Exhibit 99.54

 

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company’s management.

The Company’s independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of condensed interim consolidated financial statements by an entity’s auditor.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

 

		As at June 30, 2026				As at December 31, 2025
ASSETS
Current Assets
Cash		$	3,076,122			$	1,322,340
Commodity tax recoverable			5,057				4,546
Prepaids			31,393				17,349
			3,112,572				1,344,235
Mineral advances (Note 8)			116,011				111,864
Reclamation bonds (Note 5)			174,173				91,227
Equipment (Note 6)			18,839				22,164
Exploration and Evaluation Assets (Note 8)			11,200,673				9,048,620
Total Assets		$	14,622,268			$	10,618,110
LIABILITIES
Current Liability
Accounts payable and accrued liabilities		$	841,947			$	109,726
Due to related parties (Notes 10 and 14)			85,185				130,649
Total Liabilities			927,132				240,375
EQUITY
Share Capital (Note 9)			25,201,381				23,128,047
Reserves (Note 9)			2,786,952				2,529,411
Subscription received in advance (Note 15)			1,500,000				-
Accumulated Deficit			(15,793,197	)			(15,279,723	)
Total Equity			13,695,136				10,377,735
Total Liabilities and Equity		$	14,622,268			$	10,618,110
Nature of operations and going concern (Note 1)
Subsequent events (Note 15)

 

Approved on behalf of the Board of Directors:
“Mark Abrams”				“Dustin Henderson”
Director				Director

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND

COMPREHENSIVE LOSS

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

		FOR THE THREE MONTHS ENDED JUNE 30,								FOR THE SIX MONTHS ENDED JUNE 30,
		2026				2025				2026				2025
Operating Expenses
Depreciation (Note 6)		$	1,663			$	2,374			$	3,325			$	4,749
Foreign exchange loss (gain)			(4,906	)			52,747				(24,678	)			68,023
Interest, penalties and bank charges (Note 10)			1,989				697				3,602				2,353
Management fees (Note 10)			28,591				8,720				54,178				18,644
Office administration and other			8,941				3,611				14,857				8,097
Professional fees			53,669				34,051				67,073				40,594
Property investigations			10,315				23,755				11,628				23,755
Share-based compensation (Notes 9 and 10)			208,240				73,515				292,110				167,185
Shareholder communications			11,805				4,825				18,762				12,887
Transfer agent and regulatory fees			26,443				4,546				70,300				15,275
Travel and entertainment			1,429				1,376				4,942				4,053
Loss Before Other Items			(348,179	)			(210,217	)			(516,099	)			(365,615	)
Other Items
Write-off of accounts payable			-				-				2,625				-
Net Loss and Comprehensive Loss for the Period		$	(348,179	)		$	(210,217	)		$	(513,474	)		$	(365,615	)
Basic and Diluted Loss Per Share		$	(0.01	)		$	(0.01	)		$	(0.01	)		$	(0.01	)
Weighted Average Number of Shares Outstanding, Basic and Diluted			45,874,391				35,503,615				44,408,064				34,049,310

 

 

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

		SHARE CAPITAL								RESERVES
		SHARES				AMOUNT				EQUITY SETTLED SHARE-BASED PAYMENTS				WARRANTS				SUBSCRIPTION RECEIVED IN ADVANCE				ACUMULATED DEFICIT				EQUITY
Balance, December 31, 2024			32,546,371			$	19,148,949			$	1,457,924			$	853,043			$	-			$	(14,672,316	)		$	6,787,600
Exercise of options			42,000				12,544				(3,724	)			-				-				-				8,820
Exercise of warrants			4,867,500				2,367,250				-				-				-				-				2,367,250
Share-based compensation			-				-				167,185				-				-				-				167,185
Net loss and comprehensive loss for the period			-				-				-				-				-				(365,615	)			(365,615	)
Balance, June 30, 2025			37,455,871				21,528,743				1,621,385				853,043				-				(15,037,931	)			8,965,240
Exercise of options			18,000				20,504				(9,704	)			-				-				-				10,800
Exercise of warrants			2,913,500				1,578,800				-				(24,700	)			-				-				1,554,100
Share-based compensation			-				-				89,387				-				-				-				89,387
Net loss and comprehensive loss for the period			-				-				-				-				-				(241,792	)			(241,792	)
Balance, December 31, 2025			40,387,371				23,128,047				1,701,068				828,343				-				(15,279,723	)			10,377,735
Exercise of warrants			5,524,500				2,031,475				-				(18,525	)			-				-				2,012,950
Exercise of options			89,500				41,859				(16,044	)			-				-				-				25,815
Share-based compensation			-				-				292,110				-				-				-				292,110
Subscription received advance			-				-				-				-				1,500,000				-				1,500,000
Net loss and comprehensive loss for the period			-				-				-				-				-				(513,474	)			(513,474	)
Balance, June 30, 2026			46,001,371			$	25,201,381			$	1,977,134			$	809,818			$	1,500,000			$	(15,793,197	)		$	13,695,136

