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<div> 1. Summary of Significant Accounting Policies and Business Operations The interim condensed consolidated financial statements of Thunder Mountain Gold, Inc. and its subsidiaries (collectively, "Thunder Mountain", "THMG", or "the Company") are unaudited. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, and disclosures necessary for the fair statement of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2026. The condensed consolidated December 31, 2025 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. <div> <div> Business Operations </div> Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. </div> Basis of Presentation and Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has historically incurred losses, however, the Company has cash reserves sufficient to cover normal operating expenses for the following 12 months. If necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements. <div> Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% noncontrolling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. </div> <div> </div> <div> <div> Accounting Estimates </div> The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. </div> <div> </div> <div> Recent Accounting Pronouncements Accounting Standards Updates In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires public business entities to disclose additional information about certain expense categories included in income statement captions, including purchases of inventory, employee compensation, depreciation, depletion, and amortization. The amendments also require qualitative disclosures regarding other significant expense components included within the same income statement captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The company is currently evaluating the impact of the standard on its consolidated financial statement disclosures. </div> <div> Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the applicable reporting period. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the three months ended March 31, 2026 and 2025, outstanding warrants of 22,400,000 and 12,400,000, respectively, and outstanding stock options of 5,945,000 and 4,865,000, respectively, were excluded from the calculation of diluted earnings per share, as their effect would have been anti-dilutive due to the net loss for the periods. </div> </div>

<div> <div> Business Operations </div> Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. </div>

Basis of Presentation and Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has historically incurred losses, however, the Company has cash reserves sufficient to cover normal operating expenses for the following 12 months. If necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements.

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<div> <div> Accounting Estimates </div> The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. </div>

<div> Recent Accounting Pronouncements Accounting Standards Updates In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires public business entities to disclose additional information about certain expense categories included in income statement captions, including purchases of inventory, employee compensation, depreciation, depletion, and amortization. The amendments also require qualitative disclosures regarding other significant expense components included within the same income statement captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The company is currently evaluating the impact of the standard on its consolidated financial statement disclosures. </div>

<div> Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the applicable reporting period. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the three months ended March 31, 2026 and 2025, outstanding warrants of 22,400,000 and 12,400,000, respectively, and outstanding stock options of 5,945,000 and 4,865,000, respectively, were excluded from the calculation of diluted earnings per share, as their effect would have been anti-dilutive due to the net loss for the periods. </div>

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<div> <table cellpadding="0" cellspacing="0" style="width: 50%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Target Area</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">2026</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">Trout Creek - State of Nevada</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 32%; background-color: #e6efff;">5,200</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Trout Creek - Lander County, Nevada</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 32%;">324</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify; background-color: #e6efff;">South Mountain - BLM</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 32%; background-color: #e6efff;">109,928</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: justify;">Total </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 32%;">115,452</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> 5200 324 109928 115452

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<div> 4. Property and Equipment During the three months ended March 31, 2026, the Company was awarded mineral lease rights on approximately 3,500 acres of Idaho state land through a competitive auction process. The Company submitted a winning bid of $210,000, which represents the cost to acquire the leasehold interest. In addition, the Company incurred $1,324 of legal fees directly attributable to securing the lease. These costs have been capitalized as mineral properties. The Company's property and equipment are as follows: <div> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; margin-top: 0pt; margin-bottom: 0pt;"> March 31, 2026 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid transparent; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> December 31, 2025 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: center;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Vehicles</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">22,441</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">22,441</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Construction Equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">30,407</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">30,407</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Mining Equipment</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;">42,696</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; 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border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Mineral properties</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">211,324</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Land</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%;">592,645</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%;">592,645</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Total Property and Equipment</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 22%; background-color: #e6efff;">803,969</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 22%; background-color: #e6efff;">592,645</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div>

3500

210000

1324

<div> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; text-align: center;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap; margin-top: 0pt; margin-bottom: 0pt;"> March 31, 2026 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid transparent; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> December 31, 2025 </td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 0.75pt solid transparent; text-align: center;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Vehicles</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">22,441</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">22,441</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Construction Equipment</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">30,407</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">30,407</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Mining Equipment</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;">42,696</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;">42,696</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 22%;">95,544</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 22%;">95,544</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Accumulated Depreciation</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;">(95,544</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;">(95,544</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;">)</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Mineral properties</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">211,324</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;">-</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;">Land</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%;">592,645</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%;">592,645</td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid transparent; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;">Total Property and Equipment</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 22%; background-color: #e6efff;">803,969</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 22%; background-color: #e6efff;">592,645</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div>

22441

30407

42696

95544

0 0

211324

592645

803969

592645

42000 21000 21000

469500

420000

215125

1104625

205000000

0.05

47350000

205000000

37100000

167900000

2562000

<div> <div> <table cellpadding="0" cellspacing="0" style="margin-left: auto; border-collapse: collapse; font-size: 10pt; margin-right: auto; width: 35%;"> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #7f7f7f;"> Year </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #7f7f7f; white-space: nowrap;"> Principal Payments </td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-right: 0.75pt solid #7f7f7f; background-color: #e6efff;"> 2026 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; text-align: center;">$37,100</td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-right: 0.75pt solid #7f7f7f;"> 2027 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">$38,955</td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-right: 0.75pt solid #7f7f7f; background-color: #e6efff;"> 2028 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff; text-align: center;">$40,902</td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-right: 0.75pt solid #7f7f7f;"> 2029 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">$42,948</td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-right: 0.75pt solid #7f7f7f; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"> 2030 </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; background-color: #e6efff; text-align: center;">$45,095</td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #7f7f7f;"> Total </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center;">$205,000</td> </tr> </table> </div> </div>

