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1.NATURE AND CONTINUANCE OF OPERATIONS Amarc Resources Ltd. (“Amarc” or the “Company”) is a company incorporated under the laws of the Province of British Columbia (“BC”). Its principal business activity is the acquisition and exploration of mineral properties. The Company’s mineral property interests are located in BC. The address of the Company’s corporate office is 14th Floor, 1040 West Georgia Street, Vancouver, BC, Canada V6E 4H1. The Company is in the process of exploring its mineral property interests and has not yet determined whether its mineral property interests contain economically recoverable mineral reserves. The Company’s continuing operations are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to continue the exploration and development of its mineral property interests and to obtain the permits necessary to mine, and the future profitable production from its mineral property interest or proceeds from the disposition of its mineral property interests. These financial statements as at and for the year ended March 31, 2026 (the “Financial Statements”) have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As at March 31, 2026, the Company had cash of $1,414,013, working capital deficiency of $1,259,188, and an accumulated deficit of $74,870,587. The Company will need to seek additional financing to meet its exploration and development objectives. The Company has a reasonable expectation that additional funds will be available when necessary to meet ongoing exploration and development costs. However, there can be no assurance that the Company will continue to be able to obtain additional financial resources or will achieve profitability or positive cash flows. If the Company is unable to obtain adequate additional financing, the Company will be required to re-evaluate its planned expenditures until additional funding can be raised through financing activities. These factors indicate the existence of a material uncertainty that casts significant doubt about the Company’s ability to continue as a going concern. These Financial Statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

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2. MATERIAL ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these Financial Statements are described below. These policies have been consistently applied for all years presented, unless otherwise stated. (a) Statement of compliance These Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board. Board of Directors of the Company authorized these Financial Statements for issuance on July 20, 2026. (b) Basis of presentation and measurement These Financial Statements have been prepared on a historical cost basis, except for certain financial instruments classified as fair value through other comprehensive income, which are reported at fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash flow information. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. These Financial Statements are presented in Canadian dollars (“CAD”), which is also the Company’s functional currency. At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into CAD using the exchange rate in effect at that date. At the period-end date, unsettled monetary assets and liabilities are translated into CAD using the exchange rate in effect at the period-end date and the related translation differences are recognized in net income or loss. (c) Significant accounting estimates and judgements The preparation of the Financial Statements in conformity with IFRS requires management to make judgements, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The impacts of such estimates are pervasive throughout the Financial Statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Specific areas where significant estimates or judgments exist are: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">assessment of the Company’s ability to continue as a going concern; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Exploration and evaluation expenses and related cost recoveries.</td></tr></tbody></table> (d) Financial instruments A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not measured at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition. The directly attributable transaction costs of a financial asset classified at FVTPL are expensed in the period in which they are incurred. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both the following conditions and is not designated as at FVTPL: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and,</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></tbody></table> These financial assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. Any gain or loss on the derecognition of the financial asset is recognized in profit or loss.Financial assets measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income (“FVTOCI”) if it meets both the following conditions and is not designated as at FVTPL: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and,</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></tbody></table> On the initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment basis. Debt investments measured at FVTOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses, and impairment are recognized in profit or loss. Other net gains and losses are measured in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit or loss. Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or measured at FVTOCI, as described above, are measured at FVTPL; this includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or measured at FVTOCI as FVTPL if doing so eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. These financial assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. <table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;width:45%;">Financial assets</td><td style="BORDER-BOTTOM: #000000 1px solid;">Classification</td></tr><tr style="height:15px"><td>Cash</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Marketable securities</td><td>FVTOCI</td></tr><tr style="height:15px"><td>Restricted cash</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Amounts receivable and other assets</td><td>Amortized cost</td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;width:45%;">Financial Liabilities</td><td style="BORDER-BOTTOM: #000000 1px solid;">Classification</td></tr><tr style="height:15px"><td>Accounts payable and accrued liabilities</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Balance due to related parties</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Director’s loan</td><td>Amortized cost</td></tr></tbody></table> (e) Exploration and evaluation expenditures Exploration and evaluation costs are costs incurred to discover mineral resources, and to assess the technical feasibility and commercial viability of the mineral resources found. Exploration and evaluation expenditures include: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">costs associated with the acquisition of licenses;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">costs associated with the acquisition of exploration and evaluation of assets, including mineral properties; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">costs associated with exploration and evaluation activities.</td></tr></tbody></table> Exploration and evaluation costs are generally expensed as incurred until the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made. However, if management concludes that future economic benefits are more likely than not to be realized, the costs of property, plant and equipment for use in the exploration and evaluation of mineral resources are capitalized. Costs incurred before the Company has obtained the legal rights to explore an area are expensed. Costs incurred after the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made are considered development costs and are capitalized. Costs applicable to established mineral property interests where no further work is planned by the Company may, for presentation purposes only, be carried at nominal amounts. (f) Share capital Common shares of the Company are classified as equity. Transaction costs directly attributable to the issuance of common shares and share purchase options are recognized as a deduction from equity, net of any tax effects. When the Company issues common shares for consideration other than cash, the transaction is measured at fair value based on the quoted market price of the Company’s common shares on the date of issuance. (g) Loss per share Loss per share is computed by dividing the losses attributable to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is determined by adjusting the losses attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, such as options granted to employees. The dilutive effect of options assumes that the proceeds to be received on the exercise of share purchase options are applied to repurchase common shares at the average market price for the reporting period. Share purchase options are included in the calculation of dilutive earnings per share only to the extent that the market price of the common shares exceeds the exercise price of the share purchase options. The effect of anti-dilutive factors is not considered when computed diluted loss per share. (h) Equity-settled share-based payments The share purchase option plan allows employees and consultants of the Company to acquire shares of the Company. The fair value of share purchase options granted is recognized as an employee or consultant expense with a corresponding increase in the share-based payments reserve in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee. For employees, fair value is measured at the grant date and each tranche is recognized on a straight-line basis over the period during which the share purchase options vest. The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the share purchase options were granted. At the end of each financial reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase options that are expected to vest. Share-based payment transactions with non-employees are measured at the fair value of the goods and services received. However, if the fair value cannot be estimated reliably, the share-based payment transaction is measured at the fair value of the equity instrument granted at the date the entity obtains the goods or the counterparty renders the service. (i) Income taxes Income tax on the profit or loss for the years presented comprises of current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">goodwill not deductible for tax purposes;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they will probably not reverse in the foreseeable future.</td></tr></tbody></table> The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis. Flow-through shares The Company will, from time-to-time, issue flow-through common shares to finance a portion of its exploration programs. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company bifurcates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability, and ii) share capital. Upon expenses being incurred, the Company derecognizes this liability and recognizes this premium as other income, offsetting any expense associated with the Company’s expenditure of the flow-through proceeds. (j) Restoration, rehabilitation and environmental obligations An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration or development of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a corresponding liability at the time the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure is dependent on a number of factors such as the life and nature of the project or asset, the conditions imposed by the relevant permits, and, when applicable, the jurisdiction in which the project or asset is located. (k) Operating segments The Company operates as a single reportable segment—the acquisition, exploration and development of mineral properties. All assets are held in Canada. (l) Government assistance When the Company is entitled to receive the BC Mining Exploration Tax Credit (“BCMETC”) and other government grants, this government assistance is recognized as a cost recovery when there is reasonable assurance of recovery. Any amounts accrued or received typically remain subject to review and revision by government authorities, which may occur within a three-year look-back period. It is not possible to predict the occurrence or outcome of such actions in advance. (m) Leases All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">Leases of low value assets; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Leases with a duration of twelve months or less.</td></tr></tbody></table> Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by the interest rate implicit in the lease, or if that rate cannot be readily determined, the Company’s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">Amounts expected to be payable under any residual value guarantee;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The exercise price of any purchase option granted if it is reasonable certain to assess that option; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.</td></tr></tbody></table> Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">Lease payments made at or before commencement of the lease;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Initial direct costs incurred; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The amount of any provision recognized where the Company is contractually required to dismantle, remove or restore the leased asset.</td></tr></tbody></table> Lease liabilities, on initial measurement, increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if this is judged to be shorter than the lease term. When the Company revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying value. (n) Joint Arrangements The Company conducts exploration work jointly with other parties in joint ventures and other related legal entities in circumstances where neither party can be said to authoritatively control the entity. Such arrangements are considered, for accounting purposes, to be joint ventures when a separate legal entity exists and where the Company’s investment is substantially related only to the net assets of that entity. The Company’s interests in a joint venture are accounted for on the equity basis, reflective of the Company’s net investment at cost plus the Company’s proportionate share of the entity’s subsequent income, less its share of any losses incurred. Losses are not typically recognized to the extent that doing so would create a negative balance relative to the Company’s net investment. Arrangements with other parties which are not typically conducted through separate legal entities are classified are joint operations and consolidated within the Company’s financial statements on a line-by-line basis and reflective of the Company’s proportionate interest in such activities. (o) New and amended IFRS Accounting Standards pronouncements IFRS 18 Presentation and Disclosures in Financial Statements On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements. The objective of the new standard is to set out requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. The new standard is effective for reporting periods beginning on or after January 1, 2027. Management is currently assessing the impact of the new standard on the Company's interim and annual financial statements. Amendments to IFRS 9 and IFRS 7 On May 30, 2024, the IASB issued amendments to the classification and measurement of financial instruments to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for reporting periods beginning on or after January 1, 2026. Management is currently assessing the impact of the new standard on the Company's interim and annual financial statements.

These Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board. Board of Directors of the Company authorized these Financial Statements for issuance on July 20, 2026. These Financial Statements have been prepared on a historical cost basis, except for certain financial instruments classified as fair value through other comprehensive income, which are reported at fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash flow information. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. These Financial Statements are presented in Canadian dollars (“CAD”), which is also the Company’s functional currency. At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into CAD using the exchange rate in effect at that date. At the period-end date, unsettled monetary assets and liabilities are translated into CAD using the exchange rate in effect at the period-end date and the related translation differences are recognized in net income or loss. The preparation of the Financial Statements in conformity with IFRS requires management to make judgements, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The impacts of such estimates are pervasive throughout the Financial Statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Specific areas where significant estimates or judgments exist are: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">assessment of the Company’s ability to continue as a going concern; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Exploration and evaluation expenses and related cost recoveries.</td></tr></tbody></table>

A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not measured at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition. The directly attributable transaction costs of a financial asset classified at FVTPL are expensed in the period in which they are incurred. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both the following conditions and is not designated as at FVTPL: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">it is held within a business model whose objective is to hold assets to collect contractual cash flows; and,</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></tbody></table> These financial assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. Any gain or loss on the derecognition of the financial asset is recognized in profit or loss.Financial assets measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income (“FVTOCI”) if it meets both the following conditions and is not designated as at FVTPL: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and,</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</td></tr></tbody></table> On the initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment basis. Debt investments measured at FVTOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses, and impairment are recognized in profit or loss. Other net gains and losses are measured in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit or loss. Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or measured at FVTOCI, as described above, are measured at FVTPL; this includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or measured at FVTOCI as FVTPL if doing so eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. These financial assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. <table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;width:45%;">Financial assets</td><td style="BORDER-BOTTOM: #000000 1px solid;">Classification</td></tr><tr style="height:15px"><td>Cash</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Marketable securities</td><td>FVTOCI</td></tr><tr style="height:15px"><td>Restricted cash</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Amounts receivable and other assets</td><td>Amortized cost</td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;width:45%;">Financial Liabilities</td><td style="BORDER-BOTTOM: #000000 1px solid;">Classification</td></tr><tr style="height:15px"><td>Accounts payable and accrued liabilities</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Balance due to related parties</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Director’s loan</td><td>Amortized cost</td></tr></tbody></table>

<table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;width:45%;">Financial assets</td><td style="BORDER-BOTTOM: #000000 1px solid;">Classification</td></tr><tr style="height:15px"><td>Cash</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Marketable securities</td><td>FVTOCI</td></tr><tr style="height:15px"><td>Restricted cash</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Amounts receivable and other assets</td><td>Amortized cost</td></tr></tbody></table><table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:left;margin-left:auto;margin-right:auto;width:92%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;width:45%;">Financial Liabilities</td><td style="BORDER-BOTTOM: #000000 1px solid;">Classification</td></tr><tr style="height:15px"><td>Accounts payable and accrued liabilities</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Balance due to related parties</td><td>Amortized cost</td></tr><tr style="height:15px"><td>Director’s loan</td><td>Amortized cost</td></tr></tbody></table> Amortized cost FVTOCI Amortized cost Amortized cost Amortized cost Amortized cost Amortized cost

Exploration and evaluation costs are costs incurred to discover mineral resources, and to assess the technical feasibility and commercial viability of the mineral resources found. Exploration and evaluation expenditures include: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">costs associated with the acquisition of licenses;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">costs associated with the acquisition of exploration and evaluation of assets, including mineral properties; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">costs associated with exploration and evaluation activities.</td></tr></tbody></table> Exploration and evaluation costs are generally expensed as incurred until the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made. However, if management concludes that future economic benefits are more likely than not to be realized, the costs of property, plant and equipment for use in the exploration and evaluation of mineral resources are capitalized. Costs incurred before the Company has obtained the legal rights to explore an area are expensed. Costs incurred after the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made are considered development costs and are capitalized. Costs applicable to established mineral property interests where no further work is planned by the Company may, for presentation purposes only, be carried at nominal amounts.

Common shares of the Company are classified as equity. Transaction costs directly attributable to the issuance of common shares and share purchase options are recognized as a deduction from equity, net of any tax effects. When the Company issues common shares for consideration other than cash, the transaction is measured at fair value based on the quoted market price of the Company’s common shares on the date of issuance.

Loss per share is computed by dividing the losses attributable to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is determined by adjusting the losses attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, such as options granted to employees. The dilutive effect of options assumes that the proceeds to be received on the exercise of share purchase options are applied to repurchase common shares at the average market price for the reporting period. Share purchase options are included in the calculation of dilutive earnings per share only to the extent that the market price of the common shares exceeds the exercise price of the share purchase options. The effect of anti-dilutive factors is not considered when computed diluted loss per share.

The share purchase option plan allows employees and consultants of the Company to acquire shares of the Company. The fair value of share purchase options granted is recognized as an employee or consultant expense with a corresponding increase in the share-based payments reserve in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee. For employees, fair value is measured at the grant date and each tranche is recognized on a straight-line basis over the period during which the share purchase options vest. The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the share purchase options were granted. At the end of each financial reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase options that are expected to vest. Share-based payment transactions with non-employees are measured at the fair value of the goods and services received. However, if the fair value cannot be estimated reliably, the share-based payment transaction is measured at the fair value of the equity instrument granted at the date the entity obtains the goods or the counterparty renders the service.

Income tax on the profit or loss for the years presented comprises of current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">goodwill not deductible for tax purposes;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they will probably not reverse in the foreseeable future.</td></tr></tbody></table> The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis. Flow-through shares The Company will, from time-to-time, issue flow-through common shares to finance a portion of its exploration programs. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company bifurcates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability, and ii) share capital. Upon expenses being incurred, the Company derecognizes this liability and recognizes this premium as other income, offsetting any expense associated with the Company’s expenditure of the flow-through proceeds.

An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration or development of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a corresponding liability at the time the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure is dependent on a number of factors such as the life and nature of the project or asset, the conditions imposed by the relevant permits, and, when applicable, the jurisdiction in which the project or asset is located.

The Company operates as a single reportable segment—the acquisition, exploration and development of mineral properties. All assets are held in Canada. The Company operates as a single reportable segment

When the Company is entitled to receive the BC Mining Exploration Tax Credit (“BCMETC”) and other government grants, this government assistance is recognized as a cost recovery when there is reasonable assurance of recovery. Any amounts accrued or received typically remain subject to review and revision by government authorities, which may occur within a three-year look-back period. It is not possible to predict the occurrence or outcome of such actions in advance.

All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">Leases of low value assets; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Leases with a duration of twelve months or less.</td></tr></tbody></table> Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by the interest rate implicit in the lease, or if that rate cannot be readily determined, the Company’s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">Amounts expected to be payable under any residual value guarantee;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The exercise price of any purchase option granted if it is reasonable certain to assess that option; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.</td></tr></tbody></table> Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">Lease payments made at or before commencement of the lease;</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">Initial direct costs incurred; and</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The amount of any provision recognized where the Company is contractually required to dismantle, remove or restore the leased asset.</td></tr></tbody></table> Lease liabilities, on initial measurement, increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if this is judged to be shorter than the lease term. When the Company revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying value.

The Company conducts exploration work jointly with other parties in joint ventures and other related legal entities in circumstances where neither party can be said to authoritatively control the entity. Such arrangements are considered, for accounting purposes, to be joint ventures when a separate legal entity exists and where the Company’s investment is substantially related only to the net assets of that entity. The Company’s interests in a joint venture are accounted for on the equity basis, reflective of the Company’s net investment at cost plus the Company’s proportionate share of the entity’s subsequent income, less its share of any losses incurred. Losses are not typically recognized to the extent that doing so would create a negative balance relative to the Company’s net investment. Arrangements with other parties which are not typically conducted through separate legal entities are classified are joint operations and consolidated within the Company’s financial statements on a line-by-line basis and reflective of the Company’s proportionate interest in such activities. IFRS 18 Presentation and Disclosures in Financial Statements On April 9, 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements. The objective of the new standard is to set out requirements for the presentation and disclosure of information in general purpose financial statements to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. The new standard is effective for reporting periods beginning on or after January 1, 2027. Management is currently assessing the impact of the new standard on the Company's interim and annual financial statements. Amendments to IFRS 9 and IFRS 7 On May 30, 2024, the IASB issued amendments to the classification and measurement of financial instruments to address matters identified during the post-implementation review of the classification and measurement requirements of IFRS 9. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance-linked features and other similar contingent features. The IASB added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs, and amended disclosures relating to equity instruments designated at fair value through other comprehensive income. The amendments are effective for reporting periods beginning on or after January 1, 2026. Management is currently assessing the impact of the new standard on the Company's interim and annual financial statements.

