Copper Lake Resources Ltd. — Interim / Quarterly Report 2024

Jul 3, 2024

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Condensed Interim Financial Statements

For the Three and Six Months Ended April 30, 2024

(Expressed in Canadian dollars)

Unaudited – Prepared by Management

Copper Lake Resources Ltd.

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The accompanying unaudited condensed interim financial statements of Copper Lake Resources Ltd. for the Three and Six months ended April 30, 2024 have been prepared by management, reviewed by the Audit Committee and approved by the Board of Directors of the Company.

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that these unaudited condensed interim financial statements have not been reviewed by its auditor.

Copper Lake Resources Ltd. Condensed Interim Statements of Financial Position

(Unaudited)

(Expressed in Canadian dollars)

As at	April 30, 2024	October 31, 2023
ASSETS
Current assets
Cash	$ 5,732	$ 84,275
HST receivable	134,061	33,025
Miscellaneous receivable	4,238	5,591
Prepaid expenses and deposits	71,166	11,725
	215,197	134,616
Mineral properties (note 3)	2,548,862	2,548,862
Total assets	$ 2,764,059	$ 2,683,478
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$ 1,085,092	$ 608,655
Total current liabilities	1,085,092	608,655
Shareholders’ equity
Capital stock (note 4)	22,132,150	21,557,089
Reserves (note 4)	1,543,189	1,394,730
Deficit	(21,996,372)	(20,876,996)
Total shareholders’equity	1,678,967	2,074,823
Total liabilities and shareholders’ equity	$ 2,764,059	$ 2,683,478

Subsequent events (note 6)

On behalf of the Board:

“Terrence MacDonald” Director “Paul McGroary” Director

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

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Copper Lake Resources Ltd. Condensed Interim Statements of Loss and Comprehensive Loss For the Three and Six Months Ended April 30

(Unaudited)

(Expressed in Canadian dollars)

	For the three months ended	For the three months ended	For the six months ended	For the six months ended	For the six months ended
	April 30,		April 30,
	2024	2023	2024	2023
Expenses
Exploration and evaluation expenditures (note 4)	685,954	1,092,383	917,742		1,436,163
Foreign exchange loss	2,829	-	3,390		-
General and administration	5,057	12,069	15,986		13,347
Interest and bank charges	(863)	(12,760)	(2,243)		(22,134)
Investor relations	58,821	72,464	118,308		87,813
Management fees (note 5)	46,500	53,925	100,425		107,850
Professional fees	23,151	36,958	34,019		39,423
Transfer agent and listing fees	14,039	16,285	27,279		22,899
Total expenses	835,488	1,271,324	1,214,906		1,685,363
Flow-through sharepremium recovery	(54,631)	(122,318)	(94,200)		(150,876)
Net loss and comprehensive loss for theperiod	$ 780,857	$1,149,006	$ 1,120,706	$	1,534,487
Basic and diluted lossper share	$ 0.003	$ 0.005	$ 0.004		$ 0.007
Weighted average number of common shares	270,441,865	228,238,667	248,997,260	228,238,667
outstanding

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

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Copper Lake Resources Ltd. Condensed Interim Statements of Changes in Shareholders’ Equity For the Six Months Ended April 30

(Unaudited) (Expressed in Canadian dollars)

Capital stock Shares Amount Reserves Deficit	Total
$ $ $ Balance, October 31, 2023 236,635,770 21,557,089 1,394,730 (20,876,996) Private placement of units 33,560,000 718,300 120,700 - Broker shares 308,000 7,700 - - Share issue costs - (27,650) - - Issuance of finders warrants (29,089) 29,089 - Flow-through share price premium - (94,200) - - Expiry of options - - (1,330) 1,330 Net loss and comprehensive loss for theperiod - - - (1,120,706)	$ 2,074,823 839,000 7,700 (27,650) - (94,200) - (1,120,706)
Balance, April30, 2024 270,503,770 22,132,150 1,543,189 (21,996,372)	**1,678,967 **

Balance, October 31, 2022	219,987,416	20,403,076	1,377,538	(18,675,513)	3,105,101
Private placement of units	15,098,354	1,283,360	-	-	1,283,360
Share issue costs	-	(82,662)	-	-	(82,662)
Issuance of finders warrants	-	(70,322)	70,322	-	-
Flow through share premium	-	(122,318)	-	-	(122,318)
Expiry of warrants	-	-	(16,664)	16,664	-
Exercise of options	1,550,000	77,500	(68,455)	68,455	77,500
Net loss and comprehensive loss for theperiod	-	-	-	(1,534,487)	(1,534,487)
Balance, April30, 2023	236,635,770	**21,488,634 **	1,379,405	(20,141,545)	**2,276,494 **

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

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Copper Lake Resources Ltd. Condensed Interim Statements of Cash Flows For the Six Months Ended April 30

(Unaudited)

(Expressed in Canadian dollars)

		Six months ended	Six months ended	April 30,
		2024		2023
Cash flows from operating activities:
Loss for the period	$	(1,120,706)	$	(1,534,487)
Items not affecting cash:
Flow-through share premium recovery		(94,200)		(150,876)
Issuance of broker shares		7,700
Change in non-cash working capital items:
HST receivable		(101,308)		(169,348)
Miscellaneous receivable		1,353		(2,119)
Prepaid expenses and deposit		(59,441)		44,397
Accounts payable and accrued liabilities		381,709		594,497
Net cash used in operating activities		(794,893)		(1,217,936)
Cash flows provided by (used in) financing activities:
Advances from (repayments to) shareholder		-		1,525
Private placement of units		744,000		1,283,360
Share issuance costs		(27,650)		(82,662)
Proceeds from exercise of options		-		77,500
Net cash provided by financing activities		716,350		1,279,723
Increase (decrease) in during the period		(78,543)		61,787
Cash, beginning of period		84,275		668,333
Cash, end of period	$	**5,732 **	$	730,120

Supplemental cash flow information

		April 30,			April 30,
		2024			2023
Cash paid during the period for:
Interest	$		-	$		-
Income taxes			-			-

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

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024 (Unaudited) (Expressed in Canadian dollars)

1. NATURE OF BUSINESS AND GOING CONCERN

Copper Lake Resources Ltd. (the “Company” or “Copper Lake”) was incorporated under the laws of the Province of British Columbia on October 17, 1984 and was Continued under the Business Corporations Act of Ontario on January 20, 2022. The Company is in the business of exploration and development of mineral resource properties. The address of the Company’s head office is 1 King Street West, Suite 4800, Toronto, Ontario. The Company’s shares are listed on the TSX-V under the trading symbol CPL and on the OTC under the trading symbol WTCZF.

The Company is a mineral exploration company focused on acquiring, exploring and developing exploration and evaluation assets in Canada. The Company has not yet determined whether these properties contain mineral reserves that are economically recoverable.

These condensed interim financial statements have been prepared on the basis of generally accepted accounting principles applicable to a going concern, which assume that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

The Company has no source of operating cash flows, has not yet achieved profitable operations, has limited working capital, has accumulated losses since its inception, expects to incur further losses in the development of its business and has no assurance that sufficient funding will be available to conduct further exploration of its mineral properties. These material uncertainties cast significant doubt about the Company’s ability to continue as a going concern and, accordingly, the appropriateness of the use of generally accepted accounting principles applicable to a going concern.

In the future, the Company may raise additional financing through the issuance of share capital or shareholder loans, however, there can be no assurance that it will be successful in its efforts to do so and that the terms will be favorable to the Company. These financial statements do not include any adjustments to the carrying values of assets and liabilities, the reported expenses and statement of financial position classifications that might be necessary should the Company be unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Management is seeking to raise the necessary capital to meet its funding requirements. There can be no assurance that management’s plan will be successful. If the going concern assumption were not appropriate for these financial statements, then adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the statement of financial position classifications used. Such adjustments could be material.

2. BASIS OF PREPARATION

Statement of compliance

These condensed interim financial statements (the “financial statements”) have been prepared in accordance with IAS 34, Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and the IFRS Interpretations Committee.

The preparation of these unaudited condensed interim financial statements requires management to make judgements, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expense. In management’s opinion, all adjustments considered necessary for a fair presentation have been included in these unaudited condensed interim financial statements. Interim results are not necessarily indicative of the results expected for the financial year. Actual annual results may differ from interim estimates. The significant judgements made by management applied in the preparation of these unaudited condensed interim financial statements are consistent with those applied and disclosed in the Company’s audited financial statements for the year ended October 31, 2023. For a description of the Company’s critical accounting estimates and assumptions, please refer to the Company’s audited financial statements and related notes for the year ended October 31, 2023.

These unaudited condensed interim financial statements were authorized by the Board of Directors on July 2, 2024.

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024 (Unaudited) (Expressed in Canadian dollars)

2. BASIS OF PREPARATION (Continued)

Significant accounting estimates and judgments

The policies applied in these condensed interim financial statements follow the same accounting policies and methods of application as our most recent annual financial statements. Accordingly, they should be read in conjunction with our audited financial statements for the year ended October 31, 2023

The preparation of the Company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the 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 may differ from these estimates. The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the financial statements as at and for the year ended October 31, 2023.

Functional and presentation currency

These financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information is expressed in Canadian dollars unless otherwise stated and have been rounded to the nearest dollar.

3. MINERAL PROPERTY INTERESTS

Marshall Lake Property

On June 6, 2021, the Company exercised its option to acquire a 75% undivided interest in the Marshall Lake Joint Venture Agreement (“JV Agreement”). Rainy Mountain Royalty Corp. (“Rainy Mountain”) retains the remaining 25% interest. Each party is responsible for funding its proportionate share of expenditures of the project. Should Rainy Mountain choose not to contribute its pro rata share, then its interest in the project would be diluted. Once Rainy Mountain’s interest is reduced to 10%, it is automatically converted into a 1% Net Smelter Returns Royalty (“NSR”), and Copper Lake would have the right to acquire the NSR at any time for $1 million.

During 2022, Rainy Mountain did not meet its payment obligations under the JV Agreement for expenditures to April 30, 2022. As a result, Rainy Mountain’s interest was diluted to 20.55% and Copper Lake’s interest in the property was 79.45% at October 31, 2022. Rainy Mountain’s pro rata share of exploration expenditures for the period from May 1, 2022, to October 31, 2023, was $632,928. The Company received $400,000 from Rainy Mountain, leaving an amount owing of $232,098. Rainy Mountain indicated they do not plan to contribute this additional amount, and, as a result, their interest was further diluted to 18.84%, and Copper Lake’s interest increased to 81.16% as of October 31, 2023. During the quarter ended January 31, 2024, the Company incurred exploration expenditures of $231,788, of which Rainy Mountain’s share is $43,667. As Rainy Mountain did not contribute their share by April 30, 2024 their interest was further diluted to 18.52% as of April 30, 2024. During the quarter ended April 30, 2024, the Company incurred exploration expenditures of $881,624, of which Rainy Mountain’s share is $156,576. Should Rainy Mountain not contribute their share by July 31, 2024 their interest will be further diluted to 17.42%

Norton Lake Property

The Norton Lake property is subject to a joint venture agreement between the Company and Rainy Mountain, which was originally set up in 2009. The property is located north of Thunder Bay, Ontario and the Company is the operator. The Company continues to hold a 69.79% interest and Rainy Mountain holds a 30.21% interest. Certain of the claim units are subject to a 2% NSR (the Company may purchase 1% of the NSR for $1,000,000 and has a right of first refusal on the remaining 1% NSR). Should Rainy Mountain’s interest be reduced to 5%, it is automatically converted into a 2% NSR.

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024

(Unaudited) (Expressed in Canadian dollars)

3 MINERAL PROPERTY INTERESTS (Continued)

Exploration and evaluation expenses

Details of the Company’s exploration and evaluation expenditures, which have been cumulatively expensed in the statement of loss and comprehensive loss are as follows:

For the six months ended April 30, 2024

For the six months ended April 30, 2024
	Marshall	Norton
	Lake	Lake	Total
	Property	Property
Assays	$ 13,989	-	$ 13,989
Claims management	3,823	-	3,823
Core trays	12,862	-	12,862
Drilling	627,527	-	627,527
Equipment rental	31,697	-	31,697
Field exploration camp	208,976	-	208,976
Exploration office and management	46,126	-	46,126
Geophysical	112,766	2,376	115,142
Line cutting	44,787	-	44,787
Roads and access	8,160		8,160
Storage and travel	2,700	-	2,700
JEAP Grant	(198,047)	-	(198,047)
JV Partner contributions received	-	-	-
Expenditures for the period	$ 915,366	2,376	$ 917,742
Cumulative balance-October 31, 2023	8,782,831	917,582	9,700,413
Balance, April 30, 2024	$ 9,698,197	$ 919,958	$ 10,618,155
For the six months ended April 30, 2023

For the six months ended April 30, 2023
	Marshall	Norton
	Lake	Lake		Total
	Property	Property
Assays	$ 51,545	$	-	$ 51,545
Claims management	1,359		-	1,359
Core trays	68,374		-	68,374
Drilling	802,980		-	802,980
Equipment rental	37,316		-	37,316
Exploration office and management	48,462		-	48,462
Field exploration camp	428,645		-	428,645
Geotechnical	161,366		-	161,366
Geophysical	22,263		-	22,263
Line cutting	25,366		-	25,366
Roads and access	233,212			233,212
Storage and travel	5,275		-	5,275
JEAP Grant	(200,000)		-	(200,000)
JV Partner contributions received	(250,000)		-	(250,000)
Expenditures for the period	1,436,163		-	1,436,163
Cumulative balance-October 31, 2022	7,044,554	837,685		7,882,239
Balance, April 30, 2023	$ 8,480,717	$ 837,685		$ 9,318,402

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024 (Unaudited) (Expressed in Canadian dollars)

4. CAPITAL STOCK

The common shares of the Company entitle the holder to one vote per share at meetings of the shareholders of the Company, and upon dissolution or any other distribution of assets, to receive pro rata such assets of the Company as are distributable to the holders of common shares.

The Company is authorized to issue unlimited common shares without par value.

During the six months ended April 30, 2024, the Company completed the following share transactions:

In December 2023, the Company closed two tranches of a private placement issuing of 18,840,000 flow-through units (“FT Units”) and 14,720,000 non-flow-through (“NFT Units”) at a price of $0.025 per FT Unit and NFT Unit for total gross proceeds of $839,000. Each FT Unit consisted of one flow-through common share and one-half of a common share purchase warrant (a “FT Warrant”), with each FT Warrant being exercisable at $0.10 for 24 months. Each NFT Unit consists of one non-flow-through share and one common share purchase warrant (a “NFT Warrant”), with each NFT Warrant being exercisable at $0.10 for 36 months. FT Warrants were valued at $47,100 and NFT Warrants were valued at $73,600 using the residual warrant valuation method. The Company recorded a flowthrough share price premium of $94,200 in connection with the closing of the private placement.

The Company paid total finders’ fees of $19,950 actual in cash, issued 308,000 non-flow-through shares and 1,176,000 non-transferable finders’ warrants exercisable at $0.10 for a period of 36 months from the closing date. The warrants were valued using the Black-Scholes valuation model and the following assumptions: risk free interest rate of 3.71%; expected life in years – 3; expected volatility of 140%; and expected forfeiture rate – 0%. Expected volatility was based on the historical volatility of the Company’s share price. The value allocated to the warrants was $29,089.

The Warrants are subject to an accelerated expiry date clause whereby at any time following the expiry of the fourmonths and one day hold period, should the weighted average closing price of the Common Shares on the TSX Venture Exchange (the “TSX-V”) be more than $0.20 for a period of 15 consecutive trading days, the Company shall be entitled to accelerate the expiry date of the warrants to a date which is 30 days following the date on which the Company announces the accelerated expiry of the Warrants by press release.

During the six months ended April 30, 2023, the Company completed the following share transactions:

In December 2022, the Company closed two tranches of a private placement and issued a total of 15,098,354 flowthrough units (“FT Units”) at a price of $0.085 per FT Unit for gross proceeds of $1,283,360. Each FT Unit consisted of one flow-through common share and one-half of a common share purchase warrant (a “FT Warrant”), with each FT Warrant being exercisable at $0.15 for 36 months. The Company recorded a flow-through share price premium of $122,318 in connection with the closing of the private placement.

The Company paid total finders’ fees of $82,662 in cash and issued 888,201 non-transferable finders’ warrants exercisable at $0.10 for a period of 36 months from the closing date. The warrants were valued using the BlackScholes valuation model and the following assumptions: risk free interest rate of 3.48% to 3.57%; expected life in years – 3; expected volatility of 205% to 207%; and expected forfeiture rate – 0%. Expected volatility was based on the historical volatility of the Company’s share price. The value allocated to the warrants was $70,322. The Company received proceeds from the exercise of options totaling $77,500 during the period.

The Warrants are subject to an accelerated expiry date clause whereby at any time following the expiry of the fourmonths and one day hold period, should the weighted average closing price of the Common Shares on the TSX Venture Exchange (the “TSX-V”) be more than $0.25 for a period of 15 consecutive trading days, the Company shall be entitled to accelerate the expiry date of the warrants to a date which is 30 days following the date on which the Company announces the accelerated expiry of the Warrants by press release.

Stock Options

The Company has a share option plan, under which the Board of Directors is authorized to grant options to employees, directors, officers and consultants, enabling them to acquire up to 10% of the issued and outstanding share capital of the Company. The options can be granted for a maximum term of five years. Options granted to investor relations consultants are subject to vesting provisions, as established by regulatory authorities, over a

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024 (Unaudited) (Expressed in Canadian dollars)

4. CAPITAL STOCK ( Continued)

Stock Options ( Continued)

twelve-month period, with no more than ¼ vesting during any three-month period. Vesting provisions for other options are determined by the Company’s Board of Directors.

The following options were outstanding as at April 30, 2024 and October 31, 2023:

	April 30, 2024 October 31, 2023
	Number ofOptions Weighted Ave ExercisePrice Number of Options Weighted Ave ExercisePrice
Opening balance Granted Exercised Expired Ending balance	22,350,000 0.067 20,800,000 0.063 - 0.050 5,850,000 0.075 - 0.050 (1,550,000) 0.050 (100,000) 0.060 (2,750,000) 0.060
	22,250,000 $0.070 22,350,000 $0.067
Options exercisable	22,250,000 $0.070 22,350,000 $0.067

The following options were outstanding as at April 30, 2024 and October 31, 2023.

Expiry Date	Number of Options April 30, 2024 October 31, 2023 Exercise Price
February 11, 2024 August 7, 2024 December 2, 2024 August 26, 2026 October 18, 2026 October 25, 2027 August 21, 2028 October 23, 2028	- 100,000 0.050 1,000,000 1,000,000 0.050 1,750,000 1,750,000 0.050 2,050,000 2,050,000 0.050 6,400,000 6,400,000 0.080 5,200,000 5,200,000 0.750 500,000 500,000 0.050 5,350,000 5,350,000 0.050
Outstanding	22,250,000 22,350,000 $ 0.070
Weighted averageremaininglife	2.98years 3.46years

Share-based compensation

During the six months ended April 30, 2024, the Company recognized $Nil (six months ended April 30, 2023 - $Nil) as share-based compensation expense for options vested during the period.

Share Purchase Warrants

Share purchase warrant transactions are summarized as follows:

	Six months ended April 30, 2024 Number ofWarrants Weighted Average ExercisePrice	Year ended October 31, 2023
		Number ofWarrants Weighted Average ExercisePrice
Opening balance Issued Issued Exercised Expired	35,839,800 $ 0.123 7,549,177 0.150 888,201 0.10 - - (611,450) 0.10	41,122,615 $ 0.078 14,276,850 0.150 - - (19,517,665) 0.054 (42,000) 0.050
Ending balance	43,665,728 $ 0.136	35,839,800 $ 0.123
Warrants exercisable	43,665,728 $0.136	35,839,800 $ 0.123

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024

(Unaudited) (Expressed in Canadian dollars)

4. CAPITAL STOCK ( Continued)

As at April 30, 2024 and October 31, 2023 the following share purchase warrants were outstanding:

Expiry Date	Number of Warrants April 30, 2024 October 31, 2023 Exercise Price
July 15, 20251 July 15, 20252 August 11, 2025 October 13, 2025 December 2, 2025 December 2, 2025 December 22, 2025 December 22, 2025 December 14, 2025 December 28, 2025 December 14, 2026 December 28, 2026	13,446,500 13,446,500 $ 0.10 7,505,000 7,505,000 0.10 12,020,085 12,020,085 0.15 2,256,765 2,256,765 0.15 4,460,500 4,460,500 0.15 535,260 535,260 0.10 3,088,677 3,088,677 0.15 352,941 352,941 0.10 4,900,000 - 0.10 4,520,000 - 0.10 13,418,000 - 0.10 2,786,000 - 0.10
Outstanding and exercisable	69,289,728 35,839,800

(1) The 13,446,500 July 15, 2024 warrants had an original expiry date of April 16, 2023, and were extended twice during the year, first to November 15, 2023 and subsequently to July 15, 2024. Subsequent to period end, they were extended to July 15, 2025.

(2) The 7,505,000 July 15, 2024 warrants had an original expiry date of May 17, 2023, and were extended twice during the year, first to November 15, 2023 and subsequently to July 15, 2024. Subsequent to period end, they were extended to July 15, 2025.

5. RELATED PARTY TRANSACTIONS

The following are related party transactions that have occurred during the three months ended April 30, 2024 and 2023 which have not yet otherwise been disclosed herein.

Key management compensation

Key management includes directors and other key personnel, including the CEO, President and CFO, who have authority and responsibility for planning, directing, and controlling the activities of the Company. The compensation paid or accrued to these key management personnel for the three and six months ended April 30, 2024 and 2023 is outlined below:

024 and 2023 is outlined below:
	Three months ended		Six	months ended
	April 30,			April 30,
	2024	2023	2024	2023
Management fees	$ 46,500	$ 53,925	$ 100,425	$ 107,850
	$ 46,500	$ 53,925	$ 100,425	$ 107,850

Included in accounts payable and accrued liabilities as at April 30, 2024 is $139,558 (October 31, 2023- $76,662) owed to officers and directors.

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Copper Lake Resources Ltd. Notes to the Condensed Interim Financial Statements For the Three and Six Months Ended April 30, 2024

(Unaudited) (Expressed in Canadian dollars)

6. SUBSEQUENT EVENTS

• a) Subsequent to period end, the Company announced a non-brokered private placement of up to 25,000,000 flow-through units (“ FT Units ”) at a price of $0.03 per FT Unit and 70,000,000 non flow-through units (“ NFT Units ”) at a price of $0.025 per NFT Unit for aggregate gross proceeds of $2,500,000. Each FT Unit consists of one flow-through common share and one-half of a common share purchase warrant (a “ FT Warrant ”), with each Warrant being exercisable at $0.006 for 24 months. Each NFT Unit consists of one common share and one Warrant, with each Warrant being exercisable at $0.06 for 36 months.

The Warrants are subject to an accelerated expiry date clause whereby at any time following the expiry of the four-months and one day hold period, should the weighted average closing price of the Common Shares on the TSX Venture Exchange (the “TSX-V”) be more than $0.20 for a period of 15 consecutive trading days, the Company shall be entitled to accelerate the expiry date of the warrants to a date which is 30 days following the date on which the Company announces the accelerated expiry of the Warrants by press release.

• b) Subsequent to period end the Company announced that the TSX had consented to extending the expiry date of 20,951,500 warrants with an expiry date of July 15, 2024, which were extended to July 15, 2025. All other terms were unchanged.

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