Silver Viper Minerals : MD&A Q3 2021

SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars - Unaudited)

SILVER VIPER MINERALS CORP.

FORM 51-102F1 - MANAGEMENT'S DISCUSSION AND ANALYSIS ("MD&A")

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021

The following discussion and analysis should be read in conjunction with the condensed consolidated interim financial statements of Silver Viper Minerals Corp. (the "Company") for the nine months ended September 30, 2021 and 2020, and related notes thereto, which have been prepared under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. All amounts are stated in Canadian dollars unless otherwise noted.

Further information regarding the Company and its operations are filed electronically on the System for Electronic Document Analysis and Retrieval ("SEDAR") in Canada and can be obtained from www.sedar.com.

Date

This management discussion and analysis is dated November 25, 2021 and is in respect of the nine months ended September 30, 2021.

Management's Responsibility for Financial Reporting

The accompanying condensed consolidated interim financial report for the nine months ended September 30, 2021 has been prepared by management using accounting policies consistent with International Financial Reporting Standards ("IFRS"). Other information contained in this document has also been prepared by management and is consistent with the data contained in the condensed consolidated interim financial statements.

The certifying officers of the Company, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that the financial report and MD&A (together the "filings") do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and the consolidated financial report together with the other financial information included in these filings fairly present in all material respects the financial condition, financial performance and cash flows of the Company, as of the date of and for the periods presented in these filings.

The Board of Directors approves the financial report together with the other financial information included in the filing and ensures that management has discharged its financial responsibilities. The Board's review is accomplished principally through the Audit Committee, which meets periodically to review all corporate filings prior to filing.

Certain statements in this report may constitute forward-looking statements that are subject to risks and uncertainties. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made.

In particular, forward looking comments regarding both the Company's plans and operations included in the "Company Overview" with respect to management's planned exploration and other activities, and in "Liquidity", and "Results of Operation" regarding management's estimated ability to fund its projected costs of exploration work and general corporate costs of operations, and its ability to raise additional funding through placement of the Company's common shares, are plans and estimates of management only and actual results and outcomes could be materially different.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economics, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or results of operations at this time.

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SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars - Unaudited)

Company Overview

The Company was incorporated under the Business Corporations Act (British Columbia) on April 26, 2016, with the name Silver Viper Minerals Corp. The Company completed an Initial Public Offering ("IPO") on September 27, 2017 and the Company's common shares were listed for trading on the TSX Venture Exchange ("TSXV"). The Company is also listed on the on the OTCQB under the trading symbol VIPRF.

The Company is engaged in the acquisition and exploration of mineral properties, as outlined below.

La Virginia Gold Silver Project, Sonora, Mexico

La Virginia is an early-stageSilver-Gold Exploration Property located in the basin and range province of eastern Sonora, Mexico and originally comprised of six mineral concessions acquired through three separate agreements entered into during 2018. The two option agreements regarding the Rubi-Esperanza group of three claims totaling 2,102 hectares were signed in June, 2018 (the "Option Agreements"). A second group of three concessions held by Pan American Silver Corp ("Pan American"), totaling 35,600 hectares was added to the property in December, 2018 when an option agreement was signed (the "Pan American Agreement"). The Company, has filed surrender applications over two claims, and a reduction application for the third. The total area of the project now stands at 6,882 hectares in total. The surrender and reduction applications were made in order to reduce exposure to the high cost of carrying mature mineral claims and the process was guided by results and observations from the Company's regional exploration efforts. The Company has not received official confirmation of reductions at the time of writing and may elect to further reduce claim area in the future as exploration and geological knowledge of the property advances. The La Virginia property includes drill-tested mineralized structures as well as extensive additional grass roots potential along trend and as parallel zones.

