Silver Mountain Files YE 2025 Annual Filings

• The most recent release (May 1, 2026) announces the filing of Annual Financial Statements for the year ended December 31, 2025.
• A critical clarification was issued regarding the Reliquias Mine: The company corrected a previous error in its September 30, 2025 interim report which stated that proven and probable reserves had been established.
• At the request of the Ontario Securities Commission (OSC), the new filing clarifies that no mineral reserves have been established under National Instrument 43-101 standards at the Reliquias Mine.
• This correction rectifies a disclosure error in the interim financial report for the three and nine months ended September 30, 2025.

• Negative Sentiment: The admission that no reserves exist contradicts previous public statements (September 2025) implying reserve establishment. This undermines investor confidence in management's technical reporting accuracy.
• Regulatory Intervention: The correction was made "at the request of the OSC," indicating regulatory scrutiny rather than a voluntary internal review. This raises governance concerns.
• Valuation Impact: Reserve estimates are fundamental to Net Present Value (NPV) calculations for mining projects. Removing reserve status downgrades the asset classification from a producing/development mine with reserves to one relying solely on resources, which typically trades at lower multiples.
• Operational Context: While operational progress continues (Q3 2026 restart target remains per April 15 news), the technical uncertainty regarding the legal definition of the ore body adds risk to the production timeline and economic model.
• Conclusion: This is not routine administrative filing; it is a material correction of asset status mandated by a regulator, constituting negative information that alters the investment thesis regarding asset certainty.

• Company: Silver Mountain Resources Inc. (AGMR) is a mining company focused on silver-polymetallic assets in Peru.
• Flagship Project: Reliquias Mine, located in central Peru (Huancavelica region). It is a past-producing underground mine with an existing processing plant and tailings storage facility.
• Development Status: The company is currently in the restart phase, targeting commercial production in Q3 2026.
• Secondary Asset: Caudalosa Mine, where exploration drilling (14,000m program) is ongoing to expand resources.