Q1 Interim (SLV FS Q1 113025)

(An exploration stage company)

(Expressed in Canadian Dollars) (Unaudited)

The accompanying unaudited condensed consolidated interim financial statements were prepared by management and approved by the Audit Committee and the Board of Directors.

The Company's independent auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditors.

November 30 August 31

2025 2025

(An exploration stage company)

(Expressed in Canadian Dollars) (Unaudited)

Non-cash financing and investing transactions (note 10)

The accompanying Notes to the Condensed Consolidated Interim Financial Statements are an integral part of these

1. Nature and Continuance of Operations

   The Company was incorporated on November 19, 2018 under the laws of the Province of British Columbia, Canada.

   The Company is in the business of exploring its mineral exploration assets and has not yet determined whether these properties contain ore reserves that are economically recoverable. As of November 30, 2025, the Company was in the exploration stage and had interests in properties in Idaho, USA, Durango, Mexico and Ontario, Canada.

   These condensed consolidated interim financial statements have been prepared on a going concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The ability of the Company to continue as a going concern and the recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development, and upon future profitable production or proceeds from the disposition thereof.

   The Company has sustained losses from operations and has an ongoing requirement for capital investment to explore its exploration and evaluation assets. As of November 30, 2025, the Company had working capital of $5,714,475 (August 31, 2025 - $496,777). Based on its current plans, budgeted expenditures and cash requirements, the Company does not have sufficient cash to finance its current plans and will need to raise substantial additional capital to accomplish its plans over the next several years. The Company intends to seek additional financing through equity financing, though there can be no assurance as to the availability or terms upon which such financing might be available.

   The Company's business may be affected by changes in political and market conditions, such as interest rates, availability of credit, inflation rates, tariffs, changes in laws, and national and international circumstances. Recent geopolitical events and potential global economic challenges, such as the risk of higher inflation and trade disputes, may create further uncertainty and risk with respect to the prospects of the Company's business.

   These material uncertainties may cast significant doubt upon the Company's ability to continue as a going concern. These condensed consolidated interim financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue in business.

   The address of the Company is 179 - 2945 Jacklin Road, Suite 416, Victoria, British Columbia, V9B 6J9, Canada.

2. Material Accounting Policies

Basis of Presentation

These condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and comply with IAS 34 - Interim Financial Reporting. The policies applied herein are based on IFRS issued and outstanding as of the date the Board of Directors approved these condensed consolidated interim financial statements.

These condensed consolidated interim financial statements are presented in the Company's presentation currency - the Canadian dollar - on a historical cost basis except for certain items that are measured at fair value. The accounting policies described herein have been applied consistently to all years presented in these condensed consolidated interim financial statements.

These condensed consolidated interim financial statements incorporate the financial statements of the Company and the following subsidiaries:

Control

Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation.

Significant Accounting Estimates and Judgements

The preparation of these condensed consolidated interim financial statements requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the financial statement date and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates.

These condensed consolidated interim financial statements include estimates which, by their nature, are uncertain. The impact of such estimates is pervasive throughout the condensed consolidated interim financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future years if the revision affects both current and future periods.

These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

1. Material Accounting Policies (continued)

   Significant Accounting Estimates and Judgements (continued)

   Critical Accounting Estimates

   There were no significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, which could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made.

   Critical Accounting Judgements

   Critical accounting judgements are accounting policies that have been identified as being complex or involving subjective judgements or assessments. The Company made the following critical accounting judgements:

   Going concern

   The preparation of these condensed consolidated interim financial statements requires management to make judgements regarding the ability of the Company to continue as a going concern as discussed in Note 1.

   Exploration and evaluation expenditures

   The application of the Company's accounting policy for exploration and evaluation expenditures requires judgement in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. If, after an expenditure is capitalized, information becomes available suggesting that the recovery of the expenditure is unlikely, the amount capitalized is written off to profit or loss in the period the new information becomes available.

