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NOTE 1 – GENERAL Exploration-Stage Company Since January 1, 2009, Texas Mineral Resources Corp. (“we”, “us”, “our”, the “Company”) has been classified as an “exploration stage” company for purposes of Regulation S-K Item 1300 of the U.S. Securities and Exchange Commission (“SEC”). Under SEC Regulation S-K Item 1300, companies engaged in significant mining operations are classified into three categories, referred to as “stages” - exploration, development, and production. Exploration stage includes all companies that do not have established reserves in accordance with Item 1300. Such companies are deemed to be “in the search for mineral deposits.” Notwithstanding the nature and extent of development-type or production-type activities that have been undertaken or completed, a company cannot be classified as a development or production stage company unless it has established reserves in accordance with Item 1300. Basis of Presentation The accompanying unaudited interim consolidated financial statements of Texas Mineral Resources Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the SEC, and should be read in conjunction with the audited financial statements and notes thereto contained in our annual report on Form 10-K, for the year ended August 31, 2025, dated November 28, 2025, as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended August 31, 2025, as reported in our annual report on Form 10-K, have been omitted. Principles of Consolidation The consolidated financial statements include the accounts of Texas Mineral Resources Corp., its wholly-owned subsidiary Standard Silver Corp. and its proportionate interest in the assets, liabilities, and operations of Round Top Mountain Development Company, LLC (“Round Top” or “RTMD”). All significant intercompany balances and transactions have been eliminated. Going Concern These financial statements have been prepared assuming that the Company will continue as a going concern. The Company has an accumulated deficit from inception through May 31, 2026, of approximately $47,472,000 and has yet to achieve profitable operations, and projects further losses in the development of its business. At May 31, 2026, the Company had a working capital surplus of approximately $2,423,000, however the Company’s ability to continue as a going concern is dependent upon its ability to generate profitable operations in the future and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that may be necessary should we be unable to continue as a going concern. We do not have sufficient cash on hand to fund our portion of the Round Top budget, being our portion of the Round Top cash calls, during our current fiscal year. We believe we have sufficient capital to fund our estimated general and administrative expenses through August 31, 2026. Failure by the Company to fund required cash calls to Round Top during the twelve-month period from the issuance date of these interim financial statements would result in dilution to its membership interest in Round Top, which is <span id="xdx_909_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uRatio_c20260531__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zQDaa6TpGukb" title="Ownership interest">18.271% at May 31, 2026. Accordingly, the Company may be required to raise additional capital to fund its Round Top cash call obligations and there can be no assurance that the Company will be able to raise the necessary capital to fund its cash calls if it elects not to dilute its membership interest in lieu of funding the cash calls. Based on these factors, there is substantial doubt as to the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of these interim financial statements. Segment Reporting In accordance with ASC Topic 280 - “Segment Reporting (ASC 280)” the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any material intra-segment sales and transfers of assets. The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (the “CEO”). The CEO, with the Chief Financial Officer, assesses the performance and makes operating decisions of the Company on a consolidated basis, based on the Company’s net increase/decrease in shareholder’s equity resulting from operations (“net income”/“net loss”). Company assets are not reviewed by the CODM at a different asset level or category, but at the consolidated level. As the Company’s operations are comprised of a single operating segment, the segment assets are reflected on the accompanying Consolidated Balance Sheets as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