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

 

FOR THE SIX MONTHS ENDED JUNE 30,		2026				2025
Cash Flows (Used In) Provided By:
Operating Activities
Net loss for the period		$	(513,474	)		$	(365,615	)
Adjustments for:
Depreciation			3,325				4,749
Foreign exchange – reclamation bond			(10,112	)			3,623
Foreign exchange – due to related parties			3,045				426
Share-based compensation			292,110				167,185
Write-off of accounts payable			(2,625	)			-
Changes in non-cash working capital accounts:
Commodity tax recoverable			(511	)			(2,453	)
Prepaids			(14,044	)			(75,797	)
Accounts payable and accrued liabilities			(5,344	)			(39,489	)
Due to related parties			(51,554	)			(18,275	)
			(299,184	)			(325,646	)
Investing Activities
Exploration and evaluation expenditures			(1,408,818	)			(2,517,740	)
Reclamation bonds			(76,981	)			(19,676	)
			(1,485,799	)			(2,537,416	)
Financing Activities
Proceeds from exercise of warrants			2,012,950				2,367,250
Proceeds from exercise of options			25,815				8,820
Subscription received in advance			1,500,000				-
			3,538,765				2,376,070
Change in Cash			1,753,782				(486,992	)
Cash, Beginning of Period			1,322,340				3,399,917
Cash, End of Period		$	3,076,122			$	2,912,925
Supplemental Cash Flow Information:
Accounts payable included in exploration and evaluation assets		$	802,907			$	75,564
Due to related parties included in exploration and evaluation assets		$	85,185			$	82,077
Fair value of options exercised		$	16,044			$	3,724
Fair value of finder’s warrants exercised		$	18,525			$	-

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

1.	NATURE OF OPERATIONS AND GOING CONCERN

The Company was incorporated on August 17, 2004 in British Columbia, Canada and began active operations on that date.

The Company is a natural resource company engaged in the acquisition and exploration of resource properties in Idaho, Nevada, California, Utah, Arizona, New Mexico, and Oregon. The Company presently has no proven or probable reserves and on the basis of information to date, it has not yet determined whether these properties contain economically recoverable ore reserves. Consequently, the Company considers itself to be an exploration stage company. The Company is listed on the TSX Venture Exchange, having a symbol BMM.V.

The address of the Company’s corporate office and principal place of business is Suite 1710 – 1177 West Hastings Street, Vancouver, British Columbia, Canada.

The Company’s condensed interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company had a net loss of $513,474 for the period ended June 30, 2026 and, as of that date, had an accumulated deficit of $15,793,197.

Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive or raise additional debt and/or equity capital. Management intends to continue to raise additional funding in the form of equity financing from the sale of common stock to improve the working capital position, but there is no assurance that the Company will be successful in achieving this goal. These factors may cast significant doubt on the use of the going concern basis of accounting used in the preparation of these condensed interim consolidated financial statements. These condensed interim consolidated financial statements do not include any adjustments to the amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue in business, and these adjustments may be material.

 

2.	BASIS OF PRESENTATION

 

a)

Statement of Compliance

These condensed interim consolidated financial statements including comparatives have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting.

The condensed interim consolidated financial statements were authorized for issue by the Board of Directors on August 28, 2026.

 

b)

Principles of Consolidation

The condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows:

 

On February 5, 2024, the Company completed the acquisition of IDA Mining Corporation (“IDA Mining”), a company incorporated under the laws of the State of Nevada, USA, by entering into a share purchase agreement to acquire all of the issued and outstanding shares of IDA Mining. IDA Mining holds an option to acquire a 100% interest in the America Mine property located in San Bernardino County, California (Note 7).

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

2.	BASIS OF PRESENTATION (Continued)

 

b)

Principles of Consolidation (Continued)

As at June 30, 2026, the principal activity of the Company’s subsidiaries was that of holding companies. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity as to obtain benefits from its activities. Intercompany transactions and balances are eliminated on consolidation.

 

c)

Basis of Measurement

The condensed interim consolidated financial statements have been prepared on a historical cost basis in Canadian dollars, which is the Company’s and its subsidiaries’ functional currency.

