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A1 2005-4390 Grange Street Burnaby British Columbia CA V5H 1P6 604 669-5762 Puglisi & Associates 850 Library Avenue Suite 204 Newark DE 19711 302 738-6680 Common Shares, no par value AEC NASDAQ true true Yes Yes true false false false false 0001519469

We have audited the accompanying consolidated statements of financial position of Anfield Energy Inc. (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive loss, changes in equity and cash flows, for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board. DMCL LLP Vancouver, Canada 1173

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<div id="xdx_80F_eifrs-full--DisclosureOfExpensesByNatureExplanatory_zWzDvA1skN89" style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">1.</td><td style="font: small-caps 10pt Times New Roman, Times, Serif; text-align: justify">Nature of Operations</td></tr></table> Anfield Energy Inc. (the “Company”) is a publicly listed company incorporated in British Columbia on July 12, 1989. The Company’s shares are listed on the TSX Venture Exchange (“TSX.V”) under the symbol “AEC”, the Nasdaq Capital Market LLC (“NASDAQ”) under the symbol “AEC”, and the Frankfurt Stock Exchange under the symbol “OAD”. On September 16, 2022, 1,666,667 warrants of the Company commenced trading on TSX.V under the symbol “AEC.WT”. On September 18, 2025, the Company’s shares began trading on NASDAQ and ceased trading on the OTCQB Marketplace under the symbol “ANLDF”. The Company is engaged in mineral development and production. The Company’s head office and its registered and records offices are located at Suite 2005, 4390 Grange Street, Burnaby, British Columbia, V5H 1P6. Effective August 1, 2025, the Company completed a share consolidation of its outstanding common shares on a 75-for-1 basis. The share and per share figures in these consolidated financial statements have been retroactively adjusted to reflect this share consolidation.

1666667

<p id="xdx_804_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zeRPVqKd5nk9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">2.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Material Accounting Policy Information and Basis of Presentation</td></tr></table> <p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_zB8Lk7C90dFi" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of Preparation and Statement of Compliance</td></tr></table> These consolidated financial statements of the Company have been prepared in accordance with IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of the Company have been prepared on an accrual basis are based on historical costs except for financial instruments as discussed below. The consolidated financial statements are presented in Canadian dollars, which is the parent’s functional currency. The policies set out below were consistently applied to all periods presented unless otherwise noted below. These consolidated financial statements have been prepared on a historical cost basis except for financial instruments carried at fair value. <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of consolidation</td></tr></table> These consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiaries incorporated in the United States which include Anfield Resources Holding Corp. (‘ARHC”), ARH Wyoming Corp. (“ARHW”), Highbury Resources Inc. (“HRI”), Anfield Precious Metals Inc. (“APMI”), Anfield Energy US Corp (“AEUC”), and Neutron Energy, Inc. (“NEI”). All intercompany transactions, balances, income and expenses are eliminated on consolidation. Equinox Exploration Holding Corp. was dissolved in the fiscal year ended December 31, 2024. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <p id="xdx_842_eifrs-full--DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory_zwA7exoiY5fl" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">c)</td><td style="font: 10pt Times New Roman, Times, Serif">Significant Management Judgement and Estimates in Applying Accounting Policies</td></tr></table> Significant estimates and assumptions The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised. Areas requiring a significant degree of estimation and judgment relate to the determination of the recoverability of the carrying value of property and equipment and exploration and evaluation assets, fair value measurements for financial instruments and share-based compensation and other equity-based payments, the recognition and valuation of provisions for restoration and environmental liabilities, purchase price allocation and the recoverability and measurement of deferred tax assets and liabilities. Actual results may differ from those estimates and judgments. Significant judgments The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments in applying the Company’s consolidated financial statements include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Whether there are indicators of impairment or impairment reversal of the Company’s property and equipment and exploration and evaluation assets; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The determination of future unfulfilled conditions or other contingencies which may result in a liability.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Depreciation of property and equipment are dependent upon the estimated useful lives, which are determined through the exercise of judgment.</td></tr> </table> <p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_z6rTRTKFwCs5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">d)</td><td style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</td></tr></table> Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amount of cash and which are subject to insignificant risk of changes in value. Cash and cash equivalents have a term to maturity of three months or less from the date of acquisition. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_z10hFWW6OEz" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">e)</td><td style="font: 10pt Times New Roman, Times, Serif">Financial Instruments</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 27pt">(i)</td><td style="font: 10pt Times New Roman, Times, Serif">Classification</td></tr></table> The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Financial assets/liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Classification </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Cash </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">FVTPL</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Marketable securities</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">FVTPL</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Reclamation bonds</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Accounts payable </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Due to related parties</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Loans payable</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45.35pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 27.35pt">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif">Measurement </td></tr></table> Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of comprehensive income (loss). Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive income (loss) in the period in which they arise. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45.35pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 27.35pt">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif">Derecognition</td></tr></table> Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <p id="xdx_84F_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z0JODNI2jO5f" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">f)</td><td style="font: 10pt Times New Roman, Times, Serif">Share-based Payments</td></tr></table> Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black-Scholes Option Pricing Model. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. For granting of restricted share units (“RSUs”) , the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. RSUs settled in common shares are measured at the fair value of awards on the grant date using the grant date closing price, are amortized over the vesting period and are included in share-based payments with a corresponding increase in equity reserves. Amounts recorded for forfeited unvested RSUs are reversed in the period the forfeiture occurs. <p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zSPRV1blWL28" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">g)</td><td style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</td></tr></table> Property and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income (loss) during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. The Company’s property and equipment consists of vehicles, storage equipment, and the Shootaring Mill. Depreciation of the vehicles is calculated on a straight-line method to charge the cost, less residual value, over the estimated useful life of <span id="xdx_90A_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--VehiclesMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z9LQA9tVSqR1" title="Estimated useful lives">5 to <span id="xdx_903_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--VehiclesMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zGsj03We0ZWj" title="Estimated useful lives">10 years. Depreciation of the storage equipment is calculated on a straight-line method to charge the cost, less residual value, over the estimated useful life of <span id="xdx_901_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StorageEquipmentMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z1HNR7gDpnTj" title="Estimated useful lives">10 to <span id="xdx_906_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StorageEquipmentMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zd39Y84Z7pgd" title="Estimated useful lives">20 years. Certain items of property, plant and equipment including the Shootaring Mill and its related assets are amortized over the estimated life of the mine using the units-of-production (“UOP”) method based on the recoverable ounces from the indicated resources. As at December 31, 2025, the Shootaring Mill is not yet in operation. <p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures_ztjyBiLRzBf7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">h)</td><td style="font: 10pt Times New Roman, Times, Serif">Evaluation and Exploration Assets</td></tr></table> Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Exploration and evaluation expenditures include the direct costs related to the acquisition of exploration and evaluation assets. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">h)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Evaluation and Exploration Assets (continued)</td></tr></table> Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Acquisition costs, which include asset retirement obligations assumed on acquisition, are capitalized. Exploration and evaluation expenditures, other than acquisition costs, incurred prior to the establishment of technical feasibility and commercial viability of extracting mineral resources and a decision to proceed with development are charged to operations as incurred. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">exploration and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.</td></tr> </table> After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. <p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_zMCTmU62kW8h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">i)</td><td style="font: 10pt Times New Roman, Times, Serif">Impairment of Non-Financial Assets</td></tr></table> The carrying amount of the Company’s assets (which include property and equipment and exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive income (loss). The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zyPbtCZ6aH2l" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">j)</td><td style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Translation</td></tr></table> The functional currency of each entity is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Canadian dollars which is the parent company’s functional and presentation currency. The functional currency of ARHC, ARHW, HRI, APMI, NEI, and AEUC is the US dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, the Effects of Changes in Foreign Exchange Rates. Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in the statement of comprehensive income (loss) in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss. Foreign operations The financial results and position of foreign operations whose functional currency is different from the Company’s presentation currency are translated as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">assets and liabilities are translated at period-end exchange rates prevailing at that reporting date; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">income and expenses are translated at average exchange rates for the period.</td></tr> </table> Exchange differences arising on translation of foreign operations are recognized in other comprehensive income and recorded in the Company’s foreign currency translation reserve in equity. These differences are recognized in the profit or loss in the period in which the operation is disposed. <p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForRestorationAndEnvironmentalObligationsExplanatory_zT1GYeLEm1Yl" style="font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">k)</td><td style="font: 10pt Times New Roman, Times, Serif">Restoration and Environmental Obligations</td></tr></table> The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to exploration and evaluation assets along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The restoration asset will be depreciated on the same basis as other mining assets. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">k)</td><td style="font: 10pt Times New Roman, Times, Serif">Restoration and Environmental Obligations (continued)</td></tr></table> The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements. These changes are recorded directly to mining assets with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred. The costs of restoration projects that were included in the provision are recorded against the provision as incurred. <p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_zjB9jWhQ7JM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">l)</td><td style="font: 10pt Times New Roman, Times, Serif">Income (Loss) Per Share</td></tr></table> Basic income (loss) per share is computed by dividing the net loss by the weighted average number of outstanding shares issued during the reporting period. Diluted income (loss) per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted income (loss) per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In a loss reporting period, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be antidilutive. <p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForAccountingStandardsExplanatory_zDEi3xufe1y3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">m)</td><td style="font: 10pt Times New Roman, Times, Serif">Accounting standards</td></tr></table> Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements, except for IFRS 18 “Presentation and Disclosure in Financial Statements”. On April 9, 2024, the IASB issued IFRS 18, which introduced new requirements for improved comparability in the statement of profit or loss, enhanced transparency of management-defined performance measures and more useful grouping of information in the financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027. The Company is currently evaluating the impact to the financial statements.

<p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory_zB8Lk7C90dFi" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of Preparation and Statement of Compliance</td></tr></table> These consolidated financial statements of the Company have been prepared in accordance with IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements of the Company have been prepared on an accrual basis are based on historical costs except for financial instruments as discussed below. The consolidated financial statements are presented in Canadian dollars, which is the parent’s functional currency. The policies set out below were consistently applied to all periods presented unless otherwise noted below. These consolidated financial statements have been prepared on a historical cost basis except for financial instruments carried at fair value.

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif">Basis of consolidation</td></tr></table> These consolidated financial statements comprise the accounts of the Company and its wholly-owned subsidiaries incorporated in the United States which include Anfield Resources Holding Corp. (‘ARHC”), ARH Wyoming Corp. (“ARHW”), Highbury Resources Inc. (“HRI”), Anfield Precious Metals Inc. (“APMI”), Anfield Energy US Corp (“AEUC”), and Neutron Energy, Inc. (“NEI”). All intercompany transactions, balances, income and expenses are eliminated on consolidation. Equinox Exploration Holding Corp. was dissolved in the fiscal year ended December 31, 2024. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table>

<p id="xdx_842_eifrs-full--DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory_zwA7exoiY5fl" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">c)</td><td style="font: 10pt Times New Roman, Times, Serif">Significant Management Judgement and Estimates in Applying Accounting Policies</td></tr></table> Significant estimates and assumptions The preparation of financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised. Areas requiring a significant degree of estimation and judgment relate to the determination of the recoverability of the carrying value of property and equipment and exploration and evaluation assets, fair value measurements for financial instruments and share-based compensation and other equity-based payments, the recognition and valuation of provisions for restoration and environmental liabilities, purchase price allocation and the recoverability and measurement of deferred tax assets and liabilities. Actual results may differ from those estimates and judgments. Significant judgments The preparation of financial statements in accordance with IFRS requires the Company to make judgments, apart from those involving estimates, in applying accounting policies. The most significant judgments in applying the Company’s consolidated financial statements include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Whether there are indicators of impairment or impairment reversal of the Company’s property and equipment and exploration and evaluation assets; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The determination of future unfulfilled conditions or other contingencies which may result in a liability.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Depreciation of property and equipment are dependent upon the estimated useful lives, which are determined through the exercise of judgment.</td></tr> </table>

<p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_z6rTRTKFwCs5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">d)</td><td style="font: 10pt Times New Roman, Times, Serif">Cash and Cash Equivalents</td></tr></table> Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amount of cash and which are subject to insignificant risk of changes in value. Cash and cash equivalents have a term to maturity of three months or less from the date of acquisition. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table>

<p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_z10hFWW6OEz" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">e)</td><td style="font: 10pt Times New Roman, Times, Serif">Financial Instruments</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 27pt">(i)</td><td style="font: 10pt Times New Roman, Times, Serif">Classification</td></tr></table> The Company classifies its financial instruments in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse; margin-left: 0.5in"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Financial assets/liabilities</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%">Classification </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Cash </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">FVTPL</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Marketable securities</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">FVTPL</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Reclamation bonds</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Accounts payable </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Due to related parties</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Loans payable</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif">Amortized cost</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45.35pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 27.35pt">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif">Measurement </td></tr></table> Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of comprehensive income (loss). Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of comprehensive income (loss) in the period in which they arise. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 45.35pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 27.35pt">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif">Derecognition</td></tr></table> Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table>

<p id="xdx_84F_eifrs-full--DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_z0JODNI2jO5f" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">f)</td><td style="font: 10pt Times New Roman, Times, Serif">Share-based Payments</td></tr></table> Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The corresponding amount is recorded to the option reserve. The fair value of options is determined using the Black-Scholes Option Pricing Model. The number of shares and options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount recognized for services received as consideration for the equity instruments granted shall be based on the number of equity instruments that eventually vest. For granting of restricted share units (“RSUs”) , the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. RSUs settled in common shares are measured at the fair value of awards on the grant date using the grant date closing price, are amortized over the vesting period and are included in share-based payments with a corresponding increase in equity reserves. Amounts recorded for forfeited unvested RSUs are reversed in the period the forfeiture occurs.

<p id="xdx_847_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zSPRV1blWL28" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">g)</td><td style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</td></tr></table> Property and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income (loss) during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss. The Company’s property and equipment consists of vehicles, storage equipment, and the Shootaring Mill. Depreciation of the vehicles is calculated on a straight-line method to charge the cost, less residual value, over the estimated useful life of <span id="xdx_90A_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--VehiclesMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z9LQA9tVSqR1" title="Estimated useful lives">5 to <span id="xdx_903_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--VehiclesMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zGsj03We0ZWj" title="Estimated useful lives">10 years. Depreciation of the storage equipment is calculated on a straight-line method to charge the cost, less residual value, over the estimated useful life of <span id="xdx_901_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StorageEquipmentMember__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_z1HNR7gDpnTj" title="Estimated useful lives">10 to <span id="xdx_906_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20250101__20251231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--StorageEquipmentMember__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zd39Y84Z7pgd" title="Estimated useful lives">20 years. Certain items of property, plant and equipment including the Shootaring Mill and its related assets are amortized over the estimated life of the mine using the units-of-production (“UOP”) method based on the recoverable ounces from the indicated resources. As at December 31, 2025, the Shootaring Mill is not yet in operation.

P5Y

P10Y

P20Y

<p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures_ztjyBiLRzBf7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">h)</td><td style="font: 10pt Times New Roman, Times, Serif">Evaluation and Exploration Assets</td></tr></table> Costs incurred before the Company has obtained the legal rights to explore an area are expensed as incurred. Exploration and evaluation expenditures include the direct costs related to the acquisition of exploration and evaluation assets. Option payments are considered acquisition costs provided that the Company has the intention of exercising the underlying option. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">h)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Evaluation and Exploration Assets (continued)</td></tr></table> Property option agreements are exercisable entirely at the option of the optionee. Therefore, option payments (or recoveries) are recorded when payment is made (or received) and are not accrued. Acquisition costs, which include asset retirement obligations assumed on acquisition, are capitalized. Exploration and evaluation expenditures, other than acquisition costs, incurred prior to the establishment of technical feasibility and commercial viability of extracting mineral resources and a decision to proceed with development are charged to operations as incurred. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">exploration and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.</td></tr> </table> After technical feasibility and commercial viability of extracting a mineral resource are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment.

<p id="xdx_842_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_zMCTmU62kW8h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">i)</td><td style="font: 10pt Times New Roman, Times, Serif">Impairment of Non-Financial Assets</td></tr></table> The carrying amount of the Company’s assets (which include property and equipment and exploration and evaluation assets) is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in the statement of comprehensive income (loss). The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Any reversal of impairment cannot increase the carrying value of the asset to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table>

<p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zyPbtCZ6aH2l" style="font: small-caps bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">j)</td><td style="font: 10pt Times New Roman, Times, Serif">Foreign Currency Translation</td></tr></table> The functional currency of each entity is measured using the currency of the primary economic environment in which that entity operates. The consolidated financial statements are presented in Canadian dollars which is the parent company’s functional and presentation currency. The functional currency of ARHC, ARHW, HRI, APMI, NEI, and AEUC is the US dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, the Effects of Changes in Foreign Exchange Rates. Transactions and balances Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in the statement of comprehensive income (loss) in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss. Foreign operations The financial results and position of foreign operations whose functional currency is different from the Company’s presentation currency are translated as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">assets and liabilities are translated at period-end exchange rates prevailing at that reporting date; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">-</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">income and expenses are translated at average exchange rates for the period.</td></tr> </table> Exchange differences arising on translation of foreign operations are recognized in other comprehensive income and recorded in the Company’s foreign currency translation reserve in equity. These differences are recognized in the profit or loss in the period in which the operation is disposed.

<p id="xdx_84A_ecustom--DescriptionOfAccountingPolicyForRestorationAndEnvironmentalObligationsExplanatory_zT1GYeLEm1Yl" style="font: small-caps bold 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">k)</td><td style="font: 10pt Times New Roman, Times, Serif">Restoration and Environmental Obligations</td></tr></table> The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to exploration and evaluation assets along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The restoration asset will be depreciated on the same basis as other mining assets. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in">2.</td> <td style="text-align: justify">Material Accounting Policy Information and Basis of Preparation (continued)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">k)</td><td style="font: 10pt Times New Roman, Times, Serif">Restoration and Environmental Obligations (continued)</td></tr></table> The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements. These changes are recorded directly to mining assets with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit or loss for the period. The net present value of restoration costs arising from subsequent site damage that is incurred on an ongoing basis during production are charged to profit or loss in the period incurred. The costs of restoration projects that were included in the provision are recorded against the provision as incurred.

<p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_zjB9jWhQ7JM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">l)</td><td style="font: 10pt Times New Roman, Times, Serif">Income (Loss) Per Share</td></tr></table> Basic income (loss) per share is computed by dividing the net loss by the weighted average number of outstanding shares issued during the reporting period. Diluted income (loss) per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted income (loss) per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. In a loss reporting period, potentially dilutive common shares are excluded from the loss per share calculation as the effect would be antidilutive.

<p id="xdx_84C_ecustom--DescriptionOfAccountingPolicyForAccountingStandardsExplanatory_zDEi3xufe1y3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">m)</td><td style="font: 10pt Times New Roman, Times, Serif">Accounting standards</td></tr></table> Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements, except for IFRS 18 “Presentation and Disclosure in Financial Statements”. On April 9, 2024, the IASB issued IFRS 18, which introduced new requirements for improved comparability in the statement of profit or loss, enhanced transparency of management-defined performance measures and more useful grouping of information in the financial statements. The standard is effective for annual reporting periods beginning on or after January 1, 2027. The Company is currently evaluating the impact to the financial statements. <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">3.</td><td style="font: 10pt Times New Roman, Times, Serif">Proposed Acquisition</td></tr></table> On December 12, 2025, the Company entered into a stock purchase agreement with the Chief Operating Officer (“COO”) of the Company to acquire BRS Inc. (“BRS”), a company controlled by the COO. In consideration of the acquisition of BRS, the Company is required to complete a series of cash payments to the COO totaling US$5,000,000. On closing, the Company will pay the COO US$<span id="xdx_908_eifrs-full--PaymentsOfOtherEquityInstruments_uUSD_c20251212__20251212__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--MeasurementAxis__custom--FirstAnniversaryMember_zHu7aFuMTkDe" title="Cash payments">1,500,000, with a further US$<span id="xdx_90F_eifrs-full--PaymentsOfOtherEquityInstruments_uUSD_c20251212__20251212__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--MeasurementAxis__custom--FirstAnniversaryMember_zLIIpxSBDh3a" title="Cash payments">1,500,000 payable on the first anniversary of closing and a further US$<span id="xdx_909_eifrs-full--PaymentsOfOtherEquityInstruments_uUSD_c20251212__20251212__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--MeasurementAxis__custom--SecondAnniversaryMember_zvTcg7myYe7b" title="Cash payments">2,000,000 on the second anniversary of the closing. Completion of the acquisition was subject to a number of conditions, including receipt of any required regulatory approvals and satisfaction of customary closing deliverables (Note 19). Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars)

5000000

1500000

2000000

<div id="xdx_80B_eifrs-full--DisclosureOfPrepaymentsAndOtherAssetsExplanatory_zdFMMHm1g9Tk" style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">4.</td><td style="font: 10pt Times New Roman, Times, Serif">Prepaids and Deposits & Deposits on Equipment</td></tr></table> SCHEDULE OF PREPAIDS AND DEPOSITS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zEEOkfgCqOP5" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zNEyJ1zcpMZ2" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_ecustom--PrepaidExplorationAndEvaluationExpenditures_iI_maCPEzsdy_zGA5DRMY04k9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid exploration and evaluation expenditures</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">1,197,155</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">966,833</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidConsultingFees_iI_maCPEzsdy_zU0zrTHXcVF9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid consulting fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">192,473</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OtherPrepaidExpenses_iI_maCPEzsdy_zJhbvBTG0XEj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other prepaid expenses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">58,006</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">68,606</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--CurrentPrepaidExpenses_iTI_mtCPEzsdy_zY9eShKVWPSk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Prepaids and deposits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,447,634</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,035,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the year ended December 31, 2025, the Company paid deposits on equipment of $1,645,476 (US$1,199,904) for the purchase of exploration and evaluation equipment. As of December 31, 2025, the equipment has not been delivered, and the deposit is included in deposits on equipment.

