Superintendence Resolution No. 002-2026-SMV/11 — SMV — PE

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 1 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

Adjunct Superintendent Resolution SMV
No. 002-2026-SMV/11
Lima, January 19, 2026

Subject: To sanction SILVER MOUNTAIN RESOURCES INC. with a reprimand for having committed one (01) minor infraction typified in subsection 3.1 of numeral 3 of Annex I of the Sanctions Regulation.

Regulated Entity: SILVER MOUNTAIN RESOURCES INC.
Subject: Administrative Sanctioning Procedure of single administrative instance Main Type: Subsection 3.1 of numeral 3 of Annex I of the Sanctions Regulation MINOR INFRACTIONS File No.: 2025030138

The Adjunct Superintendent of Market Conduct Supervision

SEEN:

The administrative file No. 2025030138, containing the administrative sanctioning procedure initiated by the General Superintendent of Conduct Compliance of the Securities Market Superintendence – SMV (hereinafter, the IGCC), against Silver Mountain Resources INC. (hereinafter, the Issuer); as well as Report No. 1800-2025-SMV/11.2 (hereinafter, the Report), issued by the IGCC;

CONSIDERING:

I. FUNCTION AND COMPETENCE OF THE SASCM

That the IGCC – the instructing body of the administrative sanctioning procedures (hereinafter, the PAS) referred to in the present case – has brought to the knowledge of the Adjunct Superintendence of Market Conduct Supervision of the SMV (hereinafter, SASCM), the PAS of administrative file No. 2025030138, with the aim that it issues a decision as the sanctioning body of single administrative instance, as appropriate for the type of infraction evaluated in the PAS. In this way, the SASCM assumes competence in

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 2 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

observance of the exercise of the supervisory function and the sanctioning power of the Securities Market Superintendence – SMV established through the Unified Concorded Text of its Organic Law, Decree Law No. 26126 (hereinafter, LOSMV), and the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, approved by Supreme Decree No. 020-2023-EF-1 1 (hereinafter, TUO LMV); as well as by what is provided in the Sanctions Regulation, approved by SMV Resolution No. 035-2018-SMV/01 (hereinafter, Sanctions Regulation); and, in articles 42 and 43 of the Organization and Functions Regulation of the Securities Market Superintendence – SMV, approved by Supreme Decree No. 216-2011-EF (hereinafter, ROF-SMV), in the sense that it is a specific function of the SASCM to impose sanctions in single administrative instance, whose compliance control corresponds to the aforementioned Adjunct Superintendence. Likewise; the SASCM has the powers to issue corrective measures aimed at reversing the situation altered by the commission of the infraction;

II. FACTS, CHARGES AND DEFENSES OF THE ISSUER

2.1 Facts

That it was evaluated whether the Issuer complied or not with disclosing to the securities market the material facts;

2.2 Charge

That, as a result of said evaluation, through Letter No. 3757-2025-SMV/11.2 (hereinafter, Charge Letter), the charge was formulated, of communicating late the material fact referred to the suspension of the negotiation of securities on the Toronto Stock Exchange Venture – TSX (market of origin) by the Canadian Investment Regulatory Organization (CIRO), which occurred on April 16, 2024, which should have been communicated on the same day; however, it was communicated on April 22, 2024. (File No. 2024017474);

2.3 Defenses

That, through a document presented on August 11, 2025, the Issuer presented its defenses pointing out; among others, the following:

(i) "In the present case, the trading suspension occurred on the TSXV under the supervision of the CIRO, and its communication in Peru required previously the formal confirmation of legal advisors specialized in Canada. This stage of international validation was legally relevant, as it responded to the obligation to avoid contradictions or inaccuracies that could infringe the disclosure rules in force in the market of origin.

The intervention of foreign lawyers, as well as the need to align the content of the communication with the News Release disseminated in Canada, constituted an indispensable prior procedure to comply in a coordinated manner with both authorities (SMV and Canadian regulators). Such coordination is required by virtue of the principle of informational consistency in multiple markets, implicitly recognized in article 7 of the Regulation of the Venture Capital Segment, which seeks that investors receive the same relevant information in all markets where the security is listed.

