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NV 91-1766677 999 West Hastings Street Suite 1508 Vancouver, B.C CA V6C 2W2 (604) 687-5800 None Yes Yes Non-accelerated Filer true false false 49337882 917755 1135565 79306 74875 1701 5813 392132 184982 16606 36092 21933 20285 1429433 1457612 584553 547483 76553 73091 496 656 1506482 1531359 85491 98990 7625108 7559385 1500 1500 1932261 777095 9644360 8436970 0.01 0.01 150000000 150000000 49292882 49292882 49292882 49292882 2560788 2560788 142362923 142358630 -153153837 -151917277 92248 92248 -8137878 -6905611 1506482 1531359 31490 38933 145608 145173 80 2302 160 4744 -28956 -31350 -67828 -67664 2614 9885 77940 82253 66179 65454 132014 131418 61808 64347 106685 100524 23173 20933 95440 63803 21401 24146 44477 52296 2959 2275 4662 3625 -152357 -165348 -339322 -308747 23163 11807 43956 42919 -25777 -21692 -121896 -125172 7260 3378 15027 7097 -49918 -15200 -10363 -8129 1047557 36753 1118453 43589 -1090215 -48575 -1113789 -44621 -1115992 -70267 -1235685 -169793 875 875 2860 -1116867 -70267 -1236560 -172653 -0.02 -0.02 -0 -0 -0.03 -0.03 -0 -0 49292882 49292882 47376039 47376039 49292882 49292882 47370759 47370759 49292882 2560788 142358630 -151917277 92248 -6905611 4293 4293 -1236560 -1236560 49292882 2560788 142362923 -153153837 92248 -8137878 49292882 2560788 142362923 -152036970 92248 -7021011 -1116867 -1116867 49292882 2560788 142362923 -153153837 92248 -8137878 47365652 2541515 141723305 -138814271 92248 5542797 21500 215 5763 5978 21329 21329 -172653 -172653 47387152 2541730 141750397 -138986924 92248 5397451 47365652 2541515 141738026 -138916657 92248 5455132 21500 215 5763 5978 6608 6608 -70267 -70267 47387152 2541730 141750397 -138986924 92248 5397451 -1236560 -172653 160 4744 4662 3625 -36713 -11239 4293 21329 1118453 43589 8124 5008 -4112 1541 207150 176411 -19486 -13925 1647 -1567 -5852 4241 65725 74778 -205729 -176576 7650 5978 -7650 5978 -213379 -170598 1210440 545961 997061 375363 875 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Silver Bull Resources, Inc. (the “Company”) was incorporated in the State of Nevada on November 8, 1993 as the Cadgie Company for the purpose of acquiring and developing mineral properties. The Cadgie Company was a spin-off from its predecessor, Precious Metal Mines, Inc. On June 28, 1996, the Company’s name was changed to Metalline Mining Company. On April 21, 2011, the Company’s name was changed to Silver Bull Resources, Inc. The Company’s fiscal year-end is October 31. The Company has not realized any revenues from its planned operations and is considered an exploration stage company. The Company has not established any reserves with respect to its exploration projects and may never enter into the development stage with respect to any of its projects. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company engages in the business of mineral exploration. The Company currently owns a number of property concessions in Mexico (collectively known as the “Sierra Mojada Property”). The Company conducts its operations in Mexico through its wholly owned subsidiary corporations, Minera Metalin S.A. de C.V. (“Minera Metalin”), Contratistas de Sierra Mojada S.A. de C.V. (“Contratistas”) and Minas de Coahuila SBR S.A. de C.V. (“Minas”). On August 26, 2021, Contratistas merged with and into Minera Metalin.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 16, 2010, Metalline Mining Delaware, Inc., a wholly owned subsidiary of the Company incorporated in the State of Delaware, was merged with and into Dome Ventures Corporation (“Dome”), a Delaware corporation. As a result, Dome became a wholly owned subsidiary of the Company. Dome has a wholly owned subsidiary Dome Asia Inc., which is incorporated in the British Virgin Islands.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 23, 2023, Nomad Minerals Ltd. (“Nomad Minerals”), a wholly owned subsidiary of the Company, was incorporated in British Columbia, Canada. On April 28, 2023, Nomad Metals Limited was incorporated at Astana International Financial Centre in Astana, Republic of Kazakhstan, as a wholly owned subsidiary of Nomad Minerals.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s efforts and expenditures have been concentrated on the exploration of properties, principally in the Sierra Mojada Property located in Coahuila, Mexico. The Company has not determined whether its exploration properties contain ore reserves that are economically recoverable. The ultimate realization of the Company’s investment in exploration properties is dependent upon the success of future property sales, the existence of economically recoverable reserves, and the ability of the Company to obtain financing or make other arrangements for exploration, development, and future profitable production activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has been pursuing an Arbitration Claim (the “Arbitration” or the “Claim”) against the United Mexican States (“Mexico”). The Arbitration arose from Mexico’s unlawful expropriation and other unlawful treatment of Silver Bull and its investments resulting from the illegal blockade of Silver Bull’s Sierra Mojada Property. The Arbitration hearing was held in Washington, D.C. in October 2025, and the Company submitted its post-hearing brief to the tribunal on November 21, 2025 and its costs on December 5, 2025. On May 29, 2026, the tribunal of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) rendered its final award dismissing the Claim, concluding that the tribunal did not have jurisdiction and/or was time-barred to hear the Company’s Claim (ICSID Case No. ARB/23/24). The Company is currently assessing the decision to determine whether there are grounds for annulment. The Company has 120 days from the date of the ruling to register for annulment, and the proceeding would be anticipated to take approximately 18 to 36 months from the date of registration. The Company is also evaluating its strategic options following the dismissal including seeking resolution of the ongoing blockade and/or identifying other exploration projects for potential development and investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Exploration Stage</span></p><p style="font: 10pt TimesNewRomanPS-BoldMT,serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: TimesNewRomanPSMT,serif">The Company has established the existence of mineral resources for the Sierra Mojada Project. The Company has not established proven or probable reserves, as defined by the United States Securities and </span>Exchange Commission (the “SEC”) <span style="font-family: TimesNewRomanPSMT,serif">subpart 1300 of Regulation S-K (“S-K 1300”), through the completion of a “final” or “bankable” feasibility study for Sierra Mojada Project. Furthermore, the Company has no plans to establish proven or probable reserves for Sierra Mojada Project. As a result, the Company remains an exploration stage company, as defined by the SEC.</span></p><p style="font: 10pt TimesNewRomanPSMT,serif; margin: 0pt 0"> </p><p style="font: 10pt TimesNewRomanPSMT,serif; margin: 0pt 0">Beginning with the Company’s Annual Report on Form 10-K for the year ended October 31, 2022, the Company reports its mineral resources in accordance with S-K 1300.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Going Concern</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Since its inception in November 1993, the Company has not generated revenue and has incurred an accumulated deficit of $153,153,837. Accordingly, the Company has not generated cash flows from operations, and since inception the Company has relied primarily upon proceeds from private placements and registered direct offerings of the Company’s equity securities and warrant exercises as the primary sources of financing to fund the Company’s operations. As of April 30, 2026, the Company had cash and cash equivalents of $917,755 and a working capital deficiency of $6,282,666, excluding the warrant derivative liability. With respect to the costs associated with the aforementioned arbitration, as of September 5, 2023, the Company secured third-party arbitration financing from Bench Walk Advisors LLC (“Bench Walk” or the “Funder”) in an amount of up to $9.5 million (Note 5). The funding has been provided as a purchase of a contingent entitlement to damages in the event that a damages award is recovered from Mexico. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the Company’s constrained cash and cash equivalents, and history of losses, there exists a certain level of uncertainty regarding the Company’s ability to sustain its operation over the next 12 months as a going concern. While the Company entered into a Funding Agreement (as defined in Note 5) that covered arbitration legal costs and certain other costs, supplemental fundraising is essential to meet more extensive operational demands. Management plans to pursue possible financing and strategic options, including, but not limited to, obtaining additional equity financing. Management has successfully pursued these options previously and believes that they alleviate the substantial doubt that the Company can continue its operations for the next 12 months as a going concern. However, there is no assurance that the Company will be successful in pursuing these plans</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These condensed interim consolidated financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern. Such adjustments could be material.</p> 1993-11-08 -153153837 917755 6282666 9500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 2 – BASIS OF PRESENTATION</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules of the SEC regarding interim reporting. All intercompany transactions and balances have been eliminated during consolidation. Certain information and note disclosures typically included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The consolidated balance sheet at October 31, 2025, was derived from the audited consolidated financial statements. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended October 31, 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All figures are in United States dollars unless otherwise noted.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The condensed interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of management, the condensed interim consolidated financial statements furnished herein include all adjustments, all of which are of a routine recurring nature, necessary for a fair statement of the results for the interim periods presented. Uncertainties with respect to estimates and assumptions are inherent in the preparation of the Company’s condensed interim consolidated financial statements. Accordingly, operating results for the six months ended April 30, 2026, are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2026, or any future period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The significant accounting policies are defined in the Company’s Annual Report on Form 10-K for the year ended October 31, 2025, filed with the SEC on January 28, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Recent Accounting Pronouncements Adopted </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU expands public entities’ income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU will be effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The adoption of this ASU did not materially impact the Company’s condensed interim consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Codification that remove references to various FASB Concepts Statements. The effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance and other minor improvements. While the amendments are not expected to result in significant changes for most entities, the FASB provided transition guidance since some entities could be affected. This ASU will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU did not materially impact the Company’s condensed interim consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Recent Accounting Pronouncements Not Yet Adopted</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. The Company is currently evaluating the impact of adopting this ASU on its condensed interim consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Other recent accounting pronouncements issued by FASB (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a significant impact on the Company’s present or future consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Recent Accounting Pronouncements Adopted </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2023, Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU expands public entities’ income tax disclosures by requiring disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU will be effective for fiscal years beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The adoption of this ASU did not materially impact the Company’s condensed interim consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This ASU contains amendments to the Codification that remove references to various FASB Concepts Statements. The effort facilitates Codification updates for technical corrections such as conforming amendments, clarifications to guidance, simplifications to wording or the structure of guidance and other minor improvements. While the amendments are not expected to result in significant changes for most entities, the FASB provided transition guidance since some entities could be affected. This ASU will be effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU did not materially impact the Company’s condensed interim consolidated financial statements and disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Recent Accounting Pronouncements Not Yet Adopted</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, which includes amendments to require the disclosure of certain specific costs and expenses that are included in a relevant expense caption on the face of the income statement. Specific costs and expenses that would be required to be disclosed include purchases of inventory, employee compensation, depreciation and intangible asset amortization. Additionally, a qualitative description of other items is required, equal to the difference between the relevant expense caption and the separately disclosed specific costs. This ASU is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and are applied either prospectively or retrospectively at the option of the Company. The Company is currently evaluating the impact of adopting this ASU on its condensed interim consolidated financial statements and disclosures.