The La Virginia property hosts an estimated mineral resource duly prepared and reported by an independent consultant in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101; and has been estimated in conformity with generally accepted CIM "Estimation and Mineral Resource and Mineral Reserve Best Practices" guidelines. The resource is detailed in the report "Technical Report on the La Virginia Precioius Metal Project, Sonora, Mexico", has an effective date of May 1, 2021, and is publicly available on both the SEDAR and the Company's website. The report details an estimated Indicated mineral resource of 6.18 million tonnes grading 0.78 g/t gold and 35 g/t silver and an Inferred Mineral Resource of 10.10 million tonnes grading 0.80 g/t gold and 40 g/t silver from five discrete mineralized zones situated on the most prospective mineralized trend on the property.

The Property is characterized by laterally extensive epithermal-style,gold-silver mineralization in quartz stockworks, veins and hydrothermal breccias, hosted in andesites and felsic dykes. Mineralization is controlled by structures related to the north-northwest regional trend which controls the local basin and range topography. Anomalous geochemical results have been returned from these structures along the length of the property. Historical mining activities in the core claims, evidenced by several underground workings, are developed on zones of increased silica alteration and veining. The largest historical workings, "La Virginia" and "Con Virginia" are still accessible and host mineralization ranging between one metre to greater than 20 metres in thickness.

In early 2019 the Company successfully renegotiated the 2018 Rubi-Esperanza Option Agreements and as such, the payment schedules contained in the 2018 Option Agreements are now superseded by those detailed in the 2019 documents (the "Amended Option Agreements") signed in June, 2019. The Rubi-Esperanza claims are owned by two groups of concession holders who negotiated as a collective, believing the value of the combined claims to be more than the individual concessions. Payments and royalties detailed below will be split evenly between two agreements drafted, one for each party detailing payments for 50% of the value listed below.

The Amended Option Agreements allow the Company to earn a 100% undivided interest in the Rubi-Esperanza claim group by making cash payments to the claim owners totalling US$3,000,000 over a four-year period from June, 2019 and ending in June, 2023. The Company has made the first payment of US$50,000, and the second payment of $US75,000. Subsequent payments of US$100,000, US$200,000 and US$2,575,000 are due on each anniversary. The final payment must consist of US$1,200,000 in cash and the remainder can be in cash or shares at the Company's discretion. Claim owners will retain a 2% NSR royalty which may be purchased by the Company for US$2,000,000 within five years of the effective date, or for US$3,000,000 after the fifth anniversary.

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SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars - Unaudited)

Company Overview (cont'd…)

La Virginia Gold Silver Project, Sonora, Mexico (cont'd…)

In addition to the Rubi-Esperanza claims, the Company reported on February 5, 2018, that it had entered into a non-binding Letter of Intent ("LOI") to earn an undivided 100% interest in three additional mineral claims held by Pan American totalling 35,598 hectares. The Pan American Agreement was signed on December 14, 2018. The claims described, surround the Rubi-Esperanza group and are known to host similar styles of mineralization, both along extensions of known trends and in potential parallel zones. In addition to acquiring the claims, the Pan American Agreement also provides the Company access to Pan American's La Virginia drilling and geochemical databases, including data from 52,635 metres of diamond drilling in 188 diamond drill holes across the Rubi-Esperanza claim group. Pan American will retain a 2% NSR royalty over the entirety of the newly combined La Virginia Property.

On September 20, 2018, the Company commenced a combined confirmation and exploration diamond drill program on the Rubi- Esperanza Claims. The proposed program was designed to total 5,000 metres and would provide confirmation intercepts in areas of known mineralization and first pass tests on as yet undrilled targets along the main mineralized trend. At the suspension of work in mid-December 2018. The program completed initial tests on five distinct prospect areas distributed along 11 kilometres of prospective trend for a total of 4,753 metres in twenty holes. The prospect areas tested included, from south to north, El Huarache, Las Huatas, Con Virginia, El Rubi and La Gloria.

