Company LLP 1200 – 609 Granville Street Vancouver, B.C. V7Y 1G6