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: normal">Other recent accounting pronouncements issued by FASB (including its Emerging Issues Task Force) and the SEC did not or are not expected to have a significant impact on the Company’s present or future consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: bold">NOTE 4 – ILLEGAL BLOCKADE OF SIERRA MOJADA PROPERTY AND ICSID ARBITRATION</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s efforts and expenditures have been concentrated on the exploration of properties, principally with respect to the Sierra Mojada Property located in Coahuila, Mexico.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On June 1, 2018, the Company and its subsidiaries Minera Metalin and Contratistas de Sierra Mojada S.A. de C.V. entered into an earn-in option agreement (the “South32 Option Agreement”) with South32 International Investment Holdings Pty Ltd (“South32”), a wholly owned subsidiary of South32 Limited (ASX/JSE/LSE: S32), whereby South32 was able to obtain an option to purchase 70% of the shares of Minera Metalin (the “South32 Option”). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 11, 2019, the Company and its subsidiary Minera Metalin issued a notice of force majeure to South32 pursuant to the South32 Option Agreement. Due to an illegal blockade by a cooperative of local miners called Sociedad Cooperativa de Exploración Minera Mineros Norteños, S.C.L. (“Mineros Norteños”), the Company halted all work on the Sierra Mojada Property. The notice of force majeure was issued because the Company and its subsidiary Minera Metalin were unable to perform their obligations under the South32 Option Agreement due to the blockade. Pursuant to the South32 Option Agreement, any time period provided for in the South32 Option Agreement was to be generally extended by a period equal to the period of delay caused by the event of force majeure.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2022, due to the ongoing blockade of the site, the South32 Option Agreement was mutually terminated by South32 and the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> No portion of the equity value of the Company was classified as temporary equity as the South32 Option had no intrinsic value. South32 paid $518,000 to the Company as a final payment for the exploration costs incurred by the Company during the blockade, and the Company released South32 from all claims as of the date of termination. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 11, 2026, the blockade by Mineros Norteños at, on and around the Sierra Mojada Property is ongoing, and the Company remains unable to access the Sierra Mojada Property.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 2, 2023, the Company filed the NAFTA Notice of Intent. The Company has been unable to access the property since the illegal blockade commenced in September 2019. Despite numerous demands and requests for action by the Company, Mexican governmental agencies have allowed this unlawful conduct to continue and, as such, failed to protect the Company’s investment.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company held a meeting with Mexican government officials in Mexico City on May 30, 2023, in an attempt to explore amicable settlement options and avoid arbitration. However, the 90-day period for amicable settlement under NAFTA expired on June 2, 2023, without a resolution.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 28, 2023, the Company commenced international arbitration proceedings against Mexico under the United States-Mexico-Canada Agreement (“USMCA”) and NAFTA (the “Arbitration” or the “Claim”). The Arbitration was initiated under the Convention on the Settlement of Investment Disputes between States and Nationals of Other States process, which falls under the auspices of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”), to which Mexico is a signatory.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On June 17, 2024, the Company filed its Memorial submission with the ICSID detailing the claim against Mexico, and its Claimant’s Reply was filed on April 25, 2025. The reply responded to Mexico’s Counter Memorial and revised the damages estimate to the sum of $315 million, plus pre-award interest accruing from the valuation date, June 30, 2020. The Arbitration hearing was held in October 2025, and the Company submitted its post-hearing brief on November 21, 2025 and its costs on December 5, 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 29, 2026, the ICSID tribunal rendered its final award dismissing the Claim on the basis that it did not have jurisdiction and/or was time-barred and ordered the Company to pay a portion of Mexico’s legal costs totaling approximately US$998,000 (Note 17). </p> 0.70 518000 315000000 998000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: bold">NOTE 5 – ARBITRATION FINANCING</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On September 5, 2023, the Company entered into a litigation funding agreement (“Funding Agreement” or the “LFA”) with Bench Walk, a third party that specializes in funding litigation and arbitration claims. Under the terms of the LFA, Bench Walk agreed to fund the Company with up to $9.5 million to cover the Company’s legal, tribunal and external expert costs and defined corporate operating expenses associated with the Arbitration proceedings as a purchase of a contingent entitlement to damages. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the six months ended April 30, 2026, pursuant to the terms of the LFA, the Company received $200,000 reimbursement of corporate operating costs from Bench Walk (April 30, 2025: $200,000). Subsequent to the quarter-end, the Company received $200,000 from Bench Walk on May 1, 2026 (Note 17). Additionally, Bench Walk has made payments on the Company’s behalf for legal and arbitration costs totaling $191,892 during the six months ended April 30, 2026 and accumulated legal and arbitration costs of $5,925,000 since September 2023. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company agreed that Bench Walk shall be entitled to receive a share of any proceeds arising from the Claim (the “Claim Proceeds”) of up to 3.5x Bench Walk’s capital outlay (or, if greater, a return of 1.0x Bench Walk’s capital outlay plus 30% of Claim Proceeds). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As security for Bench Walk’s entitlement to receive a share of the Claim Proceeds under the LFA, the Company granted to Bench Walk a security interest in the Claim Proceeds, the Claim, all documents of title pertaining to the claim, rights under any appeal bond or similar instrument posted by any of the defendants in the Claim, and all proceeds of any of the foregoing.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt TimesNewRoman; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt TimesNewRoman; margin: 0pt 0; text-align: justify">During the six months ended April 30, 2026 and 2025, the following is a summary of the Company’s expenditures that have been incurred and reimbursed or are expected to be reimbursed from Bench Walk.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Three Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Six Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt; width: 48%">Exploration and property holding costs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">28,956</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">31,350</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">67,828</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: 10%; text-align: right">67,664</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Personnel</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">63,479</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">59,908</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">124,426</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">117,278</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt">Office and administrative</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">44,074</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,940</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">76,477</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">80,024</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Professional services</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,527</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,104</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">94,793</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">65,010</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt">Directors’ fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,402</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,396</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,751</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">44,328</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Income taxes</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">875</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_576943545">—</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">875</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,107</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -31.5pt; padding-left: 49.5pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">181,313</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">196,698</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">407,150</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">376,411</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Changes for the period</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">210,819</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">160,926</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(15,018</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(18,787</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt"> Accounts receivable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">392,132</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">357,624</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">392,132</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">357,624</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="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></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 83%; padding-left: 5.4pt">Accounts receivable – October 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">184,982</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Expenditure incurred during the six months ended April 30, 2026</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">407,150</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Funding received</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(200,000</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Accounts receivable – April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">392,132</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 9500000 200000 200000 200000 191892 5925000 0.30 <p style="font: 10pt TimesNewRoman; margin: 0pt 0; text-align: justify">During the six months ended April 30, 2026 and 2025, the following is a summary of the Company’s expenditures that have been incurred and reimbursed or are expected to be reimbursed from Bench Walk.