3. CASH The Company’s cash is invested in business accounts, which are available on demand by the Company. The cash balance at March 31, 2026 included $305,349 of advance contributions to be spent on exploration expenditures (note 7) and $224,234 in deferred expenditures for services agreement (note 8).

305349

224234

4. MARKETABLE SECURITIES As at March 31, 2026, the fair value of its current holdings was $5,514 (March 31, 2025 - $22,086) and during the year ended March 31, 2026 there was a negative change in value adjustment of $16,572 (year ended March 31, 2025 – $19,501 negative change). The marketable securities include 550,000 units (shares and warrants) of Carlyle Commodities Corp., a Canadian public company listed on the TSX Venture Exchange.As at March 31, 2026, the Company held the following marketable securities: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="vertical-align:bottom;">Company</td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Shares Held</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Cost</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Fair Value At March 31, 2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Fair Value At March 31, 2025</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Change in Fair Value</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">(#)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Carlyle Commodities Corp - Shares</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">550,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">907,500</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,500</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,250</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,750</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Other</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,678,839</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">14,237</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">14</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,836</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(13,822</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,778,839</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,648,737</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">5,514</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">22,086</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(16,572</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></tbody></table> 5514 22086 -16572 -19501 550000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="vertical-align:bottom;">Company</td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Shares Held</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Cost</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Fair Value At March 31, 2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Fair Value At March 31, 2025</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">Change in Fair Value</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">(#)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Carlyle Commodities Corp - Shares</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">550,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">907,500</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,500</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,250</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,750</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Other</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,678,839</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">14,237</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">14</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,836</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(13,822</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,778,839</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,648,737</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">5,514</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">22,086</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">(16,572</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr></tbody></table> 550000 907500 5500 8250 -2750 1678839 14237 14 13836 -13822 2778839 1648737 5514 22086 -16572

5. RESTRICTED CASH Restricted cash represents amounts held in support of exploration permits. The amounts are refundable subject to the consent of provincial regulatory authorities upon completion of any required reclamation work on the related projects. The following tables summarize the restricted cash held by project: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2026 </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2025 </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">IKE</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">85,008</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">85,008</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">DUKE</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">77,812</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">77,812</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">JOY</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">337,961</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">337,961</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Other</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">13,765</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">14,047</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">514,546</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">514,828</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

85008

77812

337961

13765

14047

514546

514828

6. AMOUNTS RECEIVABLE AND OTHER ASSETS <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2026 </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2025 </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Sales tax refundable</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">65,444</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Prepaid</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">110,319</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">44,531</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">110,319</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">109,975</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

