Exhibit 99.1

INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying interim unaudited condensed consolidated financial statements of SOL Strategies Inc. (formerly Cypherpunk Holdings Inc.) (the “Company”) for the nine months ended June 30, 2026 (the “Interim Statements”) were prepared by management in accordance with International Financial Reporting Standards. The most significant of these standards have been set out in note 2 of these Interim Statements. Any applicable changes in accounting policies have also been disclosed in these financial statements. Management acknowledges responsibility for the preparation and presentation of the financial statements, including responsibility for significant accounting judgments and estimates and the choice of accounting principles and methods that are appropriate to the Company’s circumstances.

The Board of Directors is responsible for ensuring management fulfills its financial reporting responsibilities and for reviewing and approving the financial statements together with other financial information. The Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the internal controls over the financial reporting process, and the period end financial statements together with other financial information of the Company. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the financial statements together with other financial information of the Company for issuance to the shareholders.

Management recognizes its responsibility for conducting the Company’s affairs in compliance with established financial standards, and applicable laws and regulations, and for maintaining proper standards of conduct for its activities.

INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining adequate internal controls over its financial reporting. Management conducts an ongoing evaluation of the effectiveness of internal control over financial reporting based on "Internal Control Over Financial Reporting Guidance for Smaller Public Companies" issued by the Committee of Sponsoring Organizations of the Treadway Commission.

CONCLUSION RELATING TO DISCLOSURE CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures as defined in the National Instrument 52-109. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the design and operation of the Company's disclosure controls and procedures were effective as at June 30, 2026.

SOL STRATEGIES INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(EXPRESSED IN CANADIAN DOLLARS)

Nature of operations and going concern (Note 1)

Contingent liabilities (Note 19)

Subsequent events (Note 24)

SIGNED ON BEHALF OF THE BOARD

SOL STRATEGIES INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(EXPRESSED IN CANADIAN DOLLARS)

SOL STRATEGIES INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(EXPRESSED IN CANADIAN DOLLARS)

SOL STRATEGIES INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(EXPRESSED IN CANADIAN DOLLARS)

SOL Strategies Inc. (the "Company" or "SOL Strategies") is a publicly listed company incorporated in Canada under the legislation of the Province of Ontario. The registered office of the Company is located at 217 Queen St W #401, Toronto, ON M5V 0R2. Since February 4, 2019, the Company’s common shares trade on the Canadian Securities Exchange ("CSE") under the trading symbol "HODL" and the National Association of Securities Dealers Automated Quotations (“NASDAQ”) under the symbol “STKE”.

The Company is dedicated to investing in and providing infrastructure for the Solana blockchain ecosystem. During the year ended September 30, 2024, the Company pivoted its strategy to focus on the Solana blockchain ecosystem, leveraging its high-performance infrastructure and scalability. This shift included holding Solana tokens (“SOL”) as a core balance sheet asset, operating validators, and developing staking tools paired with compliance frameworks. Reflecting this strategic pivot, the Company rebranded from Cypherpunk Holdings Inc. to SOL Strategies Inc. on September 9, 2024. On June 1, 2026, the Company expanded its operations outside of the Solana blockchain ecosystem when it acquired HoudiniSwap LLC, a non-custodial, privacy-focused cross-chain swap aggregator. The Company is committed to developing and utilizing unique technologies that optimize transaction efficiency, privacy and accessibility on the blockchain. The Company's cryptocurrencies and related investments may be subject to significant fluctuations in value and are subject to risks unique to the asset class and different from traditional financial assets (Note 21). Additionally, during the nine months ended June 30, 2026, certain assets were held in cryptocurrency exchanges or with custodians that are limited in oversight by regulatory authorities.

Basis of Presentation

These interim unaudited condensed consolidated financial statements for the nine months ended June 30, 2026 (the “Interim Statements”) have been prepared and presented on a going concern basis. The Company has sufficient cash, cash equivalents, and cryptocurrencies and other assets to support its operations for at least twelve months from the date of the issuance of these interim statements.

