Silver Storm Mining — Interim / Quarterly Report 2022

Nov 22, 2022

GOLDEN TAG RESOURCES LTD.

INTERIM MANAGEMENT'S DISCUSSION AND ANALYSIS –

QUARTERLY HIGHLIGHTS

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022

(EXPRESSED IN CANADIAN DOLLARS)

The following interim Management's Discussion and Analysis ("Interim MD&A") of Golden Tag Resources Ltd. (the "Company" or "Golden Tag") for the three and nine months ended September 30, 2022 has been prepared to provide material updates to the business operations, liquidity and capital resources of the Company since its last annual management discussion & analysis, being the Management's Discussion & Analysis ("Annual MD&A") for the year ended December 31, 2021. This Interim MD&A does not provide a general update to the Annual MD&A, or reflect any non-material events since the date of the Annual MD&A.

This Interim MD&A has been prepared in compliance with section 2.2.1 of Form 51-102F1, in accordance with National Instrument 51-102 – Continuous Disclosure Obligations. This discussion should be read in conjunction with the Annual MD&A, audited annual consolidated financial statements of the Company for the year ended December 31, 2021 and year ended December 31, 2020, together with the notes thereto, and unaudited condensed interim consolidated financial statements of the Company for the three and nine months ended September 30, 2022, together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The Company's unaudited condensed interim consolidated financial statements and the financial information contained in this Interim MD&A are prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee. The unaudited condensed interim consolidated financial statements have been prepared in accordance with International Standard 34, Interim Financial Reporting. Accordingly, information contained herein is presented as of November 21, 2022, unless otherwise indicated.

For the purposes of preparing this Interim MD&A, management, in conjunction with the Board of Directors (the "Board"), considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company common shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Further information about the Company and its operations is available on the Company's website at www.goldentag.ca or on SEDAR at www.sedar.com.

This Interim MD&A contains forward-looking information as further described in the "Cautionary Note Regarding Forward-Looking Statements" at the end of this Interim MD&A. Please also make reference to those risk factors identified or otherwise indirectly referenced in the "Risks and Uncertainties" section below.

Description of Business and Nature of Operations

The Company is incorporated under the Canada Business Corporations Act and is in the process of exploring its mineral properties and has not yet determined whether those properties contain ore reserves that are economically recoverable. The address of the Company's registered office and its principal place of business are 22 Adelaide Street West, Suite 2020, Bay Adelaide Centre, Toronto, Ontario, Canada. The Company's shares are listed on the TSX Venture Exchange, trading under the symbol "GOG" and on the OTCQB Venture Market, trading under the symbol "GTAGF".

Traditionally, much of Golden Tag's exploration activity was involved in the search for and definition of gold in eastern Canada's classical greenstone belts, however, the Company has expanded its exploration activities to include Mexico. The Company currently holds a 100% interest in the San Diego property in Durango State, Mexico.

Financial and Operating Highlights

Corporate

On February 4, 2022, the Company announced it initiated a program for 2022 to increase investor awareness, and to improve trading liquidity of the Company's shares on both the TSXV and the OTCQB. The program will have an estimated cost of approximately $260,000. All of the service providers are at arm's length to the Company and have no other relationship with the Company except pursuant to the agreements. None of the service providers have any interest in the Company or its securities, or any right to intent to acquire such an interest, except for Eric Wetterling who indirectly owns 56,000 common shares of the Company.

On February 8, 2022, the Company announced the closing of the first tranche of a non-brokered private placement. Under the first tranche, the Company issued 7,166,670 units for aggregate gross proceeds of $1,791,668. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant issued pursuant to the first tranche entitles the holder thereof to acquire one common share at a price of $0.40 until February 8, 2024, subject to the Acceleration Provision.

In connection with the first tranche, the Company paid aggregate cash finder's fees of $39,800 and issued 140,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months following closing of the first tranche, subject to Acceleration Provision.

