Auric Resources Corp. — Audit Report / Information 2024

May 1, 2025

AURIC RESOURCES CORP.

Financial Statements
(Expressed in Canadian Dollars, unless otherwise noted)
For the years ended December 31, 2024 and 2023

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manning elliott

17th floor, 1030 West Georgia St., Vancouver, BC, Canada V6E 2Y3

Tel: 604.714.3600 Fax: 604.714.3669 Web: manningelliott.com

INDEPENDENT AUDITORS' REPORT

To the Shareholders and Directors of Auric Resources Corp.

Opinion

We have audited the financial statements of Auric Resources Corp. (the "Company") which comprise:

• the statements of financial position as at December 31, 2024 and 2023;
• the statements of loss and comprehensive loss for the years then ended;
• the statements of changes in shareholders' equity for the years then ended;
• the statements of cash flows for the years then ended; and
• the notes to the financial statements, including material accounting policy information and other explanatory information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2024 and 2023, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audits of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Material Uncertainty Related to Going Concern

We draw attention to Note 1 of the accompanying financial statements, which describes matters and conditions that indicate the existence of material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Except for the matter described in the Material Uncertainty Related to Going Concern section, we have determined that there are no other key audit matters to communicate in our report.

Other Information

Management is responsible for the other information. The other information comprises the Company's Management Discussion and Analysis to be filed with the relevant Canadian securities commissions.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are, therefore, the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditors' report is Artem Valeev.

Manning Elliott LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, British Columbia

April 30, 2025

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Auric Resources Corp.

Statements of Financial Position

(Expressed in Canadian Dollars, unless otherwise noted)

As at:	Notes	December 31, 2024	December 31, 2023
ASSETS
Current
Cash		$ 1,056,767	$ 1,647,278
Amounts receivable		38,750	19,456
Prepaid expense		5,690	-
Total current assets		1,101,207	1,666,734
Exploration and evaluation asset	6,8,9	564,583	-
Right-of-use asset	7	104,340	-
TOTAL ASSETS		$ 1,770,130	$ 1,666,734
LIABILITIES
Current liabilities
Accounts payable and accrued liabilities	10	$ 38,359	$ 62,524
Lease liability	7	26,416	-
Total current liabilities		64,775	62,524
Lease liability	7	83,652	-
TOTAL LIABILITIES		$ 148,427	$ 62,524
SHAREHOLDERS' EQUITY
Share capital	8	$ 3,198,720	$ 2,888,720
Share-based payment reserve	9	45,848	45,848
Warrants reserve	9	137,855	-
Contributed surplus		73,127	73,127
Deficit		(1,833,847)	(1,403,485)
TOTAL SHAREHOLDERS' EQUITY		$ 1,621,703	$ 1,604,210
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$ 1,770,130	$ 1,666,734

Nature of operations (Note 1)

Events after reporting period (Note 14)

Approved by the Board of Directors and authorized for issue on April 30, 2025:

“Aleem Nathwani” Director “Morgan Tincher” Director

The accompanying notes are an integral part of these financial statements

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Auric Resources Corp.

Statements of Loss and Comprehensive Loss

(Expressed in Canadian Dollars, unless otherwise noted)

For the year ended:	Notes	December 31, 2024	December 31, 2023
General and administration expenses
Bad debt		$ -	$ 7,088
Consulting fees		-	9,623
Depreciation		20,868	-
Management fees	10	180,000	-
Office		64,481	40,372
Professional fees	10	106,547	170,686
Sales and marketing		1,300	-
Travel		6,940	-
Transfer agent and filing fees		38,689	19,404
Total expenses before other item noted below		418,825	247,173
Other expenses
Finance cost	7	11,537	-
Net loss and comprehensive loss		$ (430,362)	$ (247,173)
Loss per share attributable to shareholders – basic and diluted		$ (0.02)	$ (0.01)
Weighted average number of common shares outstanding – basic and diluted		24,214,355	22,520,366

The accompanying notes are an integral part of these financial statements

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Auric Resources Corp.