Statement of Compliance

The Company applies IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These Interim Statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, they do not include all of the information required for full annual financial statements required by IFRS as issued by the IASB.

The policies applied in these Interim Statements are based on IFRSs issued and outstanding as of August 14, 2026, the date the Board of Directors approved the Interim Statements. The accounting policies and methods of computation applied in these Interim Statements are consistent with those applied in the Company's audited annual financial statements as at and for the year ended September 30, 2025, except for the adoption of, and amendments to, certain accounting policies during the current interim period, as described in the accompanying notes, and the change in Comparative Information as disclosed below. Any subsequent changes to IFRS that are given effect in the upcoming Company's audited annual financial statements for the year ended September 30, 2026 could result in restatement of these Interim Statements for the nine months ended June 30, 2026.

The following material accounting policy was adopted during the nine-month period ended June 30, 2026 as a result of the Company's reassessment of its investment entity status under IFRS 10:

Basis of Consolidation

Subsidiaries consist of entities over which the Company is exposed to, or has rights to, variable returns as well as the ability to affect these returns through the power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date control is transferred to the Company and are deconsolidated from the date control ceases. The condensed consolidated interim financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating inter-entity balances and transactions.

During the period, management reassessed the Company's investment entity status under IFRS 10 as a result of changes in the Company's business activities and strategy. Based on this reassessment, management concluded that the Company no longer met the definition of an investment entity under IFRS 10, as controlled entities are held and managed as part of the Company's integrated operating business rather than solely for returns from capital appreciation and investment income. Accordingly, effective June 1, 2026 the Company commenced consolidating entities that it controls. The change in investment entity status has been accounted for prospectively from the date of change in accordance with IFRS 10.

These condensed consolidated interim financial statements comprise the financial statements of the Company and its wholly owned subsidiaries, SOL Strategies US Inc., incorporated on May 14, 2026, and HoudiniSwap LLC, acquired June 1, 2026. The functional currencies of SOL Strategies US Inc. and HoudiniSwap LLC are United States dollars. Intercompany balances and transactions, and any unrealized gains and losses arising from intercompany transactions, are eliminated in full on consolidation.

Comparative Information

As described above, the change in the Company's investment entity status under IFRS 10 has been accounted for prospectively from June 1, 2026, and comparative periods have not been consolidated. Separately, the Company has revised the presentation of its statements of financial position and income (loss) and comprehensive income (loss) to reflect the presentation of an operating company rather than an investment holding entity. Certain comparative figures have accordingly been reclassified to conform to the presentation adopted in the current period. These reclassifications had no effect on previously reported net loss, comprehensive loss, total assets, total liabilities, shareholders' equity, or cash flows for any comparative period presented.

The following material accounting policies were adopted or amended in the nine-month period ended June 30, 2026:

Payment Stablecoins

Payment stablecoins are redeemable on a one-to-one basis for cash and cash equivalents and are classified as Cash and cash equivalents in the Interim Unaudited Condensed Consolidated Statement of Financial Position as of June 30, 2026 and September 30, 2025. The reserves backing these payment stablecoins were held by the issuers in cash and cash equivalents in segregated accounts titled for the benefit of payment stablecoin holders.

Business Combinations

The Company applies the acquisition method to account for business combinations in accordance with IFRS 3, Business Combinations. The consideration transferred in a business combination is measured at the fair value of the assets transferred, the equity instruments issued and the liabilities incurred or assumed as at the acquisition date and includes the acquisition-date fair value of any contingent consideration. Identifiable assets acquired and liabilities assumed are measured at their estimated fair values as at the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recognized as goodwill. If the consideration transferred is less than the fair value of the identifiable net assets acquired, the difference is recognized directly in the statement of loss and comprehensive loss as a gain on acquisition.