110319

109975

7. EXPLORATION AND EVALUATION EXPENSES AND COST RECOVERIES During the year ended March 31, 2026, the Company incurred $19,179,186 (year ended March 31, 2025 - $22,575,096) on exploration and evaluation expenses and recovered $18,961,755 (year ended March 31, 2025 - $18,921,430) of this amount from its partners, both of which have been included in the statements of net loss and comprehensive loss. The following tables summarize the exploration and evaluation expenses incurred. <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> IKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> JOY (1) </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> DUKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> OTHER </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> TOTAL </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Year ended March 31, 2026 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assays and analysis</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50,519</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">412,038</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">580,235</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">93,208</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,136,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Drilling</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,545</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,023,347</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,903,542</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,230</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,935,664</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Environmental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">330</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,801</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">30,284</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">40,415</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Equipment rental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,200</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">229,129</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">228,233</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">142</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">473,704</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Freight</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">322,460</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">145,736</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">468,196</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Geological, including geophysical</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">74,860</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,087,521</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,451,086</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">236,788</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,850,255</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Graphics</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,299</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,115</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,257</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,855</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,526</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Helicopter and fuel</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,846,554</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,951,779</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,094</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,810,427</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Operations support</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,860</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,000,931</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">658,803</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">70,908</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,750,502</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Property acquisition and assessments costs</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">68,280</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">707,448</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,667</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">107,020</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">907,415</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Socioeconomic</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">21,660</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">111,153</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">86,884</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45,829</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">265,526</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Technical data</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">146</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">146</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Travel and accommodation</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,540</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">508,296</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">980,415</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">29,159</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,523,410</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">265,239</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">9,265,793</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">9,046,921</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">601,233</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">19,179,186</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> IKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> JOY </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> DUKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> OTHER </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> TOTAL </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Year ended March 31, 2025 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assays and analysis</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">293,030</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,009,421</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">554,906</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,180</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,861,537</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Drilling</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">596,256</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,648,508</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,142,301</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,387,065</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Environmental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,316</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">54,459</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,781</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">533</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">96,089</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Equipment rental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">62,610</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">203,124</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157,025</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">422,759</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Freight</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,476</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">262,350</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">107,451</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">152</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">419,429</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Geological, including geophysical</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">454,583</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,321,153</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,900,966</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">72,768</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,749,470</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Graphics</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,236</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,310</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,643</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">903</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28,092</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Helicopter and fuel</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,031,806</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,288,980</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,148,199</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,468,985</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Operations support</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102,493</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,924</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,949</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">522,040</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">666,406</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Property acquisition and assessments costs</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">481,900</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,590,722</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,368,652</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28,555</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,469,829</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Socioeconomic</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">91,292</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">206,574</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">189,261</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,068</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">509,195</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Technical data</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,200</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,890</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,820</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">73,910</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Travel and accommodation</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">25,018</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">200,297</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">187,924</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,091</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">422,330</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">3,211,216</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">11,844,712</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">6,858,878</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">660,290</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">22,575,096</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">(1)</td><td style="vertical-align:top;">Includes expenses incurred to the date the JOY District mineral rights and title were transferred to Aurora Minerals Ltd. upon the establishment of the JOY District joint venture with Freeport (note 8). All exploration costs incurred on the JOY District subsequent to August 20, 2025 have been recorded in Aurora Minerals Ltd. and are not presented here.</td></tr></tbody></table> Below is a summary of the Company’s major exploration property interests, together with the material property transactions.(a) IKE District The IKE District is subject to the following royalties: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">A 1% net smelter return (“NSR’) on the IKE Property mineral claims capped at $2 million, which can be repurchased at any time for $2 million. An additional 2% NSR, subject to the Company retaining the right to purchase up to the entire royalty amount by the payment of up to $4 million. The Company has also agreed to make annual advance royalty payments of $50,000 to the holders of the 2% NSR royalty interest and, upon completion of a positive feasibility study, to issue to these same parties 500,000 common shares.</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">A 2% NSR on the Granite Property mineral claims which can be purchased for $2 million. In addition, there is an underlying 2.5% NSR royalty on certain mineral claims within the Granite Property, which can be purchased at any time for $1.5 million less any amount of royalty already paid.</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The entire IKE District is subject to a 1% NSR royalty from mine production capped at a total of $5 million.</td></tr></tbody></table> (b) JOY District (note 8) The JOY District is comprised of: the AuRORA Au-Cu-Ag Deposit, PINE Au-Cu Deposit, and the TWINs and CANYON Au-Cu Discoveries together with Paula Property, JOY Property, Brenda Property and PIL Property. In November 2019, the Company entered into a purchase agreement with two prospectors to acquire 100% of a single mineral claim, called the Paula Property. The Paula Property forms part of the agreement with Freeport (below). In December 2019, as per the amended PINE Property purchase agreement between Amarc and Gold Fields Toodoggone Exploration Corp. (“GFTEC”), the Company completed its acquisition of the PINE property by issuing to GFTEC 5,000,000 common shares of the Company. The amended agreement requires a further 2,000,000 common shares to be issued to GFTEC contingent on reaching certain expenditure levels, as defined by the amended agreement. On August 21, 2025, the Company issued 1,000,000 common shares to GFTEC as certain expenditure levels were met (note 11(a)). The fair value of the shares issued was $690,000 and has been recorded as property acquisition and assessment costs during the year ended March 31, 2026. The PINE Property forms part of the agreement with Freeport (below). JOY District Agreement with Freeport On May 11, 2021, the Company and Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”), a wholly-owned subsidiary of Freeport-McMoRan Inc. (NYSE:FCX) entered into a Mineral Property Earn-in Agreement (the “Agreement”) whereby Freeport may acquire up to a 70% ownership interest of the JOY District. To earn an initial 60% interest, Freeport is required to fund $35 million of work expenditures over a 5-year term. On May 11, 2025, Freeport earned the 60% interest under an accelerated timeframe and a private joint venture corporation, Aurora Minerals Ltd. (“AuRORA Minerals”) was established to hold the mineral rights and title and to operate the JOY District (note 8). Freeport also elected to earn an additional 10% interest, for an aggregate 70% interest by sole funding a further $75 million within the following five years at a rate of no less than $10 million per year. Freeport is not obligated to continue funding Stage 2 and may abandon it at any time and revert to the 60:40 ownership arrangement.On February 5, 2025, the Company entered into a mineral property option agreement to acquire a 100% interest in 22 mineral claims (the “Brenda Property”) that are located adjacent to its JOY tenure and immediately to the east of its AuRORA copper-gold-silver (“Cu-Au-Ag”) discovery. The terms of the 5-year option to acquire 100% of the Brenda Property requires annual payments of $400,000 with the option to purchase exercise price starting at $8 million if exercised in the first year, and increasing on an annual basis to $12 million in year five. The claims are subject to a 2% NSR royalty of which 1% (or one-half) can be acquired for $5 million before commencement of commercial mining operations or $10 million after commencement of mining. The claims fall largely within the area of common interest under the Agreement. In April, 2025, Freeport exercised its right to have the entire Brenda Property included in the JOY District. In addition, Freeport has an option to acquire 80% of the PIL Property from Finlay Minerals Ltd. (“Finlay”). Approximately 32% (42.34 km2) of the PIL Property mineral claims area lies within the area of common interest under the Agreement. The Company has exercised its right to have the area under common interest brought into the JOY District. Freeport is responsible for making all expenditures to fund the exercise of the PIL Property option with Finlay. Expenditures incurred within the area of common interest will be credited towards the Agreement with Amarc. If Freeport acquires its interest in the PIL Property, Amarc will have a maximum interest of 24% of the PIL Property. During the year ended March 31, 2026, the Company recorded cost recoveries of $9,376,942 before the joint venture corporation was formed (note 8) (year ended March 31, 2025 - $11,619,947), offsetting the expenditures incurred pursuant to the Agreement. The JOY District is subject to the following NSR royalties: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">·</td><td style="vertical-align:top;">On November 21, 2017, Amarc acquired 100% interest in the 7,200 hectare JOY Property from a private vendor. This property is subject to an underlying 3% NSR royalty from production to a former owner, which is capped at $3.5 million.</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The PINE Property is subject to a 3% NSR on the PINE Property capped at $5 million payable from production.</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">A 2.5% net profits interest (“NPI”) on mineral claims comprising approximately 96% of the PINE Property, which are subject to the 3% NSR and a 1% NSR on the balance of the claims that are not subject to the 3% NSR. The NPI royalty can be reduced to 1.25% at any time for $2.5 million in cash or shares. The NSR royalty can be reduced to 0.5% for $2.5 million in cash or shares.</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">·</td><td style="vertical-align:top;">The Paula claim is subject to a 1% NSR royalty payable from commercial production that is capped at $500,000.</td></tr></tbody></table> (c) DUKE District In November 2016, the Company agreed to acquire a 100% interest in certain mineral claims from a private company owned by one of its directors, reimbursing $168,996 in acquisition costs. These claims are included in the EIA with Boliden (below). On July 7, 2023, the Company entered into a mineral property option agreement with an arms-length third party optionor to acquire a 100% interest in and to a property, subject to a 2% NSR royalty in the event of commercial production on the property, payable until $10 million has been paid after which the NSR shall cease. To acquire the property, the Company issued 200,000 common shares and must make annual cash payments of $5,000 to the optionor plus funding an annual scholarship for Indigenous students for a period of 10 years in the amount of $20,000 per year. This property is included in the EIA with Boliden (below).DUKE District Agreement with Boliden On November 22, 2022, the Company announced that it had entered into a Mineral Property Earn-in Agreement (the "EIA") with Boliden Mineral Canada Ltd. (“Boliden”), a wholly-owned subsidiary of the Boliden Group. Under the terms of the EIA, Boliden has a two-staged option to earn up to a 70% interest in the DUKE District. To earn an initial 60% interest Boliden must fund $30 million of exploration and development expenditures within four years of the effective date of the EIA. Amarc is the operator during this initial earn-in stage. Upon earning a 60% interest, Boliden can elect to earn an additional 10% interest in the Duke District, for an aggregate 70% interest, by funding an additional $60 million of exploration and development expenditures at a minimum rate of $10 million per year over the ensuing six years. Once Boliden has earned a 60% interest it will also have the right to become the operator. As of December 31, 2025, Boliden had funded $30 million and earned a 60% interest in the Duke District. On April 30, 2026, Amarc and Boliden signed a joint venture agreement to jointly operate the DUKE District (the “DUKE JV”) effective April 1, 2026. Concurrently, the EIA was terminated and Boliden elected not to exercise the option to increase its interest from 60% to 70%. Boliden appointed Amarc as the operator for the DUKE JV. Under the DUKE JV, Boliden will now participate as to 60% and Amarc 40% in future programs of the DUKE JV, subject to standard dilution provisions in the event of non-participation. The Company initially records the amounts of contributions received or receivable from Boliden pursuant to the EIA as a liability (advanced contributions received) in the statements of financial position, and subsequently recognized amounts as cost recoveries in the statements of net loss and comprehensive loss as the Company incurs the related expenditures. As at March 31, 2026, the Company recorded advanced contributions balance of $305,349 (March 31, 2025 - $635,530). During the year ended March 31, 2026, the Company recorded cost recoveries of $9,413,415 (year ended March 31, 2025: $6,858,878) offsetting the expenditures incurred pursuant to the EIA. (d) Other property transactions On May 16, 2022, the Company entered into a mineral claims option agreement with an arms-length third party optionor to acquire a 100% interest in and to a property. The property is subject to a 2% NSR royalty in the event of commercial production, payable until $10 million has been paid after which the NSR royalty reduces to 0.5%. To acquire its interest, the Company paid $100,000 during the year ended March 31, 2023 and shall pay $100,000 on or before May 31, 2023 and each year thereafter to, and including, May 31, 2031 until an aggregate of $1 million has been paid to the optionor. To Mach 31, 2026, an aggregate of $400,000 has been paid. 19179186 22575096 18961755 18921430 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> IKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> JOY (1) </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> DUKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> OTHER </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> TOTAL </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Year ended March 31, 2026 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assays and analysis</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">50,519</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">412,038</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">580,235</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">93,208</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,136,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Drilling</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,545</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,023,347</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,903,542</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,230</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,935,664</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Environmental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">330</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,801</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">30,284</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">40,415</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Equipment rental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,200</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">229,129</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">228,233</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">142</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">473,704</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Freight</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">322,460</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">145,736</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">468,196</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Geological, including geophysical</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">74,860</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,087,521</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,451,086</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">236,788</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,850,255</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Graphics</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,299</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,115</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,257</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,855</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,526</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Helicopter and fuel</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,846,554</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,951,779</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,094</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,810,427</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Operations support</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">19,860</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,000,931</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">658,803</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">70,908</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,750,502</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Property acquisition and assessments costs</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">68,280</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">707,448</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,667</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">107,020</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">907,415</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Socioeconomic</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">21,660</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">111,153</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">86,884</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45,829</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">265,526</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Technical data</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">146</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">146</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Travel and accommodation</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,540</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">508,296</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">980,415</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">29,159</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,523,410</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">265,239</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">9,265,793</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">9,046,921</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">601,233</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">19,179,186</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> IKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> JOY </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> DUKE </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> OTHER </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> TOTAL </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Year ended March 31, 2025 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Assays and analysis</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">293,030</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,009,421</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">554,906</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,180</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,861,537</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Drilling</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">596,256</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,648,508</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,142,301</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,387,065</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Environmental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,316</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">54,459</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,781</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">533</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">96,089</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Equipment rental</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">62,610</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">203,124</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">157,025</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">422,759</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Freight</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">49,476</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">262,350</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">107,451</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">152</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">419,429</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Geological, including geophysical</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">454,583</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,321,153</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,900,966</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">72,768</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,749,470</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Graphics</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,236</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,310</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,643</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">903</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28,092</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Helicopter and fuel</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,031,806</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,288,980</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,148,199</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,468,985</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Operations support</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">102,493</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">16,924</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">24,949</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">522,040</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">666,406</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Property acquisition and assessments costs</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">481,900</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,590,722</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,368,652</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28,555</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,469,829</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Socioeconomic</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">91,292</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">206,574</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">189,261</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">22,068</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">509,195</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Technical data</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,200</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,890</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,820</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">73,910</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Travel and accommodation</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">25,018</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">200,297</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">187,924</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">9,091</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">422,330</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">3,211,216</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">11,844,712</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">6,858,878</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">660,290</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">22,575,096</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> 50519 412038 580235 93208 1136000 6545 3023347 2903542 2230 5935664 330 9801 30284 0 40415 16200 229129 228233 142 473704 0 322460 145736 0 468196 74860 1087521 1451086 236788 2850255 1299 7115 5257 3855 17526