On February 28, 2022, the Company announced that it completed the second and final tranche of the nonbrokered private placement. In connection with the second tranche, the Company issued an aggregate of 5,833,330 units for aggregate gross proceeds of $1,458,332. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him acquired an aggregate of 4,000,000 units. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant issued pursuant to the first tranche entitles the holder thereof to acquire one common share at a price of $0.40 until February 28, 2024. The warrants are subject to the Acceleration Provision.

In connection with the second tranche, the Company paid aggregate cash finder's fees of $7,000 and issued 28,000 finder's warrants. Each finder's warrant entitles the holder to purchase one common share at a price of $0.25 for a period of 24 months following closing of the second tranche, subject to Acceleration Provision.

During the nine months ended September 30, 2022, a total of 8,999,409 warrants were exercised for aggregate gross proceeds of $674,956.

During the nine months ended September 30, 2022, 12,500,000 warrants with an exercise price of $0.40 and 1,198,130 warrants with an exercise price of $0.28 expired unexercised.

Mineral Exploration Properties

Property Description

San Diego Property, Mexico:

Golden Tag owns a 100% interest in the San Diego Property. The project was advanced through various exploration programs between 2005 and 2016 which included 6 Phases of surface diamond drilling totaling 32,933 metres ("m"). Phase 7 of diamond drilling commenced in October of 2020 culminating in 8,481 m completed in 19 holes by the end of 2021. The total amount of drilling completed on the property to the end of 2021 is 41,414 m. Phase 7 drilling is currently ongoing.

The San Diego Property consists of 4 mining concessions (91.65 hectares) in the Municipality of Cuencame, Durango State, Mexico. It is located approximately 75 km southwest of the city of Torreon, Mexico and is 12 km northeast of Peñoles Velardeña Mine. The Peñoles non-ferrous metallurgical complex (smelting and refining) is in Torreon. The property can be accessed via a 10 km dirt road from the village of San Diego, which is only 5 km east of Highway 400 and Federal Road 49.

The property lies within the Velardeña Mining District where several mines have produced silver, zinc, lead and gold over the past century from polymetallic mineralization associated with intermediate to felsic intrusive bodies. The mineral deposits of the Velardeña Mining District consist primarily of quartz-calcite veins with associated silver, lead, zinc, gold and copper mineralization typical of the polymetallic, intrusive related skarn and low-sulfidation epithermal deposits of northern Mexico.

A Mineral Resource Estimate was completed by SGS Canada and an Independent Technical Report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101") was published in April 2013. This report is available on the Company web site as well as at www.sedar.com. The Estimated Indicated and Inferred Resources at San Diego from this Mineral Resource Estimate are summarized in Table 1.

SAN DIEGO RESOURCE	CoG (2)	Tonnes	Au	Ag	Pb	Zn	Ag.EQ (3)	Ag Oz
ESTIMATE (1)	(g/t)	(Mt)	(g/t)	(g/t)	(%)	(%)	(g/t)	(M oz)
INDICATED RESOURCES
Oxide Veins [6]	133	0.31	0.43	211	NA (4)	NA (4)	234	2.11
Sulfide Veins [14]	52-125	1.38	0.20	123	1.23	1.85	197	5.43
Fernandez Zone [2]	52	14.8	0.06	51	0.65	1.17	94	24.1
TOTAL (5)		16.5						31.6
INFERRED RESOURCES
Oxide Veins [8]	133	0.29	0.43	238	NA (4)	NA (4)	261	2.2
Sulfide Veins [19]	52-125	13.1	0.11	93	1.41	1.83	171	39.2
Fernandez Zone [2]	52	28.7	0.05	46	0.7	1.08	88	42.4
TOTAL (5)		42.1						83.8