Acquisition-related costs are expensed as incurred. Contingent consideration classified as a financial liability is remeasured to fair value at each reporting date, with changes in fair value recognized in profit or loss. The results of operations of an acquired business are included in the Company’s financial statements from the acquisition date. During the measurement period, which does not exceed one year from the acquisition date, the Company may retrospectively adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed as at the acquisition date. Judgment is applied in determining whether an acquisition is a business combination or an asset acquisition, in identifying the assets acquired, and in determining the purchase price allocation, including the valuation of intangible assets acquired.

Income

Income is earned primarily from commission fees earned from swapping cryptocurrencies for customers, staking and validating SOL. The Company also earns interest income and dividend income.

Swap aggregator income

The Company’s wholly owned subsidiary, HoudiniSwap LLC (“HoudiniSwap”) derives its revenues from four main sources: (a) commission revenue from exchange partners; (b) transaction fees; (c) listing fees; and (d) token fees. While HoudiniSwap generally refers to a consumer that uses its platform as its customer, for accounting purposes, the Company’s customers are the cryptocurrency exchange partners. HoudiniSwap’s contracts with the exchange partners give them the ability to use HoudiniSwap’s platform to exchange certain cryptocurrencies without transferring any ownership of the cryptocurrencies to HoudiniSwap.

HoudiniSwap recognizes its commission revenue, listing fees and token fees when all of the following conditions are met:

The Company earns transaction fee revenue through participation as a liquidity provider in decentralized-exchange liquidity pools. As traders execute exchanges in these pools, the Company becomes entitled to a proportional share of the transaction fee accumulated within the pool. The Company recognizes transaction fee revenue when the transaction fee can be reliably measured and the inflow of economic benefits is probable, based on verifiable on-chain data that quantify the Company’s entitlement to transaction fee and observable market prices for those tokens.

The Company's arrangements do not contain general rights of return.

The balance consists of cash held with financial institutions, together with payment stablecoins that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value. Payment stablecoins are redeemable on a one-to-one basis for cash and cash equivalents and are classified as cash and cash equivalents. There were no restricted balances at June 30, 2026 and September 30, 2025.

The balances are comprised as follows:

Cryptocurrencies are digital assets that are typically part of a decentralized system of recording transactions, new digital assets are issued based on reliance on cryptography to secure its transactions, to control the creation of additional digital assets, and to verify the transfer of assets. The balances below exclude payment stablecoins classified as cash and cash equivalents.

The balance of cryptocurrencies at cost and at market value, is as follows:

The activity of the Company’s cryptocurrencies, excluding digital assets posted as collateral with third parties, for the year ended September 30, 2025 and the nine months ended June 30, 2026 is as follows:

During the year ended September 30, 2025 the Company resumed its treasury management investment strategy to generate income on its cryptocurrency assets, previously executed intermittently during the years ended September 30, 2024 and 2023, which required collateral to be posted to over-the-counter traders to execute trades (see Note 21). During the years ended September 30, 2025 and 2024, the treasury management investment strategy involved selling covered European call options (each, an “Option”) on OTC markets. The Company recognizes premium income upon the sale of an Option. In the event the Option expires in-the-money, the Company’s underlying Bitcoin is used as collateral to sell the Option at the strike price of the Option. The strategy was discontinued prior to the end of fiscal 2025.

During the nine months ended June 30, 2026, the Company entered into a cryptocurrency-backed credit facility with Kamino Finance (“Kamino”) which required collateral to be posted to Kamino (see Note 11).

The activity of the Company’s cryptocurrencies posted as collateral during the year ended September 30, 2025 and the nine months ended June 30, 2026, is as follows (see note 11):

On May 4, 2026, the Company entered into a definitive agreement to acquire HoudiniSwap, a non-custodial, privacy-focused cross-chain swap aggregator. The transaction closed on June 1, 2026 (the “Acquisition Date”), at which date the Company obtained control of HoudiniSwap and acquired 100% of its issued and outstanding membership interests. The acquisition was completed to broaden the Company’s product offering beyond validator and staking infrastructure into privacy-preserving cross-chain transaction technology and to strengthen the Company’s engineering capabilities. In connection with the closing, the founders and core development team of HoudiniSwap joined the Company.