   New Accounting Standards and Interpretations Not Yet Adopted

   IFRS 18: Presentation and Disclosure in Financial Statements

   IFRS 18 introduces three sets of new requirements to give investors more transparent and comparable

   information about companies' financial performance for better investment decisions:

   1. three defined categories for income and expenses - operating, investing and financing - to improve the structure of the income statement and require all companies to provide new defined subtotals, including operating profit;

   2. requirement for companies to disclose explanations of management-defined performance measures that are related to the income statement; and

   3. enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes.

      This new standard is effective for reporting periods beginning on or after January 1, 2027. The Company will be evaluating the impact on future consolidated financial statements.

2. Capital Management

   The Company manages its capital to continue as a going concern largely through issuances of shares. These share issues depend on several factors, including a positive mineral exploration environment, positive stock market conditions, a company's track record and the experience of management. The capital structure of the Company consists of shareholders' equity, comprising share capital, share-based payment reserve and deficit. The Company is not subject to any external capital requirements. There were no changes to the Company's approach to capital management during the period ended November 30, 2025.

3. Financial Instruments

The fair value of the Company's accounts payable and accrued liabilities approximates their carrying value due to the short-term nature of these instruments unless otherwise noted. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

The Company monitors and manages the risks relating to its financial instruments through analysis of exposures by degree and magnitude of risks. These risks include credit risk, liquidity risk and market risk.

Credit risk

Credit risk refers to the risk that another entity will default on its contractual obligations resulting in financial loss to the Company. As of November 30, 2025, such contractual obligations comprised cash held with high creditworthy financial institutions in the amount of $5,444,803 (August 31, 2025 -

$526,932). Management considers this risk to be negligible.

Liquidity risk

Liquidity risk refers to the risk that the Company will not be able to meet its financial obligations when they become due or can only do so at excessive cost. As of November 30, 2025, the Company had working capital of $5,714,475 (August 31, 2025 - $496,777). Management anticipates that the Company will be able to meet its obligations as they become due.

Market risk

Market risk is the risk that the fair value of a financial instrument will fluctuate because of currency risk, interest rate risk and other price risk.

Currency risk

Currency risk is the risk that the fair value or future cash flows of financial instruments will fluctuate as a result of changes in foreign exchange rates. The Company has operations in Canada, Mexico and United States and incurs expenditures in Canadian dollars, Mexican pesos and United States dollars. The fluctuation of the foreign exchange rates will have an impact upon the results of the Company. The Company does not hold substantial financial assets and liabilities in currencies other than the functional currency of each individual entity. A fluctuation in the exchange rates between Canadian dollars, Mexican pesos and United States dollars of 10% would result in a $5,919 change in the Company's cash and a nominal change in profit or loss. The Company does not use any techniques to mitigate currency risk.

Interest rate risk

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. Interest earned on cash is at nominal interest rates, and therefore, the Company does not consider interest rate risk to be significant. The Company has no interest-bearing financial liabilities.

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk. Management considers this risk to be negligible.

Fair Value Hierarchy

Financial instruments recorded at fair value in the Condensed Consolidated Interim Statements of Financial Position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - valuation techniques based on inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

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

The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.

1. Financial Instruments (continued)

   Fair Value Hierarchy (continued)

   The following tables present the financial instruments recorded at fair value in the Condensed Consolidated Interim Statements of Financial Position, classified using the fair value hierarchy described above:

   Assets as at November 30, 2025 Level 1 Level 2 Level 3 Cash & cash equivalents $5,444,803 $ - $ -Marketable securities - shares - 103,000 -

   Assets as at August 31, 2025 Level 1 Level 2 Level 3

   Cash & cash equivalents $526,932 $ - $ -

2. Marketable Securities

   Marketable securities as of November 30, 2025 comprised the following:

   Description	Shares	Cost	Fair Value
   Canasil Resources Inc.	2,282,000	$ 68,460	$ 57,050
   Chesapeake Gold Corp.	5,000	14,800	13,500
   Goliath Resources Ltd.	5,000	13,120	13,800
   Naughty Ventures Corp.	100,000	11,100	8,000
   Satellos BioScience Corp.	15,000	12,450	10,650
   Total		$119,930	$103,000
   Marketable securities as of August 31, 2025 comprised the	following:
   Description	Shares	Cost	Fair Value
   Canasil Resources Inc.	6,666,667	$100,000	$ -

3. Exploration and Evaluation Assets

   La Joya Project, Durango, Mexico

   In August 2020, the Company acquired an option to purchase an initial 80% interest in SVL Minerals Ltd. and, if exercised, a second option to acquire the remaining 20% interest. SVL Minerals Ltd. indirectly owns the La Joya Project, a group of 15 mineral concessions located southeast of Durango in the State of Durango, Mexico.