SCHEDULE OF PREPAIDS AND DEPOSITS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_498_20251231_zEEOkfgCqOP5" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20241231_zNEyJ1zcpMZ2" style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_407_ecustom--PrepaidExplorationAndEvaluationExpenditures_iI_maCPEzsdy_zGA5DRMY04k9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Prepaid exploration and evaluation expenditures</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">1,197,155</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">966,833</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--PrepaidConsultingFees_iI_maCPEzsdy_zU0zrTHXcVF9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Prepaid consulting fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">192,473</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--OtherPrepaidExpenses_iI_maCPEzsdy_zJhbvBTG0XEj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other prepaid expenses</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">58,006</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">68,606</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--CurrentPrepaidExpenses_iTI_mtCPEzsdy_zY9eShKVWPSk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Prepaids and deposits</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,447,634</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,035,439</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 1197155 966833 192473 58006 68606

1447634

1035439

1645476 1199904 <p id="xdx_80A_ecustom--DisclosureOfMarketableSecuritiesExplanatory_zqtJYNTKYCOd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">5.</td><td style="font: 10pt Times New Roman, Times, Serif">Marketable Securities</td></tr></table> Marketable securities consist of 100,000 shares of American Uranium Limited (“AMU”) (formerly GTI Resources Limited (“GTRIF”)), an Australian company listed on the Australian Securities Exchange and OTC Markets in the United States. During the year ended December 31, 2025, AMU completed a 1-for-40 share consolidation reducing the number of AMU shares held by the Company from 4,000,000 pre-consolidated shares to 100,000 post-consolidated shares. <p id="xdx_893_ecustom--DisclosureOfMarketableSecuritiesTableExplanatory_zURI0xIBc1X5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">SCHEDULE OF MARKETABLE SECURITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024 fair value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Unrealized loss</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Foreign exchange translation</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025 fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-bottom: 1pt">American Uranium Limited (previously GTI Resources Limited)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--CurrentMarketableSecurities_iS_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_z9OMidpCnSul" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">34,563</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--UnrealizedLossOnMarketableSecurities_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_z9TInIYKS8T9" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Unrealized loss">(14,153</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zg0ZuK7bzswc" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Foreign exchange translation">(526</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--CurrentMarketableSecurities_iE_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zWKYVxwge294" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">19,884</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_ecustom--CurrentMarketableSecurities_iS_c20250101__20251231_zQmslryaMu5h" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">34,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_ecustom--UnrealizedLossOnMarketableSecurities_c20250101__20251231_zu2gGw6EcmUe" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Unrealized loss">(14,153</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_989_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20250101__20251231_zfKbM7NvnoYk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Foreign exchange translation">(526</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_ecustom--CurrentMarketableSecurities_iE_c20250101__20251231_zc6myTVTbHEh" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">19,884</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2023 fair value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Unrealized loss</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Foreign exchange translation</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024 fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-bottom: 1pt">American Uranium Limited (previously GTI Resources Limited)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--CurrentMarketableSecurities_iS_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zGdOtHjfiPXl" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">42,443</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--UnrealizedLossOnMarketableSecurities_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zU9wfKwJWOL7" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Unrealized loss">(10,943</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zBZM3rfroGu3" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Foreign exchange translation">3,063</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--CurrentMarketableSecurities_iE_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zpaKtOTgZj0i" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">34,563</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_ecustom--CurrentMarketableSecurities_iS_c20240101__20241231_zQYA9p9whHp9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">42,443</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_ecustom--UnrealizedLossOnMarketableSecurities_c20240101__20241231_zy9xkP3gC6Yc" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Unrealized loss">(10,943</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20240101__20241231_zEKYR8V4dNwl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Foreign exchange translation">3,063</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_ecustom--CurrentMarketableSecurities_iE_c20240101__20241231_zcIhcApF5iB4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">34,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 100000 4000000 100000 <p id="xdx_893_ecustom--DisclosureOfMarketableSecuritiesTableExplanatory_zURI0xIBc1X5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">SCHEDULE OF MARKETABLE SECURITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024 fair value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Unrealized loss</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Foreign exchange translation</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025 fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-bottom: 1pt">American Uranium Limited (previously GTI Resources Limited)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--CurrentMarketableSecurities_iS_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_z9OMidpCnSul" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">34,563</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--UnrealizedLossOnMarketableSecurities_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_z9TInIYKS8T9" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Unrealized loss">(14,153</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zg0ZuK7bzswc" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Foreign exchange translation">(526</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--CurrentMarketableSecurities_iE_c20250101__20251231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zWKYVxwge294" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">19,884</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_ecustom--CurrentMarketableSecurities_iS_c20250101__20251231_zQmslryaMu5h" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">34,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_ecustom--UnrealizedLossOnMarketableSecurities_c20250101__20251231_zu2gGw6EcmUe" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Unrealized loss">(14,153</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_989_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20250101__20251231_zfKbM7NvnoYk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Foreign exchange translation">(526</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98B_ecustom--CurrentMarketableSecurities_iE_c20250101__20251231_zc6myTVTbHEh" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">19,884</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2023 fair value</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Unrealized loss</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Foreign exchange translation</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024 fair value</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; text-align: left; padding-bottom: 1pt">American Uranium Limited (previously GTI Resources Limited)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_98B_ecustom--CurrentMarketableSecurities_iS_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zGdOtHjfiPXl" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">42,443</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--UnrealizedLossOnMarketableSecurities_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zU9wfKwJWOL7" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Unrealized loss">(10,943</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zBZM3rfroGu3" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Foreign exchange translation">3,063</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--CurrentMarketableSecurities_iE_c20240101__20241231__ifrs-full--CounterpartiesAxis__custom--AmericanUraniumLimitedMember_zpaKtOTgZj0i" style="border-bottom: Black 1pt solid; width: 12%; text-align: right" title="Marketable securities">34,563</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_982_ecustom--CurrentMarketableSecurities_iS_c20240101__20241231_zQYA9p9whHp9" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">42,443</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_985_ecustom--UnrealizedLossOnMarketableSecurities_c20240101__20241231_zy9xkP3gC6Yc" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Unrealized loss">(10,943</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_984_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_c20240101__20241231_zEKYR8V4dNwl" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Foreign exchange translation">3,063</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_988_ecustom--CurrentMarketableSecurities_iE_c20240101__20241231_zcIhcApF5iB4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Marketable securities">34,563</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 34563 -14153

-526

19884 34563 -14153

-526

19884 42443 -10943

3063

34563 42443 -10943

3063

34563

<div id="xdx_801_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zuyTJ6PeXcd5" style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</td><td style="font: 10pt Times New Roman, Times, Serif">Property and Equipment</td></tr></table> SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B8_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--VehiclesMember_zGWbZHzL5nCj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vehicles</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B5_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--StorageMember_zdqXjkrdw9gf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Storage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--ShootaringMillMember_zVcBbs7oGq6j" style="border-bottom: Black 1pt solid; text-align: center">Shootaring Mill</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_zVMgeoQn5aN7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-variant: small-caps">Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--PropertyPlantAndEquipmentCost_iS_zxO4vQzVA1S1" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; font-weight: bold; text-align: justify">Balance, December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">26,262</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">21,986,159</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">22,012,421</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zbSC9KYXtFQ6" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--ChangesInPropertyPlantAndEquipment_iN_di_zr9HMIzwveK2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,453,888</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,453,888</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_iN_di_zPAhIzRlMkZa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,253</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,886,067</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,888,320</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iS_zntOjAYbyyIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">28,515</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,418,338</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,446,853</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iS_z5PJy6mkcMQc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">PROPERTY AND EQUIPMENT COST, BEGINNING BALANCE</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">28,515</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,418,338</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,446,853</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_z9zO9Lpt7A4l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">600,253</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--ChangesInPropertyPlantAndEquipment_iN_di_zOhkb1LcPfi9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(134,751</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(134,751</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_iN_di_zo6Hi10DOEW" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,931</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,952</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,070,846</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,080,729</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43F_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iE_zy1Ac3ImJNI9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">314,106</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">304,779</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,831,626</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iE_zq0bLp91w1e4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">PROPERTY AND EQUIPMENT COST, ENDING BALANCE</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">314,106</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">304,779</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,831,626</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-variant: small-caps">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20240101__20241231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iS_z89m43lAVZsc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2023</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,752</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,752</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--DepreciationPropertyPlantAndEquipment_z8AEiV9Uyypg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,877</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,877</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ForeignExchangeTranslationOfDepreciationInPropertyPlantAndEquipment_iN_di_zOvXs1OcXqU3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">518</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iS_zV2sMZTe8wnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43F_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iS_zy8YGBB9Aeb3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">DEPRECIATION, BEGINNING BALANCE</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--DepreciationPropertyPlantAndEquipment_zZiRCDBuDoe7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,129</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ForeignExchangeTranslationOfDepreciationInPropertyPlantAndEquipment_iN_di_z5vfCMD9WZ4f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(504</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(530</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_430_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iE_zKzSHk4691dh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,796</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,950</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,746</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iE_zPlVIZ8kNNh4" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">DEPRECIATION, ENDING BALANCE</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,796</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,950</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,746</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-variant: small-caps; text-align: left">Carrying amounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20240101__20241231_eifrs-full--PropertyPlantAndEquipment_iE_zGUpXSbsjkq7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,418,338</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,438,706</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--PropertyPlantAndEquipment_iE_z0LhdtYv0heg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">299,310</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">302,829</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,814,880</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--PropertyPlantAndEquipment_iE_zeFJ7QoN7o4b" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">CARRYING AMOUNTS</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">299,310</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">302,829</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,814,880</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Reclamation Bonds The Company is required to hold replacement bonds to meet reclamation requirements in connection with the Shootaring Mill. On February 20, 2025, the Company entered into an Indemnification Support Agreement with Uranium Energy Corp. (“UEC”) whereby UEC will provide indemnification support limited to US$<span id="xdx_907_eifrs-full--IndemnificationAssetsRecognisedAsOfAcquisitionDate_iI_uUSD_c20250220__ifrs-full--TypesOfContractsAxis__custom--IndemnificationSupportAgreementMember_zihhHWud7yOc" title="Support amount">3,000,000 (the “Support Amount”) in connection with certain bonding requirements relating to Shootaring Canyon Mill. In consideration for the provision of the indemnity, the Company agrees to pay to UEC a cash support fee equal to the Support Amount multiplied by the secured overnight financing rate (“SOFR”) as administered by the CME Group Benchmark Administration Limited plus 5% per annum, which fee shall be calculated monthly and paid in US dollars in arrears on the first day of each calendar month. The Company also agreed to grant UEC the right (the “Pre-Emptive Rights”), to subscribe for and to be issued up to such number of the Company’s common shares that will allow UEC to maintain its percentage ownership interest in the Company. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">6.</td><td style="font: 10pt Times New Roman, Times, Serif">Property and Equipment (continued)</td></tr></table> During the year ended December 31, 2025, the Company recorded a bond premium of US$479,952 (2024 - US$470,857) as insurance, which would create an obligation for the surety company to cover the difference between the bond requirement and the cash collateral. The bond premium is amortized over one year. During the year ended December 31, 2025, the Company recorded $703,839 (2024 - $567,670) as insurance expense which was included in the exploration and evaluation expenditures. At December 31, 2025, $424,083 (2024 - $372,736) was recorded in prepaid insurance premium for the reclamation bond requirements. At December 31, 2025, the Company recorded the cash collateral of US$12,154,840 ($16,668,418) (2024 - US$11,129,593 ($16,028,060)) as a reclamation bond.

SCHEDULE OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B8_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_ifrs-full--VehiclesMember_zGWbZHzL5nCj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Vehicles</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B5_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--StorageMember_zdqXjkrdw9gf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Storage</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis_custom--ShootaringMillMember_zVcBbs7oGq6j" style="border-bottom: Black 1pt solid; text-align: center">Shootaring Mill</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_zVMgeoQn5aN7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-variant: small-caps">Cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--PropertyPlantAndEquipmentCost_iS_zxO4vQzVA1S1" style="vertical-align: bottom; background-color: White"> <td style="width: 36%; font-weight: bold; text-align: justify">Balance, December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">26,262</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">21,986,159</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">22,012,421</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_406_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_zbSC9KYXtFQ6" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--ChangesInPropertyPlantAndEquipment_iN_di_zr9HMIzwveK2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,453,888</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,453,888</td><td style="text-align: left">)</td></tr> <tr id="xdx_401_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_iN_di_zPAhIzRlMkZa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,253</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,886,067</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,888,320</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iS_zntOjAYbyyIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">28,515</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,418,338</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,446,853</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iS_z5PJy6mkcMQc" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">PROPERTY AND EQUIPMENT COST, BEGINNING BALANCE</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">28,515</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,418,338</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">22,446,853</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_z9zO9Lpt7A4l" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Additions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">289,522</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">310,731</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">600,253</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--ChangesInPropertyPlantAndEquipment_iN_di_zOhkb1LcPfi9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(134,751</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(134,751</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eifrs-full--IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_iN_di_zo6Hi10DOEW" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(3,931</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(5,952</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,070,846</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,080,729</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43F_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iE_zy1Ac3ImJNI9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">314,106</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">304,779</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,831,626</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231_ecustom--PropertyPlantAndEquipmentCost_iE_zq0bLp91w1e4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">PROPERTY AND EQUIPMENT COST, ENDING BALANCE</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">314,106</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">304,779</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">21,831,626</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; font-variant: small-caps">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20240101__20241231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iS_z89m43lAVZsc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2023</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,752</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,752</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--DepreciationPropertyPlantAndEquipment_z8AEiV9Uyypg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,877</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,877</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--ForeignExchangeTranslationOfDepreciationInPropertyPlantAndEquipment_iN_di_zOvXs1OcXqU3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">518</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">518</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43A_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iS_zV2sMZTe8wnh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43F_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iS_zy8YGBB9Aeb3" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">DEPRECIATION, BEGINNING BALANCE</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">8,147</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--DepreciationPropertyPlantAndEquipment_zZiRCDBuDoe7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Depreciation</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,153</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,976</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,129</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--ForeignExchangeTranslationOfDepreciationInPropertyPlantAndEquipment_iN_di_z5vfCMD9WZ4f" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Foreign exchange translation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(504</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(26</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(530</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_430_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iE_zKzSHk4691dh" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,796</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,950</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,746</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43C_c20250101__20251231_ecustom--AccumulatedDepreciationPropertyPlantAndEquipment_iE_zPlVIZ8kNNh4" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 1pt">DEPRECIATION, ENDING BALANCE</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,796</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,950</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,746</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; font-variant: small-caps; text-align: left">Carrying amounts</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43C_c20240101__20241231_eifrs-full--PropertyPlantAndEquipment_iE_zGUpXSbsjkq7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">20,368</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,418,338</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">22,438,706</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--PropertyPlantAndEquipment_iE_z0LhdtYv0heg" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">299,310</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">302,829</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,814,880</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231_eifrs-full--PropertyPlantAndEquipment_iE_zeFJ7QoN7o4b" style="display: none; vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">CARRYING AMOUNTS</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">299,310</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">302,829</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,212,741</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,814,880</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