The acquisition of HoudiniSwap has been accounted for as a business combination in accordance with IFRS 3, Business Combinations, using the acquisition method. HoudiniSwap constitutes a business as it comprises an integrated set of activities and assets — including its proprietary cross-chain swap technology, assembled workforce and revenue-generating operations — that is capable of being conducted and managed to provide a return to the Company. The identifiable assets acquired and liabilities assumed have been recognized at their estimated fair values as at the Acquisition Date. IFRS 3 provides for a measurement period, not exceeding one year from the Acquisition Date, during which the Company may adjust the provisional amounts recognized to reflect new information obtained about facts and circumstances that existed as at the Acquisition Date.

The total consideration transferred, excluding contingent consideration, is approximately USD $18.0 million. The consideration comprises cash of USD $8.25 million (USD $7.0 million paid on closing and USD $1.25 million payable over 18 months), a promissory note of USD $5.75 million due six months after closing, USD $4.0 million satisfied through the issuance of 2,812,301 common shares of the Company (priced by reference to the 90-day volume-weighted average trading price of the common shares prior to closing, and subject to a four-month hold period), and USD $0.1 million in common share purchase warrants exercisable for two years at a premium to the market price of the common shares at closing. The agreement also provides for a two-year earn-out of up to USD $10.0 million in contingent consideration, payable on the achievement of specified EBITDA thresholds, which is recognized at its acquisition-date fair value.

The fair value of the consideration transferred is as follows:

The following table summarizes the provisional allocation of the consideration transferred to the estimated fair values of the identifiable assets acquired and liabilities assumed as at the Acquisition Date (see also Notes 7 and 8):

Goodwill

The goodwill of $21,635,535 arose on the acquisition, of which $20,324,457 is attributable to the assembled workforce of HoudiniSwap, expected synergies from integrating HoudiniSwap’s cross-chain swap technology with the Company’s Solana validator and staking infrastructure, and other intangible benefits that do not qualify for separate recognition. Additional goodwill of $1,311,078 is due to the recognition of a deferred tax liability on the excess of the fair values assigned to the identifiable intangible assets acquired over their respective tax bases, as required by IAS 12 (see Note 8).

Acquired intangible assets

The technology intangible asset comprises HoudiniSwap’s proprietary cross-chain swap aggregation and privacy protocol. Brand represents the HoudiniSwap name and associated goodwill in the market, and the technology platform is the HoudiniSwap’s proprietary algorithm to execute anonymous trades. Intangible assets acquired in the business combination are measured at fair value as at the Acquisition Date and are amortized on a straight-line basis over their estimated useful lives of 5 years. The residual value, useful life and amortization method applied to each class of asset are reassessed at each reporting date.

Acquisition-related costs and contingent consideration

Acquisition-related costs, including advisory fees, are expensed as incurred and recognized within transaction costs in the statement of loss. In connection with the closing, the Company’s acquisition advisor is entitled to a cash fee and common share purchase warrants; these amounts do not form part of the consideration transferred (Note 15). The contingent consideration is remeasured to its fair value at each reporting date until settled, with changes in fair value recognized in profit or loss.

Revenue and earnings contribution

Had the acquisition taken place on October 1, 2025, the Company would have consolidated $24,168,541 of revenues and net income before tax of $3,579,325. As the acquisition closed on June 1, 2026, for the three- and nine-month period ended June 30, 2026, the Company consolidated revenue of $1,166,044 and net income before tax of $685,531, reflecting one month of operations.

Validator Assets

During the year ended September 30, 2025, the Company acquired certain intangible assets operating as Cogent Crypto (“Cogent”), OrangeFin Ventures LLC (“OrangeFin”), and Laine, resulting in an increase in the amount of Solana being validated by the Company.

The Company acquired 78% interest in Cogent’s SOL blockchain validator assets, and a 100% interest in Cogent’s SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the “Cogent Assets”), including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Cogent Assets. The entire value of the purchase of the Cogent Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts, and rights to operating agreements.

