Tuesday 16th August 2022

Silver Viper Minerals : MD&A Q3 2021 | MarketScreener

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SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars – Unaudited)

SILVER VIPER MINERALS CORP.

FORM 51-102F1 – MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021

The following discussion and analysis should be read in conjunction with the condensed consolidated interim financial statements of Silver Viper Minerals Corp. (the “Company”) for the nine months ended September 30, 2021 and 2020, and related notes thereto, which have been prepared under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. All amounts are stated in Canadian dollars unless otherwise noted.

Further information regarding the Company and its operations are filed electronically on the System for Electronic Document Analysis and Retrieval (“SEDAR”) in Canada and can be obtained from www.sedar.com.

Date

This management discussion and analysis is dated November 25, 2021 and is in respect of the nine months ended September 30, 2021.

Management’s Responsibility for Financial Reporting

The accompanying condensed consolidated interim financial report for the nine months ended September 30, 2021 has been prepared by management using accounting policies consistent with International Financial Reporting Standards (“IFRS”). Other information contained in this document has also been prepared by management and is consistent with the data contained in the condensed consolidated interim financial statements.

The certifying officers of the Company, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that the financial report and MD&A (together the “filings”) do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and the consolidated financial report together with the other financial information included in these filings fairly present in all material respects the financial condition, financial performance and cash flows of the Company, as of the date of and for the periods presented in these filings.

The Board of Directors approves the financial report together with the other financial information included in the filing and ensures that management has discharged its financial responsibilities. The Board’s review is accomplished principally through the Audit Committee, which meets periodically to review all corporate filings prior to filing.

Certain statements in this report may constitute forward-looking statements that are subject to risks and uncertainties. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made.

In particular, forward looking comments regarding both the Company’s plans and operations included in the “Company Overview” with respect to management’s planned exploration and other activities, and in “Liquidity”, and “Results of Operation” regarding management’s estimated ability to fund its projected costs of exploration work and general corporate costs of operations, and its ability to raise additional funding through placement of the Company’s common shares, are plans and estimates of management only and actual results and outcomes could be materially different.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economics, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or results of operations at this time.

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SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars – Unaudited)

Company Overview

The Company was incorporated under the Business Corporations Act (British Columbia) on April 26, 2016, with the name Silver Viper Minerals Corp. The Company completed an Initial Public Offering (“IPO”) on September 27, 2017 and the Company’s common shares were listed for trading on the TSX Venture Exchange (“TSXV”). The Company is also listed on the on the OTCQB under the trading symbol VIPRF.

The Company is engaged in the acquisition and exploration of mineral properties, as outlined below.

La Virginia Gold Silver Project, Sonora, Mexico

La Virginia is an early-stageSilver-Gold Exploration Property located in the basin and range province of eastern Sonora, Mexico and originally comprised of six mineral concessions acquired through three separate agreements entered into during 2018. The two option agreements regarding the Rubi-Esperanza group of three claims totaling 2,102 hectares were signed in June, 2018 (the “Option Agreements”). A second group of three concessions held by Pan American Silver Corp (“Pan American”), totaling 35,600 hectares was added to the property in December, 2018 when an option agreement was signed (the “Pan American Agreement”). The Company, has filed surrender applications over two claims, and a reduction application for the third. The total area of the project now stands at 6,882 hectares in total. The surrender and reduction applications were made in order to reduce exposure to the high cost of carrying mature mineral claims and the process was guided by results and observations from the Company’s regional exploration efforts. The Company has not received official confirmation of reductions at the time of writing and may elect to further reduce claim area in the future as exploration and geological knowledge of the property advances. The La Virginia property includes drill-tested mineralized structures as well as extensive additional grass roots potential along trend and as parallel zones.

The La Virginia property hosts an estimated mineral resource duly prepared and reported by an independent consultant in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101; and has been estimated in conformity with generally accepted CIM “Estimation and Mineral Resource and Mineral Reserve Best Practices” guidelines. The resource is detailed in the report “Technical Report on the La Virginia Precioius Metal Project, Sonora, Mexico“, has an effective date of May 1, 2021, and is publicly available on both the SEDAR and the Company’s website. The report details an estimated Indicated mineral resource of 6.18 million tonnes grading 0.78 g/t gold and 35 g/t silver and an Inferred Mineral Resource of 10.10 million tonnes grading 0.80 g/t gold and 40 g/t silver from five discrete mineralized zones situated on the most prospective mineralized trend on the property.

The Property is characterized by laterally extensive epithermal-style,gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias, hosted in andesites and felsic dykes. Mineralization is controlled by structures related to the north-northwest regional trend which controls the local basin and range topography. Anomalous geochemical results have been returned from these structures along the length of the property. Historical mining activities in the core claims, evidenced by several underground…

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