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NOTE 2 – MERGER AGREEMENT As previously announced in an 8-K filing with the SEC on March 5, 2026, the Company entered into an Agreement and Plan of Merger dated March 4, 2026 (“Merger Agreement”) with USAR, Hamer Merger Sub, Inc., a wholly owned subsidiary of USAR (“Merger Sub 1”), and Hamer Merger Sub, LLC, a wholly owned subsidiary of USAR (“Merger Sub 2”). Pursuant to the Merger Agreement, the Company will enter into a series of mergers with Merger Sub 1 and Merger Sub 2 that will result in the business of the Company being held by a wholly owned subsidiary of USAR, and the common stock of the Company being converted into the right to receive the merger consideration described below (“Transaction”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions found in the Merger Agreement, the following steps will occur as part of a single integrated transaction on the closing date of the Merger (“Closing”). <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 3%"> </td> <td style="width: 3%">(a)</td> <td style="width: 94%">Merger Sub 1 will merge with and into the Company (the “First Merger”), the separate existence of Merger Sub 1 will cease, and the Company will be the surviving corporation of the First Merger and a wholly owned subsidiary of USAR;</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>(b)</td> <td>the surviving corporation of the First Merger will merge with and into Merger Sub 2 (the “Second Merger”), the separate existence of that surviving corporation will cease, and Merger Sub 2 will be the surviving company of the Second Merger and a wholly owned subsidiary of USAR that holds all of the assets of the Company;</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>(c)</td> <td>all of the issued and outstanding shares of Company common stock prior to the effective time of the First Merger will be converted into the right to receive a fraction of a share of common stock of USAR determined as described below; and</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td>(d)</td> <td>USAR will issue to the holders of Company common stock an aggregate of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20260303__20260304__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__dei--LegalEntityAxis__custom--USARareEarthIncMember_zqkEWGaAnYf9" title="Number of shares issued">3,823,328 shares of USAR common stock pro rata according to the number of shares of Company common stock owned.</td></tr> </table> Under the Merger Agreement, each share of Company common stock that is issued and outstanding immediately prior to the effective time of the First Merger (excluding any shares of Company common stock as to which dissenters’ rights have been properly exercised and shares of Company common stock owned by USAR, the Company or any of their respective direct or indirect wholly owned subsidiaries) shall automatically be converted into the right to receive that portion of a validly issued, fully paid and nonassessable share of USAR common stock equal to the quotient obtained by dividing (a) <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20260303__20260304__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__dei--LegalEntityAxis__custom--USARareEarthIncMember_ztNiNyyJPYH3">3,823,328 by (b) the aggregate number of shares of Company common stock outstanding on a fully diluted basis at the effective time of the First Merger. Our board of directors has approved and declared advisable the Merger Agreement and the Transaction and resolved to recommend that our stockholders approve the Merger Agreement, the Transaction and related matters. In connection with the execution of the Merger Agreement, the Company and USAR entered into a voting and support agreement (each, a “Voting and Support Agreement”) with each member of the Company’s board of directors and each of the Company’s executive officers. Pursuant to the Voting and Support Agreements, among other things, all of the Company’s directors and executive officers agreed to vote all of their shares of Company common stock in favor of the various proposals related to the Transaction and the Merger Agreement and any other matters necessary or reasonably requested by USAR for consummation of the Transaction and against any action reasonably expected to impede, delay or materially and adversely affect the Transaction. The Merger Agreement contains customary representations, warranties and covenants as well as conditions to Closing. One of the Closing conditions is that the Carlisle mine and related real estate is transferred to Mr. Gorski at or prior to Closing in consideration for the cancellation and discharge of the $75,000 promissory note owed by the Company to Mr. Gorski. Additionally, the Merger Agreement provides for termination rights and sets forth a termination fee equal to $3,250,000 owed by the Company to USAR under certain circumstances.

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NOTE 3 – JOINT VENTURE ARRANGEMENTS The Company accounts for its interest in RTMD using the proportionate consolidation method, which is an exception available to entities in the extractive industries, thereby recognizing its pro-rata share of the assets, liabilities, and operations of RTMD in the appropriate classifications in the financial statements.

