MANAGEMENT'S DISCUSSION AND

ANALYSIS FOR THE PERIOD

ENDED

December 31, 2023

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

Introduction

The following management's discussion and analysis ("MD&A") of the financial condition and results of the operations of Canadian Silver Hunter Inc. (the "Company" or "Silver Hunter") constitutes management's review of the factors that affected the Company's financial and operating performance for the twelve month period ended December 31, 2023 This MD&A has been prepared in compliance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations. This discussion should be read in conjunction with the audited financial statements of the Company for the years ended December 31, 2023 and 2022 together with the notes thereto. Results are reported in Canadian dollars, unless otherwise noted. The financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board and interpretations of the IFRS Interpretations Committee. Information contained herein is presented as of April 22, 2024, unless otherwise indicated.

The following MD&A, particularly under the heading "Capital Resources" and ''Additional Disclosure for Entities without Significant Revenue'', contains forward-looking information that involves numerous risks and uncertainties. The forward-looking information is not historical fact, but rather is based on the Company's current plans, objectives, goals, strategies, estimates, assumptions and projections about the industry, business and future financial results. The Company's actual results could differ materially from those discussed in such forward-looking statements.

For the purposes of preparing this MD&A, management, in conjunction with the Board of Directors, considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value of the Company's common shares; (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management, in conjunction with the Board of Directors, evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

Additional information relating to the Company is available free of charge on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.

Caution Regarding Forward-looking Statements

This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement. The following table outlines certain significant forward-looking statements contained in this MD&A and provides the material assumptions used to develop such forward-

Page | 2

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

looking statements and material risk factors that could cause actual results to differ materially from the forward-looking statements.

Forward-looking statements

Assumptions

Risk factors

Potential of Silver Hunter's properties to

Financing will be available for future

Silver price volatility; uncertainties

contain economic deposits of silver

exploration

and

development of

involved in interpreting geological

and/or other metals

Silver

Hunter's

properties;

the

data

and

confirming

title

to

actual results of Silver Hunter's

acquired properties; the possibility

Exploration and development

that future exploration results will

Activities will be favourable;

not be consistent with Silver

operating,

exploration

and

Hunter's expectations; availability

development costs will not exceed

of financing for and actual results

Silver Hunter's expectations; the

of Silver Hunter's exploration and

Company will be able to retain and

development activities; increases

attract skilled staff; all requisite

in

costs;

environmental

regulatory

and

governmental

compliance

and

changes

in

approvals for exploration projects

environmental and other local

and

other operations

will

be

legislation and regulation; interest

received on a timely basis upon

rate

and

exchange

rate

terms acceptable to Silver Hunter,

fluctuations; changes in economic

and

applicable

political

and

and

political conditions;

the

economic

conditions

will

be

Company's ability to retain and

favourable

to Silver Hunter; the

attract skilled staff

Price of

silver

and/or

other

applicable metals and applicable

interest and exchange rates will be

favourable to Silver Hunter; no title

disputes exist with respect to the

Company's properties

The Company's ability to meet its

The

operating

and

exploration

Changes in debt and equity

working capital needs at the current

activities of the Company for the

markets; timing and availability of

level for the twelve-month period ending

twelve-month

period

ending

external financing on acceptable

December 31, 2024

December 31, 2024 and the costs

terms;

increases

in

costs;

associated

therewith,

will

be

environmental

compliance

and

consistent

with

Silver

Hunter's

changes in environmental and

current

expectations;

debt

and

other

local

legislation

and

equity

markets,

exchange

and

regulation;

interest

rate

and

interest rates and other applicable

exchange

rate

fluctuations;

economic

conditions

will

be

changes in economic conditions

favourable to Silver Hunter

The Company's ability to carry out

The exploration activities of the

Changes in debt and equity

anticipated exploration on its property

Company for the twelve-months

markets; timing and availability of

interests

ending December 31, 2024 and the

external financing on acceptable

costs associated therewith, will be

terms;

increases

in

costs;

consistent

with

Silver

Hunter's

environmental

compliance

and

current

expectations;

debt

and

changes in environmental and

equity

markets,

exchange

and

other

local

legislation

and

interest rates and other applicable

regulation;

interest

rate

and

economic

conditions

will

be

exchange

rate

fluctuations;

favourable to Silver Hunter

changes in economic conditions;

receipt of applicable permits

Page | 3

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

Silver and gold price volatility,

Changes in debt

and

equity

markets; timing and availability

Plans, costs, timing and capital for

Financing will be available for Silver

Silver and gold price volatility,

future exploration and development of

Hunter's exploration and development

changes in debt and equity markets;