37100000

38955000

40902000

42948000

45095000

205000000

<div> 7. Stockholders' Equity The Company's common stock has a par value of $0.001 with 200,000,000 shares authorized. The Company also has 5,000,000 authorized shares of preferred stock with a par value of $0.0001. The Company also has 22,400,000 warrants outstanding as of March 31, 2026, with a weighted average exercise price of $0.18 and a weighted average life of 1.48 years. No warrants were issued, exercised, or expired during the three months ended March 31, 2026, and there were no changes to the number of warrants outstanding during the period. </div>

0.001

200000000

5000000

0.0001

22400000

0.18

P1Y5M23D 0 0 0

<div> 8. Stock Options The Company has a Stock Incentive Plan (the "SIP"), that authorizes the granting of stock options up to 10 percent of the total number of issued and outstanding shares of common stock, that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On December 10, 2024, the Company's shareholders, at their Annual Meeting, ratified and reapproved the Stock Option Plan. On January 29, 2026, the Company granted 200,000 stock options to one employee and a consultant. The options are exercisable at $0.77 per share and expire on January 28, 2031. The options were fully vested upon grant. The fair value of the options was determined to be $136,320 using the Black-Scholes valuation model. As the options were fully vested at issuance, the entire fair value was recognized as share-based compensation expense during the three months ended March 31, 2026. This expense was included in management and administrative expenses on the Company's Condensed Consolidated Statement of Operations. The Company recognized $102,240 in compensation expense for share-based payment awards issued to non-employees as part of the total compensation expense recognized during the same period. The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table: <div> <table cellpadding="0" cellspacing="0" style="width: 50%; margin-right: auto; margin-left: auto; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;"> </td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">January 29, 2026</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Stock price</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">$0.74</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Exercise price</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">$0.77</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected volatility</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #e6efff;">156.11%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Expected dividends</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected terms (in years)</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #e6efff;"> 5.0 </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Risk-free rate</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">3.80%</td> </tr> </table> </div> During the three months ended March 31, 2026, the Company received proceeds of $40,000 from the exercise of 250,000 stock options, including 100,000 options at an exercise price of $0.10 per share and 150,000 options at an exercise price of $0.20 per share. The following is a summary of the Company's options issued and outstanding under the SIP: <div> </div> <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">Shares</td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> Weighted Average Exercise Price </td> <td style="vertical-align: bottom; text-align: justify;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Outstanding and exercisable at December 31, 2025</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">5,995,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">0.13</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">200,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">0.77</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">(250,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">0.16</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Outstanding and exercisable at March 31, 2026</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 17%;">5,945,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 17%;">0.15</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;"> </td> </tr> </table> </div> </div> The weighted average remaining contractual term of options outstanding and exercisable at March 31, 2026 was 3.29 years. As of March 31, 2026, the aggregate intrinsic value of options outstanding and exercisable was $3,569,250, based on the Company's closing stock price of $0.75 per share on that date. </div>

200000

0.77

136320

102240

<div> <table cellpadding="0" cellspacing="0" style="width: 50%; margin-right: auto; margin-left: auto; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;"> </td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;">January 29, 2026</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Stock price</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: center; background-color: #e6efff;">$0.74</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Exercise price</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">$0.77</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected volatility</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #e6efff;">156.11%</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Expected dividends</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; background-color: #e6efff;">Expected terms (in years)</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center; background-color: #e6efff;"> 5.0 </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt;">Risk-free rate</td> <td style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: center;">3.80%</td> </tr> </table> </div>

0.74

0.77

1.5611

P5Y

0.038

40000

250000

100000

0.1

150000

0.2

<div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: justify;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;">Shares</td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap;"> Weighted Average Exercise Price </td> <td style="vertical-align: bottom; text-align: justify;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Outstanding and exercisable at December 31, 2025</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">5,995,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;">0.13</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Granted</td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">200,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;">0.77</td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;">Exercised</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">(250,000</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">)</td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;">0.16</td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;">Outstanding and exercisable at March 31, 2026</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 17%;">5,945,000</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;">$</td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 17%;">0.15</td> <td style="vertical-align: bottom; border-top: 0.75pt solid transparent; border-bottom: 2.25pt double transparent; text-align: left; width: 2%;"> </td> </tr> </table> </div> </div>

5995000

0.13

200000

0.77

250000

0.16

5945000

0.15

P3Y3M14D

3569250

0.75

<div style="font-size: 10pt; font-family: Times New Roman;"> During our fiscal quarter ended March 31, 2026, none of our directors or executive officers adopted , modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K. </div> directors or executive officers false false false false