NOTE 4 – MINERAL PROPERTIES The following discussion under “RTMD Mineral Properties” provides a history of the ownership and obligations of the Round Top Project, of which we, as of May 31, 2026, held a <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uRatio_c20260531__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--RoundTopMountainDevelopmentCompanyLLCMember_zxoJzcgumCek" title="Ownership interest">18.271% proportionate interest and USA Rare Earth, Inc. (“USAR”) held an <span id="xdx_905_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uRatio_c20260531__srt--CounterpartyNameAxis__custom--USARareEarthIncMember__srt--OwnershipAxis__custom--RoundTopMountainDevelopmentCompanyMember_zZEO7kEwTJW9">81.729% proportionate interest. RTMD Mineral Properties August 2010 Lease On August 17, 2010, the Company executed a new mining lease with the Texas General Land Office covering Sections 7 and 18 of Township 7, Block 71 and Section 12 of Block 72, covering approximately <span id="xdx_90A_ecustom--MiningLeaseAcres_iI_uacre_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_z6qUjrP2nKdl" title="Mining lease - acres">860 acres at Round Top Mountain in Hudspeth County, Texas. The mining lease issued by the Texas General Land Office provides for the right to explore, produce, develop, mine, extract, mill, remove, and market rare earth elements, all other base and precious metals, industrial minerals and construction materials and all other minerals excluding oil, gas, coal, lignite, sulfur, salt, and potash. The term of the lease is <span id="xdx_906_ecustom--MineralLeaseTerm_dt_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_z2n299KsYry8" title="Mineral lease term">nineteen years and so long thereafter as minerals are produced in paying quantities. Under the terms of the lease, Round Top is obligated to pay the State of Texas a total lease bonus of $<span id="xdx_902_ecustom--LeaseBonus_pp0p0_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zPFJuuQ0ylmg" title="Lease Bonus">142,518. The Company paid $<span id="xdx_908_ecustom--PaymentOfLeaseBonus_pp0p0_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zp0FGdkGwJFb" title="Payment of lease bonus">44,718 upon the execution of the lease, and Round Top will be required to pay the remaining $<span id="xdx_906_ecustom--LeaseBonusDue_iI_pp0p0_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zzWavjFBvDV5" title="Lease bonus due">97,800 upon submission of a supplemental plan of operations to conduct mining. Upon the sale of any minerals removed from the Round Top Project, Round Top will pay the State of Texas a $<span id="xdx_909_ecustom--MinimumAdvanceRoyaltyDue_iI_pp0p0_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zoZOIua31WBj" title="Minimum advance royalty due">500,000 minimum advance royalty. Thereafter, if paying quantities of minerals are obtained, Round Top will be required to pay the State of Texas a production royalty equal to <span id="xdx_903_ecustom--ProductionRoyaltyOfMarketValueOfUraniumAndFissionableMaterials_iI_pip2_dc_uRatio_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zz0EMJwq6Kx6" title="Production royalty of market value of uranium and fissionable materials">eight percent of the market value of uranium and other fissionable materials removed and sold from the Round Top Project and <span id="xdx_902_ecustom--ProductionRoyaltyOfMarketValueOfOtherMinerals_iI_dpxL_uRatio_c20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zbrH1O0K4xs1" title="Production royalty of market value of other minerals::XDX::6.25">six and one quarter percent of the market value of all other minerals removed and sold. If paying quantities have not been obtained, Round Top may pay additional delay rental fees to extend the term of the lease for successive one (<span id="xdx_90D_ecustom--LeaseExtensionPeriod_dtY_c20100816__20100817__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zsTX7Gvc8eij" title="Lease extension period">1) year periods pursuant to the following schedule: <table cellpadding="0" cellspacing="0" id="xdx_88C_ecustom--ScheduleOfAugust2010LeaseTableTextBlock_zo8HG8zH5M0e" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Schedule of August 2010 Lease (Details)"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Per Acre Amount</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total Amount</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">September 2, 2025 – 2029</td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_98E_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_zdrtLgSqoJ2h" style="width: 11%; text-align: right" title="Per Acre Amount">200</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_987_ecustom--MineralPropertiesTotalLeaseAmount_iI_pp0p0_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_z5BgHZUOJL0g" style="width: 11%; text-align: right" title="Total amount">178,873</td> <td style="width: 1%"> </td></tr> </table> In August 2025, Round Top paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $<span id="xdx_907_ecustom--PaymentOfDelayRental_pp0p0_c20250801__20250831__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--August2010LeaseMember_zRlc5GaonSub" title="Payment of delay rental">178,873. November 2011 Lease On November 1, 2011, the Company executed a mining lease with the State of Texas covering approximately <span id="xdx_904_ecustom--MiningLeaseAcres_iI_uacre_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_ze4nAZjWSmjj">90 acres of land that is adjacent to the August 2010 Lease. Under the lease, the Company paid the State of Texas a lease bonus of $<span id="xdx_90F_ecustom--LeaseBonus_pp0p0_c20111031__20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zSjphxFzeEpl">20,700 upon the execution of the lease. Upon the sale of minerals removed from the Round Top Project, Round Top will be required to pay the State of Texas a $<span id="xdx_905_ecustom--MinimumAdvanceRoyaltyDue_iI_pp0p0_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zaO3h1XRAnul">50,000 minimum advance royalty. Thereafter, if paying quantities of minerals are obtained, Round Top will be required to pay the State of Texas a production royalty equal to <span id="xdx_904_ecustom--ProductionRoyaltyOfMarketValueOfUraniumAndFissionableMaterials_iI_pip2_dc_uRatio_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_z1pJds2NHj1l" title="Production royalty of market value of uranium and fissionable materials">eight percent of the market value of uranium and other fissionable materials removed and sold from the Round Top Project and <span id="xdx_90C_ecustom--ProductionRoyaltyOfMarketValueOfOtherMinerals_iI_dpxL_uRatio_c20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zIrikMemIC14" title="Production royalty of market value of other minerals::XDX::6.25">six and one quarter percent of the market value of all other minerals. If paying quantities have not been obtained, Round Top may pay additional delay rental fees to extend the term of the lease for successive one (<span id="xdx_909_ecustom--LeaseExtensionPeriod_dtY_c20111031__20111101__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zjUcW6EvBPqa">1) year periods pursuant to the following schedule: <table cellpadding="0" cellspacing="0" id="xdx_880_ecustom--ScheduleOfNovember2011LeaseTableTextBlock_z9DDL8VRViI4" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Schedule of November 2011 Lease (Details)"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Per Acre Amount</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total Amount</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">November 1, 2025 – 2029</td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_987_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_zwbTs1uTG124" style="width: 11%; text-align: right" title="Per Acre Amount">200</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_98A_ecustom--MineralPropertiesTotalLeaseAmount_iI_pp0p0_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_zZzlrxZPrvh4" style="width: 11%; text-align: right" title="Total Amount">18,000</td> <td style="width: 1%"> </td></tr> </table> In August 2025, Round Top paid the State of Texas a delay rental to extend the term of the lease in an amount equal to $<span id="xdx_905_ecustom--PaymentOfDelayRental_pp0p0_c20250801__20250831__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--November2011LeaseMember_zUnQXVJm6US3" title="Payment of delay rental">18,000. March 2013 Lease On March 6, 2013, the Company purchased the surface lease at the Round Top Project, known as the West Lease, from the Southwest Wildlife and Range Foundation (since renamed the Rio Grande Foundation) for $<span id="xdx_90C_ecustom--CashPaidForLeaseAssignment_pp0p0_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_z1KnLG2ELPPd" title="Cash">500,000 cash and <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_uShares_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_zeiCUgilWUX6" title="Shares issued for lease">1,063,830 shares of common stock valued at $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_uUSD_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_z7RCda4GyCw5" title="Value of shares issued for