Silver Mountain Resources, Inc. Class A · TSX:AGMR
Silver Mountain Resources, Inc. Class A — Investor Presentation (October 2026)
24 slides from Silver Mountain Resources, Inc. Class A's investor presentation, October 2026
Slide 1: Silver Mountain Resources: Ramping Up Production
SILVER MOUNTAIN RESOURCES RAMPING UP PRODUCTION C O R P O R AT E P R E S E N TAT I O N / O C TO B E R 2 0 2 6 TSX: AGMR | OTCQB: AGMRF | BVL: AGMR TSX: AGMR | OTCQB: AGMRF | BVL: AGMR CORPORATE PRESENTATION | 1
Slide 2: Disclaimer
DISCL AIMER IMPORTANT – YOU MUST READ THE FOLLOWING BEFORE CONTINUING Technical Report in its entirety, including all assumptions, parameters, qualifications, limitations and methods factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. The informat
Slide 3: Silver Production in Central Peru
Silver P ro d uctio n In Centra l Per u AgMR’s Castrovirreyna Project is strategically located in the Huancavelica Region of Central Peru. Yanacocha • Production commenced at the Reliquias underground Antamina Atacocha mine and AgMR continues to aggressively explore this highly prospective silver ca
Slide 4: Investment Overview
Investment Over view High-Value Polymetalic Resource1 Key Asset Advantage2 Currently in Production Category Tonnes (kt) Updated NSR US$4 Measured 228 449 Indicated 1,083 380 Inferred 1,758 369 Total 3,069 379 Caudalosa Historical Resource Growth Potential Optionality3 Category Tonnes (kt) Updated NS
Slide 5: Reliquias Project - Overview
Reliquia s P roject 1 - O ver view Priority Targets Reliquias Mine: A polymetallic project with silver mineralization. Positioned strategically in a resource-rich area. Lithocap Stage: Producing Cu Porphyry Caudalosa Mine: Previously operated mine with historic resources. Stage: Advanced Colquicuntu
Slide 6: Our History
O ur H istor y TSX: AGMR | OTCQB: AGMRF | BVL: AGMR CORPORATE PRESENTATION | 6
Slide 7: Reliquias - Currently Producing, in Ramp-Up
Reliquia s 1 – Currently P roducing, in Ra mp -U p Underground Mine well-equipped and with key permits in place, strategically supported for success. Comprehensive infrastructure includes: ✓ A reliable power supply line GENERAL ✓ Efficient water supply system INFRASTRUCTURE ✓ Fuel storage ✓ Essentia
Slide 8: Existing Resources with Growth Potential
Existing Resources 1 with Growth Potentia l 3 2 The Reliquias Mine offers potential for significant resource expansion through future drilling, possibility of extending known vein systems along strike and at depth. Numerous outcropping veins within the large 60,000-hectare land package remain largel
Slide 9: Production at Reliquias Expected to Fund Caudalosa Startup and Exploration
P roduction a t Reliquia s Mine Expected to Fund Ca ud o la sa Sta r tup a nd Explora tion of Colquicuntur Ta rgets 1 Currently Production Advanced Exploration Producing Upside Exploration Projects Reliquias Mine Caudalosa Mine Colquicuntur Target Dorita, El Milagro, Q3’26 production start at Hosts
Slide 10: First Production Achieved in Q3 2026; Ramp-up Ongoing
Fir st P roduction Ach ieved in Q 3 2 0 2 6 ; Ra mpup O ngoing 2026 Tailings Storage Facility Upgrade Completed The upgrade and recommissioning of the tailing storage facility have been successfully completed, supporting safe and sustainable resource management. Mining Operations Commenced at Reliqu
Slide 11: Track Record Of Delivering On Timelines
1 Track Record Of Delivering On Timelines 2026 RELIQUIAS PROJECT TASKS Q4 Q1 Q2 Q3 Start of Mining Development Start of Major Plant Maintenance Tailing Dam Rehabilitation Mined Ore Stockpile Plant Commissioning Start of Mine & Plant Production Reliquias Infill Drilling Results Update PEA Update 1. A
Slide 12: Silver-Dominated Polymetallic Orebodies
Silver - Domina ted Poly meta llic O rebodies 1 M I N E R A L VA L U E D I S T R I B U T I O N 2 3 RELIQUIAS CAUDALOSA Copper Lead 3.0% Zinc 4.1% Lead 4.8% 7.8% Copper Lead 7.7% 10.6% Gold 9.1% Zinc 9.9% Zinc Silver Silver Silver 14.4% 65.8% Copper 83.3% 62.8% 16.6% 1. Silver equivalent values and v