26262 21986159 22012421

1453888

-2253

-1886067

-1888320

28515 22418338 22446853 28515 22418338 22446853

289522

310731

600253

134751

3931

5952

1070846

1080729

314106 304779 21212741 21831626 314106 304779 21212741 21831626 3752 3752

3877

-518 -518 8147 8147 8147 8147

7153

1976

9129

504 26 530 14796 1950 16746 14796 1950 16746

20368

22418338

22438706

299310

302829

21212741

21814880

299310

302829

21212741

21814880

3000000

479952 470857

703839

567670

424083 372736 12154840 16668418 11129593 16028060

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif">Exploration and Evaluation Assets</td></tr></table> As at December 31, 2025, the Company held interests in uranium exploration properties in Utah, Arizona and New Mexico (“Uranium Properties”); uranium/vanadium properties in Colorado (Highbury and Slick Rock Project) and in Arizona (Artillery Project); and a gold project in Arizona also known as Newsboy Project. <p id="xdx_89F_ecustom--DisclosureOfContinuityOfExplorationAndEvaluationAssetsExplanatory_ze13HDoEs9Ed" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">A continuity of exploration and evaluation assets is as follows: SCHEDULE OF CONTINUITY OF EXPLORATION AND EVALUATION ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B1_ifrs-full--TypesOfInvestmentPropertyAxis_custom--UraniumPropertiesMember_ze0zglwCYitc" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4BE_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ColoradoPropertiesMember_z3jzGcJPASNg" style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B2_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesNewsboyGoldMember_zhLk1xy0kddj" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4BA_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesArtilleryPeakMember_zh3XmTNcrdEe" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B3_zyPncGqqp4G4" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="padding-bottom: 1pt; font-weight: bold; text-align: center"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Arizona Properties</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Uranium Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Colorado Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Newsboy Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Artillery Peak</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43D_c20240101__20241231_eifrs-full--TangibleExplorationAndEvaluationAssets_iS_z7qoFqYDkaT5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; font-weight: bold; text-align: left">Balance, December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">15,828,599</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">11,781,063</td><td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">2,405,698</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">4,434,198</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">34,449,558</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acquisitions cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,334</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,633</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,299,967</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,329</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,329</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign exchange</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,018,010</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">206,371</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,145</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,036,539</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(378,605</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(378,605</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_430_c20250101__20251231_eifrs-full--TangibleExplorationAndEvaluationAssets_iS_zF0UERzehQPc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">18,442,946</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">13,168,035</td><td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">2,612,069</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">4,416,738</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">38,639,788</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Acquisition costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,331,904</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,331,904</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,502</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,502</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(880,955</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(651,813</td><td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(124,770</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(210,972</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,868,510</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_433_c20250101__20251231_eifrs-full--TangibleExplorationAndEvaluationAssets_iE_zGKSbYknNiD5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,561,991</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,725,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,487,299</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,205,766</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">37,980,680</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_895_ecustom--DisclosureOfExplorationAndEvaluationExpendituresIncludedInComprehensiveLossExplanatory_ztCLoxnclKoh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">The following exploration and evaluation expenditures were included in comprehensive loss for the years ended December 31, 2025 and 2024 are as follows: Schedule of Exploration and Evaluation Expenditures Included in Comprehensive Loss <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_ifrs-full--TypesOfInvestmentPropertyAxis_custom--UraniumPropertiesMember_zS72cZs7Udj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Uranium Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ColoradoPropertiesMember_zxHhtObl0gg1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Colorado Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BB_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesNewsboyGoldMember_zlOwKs5hnAi2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Newsboy Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesArtilleryPeakMember_zc5UfSRWYXdk" style="border-bottom: Black 1pt solid; text-align: center">Artillery Peak</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_zPdfFMAfHyu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43F_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--ConsultingMember_ecustom--ExplorationAndEvaluationExpenditures_zq8BGYFZmAai" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; text-align: left">Consulting</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,004,570</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,484,649</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">2,489,219</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SundryFieldMember_ecustom--ExplorationAndEvaluationExpenditures_zVEKz5hKGjV" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sundry field</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,436</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">476,959</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SamplingAssayingGeophysicsMember_ecustom--ExplorationAndEvaluationExpenditures_zVazv7DXiece" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sampling, assaying, geophysics</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">320,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LicenseFilingAndInsuranceMember_ecustom--ExplorationAndEvaluationExpenditures_zAwNCaoQlzi4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">License, filing and insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,898,866</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">555,448</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,492,053</td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LeaseAndRoyaltyMember_ecustom--ExplorationAndEvaluationExpenditures_zGQasdQRz5a9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease and royalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">696,738</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">567,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,264,411</td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--PropertyTaxMember_ecustom--ExplorationAndEvaluationExpenditures_zgGcSZ5qxY98" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,803</td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--DrillingMember_ecustom--ExplorationAndEvaluationExpenditures_z1OltDdbADe2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drilling</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">285,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,739</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SalariesWagesAndRelatedExpenseMember_ecustom--ExplorationAndEvaluationExpenditures_zkMQ49Ztre76" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salaries, wages and related expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Reclamation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">116,192</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">116,192</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43B_c20250101__20251231_ecustom--ExplorationAndEvaluationExpenditures_zT7Enpd5Bjq" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total for the year ended December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,385,901</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,462,748</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">37,739</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> —</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,886,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif">Exploration and Evaluation Assets (Continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--TypesOfInvestmentPropertyAxis_custom--UraniumPropertiesMember_z4cOA0xfslS9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Uranium Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B8_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ColoradoPropertiesMember_zr8URfLvT2ol" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Colorado Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesNewsboyGoldMember_zZVUCnxtNKv3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Newsboy Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B4_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesArtilleryPeakMember_ziExDYXwk97g" style="border-bottom: Black 1pt solid; text-align: center">Artillery Peak</td><td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_zByX5qU34NK8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_439_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--ConsultingMember_ecustom--ExplorationAndEvaluationExpenditures_zoyTM35HB2Q4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; text-align: left">Consulting</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">357,528</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">815,011</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,172,539</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_433_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SundryFieldMember_ecustom--ExplorationAndEvaluationExpenditures_z7riR74bimMl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sundry field</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,537</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,391</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,928</td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SamplingAssayingGeophysicsMember_ecustom--ExplorationAndEvaluationExpenditures_zwkEsiB0OoK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sampling, assaying, geophysics</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,897</td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LicenseFilingAndInsuranceMember_ecustom--ExplorationAndEvaluationExpenditures_zAyJbKgTxeGk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">License, filing and insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,561,462</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">126,270</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55,710</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,776,169</td><td style="text-align: left"> </td></tr> <tr id="xdx_434_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LeaseAndRoyaltyMember_ecustom--ExplorationAndEvaluationExpenditures_zyxStoHitz3b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease and royalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">462,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">560,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,022,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--DrillingMember_ecustom--ExplorationAndEvaluationExpenditures_zyZiO7GPua97" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Drilling</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">691,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">691,309</td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--PropertyTaxMember_ecustom--ExplorationAndEvaluationExpenditures_z0XlwpNiUkd9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,339</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--TerminationOfAcquisitionAgreementMember_ecustom--ExplorationAndEvaluationExpenditures_zsCKzv2ctE16" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Termination of acquisition agreement</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,608</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,608</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_432_c20240101__20241231_ecustom--ExplorationAndEvaluationExpenditures_ztVR3nqtC9p8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total for the year ended December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,942,749</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,244,092</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">32,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">55,710</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,275,278</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Uranium Properties The Uranium Properties consist of the Shootaring Mill Project, Marysvale Uranium Project, Marquez-Juan Tafoya Uranium Project, and other Utah Properties. Other Utah Properties On June 11, 2024, the Company entered into a Uranium Mining Lease Agreement with Wayne Minerals Inc. to obtain mining rights on 127 unpatented mining claims in California and Utah for <span id="xdx_90C_ecustom--LeaseTerm_dtY_c20240611__20240611__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--WayneMineralsIncMember_z1EtNEifPE64" title="Lease term">5 years. The Company agreed to pay an annual lease payment of US$<span id="xdx_901_eifrs-full--LeaseLiabilities_iI_uUSD_c20240611__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--WayneMineralsIncMember_zxI8CXq0HkA8" title="Annual lease payment">100,000. A production royalty of <span id="xdx_901_ecustom--RoyaltyPercentage_iI_pid_dp_uPure_c20240611__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--WayneMineralsIncMember_zqe55R8UX9Z" title="Royalty percentage">3% will be paid on the total value of all minerals recovered and sold from the leased land. An advance royalty of US$<span id="xdx_909_eifrs-full--RoyaltyExpense_uUSD_c20240611__20240611__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--WayneMineralsIncMember_zsn0XsTgZcSc" title="Royalty expense">50,000 is due annually beginning on May 30, 2029 and will be credited against production royalty until it has been fully recouped. The Company was also granted the sole and exclusive right and option to earn a <span id="xdx_902_ecustom--UndividedInterestPercentage_iI_pid_dp_uPure_c20240611__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--WayneMineralsIncMember_zKJ69r5Z4te2" title="Undivided interest percentage">100% undivided interest in the leased land free and clear of all charges, royalties and encumbrances upon terms to be agreed between the lessor and the Company, at any time prior to the expiration of the <span id="xdx_909_ecustom--LeaseTerm_dtY_c20240611__20240611__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--WayneMineralsIncMember_zQpcDaxWmso7" title="Lease term">5-year term. On August 1, 2025, the Company entered into a Uranium Mining Lease Agreement with ACCO Exploration LLC to obtain mining rights on 95 unpatented mining claims in Arizona for <span id="xdx_90F_ecustom--LeaseTerm_dtY_c20250801__20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember_zzdy0c0fyjr4" title="Lease term">5 years. The Company agreed to pay an annual lease payment of US$<span id="xdx_909_eifrs-full--LeaseLiabilities_iI_uUSD_c20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember__ifrs-full--MaturityAxis__custom--YearOneMember_zmhJ8nwfMoG8" title="Annual lease payment">100,000 for the first year, US$<span id="xdx_906_eifrs-full--LeaseLiabilities_iI_uUSD_c20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember__ifrs-full--MaturityAxis__custom--YearTwoToFourMember_z2027BpIIrYk" title="Annual lease payment">150,000 for the second to fourth year and US$<span id="xdx_905_eifrs-full--LeaseLiabilities_iI_uUSD_c20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember__ifrs-full--MaturityAxis__custom--YearFiveMember_zbQUgBmsni1c" title="Annual lease payment">200,000 for the fifth year. A production royalty of <span id="xdx_90D_ecustom--RoyaltyPercentage_iI_pid_dp_uPure_c20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember_zLTscz81bi1e" title="Royalty percentage">3% will be paid on the total value of all minerals recovered and sold from the leased land. An advance royalty of US$<span id="xdx_90D_eifrs-full--RoyaltyExpense_uUSD_c20250801__20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember_zq3a5u7kR7Sl" title="Royalty expense">50,000 is due annually beginning on August 28, 2030 and will be credited against production royalty until it has been fully recouped. The Company was also granted the sole and exclusive right and option to earn a <span id="xdx_904_ecustom--UndividedInterestPercentage_iI_pid_dp_uPure_c20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember_z44Cy3GHSgb" title="Undivided interest percentage">100% undivided interest in the leased land free and clear of all charges, royalties and encumbrances upon terms to be agreed between the lessor and the Company, at any time prior to the expiration of the <span id="xdx_907_ecustom--LeaseTerm_dtY_c20250801__20250801__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--UraniumPropertiesMember__ifrs-full--CounterpartiesAxis__custom--ACCOExplorationLLCMember_z4Me5fV87Pz3" title="Lease term">5-year term. Colorado Properties The Colorado Properties consist of the Highbury Project, Slick Rock Project and Golden Eagle Project. HIGHBURY PROJECT The Highbury Project consists of nine past-producing uranium/vanadium properties in Colorado, collectively known as the West Slope Project. In addition to the nine Department of Energy (DOE) leases originally included in the West Slope Project, the Company acquired twelve DOE leases in January 2024 which are associated with adjacent lode mining claims and leases in Montrose and San Miguel Counties in southwestern Colorado. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif">Exploration and Evaluation Assets (Continued)</td></tr></table> SLICK ROCK PROJECT During the year ended December 31, 2024, the Company paid US$<span id="xdx_902_ecustom--ReclamationBondHeldByRegulatoryAuthorities_uUSD_c20240101__20241231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ColoradoPropertiesSlickRockMember_zA6aLYIsL6Fg" title="Reclamation bond held by the regulatory authorities">25,406 for a reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. The reclamation bond balance was $34,840 (US$25,406) as at December 31, 2025 (2024 - $36,588 (US$25,406)). GOLDEN EAGLE PROJECT On January 2, 2024, HRI entered into a definitive agreement with Gold Eagle Mining Inc. (“GEM”) and Golden Eagle Uranium LLC (“GEU”) (collectively, “the Sellers”) to acquire a <span id="xdx_901_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20240102__20240102__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember_z0TzWhtE22T6" title="Ownership percentage">100% interest in twelve Department of Energy (“DOE”) leases (“DOE Leases”) and associated data in various Counties in Colorado. The transaction closed on July 3, 2024. Pursuant to the last amendment on February 20, 2025, the Company agreed to pay the following consideration for the DOE Leases on the associated dates: ● At closing, US$500,000 in cash with US$<span id="xdx_90B_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_uUSD_c20241016__20241016__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember_zJD6JNkgfJ8c" title="Payments on lease">100,000 to be paid on or before October 16, 2024 (paid) and US$<span id="xdx_90F_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_uUSD_c20250221__20250221__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember_zcG5Xef99fv" title="Payments on lease">400,000 to be paid on or before February 21, 2025 (paid); ● Issuance of <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_c20250221__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zGfb4MXfLLNk" title="Number of shares issued">169,726 common shares representing a value of US$<span id="xdx_901_eifrs-full--IssuedCapital_iI_uUSD_c20250221__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zbqMEWZpPKx4" title="Number of shares issued">1,250,000 on or before February 21, 2025 (issued on May 6, 2025); ● US$<span id="xdx_90C_eifrs-full--Cash_iI_c20260303__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsAfterReportingPeriodMember_zOYlUIEjFXoe" title="Cash">750,000 in cash (paid on March 3, 2026 (Note 19)) at the one-year anniversary of closing (the “One-Year Anniversary Payment”) with the option to extend the payment date for two subsequent 90-day periods (the “Extension Options”), subject to the following condition: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Extension Options shall be at the sole discretion of the Company and may only be exercised in the event that the Company’s application for a NASDAQ listing and subsequent financing are delayed; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Company shall pay US$<span id="xdx_900_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_uUSD_c20250101__20251231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--MaturityAxis__custom--OneYearAnniversaryPaymentMember_z4NX1e3UBch" title="Payments on lease">100,000 for each Extension Option that is exercised, with the Extension Option payments to be deducted from the One-Year Anniversary Payment.</td></tr> </table> ● US$<span id="xdx_903_eifrs-full--Cash_iI_uUSD_c20251231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--MaturityAxis__custom--TwoYearAnniversaryPaymentMember_zgERtfDEeoy8" title="Cash">1,000,000 in cash at the two-year anniversary of closing; ● US$<span id="xdx_905_eifrs-full--Cash_iI_uUSD_c20251231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--MaturityAxis__custom--ThreeYearAnniversaryPaymentMember_z0HNNU1Lryl4" title="Cash">1,000,000 in cash at the three-year anniversary of closing; and ● US$<span id="xdx_90A_eifrs-full--Cash_iI_uUSD_c20251231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--GoldenEagleProjectMember__ifrs-full--MaturityAxis__custom--FourYearAnniversaryPaymentMember_ztnSXWEqYTid" title="Cash">1,500,000 in cash at the four-year anniversary of closing. Arizona Properties The Arizona Properties consist of the Newsboy Gold Project and Artillery Peak Project. NEWSBOY GOLD PROJECT The Company has a US$<span id="xdx_90D_ecustom--ReclamationBondHeldByRegulatoryAuthorities_uUSD_c20250101__20251231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ArizonaPropertiesNewsboyGoldMember_zboIPVE8Dwx9" title="Reclamation bond held by the regulatory authorities">12,000 reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. The reclamation bond balance was $16,456 as at December 31, 2025 (2024 - $17,282). ARTILLERY PEAK PROJECT The Artillery Peak consists of 250 unpatented mining claims in the uranium-rich Artillery Peak project area, located in Mohave County, Arizona, USA, consisting of the LiVada Claims and Dripping Springs Quartzite Project. During the year ended December 31, 2024, the Company recognized an impairment on the Dripping Springs Quartzite of $<span id="xdx_902_ecustom--ImpairmentOfExplorationAndEvaluationAssets_iN_di_c20240101__20241231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ArizonaPropertiesArtilleryPeakMember_zUWHCi6lvDng" title="Impairment of exploration and evaluation assets">378,605 (US$<span id="xdx_908_ecustom--ImpairmentOfExplorationAndEvaluationAssets_iN_di_uUSD_c20240101__20241231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ArizonaPropertiesArtilleryPeakMember_zizYzkgnMgb2" title="Impairment of exploration and evaluation assets">276,256) as 34 of the 115 mining claims were forfeited during the year. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif">Exploration and Evaluation Assets (Continued)</td></tr></table> Other Properties CLAY BORROW PROJECT, UTAH On March 1, 2023, the Company entered into a clay mineral lease agreement with the School and Institutional Trust Lands Administration to lease 620.88 acres of land located in Garfield County, Utah, for a term of 10 years. Pursuant to the agreement, the Company agreed to pay an annual rent of a minimum US$500 or at the rate of US$2 for each acre and fractional acre situated within the boundaries of the property. Commencing on the 10th anniversary of the agreement and until the lease terminates, the Company agreed to pay in advance an annual minimum royalty equal to three times the annual rent. In addition, the Company agreed to pay a production royalty equal to the greater of: (i) 10% of the gross value of the clay minerals sold under an arm’s length transaction, or (ii) US$1 per short ton of the clay minerals. During the year ended December 31, 2023, the Company paid US$<span id="xdx_906_ecustom--ReclamationBondHeldByRegulatoryAuthorities_uUSD_c20230101__20231231__ifrs-full--TypesOfInvestmentPropertyAxis__custom--ClayBorrowMember_zRXttqOk1DRl" title="Reclamation bond held by the regulatory authorities">18,600 for a reclamation bond held by the regulatory authorities and will be released to the Company on satisfactory restoration of the property. During the year ended December 31, 2024, the Company received a refund of US$14,600. The reclamation bond balance was $5,485 (US$4,000) as at December 31, 2025 (2024 - $5,761 (US$4,000)).

<p id="xdx_89F_ecustom--DisclosureOfContinuityOfExplorationAndEvaluationAssetsExplanatory_ze13HDoEs9Ed" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">A continuity of exploration and evaluation assets is as follows: SCHEDULE OF CONTINUITY OF EXPLORATION AND EVALUATION ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B1_ifrs-full--TypesOfInvestmentPropertyAxis_custom--UraniumPropertiesMember_ze0zglwCYitc" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4BE_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ColoradoPropertiesMember_z3jzGcJPASNg" style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B2_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesNewsboyGoldMember_zhLk1xy0kddj" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4BA_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesArtilleryPeakMember_zh3XmTNcrdEe" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_4B3_zyPncGqqp4G4" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="padding-bottom: 1pt; font-weight: bold; text-align: center"></td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Arizona Properties</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Uranium Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Colorado Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Newsboy Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Artillery Peak</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43D_c20240101__20241231_eifrs-full--TangibleExplorationAndEvaluationAssets_iS_z7qoFqYDkaT5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; font-weight: bold; text-align: left">Balance, December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">15,828,599</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">11,781,063</td><td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">2,405,698</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">4,434,198</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 6%; font-weight: bold; text-align: right">34,449,558</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Acquisitions cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,163,334</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">136,633</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,299,967</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,329</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">232,329</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foreign exchange</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451,013</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,018,010</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">206,371</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,145</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,036,539</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Impairment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(378,605</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(378,605</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_430_c20250101__20251231_eifrs-full--TangibleExplorationAndEvaluationAssets_iS_zF0UERzehQPc" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">18,442,946</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">13,168,035</td><td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">2,612,069</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">4,416,738</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">38,639,788</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Acquisition costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,331,904</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,331,904</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in ARO estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,502</td><td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(122,502</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(880,955</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(651,813</td><td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(124,770</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(210,972</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,868,510</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_433_c20250101__20251231_eifrs-full--TangibleExplorationAndEvaluationAssets_iE_zGKSbYknNiD5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,561,991</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,725,624</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,487,299</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,205,766</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">37,980,680</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

15828599

11781063

2405698

4434198

34449558

18442946

13168035

2612069

4416738

38639788

17561991

13725624

2487299

4205766

37980680

<p id="xdx_895_ecustom--DisclosureOfExplorationAndEvaluationExpendituresIncludedInComprehensiveLossExplanatory_ztCLoxnclKoh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">The following exploration and evaluation expenditures were included in comprehensive loss for the years ended December 31, 2025 and 2024 are as follows: Schedule of Exploration and Evaluation Expenditures Included in Comprehensive Loss <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_ifrs-full--TypesOfInvestmentPropertyAxis_custom--UraniumPropertiesMember_zS72cZs7Udj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Uranium Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ColoradoPropertiesMember_zxHhtObl0gg1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Colorado Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BB_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesNewsboyGoldMember_zlOwKs5hnAi2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Newsboy Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesArtilleryPeakMember_zc5UfSRWYXdk" style="border-bottom: Black 1pt solid; text-align: center">Artillery Peak</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BA_zPdfFMAfHyu4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_43F_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--ConsultingMember_ecustom--ExplorationAndEvaluationExpenditures_zq8BGYFZmAai" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; text-align: left">Consulting</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,004,570</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,484,649</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">2,489,219</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SundryFieldMember_ecustom--ExplorationAndEvaluationExpenditures_zVEKz5hKGjV" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sundry field</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,436</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">137,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">476,959</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SamplingAssayingGeophysicsMember_ecustom--ExplorationAndEvaluationExpenditures_zVazv7DXiece" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sampling, assaying, geophysics</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,298</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">74,102</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">320,400</td><td style="text-align: left"> </td></tr> <tr id="xdx_43E_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LicenseFilingAndInsuranceMember_ecustom--ExplorationAndEvaluationExpenditures_zAwNCaoQlzi4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">License, filing and insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,898,866</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">555,448</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,492,053</td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LeaseAndRoyaltyMember_ecustom--ExplorationAndEvaluationExpenditures_zGQasdQRz5a9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease and royalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">696,738</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">567,673</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,264,411</td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--PropertyTaxMember_ecustom--ExplorationAndEvaluationExpenditures_zgGcSZ5qxY98" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Property tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">58,550</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,253</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,803</td><td style="text-align: left"> </td></tr> <tr id="xdx_439_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--DrillingMember_ecustom--ExplorationAndEvaluationExpenditures_z1OltDdbADe2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drilling</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,970</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">285,769</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">376,739</td><td style="text-align: left"> </td></tr> <tr id="xdx_438_c20250101__20251231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SalariesWagesAndRelatedExpenseMember_ecustom--ExplorationAndEvaluationExpenditures_zkMQ49Ztre76" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Salaries, wages and related expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">50,473</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">247,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Reclamation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">116,192</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">116,192</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_43B_c20250101__20251231_ecustom--ExplorationAndEvaluationExpenditures_zT7Enpd5Bjq" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total for the year ended December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,385,901</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,462,748</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">37,739</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> —</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">7,886,388</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">7.</td><td style="font: 10pt Times New Roman, Times, Serif">Exploration and Evaluation Assets (Continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BF_ifrs-full--TypesOfInvestmentPropertyAxis_custom--UraniumPropertiesMember_z4cOA0xfslS9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Uranium Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B8_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ColoradoPropertiesMember_zr8URfLvT2ol" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Colorado Properties</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesNewsboyGoldMember_zZVUCnxtNKv3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Newsboy Gold</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B4_ifrs-full--TypesOfInvestmentPropertyAxis_custom--ArizonaPropertiesArtilleryPeakMember_ziExDYXwk97g" style="border-bottom: Black 1pt solid; text-align: center">Artillery Peak</td><td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BC_zByX5qU34NK8" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_439_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--ConsultingMember_ecustom--ExplorationAndEvaluationExpenditures_zoyTM35HB2Q4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 50%; text-align: left">Consulting</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">357,528</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">815,011</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right"> —</td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">1,172,539</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_433_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SundryFieldMember_ecustom--ExplorationAndEvaluationExpenditures_z7riR74bimMl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sundry field</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">102,537</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,391</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,928</td><td style="text-align: left"> </td></tr> <tr id="xdx_435_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--SamplingAssayingGeophysicsMember_ecustom--ExplorationAndEvaluationExpenditures_zwkEsiB0OoK1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sampling, assaying, geophysics</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">176,897</td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LicenseFilingAndInsuranceMember_ecustom--ExplorationAndEvaluationExpenditures_zAyJbKgTxeGk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">License, filing and insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,561,462</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">126,270</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">32,727</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55,710</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,776,169</td><td style="text-align: left"> </td></tr> <tr id="xdx_434_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--LeaseAndRoyaltyMember_ecustom--ExplorationAndEvaluationExpenditures_zyxStoHitz3b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Lease and royalty</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">462,489</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">560,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,022,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--DrillingMember_ecustom--ExplorationAndEvaluationExpenditures_zyZiO7GPua97" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Drilling</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">691,309</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">691,309</td><td style="text-align: left"> </td></tr> <tr id="xdx_430_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--PropertyTaxMember_ecustom--ExplorationAndEvaluationExpenditures_z0XlwpNiUkd9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property tax</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,190</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,149</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,339</td><td style="text-align: left"> </td></tr> <tr id="xdx_43D_c20240101__20241231__ifrs-full--AttributionOfExpensesByNatureToTheirFunctionAxis__custom--TerminationOfAcquisitionAgreementMember_ecustom--ExplorationAndEvaluationExpenditures_zsCKzv2ctE16" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Termination of acquisition agreement</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,608</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">225,608</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_432_c20240101__20241231_ecustom--ExplorationAndEvaluationExpenditures_ztVR3nqtC9p8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total for the year ended December 31, 2024</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,942,749</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,244,092</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">32,727</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">55,710</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,275,278</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 1004570 1484649 2489219 339436 137523 476959 246298 74102 320400 1898866 555448 37739 2492053 696738 567673 1264411 58550 44253 102803 90970 285769 376739 50473 197139 247612 4385901 3462748 37739 7886388 357528 815011 1172539 102537 7391 109928 173935 2962 176897 1561462 126270 32727 55710 1776169 462489 560000 1022489 691309 691309 59190 41149 100339 225608 225608 2942749 2244092 32727 55710 5275278 P5Y