lease">500,000. The Company also agreed to support the Foundation through an annual payment of $<span id="xdx_90C_ecustom--PeriodicPaymentForConservationEfforts_pp0p0_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_zIsSTBG84axa" title="Periodic payment for conservation efforts">45,000 for <span id="xdx_901_ecustom--PaymentPeriodForConservationEfforts_dt_c20130305__20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_zNt4blCNrZMk" title="Payment period for conservation efforts">ten years to support conservation efforts within the Rio Grande Basin. The West Lease comprises approximately <span id="xdx_908_ecustom--SurfaceRightsAcres_iI_uacre_c20130306__srt--CounterpartyNameAxis__custom--RioGrandeFoundationMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--March2013LeaseMember_z25ansZg42sl" title="Surface rights - acres">54,990 acres. The purchase of the surface lease provides unrestricted surface access for the potential development and mining of the Round Top Project. October 2014 Surface Option and Water Lease On October 29, 2014, the Company announced the execution of agreements with the Texas General Land Office securing the option to purchase the surface rights covering the potential Round Top project mine and plant areas and, separately, a groundwater lease. The option to purchase the surface rights covers approximately <span id="xdx_902_ecustom--SurfaceRightsAcres_iI_uacre_c20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_z5WotH38Ml55" title="Surface rights - acres">5,670 acres over the mining lease. Round Top may exercise the option for all or part of the option acreage at any time during the <span id="xdx_90B_ecustom--MineralLeaseTerm_dxL_c20141028__20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zPWxbW7xj5w4" title="Mineral lease term::XDX::P16Y">sixteen-year primary term of the mineral lease. The option can be maintained through annual payments of $<span id="xdx_900_ecustom--PeriodicOptionAnnualPaymentDue_pp0p0_uUSD_c20141028__20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zm0xMu1OAHQj" title="Periodic option annual payment due">10,000. The purchase price will be the appraised value of the surface at the time of option exercise. All annual payments have been made as of the date of this filing. The ground water lease secures the right to develop the ground water within a <span id="xdx_90E_ecustom--GroundWaterLeaseAcres_iI_uacre_c20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_z96xCuxpZik2" title="Ground water lease - acres">13,120-acre lease area located approximately <span id="xdx_901_ecustom--DistanceFromProjectMine_iI_umile_c20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zeNG7E6eZfK1" title="Distance from project mine">4 miles from the Round Top deposit. The lease terms include an annual minimum production payment of $<span id="xdx_90E_ecustom--AnnualMinimumProductionPayment_pp0p0_c20141028__20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zP158WtejYe" title="Annual minimum production payment">5,000 prior to production of water for the operation. After initiation of production Round Top will pay $<span id="xdx_902_ecustom--ProductionPaymentAmountPerGallon_pp5p3_uUSDPerGallon_c20141028__20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_znfD0eFASj49" title="Production payment, amount per gallon">0.95 per thousand gallons or $<span id="xdx_90B_ecustom--LeaseProductionPaymentAnnualAmount_pp0p0_c20141028__20141029__srt--CounterpartyNameAxis__custom--TexasGeneralLandOfficeMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--October2014SurfaceOptionAndWaterLeaseMember_zwHPXDBCFaHf" title="Production payment, annual amount">20,000 annually, whichever is greater. This lease remains in effect so long as the mineral lease is in effect. Other Mineral Properties Potential Santa Fe Gold Corporation/Alhambra Project In November 2021, the Company entered into a mineral exploration and option agreement with Santa Fe Gold Corporation (“Santa Fe”). Under the option agreement, the Company has the right to pursue a joint venture arrangement with Santa Fe to jointly explore and develop a target silver property to be selected by the Company among patented and unpatented mining claims held by Santa Fe within the Black Hawk Mining District in Grant County, New Mexico. Completion of a joint venture agreement, if any, is subject to the successful outcome of a multi-phase exploration plan leading to a bankable feasibility study to be undertaken in the near future by the Company and there can be no assurance that any joint venture agreement will be completed. Under the