The Company acquired 100% of OrangeFin’s SOL blockchain and Arch blockchain validator assets (collectively, the “OrangeFin Assets”), including main networks and test networks, and all accounts, information, data, infrastructure, and other components required for or associated with the access, management, operation and other use or exploitation of the OrangeFin Assets. The entire value of the purchase of the OrangeFin Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts, and rights to operating agreements.

The Company acquired 100% of Laine SOL blockchain, SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the “Laine Assets”) including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Laine Assets. The entire value of the purchase of the Laine Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts, and rights to operating agreements.

The purchase price and net assets of the Cogent Asset acquisition are as follows:

The purchase price and net assets of the OrangeFin Asset acquisition are as follows:

The purchase price and net assets of the Laine Asset acquisition are as follows:

See also note 15.

Impairment of Intangible Assets (Validator Nodes)

In accordance with IAS 36 Impairment of Assets, the Company assesses at each reporting date whether there is any indication that an intangible asset may be impaired. During the period ended June 30, 2026, indicators of impairment were identified for the validator nodes (the “Intangible Assets”). These indicators included:

As a result, the Company performed an impairment test for the affected Intangible Assets.

Recoverable amount and valuation methodology

The recoverable amount of the assets was determined as the value in use, calculated using discounted future cash flows from expected validator rewards and transaction fees, less attributable operating and staking costs. Management used a weighted model approach using three separate models weighted by likelihood in order to determine a value in use that is deemed most likely by management. Key assumptions used in the value-in-use calculations included:

Management believes that these assumptions reflect the best estimates of economic conditions and protocol-related developments at the reporting date.

Impairment loss recognized

As a result of the impairment testing, an impairment loss of $16.1 million was recognized in the Interim Statements within “Impairment losses on intangible assets.”

Following the impairment, the carrying amount of the validator nodes (intangible assets) were reduced to their estimated recoverable amount of $16.5 million.

Sensitivity analysis

Management has performed a sensitivity analysis on key assumptions. A change in the key assumptions listed below would result in further impairment of the CGUs:

Management considers these assumptions to be reasonably possible changes.

Remaining useful life

No change has been made to the estimated useful lives of validator node intangible assets during the year. The useful lives of these assets remain at 5 years.

HoudiniSwap Intangible Assets

On June 1, 2026, the Company acquired HoudiniSwap LLC ("HoudiniSwap"), pursuant to which the Company acquired the HoudiniSwap brand name and a portfolio of proprietary technology, software, and data assets that collectively support Houdini Swap's cross-chain transaction platform. Based on a valuation prepared by an independent evaluator, the HoudiniSwap brand name was valued at $1,028,931 and its technology platform was valued at $4,054,818. The HoudiniSwap Intangible assets are being amortized over five years (See also Note 6).

DarkLake Assets

On April 14, 2026, the Company acquired substantially all of the assets of Darklake Labs Pte. Ltd. (“DarkLake”), which consisted of intellectual property specializing in zero-knowledge (“ZK”) privacy solutions for the Solana blockchain. Total consideration was $1,930,262, comprising USD $200,000 (CAD $275,404) in cash and 1,047,156 common shares of the Company valued at $1.52 CAD per share, the closing price on April 14, 2026 and $63,181 of transaction costs. The DarkLake assets are being amortized over approximately 17 months.

On June 1, 2026, the Company acquired HoudiniSwap pursuant to which it was determined that goodwill of $21,635,535 arose on the acquisition attributable to the assembled workforce of HoudiniSwap, expected synergies from integrating HoudiniSwap’s cross-chain swap technology with the Company’s Solana validator and staking infrastructure, and other intangible benefits that do not qualify for separate recognition. The goodwill is not deductible for tax purposes. Goodwill is not amortized but is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate that it may be impaired, at the level of the cash-generating unit or group of cash-generating units to which it is allocated. (See also Note 6).

