0002013223 2025-01-01 2025-12-31 0002013223 2025-12-31 0002013223 dei:BusinessContactMember 2025-01-01 2025-12-31 0002013223 hslv:SubsequentsEventMember 2026-01-30 2026-01-30 0002013223 ifrs-full:OrdinarySharesMember hslv:SubsequentsEventMember 2026-01-30 0002013223 hslv:SubsequentsEventMember 2026-01-30 0002013223 2024-10-01 2025-12-31 0002013223 2025-12-18 0002013223 2025-12-18 2025-12-18 0002013223 ifrs-full:OrdinarySharesMember 2025-12-18 0002013223 ifrs-full:LaterThanOneYearAndNotLaterThanTwoYearsMember 2025-12-31 0002013223 ifrs-full:NotLaterThanOneYearMember 2025-12-31 0002013223 hslv:ForeignCurrencyRiskMember 2023-10-01 2024-09-30 0002013223 hslv:ForeignCurrencyRiskMember 2024-10-01 2025-12-31 0002013223 hslv:ForeignCurrencyRiskMember 2025-12-31 0002013223 hslv:ForeignCurrencyRiskMember 2024-09-30 0002013223 ifrs-full:LaterThanTwoYearsAndNotLaterThanThreeYearsMember 2025-12-31 0002013223 ifrs-full:LaterThanOneYearAndNotLaterThanFiveYearsMember 2025-12-31 0002013223 2023-10-01 2024-09-30 0002013223 2024-10-01 2025-09-30 0002013223 hslv:TwoThousandThirtySixToTwoThousandFortyFourMember 2024-10-01 2025-09-30 0002013223 hslv:TwoThousandThirtySixToTwoThousandFortyFourMember 2024-10-01 2025-12-31 0002013223 2024-09-30 0002013223 hslv:SUNATMember 2025-01-01 2025-03-31 0002013223 hslv:SUNATMember 2019-01-01 2019-12-31 0002013223 country:CA 2024-10-01 2025-12-31 0002013223 country:PE 2024-10-01 2025-09-30 0002013223 country:PE 2024-10-01 2025-12-31 0002013223 ifrs-full:WarrantsMember 2025-12-31 0002013223 ifrs-full:WarrantsMember 2024-10-01 2025-12-31 0002013223 ifrs-full:WarrantsMember 2024-09-30 0002013223 ifrs-full:WarrantsMember 2023-10-01 2024-09-30 0002013223 hslv:April72030Member 2024-10-01 2025-12-31 0002013223 hslv:April72030Member 2025-12-31 0002013223 hslv:January22030Member 2024-10-01 2025-12-31 0002013223 hslv:January22030Member 2025-12-31 0002013223 hslv:October212029Member 2024-10-01 2025-12-31 0002013223 hslv:October212029Member 2025-12-31 0002013223 hslv:March32028Member 2024-10-01 2025-12-31 0002013223 hslv:March32028Member 2025-12-31 0002013223 hslv:March122027Member 2024-10-01 2025-12-31 0002013223 hslv:March122027Member 2025-12-31 0002013223 hslv:November32026Member 2024-10-01 2025-12-31 0002013223 hslv:November32026Member 2025-12-31 0002013223 2023-09-30 0002013223 ifrs-full:OrdinarySharesMember 2023-10-19 2023-10-19 0002013223 2023-10-19 2023-10-19 0002013223 ifrs-full:OrdinarySharesMember 2023-10-19 0002013223 ifrs-full:OrdinarySharesMember 2024-05-08 2024-05-08 0002013223 2024-05-08 2024-05-08 0002013223 ifrs-full:OrdinarySharesMember 2024-05-08 0002013223 2024-05-24 2024-05-24 0002013223 ifrs-full:OrdinarySharesMember 2024-05-24 0002013223 2024-08-08 2024-08-08 0002013223 ifrs-full:TopOfRangeMember 2024-08-08 2024-08-08 0002013223 ifrs-full:BottomOfRangeMember 2024-08-08 2024-08-08 0002013223 ifrs-full:OrdinarySharesMember 2024-08-08 0002013223 ifrs-full:OrdinarySharesMember 2024-10-09 2024-10-09 0002013223 ifrs-full:OrdinarySharesMember 2024-10-09 0002013223 ifrs-full:TopOfRangeMember 2025-10-18 2025-10-18 0002013223 ifrs-full:BottomOfRangeMember 2025-10-18 2025-10-18 0002013223 ifrs-full:OrdinarySharesMember 2025-10-18 0002013223 hslv:PrivatePlacementsMember 2025-03-11 2025-03-11 0002013223 hslv:PrivatePlacementsMember 2025-03-11 0002013223 2025-03-12 2025-03-12 0002013223 ifrs-full:TopOfRangeMember 2025-03-12 2025-03-12 0002013223 ifrs-full:BottomOfRangeMember 2025-03-12 2025-03-12 0002013223 ifrs-full:WarrantsMember 2025-04-15 2025-04-15 0002013223 ifrs-full:WarrantsMember 2025-04-15 0002013223 ifrs-full:WarrantsMember 2025-06-12 2025-06-12 0002013223 ifrs-full:WarrantsMember 2025-06-12 0002013223 ifrs-full:WarrantsMember 2025-08-27 2025-08-27 0002013223 ifrs-full:WarrantsMember 2025-08-27 0002013223 ifrs-full:WarrantsMember 2025-09-15 2025-09-15 0002013223 ifrs-full:WarrantsMember 2025-09-15 0002013223 ifrs-full:WarrantsMember 2025-09-29 2025-09-29 0002013223 ifrs-full:WarrantsMember 2025-09-29 0002013223 ifrs-full:OrdinarySharesMember 2025-09-29 2025-09-29 0002013223 ifrs-full:OrdinarySharesMember 2025-09-29 0002013223 ifrs-full:OrdinarySharesMember 2025-10-17 2025-10-17 0002013223 ifrs-full:OrdinarySharesMember 2025-10-17 0002013223 ifrs-full:OrdinarySharesMember 2024-09-30 0002013223 ifrs-full:OrdinarySharesMember 2025-12-31 0002013223 ifrs-full:OrdinarySharesMember 2024-10-01 2025-12-31 0002013223 2024-10-31 0002013223 ifrs-full:RightofuseAssetsMember 2025-12-31 0002013223 ifrs-full:VehiclesMember 2025-12-31 0002013223 hslv:SiteEquipmentAndInfrastructureMember 2025-12-31 0002013223 ifrs-full:ConstructionInProgressMember 2025-12-31 0002013223 ifrs-full:OfficeEquipmentMember 2025-12-31 0002013223 ifrs-full:VehiclesMember 2024-09-30 0002013223 hslv:SiteEquipmentAndInfrastructureMember 2024-09-30 0002013223 ifrs-full:ConstructionInProgressMember 2024-09-30 0002013223 ifrs-full:OfficeEquipmentMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:RightofuseAssetsMember 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:VehiclesMember 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember hslv:SiteEquipmentAndInfrastructureMember 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:OfficeEquipmentMember 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember 2024-10-01 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:RightofuseAssetsMember 2024-10-01 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:VehiclesMember 2024-10-01 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember hslv:SiteEquipmentAndInfrastructureMember 2024-10-01 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:OfficeEquipmentMember 2024-10-01 2025-12-31 0002013223 hslv:AccumulatedAmortizationMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:VehiclesMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember hslv:SiteEquipmentAndInfrastructureMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:OfficeEquipmentMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember 2023-10-01 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:VehiclesMember 2023-10-01 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember hslv:SiteEquipmentAndInfrastructureMember 2023-10-01 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:OfficeEquipmentMember 2023-10-01 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember 2023-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:VehiclesMember 2023-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:OfficeEquipmentMember 2023-09-30 0002013223 hslv:CostMember 2025-12-31 0002013223 hslv:CostMember ifrs-full:RightofuseAssetsMember 2025-12-31 0002013223 hslv:CostMember ifrs-full:VehiclesMember 2025-12-31 0002013223 hslv:CostMember hslv:SiteEquipmentAndInfrastructureMember 2025-12-31 0002013223 hslv:CostMember