contemplated terms of the proposed joint venture agreement, the Company would be project operator and initially own 50.5% of the joint venture while Santa Fe would initially own <span id="xdx_903_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uRatio_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember__srt--CounterpartyNameAxis__custom--SantaFeGoldCorporationMember_z6YVmPkx1wI3" title="Ownership interest">49.5%. Additional terms of the joint venture are to be negotiated between the Company and Santa Fe in the future. Under the terms of the option agreement, the Company plans to conduct a district-wide evaluation among the patented and unpatented claims held by Santa Fe, as well as the area of interest, consisting of geologic mapping, sampling, trenching, radiometric surveying, geophysics, drilling and/or other methods as warranted. Based on the district-wide evaluation, the Company would designate a “project area or areas,” the size or sizes of which will be decided at the time, and commence development work. The property covered in the option agreement is approximately 1,600 acres and covers approximately <span id="xdx_90F_ecustom--PercentageOfKnownMiningDistrictCovered_iI_pid_dp_uRatio_c20211108__srt--OwnershipAxis__custom--SantaFeJointVentureMember_zWrPQogNb9pj" title="Percentage of known mining district covered">75% of the Black Hawk Mining District. The area to be studied also includes a two-mile radius “area of interest.” The term of the option is for so long as the Company continues to conduct exploration activities in the Project Area (although there can be no assurance that the Company will continue to conduct exploration activities in any future period, due to lack of financial resources or otherwise) and can be exercised on 60 days’ notice to Santa Fe. During the term of the option and subject to limited exceptions, Santa Fe has agreed not to transfer any portion of its patented and unpatented mining claims within the Black Hawk Mining District without granting the Company the right of first refusal. Carlise Mine In December 2024, Dan Gorski, our chief executive officer and a director, assigned all of his ownership interest in the Carlisle mine and related real estate to a wholly-owned subsidiary of the Company in consideration for a $75,000 promissory note, without interest, due and payable by the Company upon demand, secured by the property conveyed. Mr. Gorski acquired this property for $75,000 in 2022. The Carlisle mine and related real estate consist of the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Carlisle Millsite, patent No. 280, described as Section 12, township 17S, range 21W, comprising <span class="xdx_phnt_RGlzY2xvc3VyZSAtIE1JTkVSQUwgUFJPUEVSVElFUyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_909_ecustom--MineAndRelatedRealEstateAcres_iI_pid_uacre_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CarlisleMillsiteMember_ziNgmS4bIrZ8" title="Mine and related real estate - acres">5.00 acres, more or less;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Homestead Lode, patent No. 283, described as Section 12, township 17S, range 21W, comprising <span class="xdx_phnt_RGlzY2xvc3VyZSAtIE1JTkVSQUwgUFJPUEVSVElFUyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_90F_ecustom--MineAndRelatedRealEstateAcres_iI_pid_uacre_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--HomesteadLodeMember_z4V4SXk7gbtj" title="Mine and related real estate - acres">17.91 acres, more or less;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Columbia Lode, patent No. 284, Described as Section 12, township 17S, range 21W, comprising <span class="xdx_phnt_RGlzY2xvc3VyZSAtIE1JTkVSQUwgUFJPUEVSVElFUyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_907_ecustom--MineAndRelatedRealEstateAcres_iI_pid_uacre_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ColumbiaLodeMember_zkyh0VFSSpj8" title="Mine and related real estate - acres">19.46 acres, more or less; and</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 27px"> </td> <td style="width: 27px">●</td> <td style="text-align: justify">Carlisle Lode, patent No. 279, described as Section 01, township 17S, range 21W, compromising <span class="xdx_phnt_RGlzY2xvc3VyZSAtIE1JTkVSQUwgUFJPUEVSVElFUyAoRGV0YWlscyBOYXJyYXRpdmUpAA__" id="xdx_901_ecustom--MineAndRelatedRealEstateAcres_iI_pid_uacre_c20241231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CarlisleLodeMember_zbdT0IktQxhh" title="Mine and related real estate - acres">20.660 acres, more or less..</td></tr> </table> See Note 2 – Merger Agreement, for additional information.