Statements of Changes in Shareholders' Equity

(Expressed in Canadian Dollars, unless otherwise noted)

	Notes	Share capital	Share-based payment reserve	Warrants reserve	Contributed surplus	Deficit	Total
Balance at January 1, 2023		$ 2,888,720	$ 45,848	$ -	$ 73,127	$ (1,156,312)	$ 1,851,383
Net loss		-	-	-	-	(247,173)	(247,173)
Balance at December 31, 2023		$ 2,888,720	$ 45,848	$ -	$ 73,127	$ (1,403,485)	$ 1,604,210
Balance at January 1, 2024		$ 2,888,720	$ 45,848	$ -	$ 73,127	$ (1,403,485)	$ 1,604,210
Consideration units issued to acquire mineral property rights	6,8,9	310,000	-	137,855	-	-	447,855
Net loss		-	-	-	-	(430,362)	(430,362)
Balance at December 31, 2024		$ 3,198,720	$ 45,848	$ 137,855	$ 73,127	$ (1,833,847)	$ 1,621,703

The accompanying notes are an integral part of these financial statements

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Auric Resources Corp.

Statements of Cash Flows

(Expressed in Canadian Dollars, unless otherwise noted)

For the year ended:	December 31, 2024	December 31, 2023
Cash (used in) provided by:
OPERATING ACTIVITIES
Net loss	$ (430,362)	$ (247,173)
Non-cash items:
Bad debt	-	7,088
Depreciation	20,868	-
Finance cost	11,537	-
Sales tax credit receivable	2,327	-
Changes in non-cash working capital items:
Amounts receivable	(21,621)	4,920
Prepaid expense	(5,690)	-
Accounts payable and accrued liabilities	(24,165)	33,267
Net cash used in operating activities	$ (447,106)	$ (201,898)
INVESTING ACTIVITIES
Exploration and evaluation expenditures	$ (116,728)	$ -
Net cash used in investing activities	$ (116,728)	$ -
FINANCING ACTIVITIES
Lease payments	$ (26,677)	$ -
Net cash used in investing activities	$ (26,677)	$ -
Net decrease in cash in the year	$ (590,511)	$ (201,898)
Cash – beginning of the year	$ 1,647,278	$ 1,849,176
Cash – end of the year	$ 1,056,767	$ 1,647,278
Non-cash transactions
Consideration units issued to acquire mineral rights	447,855	-
Initial recognition of right-of-use asset and lease liability	125,208	-

The accompanying notes are an integral part of these financial statements

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Auric Resources Corp.

Notes to the Financial Statements

Th years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

1. NATURE OF OPERATIONS

Auric Resources Corp. ("Auric" or the "Company") was incorporated as a private company by Certificate of Incorporation issued pursuant to the provisions of the British Columbia Business Corporations Act on February 9, 2012. The address of the Company's registered office is 1240-1066 West Hastings Street, Vancouver, British Columbia, V6E 3X1. The Company was classified as a Capital Pool Company as defined in the TSX Venture Exchange ("TSX-V") Policy 2.4. The Company did not complete a qualifying transaction within the 24 months from listing on the TSX-V, and was therefore subject to halt of trading and delisting from the TSX-V. On January 6, 2016, the Company's listing transferred to the NEX, and resumed trading under the symbol "RCC.H". On February 22, 2024, the Company completed a qualifying transaction, changed its name from Red Rock Capital Corp. to Auric Resources Corp. and began trading on the TSXV under the symbol "RES."

These financial statements have been prepared on a going concern basis in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has not yet achieved profitable operations. During the year ended December 31, 2024, the Company has a net loss of $430,362 (2023 – net loss of $247,173) for the year ended December 31, 2024 and an accumulated deficit of $1,833,847.

These factors indicate the existence of a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern. The Company's ability to continue its operations and to realize its assets at their carrying values is dependent upon obtaining additional financing or maintaining continued support from its shareholders and creditors, identifying and commencing the operations of a suitable business and generating profitable operations in the future. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary should the Company be unable to continue in existence.

Although the Company has been successful in the past in obtaining financing, there can be no assurances that the Company will continue to obtain the additional financial resources necessary and/or achieve profitability or positive cash flows from its future operations.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with IFRS as issued by the International Accounting Standards Board ("IASB"). They have also been prepared in accordance with interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

These financial statements were approved by the Board of Directors of the Company on April 30, 2025.

3. BASIS OF PRESENTATION

These financial statements have been prepared on an accrual basis and are based on historical cost.

Functional and presentation currency

Transactions undertaken in foreign currencies are translated into Canadian dollars at daily exchange rates prevailing when the transactions occur. Monetary assets and liabilities denominated in foreign currencies are translated at period-end exchange rates and non-monetary items are translated at historical exchange rates. Realized and unrealized exchange gains and losses are recognized in the statements of loss and comprehensive loss.