Silver Hunter's property interests,

activities

and the results thereof

timing and availability financing on

including the costs and potential impact of

will be favourable; actual operating

acceptable

terms; the

uncertainties

complying with existing and proposed

and exploration costs will be consistent

involved in

interpreting

geological

laws and regulations

with

the

Company's

current

data and confirming title to acquired

expectations; the Company will be

properties; the possibility that future

able to retain and attract skilled staff;

exploration results will not be

all

applicable

regulatory

and

consistent

with

Silver

Hunter's

governmental

approvals

for

expectations; increases

in

costs;

exploration

projects

and

other

environmental

compliance

and

operations will be received on a timely

changes in environmental and other

basis upon terms acceptable to Silver

local

legislation

and

regulation;

Hunter; the Company will not be

interest rate and exchange rate

adversely

affected

by

market

fluctuations;

changes

in

economic

competition; debt and equity markets,

and

political

conditions;

the

exchange and interest rates and other

Company's ability to retain and attract

applicable

economic

and

political

skilled staff

conditions will be favourable to Silver

Hunter; the price of silver and/or other

applicable metals will be favourable to

Silver Hunter; no title disputes exist

with respect to Silver Hunter's

properties

Management's outlook regarding future

Financing will be available for Silver

Silver and gold price volatility;

trends

Hunter's exploration

and operating

changes in debt and equity markets;

activities; the price of silver and/or

interest rate and

other applicable metals will be

exchange rate fluctuations; changes

favourable to Silver Hunter

in economic and political

Sensitivity

analysis

of

financial

Based on management's knowledge and

Changes in debt and equity markets;

instruments

experience of the financial markets, the

interest rate and exchange rate

Company believes that there would be

fluctuations

no material changes to its results for the

year ended December 31, 2024 as a

result of changes in interest and foreign

exchange rates

The proposed exploration program for the

Actual costs of the various line items

Costs

could

vary

from

Quebec Project is estimated to cost

of the budget are consistent with the

management's expectations

approximately $70,000

costs that management

anticipates

Silver Hunter will continue to focus its

No major events prevent exploration of

Management may change its plans

exploration efforts on existing targets in

these targets and new targets are not

based on future exploration results

Northern Quebec Project in close proximity

discovered that take

to the Osisko Minings Windfall Lake

precedence over these targets

Discovery.

Page | 4

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

Prices and price volatility for silver and gold The price of silver and gold will be favourable; debt and equity markets, interest and exchange rates and other economic factors

which may impact the price of silver will be favourable

Changes in debt and equity markets and the spot price of silver; interest rate and exchange rate fluctuations; changes in economic and political conditions

Inherent in forward-looking statements are risks, uncertainties and other factors beyond Silver Hunter's ability to predict or control. Please also make reference to those risk factors referenced in the "Risk Factors" section below. Readers are cautioned that the above chart does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements, and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Silver Hunter's actual results, performance, or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward- looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

Description of Business

The Company is an exploration stage business enterprise incorporated under the Business Corporations Act (Ontario) on April 7, 2006 and is principally engaged in the business of exploring for and developing base and precious metal mineral properties. Substantially all of the efforts of the Company are devoted to these business activities and to date the Company has not earned significant revenues.

The Company is in the exploration stage and is subject to the same risks and challenges as other companies in a comparable stage of development. These risks include, but are not limited to, the dependence on key individuals, successful exploration, and the ability to secure adequate financing to meet the minimum capital required to successfully complete its planned work programs on mineral properties. The financial statements as at and for the period ended December 31, 2023 and 2022 have been prepared using accounting policies applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due. The business of mining and exploring for minerals involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of the carrying value of exploration properties and the Company's continued existence is dependent upon the preservation of its interests in the underlying properties, the discovery of economically recoverable reserves and the Company's ability to dispose of its interests on an advantageous basis. Changes in future conditions could require material write-downs of the carrying values.