 

3.	USE OF ESTIMATES AND JUDGMENTS

The preparation of condensed interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, revenue and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period that could result in a material adjustment of the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

Critical accounting judgments:

 

i)

Impairment of exploration and evaluation assets

Assets or cash-generating units are evaluated at each reporting date to determine whether there are any indications of impairment. The Company considers both internal and external sources of information when making the assessment of whether there are indications of impairment for the Company’s exploration and evaluation assets.

 

ii)

Going Concern

The Company’s assessment of its ability to raise sufficient funds to finance operations involves significant judgments. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

3.	USE OF ESTIMATES AND JUDGMENTS (Continued)

 

Critical accounting estimates:

 

i)

Economic recoverability and probability of future benefits of exploration and evaluation costs

The carrying value of exploration and evaluation assets and the likelihood of future economic recoverability of these carrying values is subject to significant management estimates. The application of the Company’s accounting policy for and determination of recoverability of capitalized assets is based on assumptions about future events or circumstances. New information may change estimates and assumptions made. If information becomes available indicating that recovery of expenditures is unlikely, the amounts capitalized are impaired and recognized as a loss in the period that the new information becomes available. A change in estimate could result in the carrying amount of capitalized assets being materially different from their presented carrying costs.

 

ii)

Recognition of deferred income tax assets

Management is required to assess the recoverability of deferred income tax assets, which arise from the differences between the carrying amount of assets and liabilities and their tax bases in accordance with IAS 12 Income Taxes, to the extent that it is probable future taxable profits will be available against which the temporary differences can be utilized.

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION

Translation of Foreign Currencies

The functional currency is the currency of the primary economic environment in which the entity operates and has been determined for each entity within the Company. The functional currency for all entities within the Company is the Canadian dollar. The functional currency determinations were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange Rates.

Transactions in currencies other than the Canadian dollar are recorded at exchange rates prevailing on the dates of the transactions. At the end of each reporting period, the monetary assets and liabilities of the Company that are denominated in foreign currencies are translated at the rate of exchange at the statement of financial position date while non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Exchange gains and losses arising on translation are reflected in profit or loss for the period.

Financial Instruments

Financial instruments consist of financial assets and financial liabilities and are initially recognized at fair value along with, in the case of a financial asset or liability not at fair value through profit and loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit and loss.

The Company classifies its financial assets and financial liabilities in the following measurement categories:

 

i)

those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss); and

ii)

those to be measured at amortized cost.

The Company’s financial assets and liabilities are recorded and measured as follows:

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Financial Instruments (Continued)

Financial assets

The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding, are generally measured at amortized cost using the effective interest method. All other financial assets are measured at their fair values at the consolidated statement of financial position date, with any changes taken through profit and loss or other comprehensive income.

The Company has classified its financial assets as follows:

 

•

Cash is measured at fair value with changes to fair value subsequent to initial recognition being recorded in profit or loss for the period in which they occur.

•

Reclamation bond is measured at amortized cost using the effective interest rate method. Interest income, where material, is recorded in profit or loss.

Impairment of financial assets

The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost.

Financial liabilities

Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (irrevocable election at the time of recognition). Any fair value changes due to credit risk for liabilities designated at fair value through profit and loss are recorded in other comprehensive income.

The Company’s financial liabilities include accounts payable and accrued liabilities and amounts due to related parties which are measured at amortized cost using the effective interest rate method. Interest expense, where material, is recorded in profit or loss.

The Company derecognizes a financial liability when the liability is extinguished by way of discharge, cancellation or expiry. There were no changes to the classification of financial instruments in the period ended June 30, 2026.

Exploration and Evaluation Assets

Upon acquiring the legal right to explore a property, costs related to the acquisition, exploration and evaluation are capitalized by property. If economically recoverable ore reserves are developed, capitalized costs of the related exploration and evaluation assets are reclassified as mining assets and amortized using the unit of production method. An exploration and evaluation asset is reviewed for impairment whenever events or circumstances indicate that its carrying value may not be recoverable.

Any option payments received by the Company from third parties or tax credits refunded to the Company are credited to the capitalized cost of the exploration and evaluation assets. If payments received exceed the capitalized cost of the exploration and evaluation assets, the excess is recognized as income in the period received. The amounts shown for exploration and evaluation assets do not necessarily represent present or future values. Their recoverability is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Impairment of Non-Current Assets

At the end of each reporting period, the Company’s assets are reviewed to determine whether there is any indication that those assets may be impaired. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any.

Where the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the cash generating unit (“CGU”) to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and the asset’s value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the asset or CGU is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period.

Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset or CGU in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

Decommissioning and Restoration Provision

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of exploration and evaluation assets and equipment when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to mining assets along with a corresponding increase in the rehabilitation provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The rehabilitation asset is depreciated on the same basis as mining assets.