The functional and presentation currency of the Company is the Canadian dollar.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

4. MATERIAL ACCOUNTING POLICIES

Exploration and evaluation assets

Costs related to the acquisition of exploration and evaluation assets are capitalized by property until the commencement of commercial production. Exploration and evaluation costs are capitalized on the statement of financial position. Upon achieving production, costs for a producing property will be amortized on a unit of-production method based on the estimated life of the ore reserves. The recoverability of the amounts capitalized for the undeveloped exploration and evaluation assets is dependent upon the determination of economically recoverable ore reserves, confirmation of the Company's interest in the underlying mineral claims, the ability to obtain the necessary financing to complete their development, and future profitable production or proceeds from the disposition thereof.

Currently, the Company's mineral properties are in exploration stage.

Recorded costs of mineral properties and deferred exploration costs are not intended to reflect present or future values of resource properties. The recorded costs are subject to measurement uncertainty, and it is reasonably possible, based on existing knowledge that changes in future conditions could require a material change in the recognized amount.

Payments on mineral property option agreements are made at the discretion of the Company and, accordingly, are recorded as incurred.

Provision for environmental rehabilitation

The Company recognizes liabilities for legal or constructive obligations associated with the retirement of exploration and evaluation assets. The net present value of future rehabilitation costs is capitalized to the related asset 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 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 the related assets with a corresponding entry to the rehabilitation provision.

Impairment of non-financial assets

Impairment tests on non-financial assets, including exploration and evaluation assets are undertaken at the end of each reporting period. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly.

The Company assesses exploration and evaluation assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use.

Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset's cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets.

An impairment loss is charged to profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset 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 in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

4. MATERIAL ACCOUNTING POLICIES (continued)

Right-of-use assets and lease liabilities

The Company assesses whether a contract is a lease based on whether the contract conveys the right to control the use ("ROU") of an underlying asset for a period of time in exchange for consideration. Leases are recognized as a lease liability and a corresponding ROU asset at the date on which the leased asset is available for use by the Company. Liabilities and assets arising from a lease are initially measured on a present value basis. Lease liabilities are measured at the present value of the remaining lease payments, discounted using the Company's estimated incremental borrowing rate when the rate implicit in the lease is not readily available. The corresponding right-of-use assets are measured at the amount equal to the lease liability.

The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments arising from a change in an index or rate, if there is a change in the amount expected to be payable under a residual value guarantee or if there is a change in the assessment of whether the Company will exercise a purchase, extension or termination option that is within the control of the Company. The ROU asset, initially measured at an amount equal to the corresponding lease liability, is depreciated on a straight-line basis, over the shorter of the estimated useful life of the asset or the lease term. The ROU asset may be adjusted for certain remeasurements of the lease liability and impairment losses.

Deferred financing costs

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

Share-based payments

The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. The Company recognizes share-based payments based on the estimated fair value of the options. A fair value measurement is made for each vesting instalment within each option grant and is determined using the Black-Scholes option-pricing model. The fair value of the options are recognized over the vesting period of the options granted as both share-based payments and other equity reserve. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. The other equity reserve account is subsequently reduced if the options are exercised, and the amount initially recorded is then credited to capital stock.

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 the fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of the goods or services received.

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 period end, adjusted for amendments to tax payable with regards to previous years.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

4. MATERIAL ACCOUNTING POLICIES (continued)

Income taxes (continued)

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 nor 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 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.

Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities 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.

Loss per share

The Company presents basic loss per share for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss 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.

Financial instruments

(i) Classification

The Company classifies its financial instruments in the following categories: at fair value through profit and loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI") or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. The Company classifies amounts receivable and accounts payable at amortized cost, and cash at FVTPL.

(ii) Measurement

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

4. MATERIAL ACCOUNTING POLICIES (continued)

Financial assets and liabilities at FVTPL

Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of loss and comprehensive loss in the period in which they arise.

Debt investments at FVOCI

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognised in profit or loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.

Equity investments at FVOCI

These assets are subsequently measured at fair value. Dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and are never reclassified to profit or loss.

(iii) Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of loss and comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

(iv) De-recognition

Financial assets

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity.

Financial liabilities

The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Gains and losses on de-recognition are generally recognized in profit or loss.

The Company is also required to disclose details of its investments (and other financial assets and liabilities for which fair value is measured or disclosed in the financial statements) within three hierarchy levels (Level 1, 2, or 3) based on the transparency of inputs used in measuring or disclosing the fair value, and to provide additional disclosure in connection therewith.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

4. MATERIAL ACCOUNTING POLICIES (continued)

Cash Equivalents

Cash equivalents in the statements of financial position comprise of cash held in trust and short-term deposits with an original maturity of three months or less, which are readily convertible into known amounts of cash.