The continuity of the goodwill acquired as part of acquisitions is as follows:

Impairment test of goodwill

The Company tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.

The directors and management have considered and assessed reasonably possible changes for other key assumptions and have not identified any instances that could cause the carrying amount of the HoudiniSwap goodwill to exceed its recoverable amount.

Equity Investments

The Company's investments in equity instruments are classified as FVTPL and are carried at fair value. The detail is as follows:

The activity of investments for the year ended September 30, 2025 and the nine months ended June 30, 2026 is as follows:

The balances are comprised as follows:

The continuity of the credit facilities is as follows:

The Unsecured Credit Facility

During the year ended September 30, 2025, the Company entered into an unsecured, revolving demand credit facility (the “Unsecured Credit Facility”) with its former Chairman, Mr. Antanas Guoga (the “Lender”). Under the terms of the Unsecured Credit Facility, the Lender agreed to make available to the Company up to $10 million, subsequently increased to $25 million, (the “Commitment Amount”) in principal amount of unsecured, revolving credit, in such amounts as may be requested by the Company from time to time prior to October 21, 2026 (the “Maturity Date”). The drawn and unpaid portion of the Commitment Amount (the “Principal Balance”) will bear interest at a rate of 5% per annum, accrued daily. The Principal Balance and accrued and unpaid interest will be payable on the Maturity Date, subject to the Lender’s right to demand repayment of amounts outstanding under the Unsecured Credit Facility at any time.

During the nine-month period ended June 30, 2026, the Company repaid the balance of the Unsecured Credit Facility under the following terms: 50% of the outstanding balance settled for 2,300,726 common shares of the Company valued at $4,923,554, their market value on the issuance date; a payment of $2,461,777 settled in USDC from the Company’s digital asset treasury and the remainder, including accrued interest, in cash of $9,474,072. For the nine months ended June 30, 2026, the Company recognized interest expense of $148,765 related to the Unsecured Credit Facility in the Interim Statements with $nil remaining in accrued liabilities (September 30, 2025 - $534,036).

The Kamino Facility

During the nine months ended June 30, 2026, the Company entered into a cryptocurrency-backed credit facility with Kamino Finance, a decentralized lending protocol on the Solana blockchain (the "Kamino Facility"). Under the terms of the Kamino Facility, the Company deposited cryptocurrency assets as collateral to borrow PYUSD (PayPal USD stablecoin).

The Kamino Facility is a smart contract-based lending arrangement that allows the Company to maintain exposure to its cryptocurrency holdings while accessing stablecoin liquidity. Interest accrues continuously at approximately 3% and is calculated based on the utilization of the lending pools. The Company's collateral earns staking rewards which offset a portion of the borrowing costs.

The facility operates on an over-collateralized basis with automated liquidation mechanisms. If the loan to value (“LTV”) exceeds the liquidation threshold of 75%, the protocol may automatically liquidate a portion of the collateral to repay the outstanding loan balance. The Company actively monitors its LTV ratio and manages collateral levels to maintain a conservative position well below the liquidation threshold.

The Kamino Facility does not have a fixed maturity date, and the Company may repay the borrowed amount at any time without penalty. The Company may also add or withdraw collateral subject to maintaining the required collateralization ratios.

At June 30, 2026, the Company had transferred 252,851 SOL with a value of $26.4 million to Kamino as collateral.

For the nine months ended June 30, 2026, interest expense of $145,953 related to the Kamino Facility had been recorded in accrued liabilities (2025 - $nil).

During the year ended September 30, 2025, the Company raised $57.2 million of principal in convertible debentures in three separate financings. The summary of the convertible debentures is as follows:

First Private Placement and Second Private Placement

On January 16, 2025, the Company closed a private placement financing of $27.5 million (the “First Private Placement”) of convertible debenture units (each a “First CD Unit”). Each First CD Unit consists of one debenture (“First Debenture”) with a principal amount of $1,000, and 50 warrants (each a “First Warrant”). Interest on the First Debenture accrues at a rate of 2.5% per annum, payable semi-annually in cash or common shares of the Company, and the First Debentures are convertible at any time into common shares of the Company at $20 per common share until January 16, 2030. Each First Warrant entitles the holder to purchase one (1) common share of the Company at an exercise price of $20 per common share, exercisable at any time on or before the five-year anniversary of the closing of the First Private Placement. At the option of the Company, the First Debentures are redeemable in cash after the three-year anniversary of the closing of the First Private Placement at 112% of the principal value, plus accrued and unpaid interest.

