SEDAR Interim Financial Statements

SILVER WOLF EXPLORATION LTD. Condensed Consolidated Interim Financial Statements For the three and nine months ended September 30, 2025 and 2024 (Unaudited) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a noticed indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed consolidated interim financial statements of Silver Wolf Exploration Ltd. for the three and nine months ended September 30, 2025, have been prepared by and are the responsibility of the Company’s management. The Company’s independent auditor has not performed a review of these 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 auditor. Silver Wolf Exploration Ltd. Condensed Consolidated Interim Statements of Financial Position Expressed in Canadian Dollars - Unaudited The accompanying notes are an integral part of the consolidated financial statements - 1 - Note September 30, 2025 December 31, 2024 ASSETS Current Assets Cash $ 104,797 $ 448,613 Account receivables 25,721 9,020 130,518 457,633 Non-Current Assets Investments 4 8,124 4,224 Exploration and evaluation assets 5 3,050,673 2,640,183 Property and equipment 6 19,755 23,983 TOTAL ASSETS $ 3,209,070 $ 3,126,023 LIABILITIES Current Liabilities Trade and other payables $ 135,539 $ 390,109 Current portion of lease liability 7 3,917 4,177 Due to related parties 9 507,990 214,288 647,446 608,574 Non-Current Liabilities Lease liability 7 12,130 15,086 659,576 623,660 EQUITY Share capital 8 8,138,831 8,138,831 Contributed surplus 902,478 902,478 Accumulated other comprehensive loss 135,528 (58,461) Deficit (6,627,343) (6,480,484) 2,549,494 2,502,364 TOTAL LIABILITIES AND EQUITY $ 3,209,070 $ 3,126,024 Note 1 – Nature of Operations and Going Concern Note 11 – Subsequent events These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on November 26, 2025: “David Wolfin” Director “Stephen Williams” Director Silver Wolf Exploration Ltd. Condensed Consolidated Interim Statements of Comprehensive Income (Loss) Expressed in Canadian Dollars - Unaudited The accompanying notes are an integral part of the consolidated financial statements - 2 - Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 General and Administrative Expenses Administrative benefits and salaries $ 2,105 $ 4,356 $ 8,772 $ 27,621 Automobile 281 275 830 549 Consulting fees - - - 1,828 Depreciation 1,165 1,164 3,493 4,615 Foreign exchange (gain) loss (7,220) (488) (2,139) 5,197 Interest and bank charges 5,829 (4,341) 14,095 2,314 Listing and filing fees 2,316 12,178 7,770 24,724 Office and miscellaneous 2,899 1,824 12,645 14,033 Professional fees 14,462 24,934 48,887 54,688 Share-based compensation - 150,590 - 150,590 Shareholder information 6,669 29,653 39,447 43,591 Transfer agent fees 9,802 5,543 13,059 14,785 Operating Loss (38,308) (225,688) (146,859) (344,535) Other Items Gain on debt settlement 8 (b) - - - 48,750 Net Loss for the Year (38,308) (225,688) (146,859) (295,785) Other Comprehensive Income (Loss): Items that will not subsequently be re-classified to net income: Unrealiz --- ed gain (loss) on investment securities 4 3,575 (2,275) 3,900 (650) Currency translation differences 121,298 (147,674) 190,089 (259,282) Total Comprehensive Income (Loss) $ 85,565 $ (375,637) $ 47,130 $ (555,717) Basic and Diluted Loss per Share $ (0.00) $ (0.00) $ (0.00) $ (0.01) Weighted Average Number of Shares Outstanding 46,010,621 45,998,526 46,010,621 39,687,767 The accompanying notes are an integral part of the consolidated financial statements - 3 - Silver Wolf Exploration Ltd. Condensed Consolidated Interim Statements of Changes in Equity Expressed in Canadian Dollars - Unaudited Note Number of Common Shares Share Capital Contributed Surplus Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Equity Balance, January 1, 2024 35,763,500 $ 6,623,015 $ 612,771 $ (6,107,040) $ 163,063 $ 1,291,809 Issuance of units - private placement: Shares issued 6,666,666 700,000 - - - 700,000 Warrants issued - - 300,000 - - 300,000 Share issuance costs - (38,686) - - - (38,686) Share-based compensation 150,590 150,590 Stock options cancelled or expired - - (13,200) 13,200 - - Shares issued for debt settlement 3,515,000 684,250 - - - 684,250 Net loss for the year - - - (295,785) - (295,785) Other comprehensive loss for the year - - - - (259,932) (259,932) Balance, September 30, 2024 45,945,166 $ 7,968,579 $ 1,050,161 $ (6,389,625) $ (96,869) $ 2,532,246 Balance, January 1, 2025 46,010,621 $ 8,138,831 $ 902,478 $ (6,480,484) $ (58,461) $ 2,502,364 Net loss for the year - - - (146,859) - (146,859) Other comprehensive income for the year - - - - 193,989 193,989 Balance, September 30, 2025 46,010,621 $ 8,138,831 $ 902,478 $ (6,627,343) $ 135,528 $ 2,549,494 Silver Wolf Exploration Ltd. Condensed Consolidated