Greenridge Exploration Inc.

Consolidated Financial Statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian Dollars)

DeVISSERGRAY LLP
CHARTERED PROFESSIONAL ACCOUNTANTS
401-905 West Pender St
Vancouver BC V6C 1L6
www.devissergray.com
t 604.687.5447
f 604.687.6737

Independent Auditor's Report

To the Shareholders of Greenridge Exploration Inc.

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Greenridge Exploration Inc. (the "Company"), which comprise the statements of financial position as at August 31, 2025 and 2024, and the statements of loss and comprehensive loss, changes in shareholders' equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects the financial position of the Company as at August 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards ("IFRS").

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 Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audits of the consolidated financial statements in Canada, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 1 in the consolidated financial statements, which indicates that the Company has not generated any revenues from operations, has incurred losses since inception and has a deficit of $7,732,032 as at August 31, 2025. These matters, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on 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 consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there is the following key audit matter to communicate in our auditor's report:

Key audit matter:	How our audit addressed the key audit matter:
Assessment of impairment indicators of Exploration and evaluation assets.	Our approach to addressing the matter included the following procedures, among others:
Refer to note 3 – Significant estimates and judgments, estimates; note 3 – Material accounting policy information: Exploration and evaluation assets; and note 9 – Exploration and evaluation assets	Evaluated the reasonableness of management's assessment of impairment indicators, which included the following:
Management assesses at each reporting period whether there is an indication that the carrying value of exploration and evaluation assets may not be recoverable. Management applies significant judgement in assessing whether indicators of impairment exist that necessitate impairment testing. Internal and external	• Assessed the Company's market capitalization in comparison to the Company's net assets, which may be an indication of impairment.
• Assessed the completeness of the factors that could be considered indicators of impairment, including consideration of evidence obtained in

factors, such as (i) a significant decline in the market value of the Company's share price; (ii) changes in the Company's assessment of whether commercially viable quantities of mineral resources exist within the properties; and (iii) changes in metal prices, capital and operating costs, are evaluated by management in determining whether there are any indicators of impairment.

We considered this a key audit matter due to (i) the significance of the exploration and evaluation asset balance and (ii) the significant audit effort and subjectivity in applying audit procedures to assess the factors evaluated by management in its assessment of impairment indicators, which required significant management judgement.

other areas of the audit.

Confirmed that the Company's right to explore the properties had not expired.
Obtained management's written representations regarding the Company's future plans for the exploration and evaluation assets.
Assessed the reasonability of the Company's financial statement disclosure regarding their exploration and evaluation assets.

Other Information

Management is responsible for the other information. The other information comprises the information included in "Management's Discussion and Analysis", but does not include the consolidated financial statements and our auditor's report thereon.

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

In connection with our audits of the consolidated financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audits or otherwise appears to be materially misstated. If, based on the work we have performed, 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.

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

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

In preparing the consolidated 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.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 consolidated 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 consolidated 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 auditor's report to the related disclosures in the consolidated 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 auditor's 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 consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

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 consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's 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 auditor's report is William Nichols.

De Visser Gray LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, BC, Canada

December 24, 2025

Greenridge Exploration Inc.
Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)

| | Note | As at August 31, 2025
$ | As at August 31, 2024
$ |
| --- | --- | --- | --- |
| Assets | | | |
| Current assets | | | |
| Cash and cash equivalents | 5 | 3,559,060 | 1,790,055 |
| Marketable securities | 6 | 469,216 | - |
| Prepaid expenses | 7 | 15,840 | - |
| Taxes receivable | | 131,616 | - |
| Total current assets | | 4,175,732 | 1,790,055 |
| Deposits | 7 | 1,718,887 | 5,000 |
| Property and equipment | 8 | 55,367 | - |
| Exploration and evaluation assets | 9 | 14,749,330 | 4,346,514 |
| Total Assets | | 20,699,316 | 6,141,569 |
| Liabilities | | | |
| Current liabilities | | | |
| Accounts payable and accrued liabilities | 12 | 446,952 | 1,095,209 |
| Due to related parties | 12 | 38,870 | 33,600 |
| Current portion of lease liability | 10 | 47,246 | - |
| Total current liabilities | | 533,068 | 1,128,809 |
| Lease liability | 10 | 17,803 | - |
| Total liabilities | | 550,871 | 1,128,809 |
| Shareholders’ Equity | | | |
| Share capital | 11 | 26,056,030 | 6,796,742 |
| Reserves | 11 | 1,824,447 | 1,074,734 |
| Shares to be issued | 11 | - | 5,918 |
| Deficit | | (7,732,032) | (2,864,634) |
| Total Shareholders’ Equity | | 20,148,445 | 5,012,760 |
| Total Liabilities and Shareholders’ Equity | | 20,699,316 | 6,141,569 |

Nature of Operations and Going Concern (Note 1)
Subsequent Events (Note 16)

These consolidated financial statements were approved and authorized for issuance on behalf of the Board of Directors on December 24, 2025.

“Mike Parmar”
Mike Parmar, Director

“Warren Stanyer”
Warren Stanyer, Director

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

Greenridge Exploration Inc.
Consolidated Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars, except number of shares)

	Note	For the year ended August 31, 2025	For the year ended August 31, 2024
		$	$
Operating expenses
Consulting fees	12	455,380	197,925
Depreciation	8	27,682	-
Filing fees		57,564	72,946
Marketing and promotion		620,806	1,471,367
Office expenses		73,451	905
Professional fees	12	331,359	317,028
Project investigation costs		45,448	-
Share-based compensation	11, 12	496,096	785,560
Transfer agent fees		24,819	10,370
Travel expenses		10,450	-
Total expenses		2,143,055	2,856,101
Exchange loss		(1,991)	(8,081)
Interest income		44,889	14,123
Flow through recovery	11	170,810	-
Gain on settlement of debt	11	59,079	-
Part XII tax expense		(5,475)	-
Realized gain on sale of marketable securities and other		15,423	-
Recovery of office and general		33,592	-
Unrealized gain on sale of marketable securities		345,497	-
Impairment of exploration and evaluation assets	9	(3,386,167)	-
Net and comprehensive loss		(4,867,398)	(2,850,059)
Loss per common share – basic and diluted		(0.10)	(0.12)
Weighted average number of common shares		49,151,460	23,585,712

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

Greenridge Exploration Inc.
Consolidated Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars, except number of shares)

	Share Capital (Note 11)		Reserves (Note 11)		Subscriptions Received	Deficit	Total Shareholders' Equity
	Number	Amount	Share-based Compensation Reserve	Warrant Reserve
	#	$	$	$	$	$	$
Balance, August 31, 2023	15,497,736	395,165	-	-	279,300	(14,575)	659,890
Shares issued for private placement	10,064,904	4,251,168	-	85	-	-	4,251,253
Shares issuance costs	-	(538,773)	-	289,089	-	-	(249,684)
Shares issued on conversion of special warrants	2,793,005	279,300	-	-	(279,300)	-	-
Shares issued for exploration and evaluation assets	2,550,000	1,826,500	-	-	-	-	1,826,500
Shares issued on exercise of warrants	1,998,135	469,127	-	-	-	-	469,127
Shares issued on exercise of options	162,500	114,255	-	-	-	-	114,255
Shares to be issued	-	-	-	-	5,918	-	5,918
Share-based compensation	-	-	785,560	-	-	-	785,560
Net loss for the year	-	-	-	-	-	(2,850,059)	(2,850,059)
Balance, August 31, 2024	33,066,280	6,796,742	785,560	289,174	5,918	(2,864,634)	5,012,760
Shares issued for private placements	7,330,184	6,449,829	-	733	-	-	6,450,562
Shares issuance costs	-	(591,795)	-	145,949	-	-	(445,846)
Shares issued for acquisition of subsidiary	11,226,143	11,001,620	353,300	23,900	-	-	11,378,820
Shares issued for exploration and evaluation assets	2,200,000	1,678,000	-	-	-	-	1,678,000
Shares issued on exercise of warrants	1,826,145	1,003,944	-	(270,265)	(5,918)	-	727,761
Shares issued for settlement of debt	250,000	182,500	-	-	-	-	182,500
Treasury shares	-	(294,000)	-	-	-	-	(294,000)
Flow-through premium	-	(170,810)	-	-	-	-	(170,810)
Share-based compensation	-	-	496,096	-	-	-	496,096
Net loss for the year	-	-	-	-	-	(4,867,398)	(4,867,398)
Balance, August 31, 2025	55,898,752	26,056,030	1,634,956	189,491	-	(7,732,032)	20,148,445

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

Greenridge Exploration Inc.
Consolidated Statements of Cash Flows
(Expressed in Canadian dollars, except number of shares)

