Investment Overview

Near-term exploration will proceed in two phases:

Silver Bow Mining drilled 8 surface diamond drill holes totaling 4,780 feet from October 2021 to January 2022. The near-term exploration plan expands on this work.

Shares, dilution instruments, and balance-sheet position. Figures are dated and reconciled to the Company’s public filings.

Except where noted, share and balance-sheet figures are from the Company’s Q2 2026 Form 10-Q (period ended June 30, 2026; shares outstanding as of the August 12, 2026 cover date). Cash excludes $1,538,611 of restricted cash held as a reclamation deposit and classified as a non-current asset; the condensed statements of cash flows reconcile to $57,364,187 of cash, cash equivalents and restricted cash. Warrants are shown in two classes: financing warrants issued in pre-IPO financings, and performance warrants issued January 27, 2025 that vest on performance conditions. The fully-diluted figure is an illustrative as-converted sum and does not apply the treasury method. Figures are extracted from the Company’s filings with the U.S. Securities and Exchange Commission. Refer to the filings themselves — listed under SEC Filings above and available on EDGAR — for complete information.

Beneficial owners of more than 5% of common shares, as disclosed in Schedules 13D and 13G filed with the SEC. Insider holdings are reported on Forms 3 and 4, available in the SEC Filings feed.

Percentages are as reported by each filer, based on 29,518,500 shares outstanding as of May 1, 2026 (per the filings). As of August 12, 2026, the Company had 29,528,500 common shares outstanding, per the cover page of its Form 10-Q for the quarter ended June 30, 2026; the percentages above are as reported by each filer against the earlier count and have not been recalculated. Holdings may have changed since the filing dates; this table is updated as new ownership filings are made. It will expand to include insider and management ownership when the Company’s first proxy statement is filed.

• ◆Surface exploration drilling
• ◆Underground rehabilitation and exploration tunnels
• ◆Underground drilling
• ◆Metallurgical test work
• ◆Environmental baseline studies
• ◆NYSE American listing fees
• ◆Salaries, professional fees, and general corporate & working-capital purposes

Per the Company’s IPO prospectus (Form 424B4 filed April 30, 2026; a second 424B4 with identical offering terms, including the Canadian prospectus, was filed May 1, 2026) and Q2 2026 Form 10-Q. The offering comprised 5,200,000 shares at $11.50 ($59,800,000 gross; $55,084,383 net after underwriting discounts and expenses, as reported in the Company’s Q2 2026 Form 10-Q), with a 30-day over-allotment option for up to 780,000 additional shares, which expired unexercised. The prospectus lists the intended uses above but does not disclose a dollar or percentage allocation by category. In its Q2 2026 Form 10-Q the Company reported: “As of the date hereof, we have used $7m of the net proceeds of the offering for the following purposes: $5m for exploration and $2m for general corporate expenses.” Reported figures from the financial statements are set out below. Figures are extracted from the Company’s filings with the U.S. Securities and Exchange Commission. Refer to the filings themselves — listed under SEC Filings above and available on EDGAR — for complete information.

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For each risk area: where the project stands today, and the next milestone that moves it. This is the core of the investment case: what risk has been reduced, what remains, and what comes next.

Expected timings are based on statutory reporting deadlines and are subject to change. Confirmed dates for earnings, conferences, and the annual meeting are announced by press release and posted here. Subscribe to email alerts to be notified.

Permitting is among the most material risks for a U.S. mining project. Current authorizations and the path ahead:

The Rainbow Block sits within the historic Butte mining district, adjacent to legacy environmental (Superfund) areas. The Company maintains baseline environmental work and community engagement as part of its social licence to operate.

Environmental matters in the Butte district are regulated and actively managed; ongoing regulatory engagement supports long-term district stability. Statements regarding remediation responsibility reflect the Company’s understanding of the CERCLA framework applicable to its properties; see the risk factors in the Company’s SEC filings.

Coverage last confirmed August 15, 2026. The views, estimates, and performance outlooks expressed by these analysts are solely their own and do not reflect the opinions of Silver Bow Mining or its management team. Coverage may change without notice, and any estimates or recommendations are the analysts’ own. The Company does not adopt, support, or take responsibility for any of the information, conclusions, or recommendations presented by these third parties.