The Company’s estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to mining assets with a corresponding entry to the provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit and loss for the period.

At June 30, 2026, the Company had a $Nil (2025 - $Nil) decommissioning and restoration provision.

Equipment

Equipment is recorded at cost and depreciated using the declining balance method at the following rates per annum.

Equipment   30% per annum

Equipment that is withdrawn from use, or has no reasonable prospect of being recovered through use or sale, is regularly identified and written off. The assets’ residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at each reporting date.

Subsequent expenditures relating to an item of equipment are capitalized when it is probable that future economic benefits from the use the assets will be increased. All other subsequent expenditures are recognized as repairs and maintenance.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Income Taxes

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 the 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 recorded by 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: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. 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 consolidated statement of financial position date.

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.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and 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.

Share Issue Costs

Costs directly identifiable with the raising of capital are charged against the related share capital. Costs related to shares not yet issued are recorded as deferred financing costs and are deferred until the issuance of the shares to which the costs relate, at which time the costs will be charged against the related share capital or charged to operations if the shares are not issued.

Flow-through Shares

Canadian Income Tax legislation permits an enterprise to issue securities referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related resource expenditures. The Company accounts for flow-through shares whereby the premium paid for the flow through shares in excess of the market value of the shares without flow-through features at the time of issue is credited to other liabilities and included in profit or loss at the same time the qualifying expenditures are made.

Earnings Per Share

The Company presents basic and diluted earnings (loss) per share for its common shares. Basic earnings (loss) per share is calculated by dividing the income attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated using the treasury stock method which considers the potential exercise of outstanding financial instruments with equity purchase or conversion features. Diluted earnings per share does not adjust the loss attributable to common shareholders or the weighted average number of common shares outstanding when the effect is anti-dilutive.

Valuation of Equity Units Issued in Private Placements

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the most easily measured component based on fair value and then the residual value, if any, to the less easily measurable component.

The fair value of the common shares issued in a private placement is determined to be the more easily measurable component and are valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

4.	MATERIAL ACCOUNTING POLICY INFORMATION (Continued)

 

Equity-based Compensation

The Company grants stock options and warrants to acquire common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee.

The fair value of stock options and compensatory warrants are measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received.

New accounting standards

Any pronouncements are either not relevant to the Company or the impact of adopting them on its financial statements was not significant.

 

5.	RECLAMATION BONDS

The Company has provided a USD$27,992 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation on the Company’s mineral properties since abandoned. During the year ended December 31, 2019, USD$16,945 of the bond was returned to the Company for the portion of the restoration that has received final regulatory approval.

As at June 30, 2026, the carrying value of the reclamation bond was $15,684 (December 31, 2025 - $15,123). The bond is classified as a long-term asset as it will not be recovered until the Division of Minerals approves restoration work that was completed during 2018.

During the year ended December 31, 2024, the Company provided a USD$26,142 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation for operations on the Company’s Happy Cat Property (Note 8). As at June 30, 2026, the carrying value of the reclamation bond was $37,115 (December 31, 2025 - $35,789).

During the year ended December 31, 2025, the Company provided a USD$13,649 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation for operations on the Company’s Callaghan Property (Note 8). As at June 30, 2026, the carrying value of the reclamation bond was $19,378 (December 31, 2025 - $18,685).

During the year ended December 31, 2025, the Company provided a USD$15,800 reclamation bond to the Division of Interior in the state of Idaho as security against future reclamation for operations on the Company’s Leadore Property (Note 8). As at June 30, 2026, the carrying value of the reclamation bond was $22,432 (December 31, 2025 - $21,630).

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

5.	RECLAMATION BONDS (Continued)

 

During the period ended June 30, 2026, the Company provided a USD$13,969 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation for operations on the Company’s Amador Property (Note 8). As at June 30, 2026, the carrying value of the reclamation bond was $19,832.

During the period ended June 30, 2026, the Company provided a USD$42,062 reclamation bond to the Division of Minerals in the state of Nevada as security against future reclamation for operations on the Company’s Quito Property (Note 8). As at June 30, 2026, the carrying value of the reclamation bond was $59,732.

 

6.

EQUIPMENT

 

		Equipment
Cost
Balance, December 31, 2024		$	53,801
Additions			-
Balance, December 31, 2025 and June 30, 2026		$	53,801
Accumulated depreciation
Balance, December 31, 2024		$	22,138
Additions			9,499
Balance, December 31, 2025			31,637
Additions			3,325
Balance, June 30, 2026		$	34,962
Carrying amounts
Balance, December 31, 2025		$	22,164
Balance, June 30, 2026		$	18,839

 

7.	ACQUISITION OF IDA MINING CORPORATION

On January 18, 2024, the Company completed a share purchase agreement with the CEO and a director of the Company to acquire all of the issued and outstanding common shares of IDA Mining in consideration of the assignment and assumption of approximately USD$150,000 (CAD$188,029) in property costs incurred in connection with underlying option agreement. The Company will also incur an interest expense on the costs going forward at 9% per annum. During the year ended December 31, 2024, the Company recorded interest of $5,517. The balance was paid during the year ended December 31, 2024.