1
Through Supreme Decree No. 020-2023-EF, published on February 10, 2023 in the Official Gazette El Peruano, the Unified Ordered Text of the Securities Market Law, Legislative Decree No. 861, was approved.

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 3 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

Furthermore, this review process was also conditioned by objective logistical factors, such as the time difference between offices in Canada and Peru, which affected the immediacy of internal communications. Although the regulation does not expressly contemplate these conditions, their consideration is coherent with the principle of reasonableness in supervision, insofar as there was no inaction or disinterest, but rather a diligent action oriented towards preserving the accuracy of the information. (…)

By virtue of the above, even though the SMV has considered that the communication of the Material Fact was carried out outside the legal deadline, the objective and proven circumstances demonstrate that the time spent responded to the legitimate need to guarantee the coherence, truthfulness and sufficiency of the disclosed information, without it generating an undue benefit, economic harm or damage to the public interest.

Such elements, valued under the criteria of the principle of reasonableness, lead to conclude that the imputed infraction has a minimum degree of gravity, so that the eventual sanction should be modulated in its mildest expression."

(ii) Likewise, it requested the application of voluntary remediation as an exemption from administrative liability as established in subsection f) of article 257 of the Unified Ordered Text of Law No. 27444, General Administrative Procedure Law, approved by Supreme Decree No. 004-2019-JUS (hereinafter, TUO of the LPAG) and subsection f) of article 27 of the Sanctions Regulation.

(iii) Subsidiarily, in the negative case that the SMV considers that voluntary remediation is not appropriate as an exemption from liability, it will be applied as a mitigating factor as provided in subsection c) of article 26 of the Sanctions Regulation, modulating the sanction to the legal minimum, in attention to the objective factors and the good faith that characterized the action of the Issuer;

That, the TUO of the LPAG contains common rules for the actions of the administrative function of the State and regulates all administrative procedures developed in the entities, including special procedures. Likewise, numeral 3) of article 248 of the TUO of the LPAG, points out the criteria regarding the graduation of the sanction: (a) The illicit benefit resulting from the commission of the infraction, (b) The probability of detection of the infraction, (c) The gravity of the damage to the public interest and/or protected legal good, (d) The economic harm caused, (e) Recidivism, for the commission of the same infraction within a period of one (1) year from when the resolution sanctioning the first infraction became final, (f) The circumstances of the commission of the infraction and, (g) The existence or not of intentionality in the conduct of the offender;
That, the charges, the defenses and the criteria regarding the graduation of the sanction have been the subject of evaluation in the Report, which has been submitted to the knowledge of the SASCM;
That, in observance of what is provided by numeral 5 of article 255 of the TUO of the LPAG, through Letter No. 7213-2025-SMV/11 of

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 4 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

December 11, 2025, the Report was sent to the Issuer so that it could formulate its allegations within the deadline of five (05) business days;

That, the Issuer on December 17, 2025 presented its arguments reiterating its arguments, in addition to pointing out that the Report is consistent with the principles of reasonableness, proportionality and minimum harm that govern the exercise of the sanctioning power by orienting towards the mildest infraction to be imposed;

III. QUESTIONS TO BE DETERMINED

That, in the present PAS it corresponds to determine the following:

(i) If the Issuer incurred or not in the infraction indicated in the Charge Letter and Report;

(ii) If it corresponds or not to impose a sanction on the Issuer;

IV. ANALYSIS

4.1 Applicable Normativity

MATERIAL FACTS

That, article 30 of the TUO of the LMV, states: "The registration of a certain security or issuance program entails for its issuer the obligation to inform the SMV and, if applicable, to the respective stock exchange or entity responsible for the conduct of the centralized negotiation mechanism, of the material facts, including ongoing negotiations, about itself, the security and the offer made of it, as well as to disclose such facts in a truthful, sufficient and timely manner. The information must be provided to said institutions and disclosed as soon as the fact occurs or the issuer takes knowledge of it, as the case may be." (Underline added);
That, with respect to Junior companies included in the Junior II category, article 7, third paragraph, of the Regulation of the Venture Capital Segment of the Lima Stock Exchange, approved by CONASEV Resolution No. 026-2005-EF/94.10 and its amendments (hereinafter, SCR Regulation), provides the following:

"Article 7.- Registration of common shares with voting rights of Junior Companies included in the Junior II category

For the purpose of obtaining the registration of common shares with voting rights in the RBVL, previously issued and placed in a foreign market, the Junior II Company must comply with the following:

(…)

During the validity of the security registration, the Junior II Company must comply with disseminating to the general public the information it presents in foreign stock exchanges or organized markets where the security is registered or admitted to negotiation, at the same time it presents the information in such markets. Such information will be disseminated via internet, information providers (vendors) or by other similar communication means; likewise, the BVL will facilitate access (electronic link) to the public information system, through which the junior company disseminates its information in its main market. The SMV or the BVL may request clarifications, precision or expansions regarding the information

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 5 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml disseminated and/or the situation of the negotiation of the securities in its main market.

Without prejudice to the aforementioned dissemination, the Junior II Company is obliged to communicate as a material fact, as established in the Regulation of Material Facts and Reserved Information, only the following information:

Decision to exclude its shares from the RBVL;
Suspension or cessation of functions of its sponsor, as well as the appointment of a new sponsor;
Suspension of the negotiation of the securities in the market of origin;
The sanctions that would have been imposed on the Junior II Company in its market of origin.

(…)" (Underline added);

That, the opportunity to inform material facts, numeral 9.1 of article 9 of the Regulation of Material Facts, states: "The Issuer must inform its material fact as soon as such fact occurs or the Issuer takes knowledge of it, and in no case later than the day on which it has occurred or has been known (…)". (Underline added);
That, for the purpose of determining the possible sanction, this infraction is typified in subsection 3.1 numeral 3 of Annex I of the Sanctions Regulation, which states that it constitutes a minor infraction: "To present outside the established deadline, or to do so incompletely, or, without observing the technical specifications approved by the SMV or without communicating the approval by the corresponding corporate body, to the SMV, to the Stock Exchange, to the entity in charge of the centralized negotiation mechanism or to any other entity or subject of the securities market, the individual or consolidated audited financial information, the individual or consolidated interim financial statements, management report, special audit report, material facts and, annual reports." (Underline added);
That, according to article 35 of the Sanctions Regulation, these infractions are sanctionable with a reprimand or a fine not less than one (1) UIT and up to twenty-five (25) UIT;

4.2 Evaluation of the case

That, in the administrative file No. 2025030138, which contains the documentation of the present PAS, it is appreciated that through Memorandum No. 2233-2024-SMV/11.1 of June 20, 2024 (File No. 2024023757), the General Superintendent of Conduct Supervision (hereinafter, IGSC) – the body of the Securities Market Superintendence – SMV that has within its functions and powers, the supervision of compliance with the norms applicable to issuer companies with securities registered in the Public Registry of the Securities Market - RPMV, evaluating the indications of possible infractions, and remits, for its consideration, the respective reports of indications of infractions, to the IGCC – remitted to the IGCC, the result of its evaluation, and specifically what refers to the present case;
That, it must be kept in mind that the procedures and legal forms with which the IGSC conducts its inspection and/or supervision activity and upon concluding it with a report of indications of infraction, determine that its pronouncement or opinion on a specific topic of

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 6 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml supervision – which can even contain a decision, for example, the adoption of corrective measures – is an opinion on the merits of the matter; it must be specified that said opinion and the report of indications of infraction of the IGSC is not binding for the IGCC, as established in the second paragraph of article 9 of the Sanctions Regulation2 3 ;

