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<div> 1. Summary of Significant Accounting Policies and Business Operations The interim condensed consolidated financial statements of Thunder Mountain Gold, Inc. and its subsidiaries (collectively, "Thunder Mountain", "THMG", or "the Company") are unaudited. In the opinion of management, all adjustments, consisting of only normal recurring adjustments, and disclosures necessary for the fair statement of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2026. The condensed consolidated December 31, 2025 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. <div> Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. </div> <div> Basis of Presentation and Going Concern The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has historically incurred losses, however, the Company has cash reserves sufficient to cover normal operating expenses for the following 12 months. If necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements. </div> <div> Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% noncontrolling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. </div> <div> Accounting Estimates The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. </div> <div></div> <div> Recent Accounting Pronouncements Accounting Standards Updates In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires public business entities to disclose additional information about certain expense categories included in income statement captions, including purchases of inventory, employee compensation, depreciation, depletion, and amortization. The amendments also require qualitative disclosures regarding other significant expense components included within the same income statement captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of the standard on its consolidated financial statement disclosures. </div> <div> Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the applicable reporting period. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the three and nine months ended September 30, 2026 and 2025, outstanding warrants of 26,539,313 and 17,400,000, respectively, and outstanding stock options of 6,195,000 and 7,160,000, respectively, were excluded from the calculation of diluted earnings per share, as their effect would have been anti-dilutive due to the net losses for the periods. </div> </div>

<div> Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. </div>

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<div> Accounting Estimates The preparation of the condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. </div>

<div> Recent Accounting Pronouncements Accounting Standards Updates In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The standard requires public business entities to disclose additional information about certain expense categories included in income statement captions, including purchases of inventory, employee compensation, depreciation, depletion, and amortization. The amendments also require qualitative disclosures regarding other significant expense components included within the same income statement captions. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of the standard on its consolidated financial statement disclosures. </div>

<div> Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the applicable reporting period. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the three and nine months ended September 30, 2026 and 2025, outstanding warrants of 26,539,313 and 17,400,000, respectively, and outstanding stock options of 6,195,000 and 7,160,000, respectively, were excluded from the calculation of diluted earnings per share, as their effect would have been anti-dilutive due to the net losses for the periods. </div>

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<div> 2. Mineral Interest Commitments The Company holds leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows: Lowry Lease: On October 24, 2008, the Company executed a lease agreement with William and Nita Lowry for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. On October 24, 2025, the Company entered into an extension of the lease agreement with Michael for an additional 21-year term through October 24, 2046. Under the amended agreement, annual lease payments are $40 per acre for the first seven-year period, $50 per acre for the second seven-year period, and $60 per acre for the final seven-year period. Looten Lease: On June 2, 2025, the Company executed a lease agreement with Kevin and Jo Looten for an initial term of 7 years, encompassing 18 acres at a rate of $30 per acre. The lease includes an option to extend for an additional 10 years at a revised rate of $40 per acre. Lequerica & Sons Lease: On August 22, 2025, the Company executed a lease agreement with Lequerica & Sons, Inc. covering 432 acres for an initial term of seven years at an annual rental rate of $30 per acre. The lease includes an option to extend for an additional seven years at a revised rate of $40 per acre. The agreement contains a right of first refusal in favor of the Company with respect to the underlying property in the event of a proposed sale by the lessor. The leases have no work requirements. It is the current intention of the Company to engage in negotiations for new leases with the current landowners upon the expiration of the existing lease agreements. The negotiations may involve modifications to terms, rates, or other conditions as mutually agreed upon by the parties involved. <div></div> Idaho State Mineral Leases: In March 2026, the Company was awarded mineral lease rights on 3,675 acres of Idaho state land through a competitive auction process with a winning bid of $210,000. In connection with the lease, the Company paid initial annual rent of $10,495 and a minimum annual royalty of $10,000. During July 2026, the Company entered into a second mineral lease covering 3,462 acres of Idaho state land. In connection with this lease, the Company paid initial annual rent of $17,310 and a minimum annual royalty of $10,000. Both leases have 20-year terms, with annual rental and minimum royalty periods running from March through February, and require annual payments to maintain the leases in good standing. In September 2026, the Company received credits totaling $14,227 from the State of Idaho to prorate the 2026 rent and minimum royalty payments on both leases. The credits will be applied against the 2027 payments and are included in prepaid expenses and other assets at September 30, 2026. Mineral Exploration License: In July 2026, the Company entered into a Mineral Exploration License Agreement with the owners of the patented U.S. Standard and Lady Luck claims at the South Mountain Project. The license has an initial term of 10 years and may be extended for an additional 10 years if certain conditions are met. The Company paid a one-time license fee of $15,000, which will be credited against the purchase price if the Company subsequently acquires the property. Unpatented Mining Claims: The Company holds unpatented mining claims in the Trout Creek area in Nevada and the South Mountain Project in Idaho. The 2026 claim fees on these unpatented claims are as follows: <div> <table cellpadding="0" cellspacing="0" style="width:50%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom">Target Area</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap;width:20%">2026</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:rgb(230, 239, 255)">Trout Creek - State of Nevada</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;text-align:right;width:20%;background-color:#e6efff">5,200</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom">Trout Creek - Lander County, Nevada</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:20%">324</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:rgb(230, 239, 255)">South Mountain - BLM</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:20%;background-color:#e6efff">57,800</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom">Total </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:20%">63,324</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> </div>