	For the year ended August 31, 2025	For the year ended to August 31, 2024
Operating activities
Net loss for the year	(4,867,398)	(2,850,059)
Item not involving cash:
Accretion	8,008	-
Depreciation	27,682	-
Gain on settlement of debt	(59,079)	-
Flow through recovery	(170,810)	-
Realized loss on sale of marketable securities	1,986	-
Share-based compensation	496,096	785,560
Unrealized gain on sale of marketable securities	(345,497)	-
Impairment of exploration and evaluation assets	3,386,167	-
Changes in working capital related to operating activities:
Accounts payable and accrued liabilities	190,577	1,082,841
Deposits	(1,582,349)	(5,000)
Prepaid expenses	(10,840)	-
Taxes receivable	(114,127)	-
Cash used for operating activities	(3,039,584)	(986,658)
Investing activities
Proceeds from sale of marketable securities	159,676	-
Exploration and evaluation expenditures	(1,966,008)	(2,490,887)
Cash from acquisition of subsidiary	106,448	-
Cash used in investing activities	(1,699,884)	(2,490,887)
Financing activities
Due to related parties	5,270	22,495
Proceeds from private placements	6,450,562	4,251,253
Share issuance costs	(445,846)	(249,684)
Loans advanced	(194,919)	-
Repayment of lease liabilities	(34,355)	-
Proceeds from warrants exercised	727,761	469,127
Proceeds from options exercised	-	114,255
Proceeds from shares to be issued	-	5,918
Cash provided by financing activities	6,508,473	4,613,364
Change in cash	1,769,005	1,135,819
Cash and cash equivalents, beginning of year	1,790,055	654,236
Cash and cash equivalents, end of year	3,559,060	1,790,055
Supplemental cash flows information:
Cash received for interest	42,340	14,123
Debt settled through issuance of shares	182,500	-
Exploration and evaluation costs in accounts payable	347,575	978,943

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

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

1. Nature of Operations and Going Concern

Greenridge Exploration Inc. (the "Company") was incorporated in the Province of British Columbia on December 19, 2022. The Company's principal business activities include the acquisition and exploration of mineral property assets in Canada. The Company's head office is at 250 – 997 Seymour Street, Vancouver, BC and registered & records office is at Suite 6th Floor, 905 West Pender Street, Vancouver, BC.

The Company's subsidiary, ALX Resources Corp. ("ALX"), was incorporated in British Columbia with limited liability under the legislation of the Province of British Columbia.

On October 10, 2023, the Company filed a preliminary prospectus with the securities regulatory authorities in the provinces of Alberta, British Columbia and Ontario, to qualify the distribution of 2,793,005 common shares upon the exercise of 2,793,005 issued and outstanding special warrants, without payment, and list its issued and outstanding common shares on the Canadian Securities Exchange. On December 4, 2023, the Company filed a final prospectus.

On December 11, 2023, the Company's common shares were approved for listing on the Canadian Securities Exchange and began trading on December 13, 2023 under the ticker ("GXP").

On January 12, 2024, the Company's common shares began trading on the Frankfurt Stock Exchange under the ticker ("HW3").

On December 30, 2024, the Company acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia).

On January 15, 2025, the Company's common shares trading on the OTCQB under the symbol "GXPLF".

These consolidated financial statements for the year ended August 31, 2025 include the results of operations of ALX from December 30, 2024.

These consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. As at August 31, 2025, the Company has not generated any revenues from operations, has incurred losses since inception and has an accumulated deficit of $7,732,032 (August 31, 2024 - $2,864,634). The Company expects to incur further losses in the development of its business. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. Management is of the opinion that sufficient working capital will be obtained from external financing to meet the Company's liabilities and commitments as they become due, although there is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These consolidated financial statements do not reflect any adjustments to the carrying values of assets and liabilities, the reported expenses, and the balance sheet classifications used that may be necessary if the Company is unable to continue as a going concern.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

2. Basis of Preparation

(a) Statement of Compliance and Principles of Consolidation

The consolidated financial statements of the Company have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee effective for the years ended August 31, 2025 and 2024.

The consolidated financial statements include the accounts of the Company:

Name of Entity	Country	Ownership	Functional Currency	Principal Activity
The Company	Canada	Parent	CAD	Mineral Exploration
ALX*	Canada	100%	CAD	Mineral Exploration

*From December 30, 2024

Subsidiaries are entities that the Company controls, either directly or indirectly. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All intercompany transactions and balances have been eliminated upon consolidation.

These consolidated financial statements were approved by the Board of Directors and authorized for issue on December 24, 2025.

(b) Basis of Preparation

These consolidated financial statements have been prepared on a historical cost basis except for those financial instruments which have been classified at fair value through profit or loss ("FVTPL").

(c) Functional and Presentation Currency

The consolidated financial statements are presented in Canadian dollars, which is also the functional currency, unless otherwise noted. The functional currency is the currency of the primary economic environment in which an entity operates. The policies set out below were consistently applied to all periods presented unless otherwise noted.

3. Material Accounting Policy Information

(a) Significant Estimates and Judgments

Apart from making estimates and assumptions as described below, the Company's management makes judgments in the process of applying its accounting policies that have a significant effect on the amounts recognized in the Company's consolidated financial statements. The significant judgments that the Company's management has made in the process of applying the Company's accounting policies, apart from those involving estimation uncertainties, that have the most significant effect include, but are not limited to:

The indicators of impairment of exploration and evaluation assets

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

Significant judgment is required when determining whether facts and circumstances suggest that the carrying amount of exploration and evaluation assets may exceed its recoverable amount. The retention of regulatory permits and licenses; the Company's ability to obtain financing for exploration and development activities and its future plans on the exploration and evaluation assets; current and future metal prices; and market sentiment are all factors considered by the Company.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

3. Material Accounting Policy Information (continued)

(a) Significant Estimates and Judgments (continued)

The assessment of the Company's ability to continue as a going concern

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its operating expenditures, meet its liabilities for the subsequent year, and to fund planned contractual exploration programs, involves significant judgement based on historical experiences and other factors including expectation of future events that are believed to be reasonable under the circumstances.

Management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant areas requiring the use of management estimates include:

The inputs used in the Black-Scholes option pricing model to calculate the fair value of options granted and vested in the period.

While management believes that these estimates are reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows.

(b) Financial Instruments

The following is the Company's accounting policy for 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.

(i) 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.

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 operations 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 operations and comprehensive loss in the period in which they arise.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

3. Material Accounting Policy Information (continued)

(b) Financial Instruments (continued)

Debt investments at FVTOCI

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

Equity investments at FVTOCI

These assets are subsequently measured at fair value. Dividends are recognized 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 recognized 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 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) Derecognition

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 or 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 derecognition are generally recognized in profit or loss.

(c) Exploration and Evaluation Assets

The Company is in the exploration stage with respect to its investment in mineral interests. Accordingly, once a license to explore an area has been secured, the Company follows the practice of capitalizing all costs relating to the acquisition of, exploration for and development of exploration and evaluation assets. Such costs, include, but are not limited to, geological and geophysical studies, exploratory drilling and sampling.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

3. Material Accounting Policy Information (continued)

(c) Exploration and Evaluation Assets (continued)

When commercial production commences, these costs will be charged to operations on a unit-of-production method based on proven and probable resources. The aggregate costs, related to abandoned exploration and evaluation assets are charged to operations at the time of any abandonment or when it has been determined that there is evidence of a permanent impairment.

Recoverability of the carrying amount of the exploration and evaluation assets is dependent on the successful development and commercial exploitation, or alternatively, the sale of all or a portion of the property interests.

(d) Share Capital

Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and stock options are recognized as a deduction from equity, net of any tax effects. The proceeds from the issue of units are allocated between common shares and share purchase warrants based on the residual value method. The fair value of common shares is based on the market closing price on the date the units are issued. Equity instruments issued to agents as financing costs are measured at their fair value at the date of grant. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Proceeds from the issuance of units are allocated between common shares, common share purchase warrants and flow through liability based on the residual value method. Under this method, the proceeds are allocated to common shares based on the fair value of a common share at the issuance date of the unit offering then common share purchase warrants and any residual remaining is allocated to flow through premium. Any fair value attributed to the warrants is recorded as reserves.

(e) Share Based Payments

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

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

(f) Income Taxes

Current income tax

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

3. Material Accounting Policy Information (continued)

(f) Income Taxes (continued)

Deferred income tax

Deferred income tax is provided using the asset and liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

(g) Loss Per Share

Basic loss per share is computed by dividing net loss attributable to common shareholders by the weighted average number of shares outstanding in the period. Diluted loss per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase common shares at the average market price during the period. The calculation of diluted loss per share excludes the effects of conversion or exercise of options and warrants if they would be anti-dilutive.

4. Acquisition

The Company acquired all the outstanding common shares of ALX in consideration for the issuance of an aggregate of 11,226,143 common shares of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 common share of the Company for each ALX share held.

As ALX meets the IFRS 3, Business Combinations, definition of a business, the acquisition has been accounted for as a business combination. ALX is engaged in the acquisition, exploration, and development of mineral properties.

In accordance with the acquisition method of accounting, the acquisition cost had been allocated on a preliminary basis to the identifiable underlying assets acquired and liabilities assumed, based upon their estimated fair values at the date of acquisition.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

4. Acquisition (continued)

The purchase price allocation for the acquisition of ALX is summarized as follows:

Purchase Consideration:	$, except number of shares
Number of Company shares issued	11,226,143
Closing share price as at the acquisition date	0.98
Share consideration	11,001,620
Fair value of ALX options and finders' warrants	377,200
Advances and other	(99,081)
Total Purchase Consideration	11,279,739
Fair value of ALX's net assets acquired:
Cash	106,448
Marketable securities	285,381
Property and equipment	83,049
Non-cash working capital, net	119,915
Lease liability	(91,396)
	503,397
Value attributable to exploration and evaluation assets	10,776,342
	11,279,739

A value of $10,776,342 has been included in exploration and evaluation assets to reflect the difference between the fair value of the amount paid and the fair value of the net assets received from ALX.