1846554

1951779

12094

3810427

19860 1000931 658803 70908 1750502 68280 707448 24667 107020 907415 21660 111153 86884 45829 265526 146 0 0 0 146

5540

508296

980415

29159

1523410

265239

9265793

9046921

601233

19179186

293030 1009421 554906 4180 1861537 596256 3648508 1142301 0 5387065 16316 54459 24781 533 96089 62610 203124 157025 0 422759 49476 262350 107451 152 419429 454583 1321153 1900966 72768 3749470 2236 7310 17643 903 28092

1031806

2288980

1148199

4468985

102493 16924 24949 522040 666406 481900 2590722 1368652 28555 4469829 91292 206574 189261 22068 509195 4200 34890 34820 0 73910

25018

200297

187924

9091

422330

3211216

11844712

6858878

660290

22575096

0.01

2000000

0.02 4000000 50000

500000

0.02

2000000

0.025 1500000 0.01

5000000

2000000

1000000

690000

0.70

0.60 35000000 P5Y Freeport earned the 60% interest under an accelerated timeframe and a private joint venture corporation, Aurora Minerals Ltd. (“AuRORA Minerals”) was established to hold the mineral rights and title and to operate the JOY District (note 8). Freeport also elected to earn an additional 10% interest, for an aggregate 70% interest by sole funding a further $75 million within the following five years at a rate of no less than $10 million per year. Freeport is not obligated to continue funding Stage 2 and may abandon it at any time and revert to the 60:40 ownership arrangement acquire a 100% interest in 22 mineral claims (the “Brenda Property”) that are located adjacent to its JOY tenure and immediately to the east of its AuRORA copper-gold-silver (“Cu-Au-Ag”) discovery. The terms of the 5-year option to acquire 100% of the Brenda Property requires annual payments of $400,000 with the option to purchase exercise price starting at $8 million if exercised in the first year, and increasing on an annual basis to $12 million in year five. The claims are subject to a 2% NSR royalty of which 1% (or one-half) can be acquired for $5 million before commencement of commercial mining operations or $10 million after commencement of mining. The claims fall largely within the area of common interest under the Agreement In addition, Freeport has an option to acquire 80% of the PIL Property from Finlay Minerals Ltd. (“Finlay”). Approximately 32% (42.34 km2) of the PIL Property mineral claims area lies within the area of common interest under the Agreement. The Company has exercised its right to have the area under common interest brought into the JOY District. Freeport is responsible for making all expenditures to fund the exercise of the PIL Property option with Finlay. Expenditures incurred within the area of common interest will be credited towards the Agreement with Amarc. If Freeport acquires its interest in the PIL Property, Amarc will have a maximum interest of 24% of the PIL Property 9376942 11619947 Amarc acquired 100% interest in the 7,200 hectare JOY Property from a private vendor. This property is subject to an underlying 3% NSR royalty from production to a former owner, which is capped at $3.5 million

0.03

5000000

A 2.5% net profits interest (“NPI”) on mineral claims comprising approximately 96% of the PINE Property, which are subject to the 3% NSR and a 1% NSR on the balance of the claims that are not subject to the 3% NSR. The NPI royalty can be reduced to 1.25% at any time for $2.5 million in cash or shares. The NSR royalty can be reduced to 0.5% for $2.5 million in cash or shares 0.01 500000000

168996 1 0.02 payable until $10 million has been paid after which the NSR shall cease 200000 5000 20000 0.70 To earn an initial 60% interest Boliden must fund $30 million of exploration and development expenditures within four years of the effective date of the EIA. Amarc is the operator during this initial earn-in stage. Upon earning a 60% interest, Boliden can elect to earn an additional 10% interest in the Duke District, for an aggregate 70% interest, by funding an additional $60 million of exploration and development expenditures at a minimum rate of $10 million per year over the ensuing six years. Once Boliden has earned a 60% interest it will also have the right to become the operator. As of December 31, 2025, Boliden had funded $30 million and earned a 60% interest in the Duke District Amarc and Boliden signed a joint venture agreement to jointly operate the DUKE District (the “DUKE JV”) effective April 1, 2026. Concurrently, the EIA was terminated and Boliden elected not to exercise the option to increase its interest from 60% to 70%. Boliden appointed Amarc as the operator for the DUKE JV. Under the DUKE JV, Boliden will now participate as to 60% and Amarc 40% in future programs of the DUKE JV, subject to standard dilution provisions in the event of non-participation 305349 635530 9413415 6858878

subject to a 2% NSR royalty in the event of commercial production, payable until $10 million has been paid after which the NSR royalty reduces to 0.5% 100000 shall pay $100,000 on or before May 31, 2023 and each year thereafter to, and including, May 31, 2031 until an aggregate of $1 million has been paid to the optionor 400000 8. JOINT VENTURE CORPORATION – AURORA MINERALS LTD. On August 20, 2025, the Company and Freeport formed a private joint venture corporation, AuRORA Minerals to operate the JOY District (note 7(b)). AuRORA Minerals holds the JOY District mineral rights and titles with Freeport owning 60% and Amarc owning 40% of the common shares of AuRORA Minerals. Freeport is the operator of AuRORA Minerals and has appointed Amarc as its primary contractor to manage JOY District exploration programs under a separate services agreement. AuRORA Minerals is governed by a shareholders agreement between Amarc and Freeport. AuRORA Minerals was formed by the initial contribution of each of Amarc and Freeport of their respective 40% and 60% interests in the JOY District in consideration for the same percentage of common shares in the equity of AuRORA Minerals. The transfer of such non-monetary consideration in exchange for the joint venture equity interest was considered to lack commercial substance and accordingly no gain or loss was recorded by the Company. Subsequent to the establishment of AuRORA Minerals, Freeport has elected to sole fund stage 2 expenditures in the aggregate of $75 million within the next five years with a minimum required spend of $10 million per year. At such time as stage 2 is completed, Freeport’s ownership of AuRORA Minerals will increase to 70% and Amarc will be diluted to 30%. Freeport is not obligated to continue funding stage 2 and may abandon it at any time and remain at 60% ownership (note 7). During the year ended March 31, 2026, Amarc provided, as contractor, $8,378,574 in services in relation to exploration and evaluation expenditures to AuRORA Minerals. As a result, Amarc earned a contractor fee of $380,010 as manager and primary contractor of the JOY District which has been recorded as other fee income. The Company’s interest in AuRORA Minerals is accounted for using the equity accounting method on the basis that it retains significant influence over its operations. Amarc reports the carrying value of its investment in AuRORA Minerals at a nominal value of $1. Summarized financial information of AuRORA Minerals are set out below: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Current assets</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,863,303</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Non-current assets</td><td style="width:1%;white-space: nowrap;"> </td><td>$</td><td>nil</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Current liabilities</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">142,304</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expenses</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,526,241</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Net loss</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,526,241</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr></tbody></table> As at March 31, 2026, the Company has a liability for advanced contributions received of $224,234 which represents unspent JOY District exploration and evaluation expenditures advanced by AuRORA Minerals.

0.40

0.60

Freeport has elected to sole fund stage 2 expenditures in the aggregate of $75 million within the next five years with a minimum required spend of $10 million per year. At such time as stage 2 is completed, Freeport’s ownership of AuRORA Minerals will increase to 70% and Amarc will be diluted to 30%. Freeport is not obligated to continue funding stage 2 and may abandon it at any time and remain at 60% ownership (note 7)

8378574

380010

1 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Current assets</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">3,863,303</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Non-current assets</td><td style="width:1%;white-space: nowrap;"> </td><td>$</td><td>nil</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Current liabilities</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">142,304</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expenses</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,526,241</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Net loss</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">7,526,241</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">N/A</td><td style="width:1%;white-space: nowrap;"> </td></tr></tbody></table>

3863303

142304

7526241

224234 9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2026 </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2025 </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Accounts payable</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">298,194</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">488,338</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Accrued liabilities</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">596,159</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">292,585</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">894,353</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">780,923</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2026 </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2025 </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Accounts payable</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">298,194</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">488,338</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Accrued liabilities</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">596,159</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">292,585</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">894,353</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">780,923</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