   The Company exercised the first option in May 2023 and acquired an 80% interest in SVL Minerals Ltd. by: (i) paying $700,000 plus annual holding costs over the preceding three years, (ii) issuing 5,146,401 shares of the Company in August 2020 with a fair value of $0.99 per share, and (iii) incurring exploration expenditures on the property over the preceding three years of not less than $1,000,000.

   Concurrently, the Company exercised the second option and acquired the remaining 20% interest in SVL Minerals Ltd. by issuing an additional 2,205,118 shares of the Company in May 2023 with a fair value of $0.345 per share. The optionor reserved for itself a 2% net smelter returns royalty.

   Upon closing the transaction, SVL Minerals Ltd. and its subsidiary, Silvercrest de Mexico, S.A. de C.V., became wholly owned subsidiaries of the Company.

   Lake County Project, Oregon, USA

   In November 2025, the Company and its wholly owned subsidiary, Silver Dollar Resources (Idaho), Inc. ("Silver Dollar Idaho"), acquired an option to purchase a 100% interest in 106 lode mining claims located in Lake County, Oregon, USA. Under the terms of the agreement, Silver Dollar Idaho will be transferred title to the claims if the following payments are made and exploration work is undertaken:

   1. $26,800 on the later of the Effective Date (paid),

   2. $10,000 on or before the date that is 6 months after the Effective Date,

   3. $30,000 on or before the date that is 12 months after the Effective Date,

   4. $15,000 on or before the date that is 18 months after the Effective Date,

   5. $15,000 on or before the date that is 24 months after the Effective Date,

   6. $20,000 on or before the date that is 30 months after the Effective Date,

   7. $20,000 on or before the date that is 36 months after the Effective Date; and

   8. Completion of a 2,000-metre drilling program on or before the date that is 36 months after the Effective Date.

Furthermore, if Silver Dollar Idaho begins commercial production on any part of the property, Silver Dollar Idaho shall pay a 2% net smelter returns royalty in respect of the claims, a 1% net smelter returns royalty on after-acquired lode mining claims staked directly or indirectly by or on behalf of Silver Dollar Idaho, a 0.5% net smelter returns royalty in respect of after- acquired properties which are acquired directly or indirectly by or on behalf of Silver Dollar Idaho from an arm's length vendor, including but not limited to State of Oregon Trust lands.

1. Exploration and Evaluation Assets (continued)

   Lake County Project, Oregon, USA (continued)

   Following the exercise of the option and for so long as Silver Dollar Idaho owns any of the lode mining claims comprising the claims, Silver Dollar Idaho shall pay to the vendor an advance (a "Royalty Advance") on the production royalty in the amount of $12,500 not later than 30 days after the end of each fiscal quarter of the Company. The sum of all such Royalty Advances paid shall be deducted from any production royalties payable.

   Nora Project, Durango, Mexico

   In April 2023, the Company entered into an agreement to purchase the Nora Project comprising four mineral concessions located northwest of Durango in the State of Durango, Mexico. The original agreement provided that the Company may earn a 100% interest in the project by paying the optionor

   $375,000, incurring exploration expenditures of $3,000,000 over five years, and granting to the optionor a 3% net smelter returns royalty, of which the Company could buy back one-third for $3,000,000. In addition, after granting the royalty, the Company would pay an annual royalty of $25,000 which would be offset against the royalty buyback.