Interim Statements of Cash Flow Expressed in Canadian Dollars - Unaudited The accompanying notes are an integral part of the consolidated financial statements - 4 - For the nine months ended September 30, 2025 2024 Cash provided by (used in): Operating Activities Net Loss $ (146,859) $ (295,785) Items not involving cash in the period: Share-based compensation - 150,590 Interest charges 649 705 Depreciation 3,493 4,615 Foreign exchange movements (24,593) (16,155) Gain on forgiveness of debt - (48,750) Write down of computer equipment - 370 Changes in non-cash working capital items: Accounts receivable (16,701) (5,229) Trade and other payables (254,570) 101,360 Due to related parties 293,702 214,903 (144,879) 106,624 Financing Activities Issuance of common shares for cash, net - 961,314 Finance lease payments (3,865) (5,541) (3,865) 955,773 Investing Activities Exploration and evaluation expenditures (195,072) (193,123) (195,072) (193,123) Change in Cash (343,816) 869,274 Cash, Beginning of Period 448,613 59,221 Cash, End of Period $ 104,797 $ 928,495 Supplementary Disclosure of Cash Flow Information Shares issued for debt settlement $ - $ 684,250 Shares issued for Option Agreement payments $ - $ - Interest paid $ - $ - Income taxes paid $ - $ - Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 5 - 1. NATURE OF OPERATIONS AND GOING CONCERN Silver Wolf Exploration Ltd. (“Silver Wolf” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada. It is in the exploration stage with regards to its business of the exploration and development of mineral properties. The Comp --- any has an option on the Ana Maria and Laberinto properties in Durango, Mexico. The Company’s head office and principal place of business is Suite 900, 570 Granville Street, Vancouver, BC, Canada. Silver Wolf is in the exploration stage and has not yet determined whether the properties contain ore reserves which are economically recoverable. The underlying carrying value of the mineral property interest and related exploration and evaluation assets is dependent upon the existence of economically recoverable reserves, confirmation of Silver Wolf’s interest in the mineral claims, the ability of Silver Wolf to obtain necessary financing to complete the exploration and development, and future profitable production or proceeds from the sale of all or an interest in its mineral claims. These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As at September 30, 2025, the Company has a working capital deficit of $516,928 and accumulated losses of $6,627,343. The Company has not yet generated any revenues from its operations and requires financing through the sale of shares or issuance of debt to continue with its operations and to develop its mineral properties. Although management intends to secure additional financing, there is no assurance that management will be successful in its efforts to secure additional financing, or that it will ever develop a self- supporting business. These factors together form a material uncertainty that raises significant doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. 2. BASIS OF PRESENTATION Statement of compliance These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting under International Financial Reporting Standards issued by the International Accounting Standards Board (“IFRS Accounting Standards”). These unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the most recent annual audited condensed consolidated interim financial statements of the Company. These unaudited condensed consolidated interim financial statements do not contain all of the information required for full annual financial statements. Accordingly, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s December 31, 2024, annual financial statements, which were prepared in accordance with IFRS as issued by the IASB. Significant Accounting Judgments and Estimates The preparation of these condensed consolidated interim financial statements requires management to make judgements and estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these judgements and estimates. The condensed consolidated interim financial statements include judgements and estimates, which, by their nature, are uncertain. The impacts of such judgements and estimates are 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 may affect both current and future periods. Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 6 - Functional Currency The presentation and functional currency of the Company and its subsidiary is the Canadian dollar. Foreign Currency Translation Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the condensed consolidated interim statement of financial position. Non-monetary items that denominated in foreign currencies are translated at historical rates. Basis of Consolidation The condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries: • Cortez, a company incorporated on June 21, 2006 in Nevada, USA. • Compania Minera Mexicana de Gray Rock, S.A. de C.V., a company incorporated under the Mexican United States law on July 21, 2020. Inter-company balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated on consolidation. 3. RECENT ACCOUNTING PRONOUNCEMENTS Future Changes in Accounting Policies Not Yet Effective as at September 30, 2025: Certain new accounting standards and interpretations have been published that are either applicable in the current year, or are not mandatory for the current period and have not been early adopted. We have assessed these standards, and they are not expected to have a material impact on the Company in the current or future reporting periods. 4. INVESTMENTS Investments consist of the following: Number of Shares Cost Accumulated Unrealized Loss September 30, 2025 Fair Value December 31, 2024 Fair Value Garibaldi Resources Corp 65,000 $ 202,800 $ (194,676) $ 8,124 $ 4,224 Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 7 - 5. EXPLORATION AND EVALUATION ASSETS Exploration and evaluation assets consist of the following: Ana Maria & El Laberinto Option Balance, January 1, 2024 $ 1,935,621 Exploration costs incurred during the year: Field expenditures 828,555 Taxes and Licensing 78,735 Foreign exchange (202,728) Balance, December 31, 2024 2,640,183 Exploration costs incurred during the year: Field expenditures 106,749 Taxes and Licensing 89,367 Foreign exchange 214,374 Balance, September 30, 2025 $ 3,050,673 a) Ana Maria & Laberinto Properties During 2020, the Company announced the signing of an option agreement (the “Option Agreement”) with Avino Silver & Gold Mines Ltd. (“Avino”), a company with directors and management in common, as optionor. Pursuant to the terms of the Option Agreement, the Company was granted the exclusive right to acquire an 100% interest in the Ana Maria and El Laberinto properties in Mexico (the “Option”), in consideration of the issuance to Avino of share purchase warrants to acquire 300,000 common shares of the Company at an exercise price of $0.20 per share for a period of 36 months f --- rom the date of the TSX Venture Exchange’s final approval date of the Option Agreement of March 8, 2021. During year ended December 31, 2021, the Company received final acceptance from the TSX Venture Exchange and issued to Avino the share purchase warrants to acquire 300,000 common shares and issued 131,718 common shares at an average price of $0.3796, valued at $50,000, to satisfy the terms laid out in Item 1 a) of the Option Agreement In order to exercise the Option, the Company will: 1. Pay or issue to Avino a total of $600,000 in cash or common shares of the Company as follows: a. $50,000 in common shares of the Company within 30 days of March 8, 2021; b. A further $50,000 on or before March 8, 2022 (issued). c. A further $100,000 on or before March 8, 2023 (issued). d. A further $200,000 on or before March 8, 2024 (outstanding); and e. A further $200,000 on or before March 8, 2025 (outstanding). As of September 30, 2025, the final milestone payments and the transfer of title of the claims comprising the properties remain outstanding. Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 8 - 2. Incur a total of $750,000 in exploration expenditures on the properties, as follows: a. $50,000 on or before March 8, 2022 (incurred); b. A further $100,000 on or before March 8, 2023 (incurred); and c. A further $600,000 on or before March 8, 2025 (incurred). All share issuances will be based on the average volume weighted trading price of the Company’s shares on the TSX Venture Exchange for the ten (10) trading days immediately preceding the date of issuance of the shares, and the shares will be subject to resale restrictions under applicable securities legislation for 4 months and a day from their date of issue. All shares issued are subject to a price floor of $0.20. Any exploration expenditures in excess of any period stated above will be applied towards the next succeeding period’s minimum requirements. During the option period, the Company will also assume liability and be responsible for all required semi-annual property payments required to maintain the properties in good standing. The Company also granted to Avino a right of first refusal on 60 days’ notice to Avino to purchase and process any ore or concentrate extracted from the properties under a custom milling contract at Avino’s mine facilities. The Option Agreement between the Company and Avino is considered a related party transaction as the two companies have directors in common. Ana Maria Property The Ana Maria property is located 21 kilometres (km) northwest of the City of Gómez Palacio and the adjacent City of Torreón, and 1 km north of the town of Dinamita, in the municipality of Gómez Palacio, Durango, Mexico. The claims are located in the Minitas mining district in the Guadalupe Victoria mining region. The property consists of 9 mining concessions encompassing 2,549 hectares (“ha”). Laberinto Project The Laberinto Project is located in the “Sierra de la Silla” northwest of the town of Francisco I. Madero in the municipality of Panuco de Coronado. It is approximately 60 kilometres northeast of the city of Durango City, México. The property consists of mining concession encompassing 91.7 ha. Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed --- in Canadian Dollars - 9 - 6. PROPERTY AND EQUIPMENT Right of Use Asset (Note 7) Office equipment, furniture, and fixtures Computer equipment Machinery and equipment Total $ $ $ $ $ COST Balance at January 1, 2024 44,425 3,390 10,485 3,438 61,738 Additions / Transfers 13,430 646 - - 14,076 Disposals / Impairments - - (378) - (378) Effect of movements in exchange rates - (411) (32) (314) (757) Balance at December 31, 2024 57,855 3,625 10,075 3,124 74,679 Additions / Transfers - - - - - Disposals / Impairments - - - - - Effect of movements in exchange rates - 122 - 188 310 Balance at September 30, 2025 57,855 3,747 10,075 3,312 74,989 ACCUMULATED DEPLETION AND DEPRECIATION Balance at January 1, 2024 31,896 1,497 8,087 430 41,910 Additions / Transfers 5,779 629 2,338 390 9,136 Effect of movements in exchange rates - - (350) - (350) Balance at December 31, 2024 37,675 2,126 10,075 820 50,696 Additions / Transfers 3,493 538 - 507 4,538 Effect of movements in exchange rates - - - - - Balance at September 30, 2025 41,168 2,664 10,075 1,327 55,234 NET BOOK VALUE At September 30, 2025 16,687 1,083 - 1,985 19,755 At December 31, 2024 20,180 1,499 - 2,304 23,983 Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 10 - 7. LEASE LIABILITY & RIGHT-OF-USE ASSET (a) Right-of-use asset The Company shares office space with other companies related to it by virtue of certain directors and management in common (Note 9). In 2020, the Company recognized a right-of-use asset in relation to its share of office space lease allocated through Oniva International Services Corp. (“Oniva”) September 30, December 31, 2025 2024 Balance, beginning $ 20,180 $ 12,529 Changes to lease terms - 13,430 Depreciation (3,493) (5,779) Balance, ending $ 16,687 $ 20,180 (b) Lease liability The contractual maturities and interest charges in respect of the Company’s lease obligations in connection with its share of the office lease are as follows: September 30, December 31, 2025 2024 Not later than one year $ 4,611 $ 5,018 Later than one year and not later than five years 12,916 16,375 Less: future interest charges (1,481) (2,130) Present value of lease payments 16,047 19,263 Less: current portion (3,917) (4,177) Non-current portion $ 12,130 $ 15,086 During the year ended December 31, 2024, the Company and Oniva amended the long-term rental agreement and the share of rental expense allocated to Silver Wolf. As a result, the Company recognized a lease modification and adjusted the right-of-use asset and lease liability accordingly as noted above. (c) Amounts Recognized in Statement of Operations and Comprehensive Loss Payments relating to short-term leases recognized as an expense during the nine months ended September 30, 2025, totaled $Nil (2024 - $Nil). Amounts Recognized in Statement of Cash Flows Cash payments relating to short-term leases during the nine months ended September 30, 2025, totaled $Nil (2024 - $Nil). Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 11 - 8. SHARE CAPITAL (a) Authorized: Unlimited common shares without par value. (b) Issued: (i) During the year ended December 31, 2024, the Company closed a non-brokered private placement which consist of 6,666,667 million units at a purchase price of $0.15 per uni --- t for aggregate gross proceeds of $1,000,000. Each unit comprised of one common share of the Company and one half of a non-transferable share purchase warrant at an exercise price of $0.25. The fair value of the common shares were determined to be $700,000, or $0.105 per share, and the fair value of the share purchase warrants were determined to be $300,000, or $0.045 per share. The Company incurred $38,685 in issuance costs consisting of legal fees and finders fees. During the year ended December 31, 2024, the Company issued 3,365,000 common shares at a deemed price of $0.20 per share to settle an aggregate of $673,000 in indebtedness with two of its principal creditors; Oniva International Services Corp., a private company which provides administrative