The transaction did not constitute a business combination, as IDA Mining did not meet the definition of a business under IFRS 3 – Business Combinations. As a result, the acquisition of IDA Mining was accounted for as an asset acquisition, whereby the purchase price was allocated to the identifiable assets and liabilities of the Company based on their relative fair values at the date of purchase. The net assets acquired pursuant to the acquisition were as follows:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS

 

		Blanco Creek, Central Idaho				Leadore, Idaho				Christmas, Idaho				Barbara Mine, Oregon				Happy Cat Gold, Central Nevada				Quito Gold, Nevada				Amador, Nevada				Water Canyon, Nevada
Acquisition costs, December 31, 2024		$	179,484			$	54,831			$	17,815			$	41,112			$	228,391			$	128,993			$	203,879			$	67,809
Additions – cash			22,476				109,767				63,710				763				63,388				269,946				88,863				6,035
Cost recovery			-				-				-				-				-				-				-				-
Acquisition costs, December 31, 2025			201,960				164,598				81,525				41,875				291,779				398,939				292,742				73,844
Additions – cash			11,104				80,606				73,110				766				97,812				335,041				24,593				5,921
Acquisition costs June 30, 2026			213,064				245,204				154,635				42,641				389,591				733,980				317,335				79,765
Exploration costs, December 31, 2024			214,790				91,816				110,470				-				526,119				39,993				617				10,031
Incurred during the year:
Assays			-				17,503				-				-				134,798				-				-				-
Consulting (Note 10)			-				69,988				-				-				43,410				11,684				28,692				624
Drilling			-				-				-				4,528				398,575				-				-				-
Field work			-				-				-				-				66,261				44,768				310,889				-
Travel			-				-				-				-				26,351				-				6,794				-
Exploration costs, December 31, 2025			214,790				179,307				110,470				4,528				1,195,514				96,445				346,992				10,655
Incurred during the period:
Assays			-				-				-				-				-				-				-				-
Consulting (Note 10)			-				1,984				-				-				2,095				2,239				3,665				-
Field supplies			-				-				-				-				-				-				-				-
Field work			-				-				-				-				-				2,584				-				-
Cost recovery			-				-				-				-				-				-				-				-
Exploration costs June 30, 2026			214,790				181,291				110,470				4,528				1,197,609				101,268				350,657				10,655
Total Exploration and Evaluation Assets, as at June 30, 2026		$	427,854			$	426,495			$	265,105			$	47,169			$	1,587,200			$	835,248			$	667,992			$	90,420

Additional properties continued on the next page

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

		Drum, Utah				Diamond Jim, Nevada				Adelaide Crown, Nevada				Callaghan, Nevada				Raven, Nevada				Callaghan North and Charlie, Nevada				East Reveille, Nevada				Coleman Canyon, Nevada
Acquisition costs, December 31, 2024		$	47,964			$	40,525			$	7,400			$	80,183			$	44,579			$	36,367			$	102,779			$	104,688
Additions – cash			3,675				54,893				14,652				133,107				45,343				45,804				3,932				79,933
Cost recovery			-				-				-				-				-				-				-				(46,236	)
Acquisition costs, December 31, 2025			51,639				95,418				22,052				213,290				89,922				82,171				106,711				138,385
Additions – cash			9,421				15,270				14,443				93,627				44,775				35,163				5,938				56,210
Acquisition costs June 30, 2026			61,060				110,688				36,495				306,917				134,697				117,334				112,649				194,595
Exploration costs, December 31, 2024			-				-				-				36,792				-				1,475				8,061				58,931
Incurred during the year:
Assays			-				-				-				94,811				-				-				-				-
Consulting (Note 10)			143				-				-				59,998				-				5,634				-				15,701
Drilling			-				-				-				756,804				-				-				-				-
Field work			-				-				368				226,196				-				55,847				-				11,385
Travel			-				-				-				2,978				-				-				-				-
Exploration costs, December 31, 2025			143				-				368				1,177,579				-				62,956				8,061				86,017
Incurred during the period:
Assays			-				-				-				747				-				-				-				-
Consulting (Note 10)			2,026				-				-				2,756				-				-				-				13,841
Field supplies			-				-				-				-				-				-				-				-
Field work			-				-				-				345				-				-				-				1,404
Cost recovery			-				-				-				-				-				-				-				-
Exploration costs June 30, 2026			2,169				-				368				1,181,427				-				62,956				8,061				101,262
Total Exploration and Evaluation Assets, as at June 30, 2026		$	63,229			$	110,688			$	36,863			$	1,488,344			$	134,697			$	180,290			$	120,710			$	295,857