5. Cash and cash equivalents

As at August 31, 2025, the Company had cash of $511,871 (August 31, 2024 - $840,055) and $3,047,189 in term deposits (August 31, 2024 - $950,000). The term deposits are redeemable on demand, and interest income is calculated and paid at maturity or withdrawal. Interest income on term deposits during the year ended August 31, 2025 was $42,340 (2024 - $14,123).

6. Marketable securities

The Company holds marketable securities in quoted public companies. The investments are measured at fair value using a level 1 input for public companies in the fair value hierarchy. Public company shares held by the Company are listed on the Toronto Stock Exchange or the TSX Venture Exchange (the "TSXV") or the Australian Securities Exchange and published price quotes are widely available. The aggregate amount of the investments can be summarized as follows:

	August 31, 2025
	Number of shares	Book value	Fair Value
	#	$	$
Forrestania Resources Ltd.	2,479,586	31,062	401,113
Xenora Minerals Limited	541,283	92,267	68,103
	3,020,869	123,329	469,216

As at August 31, 2024, the Company did not hold any marketable securities.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

7. Prepaid expenses and Deposits

Prepaid Expenses	August 31, 2025	August 31, 2024
Insurance	8,155	-
Fees	7,684	-
Total	15,840	-
Deposits	August 31, 2025	August 31, 2024
Marketing agency for services	5,000	5,000
Retainers for services	267,756	-
Lease deposit	10,870	-
Refundable program deposits	1,435,261	-
Total	1,718,887	5,000

8. Property and equipment

| | Right-of-use asset
(Note 10)
$ |
| --- | --- |
| Cost: | |
| Balance, September 30, 2024 | - |
| Additions (Note 4) | 83,049 |
| Balance, August 31, 2025 | 83,049 |
| Accumulated amortization: | |
| Balance, September 30, 2024 | - |
| Additions | 27,682 |
| Balance, August 31, 2025 | 27,682 |
| Net book value: | |
| Balance, August 31, 2024 | - |
| Balance, August 31, 2025 | 55,367 |

See Note 10.

9. Exploration and Evaluation Assets

Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many exploration and evaluation assets. The Company has investigated title to all of its exploration and evaluation assets, and to the best of its knowledge, all of its properties are in good standing.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and Evaluation Assets (continued)

A summary of the Company's exploration and evaluation assets is as follows:

	Energy Metals and Gold Properties	Uranium Properties	Total
	$	$	$
Balance, August 31, 2023	29,127	-	29,127
Additions during the year:
Acquisition - claims	-	4,455	4,455
Acquisition - option payments	132,000	1,974,500	2,106,500
Claims maintenance	54,468	1,018,577	1,073,045
Field Work	137,948	932,126	1,070,074
Professional fees	661	52,525	53,186
Reports	1,843	8,284	10,127
Balance, August 31, 2024	356,047	3,990,467	4,346,514
Additions during the year:
Acquisition (Note 4)	4,918,252	5,858,090	10,776,342
Acquisition - claims	7,813	-	7,813
Acquisition - option payments (cash)	20,000	24,000	44,000
Acquisition - option payments (shares issued)	-	1,678,000	1,678,000
Claims maintenance	(54,468)	(1,018,175)	(1,072,643)
Field Work	413,055	1,540,053	1,953,108
Professional fees	10,425	234,030	244,455
Reports	6,594	151,315	157,909
Impairment	(1,524,372)	(1,861,796)	(3,386,168)
Balance, August 31, 2025	4,153,346	10,595,984	14,749,330

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and Evaluation Assets (continued)

Energy Metals and Gold Properties

|---Energy Metals Properties---|---Gold Properties---|

	Firebird Nickel Project	Electra Nickel Project	Flying Vee Nickel Project	Hydra Lithium Project	Anchor Lithium Project	Cannon Copper	Weyman Property	Staked Energy Metals Properties	Alligator Gold Project	Vixen Gold Project	Other Gold Properties	Total
Note	(i)	(ii)	(iii)	(iv)	(v)	(vi)	(vii)	(viii)	(ix)	(x)	(xi)
Balance, August 31, 2023	-	-	-	-	-	-	29,127	-	-	-	-	29,127
Additions during the year:	-	-	-	-	-	-	-	-	-	-	-
Acquisition - option payments	-	-	-	-	-	-	132,000	-	-	-	-	132,000
Claims maintenance	-	-	-	-	-	-	54,468	-	-	-	-	54,468
Field Work	-	-	-	-	-	-	137,948	-	-	-	-	137,948
Professional fees	-	-	-	-	-	-	661	-	-	-	-	661
Reports	-	-	-	-	-	-	1,843	-	-	-	-	1,843
Balance, August 31, 2024	-	-	-	-	-	-	356,047	-	-	-	-	356,047
Additions during the period:
Acquired (Note 4)	1,187,286	866,596	141,576	915,136	1	158,544	-	170,077	1,465,732	1	13,305	4,918,254
Acquisition - claims	-	-	7,813	-	-	-	-	-	-	-	-	7,813
Acquisition - option payments (cash)	-	-	-	-	-	-	20,000	-	-	-	-	20,000
Claims maintenance	-	-	-	-	-	-	(54,468)	-	-	-	-	(54,468)
Field work	-	1,696	120,421	-	-	-	115,132	-	-	-	175,804	413,053
Professional fees	-	-	3,138	60	-	3,264	2,293	-	-	-	1,670	10,425
Reports	-	117	5,799	-	-	117	94	-	-	117	350	6,594
Impairment	-	-	-	(915,196)	(1)	-	(439,098)	(170,077)	-	-	-	(1,524,372)
Balance, August 31, 2025	1,187,286	868,409	278,747	-	-	161,925	-	-	1,465,732	118	191,131	4,153,346

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties

i) Firebird Nickel Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Firebird Nickel Project.

The Firebird Nickel Project is located approximately 14 kilometres northwest of Stony Rapids, Saskatchewan. The project is prospective for nickel, copper, and cobalt. Included within the Firebird Nickel Project are the Axis Lake, Currie Lake, and Rea Lake mineral occurrences. Certain of the claims were purchased from three other parties and the vendors each retained a 2.0% net smelter returns royalty ("NSR"). The Company has the right to purchase up to half of the NSRs (up to 1% from each vendor) for a total of $5,000,000.

ii) Electra Nickel Project

As a result of the ALX acquisition (Note 4), the Company assumed the option to acquire a 100% interest in the Electra Nickel Project, located near Thunder Bay, Ontario.

The TSXV accepted the option earn-in agreement on January 6, 2021 and this date is also deemed to be the "Anniversary Date" of the agreement. To earn its interest, the Company will pay a total of $135,000 in cash, issue 1,100,000 common shares, and incur $500,000 in exploration expenditures according to the following schedule:

A non-refundable $3,000 cash payment paid by the Company as a pre-option payment for an exclusive 45-day period during which the Company conducted due diligence on the Project (completed);
On the approval of TSXV: $7,000 in cash (paid) and 300,000 common shares (issued by ALX and valued);
On or before 1st Anniversary Date: $15,000 in cash (paid) and 250,000 common shares (issued by ALX and valued), and $100,000 in exploration expenditures (completed);
On or before 2nd Anniversary Date: $20,000 in cash (paid) and 200,000 common shares (issued by ALX and valued), and an additional $100,000 in exploration expenditures (completed);
On or before 3rd Anniversary Date: $25,000 in cash (paid) and 150,000 common shares (issued by ALX and valued), and an additional $100,000 in exploration expenditures (completed);
On or before 4th Anniversary Date: $30,000 in cash (paid) and 100,000 common shares (issued by ALX), and an additional $100,000 in exploration expenditures;
On or before 5th Anniversary Date: $35,000 in cash and 100,000 common shares to be issued by Greenridge as per the share exchange ratio of 0.045 per ALX share, and an additional $100,000 in exploration expenditures.

The property is subject to a 2.5% NSR. At any time, the Company shall have the right to purchase up to 1.5% of the NSR in three increments for $500,000 per increment.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties - continued

iii) Flying Vee Nickel Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Flying Vee Nickel Project, with no underlying royalties.

Flying Vee is located approximately 25 kilometres north of Stony Rapids, Saskatchewan. This project is prospective for nickel, copper, cobalt and gold.

iv) Hydra Lithium Project

As a result of the ALX acquisition (Note 4), the Company acquired a 50% interest in the Hydra Lithium Project, with no underlying royalties.

Forrestania Resources Limited ("Forrestania") also owns a 50% interest in the Hydra Lithium Project ("Hydra").

The Hydra Lithium Project is located in the James Bay region of northern Quebec. This project is prospective for lithium in lithium-cesium-tantalum type pegmatites.

