Silver Sands Resources Corp. — Management Reports 2025

Sep 30, 2025

SILVER SANDS RESOURCES CORP.

SILVER SANDS RESOURCES CORP.

Management’s Discussion and Analysis
For the six months ended July 31, 2025

1.1 Date of Report: September 26, 2025

The following Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the unaudited condensed interim financial statements and notes thereto for Silver Sands Resources Corp. (the “Company”) for the six months ended July 31, 2025 which were prepared in Canadian dollars and in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements and related notes are available at www.sedarplus.ca.

Management is responsible for the preparation and integrity of the Company’s financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including that within the Company’s audited financial statements and MD&A, is complete and reliable.

Caution regarding forward looking statements

This MD&A may contain certain statements that may be deemed “forward-looking statements”. All statements in this document, other than statements of historical fact, which address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “interprets” and similar expressions, or events or conditions that “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding future exploration programs, liquidity and effects of accounting policy changes.

Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Readers are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change except as required by law.

These statements are based on a number of assumptions including, among others, assumptions regarding general business and economic conditions, the timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company’s proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.

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SILVER SANDS RESOURCES CORP

1.2 Overall performance

The Company was incorporated on January 31, 2018 under the laws of British Columbia, Canada. The address of the Company's corporate office and its principal place of business is 830-1100 Melville Street, Vancouver, British Columbia, Canada. On November 27, 2019, the Company's common shares commenced trading on the Canadian Securities Exchange (the "Exchange"). On June 8, 2020, the Company changed its name to Silver Sands Resources Corp. and changed its symbol to "SAND". On November 10, 2022, the Company was extra-provincially registered in the Province of Newfoundland and Labrador.

The Company's principal business activities include the acquisition and exploration of mineral property assets. As at July 31, 2025, the Company had not yet determined whether the Company's mineral property assets contain ore reserves that are economically recoverable. The recoverability of amounts shown for "exploration and evaluation asset(s)" is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain the necessary financing to complete the development of and the future profitable production from the property or realizing proceeds from its disposition. The outcome of these matters cannot be predicted at this time and the uncertainties cast significant doubt upon the Company's ability to continue as a going concern.

Exploration and evaluation assets Corner Pocket, Newfoundland

The 6,400-hectare Corner Pocket copper-zinc-silver-massive-sulphide project lies 25 kilometres to the west-northwest of Corner Brook, Nfld. Corner Pocket is contiguous to the west, east and south of the York Harbour Metals Inc., massive sulphide project.

The Company entered into a mineral property purchase agreement with Longford Capital Corp. and acquired the Corner Pocket property from the vendor for consideration of $20,000 cash on signing and the issuance of four million shares in the capital of the Company. The Company was obliged to incur $250,000 of exploration expenditures by March 8, 2024 on the Corner Pocket property. The Company failed to incur the exploration expenditures within the specified period and the Corner Pocket property was immediately transferred back to the vendor free and clear of any liens. The Company had to ensure that claims are all in good standing and that at least one year of assessment work has been filed and applied in connection with the Corner Pocket.

During the year ended January 31, 2024, the Company terminated the Corner Pocket option agreement and recorded an impairment of $538,400 in exploration and evaluation assets, including $38,400 for uncollectible reclamation bond.

The technical content of the MDA was reviewed and approved by R. Tim Henneberry, P.Geo. (BC) a Director of the Company.

1.3 Selected annual information

N/A

1.4 Results of operations

Six months ended July 31, 2025

During the six months ended July 31, 2025 (the "current period"), the Company reported a net loss of $133,736 compared to a net loss of $234,643 during the six months ended July 31, 2024 (the "comparative period"). The significant variances between the current period and the comparative period are as follows:

• Consulting fees and management fees decreased by an aggregate amount of $40,500 during the current period to $79,500 (2024: 120,000).