Additional properties continued on the next page

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

		St. Elmo, Nevada				Clover, Nevada				West Reveille, Nevada				Coal Canyon, Nevada				Gallinas, New Mexico				Ramsey Silver, Arizona				Mustang, Nevada				Tom, Nevada
Acquisition costs, December 31, 2024		$	16,456			$	6,594			$	-			$	-			$	-			$	-			$	-			$	-
Additions – cash			6,990				117,463				106,950				33,838				76,115				109,264				115,587				54,948
Cost recovery			-				-				-				-				-				-				-				-
Acquisition costs, December 31, 2025			23,446				124,057				106,950				33,838				76,115				109,264				115,587				54,948
Additions – cash			37,279				25,787				33,674				33,315				15,317				12,795				53,631				25,494
Acquisition costs, June 30, 2026			60,725				149,844				140,624				67,153				91,432				122,059				169,218				80,442
Exploration costs, December 31, 2024			3,337				-				-				-				-				-				-				-
Incurred during the year:
Assays			-				-				4,596				-				-				-				-				-
Consulting (Note 10)			524				8,401				9,485				11,563				210				-				13,305				3,882
Drilling			-				-				-				-				-				-				-				-
Field work			-				-				-				53,890				2,536				-				108,758				111,833
Travel			169				-				-				-				-				-				-				-
Exploration costs, December 31, 2025			4,030				8,401				14,081				65,453				2,746				-				122,063				115,715
Incurred during the period:
Assays			-				981				-				-				-				-				-				-
Consulting (Note 10)			-				659				1,851				3,490				-				-				11,907				2,756
Field supplies			-				-				-				-				-				503				-				-
Field work			-				-				-				-				34,278				-				20,863				-
Cost recovery			-				-				(535	)			-				-				-				-				-
Exploration costs, June 30, 2026			4,030				10,041				15,397				68,943				37,024				503				154,833				118,471
Total Exploration and Evaluation Assets, as at June 30, 2026		$	64,755			$	159,885			$	156,021			$	136,096			$	128,456			$	122,562			$	324,051			$	198,913

Additional properties continued on the next page

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

		America Mine, California				Other Properties Staking				Total
Acquisition costs, December 31, 2024		$	885,436			$	-			$	2,295,285
Additions – cash			716,009				531,233				2,874,684
Cost recovery			-				-				(46,236	)
Acquisition costs, December 31, 2025			1,601,445				531,233				5,123,733
Additions – cash			23,274				375,606				1,539,972
Acquisition costs, June 30, 2026			1,624,719				906,839				6,663,705
Exploration costs, December 31, 2024			46,273				-				1,148,705
Incurred during the year:
Assays			-				-				251,708
Consulting (Note 10)			24,533				18,257				326,034
Drilling			-				-				1,159,907
Field work			6,869				1,962				1,001,562
Travel			-				679				36,971
Exploration costs, December 31, 2025			77,675				20,898				3,924,887
Incurred during the period:
Assays			-				4,616				6,344
Consulting (Note 10)			18,549				51,747				119,565
Field supplies			2,989				-				3,492
Field work			-				423,741				483,215
Cost recovery			-				-				(535	)
Exploration costs, June 30, 2026			99,213				501,002				4,536,968
Total Exploration and Evaluation Assets, as at June 30, 2026		$	1,723,932			$	1,407,841			$	11,200,673

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

a)

Blanco Creek Property, Central Idaho, USA

During the year ended December 31, 2017, the Company’s subsidiary, Black Mammoth Gold Corporation (“Black Mammoth Gold”), entered into an assignment and assumption agreement (the “Agreement”) with IDA Gold Corporation (“IDA”) pursuant to which IDA has assigned, and Black Mammoth Gold has assumed, all of the rights and obligations of the lessee under a long-term lease of the Blanco Creek mineral property located in central Idaho. The lease is subject to an underlying two percent (2%) production royalty in favour of the landlord and a one percent (1%) production royalty in favour of IDA. The Company will be responsible for all costs of maintaining the property going forward.

Lease Terms (in United States Dollars “USD$”):

The lease term is approximately 20 years (due date is October 14, 2036) and is renewable for up to an additional 40 years (60 years in total).