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14227

P10Y

15000 <div> <table cellpadding="0" cellspacing="0" style="width:50%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom">Target Area</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap;width:20%">2026</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:rgb(230, 239, 255)">Trout Creek - State of Nevada</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;text-align:right;width:20%;background-color:#e6efff">5,200</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom">Trout Creek - Lander County, Nevada</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:20%">324</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;background-color:rgb(230, 239, 255)">South Mountain - BLM</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:20%;background-color:#e6efff">57,800</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom">Total </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:20%">63,324</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:2%"> </td> </tr> </table> </div> 5200 324 57800 63324

5000000 5000000 1 5000

0.75

0.25

0.75

1 1 1000000 0.10

203498

13780 13780

4. Property and Equipment During the nine months ended September 30, 2026, the Company acquired two mineral leases covering approximately 7,137 acres of Idaho state land. The Company submitted a winning bid of $210,000 for the first lease, covering 3,675 acres, through a competitive auction process and incurred $3,174 of legal fees directly attributable to securing the leases. The Company also incurred $68,800 of claim-staking costs to establish additional mining claims. During the third quarter of 2026, the Company entered into a Mineral Exploration License Agreement covering the patented U.S. Standard and Lady Luck claims at the South Mountain Project. The agreement provides the Company with exploration rights over an initial ten-year term. The Company paid a one-time license fee of $15,000, which will be credited against the purchase price if the Company subsequently acquires the property, and incurred $5,530 of directly attributable legal and title costs, including costs related to the proposed purchase of the property. <div></div> The Company capitalized these costs as mineral properties. Capitalized mineral-property costs related to these transactions totaled $302,504 as of September 30, 2026. Exploration and evaluation costs incurred under the leases and license agreement are expensed as incurred. In connection with the Idaho state mineral leases, the Company deposited $10,000 as collateral with the Idaho Department of Lands pursuant to collateral bond forms. The collateral deposits are recorded separately as long-term assets on the accompanying condensed consolidated balance sheet. During the third quarter of 2026, the Company purchased a vehicle for $10,091 and a portable bridge for $8,973 for use at the South Mountain Project. Both assets are depreciated using the straight-line method over five years. Depreciation expense was $645 for the three and nine months ended September 30, 2026. The Company's property and equipment are as follows: <div> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap;width:14%"> September 30, 2026 </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid transparent;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap;width:14%"> December 31, 2025 </td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:0.75pt solid transparent;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Vehicles</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">32,532</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">22,441</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Construction Equipment</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:14%">39,380</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:14%">30,407</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Mining Equipment</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">42,696</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">42,696</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">114,608</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">95,544</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Accumulated Depreciation</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">(96,189</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff">)</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">(95,544</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff">)</td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">18,419</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">-</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Mineral Properties</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">302,504</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">-</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Land</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%">592,645</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%">592,645</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Total Property and Equipment</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:right;width:14%;background-color:#e6efff">913,568</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:3pt double transparent;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:right;width:14%;background-color:#e6efff">592,645</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:3pt double transparent;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div>

7137

210000

3675

3174

68800

15000

5530

302504

10000

10091

8973

P5Y

645

<div> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="padding-right:5.4pt;padding-left:5.4pt;vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap;width:14%"> September 30, 2026 </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid transparent;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap;width:14%"> December 31, 2025 </td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:0.75pt solid transparent;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Vehicles</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">32,532</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">22,441</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Construction Equipment</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:14%">39,380</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:14%">30,407</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Mining Equipment</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">42,696</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">42,696</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">114,608</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">95,544</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Accumulated Depreciation</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">(96,189</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff">)</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%;background-color:#e6efff">(95,544</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff">)</td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">18,419</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:14%">-</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Mineral Properties</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">302,504</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:14%;background-color:#e6efff">-</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Land</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%">592,645</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:right;width:14%">592,645</td> <td style="vertical-align:bottom;border-bottom:0.75pt solid transparent;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Total Property and Equipment</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:right;width:14%;background-color:#e6efff">913,568</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:3pt double transparent;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:3pt double #000000;text-align:right;width:14%;background-color:#e6efff">592,645</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:3pt double transparent;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> </table> </div>