During the year ended August 31, 2025, the Company determined that it would no longer pursue this project and, accordingly, impaired the carrying value of the related balance to $nil.

v) Anchor Lithium Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Anchor Lithium Project, with no underlying royalties.

The Anchor Lithium Project is located in western Nova Scotia. This project is prospective for lithium in lithium-bearing pegmatites.

During the year ended August 31, 2025, the Company determined that it would no longer pursue this project and, accordingly, impaired the carrying value of the related balance to $nil.

vi) Cannon Copper Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Cannon Copper Project, with no underlying royalties.

The Company acquired the Cannon Copper Project by staking claims located in Kamichisitit Township situated approximately 40 kilometres north of Iron Bridge, Ontario. This project is prospective for copper.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties - continued

vii) Weyman Property

On March 23, 2023, the Company entered into a property option agreement (“Weyman Option Agreement”) to acquire the right to earn up to 100% interest in seven contiguous mineral claims located in British Columbia known as the Weyman Property. Pursuant to the Weyman Option Agreement, the Company must satisfy the following:

Paying an aggregate of $100,000 in cash as follows:
$15,000 on or before April 1, 2023 (paid);
$20,000 on or before December 23, 2023 (paid);
$20,000 on or before May 13, 2024 (paid);
$20,000 on or before December 13, 2024 (paid); and
$25,000 on or before May 13, 2025
Issuing 200,000 common shares of the Company to the optionor on or before December 23, 2023 (issued);
Incurring a minimum of $200,000 in expenditures on the property on or before December 13, 2025 (incurred).

The Weyman Property is subject to 2% NSR. At any time, the Company shall have the right to purchase 1% of the NSR for $500,000.

During the year ended August 31, 2025, due to a change on focus, the Company discontinued exploration activities at the Weyman Property and allowed the Weyman Option Agreement to lapse. As a result, all mineral exploration expenditures related to this property have been written off.

vii) Other Energy Metals Properties

As a result of the ALX acquisition (Note 4), the Company acquired 100% interest in the Crystal Lithium Project, the Reindeer Lithium Project, and the Spectre Project.

The Crystal Lithium Project is located in northern Saskatchewan, Canada and ALX acquired a 100% interest by staking. This project is prospective for lithium in lithium-bearing pegmatites. During the period ending August 31, 2025, the claims comprising the property were allowed to lapse and all exploration expenditures have been written off.

The Reindeer Lithium Project is located in northern Saskatchewan. A vendor retains a 2.0% NSR. The Company is entitled to purchase one-half of the NSR (1.0%) from the vendor at any time within five years from closing of the transaction for $2,000,000. During the period ending August 31, 2025, the claims comprising the property were allowed to lapse and all exploration expenditures have been written off.

viii) Alligator Gold Project

As a result of the ALX acquisition (Note 4), the Company assumed the option to acquire an 80% interest in the Alligator Gold Project.

On February 18, 2021, ALX entered into an option agreement with Alligator Resources Ltd. (“Optionor”), whereby the Company may acquire up to an 80% interest in the Optionor’s Alligator Gold Project, located in Saskatchewan, by incurring a total of $1,250,000 in exploration expenditures over four years, issuing 1,500,000 common shares of ALX and by making cash payments to the Optionor totaling $150,000, as outlined in the following summary:

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties – continued

ix) Alligator Gold Project (continued)

ALX acquired a 51% interest in the Alligator property (the “First Option”) by funding $500,000 (completed) in exploration expenditures, making cash payments totaling $70,000 and issuing an aggregate of 750,000 common shares of ALX by December 31, 2022.
ALX elected to pursue its right to acquire up to an 80% interest in the project (the “Second Option”). To earn an additional 29% interest in the Alligator property, the Company fulfilled the following obligations:
On or before December 31, 2023, ALX made a cash payment of $35,000 (paid) and issued an additional 250,000 common shares of ALX (issued by ALX);
On or before December 31, 2024, the Company made a cash payment of $45,000 (paid) and issued an additional 500,000 common shares of ALX (issued by ALX); and
The Company shall incur additional expenditures of at least $750,000 at the property (incurred).

Upon the Company earning an 80% interest in the property ALX and the Optioner have agreed to form a joint venture with the terms to be negotiated under a separate joint venture agreement.

Two of the claims comprising the property are subject to an underlying 2.5% NSR on the sale of valuable minerals from the project. At any time, the Company shall have the right to purchase 1.25% of the NSR for US$1,000,000.

x) Vixen Gold Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Vixen Gold Project.

The Vixen Gold Project is located in Red Lake Mining District of Ontario and certain of the claims were acquired from DG Resource Management Ltd. (“DG”). In accordance with the purchase agreement, DG retained a NSR of 2%. The Company may at any time acquire 1% of the NSR by paying $1,500,000. Additional claims were acquired from two other vendors, with each of the vendors retaining 2.5% and 1.5% NSRs that can be wholly purchased for a total of $4,000,000.

On September 7, 2021, and as amended on September 15, 2023, ALX entered into an earn-in option agreement with First Mining Gold Corp. (“First Mining”) for all claims within the Vixen Gold Project. Details of the option agreement are as follows:

For First Mining to acquire a 70% interest in Vixen (the “First Option”) it must:
On closing, pay $250,000 in cash and issue $100,000 of common shares (received);
On or before September 15, 2022, pay $100,000 cash and issue $100,000 of common shares (received);
On or before September 15, 2023, issue $175,000 of common shares (received);
On or before September 15, 2024, issue $175,000 of common shares (received);
On or before September 15, 2025, issue $100,000 of common shares (received subsequent to the year-end); and
On or before September 15, 2025, fund and incur $500,000 of exploration expenditures.
Upon First Mining acquiring a 70% interest, it may elect to acquire up to an 100% interest within two years (the “Second Option”). To earn an additional 30% interest, First Mining must pay $500,000 in cash and issue $500,000 of common shares to the Company. In the event that First Mining elects not to complete the Second Option of the earn-in, the Company and First Mining will enter into a 70%-30% joint venture agreement with respect to the property.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties - continued

x) Vixen Gold Project (continued)

Under the earn-in option agreement, First Mining assumes all of the underlying NSR agreements. Further, the Company has been granted a 2% NSR on certain claims of which First Mining can repurchase 1% of the NSR for $1,000,000.

xi) Other Gold Properties

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Blackbird Project located in northern Saskatchewan, Canada.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Uranium Properties

	Nut Lake	Gibbons Creek	Hook-Carter	Black Lake	Sabre	Bradley Lake	Javelin	McKenzie Lake	Carpenter Lake	Snook Lake	Ranger Lake	Condor	Cutlass	Raven and Other Uranium	Total
Note	(xii)	(xiii)	(xiv)	(xv)	(xvi)	(xvii)	(xviii)	(xix)	(xx)	(xxi)	(xxii)	(xxiii)	(xxiv)	(xxv)
Balance, August 31, 2023
Additions during the year:
Acquisition - claims	4,455	-	-	-	-	-	-	-	-	-	-	-	-	-	4,455
Acquisition - option payments	650,000	-	-	-	-	-	-	-	585,000	369,750	369,750	-	-	-	1,974,500
Claims maintenance	803,890	-	-	-	-	-	-	-	214,687	-	-	-	-	-	1,018,577
Field work	572,205	-	-	-	-	-	-	-	359,921	-	-	-	-	-	932,126
Professional fees	47,995	-	-	-	-	-	-	-	3,513	445	572	-	-	-	52,525
Reports	4,740	-	-	-	-	-	-	-	2,520	315	709	-	-	-	8,284
Balance, August 31, 2024	2,083,285	-	-	-	-	-	-	-	1,165,641	370,510	371,031	-	-	-	3,990,467
Additions during the year:
Acquisition (Note 4)	-	2,913,924	343,088	1,628,048	320,933	2,106	259,114	316,723	1	-	-	19,120	7,714	47,319	5,858,090
Acquisition - option payments (cash)	-	-	-	-	-	-	-	-	-	12,000	12,000	-	-	-	24,000
Acquisition - option payments (Shares)	810,000	-	-	-	-	-	-	-	78,000	395,000	395,000	-	-	-	1,678,000
Claims maintenance	(803,890)	-	-	-	-	400	-	-	(214,687)	-	-	-	-	-	(1,018,177)
Field work	637,868	1,977	-	-	410,596	-	(1,331)	88,623	401,319	-	-	-	-	999	1,540,051
Professional fees	30,561	4,041	834	971	15,581	63,178	-	2,248	97,053	-	-	-	1,000	18,567	234,034
Reports	61,653	1,488	963	963	37,320	1,444	963	9,325	34,118	95	95	1,925	963	-	151,315
Impairment	-	-	-	-	-	-	(258,746)	-	-	(777,605)	(778,126)	-	-	(47,319)	(1,861,796)
Balance, August 31, 2025	2,819,477	2,921,430	344,885	1,629,982	784,430	67,128	-	416,919	1,561,445	-	-	21,045	9,677	19,566	10,595,984

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Uranium Properties - continued

xii) Nut Lake Property

On January 17, 2024, the Company entered into a property option agreement (the "Nut Lake Option Agreement") to acquire the right to earn up to 100% interest in and to three mineral licenses located in the territory of Nunavut known as the Nut Lake Property. Pursuant to the Nut Lake Option Agreement, the Company must satisfy the following:

Paying an aggregate of $40,000 in cash as follows:
$15,000 on or before January 22, 2024 (paid); and
$25,000 on or before March 3, 2024 (paid);
Issuing an aggregate of 3,500,000 common shares of the Company to the optionors as follows:
1,000,000 shares on or before March 3, 2024 (the "Nut Lake First Tranche Shares") (issued);
1,000,000 shares on or before January 17, 2025 (the "Nut Lake Second Tranche Shares") (issued);
750,000 shares on or before January 17, 2026 (the "Nut Lake Third Tranche Shares"); and
750,000 shares on or before January 17, 2027;

Pursuant to the Nut Lake Option Agreement, the Nut Lake First Tranche Shares, Nut Lake Second Tranche Shares and Nut Lake Third Tranche Shares will all be subject to escrow, with the Nut Lake First Tranche Shares released over a 36-month period, the Nut Lake Second Tranche Shares released over a 24-month period and the Nut Lake Third Tranche Shares released over a 12-month period. All securities issued in connection with the Nut Lake Option Agreement will be subject to a statutory hold period of four months and one day. The Nut Lake Property is subject to 2% NSR.