</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Three Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Six Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt; width: 48%">Exploration and property holding costs</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">28,956</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">31,350</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">67,828</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">67,664</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Personnel</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">63,479</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">59,908</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">124,426</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">117,278</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt">Office and administrative</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">44,074</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">56,940</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">76,477</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">80,024</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Professional services</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,527</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">26,104</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">94,793</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">65,010</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt">Directors’ fees</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">21,402</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,396</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">42,751</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">44,328</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Income taxes</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">875</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_576943545">—</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">875</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,107</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-indent: -31.5pt; padding-left: 49.5pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">181,313</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">196,698</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">407,150</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">376,411</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Changes for the period</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">210,819</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">160,926</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(15,018</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(18,787</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt"> Accounts receivable</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">392,132</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">357,624</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">392,132</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">357,624</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr></tbody> </table> 28956 31350 67828 67664 63479 59908 124426 117278 44074 56940 76477 80024 22527 26104 94793 65010 21402 22396 42751 44328 875 875 2107 181313 196698 407150 376411 -210819 -160926 15018 18787 392132 357624 392132 357624 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 83%; padding-left: 5.4pt">Accounts receivable – October 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">184,982</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Expenditure incurred during the six months ended April 30, 2026</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">407,150</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Funding received</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(200,000</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt; padding-left: 5.4pt">Accounts receivable – April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">392,132</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 184982 407150 200000 392132 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">N<span style="font-family: Times New Roman, Times, Serif">OTE 6 – NET LOSS PER SHARE</span></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company had stock options and warrants outstanding at April 30, 2026 and 2025 that upon exercise were issuable into 10,467,499 and 12,517,288 shares of the Company’s common stock, respectively. They were not included in the calculation of loss per share because they would have been considered anti-dilutive </p> 10467499 12517288 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: bold">NOTE 7 – DUE FROM RELATED PARTY</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of April 30, 2026, due from related party consists of $21,933 (October 31, 2025 - $20,285) due from Arras for shared employees’ salaries and office expenses. The Company and Arras have certain common directors and officers. This amount is non-interest bearing and is to be repaid on demand. During the six months ended April 30, 2026 and 2025, expenses totaling $192,681 and $178,659 were incurred by the Company on behalf of Arras. </p> 21933 20285 192681 178659 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 8 – VALUE-ADDED TAX RECEIVABLE</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Value-added tax (“VAT”) receivable relates to VAT paid in Mexico. As of April 30, 2026, the Company estimates a net VAT of $76,553 (October 31, 2025 - $73,091) will be received and believes that it remains legally entitled to be refunded the full amount of the VAT receivable and intends to rigorously continue its VAT recovery efforts. While the Company continues to pursue recovery from the Mexican government, the outcomes and process for recovering VAT <span style="font-family: TimesNewRoman">can be lengthy and unpredictable. </span>The allowance for uncollectible VAT was estimated by management based upon several factors, including the length of time the returns have been outstanding, responses received from tax authorities, general economic conditions in Mexico and estimated net recovery after commissions. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the changes in the allowance for uncollectible VAT for the six months ended April 30, 2026, is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 83%; text-align: left; padding-left: 5.4pt">Allowance for uncollectible VAT – October 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">547,483</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: 5.4pt">Provision of VAT receivable allowance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,662</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Foreign currency translation adjustment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">32,408</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Allowance for uncollectible VAT –April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">584,553</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 76553 73091 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of the changes in the allowance for uncollectible VAT for the six months ended April 30, 2026, is as follows:</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 83%; text-align: left; padding-left: 5.4pt">Allowance for uncollectible VAT – October 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">547,483</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: 5.4pt">Provision of VAT receivable allowance</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,662</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Foreign currency translation adjustment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">32,408</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Allowance for uncollectible VAT –April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">584,553</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 547483 4662 32408 584553 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 9 – OFFICE AND MINING EQUIPMENT</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the Company’s office and mining equipment at April 30, 2026 and October 31, 2025, respectively:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt">October 31,</span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></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> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 66%; text-align: left; padding-left: 5.4pt">Mining equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">396,153</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: 14%; text-align: right">396,153</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Vehicles</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,036</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,036</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: 5.4pt">Buildings and structures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,724</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,724</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 5.4pt">Computer equipment and software</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,304</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,304</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: 5.4pt">Well equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">39,637</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">39,637</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Office equipment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">47,597</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">47,597</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">817,451</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">817,451</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 5.4pt">Less: Accumulated depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(704,648</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(704,488</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less: Accumulated impairment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(112,307</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(112,307</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Office and mining equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">496</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">656</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the Company’s office and mining equipment at April 30, 2026 and October 31, 2025, respectively:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt">October 31,</span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></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> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 66%; text-align: left; padding-left: 5.4pt">Mining equipment</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">396,153</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: 14%; text-align: right">396,153</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt">Vehicles</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,036</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,036</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: 5.4pt">Buildings and structures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,724</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,724</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 5.4pt">Computer equipment and software</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,304</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,304</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: 5.4pt">Well equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">39,637</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">39,637</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Office equipment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">47,597</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">47,597</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-left: 5.4pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">817,451</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">817,451</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-left: 5.4pt">Less: Accumulated depreciation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(704,648</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(704,488</td> <td style="text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less: Accumulated impairment</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(112,307</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(112,307</td> <td style="padding-bottom: 1pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Office and mining equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">496</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">656</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 396153 396153 73036 73036 185724 185724 75304 75304 39637 39637 47597 47597 817451 817451 704648 704488 112307 112307 496 656 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: bold">NOTE 10 – PROPERTY CONCESSIONS</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2026, October 31, 2025 and 2024:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: left"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 1%; text-align: left"> </td> <td style="width: 82%; text-align: left">Property concessions – October 31, 2024</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">5,004,386</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left">Impairment</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(5,004,386</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="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left">Property concessions – April 30, 2026 and October 31, 2025</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><span style="-sec-ix-hidden:fc_629101217">—</span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt/95% Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the fiscal year ended October 31, 2025, the Company recorded an impairment charge of $5,004,386 to write down the capitalized costs of the Sierra Mojada property concessions, reflecting management’s conclusion that these costs were no longer recoverable in light of the continuing illegal blockade preventing access to the site since 2019, the resulting prolonged suspension of exploration activities, and recent Mexican court decisions potentially impacting ownership of the concessions (refer to Note 15). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> As of April 30, 2026, the Company still maintains the mineral concession rights, but at a $<span style="-sec-ix-hidden:fc_1151659423">nil</span> carrying value. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at April 30, 2026, October 31, 2025 and 2024:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: left"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 1%; text-align: left"> </td> <td style="width: 82%; text-align: left">Property concessions – October 31, 2024</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">5,004,386</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left">Impairment</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">(5,004,386</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="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt; text-align: left">Property concessions – April 30, 2026 and October 31, 2025</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right"><span style="-sec-ix-hidden:fc_629101217">—</span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left"> </td> </tr></tbody> </table> 5004386 5004386 5004386 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 11 – COMMON STOCK</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <span style="-sec-ix-hidden:fc_1427421121">No</span> shares of common stock were issued during the six months ended April 30, 2026. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 18, 2025, 21,500 warrants to acquire 21,500 shares of common stock were exercised at an exercise price of $0.59 per share of common stock for aggregate gross proceeds of $12,685, of which $0.25 per share was paid to Arras ($5,375). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company incurred costs of $1,332 related to warrant exercises in the six months ended April 30, 2025. </p> 21500 21500 0.59 12685 0.25 5375 1332 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 12 – STOCK OPTIONS</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company has one stock option plan under which equity securities are authorized for issuance to officers, directors, employees and advisors: the 2019 Stock Option and Stock Bonus Plan (the “2019 Plan”). The 2019 Plan was amended on April 19, 2022 (the “Amended 2019 Plan”). Under the Amended 2019 Plan, 10% of the total shares outstanding are reserved for issuance upon the exercise of options or the grant of stock bonuses, to a maximum of 15,000,000 shares. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <span style="-sec-ix-hidden:fc_174256899"><span style="-sec-ix-hidden:fc_1612769248"><span style="-sec-ix-hidden:fc_1893703349"><span style="-sec-ix-hidden:fc_1606386398">No</span></span></span></span> options were granted or exercised during the six months ended April 30, 2026 and 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The expected volatility assumption is based on the historical volatility of the price of the common stock. The risk-free interest rate assumption is based on yield curves on government zero-coupon bonds with a remaining term equal to the stock options’ expected life. The Company has not paid and does not anticipate paying dividends on its common stock. Companies are required to utilize an estimated forfeiture rate when calculating the expense for the reporting period. Based on the best estimate, the Company applied the estimated forfeiture rate of 0% in determining the expense recorded in the accompanying condensed interim consolidated statements of operations and comprehensive loss. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of stock option activity for the six months ended April 30, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Options</span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Shares</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Exercise Price ($CDN)</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Remaining Contractual Life (Years)</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Aggregate Intrinsic Value</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 48%; text-align: justify; padding-left: 5.4pt"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; padding-left: 5.4pt">Outstanding at October 31, 2025</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,725,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">0.23</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2.33</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">225,870</td> <td style="padding-bottom: 1pt; 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: 5.4pt">Outstanding and exercisable at April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,725,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1.83</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">867,036</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company recognized stock-based compensation costs for stock options of $4,293 and $21,329 for the six months ended April 30, 2026 and 2025, respectively. As of April 30, 2026, there was $<span style="-sec-ix-hidden:fc_1409857479">nil</span> of total unrecognized compensation expense. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized information about stock options outstanding and exercisable at April 30, 2026 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="13" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Options Outstanding</span></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Options Exercisable</span></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Number Outstanding</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold"> Weighted Average Remaining Contractual Life (Years)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Weighted Average Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Number Exercisable</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Weighted Average Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 1%; text-align: center">$</td> <td style="width: 14%; text-align: center">0.32</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right">2,150,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 14%; text-align: center">0.81</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 14%; text-align: center">0.32</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: 14%; text-align: right">2,150,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 13%; text-align: center">0.32</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: center"> </td> <td style="text-align: center">0.195</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">150,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">1.87</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0.195</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">150,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0.195</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.16</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,425,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.75</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.16</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,425,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.16</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 2.5pt double; text-align: center">$</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,725,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">1.83</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">$ </td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,725,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">$ </td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 0.10 15000000 0 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of stock option activity for the six months ended April 30, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Options</span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Shares</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Exercise Price ($CDN)</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Remaining Contractual Life (Years)</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Aggregate Intrinsic Value</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 48%; text-align: justify; padding-left: 5.4pt"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-bottom: 1pt; padding-left: 5.4pt">Outstanding at October 31, 2025</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4,725,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">0.23</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2.33</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">225,870</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Outstanding and exercisable at April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,725,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1.83</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">867,036</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 4725000 0.23 P2Y3M29D 225870 4725000 0.23 P1Y9M29D 867036 4293 21329 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized information about stock options outstanding and exercisable at April 30, 2026 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="13" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Options Outstanding</span></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Options Exercisable</span></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Number Outstanding</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold"> Weighted Average Remaining Contractual Life (Years)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Weighted Average Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Number Exercisable</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Weighted Average Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 1%; text-align: center">$</td> <td style="width: 14%; text-align: center">0.32</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 14%; text-align: right">2,150,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 14%; text-align: center">0.81</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 14%; text-align: center">0.32</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: 14%; text-align: right">2,150,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center">$</td> <td style="width: 13%; text-align: center">0.32</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: center"> </td> <td style="text-align: center">0.195</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">150,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">1.87</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0.195</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">150,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">0.195</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.16</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,425,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">2.75</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.16</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2,425,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">0.16</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 2.5pt double; text-align: center">$</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,725,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">1.83</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">$ </td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">4,725,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">$ </td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.23</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 0.32 2150000 P0Y9M21D 0.32 2150000 0.32 0.195 150000 P1Y10M13D 0.195 150000 0.195 0.16 2425000 P2Y9M 0.16 2425000 0.16 0.23 4725000 P1Y9M29D 0.23 4725000 0.23 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 13 <span style="font-family: Times New Roman, Times, Serif">–</span> WARRANTS</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of warrant activity for the six months ended April 30, 2026 is as follows: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Warrants</span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Shares</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Exercise Price ($CDN)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Remaining Contractual Life (Years)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Aggregate Intrinsic Value</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 48%; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Outstanding and exercisable at October 31, 2025</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">5,742,499</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.13</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">3.00</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">615,952</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Outstanding and exercisable at April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5,742,499</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.13</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">2.50</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,806,476</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No warrants were issued or exercised during the six months ended April 30, 2026.