services to the Company and is controlled by David Wolfin, the Company’s CEO, and Avino Silver & Gold Mines Ltd. for administrative expenses and exploration and evaluation services, which share common management and directors. During the year ended December 31, 2024, the Company issued 150,000 common shares at a deemed price of $0.20 per share to settle a provision of accrued consulting fees to a non-arms length creditor, and recorded a gain on settlement of $48,750. (c) Share purchase warrants At September 30, 2025, the Company had 3,476,731 (December 31, 2024 – 3,476,731) share purchase warrants outstanding and exercisable. Continuity of share purchase warrants is as follows: Number of Warrants Weighted Average Exercise Price Outstanding and exercisable, January 1, 2024 4,014,734 $0.25 Private Placement 3,476,731 $0.25 Expired (4,014,734) $0.25 Outstanding and exercisable, December 31, 2024 and September 30, 2025 3,476,731 $0.25 As at September 30, 2025, t h e weighted average remaining contractual life of warrants outstanding was 1.70 years (December 31, 2024 – 2.45 years). The following table summarizes information about the Company’s warrants outstanding at September 30, 2025: Expiry Date Exercise Price Warrants Outstanding and Exercisable June 14, 2027 $0.25 3,476,731 3,476,731 Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 12 - (d) Stock option plan The Company established a stock option plan, under which it may grant stock options totalling in aggregate up to 10% of the Company’s total number of shares issued and outstanding on a non-diluted basis, and to any one optionee in a 12 month period not to exceed 5% of the total number of shares issued and outstanding on a non-diluted basis. The stock option plan limits the options issuable within a one-year period to regular employees and persons providing investor-relation or consulting services to 5% and 2% respectively of the Company’s total number of issued and outstanding shares on a non-diluted basis on the date of grant. The stock options are fully vested on the date of grant. The option price must be greater or equal to the discounted market price on the grant date, and the option expiry date can not exceed five years after the grant date. Continuity of stock options is as follows: Number of Options Weighted Average Exercise Price Outstanding and exercisable, December 31, 2023 3,325,000 $0.19 Granted 1,369,000 $0.15 Cancelled (100,000) $0.19 Outstanding, December 31, 2024 and September 30, 2025 4,594,000 $0.18 Details of stock options outstanding and exercisable are as follows: Expiry Date Exerci --- se Price Options Outstanding and Exercisable January 8, 2026 $0.20 825,000 March 30, 2027 $0.20 1,735,000 August 8, 2027 $0.15 665,000 July 15, 2029 $0.15 1,369,000 4,594,000 As at September 30, 2025, the weighted average remaining contractual life of stock options outstanding was 2.01 years (December 31, 2024 – 2.76 years). Option pricing requires the use of highly subjective estimates and assumptions including the expected stock price volatility. The expected volatility used in valuing stock options is based on volatility observed in historical periods. Changes in the underlying assumptions can materially affect the fair value estimates. Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 13 - 9. RELATED PARTY TRANSACTIONS AND BALANCES (a) Key management compensation The Company has identified its directors and certain senior officers as its key management personnel. The compensation costs for key management personnel are as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Consulting fees, wages and benefits $ - $ - $ - $ 4,813 Share-based payments - 95,920 - 95,920 $ - $ 95,920 $ - $ 100,733 (b) Amounts due to related parties In the normal course of operations, the Company transacts with companies related to its directors or officers. All amounts payable are non-interest bearing, unsecured, and due on demand. As at September 30, 2025 and December 31, 2024, the following amounts were due to related parties: September30, 2025 December 31, 2024 Oniva International Services Corp. $ 77,028 $ 53,762 Avino Silver and Gold Mines Ltd. 430,962 160,526 $ 507,990 $ 214,288 (c) Related party transactions During the nine months ended September 30, 2025, $21,618 (2024 - $56,426) was charged for office, occupancy, miscellaneous costs and salaries, and administrative services paid on behalf of the Company by Oniva. Further, the Company paid $540 of administrative fees during the nine months ended September 30, 2025 (2024 -$1,417) to Oniva. The Company takes part in a cost-sharing arrangement to reimburse Oniva for a variable percentage of its overhead expenses, to reimburse 100% of its out-of-pocket expenses incurred on behalf of the Company, and to pay a percentage fee based on the total overhead and corporate expenses. The arrangement may be terminated with one-month notice by either party. 