0.18271

0.81729

860 P19Y 142518 44718 97800 500000 0.08 P1Y <table cellpadding="0" cellspacing="0" id="xdx_88C_ecustom--ScheduleOfAugust2010LeaseTableTextBlock_zo8HG8zH5M0e" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Schedule of August 2010 Lease (Details)"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Per Acre Amount</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total Amount</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">September 2, 2025 – 2029</td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_98E_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_zdrtLgSqoJ2h" style="width: 11%; text-align: right" title="Per Acre Amount">200</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_987_ecustom--MineralPropertiesTotalLeaseAmount_iI_pp0p0_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyOneMember_z5BgHZUOJL0g" style="width: 11%; text-align: right" title="Total amount">178,873</td> <td style="width: 1%"> </td></tr> </table> 200 178873 178873 90 20700 50000 0.08 P1Y <table cellpadding="0" cellspacing="0" id="xdx_880_ecustom--ScheduleOfNovember2011LeaseTableTextBlock_z9DDL8VRViI4" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Schedule of November 2011 Lease (Details)"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Per Acre Amount</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Total Amount</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 52%">November 1, 2025 – 2029</td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_987_ecustom--MineralPropertiesPerAcreAmount_iI_uUSDPerAcre_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_zwbTs1uTG124" style="width: 11%; text-align: right" title="Per Acre Amount">200</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$ </td> <td id="xdx_98A_ecustom--MineralPropertiesTotalLeaseAmount_iI_pp0p0_c20260531__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--MineralPropertyTwoMember_zZzlrxZPrvh4" style="width: 11%; text-align: right" title="Total Amount">18,000</td> <td style="width: 1%"> </td></tr> </table> 200 18000 18000 500000

1063830

500000

45000 P10Y 54990 5670 10000 13120 4 5000 0.00095 20000

0.505

0.495

1600 0.75 2 P60D

75000

5.00 17.91 19.46 20.660

NOTE 5 – RECLAMATION In connection with a Minimum Impact Exploration Permit No. GR094EM issued by the New Mexico Mining and Minerals Division, the Company was required to provide an irrevocable standby letter of credit as financial support for reclamation costs. As of both May 31, 2026 and August, 31, 2025, there were $38,766 of outstanding letters of credit. The Company has legally pledged a certificate of deposit in the amount of $38,766, which is included in non-current restricted investments, for purposes of settling reclamation obligations that may become due.