 

 

(1)

The Company has not been able to contact a claimant entitled to receive USD$1,000 of this amount since 2020. Accordingly, USD$6,000 is being held on the claimant’s behalf until such time as the funds can be disbursed appropriately.

(2)

During the period ended June 30, 2026, USD$4,000 (December 31, 2025 - USD$4,000) was held by the Company on behalf of a deceased claimant until funds can be disbursed appropriately.

Provided all payments are current the Company may at any time during the life of the Agreement purchase the property for $3,000,000 from the landlord. In the alternative, and provided that all payments are current, the Company may at any time during the life of the Agreement purchase each 1% of the Production Royalty in favour of the landlord for $1,500,000. All royalty payments shall be credited against the purchase price for the Production Royalty and the Property, respectively, and any amount paid for the purchase of the Production Royalty shall be credited against the purchase price of the Property.

If the Company elects to purchase the property it will still be subject to the 1% production royalty in favour of IDA.

The Agreement is considered a related party transaction as the Company and IDA have two directors in common.

 

b)

Happy Cat Gold Property, Central Nevada, USA

During the year ended December 31, 2020, the Company’s subsidiary, Antelope Creek Gold Corporation (“Antelope Creek Gold”), entered into an assignment and assumption agreement (the “Agreement”) with IDA pursuant to which IDA has assigned, and Antelope Creek Gold has assumed, all of the rights and obligations of the Happy Cat Gold Property located in central Nevada.

The Company will reimburse IDA for property related costs incurred totalling USD$60,000 payable on or before April 30, 2024 (see Note 10). An extension agreement with IDA was amended and amount payable has been deferred to October 1, 2026 (see Note 14).

The property is subject to a 2.75% NSR in favour of IDA.

The Agreement is considered a related party transaction as the Company and IDA have two directors in common.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

c)

Quito Gold Property, Central Nevada, USA

On March 28, 2024, the Company entered into an option agreement between its wholly owned subsidiary, Antelope Creek Gold, and Nevada Select Royalty Inc. (“Nevada Select”) to acquire 100% interest in the Quito Gold Property located in central Nevada for consideration of USD$900,000 over 4 years as follows:

 

Additionally, Antelope Creek Gold will assume the property’s annual BLM and county fees.

On July 31, 2026, the Company entered into an Amending Agreement. Pursuant to the Amending Agreement, the Company will pay a lump sum of USD$486,000 on or before August 7, 2026 (subsequently paid) to fulfill remaining payment obligations of USD$515,000.

Starting March 28 2029, the Company will be subjected to a USD$35,000 annual advance minimum royalty and 2.5% NSR.

 

d)

America Mine Property, California, USA

On February 5, 2024, the Company acquired the option to acquire a 100% interest in the America Mine property located in San Bernardino County, California through the completion of the share purchase agreement of IDA Mining (see Note 7).

Pursuant to the underlying option agreement, the Company must make payments as follows:

 

 (i) extended from August 31, 2025 to November 7, 2025

Additionally, IDA Mining will assume the property’s annual fees of approximately USD$12,000, which includes all BLM and county fees. There are no royalties, work commitment amounts, finder’s fees or share compensation in connection with either the option agreement or the transaction.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

e)

Amador Properties, Arizona and Nevada, USA

On March 27, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire 100% interest in a group of properties, which consists of Amador Property in Nevada, Big Penny Bear Property in Arizona, Zulu Property in Arizona, Northern Star Property in Arizona, and the Goldstone Property in Nevada.

Pursuant to the option agreement, the Company will be required to make the following payments:

 

 

f)

Leadore Property, Idaho, USA

On April 2, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Black Mammoth Gold, to acquire a 100% interest in the Leadore Property located in Lemhi County, Idaho by making payments as follows:

 

 

g)

Adelaide Crown Property, Nevada, USA

On April 3, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Adelaide Crown Property located in Nevada by making payments as follows:

 

Additionally, the Company will be subjected to a royalty of $2 per ton.

 

h)

Drum Property, Utah, USA

On April 15, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in a land package located in Millard County, Utah by making payments as follows:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

i)

Diamond Jim Property, Nevada, USA

On April 2, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Diamond Jim Property located in Nevada, USA by making payments as follows:

 

 

j)

Water Canyon Property, Nevada, USA

On April 30, 2024, and amended on July 31, 2026, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Water Canyon Property located in Nevada, USA by making payments as follows:

 

* Maiden Resource defines as a 43-101 resource in the inferred or indicated categories that is declared, for the first time on the Property, after the effective date.

The property is subject to a 2.50% NSR in favour of the optionor.

