During the nine months ended April 30, 2025, the changes in our investments in equity securities are summarized as follows:

On January 15, 2025, we completed the acquisition of 107,142,857 common shares (the “Anfield Shares”) of Anfield Energy Inc. (“Anfield”) for total consideration of $10.46 million pursuant to a subscription agreement between the Company and Anfield.  As at April 30, 2025, the Company owns 17.63% of the outstanding shares of Anfield.

During the three months ended April 30, 2025, the Company entered into an indemnification support agreement with Anfield. Under this agreement the Company provides an indemnity of $3 million in favour of Anfield for its surety bond and, in return, obtains the right to nominate members to Anfield board of directors in proportion to the Company’s ownership of outstanding Anfield Shares. The Company’s ability to appoint directors to Anfield’s board results in the investment in Anfield Shares being subject to equity method of accounting. However, as permitted under ASC 825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in Anfield Shares. All subsequent changes in fair value of Anfield Shares are recognized in the consolidated statements of operations.  The indemnity may be canceled by the Company upon delivery of 30 days’ written notice.

The cumulative revaluation adjustment since acquisition of the equity securities held as at April 30, 2025 is a loss of $12.79 million.