32532

22441

39380

30407

42696

114608

95544

96189

95544

18419 0

302504

592645

913568

592645

84000 21000 63000

469500

420000

215125

1104625

1100000

1578036

0.7

205000000

0.05

47350000

205000000

37100000

167900000

7688000

<div> <table cellpadding="0" cellspacing="0" style="width:40%;margin-right:auto;margin-left:auto;border-collapse:collapse;font-size:10pt"> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-right:0.75pt solid #000000;border-bottom:0.75pt solid #7f7f7f"> Year </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top;border-bottom:0.75pt solid #7f7f7f;white-space:nowrap"> Principal Payments </td> </tr> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-right:0.75pt solid #000000;background-color:#e6efff"> 2026 </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top;background-color:#e6efff"> $37,100 </td> </tr> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-right:0.75pt solid #000000"> 2027 </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top"> $38,955 </td> </tr> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-right:0.75pt solid #000000;background-color:#e6efff"> 2028 </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top;background-color:#e6efff"> $40,902 </td> </tr> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-right:0.75pt solid #000000"> 2029 </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top"> $42,948 </td> </tr> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-right:0.75pt solid #000000;background-color:#e6efff"> 2030 </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top;background-color:#e6efff"> $45,095 </td> </tr> <tr> <td style="width:30%;padding-right:0.12pt;padding-left:0.5pt;vertical-align:top;border-top:0.75pt solid #000000;border-right:0.75pt solid #000000"> Total </td> <td style="width:68%;padding-right:0.5pt;padding-left:0.5pt;vertical-align:top;border-top:0.75pt solid #000000"> $205,000 </td> </tr> </table> </div>

37100000

38955000

40902000

42948000

45095000

205000000

0.001

200000000

5000000

0.0001

26539313

0.31

P1Y1M13D

4139313 94089 1 P24M

250000

40000

8090451 0.7

5663316

1 P24M 162012

104012

58000

94089

62170

224182

8. Stock Options The Company has a Stock Incentive Plan (the "SIP"), that authorizes the granting of stock options up to 10 percent of the total number of issued and outstanding shares of common stock, that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On December 10, 2024, the Company's shareholders, at their Annual Meeting, ratified and reapproved the Stock Option Plan. On January 29, 2026, the Company granted 200,000 stock options to one employee and a consultant. The options are exercisable at $0.77 per share and expire on January 28, 2031. The options were fully vested upon grant. The fair value of the options was determined to be $136,320 using the Black-Scholes valuation model. As the options were fully vested at issuance, the entire fair value was recognized as share-based compensation expense during the nine months ended September 30, 2026. This expense was included in management and administrative expenses on the Company's Condensed Consolidated Statement of Operations. The Company recognized $102,240 in compensation expense for share-based payment awards issued to non-employees as part of the total compensation expense recognized during the same period. On September 8, 2026, the Company granted 250,000 stock options to a consultant. The options are exercisable at $0.90 per share and expire on September 7, 2031. The options were fully vested upon grant. The fair value of the options was determined to be $196,892 using the Black-Scholes valuation model. As the options were fully vested at issuance, the entire fair value was recognized as share-based compensation expense for non-employee awards during the three and nine months ended September 30, 2026. <div></div> The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table: <div> <table cellpadding="0" cellspacing="0" style="width:60%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;width:12%;margin-top:0pt;margin-bottom:0pt"> January 29, 2026 </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;width:12%;margin-top:0pt;margin-bottom:0pt"> September 8, 2026 </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Stock price</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">0.74</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">0.86</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Exercise price</td> <td style="vertical-align:bottom;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;text-align:right;width:12%">0.77</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;text-align:right;width:12%">0.90</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Expected volatility</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">156.11%</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">150.56%</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Expected dividends</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">-</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">-</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Expected terms (in years)</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">5.0</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">5.0</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Risk-free rate</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">3.80%</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">4.57%</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> </table> </div> During the nine months ended September 30, 2026, the Company received proceeds of $40,000 from the exercise of 250,000 stock options, including 100,000 options at an exercise price of $0.10 per share and 150,000 options at an exercise price of $0.20 per share. The following is a summary of the Company's options issued and outstanding under the SIP: <div style="margin-left:0px"> <div> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="vertical-align:bottom;text-align:justify"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%">Shares</td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%;margin-top:0pt;margin-bottom:0pt"> Weighted Average Exercise Price </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;background-color:rgb(230, 239, 255)">Outstanding and exercisable at December 31, 2025</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">5,995,000</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">0.13</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom">Granted</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">450,000</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">0.84</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;background-color:rgb(230, 239, 255)">Exercised</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">(250,000</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff">)</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">0.16</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom">Outstanding and exercisable at September 30, 2026</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%">6,195,000</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:2.25pt double transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%">0.18</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:2.25pt double transparent;text-align:left;width:2%"> </td> </tr> </table> </div> </div> The weighted average remaining contractual term of options outstanding and exercisable at September 30, 2026 was 2.88 years. As of September 30, 2026, the aggregate intrinsic value of options outstanding and exercisable was $4,082,465, based on the Company's closing stock price of $0.837 per share on that date.