100000

0.03

50000

1 P5Y P5Y

100000

150000

200000

0.03

50000

1 P5Y 25406 34840 25406 36588 25406

500000

100000

400000

169726

1250000

750000

100000

1000000

1500000

12000 16456 17282 -378605 -276256 P10Y 500 2 18600 14600 5485 4000 5761 4000

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">8.</td><td style="font: 10pt Times New Roman, Times, Serif">Accounts Payable and Accrued Liabilities</td></tr></table> <p id="xdx_89D_ecustom--DisclosureOfAccountsPayableAndAccruedLiabilitiesExplanatory_z6EiNKOt3P0l" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Schedule Of Accounts Payable And Accrued Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zAfttnh0hEe2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zGTomUfDUrth" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_maTAOCPzzq7_zj8ScD7VEX57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Trade payables</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">738,444</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">760,631</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--OtherCurrentLiabilities_iI_maTAOCPzzq7_zOaZ6FpwVNCb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">504,232</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">890,780</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--TradeAndOtherCurrentPayables_iTI_mtTAOCPzzq7_zkjOlYfxrA4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable and accrued liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,242,676</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,651,411</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_89D_ecustom--DisclosureOfAccountsPayableAndAccruedLiabilitiesExplanatory_z6EiNKOt3P0l" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Schedule Of Accounts Payable And Accrued Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_495_20251231_zAfttnh0hEe2" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20241231_zGTomUfDUrth" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40E_eifrs-full--TradeAndOtherCurrentPayablesToTradeSuppliers_iI_maTAOCPzzq7_zj8ScD7VEX57" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Trade payables</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">738,444</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">760,631</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--OtherCurrentLiabilities_iI_maTAOCPzzq7_zOaZ6FpwVNCb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Accrued liabilities</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">504,232</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">890,780</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--TradeAndOtherCurrentPayables_iTI_mtTAOCPzzq7_zkjOlYfxrA4e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Accounts payable and accrued liabilities</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,242,676</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,651,411</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

738444

760631

504232

890780

1242676

1651411

<p id="xdx_800_eifrs-full--DisclosureOfRelatedPartyExplanatory_zU6rfuS3x8Cf" style="font: small-caps bold 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 27pt; text-indent: -27pt"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</td><td style="font: 10pt Times New Roman, Times, Serif">Related Party Transactions and Balances</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Related Party Balances</td></tr></table> As at December 31, 2025, an amount of $278,502 (2024 - $223,489) was owed to related parties. These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. As at December 31, 2025, an amount of $nil (2024 - $4,515) was recorded in prepaid expenses for advances to a company controlled by the former Chief Financial Officer of the Company for future consulting fees. As at December 31, 2025, an amount of $956 (2024 - $14) was recorded in prepaid expenses for advances to a director of the Company for future consulting fees. As at December 31, 2025, an amount of $10,144 (2024 - $nil) was recorded in prepaid expenses for advances to a director of the Company for property expenditures. As at December 31, 2025, an amount of $7,152 (2024 - $nil) was recorded in prepaid expenses for advances to the Chief Operations Officer of the Company for future consulting fees. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">9.</td><td style="font: 10pt Times New Roman, Times, Serif">Related Party Transactions and Balances (Continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Related Party Balances (continued)</td></tr></table> On August 2, 2024, the Company entered into a loan agreement with a director of the Company for $<span id="xdx_908_eifrs-full--Borrowings_iI_c20240802__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zWROMFAImzNk" title="Loan amount">1,650,000. The Company received proceeds of $<span id="xdx_900_ecustom--ProceedsFromLoan_c20240802__20240802__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z3BmRPocXNn7" title="Proceeds from loans">1,485,000, net of original issue discount of $<span id="xdx_90E_ecustom--OriginalIssueDiscount_c20240802__20240802__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zC6EZ16QvCbd" title="Original issue discount">165,000. The loan is unsecured, non-interest bearing and due on <span id="xdx_901_eifrs-full--BorrowingsMaturity_c20240802__20240802__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zZX3cduxFpYb" title="Maturity date">August 2, 2025. The carrying value of the loan was accreted using the effective interest rate method over the term of the loan. The effective interest rate was estimated at <span id="xdx_90E_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20240802__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zselEGaWaQPi" title="Effective interest rate">10.66%. On October 1, 2024, the loan was repaid through proceeds from the IsoEnergy Ltd. loan (Note 11). <p id="xdx_89D_eifrs-full--DisclosureOfDetailedInformationAboutBorrowingsExplanatory_z5J290wsHo47" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; text-align: left">SCHEDULE OF LOAN PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B3_z17GORp7J34e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Loan Payable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_438_c20240101__20241231_ecustom--LoansPayableAmount_iS_z8jQFUxqzBIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance, December 31, 2023</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AdditionOnLoansPayable_z7O0aXkCH5dj" style="vertical-align: bottom; background-color: White"> <td style="width: 82%; text-align: left">Addition</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,650,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--OriginalIssueDiscount_zchHkGyWLeD5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Original issue discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(165,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--AccretionOfDiscountOnLoanPayableRelatedParty_z0kfiRnqOCsd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of discount on loan payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--RepaymentOfLoansPayable_zB0wvofJ7Oc9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Repayment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,650,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43B_c20240101__20241231_ecustom--LoansPayableAmount_iE_ziE2fuH2kYP2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance, December 31, 2024 and 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 27.35pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">b)</td><td style="font: 10pt Times New Roman, Times, Serif">Related Party Transactions</td></tr></table> <p id="xdx_89E_ecustom--DisclosureOfRelatedPartyTransactionWithCompanyExplanatory_znyZQCbytJl8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">The Company incurred the following transactions with companies that are controlled or managed by directors of the Company: SCHEDULE OF RELATED PARTY TRANSACTIONS WITH COMPANIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td id="xdx_495_20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zyZa8jeLX9R3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_498_20240101__20241231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z9qfmms1XIp7" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_ecustom--ConsultingFeesAndManagementBonus_zRBvNGsGXnyc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Consulting fees and management bonus</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">51,600</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">51,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--ProfessionalFeesExpense_z9H8XCB4bYs5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Consulting and professional fees (i)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,598,733</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156,303</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--LegalFee_zYfwVI0HgQW8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">125,798</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--RentalExpense_zPWxdC1kDAs3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rent expense</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">18,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--AdjustmentsForSharebasedPayments_zinWBNMI6Y9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Share-based compensation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,254</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--RelatedPartyTransactions_iT_znZy6sLq84Eg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Related Party Transactions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,795,385</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,207,903</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company has identified its directors and certain senior officers as its key management. Key management and director compensation during the years ended December 31, 2025 and 2024, are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td id="xdx_490_20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsAndCertainSeniorOfficersMember_zZSNdBQHsxh9" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49F_20240101__20241231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsAndCertainSeniorOfficersMember_zb1v3cIEUID3" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_ecustom--ConsultingFeesAndManagementBonus_zQRuDdiVDTu1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Consulting fees and management bonus</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">2,057,121</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,259,615</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--DirectorsFeesAndAuditCommitteeFees_zAUduW6yXKl7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Director’s fees and audit committee fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">230,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--LegalFee_zPGqdYLW2kHb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">125,798</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,688</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--RentalExpense_zwxUQYKG8kZa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Auto and rent expense (i)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">133,115</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,561</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--AdjustmentsForSharebasedPayments_z8MsAmuTEot4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Share-based compensation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,057,119</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RelatedPartyTransactions_iT_zocAjLyflhJ7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Related Party Transactions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,603,153</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,563,864</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">These expenses are included in exploration and evaluation expenditures in the consolidated statements of comprehensive loss.</td></tr></table>

278502 223489 4515 14 10144 7152

1650000

1485000 165000

August 2, 2025

0.1066

<p id="xdx_89D_eifrs-full--DisclosureOfDetailedInformationAboutBorrowingsExplanatory_z5J290wsHo47" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; text-align: left">SCHEDULE OF LOAN PAYABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B3_z17GORp7J34e" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Loan Payable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_438_c20240101__20241231_ecustom--LoansPayableAmount_iS_z8jQFUxqzBIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance, December 31, 2023</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_402_ecustom--AdditionOnLoansPayable_z7O0aXkCH5dj" style="vertical-align: bottom; background-color: White"> <td style="width: 82%; text-align: left">Addition</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,650,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--OriginalIssueDiscount_zchHkGyWLeD5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Original issue discount</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(165,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--AccretionOfDiscountOnLoanPayableRelatedParty_z0kfiRnqOCsd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of discount on loan payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--RepaymentOfLoansPayable_zB0wvofJ7Oc9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Repayment</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,650,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43B_c20240101__20241231_ecustom--LoansPayableAmount_iE_ziE2fuH2kYP2" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance, December 31, 2024 and 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

1650000 -165000 165000 -1650000 <p id="xdx_89E_ecustom--DisclosureOfRelatedPartyTransactionWithCompanyExplanatory_znyZQCbytJl8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">The Company incurred the following transactions with companies that are controlled or managed by directors of the Company: SCHEDULE OF RELATED PARTY TRANSACTIONS WITH COMPANIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td id="xdx_495_20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_zyZa8jeLX9R3" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_498_20240101__20241231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsMember_z9qfmms1XIp7" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40A_ecustom--ConsultingFeesAndManagementBonus_zRBvNGsGXnyc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Consulting fees and management bonus</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">51,600</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">51,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--ProfessionalFeesExpense_z9H8XCB4bYs5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Consulting and professional fees (i)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">1,598,733</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,156,303</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--LegalFee_zYfwVI0HgQW8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">125,798</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--RentalExpense_zPWxdC1kDAs3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rent expense</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">18,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eifrs-full--AdjustmentsForSharebasedPayments_zinWBNMI6Y9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Share-based compensation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,254</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--RelatedPartyTransactions_iT_znZy6sLq84Eg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Related Party Transactions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,795,385</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,207,903</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company has identified its directors and certain senior officers as its key management. Key management and director compensation during the years ended December 31, 2025 and 2024, are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td style="font-weight: bold; text-align: center"> </td><td id="xdx_490_20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsAndCertainSeniorOfficersMember_zZSNdBQHsxh9" style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49F_20240101__20241231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsAndCertainSeniorOfficersMember_zb1v3cIEUID3" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">For the years ended December 31,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_408_ecustom--ConsultingFeesAndManagementBonus_zQRuDdiVDTu1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Consulting fees and management bonus</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">2,057,121</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,259,615</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_405_ecustom--DirectorsFeesAndAuditCommitteeFees_zAUduW6yXKl7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Director’s fees and audit committee fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">230,000</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--LegalFee_zPGqdYLW2kHb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Legal fees</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">125,798</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">246,688</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--RentalExpense_zwxUQYKG8kZa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Auto and rent expense (i)</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">133,115</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">57,561</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--AdjustmentsForSharebasedPayments_z8MsAmuTEot4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Share-based compensation</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,057,119</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--RelatedPartyTransactions_iT_zocAjLyflhJ7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Related Party Transactions</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,603,153</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,563,864</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">These expenses are included in exploration and evaluation expenditures in the consolidated statements of comprehensive loss.</td></tr></table> 51600 51600

1598733

1156303

125798

18000

1254

1795385 1207903 2057121 1259615 230000 125798 246688

133115

57561

2057119

4603153 1563864 <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</td><td style="font: 10pt Times New Roman, Times, Serif">Asset Retirement Obligations</td></tr></table> Laws and regulations concerning environmental protection affect the Company’s exploration and operations. Under current regulations, the Company is required to meet performance standards to minimize environmental impact from its activities and to perform site restoration and other closure activities. The Company’s provision for future site closure and reclamation costs is based on known requirements. <p id="xdx_891_ecustom--DisclosureOfContinuityOfTheCompanysProvisionForSiteReclamationAndClosureExplanatory_z0sByK34kxh7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">A continuity of the Company’s provision for site reclamation and closure is as follows: SCHEDULE OF CONTINUITY OF THE COMPANY’S PROVISION FOR SITE RECLAMATION AND CLOSURE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BB_ifrs-full--ClassesOfAssetsAxis_custom--ShootaringMillMember_zCjw6BmlDhWd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Shootaring Mill</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B5_ifrs-full--ClassesOfAssetsAxis_custom--WestSlopeMember_zXcdpcRm9Bx1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">West Slope</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B1_ifrs-full--ClassesOfAssetsAxis_custom--PapooseMember_zixOInvRylFh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Papoose</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B2_zoOxCczoaf33" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Totals</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_437_c20240101__20241231_ecustom--NoncurrentAssetRetirementObligations_iS_zhUhLMeAclhb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-weight: bold; text-align: left">Balance December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">17,678,299</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">4,338,813</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">298,671</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">22,315,783</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AccretionOfAssetRetirementObligations_zf0CS0eTYzY1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">728,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,007</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">920,583</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ChangeInInterestRateAndEstimates_iN_di_zr4stxT9bP3i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in interest rate and estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,453,888</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">248,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,224</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,221,559</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ForeignExchangeOnAssetRetirementObligations_zkhmenzLAOph" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,553,534</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">381,359</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,231</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,961,124</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_432_c20250101__20251231_ecustom--NoncurrentAssetRetirementObligations_iS_zuiJWMPPBBoc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">18,506,317</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">5,148,929</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">320,685</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">23,975,931</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AccretionOfAssetRetirementObligations_zfPyStaXyUMj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">832,747</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">219,305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,048</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,066,100</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ChangeInInterestRateAndEstimates_iN_di_zircsed1QV8e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in interest rate and estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(134,751</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(131,481</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,979</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(257,253</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ForeignExchangeOnAssetRetirementObligations_zvDQ6EVLtmAe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(899,718</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(250,091</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15,583</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,165,392</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43D_c20250101__20251231_ecustom--NoncurrentAssetRetirementObligations_iE_zNLzvdltaUEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,304,595</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,986,662</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">328,129</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,619,386</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Shootaring Mill</td></tr></table> During the year ended December 31, 2025, the Company reassessed the asset retirement costs for the Shootaring Mill and recorded a change in estimate for $134,751 (US$98,262) (2024 - $1,453,888 (US$1,009,553)). The change in estimate for the years ended December 31, 2025 and 2024, was recorded as a decrease to property and equipment and as a decrease to asset retirement obligation. The Company’s estimate of the environmental rehabilitation provision arising from the Shootaring Mill (Note 6) at December 31, 2025, was $<span id="xdx_903_ecustom--EstimateOfEnvironmentalRehabilitation_c20250101__20251231__ifrs-full--ClassesOfAssetsAxis__custom--ShootaringMillMember_zUwW7pkssXna" title="Estimate of the environmental rehabilitation">18,304,595 (US$<span id="xdx_90C_ecustom--EstimateOfEnvironmentalRehabilitation_uUSD_c20250101__20251231__ifrs-full--ClassesOfAssetsAxis__custom--ShootaringMillMember_zMlMI8OtUtEe" title="Estimate of the environmental rehabilitation">13,347,965) (2024 - $<span id="xdx_904_ecustom--EstimateOfEnvironmentalRehabilitation_c20240101__20241231__ifrs-full--ClassesOfAssetsAxis__custom--ShootaringMillMember_zZ26ZfrSx4y3" title="Estimate of the environmental rehabilitation">18,506,317 (US$<span id="xdx_901_ecustom--EstimateOfEnvironmentalRehabilitation_uUSD_c20240101__20241231__ifrs-full--ClassesOfAssetsAxis__custom--ShootaringMillMember_z1AgfcT41qXa" title="Estimate of the environmental rehabilitation">12,850,451)). This estimate was based upon an undiscounted risk-adjusted future cost of $22,761,238 (US$<span id="xdx_90B_ecustom--UndiscountedRiskadjustedFutureCost_uUSD_c20250101__20251231__ifrs-full--ClassesOfAssetsAxis__custom--ShootaringMillMember_zoymAigkp177" title="Undiscounted risk-adjusted future cost">16,597,808) (2024 - $23,991,550 (US$<span id="xdx_900_ecustom--UndiscountedRiskadjustedFutureCost_uUSD_c20240101__20241231__ifrs-full--ClassesOfAssetsAxis__custom--ShootaringMillMember_z0iDUYdUw1Lc" title="Undiscounted risk-adjusted future cost">16,659,642)), an annual inflation rate of 2.20% (2024 - 2.40%) and discount rate of 4.24% (2024 - 4.64%). The closure and reclamation expenditure is expected to be incurred in 2036. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">10.</td><td style="font: 10pt Times New Roman, Times, Serif">Asset Retirement Obligations (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif">West Slope Project</td></tr></table> During the year ended December 31, 2025, the Company reassessed the asset retirement obligation costs for the West Slope Project and recorded a change in estimate for $131,481 (US$95,878) (2024 - $248,553 (US$172,591)). The change in estimate for the year ended December 31, 2025 was recorded as a decrease (2024 - an increase) to exploration and evaluation assets and decrease (2024 - increase) to asset retirement obligation. The Company’s estimate of the environmental rehabilitation provision arising from the West Slope Project (Note 7) at December 31, 2025, was $<span id="xdx_90E_ecustom--EstimateOfEnvironmentalRehabilitation_c20250101__20251231__ifrs-full--ClassesOfAssetsAxis__custom--WestSlopeMember_zVOFmq9BI8Qd" title="Estimate of the environmental rehabilitation">4,986,662 (US$<span id="xdx_90A_ecustom--EstimateOfEnvironmentalRehabilitation_uUSD_c20250101__20251231__ifrs-full--ClassesOfAssetsAxis__custom--WestSlopeMember_zfUB1GLycBK6" title="Estimate of the environmental rehabilitation">3,636,343) (2024 - $<span id="xdx_907_ecustom--EstimateOfEnvironmentalRehabilitation_c20240101__20241231__ifrs-full--ClassesOfAssetsAxis__custom--WestSlopeMember_zgadHXIT5oYb" title="Estimate of the environmental rehabilitation">5,148,929 (US$<span id="xdx_90B_ecustom--EstimateOfEnvironmentalRehabilitation_uUSD_c20240101__20241231__ifrs-full--ClassesOfAssetsAxis__custom--WestSlopeMember_zAyIQLq4Jy57" title="Estimate of the environmental rehabilitation">3,575,323)). This estimate was based upon an undiscounted risk-adjusted future cost of $5,289,304 (US$3,857,033) (2024 - $5,686,932 (US$3,948,902)), an annual inflation rate of 2.20% (2024 - 2.40%) and a discount rate of 3.66% (2024 - 4.39%). The closure and reclamation expenditure is expected to be incurred in 2030. <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">c)</td><td style="font: 10pt Times New Roman, Times, Serif">Papoose Property</td></tr></table> During the year ended December 31, 2025, the Company reassessed the asset retirement obligation costs for the Papoose Property and recorded a change in estimate for $8,979 (US$6,548) (2024 - $16,224 (US$11,266)). The change in estimate was recorded as an increase (2024 - a decrease) to exploration and evaluation assets and increase (2024 - decrease) to asset retirement obligation. The Company’s estimate of the environmental rehabilitation provision arising from the Papoose property (Note 7) at December 31, 2025, was $328,129 (US$<span id="xdx_907_ecustom--EstimateOfEnvironmentalRehabilitation_uUSD_c20250101__20251231__ifrs-full--ClassesOfAssetsAxis__custom--PapooseMember_z3iqOFh01A7i" title="Estimate of the environmental rehabilitation">239,277) (2024 - $320,685 (US$<span id="xdx_907_ecustom--EstimateOfEnvironmentalRehabilitation_uUSD_c20240101__20241231__ifrs-full--ClassesOfAssetsAxis__custom--PapooseMember_zMtRtfjyK4ef" title="Estimate of the environmental rehabilitation">222,679)). This estimate was based upon an undiscounted risk-adjusted future cost of $369,380 (US$269,357) (2024 - $377,716 (US$262,279)), an annual inflation rate of 2.20% (2024 - 2.40%) and risk adjusted discount rate of 3.94% (2024 - 4.51%). The closure and reclamation expenditure is expected to be incurred in 2032. <p id="xdx_891_ecustom--DisclosureOfContinuityOfTheCompanysProvisionForSiteReclamationAndClosureExplanatory_z0sByK34kxh7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">A continuity of the Company’s provision for site reclamation and closure is as follows: SCHEDULE OF CONTINUITY OF THE COMPANY’S PROVISION FOR SITE RECLAMATION AND CLOSURE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BB_ifrs-full--ClassesOfAssetsAxis_custom--ShootaringMillMember_zCjw6BmlDhWd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Shootaring Mill</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B5_ifrs-full--ClassesOfAssetsAxis_custom--WestSlopeMember_zXcdpcRm9Bx1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">West Slope</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B1_ifrs-full--ClassesOfAssetsAxis_custom--PapooseMember_zixOInvRylFh" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Papoose</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4B2_zoOxCczoaf33" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Totals</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_437_c20240101__20241231_ecustom--NoncurrentAssetRetirementObligations_iS_zhUhLMeAclhb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 36%; font-weight: bold; text-align: left">Balance December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">17,678,299</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">4,338,813</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">298,671</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">22,315,783</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--AccretionOfAssetRetirementObligations_zf0CS0eTYzY1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">728,372</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">180,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,007</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">920,583</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ChangeInInterestRateAndEstimates_iN_di_zr4stxT9bP3i" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in interest rate and estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,453,888</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">248,553</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(16,224</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,221,559</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--ForeignExchangeOnAssetRetirementObligations_zkhmenzLAOph" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,553,534</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">381,359</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">26,231</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,961,124</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_432_c20250101__20251231_ecustom--NoncurrentAssetRetirementObligations_iS_zuiJWMPPBBoc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">18,506,317</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">5,148,929</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">320,685</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">23,975,931</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--AccretionOfAssetRetirementObligations_zfPyStaXyUMj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">832,747</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">219,305</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,048</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,066,100</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--ChangeInInterestRateAndEstimates_iN_di_zircsed1QV8e" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Change in interest rate and estimates</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(134,751</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(131,481</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,979</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(257,253</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ForeignExchangeOnAssetRetirementObligations_zvDQ6EVLtmAe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Foreign exchange</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(899,718</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(250,091</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(15,583</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,165,392</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_43D_c20250101__20251231_ecustom--NoncurrentAssetRetirementObligations_iE_zNLzvdltaUEl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Balance December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">18,304,595</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,986,662</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">328,129</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,619,386</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 17678299 4338813 298671 22315783 728372 180204 12007 920583 1453888 -248553 16224 1221559 1553534 381359 26231 1961124 18506317 5148929 320685 23975931 832747 219305 14048 1066100 134751 131481 -8979 257253 -899718 -250091 -15583 -1165392 18304595 4986662 328129 23619386 134751 98262 1453888 1009553 18304595 13347965 18506317 12850451 22761238 16597808 23991550 16659642 0.0220 0.0240 0.0424 0.0464 131481 95878 -248553 -172591 4986662 3636343 5148929 3575323 5289304 3857033 5686932 3948902 0.0220 0.0240 0.0366 0.0439 -8979 -6548 16224 11266 328129 239277 320685 222679 369380 269357 377716 262279 0.0220 0.0240 0.0394 0.0451