That, in this way it is had that in the evaluation of the facts related to the present PAS have intervened and participated previously to the issuance of the present resolution, two (2) other organs or administrative instances of the SMV, functionally independent from each other and from this Office; first the IGSC that at its opportunity reported the indications of infraction and then the IGCC that, as a result of its evaluation, formulated the Charge Letter and the Report; and at this point of the PAS it corresponds to the Office of the SASCM, to issue a pronouncement containing its decision regarding the charges mentioned, it being precise to indicate that by the nature of the same, as has been indicated previously, it will be a decision of single administrative instance for the charges imputed;
That, previously it corresponds to indicate that the Issuer is a company constituted under the laws of the province of Ontario – Canada, with common shares with voting rights listed on the TSX Venture Exchange. Likewise, through File No. 2022029116, on July 15, 2022 the IGSC disposed the automatic registration of its common shares with voting rights representative of the social capital of the Issuer in the RPMV, under the category of Junior II mining company, as well as its listing in the Registry of Securities of the Lima Stock Exchange – RBVL;
That, in that sense, in accordance with what is provided by article 7, third paragraph, of the SCR Regulation, the Issuer has the obligation to communicate as a material fact, among others, the suspension of the negotiation of its securities in the market of origin;
That, with respect to the imputation of charges, the Issuer pointed out that the trading suspension occurred on the TSXV under the supervision of the CIRO, and its communication in Peru required previously the formal confirmation of legal advisors specialized in Canada. This stage of international validation was legally relevant, as it responded to the obligation to avoid

2
In article 245 of the TUO of the LPAG it is indicated as forms or modes in which the inspection activity could conclude the following: 1) Certificate of conformity of the activity developed by the regulated entity; 2) Recommendation of improvements or corrections of the activity developed by the regulated entity; 3) The warning of the existence of non-compliances not susceptible of meriting the determination of administrative responsibilities; 4) The recommendation of the start of a procedure to determine the administrative responsibilities that correspond; 5) The adoption of corrective measures and 6) Other forms as established by special laws. 3 «Article 9.- Preliminary inquiries as a consequence of supervision actions (…) When said organs conclude that there are sufficient indications of possible administrative infractions they remit the corresponding reports to the General Superintendencies of Compliance, which determine if it corresponds to start or not an administrative sanctioning procedure. If the case, the General Superintendencies of Compliance may carry out additional inspections or investigations of the reported indications. In the case of possible infractions in the scope of the Regulation of the Participatory Financing Activity and its Managing Societies, the preliminary inquiries are carried out by the General Superintendent of Investigation and Innovation, dependency that if there are sufficient indications of possible administrative infractions will determine if it corresponds to start or not an administrative sanctioning procedure. (…)».

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 7 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml contradictions or inaccuracies that could infringe the disclosure rules in force in the market of origin;

That, from what is stated by the Issuer in its defenses and allegations, it is observed that this took knowledge of the referred suspension on April 16, 2024 through Letter EMI-178/2024 addressed to the Broker Representative of the Issuer and from that date, it took six (06) days of delay to put the referred material fact in knowledge of the market;
That, according to what is provided by numeral 9.1 of article 9 of the Regulation of Material Facts, the Issuer is obliged to communicate the material fact immediately after it happens or of that it has knowledge of it, and never after the same day on which it occurred or was known. In that sense, the coordination process that it indicates led him to have six (06) days of delay in the communication cannot be considered a justification for the non-compliance incurred, since, this must adopt the adequate mechanisms, within its ordinary actions, to comply with its obligation to communicate the material fact in a timely manner;
That, with respect to what requested by the Issuer to apply the voluntary remediation of the infraction subject of charge as an exemption from liability or subsidiarily as a mitigating factor, it corresponds to point out that according to what is provided in subsection c) of article 284 of the Sanctions Regulation, the late presentation of material facts is within the situations that voluntary remediation is not applied as an exemption from liability;
That, on the other hand, with respect to what stated by the Issuer, in the sense that the infraction did not generate an undue benefit, economic harm or damage to the public interest, it is opportune to point out that the sanction criteria to which the Issuer refers are analyzed at the moment of the determination of the sanction;
That, in consequence, the conduct constitutive of the infraction subject of charge is accredited and the administrative responsibility of the Issuer is determined, by reason of which, it corresponds to analyze the proposal of sanction in attention to what is provided by the principle of reasonableness, the defenses and the sanction criteria, which will be evaluated in the section of determination of the sanction;