On May 23, 2024, the Company acquired, through staking, a 100% interest in the Nut Lake uranium south claims located in the Thelon basin, Nunavut Territory. The new claim is allocated in the Nut Lake Option Agreement's area of interest and are subject to the NSR above.

xiii) Gibbons Creek Property

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in Gibbons Creek Property, located in the Athabasca Basin of Saskatchewan, Canada, with no underlying royalties. The original option holder, Star Minerals Group Ltd. will retain the option of a 25% buyback on two claims for four times the exploration monies spent by the Company to the date that the buyback option is exercised. The buyback option will be exercisable at any time up to a 90-day period following the completion and publication of a NI 43-101 compliant resource estimate.

ALX entered into a option earn-in agreement for the Gibbons Creek Property ("Gibbons Creek") on May 7, 2024, (the "Effective Date") with Trinex Minerals Limited ("Trinex"). Trinex can earn an initial 51% interest and up to a 75% participating interest in Gibbons in two stages over five years by making cash and common share payments to ALX of up to $1,350,000 and $2,250,000 respectively, and by incurring exploration expenditures totaling $5,500,000.

Upon signing the definitive agreement, ALX received $100,000 and Trinex shares valued at $250,000. During the year ended August 31, 2025, the Company received notice from Trinex that it is not continuing with the earn-in and has abandoned its option for the Gibbons Creek property.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Uranium Properties – continued

xiv) Hook-Carter Property

As a result of the ALX acquisition (Note 4), the Company acquired a 20% interest in Hook-Carter Property, with Denison Mines Corp. ("Denison") owning an 80% interest. The property is located in the Patterson Lake Corridor in the southwestern Athabasca Basin area of Saskatchewan, Canada. A number of royalties applicable to certain claims comprising the property are retained by arm's-length vendors.

On November 4, 2019, under the terms of a definitive agreement signed in 2016, Denison and ALX agreed to the formation of a deemed joint venture, and that the parties would make best efforts to execute a joint venture agreement prior to Denison's funding of the first $12,000,000 in expenditures.

On May 21, 2024, ALX amended its agreement for the Hook-Carter property with Denison. The Company can increase its interest from 20% to 25% by funding $3,000,000 in exploration within 30 months from the execution date of the amendment agreement. Denison will not be obligated to fund any further exploration expenditures until completion of the Company's earn-in period, following which exploration expenditures will be funded on a pro-rata basis. The Company and Denison must jointly approve all expenditures during the Company's earn-in period. Furthermore, the Company is obligated to fund a minimum of $500,000 prior to March 31, 2025, and shall reasonably demonstrate, prior to June 30, 2025, that it has secured a further $750,000 committed to exploration expenditures at Hook-Carter.

xv) Black Lake Project

As a result of the ALX acquisition (Note 4), the Company acquired a 40% interest in Black Lake Project, which is a joint venture with a subsidiary company of Uranium Energy Corporation ("UEC") and Orano Canada ("Orano").

The property is located in the northern Athabasca Basin area of Saskatchewan, Canada, and bears no underlying royalties.

xvi) Sabre Uranium Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in Sabre Uranium Project, with no underlying royalties. The property is located in the northern Athabasca Basin area of Saskatchewan, Canada.

xvii) Bradley Uranium Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in Bradley Uranium Project, with no underlying royalties. The property is located approximately 30 kilometres northwest of Stony Rapids, Saskatchewan, Canada.

xviii) Javelin Uranium Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Javelin Uranium Project, with no underlying royalties. In December 2024, the claims comprising the property were allowed to lapse.

The claims are located in the eastern margin of the Athabasca Basin of Saskatchewan, Canada. During the year ended August 31, 2025, the majority of these claims have lapsed, and the one remaining claim is now a part of the Raven project. Accordingly, all deferred costs have been written off as at August 31, 2025.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Uranium Properties – continued

xix) McKenzie Lake Uranium Project

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the McKenzie Lake Uranium Project.

The property is located in the eastern margin of the Athabasca Basin area of Saskatchewan, Canada. A vendor group retains a 2% NSR on certain of the claims, of which half of the NSR (1%) can be purchased by the Company at any time for $1,000,000.

xx) Carpenter Lake Property

On January 13, 2014, ALX entered into an option agreement with a predecessor company of Pacton Gold Inc. ("Pacton") to acquire a 60% interest in the Carpenter Lake property located in northern Saskatchewan, Canada.

As of November 10, 2014, a joint venture was formed between ALX (60%) and Pacton (40%) for the further development of the property, with ALX serving as the operator. Certain of the claims are subject to a royalty owned by the original vendors equal to 2% of gross revenues.

On May 29, 2024, The Company entered into an option earn-in agreement with ALX and Renegade (the "Optionors") to acquire a 100% interest in the Carpenter Lake property through a combination of cash payments, common share issuances and incurrence of exploration expenditures, as follows:

Paying the Optionors an aggregate of $200,000 in cash as follows:

$100,000 on or before the date that is 10 business days after May 29, 2024, or five business days after the date that the Company enters into an exploration agreement with ALX and English River First Nation, and an exploration agreement with ALX and Kineepik Metis Local Inc., whichever is later (paid); and
$100,000 on or before the date that is 60 business days after the effective date (paid).

Issuing to the Optionors (60% to ALX; 40% to Pacton) an aggregate of 1.5 million common shares of the Company as follows:

500,000 shares on or before the date that is 10 business days after the effective date, or five business days after the date that the Company enters into an exploration agreement with ALX and English River First Nation, and an exploration agreement with ALX and Kineepik Metis Local Inc., whichever is later (the "First Tranche Shares") (issued);
500,000 shares on or before the date that is one calendar year after the effective date (the "Second Tranche Shares") (issued) and
500,000 shares on or before the date that is two calendar years after the effective date (the "Third Tranche Shares").

Incurring a minimum of $1,000,000 in exploration expenditures on the property as follows:

$300,000 on or before the date that is one calendar year after the effective date (incurred);
$300,000 on or before the date that is two calendar years after the effective date (incurred); and
$400,000 on or before the date that is three calendar years after the effective date.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Uranium Properties – continued

xx) Carpenter Lake Property (continued)

Pursuant to the option earn-in agreement, the First Tranche Shares, Second Tranche Shares and Third Tranche Shares will all be subject to escrow, with the First Tranche Shares released over a 24-month period, the Second Tranche Shares released over an 18-month period, and the Third Tranche Shares released over a 12-month period.

As a result of the ALX acquisition (Note 4), the Company acquired ALX's former 60% interest in the Carpenter Lake property and retains the obligation to pay the pro-rata amounts of cash and common shares payments due to Pacton under the terms of the option agreement.

xxi, xxii) Snook and Ranger Lake Properties

On June 19, 2024, the Company signed an asset transfer agreement ("Snook and Ranger Lake Option Agreement") dated June 19, 2024, with 15952506 Canada Inc. (the "Vendor") for the sale to the Company of all of the vendor's right, title and interest to acquire a 100% interest in the Snook Lake and Ranger Lake uranium projects located 100 kilometres northeast of Sault Ste. Marie in Northwestern Ontario. The Ranger Lake uranium project consists of 942 mineral claims covering 20,782 hectares of uranium-prospective ground that occurs in the uranium mining district in the Elliot Lake region, Ontario. The Snook Lake uranium project consists of 237 mineral claims covering 4,899 hectares and is approximately 75 km north of Kenora in Northwestern Ontario.

In connection with the agreement, the Company entered into an assignment and novation agreement with the Vendor, Gravel Ridge Resources Ltd., and 1544230 Ontario Inc., whereby the Company acquired the vendor's interests under two separate property option agreements with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. (the "Optionors") for two separate options to acquire the projects.