Notes: (1) Please refer to Table 1, page 3, SGS Canada "NI 43-101 Technical Report: Updated Mineral Resource Estimate San Diego Project" effective date April 12, 2013 available on www.sedar.com or the Golden Tag Web site www.goldentag.ca for further information. (2) CoG: Cut-Off Grade Ag.EQ (g/t); please refer to Table 31 on page 104 of the report for further information. (3) Ag.EQ: Silver Equivalent based on commodity prices of US$1455/oz Au, US$28.10/oz Ag, US$1.00/lb Pb, US$0.96/lb Zn applying estimated mill recoveries & smelter deductions & payables of 64.9% Ag, 76.4% Pb & 57.5% Zn for sulfide and 60.5% Ag & 62.5% Au for oxide resources. Zn and Pb are excluded from Ag.EQ for oxide resources and Cu and Au are excluded from Ag.EQ for sulfide resources. Please refer to Table 30 & Pages 103-104 of the report for more information. (4) Pb and Zn are excluded from oxide vein resources due to lack of metallurgical tests illustrating their potential recoveries. (5) Totals may not add up precisely due to rounding. (6) (Mt): million tonnes; (M oz): million ounces.

Cautionary Statement: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The resource estimate for the 21 veins and mineralized body were defined by a drill pattern and applying reasonable geological shapes to limit the lateral extent of the veins and mineralized body. Combinations of cross sectional and plan level views were used in order to develop an understanding of the structural relationship and cut off grades were applied. The indicated and inferred categories were partially based on historic structures that consistently exhibit lateral continuity and constant thickness, many of which can be traced along surface for hundreds of metres. There are no known factors such as environmental, permitting, legal, title, taxation, socio economic, marketing, political or other relevant factors which could materially affect the resources.

SGS Canada also recognized that there is Additional Target Potential of between 20 to 50 million tonnes grading 100 to 150 g/t silver equivalent. This Additional Target Potential is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Expenditures

Exploration expenditures of $1,132,216 were incurred during the nine months ended September 30, 2022, mainly related to the Phase 7 diamond drilling program. The total spending on the property as at September 30, 2022, including an amount of $792,421 in 2016 to acquire the remaining 50% interest in the property is $11,631,196.

Summary of exploration expenditures	Nine MonthsEndedSeptember 30,2022($)	Year EndedDecember 31,2021($)	Year EndedDecember 31,2020($)
Drilling	657,806	944,658	nil
Consulting fees	290,527	667,141	175,503
Salaries and labour	54,359	138,910	32,890
Other	82,287	106,972	nil
Travel expenses	nil	72,260	32,012
Lodging and expenses	17,237	54,284	6,205
Total exploration expenditures	1,132,216	1,984,225	246,610
Cumulative exploration expenditures sinceinception	11,631,196	10,498,980	8,514,755

Exploration Update

On September 21, 2022, the Company announced metallurgical test results from mineralization contained within the Fernandez Zone. Key highlights include:

• First ever metallurgical results performed on the Fernandez Zone demonstrates Endoskarn mineralization is amenable to conventional flotation techniques
• 76% of the Ag and 84% of the Pb were recovered to a bulk concentrate containing 51% Pb, 4700 g/t Ag, 3.11% Zn, 5.27% Cu, and 2.23 g/t Au
• Cu and Au recoveries within the bulk concentrate had significant improvements over previous test work
• 84% of the zinc was recovered to a concentrate grading 47% zinc

The metallurgical test work was conducted by ALS Metallurgy in Kamloops, BC under the direction of Adam Johnston of Transmin Metallurgical Consultants. Six samples of ¼ drill core taken over 6 metre intervals were selected from three drill holes completed within the Fernandez Zone, designed to be representative of the Fernandez Zone lithologies and geochemistry. The samples were subjected to detailed mineralogy, including mineral assemblage, texture, and mineral liberation assessments at ALS. The samples were analyzed using a Trace Metal Search (TMS) technique focused on silver which concluded that silver is mainly present as freibergite. A 27-kilogram composite (SAC-001) of four samples from the Endoskarn Zone was analyzed by Particle Mineral Analysis (PMA) to determine mineral liberation parameters prior to proceeding with flotation tests. The flotation development comprised the evaluation of rougher and cleaner stages and an open circuit flowsheet was established using conventional reagents and techniques. Approximately 76% of the Ag and 84% of the Pb were recovered to a bulk lead concentrate grading approximately 4700 g/t silver, 51% Pb, 3.1% Zn, 5.3% Cu, and 2.23 g/t Au.