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 18, 2025, the Company received gross proceeds of $12,685 related to an exercise of 21,500 warrants at an exercise price of $0.59 per share of common stock, and paid Arras $5,375 for the issuance of Arras shares, for net proceeds of $7,310, excluding issuance costs of $1,332. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No warrants were issued during the six months ended April 30, 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized information about warrants outstanding and exercisable at April 30, 2026 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="13" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Warrants Outstanding and Exercisable</span></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 23%"><span style="font-size: 8pt"><span style="font-weight: bold">Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Number</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Outstanding </span></span></p></td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 23%"><span style="font-size: 8pt"><span style="font-weight: bold"> Weighted Average Remaining Contractual Life (Years)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 23%"><span style="font-size: 8pt"><span style="font-weight: bold">Weighted Average Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.13</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">5,742,499</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">2.50</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.13</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the year ended October 31, 2023, the Company issued 5,842,499 warrants with an exercise price of Canadian dollar ("$CDN") $0.13 per share in connection with the $CDN 0.11 Unit private placement. The Company’s $CDN warrants have been recognized as a derivative liability as the currency denomination of the exercise price is different from the functional currency of the Company. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the Company’s warrant derivative liability at April 30, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 83%; text-align: left; text-indent: -31.5pt; padding-left: 49.5pt">Warrant derivative liability at October 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">777,095</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: -31.5pt; padding-left: 49.5pt">Foreign currency translation adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,713</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: -31.5pt; padding-left: 49.5pt">Change in fair value of warrant derivative liability</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,118,453</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 15.65pt"> Warrant derivative liability at April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,932,261</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The fair value of the warrants issued in the $CDN 0.11 Unit private placement was revalued to be $1,932,261 based on the Black-Scholes pricing model using a risk-free interest rate of 3.89%, expected volatility of 64.72%, dividend yield of 0%, and a contractual term of 2.50 years as of April 30, 2026. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of warrant activity for the six months ended April 30, 2026 is as follows: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Warrants</span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Shares</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Exercise Price ($CDN)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Weighted Average Remaining Contractual Life (Years)</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Aggregate Intrinsic Value</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: justify"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 48%; text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Outstanding and exercisable at October 31, 2025</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">5,742,499</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">0.13</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">3.00</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">615,952</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt">Outstanding and exercisable at April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">5,742,499</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">0.13</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">2.50</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,806,476</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 5742499 0.13 P3Y 615952 5742499 0.13 P2Y6M 1806476 12685 21500 0.59 5375 7310 1332 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summarized information about warrants outstanding and exercisable at April 30, 2026 is as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="13" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Warrants Outstanding and Exercisable</span></span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 23%"><span style="font-size: 8pt"><span style="font-weight: bold">Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 23%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Number</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Outstanding </span></span></p></td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 23%"><span style="font-size: 8pt"><span style="font-weight: bold"> Weighted Average Remaining Contractual Life (Years)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 23%"><span style="font-size: 8pt"><span style="font-weight: bold">Weighted Average Exercise Price ($CDN)</span></span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.13</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">5,742,499</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center"> </td> <td style="border-bottom: Black 2.5pt double; text-align: center">2.50</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.13</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 0.13 5742499 P2Y6M 0.13 5842499 0.13 0.11 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the Company’s warrant derivative liability at April 30, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 83%; text-align: left; text-indent: -31.5pt; padding-left: 49.5pt">Warrant derivative liability at October 31, 2025</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">777,095</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; text-indent: -31.5pt; padding-left: 49.5pt">Foreign currency translation adjustment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,713</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; text-indent: -31.5pt; padding-left: 49.5pt">Change in fair value of warrant derivative liability</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,118,453</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 2.5pt; padding-left: 15.65pt"> Warrant derivative liability at April 30, 2026</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,932,261</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 777095 -36713 1118453 1932261 0.11 1932261 3.89 64.72 0 2.5 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 14 – FINANCIAL INSTRUMENTS</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable to the acquisition of financial assets or the assumption of liabilities carried at amortized cost, in which case the transaction costs adjust the carrying amount.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The three levels of the fair value hierarchy are as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr><td style="width: 3%"> </td> <td style="vertical-align: top; width: 8%">Level 1</td> <td style="vertical-align: top; width: 89%">Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr><td style="width: 3%"> </td> <td style="vertical-align: top; width: 8%">Level 2</td> <td style="vertical-align: top; width: 89%">Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tbody><tr><td style="width: 3%"> </td> <td style="vertical-align: top; width: 8%">Level 3</td> <td style="vertical-align: top; width: 89%">Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, due from related party, accounts payable and warrant derivative liability.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amounts of cash and cash equivalents, accounts receivable, due from related party and accounts payable approximate fair value at April 30, 2026 and October 31, 2025 due to the short maturities of these financial instruments. There were no transfers between Levels 1, 2 and 3 during the six months ended April 30, 2026 and 2025.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Warrant Derivative liability</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for its warrants as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. The Company has used the Black-Scholes pricing model to fair value the warrants (Note 13). Determining the appropriate fair-value model and calculating the fair value of warrants requires considerable judgment. Any change in the estimates used may cause the value to be higher or lower than that reported. The estimated volatility of the Company’s common stock at the date of issuance, and at each subsequent reporting period, is based on the historical volatility and may be adjusted to reflect the implicit discount to historical volatilities observed in the prices of traded warrants. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the warrants at the valuation date. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend yield is expected to be none as the Company has not paid dividends nor does the Company anticipate paying any dividend in the foreseeable future.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The derivative is not traded in an active market, and the fair value is determined using valuation techniques. The estimates may be significantly different from those recorded in the consolidated financial statements because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market. All changes in the fair value are recorded in the condensed interim consolidated statement of operations and comprehensive loss each reporting period. This is considered to be a Level 3 financial instrument.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has the following liabilities under the fair value hierarchy measured at fair value on a recurring basis:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30, 2026</span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 55%"><span style="font-size: 8pt">Liability</span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="font-size: 8pt">Level 1</span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 2</span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 3</span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 5.4pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="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-left: 5.4pt">Warrant derivative liability</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_200786634">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1075945696">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,932,261</td> <td style="text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">October 31, 2025</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; width: 55%; font-weight: bold; text-align: center; padding-left: 5.4pt"><span style="font-size: 8pt">Liability</span></td> <td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 1</span></span></td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 2</span></span></td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 3</span></span></td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="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-left: 5.4pt">Warrant derivative liability</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_778726645">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1750661153">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">777,095</td> <td style="text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Credit Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets, the Company has established policies to ensure liquidity of funds and ensure that counterparties demonstrate minimum acceptable credit worthiness.