298194

488338

596159

292585

894353

780923

10. DIRECTOR’S LOAN In December 2019, the Company entered into a loan extension and amendment agreement (the “Loan”) with a director and significant shareholder of the Company (the “Lender”), pursuant to which a previous loan agreement with a maturity date of November 26, 2019 was extended for five years or earlier pending the achievement of certain financing milestones. The Loan has a principal sum of $1,000,000, is unsecured and bears interest at a rate of 10% per annum. On November 25, 2024, the Lender agreed to extend the repayment date of the Loan to November 26, 2025. On November 25, 2025, the repayment date of the Loan was further extended to January 4, 2027 or earlier pending the achievement of certain financing milestones. Interest is accrued on a monthly basis will be paid as amended, by the Loan maturity date. The continuity of the Loan balance is as follows: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> Total </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance, March 31, 2024 </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">784,947</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization of transaction costs</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">181,357</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance, March 31, 2025 </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">966,304</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Interest expense</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Amortization of transaction costs</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,678</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Cash interest paid</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(50,136</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Closing balance, March 31, 2026 </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,050,846</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Current portion</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,050,846</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Non-current portion</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Finance expenses </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Years ended March 31, </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Interest on loan</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">99,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization of transaction costs</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">34,678</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">181,357</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">134,678</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">280,357</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

five years

1000000

0.10

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> Total </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance, March 31, 2024 </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">784,947</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization of transaction costs</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">181,357</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance, March 31, 2025 </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">966,304</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Interest expense</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Amortization of transaction costs</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">34,678</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Cash interest paid</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(50,136</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Closing balance, March 31, 2026 </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,050,846</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Current portion</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,050,846</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Non-current portion</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table><table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Finance expenses </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Years ended March 31, </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Interest on loan</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">100,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">99,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization of transaction costs</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">34,678</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">181,357</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">134,678</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">280,357</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

784947

181357

966304

100000

34678

50136

1050846

1050846 0

100000

99000

34678

181357

134678

280357

11. SHARE CAPITAL AND RESERVES (a) Authorized and outstanding share capital The Company’s authorized share capital consists of an unlimited number of common shares without par value (“Common Shares”) and an unlimited number of preferred shares. All issued Common Shares are fully paid. No preferred shares have been issued. On September 5, 2024, 100,000 common shares were issued pursuant to a property agreement at $0.075 per share. During the year ended March 31, 2025, 6,214,668 common shares were issued as a result of the exercise of share purchase options. During the year ended March 31, 2025, 6,176,470 flow-through shares were issued as a result of the exercise of flow -through share purchase warrants. During the year ended March 31, 2026, 183,332 common shares were issued as a result of the exercise of share purchase options. On August 21, 2025, the Company issued 1,000,000 common shares to GFTEC as part of the contingent consideration set out in the amended PINE property purchase agreement (note 7(b)). As at March 31, 2026, the number of total issued and outstanding common shares is 225,377,364 (March 31, 2025: 224,194,032). (b) Share purchase options The following summarizes changes in the Company’s share purchase options: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Options</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Options</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Beginning balance</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.133</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,945,332</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.102</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,410,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Cancelled</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.670</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(50,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.116</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,480,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="vertical-align:top;">Exercised</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.274</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(183,332</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.095</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,214,668</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="vertical-align:top;">Expired</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">NA</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.120</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(60,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Granted</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.115</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">600,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.670</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">290,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Ending balance</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.218</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">6,312,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.133</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">5,945,332</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> The following summarizes information on the options outstanding and exercisable as at March 31, 2026: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell"></td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Weighted Average</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Number of </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Number of </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Remaining Contractual</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Options</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Options</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Exercise price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Expiry date</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Life (periods)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Outstanding</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Exercisable</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td style="width:17%;">0.125</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td>11-Apr-26</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:17%;vertical-align:bottom;text-align:right;">0.03</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:17%;vertical-align:bottom;text-align:right;">120,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:17%;vertical-align:bottom;text-align:right;">120,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.105</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>22-Mar-29</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">2.98</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">5,100,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">5,100,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.105</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>22-Mar-27</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">0.98</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">302,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">302,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.670</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>4-Feb-30</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">3.85</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">190,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">126,667</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.680</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>27-Jun-30</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">4.24</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.770</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>9-Jul-27</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">1.27</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;white-space: nowrap;">$</td><td style="BORDER-BOTTOM: #000000 1px solid;">1.310</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;">25-Feb-31</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:right;">4.91</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:right;">400,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:right;">66,667</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;">2.97</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;">6,312,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;">5,915,333</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td></tr></tbody></table> During the year ended March 31, 2026, the Company granted 600,000 share purchase options at a weighted average exercise price of $1.12 to its employees and contractors, for a period of two to five years. During the year ended March 31, 2025 the Company granted 290,000 share purchase options to certain associates at a weighted average exercise price of $0.67, for a period of five years. All of the options are subject to the required TSX Venture Exchange acceptance and customary vesting provisions. The Company uses the Black-Scholes option pricing model to estimate the fair value for all stock-based compensation. The expected volatility assumption inherent in the pricing model is based on the historical volatility of the Company’s shares over a term equal to the expected term of the options granted. The weighted average assumptions used in the option pricing model and the resulting weighted average fair values per option for the options granted during the year ended March 31, 2026 and 2025 were as follows: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Risk-free rate:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">2.66% to 2.86</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.66</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected life:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">2 to 5 years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">5 years</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected volatility:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">99% - 114</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">120</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected dividends:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">Nil</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">Nil</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td>Weighted average fair value per option:</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.821</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.576</td><td style="width:1%;white-space: nowrap;"> </td></tr></tbody></table> (c) Share purchase warrants The following summarizes changes in the Company’s share purchase warrants: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Warrants</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Warrants</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Beginning balance</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.08</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,807,693</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.07</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,984,163</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Exercised</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td colspan="2" style="BORDER-BOTTOM: #000000 1px solid;">NA</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.06</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,176,470</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Ending balance</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.08</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">4,807,693</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.08</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">4,807,693</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> The following summarizes information on the warrants outstanding as at March 31, 2026: <table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="width:25%;"></td><td style="width:25%;"></td><td style="width:25%;">Weighted Average</td><td style="width:25%;"></td></tr><tr style="height:15px"><td></td><td></td><td>Remaining Contractual</td><td style="vertical-align:bottom;">Warrants </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: 1px solid;">Exercise price</td><td style="BORDER-BOTTOM: 1px solid;">Expiry date</td><td style="BORDER-BOTTOM: 1px solid;">Life (periods)</td><td style="BORDER-BOTTOM: 1px solid;">Outstanding</td></tr><tr style="height:15px"><td></td><td></td><td></td><td></td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: 1px solid;"> $0.080 </td><td style="BORDER-BOTTOM: 1px solid;">1-Dec-28</td><td style="BORDER-BOTTOM: 1px solid;">2.67 </td><td style="BORDER-BOTTOM: 1px solid;">4,807,693 </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: 3px double;"> </td><td style="BORDER-BOTTOM: 3px double;"> </td><td style="BORDER-BOTTOM: 3px double;">2.67 </td><td style="BORDER-BOTTOM: 3px double;">4,807,693 </td></tr></tbody></table>

100000

0.075

6214668

6176470

183332

1000000

225377364

224194032

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Options</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Options</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Beginning balance</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.133</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">5,945,332</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.102</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,410,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Cancelled</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.670</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(50,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.116</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,480,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="vertical-align:top;">Exercised</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.274</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(183,332</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.095</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(6,214,668</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="vertical-align:top;">Expired</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">NA</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.120</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(60,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Granted</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1.115</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">600,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.670</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">290,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Ending balance</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.218</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">6,312,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.133</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">5,945,332</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> 0.133 5945332 0.102 13410000 0.670

-50000

0.116

-1480000

0.274

-183332

0.095

-6214668

0.120

-60000

1.115

600000

0.670

290000

0.218 6312000 0.133 5945332 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell"></td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Weighted Average</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Number of </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Number of </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Remaining Contractual</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Options</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="vertical-align:bottom;text-align:center;">Options</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Exercise price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Expiry date</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Life (periods)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Outstanding</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:center;">Exercisable</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" colspan="2"> </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td style="width:17%;">0.125</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td>11-Apr-26</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:17%;vertical-align:bottom;text-align:right;">0.03</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:17%;vertical-align:bottom;text-align:right;">120,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:17%;vertical-align:bottom;text-align:right;">120,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.105</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>22-Mar-29</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">2.98</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">5,100,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">5,100,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.105</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>22-Mar-27</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">0.98</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">302,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">302,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.670</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>4-Feb-30</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">3.85</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">190,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">126,667</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.680</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>27-Jun-30</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">4.24</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:bottom;white-space: nowrap;">$</td><td>0.770</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td>9-Jul-27</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">1.27</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="ffcell" style="vertical-align:bottom;text-align:right;">100,000</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;white-space: nowrap;">$</td><td style="BORDER-BOTTOM: #000000 1px solid;">1.310</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;">25-Feb-31</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:right;">4.91</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:right;">400,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;text-align:right;">66,667</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;">2.97</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;">6,312,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;vertical-align:bottom;text-align:right;">5,915,333</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;white-space: nowrap;"> </td></tr></tbody></table> 0.125 P0Y10D 120000 120000 0.105 P2Y11M23D 5100000 5100000 0.105 P0Y11M23D 302000 302000 0.670 P3Y10M6D 190000 126667 0.680 P4Y2M26D 100000 100000 0.770 P1Y3M7D 100000 100000 1.310 P4Y10M28D 400000 66667 P2Y11M19D 6312000 5915333 600000 1.12 two to five years 290000 0.67 five years <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Risk-free rate:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">2.66% to 2.86</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2.66</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected life:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">2 to 5 years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">5 years</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected volatility:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">99% - 114</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">120</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">%</td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;">Expected dividends:</td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">Nil</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td colspan="2">Nil</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px;background-color:#ffffff"><td>Weighted average fair value per option:</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.821</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.576</td><td style="width:1%;white-space: nowrap;"> </td></tr></tbody></table>