Significant results from all Phase I drill holes are publicly available and were reported in three news releases; dated November 15, 2018, January 17, 2019, and February 1, 2019. Results from the drilling ranged from no significant intercepts in holes LV18-190 (Las Huatas prospect), LV18-196 and LV18-197 (La Gloria prospect), up to a program best result of 13.3 metres (estimated true width 6.0 metres) averaging 3.16 g/t gold and 228 g/t silver from a downhole depth of 27.0 metres in hole LV18-201 (El Rubi prospect). Previously reported highlights from the 2018 drilling program include those from Las Huatas confirmation drilling with a best result of 18.0 metres (12.6 metres estimated true width) averaging 1.04 g/t Au and 79 g/t Ag from 178 metres in hole LV18- 192.

In November 2019, drilling and geological crews commenced a Phase II diamond drilling program. The program was paused in late March 2020 due to the COVID-19 global pandemic and restarted late July 2020 once comprehensive safety protocols had been prepared and enacted. The first portion of Phase II drilling comprised of an additional 6,955 metres in 24 holes across two prospects. This included a test of the El Rubi discovery zone with 20 holes for a cumulative 6,103 metres, and nearby exploration prospect Macho Libre which received four drill holes for a total of 852 metres. Phase II concluded at the cut off point for data used in the 43- 101 mineral resource estimate. Drilling from this phase totaled 102 holes for 27,912 metres. Phase III drilling is a continuation of Phase II and is aimed at testing exploration targets in and around the El Rubi vicinity. Field crews continue to advance exploration by way of geochemical sampling and geological mapping the Company has, to date, drilled a total of 125 holes on the property for a combined total of 37,810 metres.

Significant results released from the first months of Phase II are documented in the Company's news releases dated January 13, 2020, February 12, 2020, February 26, 2020, March 30, 2020 and April 22, 2020. A news release dated July 16, 2020 details first results from the renewed campaign and is supported by news releases dated August 26, 2020, December 15, 2020, March 1, 2021 and March 10, 2021.

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SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars - Unaudited)

Company Overview (cont'd…)

La Virginia Gold Silver Project, Sonora, Mexico (cont'd…)

The news release dated August 26, 2020 detailed ten drill holes, six from El Rubi and four from Macho Libre, and included an elongate interval from hole LV20-245, measuring 110 metres downhole core length averaging 38 g/t Ag and 0.76 g/t Au. The interval included a higher-grade zone which averaged five metre downhole core length of 353 g/t Ag and 7.98 g/t Au. The estimated true width of this interval was interpreted as 50% of the core length though the actual orientation has not yet been confirmed. The broad interval first intercepted in hole LV20-245 is referred to by the Company as the "Western Zone". Subsequent drilling to test this newly identified Western Zone resulted in additional drilling to target this occurrence. The Western Zone appears to be a broad zone of fine quartz stockwork hosted by an andesitic agglomerate/volcaniclastic sequence within the footwall block of the northwest/southeast trending El Rubi breccia/fault zone.

Best results from Phase II program include two metres (estimated true width 1.14 metres) averaging 15.55 g/t gold and 1436 g/t silver from a depth of 270.5 metres in hole LV20-217 and eight metres (estimated true width 5.04 metres) averaging 9.15 g/t gold and 569 g/t silver from a depth of 192 metres in hole LV20-218. Recently, favourable results include the project best hole LV21-289 which intercepted significant intervals from both the Western Zone and the El Rubi structure. The first, broad intercept was encountered from 280.5 metres downhole, averaging 18g/t silver and 0.69 g/t gold over 130m (estimated 80.1 metres in true width) located above an intercept of the El Rubi structure which averaged 363 g/t silver and 21.2 g/t gold over a downhole length of 19.30 metres (estimated true width 11.89 metres) starting at 418.20 metres downhole. The highest individual sample from this hole was 429.5-430.0 metres downhole (0.5 metres) of 10,681 g/t silver and 738 g/t gold over an estimated true width of 0.31 metres.

Exploration targets in El Rubi include El Rubi North (located along the Rubi trend) and El Rubi East (located along a parallel trend,

1.5 kilometres east of Rubi, also known locally as El Molino), both prospects are within the general target area of El Rubi. Recent exploration activities have identified additional targets centred on flexures of the El Molino trend. The targets Paredones and La Colmena are located 800 metres and 2,700 metres north-northwest of El Molino along the same trend. The first drillhole (LV21- 323) of an initial 6-hole test at Paredones commenced early November 2021.

