Nevada Silver : Filing Statement

FILING STATEMENT

IN RESPECT OF

THE REVERSE TAKE-OVER QUALIFYING TRANSACTION BETWEEN

ELECTRIC METALS (USA) LIMITED

AND

NBS CAPITAL INC.

DATED APRIL 20, 2021

Neither the TSX Venture Exchange Inc. (the "TSXV", or the "Exchange") nor any securities regulatory authority has in any way passed upon the merits of the Qualifying Transaction described in this filing statement.

TABLE OF CONTENTS
	Page
GLOSSARY ..............................................................................................................................	1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION .............	5
INFORMATION PERTAINING TO NBS ..............................................................................	7
NOTICE TO INVESTORS.......................................................................................................	7
Date of Information.................................................................................................................	7
Reporting Currencies...............................................................................................................	7
Scientific and Technical Information.......................................................................................	7
SUMMARY ...............................................................................................................................	8
The Companies .......................................................................................................................	8
Terms of the Qualifying Transaction .......................................................................................	9
Interests of Insiders, Promoters or Control Persons..................................................................	9
Arm's Length Qualifying Transaction ...................................................................................	10
Securityholder Approval .......................................................................................................	10
Available Funds and Principal Purposes ................................................................................	10
Selected Pro Forma Financial Information.............................................................................	11
Details Respecting NBS' TSXV Listing ................................................................................	11
Market Price of NBS Shares..................................................................................................	12
Conditional Approval............................................................................................................	12
Securities Laws Matters ........................................................................................................	12
Conflicts of Interest...............................................................................................................	12
Experts..................................................................................................................................	12
Risk Factors ..........................................................................................................................	12
PART I - RISK FACTORS.....................................................................................................	15
Risks Relating to the Resulting Issuer's Business and the Arrangement.................................	15
Risks to NBS Shareholders Relating to the Arrangement.......................................................	26
PART II - INFORMATION CONCERNING NBS ...............................................................	28
Name and Incorporation........................................................................................................	28
General Development of the Business ...................................................................................	28
The Qualifying Transaction...................................................................................................	28
Securities Laws Matters ........................................................................................................	32
Arm's Length Qualifying Transaction ...................................................................................	33
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Interests of Insiders, Promoters or Control Persons................................................................	34
Securityholder Approval .......................................................................................................	34
Management's Discussion and Analysis ................................................................................	34
Description of Securities .......................................................................................................	35
NBS Stock Option Plan.........................................................................................................	35
Prior Sales.............................................................................................................................	36
Trading Price and Volume.....................................................................................................	36
Arm's Length Transaction.....................................................................................................	36
Legal Proceedings .................................................................................................................	36
Auditor, Transfer Agent and Registrar...................................................................................	36
Material Contracts.................................................................................................................	37
PART III - INFORMATION CONCERNING EML ............................................................	38
Name and Incorporation........................................................................................................	38
Intercorporate Relationships..................................................................................................	38
Company History and Development of Capital Structure.......................................................	38
Description of the Business ...................................................................................................	40
Competitive Conditions.........................................................................................................	40
Products and Operations........................................................................................................	40
Specialized Skills and Knowledge.........................................................................................	40
Strength and Competitive Advantages ...................................................................................	40
Foreign Operations................................................................................................................	40
Employees.............................................................................................................................	40
Environmental Protection, Social and Environmental Policies ...............................................	40
The Corcoran Canyon Project................................................................................................	41
Business Objectives, Milestones, and Strategy ......................................................................	51
The Emily Project .................................................................................................................	52
Management's Discussion and Analysis ................................................................................	52
Description of Securities .......................................................................................................	60
Consolidated Capitalization...................................................................................................	61
Prior Sales.............................................................................................................................	62
Executive Compensation .......................................................................................................	62
Legal Proceedings .................................................................................................................	64
Material Contracts.................................................................................................................	64
Auditor..................................................................................................................................	64
PART IV - INFORMATION CONCERNING THE RESULTING ISSUER ......................	65
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Corporate Structure ...............................................................................................................	65
Available Funds and Principal Purposes ................................................................................	67
Directors, Officers and Promoters..........................................................................................	69
Investor Relations Arrangements...........................................................................................	75
Security Based Compensation Plans ......................................................................................	75
Management..........................................................................................................................	75
Options to Purchase Securities...............................................................................................	75
Escrow Securities..................................................................................................................	75
Other Resale Restrictions ......................................................................................................	76
Auditors, Transfer Agent and Registrar .................................................................................	77
Risk Factors ..........................................................................................................................	77
PART V - GENERAL MATTERS .........................................................................................	78
Sponsorship and Relationships ..............................................................................................	78
Experts..................................................................................................................................	78
Other Material Facts..............................................................................................................	78
NBS Board Approval ............................................................................................................	78
EML Board Approval............................................................................................................	78
Acknowledgement - Personal Information ............................................................................	78
EXHIBIT "A" AUDITED FINANCIAL STATEMENTS OF EML FOR THE PERIOD FROM
INCORPORATION TO DECEMBER 31, 2019 AND YEAR ENDED DECEMBER 31, 2020
............................................................................................................................................................	A-1
EXHIBIT "B" PRO FORMA CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF
THE RESULTING ISSUER .............................................................................................................	B-1
EXHIBIT "C" CERTIFICATE OF EML ........................................................................................	C-1
EXHIBIT "D" CERTIFICATE OF NBS..........................................................................................	D-1