ifrs-full:ConstructionInProgressMember 2025-12-31 0002013223 hslv:CostMember ifrs-full:OfficeEquipmentMember 2025-12-31 0002013223 hslv:CostMember 2024-10-01 2025-12-31 0002013223 hslv:CostMember ifrs-full:RightofuseAssetsMember 2024-10-01 2025-12-31 0002013223 hslv:CostMember ifrs-full:VehiclesMember 2024-10-01 2025-12-31 0002013223 hslv:CostMember hslv:SiteEquipmentAndInfrastructureMember 2024-10-01 2025-12-31 0002013223 hslv:CostMember ifrs-full:ConstructionInProgressMember 2024-10-01 2025-12-31 0002013223 hslv:CostMember ifrs-full:OfficeEquipmentMember 2024-10-01 2025-12-31 0002013223 hslv:CostMember 2024-09-30 0002013223 hslv:CostMember ifrs-full:VehiclesMember 2024-09-30 0002013223 hslv:CostMember hslv:SiteEquipmentAndInfrastructureMember 2024-09-30 0002013223 hslv:CostMember ifrs-full:ConstructionInProgressMember 2024-09-30 0002013223 hslv:CostMember ifrs-full:OfficeEquipmentMember 2024-09-30 0002013223 hslv:CostMember 2023-10-01 2024-09-30 0002013223 hslv:CostMember ifrs-full:VehiclesMember 2023-10-01 2024-09-30 0002013223 hslv:CostMember hslv:SiteEquipmentAndInfrastructureMember 2023-10-01 2024-09-30 0002013223 hslv:CostMember ifrs-full:ConstructionInProgressMember 2023-10-01 2024-09-30 0002013223 hslv:CostMember ifrs-full:OfficeEquipmentMember 2023-10-01 2024-09-30 0002013223 hslv:CostMember 2023-09-30 0002013223 hslv:CostMember ifrs-full:VehiclesMember 2023-09-30 0002013223 hslv:CostMember ifrs-full:OfficeEquipmentMember 2023-09-30 0002013223 hslv:AlianzaMineralsLtdMember 2024-10-01 2025-12-31 0002013223 hslv:LaEstrellaMember 2024-10-01 2025-12-31 0002013223 hslv:LaEstrellaMember 2021-08-10 2021-08-10 0002013223 hslv:LaEstrellaMember 2021-08-10 0002013223 hslv:NSRMember 2021-08-10 2021-08-10 0002013223 hslv:NSRMember 2021-08-10 0002013223 2021-08-10 2021-08-10 0002013223 hslv:SanLuisProjectMember 2025-11-01 2025-11-30 0002013223 hslv:SanLuisProjectMember 2025-05-01 2025-05-31 0002013223 hslv:MetallaRoyaltyStreamingLtdMember 2025-12-31 0002013223 hslv:EsperanzaMember 2025-12-31 0002013223 hslv:SSRMiningMember 2025-12-31 0002013223 hslv:SanLuisProjectMember 2024-10-01 2025-12-31 0002013223 hslv:SanLuisProjectMember hslv:ForecastMember 2026-06-01 2026-06-30 0002013223 hslv:SanLuisProjectMember 2025-06-01 2025-06-30 0002013223 hslv:SanLuisProjectMember 2024-05-23 2024-05-23 0002013223 hslv:SanLuisProjectMember 2024-05-23 0002013223 hslv:LaEstrellaPeruMember 2025-12-31 0002013223 hslv:SanLuisPeruMember 2025-12-31 0002013223 hslv:LaEstrellaPeruMember 2024-10-01 2025-12-31 0002013223 hslv:SanLuisPeruMember 2024-10-01 2025-12-31 0002013223 hslv:LaEstrellaPeruMember 2024-09-30 0002013223 hslv:SanLuisPeruMember 2024-09-30 0002013223 hslv:LaEstrellaPeruMember 2023-10-01 2024-09-30 0002013223 hslv:SanLuisPeruMember 2023-10-01 2024-09-30 0002013223 hslv:LaEstrellaPeruMember 2023-09-30 0002013223 ifrs-full:IncreaseDecreaseDueToVoluntaryChangesInAccountingPolicyMember 2023-10-01 2024-09-30 0002013223 ifrs-full:PreviouslyStatedMember 2023-10-01 2024-09-30 0002013223 2023-10-01 0002013223 ifrs-full:IncreaseDecreaseDueToVoluntaryChangesInAccountingPolicyMember 2023-10-01 0002013223 ifrs-full:PreviouslyStatedMember 2023-10-01 0002013223 ifrs-full:IncreaseDecreaseDueToVoluntaryChangesInAccountingPolicyMember 2024-09-30 0002013223 ifrs-full:PreviouslyStatedMember 2024-09-30 0002013223 ifrs-full:TopOfRangeMember 2024-10-01 2025-12-31 0002013223 ifrs-full:BottomOfRangeMember 2024-10-01 2025-12-31 0002013223 hslv:SilverStandardPeruBVIIncMember 2024-10-01 2025-12-31 0002013223 hslv:SanLuisMineralsBVIIncMember 2024-10-01 2025-12-31 0002013223 hslv:SanLuisResourceBVIIncMember 2024-10-01 2025-12-31 0002013223 hslv:ReliantVenturesSACMember 2024-10-01 2025-12-31 0002013223 hslv:CappexExploracionesSACMember 2024-10-01 2025-12-31 0002013223 hslv:CappexMineralVenturesIncMember 2024-10-01 2025-12-31 0002013223 hslv:PacificWestExplorationServicesIncMember 2024-10-01 2025-12-31 0002013223 hslv:HighlanderSilverCorpMember 2024-10-01 2025-12-31 0002013223 ifrs-full:RetainedEarningsMember 2024-09-30 0002013223 hslv:ForeignCurrencyReserveMember 2024-09-30 0002013223 hslv:CommitmentToIssueSharesMember 2024-09-30 0002013223 ifrs-full:OtherReservesMember 2024-09-30 0002013223 ifrs-full:RetainedEarningsMember 2023-10-01 2024-09-30 0002013223 hslv:ForeignCurrencyReserveMember 2023-10-01 2024-09-30 0002013223 ifrs-full:OtherReservesMember 2023-10-01 2024-09-30 0002013223 ifrs-full:OrdinarySharesMember 2023-10-01 2024-09-30 0002013223 ifrs-full:RetainedEarningsMember 2023-09-30 0002013223 hslv:ForeignCurrencyReserveMember 2023-09-30 0002013223 hslv:CommitmentToIssueSharesMember 2023-09-30 0002013223 ifrs-full:OtherReservesMember 2023-09-30 0002013223 ifrs-full:OrdinarySharesMember 2023-09-30 0002013223 ifrs-full:RetainedEarningsMember 2025-12-31 0002013223 hslv:ForeignCurrencyReserveMember 2025-12-31 0002013223 hslv:CommitmentToIssueSharesMember 2025-12-31 0002013223 ifrs-full:OtherReservesMember 2025-12-31 0002013223 ifrs-full:RetainedEarningsMember 2024-10-01 2025-12-31 0002013223 hslv:ForeignCurrencyReserveMember 2024-10-01 2025-12-31 0002013223 hslv:CommitmentToIssueSharesMember 2024-10-01 2025-12-31 0002013223 ifrs-full:OtherReservesMember 2024-10-01 2025-12-31 0002013223 2024-12-31 0002013223 hslv:SanLuisPeruMember 2023-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:ConstructionInProgressMember 2023-09-30 0002013223 hslv:AccumulatedAmortizationMember hslv:SiteEquipmentAndInfrastructureMember 2023-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:RightofuseAssetsMember 2023-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:RightofuseAssetsMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:ConstructionInProgressMember 2025-12-31 0002013223 ifrs-full:RightofuseAssetsMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:ConstructionInProgressMember 2024-10-01 2025-12-31 0002013223 hslv:CommitmentToIssueSharesMember 2023-10-01 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:ConstructionInProgressMember 2023-10-01 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:RightofuseAssetsMember 2023-10-01 2024-09-30 0002013223 country:CA 2024-10-01 2025-09-30 0002013223 ifrs-full:WarrantsMember 2023-09-30 0002013223 2023-10-31 0002013223 hslv:CostMember ifrs-full:ConstructionInProgressMember 2023-09-30 0002013223 hslv:CostMember hslv:SiteEquipmentAndInfrastructureMember 2023-09-30 0002013223 hslv:CostMember ifrs-full:RightofuseAssetsMember 2023-09-30 0002013223 hslv:CostMember ifrs-full:RightofuseAssetsMember 2023-10-01 2024-09-30 0002013223 hslv:CostMember ifrs-full:RightofuseAssetsMember 2024-09-30 0002013223 hslv:AccumulatedAmortizationMember ifrs-full:ConstructionInProgressMember 2024-09-30 shares iso4217:USD iso4217:CAD shares iso4217:CAD pure iso4217:SGD hslv:Hectares No Yes false 0002013223 FY