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company maintains its U.S. dollar and $CDN cash and cash equivalents in bank and demand deposit accounts with major financial institutions with high credit standings. Cash deposits held in Canada are insured by the Canada Deposit Insurance Corporation (“CDIC”) for up to $CDN 100,000. Certain Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they relate to U.S. dollar deposits held in Canadian financial institutions. As of April 30, 2026, and October 31, 2025, the Company’s cash and cash equivalent balances held in Canadian financial institutions included $873,254 and $1,059,821, respectively, which was not insured by the CDIC. The Company has not experienced any losses on such accounts, and management believes that using major financial institutions with high credit ratings mitigates the credit risk to cash and cash equivalents. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As at April 30, 2026 and October 31, 2025, cash and cash equivalents consist of guaranteed investment certificates of $17,763 and $17,264, respectively, held in bank accounts. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company also maintains cash in bank accounts in Mexico. These accounts are denominated in the local currency and are considered uninsured. As of April 30, 2026 and 2025, the U.S. dollar equivalent balance for these accounts was $79,273 and $70,963, respectively. As of April 30, 2026, a cash balance of $79,306 (the Mexican peso (“$MXN”) 1,389,737) was subject to seizure by the Mexican government due to a dispute over certain years’ VAT and corporate tax. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other receivables, accounts receivable and due from related party comprise receivables from GST refunds, Bench Walk and a related party and proceeds from warrant exercises. Receivable balances are monitored on an ongoing basis with the result that the Company’s exposure to impairment is not significant. At April 30, 2026 and October 31, 2025, none of the Company’s receivables are impaired. All receivables are normally settled between 30 to 90 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Liquidity Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company’s approach to managing its liquidity risk is to ensure, as much as possible, that it will have sufficient liquid funds to meet its liabilities when due.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> At April 30, 2026, the Company has $917,755 (October 31, 2025 - $1,135,565) of cash and cash equivalents to settle current liabilities of $7,712,099, excluding warrant derivative liability (October 31, 2025 - $7,659,875). All payables classified as current liabilities are due within one year. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Interest Rate Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company holds substantially all of its cash and cash equivalents in bank and demand deposit accounts with major financial institutions. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash and cash equivalent balances during the six months ended April 30, 2026, a 1% decrease in interest rates would have resulted in a reduction of approximately $5,000 in interest income for the period. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Foreign Currency Exchange Risk</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain purchases of labor, operating supplies and capital assets are denominated in $CDN, $MXN or other currencies. As a result, currency exchange fluctuations may impact the costs of the Company’s operations. Specifically, the appreciation of the $MXN or $CDN against the U.S. dollar may result in an increase in operating expenses and capital costs in U.S. dollar terms. The Company currently does not engage in any currency hedging activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Based on the net exposures as at April 30, 2026, a 5% depreciation or appreciation of the $CDN and $MXN against the U.S. dollar would result in an increase/decrease of approximately $41,000 in the Company’s net income. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has the following liabilities under the fair value hierarchy measured at fair value on a recurring basis:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="text-align: center; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30, 2026</span></td> <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 55%"><span style="font-size: 8pt">Liability</span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 12%"><span style="font-size: 8pt">Level 1</span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; width: 1%"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 2</span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Level 3</span></td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="padding-left: 5.4pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="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-left: 5.4pt">Warrant derivative liability</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_200786634">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1075945696">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1,932,261</td> <td style="text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="10" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">October 31, 2025</span></td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td style="border-bottom: Black 1pt solid; width: 55%; font-weight: bold; text-align: center; padding-left: 5.4pt"><span style="font-size: 8pt">Liability</span></td> <td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 1</span></span></td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 2</span></span></td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="text-align: center; width: 1%; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt; width: 1%; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> <td style="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: center"><span style="font-size: 8pt"><span style="font-weight: bold">Level 3</span></span></td> <td style="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: center"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="padding-left: 5.4pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="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-left: 5.4pt">Warrant derivative liability</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_778726645">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1750661153">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">777,095</td> <td style="text-align: left"> </td> </tr></tbody> </table> 1932261 777095 100000 873254 1059821 17763 17264 79273 70963 79306 1389737 917755 1135565 7712099 7659875 0.01 5000 0.05 41000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 15 – COMMITMENTS AND CONTINGENCIES</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Compliance with Environmental Regulations</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s exploration activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a project, and cause changes or delays in the Company’s activities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Property Concessions in Mexico</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To properly maintain property concessions in Mexico, the Company is required to pay a semi-annual fee to the Mexican government and complete annual assessment work.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Royalty</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company has agreed to pay a 2% net smelter return royalty on certain property concessions within the Sierra Mojada Property based on the revenue generated from production. Total payments under this royalty are limited to $6.875 million (the “Royalty”). To date, no royalties have been paid. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline">Litigation and Claims</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Mineros Norteños Case</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> On May 20, 2014, Mineros Norteños filed an action in the Local First Civil Court in the District of Morelos, State of Chihuahua, Mexico, against the Company’s subsidiary, Minera Metalin, claiming that Minera Metalin breached an agreement regarding the development of the Sierra Mojada Property. Mineros Norteños sought payment of the Royalty, including interest at a rate of 6% per annum since August 30, 2004, even though no revenue has been produced from the applicable mining concessions. It also sought payment of wages to the cooperative’s members since August 30, 2004, even though none of the individuals were hired or performed work for Minera Metalin under this agreement and Minera Metalin did not commit to hiring them. On January 19, 2015, the case was moved to the Third District Court (of federal jurisdiction). On October 4, 2017, the court ruled that Mineros Norteños was time barred from bringing the case. On October 19, 2017, Mineros Norteños appealed this ruling. On July 31, 2019, the Federal Appeals Court upheld the original ruling. This ruling was subsequently challenged by Mineros Norteños and on January 24, 2020, the Federal Circuit Court ruled that the Federal Appeals Court must consider additional factors in its ruling. In March 2020, the Federal Appeals Court upheld the original ruling after considering these additional factors. In August 2020, Mineros Norteños appealed this ruling, which appeal the Company timely responded and objected to on October 5, 2020. On March 26, 2021, the Federal Circuit Court issued a final and conclusive resolution, affirming the Federal Appeals Court decision. Despite the judgments in favour of the Company, Mineros Norteños has continued to block access to the facilities at Sierra Mojada since September 2019. The Company has filed criminal complaints with the State of Coahuila, federal and state authorities have been contacted to intervene and terminate the blockade, and the Company has attempted to negotiate with Mineros Norteños, without resolution to date. The Company has not accrued any amounts in its condensed interim consolidated financial statements with respect to this claim. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>ICSID Arbitration</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On March 2, 2023, the Company filed the NAFTA Notice of Intent (Note 4). As is required by Article 1118 of NAFTA, the Company sought to settle this dispute with Mexico through consultations. On May 30, 2023, the Company attended a meeting with Mexican government officials in Mexico City, but, notwithstanding the Company’s good faith efforts to resolve the dispute amicably, no settlement was reached. Accordingly, the Company filed a request for arbitration with the ICSID on June 28, 2023. On July 20, 2023, ICSID registered the request. On June 17, 2024, the Company filed its Memorial submission with the ICSID detailing the claim against Mexico as well as damages for the sum of $315 million, plus pre-award interest accruing from the valuation date, June 30, 2020. The Arbitration hearing was held in October 2025, and the Company submitted its post-hearing brief on November 21, 2025 and its costs on December 5, 2025. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 29, 2026, the ICSID tribunal rendered its final award dismissing the Claim on the basis that it did not have jurisdiction and/or was time-barred and ordered the Company to pay a portion of Mexico’s legal costs totaling approximately US$998,000 (Note 17). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> To support the legacy NAFTA claim, the Company engaged an arbitration consultant, who, upon a successful arbitration ruling, is to receive an arbitration fee amounting to 6% of the net amount of the award by ICSID less all associated direct costs incurred by the Company. </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As succeeding in collecting any amount is unlikely, the Company has not accrued any amounts in the condensed interim consolidated financial statements with respect to this claim.