10. FINANCIAL INSTRUMENTS The fair values of the Company’s cash, trade and other payables, and amounts due to related party approximate their carrying values because of the short-term nature of these instruments. The fair value of the Company’s investments is detailed in Note 4. The Company’s financial instruments are exposed to certain financial risks comprising credit risk, liquidity risk and market risk. Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 14 - (a) Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash is exposed to credit risk. The Company manages credit risk, in respect of cash, by maintaining the majority of cash at high credit rated Canadian financial institutions. Concentration of credit risk exists with respect to th --- e Company’s cash, as the majority of the amounts are held with a single Canadian financial institution. (b) Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due. The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. At September 30, 2025, the Company had cash in the amount of $104,797 (December 31, 2024 - $448,613) in order to meet short-term business requirements. At September 30, 2025, the Company had current liabilities of $647,446 (December 31, 2024 – $608,574). Accounts payable have contractual maturities of approximately 30 to 90 days, or are due on demand and are subject to normal trade terms. The maturity profiles of the Company’s contractual obligations and commitments as at September 30, 2025, are summarized as follows: Total Less Than 1 Year 1-5 years More Than 5 Years Trade and other payable $ 135,539 $ 135,539 $ - $ - Finance lease obligations 16,047 3,917 12,130 - Due to related parties 507,990 507,990 - - Total $ 659,576 $ 647,446 $ 12,130 $ - (c) Market Risk Market risk consists of interest rate risk, foreign currency risk, and other price risk. These are discussed further below. Interest Rate Risk Interest rate risk consists of two components: (i) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk. (ii) To the extent that changes in prevailing market rates differ from the interest rate in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk. The Company’s cash is currently held in highly liquid short-term investments and therefore management considers the interest rate risk to be minimal. Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities are denominated in foreign currency. Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 15 - The Company is exposed to foreign currency risk to the extent that the following monetary assets and liabilities are denominated in Mexican pesos and US dollars: September 30, 2025 December 31, 2024 MXN USD MXN USD Cash and cash equivalents $ 382,725 $ 35,196 $ 310,935 $20,685 Amounts receivable - - - - Accounts payable and accrued liabilities (6,105,293) - (6,562,476) - Net exposure (5,722,568) 35,196 (6,251,541) 20,685 Canadian dollar equivalent $ (434,168) $ 53,896 $ (438,973) $29,763 Based on the net Canadian dollar denominated asset and liability exposures as at September 30, 2025, a 10% fluctuation in the Canadian/Mexican and Canadian/US exchange rates would impact the Company’s earnings for the nine months ended September 30, 2025 by approximately $48,316 (year ended December 31, 2024 - $20,450). The Company has not entered into any foreign currency contracts to mitigate this risk. 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 or foreign currency risk. The Company is exposed to other price risk with respect to its investment in marketable securities, as they are carried at fair value based on quoted market prices. (d) Classification of Financial instruments IFRS 7 ‘Financial Instruments: Disclosures’ establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – 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 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets forth the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as at September 30, 2025: Level 1 Level 2 Level 3 Cash $ 104,797 $ - $ - Investments 8,124 - - $ 112,921 $ - $ - Silver Wolf Exploration Ltd. Notes to the Condensed Consolidated Interim financial statements For the nine months ended September 30, 2025 and 2024 Expressed in Canadian Dollars - 16 - 11. SUBSEQUENT EVENTS Subsequent to September 30, 2025, the Company announced and closed a non-brokered private placement offering of 14,166,665 million units at a purchase price of $0.15 per unit for aggregate gross proceeds of $2,125,000. Each unit will be comprised of one (1) common share of the company and one half (1/2) of a non- transferable share purchase warrant at an exercise price of $0.25.