In connection with the assignment agreement, the Company then entered into an amended and restated option agreement with the optionors to novate the original option agreements. Pursuant to the agreement, the Company is required to issue to the Vendor an aggregate of 1,850,000 common shares at a deemed price of $0.96 per share as follows:

850,000 shares on or before August 1, 2024 (the "Snook and Ranger Lake First Tranche Shares") (issued); and
1,000,000 shares on or before September 19, 2024 (the "Snook and Ranger Lake Second Tranche Shares") (issued)

Pursuant to the amended and restated option agreement, the Company is required to make aggregate cash payments of $54,000 to the Optionors in order to earn a 100% interest in the projects, as follows:

$24,000 on or before December 22, 2024 (paid); and
$30,000 on or before December 22, 2025.

The Snook and Ranger Lake properties are subject to a 1.5% NSR. At any time, the Company shall have the right to purchase 0.5% of the NSR for $500,000.

Pursuant to the agreement, the Snook and Ranger Lake First Tranche Shares and Snook and Ranger Lake Second Tranche Shares will all be subject to escrow, with both tranches released over a 36-month period.

During the year ended August 31, 2025, the Company determined that it would no longer pursue this project and, accordingly, impairment the carrying value of the related balance to $nil.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

9. Exploration and evaluation assets (continued)

Uranium Properties – continued

xxiii) Condor

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Condor property located in the southwestern Athabasca Basin area of Saskatchewan, Canada, with no underlying royalties.

xxiv) Cutlass

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Cutlass property located in the Athabasca Basin area of Saskatchewan, Canada, with no underlying royalties.

xxv) Raven

During the year ended August 31, 2025, the Company acquired the Raven project in Northern Saskatchewan, Canada, by staking. The Raven claims are 100% owned by the Company with no underlying royalties. The new claims are contiguous to a single claim already owned by the Company, previously held under the Javelin Uranium Project.

Other Uranium Properties

As a result of the ALX acquisition (Note 4), the Company acquired a 100% interest in the Hummingbird Gold Project (Pine Channel Project), located in north-central Saskatchewan.

On October 5, 2021, ALX granted an option to Pegasus Resources Inc. ("Pegasus") to acquire an interest in four mineral claims known as the Pine Channel Project. Pegasus can earn a 70% interest by paying $50,000, issuing 70,000 common shares, and incurring $300,000 of exploration expenditures over three years. If Pegasus does not earn a 70% interest, the option will be terminated and the Company will retain a 100% interest. Pegasus can earn the remaining 30% interest by paying $200,000 and issuing 50,000 common shares by the 5th anniversary of the agreement date, otherwise a joint venture would be formed. To the end of the reporting period, ALX has received $50,000 and 45,000 common shares valued at $16,000.

Subsequent to August 31, 2025, the Company issued a notice of default to Pegasus and terminated the option. The Company determined that it would no longer pursue the Hummingbird Gold Project and, accordingly, impaired the carrying value of the related balance to $nil.

10. Lease liability

As a result of the ALX acquisition (Note 4), the Company assumed the lease liability (the "Lease"). Prior to the ALX acquisition, the Lease was renewed by ALX for a three-year term on January 1, 2024. Annual aggregate base lease payments are $47,979 in year one, $51,553 in year two, and $55,087 in year three.

The Company rents out a portion of its office for approximately one-half of the monthly lease obligation. The primary sub-tenant is also responsible for one-half of the annual operating costs payable under the office lease. Sub-leases are included in interest and recovery of office and general on the statement of comprehensive loss.

The underlying lease payments have been discounted, at the inception of the lease, using the Company's incremental borrowing rate of 15% on January 1, 2024. On January 1, 2024, the present value of future lease payments and initial recognition of the right-of-use asset totaled $124,574 (Note 8).

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

10. Lease liability (continued)

Lease liability

Minimum lease payments in respect of lease liabilities and the effect of discounting are as follows:

	August 31, 2025
Undiscounted minimum lease payments:	$
Less than one year	$ 53,902
Two to three years	18,362
	$ 72,265
Effect of discounting	(7,216)
Present value of minimum lease payments	$ 65,049
Less current portion	(47,246)
Long-term portion	$ 17,803

Lease liability continuity

The net change in the lease liability is as follows:

	August 31, 2025
Lease liability – Additions	$ 91,396
Accretion	8,008
Cash flows:
Principal payments	(34,355)
Lease liability - end of period	$ 65,049

During the year ended August 31, 2025, accretion of $8,008 (August 31, 2024 – $nil) is included in interest expense.

11. Share Capital

Authorized and issued

The Company has authorized an unlimited number of common shares with no par value.
As at August 31, 2025, the Company has 55,898,752 common shares issued and outstanding (August 31, 2024 – 33,066,280).

During the year ended August 31, 2024, the Company issued the following shares:

1,720,135 share purchase warrants were exercised, and 1,720,135 common shares were issued for $0.20 per share for total proceeds of $344,027.
278,000 share purchase warrants were exercised, and 278,000 common shares were issued for $0.45 per share for total proceeds of $125,100.
99,000 common shares were issued for the exercise of 99,000 share purchase options at $0.75 per share for total proceeds of $74,250.
63,500 common shares were issued for the exercise of 63,500 share purchase options at $0.63 per share for total proceeds of $40,005.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

11. Share Capital (continued)

2,793,005 issued and outstanding special warrants were exercised and converted into one unit. Each unit consists of one common share and one share purchase warrant exercisable at an exercise price of $0.20 for two years from the date the Company's shares commence trading on an exchange.
200,000 common shares, with a fair value of $92,000, were issued to the optionor of the Weyman property pursuant to the Weyman Option Agreement.
1,000,000 common shares, with a fair value of $610,000, to the optionors of the Nut Lake Property pursuant to the Nut Lake Option Agreement.
850,000 common shares, with a fair value of $739,500, to the optionors of the Snook Lake and Ranger Lake Properties.
500,000 common shares of the Company, with a fair value of $385,000, to the optionors of the Carpenter Lake Property.
On March 18, 2024, the Company closed a non-brokered private placement and issued 9,211,724 units at a price of $0.38 per unit for aggregate gross proceeds of $3,500,455. Each unit comprises one common share of the Company and one transferable common share purchase warrant, with each warrant entitling the holder to acquire one additional share at an exercise price of $0.45 for a period of 24 months from the closing date. Finders' fees of $233,189 and 613,655 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant exercisable on the same terms as the warrants forming part of the units).
On August 2, 2024, the Company closed the first tranche of a non-brokered private placement and issued 853,180 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $750,798. Each unit comprises one common share of the Company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $15,048 and 17,100 finders' warrants were paid to arm's-length parties in connection with the offering (each finder's warrant entitles the holder to acquire one common share at a price of $0.88 for a period of 36 months from the closing date). The Company allocated $750,713 to the Company's share capital, $85 to warrants reserve and $nil to flow through premium.

During the year ended August 31, 2025, the Company issued the following shares:

352,350 share purchase warrants were exercised, and 352,350 common shares were issued for $0.20 per share for total proceeds of $70,470.
1,473,795 share purchase warrants were exercised, and 1,473,795 common shares were issued for $0.45 per share for total proceeds of $663,208.
1,000,000 common shares, with a fair value of $790,000, to the optionors of the Snook Lake and Ranger Lake Properties.
1,000,000 common shares, with a fair value of $810,000, to the optionors of the Nut Lake Property pursuant to the Nut Lake Option Agreement.
200,000 common shares, with a fair value of $78,000, to the optionors of the Carpenter Lake Property pursuant to the Carpenter Lake Option Agreement.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

11. Share Capital (continued)

On October 10, 2024, the Company closed the second and final tranche of a non-brokered private placement and issued 1,708,100 flow-through units at a price of $0.88 per unit for aggregate gross proceeds of $1,503,128. Each unit comprises one common share of the Company and one half transferable common share purchase warrant, with each whole warrant entitling the holder to acquire one additional share at an exercise price of $1.15 for a period of 36 months from the closing date. Finders' fees of $45,094 were paid to arm's-length parties in connection with the offering. The Company allocated $1,502,957 to the Company's share capital, $171 to warrants reserve and $170,810 to flow through premium. During the year, the Company incurred the flow-through proceeds on eligible Canadian exploration expenses and recognized a flow through recovery of $170,810.
On December 19, 2024, the Company closed its non-brokered private placement of flow-through units for aggregate gross proceeds of $4,947,434. The Company issued 5,622,084 flow-through units at a price of $0.88 per flow-through unit, with each flow-through unit comprised of one common share of the Company and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $1.15 for a period of 36 months from the date of issuance. In connection with the closing of the private placement, an aggregate of $167,923 was paid in cash and a total of 210,586 finder's warrants were issued as finder's fees. Each finder's warrant entitles the holder thereof to acquire one common share at a price of $1.15 per finder's warrant share for a period of 36 months from the date of issuance. The Company allocated $4,946,872 to the Company's share capital, $562 to warrants reserve and $nil to flow through premium.
On December 30, 2024, the Company acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Company acquired all the outstanding common shares of ALX in consideration for the issuance of an aggregate of 11,226,143 common shares of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 common share of the Company for each ALX share held.
On January 28, 2025, the Company settled an aggregate of $241,579 in debt through the issuance of 250,000 common shares of the Company at a fair value of $182,500. As a result, the Company recognized a gain on settlement of debt of $59,079.