As compared to the metallurgical test results established in the NI 43-101 Technical Report Mineral Resource Estimate prepared by SGS Canada effective April 2013, this initial test work has improved predictions for the silver recovery from 71% to 76% in the bulk Pb concentrate, while increasing the concentrate grade from 3623 g/t Ag up to 4700 g/t Ag, and demonstrated substantial improvements in Cu

and Au recoveries. There was also an improvement in the predicted zinc recovery from 81% to 84% in the zinc concentrate.

Additional metallurgical test work is required to further optimize the flotation conditions before proceeding with locked cycle testing.

Technical Information

Bruce Robbins, P.Geo., is the "qualified person", within the meaning of NI 43-101, who has approved all scientific and technical information disclosed in this MD&A.

Trends and Economic Conditions

Management regularly monitors economic conditions, estimates their impact on the Company's operations and incorporates these estimates in both short-term operating and longer-term strategic decisions.

Due to the worldwide COVID-19 pandemic, material uncertainties may arise that could influence management's going concern assumption. Management cannot accurately predict the future impact COVID-19 may have on:

• Global silver prices;
• Demand for silver and the ability to explore for silver;
• The severity and the length of potential measures taken by governments to manage the spread of the virus, and their effect on labour availability and supply lines;
• Availability of government supplies, such as water and electricity;
• Purchasing power of the Canadian dollar, United States dollar and Mexican Peso; and
• The Company's ability to obtain funding on favourable terms, or at all.

At the date of this Interim MD&A, the Canadian federal government and the Mexican government have not introduced measures that have directly impeded the operational activities of the Company. The Company was required to implement certain new working procedures at the San Diego project, but without significant impact on operations. From time-to-time various Mexican government facilities have closed temporarily, however management believes businesses will continue to be allowed to operate and, accordingly, the current situation has not impacted management's going concern assumption. However, it is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company in future periods.

Apart from these and the risk factors described under the heading "Risks and Uncertainties", management is not aware of any other trends, commitments, events or uncertainties that would have a material effect on the Company's business, financial condition or results of operations.

See "Cautionary Note Regarding Forward-Looking Statements" below.

Outlook

The Company intends to continue exploring the San Diego property in Durango State, Mexico. In addition, management will review project submissions, and conduct independent research, to identify projects in such jurisdictions and commodities as it may consider attractive and may consider or seek a transaction or investment with the owner of such project.

There is no assurance that funding, including equity capital, will be available to the Company in the future in the amounts or at the times desired or on terms that are acceptable to the Company, if at all. See "Risks and Uncertainties" below.

Financial Highlights

Three months ended September 30, 2022 compared with three months ended September 30, 2021

The Company's net loss totaled $336,703 for the three months ended September 30, 2022, with basic and diluted loss per share of $0.00. This compares with a net loss of $684,665 with basic and diluted loss per share of $0.00 for the three months ended September 30, 2021. The Company had no revenue in both periods presented. The decrease in net loss was principally due to:

• Mineral property expenses of $53,324 for the three months ended September 30, 2022, is lower than mineral property expenses of $209,713 for the three months ended September 30, 2021. Refer to the heading "Liquidity and Capital Resources" below for a summary of the Company's exploration expenditures.
• Professional fees increased in the three months ended September 30, 2022, to $113,864 compared with $37,438 for the same period in 2021, primarily due to higher corporate activity requiring external professional support services.
• Unrealized loss on change in fair value of marketable securities decreased in the three months ended September 30, 2022, to $3,500 compared with an unrealized loss of $14,000 for the same period in 2021. The decrease in unrealized loss was due to the change in fair value of marketable securities.
• All other expenses related to general working capital purposes.

All other expenses related to general working capital purposes.