0.0266

0.0286

0.0266

P2Y P5Y P5Y

0.99

1.14

1.20

0.821 0.576 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2026 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">March 31, 2025 </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Warrants</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Weighted Average Exercise Price</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Number of Warrants</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Beginning balance</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.08</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">4,807,693</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">0.07</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,984,163</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Exercised</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td colspan="2" style="BORDER-BOTTOM: #000000 1px solid;">NA</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">0.06</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(6,176,470</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Ending balance</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.08</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">4,807,693</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">0.08</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">4,807,693</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> 0.08 4807693 0.07 10984163 0.06 -6176470 0.08 4807693 0.08 4807693 <table cellpadding="0" style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="width:25%;"></td><td style="width:25%;"></td><td style="width:25%;">Weighted Average</td><td style="width:25%;"></td></tr><tr style="height:15px"><td></td><td></td><td>Remaining Contractual</td><td style="vertical-align:bottom;">Warrants </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: 1px solid;">Exercise price</td><td style="BORDER-BOTTOM: 1px solid;">Expiry date</td><td style="BORDER-BOTTOM: 1px solid;">Life (periods)</td><td style="BORDER-BOTTOM: 1px solid;">Outstanding</td></tr><tr style="height:15px"><td></td><td></td><td></td><td></td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: 1px solid;"> $0.080 </td><td style="BORDER-BOTTOM: 1px solid;">1-Dec-28</td><td style="BORDER-BOTTOM: 1px solid;">2.67 </td><td style="BORDER-BOTTOM: 1px solid;">4,807,693 </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: 3px double;"> </td><td style="BORDER-BOTTOM: 3px double;"> </td><td style="BORDER-BOTTOM: 3px double;">2.67 </td><td style="BORDER-BOTTOM: 3px double;">4,807,693 </td></tr></tbody></table> 0.080 P2Y8M1D 4807693 P2Y8M1D 4807693

12. RELATED PARTY TRANSACTIONS <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2026 </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, 2025 </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Balances due to related parties </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Hunter Dickinson Services Inc.</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">269,360</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">242,569</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">United Mineral Services Ltd.</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,332</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">30,173</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">High Hills Consulting Ltd. (CFO fees)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">17,648</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Diane Nicolson (expenses reimbursement)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">12,565</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Thomas Wilson (former-CFO fees)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">5,496</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">311,905</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">278,238</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> (a) Transactions with key management personnel Key management personnel (“KMP”) are those persons that have the authority and responsibility for planning, directing, and controlling the activities of the Company, directly and indirectly, and by definition include all the directors and officers of the Company. During the year ended March 31, 2026, the Company’s President, Chief Executive Officer and Director, and Corporate Secretary provided services to the Company under a service agreement with Hunter Dickinson Services Inc. (note 12(b)). During the year ended March 31, 2026, the Company recorded equity settled share-based compensation expense of $132,342 (year ended March 30, 2025 - $263,523) in relation to 200,000 stock options issued to directors and officers of the Company in April 2023 and 300,000 stock options issued to officers of the Company during the year ended March 31, 2026. During the year ended March 31, 2026, the Company incurred fees totaling $159,244 (year ended March 31, 2025 -$66,857) in respect of services provided by the Chief Financial Officer. (b) Hunter Dickinson Services Inc. Hunter Dickinson Inc. (“HDI”) and its wholly-owned subsidiary Hunter Dickinson Services Inc. (“HDSI”) are private companies established by a group of mining professionals. HDSI provides contract services for a number of mineral exploration and development companies, and also to companies that are outside of the mining and mineral development space. Amarc acquires services from a number of related and arms-length contractors, and it is at Amarc’s discretion that HDSI provides certain contract services. The Company has one director in common with HDSI, namely Robert Dickinson. Also, the Company’s President, Chief Executive Officer and Director, and Corporate Secretary are contracted to work for the Company under an employee secondment agreement between the Company and HDSI. Pursuant to an agreement dated July 2, 2010, HDSI provides certain technical, geological, corporate communications, regulatory compliance, and administrative and management services to the Company, on a non-exclusive basis as needed and as requested by the Company and as available from HDSI (the “Services Agreement”). The Company is not obligated to acquire any minimum amount of services from HDSI. The monetary amount of the services received from HDSI in a given period of time is a function of annually set and agreed charge-out rates for and the time spent by each HDSI employee engaged by the Company. HDSI also incurs third-party costs on behalf of the Company. Such third-party costs include, for example, capital market advisory services, communication services and office supplies. Third-party costs are billed at cost, without markup. There are no ongoing contractual or other commitments resulting from the Company’s transactions with HDSI, other than the payment for services already rendered and billed. The agreement may be terminated upon 60 days’ notice by either the Company or HDSI. The following is a summary of transactions with HDSI that occurred during the reporting periods: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> Years ended March 31,</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;"> </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2024</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">(rounded to the nearest thousand CAD) </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Services received from HDSI and as requested by the Company</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,909,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,977,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,278,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Information technology – infrastructure and support services</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">84,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">84,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">62,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Office rent</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">55,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">53,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Reimbursement, at cost, of third-party expenses</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">incurred by HDSI on behalf of the Company</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">434,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">271,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">329,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,482,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,385,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,714,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> (c) United Mineral Services Ltd. United Mineral Services Ltd. (“UMS”) is a private company wholly-owned by one of the directors of the Company. UMS is engaged in the acquisition and exploration of mineral property interests. During the year ended March 31, 2026, the Company incurred $38,266 reimbursement of expenses to UMS (year ended March 31, 2025 - $41,938 respective of geological services provided by UMS).

269360

242569

12332

30173

17648

12565

5496

311905

278238

132342 263523 200000 300000

159244

66857

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="6" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> Years ended March 31,</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;"> </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2024</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">(rounded to the nearest thousand CAD) </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Services received from HDSI and as requested by the Company</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,909,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,977,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,278,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Information technology – infrastructure and support services</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">84,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">84,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">62,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Office rent</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">55,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">53,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">45,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Reimbursement, at cost, of third-party expenses</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">incurred by HDSI on behalf of the Company</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">434,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">271,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">329,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Total </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,482,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,385,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,714,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

1909000

1977000

1278000

84000 84000 62000 55000 53000 45000 434000 271000 329000

2482000

2385000

1714000

38266

41938

13. SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF NET LOSS AND COMPREHENSIVE LOSS (a) Salaries, fees and benefits Salaries, fees and benefits included in exploration and evaluation expenses and administration expenses are as follows: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> Years ended March 31, </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026(1)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025(1)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2024(1)</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Salaries, fees and benefits</td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($)</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Exploration and evaluation expenses</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">8,894,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">11,372,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">6,777,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Administration expenses (2)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">317,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">389,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">347,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">9,211,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">11,761,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">7,124,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">(1)</td><td style="vertical-align:top;">rounded to the nearest whole thousand.</td></tr><tr style="height:15px"><td> </td><td> </td><td> </td></tr><tr style="height:15px"><td> </td><td style="vertical-align:top;">(2)</td><td style="vertical-align:top;">includes salaries and benefits included in office and administration expenses (note 13(b)) and other salaries and benefits expenses classified as administration expenses.</td></tr></tbody></table> (b) Office and administration expenses Office and administration expenses include the following: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> Years ended March 31, </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026(1)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025(1)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2024(1)</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Salaries and Benefits</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">317,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">389,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">340,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Data processing and retention</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">21,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Insurance</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">33,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Other office expenses</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">255,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">55,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">30,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">614,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">484,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">417,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%"><tbody><tr style="height:15px"><td style="width:4%;"> </td><td style="width:4%;vertical-align:top;">(1)</td><td style="vertical-align:top;">rounded to the nearest whole thousand.</td></tr></tbody></table>

8894000

11372000

6777000

317000

389000

347000

9211000

11761000

7124000

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="10" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"> Years ended March 31, </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2026(1)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2025(1)</td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;">2024(1)</td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;"> ($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Salaries and Benefits</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">317,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">389,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">340,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Data processing and retention</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">9,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">13,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">21,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Insurance</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">33,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">27,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">26,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Other office expenses</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">255,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">55,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">30,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">614,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">484,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">417,000</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

