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 from Super Champ 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) RECENT COMPANY UPDATES: (1.1) Strategic Financing: On December 23, SBMI announced a private placement aiming to raise $1.5 million, with $500,000 committed as a lead order. Proceeds would support work at Super Champ and the Washington Mine. (1.2) Super Champ Development: SBMI continues shipping mineralized material from Super Champ to its mill for stockpiling and processing, and announced that revenue generation from Super Champ is expected to begin in early 2025. (1.3) Washington Mine Update: On November 22, SBMI announced that it began underground development and bulk sampling at the Washington Mine, contracting a miner experienced with high-grade vein operations. (2.0) FINANCIAL ANALYSIS & VALUATION: (2.1) We are maintaining a Speculative Buy Rating on SBMI and a one-year Price Target of $0.20 but decreasing the two-year Price Target to $0.32 due to the additional shares and warrants to be issued as part of the equity financing. (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 $0.32 is based on SBMI processing the higher-grade mineralized material from the Buckeye Mine in year two. 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.