Nine months ended September 30, 2022 compared with nine months ended September 30, 2021

The Company's net loss totaled $2,373,437 for the nine months ended September 30, 2022, with basic and diluted loss per share of $0.01. This compares with a net loss of $3,201,968 with basic and diluted loss per share of $0.02 for the nine months ended September 30, 2021. The Company had no revenue in both periods presented. The decrease in net loss was principally due to:

• Mineral property expenses of $1,132,216 for the nine months ended September 30, 2022, is lower than mineral property expenses of $1,562,964 for the nine months ended September 30, 2021. Refer to the heading "Liquidity and Capital Resources" below for a summary of the Company's exploration expenditures.
• Professional fees increased in the nine months ended September 30, 2022, to $311,947 compared with $214,363 for the same period in 2021, primarily due to higher corporate activity requiring external professional support services.
• Realized gain on sale of marketable securities decreased in the nine months ended September 30, 2022, to $nil compared with a realized gain of $44,226 the same period in 2021. The decrease in realized gain was due to the sale of marketable securities for gross proceeds of $nil compared with gross proceeds of $93,015 for the same period in 2021.
• Unrealized loss on change in fair value of marketable securities decreased in the nine months ended September 30, 2022, to $10,500 compared with an unrealized loss of $80,219 for the same period in 2021. The decrease in unrealized loss was due to the change in fair value of marketable securities.
• All other expenses related to general working capital purposes.

All other expenses related to general working capital purposes.

The Company's total assets as of September 30, 2022 were $7,194,705 (December 31, 2021 - $6,551,058) against total liabilities of $94,457 (December 31, 2021 - $760,137). The increase in total assets of $643,647 resulted from cash spent on exploration and evaluation expenditures and operating costs which was offset by cash proceeds of $3,250,000 from private placements completed in February 2022 and cash proceeds of $674,956 from warrants exercised. The Company has sufficient current assets to pay its existing liabilities of $94,457 on September 30, 2022.

Cash Flows

As of September 30, 2022, the Company had cash and cash equivalents of $6,912,499. The increase in cash and cash equivalents of $594,936 from the December 31, 2021 cash and cash equivalents balance of $6,317,563 was a result of cash outflows in operating activities of $3,240,085 and cash inflows in financing activities of $3,854,547.

Operating activities were affected by adjustments of unrealized loss on change in fair value of marketable securities of $10,500, foreign exchange of $152,257, and net change in non-cash working capital balances of $724,891 because of an increase in sale taxes receivable of $7,185, an increase in prepaid expenses of $52,026 and a decrease in trade payables of $665,680.

Cash provided by financing activities was $3,854,547 for the nine months ended September 30, 2022. Financing activities were affected by the proceeds from private placements of $3,250,000 and warrants exercised of $674,956, which was offset by share issue costs of $70,409.

Liquidity and Capital Resources

The Company believes that its cash and cash equivalents of approximately $6.9 million as of September 30, 2022 is adequate to cover current expenditures and exploration expenses for the coming year.

The Company may, from time to time, when marketing and financing conditions are favourable, seek additional financing to fund exploration and property acquisition projects.

The Company has commenced evaluating strategic opportunities to add shareholder value through merger and acquisitions or by acquiring projects directly. The Company will focus primarily on silver projects and opportunities in the Americas; however, the Company may explore opportunities in other regions or with a focus on minerals other than or in addition to silver if advantageous to the Company. The activities of the Company are financed through the completion of equity transactions such as equity offerings and the exercise of stock options and warrants. There is no assurance that equity capital will be available to the Company in the future in the amounts or at the times desired or on terms that are acceptable to the Company, if at all. See "Risks and Uncertainties" below.

As of September 30, 2022, and to the date of this Interim MD&A, the cash resources of the Company are held with certain Canadian chartered banks.

Regardless of whether the Company discovers a significant silver deposit, its working capital of $7,100,248 as of September 30, 2022 is anticipated to be adequate for it to continue operations for the twelve-month period ending September 30, 2023.