New accounting pronouncements issued but not yet effective

Amendments to IFRS 7 and 9 - Classification & Measurement of Financial Instruments

The amendments change the requirements in IFRS 7 and IFRS 9 seek to clarify the date of recognition and derecognition of some financial assets and liabilities with a new exception for some financial liabilities settled through an electronic cash transfer system and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion. Further, the amendments will add new disclosures for certain instruments with contractual terms that can change cash flows such as instruments with features linked to the achievement of environment, social and governance (ESG) targets and update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI).

The new amendments will be effective for years beginning on or after January 1, 2026.

Introduction of IFRS 18 - Presentation and Disclosure in Financial Statements

IFRS 18 is the new standard on financial statement presentation and disclosure with a focus on updates to the statement of profit or loss. IFRS 18 will replace IAS 1, Presentation of Financial Statements, and retains many of the existing principles in IAS 1. IFRS 18 will define the structure for the statement of profit or loss. The new standard will require disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will be effective for years beginning on or after January 1, 2027.

Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant effect on the Company's financial statements. The Company did not adopt any new accounting pronouncements during the year ended December 31, 2024, which had a significant impact on the financial statements.

Management is in the process of assessing the new standards above that were issued by the IASB which are not yet effective. Management has not yet determined the impact of these new standards on the Company's financial statements.

5. MATERIAL ACCOUNTING ESTIMATES, JUDGMENTS AND ASSUMPTIONS

The preparation of the Company's financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

5. MATERIAL ACCOUNTING ESTIMATES, JUDGMENTS AND ASSUMPTIONS (continued)

The preparation of these financial statements requires management to make judgements regarding the going concern of the Company, as discussed in Note 1.

Critical judgment in applying accounting policies

Impairment of long-lived assets

The carrying value and the recoverability of long-lived assets, including exploration and evaluation assets, are evaluated at each reporting date. Management assesses for indicators of impairment, which includes assessing whether facts or circumstances exist that suggest the carrying amount exceeds the recoverable amount.

Material accounting estimates

Fair value of share options and warrants

Determining the fair value of warrants and share options requires assumptions related to the choice of a pricing model, the estimation of share price volatility, the expected forfeiture rate and the expected term of the underlying instruments. Any changes in the estimates or inputs utilized to determine fair value could result in a significant impact on the Company's future operating results or on other components of shareholders' equity.

Income taxes

The estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company's ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. To the extent that management's assessment of the Company's ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and deferred income tax provisions or recoveries could be affected.

6. EXPLORATION AND EVALUATION ASSET

On February 20, 2024, the Company entered into an amended property option agreement (the "Amended Property Option Agreement"), with Jadeite Capital Corp. (the "Vendor"), pursuant to which the parties agreed to amend the cash payment terms under a property option agreement dated November 23, 2022, as amended May 19, 2023 (the "Property Option Agreement") in relation to acquiring a series of mineral claims located in the Province of Quebec and commonly known by the names "Gosselin" and "Normetal South" (collectively referred to as "the Project"). The Project comprises two large land packages within the Chicobi North Fault and the Macamic Fault.

The Company subsequently announced that it closed on the Property Option Agreement and its previously announced Qualifying Transaction. In connection with closing the Company issued to the Vendor 1,937,500 units of the Company (each, a "Consideration Unit"), with each Consideration Unit comprising one common share in the capital of the Company (a "Share") and one Share purchase warrant (a "Warrant"), with each Warrant exercisable to acquire one Share at an exercise price of $0.20 for a period of three years.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

6. EXPLORATION AND EVALUATION ASSET (continued)

Final acceptance of the Qualifying Transaction occurred upon the issuance of the final exchange bulletin on February 23, 2024 and the Company's common shares commenced trading on February 27, 2024 on tier 2 of the TSXV under the symbol "RES.V".

	Note	Acquisition costs	Expenditures	Total
Cost as at January 1, 2024	$	-	$ -	$ -
Property acquisition - consideration units	8,9	447,855	-	447,855
Surveying			106,116	106,116
Management fees			10,612	10,612
Cost as at December 31, 2024	$	447,855	$ 116,728	$ 564,583

On December 23, 2024, the Company entered into an amended property option agreement pursuant to which the payments terms have changed as follows:

• Closing date - issuance of 1,937,500 Consideration Units (issued in February 2024),
• First anniversary of closing - $300,000 in cash (paid in February 2025) and issuance of 1,937,500 Consideration Units (issued in February 2025),
• Second anniversary of closing – issuance of 1,937,500 Consideration Units, and
• Third anniversary of closing – issuance of 1,937,500 Consideration Units.