Slide 13: Silver & Polymetallic Production Profile - LOM
1 Silver & Poly meta llic P roduction P rofile - LO M RELIQUIAS MINE 2 2 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 1. Refer to the full text of the Reliquias Technical Report for the assumptions, qualifications and limitations relating to the Reliquias Project 2. The 1st year of production comprises 1
Slide 14: Mine Plan & Treatment
M i n e P l a n & Tre a t m e n t Plan View by Zones ZONE 6 PER ZONE 5 MTS - W ZONE 7 ZONE 1 AYA - W MTS - E ZONE 8 ZONE 2 VUL SOR ZONE 3 PAS SCS - W1 BEA AYA - E ZONE 4 SCS - W2 MTC- W1 MTC - E PZR ZONE 9 MTC - W2 ZONE 12 SCS - C Production starts in ZONE 13 ZONE 11 SCS: Sacasipuedes vein zones 1,
Slide 15: Significant Exploration Upside
Significa nt Explora tion Upside 1 Lithocap Cu Porphyry Reliquias Underground • Potential mineral resources distributed over 10 veins. • Excellent mineral upside and life-of-mine potential. Caudalosa - Poetas Corridor • About 3.5 strike-length mineralized corridor with at least six veins with silver
Slide 16: Regional Comparison of Silver Mining Districts
Regiona l Compa r ison of Silver Mining Distr icts TSX: AGMR | OTCQB: AGMRF | BVL: AGMR CORPORATE PRESENTATION | 16
Slide 17: Reliquias Infill Drilling Program - Phase 1
1 Reliquia s Infill Dr illing P rogra m – P h a se 1 • Infill drilling phase results (~7,000m) support the Reliquias mine Reliquias Infill Drilling Phase Highlights plan. SMR-194-26-SCS (TOMAYCALLA and SACASIPUEDES SPLAY veins) • Designed to improve confidence in the mine plan and focused • 0.90 m @
Slide 18: Caudalosa Exploration Program
1 Ca uda losa Explora tion P rogra m Caudalosa DDH Project: UG and O/P Potential • The 2026 drilling program focuses on exploring the Near-Surface targets to the north and south of the historical resource area to confirm mineralization continuity and evaluate Mineral Resource potential • The program
Slide 19: Colquicuntur
Colquicuntur TA R G E T H I G H L I G H T S Potential for copper Greenfields Opportunities Beyond The Reliquias Mine porphyry targets at depth. Reliquias Block consists of over 20,000 hectares 1 of highly prospective mineral concessions surrounding Several breccia events identified to date. the Reli
Slide 20: EV / Annual Production 2027
Va lua tion Per O unce P roduced Significant Re-Rate Potential at Production Start-up ENTERPRISE VALUE (CAD) / ANNUAL AGEQ PRODUCTION (ESTIMATED 2027) $1,000 $895 $818 EV / Annual Production 2027 $800 $600 $573 Average $397 ~3x to reach average $392 $386 $400 $326 $268 $213 $200 $177 $167 $147 $141
Slide 21: Valuation Per Ounce
Va lua tion Per O unce Significant Re-Rate Potential at Production Start-up ENTERPRISE VALUE (CAD) / M&I SILVER-EQUIVALENT OUNCES $19.9 $20.0 $16.5 $13.5 $11.3 $11.2 $10.0 $8.9 $8.1 $6.6 $5.7 $4.9 $4.8 $3.8 $2.4 – FIRST MAJESTIC SILVERCREST EXCELLON MAG SILVER SUNSHINE GATOS ABRA USA VIZSLA BLACKROC
Slide 22: Capital Structure and Shareholder Base
Ca pita l Str ucture a nd Sh a reh older Ba se 6 2.1% As of S e p t e m b e r 30, 2026 2.2% 2.3% Shares Outstanding 64.8M 1 2.8% Stocks Options 0.9M 2.8% Warrants 2 20.3M 3.2% RSUs 3 0.4M 3.8% Eric Sprott 4.6% Market Capitalization4 C$ 226M Other Cash Position 5 C$ 25.5 M Other 59.3% 5.8% 54.7% 11%
Slide 23: Directors & Management
Director s & Ma na gement Directors Jose Vizquerra, Chairman Former President & CEO at O3 Mining. Former Exc. VP of Strategic Development for Osisko Gerardo Fernandez, Independent Director Mining Former Head of BD for Cia. de Minas Buenaventura. Former Production and Broad experience in several lead
Slide 24: Silver Mountain Resources
S I LV E R M O U N TA I N R E S O U R C E S W W W. A G M R . C A
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