A continuity of the Company’s outstanding share purchase warrants for the year ended December 31, 2025, 2024, and 2023 is presented below:

 Summary of Changes in Warrants

At December 31, 2025, the Company had the following outstanding share purchase warrants:

 Schedule of Purchase Warrants Outstanding

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Consolidated Financial Statements

For the years ended December 31, 2025 and 2024

(Expressed in U.S. dollars) 

As at December 31, 2025, the weighted average remaining contractual life of outstanding warrants is 0.44 years (December 31, 2024 – 1.17 years).

During the year ended December 31, 2024, the Company issued 5,369,573 warrants as part of units issued in private placements completed, 205,349 finder’s warrants pursuant to the private placements completed, and 1,388,918 warrants as part of units issued to settle debt and for services rendered.

The fair values for finder’s warrants granted during the year ended December 31, 2025, 2024, and 2023 have been estimated using the Black-Scholes option pricing model using the following weighted average assumptions:

 Schedule of Weighted Average Assumption for Warrants

The Company had previously issued warrants in connection with private placements, or debt settlements where the exercise price of such warrants was denominated in USD. As such, the warrants were classified as derivate liabilities.

As at December 31, 2023, the fair value of the warrants were remeasured at $Nil as all the warrants had expired. The Company recognized a gain on the fair value change of $4,827 for the year ended December 31, 2023.