40-F false true 2025-12-31 --12-31 2025 001-43170 Highlander Silver Corp. Z4 2500 – 100 King Street West Toronto ON CA M5X 1A9 (416) 366-5678 C T Corporation System 28 Liberty Street New York NY 10005 (212) 894-8940 Common Shares, no par value HSLV NYSEAMER true true 130910687 true false false false 731 Davidson & Company LLP Canada Opinion on the consolidated Financial Statements We have audited the accompanying consolidated statements of financial position of Highlander Silver Corp. (the “Company”), as of December 31, 2025 and September 30, 2024, and the related consolidated statements of net loss and comprehensive loss, cash flows, and changes in equity for the fifteen month period ended December 31, 2025, and the year ended September 30, 2024, 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 Highlander Silver Corp. as of December 31, 2025 and September 30, 2024, and the results of its operations and its cash flows for the fifteen month period ended December 31, 2025, and the year ended September 30, 2024, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

108198015

2500894

229702

90288

275000

202928

25536

14268

214462

15357

8904

108705693

2816787

252874

59951

59052

11096

298658

94523

12188048 10758885 44013

339013

89730

121591363

13818977

307983

2459902

372481

234986

1713250 1687375

12412

4185564

2059856

234986

1687375

650439

492426

4836003

4239657

234986

140014858

19524567

7219766

3402702

1724026

1385293

750000 46319 46319 670276 -432731 -63899

-28082476

-11282861

-8514482

116755360

9579320

72997

121591363

13818977

307983

9066545 1432595

8666508

1685611

-17733053

-3118206

137294

11847

-243741

-8237

1233553

152663

-184422

36722 -182052 -86540

-16972421

-3085195

-1103007 368832

-15869414

-3454027

0.17

0.05

102010501

67071265

-16972421

-3085195

46500

45384

29608

243741

8237

-272909

-119928

-137294

1184522 80052

77287

-91094

2285246

630626

36722 -182052 -86540

-59471

-81965

-448388

-6454

-186024

-11268

2145243

3078

-5569

-14287645

-2452457

119858822

12188380

213367

1048

-86600

860205

3750

120591212

12192130

-27626 -36722 -1701500 -1184522 -9680

204155

31543

-137294 -7774

7158514

109676

-611465

-7099649

5019

-368832

105697121

2271192

2500894

229702

108198015

2500894

81221620

19524567

1724026

46319

-432731

-11282861

9579320

48330000

119813403

750000 750000 -172806 172806 1359067 630569 -433764 196805

2285246

46319 -46319

1103007

-16972421

-15869414

130910687

140014858

3402702

750000

670276

-28082476

116755360

30460475

7219766

1385293

46319

-63899

-8514482

72997

75000 46500 46500 50514222

12163457

24923

12188380

146923 91094 91094 -291893 291893 25000

3750

630626

-368832

-3085195

-3454027

81221620

19524567

1724026

46319

-432731

-11282861

9579320

108198015

2500894

The consolidated financial statements include the following entities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse; margin-left: 0.75in"> <tbody><tr style="vertical-align: top"> <td style="width: 50%">Highlander Silver Corp.</td><td style="width: 10%">100%</td><td style="width: 40%">Parent company</td> </tr> <tr style="vertical-align: top"> <td>Pacific West Exploration Services Inc.</td><td>100%</td><td>Exploration company</td> </tr> <tr style="vertical-align: top"> <td>Cappex Mineral Ventures Inc.</td><td>100%</td><td>Holding company</td> </tr> <tr style="vertical-align: top"> <td>Cappex Exploraciones S.A.C.</td><td>100%</td><td>Exploration company</td> </tr> <tr style="vertical-align: top"> <td>Reliant Ventures S.A.C.</td><td>100%</td><td>Exploration company</td> </tr> <tr style="vertical-align: top"> <td>San Luis Resource (BVI) Inc.</td><td>100%</td><td>Holding company</td> </tr> <tr style="vertical-align: top"> <td>San Luis Minerals (BVI) Inc.</td><td>100%</td><td>Holding company</td> </tr> <tr style="vertical-align: top"> <td>Silver Standard Peru (BVI) Inc.</td><td>100%</td><td>Holding company</td> </tr> </tbody></table>

