During the nine months ended April 30, 2026, the changes in our investments in equity securities is summarized as follows:

Pursuant to Accounting Standards Codification (“ASC”) 323 Investments – Equity Method and Joint Ventures, there is a rebuttable presumption that equity method of accounting shall be applied for investments of 20% or more of the investee’s outstanding voting common stock. As at  April 30, 2026, the Company owned 5,875,738 common shares of Anfield Energy Inc. (“Anfield”) ( July 31, 2025: 4,978,876 on a post-consolidated basis^(*)), representing approximately 32.22% ( July 31, 2025: 31.8%) of the outstanding common shares of Anfield on a non-diluted basis and approximately 36.68% ( July 31, 2025: 37.0%) on a partially diluted basis after assuming the exercise of 1,283,639 post-consolidated share purchase warrants of Anfield (the “Anfield Warrants”) held by the Company. As a result, our investment in Anfield’s common shares is subject to the equity method of accounting. However, as permitted under ASC 825 Financial Instruments, the Company elected to apply the fair value option to account for its investment in Anfield’s common shares. All subsequent changes in fair value of the common shares of Anfield are recognized in our consolidated statements of operations.

As at  April 30, 2026, the fair value of our investment in Anfield’s common shares was $29.38 million ( July 31, 2025: $26.14 million) and the fair value of our Anfield Warrants was $1.41 million ( July 31, 2025: $1.39 million).  

The cumulative revaluation adjustment since acquisition of the equity securities as at  April 30, 2026 is a loss of $7.69 million.

^(*) Effective August 1, 2025, Anfield completed a share consolidation on the basis of one (1) post-consolidation common share for every seventy-five (75) pre-consolidation common shares. All references to Anfield’s common shares in this note are presented on a post-consolidated basis.