MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED
September 30, 2025
The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of Canadian Silver Hunter Inc. (the "Company" or "Silver Hunter") constitutes management's review of the factors that affected the Company's financial and operating performance for the nine-month period ended September 30, 2025. This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 -Continuous Disclosure Obligations. This discussion should be read in conjunction with the unaudited financial statements of the Company for 2024 and the nine-months September 30, 2025 together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee. Information contained herein is presented as of December 1, 2025, unless otherwise indicated.
The following MD&A, particularly under the heading "Capital Resources" and ''Additional Disclosure for Entities without Significant Revenue'', contains forward-looking information that involves numerous risks and uncertainties. The forward-looking information is not historical fact, but rather is based on the Company's current plans, objectives, goals, strategies, estimates, assumptions and projections about the industry, business and future financial results. The Company's actual results could differ materially from those discussed in such forward-looking statements.
For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, 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's 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 of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.
Additional information relating to the Company is available free of charge on the System for Electronic Document Analysis and Retrieval (SEDAR) website at https://www.sedar.com.
Caution Regarding Forward-looking StatementsThis MD&A contains certain forward-looking information and forward-looking statements, 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 forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement. The following table outlines certain significant forward-looking statements contained in this 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 |
Potential of Silver Hunter's properties to | Financing will be available for future | Silver price volatility; uncertainties |
contain economic deposits of silver | exploration and development of | involved in interpreting geological |
and/or other metals | Silver Hunter's properties; the | data and confirming title to |
actual results of Silver Hunter's | acquired properties; the possibility | |
Exploration and development | that future exploration results will | |
Activities will be favourable; | not be consistent with Silver | |
operating, exploration and | Hunter's expectations; availability | |
development costs will not exceed | of financing for and actual results | |
Silver Hunter's expectations; the | of Silver Hunter's exploration and | |
Company will be able to retain and | development activities; increases | |
attract skilled staff; all requisite | in costs; environmental | |
regulatory and governmental | compliance and changes in | |
approvals for exploration projects | environmental and other local | |
and other operations will be | legislation and regulation; interest | |
received on a timely basis upon | rate and exchange rate | |
terms acceptable to Silver Hunter, | fluctuations; changes in economic | |
and applicable political and | and political conditions; the | |
economic conditions will be | Company's ability to retain and | |
favourable to Silver Hunter; the | attract skilled staff | |
Price of silver and/or other | ||
applicable metals and applicable | ||
interest and exchange rates will be | ||
favourable to Silver Hunter; no title | ||
disputes exist with respect to the | ||
Company's properties | ||
The Company's ability to meet its | The operating and exploration | Changes in debt and equity |
working capital needs at the current | activities of the Company for the | markets; timing and availability of |
level for the twelve-month period ending | twelve-month period ending | external financing on acceptable |
December 31, 2025 | December 31, 2025, and the costs | terms; increases in costs; |
associated therewith, will be | environmental compliance and | |
consistent with Silver Hunter's | changes in environmental and | |
current expectations; debt and | other local legislation and | |
equity markets, exchange and | regulation; interest rate and | |
interest rates and other applicable | exchange rate fluctuations; | |
economic conditions will be | changes in economic conditions | |
favourable to Silver Hunter | ||
The Company's ability to carry out | The exploration activities of the | Changes in debt and equity |
anticipated exploration on its property | Company for the twelve-months | markets; timing and availability of |
interests | ending December 31, 2025, and the | external financing on acceptable |
costs associated therewith, will be | terms; increases in costs; | |
consistent with Silver Hunter's | environmental compliance and | |
current expectations; debt and | changes in environmental and | |
equity markets, exchange and | other local legislation and | |
interest rates and other applicable | regulation; interest rate and | |
economic conditions will be | exchange rate fluctuations; | |
favourable to Silver Hunter | changes in economic conditions; | |
receipt of applicable permits |
Silver and gold price volatility, Changes in debt and equity markets; timing and availability |
Plans, costs, timing and capital for future exploration and development of Silver Hunter's property interests, including the costs and potential impact of complying with existing and proposed laws and regulations | Financing will be available for Silver Hunter's exploration and development activities and the results thereof will be favourable; actual operating and exploration costs will be consistent with the Company's current expectations; the Company will be able to retain and attract skilled staff; all applicable regulatory and governmental approvals for exploration projects and other operations will be received on a timely basis upon terms acceptable to Silver Hunter; the Company will not be adversely affected by market competition; debt and equity markets, exchange and interest rates and other applicable economic and political conditions will be favourable to Silver Hunter; the price of silver and/or other applicable metals will be favourable to Silver Hunter; no title disputes exist with respect to Silver Hunter's properties | Silver and gold price volatility, changes in debt and equity markets; timing and availability financing on acceptable terms; the uncertainties involved in interpreting geological data and confirming title to acquired properties; the possibility that future exploration results will not be consistent with Silver Hunter's expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate and exchange rate fluctuations; changes in economic and political conditions; the Company's ability to retain and attract skilled staff | ||||
Management's outlook regarding future | Financing will be available for Silver | Silver and gold price volatility; | ||||
trends | Hunter's exploration and operating | changes in debt and equity markets; | ||||
activities; the price of silver and/or | interest rate and | |||||
other applicable metals will be | exchange rate fluctuations; changes | |||||
favourable to Silver Hunter | in economic and political | |||||
Sensitivity instruments | analysis | of | financial | Based on management's knowledge and experience of the financial markets, the Company believes that there would be no material changes to its results for the year ended December 31, 2025, as a result of changes in interest and foreign exchange rates | Changes in debt and equity markets; interest rate and exchange rate fluctuations | |
The proposed exploration program for the Quebec Project is estimated to cost approximately $ nil | Actual costs of the various line items of the budget are consistent with the costs that management anticipates | Costs could vary management's expectations | from | |||
Silver Hunter will continue to focus its exploration efforts on existing targets in Ontario. | No major events prevent exploration of these targets and new targets are not discovered that take precedence over these targets | Management may change its plans based on future exploration results | ||||
Prices and price volatility for silver and gold | The price of silver and gold will be favourable, debt and equity markets, interest and exchange rates and other economic factors which may impact the price of silver will be favourable | Changes in debt and equity markets and the spot price of silver; interest rate and exchange rate fluctuations; changes in economic and political conditions |
Inherent in forward-looking statements are risks, uncertainties and other factors beyond Silver Hunter's ability to predict or control. Please also refer to those risk factors referenced in the "Risk Factors" section below. 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, 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 MD&A.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Silver Hunter'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 statement. 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 forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements, unless required by law.
Description of BusinessThe Company is an exploration stage business enterprise incorporated under the Business Corporations Act (Ontario) on April 7, 2006 and is principally engaged in the business of exploring for and developing base and precious metal mineral properties. Substantially all the efforts of the Company are devoted to these business activities and to date the Company has not earned significant revenues.
The Company is in the exploration stage and is subject to the same risks and challenges as other companies in a comparable stage of development. These risks include, but are not limited to, the dependence on key individuals, successful exploration, and the ability to secure adequate financing to meet the minimum capital required to successfully complete its planned work programs on mineral properties. The financial statements as at and for the period ended September 30, 2025, and 2024 have been prepared using accounting policies applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due. The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of the carrying value of exploration properties and the Company's continued existence is dependent upon the preservation of its interests in the underlying properties, the discovery of economically recoverable reserves and the Company's ability to dispose of its interests on an advantageous basis. Changes in future conditions could require material write-downs of the carrying values.