V. DETERMINATION OF

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 8 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml THE SANCTION

5.1 Criteria for the determination of the sanction

That, the criteria for the determination of the sanction are established in article 248 of the TUO of the LPAG, which establishes the following:

"Article 248.- Criteria for the determination of the sanction

The administrative authority, when determining the sanction, must take into account the following criteria:

a) The illicit benefit resulting from the commission of the infraction;

b) The probability of detection of the infraction;

c) The gravity of the damage to the public interest and/or protected legal good;

d) The economic harm caused;

e) Recidivism, for the commission of the same infraction within a period of one (1) year from when the resolution sanctioning the first infraction became final;

f) The circumstances of the commission of the infraction;

g) The existence or not of intentionality in the conduct of the offender."

That, in the present case, the Issuer did not obtain an illicit benefit, nor did it cause economic harm or damage to the public interest, as it is a minor infraction of late communication. Likewise, it is not a case of recidivism, as there is no previous sanction for the same infraction. Regarding the circumstances of the commission of the infraction, the Issuer argued that the delay was due to the need to validate the information with Canadian legal advisors, but as established in point 22 of this resolution, this does not justify the delay. Finally, there is no evidence of intentionality in the conduct of the Issuer.

5.2 Proposal of sanction

That, according to article 35 of the Sanctions Regulation, the minor infractions are sanctionable with a reprimand or a fine not less than one (1) UIT and up to twenty-five (25) UIT. In the present case, considering the criteria established in article 248 of the TUO of the LPAG, and the fact that the infraction is of a minor nature, with no illicit benefit, no economic harm, no recidivism, and no intentionality, it is appropriate to impose the mildest sanction, which is a reprimand.

VI. RESOLUTION

That, in view of the foregoing, and in exercise of the powers conferred upon it by the TUO of the LMV, the Sanctions Regulation, and the ROF-SMV;

RESOLVES:

Article 1.- To declare the administrative responsibility of SILVER MOUNTAIN RESOURCES INC. for the commission of the minor infraction typified in subsection 3.1 of numeral 3 of Annex I of the Sanctions Regulation, for having communicated late the material fact referred to the suspension of the negotiation of its securities on the TSX Venture Exchange, which occurred on April 16, 2024, and was communicated on April 22, 2024.

Article 2.- To impose on SILVER MOUNTAIN RESOURCES INC. the sanction of a reprimand, in accordance with the provisions of article 35 of the Sanctions Regulation.

Article 3.- To notify this resolution to SILVER MOUNTAIN RESOURCES INC. and to publish it on the website of the Securities Market Superintendence.

Article 4.- This resolution is subject to the administrative appeal provided for in article 255 of the TUO of the LPAG, which must be filed within the term of fifteen (15) business days, counted from the notification of this resolution.

Article 5.- Communicate to the General Superintendent of Conduct Compliance, to the General Superintendent of Conduct Supervision, and to the interested party.

Lima, January 19, 2026

Adjunct Superintendent of Market Conduct Supervision

[Signature]

Adjunct Superintendent of Market Conduct Supervision

PERÚ Ministry of Economy and Finance

SMV
Securities Market Superintendence
"Decade of Equal Opportunities for Women and Men" 9 Electronically signed document within the framework of Law No. 27269, Law of Digital Signatures and Certificates, its regulations and amendments. The integrity of the document and the authorship of the signature(s) can be verified at https://apps.firmaperu.gob.pe/web/validador.xhtml

Distribution:

SILVER MOUNTAIN RESOURCES INC.
General Superintendent of Conduct Compliance
General Superintendent of Conduct Supervision
General Secretary
Archive

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