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.</td><td style="font: 10pt Times New Roman, Times, Serif">Loan Payable</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Credit Facility</td></tr></table> On September 26, 2023, the Company entered into a loan agreement (the “Loan Agreement”) for a non-revolving term credit facility (the “Credit Facility”) with Extract Advisors LLC as agent (the “Agent”) for Extract Capital Master Fund Ltd. (the “Lender”). The Credit Facility of $<span id="xdx_902_ecustom--LoanPayables_iI_c20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--ExtractAdvisorsLLCMember_zdkg8EbjSkXg" title="Loan payable">4,300,000 (“2023 tranche”) matures on <span id="xdx_906_eifrs-full--BorrowingsMaturity_c20230926__20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--ExtractAdvisorsLLCMember_zqMNHS0wQbpg" title="Maturity date">September 26, 2028, <span id="xdx_906_ecustom--BorrowingsInterestRateDescription_c20230926__20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--ExtractAdvisorsLLCMember_zCiHqSQi7X5l" title="Interest rate, description">bears a coupon of the Secured Overnight Financing Rate (“SOFR”) plus 5.0% per annum, payable semi-annually in U.S. dollars. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. On October 6, 2023, the terms of the Loan Agreement were amended to add the fixed repayment amount of US$<span id="xdx_902_ecustom--RepaymentOfLoansPayable_uUSD_c20230926__20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--ExtractAdvisorsLLCMember_zA7Nci3hV2Cj" title="Repayment of loans payable">3,203,961. Interest shall be calculated based on the repayment amount of US$<span id="xdx_903_ecustom--RepaymentOfLoansPayable_uUSD_c20230926__20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--ExtractAdvisorsLLCMember_zcu5qcf2Xen5" title="Repayment of loans payable">3,203,961 and on the basis of a year of 360 days. The Credit Facility has an original issue discount of $<span id="xdx_900_ecustom--OriginalIssueDiscount_uUSD_c20230926__20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--BorrowingsByNameAxis__custom--ExtractAdvisorsLLCMember_zLkXbDFqSuw9" title="Original issue discount">300,000. In connection with the Loan Agreement, the Company issued <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_c20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LenderMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zp1CgHisHcS6" title="Number of warrants issued">561,404 warrants to the Lender, with each warrant entitling the holder to acquire one common share of the Company at an exercise price of $<span id="xdx_909_ecustom--ExercisePriceOfWarrants_iI_c20230926__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LenderMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zC7YmVUumVDk" title="Exercise price of warrants">7.125 per warrant for a period ending on the maturity date. For so long as the Credit Facility remains outstanding, all proceeds from the exercise of the warrants by the Lender shall be used to repay the principal amount of the Credit Facility. The Credit Facility contains a mandatory prepayment clause where the Company must pay certain amount of proceeds from sale of secured assets, debt financings, or royalty sale transactions, to the Agent. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.</td><td style="font: 10pt Times New Roman, Times, Serif">Loan Payable (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Credit Facility (continued)</td></tr></table> The Credit Facility is secured by a corporate guarantee and share pledge from each of the subsidiaries of the Company and contains certain other customary provisions, including certain covenants and default conditions in favour of the Lender. On March 27, 2024, the Company elected to capitalize the first interest payment of $292,809 (US$203,321) on the Credit Facility, effective April 5, 2024. On October 4, 2024, the Company elected to capitalize the second interest payment of $313,727 (US$217,846) on the Credit Facility. On April 4, 2025, the Company elected to capitalize the third interest payment of $316,038 (US$222,327) on the Credit Facility. On October 4, 2025, the Company elected to capitalize the fourth interest payment of $317,616 (US$227,429) on the Credit Facility. On April 15, 2024, the Company entered into a waiver and second amending agreement to the Loan Agreement with Extract Advisors LLC and Extract Capital Master Fund Ltd., whereby: (a) the lender agreed to waive application of a covenant in order to permit the acquisition of the DOE Leases by the Company on January 2, 2024; (b) the Credit Facility was amended by reducing the minimum working capital requirement to $250,000; and (c) the Credit Facility was amended by requiring written consent of the agent prior to taking any corporate action to effect a share consolidation or stock split, unless the market price exceeds $9.00 per share for 20 consecutive trading days. In consideration for entering into the waiver and second amending agreement, on June 26, 2024, the Company issued the lender <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_c20240415__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zYsgdxEF66fe" title="Number of warrants issued">53,333 share purchase warrants with a fair value of $<span id="xdx_909_ecustom--FairValueOfWarrants_iI_c20240415__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_z1QytGPaUdai" title="Fair value of warrants">250,109. The share purchase warrants are exercisable at a price of $<span id="xdx_903_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019_iI_c20240415__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zIAPtuZ2hala" title="Exercise price of warrants">7.125 per warrant until September 26, 2028. The fair value of $<span id="xdx_90F_ecustom--FairValueOfWarrants_iI_c20240415__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zyv75yN6Kkf8" title="Fair value of warrants">250,109 which was incurred as part of the modification was added to the liability and will be amortized over the term of the modified liability. On March 17, 2025, the Company entered into an amending agreement (the “Amending Agreement”) with Extract Advisors LLC (“Extract”) for an additional tranche of US$6,000,000 to the existing Credit Facility. In connection with the Amending Agreement, the Company issued <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_c20250317__ifrs-full--TypesOfContractsAxis__custom--AmendingAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zZX84xnYCtjf" title="Number of shares issued">799,000 share purchase warrants to Extract (the “Facility Warrants”), with each such Facility Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price of $<span id="xdx_902_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExercisableInSharebasedPaymentArrangement2019_iI_c20250317__ifrs-full--TypesOfContractsAxis__custom--AmendingAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zrV3RyWlRy8l" title="Exercise price">11.25 per share for a period ending on September 26, 2028. In addition, the Company paid an arrangement fee of $200,000 (US$141,137 deducted from the proceeds) in consideration for the amendment and incurred legal fees of $96,247 (US$67,920) of which $62,997 (US$44,456) was deducted from the proceeds. The Credit Facility is a compound financial instrument which consists of two components: the loan (a financial liability) and the warrants (an equity instrument). The Company assessed each of the components separately and allocated the net proceeds from the additional US$6,000,000 loan (“2025 tranche”) and financing costs as follows: <p id="xdx_89D_eifrs-full--DisclosureOfDebtSecuritiesExplanatory_zKgLXdB4llia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">SCHEDULE OF CREDIT FACILITY AND FINANCING COSTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Credit Facility (USD)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Financing costs (USD)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Credit Facility (net of financing costs) (USD)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Financial liability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,433,854</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">63,475</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_900_ecustom--CreditFacilityNetOfFinancingCosts_iI_uUSD_c20251231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__custom--FinancialLiabilityMember_zmDjSheiwv3g" title="Credit Facility (net of financing costs)">5,370,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">380,553</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,445</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_ecustom--CreditFacilityNetOfFinancingCosts_iI_uUSD_c20251231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zlWc52tDrvf7" title="Credit Facility (net of financing costs)">376,108</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,814,407</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">67,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,746,487</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The initial carrying amount of the financial liability was determined by discounting the estimated future interest and principal payments at a discount rate of 15%. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">11.</td><td style="font: 10pt Times New Roman, Times, Serif">Loan Payable (continued)</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Credit Facility (continued)</td></tr></table> The carrying amounts of the equity component (the warrants) was established using the residual fair value approach, which takes the difference between the principal amount received from the Credit Facility (US$5,814,407) less the fair value of the loan. The value of the warrants of $539,266 (US$380,553), net of financing cost of $6,299 (US$4,445) is recorded within warrant reserves on the statement of financial position. The carrying value of the loans will be accreted using the effective interest rate method over the term of the Credit Facility. The effective interest rate for the 2023 tranche and 2025 tranche is estimated at 23.01% and 14.43%, respectively. <p id="xdx_895_ecustom--DisclosureOfCarryingValueOfLoansExplanatory_zS1aDvzvQem1" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">SCHEDULE OF CARRYING VALUE OF LOANS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_zupIMJc4PJrf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Loan Payable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--CarryingValueOfLoansPayable_iS_zEqeRkQ1hGPl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold; text-align: justify">Balance, December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">2,703,154</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccretionOfDiscountOnLoanPayable_zzH2i6noKQp7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accretion of discount on loan payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,080</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--InterestExpense_z5zvXwF8Geja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">587,043</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DebtModificationCost_zNHlJVh1Xuma" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Debt modification cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(250,109</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ForeignExchangeImpactOnLoansPayable_zG3pEutJnCT6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Foreign exchange impact</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">234,761</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231_ecustom--CarryingValueOfLoansPayable_iS_z3Rl0ApqWRhk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,383,929</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ProceedsNetOfArrangementFee_zIbjFizuSaZh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Proceeds, net of arrangement fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,302,355</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DebtIssuanceCostsAllocatedToLiabilityComponent_zUHMH4VNqYsg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Debt issuance costs allocated to liability component</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,947</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--ResidualValueAllocatedToEquityComponent_z7gLldjOD1rg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Residual value allocated to equity component</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(532,967</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eifrs-full--InterestExpense_zKTRzktSfRK1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,777,174</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ForeignExchangeImpactOnLoansPayable_zm3mPj1DISqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Foreign exchange impact</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(689,155</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--CarryingValueOfLoansPayable_iE_zY0fNFIAbBb5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,151,389</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> During the year ended December 31, 2025, the Company recognized interest expense of $1,777,174 (2024 - accretion expense of $696,123 which includes interest expense of $587,043). As at December 31, 2025, a total of $12,151,389 (US$8,860,960) (2024 - $3,383,929 (US$2,351,747)) of principal is outstanding, net of an unamortized discount of $2,205,685 (US$1,608,416) (2024 - $1,836,728 (US$1,273,382)). As at December 31, 2025, $394,870 (US$287,945) (2024 - $152,427 (US$105,843)) is outstanding for interest which is included in accounts payable and accrued liabilities. <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif">Promissory Note</td></tr></table> On October 1, 2024, the Company entered into a promissory note with IsoEnergy Ltd. for $6,020,000, which was secured by a general security agreement, bore interest at 15% per annum and was set to mature on April 1, 2025. On October 1, 2024, IsoEnergy Ltd. advanced $4,249,864 to the Company and repaid a related party loan in the amount of $1,650,000 on behalf of the Company. On January 20, 2025, the Company repaid the outstanding principal of $<span id="xdx_909_ecustom--OutstandingPrincipalAmountOfPromissoryNote_iI_c20241001__ifrs-full--BorrowingsByNameAxis__custom--IsoEnergyLtdMember_zvOm9W2YuFqf" title="outstanding principal amount of promissory note">5,899,864 and accrued interest of $261,857.

4300000

September 26, 2028

bears a coupon of the Secured Overnight Financing Rate (“SOFR”) plus 5.0% per annum, payable semi-annually in U.S. dollars. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. 3203961 3203961 300000

561404

7.125

292809

203321

313727

217846

316038

222327

317616

227429

250000 9.00

53333

250109

7.125

250109 6000000

799000

11.25

200000 141137 96247 67920 62997 44456

6000000

<p id="xdx_89D_eifrs-full--DisclosureOfDebtSecuritiesExplanatory_zKgLXdB4llia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">SCHEDULE OF CREDIT FACILITY AND FINANCING COSTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Credit Facility (USD)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Financing costs (USD)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Credit Facility (net of financing costs) (USD)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: justify">Financial liability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">5,433,854</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">63,475</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"><span id="xdx_900_ecustom--CreditFacilityNetOfFinancingCosts_iI_uUSD_c20251231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__custom--FinancialLiabilityMember_zmDjSheiwv3g" title="Credit Facility (net of financing costs)">5,370,379</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Warrants</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">380,553</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,445</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_905_ecustom--CreditFacilityNetOfFinancingCosts_iI_uUSD_c20251231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zlWc52tDrvf7" title="Credit Facility (net of financing costs)">376,108</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,814,407</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">67,920</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,746,487</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

5433854 63475 5370379 380553 4445 376108 5814407 67920 5746487 0.15 5814407 539266 380553 6299 4445 0.2301 0.1443 <p id="xdx_895_ecustom--DisclosureOfCarryingValueOfLoansExplanatory_zS1aDvzvQem1" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">SCHEDULE OF CARRYING VALUE OF LOANS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_4BD_zupIMJc4PJrf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Loan Payable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_431_c20240101__20241231_ecustom--CarryingValueOfLoansPayable_iS_zEqeRkQ1hGPl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold; text-align: justify">Balance, December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">2,703,154</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_404_ecustom--AccretionOfDiscountOnLoanPayable_zzH2i6noKQp7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Accretion of discount on loan payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">109,080</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--InterestExpense_z5zvXwF8Geja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">587,043</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_ecustom--DebtModificationCost_zNHlJVh1Xuma" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Debt modification cost</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(250,109</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--ForeignExchangeImpactOnLoansPayable_zG3pEutJnCT6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Foreign exchange impact</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">234,761</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_435_c20250101__20251231_ecustom--CarryingValueOfLoansPayable_iS_z3Rl0ApqWRhk" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify">Balance, December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">3,383,929</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--ProceedsNetOfArrangementFee_zIbjFizuSaZh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Proceeds, net of arrangement fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,302,355</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DebtIssuanceCostsAllocatedToLiabilityComponent_zUHMH4VNqYsg" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Debt issuance costs allocated to liability component</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(89,947</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--ResidualValueAllocatedToEquityComponent_z7gLldjOD1rg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Residual value allocated to equity component</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(532,967</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eifrs-full--InterestExpense_zKTRzktSfRK1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Interest expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,777,174</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--ForeignExchangeImpactOnLoansPayable_zm3mPj1DISqj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Foreign exchange impact</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(689,155</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_431_c20250101__20251231_ecustom--CarryingValueOfLoansPayable_iE_zY0fNFIAbBb5" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance, December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,151,389</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2703154 109080

587043

-250109 234761 3383929 8302355 -89947 -532967

1777174

-689155 12151389

1777174

696123

587043

12151389 8860960 3383929 2351747 2205685 1608416 1836728 1273382 394870 287945 152427 105843 6020000 0.15