Parent company

Exploration company

Holding company

Exploration company

Holding company

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in">3.</td><td style="text-align: justify">MATERIAL ACCOUNTING POLICIES</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">a)</td><td style="text-align: justify">Mineral property interests</td></tr></tbody></table> Exploration and evaluation expenditures relate to costs incurred in the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include permitting, community engagement, exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering of exploration data through geophysical studies. The Company capitalizes direct costs of acquiring mineral property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option. Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant, and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense. Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain. Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, non-compliance with regulatory requirements or title may be affected by undetected defects. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">b)</td><td style="text-align: justify">Property and equipment</td></tr></tbody></table> Property and equipment is carried at cost less accumulated amortization and accumulated impairment losses. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, initial estimates of the costs of dismantling and removing an item and restoring the site on which it is located, and, where applicable, borrowing costs. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Property and equipment, including major components, are depreciated using the straight-line method over their estimated useful lives, typically ranging from 2 to 12 years. Right-of-use assets are depreciated using the straight-line method from the date the asset is available for use by the Company to the earlier of the end of the useful life of the right-to-use asset or the end of the lease term. The estimated useful life of the right-to-use assets are determined on the same basis as that of property, plant and equipment. Assets under construction are capitalized as separate components and are presented as construction in progress. Upon completion, the cost of these assets is transferred to their definitive category. Construction in progress is not depreciated. The Company conducts an annual assessment of the residual balances, useful lives and amortization methods being used for property and equipment and any changes arising from the assessment are applied by the Company prospectively. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">c)</td><td>Leases</td></tr></tbody></table> At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td><td style="text-align: justify">The contract involves the use of an identified asset that is physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then no right-of-use asset is identified.</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">The Company has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used.</td></tr></tbody></table> Payments related to short-term leases and leases of low-value assets are recognized as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. The Company recognizes a right-to-use asset and a corresponding lease liability on the date the leased asset is available for use by the Company. The right-of-use asset and corresponding lease liability are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The cost of the right-of-use asset also includes any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located, less any lease incentives received. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">d)</td><td>Reclamation provision</td></tr></tbody></table> An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The estimated costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are determined, and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates, using a pre-tax rate that reflects the time value of money, are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset, through depreciation using either the unit-of-production or the straight-line method. The related liability is adjusted at each reporting date for the unwinding of the discount rate, for changes to the current market-based discount rate, and for changes to the amount or timing of the underlying cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged to profit or loss as extraction progresses. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">e)</td><td>Financial instruments</td></tr></tbody></table> The Company classifies its financial instruments in the following categories: as FVTPL, financial assets at amortized cost and other financial liabilities at amortized cost. The classification depends on the purpose for which the financial assets or liabilities were acquired or incurred. Management determines the classification of financial assets and liabilities at initial recognition. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify">Non-derivative financial assets and liabilities</td></tr></tbody></table> Recognition The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. Classification The Company classifies its financial assets and financial liabilities using the following measurement categories: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Those to be measured subsequently at fair value (either through other comprehensive income (loss) or through profit or loss); and</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Those to be measured at amortized cost.</td></tr></tbody></table> The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (an irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income (loss). The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. Cash and cash equivalents are classified as amortized cost. Cash equivalents include highly liquid investments with original maturities of three months or less, and which are subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Receivables and reclamation deposit are classified as financial assets at amortized cost. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(ii)</td><td style="text-align: justify">Financial liabilities</td></tr></tbody></table> The Company has the following financial liabilities: accounts payable and accrued liabilities and consideration payable. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Interest expense is recorded to profit or loss. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">f)</td><td style="text-align: justify">Impairment</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify">Financial assets</td></tr></tbody></table> The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(ii)</td><td style="text-align: justify">Non-financial assets</td></tr></tbody></table> Non-financial assets are reviewed quarterly by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the cash generating unit (CGU) level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of a CGU is the greater of the CGU’s fair value less costs to sell and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. The Company’s mineral property interest impairment policy is more specifically discussed in Note 3 (a) above. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">g)</td><td style="text-align: justify">Share capital</td></tr></tbody></table> Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued. When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Share capital is reduced by the average per-common-share carrying amount, with the difference between this amount and the consideration paid, added to or deducted from contributed surplus. The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in a private placement to be the more easily measurable component. The balance, if any, is allocated to the attached warrants. Any value attributed to the warrants is recorded as contributed surplus. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">h)</td><td>Share-based payment transactions</td></tr></tbody></table> The Company has a stock option plan that provides for the granting of options to directors, officers and employees to acquire shares of the Company. The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in contributed surplus as the options vest. Options granted to employees and others providing similar services are measured at grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for on that basis. Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the earlier of the vesting date, or the date the goods or services are received. Over the vesting period, share-based payments are recorded as an operating expense and as contributed surplus. When options are exercised, the consideration received is recorded as share capital. In addition, the related share-based payments originally recorded as contributed surplus are transferred to share capital. When an option is cancelled, or expires, the initially recorded value is reversed from contributed surplus and credited to retained earnings or deficit. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">i)</td><td>Income taxes</td></tr></tbody></table> Income tax expense is comprised of current and deferred income taxes. Current income tax and deferred income tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or equity investments. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current income tax liabilities and assets, and they relate to income taxes levied by the same tax authority for the same taxable entity. A deferred income tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">j)</td><td style="text-align: justify">Earnings (loss) per share</td></tr></tbody></table> The Company presents basic and diluted earnings (loss) per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by dividing the profit or loss attributable to common shareholders by the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all potential dilutive common shares related to outstanding stock options and warrants issued by the Company for the years presented, except if their inclusion proves to be anti-dilutive. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">k)</td><td>Foreign currency translation</td></tr></tbody></table> Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction (historical rate). Assets and liabilities of foreign operations with functional currencies other than the Canadian dollar are translated into Canadian dollars at period end exchange rate and any revenue and expenses are translated at the average exchange rate for the period. The resulting exchange differences are recognized in foreign currency reserves. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">l)</td><td style="text-align: justify">Reclassification of general and administrative expenses</td></tr></tbody></table> Site salaries, contractors, and project administration expenses have been reclassified from general and administrative expenses to exploration expenses in the consolidated statements of net loss and comprehensive loss for the twelve months ended September 30, 2024, to conform to the current period presentation. This reclassification did not impact net loss or cash flows. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">m)</td><td style="text-align: justify">New accounting policies issued but not yet effective</td></tr></tbody></table> Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period have not been early adopted. The Company has reviewed these pronouncements, and the amendments that are applicable to the Company are discussed below: IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard. Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued narrow scope amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include the clarification of the date of initial recognition or derecognition of financial liabilities, including financial liabilities that are settled in cash using an electronic payment system. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The Company is currently assessing the impact of the new standard.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">a)</td><td style="text-align: justify">Mineral property interests</td></tr></tbody></table> Exploration and evaluation expenditures relate to costs incurred in the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include permitting, community engagement, exploratory drilling and sampling, surveying transportation and infrastructure requirements, and gathering of exploration data through geophysical studies. The Company capitalizes direct costs of acquiring mineral property interests. Option payments are considered acquisition costs if the Company has the intention of exercising the underlying option. Subsequent to the acquisition of a mineral interest, exploration and evaluation costs incurred are expensed as incurred up to the date the technical feasibility and commercial viability of extracting mineral resources are demonstrable for a project and on receipt of project development approval from the Board of Directors. The approval from the Board of Directors will be dependent on the Company obtaining necessary permits and licenses to develop the mineral property. At this point, exploration and evaluation assets are assessed for impairment and then reclassified to property, plant, and equipment. Capitalized acquisition costs are assessed for impairment at least annually or when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, with any impairment loss recognized as an expense. Value-added taxes are included in exploration and evaluation costs when the recoverability of these amounts is uncertain. Although the Company has taken steps to verify title to exploration and evaluation properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, non-compliance with regulatory requirements or title may be affected by undetected defects.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">b)</td><td style="text-align: justify">Property and equipment</td></tr></tbody></table> Property and equipment is carried at cost less accumulated amortization and accumulated impairment losses. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, initial estimates of the costs of dismantling and removing an item and restoring the site on which it is located, and, where applicable, borrowing costs. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Property and equipment, including major components, are depreciated using the straight-line method over their estimated useful lives, typically ranging from 2 to 12 years. Right-of-use assets are depreciated using the straight-line method from the date the asset is available for use by the Company to the earlier of the end of the useful life of the right-to-use asset or the end of the lease term. The estimated useful life of the right-to-use assets are determined on the same basis as that of property, plant and equipment. Assets under construction are capitalized as separate components and are presented as construction in progress. Upon completion, the cost of these assets is transferred to their definitive category. Construction in progress is not depreciated. The Company conducts an annual assessment of the residual balances, useful lives and amortization methods being used for property and equipment and any changes arising from the assessment are applied by the Company prospectively.

P2Y

P12Y

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">c)</td><td>Leases</td></tr></tbody></table> At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for a consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td><td style="text-align: justify">The contract involves the use of an identified asset that is physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then no right-of-use asset is identified.</td> </tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">The Company has the right to obtain substantially all the economic benefits from use of the asset throughout the period of use; and</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">The Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used.</td></tr></tbody></table> Payments related to short-term leases and leases of low-value assets are recognized as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. The Company recognizes a right-to-use asset and a corresponding lease liability on the date the leased asset is available for use by the Company. The right-of-use asset and corresponding lease liability are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. The cost of the right-of-use asset also includes any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or restore the underlying asset or the site on which it is located, less any lease incentives received.

P12Y

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">d)</td><td>Reclamation provision</td></tr></tbody></table> An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The estimated costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are determined, and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates, using a pre-tax rate that reflects the time value of money, are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset, through depreciation using either the unit-of-production or the straight-line method. The related liability is adjusted at each reporting date for the unwinding of the discount rate, for changes to the current market-based discount rate, and for changes to the amount or timing of the underlying cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged to profit or loss as extraction progresses.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">e)</td><td>Financial instruments</td></tr></tbody></table> The Company classifies its financial instruments in the following categories: as FVTPL, financial assets at amortized cost and other financial liabilities at amortized cost. The classification depends on the purpose for which the financial assets or liabilities were acquired or incurred. Management determines the classification of financial assets and liabilities at initial recognition. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify">Non-derivative financial assets and liabilities</td></tr></tbody></table> Recognition The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. Classification The Company classifies its financial assets and financial liabilities using the following measurement categories: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">(a)</td><td style="text-align: justify">Those to be measured subsequently at fair value (either through other comprehensive income (loss) or through profit or loss); and</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 1in"></td><td style="width: 0.25in">(b)</td><td style="text-align: justify">Those to be measured at amortized cost.</td></tr></tbody></table> The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (an irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income (loss). The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. Cash and cash equivalents are classified as amortized cost. Cash equivalents include highly liquid investments with original maturities of three months or less, and which are subject to an insignificant risk of change in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Receivables and reclamation deposit are classified as financial assets at amortized cost. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(ii)</td><td style="text-align: justify">Financial liabilities</td></tr></tbody></table> The Company has the following financial liabilities: accounts payable and accrued liabilities and consideration payable. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Interest expense is recorded to profit or loss.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">f)</td><td style="text-align: justify">Impairment</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify">Financial assets</td></tr></tbody></table> The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">(ii)</td><td style="text-align: justify">Non-financial assets</td></tr></tbody></table> Non-financial assets are reviewed quarterly by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the cash generating unit (CGU) level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of a CGU is the greater of the CGU’s fair value less costs to sell and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. The Company’s mineral property interest impairment policy is more specifically discussed in Note 3 (a) above.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">g)</td><td style="text-align: justify">Share capital</td></tr></tbody></table> Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued. When share capital recognized as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Share capital is reduced by the average per-common-share carrying amount, with the difference between this amount and the consideration paid, added to or deducted from contributed surplus. The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in a private placement to be the more easily measurable component. The balance, if any, is allocated to the attached warrants. Any value attributed to the warrants is recorded as contributed surplus.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">h)</td><td>Share-based payment transactions</td></tr></tbody></table> The Company has a stock option plan that provides for the granting of options to directors, officers and employees to acquire shares of the Company. The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in contributed surplus as the options vest. Options granted to employees and others providing similar services are measured at grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for on that basis. Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the earlier of the vesting date, or the date the goods or services are received. Over the vesting period, share-based payments are recorded as an operating expense and as contributed surplus. When options are exercised, the consideration received is recorded as share capital. In addition, the related share-based payments originally recorded as contributed surplus are transferred to share capital. When an option is cancelled, or expires, the initially recorded value is reversed from contributed surplus and credited to retained earnings or deficit.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">i)</td><td>Income taxes</td></tr></tbody></table> Income tax expense is comprised of current and deferred income taxes. Current income tax and deferred income tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or equity investments. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred income tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred income tax assets and liabilities are offset if there is a legally enforceable right to offset current income tax liabilities and assets, and they relate to income taxes levied by the same tax authority for the same taxable entity. A deferred income tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred income tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">j)</td><td style="text-align: justify">Earnings (loss) per share</td></tr></tbody></table> The Company presents basic and diluted earnings (loss) per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by dividing the profit or loss attributable to common shareholders by the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all potential dilutive common shares related to outstanding stock options and warrants issued by the Company for the years presented, except if their inclusion proves to be anti-dilutive.

