Silver Bullet Mines Inc. (“SBMI” or “the Company”) is a Canadian-based silver and copper exploration and development company. The Company’s primary asset is the Black Diamond (BD) Property, located near Globe, Arizona, which includes five past-producing, high-grade silver mines, including the Buckeye Silver Mine. SBMI commenced production at the Buckeye Silver Mine (“Buckeye Mine”) in mid-2022, but mining operations are currently paused pending the resolution of safety issues. While awaiting the restart of mining at Buckeye, the Company plans to generate revenue by processing third-party mineralized material at its mill in Globe, Arizona. SBMI is also advancing its Washington Mine in Idaho, a historical silver and gold mine that is being prepared for production. Additionally, the Company is exploring copper-gold porphyry targets on the BD Property, leveraging the region’s mining history and proximity to significant copper deposits. REPORT HIGHLIGHTS (1.0) INVESTMENT THESIS AND UPCOMING CATALYSTS: (1.1) Revenue Generation through Third-Party Processing: SBMI’s mill near Globe, Arizona, is actively processing third-party mineralized material, providing an alternative revenue stream during mine shutdowns. (1.2) Near-Term Cash Flow Potential: SBMI is positioned to resume mining at the Buckeye Mine, where high-grade silver in Zone1 is anticipated to significantly enhance cash flow once operations restart. (1.3) Recent Strategic Financing: SBMI’s recent $1.1 million financing strengthens its balance sheet, thereby supporting ongoing work and operational resilience. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) We are maintaining a Speculative Buy Rating on SBMI but reducing the one-year Price Target to $0.20 from $0.80, and introducing a two-year Price Target of $0.35. (2.2) The one-year Price Target of $0.20 is based on SBMI processing 30,000 tons of third-party mineralized material over the next 12 months with a grade of 8 oz/t, 90% recovery rate, and booking net revenue of US$15 per ounce. Silver production would be approximately 240,000 ounces. (2.3)The two-year Price Target of $0.35 is based on SBMI processing the third-party mineralized material in 12 months and then processing higher-grade mineralized material from the Buckeye Mine. For a base case, we assumed 80% utilization of the mill, 264 production days per year, all-in operating costs of US$20/ounce, a grade of 20 oz/t, and a silver price of US$30/ounce. Silver production would be approximately 583,020 ounces.