All securities underlying the Consideration Units are subject to a four month and one day hold period; the shares comprising the Consideration Units are subject to escrow pursuant to the policies of the TSX-V.

7. RIGHT-OF-USE ASSET AND LEASE LIABILITY

On May 1, 2024, the Company entered into a building office lease in the province of British Columbia. The lease has an end date of April 30, 2028. The right-of-use asset ("ROU") and corresponding lease liability were measured using an interest rate of 15%, the Company's estimated incremental borrowing rate, to calculate the present value of the lease payments on initial measurement.

Right-of-use asset	Office Building
Cost
Balance, December 31, 2023	$ -
Additions	125,208
Balance, December 31, 2024	$ 125,208
Depreciation
Balance, December 31, 2023	$ -
Depreciation	20,868
Balance, December 31, 2024	$ 20,868
Net book value
Balance, December 31, 2023	$ -
Balance, December 31, 2024	$ 104,340

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

7. RIGHT-OF-USE ASSET AND LEASE LIABILITY (continued)

As at December 31, 2024, the lease liability is as follows:

Balance, May 1, 2024	$	125,208
Finance cost		11,537
Lease payments		(26,677)
Balance, December 31, 2024	$	110,068
Less: Current portion	$	26,416
Non-current portion	$	83,652

During the year ended December 31, 2024, the Company recognized total interest expense of $11,537 (2023 - $nil) in connection with its lease liability.

At December 31, 2024, the Company is committed to minimum lease payments as follows:

	December 31, 2024	December 31, 2023
Maturity analysis – contractual undiscounted cash flows
Less than one year	$ 40,667	$ -
One to five years	98,576	-
Total undiscounted lease liability	$ 139,243	$ -

In addition to the annual lease payments, the Company is also required to pay for a percentage of operating costs incurred by the landlord over the duration of the lease term.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

8. SHARE CAPITAL

a. Authorized

Unlimited number of common shares without par value.

b. Issued and outstanding

As at December 31, 2024, there were 24,457,866 (December 31, 2023 - 22,520,366) issued and fully paid common shares and 1,635,277 (2023 - 1,053,091) shares held in escrow.

On February 16, 2024, the Company issued 1,937,500 common shares valued at $310,000 as part of Consideration Units pursuant to the Property Option Agreement discussed in Note 6.

9. RESERVES

a. Stock options

The Company has an employee stock option plan under which employees, directors, and key consultants are eligible to receive grants. Under the stock option plan, the granted stock options are exercisable over periods of up to ten years as determined by the Company's Board of Directors. The maximum number of outstanding stock options under the plan is limited to 10% of the number of common shares outstanding. The number of stock options, the vesting periods, and the exercise price is set by the Company's Board of Directors based on the market value at the time of granting. There are no options issued and outstanding.

b. Share purchase warrants (warrants)

Following is a summary of changes in warrants outstanding for the years ended December 31, 2023 and 2024:

	Number of warrants	Weighted average exercise price
Balance, December 31, 2022 and 2023	-	$ -
Issued	1,937,500	$ 0.20
Balance, December 31, 2024	1,937,500	$ 0.20

On February 16, 2024, the Company issued 1,937,500 share purchase warrants valued $137,855 as part of Consideration Units pursuant to the Property Option Agreement discussed in Note 6.

The Company fair valued the 1,937,500 share purchase warrants issued during the year ended December 31, 2024 using the Black-Scholes option pricing model using the following input assumptions:

For the year ended:		December 31, 2024	December 31, 2023
Issue date share price	$	0.16	$ -
Exercise price	$	0.20	$ -
Risk free rate		4.05%	-
Expected life		3 years	-
Expected volatility		72.84 %	-
Expected dividend yield		Nil	-

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

9. RESERVES (continued)

b. Share purchase warrants (warrants) (continued)

The risk-free interest rate is based on the yield of a risk-free Canadian government security with a maturity equal to the expected life of the warrants from the issuance date. The assumption of expected volatility is based on the historical volatility of the Company's common share price for the period immediately preceding the warrant issuance. The Company does not anticipate paying any cash dividends in the foreseeable future and, therefore, uses an expected dividend yield of zero in the option-pricing model.

The total weighted average fair value of a warrant issued during the year ended December 31, 2024 was $0.07 (2023 - $nil).

10. RELATED PARTY TRANSACTIONS

Key Management Compensation

Key management personnel include those people who have authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"). The remuneration of directors and other members of key management personnel during the year ended December 31, 2024 and 2023 are as follows:

For the year ended:	December 31,		December 31,
	2024		2023
Professional fees	$ 2,100	$	-
Management fees	$ 180,000	$	-
Total key management compensation	$ 182,100	$	-

As at December 31, 2024, included in accounts payable and accrued liabilities was $1,415 due to the officers of the Company for expense reimbursement. The amounts are non-interest bearing, unsecured and due on demand.

11. FINANCIAL INSTRUMENTS, CAPITAL AND RISK MANAGEMENT

Fair value of financial instruments

As at December 31, 2024, the Company's financial instruments consist of cash and accounts payable.

In management's opinion, the Company's carrying values of cash, amounts receivable and accounts payable approximate their fair values due to the immediate or short-term maturity of these instruments.

Classification

The following table summarizes information regarding the carrying values and classification of the Company's financial instruments:

The Company's financial instruments are exposed to the following risks:

Capital management

The Company's objectives for the management of capital are to safeguard the Company's ability to continue as a going concern, including the preservation of capital, and to achieve reasonable returns on invested cash after satisfying the objective of preserving capital.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

11. FINANCIAL INSTRUMENTS, CAPITAL AND RISK MANAGEMENT (continued)

Capital management (continued)

The Company considers its cash to be its manageable capital. The Company's policy is to maintain sufficient cash and deposit balances to cover operating costs over a reasonable future period. The Company accesses capital markets as necessary and may also raise additional funds where advantageous circumstances arise.

The Company currently has no externally imposed capital requirements. There was no change to the Company's approach to capital management during the year ended December 31, 2024.

Financial Instrument risk

Credit risk

Financial instruments that potentially subject the Company to concentrations of credit risks consist principally of cash. To minimize the credit risk, the Company places this instruments with a high credit quality financial institution. Credit risk is assessed as low.

Liquidity risk

Liquidity risk is the risk that the Company will not meet its obligations associated with its financial liabilities as they fall due. The Company performs cash flow forecasting for each fiscal year to ensure sufficient cash is available to fund its projects and operations. As at December 31, 2024, the Company had a cash balance of $1,056,767 to settle current liabilities of $64,775. The Company's financial liabilities include accounts payable which have contractual maturities of 30 days or are due on demand.

At present, the Company's operations do not generate positive cash flows. The Company's primary source of funding has been the issuance of equity securities through private placements. Despite previous success in acquiring these financings, there is no guarantee of obtaining future financings.

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. The Company does not believe it is exposed to significant market risk.

• a. Interest rate risk

The Company does not have interest rate risk.

• b. Foreign currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rate. The Company holds no financial instruments that are denominated in currency other than Canadian dollars.

12. INCOME TAXES

Income tax expense varies from the amount that would be computed by applying the expected basic federal and provincial income tax rates for Canada at December 31, 2024 at 27.00% (2023 – 27.00%) to income before income taxes.

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Auric Resources Corp.

Notes to the Financial Statements

The years ended December 31, 2024 and 2023

(Expressed in Canadian Dollars, unless otherwise noted)

12. INCOME TAXES (continued)

A reconciliation of the differences is as follows:

For the year ended:	December 31, 2024	December 31, 2023
Canadian statutory income tax rate	27%	27%
Loss before income taxes	(430,362)	(247,173)
Expected income tax recovery	(116,200)	(66,700)
Permanent difference and other	-	157,700
Change in tax benefits not recognized	116,200	(91,000)
Income tax recoverable	$ -	$ -

The Company's tax-effected deferred income tax assets and liabilities are estimated as follows:

As at:	December 31, 2024	December 31, 2023
Non-capital losses carried forward	359,115	244,400
Leases	1,546	-
Less: tax benefits not recognized	(360,661)	(244,400)
Net deferred tax asset	$ -	$ -

The Company has non-capital losses of $1,330,000 which are available to reduce future years' taxable income. The non-capital losses will expire between 2038 to 2044 if not utilized.

13. SEGMENTED INFORMATION

The Company operates in one reportable segment, being the exploration and evaluation of mineral properties. All of the Company's non-current assets are located in Canada.

14. EVENTS AFTER REPORTING PERIOD

In February 2025, the Company paid $300,000 in cash and issued 1,937,500 Consideration Units to Jadeite Capital Corp. pursuant to the terms of the Property Option Agreement.

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