1. Think of them as an exploration-stage Rio Tinto, but focused on finding silver and zinc deposits.

2. They're like a biotech company in early-stage trials, but for mineral assets instead of drugs.

• Mineral Exploration: The company conducts exploration activities to identify and assess deposits of silver, zinc, gold, lead, and copper in Montana.

Based on the provided background information, Silver Bow Mining (SBMT) is an exploration stage company. The company states, "We are an exploration stage company, with no history of operations, mining or refining mineral products."

As such, Silver Bow Mining currently has no products to sell and therefore does not have any customers at this time. Its business plan is focused on continuing exploration to move towards a feasibility study, not on current production or sales.

Travis Naugle Chairman & CEO
Travis Naugle brings over two decades of experience in developing precious and strategic metals projects across the American West and other strategic geographies. He has structured and executed significant agreements with industry leaders such as Rio Tinto Nuton, Kennecott Exploration, and Freeport-McMoRan. Mr. Naugle's strategic vision led to successful ventures at the Kupol silver-gold project in Russia, Alaska's Kensington gold mine, and Nevada's Yerington copper district. He also played a key role in a bilateral mining treaty between Russia and China through his work with China National Gold. He has held leadership roles with Falcon Butte Minerals Corp., Lion Copper and Gold Corp., Falcon Copper Corp., and Redhill Global. A licensed Professional Engineer in Montana, Mr. Naugle holds an MBA from the University of Chicago Booth School of Business and a bachelor's degree in mining engineering from Montana Tech.

Wade Black CFO
Mr. Black has over 30 years of experience on Wall Street, beginning his career at Brimberg & Co. in 1994. He co-founded Leeb Brokerage in 1998, serving as its CFO, and later founded Scarsdale Equities in 2005, where he was COO until 2020. He has served on the boards of various mining companies, including US Silver Corp., and most recently held a position as a Principal at R.F. Lafferty & Co. Mr. Black holds a BA in Economics and Philosophy from Columbia University and an MBA from Columbia University.

Kevin Shiell COO
Kevin Shiell is a seasoned mine operations leader with over 30 years of experience managing mining operations, processing facilities, and multi-asset portfolios throughout North America. He has held senior operations roles, including President, Vice President, General Manager, and site leader, overseeing projects from early-stage development and mine restarts to large-scale producing operations with annual budgets exceeding $300 million. His expertise spans operational improvement, infrastructure development, production growth, labor relations, and safety-driven performance, managing workforces of up to 1200 employees. His experience in Montana includes serving as VP of Mining for Stillwater Mining Company.

Phil Nickerson Vice President of Exploration
Dr. Phil Nickerson is an economic geologist with extensive experience in base and precious metals exploration across the United States. He studied economic geology at the University of Arizona and has published influential papers on copper deposits in the Southwestern United States. Prior to joining Silver Bow Mining, he served as Senior Geologist at EMX Royalty Corp and later as a Principal Geologist at Rio Tinto, focusing on copper exploration in North America and providing technical support for Rio Tinto's Nuton venture. Immediately before his current role, he was the Exploration Manager – USA at Rio Tinto.

Doug Stiles Vice President of Regulatory and External Affairs
Doug Stiles is an experienced mining executive with 25 years of experience in addressing complex regulatory, operational, and project challenges within the mining sector. His expertise includes environmental compliance, permitting, and mine operations across multiple U.S. states, including Nevada. He previously held positions at Hecla Mining Company as Director of Environmental Operations and as General Manager at Revett Silver Company (a Hecla subsidiary), where he managed regulatory issues, mine cleanup efforts, and operational strategies at sites such as the Troy Mine.

Exploration Stage Company with No Assured Production or Commercial Viability

Silver Bow Mining is an exploration stage company with no history of operations, mining, or refining mineral products. There is no assurance that its primary mineral claim property, the "Rainbow Block," will be successfully placed into production, produce minerals in commercial quantities, or otherwise generate operating earnings. The company's business plan is to continue exploration to complete a feasibility study, at which point a production determination will be made, contingent on economic and legal viability. As such, the company currently has no revenue-generating operations and its future success is entirely dependent on the uncertain outcome of its exploration efforts and the potential for commercially viable mineral extraction.

Expected Drivers of Future Revenue Growth for Silver Bow Mining (SBMT)

For Silver Bow Mining (SBMT), an exploration-stage company with no current operational revenue, future revenue growth over the next 2-3 years will be driven by key milestones that advance its projects towards commercial production. These include:

• Progression of the Rainbow Block Project Towards and Through a Feasibility Study: Silver Bow Mining's business plan centers on continuing exploration of its flagship Rainbow Block property to move towards completing a feasibility study. Successful advancement through drilling programs and comprehensive technical assessments, culminating in a positive feasibility study, is critical for determining the economic and legal viability of production.

• Securing Financing for Mine Development and Construction: As a pre-revenue company, significant capital will be required to transition from exploration to active mine development and construction. The successful acquisition of necessary funding beyond initial IPO proceeds is a fundamental driver for enabling future operational revenue.

• Favorable Market Conditions for Target Minerals: The company focuses on silver, zinc, gold, lead, and copper. Sustained strong demand and favorable pricing for these critical and precious metals, driven by industrial, technological, and investment factors, including the push for electrification and renewable energy, will significantly enhance the economic attractiveness and profitability of any future mining operations.

• Upgrading Mineral Resource Classification and Expanding the Resource Base: The Rainbow Block currently hosts an initial Inferred Mineral Resource. Converting these inferred resources into higher classifications (Measured and Indicated) through extensive drilling and studies, and potentially expanding the overall resource base within the Rainbow Block and other patented claims (Marget Ann, Goldsmith, Great Republic, Travona, and Emma Blocks), will strengthen the project's profile and potential scale of future revenue.

Share Issuance

• Silver Bow Mining plans an Initial Public Offering (IPO) on April 29, 2026, offering 4.35 million shares at a price range of $10.00 to $13.00, aiming to raise approximately $50.03 million.
• As of recent data, the company has 27.85 million shares outstanding.
• Prior to the IPO, the company's share capital increased from $65,144,084 on October 31, 2023, to $99,599,802 on July 31, 2025, indicating significant share issuances for capital.

Inbound Investments

• Silver Bow Mining is undertaking an Initial Public Offering (IPO) on April 29, 2026, intending to raise approximately $50 million.
• Proceeds from the IPO are primarily allocated to advance exploration and development activities at its flagship Rainbow Block project, as well as for general corporate purposes and working capital.
• The company has received support from several institutional investors as it progressed towards its initial public offering.

Capital Expenditures

• Capital expenditures for the last 12 months were approximately $181,157.
• The estimated $50 million from the upcoming IPO is primarily earmarked for continued exploration of the Rainbow Block, aiming to complete a feasibility study.
• Exploration expenditures, which constitute capital expenditures, significantly increased to $12,988,339 for the nine months ended July 31, 2025, from $1,959,634 in the same period of 2024, focusing on drilling, environmental studies, and geological work.