Field crews continue to advance geological mapping and sampling along the Molino trend, in particular the gap between Paredones and El Molino which shows evidence of an additional flexure in the main structure. Further targets will be added as they are refined by the ongoing work.

A project-wide, airborne LiDAR (Light Detection and Ranging) survey was flown in March of 2021. The resulting deliverables include a geo-referenced orthophoto of the entire project and a DEM (Digital Elevation Model) providing an invaluable exploration tool, and was also used to provide accurate topographic reference in the project's maiden resource estimate.

The Company has engaged Quantec Geoscience to execute a TITAN-160deep-penetrating geophysical survey centered over the El Rubi Deposit. The survey aims to probe to depth, the sub-surface at El Rubi and is expected to assist in designing a future drill campaign to test deeper portions of the mineralized system. The TITAN-160 survey will collect DC resistivity and Induced Polarization ("DCIP") and Magnetotelluric ("MT") data. The DCIP component of this survey is expected to provide qualified data to a depth of 750 metres below surface, while the MT can achieve depths in excess of 1500 metres below surface. In addition to the main IP program the Company may include two reconnaissance lines of DCIP, one at Rubi North, and one at Macho Libre. The survey is now expected to commence in January 2022.

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SILVER VIPER MINERALS CORP.

INTERIM REPORT TO SHAREHOLDERS

For the Nine Months Ended September 30, 2021

(Expressed in Canadian Dollars - Unaudited)

Company Overview (cont'd…)

La Virginia Gold Silver Project, Sonora, Mexico (cont'd…)

On May 3, 2021, the Company announced the first NI 43-101 mineral resource on La Virginia Silver-Gold Project in Sonora, Mexico. The resource estimate comprises of five discrete deposits including El Rubi. The mineral resource estimate is based upon drilling completed by the Company between 2018 and 2021 and by previous operators between 2010 and 2013 and has an effective date of May 1, 2021. The resource estimate table is detailed below. The Company filed the report with SEDAR and it is publicly available from that source and from the Company's website.

				Capped	Capped
Deposit	Method	Class	Tonnes	Au	Ag	Au Oz	Ag Oz
				(g/t)	(g/t)
El Rubi	Open pit	Indicated	6,179,000	0.78	35	154,300	6,928,900
Total	Open Pit	Indicated	6,179,000	0.78	35	154,300	6,929,000
El Rubi	Open pit	Inferred	3,255,000	0.90	36	94,100	3,750,000
Con Virginia	Open Pit	Inferred	3,279,000	0.66	36	69,500	3,837,800
El Oriental	Open Pit	Inferred	91,000	1.47	28	4,300	81,900
Las Huatas	Open Pit	Inferred	3,169,000	0.76	47	77,300	4,749,900
Las Huatas S	Open Pit	Inferred	83,000	0.40	26	1,100	70,200
Total	Open pit	Inferred	9,877,000	0.78	39	246,300	12,489,800
Con Virginia	Underground	Inferred	39,000	1.52	121	1,900	152,700
El Oriental	Underground	Inferred	25,000	2.11	47	1,700	37,000
Las Huatas	Underground	Inferred	152,000	1.90	51	9,300	249,800
Las Huatas S	Underground	Inferred	11,000	3.19	34	1,100	12,000
Total	Underground	Inferred	227,000	1.92	62	14,000	451,500
Total		Indicated	6,179,000	0.78	35	154,300	6,929,000
Total		Inferred	10,104,000	0.80	40	260,300	12,941,300

1. Mineral Resources which are not Mineral Reserves, do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

A short description of selected targets on the project as follows.

El Huarache - A previously undrilled target area approximately 300-400 metres wide by 1,000 metres long characterized by a series of NNW striking felsic dykes with coincident silicification, veining and, in some locations, anomalous gold and silver values. To date very little work has been completed in this area. The single hole drill test during 2018 returned some mineralization. Follow up prospecting and geochemistry is recommended.

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