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SILVER SANDS
RESOURCES CORP

• Share-based payments decreased by $48,997 during the current period to $Nil (2024: $48,997) due to the grant of stock options during the comparative period.
• Professional fees increased by $5,383 during the current period to $28,450 (2024: $22,767). The Company incurred additional legal and accounting costs during the current period.
• Transfer agent and filing fees and office and miscellaneous decreased by an aggregate amount of $15,173 during the current period to $20,716 (2024: $35,889).

Three months ended July 31, 2025

During the three months ended July 31, 2025 (the "current period"), the Company reported a net loss of $84,814 compared to a net loss of $100,566 during the three months ended July 31, 2024 (the "comparative period"). The significant variances between the current period and the comparative period are as follows:

• Consulting fees and management fees decreased by an aggregate amount of $15,000 during the current period to $45,000 (2024: 60,000).
• Professional fees increased by $5,683 during the current period to $28,450 (2024: $22,767). The Company incurred additional legal and accounting costs during the comparative period.
• Transfer agent and filing fees and office and miscellaneous decreased by an aggregate amount of $6,435 during the current period to $11,364 (2024: $17,799).

1.5 Summary of quarterly results

Three months ended	Total Revenues	Net Loss	Loss Per Share (basic and diluted)
July 31, 2025	$Nil	$84,814	$0.01
April 30, 2025	$Nil	$48,922	$0.00
January 31, 2025	$Nil	$56,513	$0.00
October 31, 2024	$Nil	$63,265	$0.00
July 31, 2024	$Nil	$100,566	$0.01
April 30, 2024	$Nil	$134,077	$0.01
January 31, 2024	$Nil	$660,007	$0.08
October 31, 2023	$Nil	$125,328	$0.02

During the quarter ended October 31, 2023, the Company considered exploration plans for the Corner Pocket project and analyzed financing and acquisition strategies. During the quarter ended January 31, 2024, the Company wrote off Corner Pocket project in the amount of $538,400. During the quarters ended July 31, 2024 and July 31, 2025, the Company continued to investigate potential project acquisitions and finance strategies.

1.6 Liquidity and solvency

At July 31, 2025, the Company had working capital deficit of $165,524 composed of cash on hand of $18,498, receivables of $5,544, and accounts payable and accrued liabilities of $189,566 compared to working capital deficit at January 31, 2025 of $31,788 composed of cash on hand of $54,692, prepaid expenses totaling $8,793, receivables of $10,211, and accounts payable and accrued liabilities of $105,484.

Cash flow to date has not satisfied the Company's operational requirements. The development of the Company in the future will depend on the Company's ability to obtain additional financing. While the Company has been successful in the past in obtaining financing through the sale of equity securities, there can be no

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SILVER SANDS RESOURCES CORP

assurance that the Company will be able to obtain adequate financing in the future or that the terms of such financing will be favorable.

1.7 Capital resources

As at July 31, 2025, the Company had cash of $18,498 (January 31, 2025: $54,692) to settle liabilities of $189,566 (January 31, 2025: $105,484). The Company expects to fund its liabilities, exploration and operational activities over the remainder of the fiscal year with cash on hand and from cash received from the issuance of equity securities, primarily through private placements.

1.8 Off-balance sheet arrangements

The Company has not entered into any off-balance sheet arrangements.

1.9 Transactions with related parties

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

Key management includes key directors and key officers of the Company, including the President & Chief Executive Officer and Chief Financial Officer.

Six months ended:	July 31, 2025	July 31, 2024
Management fees to the President & CEO	$ 31,500	$ 60,000
Consulting fees to a company owned by the CFO	24,000	24,000
Consulting fees to the corporate secretary	24,000	24,000
Consulting fees to a company controlled by a director	-	12,000
Share based payments to key management	-	39,787
	$ 79,500	$ 159,787

At July 31, 2025, $117,064 was outstanding to key management (January 31, 2025: $57,214) and was included in accounts payable and accrued liabilities.