Special Warrants

During the period from incorporation on December 19, 2022 to August 31, 2023, the Company received a total of $279,300 related to 2,793,005 special warrants of the Company priced at $0.10 per special warrant (the "Offering"). Each special warrant will be converted into one unit of the Company on the date that is the earlier of (i) the third business day after the date on which a receipt for a final prospectus, and (ii) the date that is one year following closing of the Offering. Each unit will consist of one common share of the Company and one share purchase warrant exercisable at an exercise price of $0.20 for two years from the date the Company's shares commence trading on an exchange.

On December 7, 2023, 2,793,005 issued and outstanding special warrants were exercised and converted into one unit of the Company. Each unit consists of one common share of the Company and one share purchase warrant exercisable at an exercise price of $0.20 for two years from the date the Company's shares commence trading on an exchange.

On December 11, 2023, the Company's common shares were approved for listing on the Canadian Securities Exchange and began trading on December 13, 2023.

During the year ended August 31, 2025, the Company incurred $nil in costs (August 31, 2024 - $1,447) to a third-party facilitator for their services with issuing special warrants.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

11. Share Capital (continued)

Warrants

A summary of the Company's warrant activity is as follows:

	Number of warrants outstanding	Weighted average exercise price per share
Balance, August 31, 2023	2,793,005	$0.20
Issued	10,269,069	$0.47
Exercised	(1,998,135)	$0.23
Balance, August 31, 2024	11,063,939	$0.44
Issued – ALX acquisition	1,305,527	$1.36
Issued – Private placements	3,665,092	$1.15
Issued – Finder's warrants	214,586	$1.15
Exercised	(1,826,145)	$0.40
Balance, August 31, 2025	14,422,999	$0.73

Warrants outstanding as at August 31, 2025:

Expiry Date	Number of warrants outstanding	Weighted Average Exercise Price	Weighted Average Remaining Life (years)
November 3, 2025	400,500*	$1.67	0.18
November 3, 2025	45,225*	$1.11	0.18
November 10, 2025	338,441*	$1.11	0.19
November 17, 2025	137,813*	$1.67	0.22
November 21, 2025	49,500*	$1.67	0.22
November 21, 2025	5,940*	$1.11	0.22
November 29, 2025	276,660*	$1.11	0.25
November 30, 2025	51,448*	$1.11	0.33
December 13, 2025	720,520*	$0.20	0.28
March 15, 2026	8,073,584	$0.45	0.54
August 2, 2027	426,590	$1.15	1.92
August 2, 2027	17,100	$0.88	1.92
October 10, 2027	854,050	$1.15	2.11
December 19, 2027	3,025,628	$1.15	2.30
	14,422,999	$0.73	1.00

Expired unexercised subsequent to year-end.

A summary of the Company's assumptions used in the Black-Scholes option pricing model used to determine the fair value of finder's warrants is as follows:

	December 19, 2024	December 30, 2024
Stock price	$0.93	$0.98
Exercise price	$1.15	$1.11
Risk-free interest rate	3.02%	2.94%
Expected life of the option	3 years	1 year
Annualized volatility	132.02%	165.99%-184.04%
Dividend rate	0.00%	0.00%

During the year ended August 31, 2025, fair value of $145,949 in connection with warrants issued for finder's fees (2024 - $289,089) was allocated to reserves. A fair value of $733 (2024 - $85) in connection with warrants issued as a part of private placements was allocated to reserves. A fair value of $23,900 in connection with the ALX acquisition were allocated to reserves (See Note 4).

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

11. Share Capital (continued)

Options

The Company has a stock option plan, last approved on February 26, 2024, which reserves an aggregate number of securities for issuance up to 10% of the number of the outstanding common shares. Under the stock option plan, stock options can be granted for a maximum term of ten years. Further, the exercise price shall not be less than the price of the Company's common shares on the date of grant.

On March 5, 2024, the Company granted an aggregate of 1,800,000 incentive stock options under the Company's stock option plan, each with an exercise price of $0.63, to officers, directors and consultants of the Company. These options vest immediately. Each option, upon payment of the exercise price, entitles the holder thereof to receive one share of the Company.

On March 27, 2024, the Company granted 250,000 stock options under the Company's stock option plan, each with an exercise price of $0.75, to a consultant. These options vest immediately. Each vested option, upon payment of the exercise price, entitles the holder thereof to receive one common share of the Company.

On November 8, 2024, the Company granted 300,000 stock options under the Company's stock option plan, each with an exercise price of $0.76 per share and a term of 2 years, to a consultant. Each vested option, upon payment of the exercise price, entitles the holder thereof to receive one common share of the Company.

On December 30, 2024, the Company has acquired all of the issued and outstanding common shares of ALX by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia). The Company acquired all the outstanding options of ALX in consideration for the issuance of an aggregate of 706,500 options of the Company to the former ALX shareholders, based on the share exchange ratio of 0.045 options of the Company for each ALX option held.

On January 15, 2025, the Company canceled 300,000 options due to the resignation of a director.

On June 2, 2025, the Company granted a total of 450,000 stock options to purchase common shares of the Company to certain directors and consultants pursuant to the Company's equity incentive plan. Such options are exercisable into common shares of the Company, at an exercise price of $0.40 per share, for a period of two years from the date of grant. All of the options vested on the date of grant.

A summary of the Company's option activity is as follows:

	Number of options outstanding	Weighted average exercise price
Balance, August 31, 2023	-	-
Issued	2,050,000	$0.64
Exercised	(162,500)	$0.70
Balance, August 31, 2024	1,887,500	$0.64
Issued	750,000	$1.05
Issued – ALX acquisition	706,500
Expired	(130,500)	$1.56
Canceled	(300,000)	$0.63
Balance, August 31, 2025	2,913,500	$0.81

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

11. Share Capital (continued)

Options outstanding as at August 31, 2025:

Expiry Date	Number of options outstanding	Number of options exercisable	Weighted Average Exercise Price	Weighted Average Remaining Life (years)
September 25, 2025	47,250*	47,250	$2.22	0.07
February 26, 2026	155,250	155,250	$1.67	0.49
March 5, 2026	1,436,500	1,436,500	$0.63	0.51
March 15, 2026	6,750	6,750	$2.22	0.54
March 27, 2026	151,000	151,000	$0.75	0.57
November 8, 2026	300,000	300,000	$0.76	1.19
January 4, 2027	150,750	150,750	$2.00	1.35
June 2, 2027	450,000	450,000	$0.40	1.75
June 26, 2028	216,000	216,000	$1.11	2.82
	2,913,500	2,913,500	$0.81	0.98

Expired unexercised subsequent to year-end.

A summary of the Company's assumptions used in the Black-Scholes option pricing model used to determine the fair value of options is as follows:

	November 8, 2024	December 30, 2024	June 2, 2025
Stock price	$0.77	$0.98	$0.395
Exercise price	$0.76	$1.11 - $2.22	$0.40
Risk-free interest rate	3.08%	2.94%	2.58%
Expected life of the option	2 years	1-3 years	2 years
Annualized volatility	147.36%	240.99%-42.34%	162.43%
Dividend rate	0.00%	0%	0.00%

During the year ended August 31, 2025, the Company incurred share-based compensation related to stock options of $298,857 in connection with options vested (2024 – $785,560). A fair value of $353,300 in connection with the ALX acquisition were allocated to reserves (See Note 4).

Escrowed Shares

Subject to certain exemptions permitted by the Canadian Securities Exchange, all securities of the Company held by principals of the Company are subject to an Escrow Agreement. Under the Escrow Agreement, 10% of the escrowed common shares will be released from escrow on the Listing Date, and an additional 15% will be released 6 months, 12 months, 18 months, 24 months, 30 months and 36 months, respectively, following the Initial Release.

Pursuant to the Carpenter Lake Option Agreement, the Carpenter Lake First Tranche Shares, Carpenter Lake Second Tranche Shares and Carpenter Lake Third Tranche Shares will all be subject to escrow, with the Carpenter Lake First Tranche Shares released over a 24-month period, the Carpenter Lake Second Tranche Shares released over an 18-month period and the Carpenter Lake Third Tranche Shares released over a 12-month period.

Pursuant to the Snook and Ranger Lake Option Agreement, the Snook and Ranger Lake First Tranche Shares and Snook and Ranger Lake Second Tranche Shares will all be subject to escrow, with both tranches released over a 36-month period.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

11. Share Capital (continued)

Escrowed Shares (continued)

As of August 31, 2025, 4,189,122 common shares and 68,288 warrants remain in escrow (August 31, 2024 – nil common shares and nil warrants).

Restricted Share Units ("RSU")

On June 2, 2025 the Company granted an aggregate of 1,300,000 restricted share units (each, an RSU) to certain directors and a consultant of the Company. The RSUs will vest as follows: (i) 25% will vest four months after the date of grant; (ii) 25% will vest eight months after the date of grant; (iii) 25% will vest 12 months after the date of grant; and (iv) 25% will vest 16 months after the date of grant. The RSUs are governed by the terms of the plan and the RSUs, and any common shares issued upon the exercise of, are subject to a four-month hold period from the date of grant in accordance with the policies of the Canadian Securities Exchange.

The Company determined the fair value of the share price at date of grant was $0.395. During the year ended August 31, 2025, no RSUs had been converted to common shares. During the year ended August 31, 2025, the stock-based compensation recognized in the for vesting portion aggregated RSUs granted was $197,239 (2024 - $nil).

12. Related Party Transactions

All related party transactions are in the normal course of operations and have been measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties.

During the year ended August 31, 2025, the Company incurred $147,500 (2024 - $84,000) in consulting expenses to Ridgeside Canada Inc, a company controlled by the CEO of the Company.

During the year ended August 31, 2025, the Company incurred $96,000 (2024 - $67,200) in consulting expenses to MSP Consulting Inc, a company controlled by a director of the Company.

During the year ended August 31, 2025, the Company incurred $55,000 (2024 - $33,600) in professional fees to Athena Chartered Professional Accountant Ltd., a company controlled by the CFO of the Company.

During the year ended August 31, 2025, the Company incurred $62,394 (2024 - $nil) in consulting expenses and $17,500 in exploration expenditures capitalized (2024 - $nil) to Warren Stanyer, a director of the Company.

During the year ended August 31, 2025, the Company incurred $59,572 in share-based compensation expense for the fair value of 200,000 options granted to Russell Starr, the CEO of the Company.

During the year ended August 31, 2025, the Company incurred $29,786 in share-based compensation expense for the fair value of 100,000 options granted to Warren Stanyer, a director of the Company.

During the year ended August 31, 2025, the Company incurred $91,034 in share-based compensation expense vesting of 600,000 RSUs granted to Russell Starr, the CEO of the Company.

During the year ended August 31, 2025, the Company incurred $30,345 in share-based compensation expense vesting of 200,000 RSUs granted to MSP Consulting Inc, a company controlled by a director of the Company.

During the year ended August 31, 2024, the Company incurred $112,227 in share-based compensation expense for the fair value of 300,000 options granted to Amanuel Bein, a previous director of the Company.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

12. Related Party Transactions (continued)

During the year ended August 31, 2024, the Company incurred $130,932 in share-based compensation expense for the fair value of 350,000 options granted to MSP Consulting Inc., a company controlled by a director of the Company.

During the year ended August 31, 2024, the Company incurred $187,045 in share-based compensation expense for the fair value of 500,000 options granted to Russell Starr, the CEO of the Company.

During the year ended August 31, 2024, the Company incurred $102,875 in share-based compensation expense for the fair value of 275,000 options granted to Simon Tso, the CFO of the Company.

As of August 31, 2025, $38,870 (August 31, 2024 - $33,600) was owed to related parties. This amount is due on demand and carries no interest.

13. Financial Instruments

(a) Categories of Financial Instruments and Fair Value Measurements

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3 – Inputs that are not based on observable market data.

(a) Categories of Financial Instruments and Fair Value Measurements (continued)

The fair value of the Company's financial instruments approximates their carrying amount due to their short-term maturities.

The fair value of the Company's financial instruments has been classified within the fair value hierarchy. As at August 31, 2025, cash and cash equivalents of $3,559,060 (August 31, 2024 - $1,790,055) and marketable securities of $469,216 (August 31, 2024 - $nil) have been classified as Level 1.

(b) Management of Financial Risks

The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit Risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company had no exposure to credit risk as the Company maintains all of its cash and cash equivalents in a major bank. Accordingly, the Company has assessed credit risk as low.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

13. Financial Instruments (continued)

Liquidity Risk (continued)

The Company's liquidity and operating results may be adversely affected if its access to the capital markets is hindered. The Company has no source of revenue and has obligations to meets its administrative overheads and to settle amounts payable to its creditors. The Company manages liquidity risk by maintaining adequate cash and restricted cash balances. The Company continuously monitors both actual and forecasted cash flows and matches the maturity profile of financial assets and liabilities. As at August 31, 2025, the Company had $3,559,060 in cash and cash equivalents to settle current liabilities of $533,068 and, as such, assessed liquidity risk as low.

Foreign Exchange Risk

Foreign exchange risk is the risk that the Company's financial instruments will fluctuate in value as a result of movements in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities held by the Company are not denominated in its functional currency. The majority of monetary assets and liabilities held by the Company are denominated in its functional currency, so the Company has assessed foreign exchange risk as low. Therefore, the Company does not manage currency risk through hedging or other currency management tools.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk through its term deposit, which carries a variable interest rate. However, this risk is minimal due to the short-term nature.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of two types of risk: interest rate risk and equity price risk.

14. Capital Management

The Company defines its capital as working capital and shareholders' equity. The Company manages its capital structure and makes adjustments to it based on the funds available to the Company in order to support future business opportunities. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

The Company is dependent upon external financing. In order to carry future activities and pay for administrative costs, the Company will spend its existing working capital and raise additional funds as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital requirements. The Company did not institute any changes to its capital management strategy since inception.

Greenridge Exploration Inc.

Notes to the consolidated financial statements

For the Years Ended August 31, 2025 and 2024

(Expressed in Canadian dollars, except number of shares)

15. Income Taxes

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

	August 31, 2025 $	August 31, 2024 $
Net loss for the year	(4,867,398)	(2,850,059)
Statutory tax rate	27%	27%
Expected income tax recovery at the statutory tax rate	(1,315,000)	(770,000)
Net effect of deductible and non-deductible amounts	778,000	145,000
Effect of flow-through amounts	495,000	496,000
Deferred tax assets not recognized	42,000	129,000
Income tax recovery	-	-

The Company has the following tax effected deduction temporary differences for which no deferred tax asset has been recognized:

	August 31, 2025 $	August 31, 2024 $
Exploration and evaluation assets	(2,752,000)	(129,000)
Marketable securities	106,000	-
Non-capital loss carry-forwards	14,081,000	576,000
Property and equipment	53,000	-
Share issuance costs	537,000	56,000
Unrecognized deferred tax assets	(12,025,000)	(503,000)
Net deferred tax assets	-	-

As at August 31, 2025, the Company has non-capital losses of approximately $14,081,000 (2024 - $576,000) to reduce future income tax in Canada. The losses expire between 2030 and 2045.

16. Subsequent Events

Subsequent to the year-end, 125,000 RSUs vested and have converted to common shares and 84,500 warrants were exercised at $0.20.

On December 22, 2025, the Company closed its non-brokered private placement of flow-through units for aggregate gross proceeds of $2,035,978. The Company issued 5,817,079 flow-through units at a price of $0.35 per flow-through unit, with each flow-through unit comprised of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.40 for a period of 24 months from the date of issuance.

AI assistant

Greenridge Exploration Inc. — Audit Report / Information 2025

48500_rns_2025-12-29_fe6f62cd-09db-4596-a990-ebdb7d746331.pdf

Greenridge Exploration Inc.

Independent Auditor's Report

Opinion

Basis for Opinion

Material Uncertainty Related to Going Concern

Key Audit Matters

Other Information

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

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

1. Nature of Operations and Going Concern

2. Basis of Preparation

(a) Statement of Compliance and Principles of Consolidation

(b) Basis of Preparation

(c) Functional and Presentation Currency

3. Material Accounting Policy Information

(a) Significant Estimates and Judgments

The indicators of impairment of exploration and evaluation assets

3. Material Accounting Policy Information (continued)

(a) Significant Estimates and Judgments (continued)

The assessment of the Company's ability to continue as a going concern

The inputs used in the Black-Scholes option pricing model to calculate the fair value of options granted and vested in the period.

(b) Financial Instruments

(i) Classification

(i) Measurement

3. Material Accounting Policy Information (continued)

(b) Financial Instruments (continued)

(iii) Impairment of financial assets at amortized cost

(iv) Derecognition

(c) Exploration and Evaluation Assets

3. Material Accounting Policy Information (continued)

(c) Exploration and Evaluation Assets (continued)

(d) Share Capital

(e) Share Based Payments

(f) Income Taxes

Current income tax

3. Material Accounting Policy Information (continued)

(f) Income Taxes (continued)

Deferred income tax

(g) Loss Per Share

4. Acquisition

4. Acquisition (continued)

5. Cash and cash equivalents

6. Marketable securities

7. Prepaid expenses and Deposits

8. Property and equipment

9. Exploration and Evaluation Assets

9. Exploration and Evaluation Assets (continued)

9. Exploration and Evaluation Assets (continued)

Energy Metals and Gold Properties

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties

i) Firebird Nickel Project

ii) Electra Nickel Project

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties - continued

iii) Flying Vee Nickel Project

iv) Hydra Lithium Project

v) Anchor Lithium Project

vi) Cannon Copper Project

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties - continued

vii) Weyman Property

vii) Other Energy Metals Properties

viii) Alligator Gold Project

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties – continued

ix) Alligator Gold Project (continued)

x) Vixen Gold Project

9. Exploration and evaluation assets (continued)

Energy Metals and Gold Properties - continued

x) Vixen Gold Project (continued)

xi) Other Gold Properties

9. Exploration and evaluation assets (continued)

9. Exploration and evaluation assets (continued)

Uranium Properties - continued

xii) Nut Lake Property

xiii) Gibbons Creek Property

Greenridge Exploration Inc. Audit Report / Information 2025