Page | 5

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest in accordance with industry standards, these procedures do not guarantee the Company's title. Property title may be subject to government licensing requirements or regulations, unregistered prior agreements, unregistered claims, aboriginal claims, and non-compliance with regulatory requirements.

The financial statements have been prepared in accordance with IFRS applicable to a going concern. Accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore be required to sell its assets and liquidate its liabilities at amounts different from those presented in the financial statements.

On July 28, 2011, the Company successfully secured financing through completion of its initial public offering (the "Offering"), raising aggregate gross proceeds of $2,500,000.

On December 31, 2023 the Company had a working capital of $388,666 (December 31, 2022

-$23,152). The Company accumulated losses of $2,299,665 (December 31,2022- $2,367,606) and expects to incur further losses in the development of its business.

While the Company has been successful in securing financing, there is no assurance that it will be able to do so in the future. The Company will require additional financing in order to conduct its planned work programs on mineral properties, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. Accordingly, the financial statements do not give effect to adjustments, if any, that would be necessary should the Company be unable to continue as a going concern. If the going concern assumption is not used, then the adjustments required to report the Company's assets and liabilities on a liquidation basis could be material to the financial statements.

Overall Performance

On July 14, 2011, the Company filed a final prospectus in the provinces of Alberta, British Columbia and Ontario, and had earlier received conditional approval to list the Company's common shares on the TSX Venture Exchange (the "TSXV"). A copy of the Company's prospectus can be viewed on SEDAR at www.sedar.com.

On July 28, 2011, the Company completed its Offering and raised total gross proceeds of $2,500,000.

The net proceeds to the Company raised pursuant to the Offering are being used to conduct an extensive exploration program on the Company's flagship Silver Centre. The Project located within the historic South Lorrain Silver Camp, which along with the historic Cobalt and Gowganda silver camps, is part of a world- class silver district in the Abitibi Greenstone Belt between Temagami and Kirkland Lake, in northeastern Ontario.

The Silver Centre Project consists of the prolific past-producing Keeley and Frontier silver- cobalt mines, the Veinlode Silver Mines mining leases, the Montreal River Extension claims and the Tooth Lake/King George claims (together referred to as the "Silver Centre Project").

The Abitibi Greenstone Belt is one of the most prolific greenstone belts in the world for production of gold, silver and base metals. The Cobalt-SouthLorrain-Gowganda Mining Camps

Page | 6

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

have produced over 600 million ounces of silver, 45 million pounds of cobalt, 16 million pounds of nickel, and 5 million pounds of copper. In 2023 the Company sold its interest in the Keeley Frontier Properties in Cobalt and the Lost Dog Property in Timmins, Ontario.

The officers and directors of the Company are Jeffrey Hunter (President, Chief Executive Officer, Secretary and a Director), Rob Gordon (Director), and Tim D. Towers (Director).

Trends

The Company anticipates that it will continue to experience net losses as a result of ongoing exploration and development of properties prospective for precious metals and operating costs until such time as revenue generating activity is commenced. The Company's future financial performance is dependent on many external factors. Both the price of, and the market for, precious metals are volatile, difficult to predict, and subject to changes in domestic and international political, social, and economic environments. Circumstances and events such as economic conditions and volatility in the capital markets could materially affect the future financial performance of the Company. See "Caution Regarding Forward-looking Statements" and "Risk Factors".

Interest in Exploration Property and Exploration and Evaluation Expenditures

Keeley and Frontier mines Cobalt,Ontario

The Company held a 100% interest in certain mineral exploration interests and all technical information and data related thereto (the "Silver Centre Project"). Silver Centre is located in the South Lorrain Township, Larder Lake Mining Division, Ontario and is comprised of the past producing Keeley and Frontier silver-cobalt mines, the Veinlode Silver Mines mining leases and various strategic mineral exploration claims.