317000

389000

340000

9000 13000 21000

33000

27000

26000

255000

55000

30000

614000 484000 417000

14. OFFICE LEASE – RIGHT OF USE ASSET AND LEASE LIABILITY The Company subleases corporate offices in Vancouver, BC, from HDSI under a lease agreement dated May 1, 2021, and the lease expires on April 29, 2026. On May 1, 2026, the lease agreement was renewed for another 5-year term expiring on April 30, 2031. Right-of-use asset A summary of the changes in the right-of-use asset for the twelve months ended March 31, 2026 is as follows: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Right-of-use-asset </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance at March 31, 2024</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">42,033</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(20,175</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Balance at March 31, 2025</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">21,858</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(20,177</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Balance at March 31, 2026</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,681</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> Lease liability On May 1, 2021, the Company entered into the lease agreement, which resulted in the lease liability of $100,877 (undiscounted value of $134,766, discount rate used was 12.00%). This liability represents the monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI. A summary of changes in the lease liability during the year ended March 31, 2026 are as follows: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Lease liability </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance at March 31, 2025</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28,764</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Lease payment – base rent portion</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(28,165</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Lease liability – accretion expense</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,748</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Balance at March 31, 2026</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Current portion</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Long-term portion</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> The following is a schedule of the Company’s future lease payments (base rent portion) under the lease obligations: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Future lease payments (base rent portion only) </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Fiscal 2027 (April 1, 2026 to April 29, 2027)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Total undiscounted lease payments</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Less: imputed interest</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Lease liability as at March 31, 2026</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Right-of-use-asset </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance at March 31, 2024</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">42,033</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(20,175</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Balance at March 31, 2025</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">21,858</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Amortization</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(20,177</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Balance at March 31, 2026</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">1,681</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> 42033 -20175 21858 -20177 1681 100877 134766

0.1200

monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI. <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Lease liability </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Balance at March 31, 2025</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">28,764</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Lease payment – base rent portion</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(28,165</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Lease liability – accretion expense</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,748</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Balance at March 31, 2026</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Current portion</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Long-term portion</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> 28764 -28165 1748 2347 2347 0 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Future lease payments (base rent portion only) </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">($) </td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Fiscal 2027 (April 1, 2026 to April 29, 2027)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Total undiscounted lease payments</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Less: imputed interest</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: black 3px double;vertical-align:top;">Lease liability as at March 31, 2026</td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: black 3px double;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: black 3px double;width:9%;vertical-align:bottom;text-align:right;">2,347</td><td style="BORDER-BOTTOM: black 3px double; PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> 2347 2347 0 2347

15. FINANCIAL RISK MANAGEMENT (a) Capital management objectives The Company’s primary objectives when managing capital are to safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns for shareholders, and to have sufficient liquidity available to fund ongoing expenditures and suitable business opportunities as they arise. The Company considers the components of shareholders’ equity as well as its cash as capital. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue equity, sell assets, or return capital to shareholders as well as issue or repay debt. The Company’s investment policy is to invest its cash in highly liquid, short-term, interest-bearing investments having maturity dates of three months or less from the date of acquisition, which are readily convertible into known amounts of cash. The Company is not subject to any imposed equity requirements. There were no changes to the Company’s approach to capital management during the year ended March 31, 2026. (b) Carrying amounts and fair values of financial instruments Fair value IFRS 7 Financial Instruments: Disclosures establishes a fair value hierarchy for financial instruments measured at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1 ‐ applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 ‐ applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly such as quoted prices for similar assets or liabilities in active markets or indirectly such as quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions. Level 3 ‐ applies to assets or liabilities for which there are unobservable market data. The Company’s recorded amounts of cash, amounts receivable, accounts payable and other liabilities approximate their respective fair values due to their short‐term nature. The carrying value of the restricted cash approximates its fair value, as it is cash-based. The Company’s marketable securities are carried at fair value based on quoted prices in active markets (level 1). As at March 31, 2026, the carrying values of the Company’s financial assets and financial liabilities approximate their fair values. (c) Financial instrument risk exposure and risk management The Company is exposed in varying degrees to a variety of financial instrument-related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented treasury policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows: Credit risk Credit risk is the risk of potential loss to the Company if a counterparty to a financial instrument fair to meet its contractual obligations. The Company’s credit risk is primarily attributable to its liquid financial assets, including cash, and amounts receivable and other assets. The carrying values of these financial assets represent the Company’s maximum exposure to credit risk. The Company limits the exposure to credit risk by only investing its cash in high-credit quality financial institutions in business and savings accounts, which are available on demand by the Company for its programs. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Company ensures that there is sufficient cash in order to meet its short-term business requirements after taking into account the Company’s holdings of cash. Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. In the management of liquidity risk, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company’s projects and operations. The directors of the Company are of the opinion that, taking into account the Company's cash reserves and external financial resources, the Company has sufficient working capital for its current obligations. Interest rate risk The Company is subject to interest rate risk with respect to its investments in cash. The Company’s policy is to invest cash at variable rates of interest and cash reserves are to be maintained in cash in order to maintain liquidity, while achieving a satisfactory return for shareholders. Fluctuations in interest rates when cash matures impact interest income earned. As at March 31, 2026, the Company’s exposure to interest rate risk was nominal. Price risk Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company is subject to price risk in respect of its investments in marketable securities. As at March 31, 2026, the Company’s exposure to price risk was not significant in relation to these Financial Statements.

16. INCOME TAXES (a) Provision for current tax No provision has been made for current income taxes as the Company has no taxable income. (b) Provision for deferred tax As future taxable profits of the Company are uncertain, no deferred tax asset has been recognized. At March 31, 2026, the Company has unused non-capital loss carry forwards of approximately $10.7 million (March 31, 2025 - $13.3 million). At March 31, 2026, the Company has resource tax pools of approximately $32.2 million (March 31, 2025 - $31.2 million) available in Canada, which may be carried forward and utilized to offset future taxes related to certain resource income. (c) Reconciliation of effective tax rate <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">2026</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">2025</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Net income (loss) for the year</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(929,987</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,912,888</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Total income tax expense</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Net income (loss) excluding income tax</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(929,987</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,912,888</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Income tax expense (recovery) using the Company's tax rate</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(251,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,056,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="vertical-align:top;">Non-deductible expenses and other</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">633,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">133,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Temporary difference booked to reserve</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Deferred income tax assets not recognized</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(380,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">926,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> (d) Deductible temporary differences At March 31, 2026, the Company had the following deductible temporary differences for which no deferred tax asset was recognized: <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Expiry</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Tax Losses (Capital)</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Tax Losses</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Resource Pools</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Other</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Within one year</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">One to five years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">After five years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,728,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,011,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">No expiry date</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,183,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">32,175,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">77,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,183,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,728,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">32,175,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,088,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

10700000 13300000 32200000 31200000 <table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, </td><td style="white-space: nowrap;"> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="width:9%;vertical-align:bottom;text-align:center;"> March 31, </td><td style="white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">2026</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">2025</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" colspan="2" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Net income (loss) for the year</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(929,987</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,912,888</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Total income tax expense</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Net income (loss) excluding income tax</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(929,987</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(3,912,888</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;"> </td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Income tax expense (recovery) using the Company's tax rate</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(251,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(1,056,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="vertical-align:top;">Non-deductible expenses and other</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">633,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">133,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Temporary difference booked to reserve</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(2,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">(3,000</td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">)</td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">Deferred income tax assets not recognized</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">(380,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;vertical-align:bottom;white-space: nowrap;">)</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">926,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">-</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table> -929987 -3912888

-929987

-3912888

-251000

-1056000

633000

133000

-2000

-3000

-380000

926000

<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:94%"><tbody><tr style="height:15px"><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;vertical-align:bottom;">Expiry</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Tax Losses (Capital)</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Tax Losses</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Resource Pools</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;white-space: nowrap;"> </td><td class="hdcell" colspan="2" style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:center;">Other</td><td style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">Within one year</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">One to five years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="vertical-align:top;">After five years</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">10,728,000</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">–</td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td style="width:1%;white-space: nowrap;"> </td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">1,011,000</td><td style="width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;">No expiry date</td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,183,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">–</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">32,175,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">77,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr><tr style="height:15px"><td style="BORDER-BOTTOM: #000000 1px solid;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">2,183,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">10,728,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">32,175,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td style="BORDER-BOTTOM: #000000 1px solid;width:1%;white-space: nowrap;"> </td><td class="ffcell" style="BORDER-BOTTOM: #000000 1px solid;width:9%;vertical-align:bottom;text-align:right;">1,088,000</td><td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"> </td></tr></tbody></table>

10728000

1011000

2183000

32175000

77000

2183000

10728000

32175000

1088000

17. EVENTS AFTER THE REPORTING PERIOD (a) Exercise of Options Subsequent to the year ended on March 31, 2026, the following options were exercised: 120,000 options at $0.125 per share; 50,000 options at $0.67 per share; 20,000 options at $0.105 per share. (b) Joint Venture Agreement with Boliden Subsequent to the year ended on March 31, 2026, Amarc and Boliden signed a joint venture agreement to jointly operate the DUKE JV (note 7(c)).

120000 0.125 50000 0.67 20000 0.105