The investment objective of the Trust is to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding physical silver bullion without the inconvenience that is typical of a direct investment in physical silver bullion. The Trust invests and intends to continue to invest primarily in long-term holdings of unencumbered, fully allocated, physical silver bullion and does not speculate with regard to short-term changes in silver prices. The Trust will only purchase and expects only to own “Good Delivery Bars” as defined by the London Bullion Market Association (“LBMA”), with each bar purchased being verified against the LBMA source by representatives from the Trust’s custodian, the Royal Canadian Mint.

Significant risks that are relevant to the Trust are discussed here. General information on risks and risk management is described in Note 6 of the Generic Notes.

The reconciliation of bullion holdings for the years ended December 31, 2025 and 2024 is presented as follows:


	December 31, 2025	December 31, 2024
	$	$
Balance at beginning of year	5,220,107	4,065,861
Purchases	1,359,327	329,940
Sales	—	(4,847	)
Redemptions for physical bullion	—	(20,046	)
Net realized gains (losses) on sales and redemptions for physical bullion	—	(1,401	)
Net change in unrealized gains (losses)	8,520,460	850,600
Balance at end of year	15,099,894	5,220,107

The acquisition costs of physical bullion as at December 31, 2025 and 2024 were $5,877,034 and $4,517,707, respectively.

If the market value of silver bullion increased by 1%, with all other variables held constant, this would have increased total equity and comprehensive income by approximately $151.0 million (December 31, 2024: $52.2 million); conversely, if the value of silver bullion decreased by 1%, this would have decreased total equity and comprehensive income by the same amount.

As at December 31, 2025, approximately ($792) (December 31, 2024: ($253)) of the Trust’s other assets and accounts payable were denominated in Canadian dollars. As a result, a 1% change in the exchange rate between the Canadian and U.S. dollars would not have a material impact to the Trust.

The Trust’s risk is concentrated in physical silver bullion held across two locations, whose value constitutes 58.2% and 41.7% of total equity as at December 31, 2025 (59.6%, 32.0%, and 8.3% of total equity held across three locations as at December 31, 2024).

The Trust pays the Manager a monthly management fee equal to ¹/₁₂ of 0.45% of the value of net assets of the Trust (determined in accordance with the Trust’s trust agreement) plus any applicable sales taxes, calculated and accrued daily and payable monthly in arrears on the last day of each month. As at December 31, 2025, the Trust has no management fee payable, as included in Accounts payable in the statements of financial position compared to $2.2 million as at December 31, 2024.

As of the taxation year ended December 31, 2025, the Trust had capital losses available for tax purposes of $4,019 (December 31, 2024: $3,837).

During the reporting period, the Trust paid the Manager management fees, as discussed above.