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Valdez Case</i></p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On February 15, 2016, Messrs. Jaime Valdez Farias and Maria Asuncion Perez Alonso (collectively, “Valdez”) filed an action before the Local First Civil Court of Torreon, State of Coahuila, Mexico (“Civil Court”), against the Company’s subsidiary, Minera Metalin, claiming that Minera Metalin had breached an agreement regarding the development of the Sierra Mojada Property. Valdez sought payment in the amount of $5.9 million for the alleged breach of the agreement. On April 28, 2016, Minera Metalin filed its response to the complaint, asserting various defenses, including that Minera Metalin terminated the agreement before the payment obligations arose and that certain conditions precedent to such payment obligations were never satisfied by Valdez. The Company and the Company’s Mexican legal counsel asserted all applicable defenses. In May 2017, a final judgment was entered finding for the Company, the defendant, acquitting the Company of all of the plaintiff’s claims and demands. However, due to a technicality in an early procedural act, Valdez was allowed to, and did, challenge the judgment before a local Appeals Court. In November 2020, the judgment of the Appeals Court was timely challenged by the Company by means of an “Amparo” lawsuit (Constitutional protection) before a Federal Circuit Court. In June 2021, the Federal Circuit Court ruled in favor of the plaintiff. In consultation with the Company’s Mexican legal counsel, the Company believes these judgments are contrary to applicable law. The plaintiff initiated proceedings to enforce the Appeals Court resolution, and the Company offered a mining concession as payment in full to terminate this controversy definitively. On October 31, 2025, the Civil Court granted Valdez the title to several superficial rights and mining concessions as payment; however, it is unclear if Valdez will still seek to secure additional assets, alleging an outstanding balance. </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Due to this recent ruling, continued consultation with the legal counsel and the continued inability to access the property, the Company recorded a litigation accrual of $7.08 million ($5.9 million plus legal costs of 20% of the ruling, as prescribed by the Civil Court) as of April 30, 2026 and October 31, 2025 with respect to this claim, in accordance with ASC 450. However, the Company believes the likelihood of the plaintiff enforcing collection of any amount on this claim is remote and will continue to defend itself in such enforcement. </p><p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><i>General</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">From time to time, the Company is involved in other disputes, claims, proceedings and legal actions arising in the ordinary course of business. The Company intends to vigorously defend all claims against the Company and pursue its full legal rights in cases where the Company has been harmed. Although the ultimate outcome of these proceedings cannot be accurately predicted due to the inherent uncertainty of litigation, in the opinion of management, based upon current information, no other currently pending or overtly threatened proceeding is expected to have a material adverse effect on the Company’s business, financial condition or results of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><i>Arbitration Financing</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> On September 5, 2023, the Company entered into the LFA with Bench Walk (Note 5). Under the terms of the LFA, Bench Walk agreed to fund the Company with up to $9.5 million to cover the Company’s legal, tribunal and external expert costs and defined corporate operating expenses associated with the Claim in relation to the international arbitration proceedings as a purchase of a contingent entitlement to damages. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> The Company agreed that Bench Walk shall be entitled to receive a share of any proceeds arising from the Claim Proceeds of up to 3.5x Bench Walk’s capital outlay (or, if greater, a return of 1.0x Bench Walk’s capital outlay plus 30% of Claim Proceeds). The actual return to Bench Walk may be lower than the foregoing amounts depending on how quickly the Claim is resolved. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As security for Bench Walk’s entitlement to receive a share of the Claim Proceeds under the LFA, the Company granted to Bench Walk a security interest in the Claim Proceeds, the Claim, all documents of title pertaining to the Claim, rights under any appeal bond or similar instrument posted by any of the defendants in the Claim, and all proceeds of any of the foregoing (refer to Note 5).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Management Retention Agreement and Salaries</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company established a Management Retention Agreement (the “MRA”), which is a long-term incentive program to retain key personnel of the Company who have important historical information and knowledge to contribute with respect to the Arbitration. The MRA provides that if the Company is successful and the Company receives damages proceeds, 12% of the net proceeds will be directed to the MRA for distribution to its participants. Each participant must satisfy specific Arbitration-related duties and if they do so, each participant may be entitled to a pre-defined percentage of the proceeds received by the MRA. The Toronto Stock Exchange (the “TSX”) and the Company’s disinterested shareholders have approved of the MRA as of the date of Silver Bull’s 2024 annual meeting of shareholders in April 2024. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Additionally, management of the Company has agreed to defer a portion of its salaries, as well as an annual bonuses granted, with the deferred amounts only being paid in the event that the Company is successful in its Arbitration proceedings and the Company having sufficient funds to pay the deferred amounts after discharging amounts owed to priority creditors, such as Bench Walk.  Deferred amounts owed to management will accrue interest at a rate of 6% per annum, compounded annually. As of April 30, 2026, the deferred salary and bonus amounts, with accrued interest, are approximately $825,000. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the outcome of the Arbitration was not determinable as at April 30, 2026, no expense was recorded in relation to the above.</p> 0.02 6875000 0.06 315000000 998000 0.06 5.9 7080000.00 7080000.00 5900000 5900000 0.20 0.20 9500000 0.30 0.12 0.06 825000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-weight: bold">NOTE 16 – SEGMENT INFORMATION</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company operates in a <span style="-sec-ix-hidden:fc_786903254">single</span> reportable segment: the exploration of mineral property interests. The Company has mineral property interests in Sierra Mojada, Mexico. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Geographic information is approximately as follows: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Three Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Six Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 40%; font-size: 9pt; text-indent: -31.5pt; padding-left: 49.5pt"><span style="font-size: 10pt">Mexico</span></td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(44,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(25,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(55,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(94,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9pt; text-indent: -31.5pt; padding-left: 49.5pt"><span style="font-size: 10pt">Canada</span></td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(1,072,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(45,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(1,181,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(78,000</td> <td style="font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 9pt; padding-bottom: 1pt; text-indent: -31.5pt; padding-left: 49.5pt"><span style="font-size: 10pt">Kazakhstan</span></td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><span style="-sec-ix-hidden:fc_1883542543">—</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9pt; text-align: left; padding-bottom: 2.5pt; padding-left: 15.65pt"><span style="font-size: 10pt"> Net Loss</span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(1,117,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(70,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(1,237,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(173,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table details the allocation of assets included in the accompanying balance sheet at April 30, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Canada</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Mexico</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Total</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 55%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">917,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><span style="-sec-ix-hidden:fc_708721588">—</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">917,000</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_405104602"> </span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">79,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">79,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Other receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1479701545">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Accounts receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">392,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1111081457">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">392,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Prepaid expenses and deposits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1825528800">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Due from related party</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_960685097">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Value-added tax receivable, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_721224043">—</span></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> <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: White"><td style="text-align: left; padding-bottom: 1pt">Office and mining equipment, net</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_836499152">—</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,349,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">157,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,506,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Canada</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Mexico</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Total</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 55%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,135,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><span style="-sec-ix-hidden:fc_34896105">—</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,135,000</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_2052315799"> </span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Other receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_663107621">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Accounts receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_174162811">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Prepaid expenses and deposits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_405494463">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Due from related party</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_210708088">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Value-added tax receivable, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1960302068">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt">Office and mining equipment, net</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1123096198">—</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,382,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">149,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,531,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has significant assets in Coahuila, Mexico. Although Mexico is generally considered economically stable, unanticipated events in Mexico, such as the blockade, can, and may in the future, disrupt the Company’s operations. The Mexican government does not require foreign entities to maintain cash reserves in Mexico.