Summary of exploration expenditures	ThreeMonthsEndedSeptember30,2022($)	ThreeMonthsEndedSeptember30,2021($)	NineMonthsEndedSeptember30,2022($)	NineMonthsEndedSeptember30,2021($)
Drilling	6,059	5,761	687,806	668,016
Consulting fees	17,891	155,676	290,527	578,766
Salaries and labour	478	33,784	54,359	100,568
Lodging and expenses	218	5,915	17,237	39,922
Other	28,678	8,577	82,287	103,432
Travel expenses	nil	nil	nil	72,260
Total exploration expenditures	53,324	209,713	1,132,216	1,562,964

The following table summarizes the Company's expenditures incurred:

Related Party Transactions

The Company's related parties include private companies controlled by directors and joint key management, as described below. Unless otherwise stated, none of the transactions incorporated special

terms and conditions and no guarantees were given or received. Outstanding balances are usually settled in cash.

Transactions with key management personnel

Key management personnel of the Company are members of the Board as well as members of key management personnel.

Remuneration includes the following expenses:

	ThreeMonthsEndedSeptember30,2022($)	ThreeMonthsEndedSeptember30,2021($)	NineMonthsEndedSeptember30,2022($)	NineMonthsEndedSeptember30,2021($)
Management and administration fees paid toprivate companies controlled by directors andofficers	137,385	127,385	418,582	456,155
Professional fees paid to private companiescontrolled by directors and officers	8,636	10,779	78,003	75,239
Listing, filing and transfer agency fees paid toprivate companies controlled by officers	735	2,357	3,280	7,260
Director fees	nil	146,000	nil	292,000
Total	146,756	286,521	499,865	830,654

Included in trade payables are amounts due to companies owned and controlled by key management personnel of $36,060 and to directors of $nil (December 31, 2021 - $577,516 and $90,000).

Of the 13,000,000 units issued during 2022 as part of the private placement during the six months ended June 30, 2022, Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him, subscribed for 4,000,000 units.

Disclosure of Internal Controls

Management has established processes to provide them with sufficient knowledge to support representations that they have exercised reasonable diligence to ensure that the unaudited condensed interim consolidated financial statements (i) do not contain any untrue statement of material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it is made, and (ii) fairly present in all material respects the financial condition, results of operations and cash flow of the Company, in each case as of the date of and for the periods presented by such statements.

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109"), the Venture Issuer Basic Certificate filed by the Chief Executive Officer and Chief Financial Officer of the Company does not include representations relating to the establishment and maintenance of disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), as such terms are defined in NI 52-109. In particular, the certifying officers filing such certificate are not making any representations relating to the establishment and maintenance of:

• (i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and
• (ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of unaudited condensed interim consolidated financial statements for external purposes in accordance with IFRS.

The Company's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in such certificate. Investors should be aware that inherent limitations on the ability of the Company's certifying officers of a venture issuer to design and implement, on a cost-effective basis, DC&P and ICFR may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports required to be provided under securities legislation.

Risks and Uncertainties

An investment in the securities of the Company is highly speculative and involves numerous and significant risks. Such investment should be undertaken only by investors whose financial resources are sufficient to enable them to assume these risks and who have no need for immediate liquidity in their investment. Prospective investors should carefully consider the risk factors that have affected, and which in the future are reasonably expected to affect, the Company and its financial position. Please refer to the section entitled "Risks and Uncertainties" in the Company's Annual MD&A for the year ended December 31, 2021, available on SEDAR at www.sedar.com.

Cautionary Note Regarding Forward-Looking Statements

This Interim MD&A contains certain "forward-looking information" as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forwardlooking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "budgeted", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. The forward-looking statements in this Interim MD&A speak only as of the date of this Interim MD&A or as of the date specified in such statements. The following table outlines certain significant forward-looking statements contained in this Interim MD&A and provides the material

assumptions used to develop such forward-looking statements and material risk factors that could cause actual results to differ materially from the forward-looking statements.