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">k)</td><td>Foreign currency translation</td></tr></tbody></table> Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the initial transaction (historical rate). Assets and liabilities of foreign operations with functional currencies other than the Canadian dollar are translated into Canadian dollars at period end exchange rate and any revenue and expenses are translated at the average exchange rate for the period. The resulting exchange differences are recognized in foreign currency reserves.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">l)</td><td style="text-align: justify">Reclassification of general and administrative expenses</td></tr></tbody></table> Site salaries, contractors, and project administration expenses have been reclassified from general and administrative expenses to exploration expenses in the consolidated statements of net loss and comprehensive loss for the twelve months ended September 30, 2024, to conform to the current period presentation. This reclassification did not impact net loss or cash flows. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">m)</td><td style="text-align: justify">New accounting policies issued but not yet effective</td></tr></tbody></table> Certain pronouncements have been issued by the IASB or International Financial Reporting Interpretations Committee that are not mandatory for the current period have not been early adopted. The Company has reviewed these pronouncements, and the amendments that are applicable to the Company are discussed below: IFRS 18 Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the impact of the new standard. Amendments to IFRS 9 and IFRS 7 In May 2024, the IASB issued narrow scope amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include the clarification of the date of initial recognition or derecognition of financial liabilities, including financial liabilities that are settled in cash using an electronic payment system. The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The Company is currently assessing the impact of the new standard.

2025-12-31

prepared the consolidated financial statements for the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024.

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in">6.</td><td style="text-align: justify">VOLUNTARY CHANGE IN ACCOUNTING POLICY</td></tr></tbody></table> During the quarter ended March 31, 2025, the Company conducted a review of its accounting policy related to exploration and evaluation expenditures. Following this review, management has voluntarily elected to adopt a change in accounting policy effective January 1, 2025, to enhance the relevance and reliability of the information available to the users of the Company’s financial statements. Previously, the Company capitalized both acquisition costs and exploration and evaluation expenditures associated with its exploration and evaluation properties. Under the revised policy, the Company will continue to capitalize direct costs related to the acquisition of mineral property interests but will now expense all exploration and evaluation expenditures incurred on its properties until such time when the technical feasibility and commercial viability of extracting mineral resources from the mineral property are demonstrated and the project has received development approval from the Board of Directors. The change in accounting policy has been made in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and has been recognized on a full retrospective basis. The following is a summary of the changes that impact the Consolidated Statements of Financial Position as at October 1, 2023, and September 30, 2024, the Consolidated Statements of Net Loss and Comprehensive Loss and the Consolidated Statements of Cash Flows, for the twelve months ended September 30, 2024. Consolidated Statements of Financial Position <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid">As at September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Mineral property interests</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,125,552</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,366,667</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,758,885</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Total assets</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">15,185,644</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,366,667</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">13,818,977</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Foreign currency reserve</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(237,224</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(195,507</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(432,731</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">Deficit</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(10,111,701</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,171,160</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(11,282,861</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-left: 0in">Total equity</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">10,945,987</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,366,667</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,579,320</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0in">Total liabilities and equity</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,185,644</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,366,667</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,818,977</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap">As at October 1, 2023</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Mineral property interests</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">254,571</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(210,558</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">44,013</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Total assets</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">518,541</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(210,558</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">307,983</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Foreign currency reserve</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(63,983</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">84</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(63,899</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">Deficit</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(8,303,840</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(210,642</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(8,514,482</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-left: 0in">Total equity</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">283,555</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(210,558</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">72,997</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0in">Total liabilities and equity</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">518,541</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(210,558</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">307,983</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> Consolidated Statements of Net Loss and Comprehensive Loss <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; border-bottom: Black 1.5pt solid">For the twelve months ended September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Exploration expenses</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,608</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,402,987</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,432,595</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">General and administrative expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,924,208</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(238,597</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,685,611</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Loss from operations</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,953,816</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,164,390</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,118,206</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Write-off of mineral property interests</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">240,594</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(203,872</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">36,722</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-left: 0in">Net loss</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,124,677</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">960,518</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,085,195</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Foreign currency translation</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">173,241</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">195,591</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">368,832</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-left: 0in">Total comprehensive loss</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,297,918</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,156,109</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,454,027</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.85pt; padding-left: 7.85pt">Net loss per share attributable to shareholders of the Company - Basic and diluted</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.02</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.05</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> Consolidated Statements of Cash Flows <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">For the twelve months ended September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Net loss for the year</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,124,677</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(960,518</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(3,085,195</td><td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Adjustments for:</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: left; text-indent: 0pt; padding-left: 0.125in">Write-off of mineral property interests</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">240,594</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(203,872</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">36,722</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Foreign exchange</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(315,519</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">195,591</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(119,928</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.85pt; padding-left: 7.85pt">Net changes in non-cash working capital items</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(73,648</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(22,961</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(96,609</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Cash used in operations</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,460,697</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(991,760</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(2,452,457</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-left: 0in">Mineral property interest</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,224,073</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,187,351</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(36,722</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.85pt; padding-left: 7.85pt">Cash used in investing</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(8,287,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,187,351</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(7,099,649</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: 1.5pt; text-indent: -7.85pt; padding-left: 7.85pt">Effect of exchange rate changes on cash and cash equivalents</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(173,241</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(195,591</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(368,832</td><td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr> </tbody></table>

Consolidated Statements of Financial Position <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1.5pt solid">As at September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Mineral property interests</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,125,552</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,366,667</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10,758,885</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Total assets</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">15,185,644</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,366,667</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">13,818,977</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Foreign currency reserve</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(237,224</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(195,507</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(432,731</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">Deficit</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(10,111,701</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,171,160</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(11,282,861</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-left: 0in">Total equity</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">10,945,987</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,366,667</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,579,320</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0in">Total liabilities and equity</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,185,644</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,366,667</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,818,977</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap">As at October 1, 2023</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Mineral property interests</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">254,571</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(210,558</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">44,013</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Total assets</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">518,541</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(210,558</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">307,983</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Foreign currency reserve</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(63,983</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">84</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(63,899</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">Deficit</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(8,303,840</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(210,642</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(8,514,482</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-left: 0in">Total equity</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">283,555</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(210,558</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">72,997</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0in">Total liabilities and equity</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">518,541</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(210,558</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">307,983</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> Consolidated Statements of Net Loss and Comprehensive Loss <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; border-bottom: Black 1.5pt solid">For the twelve months ended September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Exploration expenses</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29,608</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,402,987</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,432,595</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">General and administrative expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,924,208</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(238,597</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,685,611</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Loss from operations</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,953,816</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,164,390</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,118,206</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Write-off of mineral property interests</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">240,594</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(203,872</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">36,722</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-left: 0in">Net loss</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,124,677</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">960,518</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,085,195</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Foreign currency translation</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">173,241</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">195,591</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">368,832</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-left: 0in">Total comprehensive loss</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,297,918</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,156,109</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,454,027</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -7.85pt; padding-left: 7.85pt">Net loss per share attributable to shareholders of the Company - Basic and diluted</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.03</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.02</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.05</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> Consolidated Statements of Cash Flows <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">For the twelve months ended September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Previously reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Effect of change</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Restated</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Net loss for the year</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,124,677</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(960,518</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(3,085,195</td><td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Adjustments for:</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: left; text-indent: 0pt; padding-left: 0.125in">Write-off of mineral property interests</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">240,594</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(203,872</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">36,722</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Foreign exchange</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(315,519</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">195,591</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(119,928</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -7.85pt; padding-left: 7.85pt">Net changes in non-cash working capital items</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(73,648</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(22,961</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(96,609</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Cash used in operations</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,460,697</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(991,760</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(2,452,457</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-left: 0in">Mineral property interest</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,224,073</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,187,351</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(36,722</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -7.85pt; padding-left: 7.85pt">Cash used in investing</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(8,287,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,187,351</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(7,099,649</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: 1.5pt; text-indent: -7.85pt; padding-left: 7.85pt">Effect of exchange rate changes on cash and cash equivalents</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(173,241</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(195,591</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(368,832</td><td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr> </tbody></table>