April 1, 2025

4249864 1650000 5899864 261857

<p id="xdx_801_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zSOt00SwkAx3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Share Capital</td></tr></table> Authorized share capital Unlimited number of common shares without par value. Issued Share Capital As at December 31, 2025, the Company had 15,942,823 (2024 - 13,789,728) issued and fully paid common shares. Private Placements During the year ended December 31, 2025 On January 15, 2025, the Company issued 1,428,571 common shares at $10.50 per share for gross proceeds of $15,000,000. During the year ended December 31, 2024 The Company did not complete any private placements during the year ended December 31, 2024. Shares for Exploration and Evaluation Assets During the year ended December 31, 2025 On May 6, 2025, the Company issued 169,726 common shares with a fair value of $<span id="xdx_90A_ecustom--NumberOfSharesIssuedFairValue_iI_c20250506__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--GoldEagleMiningIncMember_zwzdZHqpcX97" title="Number of shares issued fair value">763,768 pursuant to the agreement the Company entered into with Gold Eagle Mining Inc. (Note 7). During the year ended December 31, 2024 On January 5, 2024, the Company issued 200,000 common shares with a fair value of $1,050,000 pursuant to the acquisition of 175 federal unpatented uranium mining claims, located in San Juan and Grand Counties in Utah (Note 7). Shares issued for the Exercise of Warrants During the year ended December 31, 2025 During the year ended December 31, 2025, the Company issued a total of 554,798 common shares upon the exercise of 554,798 warrants with exercise prices ranging between $4.125 per share and $7.50 per share for gross proceeds of $3,809,385. Upon exercise, the original fair value of the warrants totaling $338,854 was transferred from warrant reserve to share capital. During the year ended December 31, 2024 During the year ended December 31, 2024, the Company issued a total of 328,412 common shares upon the exercise of 328,412 warrants with exercise prices ranging between $4.125 per share and $7.50 per share for gross proceeds of $2,026,937. Upon exercise, the original fair value of the warrants totaling $234,961 was transferred from warrant reserve to share capital. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif">Share Capital (continued)</td></tr></table> Warrants <p id="xdx_890_ecustom--DisclosureOfWarrantActivityExplanatory_z3bkdSCO9dCl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Warrant activity is summarized as follows: SCHEDULE OF WARRANT ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted average exercise price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: justify">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--NumberOfWarrantsOutstanding_iS_c20240101__20241231_zcADVMOC2qtk" style="width: 14%; font-weight: bold; text-align: right" title="Warrants outstanding">6,140,321</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_987_ecustom--WeightedAverageExercisePriceOutstanding_iS_pid_c20240101__20241231_zJ5BFT26gqCj" style="width: 14%; font-weight: bold; text-align: right" title="Weighted average exercise price outstanding">10.70</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Warrants granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--NumberOfOptionWarrantsIssued_c20240101__20241231_z3iY81xo2iC" style="text-align: right" title="Warrants granted">53,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--WeightedAverageExercisePriceWarrantsGranted_pid_c20240101__20241231_zTxhKu9gCond" style="text-align: right" title="Weighted average exercise price Warrants granted">7.125</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Warrants exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--NumberOfOptionWarrantsExercised_iN_di_c20240101__20241231_zZQ2BRpxZ003" style="text-align: right" title="Warrants exercised">(328,413</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--WeightedAverageExercisePriceWarrantsExercised_pid_c20240101__20241231_znKDDa4BYOBh" style="text-align: right" title="Weighted average exercise price Warrants exercised">6.17</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Warrants expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--NumberOfOptionWarrantsExpired_iN_di_c20240101__20241231_zQaXMlamIW2b" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants expired">(1,358,278</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--WeightedAverageExercisePriceWarrantsExpired_pid_c20240101__20241231_zxJNRlo3GID3" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price Warrants expired">9.69</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance at December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--NumberOfWarrantsOutstanding_iS_c20250101__20251231_zd2TJouB4iM5" style="font-weight: bold; text-align: right" title="Warrants outstanding">4,506,963</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_985_ecustom--WeightedAverageExercisePriceOutstanding_iS_pid_c20250101__20251231_z8Ul3nF8igo9" style="font-weight: bold; text-align: right" title="Weighted average exercise price outstanding">11.29</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Warrants granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--NumberOfOptionWarrantsIssued_c20250101__20251231_zzfDcMXBy6Ya" style="text-align: right" title="Warrants granted">799,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--WeightedAverageExercisePriceWarrantsGranted_pid_c20250101__20251231_zJIlorio4gP3" style="text-align: right" title="Weighted average exercise price Warrants granted">11.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Warrants exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--NumberOfOptionWarrantsExercised_iN_di_c20250101__20251231_zUZi486WPa3h" style="text-align: right" title="Warrants exercised">(554,798</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--WeightedAverageExercisePriceWarrantsExercised_pid_c20250101__20251231_zd5DCUW1kWL6" style="text-align: right" title="Weighted average exercise price Warrants exercised">6.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Warrants expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_ecustom--NumberOfOptionWarrantsExpired_iN_di_c20250101__20251231_zmcCGI1sNwDd" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants expired">(540,456</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--WeightedAverageExercisePriceWarrantsExpired_pid_c20250101__20251231_z6Rjq3J3yk2k" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price Warrants expired">7.33</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--NumberOfWarrantsOutstanding_iE_c20250101__20251231_zFl8FKiNXvv1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Warrants outstanding">4,210,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_ecustom--WeightedAverageExercisePriceOutstanding_iE_pid_c20250101__20251231_z02EIukEv4K1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average exercise price outstanding">12.37</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> During the year ended December 31, 2025, the weighted average share price on the date of warrants exercised was $9.67 (2024 - $8.25). <p id="xdx_895_ecustom--DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsExplanatory_zSOXJXuYQTL3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Outstanding warrants are summarized as follows: SCHEDULE OF OUTSTANDING WARRANTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Number of warrants outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Expiry</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 1%"> </td><td id="xdx_98D_ecustom--NumberOfWarrantsOutstanding_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeOneMember_zeqx93zitkHe" style="text-align: right; width: 25%">2,950,305</td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_981_ecustom--NumberOfWarrantsOutstandingExercisePrice_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeOneMember_z9gqhMxA64t7" style="text-align: right; width: 25%" title="Exercise price">13.50</td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td id="xdx_982_ecustom--NumberOfWarrantsOutstandingExpiration_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeOneMember_zh95UpVazcWk" style="width: 42%; text-align: right">May 12, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_981_ecustom--NumberOfWarrantsOutstanding_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeTwoMember_zu9Ws72UMflf" style="text-align: right">799,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecustom--NumberOfWarrantsOutstandingExercisePrice_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeTwoMember_zb1IonvPn3dl" style="text-align: right" title="Exercise price">11.25</td><td style="text-align: left"> </td><td> </td> <td id="xdx_988_ecustom--NumberOfWarrantsOutstandingExpiration_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeTwoMember_z3jCB7sTUTj5" style="text-align: right">September 26, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><p id="xdx_98A_ecustom--NumberOfWarrantsOutstanding_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeThreeMember_zQpugJLvUu25" style="margin: 0" title="Number of warrants outstanding">461,404</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_ecustom--NumberOfWarrantsOutstandingExercisePrice_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeThreeMember_zQmhPcQhbd98" style="border-bottom: Black 1pt solid; text-align: right" title="Exercise price">7.125</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right"><p id="xdx_986_ecustom--NumberOfWarrantsOutstandingExpiration_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeThreeMember_zkBtxl7RVDlb" style="margin: 0" title="Expiry date">October 6, 2028</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--NumberOfWarrantsOutstanding_iI_c20251231_z0GULLbfiU7b" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of warrants outstanding">4,210,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: right" title="Exercise price"> </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"> </td></tr> </table> At December 31, 2025, the weighted average life of warrants was 1.77 (2024 - 2.16) years. Omnibus Incentive Plan On June 13, 2025, the Company approved an omnibus incentive plan which allows the Board of Directors of the Company from time to time, in its discretion, and in accordance with the TSX.V requirements, to grant non-transferable stock options, restricted share units and deferred share units (“Awards”) to directors, officers, employees and consultants of the Company (“Participants”). The number of common shares reserved for issuance for stock options and restricted share units will not exceed 10% and 5% of the Company’s issued and outstanding common shares, respectively. Stock options will be exercisable for a period of up to a maximum of ten years from the date of grant. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif">Share Capital (continued)</td></tr></table> Omnibus Incentive Plan (continued) In connection with the foregoing, the number of common shares reserved for issuance to any one Participant in a 12-month period will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all investor relation activities and consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company. Unvested RSUs shall be forfeited and cancelled following cessation of the optionee’s position with the Company. Each award other than stock options may not be vested before the date that is one year following the grant date of the award. Any stock options granted for investor relations services must vest in stages over a period of not less than 12 months. Options <p id="xdx_890_ecustom--DisclosureOfOutstandingShareOptionsExplanatory_zUi1c5atdz4h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">The following table summarizes the continuity of the Company’s stock options: SCHEDULE OF STOCK OPTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: justify">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20240101__20241231_zffKWlEJqocf" style="width: 14%; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,260,904</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20240101__20241231_zo2eixK50T1d" style="width: 14%; font-weight: bold; text-align: right" title="Weighted average exercise price, beginning balance">7.98</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Options expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20240101__20241231_zqut15QjYCPd" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options expired">(41,333</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_c20240101__20241231_zQjsWledtEla" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price expired">15.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance at December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20250101__20251231_z7vl6nRqTVnj" style="font-weight: bold; text-align: right" title="Number of outstanding stock options">1,219,571</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20250101__20251231_zrxbCYTScVYf" style="font-weight: bold; text-align: right" title="Weighted average exercise price, beginning balance">7.74</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Options expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20250101__20251231_zL5K9cv6rqnh" style="text-align: right" title="Number of outstanding stock options expired">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zvMZWXsl35Ye" style="text-align: right" title="Weighted average exercise price expired">7.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Options cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20250101__20251231_zFwT763fUF74" style="text-align: right" title="Number of outstanding stock options cancelled">(118,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zIPRxnUdK5v" style="text-align: right" title="Weighted average exercise price cancelled">7.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20250101__20251231_zauMO8cSIGUe" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options granted">560,572</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zBBcvwMfFKj8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price granted">6.90</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20250101__20251231_zuqVasIji14k" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,592,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_pid_c20250101__20251231_zlFKbhHaBzc1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average exercise price, ending balance">7.47</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> The weighted average remaining life of the outstanding options at December 31, 2025 was 3.03 (2024 - 2.85) years. <p id="xdx_891_eifrs-full--DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_zBx3JYw5RhOf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Details of options outstanding, issued and exercisable, as at December 31, 2025 are as follows: SCHEDULE OF OPTIONS OUTSTANDING, ISSUED AND EXERCISABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Number of options outstanding and exercisable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Expiry</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsOneMember_zeAFmaz75Gwb" style="width: 25%; text-align: right" title="Number of outstanding stock options">190,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsOneMember_z243EBxQlq68" style="width: 25%; text-align: right" title="Weighted average exercise price">9.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td id="xdx_98B_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsOneMember_zOFxjEUjmUYe" style="width: 42%; text-align: right" title="Expiry">August 27, 2026</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_985_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsTwoMember_z9fv4L7hMQM8" style="text-align: right" title="Number of outstanding stock options">416,667</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsTwoMember_zzFkqoBsVVO6" style="text-align: right" title="Weighted average exercise price">7.50</td><td style="text-align: left"> </td><td> </td> <td id="xdx_981_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsTwoMember_zIE30mrYTQX3" style="text-align: right" title="Expiry">September 20, 2027</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_981_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsThreeMember_zzrUpbRXUipl" style="text-align: right" title="Number of outstanding stock options">424,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsThreeMember_zREAlfajodE3" style="text-align: right" title="Weighted average exercise price">7.50</td><td style="text-align: left"> </td><td> </td> <td id="xdx_988_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsThreeMember_zn3APf4WQL0e" style="text-align: right" title="Expiry">October 6, 2028</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsFourMember_zqMnKLhDGrp2" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options">560,572</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsFourMember_zbDoCZHp2YB1" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price">6.90</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td id="xdx_983_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsFourMember_zmQzKemTvHi2" style="border-bottom: Black 1pt solid; text-align: right" title="Expiry">December 31, 2030</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231_zGcAi5kpfJa1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,592,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"> </td></tr> </table> During the year ended December 31, 2025 On December 31, 2025, the Company granted <span id="xdx_901_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsOfficersAndConsultantsMember_zOHFZMV4XNVf" title="Number of stock options granted">560,572 incentive stock options to certain directors, officers, and consultants of the Company exercisable at $<span id="xdx_900_eifrs-full--NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_pid_uShares_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsOfficersAndConsultantsMember_zIUAaawbp9Uc" title="Number of stock options exercisable">6.90 per share until December 31, 2030. The options vested immediately. The fair value ascribed to the options was determined to be $3,282,245 using the Black-Scholes Option Pricing Model and was included in the statement of comprehensive loss during the year ended December 31, 2025. The following assumptions were used: Risk free rate of <span id="xdx_90C_eifrs-full--DescriptionOfRiskFreeInterestRateShareOptionsGranted_pid_dp_uPure_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsOfficersAndConsultantsMember_zAZb3LX0rLwa" title="Risk-free interest rate">2.96%; Expected life of <span id="xdx_903_ecustom--OptionLifeShareExpectedLife_dtY_uPure_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsOfficersAndConsultantsMember_zsdPt1VqWFd6" title="Expected life">5 years; Expected volatility of <span id="xdx_908_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsOfficersAndConsultantsMember_zQQwt8bMne7" title="Expected volatility">119.02% and Dividend yield of $<span id="xdx_902_eifrs-full--ExpectedDividendAsPercentageShareOptionsGranted_pid_dpxL_uPure_c20250101__20251231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--DirectorsOfficersAndConsultantsMember_z9pftOWePeh4" title="Dividend yield::XDX::-">nil. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif">Share Capital (continued)</td></tr></table> Options (continued) During the year ended December 31, 2024 None granted during the year ended December 31, 2024. Restricted Share Units On December 31, 2025, the Company entered into Restricted Share Unit Agreements with directors, officers, employees and consultants of the Company to issue a total of 769,401 restricted share units (“RSUs”) which will vest after 12 months on December 31, 2026. The fair value of the RSUs is measured based on the closing price of the Company’s common shares on the grant date and is recognized as share-based compensation over the vesting period. <p id="xdx_89D_ecustom--DisclosureOfDetailedInformationNumberAndWeightedAverageFairValueOfRestrictedStockUnitsExplanatory_zaIqBdLrFJ67" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> SCHEDULE OF RESTRICTED STOCK UNITS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of RSU’s</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at December 31, 2023 and 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20240101__20241231_zXB4fKcmUmQd" style="text-align: right" title="Number of RSUs, Outstanding">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at December 31, 2023 and 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20250101__20251231_zSMhusIZE0ud" style="text-align: right" title="Number of RSUs, Outstanding">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 82%; text-align: justify; padding-bottom: 1pt">RSUs granted</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_983_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uShares_c20250101__20251231_zltx2iDNVDxj" style="border-bottom: Black 1pt solid; width: 14%; text-align: right" title="Number of RSUs, Granted">769,401</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pid_uShares_c20250101__20251231_zRJxc1c4oXz4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of RSUs, Outstanding">769,401</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> During the year ended December 31, 2025, the Company recognized share-based compensation expense of $14,840 (2024 - $nil) related to the RSU’s, of which $<span id="xdx_909_eifrs-full--AdjustmentsForSharebasedPayments_c20250101__20251231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember_zeRwtcHAdFBa" title="Share-based compensation expense">10,128 (2024 - $<span id="xdx_903_eifrs-full--AdjustmentsForSharebasedPayments_dxL_c20240101__20241231__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--RestrictedShareUnitsMember_zI0ala64YLG9" title="Share-based compensation expense::XDX::-">nil) pertained to directors and officers of the Company. Reserves Equity reserve The equity reserve includes fair value of RSUs issued until such time that the restricted share units vest, at which time the corresponding amount will be transferred to share capital. Amounts recorded for forfeited unvested RSUs are reversed in the period the forfeiture occurs. Stock option reserve The stock option reserve includes items recognized as share-based payments expense until such time that the stock options are exercised, at which time the corresponding amount will be transferred to share capital. If the options expire unexercised, forfeited or are cancelled, the amount recorded is transferred to deficit. During the year ended December 31, 2025, $912,566 (2024 - $452,384) was transferred to deficit for options expired unexercised or forfeited. Warrant reserve The warrants reserve includes the fair value of the warrants issued for services or issued as part of private placement units until such time that the warrants are exercised, at which time the corresponding amount will be transferred to share capital. If the warrants expire unexercised or are cancelled, the amount recorded remains in the warrants reserve. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif">Share Capital (continued)</td></tr></table> Reserves (continued) Foreign exchange reserve The foreign exchange reserve recognizes the foreign exchange differences resulting from translation of group entities to the presentation currency that have a different functional currency than the presentation currency.

15942823

13789728

1428571

10.50

15000000

169726

763768

200000

1050000

554798

4.125

7.50

3809385

338854

328412

4.125

7.50

2026937

234961 <p id="xdx_890_ecustom--DisclosureOfWarrantActivityExplanatory_z3bkdSCO9dCl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Warrant activity is summarized as follows: SCHEDULE OF WARRANT ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Number of warrants</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Weighted average exercise price</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: justify">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_985_ecustom--NumberOfWarrantsOutstanding_iS_c20240101__20241231_zcADVMOC2qtk" style="width: 14%; font-weight: bold; text-align: right" title="Warrants outstanding">6,140,321</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_987_ecustom--WeightedAverageExercisePriceOutstanding_iS_pid_c20240101__20241231_zJ5BFT26gqCj" style="width: 14%; font-weight: bold; text-align: right" title="Weighted average exercise price outstanding">10.70</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Warrants granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--NumberOfOptionWarrantsIssued_c20240101__20241231_z3iY81xo2iC" style="text-align: right" title="Warrants granted">53,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--WeightedAverageExercisePriceWarrantsGranted_pid_c20240101__20241231_zTxhKu9gCond" style="text-align: right" title="Weighted average exercise price Warrants granted">7.125</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Warrants exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--NumberOfOptionWarrantsExercised_iN_di_c20240101__20241231_zZQ2BRpxZ003" style="text-align: right" title="Warrants exercised">(328,413</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_ecustom--WeightedAverageExercisePriceWarrantsExercised_pid_c20240101__20241231_znKDDa4BYOBh" style="text-align: right" title="Weighted average exercise price Warrants exercised">6.17</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Warrants expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--NumberOfOptionWarrantsExpired_iN_di_c20240101__20241231_zQaXMlamIW2b" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants expired">(1,358,278</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--WeightedAverageExercisePriceWarrantsExpired_pid_c20240101__20241231_zxJNRlo3GID3" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price Warrants expired">9.69</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance at December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98F_ecustom--NumberOfWarrantsOutstanding_iS_c20250101__20251231_zd2TJouB4iM5" style="font-weight: bold; text-align: right" title="Warrants outstanding">4,506,963</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_985_ecustom--WeightedAverageExercisePriceOutstanding_iS_pid_c20250101__20251231_z8Ul3nF8igo9" style="font-weight: bold; text-align: right" title="Weighted average exercise price outstanding">11.29</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify">Warrants granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--NumberOfOptionWarrantsIssued_c20250101__20251231_zzfDcMXBy6Ya" style="text-align: right" title="Warrants granted">799,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--WeightedAverageExercisePriceWarrantsGranted_pid_c20250101__20251231_zJIlorio4gP3" style="text-align: right" title="Weighted average exercise price Warrants granted">11.25</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify">Warrants exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_ecustom--NumberOfOptionWarrantsExercised_iN_di_c20250101__20251231_zUZi486WPa3h" style="text-align: right" title="Warrants exercised">(554,798</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_ecustom--WeightedAverageExercisePriceWarrantsExercised_pid_c20250101__20251231_zd5DCUW1kWL6" style="text-align: right" title="Weighted average exercise price Warrants exercised">6.87</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 1pt">Warrants expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_ecustom--NumberOfOptionWarrantsExpired_iN_di_c20250101__20251231_zmcCGI1sNwDd" style="border-bottom: Black 1pt solid; text-align: right" title="Warrants expired">(540,456</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--WeightedAverageExercisePriceWarrantsExpired_pid_c20250101__20251231_z6Rjq3J3yk2k" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price Warrants expired">7.33</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_981_ecustom--NumberOfWarrantsOutstanding_iE_c20250101__20251231_zFl8FKiNXvv1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Warrants outstanding">4,210,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_98C_ecustom--WeightedAverageExercisePriceOutstanding_iE_pid_c20250101__20251231_z02EIukEv4K1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average exercise price outstanding">12.37</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 6140321 10.70 53333 7.125 328413 6.17 1358278 9.69 4506963 11.29 799000 11.25 554798 6.87 540456 7.33 4210709 12.37 9.67 8.25 <p id="xdx_895_ecustom--DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsExplanatory_zSOXJXuYQTL3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Outstanding warrants are summarized as follows: SCHEDULE OF OUTSTANDING WARRANTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Number of warrants outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Expiry</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 1%"> </td><td id="xdx_98D_ecustom--NumberOfWarrantsOutstanding_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeOneMember_zeqx93zitkHe" style="text-align: right; width: 25%">2,950,305</td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td style="text-align: left; width: 1%">$</td><td id="xdx_981_ecustom--NumberOfWarrantsOutstandingExercisePrice_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeOneMember_z9gqhMxA64t7" style="text-align: right; width: 25%" title="Exercise price">13.50</td><td style="text-align: left; width: 1%"> </td><td style="width: 2%"> </td> <td id="xdx_982_ecustom--NumberOfWarrantsOutstandingExpiration_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeOneMember_zh95UpVazcWk" style="width: 42%; text-align: right">May 12, 2027</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_981_ecustom--NumberOfWarrantsOutstanding_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeTwoMember_zu9Ws72UMflf" style="text-align: right">799,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_ecustom--NumberOfWarrantsOutstandingExercisePrice_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeTwoMember_zb1IonvPn3dl" style="text-align: right" title="Exercise price">11.25</td><td style="text-align: left"> </td><td> </td> <td id="xdx_988_ecustom--NumberOfWarrantsOutstandingExpiration_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeTwoMember_z3jCB7sTUTj5" style="text-align: right">September 26, 2028</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><p id="xdx_98A_ecustom--NumberOfWarrantsOutstanding_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeThreeMember_zQpugJLvUu25" style="margin: 0" title="Number of warrants outstanding">461,404</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_983_ecustom--NumberOfWarrantsOutstandingExercisePrice_iI_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeThreeMember_zQmhPcQhbd98" style="border-bottom: Black 1pt solid; text-align: right" title="Exercise price">7.125</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: right"><p id="xdx_986_ecustom--NumberOfWarrantsOutstandingExpiration_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangeThreeMember_zkBtxl7RVDlb" style="margin: 0" title="Expiry date">October 6, 2028</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_983_ecustom--NumberOfWarrantsOutstanding_iI_c20251231_z0GULLbfiU7b" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of warrants outstanding">4,210,709</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: right" title="Exercise price"> </td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"> </td></tr> </table> At December 31, 2025, the weighted average life of warrants was 1.77 (2024 - 2.16) years. Omnibus Incentive Plan On June 13, 2025, the Company approved an omnibus incentive plan which allows the Board of Directors of the Company from time to time, in its discretion, and in accordance with the TSX.V requirements, to grant non-transferable stock options, restricted share units and deferred share units (“Awards”) to directors, officers, employees and consultants of the Company (“Participants”). The number of common shares reserved for issuance for stock options and restricted share units will not exceed 10% and 5% of the Company’s issued and outstanding common shares, respectively. Stock options will be exercisable for a period of up to a maximum of ten years from the date of grant. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">12.</td><td style="font: 10pt Times New Roman, Times, Serif">Share Capital (continued)</td></tr></table> Omnibus Incentive Plan (continued) In connection with the foregoing, the number of common shares reserved for issuance to any one Participant in a 12-month period will not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all investor relation activities and consultants will not exceed two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company. Unvested RSUs shall be forfeited and cancelled following cessation of the optionee’s position with the Company. Each award other than stock options may not be vested before the date that is one year following the grant date of the award. Any stock options granted for investor relations services must vest in stages over a period of not less than 12 months. Options <p id="xdx_890_ecustom--DisclosureOfOutstandingShareOptionsExplanatory_zUi1c5atdz4h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">The following table summarizes the continuity of the Company’s stock options: SCHEDULE OF STOCK OPTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: justify">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20240101__20241231_zffKWlEJqocf" style="width: 14%; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,260,904</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20240101__20241231_zo2eixK50T1d" style="width: 14%; font-weight: bold; text-align: right" title="Weighted average exercise price, beginning balance">7.98</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Options expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20240101__20241231_zqut15QjYCPd" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options expired">(41,333</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_c20240101__20241231_zQjsWledtEla" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price expired">15.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance at December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20250101__20251231_z7vl6nRqTVnj" style="font-weight: bold; text-align: right" title="Number of outstanding stock options">1,219,571</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20250101__20251231_zrxbCYTScVYf" style="font-weight: bold; text-align: right" title="Weighted average exercise price, beginning balance">7.74</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Options expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20250101__20251231_zL5K9cv6rqnh" style="text-align: right" title="Number of outstanding stock options expired">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zvMZWXsl35Ye" style="text-align: right" title="Weighted average exercise price expired">7.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Options cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20250101__20251231_zFwT763fUF74" style="text-align: right" title="Number of outstanding stock options cancelled">(118,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zIPRxnUdK5v" style="text-align: right" title="Weighted average exercise price cancelled">7.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20250101__20251231_zauMO8cSIGUe" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options granted">560,572</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zBBcvwMfFKj8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price granted">6.90</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20250101__20251231_zuqVasIji14k" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,592,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_pid_c20250101__20251231_zlFKbhHaBzc1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average exercise price, ending balance">7.47</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> 2950305 13.50 2027-05-12 799000 11.25 2028-09-26 461404 7.125 2028-10-06 4210709 P1Y9M7D P2Y1M28D 0.10 0.05 <p id="xdx_890_ecustom--DisclosureOfOutstandingShareOptionsExplanatory_zUi1c5atdz4h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">The following table summarizes the continuity of the Company’s stock options: SCHEDULE OF STOCK OPTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Number of options</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Weighted average exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-weight: bold; text-align: justify">Balance at December 31, 2023</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20240101__20241231_zffKWlEJqocf" style="width: 14%; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,260,904</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td id="xdx_987_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20240101__20241231_zo2eixK50T1d" style="width: 14%; font-weight: bold; text-align: right" title="Weighted average exercise price, beginning balance">7.98</td><td style="width: 1%; font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Options expired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20240101__20241231_zqut15QjYCPd" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options expired">(41,333</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98A_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_c20240101__20241231_zQjsWledtEla" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price expired">15.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify">Balance at December 31, 2024</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_98D_eifrs-full--NumberOfOutstandingShareOptions_iS_pid_uShares_c20250101__20251231_z7vl6nRqTVnj" style="font-weight: bold; text-align: right" title="Number of outstanding stock options">1,219,571</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iS_pid_c20250101__20251231_zrxbCYTScVYf" style="font-weight: bold; text-align: right" title="Weighted average exercise price, beginning balance">7.74</td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Options expired</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eifrs-full--NumberOfShareOptionsExpiredInSharebasedPaymentArrangement_iN_pid_di_uShares_c20250101__20251231_zL5K9cv6rqnh" style="text-align: right" title="Number of outstanding stock options expired">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eifrs-full--WeightedAverageExercisePriceOfShareOptionsExpiredInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zvMZWXsl35Ye" style="text-align: right" title="Weighted average exercise price expired">7.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Options cancelled</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_iN_pid_di_uShares_c20250101__20251231_zFwT763fUF74" style="text-align: right" title="Number of outstanding stock options cancelled">(118,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsForfeitedInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zIPRxnUdK5v" style="text-align: right" title="Weighted average exercise price cancelled">7.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">Options granted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20250101__20251231_zauMO8cSIGUe" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options granted">560,572</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eifrs-full--WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPaymentArrangement2019_pid_c20250101__20251231_zBBcvwMfFKj8" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price granted">6.90</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_986_eifrs-full--NumberOfOutstandingShareOptions_iE_pid_uShares_c20250101__20251231_zuqVasIji14k" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,592,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_986_eifrs-full--WeightedAverageExercisePriceOfShareOptionsOutstandingInSharebasedPaymentArrangement2019_iE_pid_c20250101__20251231_zlFKbhHaBzc1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Weighted average exercise price, ending balance">7.47</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