   In February 2024, the parties amended the option agreement to waive all option payments and instead transfer the property to the Company as consideration for its $134,779 of exploration expenditures incurred to date and the grant of a 2% net smelter returns royalty, of which the Company may buy back half for $1,000,000.

   In August 2023, management determined that the asset was impaired after analyzing the vendor's historical data and the Company wrote down the carrying amount to zero. After further analysis, management recommenced fieldwork in 2024 based on historical data it considered reliable.

   Ranger-Page Project, Idaho, USA

   In July 2024, the Company and its wholly owned subsidiary, Silver Dollar Idaho, entered into an agreement to acquire the Ranger-Page Project located in Shoshone County, Idaho, USA, which includes the option rights under the Government Gulch Option and Joint Venture Agreement (the "Government Gulch Agreement") and the Page Mine Mineral Rights Lease and Option Agreement (the "Page Mine Agreement").

   Subsequent to November 30, 2025 (Note 11), the Company entered into an asset purchase agreement with Bunker Hill Mining Corp. ("Bunker Hill"). The Company will sell to Bunker Hill its right, title, and interest in the assets related to the Ranger-Page Project in exchange for 23,333,334 Bunker Hill common shares, with 10% of the total cost payable in respect of finders' fees.

2. Share Capital

Authorized

An unlimited number of common shares without par value.

Escrow Shares

The Company is party to an agreement dated July 12, 2024 pursuant to which 2,500,000 shares are subject to a contractual escrow. The shares will be released on the following dates:

Release Date Number of Shares February 6, 2026 1,250,000

August 6, 2026 1,250,000

Common Shares

In October 2025, the Company completed a private placement of 16,857,100 units at a price of $0.35 per unit for gross proceeds totaling $5,900,003. Each unit comprised one common share and one share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at a price of $0.45 until October 3, 2028. The Company paid finders' fees in respect of the offering of

$418,854 cash and 992,409 warrants exercisable at $0.35 per share until October 3, 2028 and with a fair value of $190,621. The Company also incurred legal fees of $62,314 related to the offering.

Warrants

As of November 30, 2025, the Company had outstanding warrants to purchase 3,089,600 common shares exercisable at $0.40 per share until October 29, 2026, warrants to purchase 16,857,100 common shares at $0.45 per share until October 3, 2028, and warrants to purchase 992,409 common shares at $0.35 per share until October 3, 2028 (August 31, 2025 - 3,089,600 common shares at $0.40 per share).

Long-Term Incentive Securities

The Company adopted a long-term incentive plan whereby up to a maximum of: (i) 10% of the outstanding shares of the Company as of the date of grant are reserved for the grant and issuance of incentive stock options ("Stock Options"); and (ii) 10% of the outstanding shares of the Company as of the date of award are reserved for the settlement of deferred share units, restricted share units and performance share units (which, with the Stock Options, are collectively referred to as "Incentive Securities").

Under the plan, the exercise price of a Stock Option may not be set at less than the market price of the Company's common shares on the grant date and the Stock Options may be exercisable for up to 10 years. The aggregate number of Incentive Securities granted to any one related person during any twelve-month period may not exceed 5% of the issued shares of the Company. Furthermore, the aggregate number of Stock Options granted to all investor relations representatives during any twelve-month period may not exceed 2% of the issued shares of the Company.

Long-Term Incentive Securities (continued)

Incentive Securities are subject to such restrictions, performance criteria and vesting criteria as the Company's board may establish in the applicable award agreement. Incentive Securities will vest and become payable by the issuance of common shares at the end of the restriction period if all applicable restrictions have lapsed, upon satisfaction of the performance criteria or upon satisfaction of the vesting criteria, as the case may be.

In October 2025, the company granted Stock Options to purchase up to 300,000 shares of the Company at a price of $0.35 per share until October 8, 2025, in addition the Company recorded share-based compensation of $102,325 during the three-month period November 30, 2025.