On March 29, 2023 the Company sold 100% interest in the Cobalt Properties to Kuya Silver Corporation. (TSXV: KUYA) ("Kuya") for a deemed value of $ 450,000. The consideration was 1,666,667 Kuya common shares based on a moving average price of $0.27 per common share. The common shares received in the capital of Kuya were recorded as investments, at fair value determined using Kuya' closing share price of CA$0.36 on March 24, 2023. Those common shares are classified as a financial asset measured at fair value through profit or loss ("FVPL"). During the year ended December 31, 2023, $178,333 was recorded as a change in fair value of investment on the consolidated statements of operations.

In January 2017, the Company entered into a binding option agreement with Cobalt Projects International Corp. ("Cobalt"), whereby Cobalt may earn up to a 100% interest in the South Lorrain Project in exchange for the following consideration:

  • Pay an aggregate of $850,000 and incur total cumulative expenditures of $1,750,000 on the property over a period of three years to earn an initial 50% interest. During 2017, the Company received a cash payment of $300,000. A second cash payment of $300,000 was received in January 2018. A further cash payment of $200,000 was received in January 2019.
  • Pay an aggregate of $200,000 within 60 days of having exercised the first option by producing a NI 43-101 report on or before the fourth anniversary date of the option agreement, to earn an additional 1% interest. The payment was not received and the option expired.

Page | 7

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

  • Pay an aggregate of $750,000 and incur expenditures of $1,250,000 on or before the fifth anniversary date of the option agreement to earn the final 49% interest. This option expired. Cobalt did not fulfill the expenditure requirements and as such the Company retained 100 % of the property.
  • On October 23, 2020 the Company entered into an agreement with Timothy Towers, a director of the Company , for the exclusive right and option to acquire 100 % interest in "The Lost Dog Property" in Denton Township Timmins,Ontariio. To earn 100 % interest in the property, the Company must :
  • Pay (paid) $5,000 and issue 250,000 common shares of the Company upon signing the agreement. The shares were issued in 2020 and valued at $0.095 being the quoted market price at time of issuance (see note 8)
  • Incur $25,000 in exploration expenditures before August 4 ,2021 (met).
  • Pay $ 10,000 (paid) and issued 250,000 common shares of the Company before October 1,2021: The shares were issued in 2021 and valued at $0.065 being the market price on the date of issuance.
  • Incur exploration expenditures of $50,000 before August 4, 2022(met)
  • Pay $50,000 and issue 500,000 common shares before October 1, 2022: and
  • Incur $50,000 in exploration expenditures before August 4, 2023.
  • The Company has made the cash payment as required on Oct 1,2022 and the optionor has in good faith agreed to lower the cash payment to $40,000 and extend the payment date for one year till Oct 1,2023. As a proviso the company must file assessment work on the claims in the amount of $125,000 before January 31, 2023.
  • In September 2023 the Company exercised its option on the property by paying the sum of $40,000 to Mr. Towers and issuing 500,000 common shares to acquire and undivided 100 % interest in the Lost Dog Property.
  • On August 22 2023, the company sold the Lost Dog property to 15083974 Canada Inc. for a total cash payment of $165,000. The company retains a 1% royalty and Tim Towers retains a 2% royalty on net smelter returns payable from future commercial production.
  • On January 5, 2021 the Company acquired by staking additional property near Osisko Mining's Winfall Lake Project near Lebel Sur Quevillion Northern Quebec.
  • On January 21, 2021 the Company acquired the Carscallen Property in Carscallen Township West Timmins Ontario from arm's length parties by the issuance of 100,000 common shares of the Company. The Company has allowed the claims to lapse and the full value has been written off in the December 31, 2022 financials.
  • On January 27, 2021 the Company acquired the Dark Horse Property in Turnbull Township. West Timmins Ontario from an arm's length party by the issuance of 400,000 common shares of the Company This property claims have lapsed and are no longer owned by the Company and the full costs of the claims has been written off on the December 31, 2022 financials.

Results of Operations

Expenditures in both periods were primarily for management and consulting fees associated with the administration of the Company, and professional and general costs incurred to administer the day-to-day operations and reporting requirements of the Company.