200000

0.77

136320

102240

250000

0.9

196892

<div> <table cellpadding="0" cellspacing="0" style="width:60%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;width:12%;margin-top:0pt;margin-bottom:0pt"> January 29, 2026 </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);white-space:nowrap;text-align:center;margin-top:0pt;margin-bottom:0pt"> </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid rgb(0, 0, 0);text-align:center;white-space:nowrap;width:12%;margin-top:0pt;margin-bottom:0pt"> September 8, 2026 </td> <td style="vertical-align:bottom;border-bottom:0.75pt solid #000000;text-align:center"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Stock price</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">0.74</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">0.86</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Exercise price</td> <td style="vertical-align:bottom;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;text-align:right;width:12%">0.77</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;text-align:right;width:12%">0.90</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Expected volatility</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">156.11%</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">150.56%</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Expected dividends</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">-</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">-</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom;background-color:#e6efff">Expected terms (in years)</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">5.0</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">5.0</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="margin-top:0pt;margin-bottom:0pt;vertical-align:bottom">Risk-free rate</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">3.80%</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">4.57%</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> </table> </div>

0.74

0.86

0.77

0.9

1.5611

1.5056

P5Y

0.038

0.0457

40000

250000

100000

0.1

150000

0.2

<div> <table cellpadding="0" cellspacing="0" style="width:80%;border-collapse:collapse;font-size:10pt;border-color:#000000;margin-left:auto;margin-right:auto"> <tr> <td style="vertical-align:bottom;text-align:justify"> </td> <td style="vertical-align:bottom;text-align:center"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%">Shares</td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap"> </td> <td style="vertical-align:bottom;text-align:center;white-space:nowrap;width:12%;margin-top:0pt;margin-bottom:0pt"> Weighted Average Exercise Price </td> <td style="vertical-align:bottom;text-align:center"> </td> </tr> <tr> <td style="vertical-align:bottom;background-color:rgb(230, 239, 255)">Outstanding and exercisable at December 31, 2025</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">5,995,000</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:left;width:1%;background-color:#e6efff">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;text-align:right;width:12%;background-color:#e6efff">0.13</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom">Granted</td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">450,000</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;text-align:right;width:12%">0.84</td> <td style="vertical-align:bottom;text-align:left;width:2%"> </td> </tr> <tr> <td style="vertical-align:bottom;background-color:rgb(230, 239, 255)">Exercised</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">(250,000</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff">)</td> <td style="vertical-align:bottom;text-align:left;width:1%;background-color:#e6efff"> </td> <td style="vertical-align:bottom;text-align:right;width:12%;background-color:#e6efff">0.16</td> <td style="vertical-align:bottom;text-align:left;width:2%;background-color:#e6efff"> </td> </tr> <tr> <td style="vertical-align:bottom">Outstanding and exercisable at September 30, 2026</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%">6,195,000</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:2.25pt double transparent;text-align:left;width:2%"> </td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:left;width:1%">$</td> <td style="vertical-align:bottom;border-top:0.75pt solid #000000;border-bottom:2.25pt double #000000;text-align:right;width:12%">0.18</td> <td style="vertical-align:bottom;border-top:0.75pt solid transparent;border-bottom:2.25pt double transparent;text-align:left;width:2%"> </td> </tr> </table> </div>

5995000

0.13

450000

0.84

250000

0.16

6195000

0.18

P2Y10M17D

4082465

0.837

<div> 9. Subsequent Events Effective October 1, 2026, the Company appointed Ron Clayton to its Board of Directors. On October 19, 2026, the Company granted Mr. Clayton options to purchase 400,000 shares of common stock at an exercise price of $0.75 per share. The options vested immediately and expire on October 18, 2031. The estimated grant-date fair value of the options, determined using the Black-Scholes option pricing model, was $267,271 and will be recognized as stock-based compensation expense in the fourth quarter of 2026. </div>

400000

0.75

267271

<div style="font-size:10pt;font-family:Times New Roman"> During our fiscal quarter ended September 30, 2026, none of our directors or executive officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" as defined in Item 408(c) of Regulation S-K. </div> directors or executive false false false false