 

k)

Christmas Property, Idaho, USA

On May 1, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Black Mammoth Gold, to acquire a 100% interest in the Christmas Property located in Lemhi County, Idaho by making payments as follows:

 

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

l)

Callaghan Property, Nevada, USA

On July 17, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire 100% interest in the Callaghan Property located in Nevada by making an aggregate of USD$1,235,000 in cash payments as follows:

 

The property is subject to a 1.0% NSR in favour of the optionor.

 

m)

Callaghan North and Charlie Property, Nevada, USA

On September 24, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Callaghan North Property located in Nevada by making USD$24,570 in cash payments for claims fees (paid).

The property is subject to a 1.0% NSR royalty, of which 0.25% can be repurchased prior to commercial production for USD$225,000.

On September 24, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Charlie Property located in Lander County as follows:

 

On July 31, 2026, the Company entered into an Amending Agreement. Pursuant to the Amending Agreement, the Company will pay a lump sum of USD$4,500 on or before August 7, 2026 (subsequently paid) to fulfill remaining payment obligations of USD$5,000.

The property is subject to a 2.0% NSR in favour of the optionor.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

n)

Raven Property, Nevada, USA

On September 24, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the Raven Property located in Nevada by making USD$30,030 in cash payments for claims fees (paid).

Certain claims with a pre-existing 0.5% NSR royalty interest will be subject to an additional 0.5% NSR royalty while unencumbered claims will be subject to a 1.0% NSR royalty, of which 0.25% can be repurchased prior to commercial production for USD$275,000.

 

o)

Barbara Mine Property, Oregon, USA

On September 13, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Black Mammoth Gold, to acquire a 100% interest in the Barbara Property located in Oregon by making an aggregate of USD$30,000 in cash payments as follows:

 

 

p)

East Reveille Property, Nevada, USA

On November 14, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the East Reveille Property located in Nevada, USA by making payments as follows:

 

* Maiden Resource defines as a 43-101 resource in the inferred or indicated categories that is declared, for the first time on the Property, after the effective date.

 

q)

St. Elmo Property, Nevada, USA

On November 14, 2024, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the St. Elmo Property located in Nevada by making an aggregate of USD$75,000 in cash payments as follows:

 

Additionally, the Company must pay the BLM fees annually and reimburse USD$7,008 of BLM fees paid by the vendor during September 2024 (paid).

On July 31, 2026, the Company entered into an Amending Agreement. Pursuant to the Amending Agreement, the Company will pay a lump sum of USD$40,500 on or before August 7, 2026 (subsequently paid) to fulfill remaining payment obligations of USD$45,000.

The property is subject to a 2.5% NSR in favour of the optionor.

BLACK MAMMOTH METALS CORPORATION

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2026

(Expressed in Canadian Dollars)

(Unaudited – Prepared by Management)

 

8.	EXPLORATION AND EVALUATION ASSETS (Continued)

 

r)

Coleman Canyon Property, Nevada, USA

On December 31, 2024, the Company entered into mineral lease purchase agreement (the “Agreement”) with TUVERA Exploration Inc. (“TUVERA”) (formerly ARNEVUT Resources Inc.) pursuant to which TUVERA has assigned, and Antelope Creek Gold has assumed, all of the rights and obligations of TUVERA under a long-term lease (the “Lease”) of the Coleman Canyon Property located in Nevada, USA. The Lease is subject to an underlying production royalty of up to three percent (3.0%) in favour of the landlord and the 89 federal claims staked in 2024 and the 103 claims staked in 2025 by the Company, of which are subject to a 1.0% production royalty in favour of TUVERA. The Company will be responsible for all costs of maintaining the property going forward.

The Leases, signed in 2010 for an initial term of 20 years, can be extended for an additional 20 years under certain conditions. The Company understands that the Lease payments are in arrears but that the Leases are still in force. There are no payments, work commitment amounts, finder’s fees or share compensation in connection with the acquisition.

 

s)

Clover Property, Nevada, USA

On January 8, 2025, the Company entered into an option agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire 100% interest in the Clover Property located in Nevada by making an aggregate of USD$185,000 in cash payments as follows:

 

On July 31, 2026, the Company entered into an Amending Agreement. Pursuant to the Amending Agreement, the Company will pay a lump sum of USD$146,250 on or before August 7, 2026 (subsequently paid) to fulfill remaining payment obligations of USD$162,500.

The property is subject to a 2.50% NSR in favour of the optionor.

 

t)

West Reveille, Nevada, USA

On January 31, 2025, the Company entered into a property acquisition agreement through its wholly owned subsidiary, Antelope Creek Gold, to acquire a 100% interest in the West Reveille Property located in Nevada, USA by making payments as follows:

 

The property is subject to a pre-existing 3.0% NSR in favour a royalty holder.