12125552 -1366667 10758885

15185644

-1366667

13818977

-237224

-195507

-432731

-10111701

-1171160

-11282861

10945987

-1366667

9579320

15185644

-1366667

13818977

254571 -210558 44013

518541

-210558

307983

-63983

-63899

-8303840

-210642

-8514482

283555

-210558

72997

518541

-210558

307983

29608

1402987

1432595

1924208

-238597

1685611

-1953816

-1164390

-3118206

240594 -203872 36722

-2124677

-960518

-3085195

173241

195591

368832

-2297918

-1156109

-3454027

0.03

0.02

0.05

-2124677

-960518

-3085195

240594

-203872

36722

-315519

195591

-119928

-73648

-22961

-96609

-1460697

-991760

-2452457

-1224073

1187351

-36722

-8287000

1187351

-7099649

-173241

-195591

-368832

5000000

6978100

37500000

1250000

1705000

1250000 1713250

37500000

0.04 0.02

15000000

0.04

0.01

6300 6300

27626

3701

2700

0.02 0.50

200000

0.50

300000

31000

15000

37500

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in">8.</td><td style="text-align: justify">PROPERTY AND EQUIPMENT</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Office equipment andfurniture</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Construction in progress</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Site equipment and infrastructure</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Vehicles</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Right- of-use assets</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Total</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cost</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 37%">As at October 1, 2023</td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">3,441</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">86,132</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right"> –</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">89,573</td><td style="width: 0.5%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Acquisition of Reliant Ventures S.A.C</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">364</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">55,796</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">23,438</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,670</td><td style="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">83,268</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">Additions</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,199</td><td style="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">29,344</td><td style="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">31,543</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">Disposals</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">(1,522</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(6,252</td><td style="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">(7,774</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: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">212</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,267</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,541</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,978</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,998</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">As at September 30, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">6,216</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">57,063</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">52,801</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">86,528</td><td style="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">202,608</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">Additions</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">29,389</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">31,766</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">143,001</td><td style="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">13,155</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">217,311</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">Disposals</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">(4,364</td><td style="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">(4,364</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: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,114</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,374</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,127</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,944</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">140</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,811</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">As at December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,719</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">95,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">206,565</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">77,584</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,295</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">430,366</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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><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; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Accumulated amortization</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><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-indent: -0.125in; padding-left: 0.125in">As at October 1, 2023</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">1,880</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</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">76,597</td><td style="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">78,477</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Amortization</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,332</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,277</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,999</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">29,608</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">As at September 30, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">3,212</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">19,277</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">85,596</td><td style="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">108,085</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">Amortization</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">5,001</td><td style="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">34,777</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,506</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,100</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">45,384</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">Disposal</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">(4,364</td><td style="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">(4,364</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">568</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,856</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,077</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,397</td><td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">As at December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,781</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">42,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">77,025</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,068</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">131,708</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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><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; text-indent: -0.125in; padding-left: 0.125in">Net book value</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><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="text-indent: -0.125in; padding-left: 0.125in">As at September 30, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">3,004</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">57,063</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">33,524</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">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">94,523</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">As at December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">28,938</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">95,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">163,731</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,227</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">298,658</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Office equipment andfurniture</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Construction in progress</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Site equipment and infrastructure</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Vehicles</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Right- of-use assets</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Total</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Cost</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 37%">As at October 1, 2023</td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">3,441</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">86,132</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right"> –</td><td style="width: 0.5%; text-align: left"> </td><td style="width: 0.5%"> </td><td style="width: 0.5%; text-align: left">$</td><td style="width: 9%; text-align: right">89,573</td><td style="width: 0.5%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Acquisition of Reliant Ventures S.A.C</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">364</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">55,796</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">23,438</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,670</td><td style="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">83,268</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">Additions</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,199</td><td style="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">29,344</td><td style="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">31,543</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">Disposals</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">(1,522</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(6,252</td><td style="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">(7,774</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: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">212</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,267</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,541</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,978</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,998</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">As at September 30, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">6,216</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">57,063</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">52,801</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">86,528</td><td style="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">202,608</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">Additions</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">29,389</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">31,766</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">143,001</td><td style="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">13,155</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">217,311</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">Disposals</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">(4,364</td><td style="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">(4,364</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: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,114</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,374</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,127</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(8,944</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">140</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,811</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">As at December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">37,719</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">95,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">206,565</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">77,584</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,295</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">430,366</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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><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; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Accumulated amortization</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><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-indent: -0.125in; padding-left: 0.125in">As at October 1, 2023</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">1,880</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</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">76,597</td><td style="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">78,477</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Amortization</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,332</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,277</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,999</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">29,608</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">As at September 30, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">3,212</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">19,277</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">85,596</td><td style="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">108,085</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in">Amortization</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">5,001</td><td style="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">34,777</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,506</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,100</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">45,384</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -0.125in; padding-left: 0.125in">Disposal</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">(4,364</td><td style="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">(4,364</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Foreign exchange adjustment</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">568</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,856</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11,077</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,397</td><td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">As at December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,781</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">42,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">77,025</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,068</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">131,708</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"> </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><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; text-indent: -0.125in; padding-left: 0.125in">Net book value</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><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="text-indent: -0.125in; padding-left: 0.125in">As at September 30, 2024</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">3,004</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">57,063</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">33,524</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">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">94,523</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">As at December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">28,938</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">95,203</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">163,731</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">559</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">10,227</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">298,658</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

3441

86132

89573

364

55796

23438

3670

83268

2199

29344

31543

1522

6252

7774

212

1267

1541

2978

5998

6216

57063

52801

86528

202608

29389

31766

143001

13155

217311

4364

2114

6374

15127

-8944

140

14811

37719

95203

206565

77584

13295

430366

1880

76597

78477

1332 19277 8999 29608

3212

19277

85596

108085

5001 34777 2506 3100 45384

4364

568

-6856

-11077

-32

-17397

8781

42834

77025

3068

131708

3004

57063

33524

932

94523

28938

95203

163731

559

10227

298658

492426

468180 31019 30200 8237 -5569 46268 56095 16009

650439

492426

658923 573958 0.0195 0.0198 0.04 0.0525

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in">10.</td><td style="text-align: justify">SHARE CAPITAL</td></tr></tbody></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 21.6pt">a)</td><td style="text-align: justify">Share Capital</td></tr></tbody></table> Authorized: Unlimited common shares, with no par value Issued and fully paid: 130,910,687 (September 30, 2024 – 81,221,620) Transactions for the issue of share capital during the fifteen months ended December 31, 2025: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="text-align: justify">On October 17, 2025, pursuant to the bought deal public offering of common shares of the Company which closed on September 29, 2025, the underwriters exercised their over-allotment option in full. The Company issued an additional 2,330,000 common shares at a price of $3.75 per common share for aggregate gross proceeds of $8,737,500. The Company incurred share issuance costs of $495,315 in connection with the financing.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On September 29, 2025, the Company closed its bought deal public offering, pursuant to which the Company issued 23,000,000 common shares of the Company at a price of $3.75 per common share for aggregate gross proceeds of $86,250,000. The Company incurred share issuance costs of $4,715,510 in connection with the financing.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On September 29, 2025, upon the exercise of common share purchase warrants, 50,000 common shares were issued at $0.15 per share for proceeds of $7,500.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On September 15, 2025, upon the exercise of common share purchase warrants, 50,000 common shares were issued at $0.15 per share for proceeds of $7,500.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On August 27, 2025, upon the exercise of common share purchase warrants, 9,702 common shares were issued at $0.15 per share for proceeds of $1,455.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On June 12, 2025, upon the exercise of common share purchase warrants, 500,000 common shares were issued at $0.15 per share for proceeds of $75,000.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On April 15, 2025, upon the exercise of common share purchase warrants, 100,000 common shares were issued at $0.15 per share for proceeds of $15,000.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On March 12, 2025, the Company issued 150,000 common shares through the exercise of stock options. This issuance resulted from the exercise of 15,000 stock options at an exercise price of $0.54 per share, 50,000 stock options at an exercise price of $0.55 per share and 85,000 stock options at an exercise price of $0.60 per share.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On March 11, 2025, the Company closed its previously announced bought deal private placement, pursuant to which the Company issued 23,000,000 common shares of the Company at a price of $1.40 per common share for aggregate gross proceeds of $32,200,000, which includes the full exercise of the underwriters’ option of 3,000,000 shares. The Company incurred issuance costs of $2,163,272 in connection with the financing.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On October 18, 2024, the Company issued 474,365 common shares through the cashless exercise of stock options. This issuance resulted from the exercise of 575,000 stock options at an exercise price of $0.42 per share and 675,000 stock options at an exercise price of $0.55 per share. </td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On October 9, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were issued at $0.15 per share for proceeds of $3,750.</td></tr></tbody> </table> Transactions for the issue of share capital during the twelve months ended September 30, 2024: <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On August 8, 2024, the Company issued 75,000 common shares with a fair value of $46,500 to the CEO as a performance bonus. Additionally, 146,923 common shares with a fair value of $91,094 were issued as restructuring payment to a former director for the cancellation of 450,000 stock options.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On May 24, 2024, upon the exercise of common share purchase warrants, 25,000 common shares were issued at $0.15 per share for proceeds of $3,750.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On May 8, 2024, the Company completed an offering of 20,514,222 common shares of the Company at a price of $0.45 per share for gross proceeds of $9,231,400. The Company incurred $24,500 in share issue costs in respect of this financing.</td></tr></tbody> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <tbody><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">On October 19, 2023, the Company completed financing whereby 30,000,000 units were issued at $0.10 per unit for gross proceeds of $3,000,000. Each unit is comprised of one common share and one warrant exercisable at a price of $0.15 per share for a period of 3 years from the date of issuance. The Company incurred $43,443 in share issuance costs in respect of this financing. </td></tr></tbody> </table> Subsequent to December 31, 2025, upon the exercise of warrants, 28,090,298 common shares were issued for proceeds of $4,213,544. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">b)</td><td style="text-align: justify">Stock options</td></tr></tbody></table> For the fifteen months ended December 31, 2025, the Company recognized a share-based compensation expense included in general and administrative expenditures of $2,285,246 (twelve months ended September 30, 2024 – $630,626). The following table shows the change in stock options during the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">December 31, 2025</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">September 30, 2024</td><td style="text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Number of options</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Weighted average exercise price</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Number of options</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Weighted average exercise price</td><td style="text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 52%">Balance, start of the year</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,575,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.52</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,625,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.51</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -12.35pt; padding-left: 12.35pt">Granted</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6,020,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.87</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,737,500</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.56</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -12.35pt; padding-left: 12.35pt">Exercised</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,400,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.50</td><td style="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="padding-bottom: 1.5pt; padding-left: 0in">Forfeited/expired/cancelled</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(475,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.66</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(787,500</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.58</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Balance, end of the year</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$ </td><td style="border-bottom: Black 4pt double; text-align: right">0.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,575,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> The assumptions used in the Black-Scholes option pricing model for the options granted in the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024 were as follows. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap">Weighted average</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Twelve months ended September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Exercise price per share issuable</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.87</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.56</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (years)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Volatility</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">91%</td><td style="text-align: left"></td><td> </td><td style="text-align: left"> </td><td style="text-align: right">125%</td><td style="text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</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: left">Risk-free interest rate</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.39%</td><td style="text-align: left"></td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.90%</td><td style="text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Weighted average fair value per option</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.61</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.36</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> The following is a summary of the Company’s outstanding and exercisable stock options as at December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td colspan="13" style="border-bottom: Black 1.5pt solid; text-align: center">Outstanding</td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Exercisable</td><td style="text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">Expiry date</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Exercise price</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Number of options</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Weighted average remaining contractual life (years)</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Number of options</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Weighted average remaining contractual life (years)</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; width: 40%">November 3, 2026</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> $</td><td style="width: 9%; text-align: right">0.60</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.84</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.84</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">March 12, 2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.55</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">600,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">600,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1.19</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in">March 3, 2028</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.42</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">175,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.17</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">175,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.17</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">October 21, 2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.80</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4,220,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.81</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,030,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.81</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in">January 2, 2030</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1.04</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,600,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4.01</td><td style="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">4.01</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; padding-left: 0in">April 7, 2030</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.90</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">50,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.27</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.27</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 0in"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> $</td><td style="border-bottom: Black 4pt double; text-align: right">0.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,880,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.09</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> Subsequent to December 31, 2025, the Company granted 5,110,000 options for an exercise price of C$6.17 per share. <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tbody><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">c)</td><td style="text-align: justify">Warrants</td></tr></tbody></table> As an incentive to complete a private placement, the Company may issue units which include common shares and common share purchase warrants. Using the residual value method, the Company determines whether a value should be allocated to the warrants attached to the private placement units. Finders’ warrants may be issued as a private placement share issuance cost and are valued using the Black-Scholes option pricing model. A continuity of the Company’s warrants is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Number of warrants</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Weighted average exercise price</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, September 30, 2023</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; width: 76%">Issued</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.15</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.15</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outstanding, September 30, 2024</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">29,975,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(734,702</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.15</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Outstanding, December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">29,240,298</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.15</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> The remaining contractual life (years) of the outstanding warrants is 0.80 years.

Unlimited

130910687

81221620

2330000

3.75

8737500

495315

23000000

3.75

86250000

4715510

50000

0.15

7500

50000

0.15

7500

9702

0.15

1455

500000

0.15

75000

100000

0.15

15000

150000 15000

0.54

50000

0.55

85000

0.6

23000000

1.4

32200000

3000000

2163272

474365

575000

0.42

675000

0.55

25000

0.15

3750

75000

46500

146923

91094

450000

25000

0.15

3750

20514222

0.45 9231400

24500

30000000

0.1

3000000

1 0.15

43443

28090298

4213544

2285246

630626

The following table shows the change in stock options during the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">December 31, 2025</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: right">September 30, 2024</td><td style="text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: right"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Number of options</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Weighted average exercise price</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Number of options</td><td style="text-align: right; padding-bottom: 1.5pt"> </td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Weighted average exercise price</td><td style="text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 52%">Balance, start of the year</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">2,575,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.52</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">1,625,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.51</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-indent: -12.35pt; padding-left: 12.35pt">Granted</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">6,020,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.87</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,737,500</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.56</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: -12.35pt; padding-left: 12.35pt">Exercised</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,400,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.50</td><td style="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="padding-bottom: 1.5pt; padding-left: 0in">Forfeited/expired/cancelled</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(475,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.66</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(787,500</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.58</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0in">Balance, end of the year</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$ </td><td style="border-bottom: Black 4pt double; text-align: right">0.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,575,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.52</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

2575000

0.52

1625000

0.51

6020000

0.87

1737500

0.56

1400000

0.5

475000

0.66

787500

0.58

6720000

0.83

2575000

0.52

The assumptions used in the Black-Scholes option pricing model for the options granted in the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024 were as follows. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap">Weighted average</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Twelve months ended September 30, 2024</td><td style="white-space: nowrap; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%">Exercise price per share issuable</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.87</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">0.56</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (years)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">5</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Volatility</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">91%</td><td style="text-align: left"></td><td> </td><td style="text-align: left"> </td><td style="text-align: right">125%</td><td style="text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</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: left">Risk-free interest rate</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.39%</td><td style="text-align: left"></td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.90%</td><td style="text-align: left"></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Weighted average fair value per option</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.61</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.36</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table>

0.87

0.56

0.91

1.25

0.0239

0.029

0.61

0.36

The following is a summary of the Company’s outstanding and exercisable stock options as at December 31, 2025: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td colspan="13" style="border-bottom: Black 1.5pt solid; text-align: center">Outstanding</td><td style="text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Exercisable</td><td style="text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">Expiry date</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Exercise price</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Number of options</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Weighted average remaining contractual life (years)</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Number of options</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: right">Weighted average remaining contractual life (years)</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in; width: 40%">November 3, 2026</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> $</td><td style="width: 9%; text-align: right">0.60</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.84</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">75,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.84</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">March 12, 2027</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.55</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">600,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1.19</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">600,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1.19</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in">March 3, 2028</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.42</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">175,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.17</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">175,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2.17</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0in">October 21, 2029</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">0.80</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4,220,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.81</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,030,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3.81</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0in">January 2, 2030</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1.04</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,600,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">4.01</td><td style="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">4.01</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; padding-left: 0in">April 7, 2030</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.90</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">50,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.27</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4.27</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 0in"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> $</td><td style="border-bottom: Black 4pt double; text-align: right">0.83</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,880,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">3.09</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

0.6

75000

P0Y10M2D

75000

P0Y10M2D

0.55

600000

P1Y2M8D

600000

P1Y2M8D

0.42

175000

P2Y2M1D

175000

P2Y2M1D

0.8

4220000

P3Y9M21D

2030000

P3Y9M21D

1.04

1600000

P4Y3D

1.9

50000

P4Y3M7D

0.83

6720000

P3Y6M18D

2880000

P3Y1M2D 5110000

6.17

A continuity of the Company’s warrants is as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Number of warrants</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Weighted average exercise price</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Outstanding, September 30, 2023</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">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; width: 76%">Issued</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">30,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.15</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(25,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.15</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outstanding, September 30, 2024</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">29,975,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">0.15</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Exercised</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(734,702</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.15</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Outstanding, December 31, 2025</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">29,240,298</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">0.15</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

30000000

0.15

25000

0.15

29975000

0.15

734702

0.15

29240298

0.15

P0Y9M18D

Key management compensation for the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024 is comprised of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Twelve months ended September 30, 2024</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 76%">Share-based compensation</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,830,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">567,552</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Salaries and benefits</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,185,283</td><td style="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: left; padding-bottom: 1.5pt; text-indent: -12.35pt; padding-left: 12.35pt">Professional fees</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">156,605</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">573,620</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -7.85pt; padding-left: 7.85pt"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,172,237</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,141,172</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

1830349

567552

2185283

156605 573620

4172237

1141172

812100

45468

724800 The Company was charged for the following with respect to these arrangements in the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Twelve months ended September 30, 2024</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 76%"> Salaries and benefits</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,510,125</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"> –</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Office and other</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">626,879</td><td style="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: left; text-indent: -12.35pt; padding-left: 12.35pt">Filing and regulatory fees</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">713</td><td style="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="text-align: left; padding-bottom: 1.5pt; text-indent: -12.35pt; padding-left: 12.35pt">Marketing and travel</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27,213</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-indent: -7.85pt; padding-left: 7.85pt"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,164,930</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 2510125 626879

713

27213 3164930

27465

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Twelve months ended September 30, 2024</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Non-cash investing and financing activities:</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0in; width: 76%">Reclassification of commitment to issue shares</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(46,319</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 0in">Fair value reversal for expiry of stock options</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(172,806</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(291,893</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: 1.5pt; padding-left: 0in">Accrued share issuance costs</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(45,419</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; text-indent: -7.85pt; padding-left: 7.85pt"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(264,544</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(291,893</td><td style="padding-bottom: 2.5pt; text-align: left">)</td> </tr> </tbody></table> 46319 172806 291893

45419

-264544 -291893

The Company has determined that it has one operating segment, being the exploration of mineral properties. Information about the Company’s non-current assets by jurisdiction is detailed below: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">September 30, 2024</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 76%">Peru</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,872,858</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">11,002,190</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Canada</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,812</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,885,670</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11,002,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

12872858

11002190

12812

12885670

11002190

The Company’s exploration expenditures by activity are as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Twelve months ended September 30, 2024 (Restated – Note 6)</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 76%">Assay and analysis</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">374,631</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Community relations</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">326,458</td><td style="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: left">Concession fees</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">2,053,716</td><td style="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>Depreciation</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">45,384</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">29,608</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Drilling and drilling related costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">468,478</td><td style="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="text-align: left">Environmental, regulatory & permitting</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">63,143</td><td style="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: left">Geological & geophysical investigations</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">48,487</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">322,377</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reclamation provision</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">76,758</td><td style="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: left">Salaries, contractors & project administration</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,869,895</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">994,321</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Site preparation, camp & field expenses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,700,613</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">86,289</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Studies</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">38,982</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9,066,545</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,432,595</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 374631 326458 2053716

45384

29608

468478 63143 48487 322377 76758 3869895 994321 1700613 86289 38982 9066545 1432595

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Twelve months ended September 30, 2024</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 76%">Filing and regulatory fees</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">322,076</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">51,230</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Marketing and travel</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">401,037</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">9,177</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Office and other</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">738,671</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">82,792</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fees</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">888,309</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">774,192</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Salaries and benefits</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,519,698</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">137,594</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Share-based compensation:</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">2,285,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">630,626</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Transaction costs</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">511,471</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">–</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,666,508</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,685,611</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table> 322076 51230 401037 9177 738671 82792

888309

774192

3519698

137594

2285246

630626

511471

8666508

1685611

Income tax (expense) recovery for the fifteen months ended December 31, 2025 and twelve months ended September 30, 2024 varies from the amount that would be computed from applying the combined federal and provincial income tax rate to income (loss) before income taxes as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Fifteen months ended December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">Twelve months ended September 30, 2024 (Restated – Note 6)</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 76%">Net loss before income taxes</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(16,972,421</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(3,085,195</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: 1.5pt">Statutory Canadian corporate tax rate</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">27</td><td style="padding-bottom: 1.5pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Anticipated income tax recovery</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">(4,583,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left">$</td><td style="text-align: right">(833,000</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in tax resulting from:</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="padding-left: 0.125in; text-align: left">Change in statutory, foreign tax, foreign exchange rates and other</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(1,127,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(31,000</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Permanent differences</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">3,335,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">171,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(20,555,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">61,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Share issue costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(2,049,000</td><td style="text-align: left">)</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">(18,000</td><td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Change in unrecognized deductible temporary differences</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,979,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">650,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 4pt">Net deferred income tax recovery</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

-16972421

-3085195

0.27 0.27 -4583000 -833000

-1127000

-31000

3335000

171000

-20555000 61000 -2049000 -18000 24979000 650000

The significant components of the Company’s deferred income tax assets (liability) are as follows:<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 94%; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">December 31, 2025</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td> <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: right">September 30, 2024</td><td style="white-space: nowrap; text-align: right; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Deferred tax assets (liabilities)</td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left; width: 76%">Exploration and evaluation assets</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">22,932,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,372,000</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left">Property and equipment</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">190,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">77,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">Share issue costs</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,573,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Non-capital losses available for future periods</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,764,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,016,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">27,459,000</td><td style="text-align: left"> </td><td> </td><td style="text-align: left">$</td><td style="text-align: right">2,480,000</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Unrecognized deferred tax assets</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27,459,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,480,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Net deferred tax assets</td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

-22932000 -1372000 -190000 -77000 1573000 15000 -2764000 -1016000

27459000

2480000

-27459000 -2480000 10169000 3703000 5827000 54000

108901729

0.01

407000 16700

On December 31, 2025, the Company had contractual cash flow commitments as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">< 1 Year</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">1-3 Years</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right">Total</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt; width: 64%">Accounts payable and accrued liabilities</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,459,902</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,459,902</td><td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Consideration payable</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">1,713,250</td><td style="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">1,713,250</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -12.35pt; padding-left: 12.35pt">Lease liabilities</td><td> </td><td style="text-align: left"> </td><td style="text-align: right">12,412</td><td style="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">12,412</td><td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -12.35pt; padding-left: 12.35pt">Office rent obligations</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">606,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">252,400</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">858,500</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 5.75pt"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,791,664</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">252,400</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td><td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,044,064</td><td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr> </tbody></table>

2459902

1713250 1713250

12412

606100 252400 858500 4791664 252400 5044064

3413202

304052

59951

59052

12900

19312

1713250 3374750 367714 167283 0.10

140448

315967

The Company is committed to payments for office leases premises through 2027 in the total amount of approximately $858,500 based on the Company’s current share of rent paid. Payments by fiscal year are: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2026</td><td style="width: 1%"> </td><td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">606,100</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: 1.5pt">2027</td><td style="padding-bottom: 1.5pt"> </td><td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">252,400</td><td style="padding-bottom: 1.5pt; text-align: left"> </td> </tr> </tbody></table> 858500

606100

252400

0.1175

18000000

36225457

511471

8060226

6.8

40000000

376914