On January 21, 2025, the Company closed a private placement financing of $2.5 million (the “Second Private Placement”) of convertible debenture units (each a “Second CD Unit”). Each Second CD Unit consists of one debenture (“Second Debenture”) with a principal amount of $1,000, and 27 warrants (each a “Second Warrant”). Interest on the Second Debentures accrues at a rate of 2.5% per annum, payable semi-annually in cash or common shares of the Company, and the Second Debentures are convertible at any time into common shares of the Company at $37.28 per common share until January 21, 2030. Each Second Warrant entitles the holder to purchase one (1) common share of the Company at an exercise price of $37.28 per common share, exercisable at any time on or before the five-year anniversary of the closing of the Second Private Placement. At the option of the Company, the Second Debentures are redeemable in cash after the three-year anniversary of the closing of the Second Private Placement at 112% of the principal value, plus accrued and unpaid interest.

The present value of the liability component and the equity components of the First Private Placement and Second Private Placement were allocated as follows:

During the nine months ended June 30, 2026, interest and accretion expense of $1.7 million (2025 - $1.2 million) and $144,865 (2025 - $102,332) was recognized on the First Private Placement and Second Private Placement, respectively, representing interest and the accretion of the liability components of the convertible debentures under the effective interest rate method.

ATW Financing

On April 23, 2025, the Company entered into an agreement with ATW Partners (the “Investor”) to establish a convertible note facility (the “Facility”) of up to USD $500 million. Under the Facility, the Company is entitled to draw down funds through the issuance of convertible notes (the “Notes”) subject to certain conditions. On May 1, 2025, the Company closed the initial tranche of USD $20 million (the “Initial Closing”). The Notes are denominated in USD and are convertible into common shares of the Company based on the prior trading day’s closing price, until the 36-month anniversary of the Initial Closing date. Additional drawdowns under the Facility remain available up to a further USD $480 million.

Fair Value Option Election and Measurement

Management elected to designate the USD$20 million Notes from the Initial Closing under the fair value option (“FVO”) in accordance with IFRS 9 – Financial Instruments. This designation results in the entire instrument, including the embedded conversion feature and foreign currency exposure, being measured at fair value through profit or loss (“FVTPL”).

The rationale for electing FVO includes:

·         Elimination of accounting mismatches arising from currency volatility (as the Company reports in CAD).

·         Avoidance of bifurcation between the debt host and embedded derivative components.

·        Alignment with the Company’s risk management strategies and fair value-based performance monitoring.

At June 30, 2026, the Company recorded a loss of $180,907 in foreign exchange for the estimated change in the fair value of this Facility (September 30, 2025 - loss of $525,245).

Transaction costs of $2,380,272 related to the Initial Closing were expensed immediately, consistent with FVO application during the fiscal year ended September 30, 2025.

Fair Value Determination

Fair value of the Notes is assessed at each reporting date using observable market inputs, including exchange rates and share price movements. Changes in fair value of the Notes are recognized through profit or loss.