Forward-looking statements	Assumptions	Risk factors
Regardless of whether theCompany discovers a significantsilver deposit, its working capitalof $7,100,248 as of September30, 2022 is anticipated to beadequate for it to continueoperations for the twelve-monthperiod ending September 30,2023	The operating and explorationactivities of the Company for thetwelve-month period endingSeptember 30, 2023, and thecosts associated therewith, will beconsistent with the Company'scurrent expectations; and equitymarkets, exchange and interestrates and other applicableeconomic conditions will befavourable to the Company	Unforeseen costs to theCompany will arise; ongoinguncertainties relating to theCOVID-19 pandemic; anyoperating cost increase ordecrease from the date of theestimation; changes inoperating and explorationactivities; changes ineconomic conditions; timingof expenditures
The Company's properties maycontain economic deposits ofminerals	The actual results of theCompany's exploration anddevelopment activities will befavourable; operating, explorationand development costs will notexceed the Company'sexpectations; all requisiteregulatory and governmentalapprovals for exploration projectsand other operations will bereceived on a timely basis uponterms acceptable to the Company,and applicable political andeconomic conditions arefavourable to the Company; theprice of applicable commoditiesand applicable interest andexchange rates will be favourableto the Company; no title disputesexist or will arise with respect tothe Company's properties; and theCompany has or will obtainadequate property rights tosupport its exploration anddevelopment activities	Commodity price volatility;ongoing uncertainties relatingto the COVID-19 pandemic;uncertainties involved ininterpreting geological dataand confirming title toacquired properties; inabilityto secure necessary propertyrights; the possibility thatfuture exploration results willnot be consistent with theCompany's expectations;increases in costs;environmental complianceand changes in environmentaland other applicablelegislation and regulation;interest rate and exchangerate fluctuations; changes ineconomic and politicalconditions
The Company's anticipatedbusiness plans, including costsand timing for future explorationon its property interests andacquisitions of additional mineral	The exploration activities of theCompany and the costsassociated therewith, will beconsistent with the Company'scurrent expectations; and equity	Commodity price volatility;ongoing uncertainties relatingto the COVID-19 pandemic;changes in the condition ofdebt and equity markets;

Forward-looking statements	Assumptions	Risk factors
resource properties or intereststherein	markets, exchange and interestrates and other applicableeconomic conditions will befavourable to the Company;financing will be available for theCompany's exploration anddevelopment activities onfavourable terms; the Companywill be able to retain and attractskilled staff; all applicableregulatory and governmentalapprovals for exploration projectsand other operations will bereceived on a timely basis uponterms acceptable to the Company;the Company will not be adverselyaffected by market competition;the price of applicablecommodities will be favourable tothe Company; no title disputesexist or will arise with respect tothe Company's properties; theCompany has or will obtainadequate property rights tosupport its exploration anddevelopment activities; and theCompany will be able tosuccessfully identify and negotiatenew acquisition opportunities	timing and availability ofexternal financing onacceptable terms may not beas anticipated; theuncertainties involved ininterpreting geological dataand confirming title toacquired properties; inabilityto secure necessary propertyrights; the possibility thatfuture exploration results willnot be consistent with theCompany's expectations;increases in costs;environmental complianceand changes in environmentaland other applicablelegislation and regulation;interest rate and exchangerate fluctuations; changes ineconomic and politicalconditions; the Company maybe unable to retain and attractskilled staff; receipt ofapplicable permits is subjectto governmental and/orregulatory approvals; theCompany does not havecontrol over the actions of itsjoint venture partners and/orother counterparties
Management's outlook regardingfuture trends and explorationprograms	Financing will be available for theCompany's exploration andoperating activities; the price ofapplicable commodities will befavourable to the Company; theactual results of the Company'sexploration and developmentactivities will be favourable;management is aware of allapplicable environmentalobligations	Commodity price volatility;ongoing uncertainties relatingto the COVID-19 pandemic;changes in the condition ofdebt and equity markets;interest rate and exchangerate fluctuations; changes ineconomic and politicalconditions; the possibility thatfuture exploration results willnot be consistent with theCompany's expectations;changes in environmental and

Forward-looking statements	Assumptions	Risk factors
		other applicable legislationand regulation

Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. Please also review those risk factors identified or otherwise indirectly referenced in the "Risks and Uncertainties" section above. Readers are cautioned that the above chart does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements contained in this Interim MD&A, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this Interim MD&A.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary note. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forwardlooking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.