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table details the allocation of exploration and property holding costs for the exploration properties: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Three Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Six Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; width: 48%">Exploration and property holding costs for the period</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -31.5pt; padding-left: 49.5pt">Mexico</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(2,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(10,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(77,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(81,000</td> <td style="font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt; text-indent: -27pt; padding-left: 45pt">Kazakhstan</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><span style="-sec-ix-hidden:fc_237281754">—</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9pt; padding-bottom: 2.5pt; padding-left: 15.65pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(3,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(10,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(78,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(82,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> </tr></tbody> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Geographic information is approximately as follows: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="font-size: 9pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 2.5pt; font-size: 9pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Three Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Six Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 10pt"> </span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 40%; font-size: 9pt; text-indent: -31.5pt; padding-left: 49.5pt"><span style="font-size: 10pt">Mexico</span></td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(44,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(25,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(55,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> <td style="width: 1%; font-size: 9pt"> </td> <td style="width: 1%; font-size: 9pt; text-align: left">$</td> <td style="width: 12%; font-size: 9pt; text-align: right">(94,000</td> <td style="width: 1%; font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9pt; text-indent: -31.5pt; padding-left: 49.5pt"><span style="font-size: 10pt">Canada</span></td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(1,072,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(45,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(1,181,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; text-align: right">(78,000</td> <td style="font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="font-size: 9pt; padding-bottom: 1pt; text-indent: -31.5pt; padding-left: 49.5pt"><span style="font-size: 10pt">Kazakhstan</span></td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><span style="-sec-ix-hidden:fc_1883542543">—</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9pt; text-align: left; padding-bottom: 2.5pt; padding-left: 15.65pt"><span style="font-size: 10pt"> Net Loss</span></td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(1,117,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(70,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(1,237,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(173,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> </tr></tbody> </table> -44000 -25000 -55000 -94000 -1072000 -45000 -1181000 -78000 -1000 -1000 -1000 -1117000 -70000 -1237000 -173000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table details the allocation of assets included in the accompanying balance sheet at April 30, 2026:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Canada</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Mexico</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Total</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 55%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">917,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><span style="-sec-ix-hidden:fc_708721588">—</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">917,000</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_405104602"> </span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">79,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">79,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Other receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1479701545">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Accounts receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">392,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1111081457">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">392,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Prepaid expenses and deposits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1825528800">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">16,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Due from related party</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_960685097">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Value-added tax receivable, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_721224043">—</span></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> <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: White"><td style="text-align: left; padding-bottom: 1pt">Office and mining equipment, net</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_836499152">—</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,349,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">157,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,506,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table details the allocation of assets included in the accompanying balance sheet at October 31, 2025:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="text-align: center"><span style="font-size: 8pt"> </span></td> <td style="padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Canada</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Mexico</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-size: 8pt">Total</span></td> <td style="padding-bottom: 1pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="width: 55%; text-align: left">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,135,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><span style="-sec-ix-hidden:fc_34896105">—</span></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">1,135,000</td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Restricted cash</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_2052315799"> </span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">75,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Other receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_663107621">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Accounts receivables</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_174162811">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Prepaid expenses and deposits</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_405494463">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">36,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left">Due from related party</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_210708088">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">20,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left">Value-added tax receivable, net</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><span style="-sec-ix-hidden:fc_1960302068">—</span></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">73,000</td> <td style="text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-align: left; padding-bottom: 1pt">Office and mining equipment, net</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden:fc_1123096198">—</span></td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,000</td> <td style="padding-bottom: 1pt; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,382,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">149,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,531,000</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> </tr></tbody> </table> 917000 917000 79000 79000 2000 2000 392000 392000 16000 16000 22000 22000 77000 77000 1000 1000 1349000 157000 1506000 1135000 1135000 75000 75000 6000 6000 185000 185000 36000 36000 20000 20000 73000 73000 1000 1000 1382000 149000 1531000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table details the allocation of exploration and property holding costs for the exploration properties: </p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tbody><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> <td colspan="2"><span style="font-size: 8pt"> </span></td> <td><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Three Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">For the Six Months Ended</span></td> <td style="font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="6" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">April 30,</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2026</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> <td style="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"><span style="font-size: 8pt"> </span></td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 9pt; font-weight: bold; text-align: center"><span style="font-size: 8pt">2025</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold"><span style="font-size: 8pt"> </span></td> </tr><tr style="vertical-align: bottom"><td> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td colspan="2" style="font-size: 9pt"> </td> <td style="padding-bottom: 2.5pt; font-size: 9pt"> </td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="text-align: left; padding-bottom: 1pt; width: 48%">Exploration and property holding costs for the period</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="text-indent: -31.5pt; padding-left: 49.5pt">Mexico</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(2,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(10,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(77,000</td> <td style="font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt"> </td> <td style="font-size: 9pt; text-align: left">$</td> <td style="font-size: 9pt; text-align: right">(81,000</td> <td style="font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: rgb(204,238,255)"><td style="padding-bottom: 1pt; text-indent: -27pt; padding-left: 45pt">Kazakhstan</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right"><span style="-sec-ix-hidden:fc_237281754">—</span></td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left"> </td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 9pt; text-align: right">(1,000</td> <td style="padding-bottom: 1pt; font-size: 9pt; text-align: left">)</td> </tr><tr style="vertical-align: bottom; background-color: White"><td style="font-size: 9pt; padding-bottom: 2.5pt; padding-left: 15.65pt"> </td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(3,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(10,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(78,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> <td style="font-size: 9pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 9pt; text-align: right">(82,000</td> <td style="padding-bottom: 2.5pt; font-size: 9pt; text-align: left">)</td> </tr></tbody> </table> -2000 -10000 -77000 -81000 -1000 -1000 -1000 -3000 -10000 -78000 -82000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-weight: bold">NOTE 17 – SUBSEQUENT EVENTS</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 1, 2026, the Company received a payment of $200,000 from Bench Walk. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On May 29, 2026, the ICSID tribunal issued its final award in ICSID Case No. ARB/23/24, dismissing the Company’s Claim on the basis that it lacked jurisdiction and/or that the claim was time-barred and ordered the Company to pay a portion of Mexico’s legal costs totaling approximately US$998,000. (Note 4). The Company is currently assessing the decision to determine whether there are grounds for annulment. The Company has 120 days from the date of the ruling to register for annulment, and the proceeding would be anticipated to take approximately 18 to 36 months from the date of registration<span style="font-family: Times New Roman, Times, Serif"> </span>. <span style="font-family: Times New Roman, Times, Serif"> </span> </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On June 3, 2026, 45,000 warrants to acquire 45,000 shares of common stock were exercised at an exercise price of $CDN 0.13 per share of common stock for aggregate gross proceeds of $4,213 ($CDN 5,850). </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Following the unfavorable award issued by the ICSID tribunal, Bench Walk terminated the Funding Agreement, and the Company wrote off the related account balance of $192,132. </p> 200000 998000 45000 45000 0.13 4213 5850 192132 false false false false false false