The fair value of Stock Options issued during the three-month periods ended November 30, 2025 and 2024 was estimated using the Black-Scholes option valuation model with the following assumptions:

Total or Weighted Average

A summary of the Company's Stock Options as of November 30, 2025 and August 31 2025, and the changes for the periods ending on those dates is as follows:

Weighted Average

1. Share Capital (continued)

   Long-Term Incentive Securities (continued)

   A summary of Stock Options outstanding as of November 30, 2025 and August 31, 2025 is as follows:

   Exercise Price Per Share

   Number of Stock Options Outstanding and Exercisable

   Expiry Date November 30, 2025 August 31, 2025

   $1.75 November 13, 2025 - 300,000

   $1.75 December 14, 2025 1,550,000 1,550,000

   $1.75 March 9, 2026 300,000 300,000

   $0.30 March 28, 2030 2,050,000 2,050,000

   $0.35 October 8, 2030 300,000 -

   4,200,000 4,200,000

2. Related Party Transactions

   The following transactions with related parties have been valued in these condensed consolidated interim financial statements at the exchange amount, which is the amount of consideration established and agreed to by the parties. As of November 30, 2025 and August 31, 2025, the Company owed no amounts to directors and officers of the Company in the ordinary course of business. Amounts due to related parties are without interest, unsecured and without stated terms of repayment.

   Key Management Compensation

   During the three-month period ended November 30, 2025, the Company paid management and administration fees of $Nil (2024 - $15,000) to a corporation owned by the Company's fFormer Chief Executive Officer.

   During the three-month period ended November 30, 2025, the Company paid management and administration fees of $37,500 (2024 - $Nil) to a proprietorship owned by the Company's Chief Executive Officer.

3. Non-Cash Financing and Investing Transactions

During the three-month period ended November 30, 2025, the Company issued 992,409 warrants exercisable at $0.35 per share until October 3, 2028 and with a fair value of $190,621 as finders' fees in respect of a private placement.

During the three-month period ended November 30, 2024, the Company issued 89,600 warrants exercisable at $0.40 per share until October 29, 2026 and with a fair value of $23,736 as finders' fees in respect of a private placement.

1. Non-Cash Financing and Investing Transactions (continued)

   As of November 30 2025, there was $1,281 of accounts payable and accrued liabilities related to the

   Company's exploration and evaluation assets (August 31, 2025 - $3,935).

   As of November 30, 2025 the company had $5,019,035 invested in Guaranteed Investment Certificates (GICs) including $5,000,000 of principal cash and $19,035 of accrued interest. The GICs are as follows:

   Amount Interest Rate			Date of Issuance	Maturity Date	Accrued Interest
   GIC #1	$1,000,000	3.02%	October 9, 2025	October 9, 2027	$ 4,302
   GIC #2	2,000,000	2.62%	October 9, 2025	October 9, 2026	7,465
   GIC #3	2,000,000	Variable	October 9, 2025	October 9, 2026	7,268
   Total	$5,000,000				$19,035

2. Segmented Disclosure

   The Company has one operating segment: mineral exploration and development. The Company's

   reportable segments are summarized as follows:

   Geographical Information Non-current assets	Canada	Mexico	United States	Total
   November 30, 2025	$ 4,218	$ 12,528,191	$ 4,205,137	$ 16,737,546
   August 31, 2025	$ 4,496	$ 12,253,031	$ 4,061,295	$ 16,318,822

3. Subsequent Events

In December 2025, and January 2026, 648,800 common shares were issued at a price of $0.45 pursuant to the exercise of warrants.

In December 2025, 1,550,000 Stock Options of the company at a price of $1.750 per share expired unexercised.

In December 2025, the company granted 1,850,000 Stock Options that are exercisable at $0.550 per share and expire on December 30, 2030.

On December 11, 2025 (the "Closing Date"), the sale of the Ranger Page Project closed and under the terms of the asset purchase agreement, the Company received 23,333,334 common shares of Bunker Hill Mining Corp. The Bunker Hill common shares are subject to a statutory six-month hold period and contractual escrow, and will be released in accordance with the following schedule:

In January 2026, 67,000 common shares were issued at a price of $0.40 pursuant to the exercise of warrants.

In January 2026, 430,000 common shares were issued at a price of $0.30 pursuant to the exercise of options.