Silver Bullet Mines Corp. (“SBMI” or “the Company”) is a Canadian-based silver and gold exploration and development company. SBMI’s primary asset is the Black Diamond (“BD”) Property, located near Globe, Arizona, which includes several past producers, focusing primarily on the silver-copper veins of the area, including the Buckeye, McMorris, Richmond, and Jumbo. In addition to the BD Property, SBMI has acquired the King Tut and Super Champ properties from third parties, both of which now serve as important sources of near-term mill feed. SBMI commenced production at Buckeye in 2022, but it has begun generating revenue by processing mineralized material from the King Tut and Super Champ properties at its mill in Globe, Arizona, with initial concentrate sales completed in 2025. These operations position SBMI as an emerging small-scale producer. SBMI is also advancing its Washington Mine in Idaho, a historical silver and gold mine undergoing underground development and bulk-sample preparation. The Company is working toward securing final processing arrangements. (1.0) RECENT COMPANY UPDATES: (1.1) First Concentrate Sales: SBMI achieved its first commercial sales in 2025, shipping concentrate from both the King Tut (gold) and Super Champ (silver) mines under its offtake arrangement with a U.S. buyer, marking SBMI’s transition into a revenue-generating company. (1.2) Arizona Advancements: At King Tut, underground development and test milling confirmed high-grade gold mineralization with concentrate grades of 38 oz/ton gold at 90% recovery. Super Champ development continued with additional high-grade silver sampling and expanded access. (1.3) Washington Mine Progress: In Idaho, SBMI advanced the Washington Mine by extending and enlarging the main adit to 190 feet, establishing drill stations, and confirming several historical high-grade zones. The Company seeks to secure a third-party processor for milling. (1.4) Strengthened Financial Position: SBMI completed three equity financings in 2025, including two priced at premiums to market, raising a total of approximately $4.9 million. Several debenture balances were converted or retired, improving the Company’s balance sheet ahead of expanded production plans. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) We are maintaining a Speculative Buy Rating on SBMI and increasing our one-year Price Target to $0.40. (2.2) Our valuation is based on forward-looking cash flow estimates derived from estimated production at the Company’s three active projects (King Tut and Super Champ in Arizona, and the Washington Mine in Idaho) and assigning a $5 million value to the McMorris Mine and other legacy properties.