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GLOSSARY

Unless otherwise indicated, whenever used in this Filing Statement, the following words and terms have the indicated meanings or, if not defined herein, have the meanings set out in Policy 1.1 - Interpretation of the TSXV. Words importing the singular, where the context requires, include the plural and vice versa and words importing any gender include all genders. All dollar amounts are in Canadian dollars, unless otherwise stated.

"Ag" means silver.

"Arrangement" means the court sanctioned scheme of arrangement under the Australian Corporations Act pursuant to which NBS will acquire all of the outstanding EML Shares in exchange for 43,820,020 NBS Shares, plus the 13,308,407 NBS Shares issuable upon exercise of the EML Subscription Receipts issued in the Concurrent Financing, at a deemed price of $0.33 per EML Share, and as a result of which EML will become a wholly-owned subsidiary of NBS, which transaction will constitute NBS's Qualifying Transaction under TSXV Policy 2.4.

"Au" means gold.

"Audit Committee" means the audit committee of the Resulting Issuer Board, as further described under "Audit Committee".

"Australian Corporations Act" means the Corporations Act 2001 (cth.) (Australia).

"Board Mandate" means has the meaning ascribed thereto under "Resulting Issuer Board Mandate".

"CBCA" means the Canada Business Corporations Act.

"Centennial" means Centennial Mining Inc., an indirect, wholly-owned subsidiary of EML incorporated under the laws of Nevada.

"CIM" means Canadian Institute of Mining, Metallurgy and Petroleum.

"CIM Definition Standards" means the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves.

"Code" has the meaning ascribed thereto under "Part IV - Information Concerning the Resulting Issuer - Directors, Officers and Promoters - Ethical Business Conduct".

"Company" means EML.

"Concurrent Financing" means the non-brokered private placement of 13,308,407 EML Subscription Receipts and 1,993,516 NBS Subscription Receipts completed in multiple tranches for gross escrowed proceeds of approximately $5.05 million.

"Consolidation" has the meaning ascribed thereto at "Summary - Terms of the Qualifying Transaction".

"Corcoran Canyon Project" means the Corcoran Canyon silver-gold property consisting of 328 contiguous, unpatented mineral claims with an area of approximately 2,681.5 hectares (ha) (6,626.2 acres) located in Nye County, Nevada, held by Centennial.

"Court" means the Federal Court of Australia.

"CPC" means Capital Pool Company, as that term is used in TSXV Policy 2.4 - Capital Pool Companies.

"CPC Escrow Agreement" means that Form 2F escrow agreement dated November 16, 2018, between NBS and TSX Trust Company.