Page | 8

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

Twelve Months Ended December 31st, 2023, compared to December 30th 2022

During the twelve-month period ended December 31, 2023 the Company had operating revenues from operations and reported a net income of $51,540 with basic and diluted income per share of $0.01. That compares to a net loss of $183,910 with basic and diluted loss per share of $0.01 for the twelve-month period ended December 31, 2022. Costs were maintained in the year however management fees showed a sizeable decrease of $20,054 from 2022, and professional fees Increasing by $27,663. The largest increase in legal costs can be attributed to legal fees concerning property sales.

Share-based payments

On July 6, 2019, the Company granted options to purchase 300,000 common shares of the Company to directors. The options are exercisable at a price of $0.05 per share and expire on July 6, 2023. The options vested immediately. The fair value of each option was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 146%; risk-free interest rate of 2.04%; and an expected average life of five years. The estimated grant date fair value of the options was determined to be $16,400, which was reflected as an expense for the year ended December 31, 2018. In August of 2022 the Company entered into an agreement with German Mining Networks GmBH with the respect to provide assistance with building and facilitating communications with investors and other related parties residing in Europe to the Company. The Agreement has an initial term of 3 months wherein the Consultant shall be provided 350,000 common share purchase options at a price of $ 0.10 for a period of one year in accordance with the Company's stock option plan. The Gmbh options expired in the period as of August 2023 .

Exploration Expenses

During the period ended December 31, 2023 there was $20,009 (2022 - $323,816) of capitalized acquisition and exploration expenses. The decrease was due to the sale of the Keeley Frontier and Lost Dog properties.

Selected Annual Information

The following table sets out selected financial information for the Company as at December 31, 2023 December 2022, 2021

Year Ended

Year Ended

Year Ended

December 31

December 31,

December 31,

Description

2023

2022

2021

($)

($)

($)

Net sales/total revenues

398,382

nil

nil

Total net income (Loss)(1)(2)

51,540

(183,910)

(158,475)

Net loss per common share on a basic

(0.01)

(0.01)

(0.01)

and diluted basis (3)(4)

Page | 9

Canadian Silver Hunter Inc.

Management's Discussion and Analysis

December 31, 2023

Dated April 22, 2024

Description

As at

As at

December 31

December 31,

2023

2022

Total assets

469,571

394,236

Current liabilities

55,509

41,714

Deficit

(2,299,665)

(2,367,606)

  1. Loss from continuing operations attributable to owners of the parent, in total;
  2. Loss attributable to owners of the parent, in total;
  3. Loss attributable to owners of the parent, on a per-share and diluted per-share basis; and declared per-share for each class of share; and
  4. Loss from continuing operations attributable to owners of the parent, on a per-share and diluted per- share basis.

Liquidity and Financial Position

The activities of the Company, principally the acquisition, exploration, and development of properties prospective for base and precious minerals, are financed through the completion of equity transactions such as equity offerings and the exercise of stock options and warrants. No options or warrants were exercised during the twelve-month period ended December 31, 2023. There is no assurance that future equity capital will be available to the Company in the amounts or at the times desired by the Company or on terms that are acceptable to it, if at all. See "Caution Regarding Forward-looking Statements" and "Risk Factors".

Funds expended during the period ended December 31, 2023 were used primarily for professional and management fees and for general working capital expenditures. As at December 31, 2023 options in the amount of 650,000 expired, leaving a new balance of 550,000 outstanding at year end . The Company had a working capital of $388,666 (December 31, 2022 - $23,152). The Company's continuing operations are dependent on its ability to secure equity and/or debt financing, with which it intends to maintain its proposed mineral exploration programs on the claims and also identify, evaluate, and acquire, if appropriate, interests in other mineral properties. The circumstances that could affect the Company's ability to secure equity and/or debt financing are, without limitation, as follows:

  • the state of capital markets generally.
  • the prevailing market prices for base and precious minerals.
  • changes in laws, regulations, and political conditions; and
  • the ability of the Company to realize satisfactory terms in its negotiation of work contracts

The current trends are relatively favourable for the Company but could change at any time and negatively affect its operation and business. Other than as disclosed in this MD&A, the Company is not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the Company's business, financial condition or results of operations. See "Caution Regarding Forward-looking Statements" and "Risk Factors".

As at

December 31,

2021

607,062

84,380

(2,319,985)

Page | 10

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Canadian Silver Hunter Inc. published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 14:56:07 UTC.