SOL Delegation and Staking Interest

Under the terms of the Facility, while any Notes remain outstanding, the Company is contractually obligated to delegate all Note Purchased SOL to a validator majority owned and controlled by the Company. The Notes accrue staking interest (“Staking Interest”) when the Company is entitled to receive staking rewards on the delegated Note Purchased SOL. The Company must calculate and pay any accrued staking interest amounts (“Staking Interest Amounts”) in SOL within three business days following each calendar month-end to ATW’s wallet address. ATW’s entitlement to staking rewards is tiered and based on the combined outstanding principal of this Note and other notes under the Facility (the “Outstanding Principal”):

(i) 85% of staking rewards when the Outstanding Principal is between USD $15 million and $20 million;

(ii) 62.5% of staking rewards when the Outstanding Principal is between USD $10 million and $15 million;

(iii) 37.5% of staking rewards when the Outstanding Principal is between USD $5 million and $10 million; and

(iv) 18.8% of staking rewards when the Outstanding Principal is between USD $2.5 million and $5 million.

During the nine-month period ended June 30, 2026, interest expense of $363,694 was recognized in the Interim Statements (2025 - $249,491).

Conversions

During the nine months ended June 30, 2026, the Company issued 1,776,376 Common Shares on the conversion of $3,930,952 (USD $2,850,000) of principal, leaving $10,727,795 (USD $7,550,000) of principal remaining at June 30, 2026.

Liability Component of Convertible Debentures

The summary of the liability component of the convertible debentures is as follows:

Unlimited common shares with a par value of $nil.

During the nine months ended June 30, 2026, the Company completed a private placement under the listed issuer financing exemption (“LIFE”) pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions, issuing 4,380,000 units at a price of $6.85 per unit for gross proceeds of $30,003,000 (the “LIFE Offering”). Each unit comprised one common share and one common share purchase warrant exercisable at $8.90 for a period of 36 months. The LIFE Offering was conducted on a best-efforts, fully marketed basis by Canaccord Genuity Corp., which received a 6.0% cash commission and broker warrants equal to 6.0% of the units sold, exercisable on the same terms. The Stated Value of the shares issued pursuant to the LIFE Offering represents the gross proceeds of the LIFE Offering less the value of the warrant component of the units (see Note 15).

During the nine months ended June 30, 2026, the Company initiated an at-the-market equity offering program, to offer and sell from time to time up to US$50 million of common shares of the Company in the United States and Canada under the terms of a prospectus supplement, dated January 2, 2026, to the Company’s base shelf prospectus dated November 14, 2025. For the nine months ended June 30, 2026, the Company issued 1,045,654 shares at an average share price of $2.05 for total proceeds of $2,144,450.

Basic and diluted earnings per share have been calculated on the basis of weighted average number of common shares outstanding as outlined below:

For the three and nine-month periods ended June 30, 2026 and 2025, the diluted weighted average number of shares outstanding is equal to the basic weighted average number of shares outstanding because the Company was in a loss position and the effect of outstanding stock options, RSUs, warrants, convertible debentures would have been antidilutive.

As at June 30, 2026, the Company had 2,915,325 stock options, 88,603 restricted share units (“RSUs”), 6,479,463 warrants, 30,000 convertible debentures convertible into 1,442,060 common shares and 7,550 ATW Notes convertible into 6,577,300 common shares, based on the closing price of the Company’s common shares on June 30, 2026, that were excluded from the diluted loss per share calculation as they were antidilutive.

The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to acquire shares of the Company to directors, officers, consultants, and other key employees of the Company. The number of common shares subject to options granted under the Plan is limited to 10% in the aggregate, of the number of issued and outstanding common shares of the Company at the date of the grant of the option. The exercise price of any option granted under the Plan may not be less than the fair market value of the common shares at the time the option is granted, less any permitted discount. Options issued under the Plan may be exercised during a period determined by the board of directors which cannot exceed ten years. The plan does not require any vesting period, and the board of directors may specify a vesting period on a grant-by-grant basis. As at June 30, 2026, the maximum number of shares issuable pursuant to the Plan was 3,924,130, of which 2,915,325 options and 88,603 restricted share units had been granted, leaving 920,202 shares available for issue.

Stock Options

During the nine months ended June 30, 2026, the Company recognized share-based compensation expense related to stock option grants of $3,497,468 (2025 - $5,692,950).

The Company’s option grant activity for the nine months ended June 30, 2026, and the year ended September 30, 2025, is as follows: