GLOBAL UAV TECHNOLOGIES — Interim / Quarterly Report 2025

Sep 27, 2025

GLOBAL UAV

TECHNOLOGIES

(A Technology Company)

Condensed Consolidated Interim Financial Statements

For the Nine Months Ended July 31, 2025 and 2024

(UNAUDITED - Expressed in Canadian Dollars)

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NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The accompanying unaudited interim financial statements have been prepared by management and approved by the Audit Committee and Board of Directors.

The Company’s independent auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity’s auditors.

This notice is being provided in accordance with National Instrument 51-102 – Continuous Disclosure Obligations.

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GLOBAL UAV TECHNOLOGIES LTD.
Condensed Consolidated Interim Statements of Financial Position
(Unaudited – expressed in Canadian Dollars)

As at	July 31, 2025	October 31, 2024
ASSETS
Current
Cash	$ 106,096	$ 141,994
Amounts receivable	19,715	26,416
	125,811	168,410
Non-current
Equipment (Note 4)	5,564	6,545
TOTAL ASSETS	$ 131,375	$ 174,955
LIABILITIES
Current
Accounts payable and accrued liabilities (Note 5)	$ 1,444,559	$ 1,405,717
Loan payable (Note 6)	64,571	62,330
TOTAL LIABILITIES	1,509,130	1,468,047
SHAREHOLDERS' DEFICIT
Share capital (Note 7)	25,237,112	25,104,124
Subscriptions received in advance	-	135,592
Reserves	2,969,058	2,969,058
Accumulated deficit	(29,583,925)	(29,501,866)
	(1,377,755)	(1,293,092)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 131,375	$ 174,955

Nature of operations and going concern (Note 1)
Subsequent event (Note 12)

Approved and authorized by the Board on September 26, 2025.

"James Rogers" (signed)
Director

"Andrew Male" (signed)
Director

See notes to the condensed consolidated interim financial statements.

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GLOBAL UAV TECHNOLOGIES LTD.
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
(Unaudited – expressed in Canadian Dollars)

	For the three months ended July 31, 2025	For the three months ended July 31, 2024	For the nine months ended July 31, 2025	For the nine months ended July 31, 2024
Operating Expenses
Accounting, audit and legal (Note 8)	$ 20,075	$ 20,000	$ 68,420	$ 60,244
Consulting	-	1,000	-	1,000
Depreciation (Notes 4)	327	409	981	1,227
Office and miscellaneous	308	167	964	1,095
Regulatory, listing and transfer agent fees	3,345	4,000	9,727	12,079
Storage	-	630	-	4,776
	(24,055)	(26,206)	(80,092)	(80,421)
Other Items
Interest	(756)	(746)	(1,967)	(1,574)
Net Loss and Comprehensive Loss for the Period	$ (24,811)	$ (26,952)	$ (82,059)	$ (81,995)
Loss per Share, Basic and Diluted	$ (0.01)	$ (0.02)	$ (0.04)	$ (0.07)
Weighted Average Number of Common Shares Outstanding, Basic and Diluted	2,341,167	1,171,167	2,319,660	1,171,167

See notes to the condensed consolidated interim financial statements.

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GLOBAL UAV TECHNOLOGIES LTD.

Condensed Consolidated Interim Statements of Changes in Shareholders' Deficit

(Unaudited – expressed in Canadian Dollars)

	Number of Shares	Share Capital	Reserves	Subscriptions received in advance	Accumulated Deficit	Total Shareholders’ Deficit
Balance – October 31, 2023	1,171,167	$ 25,104,124	$ 2,969,058	$ -	$ (29,386,185)	$ (1,313,003)
Net loss for the period	-	-	-	-	(81,995)	(81,995)
Balance – July 31, 2024	1,171,167	25,104,124	2,969,058	-	(29,468,180)	(1,394,998)
Net loss for the period	-	-	-	-	(33,686)	(33,686)
Subscriptions Received in Advance	-	-	-	140,400	-	140,400
Share issuance costs	-	-	-	(4,808)	-	(4,808)
Balance – October 31, 2024	1,171,167	25,104,124	2,969,058	135,592	(29,501,866)	(1,293,092)
Net loss for the period	-	-	-	-	(82,059)	(82,059)
Private placement	1,170,000	140,400	-	(140,400)	-	-
Share issuance costs	-	(7,412)	-	4,808	-	(2,604)
Balance – July 31, 2025	2,341,167	$ 25,237,112	$ 2,969,058	$ -	$ (29,583,925)	$ (1,377,755)

See notes to the condensed consolidated interim financial statements.

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GLOBAL UAV TECHNOLOGIES LTD.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited – expressed in Canadian Dollars)
For the nine months ended July 31,

	2025	2024
Operating Activities
Net loss	$ (82,059)	$ (81,995)
Items not affecting cash:
Depreciation	981	1,227
Changes in non-cash working capital:
Amounts receivable	6,701	(4,074)
Loan payable	2,241	1,574
Accounts payable and accrued liabilities	36,238	80,714
Cash Used in Operating Activities	(35,898)	(2,554)
Change in Cash	(35,898)	(2,554)
Cash, Beginning of Period	141,994	2,562
Cash, End of Period	$ 106,096	$ 8

Non-cash transactions:

During the nine-month period ended July 31, 2025, the Company recognized $135,592 in share capital from subscriptions received in advance.

The Company did not enter into any material non-cash transactions during the nine-month period ended July 31, 2024.

See notes to the condensed consolidated interim financial statements.

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GLOBAL UAV TECHNOLOGIES LTD.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended July 31, 2025 and 2024

(Unaudited – expressed in Canadian Dollars)

1. NATURE OF OPERATIONS AND GOING CONCERN

Global UAV Technologies Ltd. (the “Company”) was incorporated under the laws of British Columbia. The Company’s principal and registered place of business is located at 488 – 1090 West Georgia St., Vancouver, British Columbia, Canada, V6E 3V7. The Company is a technology issuer and is listed on the Canadian Securities Exchange under the symbol “UAV”.

The Company has sustained recurring losses and negative cash flows from its operations. As at July 31, 2025, the Company had cash of $106,096 (October 31, 2024 - $141,994), working capital deficit of $1,383,319 (October 31, 2024 – deficit of $1,299,637) and an accumulated deficit of $29,583,925 (October 31, 224 - $29,501,866). The Company will need to raise additional capital to fund operations and settle its debts. The Company expects to seek additional funding through equity financings. There can be no assurance as to the availability or terms upon which such financing might be available.

The ability of the Company to continue as a going concern and meet its commitments as they become due is dependent on the success of the Company’s wholly owned subsidiaries and/or the Company’s ability to obtain the necessary financing. If the Company is unable to obtain additional financing, the Company will be unable to finance itself to continue operations. There can be no assurance that management’s plans will be successful.

These matters indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. These condensed consolidated interim financial statements do not include any adjustments relating to the recoverability of assets and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

2. BASIS OF PRESENTATION

a) Statement of Compliance

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

Basis of presentation

These consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as fair value through profit or loss (“FVTPL”) or fair value through other comprehensive income (“FVOCI”), which are measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

b) Basis of consolidation

These condensed consolidated interim financial statements include the accounts of the Company and the following subsidiaries:

Subsidiary		Percentage owned*
		July 31, 2025	October 31, 2024
Pioneer Aerial Surveys Ltd.	Saskatchewan, Canada	100%	100%
High Eye Aerial Imaging Inc.	Ontario, Canada	100%	100%
UAV Regulatory Services Ltd.	BC, Canada	100%	100%
NOVAerial Robotics Inc.	Ontario, Canada	100%	100%
Global UAV Leasing Ltd.	Saskatchewan, Canada	100%	100%
Aerial Imaging Resources Inc.	Manitoba, Canada	100%	100%

*Percentage of voting power is proportion to ownership.

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GLOBAL UAV TECHNOLOGIES LTD.
Notes to the Condensed Consolidated Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited – expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (cont’d...)

b) Basis of consolidation (cont’d...)

Subsidiaries are entities that the Company controls, either directly or indirectly. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when we have existing rights that give us the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company’s share capital. All inter-company balances and transactions, including unrealized profits and losses arising from intra-group transactions, have been eliminated upon consolidation. Where necessary, adjustments are made to the results of the subsidiaries and entities to bring their accounting policies in line with those used by the Company.

c) Foreign currencies

i) Presentation and functional currency

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

ii) Foreign currency transactions

Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at the date of the consolidated statement of financial position. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Gains and losses arising on foreign currency translations are included in loss for the year.

d) Significant accounting judgments and estimates

The preparation of the condensed consolidated interim financial statements using accounting policies consistent with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. The preparation of the consolidated financial statements also requires management to exercise judgment in the process of applying the accounting policies.

Critical accounting estimates

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively from the period in which the estimates are revised. The following are the key estimate and assumption uncertainties that have a significant risk of resulting in a material adjustment within the next financial year:

Critical judgments used in applying accounting policies

In the preparation of these condensed consolidated interim financial statements management has made judgments, aside from those that involve estimates, in the process of applying the accounting policies. These judgments can have an effect on the amounts recognized in the consolidated financial statements.

Impairment of assets

When there are indications that an asset may be impaired, the Company is required to estimate the asset’s recoverable amount. The recoverable amount is the greater of value in use and fair value less costs to sell. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. Determining the value in use requires the Company to estimate expected future cash flows associated with the assets and a suitable discount rate in order to calculate present value.

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GLOBAL UAV TECHNOLOGIES LTD.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended July 31, 2025 and 2024

(Unaudited – expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (cont’d...)

d) Significant accounting judgments and estimates (cont’d...)

Utilization of deferred income tax assets

In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities.

3. MATERIAL ACCOUNTING POLICY INFORMATION

The accounting policies applied in preparation of these condensed consolidated interim financial statements are consistent with those applied and disclosed in the Company’s audited consolidated financial statements for the year ended October 31, 2024.

Future standards not yet adopted

Presentation and Disclosure in Financial Statements (IFRS 18) - IFRS 18 will replace IAS 1, Presentation of Financial Statements which aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is not yet able to determine the impact to the consolidated financial statements from the adoption of this standard.

Certain pronouncements were issued by the IASB but are not yet effective as at July 31, 2025. The Company intends to adopt these standards when they become effective but does not expect these amendments to have a material effect on its consolidated financial statements.

4. EQUIPMENT

	Vehicles
COST
Balance, October 31, 2023, October 31, 2024, and July 31, 2025	$ 62,974
ACCUMULATED DEPRECIATION
Balance, October 31, 2023	$ 54,793
Depreciation	1,636
Balance, October 31, 2024	56,429
Depreciation	981
Balance, July 31, 2025	$ 57,410
CARRYING AMOUNTS
At October 31, 2024	$ 6,545
At July 31, 2025	$ 5,564

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GLOBAL UAV TECHNOLOGIES LTD.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended July 31, 2025 and 2024

(Unaudited – expressed in Canadian Dollars)

5. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities are comprised of the following:

	July 31, 2025	October 31, 2024
Trade payables	$ 1,429,559	$ 1,385,717
Accrued liabilities	15,000	20,000
Total accounts payable and accrued liabilities	$ 1,444,559	$ 1,405,717

6. LOAN PAYABLE

As part of the Government of Canada’s response to the COVID-19 global pandemic, certain businesses are eligible to apply for the Canada Emergency Business Account (the “CEBA”). The CEBA provides companies with a $60,000 interest free loan to be used to cover non-deferrable operating expenses during the period where operations had been temporarily reduced due to the economic impacts of the COVID-19 virus. During the year ended October 31, 2020, the Company applied for the CEBA and received a $40,000 loan and applied for an additional $20,000 which it received during the year ended October 31, 2021. The CEBA remained interest free until January 18, 2024 and effective January 19, 2024, an interest rate of 5% per annum applies to the outstanding balance on the loan. During the year ended October 31, 2024, the loan was assigned to the CEBA Program and is in default as at July 31, 2025.

Balance October 31, 2023	$ 60,000
Interest	2,330
Balance, October 31, 2024	$ 62,330
Interest	2,241
Balance, July 31, 2025	$ 64,571
Current portion	$ 64,571
Non-current portion	$ -

7. SHARE CAPITAL

a) Authorized

Unlimited number of common shares without par value.

b) Issued

During the nine-month period ended July 31, 2025, the Company closed a non-brokered private placement for aggregate gross proceeds of $140,400 from the issuance of 1,170,000 units of the Company at a price of $0.12 per unit. Each unit comprises on common share in the capital of the Company and one common share purchase warrant. Each warrant is exercisable to acquire one common share at a price of $0.15 per warrant for a period of 24 months from the date of issuance. The Company recognized $7,412 in share issuance costs in connection with the financing.

The Company did not issue any shares during the year ended October 31, 2024.

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GLOBAL UAV TECHNOLOGIES LTD.
Notes to the Condensed Consolidated Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited – expressed in Canadian Dollars)

1. SHARE CAPITAL (cont’d...)

c) Share purchase warrants

A continuity schedule of outstanding common share purchase warrants for the nine-month period ended July 31, 2025 and the year ended October 31, 2024

	July 31, 2025		October 31, 2024
	Number outstanding	Weighted average exercise price	Number outstanding	Weighted average exercise price
Outstanding, beginning of period	-	$ -	-	$ -
Granted	1,170,000	0.15	-	-
Outstanding, end of period	1,170,000	$ 0.15	-	$ -

The balance of share purchase warrants outstanding as at July 31, 2025 was as follows:

Expiry Date	Number	Exercise Price	Remaining Life (Years)
Share purchase warrants
November 5, 2026	1,170,000	$ 0.15	1.27

1. RELATED PARTY TRANSACTIONS

Transactions with management and related parties during the nine-month periods ended July 31, 2025 and 2024 were as follows:

Supplier	Nature of Transaction	2025	2024
Red Fern Consulting Ltd(i)	Accounting, audit and legal	$ 45,000	$ 45,000

1. Red Fern Consulting Ltd is a private company of which Stephen Sulis, the Company’s CFO, is an employee.

Accounts payable to related parties

Included in accounts payable and accrued liabilities at July 31, 2025 is $1,102,586 (October 31, 2024 - $1,061,624) due to officers, former officers and directors of the Company.

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GLOBAL UAV TECHNOLOGIES LTD.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended July 31, 2025 and 2024

(Unaudited – expressed in Canadian Dollars)

9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

The Company's financial assets and liabilities were categorized as follows:

	July 31, 2025	October 31, 2024
Financial assets
Cash	$ 106,096	$ 141,994
Amounts receivable	19,715	26,416
Total financial assets	$ 125,811	$ 168,410
Financial liabilities
Accounts payable and accrued liabilities	$ 1,444,559	$ 1,405,717
Loan payable	64,571	62,330
Total financial liabilities	$ 1,509,130	$ 1,468,047

The fair values of the Company's cash, amounts receivable and accounts payable and accrued liabilities approximate their carrying values due to the short-term nature of these instruments. The fair value of the Company's loan payable approximates their carrying value and contractual interest rates are comparable to current market interest rates.

The Company's financial instruments are exposed to certain financial risks, including credit risk, liquidity risk and market risk.

a) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk with respect to its cash and amounts receivable.

The Company deposits substantially all of its cash at a Canadian chartered bank. The Company's amounts receivable consist of Goods and Services Tax receivable from the Canadian government. Management considers the risk of non-performance related to cash and amounts receivable to be minimal.

b) Liquidity risk

Liquidity risk is the risk that an entity will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure.

At July 31, 2025, the Company had cash in the amount of $106,096 (October 31, 2024 - $141,994) and accounts payable and accrued liabilities of $1,444,559 (October 31, 2024 - $1,405,717) and loans payable of $64,571 (October 31, 2024 - $62,330)

The Company will need to obtain additional financing to meet its short-term financial obligations. The Company is investigating financing options to meet short-term financial obligations.

c) Market risk

Market risk consists of interest rate risk, foreign currency risk and other price risk. These are discussed below:

Interest rate risk

Interest rate risk consists of two components:

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GLOBAL UAV TECHNOLOGIES LTD.
Notes to the Condensed Consolidated Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited – expressed in Canadian Dollars)

9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont’d...)

c) Market risk (cont’d...)

i) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk.

ii) To the extent that changes in prevailing market rates differ from the interest rate in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk.

The Company is not exposed to significant interest rate risk.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is not exposed to significant foreign currency risk.

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company is not exposed to significant market risk.

d) Fair value of financial instruments

IFRS 7 Financial Instruments: Disclosure establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows:

Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and

Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).

10. MANAGEMENT OF CAPITAL

The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue development of the Company’s UAV business, and to maintain a flexible capital structure, which optimizes the costs of capital at an acceptable risk.

The Company’s capital consists of shareholders’ deficit. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may issue new shares or debt or acquire or dispose of assets.

To effectively manage its resources and minimize risk, the Company maintains the majority of its capital at the parent company level and funds activities in its operating subsidiaries through a cash call process.

The Company’s investment policy is to invest any excess cash in liquid short-term interest-bearing instruments callable at any time.

There have been no changes to the Company’s approach to capital management during the nine-month period ended July 31, 2025.

11. SEGMENT REPORTING

The Company has one reportable operating segment, UAV services in Canada. The Company’s assets are located in Canada.

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GLOBAL UAV TECHNOLOGIES LTD.

Notes to the Condensed Consolidated Interim Financial Statements

For the Nine Months Ended July 31, 2025 and 2024

(Unaudited – expressed in Canadian Dollars)

12. SUBSEQUENT EVENT

Subsequent to the nine-month period ended July 31, 2025, the Company received gross proceeds of $20,000 from the exercise of 133,333 warrants.