1.10 Second quarter

During the three months ended July 31, 2025, the Company continued to explore opportunities to acquire mineral exploration projects and looked for financing opportunities for the Company.

1.11 Commitments

The Company is committed to certain cash payments, common share issuances and exploration expenditures as described in Note 5 of the accompanying financial statements.

1.12 Proposed transactions

There are no proposed transactions that will materially affect the performance of the Company other than those disclosed elsewhere in this MD&A and the accompanying financial statements.

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1.13 Critical accounting estimates

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates on the resulting effects of the carrying amounts of the Company's assets and liabilities are accounted for prospectively.

All of the Company's significant accounting policies and estimates are included in Notes 2, 3, and 4 of its audited financial statements for the year ended January 31, 2025.

1.14 Future changes in accounting policies

Refer to Note 2 in the notes to the audited financial statements for the years ended January 31, 2025 and 2024.

1.15 Financial instruments and other risks

Financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. IFRS 9 contains three categories of financial assets: Measured at amortization cost after initial recognition, at fair value through other comprehensive income ("FVOCI") and at fair value through profit or loss ("FVTPL").

A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Equity instruments are generally classified as FVTPL. For equity investment is not held for trading, an entity can make an irrevocable election at initial recognition to measure it at FVOCI with only dividend income recognized in profit or loss.

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity.

Financial liabilities

All financial liabilities are designated as either: (i) FVTPL; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL.

Financial liabilities classified as other financial liabilities are initially recognized at fair value less directly attributable transaction costs. After initial recognition, other financial liabilities are subsequently measured at amortized costs using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. The Company's accounts payable are classified as other financial liabilities.

Financial liabilities classified as FVTPL include financial liabilities held for trading and financial liabilities designated upon initial recognition as FVTPL. Derivatives, including separated embedded derivatives are also classified as held for trading and recognized at fair value with changes in fair value recognized in earnings unless they are designated as effective hedging instruments. Fair value changes on financial liabilities classified as FVTPL are recognized in earnings.

The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

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Gains and losses on derecognition are generally recognized in profit or loss.

As at July 31, 2025 and January 31, 2025, the Company classified its financial instruments as follows:

Financial asset/ liability	IFRS 9 classification
Cash	Amortized cost
GST receivable	Amortized cost
Reclamation deposit	Amortized cost
Accounts payable	Amortized cost

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, amounts receivable and reclamation bond. Cash and cash equivalents are held with major Canadian financial institutions, amounts receivable primarily consist of GST receivable are from the Government of Canada entities, and the reclamation deposit is held with a Newfoundland government organization. Management is of the view that the credit risk is low.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash.

Historically, the Company's sole source of funding has been from the issuance of equity securities for cash, primarily through private placements and from loans advanced by related parties. The Company's access to financing is always uncertain. There can be no assurance of continued access to significant equity funding.

Foreign exchange risk

Foreign exchange risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company is not currently exposed to foreign exchange risk.

Capital Management

The Company's policy is to maintain a strong capital base to maintain investor and creditor confidence and to sustain future development of the business. The capital structure of the Company consists of working capital deficiency and share capital. There were no changes in the Company's approach to capital management during the period. The Company is not subject to any externally imposed capital requirements.

Contingencies

The Company is not aware of any contingencies or pending legal proceedings as of the date of this MD&A.

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SILVER SANDS RESOURCES CORP

1.16 Other MD&A Requirements

Share capital

On September 12, 2023, the Company consolidated its common shares on the basis of one post-consolidation common share for every ten pre-consolidation common shares. No fractional shares were issued, as all fractional shares were rounded to the nearest whole number. All share and per share amounts in these consolidated financial statements are presented on a post-consolidated basis.

	As at July 31, 2025	As at the date of this report
Shares issued and outstanding	14,440,612	14,440,612
Share purchase options	985,000	875,000
Share purchase warrants	2,625,000	2,625,000
Fully diluted share capital	18,050,612	17,940,612