1260904

7.98

41333

15.00

1219571

7.74

70000

7.50

118000

7.54

560572

6.90

1592143

7.47

P3Y10D

P2Y10M6D

<p id="xdx_891_eifrs-full--DisclosureOfRangeOfExercisePricesOfOutstandingShareOptionsExplanatory_zBx3JYw5RhOf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Details of options outstanding, issued and exercisable, as at December 31, 2025 are as follows: SCHEDULE OF OPTIONS OUTSTANDING, ISSUED AND EXERCISABLE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">Number of options outstanding and exercisable</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Expiry</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsOneMember_zeAFmaz75Gwb" style="width: 25%; text-align: right" title="Number of outstanding stock options">190,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsOneMember_z243EBxQlq68" style="width: 25%; text-align: right" title="Weighted average exercise price">9.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td id="xdx_98B_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsOneMember_zOFxjEUjmUYe" style="width: 42%; text-align: right" title="Expiry">August 27, 2026</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td id="xdx_985_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsTwoMember_z9fv4L7hMQM8" style="text-align: right" title="Number of outstanding stock options">416,667</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsTwoMember_zzFkqoBsVVO6" style="text-align: right" title="Weighted average exercise price">7.50</td><td style="text-align: left"> </td><td> </td> <td id="xdx_981_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsTwoMember_zIE30mrYTQX3" style="text-align: right" title="Expiry">September 20, 2027</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td id="xdx_981_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsThreeMember_zzrUpbRXUipl" style="text-align: right" title="Number of outstanding stock options">424,904</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsThreeMember_zREAlfajodE3" style="text-align: right" title="Weighted average exercise price">7.50</td><td style="text-align: left"> </td><td> </td> <td id="xdx_988_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsThreeMember_zn3APf4WQL0e" style="text-align: right" title="Expiry">October 6, 2028</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_984_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsFourMember_zqMnKLhDGrp2" style="border-bottom: Black 1pt solid; text-align: right" title="Number of outstanding stock options">560,572</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_98F_eifrs-full--WeightedAverageSharePrice2019_pid_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsFourMember_zbDoCZHp2YB1" style="border-bottom: Black 1pt solid; text-align: right" title="Weighted average exercise price">6.90</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td id="xdx_983_ecustom--WeightedAverageSharePriceExpiration_pid_dd_c20250101__20251231__ifrs-full--RangesOfExercisePricesForOutstandingShareOptionsAxis__custom--RangesOfExercisePricesForOutstandingShareOptionsFourMember_zmQzKemTvHi2" style="border-bottom: Black 1pt solid; text-align: right" title="Expiry">December 31, 2030</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_982_eifrs-full--NumberOfOutstandingShareOptions_iI_pid_uShares_c20251231_zGcAi5kpfJa1" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of outstanding stock options">1,592,143</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: justify; padding-bottom: 2.5pt"> </td></tr> </table>

190000

9.00

2026-08-27

416667

7.50

2027-09-20

424904

7.50

2028-10-06

560572

6.90

2030-12-31

1592143

560572

6.90

3282245

0.0296

P5Y

1.1902

769401

<p id="xdx_89D_ecustom--DisclosureOfDetailedInformationNumberAndWeightedAverageFairValueOfRestrictedStockUnitsExplanatory_zaIqBdLrFJ67" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> SCHEDULE OF RESTRICTED STOCK UNITS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of RSU’s</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at December 31, 2023 and 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20240101__20241231_zXB4fKcmUmQd" style="text-align: right" title="Number of RSUs, Outstanding">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Balance at December 31, 2023 and 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iS_pid_uShares_c20250101__20251231_zSMhusIZE0ud" style="text-align: right" title="Number of RSUs, Outstanding">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 82%; text-align: justify; padding-bottom: 1pt">RSUs granted</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td id="xdx_983_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uShares_c20250101__20251231_zltx2iDNVDxj" style="border-bottom: Black 1pt solid; width: 14%; text-align: right" title="Number of RSUs, Granted">769,401</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2025</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td id="xdx_984_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_pid_uShares_c20250101__20251231_zRJxc1c4oXz4" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Number of RSUs, Outstanding">769,401</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

769401

14840

10128

912566

452384

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">13.</td><td style="font: 10pt Times New Roman, Times, Serif">Income Tax</td></tr></table> <p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutIncomeTax_zttjtjvR3mb6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows: SCHEDULE OF RECONCILIATION OF THE EXPECTED INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zzk4FWaUhP4b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20241231_zdiG539NlSak" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eifrs-full--ProfitLossBeforeTax_zVFKQWMbCxsd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Income (Loss) before income taxes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(19,722,261</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(11,445,652</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eifrs-full--ApplicableTaxRate_pid_dp_uPure_zIh2dkbG9N4l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Statutory tax rate</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_400_ecustom--TaxExpenseOtherThanIncomeTaxExpenses_iN_pid_di_msITECOznTa_z5yDaehqTEhl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected tax expense (recovery)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,325,010</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,090,326</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eifrs-full--OtherExpenseByNature_pid_maITECOznTa_zFxo0fu1sMX" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Non-deductible expenses and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,875,335</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,392,797</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ImpactOfForeignExchange_pid_maITECOznTa_zKbRyE3ulmF2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Impact of foreign exchange</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(317,069</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eifrs-full--TaxEffectOfForeignTaxRates_maITECOznTa_ziBhQs8w64ta" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Impact of foreign tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">517,427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--LossCarryForwardsRemovedOnDissolutionOfSubsidiary_maITECOznTa_zcG3d8NjnbIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss carryforwards removed on dissolution of subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,114,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ChangeInValuationAllowance_maITECOznTa_z4Z8fsUiTZa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,776,654</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">652,986</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOznTa_z9TFlDIbAXQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> <p id="xdx_89D_eifrs-full--DisclosureOfDeferredTaxesExplanatory_z8BNSFhMTWNj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 are as follows: SCHEDULE OF DEFERRED TAX ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_z0N5Y69IA2Lk" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231_zEjt26wayuIe" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--LossCarryForwardRemovedOnDissolutionOfSubsidiary_iNI_di_maNDTAzbQf_zDV5uRnN7s84" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Loss carryforwards removed on dissolution of subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,114,893</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredtTaxAssetsNoncapitalLosses_iI_maNDTAzbQf_zCSmOqvnMz0k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Non-capital losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">14,466,345</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">12,393,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredtTaxAssetsExplorationAndEvaluationAssets_iI_maNDTAzbQf_zRMJEXHCYe1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exploration and evaluation assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,820,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,068,587</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredtTaxAssetsPropertyAndEquipment_iNI_di_msNDTAzbQf_zblyO9bEOPd7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,366,698</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,603,539</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ShareIssuanceCosts_iI_maNDTAzbQf_z2g5xPustkTh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Share issuance costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">197,463</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">366,816</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--NetDeferredTaxAssets_iTI_mtNDTAzbQf_zlpuDn1Abtp4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred income tax assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,002,318</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,225,664</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">13.</td><td style="font: 10pt Times New Roman, Times, Serif">Income Tax (continued)</td></tr></table> The tax pools relating to these deductible temporary difference expire as follows: SCHEDULE OF DEDUCTIBLE TEMPORARY DIFFERENCE EXPIRE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49A_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--CanadianNonCapitalLossesMember_z0TQ7N35KqEe" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49B_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--CanadianResourcePoolsMember_zHoOyHRd5Hle" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_497_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--UnitedStatesTaxLossesMember_zsef04A84pg8" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_498_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--UnitedStatesResourcePoolsMember_zaHpyoRmi3If" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49A_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--PropertyPlantAndEquipmentMember_zV38cdpvoju1" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_491_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--ShareIssueCostsMember_zXEqGbySzbgf" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Canadian non-capital losses</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Canadian resource pools</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">United States tax losses</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">United States resource pools</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Property and equipment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Share issue costs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearOneMember_zVxn9kZCO3b2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; text-align: left">2032</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">583,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearTwoMember_zdA2Vb2Qdl0j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">717,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearThreeMember_zq3Z8YpuCxfg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2034</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearFourMember_zyZj6GpYEGP9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2035</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearFiveMember_za3aLVLnkD41" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2036</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,121,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearSixMember_zCWbbkdXUyS5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2037</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,591,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearSevenMember_zLn4iyFXHDx" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2038</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,814,238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearEightMember_zMOuaMgReVeg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2039</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,495,165</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearNineMember_zc6Mqex22UB8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2040</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,179,304</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearTenMember_zKxY9pIGUock" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2041</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,525,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearElevenMember_zNYQlgjvbSpf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2042</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,429,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearTwelveMember_zyorz7OYmPPj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2043</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,582,932</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearThirteenMember_zrXlBnWfmsb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2044</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,726,345</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearFourteenMember_zfegP5ctezB3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,637,294</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--NoExpriryMember_zsJhnTMpA7Zf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">No expiry</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,271,762</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">13,138,828</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57,732,041</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">540,479</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">731,344</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_zQGvtCyuqp7b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,019,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,271,762</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,410,412</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,732,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">540,479</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">731,344</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

<p id="xdx_892_ecustom--DisclosureOfDetailedInformationAboutIncomeTax_zttjtjvR3mb6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows: SCHEDULE OF RECONCILIATION OF THE EXPECTED INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zzk4FWaUhP4b" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20240101__20241231_zdiG539NlSak" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eifrs-full--ProfitLossBeforeTax_zVFKQWMbCxsd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Income (Loss) before income taxes</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(19,722,261</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(11,445,652</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eifrs-full--ApplicableTaxRate_pid_dp_uPure_zIh2dkbG9N4l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Statutory tax rate</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27</td><td style="padding-bottom: 1pt; text-align: left">%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">27</td><td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_400_ecustom--TaxExpenseOtherThanIncomeTaxExpenses_iN_pid_di_msITECOznTa_z5yDaehqTEhl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected tax expense (recovery)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(5,325,010</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3,090,326</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eifrs-full--OtherExpenseByNature_pid_maITECOznTa_zFxo0fu1sMX" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Non-deductible expenses and other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,875,335</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,392,797</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ImpactOfForeignExchange_pid_maITECOznTa_zKbRyE3ulmF2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Impact of foreign exchange</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">40,701</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(317,069</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eifrs-full--TaxEffectOfForeignTaxRates_maITECOznTa_ziBhQs8w64ta" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Impact of foreign tax rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">517,427</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">361,612</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_ecustom--LossCarryForwardsRemovedOnDissolutionOfSubsidiary_maITECOznTa_zcG3d8NjnbIh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Loss carryforwards removed on dissolution of subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,114,893</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--ChangeInValuationAllowance_maITECOznTa_z4Z8fsUiTZa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,776,654</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">652,986</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_eifrs-full--IncomeTaxExpenseContinuingOperations_iT_mtITECOznTa_z9TFlDIbAXQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">—</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

-19722261

-11445652

0.27

5325010 3090326

1875335

2392797

40701 -317069

517427

361612

1114893 1776654 652986

<p id="xdx_89D_eifrs-full--DisclosureOfDeferredTaxesExplanatory_z8BNSFhMTWNj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">Significant components of the Company’s deferred tax assets as of December 31, 2025 and 2024 are as follows: SCHEDULE OF DEFERRED TAX ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20251231_z0N5Y69IA2Lk" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49B_20241231_zEjt26wayuIe" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_409_ecustom--LossCarryForwardRemovedOnDissolutionOfSubsidiary_iNI_di_maNDTAzbQf_zDV5uRnN7s84" style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Loss carryforwards removed on dissolution of subsidiary</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,114,893</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredtTaxAssetsNoncapitalLosses_iI_maNDTAzbQf_zCSmOqvnMz0k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Non-capital losses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">14,466,345</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">12,393,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredtTaxAssetsExplorationAndEvaluationAssets_iI_maNDTAzbQf_zRMJEXHCYe1" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exploration and evaluation assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,820,101</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,068,587</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredtTaxAssetsPropertyAndEquipment_iNI_di_msNDTAzbQf_zblyO9bEOPd7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,366,698</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(4,603,539</td><td style="text-align: left">)</td></tr> <tr id="xdx_403_ecustom--ShareIssuanceCosts_iI_maNDTAzbQf_z2g5xPustkTh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Share issuance costs</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">197,463</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">366,816</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40B_eifrs-full--NetDeferredTaxAssets_iTI_mtNDTAzbQf_zlpuDn1Abtp4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred income tax assets</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">15,002,318</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,225,664</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

1114893 14466345 12393800 5820101 5068587 4366698 4603539 197463 366816

15002318

13225664

SCHEDULE OF DEDUCTIBLE TEMPORARY DIFFERENCE EXPIRE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49A_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--CanadianNonCapitalLossesMember_z0TQ7N35KqEe" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49B_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--CanadianResourcePoolsMember_zHoOyHRd5Hle" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_497_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--UnitedStatesTaxLossesMember_zsef04A84pg8" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_498_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--UnitedStatesResourcePoolsMember_zaHpyoRmi3If" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_49A_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__ifrs-full--PropertyPlantAndEquipmentMember_zV38cdpvoju1" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_491_20251231__ifrs-full--TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis__custom--ShareIssueCostsMember_zXEqGbySzbgf" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">Canadian non-capital losses</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Canadian resource pools</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">United States tax losses</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">United States resource pools</td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Property and equipment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">Share issue costs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearOneMember_zVxn9kZCO3b2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; text-align: left">2032</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">583,364</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearTwoMember_zdA2Vb2Qdl0j" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2033</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">717,523</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearThreeMember_zq3Z8YpuCxfg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2034</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearFourMember_zyZj6GpYEGP9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2035</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049,578</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearFiveMember_za3aLVLnkD41" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2036</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,121,278</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">271,584</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearSixMember_zCWbbkdXUyS5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2037</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,591,686</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearSevenMember_zLn4iyFXHDx" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2038</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,814,238</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearEightMember_zMOuaMgReVeg" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2039</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,495,165</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearNineMember_zc6Mqex22UB8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2040</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,179,304</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearTenMember_zKxY9pIGUock" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2041</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,525,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearElevenMember_zNYQlgjvbSpf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2042</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,429,508</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearTwelveMember_zyorz7OYmPPj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2043</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,582,932</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearThirteenMember_zrXlBnWfmsb2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2044</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,726,345</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--YearFourteenMember_zfegP5ctezB3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,637,294</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_hifrs-full--MaturityAxis__custom--NoExpriryMember_zsJhnTMpA7Zf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">No expiry</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,271,762</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">13,138,828</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">57,732,041</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">540,479</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">731,344</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_eifrs-full--DeductibleTemporaryDifferencesForWhichNoDeferredTaxAssetIsRecognised_iI_zQGvtCyuqp7b" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">39,019,500</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,271,762</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,410,412</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">57,732,041</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">540,479</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">731,344</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

583364

717523

1566222

1049578

1121278

271584

2591686

3814238

1495165

2179304

2525063

5429508

3582932

5726345

6637294

2271762

13138828

57732041

540479

731344

39019500

2271762

13410412

57732041

540479

731344

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">14.</td><td style="font: 10pt Times New Roman, Times, Serif">Segmented Information</td></tr></table> The Company’s property and equipment, exploration and evaluation assets and its related reclamation bonds and insurance, by geographical areas as at December 31, 2025 and 2024, were all located in USA. The Company operates in one operating segment being the exploration and evaluation of mineral properties.