38766

NOTE 6 – SHAREHOLDERS’ EQUITY The Company’s authorized capital stock consists of 100,000,000 shares of common stock, with a par value of $0.01 per share, and 10,000,000 preferred shares with a par value of $0.001 per share. All shares of common stock have equal voting rights and, when validly issued and outstanding, are entitled to one non-cumulative vote per share in all matters to be voted upon by shareholders. Shares of common stock have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non- assessable shares. Holders of common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Company’s Board of Directors (the “Board”) out of funds legally available. In the event of a liquidation, dissolution or winding up of the affairs of the Company, the holders of common stock are entitled to share ratably in all assets remaining available for distribution to them after payment or provision for all liabilities and any preferential liquidation rights of any preferred stock then outstanding. In February 2025, pursuant to the closing of $1,098,000 of debt financing in accordance with loan agreements, the Company issued unsecured promissory notes in the principal amount of $1,098,000 (which notes were converted in full into <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_uShares_c20250801__20250831__us-gaap--DebtInstrumentAxis__custom--UnsecuredNotesMember_zBDv4MiL6emd" title="Shares issued upon conversion of notes">3,660,000 shares of common stock in August 2025) and, as additional consideration for effecting the loans, the Company issued five-year warrants to purchase an aggregate of up to <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_uShares_c20250228__us-gaap--DebtInstrumentAxis__custom--UnsecuredNotesMember_zOuM6j3lWNPk" title="Warrants number of shares">10,980,000 shares of common stock. During the nine months ended May 31, 2026, (i) holders exercised warrants to purchase 2,100,000 shares of the Company’s common stock at an exercise price of $0.30 per share (resulting in the Company receiving aggregate cash consideration of $630,000) and (ii) holders of warrants to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_uShares_c20260531__us-gaap--DebtInstrumentAxis__custom--UnsecuredNotesMember_zpoRFnK120Z4" title="Warrants number of shares">8,880,000 shares of common stock exercised these warrants on a cashless, net issuance exercise basis and were issued 6,187,472 shares of common stock. As of May 31, 2026, no warrants issued in connection with the February 2025 transaction remain outstanding. Because the warrants were previously classified within shareholders’ equity, the exercises (both on a cash and cashless basis) did not result in the recognition of any gain or loss in the Company’s consolidated statements of operations. The exercises were recorded as increases to common stock and additional paid-in capital. On October 15, 2025, the Company issued an aggregate of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_uShares_c20251014__20251015__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zbLW9uZyi5Jf" title="Number of shares issued">123,132 shares of common stock related to director fees earned and expensed during the year ended August 31, 2025. During the quarter ended November 30, 2025, a total of 500,000 common stock options were exercised on a cashless basis into <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20250901__20251130__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzZGe9eTi3Za" title="Stock options exercised">257,407 shares of common stock. The common stock options had exercise prices of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20250901__20251130__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zg3YslMXr3lg" title="Stock options exercise price">1.31. During the quarter ended November 30, 2025, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20250901__20251130__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zlo2p92Q1Dgd" title="Compensation expense">87,000 for director’s fees earned during the quarter. The Company issued the related <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_uShares_c20260101__20260131__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zZVQ6s6OoIw" title="Number of shares issued">111,729 shares of common stock in January 2026. In February, 2026, the Company entered into an option redemption-exchange agreement with a consultant whereby the consultant’s options to purchase <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20260201__20260228__us-gaap--TypeOfArrangementAxis__custom--RedemptionExchangeAgreementMember_zF25fuR0oDz7" title="Stock options exercised">340,000 shares of Company common stock at an exercise price of $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20260201__20260228__us-gaap--TypeOfArrangementAxis__custom--RedemptionExchangeAgreementMember_zzk80OIzg2j3" title="Stock options exercise price">1.97 per share, issued by the Company to a consultant in accordance with a consulting agreement dated August 31, 2013, as subsequently amended, were redeemed in full by the Company in exchange for the issuance by the Company of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20260201__20260228__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zVKtPqa22w4j" title="Stock options exercised">45,250 shares of Company common stock. During the quarter ended February 28, 2026, the Company recognized stock compensation and a corresponding charge to additional paid-in capital in the amount of $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pp0p0_c20251201__20260228__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zOB1I7klH2zi" title="Compensation expense">81,399 for director’s fees earned during the quarter. The Company issued the related <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_pid_uShares_c20260301__20260331__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--StockCompensationPlanMember_zHhybMP0fD8j" title="Number of shares issued">123,581 shares of common stock in March 2026.

100000000

0.01

10000000

0.001

1098000

3660000

10980000

2100000

0.30

630000

8880000

6187472

123132

500000

257407

1.31

87000

111729

340000

1.97

45250

81399

123581

NOTE 7 – RELATED PARTIES In December 2024, the Company acquired an ownership interest in the Carlisle mine and related real estate from Dan Gorski, the Company’s chief executive officer and a director, in consideration for a promissory note in the amount of $75,000. See Note 2 – Merger Agreement and Note 3 – Mineral Properties, for additional information. On January 12, 2026, Mr. Gorski (chief executive officer and director of the Company) assigned to the Company 157,686 shares of USAR common stock that were previously issued by USAR to Mr. Gorski, originally as an award of incentive units granted by USAR to Mr. Gorski in May 2020 and subsequently such award of incentive units automatically converted into USAR common stock in connection with the closing of the USAR business combination in March 2025 (“Business Combination”), for his personal services rendered with respect to advancing the Round Top project. These shares of USAR common stock, when issued to Mr. Gorski as an award of incentive units in May 2020, had nominal value. As the result of USAR completing its Business Combination, its shares of common stock commenced trading on The Nasdaq Stock Market LLC and, as such, the market value of the USAR shares transferred to the Company by Mr. Gorski, based on that closing price on the date the shares were actually received by the Company (a level 1 input), was approximately $3,480,000 and was recorded as additional paid-in capital. On March 10, 2026, the Company sold its 157,686 shares of USAR common stock, assigned by Mr. Gorski to the Company on January 12, 2026, for total net proceeds of $2,996,033.

75000

157686

3480000

157686

2996033