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">15.</td><td style="font: 10pt Times New Roman, Times, Serif">Capital Management</td></tr></table> The Company’s objectives when managing capital are to safeguard its ability to pursue the evaluation and exploration of its mineral exploration properties and to maintain a flexible capital structure, which optimizes the costs of capital at an acceptable risk. In the management of capital, the Company includes the components of share capital as well as cash. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may issue new shares, acquire or dispose of assets, or adjust the amount of cash and cash equivalents and short-term investments. In order to maximize ongoing development efforts, the Company does not pay out dividends. The Company is not subject to any externally imposed capital requirements. There were no changes during the year to management’s approach to capital management. The Company’s investment policy is to invest its excess cash in highly liquid investments that are readily convertible into cash with maturities of nine months or less from the original date of acquisition or when it is needed, selected with regards to the expected timing of expenditures from continuing operations. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

<p id="xdx_807_eifrs-full--DisclosureOfFinancialInstrumentsExplanatory_zMakObHJctLd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">16.</td><td style="font: 10pt Times New Roman, Times, Serif">Financial Instruments</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td><td style="font: 10pt Times New Roman, Times, Serif">Fair value</td></tr></table> The carrying values of cash, accounts payable and due to related parties approximate their fair values due to the relatively short period to maturity of those financial instruments. The carrying value of the long-term debt approximates its fair value due to the floating rate interest charged under the credit facility. Financial instruments recorded at fair value on the statements of financial position are classified using a fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3: Inputs that are not based on observable market data. As at December 31, 2025, the financial instruments recorded at fair value on the statement of financial position are cash and marketable securities which are measured using Level 1, and the financial instruments recorded at amortized cost are reclamation bonds, accounts payable, due to related parties and loans payable. <p id="xdx_898_eifrs-full--MaturityAnalysisForDerivativeFinancialLiabilities_zGyLP3Dx0DK1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">The following are the contractual maturities of financial liabilities as at December 31, 2025: SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zQzRVQSEvHlb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zHvByI43GlXg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember_zcMGb61Fdg91" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">< 1 Year</td><td style="text-align: right; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1-2 Years</td><td style="text-align: right; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3-5 Years</td><td style="text-align: right; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_iI_z2hGg8RcCTr8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,242,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_zoaSPlKM0uEc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--CurrentLoansPayable_iI_zzz2ubyyWnT9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Loan payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,151,389</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">b)</td><td style="font: 10pt Times New Roman, Times, Serif">Classification of financial instruments</td></tr></table> <p id="xdx_892_eifrs-full--DisclosureOfFinancialAssetsExplanatory_zHwlZI9aVfSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">Financial assets included in the statement of financial position are as follows: SCHEDULE OF FINANCIAL ASSETS INCLUDED IN THE STATEMENT OF FINANCIAL POSITION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_493_20251231_zf4Qd7zuLCif" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_495_20241231_zcdESjCwTm4k" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Fair value through profit and loss:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--Cash_iI_zOpH8SGOI81h" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: justify">Cash</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">3,349,977</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,350,411</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--CurrentMarketableSecurities_iI_zbtNbC9NAFA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Marketable securities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,884</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,563</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amortized cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--NoncurrentReclamationBonds_iI_z7Ybusf03Xyi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Reclamation bonds</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,725,199</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">16,087,691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_893_eifrs-full--DisclosureOfFinancialLiabilitiesExplanatory_zeAVS9kLMY9k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">Financial liabilities included in the statement of financial position are as follows: SCHEDULE OF FINANCIAL LIABILITIES INCLUDED IN THE STATEMENT OF FINANCIAL POSITION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_493_20251231_zfZQhsMI6jTj" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_495_20241231_zoKMmK8Zk4Xa" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Non-derivative financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NonDerivativeFinancialLiabilitiesAccountsPayable_iI_z1LioWMEBeOd" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: justify">Accounts payable</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">1,242,676</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">760,631</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--NonDerivativeFinancialLiabilitiesDueToRelatedParties_zSxJZGuVJzo3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Due to related parties</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">278,502</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--NonDerivativeFinancialLiabilitiesLoansPayable_iI_zAHP8Kd8Zzl3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Loan payable</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,151,389</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,283,793</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div>

<p id="xdx_898_eifrs-full--MaturityAnalysisForDerivativeFinancialLiabilities_zGyLP3Dx0DK1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">The following are the contractual maturities of financial liabilities as at December 31, 2025: SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231__ifrs-full--MaturityAxis__ifrs-full--NotLaterThanOneYearMember_zQzRVQSEvHlb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanTwoYearsAndNotLaterThanThreeYearsMember_zHvByI43GlXg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20251231__ifrs-full--MaturityAxis__ifrs-full--LaterThanThreeYearsAndNotLaterThanFourYearsMember_zcMGb61Fdg91" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">< 1 Year</td><td style="text-align: right; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1-2 Years</td><td style="text-align: right; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: right; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">3-5 Years</td><td style="text-align: right; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40A_eifrs-full--TradeAndOtherCurrentPayables_iI_z2hGg8RcCTr8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Accounts payable</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">1,242,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_zoaSPlKM0uEc" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Due to related parties</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">278,502</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--CurrentLoansPayable_iI_zzz2ubyyWnT9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Loan payable</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">12,151,389</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1242676

278502

12151389

<p id="xdx_892_eifrs-full--DisclosureOfFinancialAssetsExplanatory_zHwlZI9aVfSi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">Financial assets included in the statement of financial position are as follows: SCHEDULE OF FINANCIAL ASSETS INCLUDED IN THE STATEMENT OF FINANCIAL POSITION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_493_20251231_zf4Qd7zuLCif" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_495_20241231_zcdESjCwTm4k" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Fair value through profit and loss:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eifrs-full--Cash_iI_zOpH8SGOI81h" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: justify">Cash</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">3,349,977</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,350,411</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--CurrentMarketableSecurities_iI_zbtNbC9NAFA2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Marketable securities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">19,884</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">34,563</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Amortized cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--NoncurrentReclamationBonds_iI_z7Ybusf03Xyi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Reclamation bonds</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,725,199</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">16,087,691</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

3349977

1350411

19884 34563 16725199 16087691

<p id="xdx_893_eifrs-full--DisclosureOfFinancialLiabilitiesExplanatory_zeAVS9kLMY9k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify">Financial liabilities included in the statement of financial position are as follows: SCHEDULE OF FINANCIAL LIABILITIES INCLUDED IN THE STATEMENT OF FINANCIAL POSITION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_493_20251231_zfZQhsMI6jTj" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td style="text-align: center"> </td><td id="xdx_495_20241231_zoKMmK8Zk4Xa" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: right">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Non-derivative financial liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NonDerivativeFinancialLiabilitiesAccountsPayable_iI_z1LioWMEBeOd" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; text-align: justify">Accounts payable</td><td style="width: 2%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 14%; font-weight: bold; text-align: right">1,242,676</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">760,631</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_ecustom--NonDerivativeFinancialLiabilitiesDueToRelatedParties_zSxJZGuVJzo3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Due to related parties</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">278,502</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">223,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--NonDerivativeFinancialLiabilitiesLoansPayable_iI_zAHP8Kd8Zzl3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt">Loan payable</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,151,389</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">9,283,793</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1242676 760631 278502 223489 12151389 9283793

<table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">17.</td><td style="font: 10pt Times New Roman, Times, Serif">Financial Risk Management</td></tr></table> Financial Risk Management Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash held in bank accounts. The majority of cash is deposited in bank accounts held with major banks in Canada. As the majority of the Company’s cash is held by one bank there is a concentration of credit risk. This risk is managed by using a major bank that is high credit quality financial institutions as determined by rating agencies. The Company has secondary exposure to credit risk on its receivables. The receivables consist of refundable goods and services tax from the government. Credit risk is assessed as low. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash. Historically, the Company’s sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. Liquidity risk is assessed as low. The Company’s current liabilities are due on demand or have a term of less than a year. The Company’s long-term liabilities consist of a credit facility which is due on September 26, 2028. Interest Rate Risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As at December 31, 2025, the Company loan payable of US$8,860,960 is subject to interest rate risk. The loan payable incurs interest based on the SOFR plus 5.0% per annum, payable semi-annually in U.S. dollars. The Company, with written notice, may elect to capitalize the interest payable on the Credit Facility semi-annually, in arrears, at a rate of SOFR plus 7.0%. If interest rates on the Company’s credit facility increased (decreased) by 100 basis points with all other variables held constant, finance costs on the credit facility would increase (decreased) by $121,514 (2024 - $52,207). Foreign Currency Risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The foreign currency risk for the Company is low as the foreign currencies held are in the functional currency of the entities. Anfield Energy Inc. Notes to the Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) <div style="margin: 0pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt"> </div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">17.</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Financial Risk Management (continued)</td></tr></table> Financial Risk Management (continued) Foreign Currency Risk (continued) The following tables detail the Company’s exposure to foreign currency risk as at December 31, 2025 and 2024, including a sensitivity analysis to changes in foreign exchange rates: SCHEDULE OF FOREIGN CURRENCY RISK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">USD</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Change in currency</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Effect on income (loss)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">USD</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Change in currency</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Effect on income (loss)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Net monetary assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--NetMonetaryAssets_iI_uUSD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zxNrEJDVvyQa" style="width: 6%; text-align: right" title="Net monetary assets">2,905,905</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecustom--ChangeInCurrencyOfNetMonetaryAssets_iI_pid_dp_uPure_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_z8wErsUsM4pe" style="width: 6%; text-align: right" title="Change in currency of net monetary assets">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--NetMonetaryAssets_iI_uCAD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zvL7k6yTKAK2" style="width: 6%; text-align: right" title="Net monetary assets">398,498</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--NetMonetaryAssets_iI_uUSD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zNz1vSSguxKh" style="width: 6%; text-align: right" title="Net monetary assets">1,033,259</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_ecustom--ChangeInCurrencyOfNetMonetaryAssets_iI_pid_dp_uPure_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zUjnBpTTF7l1" style="width: 6%; text-align: right" title="Change in currency of net monetary assets">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--NetMonetaryAssets_iI_uCAD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_z4Z8BwWEpaEl" style="width: 6%; text-align: right" title="Net monetary assets">148,803</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net monetary liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_981_ecustom--NetMonetaryLiabilities_iNI_di_uUSD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zt1Zfk8onz22" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">9,806,493</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInCurrencyOfNetMonetaryLiabilities_iI_pid_dp_uPure_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zuZdCaKwnVb1" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in currency of net monetary liabilities">10</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_980_ecustom--NetMonetaryLiabilities_iNI_di_uCAD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zQqte2eoOE29" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">1,344,804</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_982_ecustom--NetMonetaryLiabilities_iNI_di_uUSD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zLHoCqc7Nkka" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">2,819,665</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_ecustom--ChangeInCurrencyOfNetMonetaryLiabilities_iI_pid_dp_uPure_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zyOa6mJhINC2" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in currency of net monetary liabilities">10</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_986_ecustom--NetMonetaryLiabilities_iNI_di_uCAD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zTX4tDjkUnd3" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">406,068</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Commodity Risk Commodity risk is the risk that the value of future cash flows and profits will fluctuate based on the prices of commodities. The Company is exposed to changes in the price of commodities. Changes in the price of commodities will impact the Company’s ability to obtain financing to explore its exploration and evaluation assets. As at December 31, 2025, the Company has no contracts or agreements in place to mitigate these price risks.

8860960 0.050 0.070 121514 52207 The following tables detail the Company’s exposure to foreign currency risk as at December 31, 2025 and 2024, including a sensitivity analysis to changes in foreign exchange rates: SCHEDULE OF FOREIGN CURRENCY RISK <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2025</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="10" style="border-bottom: Black 1pt solid; text-align: center">December 31, 2024</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">USD</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Change in currency</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Effect on income (loss)</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">USD</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Change in currency</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Effect on income (loss)</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-left: 5.4pt">Net monetary assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--NetMonetaryAssets_iI_uUSD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zxNrEJDVvyQa" style="width: 6%; text-align: right" title="Net monetary assets">2,905,905</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_ecustom--ChangeInCurrencyOfNetMonetaryAssets_iI_pid_dp_uPure_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_z8wErsUsM4pe" style="width: 6%; text-align: right" title="Change in currency of net monetary assets">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_ecustom--NetMonetaryAssets_iI_uCAD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zvL7k6yTKAK2" style="width: 6%; text-align: right" title="Net monetary assets">398,498</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98A_ecustom--NetMonetaryAssets_iI_uUSD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zNz1vSSguxKh" style="width: 6%; text-align: right" title="Net monetary assets">1,033,259</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_ecustom--ChangeInCurrencyOfNetMonetaryAssets_iI_pid_dp_uPure_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zUjnBpTTF7l1" style="width: 6%; text-align: right" title="Change in currency of net monetary assets">10</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_ecustom--NetMonetaryAssets_iI_uCAD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_z4Z8BwWEpaEl" style="width: 6%; text-align: right" title="Net monetary assets">148,803</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Net monetary liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_981_ecustom--NetMonetaryLiabilities_iNI_di_uUSD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zt1Zfk8onz22" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">9,806,493</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_ecustom--ChangeInCurrencyOfNetMonetaryLiabilities_iI_pid_dp_uPure_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zuZdCaKwnVb1" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in currency of net monetary liabilities">10</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_980_ecustom--NetMonetaryLiabilities_iNI_di_uCAD_c20251231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zQqte2eoOE29" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">1,344,804</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_982_ecustom--NetMonetaryLiabilities_iNI_di_uUSD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zLHoCqc7Nkka" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">2,819,665</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_ecustom--ChangeInCurrencyOfNetMonetaryLiabilities_iI_pid_dp_uPure_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zyOa6mJhINC2" style="border-bottom: Black 2.5pt double; text-align: right" title="Change in currency of net monetary liabilities">10</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">($</td><td id="xdx_986_ecustom--NetMonetaryLiabilities_iNI_di_uCAD_c20241231__ifrs-full--TypesOfRisksAxis__custom--ForeignCurrencyRiskMember_zTX4tDjkUnd3" style="border-bottom: Black 2.5pt double; text-align: right" title="Net monetary liabilities">406,068</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> 2905905 0.10 398498 1033259 0.10 148803 -9806493 0.10 -1344804 -2819665 0.10 -406068

<p id="xdx_800_eifrs-full--DisclosureOfContingentLiabilitiesExplanatory_z4W2BmxsmFo6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.25in">18.</td><td>Contingent Liability</td></tr></table> On November 13, 2025, the Company, its subsidiary Highbury Resources Inc. and a co-defendant were served with a Demand for Arbitration through the American Arbitration Association by a plaintiff alleging breach of contract relating to an asset purchase agreement dated December 28, 2018 and mineral supply agreement dated February 28, 2019. One of the underlying assets acquired under these agreements was subsequently assigned to the co-defendant as part of a property swap agreement which closed June 6, 2022. The plaintiff is seeking 125,000 pounds of yellowcake uranium or an equivalent dollar amount of approximately US$10,000,000. The Company intends to vigorously defend the claim, should the Arbitration advance beyond this initial stage, as it considers the obligation for remittance of the 125,000 of yellowcake uranium to be the responsibility of the co-defendant under the terms of the property swap agreement. No amount has been provided for in the Company’s December 31, 2025 consolidated financial statements in relation to the Demand for Arbitration as the Company is not able to evaluate the likelihood of an unfavourable outcome or the range of potential loss.

One of the underlying assets acquired under these agreements was subsequently assigned to the co-defendant as part of a property swap agreement which closed June 6, 2022. The plaintiff is seeking 125,000 pounds of yellowcake uranium or an equivalent dollar amount of approximately US$10,000,000. The Company intends to vigorously defend the claim, should the Arbitration advance beyond this initial stage, as it considers the obligation for remittance of the 125,000 of yellowcake uranium to be the responsibility of the co-defendant under the terms of the property swap agreement.

10000000

<p id="xdx_802_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zRDKUCwDpd0e" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <table cellpadding="0" cellspacing="0" style="font: small-caps bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">19.</td><td style="font: 10pt Times New Roman, Times, Serif">Subsequent Events</td></tr></table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On December 12, 2025, the Company entered into a stock purchase agreement with the COO of the Company to acquire BRS. In consideration of the acquisition of BRS, the Company is required to complete a series of cash payments to the COO totaling US$<span id="xdx_906_ecustom--CashPaymentForAcquisition_iI_uUSD_c20251212__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiefoperatingofficersMember_zKn0IaOwBw6h" title="Cash payment for acquisition">5,000,000. On closing, the Company will pay the COO US$<span id="xdx_901_ecustom--CashPaymentForClosingAcquisition_iI_uUSD_c20260114__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiefoperatingofficersMember_zHTyj8qmqk65" title="Cash payment for closing acquisition">1,500,000, with a further US$<span id="xdx_90C_ecustom--CashPaymentForAcquisition_iI_uUSD_c20251212__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiefoperatingofficersMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--FirstAnniversaryMember_zfJ46uytXT66" title="Cash payment for acquisition">1,500,000 payable on the first anniversary of closing and a further US$<span id="xdx_908_ecustom--CashPaymentForAcquisition_iI_uUSD_c20251212__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiefoperatingofficersMember__ifrs-full--ClassesOfFinancialInstrumentsAxis__custom--SecondAnniversaryMember_zSMcBnM5RTp" title="Cash payment for acquisition">2,000,000 on the second anniversary of the closing. The acquisition will be completed upon the approval of the TSX.V. The Company paid US$<span id="xdx_90F_ecustom--CashPaymentForClosingAcquisition_iI_uUSD_c20260114__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiefoperatingofficersMember_zfB6TN1tzpeb" title="Cash payment for closing acquisition">1,500,000 on January 14, 2026.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td> <td style="font: 10pt Times New Roman, Times, Serif">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On January 12, 2026, the Company closed a non-brokered private placement of <span id="xdx_906_ecustom--NonbrokeredPrivatePlacement_iI_c20260112__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zfRfy4EYfJj" title="Non-brokered private placement">1,345,292 common shares in the capital of the Company at a price of US$<span id="xdx_906_eifrs-full--ParValuePerShare_iI_uUSDPShares_c20260112__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zgvTWnxyjhZ9" title="Par value per share">4.46 per share for gross proceeds of US$<span id="xdx_90B_eifrs-full--ProceedsFromIssuingShares_uUSD_c20260112__20260112__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember_zq8fl5Q3eSsi" title="Gross proceeds">6,000,000. The Company also closed a concurrent non-brokered private placement of <span id="xdx_90B_ecustom--ClosingNonbrokeredPrivatePlacement_iI_c20260114__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiefoperatingofficersMember_zOxC3UZOOIo3" title="Closing non-brokered private placement">896,861 subscription receipts of the Company, issued to UEC Energy Corp., a subsidiary of Uranium Energy Corp., which is a controlling shareholder of the Company, for gross proceeds to the Company of US$<span id="xdx_90A_eifrs-full--ProceedsFromIssuingShares_uUSD_c20260112__20260112__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--UECEnergyCorpMember__ifrs-full--TypesOfContractsAxis__custom--StockPurchaseAgreementMember_zDH9rL2c5l71" title="Proceeds from issuing shares">4,000,000.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"></td> <td style="font: 10pt Times New Roman, Times, Serif">c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On January 29, 2026, the loan agreement as described in Note 11(a) was amended to provide consent for the acquisition of BRS. In consideration of the consent, the Company will issue <span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_c20260129__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zHu8icKvepua" title="Number of shares issued">50,000 common shares of the Company and <span id="xdx_907_ecustom--NumberOfSharesWarrantPurchase_iI_c20260129__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zJqBNdqZGWi" title="Number of shares warrant purchase">500,000 non-transferable common share purchase warrants with each warrant entitling the holder to acquire one additional common share in the capital of the Company at a price of $<span id="xdx_904_eifrs-full--ParValuePerShare_iI_uUSDPShares_c20260129__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember__ifrs-full--ClassesOfShareCapitalAxis__ifrs-full--OrdinarySharesMember__ifrs-full--TypesOfContractsAxis__custom--LoanAgreementMember_zZPTpToMU7vj" title="Par value per share">12.50 per warrant until September 26, 2028.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif">d)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 3, 2026, the Company paid US$<span id="xdx_904_eifrs-full--PaymentsToAcquireOrRedeemEntitysShares_uUSD_c20260303__20260303__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventsMember_zPuk6KGLyuxb" title="Payments to acquire shares">750,000 to GEM and GEU for the One-Year Anniversary Payment for the Golden Eagle Project as described in Note 7. </td></tr> </table>

5000000 1500000 1500000 2000000 1500000 1345292

4.46

6000000

896861

4000000

50000

500000

12.50

750000

These expenses are included in exploration and evaluation expenditures in the consolidated statements of comprehensive loss.